Korea's small/mid-cap growth stock index listed on the KOSDAQ market. • Retail investors account for ~80% of trading volume (vs ~50% for KOSPI) • Heavy in growth sectors: biotech, IT, gaming — sensitive to thematic/momentum plays • Higher volatility and individual stock risk than KOSPI • Low foreign ownership (~10%), driven more by domestic flows than global capital Serves as a retail investor sentiment indicator. Can show strength on individual themes even when KOSPI is weak.