Exclusive: South Korean fintech firm lists AI-driven ETF on NYSE

Akros Technologies, a South Korea-based fintech firm, has listed an AI-driven target income exchange-traded fund (ETF) that will have monthly distributions at the New York Stock Exchange (NYSE).

Akros Technologies co-founders (from left): Justin Gim, Kyle Moon, and Jin Chung / Photo credit: Akros Technologies

The listed income ETF, which will trade under the ticker “MPAY,” aims for monthly distributions at an annualized target rate of 7%. The ETF tracks the performance of a portfolio diversified across 19 different asset types.

Founded in 2021, Akros was co-founded by Kyle Moon, Jin Chung, and Justin Gim. The firm is looking to address high fees in the distribution of investment products that go through several financial institutions. The company plans to cut these fees by over 80% through its AI-driven investment product, which will reduce the number of channels in the distribution system.

“Akros ultimately aims to transform the existing notion that ‘investing is difficult’ by focusing on the cores of investment which the company simplifies down to income maximization and capital maximization,” said Akros CEO Kyle Moon.

See also: 50 rising startups in Korea

Akros has also launched Akros Total Stock Market Index, which tracks the performance of a portfolio of 50 US stocks that each have a market value of more than US$1 billion. Morningstar Indexes provides administrative services for the index, which targets annualized returns in the high teens.

The Akros Total Stock Market Index clocked a profit during the 2018 US-China trade war amid high market volatility. The company’s second ETF, which benchmarks the Akros Total Stock Market Index, is on track to be listed on the NYSE in the later half of the year.