Direct Answer
The KOSPI 200 is a rule-based measurement of Korean blue-chip equity benchmark, maintained by Korea Exchange. Like every index it owns nothing: it is a number produced by applying a published weighting formula to a selected list of companies, revised on a schedule the provider sets.
What this index covers
The KOSPI 200 covers Korean blue-chip equity benchmark, within the South Korea market. Korea Exchange defines which securities are eligible, how they are selected from that pool, and how much each one contributes to the published number.
The name states a target of 200 companies. A target is not a guarantee of the exact count on any given day: corporate actions, dual share classes and pending additions all move the real number around it.
How constituents are weighted
Float adjusted market capitalisation weighted, calculated every second, with a base value of 100 at January 3, 1990. No weight cap applies now: a 30% cap introduced in 2019 was repealed on April 27, 2020.
The weighting method is the single biggest driver of how an index behaves. Two indexes covering the same market can diverge for years purely because they weight differently, which is why comparing index levels without knowing the method tells you very little.
What qualifies for inclusion
KOSPI constituents on the screening base date, excluding companies on the exchange watchlist or scheduled for delisting, companies investing in real estate, ships or social infrastructure, SPACs, and issues with a free float under 10%. Each of ten GICS based sectors is filled from its top 85% by cumulative market capitalisation after the bottom 15% by trading value are removed, and the total is set to 200.
Eligibility rules are the part of an index most readers never look at and the part that decides what it can possibly measure. A screen that excludes a whole sector, or admits only one listing venue, shapes the result far more than any day of trading does.
How long a listing must exist first
Companies listed on KOSPI for less than six months are ineligible, with exceptions such as a transfer from KOSDAQ whose combined listing period exceeds six months and certain spin-off or exceptional addition cases.
A seasoning rule is why a large new listing does not appear in an index the week it starts trading. It is a deliberate lag, and it means an index can under-represent a fast-growing part of the market for months at a time.
When the membership is revised
Reconstituted twice a year, effective the trading day after the last trading day of the June and December KOSPI 200 futures delivery month. Constituents are confirmed in May and November after the Index Committee review, using a six month screening period.
Reconstitution is the one date an index changes shape by design rather than by price. Funds tracking it have to trade toward the new membership, which is why the schedule matters to anyone holding the tracker rather than only to the provider.
The rule that surprises people
A newly listed stock in the top 50 KOSPI common shares by market capitalisation, with float adjusted market capitalisation above half that of the 50th company, can be added between rebalancings after 15 trading days, replacing the smallest constituent.
References
- Korea Exchange: Korea Exchange, KOSPI 200 Index Methodology, as published 2024. Every rule described on this page is taken from this document.
Current KOSPI 200 constituents
Korea Exchange publishes and licenses the KOSPI 200 constituent list. Swoopr does not republish it here. The provider's own page is the authoritative source for current membership and weights.
Related reading
- All stock market indexes: how indexes are built, weighted and revised.
- Asia-Pacific indexes: others covering the same region.
- Index concentration: measuring how much of an index sits in its largest holdings.
- Index rebalancing and inclusion effects: what happens to a stock when index membership changes.
Frequently Asked Questions
Who maintains the KOSPI 200?
Korea Exchange maintains the KOSPI 200 and publishes the methodology document that defines its eligibility and weighting rules.
What does the KOSPI 200 measure?
It measures Korean blue-chip equity benchmark. The index is a calculated number applying a weighting formula to a selected list of companies, and it holds nothing itself.
Where can I see the current KOSPI 200 constituents?
Korea Exchange publishes the current constituent list. Swoopr does not republish it, because index providers license constituent data and Swoopr holds no such licence.