Hanwha Asset Management, the sixth largest player in terms of net assets in the local exchange-traded fund market, introduced its new ETF lineup brand Plus, on Tuesday.

The asset manager has changed its ETF brand name from Arirang to Plus. It was the first time for the asset manager to change its brand name since it launched its ETF product here in 2009.

“Through Plus, Hanwha Asset Management will focus on supporting new technologies that enrich the future of humanity for a sustainable tomorrow, and share their achievements,” Hanwha Asset Management Chief Executive Officer, Kwon Hee-baek said during a presentation held Tuesday in central Seoul.

“Rather than just focusing on the superficial growth of numbers, we will put in all efforts to introduce products that can truly help clients to achieve their economic freedom,” the CEO added.

The name Plus was chosen in alignment with the Lifeplus brand, which represents the six financial affiliates under Hanwha, including Hanwha Investment & Securities and Hanwha Life.

“The Plus brand is limited to Hanwha Asset Management’s ETF lineup for the time being, but it will hopefully expand to all financial investment products introduced by Hanwha in the future,” Chief Strategy Officer Choi Young-jin said.

With the brand renewal, the asset manager is to launch three new ETF products, each focusing on Korea’s high-dividend shares, Japanese state bond and the shares of companies closely associated with the AI tech behemoth Nvidia.

"Hanwha is a tech group specializing in defense and aerospace," Keum Jeong-seop, senior vice president at the ETF Business division, said. "Plus will also focus on technologies for a sustainable tomorrow."

The asset manager further hinted at rolling out a new product in October.

“S&P 500 index is a highly coveted investment tool but there are further needs from investors,” Keum said. “We will redefine the investment mechanism associated with leading US stock indices.”

Hanwha Asset Management currently manages at around 3.5 trillion won ($2.53 billion) in the local ETF market, taking up a market share of 2.27 percent. It has been closely competing with its peers Shinhan Asset Management which owns a market share of 2.89 percent and Kiwoom Asset Management at 2.22 percent.