유안타증권 — 투자설명서(일괄신고) (20220802)
제출인: 유안타증권

???????(??????)
1.8
?????????(??)

?? ?? ?? ?? ??

2022?? 08?? 02??

????????? ??????

????? MY ???????????(ELS) ??5013?
????? MY ???????????(ELS) ??5014?
????? MY ???????????(ELS) ??5015?
????? MY ???????????(ELS) ??5016?

?? 10,000,000,000 ??

1. ???????? ??¹???? :
2022?? 08?? 02??

2. ???????? :
????? MY ???????????(ELS) ??5013? : 
?? 1,000,000,000??
????? MY ???????????(ELS) ??5014? : 
?? 3,000,000,000??
????? MY ???????????(ELS) ??5015? : 
?? 3,000,000,000??
????? MY ???????????(ELS) ??5016? : 
?? 3,000,000,000??

3. ???? :
????? MY ???????????(ELS) ??5013?
????? MY ???????????(ELS) ??5014?
????? MY ???????????(ELS) ??5015?
????? MY ???????????(ELS) ??5016? : 
2022?? 08?? 04?? ~ 2022?? 08?? 11?? 16:00??

4. ??????? :
????? MY ???????????(ELS) ??5013?
????? MY ???????????(ELS) ??5014?
????? MY ???????????(ELS) ??5015?
????? MY ???????????(ELS) ??5016? : 
2022?? 08?? 12??

5. ?????? ?? ????????? ???????

??. ?????? :

??????? : ??????(?????) ???????????
 ?? http://dart.fss.or.kr

??. ?????? ??????? :

??????? : ??????(?????) ???????????
 ?? http://dart.fss.or.kr

??. ??????? :
??????? : ??????(?????) ???????????
 ?? http://dart.fss.or.kr
?????? : ????????? ????????

6. ???????? ??? ?????????? ???? ????

- ?????? ????

?? ????????? ???? ???????? ??¹???? ????? ???????? ????????? ???? ??? ??????? ???? ???????? ?? ?????? ????? ???? ??? ?????? ???? ????, ?? ????????? ????????? ????? ???? ?????? ?? ?????? ???????? ??????.

????????? ??????

?? ????????? ??????? ??
?? ELS??DLS??ELB??DLB?? ???? ????????? ??????????? ?????????? (dis.kofia.or.kr)???? ??????? ?? ??????.

1. ????????
??????, ?????????????, ??????? ?? ???????????
?? ???? ????
???? ??????.

2. ???????????? ?????
????????? ???
?? ???? ?? ??????
???????? ????? ??? ??
?? ??????? ????
???? ??????.
??? ????? ???? ???? ??? ??? ????? ?????? ???ο??? ??????.

3.
??? ???? ?????? ???????? ????? ???
???? ?????? ???? ??????
????? ?????
???????? ???
?? ?? ???
?????? ????
????
???? ???? ??????
?? ????? ??????? ????
???? ??????.

4. ????????? ????? ??????? ?????? ??????? ???????? ?????????
????????? ???? ?? ???? ???? ????, ??????? ???? ????? ??? ?? ???? ??????? ?????
???? ????? ????
???? ??????. ????????? ????????? ??? ????? ??????ο? ???? ??????? ???????? ????? ????? ?????? ??? ?? ??? ????? ???? ????? ??????? ???????? ??????.

5. ???????? ?????¿? ????
????????? ??????? ???? ?? ??? ????????? ???????
???????? ?繫??? ?? ?????(?????????, ????? ????? AA-, 2022?? 06?? 24??, NICE????? ?? ????? ????? AA-, 2022?? 06?? 28??, ????????) ???? ?????? ???????
?? ???? ??????. (???????? ??????? AAA/AA,A,BBB ???? +,0,- ?????? ???е???.)

6. ??????? ????????
???? ???????? ???? ?????? ???????? ???????? ?и???? ??????? ??´?? ??
?? ????? ??????? ????
????? ????.

7. ?? ????????????? ?????? ??????? ???
???? ?? ????? ????? ?????
?? ???? ????? ????? ?????
?????ο??? ?????? ????? ???????? ??? ???
??? ????????? ?????? ????? ????? ????? ?? ???????,
?????????? ?? ??????? ???????
???? ???? ???
???? ??????.

8. ?? ????????????? ??????? ??????? ?????
??????????????
????
????? ????? ?????
?? ?????? ????? ???????? ??????.

9. ?? ?????????????
???????? ??????? ?????? ???????
????. ????? ?? ???????? ??????? ???? ??????.

10. ?? ?????????????
???????? ???(????????? ????)?? ?????? ???, 2?????? ????? ???????? ????, ?????? ?? ???? ????, ?????? ?????, ??? ???????? ???? ???? ??????. ????, ??? ???? ?? ?????? ???????? ????? ???????, ?????? ?? ????, ?????, ???? ???? ??????? ???? ?????? ??ν???? ????? ???????, ?????? ?????ð? ???? ??? ??????? ???/???????
???????? ??????. 

11. ?? ?????????????
?????? ???(?¶??? ??? ????)?? ???? ????????? ????(?????? ?? ?????????? ????)???? ?????? ???, ?????? ?? ?????? ???? ?? ??????? ??????? ?????? ??? ?????? ?????? ??????? ????.
????, ???? ??????? ???? ????????. (???? ??????? ?????)

?? ?? ?? ??

[ ???? ??? ?????? ???? ]

[????? :
????? MY ???????????(ELS) ??5013?(?????????)
]

?? ?? ??????
??????? ??????????????,
???????????? ???? ?????????簡 ??????? ?????? ??????? ????? ?????????.

[???(???)????]

?? ?? ???(???) ?????? ???????????(ELS)?? ???? ????????.

?? [????] ??????? ?????? ????? ???????? ???? ???¿??? ?????? ???????? ?????? ???? ???? ????? ???? ??? ???? ????????? ????? ?? ??????.

?? ?? ?????? ??????????? ???? ?? ????????????? ???? ?????? ???? ????????.

?? ???????? ??????? ?¡

els,elf,eld ??.jpg
ELS,ELF,ELD ??

?? ????????? ?????? ??[?ο? ????? ???? ??????]

1. ????????? ??????

- ???????????(ELS)?? ????????? ???? ???? ?? ???? ????????? ???(0~100%)?? ????? ?? ??????, ?? ????? ????????? ??????.

- ???????? ????? ???? ???????? ???????? ????? ?? ??????.

2. ?????????? :
2???[??????]
- ???? ???????????? ???????? 1???(???????)~ 5???(????????)???? 5???? ?з???? ??????. ????, ????? ?з?????? ???? ???????????? ??????? ???? ????? ?????? ?? ??????? ????????? ???? ??????. 2???[??????]?? ???? ????????? ????????? ?????? ????????? ???? ?????? ????????? ??????? ????????? ??? ?κ??? ???, ????? ??? ??? ?????? ???? ??????? ?????? ?????? ??? ??쿡 ??????.

3. ???????

- ???????????(ELS)?? ???????????? ???? ?????????簡 ??????? ??????.

- ?? ???????????(ELS)?? ?????(AA-, 2022?? 06?? 24??, NICE????? ?? AA-, 2022?? 06?? 28??, ????????)?? ???????(?ε?, ??? ??)?? ???? ???????? ????? ?? ??????.

- ??????? AAA/AA,A,BBB ?? +,0,- ?????? ???????????? ???е???.

?? ?ο?, ??????

??????? ??? ???(?ο?)?? ??? ??? ????????? ?????????? (1588-2600) ??? ????? ???????(http://www.myasset.com)?? ???? ?????? ?? ???, ?????? ????? ??쿡?? ??????????(???????? 1332) ?? ???????????(02-2003-9421~3) ???? ?????? ?????? ?? ??????
. ?? ????? ?????? ????????? OTC???????????? ?????? ??????.

?? ??????? ???? ?? ???

????????
??? ???
(?? ???, ???? ??? ????)

?? ????
?? ?????????
?? ??????????

????? ????
?? ???? ???????? ????
?? ?????κ? ????
?? ???? ??? ????
?? ???????? ??????? ??κ??? ????

?????????
?? ??? ??? ????
?? ??? ??? ????
?? ???? ????
?? ??? ??????? ??? ???? ????

???????????
?? ??????????
?? ??????????
?? ?????????
?? ?????????
?? ??????

????????? ????? ?????
?? 1?? ???
?? 1?? ??? ~ 3?? ???
?? 3?? ???

??????? ????

- ???? ??? : ?? ????? ???????? ????????? ??????? ??? ????????? ???? ?????? ???? ?????? ??? ??? ????? ???? ?? ??????, ???? ?????? ???? ????? ???? ???????? ?????? ???????. ????? ????? ??? ????? ???, ???? ?? ????????????? ???? ?????????? ?????? ?????????????? ???? ?? ???? ???? ??? ???????? ????? ???? ????????? ????????????.

??. ???? ??? ???? ???? ??????

1. ?????

(1) ????? ????

?? ??
?? ??

1) ?????

?? ???????? ????? ??? ?? ?????

- KOSPI200 ???? : ???????? ??? ?? ?°???

- S&P500 ???? : ????????????(New York Stock Exchange) ??? ?? ?°???

- EuroStoxx50 ???? : Eurex Exchange Deutschland ??? ?? ?°???

2) ???? ?????

?? ???????? ????? ????????? ???? ?????? ??? ?? ?????

- KOSPI200 ???? : ???????? ??? ?? ?°???

- S&P500 ???? : ????????????(New York Stock Exchange) ??? ?? ?°???

- EuroStoxx50 ???? : Eurex Exchange Deutschland ??? ?? ?°???

3) ?????????
????? ?? ???? ?????? ???????ð? ???? ???????? ?????? ??

4) ??????????
????? ?? ???? ?????? ???????ð? ??????? ?????? ??? ?????????? ??????? ?????? ????? ??

5) ??????
???????? ??? ???μ? ????α??? ???? ??????? ?????????? ????(?????? ????)?? ??? ??

6) ??????? ??????
????????? ?????? ??? ??????? ?????? ??????? ??? ?? ??? 
- KOSPI200 ???? : ???????? ??? ?? ?°???
- S&P500 ???? : ??? ?????????? ??(Standard & Poor`s) ??? ?? ?°???
- EuroStoxx50 ???? : ???? ??(STOXX Limited) ??? ?? ?°???

7) ??????
????????? ??????

8) ??????
????????? ?? ????? ??? ???? ?????? ???????? ?????? ???????????? ????? ??

9) ??????????

(??) ??? ???(Trading Disruption):
???????ð? ????ð? ???? 1?ð? ????? ????? ??? ???? ????????
???????(????????? ?????? ??쿡?? ?????? 20% ????? ??????? ????)?? ????? ??? ??? ????????(
??????? ??? ??? ????? ?????? ????
), ???????? ????? ???? ??? ??? ???? ????? ??? ??? ??????? ???μ? ???????? ??????? ?????? ???

(??) ????? ???(Exchange Disruption):
???????ð? ????ð? ???? 1?ð? ????? ????????????? ????????
???????(????????? ?????? ??쿡?? ?????? 20% ????? ??????? ????)?? ??????? ?? ???????? ??? ?? ??? ???? ???????? ???????? ????? ???? ??? ??? ???? ??????? ?? ???????? ??? ???? ???? ??? ???? ??????? ???μ? ???????? ??????? ?????? ???

(??) ???? ????(Early Closure):
????? ??? ???? ?????? ??????????? ???????ð??? ???? ????ð??? ???????ð? ????? ??? ????? ???? ??????????ð? ?? ???? ??????? ?ð??? 1?ð? ???????? ????ð??? ??????? ????? ? ????????ð? ?????? ?????? ???

(??) ?? ??? ???????? ??????? ???????? ?? ?????? ?????? ???? ?? ??????? ???? ?????? ?????? ??????? ?????? ??? ??? ??????? ???

10) ????
????? ??? ??????? ???????? ???????ð? ????ð??? ?????? ????????? ????????

11) ????????ð?
????? ??? ???? ?????? ?????????? ??? ????? ??? ???? ??????? ???????ð??? ???????? ?????? ?ð?

12) ????
??????????????, ????????????? ??? ????????

(2) ???? ??? ?????? ????

?? ??
?? ??

?????

????? MY ???????????(ELS) ??5013?

(??????, ?????????)

???????
KOSPI200 ????/S&P500 ????/EuroStoxx50 ????

?? ?? ?? ??
1,000,000,000??

1????? ?????
10,000??

1????? ??????
10,000??

???? ????
100,000 ????

????????
100,000??

????
????????
2022?? 08?? 04??

?????????

2022?? 08?? 11?? (16:00)????

(???????? ?????? ???)

??????
2022?? 08?? 09??~2022?? 08?? 10??

????? ??α?
2022?? 08?? 11?? (16:00)????

?? ?? ??
2022?? 08?? 12??

???? ?? ?????
2022?? 08?? 12??

?? ?? ??
2022?? 08?? 12??

????????
????????????

?????? ??????
?????

?????????
?? ????????????? 'II. ?????? ??????? 2. ????? ????'?? 
???????? ??????.

??????????? ???????
???????

???????????
[???????????? ??????]
??? ?????????????(??????) ?? 3??????

?? ?? ??
2025?? 08?? 12??

??????
?? ????????????? 'II. ?????? ??????? 2. ????? ????'?? 
???????? ??????.

????? ???????
???????

???????? ???? ????
??????? ??? 5??? ????? ???, ???????? ?? ?????? ?????? ????? ?? ??????. ?? ??? ??????? ?????? ????????? ??? ?????·? ???????.

??????????????
??翩??

?? ?????? ???????? ????? ??2????7????? ?????
???????????????? ???
???
???? ??? ??????????? ??????? ????????? ???? ?????? 20%?? ?????? ???
?? ????? ?? ??????.
????
??????? ??????? ????? ????(?????? ????? ???? ??????, ???????? ???? ?????? ??)????
??? ????? ????? ?? ??????.

??? ???????

?? ?????? ??????? ???? ??????? ???? ?????? ???? ?????????? ?????????????? ????? ????????? ???????, ????? ???????? ??????. ?? ?????? ??????? ?????????? ???°???????? ?????º? ??? ???°???????? ?????ºο??? ???????? ????? ?? ?????? ????????.

???????????, ???????????????, ????????????, ?????? ?? ???? ??????? ???????? ??? ???? ??????? ???????, ??? ???? ???????? ???????? ??????.

??
?? ?????????????
???????? ???(????????? ????)?? ?????? ???, 2?????? ????? ???????? ????, ?????? ?? ???? ????, ?????? ?????, ??? ???????? ???? ???? ??????. ????, ??? ???? ?? ?????? ???????? ????? ???????, ?????? ?? ????, ?????, ???? ???? ??????? ???? ?????? ??ν???? ????? ???????, ?????? ?????ð? ???? ??? ??????? ???/???????
???????? ??????. ????? ????????? ????????? ???? ??????.

(3) ??????????

?? ?????? ???????????? ???? ????? ?????? ?? ????????????? '??. ?????? ??????? 1. ??????????'?? ???????? ??????.

2. ??????

?? ?????? ??? ?????? ??????? ???? ??????? ???? ?????? ????? ??????? ???????.

3. ????? ???????

(1) ?? ?????? 1????? [10,000]?????? ????????.

(2)
?? ?????? ????????
??
????????????? ?????? ???? ???? 9,361?????? ???
????.

* ??? ????????????? ?????? ???? ???? ???????? ???? ??? ???????? ?????????? ?????? ??л??? ?????? ???????.

 * ?? ?????? ??а????? ????????????? ?????? ???? ???? ???? ?????? ?? ???????? ???? ??? ???????? ?????????? ?????? ??л??? ?????? ??????, ??? ???? ???? ????? ???????? ??? ??? ???????.

?? ??
?? ??

????????? ??????
6???? ??????
- KOSPI200 ???? : 17.93440537%
- S&P500 ???? : 19.66121914%
- EuroStoxx50 ???? : 19.25593457%

??????? ???????? ???? ??????
6???? ??????
- KOSPI200 ?????? S&P500 ???? : 0.2778094752
- KOSPI200 ?????? EuroStoxx50 ???? : 0.3188116988
- S&P500 ?????? EuroStoxx50 ???? : 0.6005693731

* ???????: EWMA?????? ????? ?????? ?? ?????? ????

???? ???? ???????? ????????? ?????? ????????(?????)?? ????? ????????? ????? ??? ???????? ??????? ????? ??????? ???? ??????? ?? ????????????? ?????? ???? ?????? ????? ????? ?? ??????.

4. ???? ??? ???????? ?? ???? ????

(1) ???? ?? ??????? ????????? ??????

?? ??
?? ??

???? ?????? ????
??????? ??????(?????) ???????????(http://dart.fss.or.kr)?? ????????.

???? ??? ??????
????? ????
??????? ??????(?????) ???????????(http://dart.fss.or.kr)?? ????????.

??????? ????
??? ??????? ????????? ???????(http://www.myasset.com)?? ????????.

????? ?????? ????
??????? ??????(?????) ???????????(http://dart.fss.or.kr)?? ????????.

(2) ????? ???

?? ??
?? ??

????? ??? ?? ????

- ????????? ?????? ????? ????? ?????? ??????? ???? ??? ??????? ????????? ??? ??????????? ???????, ????????? HTS ?? ???????(http://www.myasset.com) ??? ?¶??? ????? ??? ?? ??????. ??, ??쿡 ???? ?¶???????? ????? ?? ?????? ???????? ??? ???????? ?????? ??? ???????? ????? ??????? ??????.

- ?????? "????????? ?? ??к??? ???? ????"?? ?????? ???? ???????? ?? ???¸? ????? ????? ???? ?????? ???????? ????? ????. ????, ?????? ??????? ??? ??????? ?????? ???? ?? ?????? ??????, ?????? ????? ??? ????????? ????.

- ??????????? ???п? ??????? ??? ?????? ????????ð? ???? ???? ?????????ð? ?????? ?????? ??? ??????. ????????? ??? 16????? ????????. ??, ?¶???????? ??? ?????ð??? ?????? ?? ?????? ???????? ??? ???????? ?????? ??? ???? ???? ????? ??????? ??????. ???? ??쿡 ???? ??? ????ð??? ????? ?? ?????? ?????? ??? ???? ???? ????? ??????? ??????.

????

2022?? 08?? 04????? 2022?? 08?? 11??(16:00)????

(???? ???? ?????? ???)

??????
??? ????? 10???????? ??? 10???? ????? 10???? ?????? ????.

??????
[????]

????????
- ???? ??????? 100%?? ???????????? ¡??????. 
??, ?????????? ???????? ???????????? ????????? ????????? ??????? ????? ???? ???????? ??????.

- ????????? ??????? ??? ?????·? ???????.

?????? ?? ?????
2022?? 08?? 12??

??????
2022?? 08?? 12??

???? ???????

1) ???????, ?????? ????????.

2)
??????? ?????? ????? ???????, ??????? ????????????? ??????? ??? ???¿? ???????? ?????? ????.

3) ??????????? ?????? ???? ?????? ?????, ???? ???? ???? ?? ???????? ?????? ??????.

4) ???? ?? ???????? ??????·? ??? ????? ????? ??? ??? ???? ????? ??? ?? ????? ???? ????.

5) ???????? ???????? ???? ????? ???? ??쿡?? ????? ??????? ???????? ???????.

6) ????????? ????????????? ?????????? ????? [?????? x ???????]????.

7) ??????? [?????? x ??????]????.

8)
??????? ??? 5??? ????? ???, ???????? ?? ?????? ?????? ????? ?? ??????.

?? ?? ?????????????
???????? ???(????????? ????)?? ?????? ???, 2?????? ????? ???????? ????, ?????? ?? ???? ????, ?????? ?????, ??? ???????? ???? ???? ??????. ????, ??? ???? ?? ?????? ???????? ????? ???????, ?????? ?? ????, ?????, ???? ???? ??????? ???? ?????? ??ν???? ????? ???????, ?????? ?????ð? ???? ??? ??????? ???/???????
???????? ??????. ????? ????????? ????????? ???? ??????.

(3) ????? ???? ???

??. ??????? ??? ????????? 100%?? ?????? ???? ?κг??????? ??????? ??? ??? ?????? ???????? ????.

??.
??????? ??? ????????? 100% ????? ??? ?????? ?????? ??й???
????(1?? ??? ????). ??, ?? ??й??????? ????? ????????? ??????? ??????? ??????? ? ??????? ??? ???????? ?? 1?¾? ???????, ??????? ?????? ?????? ??????? ??쿡?? ?????????????? ????????.

(4) ???? ?? ?????????? ????????

??. ?????????? ??????? ?? ?????? ????????? ?????????, ????????? ??????? ????? ???? ??? ????? ???????? ??????.

??. ?? ?????? 1) ?????? ????????? ????? ????? ???, ????? ??α??? ??????? ??? ?????·? ?????? ??????? ?????? 2) ?????? ????? ???,?????? ??????? ??? ?????·? ?????? ??????? ??????, 3) ??й?????? ?????????? ?????? ??? ???, ?????? ??????? ??? ?????·? ?????? ??????? ???????. ??, ??? ???? ????? ???????? ??´?? ???? ???????? ??????.

(5) ?????? ???? ???? ????

??. ?? ?????? ??????? ???? ??????? ???? ?????? ???? ?????????????? ???????????? ??? ???????? ??????? ????????.

??. ?? ?????? ??????? ?????????? ???°?????? ?? ?????º? ??? ???°???????? ?????ºο??? ???????? ????? ?? ?????? ????????.

5. ?μ? ?? ???? ????

(1) ??? ????? ?????? ???? ?? ???? ????

??. ?? ?????? ??? ?????? ?? ???????? ???????? ????????? ?????簡 ??????(Calculation Agent)???μ? ????? ??? ??????? ???????? ?????? ??????? ?????? ???????? ????????.

??. ?? ?????? ???????? ?? ??????? ?????? ??? ?????? ?? ???????? ????繫?? ????? ???? ???????????.

??
?????? ?? ?????? ?????????:

(??)?????? ???????????????? (???: ????? ??? ?????? 86, ??????? 2??)

(???????? ???????? ????? ???? ???????? ????????? ??????? ???? ?? ???????? ?????? ???????? ??????? ???? ?????.)

??. ?????? ??? ???????

1. ??????????

(1) ????? ???????

?? ??
?? ??
????????
(????)

???
????
???
1) 1?? ?????????????? ??? ????????? ???????????????? [?????????? ??80%] ????? ???
 => ???????[100% + 1.70%]

2) 2?? ?????????????? ??? ????????? ???????????????? [?????????? ??80%] ????? ???
 => ???????[100% + 3.40%]

3) 3?? ?????????????? ??? ????????? ???????????????? [?????????? ??80%] ????? ???
 => ???????[100% + 5.10%]

4) 4?? ?????????????? ??? ????????? ???????????????? [?????????? ??80%] ????? ???
 => ???????[100% + 6.80%]

5) 5?? ?????????????? ??? ????????? ???????????????? [?????????? ??80%] ????? ???
 => ???????[100% + 8.50%]

6) 6?? ?????????????? ??? ????????? ???????????????? [?????????? ??80%] ????? ???
 => ???????[100% + 10.20%]

7) 7?? ?????????????? ??? ????????? ???????????????? [?????????? ??80%] ????? ???
 => ???????[100% + 11.90%]

8) 8?? ?????????????? ??? ????????? ???????????????? [?????????? ??80%] ????? ???
 => ???????[100% + 13.60%]
?? 5.10%

????
???
1) ????????? ??? ????????? ??????????? [?????????? ?? 75%] ????? ???
 => ???????[100% + 15.30%]
15.30%
(?? 5.10%)

2) ????????? ??? ????????? ??????????? ??? ????? [?????????? ?? 75%] ??????, ?????????? ??????(??????)???? ????????(????)???? ??? ??????? (???? ????) ?? ??? ????? [?????????? ?? 50%] ??????? ????? ???? ???? ???
 => ???????[100% + 15.30%]
(??? ?? ????????? ?????? ?????? ???? KI ??????? ????)
15.30%
(?? 5.10%)

3) ????????? ??? ????????? ??????????? ??? ????? [?????????? ?? 75%] ??????, ?????????? ??????(??????)???? ????????(????)???? ??? ??????? (???? ????) ?? ??? ????? [?????????? ?? 50%] ??????? ????? ???? ??? ???
 => ???????[?????????/??????????]
(??? ?? ????????? ?????? ?????? ???? KI ??????? ????)
?????????? {(?????????/??????????)-1}??100%

* ???????? : ??????????? ?????[{(????????? / ??????????)-1} ??100%]?? ? ??????? ????

* (?????????/??????????)?? ????? ???? ???° ??? ????

(2) ???? ??????? ?????

d001_????? my els ??5013?_??????????1.jpg
ELS ??5013? ????? ?????

??. ?????? ????(1??? ?????)

?? ????????? KOSPI200 ????, S&P500 ????, EuroStoxx50 ?????? ???????????? ???? 300pt, 4,000pt, 3,000pt?? ???

??. ?????

?? ????????? ??? ????????? ??????????? ??? ????? ?? ???????????? 75% ???(???? 225pt, 3,000pt, 2,250pt)???, ?????????? ??????(??????)???? ????????(????)???? ???? ???????? ??? ??????? ?? ??? ????? ?? ???????????? 50% ???(???? 150pt, 2,000pt, 1,500pt)???? ????? ???? ??? ???

?? ??
?? ??
????

???1
????????? KOSPI200 ????, S&P500 ????, EuroStoxx50 ?????? ???? 240pt, 3,200pt, 1,800pt??? (?? ???? ????? EuroStoxx50 ???? ????)

?? 1?? + [1?? ?? (-40.0%)]= 6,000???? ???
-40.0%

???2
????????? KOSPI200 ????, S&P500 ????, EuroStoxx50 ?????? ???? 240pt, 3,200pt, 1,200pt??? (?? ???? ????? EuroStoxx50 ???? ????)

?? 1?? + [1?? ?? (-60.0%)]= 4,000???? ???
-60.0%

???3
????????? KOSPI200 ????, S&P500 ????, EuroStoxx50 ?????? ???? 240pt, 3,200pt, 600pt??? (?? ???? ????? EuroStoxx50 ???? ????)

?? 1?? + [1?? ?? (-80.0%)]= 2,000???? ???
-80.0%

???4
????????? KOSPI200 ????, S&P500 ????, EuroStoxx50 ?????? ???? 240pt, 3,200pt, 0pt??? (?? ???? ????? EuroStoxx50 ???? ????)

?? 1?? + [1?? ?? (-100.0%)]= 0?? ???(??????)
-100.0%

(3) ????????? ???? ??????? ????? ????? ???????

?? ?????? ??????? ???? ?????????? ????? ????? ?????? ????? ???????. ??, ????? ???? ?????? ?????? ?????? ????? ????? ????????? ?????, ????? ??? ???? ?????? ??????? ??????? ???? ?????.

d001_????? my els ??5013?_????????????.jpg
ELS ??5013? BACKTEST
(*??? ????????? ????????? 100??? ???????????)

???????
?????
??????
?????

1?? ?????????
1.70%
4,530
92.752%

2?? ?????????
3.40%
93
1.904%

3?? ?????????
5.10%
29
0.594%

4?? ?????????
6.80%
63
1.290%

5?? ?????????
8.50%
22
0.450%

6?? ?????????
10.20%
5
0.102%

7?? ?????????
11.90%
1
0.020%

8?? ?????????
13.60%
19
0.389%

??????
15.30%
32
0.655%

-100%?¼???<-75%
0
0.000%

-75%?¼???<-65%
0
0.000%

-65%?¼???<-55%
9
0.184%

-55%?¼???<-45%
73
1.495%

-45%?¼???<-35%
7
0.143%

-35%?¼???<-25%
1
0.020%

-25%?¼???<0%
0
0.000%

Total
4,884
100.000%

??1) ?? ??????? ??? ????????? 1999?? 01?? 04????? 2019?? 07?? 31???? ???? ??????? ?м??? ???????.

??2) ?м???????(1999?? 01?? 04??)?κ??? ?м??????? ?? ??????????? ?????? ????? ???????? ??????? ??? ?????? ??????? ???? ??????????? ?? ??? ?????? ?????????? ??????? ????????????. (?? 4,884?)

??3) ?????????????? ??????? ???????? ???????, ??????????? ????? ??쿡?? ????????????? ??????? ?????????? ?ν?????????.

??4)
?? ??????? ??? ???? ????????? ?????? ????? ??????? ????? ??????,
?? ?????? ????? ???? ????? ????????????? ??????? ????? ???????? ????.

(4) ???????? ?? ??????

?? ??
?? ??
????????
(????)

??????

- ??????????? ??????? ???, ?????????? ??????(??????)???? ????????(????)???? ??? ??????? ?? ??? ????? [?????????? ?? 50%] ??????? ????? ???? ?????? (???? ????) ??? ??????? ?? ??? ????? ??????????? [?????????? ?? 75%] ????? ??? ????? ???????.
 => ?????? : ???????[?????????/??????????]

- ???????? ??????????? ??????? ? ??????? ???????? ????????.

???????? ?????? ???????? ??? ????????? ????????? ?? ??? ????? ?????????? ??? 100% ?????? 0???? ??????? ??? ????? ?? ??????.

-100%

????????
?????? ????????? ?????? ??????? ??????, ????????? ??? ????????? ??????????? [?????????? ?? 75%] ???????, ?????????? ??????(??????)???? ????????(????)???? ??? ???? ?? ??? ????? [?????????? ?? 50%] ??????? ????? ???? ??????(???? ????) ??? ????????? ??????????? [?????????? ?? 50%] ????? ??? ?????? ?? ?????? ????????? ??????? 115.30%?? ????????.(????????)
15.30%

2. ????? ????

(1) ???????? ????? ???? ????

??????? ?? ??????????????? ??????? ??Ŀ? ???? ???? ???????? ??? ??????? ??????? ????? ??????, ?? ??????? ?????? ?????? ???????.

??. ??????????

?? ?????????? : ???????????????? ?? ????????? ???? (?????ð? ????)
??
?????????????? : 2022?? 08?? 12??

??. ?????????

?? ??? ?????????????? ????????? ????????? ??????? ??? ???????? ??? ?????? ???????????? ??? ?????? ???????? ?????????ν? ?? ?????? ???

?? ????????? ???????

????
????????? ???????

1??

??? ????????? 1?? ????????????????
?? ???????????? 80% ????? ???

2??

??? ????????? 2?? ????????????????
?? ???????????? 80% ????? ???

3??

??? ????????? 3?? ????????????????
?? ???????????? 80% ????? ???

4??

??? ????????? 4?? ????????????????
?? ???????????? 80% ????? ???

5??

??? ????????? 5?? ????????????????
?? ???????????? 80% ????? ???

6??

??? ????????? 6?? ????????????????
?? ???????????? 80% ????? ???

7??

??? ????????? 7?? ????????????????
?? ???????????? 80% ????? ???

8??

??? ????????? 8?? ????????????????
?? ???????????? 80% ????? ???

?? ?????????????? : ??? ???? ??????????????? ?? ????????? ????(?????ð? ????)

?? ????????????? ?? ??????

????
?????????????
??????

1??
2022?? 12?? 07??
???????[100% + 1.70%]

2??
2023?? 04?? 06??
???????[100% + 3.40%]

3??
2023?? 08?? 09??
???????[100% + 5.10%]

4??
2023?? 12?? 07??
???????[100% + 6.80%]

5??
2024?? 04?? 08??
???????[100% + 8.50%]

6??
2024?? 08?? 07??
???????[100% + 10.20%]

7??
2024?? 12?? 09??
???????[100% + 11.90%]

8??
2025?? 04?? 09??
???????[100% + 13.60%]

?? ???????????? ?????? : ??? ?????? ?????????????(??????)?κ??? 3?????? (????ð? ????)

?? ????????? ????? ???? ????? ?????? ??? ?? ?????? ?????? ???????? ???? ?? ????? ????? ?????? ??????? ????? ?δ????? ????.

??. ??????

?? ??????????? ??????? ???? ??? ????????
??????? ??? ????????? ????????? ???? ?????? ???????? ?????????ν? ?? ?????? ?????.

????????? ????????
??????

1)
??? ????????? ???????????
?? ???????????? 75% ????? ???

???????[100% + 15.30%]

2) ??? ????????? ??????????? ??? ????? [?????????? ??75%] ??????, ?????????? ??????(??????)???? ????????(????)???? ??? ??????? (???? ????) ?? ??? ????? [?????????? ??50%] ??????? ????? ???? ???? ???

(??? ?? ????????? ?????? ?????? ???? KI ??????? ????)
???????[100% + 15.30%]

3) ??? ????????? ??????????? ??? ????? [?????????? ??75%] ??????, ?????????? ??????(??????)???? ????????(????)???? ??? ??????? (???? ????) ?? ??? ????? [?????????? ??50%] ??????? ????? ???? ??? ???

??, ??????????? ??????? ? ??????? ????
(??? ?? ????????? ?????? ?????? ???? KI ??????? ????)
???????[?????????/??????????]

* (?????????/??????????)?? ????? ???? ???° ??? ????

??
????????? : ?????????? ?? ????????? ????(?????ð? ????)
??
???????? : 2025?? 08?? 07??
??
??????(??????) : 2025?? 08?? 12??
 ????????(??????)?κ??? 3??????(????ð? ????)

??. ??? ??????

?? ?????? ??????????? ??? ??? ???? ????? ??????? ??????????? ????? ????. ????????? ?????? ???, ??? ?????? ??? ?? ??????? ????? ??????????? ???? ??? ??????? ????? ??????????? ??? ?????? ????????.

?? ???????? ???????? ??? ??쿡?? ?? ?? ????? ??????? ???????? ???????? ???, ????? ??????? ??????? ????????? ???? ??? ??????? ???????? ??????.

?? ?????? 2?? ??????? ?????? ???, ??? ?? ?????? ?????? ??? ??????? ??????? ???? ????? ?????????? ?? ??????????? ????????.

?? ?????? ???????? ??? ??? ?????? ????? ?? ?????? ???????? ??????. (???? ????? ?????? '3. ????????? ???? ?? ?????????? ???? ????'?? ???????? ??????.)

?? ?????? ?????? ???, ??????? ????? ???? ?? 3??????? ??? (?????? 2?? ??????? ?????? ??? ????? ?????? ???? ?? 3??????) ??????? ????? ???????? ??????. 

??
?????? ???? ?????? ????? ????????.

??
???????? '3. ????????? ???? ?? ?????????? ???? ????'?? ?????? ??? ???? ???????? ????????? ???????? ???? ??????? ???????? ?? ?? ??????.

(2) ??????? ?? ????

??. ????????
?????????????? ??? ??????????? ???? ?? ??? ???? ???????? ??????? ???????? ?????? ?? ????????? ???????.

??. ???? ??? ?? ??
?????? ????????(?????)?? ???????? ????????? ???? ????? ????????.

??. ?? ??????
????????(?????)?? ??3?? ?????? ???????κ??? ?????? ?? ?????? ????????,
?????? ???????κ??? ????????(?????)?? ?????? ??? ????? ??????????.
???? ?????? ????? ????????(?????)
?? ???? ????????? ?????? ?????? ????
???? ?????? ?????? ?? ??????. ????????(?????)?? ????????? ???????(http://www.myasset.com)?? ?????, ?? ?????? ??????κ??? ????????? ??????? ?????? ???????.

(3) ??????? ?? ????

?? ?????? ??????? ??????? ???????. ???????????? ????? ??? ???????? ????? ???? ?????? ?? ?????? ??????? ?????? ???? ??????? ?? ?????????? ?????? ????? ???? ???? ????? ?? ?????? ??????? ??? ???¿? ?????? ????? ???????? ????????.

(4) ???????? ????? ???? ??????

??. ?? ?????? ??????? ???? ??????? ??????? ??????????? ??? ?????? ??????????? ??????? ??Ŀ? ???? ???????? ??????? ????????, ????????? ???? ???(?????? ???????????)?? ?????? ???????? ??????.

??. ?????,
?? ?????? ??????? ???????? ????? ?? ???, ???????? ?? ?????? ???? ?? ?????? ???? ????? ?? ???? ???????? ????? ???? ?? ?????? ???????? ?? ??????, ??? ????
?? ?????? ??? ??? ???????. ???????? ??????? ?? ?????? ???????? ????? ??? ?? ????? ????
???????(Hedge)????? ???, ????????? ????, ??????, ??????????? ??????, ????????? ????, ???? ???? ????? ????, ????????? ?????? ?? ??????? ???ε??? ??????
????????(?????)?? 95% ???(??, ?????? 6?????????? 90%???) ???????? ?????? ?????? ????? ???,
?? ??? ?????κ? ?????? ????? ????? ?? ??????.

??. ??,
???????? ???????? ???? ??? ?????? ????? ?????????? ?????? ??? ?? ?????? ????????? ??????? ??쿡 ????? ???????? ?????? ??????? ??? ?????? ??????? ???????? ???? ?? ??????, ???????? ????? ??쿡?? ?????? ????????? ??? ??? ?????? ?????? ???? ?? ??????. ?? ??? ?????? ????? ??? ????????? ???????.

??
??????????? ?????κ? ????????(?????)??? ?????????? ?????? ??????????? ??????????? ??????? ?? ??????.

??????
??????

?????? ???????? ???? 4?? ?????? ???? ??? ???????? ???
(??, ?¶??? ????? ?????)

??????
?????
??????(????)???? ????????(??????) 2?????? ??????? ?? ??????
??, ????????? ????? ??? ?????? ?? ????????????(??????) ???? [2] ??????? ????³?(????)???? ?? ????????????(?? ????? ???? ?????? ??? ??? ???? ?????? ?????)(????)????(???? "????????? ?????")?? ???????? ????? ?? ???????.

??????????? ??
?????? ????? ????? ?????, ???? ????????(16??) ?????? ?????? ???? ???????? ???????.

????????? ??????
?????? ????? ???????????(??, ????????? 2?? ????? ???????? ?????? ???, ?????????? ???????? ?????? ????? ?????? ??? ????? ????? ??????????? ???.)
*????ð? ????

????????? ??????
????????? ??????(??????)?κ??? 3??????
*????ð? ????

??????
??? ????
10?????? ????????? ??? 10???? ?????? ??? ????????.
(??, ????? ???????? ????? ????? ??? ?????? ??????? ??? ????)

??????????

????????? ?????? ???????? ??? ?????? ?????? ???????? ????????? ????? ???? [?? 3?? ?????? ????]?? ?????? ???????.

- ?????? ???? ?????? ?????? ??? ????????(?????)?? ????? '????????? ???????(http://www.myasset.com) > ????????? > ELS/DLS/ELB/DLB ????? ???' ?? ????????? HTS(Home Trading System)?? [9267]????? ??????????, ???? ???????濡 ???? ???????? ????? ?? ??????.

- ??, ?????? ???? ?????? ???????? ??? ?????? ??? ????? ??? ???? ??????? ????????
????????(?????)?? 95% ????? ????(??, ?????? 6?????????? 90%???)???? ?? ?????? ??????????. ????, ???? ??????????? ????????(?????)?? ????? ????? ?? ??????. 

-
???????? ????? ??? ??? ????????? ?????? ???? ???γ???(????????(?????), ???? ??????????, ????????(?????) ??? ???? ???????????? ????)?? ????
?? ?帳???.

??????
???????

- ??????????? ?? ????? ???????(Hedge) ???? ????? ????? ????? ????? ?? ?????????? ???????? ??????? ?????? ???? ?????? ????? ???????????, ?????????? ?????? ?? ????????? ?????? ?? ?????? ????????(?????)?? ??? ?? ??????,
?? ??? ?????? ????? ????? ?? ??????? ?????? ??? ?? ???????? ??????.

- ???????? ??????????? ??? ??? ????? ?????? ?????? ?? ????? ??????, ??? ???? ???????? ????????? ??????? ??? ??????? ???????? ?δ????? ??????. ???? ???????, ??????? ?? ??????? ?????? ????? ??쿡?? ???????? ??????? ??????? ????????? ???????? ?????? ?? ?????? ??? ???? ????????? ?????? ???? ????? ?? ??????.

???

(5) ?????? ???? ??? ?? ???

??. ?? ?????? ???????? ???? ??? ?????? ??? ????????? ???? ??????? ?????????? ?????? ?? ??? ????????? ???? ???????? ??????. ????
?? ?????? ??????? ??? 5??? ????? ??쿡?? ?????? ?????? ????? ?? ??????
?????? ????? ??? ?????? ?????????? ?????? ????? ???????? ?????? ?? ?? ???????? ??????.

??. ?? ??? ???? ??? ????? ??????? '????????? ???????(http://www.myasset.com) '?? ????????. ?? ????? ????????? ????????? ??????????(1588-2600)?? ???? ????? ?? ??????.

(6) ?????? ???? ?? ???

??. ?????? ???? ???? ????

?? ?????? ??????? ??????.

??. ?????? ???? ???? ????

1) ?? ???? ????? ?????? ??? ???

?? ?? ??????
????????(?????)?? ?????? ????? ???????δ?
???????, ????????? ???????, ????????? ??????, ????????? ??????, ???????? ?繫???? ???? ??????. ?? ?????? ????? ???????? ?????? ?? ?????? ????????? ???? ?????? '??. ???? ??? ???? ???? ?????? 3. ????? ???????'?? ???????? ??????.

?? ????, ?? ?????? ???? ???? ?????? ???? ????????? ?? ?????? ???????? ?? ??????, ??????? ?? ???? ?? ??? ??????????ε??? ?????? ?????? ??????. ??? ?????? ??????????? ???? ???? ?????? ????. ??????????? ?κ??? ???????? ??????.

2) ?? ?????? ???? ???? ????

?? ?? ?????? ??????? ???? ??????? ??????? ??????????? ??? ?????? ??????????? ??????? ??Ŀ? ???? ???????? ??????? ????????. ????, ????????? ???? ????? ?????? ???????? ??????. ???, ?? ?????? ??????? ???? ????? ?? ?????? ???? ?????? ??????? ?? ?????? ?? ?????? ????????? ???????? ???? ???????? ?峻?????? ?????? ?? ?????? ??????? ???????? ????? ??? ???????? ?????? ???????.

3) ???????? ???????? ???? ????

?? ???????? ?? ?????? ?????? ???? ????? ?? ?????? ???????? ????? ???? ?? ?????? ???????? ?? ??????, ??? ???? ?????? '(4) ???????? ????? ???? ?????????κ??? ???????? ??????.

(7) ?????????????? ?????? ??? ?? ??? ?????? ??? ????

??. ?????? 

???? ??????????? ?? ???? ???????? ???? ???? ??? ????? ?? ??????
?????? ?? 2 ?????? ????? ???????? ???????. ???? ?? ?????? ???? ???? ???? ????? ?????? ??????(???? ?????????? ????), ??? ?????? ?????? ???? ?????? ?? ??????????.
???????? ???? ?? ??????????簡
?????κ??? ????, ?????, ???? ???? ???????
?????? ??簡 ????????? ??ι??? ????? ??? ??? ??????
??????? ????? ???????? ??????.

(8) ?????????????

??????????? ????? ???? ?????? ??47?? ?? ???? ?????? ????? ??? ???? ????????κ??? 5???? ??????? ??? ???????? ?????? ???? ????????? ?? ?????? 1?? ????? ????? ?????? ???? ?? ??????.

3. ????????? ???? ?? ???? ?????? ???? ????

?? ?????? ???????? ????? ??? ???? ??????κ??? ?????? ?????? ?? ?? ?????ο? ????? (1) ?????? ?????? ???? ??????? (2) ?? ????????? ????? ?? ?????? ????????? ????.

(1) ?? ?????? ???????? ?? ???

??. ???????? ????

1) ???? ?? ??? ?????? ????? ??? ???????? ?????? ?????? ??????, ?????? ???? '??. ???????? ???'?? ???? ?? ?????? ???????? ????. ????? ??? ???????? ??? ???? ?? ???????? ??? ???, ????????????? ?? ???????????? ?????? ?? ?????? ????????? ????????? ????.

?? ???????? ??? ??? ???????(??? ??? ?????? ?????? ??????) ?????? ????? ?? ??? ??? ?????? ????? ??3???? ????? ????? ?????ο??? ????? ??????? ????????? ????? ???

?? ?????ο??? ?????? ???? ???????? ??????? ??? ???? ????????? ????? ??? ??? ??? ?????? ????? ??? ???????? ??? ???

?? ?????ο??? ????????? ??? ????????? ???????????? ??? ???

?? ???????? ?????????? ??? ????????? ?????????? ???? ?????? ???? ?ν??????????? ?????? ???

?? ???????? ??? ??? ??????? ????? ???????? ?? ??? ?? ?????? ????? ??????? ?????? ?? ???

2) ???? ?? ??? ?????? ????? ??? ???????? [????????? ????? ???? ????? ???? ????] ?? ?????? ?????? ???? '??. ???????? ???'?? ???? ?? ?????? ????? ?? ??????. ????? ??? ?? ?????? ??????? ????? ??? ???? ?? ???????? ??? ???, ????????????? ?? ???????????? ?????? ????????? ????.

?? ?? ?????? ??????? ???? ??? ??? ?????? ?????????? ?????? ????????? ??????????? ?? ?????? ??????? ???? ?????? ?? ???

?? ????????? ????? ??? ??????? ??????? ??????, ???, ?ε?, ??? ???? ?????? ?????? ???

?? ??????? ?????????? ???????? ?????? [10]????????? ????? ??????? ???????? ?????? ???

?? ???????? ??????? ?????? ??? ?? ???ø? ???????? ?????? ???

?? ?? ?????? ???? ???? ???? ?????? ??????????, ???? ?????? ????? ???? ?????? ????? ?? ????? ??????? ?? ???

?? ?? ?????? ???? ???? ???? ?????? ??????????, ???? ?????? ????? ???? ?????? ????? ?????ο??? ?????? ??????? ???? ??? ?????? ???? ????? ????? ???

?? ???????, ????, ??, ????????(??????? ????)?????? ???????????, ??? ??? ????? ?????? ????? ?? ?????? ??????? ???? ?????? ?? ???

??. ???????? ???

1) ?? ?????? ???????? ?????? ?????? ???????? ?????? ?????? ?? ?????? ???(????)??? ??? ???????? ?????????????κ??? [10]?????? ????? ?? ?????? ????????? ???????????? ????????? ????.

?? "?????????????"?? ?? ??. 1)?? ??? ?? ??? ???? ????? (???????????? ??? ???? ???? ??????????)?? ??????, ?? ??. 2)?? ??쿡?? ?????? ?????? ??? ??????????μ? ???????? ?????????????? ?????? ???? ???????. 

2) ?? ?????? ???????? ?????? ?????? ???????? ?????? ?????? ?? ?????? ?????? ??? ???????? ??????????????? ????????? ???? ?? ?????? ???? ?????? ???????????? ????????? ????? ???? ????? ???? ???? ????????. ??? ?????? ????????? ?????? ????????? ?????? ?????(??? ???? ????? ?? ??????)?? ???????? ????? ?????? ???, ???????????? ??? ?????? ?????? ??????? ????.
??, ??? ?????? ????? ?? ??? ?????? ???????? ??? ???(?????, ???ð???? ??? ???????? ??? ??????? ???????? ?ε???? ???? ?????? ????? ??? ????????? ???????? ???????? ??? ??? ??)
???? ??????? ?????? ??(0)???? ?????? ?? ??????, ?? ??쿡 ??????? ????? ?????? ???? ??????? ????? ????? ???????? ???????? ????. ???????????? ?? ?????? ????????? ????? ???? ?? ???????? ????? ????? ?? ??????, ????????? ????????????? ????? ?? ?????? ?????? ????? ??????? ??쿡?? ???????????? ?????? ???? ????????? ????????? ?????? ?? ??????? ??? ??????? ??????.

(2) ????????? ????

?? ?????? ????? ?? ??? ???? ????? ?????? ????? ?? ??????. ???????? ?? ?????? ????????, ???????? ?? ??? ????????? ???? ?? ???? ???? ????? ?? ??? ??????? ???????? ???????(http://www.myasset.com)?? ?? ?????? ??????? ????????? HTS(Home Trading System) ?????? ??????? ????.

?? ??, ????? ?????? ????? ?? '(1) ??. ???????? ????'?? ?????? ??? ???????? ?? '(1) ?? ?????? ???????? ?? ???'?? ???? ??? ???? ?? ?????? ???? ?? ???? ???????? ???? ?????? ?? ?? ??????.

??. ??????? ???????

1) ???? ?????? ???? ??:
????? ??? ???????? ???????? ??????? ?????? ????, ??? ??? ?????? ?????? ????? ???????? ??? ??????????? ??? ???????? ???? ??????? ??? ??ε? ????? ????????? ?????? ???????? ?????? ?????? ?????? ????????. ??, ?? ??????? ?????? ?????? ??????κ??? [2]?????? ???? ?????? ??쿡 ????? ???????? ?????? ????????? ???? ?? ????? ??????? ??? ?????? ??????????? ?δ????? ??????.

2) ??????????[(Market Disruption)]:

??? ?????? ???????? ??? ???????? ??? ?????? ?? ?????????? ??? ?????? ???????.

?? ??, ?? ???? [8]??????????? ??? ???????? ??? [8]??° ??????????? ??????????? ?????? ????? ???????. ?? ??? ???????? [8]??° ??????????? ??????? ?????? ????????? ????? ?????? ???????, ????????? ?????? ??? ???????? ???????????? ?????? ?????? ???? ??????? ???? ????? ????? ???? [8]??° ??????????? ?? ??? ?????? ?????????? ?????? ??? ????? ?????? ??????? ?????? ????????.

?? ?????? ????????? ???? ??? ???????? ?????? ???(????????? ?????? ??? ??? ?????? ?????????? ?????? ????? ????) ??? ?????? ??? ?? ??????? ????? ????????? ??? ??????? ????? ???????? ????? ?????? ????????. 

?? ?????? 2?? ??????? ?????? ???, ??? ?? ?????? ?????? ??? ??????? ??????? ???? ????? ?????????? ?? ??????????? ????????.

?? ???????????? ????? ???? ?????? ?????? ???, ??????? ????? ????(??????) ?? [3]??????? ??? (?????? 2?? ??????? ?????? ??? ????? ?????? ???? ?? [3]??????) ??????? ????? ???????? ??????.

3) ??????? ??? ??? ??[(Hedging Disruption)]:
?? ?????? ???????? ?? ?????? ?????? ????? ?????? ?????? ?????? ????? ??????? ????????, ???????? ????? ???? ????? ?? ???????? ??? ??? ??3??(???????? ????)???? ???????????? ???? ???????(Hedge)????? ?????? ?? ??????, ??? ????? ?????? ??? ????????? ???, ???????? ???? ?????? ??????? ??? ????????? ?????? ?????????? ????? ???(???????, ????, ????, ????, ????, ?????????? ??? ??? ?????? ??????? ???? ??)?? ?????? ???????? ?? ????? ?????? ??????????? ????? ?????? ??????? ?????? ???, ???????? ??????, ?????? ?? ????????? ?? ?? ?????? ????????? ?????? ?? ??????.

4) ??? ?? ????????????????? ???? ????? ?????? ???? ???????? ???? ?? ?????? ??????? ?????? ????? ?? ?????? ???????? ????????? ????? ???? ?????? ??? ???????? ?????? ??????μ??? ????????? ????? ?? ?????? ????????? ?????? ?? ??????.

5) ??, ???? ???? ???? ?? ????? ?????? ??????? ??? ??? ????? ???濡 ????? ?? ?????? ????? ??? ??????? ????? ?? ????????????????? ???? ????? ?켱??? ????? ?? ??????.

??. ????????? ?????? ????? ??????? ??????? ???????

1) ????????? ??? ????? ??????? ???????? ??????, ????????? ????????? ???????? ????, ????????? ??? ?? ????? ???? ?? ??, ???? ?? ???? ?????? ??????? ???????? ????? ???????.

2) ???? ????[(Index Modification)]:
??????? ???????? ????????? ?????? ???? ???? ??? ????? ???????? ??? ??? ??????? ????????? ?????? ?????? ???(???????, ??????? ??? ??? ????? ?????? ?????? ??? ??? ????????? ??????? ???? ???? ??? ????? ????? ??? ?????? ????), ???????? ?????? ???????? ????????? ????? i) ?? ?????? ???????? ?? ??????뿡 ???? ?????? ???????? ?????? ??? ??? ???????? ??? ii) ?????? ?? ?????????? ????? ?????? ?????? ???? ?? ????? ???? ???? ???? ?? ????????? ??????? ???(???, ????? ????? ???????? ?????????? ???? ??????)?? ?????? ?????? ?????? ????????? ??? ?????????????????? ????? ?? ??????.

3) ???? ????[(Index Cancellation)]:
??????? ???????? ????????? ?????? ?????? ??? ?? ?????? ???????? ?????? ???????? ????????? ????? ?????????, ?????? ?? ?? ?????? ????????? ?????? ?? ??????. ?? ??? ???? ???? ?????? ??????? ???????? ?????????? ????? ?????? ????? ???? ?? ????? ?????? ??? ???? ????????? ?????? ?????? ?? ??????. 

??, ??????? ?????? ????? ??3??? ????????? ???????? ?°??? ??쿡?? ????? ???? ???????.

?? ??? ?°????? ???????? ?????? ??????? ??????? ???????? ???????? ????? ?????? ??? ?°????? ?????? ???ο? ????????? ?? ????? ???? ????????? ?????? ?????? ?????.

?? ??? ?°????? ???????? ?????? ????????? ??????? ?????????? ??? ??????? ?? ????? ???? ????????? ??????? ?? ?????? ????????? ??????? ???? ???????? ???????? ????? ?????? ??? ???????? ?°????? ?????Ŀ? ?????? ??? ????????.

??. ????????? ????????? ????? ??????? ??????? ???????

1) ??????? ??????? ???? ?? ??? ???? ?????? ????? ???

?? ??????? ??????? ????, ????, ???, ????, ???????, ??????? ???? ?????, ??????, ??麴?? ?????? ????? ????????? ??? ?????? ??? ??? ?? ?????? ???????? ?????? ??? ???Ŀ? ????????? ??????? ????? ????????? ?????? ???????? ????????? ????? ?????? ???? ????????? ??????? ?? ?? ?????? ?????? ?????? ?? ??????.

?????? ????? ????? ???? ?? ????????? ????? ????????. ?????? ?????? ??????? ?????? ?????? ???????, ??????????? ??????? ????? ???? ?????????? ??????.

???????
?????? ???????

????????
(????????? ???????
?????? ??쿡 ????)
???? ?? ??????? * (1 + ???? 1??? ????? ???? * 1??? ?????? / ?????????) / (1 + ???? 1??? ????? ????)

???????? ?? ?????
?????? ???????/(1+?????? ??? 1??? ????? ????)

??????, ??????
?? ?????
?????? ???????? ???????? ??????? ????????? ????

???, ???????, ??ı??(????)
???????? ?????? ??? ???Ŀ? ????????? ??????? ????? ????????? ?????????? ???????? ?켱?????? ?????? ???? ???? ?????? ???????? ????????? ????? ????????? ??????? ?? ?? ?????? ?????? ?????? ?? ????

???
?????? ?? ?????μ???λ???? ???, Stock Option??? ??(????????? ?????? ????? ????? ????? ???????? ??? ???)???? ???? ????? ?????? ??쿡?? ?? ?????? ????????? ???????? ?????

?? ???, ???????? ?????? ???? ??? ???? ?????? ???? ??????? ????????? ?????? ????? ??? ???????? ?????? ???????? ????????? ???? ?????? ????????? ????? ?? ?????? ????????? ?????? ?? ??????. 

?? ??????????????? ?????? ???????? ??????? ?????? ??? ???????? ???????????? ?????? ?????? ???????? ??. ??, ???? ???? ?? ????? ???????? ????? ????? ?? ??? ?????? ?????? ??? ??? ?????? ????? ?? ????

?? ???????? ???? ??쿡 ?????? ???????? ????????? ???????? ??????? ??????? ??? ??????? ???? ??????? ???????? ???????? ????? ?????? ???? ???

?? ??????? ????? ?????????? ??? ??????? ?????? ??? (??????? ???? ?켱?? ???? ??)

?? ??? ????????? ?????????? ?????? ????????? ?ο??? ??? ???? ??????? ?????? ??찡 ????????? ????????????? ??????? ???

?? ??????? ???? ?????? ?????????? ?????? ????? ???? ??? ?????????? ????? ???(????? ????? ??? ??쿡?? ?? ?????? ????? ???? ????? ??????????? ??????? ???? ?????????? ???????? ??? ??? ????)

?? ????????? ?????? ?????? ????????? ??? ????? ??????? ???μ? ??????? ???? ??? ??????? ???? ???????? ?????? ???????? ????? ????? ????????? ????? ??? ???? ????? ???????? ??? ???

2) ??????? ??????? ???? ????????? ??? ????? ?°???? ???

???????? ?? ???? ????? ??????? ?????? ?????? ?????????? ?????????? ???????? ??????? ??? ???ο? ?????? ?????????? ??????, ??? ?? ?? ?????? ???????? ?? ??????뿡 ???? ?????? ???????? ?????? ??? ??? ?????? ?? ??????.

??. ????? ????????? ????

1) ?? ?????? ????, ??? ?? ??? ????????? ?????? ??? ??? ???????? ??????? ?? ?????? ?????????????? ?????? ????.

2) ?? ?????? ??????? ?????
?? ?????? ????, ??? ?? ??? ????????? ???? ?? ???? ???? ????? ?? ??? ???????? ??????? ????????
???????(http://www.myasset.com) ?? ????????? HTS(Home Trading System) ?????? ?? ?????? ???????? ????.

(3) ???????? ?????????? ???? ???????? ???????????

??. ???????? ??????????? ??? ??????? ???????? ???????? ??????? ??쿡 ???????? ?????? ???? ????? ??????????? ??? ?????? ????κ??? ???? ??????????? ??????? ????? ???????? ??????? ???? ??????? ?????? ????????? ?? ????????? ?????? ???????? ????????? ??????? ????. ??, ?????? ???? ?? ?????? ??? ?????????? ?????? ????? ??????????? ??? ???????? ??????? ??쿡?? ???????? ???????? ??????.

??. ???????? ????????? ???????? ??? ?? ???? ??????? ???????? ???? ??? ???????? ??? ??? ??????? ?? ???? ?? ????? ???? ???? ?? ??????. ???, ???????? ???? ????? ??? ??? ??? ??????? ?? ????????? ???? ??????? ??? ??簡 ?????? ?????? ??????? ??? ?? ???? ???????? ??? ???? ???? ???? ?? ???? ?????? ???? ?? ??????.
?? ?????? ?????????? ??? ????, ?????? ????? ?????? ?????? ???????.

(4) ?????? ???????

??.
?? ?????? ??????뿡 ???? ?????? ??? ??? ?????? ?????????? ?? ?????? ????? ???ε? ????????? ???? ?????? ???????. ???, ?? ?????? ????????? ??????? ???? ????? ??????? ????α? ?????? ?????? ???? ?????? ?????? ???? ????? ??????? ?????? ???? ???????.

??. ?? ???????κ??? ??? ??? ??????? ?????? ??? ??? ??? ?????? ??????? ????α? ?????? ???? ???????? ????.

??. ??????????

?????
??????
(??? ?????????????)??
????????? ????
???
??????? ???? ????
???? ??
?????? ????? ???? ??? ???????? ?????
?? ???????? ??????. ???? ??
???????????
??
???????????????? ???? ????? ???? ???
??????????????
????????? ????? ???
?? ?? ???????
????? ?????? ????? ???? ??????.

1. ??????? ????

?? ??
?????????? ?????

????????? 
????????? 
?????? 
????????? 
???? ????

- ?? ?????? ????????? ????????? ??????? ????????? ???????
???????? ?????? ????? ???????
????????? ?????? ????????? ????? ???????? ??????? ??? ??????? ????? ???? Ŀ??? ????? ??? ?? ?? ??????, ????? ???
??????? ???????????? ?? ???? ?? ??? ?????
??
?? ????? ??????? ???? ??????? ???? ??? ?? ??????. ???? ???????
?? ?????? ???????? ?????????? ???????? ???? ???? ????? ??????? ????????? ????.

- ?? ?????? ???? ????????? ?????? ??????? ???? ??? ???????? ??? ????, ?? ?????? ????? ????
????????? ?????? ??? ?????????? ??????? ?? ???? ??????? ???????? ?????? ?????? ???? ??????????,
??????? ??? ??????? ?????????? ???? ??????????? ???? ??쿡?? ???????? ?????? ??????? ?? ?????? ??????
?? ?????? ???????? ?? ????????? ????????? ?????? ?? ??????, ????? ???????? ?????? ?? ?????? ??????? ???? ????? ???????? ?????? ??쿡?? ????????? ?????? ??????? ??????? ?????????? ?? ?? ??????(???? ???? ??????뿡 ???? ??????? ???????? ???? ????????? ?????? ?????? ??쿡 ???? ?????? "???? II. ?????? ??? ??????? ?? 3. ????????? ???? ?? ???? ?????? ???? ????"?? ????? ?????? ??????). ??????? ????? ??????? ?????????? ?????? ?? ????? ?????? ??? ?? ?????? ?????? ????? ????? ?? ??????.

????????(?????)?? ?????? ????? 
???κ? ????

-
????????? ????? ???? ????: ???????? ??? ??????????? ???????? ????????(?????)?? ?????? ?????? ??????.

-
????????? ?????? ???? ????????(?????) ?????? ????????: ??????/??????????? ???????? ????????? ????? ???? ????????(?????)?? ?????? ??? ?????? ????????(?????)?? ??? ??? ????? ?????? ???? ????, ?????????/?????? ??????? ????????? ????????(?????)?? ??? ??? ????? ?????? ????? ?????? ??????. 

-
????????? ???????? ???? ????: ???????? ??? ????????? ???????? ???????? ????????(?????)?? ?????? ?????? ??????.

-
?ð?????? ???? ????: ???????? ????? ?ð?????? ???????, ????????(?????)?? ?????? ?????? ??????. 

-
??????????? ???? ????: ???????? ???????? ????? ????? ???? ????????? ????? ????? ?????? ?????? ????. ???? ????????????? ????????? ???? ????? ????? ???? ????????(?????)?? ??? ??? ????? ?? ??????.

-
??????? ???????? ???? ????: ??????? ???????? ???????? ????????(?????)?? ?????? ?????? ??????.

??????? ?????? ???? ????

- ???????? ?? ????? ??????? ???????, ??????? ????????, ??????? ??? ??????? ????????? ????? ????, ??? ?? ???????? ???, ???????? ?????? ??? ??????? ???????????? ???? ????????? ?????? ?? ??????. ?????
????????? ????? ????????? ?????? ?????? ?? ??????, ?? ???
?? ?????? ??????? ?????? ??? ???? ??????. ???,
???????? ????????? ???? ????????????? ??? ??????????? ????????? ?????? ?????? ?? ??????, ?? ?? ??????????? ??????? ????? ???????? ???? ???? ???? ?? ?? ?????? ?????? ????? ????? ???????? ??????? ??? ????????? ???? ??? ??? ????? ?? ??????.

- ???????? ?????
????????? ???????? ?????? ??????? ????? ????????? ?????? ??????? ?????ħ ?? ????????? ?????? 'ELS ????????? ??????? ?????? ???? ??????? ????????'?? ????
????? ????? ?????? ??????.

???????? 
???????? 
????????? 
????? ????

-
???????? ??????????? ??????? ??????????μ? ????
??????? ?????? ??????? ?????? ?μ?, ??? ?? ??????? ??????? ??????, ?? ??? ??? ?? ?????? ???????, ??????? ???????? ??? ???????? ????? ?????? ???? ????? ?? ??????. ????? ????? ???????? ???????? ????????? ?????????,
????? ????????? ????? ??????????? ????? ?????? ?? ??????,
??? ???? ?? ?????? ??? ???? ????? ????? ?? ??????. ???????? ????????? ?? ?????????? ???? ???????? ????????? ??????μ? ???????, ??????? ???????? ??? ???????? ????? ?????? ?? ???? ??????? ?????? ?? ??????, ??? ????? ????????? ?? ?? ?????? ??? ?? ????? ?????? ????? ?? ??????. ?????? ?? ???????? ??????????? ????? ???????? ???????? ????????? ?? ?????? ???????? ????? ?????? ??? ?? ??????.

????????

- ?? ????? ???? ???????????(???????????)??
???? ?????? ?????? ????? ???? ??? ????? ????? ????? ?? ??????, ?????? ???? ?????? ?ð???? ??? ??? ?????? ????? ?? ??????.

?????????????? ?????
???? ????

- ?? ??????
???????????????? ???????. ?? ??????
???????????? ?????? ???? ??? ???????????
??????? ????????? ???? ??? ??????
??????? ?????? 100%?μ?,
?????? 20%?? ?????? ????? ????? ?? ??????.
???? ??????? ??????? ????? ????(?????? ????? ???? ??????, ???????? ???? ?????? ??)????
??? ????? ????? ?? ??????.

2. ??????? ????

?? ??
?????????? ?????

???????? ?繫, ???????? 
?????? ????

- ?? ?????? ???????? ???? ????? ??????????? ?????? ???? ??????? ???? ??????? ??? ?????? ??????? ?????? ???????? ??? ???? ???????. ????? ??????????? ????? ???????? ?繫, ?????? ???? ??? ? ???????? ????? ??????, ?? ?????? ?????? ???? ?????? ?????? ????? ???????? ????? ???????? ?繫, ???????? ???? ????? ????? ??????? ?????? ???? ???????.

-
?? ?????? ???????? ??????? ??????? ??????, ???? ???????? ???????? ?繫, ???????? ?? ?????? ????? ????? ?????? ??? ?? ??????. ???? ???????? ?繫?????? ????? ?????? ????? ??? ??? ??????? ??????? ?? ??????? ??ο? ????? ??????? ???? ?? ???? ???? ???????? ??????. 

- ?? ????? ??????? ????????? ?????簡 ?δ???? ??? ????? ???
????, ?????? ???? ?????? ?????? ???????.

- ?????ο? ???? ???? ????? ????
???????? 2022.05.16????? ??????
?б???
?? ???系?? ?? ÷?μ????? ???????? ??????.

????????????
- ?? ?????? ??????? ?????? ???????? ??? ??? ???????? ??? ?????? ????? ?????? ?????????? ???? ??????????? ??????? ????? ???????? ??????? ???? ??????? ?????? ????????? ?? ????????? ?????? ???????? ????????? ??????? ????. ??, ?? ???????? ???? ?????? ????????? ?????? ?????? ???? ???????? ??쿡?? ??????? ???????.

3. ???????? ?? ?????? ????

?? ??
?????????? ?????

???????? ????
- ??? ???????? ??????? ????????? ????????? ?????? ?? ?????? ??????? ????? ??????簡 ?????? ??쿡?? ?? ?????? ???? ?????? ?????????? ?? ??????. ??? ???? ?????? ??????????? ????? ?? ?????? ?????? ??????? ????? ?? ??????.

??????????? ??簡 ????? ????

- ???????? ??????? ?? ?????? ????? ?????????? ???????, ??????? ?? ??????? ?????? ????? ??쿡?? ??? ?????? ???? ?? ???? ?????? ?? ?????? ?????? ????? ?? ??????, ????? ????? ???? ???????? ??????. 

-
?? ????? ???? ?????? ?????? ??? ????? ??? ???? ???? ??? ???? ?? ????? ???????? ???δ? ??? ????? ????????????? ?? ?? ??????. ????, ??????? ?? ??????????????? ????? ?? ?????? ????
???? ?? ????? ?????? ?????? ????? ?????????ν?
???? ?? ????? ?????? ???? ??? ?? ???? ?? ????? ???? ?????? ?????????? ???? ?????? ??????
??????θ? ????????? ????.

????????
?????? ????

- ?????? ??????? ??
?????? ????????? ??? ???????????????? ????????(?????)?? ???? ????????? ??? ?? ?????? ????? ?? ?????? ????????? ?? ??????.

??????????
???? ????
??????? ????

(???????? 
???????? ???)

- ?? ??????
??????? ???????? ?????? ???
???????????? ??? ???????? ??? ????. ????
???????? ??????? ???????? ?????? ??? ???????????? ?????? ???, ???????? ???? ???? ????????? ????? ???? ????? ?????? ??? ????? ??????? ?????? ????????? ????? ?????????.

4. ??? ????????

?? ??
?????????? ?????

??????? ????
- ?? ?????? ???, ??? ???? ??????? ???????? ??? ????????? ????????? ??????? ????????? ??????? ???????? ?????? ??????? ???????, ?? ?????? ???????, ???????, ??????? ?? ???? ???????? ???系???? ????? ???????? ????? ?? ????? ?????? ??? ????? ???? ?????????? ????? ?? ??????. 

- ?? ???????? ???? ????? ?????? ???? ?????? ???????, ???????? ???? ??? ???? ?????? ??????? ???? ?????? ??? ??????????? ???????? ???? ??????? ????? ?? ?????? ??? ?? ????? ????? ?????? ??? ?? ??? ??????? ??????. ?????? ??????? ?? ????? ??????? ???? ???????? ????????? ????????? ?????? ??? ???????? ???????? ?????? ????? ???? ???? ?????? ?????? ????????? ?????? ????.

???? ????
- ?? ?????? ???????? ?? ?峻?????? ??????? ???????, ?? ?????? ?????? ??? ??????? ?? ?????? ???? ?????? ??? ??? ??????? ??? ??쿡?? ??????? ???????? ????. ???? ?? ????? ????? ??? ??? ???????? ???? ?????? ???? ???????? ?? ?????? ???????? ???? ??????? ?? ??????.

???? ?? ?????? ????

- ?? ????? ??????? ??????? ??? ???
?????? ??? ???????? ????????? ????
????????? ?????? ???????? ????? ???¡????? ????. ?????? ?????? ?????? ?????? ??? ??쿡
???????? ????? ?????? ??? ?????????? ??????? ???? ???? ?? ???????????(???????????)?? ?????? ???????? ???????? ???????? ??????.
????, ???????? ??? ?????? ??? ????????? ????? ?? ?? ???????, ???????? ??????? ??????.

- ????, ??????? ???μ????? ??????????? ??? ?? ??????? ?????? ??? ???(?????? ?? ???????? ?????? ?????? ?????????? ???? ?????? ?????? ??? ??? ????? ???????? ???? ?????? ????? ??? ????)?? ??????? ???μ??? ?? ????????? ???? ??? ???? ?????? ???????? ???, ???μ??? ?? ???????? ???¡????? ????? ??? ?? ???????? ???¡???? ???? ??????. 

- ?? ?????? ??????? ?? ?????? ??????? ??????? ??? ????? ???? ???????? ???????, ????? ??? ??? ???? ?????????? ??? ?? ????????? ????. 

- ?? ?????? ??????? ????? ??? ?? ?????? ???????? ??????? ???? ???? ????, ?????? ?????? ???? ?? ???, ???????? ????, ??????? ?????? ??? ??? ??? ???? ??????? ??? ??????? ????? ???θ? ???????? ????.

??. ??????? ???? ????

1. ????????? ???

KOSPI200 ????
S&P500 ????
EuroStoxx50 ????

2. ????????? ????

(1) KOSPI200 ????
?????????? 200(???? "KOSPI 200 ????"?? ??)?? ??????????? ?? ???????????? ?????????? ????? ????????μ?, ?峻 ??????????? ????????? ??????? ????? ??? ???? ????? ????????, ????????? ?? ?????? ???? ??????? ?????? 200?????? ???????????? ????. KOSPI200 ?????? 1990?? 1?? 3???? 100p?? ??? 1994?? 6?? 15????? ????, ???????????. 

(2) S&P500 ????
S&P500 ?????? ????????????? ????? 500?? ????? ?ð???? ???????????????. ??? ?????? ??? ??? ?????? ?????? 500?? ????? ???? ?ð?????? ?????? ???? ???????? ????????? ?????? ?????? ???????? ????????????. ???? ?? ?????? 1941~1943?? ??????? ????? 10???? ??????? ??????. 

(3) EuroStoxx50 ????
EuroStoxx50 ?????? ???????????????(EMU)?? ???? ???? ???????? 50?? ???? ?????? ??????? ??????? ???, ??????? ???? ?ð???? ???(free float adjusted market capitalization)???? ???????. ??????? ?????? ???? ???? ??????? ??????? ???? ?ð???? ??? ??????(1991?? 12?? 31??)?? ?ð???????? ?????? ????????. ???????? ?????????? 1,000 ????. 

3. ?????????? ?? ???????? ?????

(1) KOSPI200 ????
KOSPI200 ?????? ??????????? ????????(Korea Exchange)???, KOSPI 200 ?????? ?????????? ??? ??????????? ?????? ??????.
- ???????? ??? : ?λ????? ???? ?????????? 40
- ???????? ??????? : http://www.krx.co.kr

(2) S&P500 ????
S&P500 ?????? ??????????? ??? ?????????? ??(Standard & Poor's)???, S&P500 ?????? ?????????? ??? ??????????????? ?????? ??????. 
- ???????????? ??? : 20 Broad Street New York, New York 
- ???????????? ??????? : http://www.nyse.com

(3) EuroStoxx50 ????
EuroStoxx50 ?????? ??????????? ???? ??(STOXX Limited)???, ????????(DeutscheBorse Group)?? ?????? ???? ?????(SIX Group)?? ??????? ??? ???? ??????????. ???? ??(STOXX Limited)?? 1998????? ?????? ?????? ??????? ???? 300?????? ?????? ?????? ??????. 
- ?????? ??????? : http://www.stoxx.com

4. ??????? ???? ?? ??????? ???? ???????? ?????

(1) ???????(KOSPI200 ????, S&P500 ????, EuroStoxx50 ????)?? ????????

KOSPI200 ?????? ????????, ???????? ???????(http://www.krx.co.kr) ?? ???? ??? ???? KOSPI200 ?????? ????? ???? ?????? ?????? ?? ??????.
???? ????????? HTS?? [????? 4401 : K200-????]???? ??????????, ???? ????? ???濡 ???? ???????? ????? ?? ??????.

S&P500 ?????? ????????????, ???????????? ???????(http://www.nyse.com) ?? ???? ??? ???? S&P500 ?????? ????? ???? ?????? ?????? ?? ??????.
???? ????????? HTS?? [????? 2410 : S&P500]???? ??????????, ???? ????? ???濡 ???? ???????? ????? ?? ??????.

EuroStoxx50 ?????? STOXX ???????(http://www.stoxx.com/index.html) ? EUROSTOXX50 ??? ?????? ???????(http://www.bloomberg.com/quote/SX5E:IND) ?? ???? ??? ???? EuroStoxx50 ?????? ????? ???? ?????? ?????? ?? ??????.
???? ????????? HTS?? [????? 2511 : ??????? ????]???? ??????????, ???? ????? ???濡 ???? ???????? ????? ?? ??????.

(2) ???????(KOSPI200 ????, S&P500 ????, EuroStoxx50 ????)?? ??????????? ????

???????? ???????(http://www.krx.co.kr) ?? ???????? ????, ????????????(Standard &Poor's) ???????(http://www.standardandpoors.com), ????(STOXX Limited) ???????(http://www.stoxx.com) ???? ????????? ??????????? ???? ?????? ?????? ?? ??????.

5. ????????? ??? 20?? ??????? ????

??. ???? : 2002?? 07?? 29?? ~ 2022?? 07?? 29??

??. ?? ?? ????

KOSPI200 ???? : 440.40 (2021?? 06?? 25??)

S&P500 ???? : 4,796.56 (2022?? 01?? 03??)

EuroStoxx50 ???? : 4,557.57 (2007?? 07?? 16??)

??. ?? ?? ?????

KOSPI200 ???? : 65.64 (2003?? 03?? 17??)

S&P500 ???? : 676.53 (2009?? 03?? 09??)

EuroStoxx50 ???? : 1,809.98 (2009?? 03?? 09??)

????? my els ??5013?_kospi200.jpg
ELS ??5013? KOSPI200 ???? ????

????? my els ??5013?_snp500.jpg
ELS ??5013? S&P500 ???? ????

????? my els ??5013?_eurostoxx50.jpg
ELS ??5013? EuroStoxx50 ???? ????

d001_????? my els ??5013?_?????????????.jpg
ELS ??5013? KOSPI200 ???? ?? S&P500 ???? ?? EuroStoxx50 ???? ????
(*??? ????????? ????????? 100??? ???????????)

??1) ????????? ??????? ????? ????????????? ????????? ????? ???????? ?????? ?? ??????.

6. ???????

?? ?????? ????? ??????? ???????? ????????? ??????? ????????? ????? ?? ?? ??????????? ?????? ????? ???? ??????? ????????? ???????? ??????.

??. ?μ????? ???

?? ?????? ????????? ?????簡 ???? ???????? ?????? ?????? ???? ???????. ????, ?? ?????? ?м? ?? ???? ???? ?? ???? ?????? ???????? ??翡 ???? ????????????.

??. ????? ??????

1. ????????? ???? ?? ?????

(???? : ??)

?? ??
?? ??

???? ??? ???????(1)
1,000,000,000

?? ?? ?? ?? ??(2)
50,000

?? ?? ?? ?? [ (1)-(2) ]
999,950,000

?? ???????? 10??????? ???????? ????? ???????. ??????? ????????? 100%?? ????? ??쿡?? ????? ???? ???????? ?????δ? ????? ?? ??????.

2. ????? ????? ?????

????????? ??????? ???? ????????? ???? ??????? ???????? ?????? ?????, ???? ?????? ???????? ????? ??? ??? ??? ????? ??????? ???, ?峻?? ?????? ??? ???? ?????????(???????) ?? ?????????? ????? ????? ???????.

??. ?? ??? ?????????? ???? ????? ????

1. ????????? ?????? ???? ???

??. ???????????(ELS, DLS) ??????? ?? ???????

(???? ?? ???? 3???, 2021?? 12?? 31?? ????)

(???? : ??, ???)

????
???????????
???????????

???????
???????
???????
???????

????
???
??
????
???
??
????
???
??
????
???
??

2018??
??
240
131
371
0
0
0
3
15
18
0
0
0

???
2,192
3,381
5,573
0
0
0
6
953
959
0
0
0

2019??
??
231
244
475
0
0
0
17
40
57
0
0
0

???
5,369
5,890
11,259
0
0
0
121
2,014
2,135
0
0
0

2020??
??
216
134
350
0
0
0
1
22
23
0
1
1

???
5,176
2,854
8,030
0
0
0
1
1,004
1,005
0
100
100

2021??
??
309
100
409
230
67
297
0
0
0
0
0
0

???
7,229
1,862
9,091
5,370
1,054
6,424
0
0
0
0
0
0

???
??
996
609
1,605
230
67
297
21
77
98
0
1
1

???
19,966
13,987
33,953
5,370
1,054
6,424
128
3,971
4,099
0
100
100

??1) ???? ???? ??? 3?????? ?????? ????????.

??. ?????????(ELB, DLB) ??????? ?? ???????

(???? ?? ???? 3???, 2021?? 12?? 31?? ????)

(???? : ??, ???)

????
????????????????
????????????

???????
???????
???????
???????

????
???
??
????
???
??
????
???
??
????
???
??

2018??
??
53
6
59
0
0
0
77
161
238
0
0
0

???
298
37
335
0
0
0
2,333
8,221
10,554
0
0
0

2019??
??
33
29
62
0
0
0
44
87
131
0
5
5

???
301
4,177
4,478
0
0
0
1,883
4,042
5,925
0
1,796
1,796

2020??
??
7
14
21
0
5
5
23
23
46
0
6
6

???
149
975
1,124
0
5
5
1,857
4,577
6,434
0
1,719
1,719

2021??
??
8
3
11
8
3
11
85
11
96
23
8
31

???
209
1,453
1,662
209
1,453
1,662
4,650
2,512
7,162
1,195
1,557
2,752

???
??
101
52
153
8
8
16
229
282
511
23
19
42

???
957
6,642
7,599
209
1,458
1,667
10,723
19,352
30,075
1,195
5,072
6,267

??1) ???? ???? ??? 3?????? ?????? ????????.

??. ??????? (2021?? 12?? 31?? ????)

????
ELS
DLS
ELW
ELB
DLB
??

???
137,232,517,199
40,321,772,688
-
12,028,782,440
33,115,030,693
222,698,103,020

(????????? ????? 5% ????? ??????? : ?????? ????)

??1)*??????? = ?????? + (????? ??????????)
 *???????? ?ð??? ????? ????? ???? ??????? ?????????(+)??? ???(-) ?? ????? 
 *?????????? ??? ???? ?? ???????? ???? ??? ?? ???? ??????. 

????????

??????
??? ????

??????ð??
??????
???
???

1??????
0.0%
1.0%
6.0%
10.0%

1????? 5??????
0.5%
5.0%
8.0%
12.0%

5?????
1.5%
7.5%
10.0%
15.0%

????) KOSPI200?? ????? 2???? ???????????(ELS)?? ???????, ??? ???????

???? ???????? ?????? ELS???(???? 100??? ????)?? ????? ??? 
????????? ?????? ???? ??????
 ???????= ?????? + (????? ??????????)
 = 100????? ???? ?ð????? + (100?????8%) = 108???

2. ????? ???? ????

??. ?? ?????? ????? ??????? ??????? ??????????? ??? ?? ????? ??????? ??????? ??? ???
?????? ??? ???????? ????????? ????
????????? ?????? ???????? ????? ???¡????? ????. ?????? ?????? ?????? ?????? ??? ??쿡
???????? ????? ?????? ??? ?????????? ??????? ???? ???? ?? ???????????(???????????)?? ?????? ???????? ???????? ???????? ??????. 

??. ?? ?????? ????? ??????? ???μ????? ??????????? ??? ?? ??????? ?????? ??? ???(?????? ?? ???????? ?????? ?????? ?????????? ???? ?????? ?????? ??? ??? ????? ???????? ???? ?????? ????? ??? ????)?? ??????? ???μ??? ?? ????????? ???? ??? ???? ?????? ???????? ???, ???μ??? ?? ???????? ???¡????? ????? ??? ?? ???????? ???¡???? ???? ??????. 

[ ???? ??? ?????? ???? ]

[????? :
????? MY ???????????(ELS) ??5014?(?????????)
]

?? ?? ??????
??????? ??????????????,
???????????? ???? ?????????簡 ??????? ?????? ??????? ????? ?????????.

[???(???)????]

?? ?? ???(???) ?????? ???????????(ELS)?? ???? ????????.

?? [????] ??????? ?????? ????? ???????? ???? ???¿??? ?????? ???????? ?????? ???? ???? ????? ???? ??? ???? ????????? ????? ?? ??????.

?? ?? ?????? ??????????? ???? ?? ????????????? ???? ?????? ???? ????????.

?? ???????? ??????? ?¡

els,elf,eld ??.jpg
ELS,ELF,ELD ??

?? ????????? ?????? ??[?ο? ????? ???? ??????]

1. ????????? ??????

- ???????????(ELS)?? ????????? ???? ???? ?? ???? ????????? ???(0~100%)?? ????? ?? ??????, ?? ????? ????????? ??????.

- ???????? ????? ???? ???????? ???????? ????? ?? ??????.

2. ?????????? :
2???[??????]
- ???? ???????????? ???????? 1???(???????)~ 5???(????????)???? 5???? ?з???? ??????. ????, ????? ?з?????? ???? ???????????? ??????? ???? ????? ?????? ?? ??????? ????????? ???? ??????. 2???[??????]?? ???? ????????? ????????? ?????? ????????? ???? ?????? ????????? ??????? ????????? ??? ?κ??? ???, ????? ??? ??? ?????? ???? ??????? ?????? ?????? ??? ??쿡 ??????.

3. ???????

- ???????????(ELS)?? ???????????? ???? ?????????簡 ??????? ??????.

- ?? ???????????(ELS)?? ?????(AA-, 2022?? 06?? 24??, NICE????? ?? AA-, 2022?? 06?? 28??, ????????)?? ???????(?ε?, ??? ??)?? ???? ???????? ????? ?? ??????.

- ??????? AAA/AA,A,BBB ?? +,0,- ?????? ???????????? ???е???.

?? ?ο?, ??????

??????? ??? ???(?ο?)?? ??? ??? ????????? ?????????? (1588-2600) ??? ????? ???????(http://www.myasset.com)?? ???? ?????? ?? ???, ?????? ????? ??쿡?? ??????????(???????? 1332) ?? ???????????(02-2003-9421~3) ???? ?????? ?????? ?? ??????
. ?? ????? ?????? ????????? OTC???????????? ?????? ??????.

?? ??????? ???? ?? ???

????????
??? ???
(?? ???, ???? ??? ????)

?? ????
?? ?????????
?? ??????????

????? ????
?? ???? ???????? ????
?? ?????κ? ????
?? ???? ??? ????
?? ???????? ??????? ??κ??? ????

?????????
?? ??? ??? ????
?? ??? ??? ????
?? ???? ????
?? ??? ??????? ??? ???? ????

???????????
?? ??????????
?? ??????????
?? ?????????
?? ?????????
?? ??????

????????? ????? ?????
?? 1?? ???
?? 1?? ??? ~ 3?? ???
?? 3?? ???

??????? ????

- ???? ??? : ?? ????? ???????? ????????? ??????? ??? ????????? ???? ?????? ???? ?????? ??? ??? ????? ???? ?? ??????, ???? ?????? ???? ????? ???? ???????? ?????? ???????. ????? ????? ??? ????? ???, ???? ?? ????????????? ???? ?????????? ?????? ?????????????? ???? ?? ???? ???? ??? ???????? ????? ???? ????????? ????????????.

??. ???? ??? ???? ???? ??????

1. ?????

(1) ????? ????

?? ??
?? ??

1) ?????

?? ???????? ????? ??? ?? ?????

- KOSPI200 ???? : ???????? ??? ?? ?°???

- LG???? ?????? : ???????? ??? ?? ?°???

2) ???? ?????

?? ???????? ????? ????????? ???? ?????? ??? ?? ?????

- KOSPI200 ???? : ???????? ??? ?? ?°???

- LG???? ?????? : ???????? ??? ?? ?°???

3) ?????????
????? ?? ???? ?????? ???????ð? ???? ???????? ?????? ??

4) ??????????
????? ?? ???? ?????? ???????ð? ??????? ?????? ??? ?????????? ??????? ?????? ????? ??

5) ??????
???????? ??? ???μ? ????α??? ???? ??????? ?????????? ????(?????? ????)?? ??? ??

6) ??????? ??????
????????? ?????? ??? ??????? ?????? ??????? ??? ?? ??? 
- KOSPI200 ???? : ???????? ??? ?? ?°???
- LG???? ?????? : ???????? ??? ?? ?°???

7) ??????
????????? ??????

8) ??????
????????? ?? ????? ??? ???? ?????? ???????? ?????? ???????????? ????? ??

9) ??????????

(??) ??? ???(Trading Disruption):
???????ð? ????ð? ???? 1?ð? ????? ????? ??? ???? ????????
???????(????????? ?????? ??쿡?? ?????? 20% ????? ??????? ????)?? ????? ??? ??? ????????(
??????? ??? ??? ????? ?????? ????
), ???????? ????? ???? ??? ??? ???? ????? ??? ??? ??????? ???μ? ???????? ??????? ?????? ???

(??) ????? ???(Exchange Disruption):
???????ð? ????ð? ???? 1?ð? ????? ????????????? ????????
???????(????????? ?????? ??쿡?? ?????? 20% ????? ??????? ????)?? ??????? ?? ???????? ??? ?? ??? ???? ???????? ???????? ????? ???? ??? ??? ???? ??????? ?? ???????? ??? ???? ???? ??? ???? ??????? ???μ? ???????? ??????? ?????? ???

(??) ???? ????(Early Closure):
????? ??? ???? ?????? ??????????? ???????ð??? ???? ????ð??? ???????ð? ????? ??? ????? ???? ??????????ð? ?? ???? ??????? ?ð??? 1?ð? ???????? ????ð??? ??????? ????? ? ????????ð? ?????? ?????? ???

(??) ?? ??? ???????? ??????? ???????? ?? ?????? ?????? ???? ?? ??????? ???? ?????? ?????? ??????? ?????? ??? ??? ??????? ???

10) ????
????? ??? ??????? ???????? ???????ð? ????ð??? ?????? ????????? ????????

11) ????????ð?
????? ??? ???? ?????? ?????????? ??? ????? ??? ???? ??????? ???????ð??? ???????? ?????? ?ð?

12) ????
??????????????, ????????????? ??? ????????

(2) ???? ??? ?????? ????

?? ??
?? ??

?????

????? MY ???????????(ELS) ??5014?

(??????, ?????????)

???????
KOSPI200 ????/LG???? ??????

?? ?? ?? ??
3,000,000,000??

1????? ?????
10,000??

1????? ??????
10,000??

???? ????
300,000 ????

????????
1,000,000??

????
????????
2022?? 08?? 04??

?????????

2022?? 08?? 11?? (16:00)????

(???????? ?????? ???)

??????
2022?? 08?? 09??~2022?? 08?? 10??

????? ??α?
2022?? 08?? 11?? (16:00)????

?? ?? ??
2022?? 08?? 12??

???? ?? ?????
2022?? 08?? 12??

?? ?? ??
2022?? 08?? 12??

????????
????????????

?????? ??????
?????

?????????
?? ????????????? 'II. ?????? ??????? 2. ????? ????'?? 
???????? ??????.

??????????? ???????
???????

???????????
[???????????? ??????]
??? ?????????????(??????) ?? 3??????

?? ?? ??
2025?? 08?? 18??

??????
?? ????????????? 'II. ?????? ??????? 2. ????? ????'?? 
???????? ??????.

????? ???????
???????

????????
?Ｚ????

???????? ???? ????
??????? ??? 5??? ????? ???, ???????? ?? ?????? ?????? ????? ?? ??????. ?? ??? ??????? ?????? ????????? ??? ?????·? ???????.

??????????????
??翩??

?? ?????? ???????? ????? ??2????7????? ?????
???????????????? ???
???
???? ??? ??????????? ??????? ????????? ???? ?????? 20%?? ?????? ???
?? ????? ?? ??????.
????
??????? ??????? ????? ????(?????? ????? ???? ??????, ???????? ???? ?????? ??)????
??? ????? ????? ?? ??????.

??? ???????

?? ?????? ??????? ???? ??????? ???? ?????? ???? ?????????? ?????????????? ????? ????????? ???????, ????? ???????? ??????. ?? ?????? ??????? ?????????? ???°???????? ?????º? ??? ???°???????? ?????ºο??? ???????? ????? ?? ?????? ????????.

???????????, ???????????????, ????????????, ?????? ?? ???? ??????? ???????? ??? ???? ??????? ???????, ??? ???? ???????? ???????? ??????.

??
?? ?????????????
???????? ???(????????? ????)?? ?????? ???, 2?????? ????? ???????? ????, ?????? ?? ???? ????, ?????? ?????, ??? ???????? ???? ???? ??????. ????, ??? ???? ?? ?????? ???????? ????? ???????, ?????? ?? ????, ?????, ???? ???? ??????? ???? ?????? ??ν???? ????? ???????, ?????? ?????ð? ???? ??? ??????? ???/???????
???????? ??????. ????? ????????? ????????? ???? ??????.

(3) ??????????

?? ?????? ???????????? ???? ????? ?????? ?? ????????????? '??. ?????? ??????? 1. ??????????'?? ???????? ??????.

2. ??????

?? ?????? ??? ?????? ??????? ???? ??????? ???? ?????? ????? ??????? ???????.

3. ????? ???????

(1) ?? ?????? 1????? [10,000]?????? ????????.

(2)
?? ?????? ????????
??
????????????? ?????? ???? ???? 9,310?????? ???
????.

* ??? ????????????? ?????? ???? ???? ???????? ???? ??? ???????? ?????????? ?????? ??л??? ?????? ???????.

 * ?? ?????? ??а????? ????????????? ?????? ???? ???? ???? ?????? ?? ???????? ???? ??? ???????? ?????????? ?????? ??л??? ?????? ??????, ??? ???? ???? ????? ???????? ??? ??? ???????.

?? ??
?? ??

????????? ??????
6???? ??????
- KOSPI200 ???? : 17.93440537%
- LG???? ?????? : 38.03358491%

??????? ???????? ???? ??????
6???? ??????
- KOSPI200 ?????? LG???? ?????? : 0.4830367077

* ???????: EWMA?????? ????? ?????? ?? ?????? ????

???? ???? ???????? ????????? ?????? ????????(?????)?? ????? ????????? ????? ??? ???????? ??????? ????? ??????? ???? ??????? ?? ????????????? ?????? ???? ?????? ????? ????? ?? ??????.

4. ???? ??? ???????? ?? ???? ????

(1) ???? ?? ??????? ????????? ??????

?? ??
?? ??

???? ?????? ????
??????? ??????(?????) ???????????(http://dart.fss.or.kr)?? ????????.

???? ??? ??????
????? ????
??????? ??????(?????) ???????????(http://dart.fss.or.kr)?? ????????.

??????? ????
??? ??????? ????????? ???????(http://www.myasset.com)?? ????????.

????? ?????? ????
??????? ??????(?????) ???????????(http://dart.fss.or.kr)?? ????????.

(2) ????? ???

?? ??
?? ??

????? ??? ?? ????

- ????????? ?????? ????? ????? ?????? ??????? ???? ??? ??????? ????????? ??? ??????????? ???????, ????????? HTS ?? ???????(http://www.myasset.com) ??? ?¶??? ????? ??? ?? ??????. ??, ??쿡 ???? ?¶???????? ????? ?? ?????? ???????? ??? ???????? ?????? ??? ???????? ????? ??????? ??????.

- ?????? "????????? ?? ??к??? ???? ????"?? ?????? ???? ???????? ?? ???¸? ????? ????? ???? ?????? ???????? ????? ????. ????, ?????? ??????? ??? ??????? ?????? ???? ?? ?????? ??????, ?????? ????? ??? ????????? ????.

- ??????????? ???п? ??????? ??? ?????? ????????ð? ???? ???? ?????????ð? ?????? ?????? ??? ??????. ????????? ??? 16????? ????????. ??, ?¶???????? ??? ?????ð??? ?????? ?? ?????? ???????? ??? ???????? ?????? ??? ???? ???? ????? ??????? ??????. ???? ??쿡 ???? ??? ????ð??? ????? ?? ?????? ?????? ??? ???? ???? ????? ??????? ??????.

????

2022?? 08?? 04????? 2022?? 08?? 11??(16:00)????

(???? ???? ?????? ???)

??????
??? ????? 100???????? ??? 100???? ????? 10???? ?????? ????.

??????
[????]

????????
- ???? ??????? 100%?? ???????????? ¡??????. 
??, ?????????? ???????? ???????????? ????????? ????????? ??????? ????? ???? ???????? ??????.

- ????????? ??????? ??? ?????·? ???????.

?????? ?? ?????
2022?? 08?? 12??

??????
2022?? 08?? 12??

???? ???????

1) ???????, ?????? ????????.

2)
??????? ?????? ????? ???????, ??????? ????????????? ??????? ??? ???¿? ???????? ?????? ????.

3) ??????????? ?????? ???? ?????? ?????, ???? ???? ???? ?? ???????? ?????? ??????.

4) ???? ?? ???????? ??????·? ??? ????? ????? ??? ??? ???? ????? ??? ?? ????? ???? ????.

5) ???????? ???????? ???? ????? ???? ??쿡?? ????? ??????? ???????? ???????.

6) ????????? ????????????? ?????????? ????? [?????? x ???????]????.

7) ??????? [?????? x ??????]????.

8)
??????? ??? 5??? ????? ???, ???????? ?? ?????? ?????? ????? ?? ??????.

?? ?? ?????????????
???????? ???(????????? ????)?? ?????? ???, 2?????? ????? ???????? ????, ?????? ?? ???? ????, ?????? ?????, ??? ???????? ???? ???? ??????. ????, ??? ???? ?? ?????? ???????? ????? ???????, ?????? ?? ????, ?????, ???? ???? ??????? ???? ?????? ??ν???? ????? ???????, ?????? ?????ð? ???? ??? ??????? ???/???????
???????? ??????. ????? ????????? ????????? ???? ??????.

(3) ????? ???? ???

??. ??????? ??? ????????? 100%?? ?????? ???? ?κг??????? ??????? ??? ??? ?????? ???????? ????.

??.
??????? ??? ????????? 100% ????? ??? ?????? ?????? ??й???
????(1?? ??? ????). ??, ?? ??й??????? ????? ????????? ??????? ??????? ??????? ? ??????? ??? ???????? ?? 1?¾? ???????, ??????? ?????? ?????? ??????? ??쿡?? ?????????????? ????????.

(4) ???? ?? ?????????? ????????

??. ?????????? ??????? ?? ?????? ????????? ?????????, ????????? ??????? ????? ???? ??? ????? ???????? ??????.

??. ?? ?????? 1) ?????? ????????? ????? ????? ???, ????? ??α??? ??????? ??? ?????·? ?????? ??????? ?????? 2) ?????? ????? ???,?????? ??????? ??? ?????·? ?????? ??????? ??????, 3) ??й?????? ?????????? ?????? ??? ???, ?????? ??????? ??? ?????·? ?????? ??????? ???????. ??, ??? ???? ????? ???????? ??´?? ???? ???????? ??????.

(5) ?????? ???? ???? ????

??. ?? ?????? ??????? ???? ??????? ???? ?????? ???? ?????????????? ???????????? ??? ???????? ??????? ????????.

??. ?? ?????? ??????? ?????????? ???°?????? ?? ?????º? ??? ???°???????? ?????ºο??? ???????? ????? ?? ?????? ????????.

5. ?μ? ?? ???? ????

(1) ??? ????? ?????? ???? ?? ???? ????

??. ?? ?????? ??? ?????? ?? ???????? ???????? ????????? ?????簡 ??????(Calculation Agent)???μ? ????? ??? ??????? ???????? ?????? ??????? ?????? ???????? ????????.

??. ?? ?????? ???????? ?? ??????? ?????? ??? ?????? ?? ???????? ????繫?? ????? ???? ???????????.

??
?????? ?? ?????? ?????????:

(??)?????? ???????????????? (???: ????? ??? ?????? 86, ??????? 2??)

(???????? ???????? ????? ???? ???????? ????????? ??????? ???? ?? ???????? ?????? ???????? ??????? ???? ?????.)

??. ?????? ??? ???????

1. ??????????

(1) ????? ???????

?? ??
?? ??
????????
(????)

???
????
???
1) 1?? ?????????????? ??? ????????? ???????????????? [?????????? ??90%] ????? ???
 => ???????[100% + 5.00%]

2) 2?? ?????????????? ??? ????????? ???????????????? [?????????? ??90%] ????? ???
 => ???????[100% + 10.00%]

3) 3?? ?????????????? ??? ????????? ???????????????? [?????????? ??85%] ????? ???
 => ???????[100% + 15.00%]

4) 4?? ?????????????? ??? ????????? ???????????????? [?????????? ??85%] ????? ???
 => ???????[100% + 20.00%]

5) 5?? ?????????????? ??? ????????? ???????????????? [?????????? ??80%] ????? ???
 => ???????[100% + 25.00%]
?? 10.00%

????
???
1) ????????? ??? ????????? ??????????? [?????????? ?? 75%] ????? ???
 => ???????[100% + 30.00%]
30.00%
(?? 10.00%)

2) ????????? ??? ????????? ??????????? ??? ????? [?????????? ?? 75%] ??????, ?????????? ??????(??????)???? ????????(????)???? ??? ??????? (???? ????) ?? ??? ????? [?????????? ?? 50%] ??????? ????? ???? ???? ???
 => ???????[100% + 30.00%]
(??? ?? ????????? ?????? ?????? ???? KI ??????? ????)
30.00%
(?? 10.00%)

3) ????????? ??? ????????? ??????????? ??? ????? [?????????? ?? 75%] ??????, ?????????? ??????(??????)???? ????????(????)???? ??? ??????? (???? ????) ?? ??? ????? [?????????? ?? 50%] ??????? ????? ???? ??? ???
 => ???????[?????????/??????????]
(??? ?? ????????? ?????? ?????? ???? KI ??????? ????)
?????????? {(?????????/??????????)-1}??100%

* ???????? : ??????????? ?????[{(????????? / ??????????)-1} ??100%]?? ? ??????? ????

* (?????????/??????????)?? ????? ???? ???° ??? ????

(2) ???? ??????? ?????

d001_????? my els ??5014?_??????????1.jpg
ELS ??5014? ????? ?????

??. ?????? ????(1??? ?????)

?? ????????? KOSPI200 ????, LG???? ???????? ???????????? ???? 300pt, 90,000???? ???

??. ?????

?? ????????? ??? ????????? ??????????? ??? ????? ?? ???????????? 75% ???(???? 225pt, 67,500??)???, ?????????? ??????(??????)???? ????????(????)???? ???? ???????? ??? ??????? ?? ??? ????? ?? ???????????? 50% ???(???? 150pt, 45,000??)???? ????? ???? ??? ???

?? ??
?? ??
????

???1
????????? KOSPI200 ????, LG???? ??????? ???? 240pt, 54,000????? (?? ???? ????? LG???? ?????? ????)

?? 1?? + [1?? ?? (-40.0%)]= 6,000???? ???
-40.0%

???2
????????? KOSPI200 ????, LG???? ??????? ???? 240pt, 36,000????? (?? ???? ????? LG???? ?????? ????)

?? 1?? + [1?? ?? (-60.0%)]= 4,000???? ???
-60.0%

???3
????????? KOSPI200 ????, LG???? ??????? ???? 240pt, 18,000????? (?? ???? ????? LG???? ?????? ????)

?? 1?? + [1?? ?? (-80.0%)]= 2,000???? ???
-80.0%

???4
????????? KOSPI200 ????, LG???? ??????? ???? 240pt, 0????? (?? ???? ????? LG???? ?????? ????)

?? 1?? + [1?? ?? (-100.0%)]= 0?? ???(??????)
-100.0%

(3) ????????? ???? ??????? ????? ????? ???????

?? ?????? ??????? ???? ?????????? ????? ????? ?????? ????? ???????. ??, ????? ???? ?????? ?????? ?????? ????? ????? ????????? ?????, ????? ??? ???? ?????? ??????? ??????? ???? ?????.

d001_????? my els ??5014?_????????????.jpg
ELS ??5014? BACKTEST
(*??? ????????? ????????? 100??? ???????????)

???????
?????
??????
?????

1?? ?????????
5.00%
2,713
63.477%

2?? ?????????
10.00%
617
14.436%

3?? ?????????
15.00%
395
9.242%

4?? ?????????
20.00%
83
1.942%

5?? ?????????
25.00%
140
3.276%

??????
30.00%
149
3.486%

-100%?¼???<-75%
0
0.000%

-75%?¼???<-65%
0
0.000%

-65%?¼???<-55%
0
0.000%

-55%?¼???<-45%
32
0.749%

-45%?¼???<-35%
69
1.614%

-35%?¼???<-25%
76
1.778%

-25%?¼???<0%
0
0.000%

Total
4,274
100.000%

??1) ?? ??????? ??? ????????? 2002?? 04?? 22????? 2019?? 07?? 31???? ???? ??????? ?м??? ???????.

??2) ?м???????(2002?? 04?? 22??)?κ??? ?м??????? ?? ??????????? ?????? ????? ???????? ??????? ??? ?????? ??????? ???? ??????????? ?? ??? ?????? ?????????? ??????? ????????????. (?? 4,274?)

??3) ?????????????? ??????? ???????? ???????, ??????????? ????? ??쿡?? ????????????? ??????? ?????????? ?ν?????????.

??4)
?? ??????? ??? ???? ????????? ?????? ????? ??????? ????? ??????,
?? ?????? ????? ???? ????? ????????????? ??????? ????? ???????? ????.

(4) ???????? ?? ??????

?? ??
?? ??
????????
(????)

??????

- ??????????? ??????? ???, ?????????? ??????(??????)???? ????????(????)???? ??? ??????? ?? ??? ????? [?????????? ?? 50%] ??????? ????? ???? ?????? (???? ????) ??? ??????? ?? ??? ????? ??????????? [?????????? ?? 75%] ????? ??? ????? ???????.
 => ?????? : ???????[?????????/??????????]

- ???????? ??????????? ??????? ? ??????? ???????? ????????.

???????? ?????? ???????? ??? ????????? ????????? ?? ??? ????? ?????????? ??? 100% ?????? 0???? ??????? ??? ????? ?? ??????.

-100%

????????
?????? ????????? ?????? ??????? ??????, ????????? ??? ????????? ??????????? [?????????? ?? 75%] ???????, ?????????? ??????(??????)???? ????????(????)???? ??? ???? ?? ??? ????? [?????????? ?? 50%] ??????? ????? ???? ??????(???? ????) ??? ????????? ??????????? [?????????? ?? 50%] ????? ??? ?????? ?? ?????? ????????? ??????? 130.00%?? ????????.(????????)
30.00%

2. ????? ????

(1) ???????? ????? ???? ????

??????? ?? ??????????????? ??????? ??Ŀ? ???? ???? ???????? ??? ??????? ??????? ????? ??????, ?? ??????? ?????? ?????? ???????.

??. ??????????

?? ?????????? : ???????????????? ?? ????????? ???? 
??
?????????????? : 2022?? 08?? 12??

??. ?????????

?? ??? ?????????????? ????????? ????????? ??????? ??? ???????? ??? ?????? ???????????? ??? ?????? ???????? ?????????ν? ?? ?????? ???

?? ????????? ???????

????
????????? ???????

1??

??? ????????? 1?? ????????????????
?? ???????????? 90% ????? ???

2??

??? ????????? 2?? ????????????????
?? ???????????? 90% ????? ???

3??

??? ????????? 3?? ????????????????
?? ???????????? 85% ????? ???

4??

??? ????????? 4?? ????????????????
?? ???????????? 85% ????? ???

5??

??? ????????? 5?? ????????????????
?? ???????????? 80% ????? ???

?? ?????????????? : ??? ???? ??????????????? ?? ????????? ????

?? ????????????? ?? ??????

????
?????????????
??????

1??
2023?? 02?? 10??
???????[100% + 5.00%]

2??
2023?? 08?? 11??
???????[100% + 10.00%]

3??
2024?? 02?? 08??
???????[100% + 15.00%]

4??
2024?? 08?? 12??
???????[100% + 20.00%]

5??
2025?? 02?? 12??
???????[100% + 25.00%]

?? ???????????? ?????? : ??? ?????? ?????????????(??????)?κ??? 3?????? 

?? ????????? ????? ???? ????? ?????? ??? ?? ?????? ?????? ???????? ???? ?? ????? ????? ?????? ??????? ????? ?δ????? ????.

??. ??????

?? ??????????? ??????? ???? ??? ????????
??????? ??? ????????? ????????? ???? ?????? ???????? ?????????ν? ?? ?????? ?????.

????????? ????????
??????

1)
??? ????????? ???????????
?? ???????????? 75% ????? ???

???????[100% + 30.00%]

2) ??? ????????? ??????????? ??? ????? [?????????? ??75%] ??????, ?????????? ??????(??????)???? ????????(????)???? ??? ??????? (???? ????) ?? ??? ????? [?????????? ??50%] ??????? ????? ???? ???? ???

(??? ?? ????????? ?????? ?????? ???? KI ??????? ????)
???????[100% + 30.00%]

3) ??? ????????? ??????????? ??? ????? [?????????? ??75%] ??????, ?????????? ??????(??????)???? ????????(????)???? ??? ??????? (???? ????) ?? ??? ????? [?????????? ??50%] ??????? ????? ???? ??? ???

??, ??????????? ??????? ? ??????? ????
(??? ?? ????????? ?????? ?????? ???? KI ??????? ????)
???????[?????????/??????????]

* (?????????/??????????)?? ????? ???? ???° ??? ????

??
????????? : ?????????? ?? ????????? 3?? ???? ???
??
???????? : 2025?? 08?? 08??/11??/12??
??
??????(??????) : 2025?? 08?? 18??
 ????????(??????)?κ??? 3??????

??. ??? ??????

?? ?????? ??????????? ??? ??? ???? ????? ??????? ??????????? ????? ????. ????????? ?????? ???, ??? ?????? ??? ?? ??????? ????? ??????????? ???? ??? ??????? ????? ??????????? ??? ?????? ????????.

?? ???????? ???????? ??? ??쿡?? ?? ?? ????? ??????? ???????? ???????? ???, ????? ??????? ??????? ????????? ???? ??? ??????? ???????? ??????.

?? ?????? 2?? ??????? ?????? ???, ??? ?? ?????? ?????? ??? ??????? ??????? ???? ????? ?????????? ?? ??????????? ????????.

?? ?????? ???????? ??? ??? ?????? ????? ?? ?????? ???????? ??????. (???? ????? ?????? '3. ????????? ???? ?? ?????????? ???? ????'?? ???????? ??????.)

?? ?????? ?????? ???, ??????? ????? ???? ?? 3??????? ??? (?????? 2?? ??????? ?????? ??? ????? ?????? ???? ?? 3??????) ??????? ????? ???????? ??????. 

??
?????? ???? ?????? ????? ????????.

??
???????? '3. ????????? ???? ?? ?????????? ???? ????'?? ?????? ??? ???? ???????? ????????? ???????? ???? ??????? ???????? ?? ?? ??????.

(2) ??????? ?? ????

??. ????????
?????????????? ??? ??????????? ???? ?? ??? ???? ???????? ??????? ???????? ?????? ?? ????????? ???????.

??. ???? ??? ?? ??
?????? ????????(?????)?? ???????? ????????? ???? ????? ????????.

??. ?? ??????
????????(?????)?? ??3?? ?????? ???????κ??? ?????? ?? ?????? ????????,
?????? ???????κ??? ????????(?????)?? ?????? ??? ????? ??????????.
???? ?????? ????? ????????(?????)
?? ???? ????????? ?????? ?????? ????
???? ?????? ?????? ?? ??????. ????????(?????)?? ????????? ???????(http://www.myasset.com)?? ?????, ?? ?????? ??????κ??? ????????? ??????? ?????? ???????.

(3) ??????? ?? ????

?? ?????? ??????? ??????? ???????. ???????????? ????? ??? ???????? ????? ???? ?????? ?? ?????? ??????? ?????? ???? ??????? ?? ?????????? ?????? ????? ???? ???? ????? ?? ?????? ??????? ??? ???¿? ?????? ????? ???????? ????????.

(4) ???????? ????? ???? ??????

??. ?? ?????? ??????? ???? ??????? ??????? ??????????? ??? ?????? ??????????? ??????? ??Ŀ? ???? ???????? ??????? ????????, ????????? ???? ???(?????? ???????????)?? ?????? ???????? ??????.

??. ?????,
?? ?????? ??????? ???????? ????? ?? ???, ???????? ?? ?????? ???? ?? ?????? ???? ????? ?? ???? ???????? ????? ???? ?? ?????? ???????? ?? ??????, ??? ????
?? ?????? ??? ??? ???????. ???????? ??????? ?? ?????? ???????? ????? ??? ?? ????? ????
???????(Hedge)????? ???, ????????? ????, ??????, ??????????? ??????, ????????? ????, ???? ???? ????? ????, ????????? ?????? ?? ??????? ???ε??? ??????
????????(?????)?? 95% ???(??, ?????? 6?????????? 90%???) ???????? ?????? ?????? ????? ???,
?? ??? ?????κ? ?????? ????? ????? ?? ??????.

??. ??,
???????? ???????? ???? ??? ?????? ????? ?????????? ?????? ??? ?? ?????? ????????? ??????? ??쿡 ????? ???????? ?????? ??????? ??? ?????? ??????? ???????? ???? ?? ??????, ???????? ????? ??쿡?? ?????? ????????? ??? ??? ?????? ?????? ???? ?? ??????. ?? ??? ?????? ????? ??? ????????? ???????.

??
??????????? ?????κ? ????????(?????)??? ?????????? ?????? ??????????? ??????????? ??????? ?? ??????.

??????
??????

?????? ???????? ???? 4?? ?????? ???? ??? ???????? ???
(??, ?¶??? ????? ?????)

??????
?????
??????(????)???? ????????(??????) 2?????? ??????? ?? ??????
??, ????????? ????? ??? ?????? ?? ????????????(??????) ???? [2] ??????? ????³?(????)???? ?? ????????????(?? ????? ???? ?????? ??? ??? ???? ?????? ?????)(????)????(???? "????????? ?????")?? ???????? ????? ?? ???????.

??????????? ??
?????? ????? ????? ?????, ???? ????????(16??) ?????? ?????? ???? ???????? ???????.

????????? ??????
?????? ????? ???????????(??, ????????? 2?? ????? ???????? ?????? ???, ?????????? ???????? ?????? ????? ?????? ??? ????? ????? ??????????? ???.)
*????ð? ????

????????? ??????
????????? ??????(??????)?κ??? 3??????
*????ð? ????

??????
??? ????
10?????? ????????? ??? 10???? ?????? ??? ????????.
(??, ????? ???????? ????? ????? ??? ?????? ??????? ??? ????)

??????????

????????? ?????? ???????? ??? ?????? ?????? ???????? ????????? ????? ???? [?? 3?? ?????? ????]?? ?????? ???????.

- ?????? ???? ?????? ?????? ??? ????????(?????)?? ????? '????????? ???????(http://www.myasset.com) > ????????? > ELS/DLS/ELB/DLB ????? ???' ?? ????????? HTS(Home Trading System)?? [9267]????? ??????????, ???? ???????濡 ???? ???????? ????? ?? ??????.

- ??, ?????? ???? ?????? ???????? ??? ?????? ??? ????? ??? ???? ??????? ????????
????????(?????)?? 95% ????? ????(??, ?????? 6?????????? 90%???)???? ?? ?????? ??????????. ????, ???? ??????????? ????????(?????)?? ????? ????? ?? ??????. 

-
???????? ????? ??? ??? ????????? ?????? ???? ???γ???(????????(?????), ???? ??????????, ????????(?????) ??? ???? ???????????? ????)?? ????
?? ?帳???.

??????
???????

- ??????????? ?? ????? ???????(Hedge) ???? ????? ????? ????? ????? ?? ?????????? ???????? ??????? ?????? ???? ?????? ????? ???????????, ?????????? ?????? ?? ????????? ?????? ?? ?????? ????????(?????)?? ??? ?? ??????,
?? ??? ?????? ????? ????? ?? ??????? ?????? ??? ?? ???????? ??????.

- ???????? ??????????? ??? ??? ????? ?????? ?????? ?? ????? ??????, ??? ???? ???????? ????????? ??????? ??? ??????? ???????? ?δ????? ??????. ???? ???????, ??????? ?? ??????? ?????? ????? ??쿡?? ???????? ??????? ??????? ????????? ???????? ?????? ?? ?????? ??? ???? ????????? ?????? ???? ????? ?? ??????.

???

(5) ?????? ???? ??? ?? ???

??. ?? ?????? ???????? ???? ??? ?????? ??? ????????? ???? ??????? ?????????? ?????? ?? ??? ????????? ???? ???????? ??????. ????
?? ?????? ??????? ??? 5??? ????? ??쿡?? ?????? ?????? ????? ?? ??????
?????? ????? ??? ?????? ?????????? ?????? ????? ???????? ?????? ?? ?? ???????? ??????.

??. ?? ??? ???? ??? ????? ??????? '????????? ???????(http://www.myasset.com) '?? ????????. ?? ????? ????????? ????????? ??????????(1588-2600)?? ???? ????? ?? ??????.

(6) ?????? ???? ?? ???

??. ?????? ???? ???? ????

?? ?????? ??????? ??????.

??. ?????? ???? ???? ????

1) ?? ???? ????? ?????? ??? ???

?? ?? ??????
????????(?????)?? ?????? ????? ???????δ?
???????, ????????? ???????, ????????? ??????, ????????? ??????, ???????? ?繫???? ???? ??????. ?? ?????? ????? ???????? ?????? ?? ?????? ????????? ???? ?????? '??. ???? ??? ???? ???? ?????? 3. ????? ???????'?? ???????? ??????.

?? ????, ?? ?????? ???? ???? ?????? ???? ????????? ?? ?????? ???????? ?? ??????, ??????? ?? ???? ?? ??? ??????????ε??? ?????? ?????? ??????. ??? ?????? ??????????? ???? ???? ?????? ????. ??????????? ?κ??? ???????? ??????.

2) ?? ?????? ???? ???? ????

?? ?? ?????? ??????? ???? ??????? ??????? ??????????? ??? ?????? ??????????? ??????? ??Ŀ? ???? ???????? ??????? ????????. ????, ????????? ???? ????? ?????? ???????? ??????. ???, ?? ?????? ??????? ???? ????? ?? ?????? ???? ?????? ??????? ?? ?????? ?? ?????? ????????? ???????? ???? ???????? ?峻?????? ?????? ?? ?????? ??????? ???????? ????? ??? ???????? ?????? ???????.

3) ???????? ???????? ???? ????

?? ???????? ?? ?????? ?????? ???? ????? ?? ?????? ???????? ????? ???? ?? ?????? ???????? ?? ??????, ??? ???? ?????? '(4) ???????? ????? ???? ?????????κ??? ???????? ??????.

(7) ?????????????? ?????? ??? ?? ??? ?????? ??? ????

??. ?????? 

???? ??????????? ?? ???? ???????? ???? ???? ??? ????? ?? ??????
?????? ?? 2 ?????? ????? ???????? ???????. ???? ?? ?????? ???? ???? ???? ????? ?????? ??????(???? ?????????? ????), ??? ?????? ?????? ???? ?????? ?? ??????????.
???????? ???? ?? ??????????簡
?????κ??? ????, ?????, ???? ???? ???????
?????? ??簡 ????????? ??ι??? ????? ??? ??? ??????
??????? ????? ???????? ??????.

(8) ?????????????

??????????? ????? ???? ?????? ??47?? ?? ???? ?????? ????? ??? ???? ????????κ??? 5???? ??????? ??? ???????? ?????? ???? ????????? ?? ?????? 1?? ????? ????? ?????? ???? ?? ??????.

3. ????????? ???? ?? ???? ?????? ???? ????

?? ?????? ???????? ????? ??? ???? ??????κ??? ?????? ?????? ?? ?? ?????ο? ????? (1) ?????? ?????? ???? ??????? (2) ?? ????????? ????? ?? ?????? ????????? ????.

(1) ?? ?????? ???????? ?? ???

??. ???????? ????

1) ???? ?? ??? ?????? ????? ??? ???????? ?????? ?????? ??????, ?????? ???? '??. ???????? ???'?? ???? ?? ?????? ???????? ????. ????? ??? ???????? ??? ???? ?? ???????? ??? ???, ????????????? ?? ???????????? ?????? ?? ?????? ????????? ????????? ????.

?? ???????? ??? ??? ???????(??? ??? ?????? ?????? ??????) ?????? ????? ?? ??? ??? ?????? ????? ??3???? ????? ????? ?????ο??? ????? ??????? ????????? ????? ???

?? ?????ο??? ?????? ???? ???????? ??????? ??? ???? ????????? ????? ??? ??? ??? ?????? ????? ??? ???????? ??? ???

?? ?????ο??? ????????? ??? ????????? ???????????? ??? ???

?? ???????? ?????????? ??? ????????? ?????????? ???? ?????? ???? ?ν??????????? ?????? ???

?? ???????? ??? ??? ??????? ????? ???????? ?? ??? ?? ?????? ????? ??????? ?????? ?? ???

2) ???? ?? ??? ?????? ????? ??? ???????? [????????? ????? ???? ????? ???? ????] ?? ?????? ?????? ???? '??. ???????? ???'?? ???? ?? ?????? ????? ?? ??????. ????? ??? ?? ?????? ??????? ????? ??? ???? ?? ???????? ??? ???, ????????????? ?? ???????????? ?????? ????????? ????.

?? ?? ?????? ??????? ???? ??? ??? ?????? ?????????? ?????? ????????? ??????????? ?? ?????? ??????? ???? ?????? ?? ???

?? ????????? ????? ??? ??????? ??????? ??????, ???, ?ε?, ??? ???? ?????? ?????? ???

?? ??????? ?????????? ???????? ?????? [10]????????? ????? ??????? ???????? ?????? ???

?? ???????? ??????? ?????? ??? ?? ???ø? ???????? ?????? ???

?? ?? ?????? ???? ???? ???? ?????? ??????????, ???? ?????? ????? ???? ?????? ????? ?? ????? ??????? ?? ???

?? ?? ?????? ???? ???? ???? ?????? ??????????, ???? ?????? ????? ???? ?????? ????? ?????ο??? ?????? ??????? ???? ??? ?????? ???? ????? ????? ???

?? ???????, ????, ??, ????????(??????? ????)?????? ???????????, ??? ??? ????? ?????? ????? ?? ?????? ??????? ???? ?????? ?? ???

??. ???????? ???

1) ?? ?????? ???????? ?????? ?????? ???????? ?????? ?????? ?? ?????? ???(????)??? ??? ???????? ?????????????κ??? [10]?????? ????? ?? ?????? ????????? ???????????? ????????? ????.

?? "?????????????"?? ?? ??. 1)?? ??? ?? ??? ???? ????? (???????????? ??? ???? ???? ??????????)?? ??????, ?? ??. 2)?? ??쿡?? ?????? ?????? ??? ??????????μ? ???????? ?????????????? ?????? ???? ???????. 

2) ?? ?????? ???????? ?????? ?????? ???????? ?????? ?????? ?? ?????? ?????? ??? ???????? ??????????????? ????????? ???? ?? ?????? ???? ?????? ???????????? ????????? ????? ???? ????? ???? ???? ????????. ??? ?????? ????????? ?????? ????????? ?????? ?????(??? ???? ????? ?? ??????)?? ???????? ????? ?????? ???, ???????????? ??? ?????? ?????? ??????? ????.
??, ??? ?????? ????? ?? ??? ?????? ???????? ??? ???(?????, ???ð???? ??? ???????? ??? ??????? ???????? ?ε???? ???? ?????? ????? ??? ????????? ???????? ???????? ??? ??? ??)
???? ??????? ?????? ??(0)???? ?????? ?? ??????, ?? ??쿡 ??????? ????? ?????? ???? ??????? ????? ????? ???????? ???????? ????. ???????????? ?? ?????? ????????? ????? ???? ?? ???????? ????? ????? ?? ??????, ????????? ????????????? ????? ?? ?????? ?????? ????? ??????? ??쿡?? ???????????? ?????? ???? ????????? ????????? ?????? ?? ??????? ??? ??????? ??????.

(2) ????????? ????

?? ?????? ????? ?? ??? ???? ????? ?????? ????? ?? ??????. ???????? ?? ?????? ????????, ???????? ?? ??? ????????? ???? ?? ???? ???? ????? ?? ??? ??????? ???????? ???????(http://www.myasset.com)?? ?? ?????? ??????? ????????? HTS(Home Trading System) ?????? ??????? ????.

?? ??, ????? ?????? ????? ?? '(1) ??. ???????? ????'?? ?????? ??? ???????? ?? '(1) ?? ?????? ???????? ?? ???'?? ???? ??? ???? ?? ?????? ???? ?? ???? ???????? ???? ?????? ?? ?? ??????.

??. ??????? ???????

1) ???? ?????? ???? ??:
????? ??? ???????? ???????? ??????? ?????? ????, ??? ??? ?????? ?????? ????? ???????? ??? ??????????? ??? ???????? ???? ??????? ??? ??ε? ????? ????????? ?????? ???????? ?????? ?????? ?????? ????????. ??, ?? ??????? ?????? ?????? ??????κ??? [2]?????? ???? ?????? ??쿡 ????? ???????? ?????? ????????? ???? ?? ????? ??????? ??? ?????? ??????????? ?δ????? ??????.

2) ??????????[(Market Disruption)]:

??? ?????? ???????? ??? ???????? ??? ?????? ?? ?????????? ??? ?????? ???????.

?? ??, ?? ???? [8]??????????? ??? ???????? ??? [8]??° ??????????? ??????????? ?????? ????? ???????. ?? ??? ???????? [8]??° ??????????? ??????? ?????? ????????? ????? ?????? ???????, ????????? ?????? ??? ???????? ???????????? ?????? ?????? ???? ??????? ???? ????? ????? ???? [8]??° ??????????? ?? ??? ?????? ?????????? ?????? ??? ????? ?????? ??????? ?????? ????????.

?? ?????? ????????? ???? ??? ???????? ?????? ???(????????? ?????? ??? ??? ?????? ?????????? ?????? ????? ????) ??? ?????? ??? ?? ??????? ????? ????????? ??? ??????? ????? ???????? ????? ?????? ????????. 

?? ?????? 2?? ??????? ?????? ???, ??? ?? ?????? ?????? ??? ??????? ??????? ???? ????? ?????????? ?? ??????????? ????????.

?? ???????????? ????? ???? ?????? ?????? ???, ??????? ????? ????(??????) ?? [3]??????? ??? (?????? 2?? ??????? ?????? ??? ????? ?????? ???? ?? [3]??????) ??????? ????? ???????? ??????.

3) ??????? ??? ??? ??[(Hedging Disruption)]:
?? ?????? ???????? ?? ?????? ?????? ????? ?????? ?????? ?????? ????? ??????? ????????, ???????? ????? ???? ????? ?? ???????? ??? ??? ??3??(???????? ????)???? ???????????? ???? ???????(Hedge)????? ?????? ?? ??????, ??? ????? ?????? ??? ????????? ???, ???????? ???? ?????? ??????? ??? ????????? ?????? ?????????? ????? ???(???????, ????, ????, ????, ????, ?????????? ??? ??? ?????? ??????? ???? ??)?? ?????? ???????? ?? ????? ?????? ??????????? ????? ?????? ??????? ?????? ???, ???????? ??????, ?????? ?? ????????? ?? ?? ?????? ????????? ?????? ?? ??????.

4) ??? ?? ????????????????? ???? ????? ?????? ???? ???????? ???? ?? ?????? ??????? ?????? ????? ?? ?????? ???????? ????????? ????? ???? ?????? ??? ???????? ?????? ??????μ??? ????????? ????? ?? ?????? ????????? ?????? ?? ??????.

5) ??, ???? ???? ???? ?? ????? ?????? ??????? ??? ??? ????? ???濡 ????? ?? ?????? ????? ??? ??????? ????? ?? ????????????????? ???? ????? ?켱??? ????? ?? ??????.

??. ????????? ?????? ????? ??????? ??????? ???????

1) ????????? ??? ????? ??????? ???????? ??????, ????????? ????????? ???????? ????, ????????? ??? ?? ????? ???? ?? ??, ???? ?? ???? ?????? ??????? ???????? ????? ???????.

2) ???? ????[(Index Modification)]:
??????? ???????? ????????? ?????? ???? ???? ??? ????? ???????? ??? ??? ??????? ????????? ?????? ?????? ???(???????, ??????? ??? ??? ????? ?????? ?????? ??? ??? ????????? ??????? ???? ???? ??? ????? ????? ??? ?????? ????), ???????? ?????? ???????? ????????? ????? i) ?? ?????? ???????? ?? ??????뿡 ???? ?????? ???????? ?????? ??? ??? ???????? ??? ii) ?????? ?? ?????????? ????? ?????? ?????? ???? ?? ????? ???? ???? ???? ?? ????????? ??????? ???(???, ????? ????? ???????? ?????????? ???? ??????)?? ?????? ?????? ?????? ????????? ??? ?????????????????? ????? ?? ??????.

3) ???? ????[(Index Cancellation)]:
??????? ???????? ????????? ?????? ?????? ??? ?? ?????? ???????? ?????? ???????? ????????? ????? ?????????, ?????? ?? ?? ?????? ????????? ?????? ?? ??????. ?? ??? ???? ???? ?????? ??????? ???????? ?????????? ????? ?????? ????? ???? ?? ????? ?????? ??? ???? ????????? ?????? ?????? ?? ??????. 

??, ??????? ?????? ????? ??3??? ????????? ???????? ?°??? ??쿡?? ????? ???? ???????.

?? ??? ?°????? ???????? ?????? ??????? ??????? ???????? ???????? ????? ?????? ??? ?°????? ?????? ???ο? ????????? ?? ????? ???? ????????? ?????? ?????? ?????.

?? ??? ?°????? ???????? ?????? ????????? ??????? ?????????? ??? ??????? ?? ????? ???? ????????? ??????? ?? ?????? ????????? ??????? ???? ???????? ???????? ????? ?????? ??? ???????? ?°????? ?????Ŀ? ?????? ??? ????????.

??. ????????? ????????? ????? ??????? ??????? ???????

1) ??????? ??????? ???? ?? ??? ???? ?????? ????? ???

?? ??????? ??????? ????, ????, ???, ????, ???????, ??????? ???? ?????, ??????, ??麴?? ?????? ????? ????????? ??? ?????? ??? ??? ?? ?????? ???????? ?????? ??? ???Ŀ? ????????? ??????? ????? ????????? ?????? ???????? ????????? ????? ?????? ???? ????????? ??????? ?? ?? ?????? ?????? ?????? ?? ??????.

?????? ????? ????? ???? ?? ????????? ????? ????????. ?????? ?????? ??????? ?????? ?????? ???????, ??????????? ??????? ????? ???? ?????????? ??????.

???????
?????? ???????

????????
(????????? ???????
?????? ??쿡 ????)
???? ?? ??????? * (1 + ???? 1??? ????? ???? * 1??? ?????? / ?????????) / (1 + ???? 1??? ????? ????)

???????? ?? ?????
?????? ???????/(1+?????? ??? 1??? ????? ????)

??????, ??????
?? ?????
?????? ???????? ???????? ??????? ????????? ????

???, ???????, ??ı??(????)
???????? ?????? ??? ???Ŀ? ????????? ??????? ????? ????????? ?????????? ???????? ?켱?????? ?????? ???? ???? ?????? ???????? ????????? ????? ????????? ??????? ?? ?? ?????? ?????? ?????? ?? ????

???
?????? ?? ?????μ???λ???? ???, Stock Option??? ??(????????? ?????? ????? ????? ????? ???????? ??? ???)???? ???? ????? ?????? ??쿡?? ?? ?????? ????????? ???????? ?????

?? ???, ???????? ?????? ???? ??? ???? ?????? ???? ??????? ????????? ?????? ????? ??? ???????? ?????? ???????? ????????? ???? ?????? ????????? ????? ?? ?????? ????????? ?????? ?? ??????. 

?? ??????????????? ?????? ???????? ??????? ?????? ??? ???????? ???????????? ?????? ?????? ???????? ??. ??, ???? ???? ?? ????? ???????? ????? ????? ?? ??? ?????? ?????? ??? ??? ?????? ????? ?? ????

?? ???????? ???? ??쿡 ?????? ???????? ????????? ???????? ??????? ??????? ??? ??????? ???? ??????? ???????? ???????? ????? ?????? ???? ???

?? ??????? ????? ?????????? ??? ??????? ?????? ??? (??????? ???? ?켱?? ???? ??)

?? ??? ????????? ?????????? ?????? ????????? ?ο??? ??? ???? ??????? ?????? ??찡 ????????? ????????????? ??????? ???

?? ??????? ???? ?????? ?????????? ?????? ????? ???? ??? ?????????? ????? ???(????? ????? ??? ??쿡?? ?? ?????? ????? ???? ????? ??????????? ??????? ???? ?????????? ???????? ??? ??? ????)

?? ????????? ?????? ?????? ????????? ??? ????? ??????? ???μ? ??????? ???? ??? ??????? ???? ???????? ?????? ???????? ????? ????? ????????? ????? ??? ???? ????? ???????? ??? ???

2) ??????? ??????? ???? ????????? ??? ????? ?°???? ???

???????? ?? ???? ????? ??????? ?????? ?????? ?????????? ?????????? ???????? ??????? ??? ???ο? ?????? ?????????? ??????, ??? ?? ?? ?????? ???????? ?? ??????뿡 ???? ?????? ???????? ?????? ??? ??? ?????? ?? ??????.

??. ????? ????????? ????

1) ?? ?????? ????, ??? ?? ??? ????????? ?????? ??? ??? ???????? ??????? ?? ?????? ?????????????? ?????? ????.

2) ?? ?????? ??????? ?????
?? ?????? ????, ??? ?? ??? ????????? ???? ?? ???? ???? ????? ?? ??? ???????? ??????? ????????
???????(http://www.myasset.com) ?? ????????? HTS(Home Trading System) ?????? ?? ?????? ???????? ????.

(3) ???????? ?????????? ???? ???????? ???????????

??. ???????? ??????????? ??? ??????? ???????? ???????? ??????? ??쿡 ???????? ?????? ???? ????? ??????????? ??? ?????? ????κ??? ???? ??????????? ??????? ????? ???????? ??????? ???? ??????? ?????? ????????? ?? ????????? ?????? ???????? ????????? ??????? ????. ??, ?????? ???? ?? ?????? ??? ?????????? ?????? ????? ??????????? ??? ???????? ??????? ??쿡?? ???????? ???????? ??????.

??. ???????? ????????? ???????? ??? ?? ???? ??????? ???????? ???? ??? ???????? ??? ??? ??????? ?? ???? ?? ????? ???? ???? ?? ??????. ???, ???????? ???? ????? ??? ??? ??? ??????? ?? ????????? ???? ??????? ??? ??簡 ?????? ?????? ??????? ??? ?? ???? ???????? ??? ???? ???? ???? ?? ???? ?????? ???? ?? ??????.
?? ?????? ?????????? ??? ????, ?????? ????? ?????? ?????? ???????.

(4) ?????? ???????

??.
?? ?????? ??????뿡 ???? ?????? ??? ??? ?????? ?????????? ?? ?????? ????? ???ε? ????????? ???? ?????? ???????. ???, ?? ?????? ????????? ??????? ???? ????? ??????? ????α? ?????? ?????? ???? ?????? ?????? ???? ????? ??????? ?????? ???? ???????.

??. ?? ???????κ??? ??? ??? ??????? ?????? ??? ??? ??? ?????? ??????? ????α? ?????? ???? ???????? ????.

??. ??????????

?????
??????
(??? ?????????????)??
????????? ????
???
??????? ???? ????
???? ??
?????? ????? ???? ??? ???????? ?????
?? ???????? ??????. ???? ??
???????????
??
???????????????? ???? ????? ???? ???
??????????????
????????? ????? ???
?? ?? ???????
????? ?????? ????? ???? ??????.

1. ??????? ????

?? ??
?????????? ?????

????????? 
????????? 
?????? 
????????? 
???? ????

- ?? ?????? ????????? ????????? ??????? ????????? ???????
???????? ?????? ????? ???????
????????? ?????? ????????? ????? ???????? ??????? ??? ??????? ????? ???? Ŀ??? ????? ??? ?? ?? ??????, ????? ???
??????? ???????????? ?? ???? ?? ??? ?????
??
?? ????? ??????? ???? ??????? ???? ??? ?? ??????. ???? ???????
?? ?????? ???????? ?????????? ???????? ???? ???? ????? ??????? ????????? ????.

- ?? ?????? ???? ????????? ?????? ??????? ???? ??? ???????? ??? ????, ?? ?????? ????? ????
????????? ?????? ??? ?????????? ??????? ?? ???? ??????? ???????? ?????? ?????? ???? ??????????,
??????? ??? ??????? ?????????? ???? ??????????? ???? ??쿡?? ???????? ?????? ??????? ?? ?????? ??????
?? ?????? ???????? ?? ????????? ????????? ?????? ?? ??????, ????? ???????? ?????? ?? ?????? ??????? ???? ????? ???????? ?????? ??쿡?? ????????? ?????? ??????? ??????? ?????????? ?? ?? ??????(???? ???? ??????뿡 ???? ??????? ???????? ???? ????????? ?????? ?????? ??쿡 ???? ?????? "???? II. ?????? ??? ??????? ?? 3. ????????? ???? ?? ???? ?????? ???? ????"?? ????? ?????? ??????). ??????? ????? ??????? ?????????? ?????? ?? ????? ?????? ??? ?? ?????? ?????? ????? ????? ?? ??????.

????????(?????)?? ?????? ????? 
???κ? ????

-
????????? ????? ???? ????: ???????? ??? ??????????? ???????? ????????(?????)?? ?????? ?????? ??????.

-
????????? ?????? ???? ????????(?????) ?????? ????????: ??????/??????????? ???????? ????????? ????? ???? ????????(?????)?? ?????? ??? ?????? ????????(?????)?? ??? ??? ????? ?????? ???? ????, ?????????/?????? ??????? ????????? ????????(?????)?? ??? ??? ????? ?????? ????? ?????? ??????. 

-
????????? ???????? ???? ????: ???????? ??? ????????? ???????? ???????? ????????(?????)?? ?????? ?????? ??????.

-
?ð?????? ???? ????: ???????? ????? ?ð?????? ???????, ????????(?????)?? ?????? ?????? ??????. 

-
??????????? ???? ????: ???????? ???????? ????? ????? ???? ????????? ????? ????? ?????? ?????? ????. ???? ????????????? ????????? ???? ????? ????? ???? ????????(?????)?? ??? ??? ????? ?? ??????.

-
??????? ???????? ???? ????: ??????? ???????? ???????? ????????(?????)?? ?????? ?????? ??????.

??????? ?????? ???? ????

- ???????? ?? ????? ??????? ???????, ??????? ????????, ??????? ??? ??????? ????????? ????? ????, ??? ?? ???????? ???, ???????? ?????? ??? ??????? ???????????? ???? ????????? ?????? ?? ??????. ?????
????????? ????? ????????? ?????? ?????? ?? ??????, ?? ???
?? ?????? ??????? ?????? ??? ???? ??????. ???,
???????? ????????? ???? ????????????? ??? ??????????? ????????? ?????? ?????? ?? ??????, ?? ?? ??????????? ??????? ????? ???????? ???? ???? ???? ?? ?? ?????? ?????? ????? ????? ???????? ??????? ??? ????????? ???? ??? ??? ????? ?? ??????.

- ???????? ?????
????????? ???????? ?????? ??????? ????? ????????? ?????? ??????? ?????ħ ?? ????????? ?????? 'ELS ????????? ??????? ?????? ???? ??????? ????????'?? ????
????? ????? ?????? ??????.

???????? 
???????? 
????????? 
????? ????

-
???????? ??????????? ??????? ??????????μ? ????
??????? ?????? ??????? ?????? ?μ?, ??? ?? ??????? ??????? ??????, ?? ??? ??? ?? ?????? ???????, ??????? ???????? ??? ???????? ????? ?????? ???? ????? ?? ??????. ????? ????? ???????? ???????? ????????? ?????????,
????? ????????? ????? ??????????? ????? ?????? ?? ??????,
??? ???? ?? ?????? ??? ???? ????? ????? ?? ??????. ???????? ????????? ?? ?????????? ???? ???????? ????????? ??????μ? ???????, ??????? ???????? ??? ???????? ????? ?????? ?? ???? ??????? ?????? ?? ??????, ??? ????? ????????? ?? ?? ?????? ??? ?? ????? ?????? ????? ?? ??????. ?????? ?? ???????? ??????????? ????? ???????? ???????? ????????? ?? ?????? ???????? ????? ?????? ??? ?? ??????.

????????

- ?? ????? ???? ???????????(???????????)??
???? ?????? ?????? ????? ???? ??? ????? ????? ????? ?? ??????, ?????? ???? ?????? ?ð???? ??? ??? ?????? ????? ?? ??????.

?????????????? ?????
???? ????

- ?? ??????
???????????????? ???????. ?? ??????
???????????? ?????? ???? ??? ???????????
??????? ????????? ???? ??? ??????
??????? ?????? 100%?μ?,
?????? 20%?? ?????? ????? ????? ?? ??????.
???? ??????? ??????? ????? ????(?????? ????? ???? ??????, ???????? ???? ?????? ??)????
??? ????? ????? ?? ??????.

2. ??????? ????

?? ??
?????????? ?????

???????? ?繫, ???????? 
?????? ????

- ?? ?????? ???????? ???? ????? ??????????? ?????? ???? ??????? ???? ??????? ??? ?????? ??????? ?????? ???????? ??? ???? ???????. ????? ??????????? ????? ???????? ?繫, ?????? ???? ??? ? ???????? ????? ??????, ?? ?????? ?????? ???? ?????? ?????? ????? ???????? ????? ???????? ?繫, ???????? ???? ????? ????? ??????? ?????? ???? ???????.

-
?? ?????? ???????? ??????? ??????? ??????, ???? ???????? ???????? ?繫, ???????? ?? ?????? ????? ????? ?????? ??? ?? ??????. ???? ???????? ?繫?????? ????? ?????? ????? ??? ??? ??????? ??????? ?? ??????? ??ο? ????? ??????? ???? ?? ???? ???? ???????? ??????. 

- ?? ????? ??????? ????????? ?????簡 ?δ???? ??? ????? ???
????, ?????? ???? ?????? ?????? ???????.

- ?????ο? ???? ???? ????? ????
???????? 2022.05.16????? ??????
?б???
?? ???系?? ?? ÷?μ????? ???????? ??????.

????????????
- ?? ?????? ??????? ?????? ???????? ??? ??? ???????? ??? ?????? ????? ?????? ?????????? ???? ??????????? ??????? ????? ???????? ??????? ???? ??????? ?????? ????????? ?? ????????? ?????? ???????? ????????? ??????? ????. ??, ?? ???????? ???? ?????? ????????? ?????? ?????? ???? ???????? ??쿡?? ??????? ???????.

3. ???????? ?? ?????? ????

?? ??
?????????? ?????

???????? ????
- ??? ???????? ??????? ????????? ????????? ?????? ?? ?????? ??????? ????? ??????簡 ?????? ??쿡?? ?? ?????? ???? ?????? ?????????? ?? ??????. ??? ???? ?????? ??????????? ????? ?? ?????? ?????? ??????? ????? ?? ??????.

??????????? ??簡 ????? ????

- ???????? ??????? ?? ?????? ????? ?????????? ???????, ??????? ?? ??????? ?????? ????? ??쿡?? ??? ?????? ???? ?? ???? ?????? ?? ?????? ?????? ????? ?? ??????, ????? ????? ???? ???????? ??????. 

-
?? ????? ???? ?????? ?????? ??? ????? ??? ???? ???? ??? ???? ?? ????? ???????? ???δ? ??? ????? ????????????? ?? ?? ??????. ????, ??????? ?? ??????????????? ????? ?? ?????? ????
???? ?? ????? ?????? ?????? ????? ?????????ν?
???? ?? ????? ?????? ???? ??? ?? ???? ?? ????? ???? ?????? ?????????? ???? ?????? ??????
??????θ? ????????? ????.

????????
?????? ????

- ?????? ??????? ??
?????? ????????? ??? ???????????????? ????????(?????)?? ???? ????????? ??? ?? ?????? ????? ?? ?????? ????????? ?? ??????.

??????????
???? ????
??????? ????

(???????? 
???????? ???)

- ?? ??????
??????? ???????? ?????? ???
???????????? ??? ???????? ??? ????. ????
???????? ??????? ???????? ?????? ??? ???????????? ?????? ???, ???????? ???? ???? ????????? ????? ???? ????? ?????? ??? ????? ??????? ?????? ????????? ????? ?????????.

4. ??? ????????

?? ??
?????????? ?????

??????? ????
- ?? ?????? ???, ??? ???? ??????? ???????? ??? ????????? ????????? ??????? ????????? ??????? ???????? ?????? ??????? ???????, ?? ?????? ???????, ???????, ??????? ?? ???? ???????? ???系???? ????? ???????? ????? ?? ????? ?????? ??? ????? ???? ?????????? ????? ?? ??????. 

- ?? ???????? ???? ????? ?????? ???? ?????? ???????, ???????? ???? ??? ???? ?????? ??????? ???? ?????? ??? ??????????? ???????? ???? ??????? ????? ?? ?????? ??? ?? ????? ????? ?????? ??? ?? ??? ??????? ??????. ?????? ??????? ?? ????? ??????? ???? ???????? ????????? ????????? ?????? ??? ???????? ???????? ?????? ????? ???? ???? ?????? ?????? ????????? ?????? ????.

???? ????
- ?? ?????? ???????? ?? ?峻?????? ??????? ???????, ?? ?????? ?????? ??? ??????? ?? ?????? ???? ?????? ??? ??? ??????? ??? ??쿡?? ??????? ???????? ????. ???? ?? ????? ????? ??? ??? ???????? ???? ?????? ???? ???????? ?? ?????? ???????? ???? ??????? ?? ??????.

???? ?? ?????? ????

- ?? ????? ??????? ??????? ??? ???
?????? ??? ???????? ????????? ????
????????? ?????? ???????? ????? ???¡????? ????. ?????? ?????? ?????? ?????? ??? ??쿡
???????? ????? ?????? ??? ?????????? ??????? ???? ???? ?? ???????????(???????????)?? ?????? ???????? ???????? ???????? ??????.
????, ???????? ??? ?????? ??? ????????? ????? ?? ?? ???????, ???????? ??????? ??????.

- ????, ??????? ???μ????? ??????????? ??? ?? ??????? ?????? ??? ???(?????? ?? ???????? ?????? ?????? ?????????? ???? ?????? ?????? ??? ??? ????? ???????? ???? ?????? ????? ??? ????)?? ??????? ???μ??? ?? ????????? ???? ??? ???? ?????? ???????? ???, ???μ??? ?? ???????? ???¡????? ????? ??? ?? ???????? ???¡???? ???? ??????. 

- ?? ?????? ??????? ?? ?????? ??????? ??????? ??? ????? ???? ???????? ???????, ????? ??? ??? ???? ?????????? ??? ?? ????????? ????. 

- ?? ?????? ??????? ????? ??? ?? ?????? ???????? ??????? ???? ???? ????, ?????? ?????? ???? ?? ???, ???????? ????, ??????? ?????? ??? ??? ??? ???? ??????? ??? ??????? ????? ???θ? ???????? ????.

??. ??????? ???? ????

1. ????????? ???

KOSPI200 ????
LG???? ??????

2. ????????? ??????

KOSPI200 ????
LG???? ??????

3. ??????? ?? ??????? ?????? ????

(1) KOSPI200 ????
?????????? 200(???? "KOSPI 200 ????"?? ??)?? ??????????? ?? ???????????? ?????????? ????? ????????μ?, ?峻 ??????????? ????????? ??????? ????? ??? ???? ????? ????????, ????????? ?? ?????? ???? ??????? ?????? 200?????? ???????????? ????. KOSPI200 ?????? 1990?? 1?? 3???? 100p?? ??? 1994?? 6?? 15????? ????, ???????????. 

(2) LG???? ??????
????? ???????? ??????ι??? Home Appliance & Air ????, Home Entertainment, Mobile Communications, Vehicle component ???? ?? 6???? ????. OLED TV?? ?????, ????????, ????? TV ?? ???????? ???? ??? ??÷? ??????? ?????? ???? ??????? ????. ???÷??? ??????? ???????? ?????????? ?????? ???÷??? ?? ????????? ?????? ?????? ??? ???????.2022?? 3?? ?????? ??? ??????? ??????? 18.5% ????, ?????????? 6.4% ????, ?????????? 22.9% ????. H&A(????)?? ??γ?????????? ?????? ??? ???????? ???? ???????????, ???, ???? ?? ??????? ?????? ???? ???????????? ??? ????? ???? ??????? ??????. ???? ?????? ?? ??? ???? ??? ?????? ??? ?????? ??????, ??????? ????? ???????? ?о????? ????. ??? HTS ???????м? ???? ?? Business Summary(2022?? 7?? 6?? ???????) 

4. ?????????? ?? ???????? ?????

(1) KOSPI200 ????
KOSPI200 ?????? ??????????? ????????(Korea Exchange)???, KOSPI 200 ?????? ?????????? ??? ??????????? ?????? ??????.
- ???????? ??? : ?λ????? ???? ?????????? 40
- ???????? ??????? : http://www.krx.co.kr

(2) LG???? ??????

- ???????? ??? : ?λ????? ???? ?????????? 40
 - ???????? ??????? : http://www.krx.co.kr

5. ??????? ???? ?? ??????? ???? ???????? ?????

(1) ???????(KOSPI200 ????, LG???? ??????)?? ????????

KOSPI200 ?????? ????????, ???????? ???????(http://www.krx.co.kr) ?? ???? ??? ???? KOSPI200 ?????? ????? ???? ?????? ?????? ?? ??????.
???? ????????? HTS?? [????? 4401 : K200-????]???? ??????????, ???? ????? ???濡 ???? ???????? ????? ?? ??????.

LG???? ??????? ????????, ???????? ???????(http://www.krx.co.kr) ?? ???? ??? ???? LG???? ???????? ????? ???? ?????? ?????? ?? ??????.
???? ????????? HTS?? [????? 3012 : LG????(066570)]???? ??????????, ???? ????? ???濡 ???? ???????? ????? ?? ??????.

(2) ???????(KOSPI200 ????, LG???? ??????)?? ????????? ?? ??????? ????

???????? ???????(http://www.krx.co.kr) ?? ???????? ????, LG???? ?????? ???????(https://www.lge.co.kr/), ???????м? ??? ?? ???????? ???? ???? ????????? ????????? ?? ????翡 ???? ?????? ?????? ?? ??????.

6. ????????? ??? 20?? ??????? ????

??. ???? : 2002?? 07?? 29?? ~ 2022?? 07?? 29??

??. ?? ?? ????

KOSPI200 ???? : 440.40 (2021?? 06?? 25??)

LG???? ?????? : 185,000.00?? (2021?? 01?? 21??)

??. ?? ?? ?????

KOSPI200 ???? : 65.64 (2003?? 03?? 17??)

LG???? ?????? : 29,074.00?? (2002?? 10?? 10??)

????? my els ??5014?_kospi200.jpg
ELS ??5014? KOSPI200 ???? ????

????? my els ??5014?_kr7066570003.jpg
ELS ??5014? LG???? ?????? ????

d001_????? my els ??5014?_?????????????.jpg
ELS ??5014? KOSPI200 ???? ?? LG???? ?????? ????
(*??? ????????? ????????? 100??? ???????????)

??1) ????????? ??????? ????? ????????????? ????????? ????? ???????? ?????? ?? ??????.

7. ??? ???? ????(??? 6??????)

(1) LG???? ??????

lg???? 1.jpg
LG???? 1

lg???? 2.jpg
LG???? 2

????????? ????? ???? ???? ????? ?????? ?????????? ???????????(http://dart.fss.or.kr/)???? ????? ?? ??????.

8. ???????

?? ?????? ????? ??????? ???????? ??????????? ????????? ????? ?? ?? ??????????? ?????? ????? ???? ??????? ????????? ???????? ??????.

??. ?μ????? ???

?? ?????? ????????? ?????簡 ???? ???????? ?????? ?????? ???? ???????. ????, ?? ?????? ?м? ?? ???? ???? ?? ???? ?????? ???????? ??翡 ???? ????????????.

??. ????? ??????

1. ????????? ???? ?? ?????

(???? : ??)

?? ??
?? ??

???? ??? ???????(1)
3,000,000,000

?? ?? ?? ?? ??(2)
150,000

?? ?? ?? ?? [ (1)-(2) ]
2,999,850,000

?? ???????? 30??????? ???????? ????? ???????. ??????? ????????? 100%?? ????? ??쿡?? ????? ???? ???????? ?????δ? ????? ?? ??????.

2. ????? ????? ?????

????????? ??????? ???? ????????? ???? ??????? ???????? ?????? ?????, ???? ?????? ???????? ????? ??? ??? ??? ????? ??????? ???, ?峻?? ?????? ??? ???? ?????????(???????) ?? ?????????? ????? ????? ???????.

??. ?? ??? ?????????? ???? ????? ????

1. ????????? ?????? ???? ???

??. ???????????(ELS, DLS) ??????? ?? ???????

(???? ?? ???? 3???, 2021?? 12?? 31?? ????)

(???? : ??, ???)

????
???????????
???????????

???????
???????
???????
???????

????
???
??
????
???
??
????
???
??
????
???
??

2018??
??
240
131
371
0
0
0
3
15
18
0
0
0

???
2,192
3,381
5,573
0
0
0
6
953
959
0
0
0

2019??
??
231
244
475
0
0
0
17
40
57
0
0
0

???
5,369
5,890
11,259
0
0
0
121
2,014
2,135
0
0
0

2020??
??
216
134
350
0
0
0
1
22
23
0
1
1

???
5,176
2,854
8,030
0
0
0
1
1,004
1,005
0
100
100

2021??
??
309
100
409
230
67
297
0
0
0
0
0
0

???
7,229
1,862
9,091
5,370
1,054
6,424
0
0
0
0
0
0

???
??
996
609
1,605
230
67
297
21
77
98
0
1
1

???
19,966
13,987
33,953
5,370
1,054
6,424
128
3,971
4,099
0
100
100

??1) ???? ???? ??? 3?????? ?????? ????????.

??. ?????????(ELB, DLB) ??????? ?? ???????

(???? ?? ???? 3???, 2021?? 12?? 31?? ????)

(???? : ??, ???)

????
????????????????
????????????

???????
???????
???????
???????

????
???
??
????
???
??
????
???
??
????
???
??

2018??
??
53
6
59
0
0
0
77
161
238
0
0
0

???
298
37
335
0
0
0
2,333
8,221
10,554
0
0
0

2019??
??
33
29
62
0
0
0
44
87
131
0
5
5

???
301
4,177
4,478
0
0
0
1,883
4,042
5,925
0
1,796
1,796

2020??
??
7
14
21
0
5
5
23
23
46
0
6
6

???
149
975
1,124
0
5
5
1,857
4,577
6,434
0
1,719
1,719

2021??
??
8
3
11
8
3
11
85
11
96
23
8
31

???
209
1,453
1,662
209
1,453
1,662
4,650
2,512
7,162
1,195
1,557
2,752

???
??
101
52
153
8
8
16
229
282
511
23
19
42

???
957
6,642
7,599
209
1,458
1,667
10,723
19,352
30,075
1,195
5,072
6,267

??1) ???? ???? ??? 3?????? ?????? ????????.

??. ??????? (2021?? 12?? 31?? ????)

????
ELS
DLS
ELW
ELB
DLB
??

???
137,232,517,199
40,321,772,688
-
12,028,782,440
33,115,030,693
222,698,103,020

(????????? ????? 5% ????? ??????? : ?????? ????)

??1)*??????? = ?????? + (????? ??????????)
 *???????? ?ð??? ????? ????? ???? ??????? ?????????(+)??? ???(-) ?? ????? 
 *?????????? ??? ???? ?? ???????? ???? ??? ?? ???? ??????. 

????????

??????
??? ????

??????ð??
??????
???
???

1??????
0.0%
1.0%
6.0%
10.0%

1????? 5??????
0.5%
5.0%
8.0%
12.0%

5?????
1.5%
7.5%
10.0%
15.0%

????) KOSPI200?? ????? 2???? ???????????(ELS)?? ???????, ??? ???????

???? ???????? ?????? ELS???(???? 100??? ????)?? ????? ??? 
????????? ?????? ???? ??????
 ???????= ?????? + (????? ??????????)
 = 100????? ???? ?ð????? + (100?????8%) = 108???

2. ????? ???? ????

??. ?? ?????? ????? ??????? ??????? ??????????? ??? ?? ????? ??????? ??????? ??? ???
?????? ??? ???????? ????????? ????
????????? ?????? ???????? ????? ???¡????? ????. ?????? ?????? ?????? ?????? ??? ??쿡
???????? ????? ?????? ??? ?????????? ??????? ???? ???? ?? ???????????(???????????)?? ?????? ???????? ???????? ???????? ??????. 

??. ?? ?????? ????? ??????? ???μ????? ??????????? ??? ?? ??????? ?????? ??? ???(?????? ?? ???????? ?????? ?????? ?????????? ???? ?????? ?????? ??? ??? ????? ???????? ???? ?????? ????? ??? ????)?? ??????? ???μ??? ?? ????????? ???? ??? ???? ?????? ???????? ???, ???μ??? ?? ???????? ???¡????? ????? ??? ?? ???????? ???¡???? ???? ??????. 

[ ???? ??? ?????? ???? ]

[????? :
????? MY ???????????(ELS) ??5015?(?????????)
]

?? ?? ??????
??????? ??????????????,
???????????? ???? ?????????簡 ??????? ?????? ??????? ????? ?????????.

[???(???)????]

?? ?? ???(???) ?????? ???????????(ELS)?? ???? ????????.

?? [????] ??????? ?????? ????? ???????? ???? ???¿??? ?????? ???????? ?????? ???? ???? ????? ???? ??? ???? ????????? ????? ?? ??????.

?? ?? ?????? ??????????? ???? ?? ????????????? ???? ?????? ???? ????????.

?? ???????? ??????? ?¡

els,elf,eld ??.jpg
ELS,ELF,ELD ??

?? ????????? ?????? ??[?ο? ????? ???? ??????]

1. ????????? ??????

- ???????????(ELS)?? ????????? ???? ???? ?? ???? ????????? ???(0~100%)?? ????? ?? ??????, ?? ????? ????????? ??????.

- ???????? ????? ???? ???????? ???????? ????? ?? ??????.

2. ?????????? :
2???[??????]
- ???? ???????????? ???????? 1???(???????)~ 5???(????????)???? 5???? ?з???? ??????. ????, ????? ?з?????? ???? ???????????? ??????? ???? ????? ?????? ?? ??????? ????????? ???? ??????. 2???[??????]?? ???? ????????? ????????? ?????? ????????? ???? ?????? ????????? ??????? ????????? ??? ?κ??? ???, ????? ??? ??? ?????? ???? ??????? ?????? ?????? ??? ??쿡 ??????.

3. ???????

- ???????????(ELS)?? ???????????? ???? ?????????簡 ??????? ??????.

- ?? ???????????(ELS)?? ?????(AA-, 2022?? 06?? 24??, NICE????? ?? AA-, 2022?? 06?? 28??, ????????)?? ???????(?ε?, ??? ??)?? ???? ???????? ????? ?? ??????.

- ??????? AAA/AA,A,BBB ?? +,0,- ?????? ???????????? ???е???.

?? ?ο?, ??????

??????? ??? ???(?ο?)?? ??? ??? ????????? ?????????? (1588-2600) ??? ????? ???????(http://www.myasset.com)?? ???? ?????? ?? ???, ?????? ????? ??쿡?? ??????????(???????? 1332) ?? ???????????(02-2003-9421~3) ???? ?????? ?????? ?? ??????
. ?? ????? ?????? ????????? OTC???????????? ?????? ??????.

?? ??????? ???? ?? ???

????????
??? ???
(?? ???, ???? ??? ????)

?? ????
?? ?????????
?? ??????????

????? ????
?? ???? ???????? ????
?? ?????κ? ????
?? ???? ??? ????
?? ???????? ??????? ??κ??? ????

?????????
?? ??? ??? ????
?? ??? ??? ????
?? ???? ????
?? ??? ??????? ??? ???? ????

???????????
?? ??????????
?? ??????????
?? ?????????
?? ?????????
?? ??????

????????? ????? ?????
?? 1?? ???
?? 1?? ??? ~ 3?? ???
?? 3?? ???

??????? ????

- ???? ??? : ?? ????? ???????? ????????? ??????? ??? ????????? ???? ?????? ???? ?????? ??? ??? ????? ???? ?? ??????, ???? ?????? ???? ????? ???? ???????? ?????? ???????. ????? ????? ??? ????? ???, ???? ?? ????????????? ???? ?????????? ?????? ?????????????? ???? ?? ???? ???? ??? ???????? ????? ???? ????????? ????????????.

??. ???? ??? ???? ???? ??????

1. ?????

(1) ????? ????

?? ??
?? ??

1) ?????

?? ???????? ????? ??? ?? ?????

- KOSPI200 ???? : ???????? ??? ?? ?°???

- ?Ｚ???? ?????? : ???????? ??? ?? ?°???

2) ???? ?????

?? ???????? ????? ????????? ???? ?????? ??? ?? ?????

- KOSPI200 ???? : ???????? ??? ?? ?°???

- ?Ｚ???? ?????? : ???????? ??? ?? ?°???

3) ?????????
????? ?? ???? ?????? ???????ð? ???? ???????? ?????? ??

4) ??????????
????? ?? ???? ?????? ???????ð? ??????? ?????? ??? ?????????? ??????? ?????? ????? ??

5) ??????
???????? ??? ???μ? ????α??? ???? ??????? ?????????? ????(?????? ????)?? ??? ??

6) ??????? ??????
????????? ?????? ??? ??????? ?????? ??????? ??? ?? ??? 
- KOSPI200 ???? : ???????? ??? ?? ?°???
- ?Ｚ???? ?????? : ???????? ??? ?? ?°???

7) ??????
????????? ??????

8) ??????
????????? ?? ????? ??? ???? ?????? ???????? ?????? ???????????? ????? ??

9) ??????????

(??) ??? ???(Trading Disruption):
???????ð? ????ð? ???? 1?ð? ????? ????? ??? ???? ????????
???????(????????? ?????? ??쿡?? ?????? 20% ????? ??????? ????)?? ????? ??? ??? ????????(
??????? ??? ??? ????? ?????? ????
), ???????? ????? ???? ??? ??? ???? ????? ??? ??? ??????? ???μ? ???????? ??????? ?????? ???

(??) ????? ???(Exchange Disruption):
???????ð? ????ð? ???? 1?ð? ????? ????????????? ????????
???????(????????? ?????? ??쿡?? ?????? 20% ????? ??????? ????)?? ??????? ?? ???????? ??? ?? ??? ???? ???????? ???????? ????? ???? ??? ??? ???? ??????? ?? ???????? ??? ???? ???? ??? ???? ??????? ???μ? ???????? ??????? ?????? ???

(??) ???? ????(Early Closure):
????? ??? ???? ?????? ??????????? ???????ð??? ???? ????ð??? ???????ð? ????? ??? ????? ???? ??????????ð? ?? ???? ??????? ?ð??? 1?ð? ???????? ????ð??? ??????? ????? ? ????????ð? ?????? ?????? ???

(??) ?? ??? ???????? ??????? ???????? ?? ?????? ?????? ???? ?? ??????? ???? ?????? ?????? ??????? ?????? ??? ??? ??????? ???

10) ????
????? ??? ??????? ???????? ???????ð? ????ð??? ?????? ????????? ????????

11) ????????ð?
????? ??? ???? ?????? ?????????? ??? ????? ??? ???? ??????? ???????ð??? ???????? ?????? ?ð?

12) ????
??????????????, ????????????? ??? ????????

(2) ???? ??? ?????? ????

?? ??
?? ??

?????

????? MY ???????????(ELS) ??5015?

(??????, ?????????)

???????
KOSPI200 ????/?Ｚ???? ??????

?? ?? ?? ??
3,000,000,000??

1????? ?????
10,000??

1????? ??????
10,000??

???? ????
300,000 ????

????????
1,000,000??

????
????????
2022?? 08?? 04??

?????????

2022?? 08?? 11?? (16:00)????

(???????? ?????? ???)

??????
2022?? 08?? 09??~2022?? 08?? 10??

????? ??α?
2022?? 08?? 11?? (16:00)????

?? ?? ??
2022?? 08?? 12??

???? ?? ?????
2022?? 08?? 12??

?? ?? ??
2022?? 08?? 12??

????????
????????????

?????? ??????
?????

?????????
?? ????????????? 'II. ?????? ??????? 2. ????? ????'?? 
???????? ??????.

??????????? ???????
???????

???????????
[???????????? ??????]
??? ?????????????(??????) ?? 3??????

?? ?? ??
2025?? 08?? 11??

??????
?? ????????????? 'II. ?????? ??????? 2. ????? ????'?? 
???????? ??????.

????? ???????
???????

???????? ???? ????
??????? ??? 5??? ????? ???, ???????? ?? ?????? ?????? ????? ?? ??????. ?? ??? ??????? ?????? ????????? ??? ?????·? ???????.

??????????????
??翩??

?? ?????? ???????? ????? ??2????7????? ?????
???????????????? ???
???
???? ??? ??????????? ??????? ????????? ???? ?????? 20%?? ?????? ???
?? ????? ?? ??????.
????
??????? ??????? ????? ????(?????? ????? ???? ??????, ???????? ???? ?????? ??)????
??? ????? ????? ?? ??????.

??? ???????

?? ?????? ??????? ???? ??????? ???? ?????? ???? ?????????? ?????????????? ????? ????????? ???????, ????? ???????? ??????. ?? ?????? ??????? ?????????? ???°???????? ?????º? ??? ???°???????? ?????ºο??? ???????? ????? ?? ?????? ????????.

???????????, ???????????????, ????????????, ?????? ?? ???? ??????? ???????? ??? ???? ??????? ???????, ??? ???? ???????? ???????? ??????.

??
?? ?????????????
???????? ???(????????? ????)?? ?????? ???, 2?????? ????? ???????? ????, ?????? ?? ???? ????, ?????? ?????, ??? ???????? ???? ???? ??????. ????, ??? ???? ?? ?????? ???????? ????? ???????, ?????? ?? ????, ?????, ???? ???? ??????? ???? ?????? ??ν???? ????? ???????, ?????? ?????ð? ???? ??? ??????? ???/???????
???????? ??????. ????? ????????? ????????? ???? ??????.

(3) ??????????

?? ?????? ???????????? ???? ????? ?????? ?? ????????????? '??. ?????? ??????? 1. ??????????'?? ???????? ??????.

2. ??????

?? ?????? ??? ?????? ??????? ???? ??????? ???? ?????? ????? ??????? ???????.

3. ????? ???????

(1) ?? ?????? 1????? [10,000]?????? ????????.

(2)
?? ?????? ????????
??
????????????? ?????? ???? ???? 9,505?????? ???
????.

* ??? ????????????? ?????? ???? ???? ???????? ???? ??? ???????? ?????????? ?????? ??л??? ?????? ???????.

 * ?? ?????? ??а????? ????????????? ?????? ???? ???? ???? ?????? ?? ???????? ???? ??? ???????? ?????????? ?????? ??л??? ?????? ??????, ??? ???? ???? ????? ???????? ??? ??? ???????.

?? ??
?? ??

????????? ??????
6???? ??????
- KOSPI200 ???? : 17.93440537%
- ?Ｚ???? ?????? : 24.97729520%

??????? ???????? ???? ??????
6???? ??????
- KOSPI200 ?????? ?Ｚ???? ?????? : 0.8285556029

* ???????: EWMA?????? ????? ?????? ?? ?????? ????

???? ???? ???????? ????????? ?????? ????????(?????)?? ????? ????????? ????? ??? ???????? ??????? ????? ??????? ???? ??????? ?? ????????????? ?????? ???? ?????? ????? ????? ?? ??????.

4. ???? ??? ???????? ?? ???? ????

(1) ???? ?? ??????? ????????? ??????

?? ??
?? ??

???? ?????? ????
??????? ??????(?????) ???????????(http://dart.fss.or.kr)?? ????????.

???? ??? ??????
????? ????
??????? ??????(?????) ???????????(http://dart.fss.or.kr)?? ????????.

??????? ????
??? ??????? ????????? ???????(http://www.myasset.com)?? ????????.

????? ?????? ????
??????? ??????(?????) ???????????(http://dart.fss.or.kr)?? ????????.

(2) ????? ???

?? ??
?? ??

????? ??? ?? ????

- ????????? ?????? ????? ????? ?????? ??????? ???? ??? ??????? ????????? ??? ??????????? ???????, ????????? HTS ?? ???????(http://www.myasset.com) ??? ?¶??? ????? ??? ?? ??????. ??, ??쿡 ???? ?¶???????? ????? ?? ?????? ???????? ??? ???????? ?????? ??? ???????? ????? ??????? ??????.

- ?????? "????????? ?? ??к??? ???? ????"?? ?????? ???? ???????? ?? ???¸? ????? ????? ???? ?????? ???????? ????? ????. ????, ?????? ??????? ??? ??????? ?????? ???? ?? ?????? ??????, ?????? ????? ??? ????????? ????.

- ??????????? ???п? ??????? ??? ?????? ????????ð? ???? ???? ?????????ð? ?????? ?????? ??? ??????. ????????? ??? 16????? ????????. ??, ?¶???????? ??? ?????ð??? ?????? ?? ?????? ???????? ??? ???????? ?????? ??? ???? ???? ????? ??????? ??????. ???? ??쿡 ???? ??? ????ð??? ????? ?? ?????? ?????? ??? ???? ???? ????? ??????? ??????.

????

2022?? 08?? 04????? 2022?? 08?? 11??(16:00)????

(???? ???? ?????? ???)

??????
??? ????? 100???????? ??? 100???? ????? 10???? ?????? ????.

??????
[????]

????????
- ???? ??????? 100%?? ???????????? ¡??????. 
??, ?????????? ???????? ???????????? ????????? ????????? ??????? ????? ???? ???????? ??????.

- ????????? ??????? ??? ?????·? ???????.

?????? ?? ?????
2022?? 08?? 12??

??????
2022?? 08?? 12??

???? ???????

1) ???????, ?????? ????????.

2)
??????? ?????? ????? ???????, ??????? ????????????? ??????? ??? ???¿? ???????? ?????? ????.

3) ??????????? ?????? ???? ?????? ?????, ???? ???? ???? ?? ???????? ?????? ??????.

4) ???? ?? ???????? ??????·? ??? ????? ????? ??? ??? ???? ????? ??? ?? ????? ???? ????.

5) ???????? ???????? ???? ????? ???? ??쿡?? ????? ??????? ???????? ???????.

6) ????????? ????????????? ?????????? ????? [?????? x ???????]????.

7) ??????? [?????? x ??????]????.

8)
??????? ??? 5??? ????? ???, ???????? ?? ?????? ?????? ????? ?? ??????.

?? ?? ?????????????
???????? ???(????????? ????)?? ?????? ???, 2?????? ????? ???????? ????, ?????? ?? ???? ????, ?????? ?????, ??? ???????? ???? ???? ??????. ????, ??? ???? ?? ?????? ???????? ????? ???????, ?????? ?? ????, ?????, ???? ???? ??????? ???? ?????? ??ν???? ????? ???????, ?????? ?????ð? ???? ??? ??????? ???/???????
???????? ??????. ????? ????????? ????????? ???? ??????.

(3) ????? ???? ???

??. ??????? ??? ????????? 100%?? ?????? ???? ?κг??????? ??????? ??? ??? ?????? ???????? ????.

??.
??????? ??? ????????? 100% ????? ??? ?????? ?????? ??й???
????(1?? ??? ????). ??, ?? ??й??????? ????? ????????? ??????? ??????? ??????? ? ??????? ??? ???????? ?? 1?¾? ???????, ??????? ?????? ?????? ??????? ??쿡?? ?????????????? ????????.

(4) ???? ?? ?????????? ????????

??. ?????????? ??????? ?? ?????? ????????? ?????????, ????????? ??????? ????? ???? ??? ????? ???????? ??????.

??. ?? ?????? 1) ?????? ????????? ????? ????? ???, ????? ??α??? ??????? ??? ?????·? ?????? ??????? ?????? 2) ?????? ????? ???,?????? ??????? ??? ?????·? ?????? ??????? ??????, 3) ??й?????? ?????????? ?????? ??? ???, ?????? ??????? ??? ?????·? ?????? ??????? ???????. ??, ??? ???? ????? ???????? ??´?? ???? ???????? ??????.

(5) ?????? ???? ???? ????

??. ?? ?????? ??????? ???? ??????? ???? ?????? ???? ?????????????? ???????????? ??? ???????? ??????? ????????.

??. ?? ?????? ??????? ?????????? ???°?????? ?? ?????º? ??? ???°???????? ?????ºο??? ???????? ????? ?? ?????? ????????.

5. ?μ? ?? ???? ????

(1) ??? ????? ?????? ???? ?? ???? ????

??. ?? ?????? ??? ?????? ?? ???????? ???????? ????????? ?????簡 ??????(Calculation Agent)???μ? ????? ??? ??????? ???????? ?????? ??????? ?????? ???????? ????????.

??. ?? ?????? ???????? ?? ??????? ?????? ??? ?????? ?? ???????? ????繫?? ????? ???? ???????????.

??
?????? ?? ?????? ?????????:

(??)?????? ???????????????? (???: ????? ??? ?????? 86, ??????? 2??)

(???????? ???????? ????? ???? ???????? ????????? ??????? ???? ?? ???????? ?????? ???????? ??????? ???? ?????.)

??. ?????? ??? ???????

1. ??????????

(1) ????? ???????

?? ??
?? ??
????????
(????)

???
????
???
1) 1?? ?????????????? ??? ????????? ???????????????? [?????????? ??95%] ????? ???
 => ???????[100% + 3.50%]

2) 2?? ?????????????? ??? ????????? ???????????????? [?????????? ??90%] ????? ???
 => ???????[100% + 7.00%]

3) 3?? ?????????????? ??? ????????? ???????????????? [?????????? ??85%] ????? ???
 => ???????[100% + 10.50%]

4) 4?? ?????????????? ??? ????????? ???????????????? [?????????? ??85%] ????? ???
 => ???????[100% + 14.00%]

5) 5?? ?????????????? ??? ????????? ???????????????? [?????????? ??80%] ????? ???
 => ???????[100% + 17.50%]
?? 7.00%

????
???
1) ????????? ??? ????????? ??????????? [?????????? ?? 75%] ????? ???
 => ???????[100% + 21.00%]
21.00%
(?? 7.00%)

2) ????????? ??? ????????? ??????????? ??? ????? [?????????? ?? 75%] ??????, ?????????? ??????(??????)???? ????????(????)???? ??? ??????? (???? ????) ?? ??? ????? [?????????? ?? 60%] ??????? ????? ???? ???? ???
 => ???????[100% + 21.00%]
(??? ?? ????????? ?????? ?????? ???? KI ??????? ????)
21.00%
(?? 7.00%)

3) ????????? ??? ????????? ??????????? ??? ????? [?????????? ?? 75%] ??????, ?????????? ??????(??????)???? ????????(????)???? ??? ??????? (???? ????) ?? ??? ????? [?????????? ?? 60%] ??????? ????? ???? ??? ???
 => ???????[?????????/??????????]
(??? ?? ????????? ?????? ?????? ???? KI ??????? ????)
?????????? {(?????????/??????????)-1}??100%

* ???????? : ??????????? ?????[{(????????? / ??????????)-1} ??100%]?? ? ??????? ????

* (?????????/??????????)?? ????? ???? ???° ??? ????

(2) ???? ??????? ?????

d001_????? my els ??5015?_??????????1.jpg
ELS ??5015? ????? ?????

??. ?????? ????(1??? ?????)

?? ????????? KOSPI200 ????, ?Ｚ???? ???????? ???????????? ???? 300pt, 60,000???? ???

??. ?????

?? ????????? ??? ????????? ??????????? ??? ????? ?? ???????????? 75% ???(???? 225pt, 45,000??)???, ?????????? ??????(??????)???? ????????(????)???? ???? ???????? ??? ??????? ?? ??? ????? ?? ???????????? 60% ???(???? 180pt, 36,000??)???? ????? ???? ??? ???

?? ??
?? ??
????

???1
????????? KOSPI200 ????, ?Ｚ???? ??????? ???? 240pt, 36,000????? (?? ???? ????? ?Ｚ???? ?????? ????)

?? 1?? + [1?? ?? (-40.0%)]= 6,000???? ???
-40.0%

???2
????????? KOSPI200 ????, ?Ｚ???? ??????? ???? 240pt, 24,000????? (?? ???? ????? ?Ｚ???? ?????? ????)

?? 1?? + [1?? ?? (-60.0%)]= 4,000???? ???
-60.0%

???3
????????? KOSPI200 ????, ?Ｚ???? ??????? ???? 240pt, 12,000????? (?? ???? ????? ?Ｚ???? ?????? ????)

?? 1?? + [1?? ?? (-80.0%)]= 2,000???? ???
-80.0%

???4
????????? KOSPI200 ????, ?Ｚ???? ??????? ???? 240pt, 0????? (?? ???? ????? ?Ｚ???? ?????? ????)

?? 1?? + [1?? ?? (-100.0%)]= 0?? ???(??????)
-100.0%

(3) ????????? ???? ??????? ????? ????? ???????

?? ?????? ??????? ???? ?????????? ????? ????? ?????? ????? ???????. ??, ????? ???? ?????? ?????? ?????? ????? ????? ????????? ?????, ????? ??? ???? ?????? ??????? ??????? ???? ?????.

d001_????? my els ??5015?_????????????.jpg
ELS ??5015? BACKTEST
(*??? ????????? ????????? 100??? ???????????)

???????
?????
??????
?????

1?? ?????????
3.50%
3,176
62.520%

2?? ?????????
7.00%
837
16.476%

3?? ?????????
10.50%
627
12.343%

4?? ?????????
14.00%
275
5.413%

5?? ?????????
17.50%
126
2.480%

??????
21.00%
15
0.295%

-100%?¼???<-75%
0
0.000%

-75%?¼???<-65%
0
0.000%

-65%?¼???<-55%
0
0.000%

-55%?¼???<-45%
0
0.000%

-45%?¼???<-35%
12
0.236%

-35%?¼???<-25%
12
0.236%

-25%?¼???<0%
0
0.000%

Total
5,080
100.000%

??1) ?? ??????? ??? ????????? 1999?? 01?? 04????? 2019?? 07?? 31???? ???? ??????? ?м??? ???????.

??2) ?м???????(1999?? 01?? 04??)?κ??? ?м??????? ?? ??????????? ?????? ????? ???????? ??????? ??? ?????? ??????? ???? ??????????? ?? ??? ?????? ?????????? ??????? ????????????. (?? 5,080?)

??3) ?????????????? ??????? ???????? ???????, ??????????? ????? ??쿡?? ????????????? ??????? ?????????? ?ν?????????.

??4)
?? ??????? ??? ???? ????????? ?????? ????? ??????? ????? ??????,
?? ?????? ????? ???? ????? ????????????? ??????? ????? ???????? ????.

(4) ???????? ?? ??????

?? ??
?? ??
????????
(????)

??????

- ??????????? ??????? ???, ?????????? ??????(??????)???? ????????(????)???? ??? ??????? ?? ??? ????? [?????????? ?? 60%] ??????? ????? ???? ?????? (???? ????) ??? ??????? ?? ??? ????? ??????????? [?????????? ?? 75%] ????? ??? ????? ???????.
 => ?????? : ???????[?????????/??????????]

- ???????? ??????????? ??????? ? ??????? ???????? ????????.

???????? ?????? ???????? ??? ????????? ????????? ?? ??? ????? ?????????? ??? 100% ?????? 0???? ??????? ??? ????? ?? ??????.

-100%

????????
?????? ????????? ?????? ??????? ??????, ????????? ??? ????????? ??????????? [?????????? ?? 75%] ???????, ?????????? ??????(??????)???? ????????(????)???? ??? ???? ?? ??? ????? [?????????? ?? 60%] ??????? ????? ???? ??????(???? ????) ??? ????????? ??????????? [?????????? ?? 60%] ????? ??? ?????? ?? ?????? ????????? ??????? 121.00%?? ????????.(????????)
21.00%

2. ????? ????

(1) ???????? ????? ???? ????

??????? ?? ??????????????? ??????? ??Ŀ? ???? ???? ???????? ??? ??????? ??????? ????? ??????, ?? ??????? ?????? ?????? ???????.

??. ??????????

?? ?????????? : ???????????????? ?? ????????? ???? 
??
?????????????? : 2022?? 08?? 12??

??. ?????????

?? ??? ?????????????? ????????? ????????? ??????? ??? ???????? ??? ?????? ???????????? ??? ?????? ???????? ?????????ν? ?? ?????? ???

?? ????????? ???????

????
????????? ???????

1??

??? ????????? 1?? ????????????????
?? ???????????? 95% ????? ???

2??

??? ????????? 2?? ????????????????
?? ???????????? 90% ????? ???

3??

??? ????????? 3?? ????????????????
?? ???????????? 85% ????? ???

4??

??? ????????? 4?? ????????????????
?? ???????????? 85% ????? ???

5??

??? ????????? 5?? ????????????????
?? ???????????? 80% ????? ???

?? ?????????????? : ??? ???? ??????????????? ?? ????????? ????

?? ????????????? ?? ??????

????
?????????????
??????

1??
2023?? 02?? 06??
???????[100% + 3.50%]

2??
2023?? 08?? 07??
???????[100% + 7.00%]

3??
2024?? 02?? 02??
???????[100% + 10.50%]

4??
2024?? 08?? 06??
???????[100% + 14.00%]

5??
2025?? 02?? 06??
???????[100% + 17.50%]

?? ???????????? ?????? : ??? ?????? ?????????????(??????)?κ??? 3?????? 

?? ????????? ????? ???? ????? ?????? ??? ?? ?????? ?????? ???????? ???? ?? ????? ????? ?????? ??????? ????? ?δ????? ????.

??. ??????

?? ??????????? ??????? ???? ??? ????????
??????? ??? ????????? ????????? ???? ?????? ???????? ?????????ν? ?? ?????? ?????.

????????? ????????
??????

1)
??? ????????? ???????????
?? ???????????? 75% ????? ???

???????[100% + 21.00%]

2) ??? ????????? ??????????? ??? ????? [?????????? ??75%] ??????, ?????????? ??????(??????)???? ????????(????)???? ??? ??????? (???? ????) ?? ??? ????? [?????????? ??60%] ??????? ????? ???? ???? ???

(??? ?? ????????? ?????? ?????? ???? KI ??????? ????)
???????[100% + 21.00%]

3) ??? ????????? ??????????? ??? ????? [?????????? ??75%] ??????, ?????????? ??????(??????)???? ????????(????)???? ??? ??????? (???? ????) ?? ??? ????? [?????????? ??60%] ??????? ????? ???? ??? ???

??, ??????????? ??????? ? ??????? ????
(??? ?? ????????? ?????? ?????? ???? KI ??????? ????)
???????[?????????/??????????]

* (?????????/??????????)?? ????? ???? ???° ??? ????

??
????????? : ?????????? ?? ????????? ????
??
???????? : 2025?? 08?? 06??
??
??????(??????) : 2025?? 08?? 11??
 ????????(??????)?κ??? 3??????

??. ??? ??????

?? ?????? ??????????? ??? ??? ???? ????? ??????? ??????????? ????? ????. ????????? ?????? ???, ??? ?????? ??? ?? ??????? ????? ??????????? ???? ??? ??????? ????? ??????????? ??? ?????? ????????.

?? ???????? ???????? ??? ??쿡?? ?? ?? ????? ??????? ???????? ???????? ???, ????? ??????? ??????? ????????? ???? ??? ??????? ???????? ??????.

?? ?????? 2?? ??????? ?????? ???, ??? ?? ?????? ?????? ??? ??????? ??????? ???? ????? ?????????? ?? ??????????? ????????.

?? ?????? ???????? ??? ??? ?????? ????? ?? ?????? ???????? ??????. (???? ????? ?????? '3. ????????? ???? ?? ?????????? ???? ????'?? ???????? ??????.)

?? ?????? ?????? ???, ??????? ????? ???? ?? 3??????? ??? (?????? 2?? ??????? ?????? ??? ????? ?????? ???? ?? 3??????) ??????? ????? ???????? ??????. 

??
?????? ???? ?????? ????? ????????.

??
???????? '3. ????????? ???? ?? ?????????? ???? ????'?? ?????? ??? ???? ???????? ????????? ???????? ???? ??????? ???????? ?? ?? ??????.

(2) ??????? ?? ????

??. ????????
?????????????? ??? ??????????? ???? ?? ??? ???? ???????? ??????? ???????? ?????? ?? ????????? ???????.

??. ???? ??? ?? ??
?????? ????????(?????)?? ???????? ????????? ???? ????? ????????.

??. ?? ??????
????????(?????)?? ??3?? ?????? ???????κ??? ?????? ?? ?????? ????????,
?????? ???????κ??? ????????(?????)?? ?????? ??? ????? ??????????.
???? ?????? ????? ????????(?????)
?? ???? ????????? ?????? ?????? ????
???? ?????? ?????? ?? ??????. ????????(?????)?? ????????? ???????(http://www.myasset.com)?? ?????, ?? ?????? ??????κ??? ????????? ??????? ?????? ???????.

(3) ??????? ?? ????

?? ?????? ??????? ??????? ???????. ???????????? ????? ??? ???????? ????? ???? ?????? ?? ?????? ??????? ?????? ???? ??????? ?? ?????????? ?????? ????? ???? ???? ????? ?? ?????? ??????? ??? ???¿? ?????? ????? ???????? ????????.

(4) ???????? ????? ???? ??????

??. ?? ?????? ??????? ???? ??????? ??????? ??????????? ??? ?????? ??????????? ??????? ??Ŀ? ???? ???????? ??????? ????????, ????????? ???? ???(?????? ???????????)?? ?????? ???????? ??????.

??. ?????,
?? ?????? ??????? ???????? ????? ?? ???, ???????? ?? ?????? ???? ?? ?????? ???? ????? ?? ???? ???????? ????? ???? ?? ?????? ???????? ?? ??????, ??? ????
?? ?????? ??? ??? ???????. ???????? ??????? ?? ?????? ???????? ????? ??? ?? ????? ????
???????(Hedge)????? ???, ????????? ????, ??????, ??????????? ??????, ????????? ????, ???? ???? ????? ????, ????????? ?????? ?? ??????? ???ε??? ??????
????????(?????)?? 95% ???(??, ?????? 6?????????? 90%???) ???????? ?????? ?????? ????? ???,
?? ??? ?????κ? ?????? ????? ????? ?? ??????.

??. ??,
???????? ???????? ???? ??? ?????? ????? ?????????? ?????? ??? ?? ?????? ????????? ??????? ??쿡 ????? ???????? ?????? ??????? ??? ?????? ??????? ???????? ???? ?? ??????, ???????? ????? ??쿡?? ?????? ????????? ??? ??? ?????? ?????? ???? ?? ??????. ?? ??? ?????? ????? ??? ????????? ???????.

??
??????????? ?????κ? ????????(?????)??? ?????????? ?????? ??????????? ??????????? ??????? ?? ??????.

??????
??????

?????? ???????? ???? 4?? ?????? ???? ??? ???????? ???
(??, ?¶??? ????? ?????)

??????
?????
??????(????)???? ????????(??????) 2?????? ??????? ?? ??????
??, ????????? ????? ??? ?????? ?? ????????????(??????) ???? [2] ??????? ????³?(????)???? ?? ????????????(?? ????? ???? ?????? ??? ??? ???? ?????? ?????)(????)????(???? "????????? ?????")?? ???????? ????? ?? ???????.

??????????? ??
?????? ????? ????? ?????, ???? ????????(16??) ?????? ?????? ???? ???????? ???????.

????????? ??????
?????? ????? ???????????(??, ????????? 2?? ????? ???????? ?????? ???, ?????????? ???????? ?????? ????? ?????? ??? ????? ????? ??????????? ???.)
*????ð? ????

????????? ??????
????????? ??????(??????)?κ??? 3??????
*????ð? ????

??????
??? ????
10?????? ????????? ??? 10???? ?????? ??? ????????.
(??, ????? ???????? ????? ????? ??? ?????? ??????? ??? ????)

??????????

????????? ?????? ???????? ??? ?????? ?????? ???????? ????????? ????? ???? [?? 3?? ?????? ????]?? ?????? ???????.

- ?????? ???? ?????? ?????? ??? ????????(?????)?? ????? '????????? ???????(http://www.myasset.com) > ????????? > ELS/DLS/ELB/DLB ????? ???' ?? ????????? HTS(Home Trading System)?? [9267]????? ??????????, ???? ???????濡 ???? ???????? ????? ?? ??????.

- ??, ?????? ???? ?????? ???????? ??? ?????? ??? ????? ??? ???? ??????? ????????
????????(?????)?? 95% ????? ????(??, ?????? 6?????????? 90%???)???? ?? ?????? ??????????. ????, ???? ??????????? ????????(?????)?? ????? ????? ?? ??????. 

-
???????? ????? ??? ??? ????????? ?????? ???? ???γ???(????????(?????), ???? ??????????, ????????(?????) ??? ???? ???????????? ????)?? ????
?? ?帳???.

??????
???????

- ??????????? ?? ????? ???????(Hedge) ???? ????? ????? ????? ????? ?? ?????????? ???????? ??????? ?????? ???? ?????? ????? ???????????, ?????????? ?????? ?? ????????? ?????? ?? ?????? ????????(?????)?? ??? ?? ??????,
?? ??? ?????? ????? ????? ?? ??????? ?????? ??? ?? ???????? ??????.

- ???????? ??????????? ??? ??? ????? ?????? ?????? ?? ????? ??????, ??? ???? ???????? ????????? ??????? ??? ??????? ???????? ?δ????? ??????. ???? ???????, ??????? ?? ??????? ?????? ????? ??쿡?? ???????? ??????? ??????? ????????? ???????? ?????? ?? ?????? ??? ???? ????????? ?????? ???? ????? ?? ??????.

???

(5) ?????? ???? ??? ?? ???

??. ?? ?????? ???????? ???? ??? ?????? ??? ????????? ???? ??????? ?????????? ?????? ?? ??? ????????? ???? ???????? ??????. ????
?? ?????? ??????? ??? 5??? ????? ??쿡?? ?????? ?????? ????? ?? ??????
?????? ????? ??? ?????? ?????????? ?????? ????? ???????? ?????? ?? ?? ???????? ??????.

??. ?? ??? ???? ??? ????? ??????? '????????? ???????(http://www.myasset.com) '?? ????????. ?? ????? ????????? ????????? ??????????(1588-2600)?? ???? ????? ?? ??????.

(6) ?????? ???? ?? ???

??. ?????? ???? ???? ????

?? ?????? ??????? ??????.

??. ?????? ???? ???? ????

1) ?? ???? ????? ?????? ??? ???

?? ?? ??????
????????(?????)?? ?????? ????? ???????δ?
???????, ????????? ???????, ????????? ??????, ????????? ??????, ???????? ?繫???? ???? ??????. ?? ?????? ????? ???????? ?????? ?? ?????? ????????? ???? ?????? '??. ???? ??? ???? ???? ?????? 3. ????? ???????'?? ???????? ??????.

?? ????, ?? ?????? ???? ???? ?????? ???? ????????? ?? ?????? ???????? ?? ??????, ??????? ?? ???? ?? ??? ??????????ε??? ?????? ?????? ??????. ??? ?????? ??????????? ???? ???? ?????? ????. ??????????? ?κ??? ???????? ??????.

2) ?? ?????? ???? ???? ????

?? ?? ?????? ??????? ???? ??????? ??????? ??????????? ??? ?????? ??????????? ??????? ??Ŀ? ???? ???????? ??????? ????????. ????, ????????? ???? ????? ?????? ???????? ??????. ???, ?? ?????? ??????? ???? ????? ?? ?????? ???? ?????? ??????? ?? ?????? ?? ?????? ????????? ???????? ???? ???????? ?峻?????? ?????? ?? ?????? ??????? ???????? ????? ??? ???????? ?????? ???????.

3) ???????? ???????? ???? ????

?? ???????? ?? ?????? ?????? ???? ????? ?? ?????? ???????? ????? ???? ?? ?????? ???????? ?? ??????, ??? ???? ?????? '(4) ???????? ????? ???? ?????????κ??? ???????? ??????.

(7) ?????????????? ?????? ??? ?? ??? ?????? ??? ????

??. ?????? 

???? ??????????? ?? ???? ???????? ???? ???? ??? ????? ?? ??????
?????? ?? 2 ?????? ????? ???????? ???????. ???? ?? ?????? ???? ???? ???? ????? ?????? ??????(???? ?????????? ????), ??? ?????? ?????? ???? ?????? ?? ??????????.
???????? ???? ?? ??????????簡
?????κ??? ????, ?????, ???? ???? ???????
?????? ??簡 ????????? ??ι??? ????? ??? ??? ??????
??????? ????? ???????? ??????.

(8) ?????????????

??????????? ????? ???? ?????? ??47?? ?? ???? ?????? ????? ??? ???? ????????κ??? 5???? ??????? ??? ???????? ?????? ???? ????????? ?? ?????? 1?? ????? ????? ?????? ???? ?? ??????.

3. ????????? ???? ?? ???? ?????? ???? ????

?? ?????? ???????? ????? ??? ???? ??????κ??? ?????? ?????? ?? ?? ?????ο? ????? (1) ?????? ?????? ???? ??????? (2) ?? ????????? ????? ?? ?????? ????????? ????.

(1) ?? ?????? ???????? ?? ???

??. ???????? ????

1) ???? ?? ??? ?????? ????? ??? ???????? ?????? ?????? ??????, ?????? ???? '??. ???????? ???'?? ???? ?? ?????? ???????? ????. ????? ??? ???????? ??? ???? ?? ???????? ??? ???, ????????????? ?? ???????????? ?????? ?? ?????? ????????? ????????? ????.

?? ???????? ??? ??? ???????(??? ??? ?????? ?????? ??????) ?????? ????? ?? ??? ??? ?????? ????? ??3???? ????? ????? ?????ο??? ????? ??????? ????????? ????? ???

?? ?????ο??? ?????? ???? ???????? ??????? ??? ???? ????????? ????? ??? ??? ??? ?????? ????? ??? ???????? ??? ???

?? ?????ο??? ????????? ??? ????????? ???????????? ??? ???

?? ???????? ?????????? ??? ????????? ?????????? ???? ?????? ???? ?ν??????????? ?????? ???

?? ???????? ??? ??? ??????? ????? ???????? ?? ??? ?? ?????? ????? ??????? ?????? ?? ???

2) ???? ?? ??? ?????? ????? ??? ???????? [????????? ????? ???? ????? ???? ????] ?? ?????? ?????? ???? '??. ???????? ???'?? ???? ?? ?????? ????? ?? ??????. ????? ??? ?? ?????? ??????? ????? ??? ???? ?? ???????? ??? ???, ????????????? ?? ???????????? ?????? ????????? ????.

?? ?? ?????? ??????? ???? ??? ??? ?????? ?????????? ?????? ????????? ??????????? ?? ?????? ??????? ???? ?????? ?? ???

?? ????????? ????? ??? ??????? ??????? ??????, ???, ?ε?, ??? ???? ?????? ?????? ???

?? ??????? ?????????? ???????? ?????? [10]????????? ????? ??????? ???????? ?????? ???

?? ???????? ??????? ?????? ??? ?? ???ø? ???????? ?????? ???

?? ?? ?????? ???? ???? ???? ?????? ??????????, ???? ?????? ????? ???? ?????? ????? ?? ????? ??????? ?? ???

?? ?? ?????? ???? ???? ???? ?????? ??????????, ???? ?????? ????? ???? ?????? ????? ?????ο??? ?????? ??????? ???? ??? ?????? ???? ????? ????? ???

?? ???????, ????, ??, ????????(??????? ????)?????? ???????????, ??? ??? ????? ?????? ????? ?? ?????? ??????? ???? ?????? ?? ???

??. ???????? ???

1) ?? ?????? ???????? ?????? ?????? ???????? ?????? ?????? ?? ?????? ???(????)??? ??? ???????? ?????????????κ??? [10]?????? ????? ?? ?????? ????????? ???????????? ????????? ????.

?? "?????????????"?? ?? ??. 1)?? ??? ?? ??? ???? ????? (???????????? ??? ???? ???? ??????????)?? ??????, ?? ??. 2)?? ??쿡?? ?????? ?????? ??? ??????????μ? ???????? ?????????????? ?????? ???? ???????. 

2) ?? ?????? ???????? ?????? ?????? ???????? ?????? ?????? ?? ?????? ?????? ??? ???????? ??????????????? ????????? ???? ?? ?????? ???? ?????? ???????????? ????????? ????? ???? ????? ???? ???? ????????. ??? ?????? ????????? ?????? ????????? ?????? ?????(??? ???? ????? ?? ??????)?? ???????? ????? ?????? ???, ???????????? ??? ?????? ?????? ??????? ????.
??, ??? ?????? ????? ?? ??? ?????? ???????? ??? ???(?????, ???ð???? ??? ???????? ??? ??????? ???????? ?ε???? ???? ?????? ????? ??? ????????? ???????? ???????? ??? ??? ??)
???? ??????? ?????? ??(0)???? ?????? ?? ??????, ?? ??쿡 ??????? ????? ?????? ???? ??????? ????? ????? ???????? ???????? ????. ???????????? ?? ?????? ????????? ????? ???? ?? ???????? ????? ????? ?? ??????, ????????? ????????????? ????? ?? ?????? ?????? ????? ??????? ??쿡?? ???????????? ?????? ???? ????????? ????????? ?????? ?? ??????? ??? ??????? ??????.

(2) ????????? ????

?? ?????? ????? ?? ??? ???? ????? ?????? ????? ?? ??????. ???????? ?? ?????? ????????, ???????? ?? ??? ????????? ???? ?? ???? ???? ????? ?? ??? ??????? ???????? ???????(http://www.myasset.com)?? ?? ?????? ??????? ????????? HTS(Home Trading System) ?????? ??????? ????.

?? ??, ????? ?????? ????? ?? '(1) ??. ???????? ????'?? ?????? ??? ???????? ?? '(1) ?? ?????? ???????? ?? ???'?? ???? ??? ???? ?? ?????? ???? ?? ???? ???????? ???? ?????? ?? ?? ??????.

??. ??????? ???????

1) ???? ?????? ???? ??:
????? ??? ???????? ???????? ??????? ?????? ????, ??? ??? ?????? ?????? ????? ???????? ??? ??????????? ??? ???????? ???? ??????? ??? ??ε? ????? ????????? ?????? ???????? ?????? ?????? ?????? ????????. ??, ?? ??????? ?????? ?????? ??????κ??? [2]?????? ???? ?????? ??쿡 ????? ???????? ?????? ????????? ???? ?? ????? ??????? ??? ?????? ??????????? ?δ????? ??????.

2) ??????????[(Market Disruption)]:

??? ?????? ???????? ??? ???????? ??? ?????? ?? ?????????? ??? ?????? ???????.

?? ??, ?? ???? [8]??????????? ??? ???????? ??? [8]??° ??????????? ??????????? ?????? ????? ???????. ?? ??? ???????? [8]??° ??????????? ??????? ?????? ????????? ????? ?????? ???????, ????????? ?????? ??? ???????? ???????????? ?????? ?????? ???? ??????? ???? ????? ????? ???? [8]??° ??????????? ?? ??? ?????? ?????????? ?????? ??? ????? ?????? ??????? ?????? ????????.

?? ?????? ????????? ???? ??? ???????? ?????? ???(????????? ?????? ??? ??? ?????? ?????????? ?????? ????? ????) ??? ?????? ??? ?? ??????? ????? ????????? ??? ??????? ????? ???????? ????? ?????? ????????. 

?? ?????? 2?? ??????? ?????? ???, ??? ?? ?????? ?????? ??? ??????? ??????? ???? ????? ?????????? ?? ??????????? ????????.

?? ???????????? ????? ???? ?????? ?????? ???, ??????? ????? ????(??????) ?? [3]??????? ??? (?????? 2?? ??????? ?????? ??? ????? ?????? ???? ?? [3]??????) ??????? ????? ???????? ??????.

3) ??????? ??? ??? ??[(Hedging Disruption)]:
?? ?????? ???????? ?? ?????? ?????? ????? ?????? ?????? ?????? ????? ??????? ????????, ???????? ????? ???? ????? ?? ???????? ??? ??? ??3??(???????? ????)???? ???????????? ???? ???????(Hedge)????? ?????? ?? ??????, ??? ????? ?????? ??? ????????? ???, ???????? ???? ?????? ??????? ??? ????????? ?????? ?????????? ????? ???(???????, ????, ????, ????, ????, ?????????? ??? ??? ?????? ??????? ???? ??)?? ?????? ???????? ?? ????? ?????? ??????????? ????? ?????? ??????? ?????? ???, ???????? ??????, ?????? ?? ????????? ?? ?? ?????? ????????? ?????? ?? ??????.

4) ??? ?? ????????????????? ???? ????? ?????? ???? ???????? ???? ?? ?????? ??????? ?????? ????? ?? ?????? ???????? ????????? ????? ???? ?????? ??? ???????? ?????? ??????μ??? ????????? ????? ?? ?????? ????????? ?????? ?? ??????.

5) ??, ???? ???? ???? ?? ????? ?????? ??????? ??? ??? ????? ???濡 ????? ?? ?????? ????? ??? ??????? ????? ?? ????????????????? ???? ????? ?켱??? ????? ?? ??????.

??. ????????? ?????? ????? ??????? ??????? ???????

1) ????????? ??? ????? ??????? ???????? ??????, ????????? ????????? ???????? ????, ????????? ??? ?? ????? ???? ?? ??, ???? ?? ???? ?????? ??????? ???????? ????? ???????.

2) ???? ????[(Index Modification)]:
??????? ???????? ????????? ?????? ???? ???? ??? ????? ???????? ??? ??? ??????? ????????? ?????? ?????? ???(???????, ??????? ??? ??? ????? ?????? ?????? ??? ??? ????????? ??????? ???? ???? ??? ????? ????? ??? ?????? ????), ???????? ?????? ???????? ????????? ????? i) ?? ?????? ???????? ?? ??????뿡 ???? ?????? ???????? ?????? ??? ??? ???????? ??? ii) ?????? ?? ?????????? ????? ?????? ?????? ???? ?? ????? ???? ???? ???? ?? ????????? ??????? ???(???, ????? ????? ???????? ?????????? ???? ??????)?? ?????? ?????? ?????? ????????? ??? ?????????????????? ????? ?? ??????.

3) ???? ????[(Index Cancellation)]:
??????? ???????? ????????? ?????? ?????? ??? ?? ?????? ???????? ?????? ???????? ????????? ????? ?????????, ?????? ?? ?? ?????? ????????? ?????? ?? ??????. ?? ??? ???? ???? ?????? ??????? ???????? ?????????? ????? ?????? ????? ???? ?? ????? ?????? ??? ???? ????????? ?????? ?????? ?? ??????. 

??, ??????? ?????? ????? ??3??? ????????? ???????? ?°??? ??쿡?? ????? ???? ???????.

?? ??? ?°????? ???????? ?????? ??????? ??????? ???????? ???????? ????? ?????? ??? ?°????? ?????? ???ο? ????????? ?? ????? ???? ????????? ?????? ?????? ?????.

?? ??? ?°????? ???????? ?????? ????????? ??????? ?????????? ??? ??????? ?? ????? ???? ????????? ??????? ?? ?????? ????????? ??????? ???? ???????? ???????? ????? ?????? ??? ???????? ?°????? ?????Ŀ? ?????? ??? ????????.

??. ????????? ????????? ????? ??????? ??????? ???????

1) ??????? ??????? ???? ?? ??? ???? ?????? ????? ???

?? ??????? ??????? ????, ????, ???, ????, ???????, ??????? ???? ?????, ??????, ??麴?? ?????? ????? ????????? ??? ?????? ??? ??? ?? ?????? ???????? ?????? ??? ???Ŀ? ????????? ??????? ????? ????????? ?????? ???????? ????????? ????? ?????? ???? ????????? ??????? ?? ?? ?????? ?????? ?????? ?? ??????.

?????? ????? ????? ???? ?? ????????? ????? ????????. ?????? ?????? ??????? ?????? ?????? ???????, ??????????? ??????? ????? ???? ?????????? ??????.

???????
?????? ???????

????????
(????????? ???????
?????? ??쿡 ????)
???? ?? ??????? * (1 + ???? 1??? ????? ???? * 1??? ?????? / ?????????) / (1 + ???? 1??? ????? ????)

???????? ?? ?????
?????? ???????/(1+?????? ??? 1??? ????? ????)

??????, ??????
?? ?????
?????? ???????? ???????? ??????? ????????? ????

???, ???????, ??ı??(????)
???????? ?????? ??? ???Ŀ? ????????? ??????? ????? ????????? ?????????? ???????? ?켱?????? ?????? ???? ???? ?????? ???????? ????????? ????? ????????? ??????? ?? ?? ?????? ?????? ?????? ?? ????

???
?????? ?? ?????μ???λ???? ???, Stock Option??? ??(????????? ?????? ????? ????? ????? ???????? ??? ???)???? ???? ????? ?????? ??쿡?? ?? ?????? ????????? ???????? ?????

?? ???, ???????? ?????? ???? ??? ???? ?????? ???? ??????? ????????? ?????? ????? ??? ???????? ?????? ???????? ????????? ???? ?????? ????????? ????? ?? ?????? ????????? ?????? ?? ??????. 

?? ??????????????? ?????? ???????? ??????? ?????? ??? ???????? ???????????? ?????? ?????? ???????? ??. ??, ???? ???? ?? ????? ???????? ????? ????? ?? ??? ?????? ?????? ??? ??? ?????? ????? ?? ????

?? ???????? ???? ??쿡 ?????? ???????? ????????? ???????? ??????? ??????? ??? ??????? ???? ??????? ???????? ???????? ????? ?????? ???? ???

?? ??????? ????? ?????????? ??? ??????? ?????? ??? (??????? ???? ?켱?? ???? ??)

?? ??? ????????? ?????????? ?????? ????????? ?ο??? ??? ???? ??????? ?????? ??찡 ????????? ????????????? ??????? ???

?? ??????? ???? ?????? ?????????? ?????? ????? ???? ??? ?????????? ????? ???(????? ????? ??? ??쿡?? ?? ?????? ????? ???? ????? ??????????? ??????? ???? ?????????? ???????? ??? ??? ????)

?? ????????? ?????? ?????? ????????? ??? ????? ??????? ???μ? ??????? ???? ??? ??????? ???? ???????? ?????? ???????? ????? ????? ????????? ????? ??? ???? ????? ???????? ??? ???

2) ??????? ??????? ???? ????????? ??? ????? ?°???? ???

???????? ?? ???? ????? ??????? ?????? ?????? ?????????? ?????????? ???????? ??????? ??? ???ο? ?????? ?????????? ??????, ??? ?? ?? ?????? ???????? ?? ??????뿡 ???? ?????? ???????? ?????? ??? ??? ?????? ?? ??????.

??. ????? ????????? ????

1) ?? ?????? ????, ??? ?? ??? ????????? ?????? ??? ??? ???????? ??????? ?? ?????? ?????????????? ?????? ????.

2) ?? ?????? ??????? ?????
?? ?????? ????, ??? ?? ??? ????????? ???? ?? ???? ???? ????? ?? ??? ???????? ??????? ????????
???????(http://www.myasset.com) ?? ????????? HTS(Home Trading System) ?????? ?? ?????? ???????? ????.

(3) ???????? ?????????? ???? ???????? ???????????

??. ???????? ??????????? ??? ??????? ???????? ???????? ??????? ??쿡 ???????? ?????? ???? ????? ??????????? ??? ?????? ????κ??? ???? ??????????? ??????? ????? ???????? ??????? ???? ??????? ?????? ????????? ?? ????????? ?????? ???????? ????????? ??????? ????. ??, ?????? ???? ?? ?????? ??? ?????????? ?????? ????? ??????????? ??? ???????? ??????? ??쿡?? ???????? ???????? ??????.

??. ???????? ????????? ???????? ??? ?? ???? ??????? ???????? ???? ??? ???????? ??? ??? ??????? ?? ???? ?? ????? ???? ???? ?? ??????. ???, ???????? ???? ????? ??? ??? ??? ??????? ?? ????????? ???? ??????? ??? ??簡 ?????? ?????? ??????? ??? ?? ???? ???????? ??? ???? ???? ???? ?? ???? ?????? ???? ?? ??????.
?? ?????? ?????????? ??? ????, ?????? ????? ?????? ?????? ???????.

(4) ?????? ???????

??.
?? ?????? ??????뿡 ???? ?????? ??? ??? ?????? ?????????? ?? ?????? ????? ???ε? ????????? ???? ?????? ???????. ???, ?? ?????? ????????? ??????? ???? ????? ??????? ????α? ?????? ?????? ???? ?????? ?????? ???? ????? ??????? ?????? ???? ???????.

??. ?? ???????κ??? ??? ??? ??????? ?????? ??? ??? ??? ?????? ??????? ????α? ?????? ???? ???????? ????.

??. ??????????

?????
??????
(??? ?????????????)??
????????? ????
???
??????? ???? ????
???? ??
?????? ????? ???? ??? ???????? ?????
?? ???????? ??????. ???? ??
???????????
??
???????????????? ???? ????? ???? ???
??????????????
????????? ????? ???
?? ?? ???????
????? ?????? ????? ???? ??????.

1. ??????? ????

?? ??
?????????? ?????

????????? 
????????? 
?????? 
????????? 
???? ????

- ?? ?????? ????????? ????????? ??????? ????????? ???????
???????? ?????? ????? ???????
????????? ?????? ????????? ????? ???????? ??????? ??? ??????? ????? ???? Ŀ??? ????? ??? ?? ?? ??????, ????? ???
??????? ???????????? ?? ???? ?? ??? ?????
??
?? ????? ??????? ???? ??????? ???? ??? ?? ??????. ???? ???????
?? ?????? ???????? ?????????? ???????? ???? ???? ????? ??????? ????????? ????.

- ?? ?????? ???? ????????? ?????? ??????? ???? ??? ???????? ??? ????, ?? ?????? ????? ????
????????? ?????? ??? ?????????? ??????? ?? ???? ??????? ???????? ?????? ?????? ???? ??????????,
??????? ??? ??????? ?????????? ???? ??????????? ???? ??쿡?? ???????? ?????? ??????? ?? ?????? ??????
?? ?????? ???????? ?? ????????? ????????? ?????? ?? ??????, ????? ???????? ?????? ?? ?????? ??????? ???? ????? ???????? ?????? ??쿡?? ????????? ?????? ??????? ??????? ?????????? ?? ?? ??????(???? ???? ??????뿡 ???? ??????? ???????? ???? ????????? ?????? ?????? ??쿡 ???? ?????? "???? II. ?????? ??? ??????? ?? 3. ????????? ???? ?? ???? ?????? ???? ????"?? ????? ?????? ??????). ??????? ????? ??????? ?????????? ?????? ?? ????? ?????? ??? ?? ?????? ?????? ????? ????? ?? ??????.

????????(?????)?? ?????? ????? 
???κ? ????

-
????????? ????? ???? ????: ???????? ??? ??????????? ???????? ????????(?????)?? ?????? ?????? ??????.

-
????????? ?????? ???? ????????(?????) ?????? ????????: ??????/??????????? ???????? ????????? ????? ???? ????????(?????)?? ?????? ??? ?????? ????????(?????)?? ??? ??? ????? ?????? ???? ????, ?????????/?????? ??????? ????????? ????????(?????)?? ??? ??? ????? ?????? ????? ?????? ??????. 

-
????????? ???????? ???? ????: ???????? ??? ????????? ???????? ???????? ????????(?????)?? ?????? ?????? ??????.

-
?ð?????? ???? ????: ???????? ????? ?ð?????? ???????, ????????(?????)?? ?????? ?????? ??????. 

-
??????????? ???? ????: ???????? ???????? ????? ????? ???? ????????? ????? ????? ?????? ?????? ????. ???? ????????????? ????????? ???? ????? ????? ???? ????????(?????)?? ??? ??? ????? ?? ??????.

-
??????? ???????? ???? ????: ??????? ???????? ???????? ????????(?????)?? ?????? ?????? ??????.

??????? ?????? ???? ????

- ???????? ?? ????? ??????? ???????, ??????? ????????, ??????? ??? ??????? ????????? ????? ????, ??? ?? ???????? ???, ???????? ?????? ??? ??????? ???????????? ???? ????????? ?????? ?? ??????. ?????
????????? ????? ????????? ?????? ?????? ?? ??????, ?? ???
?? ?????? ??????? ?????? ??? ???? ??????. ???,
???????? ????????? ???? ????????????? ??? ??????????? ????????? ?????? ?????? ?? ??????, ?? ?? ??????????? ??????? ????? ???????? ???? ???? ???? ?? ?? ?????? ?????? ????? ????? ???????? ??????? ??? ????????? ???? ??? ??? ????? ?? ??????.

- ???????? ?????
????????? ???????? ?????? ??????? ????? ????????? ?????? ??????? ?????ħ ?? ????????? ?????? 'ELS ????????? ??????? ?????? ???? ??????? ????????'?? ????
????? ????? ?????? ??????.

???????? 
???????? 
????????? 
????? ????

-
???????? ??????????? ??????? ??????????μ? ????
??????? ?????? ??????? ?????? ?μ?, ??? ?? ??????? ??????? ??????, ?? ??? ??? ?? ?????? ???????, ??????? ???????? ??? ???????? ????? ?????? ???? ????? ?? ??????. ????? ????? ???????? ???????? ????????? ?????????,
????? ????????? ????? ??????????? ????? ?????? ?? ??????,
??? ???? ?? ?????? ??? ???? ????? ????? ?? ??????. ???????? ????????? ?? ?????????? ???? ???????? ????????? ??????μ? ???????, ??????? ???????? ??? ???????? ????? ?????? ?? ???? ??????? ?????? ?? ??????, ??? ????? ????????? ?? ?? ?????? ??? ?? ????? ?????? ????? ?? ??????. ?????? ?? ???????? ??????????? ????? ???????? ???????? ????????? ?? ?????? ???????? ????? ?????? ??? ?? ??????.

????????

- ?? ????? ???? ???????????(???????????)??
???? ?????? ?????? ????? ???? ??? ????? ????? ????? ?? ??????, ?????? ???? ?????? ?ð???? ??? ??? ?????? ????? ?? ??????.

?????????????? ?????
???? ????

- ?? ??????
???????????????? ???????. ?? ??????
???????????? ?????? ???? ??? ???????????
??????? ????????? ???? ??? ??????
??????? ?????? 100%?μ?,
?????? 20%?? ?????? ????? ????? ?? ??????.
???? ??????? ??????? ????? ????(?????? ????? ???? ??????, ???????? ???? ?????? ??)????
??? ????? ????? ?? ??????.

2. ??????? ????

?? ??
?????????? ?????

???????? ?繫, ???????? 
?????? ????

- ?? ?????? ???????? ???? ????? ??????????? ?????? ???? ??????? ???? ??????? ??? ?????? ??????? ?????? ???????? ??? ???? ???????. ????? ??????????? ????? ???????? ?繫, ?????? ???? ??? ? ???????? ????? ??????, ?? ?????? ?????? ???? ?????? ?????? ????? ???????? ????? ???????? ?繫, ???????? ???? ????? ????? ??????? ?????? ???? ???????.

-
?? ?????? ???????? ??????? ??????? ??????, ???? ???????? ???????? ?繫, ???????? ?? ?????? ????? ????? ?????? ??? ?? ??????. ???? ???????? ?繫?????? ????? ?????? ????? ??? ??? ??????? ??????? ?? ??????? ??ο? ????? ??????? ???? ?? ???? ???? ???????? ??????. 

- ?? ????? ??????? ????????? ?????簡 ?δ???? ??? ????? ???
????, ?????? ???? ?????? ?????? ???????.

- ?????ο? ???? ???? ????? ????
???????? 2022.05.16????? ??????
?б???
?? ???系?? ?? ÷?μ????? ???????? ??????.

????????????
- ?? ?????? ??????? ?????? ???????? ??? ??? ???????? ??? ?????? ????? ?????? ?????????? ???? ??????????? ??????? ????? ???????? ??????? ???? ??????? ?????? ????????? ?? ????????? ?????? ???????? ????????? ??????? ????. ??, ?? ???????? ???? ?????? ????????? ?????? ?????? ???? ???????? ??쿡?? ??????? ???????.

3. ???????? ?? ?????? ????

?? ??
?????????? ?????

???????? ????
- ??? ???????? ??????? ????????? ????????? ?????? ?? ?????? ??????? ????? ??????簡 ?????? ??쿡?? ?? ?????? ???? ?????? ?????????? ?? ??????. ??? ???? ?????? ??????????? ????? ?? ?????? ?????? ??????? ????? ?? ??????.

??????????? ??簡 ????? ????

- ???????? ??????? ?? ?????? ????? ?????????? ???????, ??????? ?? ??????? ?????? ????? ??쿡?? ??? ?????? ???? ?? ???? ?????? ?? ?????? ?????? ????? ?? ??????, ????? ????? ???? ???????? ??????. 

-
?? ????? ???? ?????? ?????? ??? ????? ??? ???? ???? ??? ???? ?? ????? ???????? ???δ? ??? ????? ????????????? ?? ?? ??????. ????, ??????? ?? ??????????????? ????? ?? ?????? ????
???? ?? ????? ?????? ?????? ????? ?????????ν?
???? ?? ????? ?????? ???? ??? ?? ???? ?? ????? ???? ?????? ?????????? ???? ?????? ??????
??????θ? ????????? ????.

????????
?????? ????

- ?????? ??????? ??
?????? ????????? ??? ???????????????? ????????(?????)?? ???? ????????? ??? ?? ?????? ????? ?? ?????? ????????? ?? ??????.

??????????
???? ????
??????? ????

(???????? 
???????? ???)

- ?? ??????
??????? ???????? ?????? ???
???????????? ??? ???????? ??? ????. ????
???????? ??????? ???????? ?????? ??? ???????????? ?????? ???, ???????? ???? ???? ????????? ????? ???? ????? ?????? ??? ????? ??????? ?????? ????????? ????? ?????????.

4. ??? ????????

?? ??
?????????? ?????

??????? ????
- ?? ?????? ???, ??? ???? ??????? ???????? ??? ????????? ????????? ??????? ????????? ??????? ???????? ?????? ??????? ???????, ?? ?????? ???????, ???????, ??????? ?? ???? ???????? ???系???? ????? ???????? ????? ?? ????? ?????? ??? ????? ???? ?????????? ????? ?? ??????. 

- ?? ???????? ???? ????? ?????? ???? ?????? ???????, ???????? ???? ??? ???? ?????? ??????? ???? ?????? ??? ??????????? ???????? ???? ??????? ????? ?? ?????? ??? ?? ????? ????? ?????? ??? ?? ??? ??????? ??????. ?????? ??????? ?? ????? ??????? ???? ???????? ????????? ????????? ?????? ??? ???????? ???????? ?????? ????? ???? ???? ?????? ?????? ????????? ?????? ????.

???? ????
- ?? ?????? ???????? ?? ?峻?????? ??????? ???????, ?? ?????? ?????? ??? ??????? ?? ?????? ???? ?????? ??? ??? ??????? ??? ??쿡?? ??????? ???????? ????. ???? ?? ????? ????? ??? ??? ???????? ???? ?????? ???? ???????? ?? ?????? ???????? ???? ??????? ?? ??????.

???? ?? ?????? ????

- ?? ????? ??????? ??????? ??? ???
?????? ??? ???????? ????????? ????
????????? ?????? ???????? ????? ???¡????? ????. ?????? ?????? ?????? ?????? ??? ??쿡
???????? ????? ?????? ??? ?????????? ??????? ???? ???? ?? ???????????(???????????)?? ?????? ???????? ???????? ???????? ??????.
????, ???????? ??? ?????? ??? ????????? ????? ?? ?? ???????, ???????? ??????? ??????.

- ????, ??????? ???μ????? ??????????? ??? ?? ??????? ?????? ??? ???(?????? ?? ???????? ?????? ?????? ?????????? ???? ?????? ?????? ??? ??? ????? ???????? ???? ?????? ????? ??? ????)?? ??????? ???μ??? ?? ????????? ???? ??? ???? ?????? ???????? ???, ???μ??? ?? ???????? ???¡????? ????? ??? ?? ???????? ???¡???? ???? ??????. 

- ?? ?????? ??????? ?? ?????? ??????? ??????? ??? ????? ???? ???????? ???????, ????? ??? ??? ???? ?????????? ??? ?? ????????? ????. 

- ?? ?????? ??????? ????? ??? ?? ?????? ???????? ??????? ???? ???? ????, ?????? ?????? ???? ?? ???, ???????? ????, ??????? ?????? ??? ??? ??? ???? ??????? ??? ??????? ????? ???θ? ???????? ????.

??. ??????? ???? ????

1. ????????? ???

KOSPI200 ????
?Ｚ???? ??????

2. ????????? ??????

KOSPI200 ????
?Ｚ???? ??????

3. ??????? ?? ??????? ?????? ????

(1) KOSPI200 ????
?????????? 200(???? "KOSPI 200 ????"?? ??)?? ??????????? ?? ???????????? ?????????? ????? ????????μ?, ?峻 ??????????? ????????? ??????? ????? ??? ???? ????? ????????, ????????? ?? ?????? ???? ??????? ?????? 200?????? ???????????? ????. KOSPI200 ?????? 1990?? 1?? 3???? 100p?? ??? 1994?? 6?? 15????? ????, ???????????. 

(2) ?Ｚ???? ??????
??? ?? DX?ι? ??? 9?? ????????? DS?ι? ??? 5?? ???????, SDC, Harman ?? 231???? ?????????? ?????? ??ι? ????????. ?????????? TV, ????? ???? ??????? CE?ι??? ???????, ???????????, ????? ???? ??????? IM?ι??? ????. ??????(DS?ι?)?????? D??, ???? ?÷???, ?????AP ???? ????? ??????? ???? ????? TFT-LCD ?? OLED ???÷??? ?г??? ??????? DP??????? ??????.1?б? ??????? ?????? ???? ?б? ???? 3?? ?б? ???? ??? ????? ?????????, ?????????? 1?б? ???? ?? ??° ????? ?????. ?????? ??? ???? ???? ??·??? ???? ????. ??? ?????????? ??? ???÷???? ?????? ??? ??? ?ι??? ?????? ???, ?????? 5% ??? ?????? ??? ?????? ??????. ?????? ???????? ???? ??? ?б? ???? ??????, ?????LSI?? ???????? ??? ?λ????? ???б? ??? ?????? ??????. ??? HTS ???????м? ???? ?? Business Summary(2022?? 7?? 11?? ???????) 

4. ?????????? ?? ???????? ?????

(1) KOSPI200 ????
KOSPI200 ?????? ??????????? ????????(Korea Exchange)???, KOSPI 200 ?????? ?????????? ??? ??????????? ?????? ??????.
- ???????? ??? : ?λ????? ???? ?????????? 40
- ???????? ??????? : http://www.krx.co.kr

(2) ?Ｚ???? ??????

 - ???????? ??? : ?λ????? ???? ?????????? 40
 - ???????? ??????? : http://www.krx.co.kr

5. ??????? ???? ?? ??????? ???? ???????? ?????

(1) ???????(KOSPI200 ????, ?Ｚ???? ??????)?? ????????

KOSPI200 ?????? ????????, ???????? ???????(http://www.krx.co.kr) ?? ???? ??? ???? KOSPI200 ?????? ????? ???? ?????? ?????? ?? ??????.
???? ????????? HTS?? [????? 4401 : K200-????]???? ??????????, ???? ????? ???濡 ???? ???????? ????? ?? ??????.

?Ｚ???? ??????? ????????, ???????? ???????(http://www.krx.co.kr) ?? ???? ??? ???? ?Ｚ???? ???????? ????? ???? ?????? ?????? ?? ??????.
???? ????????? HTS?? [????? 3012 : ?Ｚ????(005930)]???? ??????????, ???? ????? ???濡 ???? ???????? ????? ?? ??????.

(2) ???????(KOSPI200 ????, ?Ｚ???? ??????)?? ????????? ?? ??????? ????

???????? ???????(http://www.krx.co.kr) ?? ???????? ????, ?Ｚ???? ?????? ???????(http://www.samsung.com), ???????м? ??? ?? ???????? ???? ???? ????????? ????????? ?? ????翡 ???? ?????? ?????? ?? ??????.

6. ????????? ??? 20?? ??????? ????

??. ???? : 2002?? 07?? 29?? ~ 2022?? 07?? 29??

??. ?? ?? ????

KOSPI200 ???? : 440.40 (2021?? 06?? 25??)

?Ｚ???? ?????? : 91,000.00?? (2021?? 01?? 11??)

??. ?? ?? ?????

KOSPI200 ???? : 65.64 (2003?? 03?? 17??)

?Ｚ???? ?????? : 5,390.00?? (2003?? 02?? 10??)

????? my els ??5015?_kospi200.jpg
ELS ??5015? KOSPI200 ???? ????

????? my els ??5015?_kr7005930003.jpg
ELS ??5015? ?Ｚ???? ?????? ????

d001_????? my els ??5015?_?????????????.jpg
ELS ??5015? KOSPI200 ???? ?? ?Ｚ???? ?????? ????
(*??? ????????? ????????? 100??? ???????????)

??1) ????????? ??????? ????? ????????????? ????????? ????? ???????? ?????? ?? ??????.

7. ??? ???? ????(??? 6??????)

(1) ?Ｚ???? ??????

?Ｚ???? 1.jpg
?Ｚ???? 1

?Ｚ???? 2.jpg
?Ｚ???? 2

????????? ????? ???? ???? ????? ?????? ?????????? ???????????(http://dart.fss.or.kr/)???? ????? ?? ??????.

8. ???????

?? ?????? ????? ??????? ???????? ??????????? ????????? ????? ?? ?? ??????????? ?????? ????? ???? ??????? ????????? ???????? ??????.

??. ?μ????? ???

?? ?????? ????????? ?????簡 ???? ???????? ?????? ?????? ???? ???????. ????, ?? ?????? ?м? ?? ???? ???? ?? ???? ?????? ???????? ??翡 ???? ????????????.

??. ????? ??????

1. ????????? ???? ?? ?????

(???? : ??)

?? ??
?? ??

???? ??? ???????(1)
3,000,000,000

?? ?? ?? ?? ??(2)
150,000

?? ?? ?? ?? [ (1)-(2) ]
2,999,850,000

?? ???????? 30??????? ???????? ????? ???????. ??????? ????????? 100%?? ????? ??쿡?? ????? ???? ???????? ?????δ? ????? ?? ??????.

2. ????? ????? ?????

????????? ??????? ???? ????????? ???? ??????? ???????? ?????? ?????, ???? ?????? ???????? ????? ??? ??? ??? ????? ??????? ???, ?峻?? ?????? ??? ???? ?????????(???????) ?? ?????????? ????? ????? ???????.

??. ?? ??? ?????????? ???? ????? ????

1. ????????? ?????? ???? ???

??. ???????????(ELS, DLS) ??????? ?? ???????

(???? ?? ???? 3???, 2021?? 12?? 31?? ????)

(???? : ??, ???)

????
???????????
???????????

???????
???????
???????
???????

????
???
??
????
???
??
????
???
??
????
???
??

2018??
??
240
131
371
0
0
0
3
15
18
0
0
0

???
2,192
3,381
5,573
0
0
0
6
953
959
0
0
0

2019??
??
231
244
475
0
0
0
17
40
57
0
0
0

???
5,369
5,890
11,259
0
0
0
121
2,014
2,135
0
0
0

2020??
??
216
134
350
0
0
0
1
22
23
0
1
1

???
5,176
2,854
8,030
0
0
0
1
1,004
1,005
0
100
100

2021??
??
309
100
409
230
67
297
0
0
0
0
0
0

???
7,229
1,862
9,091
5,370
1,054
6,424
0
0
0
0
0
0

???
??
996
609
1,605
230
67
297
21
77
98
0
1
1

???
19,966
13,987
33,953
5,370
1,054
6,424
128
3,971
4,099
0
100
100

??1) ???? ???? ??? 3?????? ?????? ????????.

??. ?????????(ELB, DLB) ??????? ?? ???????

(???? ?? ???? 3???, 2021?? 12?? 31?? ????)

(???? : ??, ???)

????
????????????????
????????????

???????
???????
???????
???????

????
???
??
????
???
??
????
???
??
????
???
??

2018??
??
53
6
59
0
0
0
77
161
238
0
0
0

???
298
37
335
0
0
0
2,333
8,221
10,554
0
0
0

2019??
??
33
29
62
0
0
0
44
87
131
0
5
5

???
301
4,177
4,478
0
0
0
1,883
4,042
5,925
0
1,796
1,796

2020??
??
7
14
21
0
5
5
23
23
46
0
6
6

???
149
975
1,124
0
5
5
1,857
4,577
6,434
0
1,719
1,719

2021??
??
8
3
11
8
3
11
85
11
96
23
8
31

???
209
1,453
1,662
209
1,453
1,662
4,650
2,512
7,162
1,195
1,557
2,752

???
??
101
52
153
8
8
16
229
282
511
23
19
42

???
957
6,642
7,599
209
1,458
1,667
10,723
19,352
30,075
1,195
5,072
6,267

??1) ???? ???? ??? 3?????? ?????? ????????.

??. ??????? (2021?? 12?? 31?? ????)

????
ELS
DLS
ELW
ELB
DLB
??

???
137,232,517,199
40,321,772,688
-
12,028,782,440
33,115,030,693
222,698,103,020

(????????? ????? 5% ????? ??????? : ?????? ????)

??1)*??????? = ?????? + (????? ??????????)
 *???????? ?ð??? ????? ????? ???? ??????? ?????????(+)??? ???(-) ?? ????? 
 *?????????? ??? ???? ?? ???????? ???? ??? ?? ???? ??????. 

????????

??????
??? ????

??????ð??
??????
???
???

1??????
0.0%
1.0%
6.0%
10.0%

1????? 5??????
0.5%
5.0%
8.0%
12.0%

5?????
1.5%
7.5%
10.0%
15.0%

????) KOSPI200?? ????? 2???? ???????????(ELS)?? ???????, ??? ???????

???? ???????? ?????? ELS???(???? 100??? ????)?? ????? ??? 
????????? ?????? ???? ??????
 ???????= ?????? + (????? ??????????)
 = 100????? ???? ?ð????? + (100?????8%) = 108???

2. ????? ???? ????

??. ?? ?????? ????? ??????? ??????? ??????????? ??? ?? ????? ??????? ??????? ??? ???
?????? ??? ???????? ????????? ????
????????? ?????? ???????? ????? ???¡????? ????. ?????? ?????? ?????? ?????? ??? ??쿡
???????? ????? ?????? ??? ?????????? ??????? ???? ???? ?? ???????????(???????????)?? ?????? ???????? ???????? ???????? ??????. 

??. ?? ?????? ????? ??????? ???μ????? ??????????? ??? ?? ??????? ?????? ??? ???(?????? ?? ???????? ?????? ?????? ?????????? ???? ?????? ?????? ??? ??? ????? ???????? ???? ?????? ????? ??? ????)?? ??????? ???μ??? ?? ????????? ???? ??? ???? ?????? ???????? ???, ???μ??? ?? ???????? ???¡????? ????? ??? ?? ???????? ???¡???? ???? ??????. 

[ ???? ??? ?????? ???? ]

[????? :
????? MY ???????????(ELS) ??5016?(?????????)
]

?? ?? ??????
??????? ??????????????,
???????????? ???? ?????????簡 ??????? ?????? ??????? ????? ?????????.

[???(???)????]

?? ?? ???(???) ?????? ???????????(ELS)?? ???? ????????.

?? [????] ??????? ?????? ????? ???????? ???? ???¿??? ?????? ???????? ?????? ???? ???? ????? ???? ??? ???? ????????? ????? ?? ??????.

?? ?? ?????? ??????????? ???? ?? ????????????? ???? ?????? ???? ????????.

?? ???????? ??????? ?¡

els,elf,eld ??.jpg
ELS,ELF,ELD ??

?? ????????? ?????? ??[?ο? ????? ???? ??????]

1. ????????? ??????

- ???????????(ELS)?? ????????? ???? ???? ?? ???? ????????? ???(0~100%)?? ????? ?? ??????, ?? ????? ????????? ??????.

- ???????? ????? ???? ???????? ???????? ????? ?? ??????.

2. ?????????? :
2???[??????]
- ???? ???????????? ???????? 1???(???????)~ 5???(????????)???? 5???? ?з???? ??????. ????, ????? ?з?????? ???? ???????????? ??????? ???? ????? ?????? ?? ??????? ????????? ???? ??????. 2???[??????]?? ???? ????????? ????????? ?????? ????????? ???? ?????? ????????? ??????? ????????? ??? ?κ??? ???, ????? ??? ??? ?????? ???? ??????? ?????? ?????? ??? ??쿡 ??????.

3. ???????

- ???????????(ELS)?? ???????????? ???? ?????????簡 ??????? ??????.

- ?? ???????????(ELS)?? ?????(AA-, 2022?? 06?? 24??, NICE????? ?? AA-, 2022?? 06?? 28??, ????????)?? ???????(?ε?, ??? ??)?? ???? ???????? ????? ?? ??????.

- ??????? AAA/AA,A,BBB ?? +,0,- ?????? ???????????? ???е???.

?? ?ο?, ??????

??????? ??? ???(?ο?)?? ??? ??? ????????? ?????????? (1588-2600) ??? ????? ???????(http://www.myasset.com)?? ???? ?????? ?? ???, ?????? ????? ??쿡?? ??????????(???????? 1332) ?? ???????????(02-2003-9421~3) ???? ?????? ?????? ?? ??????
. ?? ????? ?????? ????????? OTC???????????? ?????? ??????.

?? ??????? ???? ?? ???

????????
??? ???
(?? ???, ???? ??? ????)

?? ????
?? ?????????
?? ??????????

????? ????
?? ???? ???????? ????
?? ?????κ? ????
?? ???? ??? ????
?? ???????? ??????? ??κ??? ????

?????????
?? ??? ??? ????
?? ??? ??? ????
?? ???? ????
?? ??? ??????? ??? ???? ????

???????????
?? ??????????
?? ??????????
?? ?????????
?? ?????????
?? ??????

????????? ????? ?????
?? 1?? ???
?? 1?? ??? ~ 3?? ???
?? 3?? ???

??????? ????

- ???? ??? : ?? ????? ???????? ????????? ??????? ??? ????????? ???? ?????? ???? ?????? ??? ??? ????? ???? ?? ??????, ???? ?????? ???? ????? ???? ???????? ?????? ???????. ????? ????? ??? ????? ???, ???? ?? ????????????? ???? ?????????? ?????? ?????????????? ???? ?? ???? ???? ??? ???????? ????? ???? ????????? ????????????.

??. ???? ??? ???? ???? ??????

1. ?????

(1) ????? ????

?? ??
?? ??

1) ?????

?? ???????? ????? ??? ?? ?????

- Micron Technology : ??????(NASDAQ, National Association of Securities Dealers Automated Quotations)??? ?? ?°???

- AMD : ??????(NASDAQ, National Association of Securities Dealers Automated Quotations)??? ?? ?°???

2) ???? ?????

?? ???????? ????? ????????? ???? ?????? ??? ?? ?????

- Micron Technology : ??????(NASDAQ, National Association of Securities Dealers Automated Quotations)??? ?? ?°???

- AMD : ??????(NASDAQ, National Association of Securities Dealers Automated Quotations)??? ?? ?°???

3) ?????????
????? ?? ???? ?????? ???????ð? ???? ???????? ?????? ??

4) ??????????
????? ?? ???? ?????? ???????ð? ??????? ?????? ??? ?????????? ??????? ?????? ????? ??

5) ??????
???????? ??? ???μ? ????α??? ???? ??????? ?????????? ????(?????? ????)?? ??? ??

6) ??????? ??????
- Micron Technology : ??????(NASDAQ, National Association of Securities Dealers Automated Quotations)??? ?? ?°???
- AMD : ??????(NASDAQ, National Association of Securities Dealers Automated Quotations)??? ?? ?°???

7) ??????
????????? ??????

8) ??????
????????? ?? ????? ??? ???? ?????? ???????? ?????? ???????????? ????? ??

9) ??????????

(??) ??? ???(Trading Disruption):
???????ð? ????ð? ???? 1?ð? ????? ????? ??? ???? ????????
???????(????????? ?????? ??쿡?? ?????? 20% ????? ??????? ????)?? ????? ??? ??? ????????(
??????? ??? ??? ????? ?????? ????
), ???????? ????? ???? ??? ??? ???? ????? ??? ??? ??????? ???μ? ???????? ??????? ?????? ???

(??) ????? ???(Exchange Disruption):
???????ð? ????ð? ???? 1?ð? ????? ????????????? ????????
???????(????????? ?????? ??쿡?? ?????? 20% ????? ??????? ????)?? ??????? ?? ???????? ??? ?? ??? ???? ???????? ???????? ????? ???? ??? ??? ???? ??????? ?? ???????? ??? ???? ???? ??? ???? ??????? ???μ? ???????? ??????? ?????? ???

(??) ???? ????(Early Closure):
????? ??? ???? ?????? ??????????? ???????ð??? ???? ????ð??? ???????ð? ????? ??? ????? ???? ??????????ð? ?? ???? ??????? ?ð??? 1?ð? ???????? ????ð??? ??????? ????? ? ????????ð? ?????? ?????? ???

(??) ?? ??? ???????? ??????? ???????? ?? ?????? ?????? ???? ?? ??????? ???? ?????? ?????? ??????? ?????? ??? ??? ??????? ???

10) ????
????? ??? ??????? ???????? ???????ð? ????ð??? ?????? ????????? ????????

11) ????????ð?
????? ??? ???? ?????? ?????????? ??? ????? ??? ???? ??????? ???????ð??? ???????? ?????? ?ð?

12) ????
??????????????, ????????????, ????????????? ??? ????????

(2) ???? ??? ?????? ????

?? ??
?? ??

?????

????? MY ???????????(ELS) ??5016?

(??????, ?????????)

???????
Micron Technology (Bloomberg Ticker : MU UW)/
AMD (Bloomberg Ticker : AMD UW)

?? ?? ?? ??
3,000,000,000??

1????? ?????
10,000??

1????? ??????
10,000??

???? ????
300,000 ????

????????
1,000,000??

????
????????
2022?? 08?? 04??

?????????

2022?? 08?? 11?? (16:00)????

(???????? ?????? ???)

??????
2022?? 08?? 09??~2022?? 08?? 10??

????? ??α?
2022?? 08?? 11?? (16:00)????

?? ?? ??
2022?? 08?? 12??

???? ?? ?????
2022?? 08?? 12??

?? ?? ??
2022?? 08?? 12??

????????
????????????

?????? ??????
?????

?????????
?? ????????????? 'II. ?????? ??????? 2. ????? ????'?? 
???????? ??????.

??????????? ???????
???????

???????????
[???????????? ??????]
??? ?????????????(??????) ?? 3??????

?? ?? ??
2025?? 08?? 18??

??????
?? ????????????? 'II. ?????? ??????? 2. ????? ????'?? 
???????? ??????.

????? ???????
???????

????????
UBS(AG)

???????? ???? ????
??????? ??? 5??? ????? ???, ???????? ?? ?????? ?????? ????? ?? ??????. ?? ??? ??????? ?????? ????????? ??? ?????·? ???????.

??????????????
??翩??

?? ?????? ???????? ????? ??2????7????? ?????
???????????????? ???
???
???? ??? ??????????? ??????? ????????? ???? ?????? 20%?? ?????? ???
?? ????? ?? ??????.
????
??????? ??????? ????? ????(?????? ????? ???? ??????, ???????? ???? ?????? ??)????
??? ????? ????? ?? ??????.

??? ???????

?? ?????? ??????? ???? ??????? ???? ?????? ???? ?????????? ?????????????? ????? ????????? ???????, ????? ???????? ??????. ?? ?????? ??????? ?????????? ???°???????? ?????º? ??? ???°???????? ?????ºο??? ???????? ????? ?? ?????? ????????.

???????????, ???????????????, ????????????, ?????? ?? ???? ??????? ???????? ??? ???? ??????? ???????, ??? ???? ???????? ???????? ??????.

??
?? ?????????????
???????? ???(????????? ????)?? ?????? ???, 2?????? ????? ???????? ????, ?????? ?? ???? ????, ?????? ?????, ??? ???????? ???? ???? ??????. ????, ??? ???? ?? ?????? ???????? ????? ???????, ?????? ?? ????, ?????, ???? ???? ??????? ???? ?????? ??ν???? ????? ???????, ?????? ?????ð? ???? ??? ??????? ???/???????
???????? ??????. ????? ????????? ????????? ???? ??????.

(3) ??????????

?? ?????? ???????????? ???? ????? ?????? ?? ????????????? '??. ?????? ??????? 1. ??????????'?? ???????? ??????.

2. ??????

?? ?????? ??? ?????? ??????? ???? ??????? ???? ?????? ????? ??????? ???????.

3. ????? ???????

(1) ?? ?????? 1????? [10,000]?????? ????????.

(2)
?? ?????? ????????
??
2022?? 08?? 01?? ???? 8,788.98?????? ???
????.

 * ??? 2022?? 08?? 01?? ???? ??3?? ???????κ??? ??????? ??л??? ?????? ???????.

* ?? ?????? ??а????? 2022?? 08?? 01?? ???? ???? ??3?? ???????κ??? ??????? ??л??? ?????? ??????, ??а??? ???? ????? ???????? ??? ??? ???????.

?? ??
?? ??

????????? ??????
- Micron Technology : 53.12%
 - AMD : 65.73%

??????? ???????? ???? ??????
6???? ??????
 - Micron Technology?? AMD : 0.6873

* ???????: 3?? ?????? V-KAP ?????? ?? 180?????? ?????? ?????? ?????? ????

???? ???? ???????? ????????? ?????? ????????(?????)?? ????? ????????? ????? ??? ???????? ??????? ????? ??????? ???? ??????? ?? ????????????? ?????? ???? ?????? ????? ????? ?? ??????.

4. ???? ??? ???????? ?? ???? ????

(1) ???? ?? ??????? ????????? ??????

?? ??
?? ??

???? ?????? ????
??????? ??????(?????) ???????????(http://dart.fss.or.kr)?? ????????.

???? ??? ??????
????? ????
??????? ??????(?????) ???????????(http://dart.fss.or.kr)?? ????????.

??????? ????
??? ??????? ????????? ???????(http://www.myasset.com)?? ????????.

????? ?????? ????
??????? ??????(?????) ???????????(http://dart.fss.or.kr)?? ????????.

(2) ????? ???

?? ??
?? ??

????? ??? ?? ????

- ????????? ?????? ????? ????? ?????? ??????? ???? ??? ??????? ????????? ??? ??????????? ???????, ????????? HTS ?? ???????(http://www.myasset.com) ??? ?¶??? ????? ??? ?? ??????. ??, ??쿡 ???? ?¶???????? ????? ?? ?????? ???????? ??? ???????? ?????? ??? ???????? ????? ??????? ??????.

- ?????? "????????? ?? ??к??? ???? ????"?? ?????? ???? ???????? ?? ???¸? ????? ????? ???? ?????? ???????? ????? ????. ????, ?????? ??????? ??? ??????? ?????? ???? ?? ?????? ??????, ?????? ????? ??? ????????? ????.

- ??????????? ???п? ??????? ??? ?????? ????????ð? ???? ???? ?????????ð? ?????? ?????? ??? ??????. ????????? ??? 16????? ????????. ??, ?¶???????? ??? ?????ð??? ?????? ?? ?????? ???????? ??? ???????? ?????? ??? ???? ???? ????? ??????? ??????. ???? ??쿡 ???? ??? ????ð??? ????? ?? ?????? ?????? ??? ???? ???? ????? ??????? ??????.

????

2022?? 08?? 04????? 2022?? 08?? 11??(16:00)????

(???? ???? ?????? ???)

??????
??? ????? 100???????? ??? 100???? ????? 10???? ?????? ????.

??????
[????]

????????
- ???? ??????? 100%?? ???????????? ¡??????. 
??, ?????????? ???????? ???????????? ????????? ????????? ??????? ????? ???? ???????? ??????.

- ????????? ??????? ??? ?????·? ???????.

?????? ?? ?????
2022?? 08?? 12??

??????
2022?? 08?? 12??

???? ???????

1) ???????, ?????? ????????.

2)
??????? ?????? ????? ???????, ??????? ????????????? ??????? ??? ???¿? ???????? ?????? ????.

3) ??????????? ?????? ???? ?????? ?????, ???? ???? ???? ?? ???????? ?????? ??????.

4) ???? ?? ???????? ??????·? ??? ????? ????? ??? ??? ???? ????? ??? ?? ????? ???? ????.

5) ???????? ???????? ???? ????? ???? ??쿡?? ????? ??????? ???????? ???????.

6) ????????? ????????????? ?????????? ????? [?????? x ???????]????.

7) ??????? [?????? x ??????]????.

8)
??????? ??? 5??? ????? ???, ???????? ?? ?????? ?????? ????? ?? ??????.

?? ?? ?????????????
???????? ???(????????? ????)?? ?????? ???, 2?????? ????? ???????? ????, ?????? ?? ???? ????, ?????? ?????, ??? ???????? ???? ???? ??????. ????, ??? ???? ?? ?????? ???????? ????? ???????, ?????? ?? ????, ?????, ???? ???? ??????? ???? ?????? ??ν???? ????? ???????, ?????? ?????ð? ???? ??? ??????? ???/???????
???????? ??????. ????? ????????? ????????? ???? ??????.

(3) ????? ???? ???

??. ??????? ??? ????????? 100%?? ?????? ???? ?κг??????? ??????? ??? ??? ?????? ???????? ????.

??.
??????? ??? ????????? 100% ????? ??? ?????? ?????? ??й???
????(1?? ??? ????). ??, ?? ??й??????? ????? ????????? ??????? ??????? ??????? ? ??????? ??? ???????? ?? 1?¾? ???????, ??????? ?????? ?????? ??????? ??쿡?? ?????????????? ????????.

(4) ???? ?? ?????????? ????????

??. ?????????? ??????? ?? ?????? ????????? ?????????, ????????? ??????? ????? ???? ??? ????? ???????? ??????.

??. ?? ?????? 1) ?????? ????????? ????? ????? ???, ????? ??α??? ??????? ??? ?????·? ?????? ??????? ?????? 2) ?????? ????? ???,?????? ??????? ??? ?????·? ?????? ??????? ??????, 3) ??й?????? ?????????? ?????? ??? ???, ?????? ??????? ??? ?????·? ?????? ??????? ???????. ??, ??? ???? ????? ???????? ??´?? ???? ???????? ??????.

(5) ?????? ???? ???? ????

??. ?? ?????? ??????? ???? ??????? ???? ?????? ???? ?????????????? ???????????? ??? ???????? ??????? ????????.

??. ?? ?????? ??????? ?????????? ???°?????? ?? ?????º? ??? ???°???????? ?????ºο??? ???????? ????? ?? ?????? ????????.

5. ?μ? ?? ???? ????

(1) ??? ????? ?????? ???? ?? ???? ????

??. ?? ?????? ??? ?????? ?? ???????? ???????? ????????? ?????簡 ??????(Calculation Agent)???μ? ????? ??? ??????? ???????? ?????? ??????? ?????? ???????? ????????.

??. ?? ?????? ???????? ?? ??????? ?????? ??? ?????? ?? ???????? ????繫?? ????? ???? ???????????.

??
?????? ?? ?????? ?????????:

(??)?????? ???????????????? (???: ????? ??? ?????? 86, ??????? 2??)

(???????? ???????? ????? ???? ???????? ????????? ??????? ???? ?? ???????? ?????? ???????? ??????? ???? ?????.)

??. ?????? ??? ???????

1. ??????????

(1) ????? ???????

?? ??
?? ??
????????
(????)

????
????
???? ?? ????????????? ??? ????????? ??????? ???? ????????? 0% ????? ???, ?? ????????????? 0.9625%?? ???? ????.
=>?? ???? ???? ??????? 0.9625%(?? 11.55%) ???? ????
(??????? ?? 36???? ???????? ????)
??? ?? 11.55%

???
????
???
1) 1?? ?????????????? ??? ????????? ???????????????? [?????????? ??92%] ????? ???
 => ???????[100%]

2) 2?? ?????????????? ??? ????????? ???????????????? [?????????? ??90%] ????? ???
 => ???????[100%]

3) 3?? ?????????????? ??? ????????? ???????????????? [?????????? ??85%] ????? ???
 => ???????[100%]

4) 4?? ?????????????? ??? ????????? ???????????????? [?????????? ??85%] ????? ???
 => ???????[100%]

5) 5?? ?????????????? ??? ????????? ???????????????? [?????????? ??80%] ????? ???
 => ???????[100%]

* ??? ??? ???????? ?? ???????? ?? ?????????? ??? ?????? ??.
0%
(????????)

????
???
1) ????????? ??? ????????? ??????????? [?????????? ?? 75%] ????? ???
 => ???????[100%]
0%
(????????)

2) ????????? ??? ????????? ??????????? ??? ????? [?????????? ?? 75%] ??????, ?????????? ??????(??????)???? ????????(????)???? ??? ??????? (???? ????) ?? ??? ????? [?????????? ?? 45%] ??????? ????? ???? ???? ???
 => ???????[100%]
(??? ?? ????????? ?????? ?????? ???? KI ??????? ????)
0%
(????????)

3) ????????? ??? ????????? ??????????? ??? ????? [?????????? ?? 75%] ??????, ?????????? ??????(??????)???? ????????(????)???? ??? ??????? (???? ????) ?? ??? ????? [?????????? ?? 45%] ??????? ????? ???? ??? ???
 => ???????[?????????/??????????]
(??? ?? ????????? ?????? ?????? ???? KI ??????? ????)
?????????? {(?????????/??????????)-1}??100%

* ???????? : ??????????? ?????[{(????????? / ??????????)-1} ??100%]?? ? ??????? ????

* (?????????/??????????)?? ????? ???? ???° ??? ????

(2) ???? ??????? ?????

d001_????? my els ??5016?_??????????2.jpg
ELS ??5016? ????? ????? (1)

d001_????? my els ??5016?_??????????1.jpg
ELS ??5016? ????? ????? (2)

??. ?????? ????(1??? ?????)

?? ????????? Micron Technology, AMD?? ???????????? ???? 100$, 100$?? ???

??. ?????

?? ??? ?????? ??????, ????????? ??? ????????? ??????????? ??? ????? ?? ???????????? 75% ???(???? 75$, 75$)???, ?????????? ??????(??????)???? ????????(????)???? ???? ???????? ??? ??????? ?? ??? ????? ?? ???????????? 45% ???(???? 45$, 45$)???? ????? ???? ??? ???

?? ??
?? ??
????

???1
????????? Micron Technology, AMD?? ???? 80$, 60$??? (?? ???? ????? AMD ????)

?? 1?? + [1?? ?? (-40.0%)] + [1?? X (34.65%)]= 6,000???? + 3,465???? ???
-40.0%
+
34.65%

???2
????????? Micron Technology, AMD?? ???? 80$, 40$??? (?? ???? ????? AMD ????)

?? 1?? + [1?? ?? (-60.0%)] + [1?? X (34.65%)]= 4,000???? + 3,465???? ???
-60.0%
+
34.65%

???3
????????? Micron Technology, AMD?? ???? 80$, 20$??? (?? ???? ????? AMD ????)

?? 1?? + [1?? ?? (-80.0%)] + [1?? X (34.65%)]= 2,000???? + 3,465???? ???
-80.0%
+
34.65%

???4
????????? Micron Technology, AMD?? ???? 80$, 0$??? (?? ???? ????? AMD ????)

?? 1?? + [1?? ?? (-100.0%)] + [1?? X (34.65%)]= 0?? + 3,465???? ???(??????)
-100.0%
+
34.65%

(3) ????????? ???? ??????? ????? ????? ???????

?? ?????? ??????? ???? ?????????? ????? ????? ?????? ????? ???????. ??, ????? ???? ?????? ?????? ?????? ????? ????? ????????? ?????, ????? ??? ???? ?????? ??????? ??????? ???? ?????.

d001_????? my els ??5016?_????????????.jpg
ELS ??5016? BACKTEST
(*??? ????????? ????????? 100??? ???????????)

???????
?????
??????
?????

1?? ?????????
5.775%
2,072
44.492%

2?? ?????????
11.55%
550
11.810%

3?? ?????????
17.325%
378
8.117%

4?? ?????????
23.10%
251
5.390%

5?? ?????????
28.875%
143
3.071%

??????
34.65%
122
2.620%

-100%?¼???<-75%
230
4.939%

-75%?¼???<-65%
225
4.831%

-65%?¼???<-55%
266
5.712%

-55%?¼???<-45%
275
5.905%

-45%?¼???<-35%
114
2.448%

-35%?¼???<-25%
31
0.666%

-25%?¼???<0%
0
0.000%

Total
4,657
100.000%

??1) ?? ??????? ??? ????????? 2001?? 01?? 26????? 2019?? 07?? 31???? ???? ??????? ?м??? ???????.

??2) ?м???????(2001?? 01?? 26??)?κ??? ?м??????? ?? ??????????? ?????? ????? ???????? ??????? ??? ?????? ??????? ???? ??????????? ?? ??? ?????? ?????????? ??????? ????????????. (?? 4,657?)

??3) ?????????????? ??????? ???????? ???????, ??????????? ????? ??쿡?? ????????????? ??????? ?????????? ?ν?????????.

??4)
?? ??????? ??? ???? ????????? ?????? ????? ??????? ????? ??????,
?? ?????? ????? ???? ????? ????????????? ??????? ????? ???????? ????.

(4) ???????? ?? ??????

?? ??
?? ??
????????
(????)

??????

- ??? ?????? ??????(?? 36?), ??????????? ??????? ???, ?????????? ??????(??????)???? ????????(????)???? ??? ??????? ?? ??? ????? [?????????? ?? 45%] ??????? ????? ???? ?????? (???? ????) ??? ??????? ?? ??? ????? ??????????? [?????????? ?? 75%] ????? ??? ????? ???????.
 => ?????? : ???????[?????????/??????????]

- ???????? ??????????? ??????? ? ??????? ???????? ????????.

???????? ?????? ??????? 36??? ?????? ??????? ?? ??????? ??? ????????? ????????? ?? ??? ????? ?????????? ??? 100% ?????? 0???? ??????? ??? ????? ?? ??????.

-100%
+ 34.65%

????????
??? ?????? ??????(?? 36?), ????????? ??? ????????? ??????????? [?????????? ?? 75%] ???????, ?????????? ??????(??????)???? ????????(????)???? ??? ???? ?? ??? ????? [?????????? ?? 45%] ??????? ????? ???? ??????(???? ????) ??? ????????? ??????????? [?????????? ?? 45%] ????? ??? ?????? ?? ?????? ????????? ???? ?????? ??????????? ??????? 134.65%?? ????????.(????????)
34.65%

2. ????? ????

(1) ???????? ????? ???? ????

??????? ?? ??????????????? ??????? ??Ŀ? ???? ???? ???????? ??? ??????? ??????? ????? ??????, ?? ??????? ?????? ?????? ???????.

??. ??????????

?? ?????????? : ???????????????? ?? ????????? ???? (?????ð? ????)
??
?????????????? : 2022?? 08?? 12??

??. ?????????

?? ??? ?????????????? ????????? ????????? ??????? ??? ???????? ??? ?????? ???????????? ??? ?????? ???????? ?????????ν? ?? ?????? ???

?? ????????? ???????

????
????????? ???????

1??

??? ????????? 1?? ????????????????
?? ???????????? 92% ????? ???

2??

??? ????????? 2?? ????????????????
?? ???????????? 90% ????? ???

3??

??? ????????? 3?? ????????????????
?? ???????????? 85% ????? ???

4??

??? ????????? 4?? ????????????????
?? ???????????? 85% ????? ???

5??

??? ????????? 5?? ????????????????
?? ???????????? 80% ????? ???

?? ?????????????? : ??? ???? ??????????????? ?? ????????? ????(?????ð? ????)

?? ????????????? ?? ??????

????
?????????????
??????

1??
2023?? 02?? 10??
???????[100%]

2??
2023?? 08?? 11??
???????[100%]

3??
2024?? 02?? 12??
???????[100%]

4??
2024?? 08?? 12??
???????[100%]

5??
2025?? 02?? 12??
???????[100%]

?? ???????????? ?????? : ??? ?????? ?????????????(??????)?κ??? 3?????? (????ð? ????)

?? ????????? ????? ???? ????? ?????? ??? ?? ?????? ?????? ???????? ???? ?? ????? ????? ?????? ??????? ????? ?δ????? ????.

??. ????????

?? ??? ????????????? ???????? ?????? ??????? ??? ???????? ??? ?????? ??????????? ????????? ????????? ??????

?? ???????? ???????
???? ?? ????????????? ??? ????????? ??????? ???????????? 0% ????? ???, ?? ????????????? 0.9625%?? ???? ????.

?? ???????? ????? : ?????????????? ?? ????????? ????(?????ð? ????)

?? ???????????? :

1?? : 2022-09-12

2?? : 2022-10-12

3?? : 2022-11-11

4?? : 2022-12-12

5?? : 2023-01-12

6?? : 2023-02-10

7?? : 2023-03-10

8?? : 2023-04-12

9?? : 2023-05-12

10?? : 2023-06-12

11?? : 2023-07-12

12?? : 2023-08-11

13?? : 2023-09-12

14?? : 2023-10-12

15?? : 2023-11-10

16?? : 2023-12-12

17?? : 2024-01-12

18?? : 2024-02-12

19?? : 2024-03-12

20?? : 2024-04-12

21?? : 2024-05-10

22?? : 2024-06-12

23?? : 2024-07-12

24?? : 2024-08-12

25?? : 2024-09-12

26?? : 2024-10-11

27?? : 2024-11-12

28?? : 2024-12-12

29?? : 2025-01-10

30?? : 2025-02-12

31?? : 2025-03-12

32?? : 2025-04-11

33?? : 2025-05-12

34?? : 2025-06-12

35?? : 2025-07-11

36?? : 2025-08-12

?? ???? ?????? : ??? ???? ????????????(??????)?κ??? 3??????(????ð? ????)

??. ??????

?? ??????????? ??????? ???? ??? ????????
??????? ??? ????????? ????????? ???? ?????? ???????? ?????????ν? ?? ?????? ?????.

????????? ????????
??????

1)
??? ????????? ???????????
?? ???????????? 75% ????? ???

???????[100%]

2) ??? ????????? ??????????? ??? ????? [?????????? ??75%] ??????, ?????????? ??????(??????)???? ????????(????)???? ??? ??????? (???? ????) ?? ??? ????? [?????????? ??45%] ??????? ????? ???? ???? ???

(??? ?? ????????? ?????? ?????? ???? KI ??????? ????)
???????[100%]

3) ??? ????????? ??????????? ??? ????? [?????????? ??75%] ??????, ?????????? ??????(??????)???? ????????(????)???? ??? ??????? (???? ????) ?? ??? ????? [?????????? ??45%] ??????? ????? ???? ??? ???

??, ??????????? ??????? ? ??????? ????
(??? ?? ????????? ?????? ?????? ???? KI ??????? ????)
???????[?????????/??????????]

* (?????????/??????????)?? ????? ???? ???° ??? ????

??
????????? : ?????????? ?? ????????? 3?? ???? ???(?????ð? ????)
??
???????? : 2025?? 08?? 08??/11??/12??
??
??????(??????) : 2025?? 08?? 18??
 ????????(??????)?κ??? 3??????(????ð? ????)

??. ??? ??????

?? ?????? ??????????? ??? ??? ???? ????? ??????? ??????????? ????? ????. ????????? ?????? ???, ??? ?????? ??? ?? ??????? ????? ??????????? ???? ??? ??????? ????? ??????????? ??? ?????? ????????.

?? ???????? ???????? ??? ??쿡?? ?? ?? ????? ??????? ???????? ???????? ???, ????? ??????? ??????? ????????? ???? ??? ??????? ???????? ??????.

?? ?????? 2?? ??????? ?????? ???, ??? ?? ?????? ?????? ??? ??????? ??????? ???? ????? ?????????? ?? ??????????? ????????.

?? ?????? ???????? ??? ??? ?????? ????? ?? ?????? ???????? ??????. (???? ????? ?????? '3. ????????? ???? ?? ?????????? ???? ????'?? ???????? ??????.)

?? ?????? ?????? ???, ??????? ????? ???? ?? 3??????? ??? (?????? 2?? ??????? ?????? ??? ????? ?????? ???? ?? 3??????) ??????? ????? ???????? ??????. 

??
?????? ???? ?????? ????? ????????.

??
???????? '3. ????????? ???? ?? ?????????? ???? ????'?? ?????? ??? ???? ???????? ????????? ???????? ???? ??????? ???????? ?? ?? ??????.

(2) ??????? ?? ????

??. ????????
?????????????? ??? ??????????? ???? ?? ??? ???? ???????? ??????? ???????? ?????? ?? ????????? ???????.

??. ???? ??? ?? ??
?????? ????????(?????)?? ???????? ????????? ???? ????? ????????.

??. ?? ??????
????????(?????)?? ??3?? ?????? ???????κ??? ?????? ?? ?????? ????????,
?????? ???????κ??? ????????(?????)?? ?????? ??? ????? ??????????.
???? ?????? ????? ????????(?????)
?? ???? ????????? ?????? ?????? ????
???? ?????? ?????? ?? ??????. ????????(?????)?? ????????? ???????(http://www.myasset.com)?? ?????, ?? ?????? ??????κ??? ????????? ??????? ?????? ???????.

(3) ??????? ?? ????

?? ?????? ??????? ??????? ???????. ???????????? ????? ??? ???????? ????? ???? ?????? ?? ?????? ??????? ?????? ???? ??????? ?? ?????????? ?????? ????? ???? ???? ????? ?? ?????? ??????? ??? ???¿? ?????? ????? ???????? ????????.

(4) ???????? ????? ???? ??????

??. ?? ?????? ??????? ???? ??????? ??????? ??????????? ??? ?????? ??????????? ??????? ??Ŀ? ???? ???????? ??????? ????????, ????????? ???? ???(?????? ???????????)?? ?????? ???????? ??????.

??. ?????,
?? ?????? ??????? ???????? ????? ?? ???, ???????? ?? ?????? ???? ?? ?????? ???? ????? ?? ???? ???????? ????? ???? ?? ?????? ???????? ?? ??????, ??? ????
?? ?????? ??? ??? ???????. ???????? ??????? ?? ?????? ???????? ????? ??? ?? ????? ????
???????(Hedge)????? ???, ????????? ????, ??????, ??????????? ??????, ????????? ????, ???? ???? ????? ????, ????????? ?????? ?? ??????? ???ε??? ??????
????????(?????)?? 95% ???(??, ?????? 6?????????? 90%???) ???????? ?????? ?????? ????? ???,
?? ??? ?????κ? ?????? ????? ????? ?? ??????.

??. ??,
???????? ???????? ???? ??? ?????? ????? ?????????? ?????? ??? ?? ?????? ????????? ??????? ??쿡 ????? ???????? ?????? ??????? ??? ?????? ??????? ???????? ???? ?? ??????, ???????? ????? ??쿡?? ?????? ????????? ??? ??? ?????? ?????? ???? ?? ??????. ?? ??? ?????? ????? ??? ????????? ???????.

??
??????????? ?????κ? ????????(?????)??? ?????????? ?????? ??????????? ??????????? ??????? ?? ??????.

??????
??????

?????? ???????? ???? 4?? ?????? ???? ??? ???????? ???
(??, ?¶??? ????? ?????)

??????
?????
??????(????)???? ????????(??????) 2?????? ??????? ?? ??????
??, ????????? ????? ??? ?????? ?? ????????????(??????) ???? [2] ??????? ????³?(????)???? ?? ????????????(?? ????? ???? ?????? ??? ??? ???? ?????? ?????)(????)????(???? "????????? ?????")?? ???????? ????? ?? ???????.

??????????? ??
?????? ????? ????? ?????, ???? ????????(16??) ?????? ?????? ???? ???????? ???????.

????????? ??????
?????? ????? ???????????(??, ????????? 2?? ????? ???????? ?????? ???, ?????????? ???????? ?????? ????? ?????? ??? ????? ????? ??????????? ???.)
*?????ð? ????

????????? ??????
????????? ??????(??????)?κ??? 3??????
*????ð? ????

??????
??? ????
10?????? ????????? ??? 10???? ?????? ??? ????????.
(??, ????? ???????? ????? ????? ??? ?????? ??????? ??? ????)

??????????

????????? ?????? ???????? ??? ?????? ?????? ???????? ????????? ????? ???? [?? 3?? ?????? ????]?? ?????? ???????.

- ?????? ???? ?????? ?????? ??? ????????(?????)?? ????? '????????? ???????(http://www.myasset.com) > ????????? > ELS/DLS/ELB/DLB ????? ???' ?? ????????? HTS(Home Trading System)?? [9267]????? ??????????, ???? ???????濡 ???? ???????? ????? ?? ??????.

- ??, ?????? ???? ?????? ???????? ??? ?????? ??? ????? ??? ???? ??????? ????????
????????(?????)?? 95% ????? ????(??, ?????? 6?????????? 90%???)???? ?? ?????? ??????????. ????, ???? ??????????? ????????(?????)?? ????? ????? ?? ??????. 

-
???????? ????? ??? ??? ????????? ?????? ???? ???γ???(????????(?????), ???? ??????????, ????????(?????) ??? ???? ???????????? ????)?? ????
?? ?帳???.

??????
???????

- ??????????? ?? ????? ???????(Hedge) ???? ????? ????? ????? ????? ?? ?????????? ???????? ??????? ?????? ???? ?????? ????? ???????????, ?????????? ?????? ?? ????????? ?????? ?? ?????? ????????(?????)?? ??? ?? ??????,
?? ??? ?????? ????? ????? ?? ??????? ?????? ??? ?? ???????? ??????.

- ???????? ??????????? ??? ??? ????? ?????? ?????? ?? ????? ??????, ??? ???? ???????? ????????? ??????? ??? ??????? ???????? ?δ????? ??????. ???? ???????, ??????? ?? ??????? ?????? ????? ??쿡?? ???????? ??????? ??????? ????????? ???????? ?????? ?? ?????? ??? ???? ????????? ?????? ???? ????? ?? ??????.

???

(5) ?????? ???? ??? ?? ???

??. ?? ?????? ???????? ???? ??? ?????? ??? ????????? ???? ??????? ?????????? ?????? ?? ??? ????????? ???? ???????? ??????. ????
?? ?????? ??????? ??? 5??? ????? ??쿡?? ?????? ?????? ????? ?? ??????
?????? ????? ??? ?????? ?????????? ?????? ????? ???????? ?????? ?? ?? ???????? ??????.

??. ?? ??? ???? ??? ????? ??????? '????????? ???????(http://www.myasset.com) '?? ????????. ?? ????? ????????? ????????? ??????????(1588-2600)?? ???? ????? ?? ??????.

(6) ?????? ???? ?? ???

??. ?????? ???? ???? ????

?? ?????? ??????? ??????.

??. ?????? ???? ???? ????

1) ?? ???? ????? ?????? ??? ???

?? ?? ??????
????????(?????)?? ?????? ????? ???????δ?
???????, ????????? ???????, ????????? ??????, ????????? ??????, ???????? ?繫???? ???? ??????. ?? ?????? ????? ???????? ?????? ?? ?????? ????????? ???? ?????? '??. ???? ??? ???? ???? ?????? 3. ????? ???????'?? ???????? ??????.

?? ????, ?? ?????? ???? ???? ?????? ???? ????????? ?? ?????? ???????? ?? ??????, ??????? ?? ???? ?? ??? ??????????ε??? ?????? ?????? ??????. ??? ?????? ??????????? ???? ???? ?????? ????. ??????????? ?κ??? ???????? ??????.

2) ?? ?????? ???? ???? ????

?? ?? ?????? ??????? ???? ??????? ??????? ??????????? ??? ?????? ??????????? ??????? ??Ŀ? ???? ???????? ??????? ????????. ????, ????????? ???? ????? ?????? ???????? ??????. ???, ?? ?????? ??????? ???? ????? ?? ?????? ???? ?????? ??????? ?? ?????? ?? ?????? ????????? ???????? ???? ???????? ?峻?????? ?????? ?? ?????? ??????? ???????? ????? ??? ???????? ?????? ???????.

3) ???????? ???????? ???? ????

?? ???????? ?? ?????? ?????? ???? ????? ?? ?????? ???????? ????? ???? ?? ?????? ???????? ?? ??????, ??? ???? ?????? '(4) ???????? ????? ???? ?????????κ??? ???????? ??????.

(7) ?????????????? ?????? ??? ?? ??? ?????? ??? ????

??. ?????? 

???? ??????????? ?? ???? ???????? ???? ???? ??? ????? ?? ??????
?????? ?? 2 ?????? ????? ???????? ???????. ???? ?? ?????? ???? ???? ???? ????? ?????? ??????(???? ?????????? ????), ??? ?????? ?????? ???? ?????? ?? ??????????.
???????? ???? ?? ??????????簡
?????κ??? ????, ?????, ???? ???? ???????
?????? ??簡 ????????? ??ι??? ????? ??? ??? ??????
??????? ????? ???????? ??????.

(8) ?????????????

??????????? ????? ???? ?????? ??47?? ?? ???? ?????? ????? ??? ???? ????????κ??? 5???? ??????? ??? ???????? ?????? ???? ????????? ?? ?????? 1?? ????? ????? ?????? ???? ?? ??????.

3. ????????? ???? ?? ???? ?????? ???? ????

?? ?????? ???????? ????? ??? ???? ??????κ??? ?????? ?????? ?? ?? ?????ο? ????? (1) ?????? ?????? ???? ??????? (2) ?? ????????? ????? ?? ?????? ????????? ????.

(1) ?? ?????? ???????? ?? ???

??. ???????? ????

1) ???? ?? ??? ?????? ????? ??? ???????? ?????? ?????? ??????, ?????? ???? '??. ???????? ???'?? ???? ?? ?????? ???????? ????. ????? ??? ???????? ??? ???? ?? ???????? ??? ???, ????????????? ?? ???????????? ?????? ?? ?????? ????????? ????????? ????.

?? ???????? ??? ??? ???????(??? ??? ?????? ?????? ??????) ?????? ????? ?? ??? ??? ?????? ????? ??3???? ????? ????? ?????ο??? ????? ??????? ????????? ????? ???

?? ?????ο??? ?????? ???? ???????? ??????? ??? ???? ????????? ????? ??? ??? ??? ?????? ????? ??? ???????? ??? ???

?? ?????ο??? ????????? ??? ????????? ???????????? ??? ???

?? ???????? ?????????? ??? ????????? ?????????? ???? ?????? ???? ?ν??????????? ?????? ???

?? ???????? ??? ??? ??????? ????? ???????? ?? ??? ?? ?????? ????? ??????? ?????? ?? ???

2) ???? ?? ??? ?????? ????? ??? ???????? [????????? ????? ???? ????? ???? ????] ?? ?????? ?????? ???? '??. ???????? ???'?? ???? ?? ?????? ????? ?? ??????. ????? ??? ?? ?????? ??????? ????? ??? ???? ?? ???????? ??? ???, ????????????? ?? ???????????? ?????? ????????? ????.

?? ?? ?????? ??????? ???? ??? ??? ?????? ?????????? ?????? ????????? ??????????? ?? ?????? ??????? ???? ?????? ?? ???

?? ????????? ????? ??? ??????? ??????? ??????, ???, ?ε?, ??? ???? ?????? ?????? ???

?? ??????? ?????????? ???????? ?????? [10]????????? ????? ??????? ???????? ?????? ???

?? ???????? ??????? ?????? ??? ?? ???ø? ???????? ?????? ???

?? ?? ?????? ???? ???? ???? ?????? ??????????, ???? ?????? ????? ???? ?????? ????? ?? ????? ??????? ?? ???

?? ?? ?????? ???? ???? ???? ?????? ??????????, ???? ?????? ????? ???? ?????? ????? ?????ο??? ?????? ??????? ???? ??? ?????? ???? ????? ????? ???

?? ???????, ????, ??, ????????(??????? ????)?????? ???????????, ??? ??? ????? ?????? ????? ?? ?????? ??????? ???? ?????? ?? ???

??. ???????? ???

1) ?? ?????? ???????? ?????? ?????? ???????? ?????? ?????? ?? ?????? ???(????)??? ??? ???????? ?????????????κ??? [10]?????? ????? ?? ?????? ????????? ???????????? ????????? ????.

?? "?????????????"?? ?? ??. 1)?? ??? ?? ??? ???? ????? (???????????? ??? ???? ???? ??????????)?? ??????, ?? ??. 2)?? ??쿡?? ?????? ?????? ??? ??????????μ? ???????? ?????????????? ?????? ???? ???????. 

2) ?? ?????? ???????? ?????? ?????? ???????? ?????? ?????? ?? ?????? ?????? ??? ???????? ??????????????? ????????? ???? ?? ?????? ???? ?????? ???????????? ????????? ????? ???? ????? ???? ???? ????????. ??? ?????? ????????? ?????? ????????? ?????? ?????(??? ???? ????? ?? ??????)?? ???????? ????? ?????? ???, ???????????? ??? ?????? ?????? ??????? ????.
??, ??? ?????? ????? ?? ??? ?????? ???????? ??? ???(?????, ???ð???? ??? ???????? ??? ??????? ???????? ?ε???? ???? ?????? ????? ??? ????????? ???????? ???????? ??? ??? ??)
???? ??????? ?????? ??(0)???? ?????? ?? ??????, ?? ??쿡 ??????? ????? ?????? ???? ??????? ????? ????? ???????? ???????? ????. ???????????? ?? ?????? ????????? ????? ???? ?? ???????? ????? ????? ?? ??????, ????????? ????????????? ????? ?? ?????? ?????? ????? ??????? ??쿡?? ???????????? ?????? ???? ????????? ????????? ?????? ?? ??????? ??? ??????? ??????.

(2) ????????? ????

?? ?????? ????? ?? ??? ???? ????? ?????? ????? ?? ??????. ???????? ?? ?????? ????????, ???????? ?? ??? ????????? ???? ?? ???? ???? ????? ?? ??? ??????? ???????? ???????(http://www.myasset.com)?? ?? ?????? ??????? ????????? HTS(Home Trading System) ?????? ??????? ????.

?? ??, ????? ?????? ????? ?? '(1) ??. ???????? ????'?? ?????? ??? ???????? ?? '(1) ?? ?????? ???????? ?? ???'?? ???? ??? ???? ?? ?????? ???? ?? ???? ???????? ???? ?????? ?? ?? ??????.

??. ??????? ???????

1) ???? ?????? ???? ??:
????? ??? ???????? ???????? ??????? ?????? ????, ??? ??? ?????? ?????? ????? ???????? ??? ??????????? ??? ???????? ???? ??????? ??? ??ε? ????? ????????? ?????? ???????? ?????? ?????? ?????? ????????. ??, ?? ??????? ?????? ?????? ??????κ??? [2]?????? ???? ?????? ??쿡 ????? ???????? ?????? ????????? ???? ?? ????? ??????? ??? ?????? ??????????? ?δ????? ??????.

2) ??????????[(Market Disruption)]:

??? ?????? ???????? ??? ???????? ??? ?????? ?? ?????????? ??? ?????? ???????.

?? ??, ?? ???? [8]??????????? ??? ???????? ??? [8]??° ??????????? ??????????? ?????? ????? ???????. ?? ??? ???????? [8]??° ??????????? ??????? ?????? ????????? ????? ?????? ???????, ????????? ?????? ??? ???????? ???????????? ?????? ?????? ???? ??????? ???? ????? ????? ???? [8]??° ??????????? ?? ??? ?????? ?????????? ?????? ??? ????? ?????? ??????? ?????? ????????.

?? ?????? ????????? ???? ??? ???????? ?????? ???(????????? ?????? ??? ??? ?????? ?????????? ?????? ????? ????) ??? ?????? ??? ?? ??????? ????? ????????? ??? ??????? ????? ???????? ????? ?????? ????????. 

?? ?????? 2?? ??????? ?????? ???, ??? ?? ?????? ?????? ??? ??????? ??????? ???? ????? ?????????? ?? ??????????? ????????.

?? ???????????? ????? ???? ?????? ?????? ???, ??????? ????? ????(??????) ?? [3]??????? ??? (?????? 2?? ??????? ?????? ??? ????? ?????? ???? ?? [3]??????) ??????? ????? ???????? ??????.

3) ??????? ??? ??? ??[(Hedging Disruption)]:
?? ?????? ???????? ?? ?????? ?????? ????? ?????? ?????? ?????? ????? ??????? ????????, ???????? ????? ???? ????? ?? ???????? ??? ??? ??3??(???????? ????)???? ???????????? ???? ???????(Hedge)????? ?????? ?? ??????, ??? ????? ?????? ??? ????????? ???, ???????? ???? ?????? ??????? ??? ????????? ?????? ?????????? ????? ???(???????, ????, ????, ????, ????, ?????????? ??? ??? ?????? ??????? ???? ??)?? ?????? ???????? ?? ????? ?????? ??????????? ????? ?????? ??????? ?????? ???, ???????? ??????, ?????? ?? ????????? ?? ?? ?????? ????????? ?????? ?? ??????.

4) ??? ?? ????????????????? ???? ????? ?????? ???? ???????? ???? ?? ?????? ??????? ?????? ????? ?? ?????? ???????? ????????? ????? ???? ?????? ??? ???????? ?????? ??????μ??? ????????? ????? ?? ?????? ????????? ?????? ?? ??????.

5) ??, ???? ???? ???? ?? ????? ?????? ??????? ??? ??? ????? ???濡 ????? ?? ?????? ????? ??? ??????? ????? ?? ????????????????? ???? ????? ?켱??? ????? ?? ??????.

??. ????????? ?????? ????? ??????? ??????? ???????

1) ????????? ??? ????? ??????? ???????? ??????, ????????? ????????? ???????? ????, ????????? ??? ?? ????? ???? ?? ??, ???? ?? ???? ?????? ??????? ???????? ????? ???????.

2) ???? ????[(Index Modification)]:
??????? ???????? ????????? ?????? ???? ???? ??? ????? ???????? ??? ??? ??????? ????????? ?????? ?????? ???(???????, ??????? ??? ??? ????? ?????? ?????? ??? ??? ????????? ??????? ???? ???? ??? ????? ????? ??? ?????? ????), ???????? ?????? ???????? ????????? ????? i) ?? ?????? ???????? ?? ??????뿡 ???? ?????? ???????? ?????? ??? ??? ???????? ??? ii) ?????? ?? ?????????? ????? ?????? ?????? ???? ?? ????? ???? ???? ???? ?? ????????? ??????? ???(???, ????? ????? ???????? ?????????? ???? ??????)?? ?????? ?????? ?????? ????????? ??? ?????????????????? ????? ?? ??????.

3) ???? ????[(Index Cancellation)]:
??????? ???????? ????????? ?????? ?????? ??? ?? ?????? ???????? ?????? ???????? ????????? ????? ?????????, ?????? ?? ?? ?????? ????????? ?????? ?? ??????. ?? ??? ???? ???? ?????? ??????? ???????? ?????????? ????? ?????? ????? ???? ?? ????? ?????? ??? ???? ????????? ?????? ?????? ?? ??????. 

??, ??????? ?????? ????? ??3??? ????????? ???????? ?°??? ??쿡?? ????? ???? ???????.

?? ??? ?°????? ???????? ?????? ??????? ??????? ???????? ???????? ????? ?????? ??? ?°????? ?????? ???ο? ????????? ?? ????? ???? ????????? ?????? ?????? ?????.

?? ??? ?°????? ???????? ?????? ????????? ??????? ?????????? ??? ??????? ?? ????? ???? ????????? ??????? ?? ?????? ????????? ??????? ???? ???????? ???????? ????? ?????? ??? ???????? ?°????? ?????Ŀ? ?????? ??? ????????.

??. ????????? ????????? ????? ??????? ??????? ???????

1) ??????? ??????? ???? ?? ??? ???? ?????? ????? ???

?? ??????? ??????? ????, ????, ???, ????, ???????, ??????? ???? ?????, ??????, ??麴?? ?????? ????? ????????? ??? ?????? ??? ??? ?? ?????? ???????? ?????? ??? ???Ŀ? ????????? ??????? ????? ????????? ?????? ???????? ????????? ????? ?????? ???? ????????? ??????? ?? ?? ?????? ?????? ?????? ?? ??????.

?????? ????? ????? ???? ?? ????????? ????? ????????. ?????? ?????? ??????? ?????? ?????? ???????, ??????????? ??????? ????? ???? ?????????? ??????.

???????
?????? ???????

????????
(????????? ???????
?????? ??쿡 ????)
???? ?? ??????? * (1 + ???? 1??? ????? ???? * 1??? ?????? / ?????????) / (1 + ???? 1??? ????? ????)

???????? ?? ?????
?????? ???????/(1+?????? ??? 1??? ????? ????)

??????, ??????
?? ?????
?????? ???????? ???????? ??????? ????????? ????

???, ???????, ??ı??(????)
???????? ?????? ??? ???Ŀ? ????????? ??????? ????? ????????? ?????????? ???????? ?켱?????? ?????? ???? ???? ?????? ???????? ????????? ????? ????????? ??????? ?? ?? ?????? ?????? ?????? ?? ????

???
?????? ?? ?????μ???λ???? ???, Stock Option??? ??(????????? ?????? ????? ????? ????? ???????? ??? ???)???? ???? ????? ?????? ??쿡?? ?? ?????? ????????? ???????? ?????

?? ???, ???????? ?????? ???? ??? ???? ?????? ???? ??????? ????????? ?????? ????? ??? ???????? ?????? ???????? ????????? ???? ?????? ????????? ????? ?? ?????? ????????? ?????? ?? ??????. 

?? ??????????????? ?????? ???????? ??????? ?????? ??? ???????? ???????????? ?????? ?????? ???????? ??. ??, ???? ???? ?? ????? ???????? ????? ????? ?? ??? ?????? ?????? ??? ??? ?????? ????? ?? ????

?? ???????? ???? ??쿡 ?????? ???????? ????????? ???????? ??????? ??????? ??? ??????? ???? ??????? ???????? ???????? ????? ?????? ???? ???

?? ??????? ????? ?????????? ??? ??????? ?????? ??? (??????? ???? ?켱?? ???? ??)

?? ??? ????????? ?????????? ?????? ????????? ?ο??? ??? ???? ??????? ?????? ??찡 ????????? ????????????? ??????? ???

?? ??????? ???? ?????? ?????????? ?????? ????? ???? ??? ?????????? ????? ???(????? ????? ??? ??쿡?? ?? ?????? ????? ???? ????? ??????????? ??????? ???? ?????????? ???????? ??? ??? ????)

?? ????????? ?????? ?????? ????????? ??? ????? ??????? ???μ? ??????? ???? ??? ??????? ???? ???????? ?????? ???????? ????? ????? ????????? ????? ??? ???? ????? ???????? ??? ???

2) ??????? ??????? ???? ????????? ??? ????? ?°???? ???

???????? ?? ???? ????? ??????? ?????? ?????? ?????????? ?????????? ???????? ??????? ??? ???ο? ?????? ?????????? ??????, ??? ?? ?? ?????? ???????? ?? ??????뿡 ???? ?????? ???????? ?????? ??? ??? ?????? ?? ??????.

??. ????? ????????? ????

1) ?? ?????? ????, ??? ?? ??? ????????? ?????? ??? ??? ???????? ??????? ?? ?????? ?????????????? ?????? ????.

2) ?? ?????? ??????? ?????
?? ?????? ????, ??? ?? ??? ????????? ???? ?? ???? ???? ????? ?? ??? ???????? ??????? ????????
???????(http://www.myasset.com) ?? ????????? HTS(Home Trading System) ?????? ?? ?????? ???????? ????.

(3) ???????? ?????????? ???? ???????? ???????????

??. ???????? ??????????? ??? ??????? ???????? ???????? ??????? ??쿡 ???????? ?????? ???? ????? ??????????? ??? ?????? ????κ??? ???? ??????????? ??????? ????? ???????? ??????? ???? ??????? ?????? ????????? ?? ????????? ?????? ???????? ????????? ??????? ????. ??, ?????? ???? ?? ?????? ??? ?????????? ?????? ????? ??????????? ??? ???????? ??????? ??쿡?? ???????? ???????? ??????.

??. ???????? ????????? ???????? ??? ?? ???? ??????? ???????? ???? ??? ???????? ??? ??? ??????? ?? ???? ?? ????? ???? ???? ?? ??????. ???, ???????? ???? ????? ??? ??? ??? ??????? ?? ????????? ???? ??????? ??? ??簡 ?????? ?????? ??????? ??? ?? ???? ???????? ??? ???? ???? ???? ?? ???? ?????? ???? ?? ??????.
?? ?????? ?????????? ??? ????, ?????? ????? ?????? ?????? ???????.

(4) ?????? ???????

??.
?? ?????? ??????뿡 ???? ?????? ??? ??? ?????? ?????????? ?? ?????? ????? ???ε? ????????? ???? ?????? ???????. ???, ?? ?????? ????????? ??????? ???? ????? ??????? ????α? ?????? ?????? ???? ?????? ?????? ???? ????? ??????? ?????? ???? ???????.

??. ?? ???????κ??? ??? ??? ??????? ?????? ??? ??? ??? ?????? ??????? ????α? ?????? ???? ???????? ????.

??. ??????????

?????
??????
(??? ?????????????)??
????????? ????
???
??????? ???? ????
???? ??
?????? ????? ???? ??? ???????? ?????
?? ???????? ??????. ???? ??
???????????
??
???????????????? ???? ????? ???? ???
??????????????
????????? ????? ???
?? ?? ???????
????? ?????? ????? ???? ??????.

1. ??????? ????

?? ??
?????????? ?????

????????? 
????????? 
?????? 
????????? 
???? ????

- ?? ?????? ????????? ????????? ??????? ????????? ???????
???????? ?????? ????? ???????
????????? ?????? ????????? ????? ???????? ??????? ??? ??????? ????? ???? Ŀ??? ????? ??? ?? ?? ??????, ????? ???
??????? ???????????? ?? ???? ?? ??? ?????
??
?? ????? ??????? ???? ??????? ???? ??? ?? ??????. ???? ???????
?? ?????? ???????? ?????????? ???????? ???? ???? ????? ??????? ????????? ????.

- ?? ?????? ???? ????????? ?????? ??????? ???? ??? ???????? ??? ????, ?? ?????? ????? ????
????????? ?????? ??? ?????????? ??????? ?? ???? ??????? ???????? ?????? ?????? ???? ??????????,
??????? ??? ??????? ?????????? ???? ??????????? ???? ??쿡?? ???????? ?????? ??????? ?? ?????? ??????
?? ?????? ???????? ?? ????????? ????????? ?????? ?? ??????, ????? ???????? ?????? ?? ?????? ??????? ???? ????? ???????? ?????? ??쿡?? ????????? ?????? ??????? ??????? ?????????? ?? ?? ??????(???? ???? ??????뿡 ???? ??????? ???????? ???? ????????? ?????? ?????? ??쿡 ???? ?????? "???? II. ?????? ??? ??????? ?? 3. ????????? ???? ?? ???? ?????? ???? ????"?? ????? ?????? ??????). ??????? ????? ??????? ?????????? ?????? ?? ????? ?????? ??? ?? ?????? ?????? ????? ????? ?? ??????.

????????(?????)?? ?????? ????? 
???κ? ????

-
????????? ????? ???? ????: ???????? ??? ??????????? ???????? ????????(?????)?? ?????? ?????? ??????.

-
????????? ?????? ???? ????????(?????) ?????? ????????: ??????/??????????? ???????? ????????? ????? ???? ????????(?????)?? ?????? ??? ?????? ????????(?????)?? ??? ??? ????? ?????? ???? ????, ?????????/?????? ??????? ????????? ????????(?????)?? ??? ??? ????? ?????? ????? ?????? ??????. 

-
????????? ???????? ???? ????: ???????? ??? ????????? ???????? ???????? ????????(?????)?? ?????? ?????? ??????.

-
?ð?????? ???? ????: ???????? ????? ?ð?????? ???????, ????????(?????)?? ?????? ?????? ??????. 

-
??????????? ???? ????: ???????? ???????? ????? ????? ???? ????????? ????? ????? ?????? ?????? ????. ???? ????????????? ????????? ???? ????? ????? ???? ????????(?????)?? ??? ??? ????? ?? ??????.

-
??????? ???????? ???? ????: ??????? ???????? ???????? ????????(?????)?? ?????? ?????? ??????.

??????? ?????? ???? ????

- ???????? ?? ????? ??????? ???????, ??????? ????????, ??????? ??? ??????? ????????? ????? ????, ??? ?? ???????? ???, ???????? ?????? ??? ??????? ???????????? ???? ????????? ?????? ?? ??????. ?????
????????? ????? ????????? ?????? ?????? ?? ??????, ?? ???
?? ?????? ??????? ?????? ??? ???? ??????. ???,
???????? ????????? ???? ????????????? ??? ??????????? ????????? ?????? ?????? ?? ??????, ?? ?? ??????????? ??????? ????? ???????? ???? ???? ???? ?? ?? ?????? ?????? ????? ????? ???????? ??????? ??? ????????? ???? ??? ??? ????? ?? ??????.

- ???????? ?????
????????? ???????? ?????? ??????? ????? ????????? ?????? ??????? ?????ħ ?? ????????? ?????? 'ELS ????????? ??????? ?????? ???? ??????? ????????'?? ????
????? ????? ?????? ??????.

???????? 
???????? 
????????? 
????? ????

-
???????? ??????????? ??????? ??????????μ? ????
??????? ?????? ??????? ?????? ?μ?, ??? ?? ??????? ??????? ??????, ?? ??? ??? ?? ?????? ???????, ??????? ???????? ??? ???????? ????? ?????? ???? ????? ?? ??????. ????? ????? ???????? ???????? ????????? ?????????,
????? ????????? ????? ??????????? ????? ?????? ?? ??????,
??? ???? ?? ?????? ??? ???? ????? ????? ?? ??????. ???????? ????????? ?? ?????????? ???? ???????? ????????? ??????μ? ???????, ??????? ???????? ??? ???????? ????? ?????? ?? ???? ??????? ?????? ?? ??????, ??? ????? ????????? ?? ?? ?????? ??? ?? ????? ?????? ????? ?? ??????. ?????? ?? ???????? ??????????? ????? ???????? ???????? ????????? ?? ?????? ???????? ????? ?????? ??? ?? ??????.

????????

- ?? ????? ???? ???????????(???????????)??
???? ?????? ?????? ????? ???? ??? ????? ????? ????? ?? ??????, ?????? ???? ?????? ?ð???? ??? ??? ?????? ????? ?? ??????.

?????????????? ?????
???? ????

- ?? ??????
???????????????? ???????. ?? ??????
???????????? ?????? ???? ??? ???????????
??????? ????????? ???? ??? ??????
??????? ?????? 100%?μ?,
?????? 20%?? ?????? ????? ????? ?? ??????.
???? ??????? ??????? ????? ????(?????? ????? ???? ??????, ???????? ???? ?????? ??)????
??? ????? ????? ?? ??????.

2. ??????? ????

?? ??
?????????? ?????

???????? ?繫, ???????? 
?????? ????

- ?? ?????? ???????? ???? ????? ??????????? ?????? ???? ??????? ???? ??????? ??? ?????? ??????? ?????? ???????? ??? ???? ???????. ????? ??????????? ????? ???????? ?繫, ?????? ???? ??? ? ???????? ????? ??????, ?? ?????? ?????? ???? ?????? ?????? ????? ???????? ????? ???????? ?繫, ???????? ???? ????? ????? ??????? ?????? ???? ???????.

-
?? ?????? ???????? ??????? ??????? ??????, ???? ???????? ???????? ?繫, ???????? ?? ?????? ????? ????? ?????? ??? ?? ??????. ???? ???????? ?繫?????? ????? ?????? ????? ??? ??? ??????? ??????? ?? ??????? ??ο? ????? ??????? ???? ?? ???? ???? ???????? ??????. 

- ?? ????? ??????? ????????? ?????簡 ?δ???? ??? ????? ???
????, ?????? ???? ?????? ?????? ???????.

- ?????ο? ???? ???? ????? ????
???????? 2022.05.16????? ??????
?б???
?? ???系?? ?? ÷?μ????? ???????? ??????.

????????????
- ?? ?????? ??????? ?????? ???????? ??? ??? ???????? ??? ?????? ????? ?????? ?????????? ???? ??????????? ??????? ????? ???????? ??????? ???? ??????? ?????? ????????? ?? ????????? ?????? ???????? ????????? ??????? ????. ??, ?? ???????? ???? ?????? ????????? ?????? ?????? ???? ???????? ??쿡?? ??????? ???????.

3. ???????? ?? ?????? ????

?? ??
?????????? ?????

???????? ????
- ??? ???????? ??????? ????????? ????????? ?????? ?? ?????? ??????? ????? ??????簡 ?????? ??쿡?? ?? ?????? ???? ?????? ?????????? ?? ??????. ??? ???? ?????? ??????????? ????? ?? ?????? ?????? ??????? ????? ?? ??????.

??????????? ??簡 ????? ????

- ???????? ??????? ?? ?????? ????? ?????????? ???????, ??????? ?? ??????? ?????? ????? ??쿡?? ??? ?????? ???? ?? ???? ?????? ?? ?????? ?????? ????? ?? ??????, ????? ????? ???? ???????? ??????. 

-
?? ????? ???? ?????? ?????? ??? ????? ??? ???? ???? ??? ???? ?? ????? ???????? ???δ? ??? ????? ????????????? ?? ?? ??????. ????, ??????? ?? ??????????????? ????? ?? ?????? ????
???? ?? ????? ?????? ?????? ????? ?????????ν?
???? ?? ????? ?????? ???? ??? ?? ???? ?? ????? ???? ?????? ?????????? ???? ?????? ??????
??????θ? ????????? ????.

????????
?????? ????

- ?????? ??????? ??
?????? ????????? ??? ???????????????? ????????(?????)?? ???? ????????? ??? ?? ?????? ????? ?? ?????? ????????? ?? ??????.

??????????
???? ????
??????? ????

(???????? 
???????? ???)

- ?? ??????
??????? ???????? ?????? ???
???????????? ??? ???????? ??? ????. ????
???????? ??????? ???????? ?????? ??? ???????????? ?????? ???, ???????? ???? ???? ????????? ????? ???? ????? ?????? ??? ????? ??????? ?????? ????????? ????? ?????????.

4. ??? ????????

?? ??
?????????? ?????

??????? ????
- ?? ?????? ???, ??? ???? ??????? ???????? ??? ????????? ????????? ??????? ????????? ??????? ???????? ?????? ??????? ???????, ?? ?????? ???????, ???????, ??????? ?? ???? ???????? ???系???? ????? ???????? ????? ?? ????? ?????? ??? ????? ???? ?????????? ????? ?? ??????. 

- ?? ???????? ???? ????? ?????? ???? ?????? ???????, ???????? ???? ??? ???? ?????? ??????? ???? ?????? ??? ??????????? ???????? ???? ??????? ????? ?? ?????? ??? ?? ????? ????? ?????? ??? ?? ??? ??????? ??????. ?????? ??????? ?? ????? ??????? ???? ???????? ????????? ????????? ?????? ??? ???????? ???????? ?????? ????? ???? ???? ?????? ?????? ????????? ?????? ????.

???? ????
- ?? ?????? ???????? ?? ?峻?????? ??????? ???????, ?? ?????? ?????? ??? ??????? ?? ?????? ???? ?????? ??? ??? ??????? ??? ??쿡?? ??????? ???????? ????. ???? ?? ????? ????? ??? ??? ???????? ???? ?????? ???? ???????? ?? ?????? ???????? ???? ??????? ?? ??????.

???? ?? ?????? ????

- ?? ????? ??????? ??????? ??? ???
?????? ??? ???????? ????????? ????
????????? ?????? ???????? ????? ???¡????? ????. ?????? ?????? ?????? ?????? ??? ??쿡
???????? ????? ?????? ??? ?????????? ??????? ???? ???? ?? ???????????(???????????)?? ?????? ???????? ???????? ???????? ??????.
????, ???????? ??? ?????? ??? ????????? ????? ?? ?? ???????, ???????? ??????? ??????.

- ????, ??????? ???μ????? ??????????? ??? ?? ??????? ?????? ??? ???(?????? ?? ???????? ?????? ?????? ?????????? ???? ?????? ?????? ??? ??? ????? ???????? ???? ?????? ????? ??? ????)?? ??????? ???μ??? ?? ????????? ???? ??? ???? ?????? ???????? ???, ???μ??? ?? ???????? ???¡????? ????? ??? ?? ???????? ???¡???? ???? ??????. 

- ?? ?????? ??????? ?? ?????? ??????? ??????? ??? ????? ???? ???????? ???????, ????? ??? ??? ???? ?????????? ??? ?? ????????? ????. 

- ?? ?????? ??????? ????? ??? ?? ?????? ???????? ??????? ???? ???? ????, ?????? ?????? ???? ?? ???, ???????? ????, ??????? ?????? ??? ??? ??? ???? ??????? ??? ??????? ????? ???θ? ???????? ????.

??. ??????? ???? ????

1. ????????? ???

Micron Technology
AMD

2. ????????? ??????

Micron Technology ??????
AMD ??????

3. ??????? ?????? ????

(1) Micron Technology ??????
 ?????D??, SD??, ????? ???? ?÷??? ???? ?ø?(CMOS) ????? ???? ?? ???? ??????? ??????? ??ι? ??????. ????? Compute and Networking Business , Storage Business, Mobile Business, Embedded Business?? 4?? ?ι????? ?????. ?????, ????, ?????? ???, ??? ???, ???? ???, ????? ?? ????? ???ø???????? ???? DDR4 ?? DDR3 DRAM ????????????, ?????, ?º?, ?????? ?????, ?? ??? ????? ????? ??? ???ø???????? ???? ????? ?????? DRAM ????? ???????. ???? ?????? ???? ??? ????? NAND ?÷??? ????? ???????. ?????, ??????, ?????????? ?? ??? ????? ???ø???????? ???? ??????? SSD (Solid-State Drive) ???? ?? ?????? ???ø???????? ???? ???????????? SSD?? ???????. ???? ????? 3D XPoint ??? ???(NOR ?÷???-?????????? ???? ????- ?? ?????, ???, ????? ???? ?? ????? ???ø???????? ???? ???? ??? ??????)?? ???????. ????? 1978?? ???????????, Boise, Idaho?? ???? ??? ???. (??? HTS ?????????????? ?? ?????) 

(2) AMD ??????
????? ????? ???μ????? ????? ??? ???? ??????. ??? ????????? ????? ?? 1969?? ?????? ???? ???μ? AMD ??? CPU?? ?????? ?????? ?????? ?????? ???????. ????, 2006?? ATI?? ?μ??? ?? GPU ?о?????? Nvidia?? ?????? ????? ???? ??????? ???. ?????? ??? ??????? ??????? ???μ???, ???? ???? ???, ????, ??? ???????? ???ο? ?????? ???? ?????? ???μ????? ????? ???μ?????? ????? ????? ???ø?????? ?????. (??? HTS ?????????????? ?? ?????) 

4. ?????????? ?? ???????? ?????

(1) Micron Technology
- ?????? ??? : One Liberty Plaza, 165 Broadway, New York, NY 10006, U.S.
- ?????? ??????? : https://www.nasdaq.com/

(2) AMD
- ?????? ??? : One Liberty Plaza, 165 Broadway, New York, NY 10006, U.S.
- ?????? ??????? : https://www.nasdaq.com/

5. ??????? ???? ?? ??????? ???? ???????? ?????

(1) ???????(Micron Technology(Bloomberg Ticker : MU UW), AMD(Bloomberg Ticker : AMD UW))?? ????????

Micron Technology?? NASDAQ ?? ???? ??? ???? Micron Technology?? ????? ???? ?????? ?????? ?? ??????.
???? ????????? HTS?? [????? 8820 : ?????? ???簡]???? ??????????, ???? ????? ???濡 ???? ???????? ????? ?? ??????.

AMD?? NASDAQ ?? ???? ??? ???? AMD?? ????? ???? ?????? ?????? ?? ??????.
???? ????????? HTS?? [????? 8820 : ?????? ???簡]???? ??????????, ???? ????? ???濡 ???? ???????? ????? ?? ??????.

(2) ???????(Micron Technology(Bloomberg Ticker : MU UW), AMD(Bloomberg Ticker : AMD UW))?? ??????? ????

Micron Technology ???????(https://www.micron.com/), ?????? ???????(https://www.nasdaq.com), AMD ???????(https://www.AMD.com) ???? ????????? ????翡 ???? ?????? ?????? ?? ??????.

6. ????????? ??? 20?? ??????? ????

??. ???? : 2002?? 07?? 29?? ~ 2022?? 07?? 29??

??. ?? ?? ????

Micron Technology : 97.36 (2022?? 01?? 14??)

AMD : 161.91 (2021?? 11?? 29??)

??. ?? ?? ?????

Micron Technology : 1.69 (2008?? 11?? 20??)

AMD : 1.62 (2015?? 07?? 27??)

????? my els ??5016?_mu_uw.jpg
ELS ??5016? Micron Technology ????

????? my els ??5016?_amd_uw.jpg
ELS ??5016? AMD ????

d001_????? my els ??5016?_?????????????.jpg
ELS ??5016? Micron Technology ?? AMD ????
(*??? ????????? ????????? 100??? ???????????)

??1) ????????? ??????? ????? ????????????? ????????? ????? ???????? ?????? ?? ??????.

7. ??? ???? ????(??? 6??????)

(1) Micron Technology ??????

???
?????????
??????
??????
????????

1
Micron Technology Inc
Statement of changes in beneficial ownership of securities
Micron Technology Inc
2022-07-26

2
Micron Technology Inc
Quarterly report [Sections 13 or 15(d)]
Micron Technology Inc
2022-07-01

3
Micron Technology Inc
Current report, items 2.02 and 9.01
Micron Technology Inc
2022-06-30

4
Micron Technology Inc
Specialized disclosure report
Micron Technology Inc
2022-05-26

5
Micron Technology Inc
Current report, item 8.01
Micron Technology Inc
2022-05-12

6
Micron Technology Inc
Statement of changes in beneficial ownership of securities
Micron Technology Inc
2022-04-20

7
Micron Technology Inc
Initial statement of beneficial ownership of securities
Micron Technology Inc
2022-04-20

8
Micron Technology Inc
Current report, item 5.02
Micron Technology Inc
2022-04-08

9
Micron Technology Inc
Quarterly report [Sections 13 or 15(d)]
Micron Technology Inc
2022-03-30

10
Micron Technology Inc
Current report, items 2.02 and 9.01
Micron Technology Inc
2022-03-29

11
Micron Technology Inc
Statement of changes in beneficial ownership of securities
Micron Technology Inc
2022-03-28

12
Micron Technology Inc
Statement of changes in beneficial ownership of securities
Micron Technology Inc
2022-03-15

13
Micron Technology Inc
[Amend] Statement of acquisition of beneficial ownership by individuals
Micron Technology Inc
2022-03-11

14
Micron Technology Inc
Statement of changes in beneficial ownership of securities
Micron Technology Inc
2022-02-17

15
Micron Technology Inc
[Amend] Statement of acquisition of beneficial ownership by individuals
Micron Technology Inc
2022-02-10

16
Micron Technology Inc
Statement of acquisition of beneficial ownership by individuals
Micron Technology Inc
2022-02-08

????????? ????? ???? ???? ????? ?????? ??? ???????????[SEC] ?????(http://www.sec.gov)???? ????? ?? ??????.

(2) AMD ??????

???
?????????
??????
??????
????????

1
ADVANCED MICRO DEVICES INC(AMD)
Statement of changes in beneficial ownership of securities
ADVANCED MICRO DEVICES INC(AMD)
2022-07-14

2
ADVANCED MICRO DEVICES INC(AMD)
Statement of changes in beneficial ownership of securities
ADVANCED MICRO DEVICES INC(AMD)
2022-07-14

3
ADVANCED MICRO DEVICES INC(AMD)
Current report, item 5.02
ADVANCED MICRO DEVICES INC(AMD)
2022-06-28

4
ADVANCED MICRO DEVICES INC(AMD)
Statement of changes in beneficial ownership of securities
ADVANCED MICRO DEVICES INC(AMD)
2022-06-17

5
ADVANCED MICRO DEVICES INC(AMD)
Current report, items 1.01, 2.03, and 9.01
ADVANCED MICRO DEVICES INC(AMD)
2022-06-09

6
ADVANCED MICRO DEVICES INC(AMD)
Current report, items 1.01, 8.01, and 9.01
ADVANCED MICRO DEVICES INC(AMD)
2022-06-08

7
ADVANCED MICRO DEVICES INC(AMD)
Prospectus [Rule 424(b)(5)]
ADVANCED MICRO DEVICES INC(AMD)
2022-06-08

8
ADVANCED MICRO DEVICES INC(AMD)
Filing under Securities Act Rules 163/433 of free writing prospectuses
ADVANCED MICRO DEVICES INC(AMD)
2022-06-07

9
ADVANCED MICRO DEVICES INC(AMD)
Prospectus [Rule 424(b)(5)]
ADVANCED MICRO DEVICES INC(AMD)
2022-06-07

10
ADVANCED MICRO DEVICES INC(AMD)
Automatic shelf registration statement of securities of well-known seasoned issuers
ADVANCED MICRO DEVICES INC(AMD)
2022-06-06

11
ADVANCED MICRO DEVICES INC(AMD)
[Amend] Current report, items 2.01 and 9.01
ADVANCED MICRO DEVICES INC(AMD)
2022-06-06

12
ADVANCED MICRO DEVICES INC(AMD)
Statement of changes in beneficial ownership of securities
ADVANCED MICRO DEVICES INC(AMD)
2022-06-02

13
ADVANCED MICRO DEVICES INC(AMD)
Specialized disclosure report
ADVANCED MICRO DEVICES INC(AMD)
2022-05-27

14
ADVANCED MICRO DEVICES INC(AMD)
Statement of changes in beneficial ownership of securities
ADVANCED MICRO DEVICES INC(AMD)
2022-05-20

15
ADVANCED MICRO DEVICES INC(AMD)
Statement of changes in beneficial ownership of securities
ADVANCED MICRO DEVICES INC(AMD)
2022-05-20

16
ADVANCED MICRO DEVICES INC(AMD)
Statement of changes in beneficial ownership of securities
ADVANCED MICRO DEVICES INC(AMD)
2022-05-20

17
ADVANCED MICRO DEVICES INC(AMD)
Statement of changes in beneficial ownership of securities
ADVANCED MICRO DEVICES INC(AMD)
2022-05-20

18
ADVANCED MICRO DEVICES INC(AMD)
Statement of changes in beneficial ownership of securities
ADVANCED MICRO DEVICES INC(AMD)
2022-05-20

19
ADVANCED MICRO DEVICES INC(AMD)
Statement of changes in beneficial ownership of securities
ADVANCED MICRO DEVICES INC(AMD)
2022-05-20

20
ADVANCED MICRO DEVICES INC(AMD)
Statement of changes in beneficial ownership of securities
ADVANCED MICRO DEVICES INC(AMD)
2022-05-20

21
ADVANCED MICRO DEVICES INC(AMD)
Statement of changes in beneficial ownership of securities
ADVANCED MICRO DEVICES INC(AMD)
2022-05-20

22
ADVANCED MICRO DEVICES INC(AMD)
Statement of changes in beneficial ownership of securities
ADVANCED MICRO DEVICES INC(AMD)
2022-05-20

23
ADVANCED MICRO DEVICES INC(AMD)
Statement of changes in beneficial ownership of securities
ADVANCED MICRO DEVICES INC(AMD)
2022-05-20

24
ADVANCED MICRO DEVICES INC(AMD)
Current report, item 5.07
ADVANCED MICRO DEVICES INC(AMD)
2022-05-20

25
ADVANCED MICRO DEVICES INC(AMD)
Statement of changes in beneficial ownership of securities
ADVANCED MICRO DEVICES INC(AMD)
2022-05-19

26
ADVANCED MICRO DEVICES INC(AMD)
Statement of changes in beneficial ownership of securities
ADVANCED MICRO DEVICES INC(AMD)
2022-05-06

27
ADVANCED MICRO DEVICES INC(AMD)
Notice of disclosure filed pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012 (Exchange Act Section 13(r)).
ADVANCED MICRO DEVICES INC(AMD)
2022-05-04

28
ADVANCED MICRO DEVICES INC(AMD)
Quarterly report [Sections 13 or 15(d)]
ADVANCED MICRO DEVICES INC(AMD)
2022-05-04

29
ADVANCED MICRO DEVICES INC(AMD)
Statement of changes in beneficial ownership of securities
ADVANCED MICRO DEVICES INC(AMD)
2022-05-03

30
ADVANCED MICRO DEVICES INC(AMD)
Current report, items 1.01, 1.02, 2.02, 2.03, 7.01, and 9.01
ADVANCED MICRO DEVICES INC(AMD)
2022-05-03

31
ADVANCED MICRO DEVICES INC(AMD)
[Amend] Current report, items 2.01 and 9.01
ADVANCED MICRO DEVICES INC(AMD)
2022-04-27

32
ADVANCED MICRO DEVICES INC(AMD)
Statement of changes in beneficial ownership of securities
ADVANCED MICRO DEVICES INC(AMD)
2022-04-19

33
ADVANCED MICRO DEVICES INC(AMD)
Statement of changes in beneficial ownership of securities
ADVANCED MICRO DEVICES INC(AMD)
2022-04-05

34
ADVANCED MICRO DEVICES INC(AMD)
Statement of changes in beneficial ownership of securities
ADVANCED MICRO DEVICES INC(AMD)
2022-04-01

35
ADVANCED MICRO DEVICES INC(AMD)
Additional definitive proxy soliciting materials and Rule 14(a)(12) material
ADVANCED MICRO DEVICES INC(AMD)
2022-03-31

36
ADVANCED MICRO DEVICES INC(AMD)
Other definitive proxy statements
ADVANCED MICRO DEVICES INC(AMD)
2022-03-31

37
ADVANCED MICRO DEVICES INC(AMD)
Statement of changes in beneficial ownership of securities
ADVANCED MICRO DEVICES INC(AMD)
2022-03-24

38
ADVANCED MICRO DEVICES INC(AMD)
Statement of changes in beneficial ownership of securities
ADVANCED MICRO DEVICES INC(AMD)
2022-03-22

39
ADVANCED MICRO DEVICES INC(AMD)
Statement of changes in beneficial ownership of securities
ADVANCED MICRO DEVICES INC(AMD)
2022-03-17

40
ADVANCED MICRO DEVICES INC(AMD)
Statement of changes in beneficial ownership of securities
ADVANCED MICRO DEVICES INC(AMD)
2022-03-17

41
ADVANCED MICRO DEVICES INC(AMD)
Statement of changes in beneficial ownership of securities
ADVANCED MICRO DEVICES INC(AMD)
2022-03-03

42
ADVANCED MICRO DEVICES INC(AMD)
Current report, items 5.02
ADVANCED MICRO DEVICES INC(AMD)
2022-02-28

43
ADVANCED MICRO DEVICES INC(AMD)
Statement of changes in beneficial ownership of securities
ADVANCED MICRO DEVICES INC(AMD)
2022-02-17

44
ADVANCED MICRO DEVICES INC(AMD)
Statement of changes in beneficial ownership of securities
ADVANCED MICRO DEVICES INC(AMD)
2022-02-17

45
ADVANCED MICRO DEVICES INC(AMD)
Statement of changes in beneficial ownership of securities
ADVANCED MICRO DEVICES INC(AMD)
2022-02-17

46
ADVANCED MICRO DEVICES INC(AMD)
Statement of changes in beneficial ownership of securities
ADVANCED MICRO DEVICES INC(AMD)
2022-02-16

47
ADVANCED MICRO DEVICES INC(AMD)
Initial statement of beneficial ownership of securities
ADVANCED MICRO DEVICES INC(AMD)
2022-02-16

48
ADVANCED MICRO DEVICES INC(AMD)
Statement of changes in beneficial ownership of securities
ADVANCED MICRO DEVICES INC(AMD)
2022-02-16

49
ADVANCED MICRO DEVICES INC(AMD)
Initial statement of beneficial ownership of securities
ADVANCED MICRO DEVICES INC(AMD)
2022-02-16

50
ADVANCED MICRO DEVICES INC(AMD)
Statement of changes in beneficial ownership of securities
ADVANCED MICRO DEVICES INC(AMD)
2022-02-16

51
ADVANCED MICRO DEVICES INC(AMD)
Initial statement of beneficial ownership of securities
ADVANCED MICRO DEVICES INC(AMD)
2022-02-16

52
ADVANCED MICRO DEVICES INC(AMD)
Statement of changes in beneficial ownership of securities
ADVANCED MICRO DEVICES INC(AMD)
2022-02-14

53
ADVANCED MICRO DEVICES INC(AMD)
Current report, items 1.01, 2.01, 2.03, 5.02, 7.01, and 9.01
ADVANCED MICRO DEVICES INC(AMD)
2022-02-14

54
ADVANCED MICRO DEVICES INC(AMD)
Securities to be offered to employees in employee benefit plans
ADVANCED MICRO DEVICES INC(AMD)
2022-02-14

55
ADVANCED MICRO DEVICES INC(AMD)
Statement of changes in beneficial ownership of securities
ADVANCED MICRO DEVICES INC(AMD)
2022-02-10

56
ADVANCED MICRO DEVICES INC(AMD)
Current report, items 8.01 and 9.01
ADVANCED MICRO DEVICES INC(AMD)
2022-02-10

57
ADVANCED MICRO DEVICES INC(AMD)
[Amend] Statement of acquisition of beneficial ownership by individuals
ADVANCED MICRO DEVICES INC(AMD)
2022-02-09

58
ADVANCED MICRO DEVICES INC(AMD)
Annual statement of changes in beneficial ownership of securities
ADVANCED MICRO DEVICES INC(AMD)
2022-02-04

59
ADVANCED MICRO DEVICES INC(AMD)
Annual statement of changes in beneficial ownership of securities
ADVANCED MICRO DEVICES INC(AMD)
2022-02-04

60
ADVANCED MICRO DEVICES INC(AMD)
Statement of changes in beneficial ownership of securities
ADVANCED MICRO DEVICES INC(AMD)
2022-02-04

61
ADVANCED MICRO DEVICES INC(AMD)
Annual report [Section 13 and 15(d), not S-K Item 405]
ADVANCED MICRO DEVICES INC(AMD)
2022-02-03

62
ADVANCED MICRO DEVICES INC(AMD)
Registration adding securities to prior Form S-4 registration [Rule 462(b)]
ADVANCED MICRO DEVICES INC(AMD)
2022-02-03

63
ADVANCED MICRO DEVICES INC(AMD)
Post-effective amendment adding exhibits to registration statement [Rule 462(d)]
ADVANCED MICRO DEVICES INC(AMD)
2022-02-03

????????? ????? ???? ???? ????? ?????? ??? ???????????[SEC] ?????(http://www.sec.gov)???? ????? ?? ??????.

8. ???????

?? ?????? ????? ??????? ???????? ??????????? ????????? ????? ?? ?? ??????????? ?????? ????? ???? ??????? ????????? ???????? ??????.

??. ?μ????? ???

?? ?????? ????????? ?????簡 ???? ???????? ?????? ?????? ???? ???????. ????, ?? ?????? ?м? ?? ???? ???? ?? ???? ?????? ???????? ??翡 ???? ????????????.

??. ????? ??????

1. ????????? ???? ?? ?????

(???? : ??)

?? ??
?? ??

???? ??? ???????(1)
3,000,000,000

?? ?? ?? ?? ??(2)
150,000

?? ?? ?? ?? [ (1)-(2) ]
2,999,850,000

?? ???????? 30??????? ???????? ????? ???????. ??????? ????????? 100%?? ????? ??쿡?? ????? ???? ???????? ?????δ? ????? ?? ??????.

2. ????? ????? ?????

????????? ??????? ???? ????????? ???? ??????? ???????? ?????? ?????, ???? ?????? ???????? ????? ??? ??? ??? ????? ??????? ???, ?峻?? ?????? ??? ???? ?????????(???????) ?? ?????????? ????? ????? ???????.

??. ?? ??? ?????????? ???? ????? ????

1. ????????? ?????? ???? ???

??. ???????????(ELS, DLS) ??????? ?? ???????

(???? ?? ???? 3???, 2021?? 12?? 31?? ????)

(???? : ??, ???)

????
???????????
???????????

???????
???????
???????
???????

????
???
??
????
???
??
????
???
??
????
???
??

2018??
??
240
131
371
0
0
0
3
15
18
0
0
0

???
2,192
3,381
5,573
0
0
0
6
953
959
0
0
0

2019??
??
231
244
475
0
0
0
17
40
57
0
0
0

???
5,369
5,890
11,259
0
0
0
121
2,014
2,135
0
0
0

2020??
??
216
134
350
0
0
0
1
22
23
0
1
1

???
5,176
2,854
8,030
0
0
0
1
1,004
1,005
0
100
100

2021??
??
309
100
409
230
67
297
0
0
0
0
0
0

???
7,229
1,862
9,091
5,370
1,054
6,424
0
0
0
0
0
0

???
??
996
609
1,605
230
67
297
21
77
98
0
1
1

???
19,966
13,987
33,953
5,370
1,054
6,424
128
3,971
4,099
0
100
100

??1) ???? ???? ??? 3?????? ?????? ????????.

??. ?????????(ELB, DLB) ??????? ?? ???????

(???? ?? ???? 3???, 2021?? 12?? 31?? ????)

(???? : ??, ???)

????
????????????????
????????????

???????
???????
???????
???????

????
???
??
????
???
??
????
???
??
????
???
??

2018??
??
53
6
59
0
0
0
77
161
238
0
0
0

???
298
37
335
0
0
0
2,333
8,221
10,554
0
0
0

2019??
??
33
29
62
0
0
0
44
87
131
0
5
5

???
301
4,177
4,478
0
0
0
1,883
4,042
5,925
0
1,796
1,796

2020??
??
7
14
21
0
5
5
23
23
46
0
6
6

???
149
975
1,124
0
5
5
1,857
4,577
6,434
0
1,719
1,719

2021??
??
8
3
11
8
3
11
85
11
96
23
8
31

???
209
1,453
1,662
209
1,453
1,662
4,650
2,512
7,162
1,195
1,557
2,752

???
??
101
52
153
8
8
16
229
282
511
23
19
42

???
957
6,642
7,599
209
1,458
1,667
10,723
19,352
30,075
1,195
5,072
6,267

??1) ???? ???? ??? 3?????? ?????? ????????.

??. ??????? (2021?? 12?? 31?? ????)

????
ELS
DLS
ELW
ELB
DLB
??

???
137,232,517,199
40,321,772,688
-
12,028,782,440
33,115,030,693
222,698,103,020

(????????? ????? 5% ????? ??????? : ?????? ????)

??1)*??????? = ?????? + (????? ??????????)
 *???????? ?ð??? ????? ????? ???? ??????? ?????????(+)??? ???(-) ?? ????? 
 *?????????? ??? ???? ?? ???????? ???? ??? ?? ???? ??????. 

????????

??????
??? ????

??????ð??
??????
???
???

1??????
0.0%
1.0%
6.0%
10.0%

1????? 5??????
0.5%
5.0%
8.0%
12.0%

5?????
1.5%
7.5%
10.0%
15.0%

????) KOSPI200?? ????? 2???? ???????????(ELS)?? ???????, ??? ???????

???? ???????? ?????? ELS???(???? 100??? ????)?? ????? ??? 
????????? ?????? ???? ??????
 ???????= ?????? + (????? ??????????)
 = 100????? ???? ?ð????? + (100?????8%) = 108???

2. ????? ???? ????

??. ?? ?????? ????? ??????? ??????? ??????????? ??? ?? ????? ??????? ??????? ??? ???
?????? ??? ???????? ????????? ????
????????? ?????? ???????? ????? ???¡????? ????. ?????? ?????? ?????? ?????? ??? ??쿡
???????? ????? ?????? ??? ?????????? ??????? ???? ???? ?? ???????????(???????????)?? ?????? ???????? ???????? ???????? ??????. 

??. ?? ?????? ????? ??????? ???μ????? ??????????? ??? ?? ??????? ?????? ??? ???(?????? ?? ???????? ?????? ?????? ?????????? ???? ?????? ?????? ??? ??? ????? ???????? ???? ?????? ????? ??? ????)?? ??????? ???μ??? ?? ????????? ???? ??? ???? ?????? ???????? ???, ???μ??? ?? ???????? ???¡????? ????? ??? ?? ???????? ???¡???? ???? ??????. 

?? ???????? ??? ??

1. ???????? ???

- ?????? ????

2. ?????????? ???????

- ?????? ????