As the listing of space exploration company SpaceX approaches, Korea's asset management firms are rolling out aerospace-themed products one after another, moving to secure an early lead. Because it is unusual to launch products targeting a company that has not yet gone public, it is seen as a result reflecting market expectations.
According to the financial investment industry on the 8th, at least seven or more exchange-traded funds (ETFs) and public offering funds are launched or in preparation with SpaceX's initial public offering (IPO) in mind. The SpaceX offering led by Elon Musk is slated for June.
Shinhan Asset Management will introduce the "SOL U.S. Aerospace TOP10" ETF at the end of this month. It is structured to invest across the space industry and is a product designed with potential future inclusion of SpaceX.
Mirae Asset Global Investments and Korea Investment Management are also preparing related ETF launches, and Korea Investment Management is reviewing ways to actively include SpaceX through an active strategy. KB Asset Management is likewise discussing a similar product internally.
Funds already on the market are seeing rapid inflows. Hana Asset Management's "1Q U.S. Aerospace Tech" ETF, listed in Nov. last year with an initial size of 10 billion won, had net assets of 609.4 billion won as of the 7th, more than a 60-fold increase. The ETF holds Rocket Lab at a 16% weight, followed by Joby Aviation (14%) and Palantir (10%), centered on major space and defense corporations. If SpaceX lists, it plans to include it at the maximum weight.
NH-Amundi Asset Management's "Global Aerospace Fund (UH/H)" is also growing quickly. Launched in 2022 with 200 million won, the fund now manages net assets of 760 billion won, with a cumulative return of around 200%. Whether to include SpaceX is also under review.
Samsung Asset Management's "KODEX U.S. Aerospace" ETF also drew money right after its launch on Mar. 17. The initial 70 billion won ballooned more than fourfold in three weeks, reflecting investor demand for the private space industry.
The industry is paying attention to the fact that products targeting a specific company are appearing even before listing. SpaceX's corporate value is estimated at about $1.75 trillion (about 2,600 trillion won), similar to the market capitalization of Broadcom, a major U.S. semiconductor stock, at $1.58 trillion. Upon listing, it is expected to enter the upper ranks by market cap in the U.S. stock market.
Park Seung-jin, a researcher at Hana Securities, said, "The aerospace industry is entering a phase where commercial sales are gradually taking off, and expectations are rising for benefits from SpaceX's listing potential and policy momentum (upside potential) under a Trump administration."