On 20 October 2026, Mirae Asset Global Investments listed the TIGER Global MLCC and Substrate ETF on the Korea Exchange (KRX); this product focuses on multilayer ceramic capacitors (MLCCs) and substrates for semiconductor packaging.
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Article created by the editorial staff of ETFWorld.co.uk
Hyeon Joo Park, Founder & Global Strategy Officer, Mirae Asset Global Investments
The fund tracks the Solactive-KEDI Global MLCC and Semiconductor Substrate Index, calculated by Solactive, and invests in companies in Japan, South Korea and Taiwan active in the production of MLCCs and substrates for chip packaging. According to the fund manager, demand for these components is driven by investment in data centres for artificial intelligence.
What are MLCCs and semiconductor substrates
Semiconductor packaging substrates connect semiconductor components to printed circuit boards. MLCCs, or multilayer ceramic capacitors, are passive components used in a wide range of electronic applications. The index combines these two segments of the electronics supply chain into a single rules-based strategy.
The Solactive Index: selection criteria and weighting
The methodology of the Solactive-KEDI Global MLCC and Semiconductor Substrate Index involves the following steps:
Initial universe: companies from Japan, South Korea and Taiwan included in the Solactive GBS Global Markets All Cap USD Index.
Size threshold: total market capitalisation, as a rule, of at least US$2 billion.
Business activity filter: selection of companies with business activities related to semiconductor packaging substrates and MLCCs. All companies that pass the filter are included, with a minimum of ten constituents.
Weighting: based on free-float market capitalisation, with a cap of 20 per cent per constituent.
Rebalancing: quarterly, with additional monthly reviews for recent IPOs that meet the requirements.
Composition of the Mirae Asset TIGER: 13 companies across three markets
At launch, the fund invests in 13 companies. The main holdings indicated by the fund manager are:
MLCCs: Murata Manufacturing (Japan) and Samsung Electro-Mechanics (South Korea), described as the leading suppliers of high-performance MLCCs for AI servers.
FC-BGA substrates: Unimicron, Nan Ya PCB and Kinsus (Taiwan) and Ibiden (Japan).
Other companies: TDK, Taiyo Yuden and Yageo.
Mirae Asset highlights the inclusion of Taiwanese companies, which, according to the fund manager, broadens access compared to products focused on South Korea and Japan.
The context: investment in data centres and AI components
Mirae Asset links the launch to the growth in spending on AI infrastructure. According to data cited by the asset management firm and reported by Pinpoint News, the investment guidance for 2026 from Amazon, Microsoft, Alphabet and Meta totals approximately $725 billion, 77 per cent more than the previous year.
The asset management firm also estimates, as reported by Herald Business, an average annual growth of 30 per cent in demand for MLCCs for AI servers between 2025 and 2030.
Timo Pfeiffer, Chief Markets Officer at Solactive, said: “We are delighted to extend our collaboration with Mirae Asset Global Investments on this distinctive theme. The focus on semiconductor packaging and specialised electronic components reflects the growing complexity of the wider technology ecosystem. We are pleased to support Mirae Asset Global Investments with a bespoke index solution for this specific market segment.”
Ui-hyeon Jeong, Head of ETF Management at Mirae Asset Global Investments, said: “As the adoption of generative AI drives continued investment by major global technology companies in AI data centres, infrastructure bottlenecks are shifting beyond computing and memory semiconductors towards substrates, networks and power components. MLCC and substrate companies are essential for transforming AI computing power into functioning systems, and the global leaders in these sectors are concentrated in Japan, Taiwan and Korea.”
Jeong added: “Through the TIGER Global MLCC and Substrate ETF, investors can gain diversified exposure to leading companies across the three markets, making it an effective vehicle for participating in the growth of the AI hardware supply chain.”
The partnership between Mirae Asset and Solactive
The new ETF extends the partnership between Solactive and Mirae Asset Global Investments. The index is developed in collaboration with KEDI (Korea Economic Daily Index), as indicated by its name. The two companies have previously worked together on other Solactive-KEDI indices, including the Solactive-KEDI China Global Leaders TOP3Plus Index, which underpins a TIGER ETF.
Conclusions
The TIGER Global MLCC and Substrate ETF offers exposure to two specific segments of the electronics supply chain – MLCCs and semiconductor substrates – with a portfolio of 13 companies spread across Japan, South Korea and Taiwan. The Solactive index has a 20 per cent cap per constituent and is rebalanced quarterly.
The fund is listed on the Korea Exchange and is primarily aimed at investors in the Korean market. With a small number of constituents, the portfolio remains highly concentrated.
Source : ETFWorld.co.uk
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