Controversy Over Pre-Listing Disclosure of KOSDAQ Active ETF Holdings and Regulatory Response
The rapid growth of the KOSDAQ active ETF market has sparked controversy around the pre-listing disclosure of fund holdings, raising concerns over market volatility and fairness. Certain asset management firms have disclosed ETF portfolios to institutional investors before listing through the Korea Securities Depository system, leading to suspicions of front-running and unfair trading. Notably, the prices of SungHo Electronics and Qurient—both included in Samsung Active Asset Management's KoAct KOSDAQ Active ETF—surged sharply following such disclosures, intensifying the debate.
Regulators have acknowledged issues of supply-demand distortion and information asymmetry, and are now considering improvements to enhance investor protection and market stability. The Financial Supervisory Service (FSS) has convened meetings with leading ETF managers to discuss strategies for preventing unfair trades, while also stressing the importance of accurate information dissemination and restraining from excessive marketing.
Current regulations do not clearly specify the timing for ETF portfolio disclosures, prompting calls for legal and procedural refinement. As the ETF market continues its rapid expansion, authorities intend to introduce measures to minimize market disruption, reduce undue price volatility of underlying assets, and strengthen safeguards for individual investors.
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