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This paper proposes a morphosyntactic analysis of grammatical aspect, with two functional heads Asp and Telic dedicated for yielding the array of grammatical aspect patterns observed in Korean. This approach is capable of accounting for why iss-headed periphrases diverge from the other compositionally well-behaving periphrases that maintain a one-to-one correspondence between the aspectual exponents and the resulting grammatical aspect. As opposed to “compositional” aspectual auxiliaries, iss- is neutral and realizes Asp bearing [∘PERFECT], an underspecified functional head. This underspecified head is responsible for ambivalence of iss-headed periphrases.