Three South Korean Asset Managers Spent 145.76 Million Won on SpaceX ETF Ads Despite Failed IPO Subscription

According to data presented by Democratic Party parliamentarian Kang Jun-hyun on July 20, three major South Korean asset management firms—Samsung Asset Management, Mirae Asset Asset Management, and Korea Investment Trust Management—spent a combined 145.76 million won on SpaceX-related ETF advertising between May 1 and June 12, 2026, the date of SpaceX's IPO subscription period.

Korea Investment Trust Management led the spending with 84.76 million won, representing 37.12% of its monthly average advertising budget, followed by Mirae Asset with 31 million won and Samsung with 30 million won. However, the three firms failed to secure any SpaceX IPO shares. This resulted in consumer complaints and at least one criminal fraud complaint filed with Seoul Police, as investors had purchased ETFs based on company promises to include SpaceX shares at IPO pricing. The incident revealed governance gaps, with most firms lacking formal veto rights for chief compliance officers in product approval committees, raising concerns about controls on short-term profit-driven practices.