Hanwha Asset Management Cross-Lists Two U.S.-Listed Defense and Manufacturing ETFs on Abu Dhabi Exchange

Hanwha Asset Management has cross-listed two exchange-traded funds (ETFs) focused on South Korean defense and manufacturing, which it had listed on the New York Stock Exchange (NYSE) based on its proprietary indices, on the Abu Dhabi market.

From fifth left, South Korean Ambassador to the UAE Lee Wonik, Hanwha Asset Management Vice President Choi Youngjin, and ADX Group CEO Abdulla Salem Al Nuaimi pose for a commemorative photo at the listing ceremony for the PLUS Korea Defense Industry Index ETF (KDEF) and PLUS Korea Manufacturing Core Alliance Index ETF (KMCA), held on the 2nd (local time) at the Abu Dhabi Securities Exchange (ADX) in Abu Dhabi, United Arab Emirates. Photo provided by Hanwha Asset Management.

On November 3, Hanwha Asset Management said that the PLUS Korea Defense Industry Index ETF (KDEF) and the PLUS Korea Manufacturing Core Alliance Index ETF (KMCA) were cross-listed on the Abu Dhabi Securities Exchange (ADX) on November 2.

This marks the first time a product from a South Korean asset manager has entered Abu Dhabi via a cross-listing route established under a memorandum of understanding (MOU) signed by the NYSE and ADX in November 2023. The cross-listing allows the U.S.-listed ETFs to be traded in the same way in Abu Dhabi. Shares traded on ADX represent the same securities as their U.S. counterparts and can be transferred between the two markets. The listing was reviewed and approved by the United Arab Emirates (UAE) Securities and Commodities Authority (SCA).

More than 100 people attended the commemorative bell-ringing ceremony at the ADX Trading Hall, including Lee Wonik, Ambassador of the Republic of Korea to the UAE; Abdullah Salem Alnuaimi, CEO of ADX Group; local finance and defense officials; and Korean businesspeople. Hanwha Asset Management was represented by Vice President Choi Youngjin, ETF Business Division Head Geum Jeongseop, and Abu Dhabi Office Head Han Jia.

The cross-listing enables Middle Eastern investors to invest in key South Korean defense and manufacturing companies through local securities firms in the local currency, the dirham (AED), without opening separate overseas stock accounts or facing time-zone constraints. Analysts say it also opens a new route into the South Korean market for local institutional investors in the Middle East, who face restrictions on direct overseas stock investment and are generally required to focus on products listed on their domestic exchanges.

The cross-listing was made possible through collaboration between Hanwha Asset Management’s headquarters and its local subsidiary in Abu Dhabi Global Market (ADGM), established in July 2025. After the listing, the Abu Dhabi subsidiary plans to identify demand among institutional investors, family offices, and high-net-worth individuals (HNWIs), and to hold investment briefings with local financial institutions. It also plans to explore listings on major European exchanges, including those in London and Frankfurt, while considering entry into the real-world asset (RWA) market through ETF tokenization.

“Starting with this listing, we will introduce the value of South Korea’s defense and manufacturing industries to local investors and strengthen our networks with institutions, family offices, and securities firms to create a channel for Middle Eastern capital to flow into South Korea’s key industries,” said Office Head Han Jia. “Having expanded our investor base from New York to Abu Dhabi, we will use next-generation financial infrastructure to bring South Korean investment intellectual property (IP) to investors around the world.”

This content was produced with the assistance of AI translation services.