SEMI vs IKO vs ASIA: Three Top ASX ETFs, One Shared Driver
- Christopher Hall
- 7 hours ago
- 5 min read
Written by Christopher Hall, AdvDipFP | Authorised Representative, AFSL 526688 | Updated June 2026
The Global X Semiconductor ETF (SEMI), the iShares MSCI South Korea ETF (IKO) and the Betashares Asia Technology Tigers ETF (ASIA) were the three best-performing ASX-listed ETFs over the quarter to 22 June 2026, returning 59.97%, 49.04% and 45.02% respectively. Each is built to do a different job — SEMI targets global semiconductors, IKO tracks the broad South Korean market, and ASIA holds Asia ex-Japan technology and online-retail leaders. Yet their returns landed within 15 percentage points of one another, and the reason is a single shared driver: the same handful of memory and semiconductor companies — led by SK Hynix — sit near the top of all three funds.
What Each ETF Is Built to Do
The three funds are not variations on one theme. Their mandates barely overlap on paper:
- SEMI — global semiconductors. Tracks the Solactive Global Semiconductor 30 Index: roughly 30 of the world's largest pure-play chip designers, manufacturers and equipment makers, spanning the US, Taiwan, Europe, Japan and Korea. Its purpose is concentrated exposure to the semiconductor industry itself.
- IKO — the South Korean market. Tracks the MSCI Korea 25/50 Index: around 77 Korean large- and mid-cap companies across every sector — banks, carmakers, shipbuilders, defence and consumer names, not only technology. Its purpose is a single-country view on South Korea.
- ASIA — Asia ex-Japan technology. Tracks the Solactive Asia ex-Japan Technology & Internet Tigers Index: the ~50 largest technology and online-retail companies across China, Taiwan, Korea, India and Singapore. Its purpose is regional technology and internet exposure.
Side-by-Side Comparison
SEMI | IKO | ASIA | |
Provider | Global X | iShares (BlackRock) | Betashares |
Index tracked | Solactive Global Semiconductor 30 | MSCI Korea 25/50 | Solactive Asia ex-Japan Tech & Internet Tigers |
What it holds | Global pure-play semiconductors | Korean large/mid-cap, all sectors | Asia ex-Japan tech & online retail |
Number of holdings | ~30 | 77 | ~50 |
Management fee & costs (p.a.) | 0.45% | 0.45% | 0.67% |
Fund size | A$1B+ | A$223.8M | A$1.6B |
Inception (ASX) | Aug 2021 | Oct 2018 | Sep 2018 |
Quarterly total return | +59.97% | +49.04% | +45.02% |
Quarterly total returns sourced from Iress, to 22 June 2026. Provider data (index, holdings, fees, fund size) as at 18–19 June 2026. Fees are management fees and costs per annum as published by each provider.
The Shared Driver: Where the Three Funds Overlap
Comparing each fund's top 20 holdings, five companies appear in more than one fund — and they are all in the memory and semiconductor supply chain:
Company | In how many | SEMI | IKO | ASIA |
SK Hynix | 3 of 3 | 9.56% | 26.58% | 18.23% |
Samsung Electronics | 2 of 3 | — | 23.04% | 12.04% |
TSMC | 2 of 3 | 7.51% | — | 8.84% |
MediaTek | 2 of 3 | 1.97% | — | 7.03% |
Samsung Electro-Mechanics | 2 of 3 | — | 3.54% | 2.66% |
SK Hynix is the only company held across all three funds — and it is a top-two position in each. It is a South Korean memory-chip maker, which is why it qualifies for IKO (a Korean company), SEMI (a semiconductor company) and ASIA (an Asian technology company) at the same time. Samsung Electronics, the other Korean memory giant, sits in two of the three; TSMC and MediaTek (Taiwanese foundry and fabless chip names) bridge the semiconductor and Asia-tech funds.
A simple way to picture it: three large circles that barely touch at the edges, meeting at a single dense centre. The outer, non-overlapping parts are completely different — US chip names in SEMI, Korean banks and carmakers in IKO, China internet names like Tencent and Alibaba in ASIA. The centre, where all three meet, is memory and chips.
Why Different Funds Produced the Same Result
The funds did not converge because their strategies converged. They converged because the same few holdings did the heavy lifting in each one over this quarter. In IKO, SK Hynix and Samsung alone account for roughly half the fund, so a strong run in memory stocks lifts a "South Korea" fund almost as much as a dedicated chip fund. In ASIA, the Korean and Taiwanese chip names sit at the top of the weightings. In SEMI, they are the core by definition.
That is the signal worth noting: when three funds with different focuses, different countries and different index providers all post leading returns, and their overlap is concentrated in one part of the supply chain, the momentum is being driven by that part of the supply chain — here, memory and semiconductors — rather than by anything specific to a single fund's strategy. The weekly ASX ETF rankings and leading themes are tracked on the ASX ETF Momentum Leaders page, and the broader chip thematic on the ASX is covered in the ASX AI infrastructure research and the Sunrise Energy Metals AI-memory note. For background on how international ETFs are structured for Australian investors, see the hedged vs unhedged ETF guide.
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Frequently Asked Questions
What do SEMI, IKO and ASIA have in common?
Despite tracking different indices — global semiconductors, the South Korean market, and Asia ex-Japan technology — all three hold the same memory and semiconductor companies near the top of their portfolios. SK Hynix is held by all three; Samsung Electronics, TSMC and MediaTek are each held by two of the three.
Why did three different ASX ETFs produce similar quarterly returns?
Because the same holdings drove each fund. In the quarter to 22 June 2026 (returns from Iress), memory and semiconductor names led the gains, and those names are heavily weighted in all three funds — over half of IKO, the top weightings of ASIA, and the entire mandate of SEMI.
Which of the three has the most semiconductor exposure?
SEMI is the only pure-play semiconductor fund — its entire ~30-stock index is chip companies. IKO and ASIA are diversified beyond semiconductors (IKO across all Korean sectors, ASIA across Asian technology and internet), but both carry heavy semiconductor weightings through SK Hynix, Samsung and Taiwanese chip names.
Why is SK Hynix in all three ETFs?
SK Hynix is a South Korean memory-chip manufacturer, so it qualifies for each fund's index simultaneously: it is a Korean company (IKO), a semiconductor company (SEMI) and an Asian technology company (ASIA). That triple eligibility is why it appears in all three and at a top-two weighting in each.
How much do SEMI, IKO and ASIA cost?
As published by each provider, SEMI and IKO both charge management fees and costs of 0.45% per annum, and ASIA charges 0.67% per annum. Fees are one factor among several and do not, on their own, indicate suitability.
Educational Disclaimer: This content is for educational purposes only and does not constitute financial advice. Past performance is no guarantee of future results. Consider your financial situation and seek professional advice before making investment decisions.
Finer Market Points Pty Ltd, CAR 1304002, AFSL 526688, ABN 87 645 284 680. This general information is educational only and not financial advice, recommendation, forecast or solicitation. Consider your objectives, financial situation and needs before acting. Seek appropriate professional advice. We accept no liability for any loss or damages arising from use. Authors and presenters may hold positions in discussed companies and investment products.
Sources
# | Source | Detail | Accessed |
1 | Iress | ASX ETF price and quarterly total return data | 22 Jun 2026 |
2 | Global X | SEMI index, holdings, management fee, fund size | 19 Jun 2026 |
3 | iShares (BlackRock) | IKO index, holdings, management fee, net assets | 18–19 Jun 2026 |
4 | Betashares | ASIA index, holdings, management fee, net assets | 18–19 Jun 2026 |