Korean Stocks You Can Buy in the US: ADRs and ETFs
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Yes, you can buy some Korean stocks in a US brokerage account. As of October 2026, nine companies listed in Seoul have American depositary shares on the NYSE or Nasdaq: KB Financial (KB), Shinhan Financial (SHG), Woori Financial (WF), POSCO Holdings (PKX), KEPCO (KEP), SK Telecom (SKM), KT (KT), LG Display (LPL) and, since July 2026, SK hynix (SKHY). Samsung Electronics and most other Korean companies have no US listing, so for broad exposure the usual US route is a Korea ETF such as EWY or FLKR.
In short
- An ADR is a US-dollar security that represents a fixed number of Seoul shares. That number ranges from one-tenth of a share (SK hynix) to three shares (Woori).
- An ADR’s price can move away from its Seoul value because the two markets never trade at the same time, the won has to be converted, and new ADRs cannot be freely created. Days after its debut, SK hynix’s ADR was reported to trade nearly 50% above its Seoul shares.
- ADR dividends are subject to Korean withholding tax: 22%, or 16.5% for documented US treaty residents. The depositary bank may also deduct a small fee.
- Unleveraged Korea ETFs charge 0.09% to 0.79% a year. KORU is a 3x daily leveraged fund built for short-term trading.
- Coupang, Webtoon, Gravity, DoubleDown and Magnachip trade in the US but are not ADRs of Seoul-listed shares.
Which Korean stocks trade in the US as ADRs?
Nine companies listed on KOSPI, the Korea Exchange’s main board, have US-listed depositary shares. Each company sponsors its program with a US depositary bank and files an annual report with the US Securities and Exchange Commission (SEC) on Form 20-F. SK hynix filed a full US prospectus for its July 2026 listing. Citibank is the depositary for eight of the nine; JPMorgan Chase Bank is the depositary for KB Financial.
| US ticker | Company | Seoul code (KOSPI) | Seoul shares per ADS | Depositary | Sector |
|---|---|---|---|---|---|
| KB (NYSE) | KB Financial Group | 105560 | 1 | JPMorgan Chase Bank | Banking |
| SHG (NYSE) | Shinhan Financial Group | 055550 | 1 | Citibank | Banking |
| WF (NYSE) | Woori Financial Group | 316140 | 3 | Citibank | Banking |
| PKX (NYSE) | POSCO Holdings | 005490 | 1/4 (0.25) | Citibank | Steel and materials |
| KEP (NYSE) | Korea Electric Power (KEPCO) | 015760 | 1/2 (0.5) | Citibank | Electric utility |
| SKM (NYSE) | SK Telecom | 017670 | 5/9 (0.556) | Citibank | Telecoms |
| KT (NYSE) | KT Corp | 030200 | 1/2 (0.5) | Citibank | Telecoms |
| LPL (NYSE) | LG Display | 034220 | 1/2 (0.5) | Citibank | Display panels |
| SKHY (Nasdaq) | SK hynix | 000660 | 1/10 (0.1) | Citibank | Memory chips |
The ratios come from each company’s 2025 Form 20-F, filed in April 2026, and from SK hynix’s July 2026 prospectus. SK Telecom’s ratio often confuses people: one ADS represents five-ninths of a share, so 9 ADSs equal 5 shares. Some data vendors show “1.8”, which is the number of ADSs per share, not shares per ADS. The six-digit Seoul codes are explained in our guide to Korean stock tickers.
SK hynix is the only new name in years. It sold 177.9 million ADSs (17.79 million new shares) at US$149 each, about US$26.5 billion in total, under a prospectus dated July 9, 2026. Trading on the Nasdaq Global Select Market began on July 10. The SEC filing histories of the other eight issuers show no delisting filing as of mid-October 2026.
What is an ADR, and how does it relate to the Seoul shares?
An American depositary receipt (ADR) is issued by a US bank (the depositary), which holds the underlying Korean shares through a custodian in Korea. The tradable unit is called an American depositary share (ADS), but most investors use “ADR” for both. ADSs trade in US dollars during US market hours and settle like any US stock.
The ratio tells you how many Seoul shares stand behind one ADS. To find an ADR’s Seoul-equivalent value (its parity), multiply the Seoul price by the ratio and divide by the exchange rate. For round numbers, assume KRW 1,340 per USD and a hypothetical SK hynix price of KRW 2,000,000 in Seoul. One SKHY ADS represents 0.1 share, or KRW 200,000, which is about US$149.25. If SKHY trades at US$179.10, it is at a 20% premium to parity.
ADRs usually represent a small part of a company’s shares. At the end of 2025, KEPCO’s ADSs represented 2.0% of its common stock. Most trading, and most price discovery, therefore happens in Seoul.
Can you convert an ADR into Seoul shares, and back?
You can usually convert ADSs into shares. You surrender the ADSs to the depositary, pay a cancellation fee (up to US$5 per 100 ADSs under SK hynix’s agreement) and receive the shares in a Korean securities account. KB Financial’s 20-F says no Korean government approval is needed for this, provided the foreign holder has a Legal Entity Identifier (a passport number for individuals). Since December 14, 2023, foreigners no longer need to pre-register with the Financial Supervisory Service before trading Korean shares.
Converting shares into ADSs is harder. KT’s deposit agreement requires the company’s consent for deposits beyond the number of shares previously withdrawn. SK hynix’s agreement requires its consent if a deposit would exceed legal limits or a maximum the company sets. Both companies warn that if you withdraw shares, you may not be allowed to deposit them again.
Why do Korean ADRs trade at a premium or discount?
An ADR rarely trades at exactly its Seoul parity. Several frictions keep the gap open:
- The markets never overlap. KRX’s regular session runs 09:00–15:30 KST. With Nextrade’s pre-market from 08:00 and after-market sessions to 20:00 (KRX added its own after-market on September 14, 2026), Seoul trades for about 12 hours a day. The NYSE and Nasdaq regular session (09:30–16:00 New York time) is 22:30–05:00 KST during US daylight saving time and 23:30–06:00 KST otherwise. Any comparison sets a live US price against a Seoul price that is hours old. See our guide to Korean market hours.
- Currency. An ADR’s price includes the won-dollar rate, and arbitrage requires converting won in Korea’s onshore market. Since July 6, 2026, onshore won-dollar spot trading has run from 06:00 Monday to 06:00 Saturday KST while New York is on daylight saving time (07:00 to 07:00 otherwise). That reduces this friction but does not remove it. The change is part of Korea’s push for MSCI developed-market status.
- Conversion only works freely in one direction. If an ADR trades below parity, arbitrageurs can buy it, cancel it and sell the shares in Seoul, so discounts are usually limited to conversion costs. If it trades above parity, the opposite trade (buy in Seoul, deposit, sell ADSs) needs company consent above set limits, so a premium can persist. Bloomberg reported on July 14, 2026 that SKHY’s premium over SK hynix’s Seoul shares had widened to nearly 50%.
- Foreign ownership ceilings. Foreigners may own at most 40% of KEPCO, a designated public corporation. Under the Telecommunications Business Act, they may own at most 49% of SK Telecom and KT. When the ceiling is reached in Seoul, foreign buyers cannot add local shares, which can add to demand for the ADRs.
- Costs. Depositary fees and currency spreads set how wide a gap must get before arbitrage pays.
How are dividends on Korean ADRs paid and taxed?
The Korean company pays its dividend in won to the depositary. The depositary converts it to dollars, deducts any fee and pays ADS holders, so the US pay date can differ from the Korean one. Fees for cash dividends vary by agreement. KT charges none. SK Telecom and KEPCO charge up to US$0.02 per ADS. POSCO and SK hynix charge up to US$5 per 100 ADSs (US$0.05 per ADS).
Korea withholds tax on dividends at 22.0%, including local income tax. Under the Korea-US tax treaty, US residents who are the beneficial owners can get 16.5%, or 11.0% for larger shareholdings, subject to exceptions. To get the lower rate, the investor or their agent must file an application for a reduced tax rate along with a certificate of tax residence. For US residents, that is IRS Form 6166. Without enough proof, the withholding agent must deduct the full rate. Ask your broker whether it certifies treaty eligibility for Korean ADR dividends. If it does not, you can only recover the difference through a refund claim.
Korea generally does not tax capital gains on ADSs sold outside Korea, provided the ADSs count as an overseas issuance under Korea’s Special Tax Treatment Control Law. The US treaty also exempts US residents from Korean capital gains tax, subject to exceptions. Your home-country tax still applies. Details and treaty rates for other countries are in our guide to Korean stock taxes for foreigners.
Can ADR holders vote at Korean shareholder meetings?
Only through the depositary. ADS holders instruct the depositary how to vote the underlying shares, and companies warn that voting materials may not arrive in time. Under SK hynix’s deposit agreement, shares with no voting instructions are generally not voted. Other agreements may handle this differently, so check the 20-F or prospectus.
Some shareholder rights work less well through an ADR. KB Financial and Shinhan state that ADS holders cannot use dissent and appraisal rights in a merger unless they first withdraw the shares. ADS holders can also be left out of rights offerings that are not registered in the US. LG Display’s March 2024 rights offering did include ADS holders, at US$3.450019 per ADS.
ADRs or Seoul shares: what are the trade-offs?
| Point | ADRs in New York | Shares in Seoul |
|---|---|---|
| Account | Any US brokerage account | A Korean broker or a global broker with KRX access |
| Currency | US dollars | Korean won, so you must convert currency |
| Choice | Nine Seoul-listed companies | Every KOSPI and KOSDAQ stock |
| Price | Can trade above or below Seoul parity | The primary market, with most of the liquidity |
| Dividends | Paid in USD after a possible depositary fee | Paid in won into your Korean account |
| Korean dividend tax | 22%, or 16.5% for documented US residents | Same rates |
| Voting and rights | Through the depositary; rights offerings may exclude you | Direct |
ADRs are the simpler way to own these nine companies, but they cover only a small part of the market. For accounts, brokers and currency steps, see how to buy Korean stocks as a foreigner.
Live table: Korean ADRs vs their Seoul shares
| US ticker | Company · KRX code | Shares per ADR | ADR close | Seoul close | ADR premium | ADR 1-year return |
|---|---|---|---|---|---|---|
| KBNYSE | KB Financial Group105560 | 1 | $114.74 | KRW 153,000 | −0.6% | +43.2% |
| KEPNYSE | Korea Electric Power Corporation (KEPCO)015760 | 0.5 | $10.59 | KRW 28,650 | −2.0% | −30.4% |
| KTNYSE | KT Corporation030200 | 0.5 | $17.32 | KRW 46,800 | −1.9% | −6.9% |
| LPLNYSE | LG Display034220 | 0.5 | $2.59 | KRW 7,150 | −3.9% | −47.7% |
| PKXNYSE | POSCO Holdings005490 | 0.25 | $51.32 | KRW 275,500 | −1.2% | −8.3% |
| SHGNYSE | Shinhan Financial Group055550 | 1 | $66.30 | KRW 88,100 | −0.2% | +28.5% |
| SKHYNasdaq | SK hynix000660 | 0.1 | $137.02 | KRW 1,277,000 | +42.3% | −18.4%* |
| SKMNYSE | SK Telecom017670 | 0.555556 | $30.62 | KRW 74,500 | −1.9% | +47.4% |
| WFNYSE | Woori Financial Group316140 | 3 | $66.71 | KRW 30,100 | −2.0% | +23.5% |
Closing prices on Oct 23, 2026 in New York and Seoul, converted at KRW 1,326 per USD. ADR premium = ADR close ÷ (Seoul close × shares per ADR ÷ KRW per USD) − 1. Seoul closes about 13 hours before New York, so part of any gap is news in between. Returns are in US dollars and exclude dividends. *Listed for less than a year: return since listing. Prices from Yahoo Finance; ADR ratios from each company’s SEC filings.
The premium or discount is the ADR price divided by its Seoul parity (Seoul price × shares per ADS ÷ KRW per USD), minus one. Because the two closing prices are taken hours apart, a premium of a few percent can reflect news or currency moves after Seoul closed, not mispricing.
Which US-listed companies have Korean roots but are not ADRs?
These companies are Korean in business or origin, but none has shares listed in Seoul. Gravity and DoubleDown are Korean companies with ADSs, but with no Seoul price they cannot appear in the live table.
| Ticker | Company | Structure | Korean link |
|---|---|---|---|
| CPNG (NYSE) | Coupang, Inc. | Delaware corporation; listed March 2021 | E-commerce; a substantial majority of revenue comes from Korea |
| WBTN (Nasdaq) | WEBTOON Entertainment Inc. | Delaware corporation; listed June 2024 | Digital comics; NAVER controls a significant share of the votes |
| GRVY (Nasdaq) | Gravity Co., Ltd. | Korean company; 1 ADS = 1 share; shares not listed in Korea | Game developer; GungHo Online Entertainment owns 59.3% |
| DDI (Nasdaq) | DoubleDown Interactive Co., Ltd. | Korean company; 20 ADSs = 1 share; shares not listed in Korea | Social casino games; DoubleU Games owns about 67.1% |
| MX (NYSE) | Magnachip Semiconductor Corp. | Delaware corporation; head office in Cheongju, Korea | Power chips; business acquired from Hynix in 2004 |
On April 28, 2026, DoubleU Games made a non-binding proposal to buy the DoubleDown shares it does not own at US$11.25 per ADS. We found no definitive agreement as of mid-October 2026. For Coupang’s business and data-breach fallout, see our Coupang (CPNG) 2026 analysis.
Can you buy Samsung Electronics stock in the US?
Not on a US exchange. In July 2026, after Bloomberg reported that Samsung was weighing ADRs, the company told Reuters it was not reviewing ADR issuance. Samsung’s global depositary receipts (GDRs) trade in London, each representing 25 shares: SMSN for common shares and SMSD for preferred shares. The preferred GDRs moved from the Luxembourg exchange to the London Stock Exchange on February 13, 2025.
These GDRs are Rule 144A and Regulation S securities, not SEC-registered ADRs, so access for US investors depends on the broker and on transfer restrictions. The common route is an ETF: Samsung was 20.94% of FLKR at the end of September 2026.
Korea ETFs: the broadest route
A Korea ETF gives you dozens of Seoul-listed companies, including those with no ADR, in one US-dollar trade.
| Ticker | Fund | Issuer | Index or approach | Expense ratio | Leverage | Since |
|---|---|---|---|---|---|---|
| EWY | iShares MSCI South Korea ETF | BlackRock iShares | MSCI Korea 25/50 | 0.59% | 1x | 2000 |
| FLKR | Franklin FTSE South Korea ETF | Franklin Templeton | FTSE South Korea RIC Capped | 0.09% | 1x | 2017 |
| MKOR | Matthews Korea Active ETF | Matthews | Active (benchmark MSCI Korea 25/50) | 0.79% (gross) | 1x | 2023 as ETF |
| KCHP | KICK Korea Semiconductor Index ETF | Kiwoom Securities USA / Exchange Traded Concepts | Akros Korea Semiconductor (about 20 chip stocks) | 0.65% | 1x | 2026 |
| KSMH | xETFs Korea AI Semiconductor ETF | Teucrium / xETFs | Active, 10–25 chip stocks | 0.65% after waiver (0.75% gross) | 1x | 2026 |
| KORU | Direxion Daily MSCI South Korea Bull 3X ETF | Direxion | MSCI Korea 25/50 | 1.32% | 3x daily | 2013 |
| KF | The Korea Fund (closed-end fund) | JPMorgan Asset Management (Asia Pacific) | Active (benchmark MSCI Korea 25/50) | 1.21% (year to June 2026) | 1x | 1984 |
EWY is by far the largest, with US$23.6 billion in net assets and 78 holdings on October 13, 2026. FLKR charges much less (0.09%) and held 148 stocks at the end of September 2026. Both are concentrated. At that date, Samsung Electronics and SK hynix together made up about 41% of FLKR. At the end of June 2026, they were about 51% of the MSCI Korea 25/50 index that EWY and KORU track.
KCHP and KSMH, both launched in 2026, hold only Korean chip stocks. The Korea Fund is a closed-end fund, so its price can differ widely from its net asset value (NAV); its discount averaged about 13% in the year to June 2026. Some funds have closed, including the iShares Currency Hedged MSCI South Korea ETF (HEWY), liquidated in August 2020.
US-listed Korea ETFs trade while Seoul is closed, so their prices can drift from a NAV based on Seoul’s last close. Our guide to ETF premiums, discounts and tracking error explains why.
Why do leveraged Korea ETFs need extra caution?
KORU aims for three times the MSCI Korea 25/50 index’s return for a single day, not over longer periods. Because it resets daily, its long-run result depends on the path the index takes. Direxion’s June 30, 2026 fact sheet shows both sides. In the year to date, KORU’s NAV rose 330.54% while the index gained 102.37%. In the final month, however, KORU fell 28.48% while the index fell only 3.57%, about eight times the index’s loss.
Since SK hynix’s US listing, several issuers have launched single-stock leveraged funds on SKHY. One example is the Direxion Daily SK Hynix Bull 2X ETF (SKHL), which charges 0.97% after an expense cap. These funds track the ADR, not the Seoul shares, so they also amplify any change in the ADR’s premium.
Note: Listings, depositary terms and fund fees change. Check the latest 20-F, prospectus or fund page before you trade.
Frequently asked questions
What is SK hynix's US ticker?
SK hynix's American depositary shares trade on Nasdaq under SKHY. Trading began on July 10, 2026, and 10 ADSs represent one share listed in Seoul (KRX code 000660).
Is there a Samsung Electronics ADR in the US?
No. Samsung told Reuters in July 2026 that it was not reviewing ADR issuance. Its GDRs trade in London, and most US investors get Samsung exposure through Korea ETFs such as EWY or FLKR.
Do Korean ADRs pay dividends?
Yes. The depositary converts the won dividend to US dollars and may deduct a small fee. Korea withholds 22%, or 16.5% for US treaty residents whose residence is documented through their broker.
Why can an ADR price differ from the Seoul price?
Seoul and New York trading hours never overlap, the price includes the won-dollar rate, and creating new ADRs from Seoul shares needs company consent above set limits. When demand for ADRs exceeds supply, a premium can persist, as with SKHY after its 2026 debut.
Is Coupang a Korean stock?
Coupang (NYSE: CPNG) is a Delaware corporation with no Seoul listing, but a substantial majority of its revenue comes from Korea. It is not an ADR.
Which US-listed Korea ETF has the lowest fee?
Of the unleveraged Korea ETFs we reviewed in October 2026, the Franklin FTSE South Korea ETF (FLKR) had the lowest expense ratio, 0.09%, against 0.59% for the larger iShares MSCI South Korea ETF (EWY).
Last reviewed: October 15, 2026.
Sources
- Form 20-F annual reports for fiscal 2025: KB Financial, Shinhan, Woori, POSCO Holdings, KEPCO, SK Telecom, KT, LG Display, US SEC EDGAR, April 2026
- SK hynix Inc. prospectus (Form 424B4), 177,900,000 American Depositary Shares, US SEC EDGAR, July 9, 2026
- SK Hynix ADR Premium Balloons to Nearly 50% Over Korean Shares, Bloomberg, July 14, 2026
- Annual reports of Korean companies with US-only ADSs: Gravity Form 20-F, DoubleDown Interactive Form 20-F and DoubleU Games Schedule 13D/A, US SEC EDGAR, March–April 2026
- Form 10-K annual reports for 2025: Coupang, WEBTOON Entertainment, Magnachip Semiconductor, US SEC EDGAR, February–March 2026
- Depositary notice: Samsung Electronics Rule 144A GDSs move to the London Stock Exchange, Citibank N.A., February 13, 2025
- Buying Samsung stock in the US will remain difficult as it denies ADR plans (citing Reuters), SamMobile, July 15, 2026
- iShares MSCI South Korea ETF (EWY) fund page, BlackRock, data as of October 13, 2026
- Franklin FTSE South Korea ETF (FLKR) fact sheet, Franklin Templeton, September 30, 2026
- Direxion Daily MSCI South Korea Bull 3X ETF (KORU) fact sheet, Direxion, June 30, 2026
- Other fund documents: Matthews Korea Active ETF (MKOR), Matthews, October 2026; KICK Korea Semiconductor Index ETF summary prospectus, September 9, 2026; xETFs Korea AI Semiconductor ETF summary prospectus, August 11, 2026; Direxion Daily SK Hynix Bull 2X ETF summary prospectus, July 15, 2026
- The Korea Fund, Inc. annual report (Form N-CSR) for the year ended June 30, 2026, US SEC EDGAR, August 27, 2026
- iShares Trust supplement: liquidation of HEWY and other funds, BlackRock / US SEC EDGAR, August 20, 2020
- Korea’s 24-hour FX trading (editorial), The Korea Times, July 7, 2026
- KRX to extend trading hours from Monday, The Korea Herald, September 13, 2026
This guide explains how the Korean market works for general information. It is not investment, legal or tax advice; rules change, so check the official sources listed above or a qualified adviser before acting.