South Korea’s Mirae Asset Global Investments Co. said on Monday that net asset value of its locally-managed exchange-traded funds (ETFs) has surpassed 10 trillion won ($8.9 billion) last year amid efforts to provide diverse options to investors. The asset value jumped more than 30 percent as of closing price on January 11 versus the end of 2017.

According to the Seoul-based financial firm, net asset value of its Tiger 200 fund increased the most by 720 billion won among other Tiger ETFs to amount to 4 trillion won. Total net asset of its Tiger MSCI Korea TR introduced last year on the market also increased 700 billion won over a year time, inviting the largest amount of funds to flow in among new ETFs.

The Tiger Top 10 ETF that invests in the country’s top 10 market capitalization stocks was also introduced to investors last year. Mirae Asset Global Investments said that 17 percent of the fund is held by foreign investors and that a total 240 billion won has flowed into the fund.

The expansion in Mirae Asset Global Investments’ locally-managed ETFs comes at a time when Korea’s ETF market has expanded sharply last year with total net asset value reaching a record high of 41 trillion won, up 15.2 percent from the previous year. A total 10.1 trillion won worth of funds flowed into the ETF market last year alone and average daily trading volume of ETFs reached an all-time high of 1.5 trillion won last year. A total 96 new ETFs were listed on the local stock market since last year. Currently, 414 ETFs are available on the market.

Mirae Asset Global Investments, meanwhile, has also been putting out efforts to boost presence in the global ETF market. The asset manager currently operates about 330 ETFs in six countries – Korea, the United States, Canada, Australia, Hong Kong, and Colombia – with managing assets totaling over 32 trillion won.

Mirae Asset Global Investments said that data released by ETFGI, an international ETF consultancy, showed that net asset value of its global ETFs had been among the world’s top 10. The company also said that it will aim to boost presence in the ETF Managed Portfolio (EMP) market.

Yun Joo-young, head of ETF management business unit at Mirae Asset, said that a total 28 new Tiger ETF products were listed on the local market last year alone, providing diverse options to investors. Mirae Asset said it will strive to provide not only existing ETF products but also EMP products using global line-up to offer investors diverse asset distribution solutions.

By Kim Je-lim and Lee Eun-joo

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