Fund crosses milestone in under two months since listing, reaching 2.4653 trillion won (approximately $1.61 billion)
Mirae Asset Global Investments' TIGER US Space Tech exchange-traded fund has surpassed 2 trillion won in net assets in less than two months since its listing.
Mirae Asset Global Investments said Friday the ETF's net assets had crossed the 2 trillion won mark. According to Korea Exchange, the fund's net assets stood at 2.4653 trillion won as of that day.
Retail investor money has poured heavily into the fund. Since the TIGER US Space Tech ETF's listing, total net purchases by retail investors across all US space-themed ETFs listed in South Korea reached 2.1167 trillion won. Of that amount, 1.8151 trillion won — roughly 86 percent — flowed into the TIGER US Space Tech ETF alone.
Strong returns have also driven the growth in net assets. The ETF posted a one-month return of 49.6 percent as of Thursday, which Mirae Asset Global Investments said outpaces comparable overseas space-themed ETFs.
Anticipation of a SpaceX listing is adding further momentum to investor sentiment around the space theme. SpaceX is targeting roughly $75 billion in proceeds from its IPO at $135 per share, with its post-listing valuation expected to reach approximately $1.75 trillion. The TIGER US Space Tech ETF has a rule allowing it to allocate up to 25 percent of its portfolio to SpaceX should the company go public.
kacew@heraldcorp.com
