Another Emerging ETF Trend: Two-Stock Bond Mixed ETFs
Eligible for 100% Investment through Retirement Pension Accounts
A Long-Term Investment Option in High-Quality Assets during Volatile Markets
Stock market volatility has become unusually severe. Trading halts such as sidecars and circuit breakers are no longer unfamiliar events. Even so, expectations remain high for investment themes driven by the spread of AI, data center spending, and the rise of physical AI. Investors are therefore caught between continued demand for market exposure and an increasingly difficult investment environment.
From the beginning of this year through July, 16 bond-mixed ETFs were listed. Since the first mixed-asset ETF was introduced in 2013, a total of 75 such ETFs have been launched over 13 years. In other words, 21% of the entire total was listed in just the past seven months. This is three times the average number of listings over the previous three years, reflecting product strategies designed to address both elevated equity valuations and the need for stability.
A defining feature of bond-mixed ETFs launched in 2026 is their combination of two individual stocks—the “Top 2”—with a bond index. In the past, most bond-mixed ETFs took the form of retirement-oriented asset allocation products such as target-date funds, or combined broad equity indices such as the KOSPI 200 or S&P 500 with bond indices. The structure is now shifting away from broad diversification toward products built around a more clearly defined investment theme.
A representative example allocates 25% each to Samsung Electronics (005930) and SK hynix (000660), with the remaining 50% tracking a bond index. Among the bond-mixed ETFs listed this year, four ETF brands—RISE, KODEX, 1Q, and KIWOOM—have launched products combining Samsung Electronics, SK hynix, and a bond index. Since these two stocks led the rise in the KOSPI, the products offer a clear investment focus on AI semiconductors.
Two- or three-stock ETFs incorporating Hyundai Motor (005380), a representative physical AI company, have also been introduced. Examples include 1Q Hyundai Motor-Kia Bond Mixed 50 (0206G0), WON Samsung Electronics-Hyundai Motor Bond Mixed 50 (0203S0), and KIWOOM Hyundai Motor Group Top 3 Bond Mixed 50 (0220A0). All three allocate 25% to Hyundai Motor.
There are also bond-mixed ETFs composed of two U.S.-listed stocks. 1Q Nvidia-Alphabet U.S. Treasury Mixed 50 (0224X0), which combines Nvidia (NVDA), Alphabet (GOOGL), and a U.S. short-term Treasury index, was listed this week. Nvidia and Alphabet are widely regarded as two core companies in the AI industry. In addition, RISE U.S. Space & Robotics Top 2 U.S. Treasury Mixed 50 (0218J0) and KIWOOM U.S. Space Tech Top 2 Bond Mixed 50, both of which include SpaceX (SPCX), attracted attention following its high-profile mega-listing and were launched this month.
Another characteristic of bond-mixed ETFs introduced in 2026 is that all products combining a broad equity benchmark with bonds are based on Korean equity indices. Examples include SOL KOSPI 200 Bond Mixed 50 (0192S0) and 1Q KOSDAQ 150 Bond Mixed 50 Active (0186S0). This contrasts with last year, when most new products combined major U.S. equity indices with bonds, such as SOL U.S. S&P 500-U.S. Treasury Mixed 50 (0080X0) and KoAct U.S. Nasdaq Bond Mixed 50 Active (0104H0).
Following revisions to retirement pension supervisory regulations in November 2023, bond-mixed ETFs consisting of 50% equity indices and 50% bond indices were included among the safe assets recognized for retirement pension accounts. Retirement accounts may invest only up to 70% in products classified as risky assets, such as equity funds or equity ETFs. Since bond-mixed ETFs are treated as safe assets, however, investors may allocate up to 100% of their retirement pension assets to them. Bond-mixed ETFs have therefore become both a useful long-term investment tool in volatile markets and a convenient product for retirement accounts.
In addition to two-stock and broad-index bond-mixed ETFs, there are monthly distribution products that combine a specific stock, bonds, and a covered call strategy. Examples include TIGER Nvidia U.S. Treasury Covered Call Balance (0000D0), SOL Palantir Covered Call OTM Bond Mixed (0040Y0), and FOCUS Alibaba U.S. Treasury Covered Call Mixed (0073X0).
In an inflationary environment, holding only cash is not an easy decision. At the same time, investing solely in risky assets such as equity funds or Bitcoin can test investors’ tolerance for volatility. Bond-mixed ETFs not only tend to have lower volatility but also generally hold high-quality assets, since their underlying components must be selected carefully. In today’s unsettled market, portfolios combining various types of bond-mixed ETFs—whether focused on two stocks, broad indices, or covered call strategies—may therefore offer a practical investment alternative.
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