ETF Evaluator:
PLUS Korea Defense Industry Index ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Industrials Over the Last Year
| 115.3% | Leverage Shares 2X Long UNH Daily ETF (UNHG) |
| 63.0% | Stt Strt® SPDR® S&PKenshoFnlFrntrsETF (ROKT) |
| 58.9% | SonicShares™ Global Shipping ETF (BOAT) |
| 45.9% | Aztlan NA Nearshoring Stk Sel ETF (NRSH) |
| 39.7% | US Global Sea to Sky Cargo ETF (SEA) |
Risk
Index
Risk
Index
ETF Details
PLUS Korea Defense Industry Index ETF Overview
PLUS Korea Defense Industry Index ETF (KDEF) is a passively managed Sector Equity Industrials exchange-traded fund (ETF). PLUS ETF launched the ETF in 2025.
The investment seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Korea Defense Industry Index.
The fund normally invests in securities comprising the index. The index is designed to track the performance of South Korean companies that have demonstrated high relevance to defense (“Korea Defense Companies”). Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities comprising the index. The fund is non-diversified.
About PLUS Korea Defense Industry Index ETF (KDEF)
There are 4 members of the management team with an average tenure of 1.48 years: Andrew Serowik (2025), Gabriel Tan (2025), Todd Alberico (2025) and Brian Cooper (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Korea Defense Industry USD index with a weighting of 100%. PLUS Korea Defense Industry Index ETF has 21 securities in its portfolio. The top 10 holdings constitute 71.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
PLUS Korea Defense Industry Index ETF is part of the Equity global asset class and is within the Sector Equity ETF group. PLUS Korea Defense Industry Index ETF has 99.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 99.9% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). PLUS Korea Defense Industry Index ETF has 0.1% of the portfolio in cash.
Assets Under Management
The fund has $100 million in total assets, which is below the $1 billion average for the Industrials category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
KDEF Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The PLUS Korea Defense Industry Index ETF expense ratio is above average compared to funds in the Industrials category. PLUS Korea Defense Industry Index ETF has an expense ratio of 0.65%, which is 28% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. PLUS Korea Defense Industry Index ETF has a portfolio turnover rate of 39%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 40% for the Industrials category.
Recently, in the month of July 2026, PLUS Korea Defense Industry Index ETF returned -5.2%, which earned it a grade of D, as the Industrials category had an average return of -4.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
PLUS Korea Defense Industry Index ETF has a trailing yield of 1.85%, which is above the 1.11% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
PLUS Korea Defense Industry Index ETF Grades
Year to date, the ETF has returned -12.9%, 25.5 percentage points worse than the category, which translates into a grade of F. The fund has returned -6.1% over the past year (grade of F).
For more ETF grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about PLUS Korea Defense Industry Index ETF, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
KDEF Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| KDEF Return (NAV) | -5.2% | -39.4% | -6.1% | na | na | na |
| KDEF Return (Price) | -12.3% | -45.0% | -11.1% | na | na | na |
| NAV +/- Price Return | 7.131% | 5.532% | 4.979% | na | na | na |
| Industrials Avg | -4.0% | -1.4% | 24.7% | 17.8% | 11.5% | 13.6% |
| KDEF Grade (NAV) | D | F | F | na | na | na |
| +/- Category (NAV) | -1.2% | -38.0% | -30.8% | na | na | na |
| KDEF Tax-Cost Ratio | na | na | 2.6% | na | na | na |
KDEF Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| KDEF Return (NAV) | -12.9% | na | na | na | na | na | na | na | na | na | na |
| KDEF Return (Price) | -19.1% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.479% | na | na | na | na | na | na | na | na | na | na |
| Industrials Avg | 12.6% | 27.1% | 14.2% | 21.4% | -12.8% | 20.7% | 15.4% | 30.3% | -13.4% | 22.8% | 22.1% |
| KDEF Grade (NAV) | F | na | na | na | na | na | na | na | na | na | na |
| +/- Category | -25.5% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 1.9% |
| Total Assets: | $ 100 Mil |
| Share Class Assets: | $ 100 Mil |
| Turnover: | 39.0% |
| Expense Ratio: | 0.65% |
| Index Fund: | Yes |
| Index Tracked: | Korea Defense Industry USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 1.5 years | |||
| Average Tenure: 1.5 years | |||
| Managers (Year): Serowik Andrew (2025), Tan Gabriel (2025), Alberico Todd (2025), Cooper Brian (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 21 |
| % in Top 10 Holdings: | 71.0% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 99.9% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 99.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.1% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | PLUS ETF |
| Phone Number: | 855-900-0030 |
| Website: | |
| Inception Date: | February 4, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.65% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.51% |
