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

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

?? ?? ?? ?? ??

2022?? 08?? 02??

NH???????? ??????

NH???????? ??????? ?????????(ELB) ??2246?

?? 12,998,680,000 ??

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

2. ???????? :
?? 12,998,680,000??

3. ???? :
2022?? 08?? 12?? (???? 4?????)

4. ??????? :
2022?? 08?? 12??

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

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

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

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

?????? : NH????????(??) ??/???? ?μ?

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

?????? ????

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

NH???????? ??????

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

1. ?? [????]?? ???? ?? ????????????? ???? ?????? ???? ??? ????????.

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

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

4.
??? ???? ?????? ???????? ????? ???
???? ?????? ???? ??????
????? ?????
???????? ???
?? ?? ???
?????? ????
????
???? ???? ??????
?? ????? ??????? ????
???? ??????. ??????? ???????(???? ??? ????) ???? ??????? ??쿡 ????? ?? ??? ??? ??????? ?????? ??????簡 ?????????? ??????? ????? ???????? ??????? ??????? ???? ????? ??????? ??????? ????. ???????(??????, ???????)?? ???? ???? ??? ??? ????? ?????? ???ο??? ??????.

5. ????????? ????? ??????? ?????? ??????? ???????? ?????????
????????? ???? ?? ???? ???? ????, ??????? ???? ????? ??? ?? ???? ??????? ?????
???? ????? ??????? ???????? ??????. (????????? ????????? ??? ????? ??????ο? ???? ??????? ???????? ????? ????? ?????? ??? ?? ??? ????? ???? ????? ??????? ???????? ??????.)

6. ???????? ?????¿? ????
????????? ??????? ???? ?? ??? ????????? ???????
???????? ?繫??? ?? ?????(NH????????, ????? ????? AA+, 2022?? 03?? 28?? ???????? ) ???? ?????? ???????
?? ???? ??????. 
(???????? ??????? AAA/AA,A,BBB ???? +,0,-?????? ???е???.)

7. ??????? ????????
???? ???????? ???? ?????? ???????? ???????? ?и???? ??????? ??´?? ??
?? ????? ??????? ????
????? ????.

8. ?? ???????????
???? ???????? ????? ??????? ??????,
?????? ??????? ???
???? ?? ????? ????? ?????
?? ???? ????? ????? ?????
?????ο??? ?????? ????? ???????? ??? ???
??? ????????? ?????? ????? ????? ????? ?? ???????,
?????????? ?? ??????? ???????
???? ???? ??????? ??????.

9. ???????? ???????? ????? ???? ???? ?????? ????, ?????, ?????? ??????? ?????? ??????, ??????? ??? ??ν? ??????? ????? ?? ??????.

10.
(?ο? ?? ??????)
??????? ?? ??????? ??? ???(?ο?)?? ???? ??? ??????????(1544-0000) ??? ????????????(https://www.nhqv.com)?? ?????? ?? ???, ?????? ????? ??쿡?? ?????????? (???????? 1332)???? ?????? ????? ?? ??????.

11.
(?????????)
?????????? ????????????? ???? ???? ?? 28???? ???? ???????? ??? ????? ???? ?? ????????? ???? ???????? ????? ????(???? ???? ??? ??? ????)?? ???? ?? ??????. ?????????? ??? ???? ?? ?? ?????? ???κ??? 8?? ??? ??? ??? ?????? ?? ??????.

?? ???????? ????? ???????? ?з? ????

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

??????????

??????????

?????????

?????????

??????

???????????
(ELS/ELB)
??????? ?????? ELS
(???ι??? 70% ???
~ 130% ????)
??????? ?????? ELS
(???ι??? 70%???,
130%???)
??????? ?????? ELS
????κ???????
ELS
?????????
ELB

???????????
(DLS/DLB)
????????? DLS
( ???ι??? 70%???
~ 130% ????)
????????? DLS
(???ι??? 70%???,
130% ???)
????κ???????
DLS
?????????
DLB

?? ???????¡

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

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

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

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

??????????
??????? ??????? ?ξ? ????? ???? ?????? ????????? ?????? ?????? ??
???? ???? ????????? ???? ????, ????????? ??κ??? ???,????????, ??? ???
??? ???? ??????? ?????? ?????? ????

?? ?? ?? ??

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

[????? :
NH???????? ??????? ?????????(ELB) ??2246?
]

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

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

1. ?????

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

?? ??
?? ??

1) ?????

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

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

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

2) ???? ?????

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

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

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

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

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

5) ??????
???????? ??? ???μ? ????(????α?)???? ??????? ??????? ???? ?????? ??????? ???? ?????. ???, ??????? ??? ?????? ??? ?????? ??????? ???? ???????

6) ??????? ??????
- KOSPI200 ????: ???????? ??? ?? ?°???
- S&P500 ????: Standard & Poor's ??? ?? ?°???

7) ??????
???????? NH???????? ??????

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??? ???????? ?????? ?ð?

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

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

?? ??
?? ??

?????

NH???????? ??2246? ?????????(??????? ?????????)

(??????)

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

?? ?? ?? ??
??? ????????? ???(USD 9,950,000)

1????? ?????
??? ??? ???(USD 100)

1????? ??????
??? ????? ??? ??????(USD 99.5)

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

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

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

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

?????????

2022?? 08?? 12?? (???? 4??)

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

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

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

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

?? ?? ??
2025?? 08?? 20??

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

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

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

??????????? ???????
??????? (?????? (USD) ????)

???????????
[???????????? ??????]
??? ?????????????(??????) ?? 2??????

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

????? ???????
??????? (?????? (USD) ????)

???????? ???? ????
??????? ??? ??? ??? ???(USD 1,000,000) ????? ???, ???????? ?? ?????? ?????? ????? ?? ??????. ?? ??? ??????? ?????? ????????? ??? ?????·? ???????.

??????????????
??翩??

?? ?????? ???????? ????? ??2?? ??7????? ?????
???????????????? ??????? ??????
???? ??? ??????????? ???? ????? ??????? ????????.
?????
??????? ??????? ????? ????(?????? ????? ???? ??????, ???????? ???? ?????? ??)????
??? ????? ????? ?? ??????.

??? ???????

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

??? ??????
?? ?????? ???????? ???? ??? ??????? ??????(?????????)????????,???????? ??7-22???? ????????????????? ??? ??????? ???????? ?????? ?? ?? ????????? ?????? ???????.

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

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

2. ??????

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

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

(1) ?? ?????? ???????? 1????? ??? ????? ??? ??????(USD 99.5)???? ????????.

(2)
?? ?????? ????????
??
?? ????????????? ?????? ???? ???? USD 10,000?? USD 9,557.07 ???? ???????.

* ??? ?? ????????????? ?????? ???? ???????? ??????????κ??? ??????? ??л??? ?????? ?? ????? ???? ???? ??????? ???? ??????? ???? '??а???'?? ???????.

* ?? ?????? ??а????? ????????????? ?????? ???? ???? ??3?? ???????κ??? ??????? ??л??? ?????? ??????, ??а??? ???? ????? ???????? ??? ??? ???????.

?? ??
?? ??

????????? ??????
1) ???????: EWMA?????? ????? ??????????
2) ????: ?峻?? ?????? ????????
- KOSPI200 : ?????????? 24.81%
- S&P500 : ?????????? 27.55%

??????? ???????? ???? ??????
EWMA?????? ?????? ????
- KOSPI200?? S&P500 : 0.2436

1.??????
1)???????: ????? ??? ???????? decay factor ?? ??????? ??????? ????? EWMA( exponentially weighted moving average ) ?????? ????
2)???????: Heston(1993) ?????? ???? Volatility Surface ?? ??????? ?????? ???? ??????(Local Volatility) ????
2. ??????
-????? ??? ???л? decay factor ?? ??????? ??????? ????? EWMA( exponentially weighted moving average ) ?????? ????

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

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

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

?? ??
?? ??

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

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

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

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

(2) ????? ???

?? ??
?? ??

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

- ????????? ?????? ????? ????? ?????? ??????? ???? ??? ??????? ????????? ??? ??????????? ???????, NH???????? HTS(Home Trading System) ?? ???????(https://www.nhqv.com) ??? ?¶???????? ??? ?? ??????. ??, ??쿡 ???? ?¶???????? ????? ?? ?????? ???????? ??? ???????? ?????? ??? ???? ???? ????? ??????? ??????.

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

- ??????? ???п? ??????? ?????? ????????ð? ??????? ???????ð????? ?????? ?????? ????. ??, ?¶???????? ??? ?????ð??? ?????? ?? ?????? ???????? ??? ???????? ?????? ??? ???? ???? ????? ??????? ??????.

????

2022?? 08?? 12?? (???? 4??)????

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

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

??????
??? ????????? ???(USD 9,950,000)

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

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

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

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

???? ???????

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

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

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

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

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

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

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

8)
??????? ??? ??? ??? ???(USD 1,000,000) ????? ???, ???????? ?? ?????? ?????? ????? ?? ??????.

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

??. ????? ??????? ?????? ?????? ??й???????. ?????? ?? ??????? ????????? 100% ????? ??? ?????? ?????? ??й???????(1???? ??? ????). ??, ??й??????? ????? ????????? ??????? ??????? ??????? ? ??????? ??? ???????? ?? 1????? ???????, ????簡 ????????? ???? ????? ??????? ?????? ????? ??? ??????? ??????? ???? ?????? ???? ??? ????????? ??? ?? ?? ??????.

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

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

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

??. ?? ?????? ?????? ?????? ?????? ?????? ??й?????? ????? ?????????? ?????? ??? ??? ?????? ??????? ??? ?????·? ?????? ??????? ???????. ??, ??? ???? ????? ???????? ??´?? ???? ???????? ??????.

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

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

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

5. ?μ? ?? ???? ????

(1) ??? ????? ?????? ???ε? ???? ????

??. ?? ?????? ??? ?????? ?? ???????? ???????? NH?????????? ??????(Calculation Agent)???μ? ????? ??? ??????? ???????? ?????? ??????? ?????? ???????? ????????.

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

??
?????? ?? ?????? ?????????:
 ???????? NH????PLUS????????? 
 (???: ????? ???????? ?????? 108)

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

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

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

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

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

??????
????
??? ??????????????? ?? ????????? ?????? ??? ???? ????????? 88% ????? ??? (???? ???? 88%?? ?????? ??찡 ???????? ??? ?????????? ??????? 88% ?????? ?????? ????)
????? X 0.420%
(??? ?? 5.040%)

???
????
???

(1) 1?? ?????????????? ?? ????????? ????????????????
??? ???????????? 100% ????? ???

(2) 2?? ?????????????? ?? ????????? ????????????????
??? ???????????? 100% ????? ???

(3) 3?? ?????????????? ?? ????????? ????????????????
??? ???????????? 100% ????? ???

(4) 4?? ?????????????? ?? ????????? ????????????????
??? ???????????? 100% ????? ???

(5) 5?? ?????????????? ?? ????????? ????????????????
??? ???????????? 100% ????? ???

????? X
100.000%

????
???

(6) ?? ????????? ??????????? ??? ????????????
100% ????? ???

????? X
100.000%

(7) ?? (6)?? ??쿡 ??????? ???, ??????? ?? ??? ?? ?????????? ???????????
???????????? 100% ????? ???=> ????????(????????????)

0.000%
???? ????

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

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

d002_nh???????? ??2246?_??????????2.jpg
NH???????? ??2246? (?????? ???? ?????)

d002_nh???????? ??2246?_??????????1.jpg
NH???????? ??2246? (???? ??????? ?????)

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

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

d002_nh???????? ??2246?_????????????.jpg
NH???????? ??2246? (????? ???????)

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

1?? ?????????
0~2.52%
2,266
55.553%

2?? ?????????
0~5.04%
635
15.568%

3?? ?????????
0~7.56%
210
5.148%

4?? ?????????
0~10.08%
103
2.525%

5?? ?????????
0~12.60%
204
5.001%

??????
0~15.12%
661
16.205%

Total
4,079
100.000%

??1) ?? ??????? ??? ????????? 2002?? 08?? 01????? 2019?? 08?? 01???? ???? ??????? ?м??? ???????.

??2) ?м???????(2002?? 08?? 01??)?κ??? ?м??????? ?? ??????????? ?????? ????? ???????? ??????? ??? ?????? ??????? ???? ??????????? ?? ??? ?????? ?????????? ??????? ????????????. (?? 4,079?)

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

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

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

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

??????

?????? ????????? ??????? ????????????? ???, ??? ?????? ?????? ???? ???????, ?? ?????? ?????????(????????) ???????????? 100%??????? ????? ????????? ??? ??쿡?? ?????????? ?????? ??????????? ?????? ????.

0.000%

????????
?????? ????????????? ??????????? ????? ???, ??? ??????????????? ???????? ??? ??????? ???, ????????? ????????? ??????????? ??? ???????????? 100% ?????? ??????? ??? ??? ??????????? ???? 15.120%(??? ?? 5.040%)????
15.120%

2. ????? ????

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

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

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

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

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

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

???? ???? ?? ??? ??????????????? ????????? ?????? ??? ???????????? 88%????? ??? ?????? ???????? ?????? ???? ???????? ????????. ??, ???????? ?????? ?????? ??????? ???????? ???????????? ?δ????? ??????.

 ?????? ?? 0.420%(???? ????? ??? ?? 5.040%)

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

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

1?
2022?? 09?? 15??
2?
2022?? 10?? 17??
3?
2022?? 11?? 15??

4?
2022?? 12?? 15??
5?
2023?? 01?? 17??
6?
2023?? 02?? 15??

7?
2023?? 03?? 15??
8?
2023?? 04?? 17??
9?
2023?? 05?? 15??

10?
2023?? 06?? 15??
11?
2023?? 07?? 17??
12?
2023?? 08?? 16??

13?
2023?? 09?? 15??
14?
2023?? 10?? 16??
15?
2023?? 11?? 15??

16?
2023?? 12?? 15??
17?
2024?? 01?? 16??
18?
2024?? 02?? 15??

19?
2024?? 03?? 15??
20?
2024?? 04?? 15??
21?
2024?? 05?? 16??

22?
2024?? 06?? 17??
23?
2024?? 07?? 15??
24?
2024?? 08?? 16??

25?
2024?? 09?? 19??
26?
2024?? 10?? 15??
27?
2024?? 11?? 15??

28?
2024?? 12?? 16??
29?
2025?? 01?? 15??
30?
2025?? 02?? 18??

31?
2025?? 03?? 17??
32?
2025?? 04?? 15??
33?
2025?? 05?? 15??

34?
2025?? 06?? 16??
35?
2025?? 07?? 15??
36?
2025?? 08?? 18??

?? ?????? ?????? : ??? ???? ?????????????? ?? 2??????

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

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

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

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

1??

?? ????????? 1?? ????????????????
??? ???????????? 100% ????? ???

2??

?? ????????? 2?? ????????????????
??? ???????????? 100% ????? ???

3??

?? ????????? 3?? ????????????????
??? ???????????? 100% ????? ???

4??

?? ????????? 4?? ????????????????
??? ???????????? 100% ????? ???

5??

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??? ???????????? 100% ????? ???

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

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

????
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??????

1??
2023?? 02?? 15??
????? ?? 100.000%

2??
2023?? 08?? 16??
????? ?? 100.000%

3??
2024?? 02?? 15??
????? ?? 100.000%

4??
2024?? 08?? 16??
????? ?? 100.000%

5??
2025?? 02?? 18??
????? ?? 100.000%

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

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?? ????????? ???????????
??? ???????????? 100%????? ???

??????100.000%

(2) ??????? ?? ??? ?? ?????????? ???????????
???????????? 100% ????? ???

????? ?? 100.000%
???? ????

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

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??
???????? : 2025?? 08?? 18??
??
?????? : 2025?? 08?? 20??

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

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

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

??
1????? ?????? ???? ??? ?? ???(USD 0.01) ???? ????? ????????.

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

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

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

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

??. ?? ??????
????????(?????)?? ??3?? ?????? ???????κ??? ??????(??? ??????? ???? ??????) ?? ?????? ????????,
?????? ???????κ??? ????????(?????)?? ?????? ??? ????? ??????????.
?? ?????? ???? ?????? ????????(?????)?? ???? ?????? ?????? ?? ??????. ????????(?????)?? NH???????? ???????(https://www.nhqv.com)?? ?????, ?? ?????? ??????κ??? ????????? ??????? ?????? ???????.

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

?? ?????? ???????(??????(USD)) ??????? ???????. ???????????? ????? ??? ???????? ????? ???? ?????? ?? ?????? ??????? ?????? ???? ??????? ?? ?????????? ?????? ????? ???? ???? ????? ?? ?????? ??????? ??? ???¿? ?????? ????? ????(??????(USD))???? ????????.

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

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

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

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

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- ??? (?????????, ?????? ?? ??????)
??? ?? ??????? (????)?κ??? ??????(????)????

?????? ?????? ?? ???????
?????? ???? ?????? ?κ???? ???????, ????? ???? ??? ??? ???(USD 1,000) ??? ??? ??? ???(USD 100) ?????? ??? ????????. (??, ?????? ????翡?? ?????? ???¿? ????????? ??????????? ????????.)

??????????? ???
????? ???? 17:00???? ??? ????

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

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

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

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

- ?????? ???? ?????? ?????? ??? ????????(?????)?? ????? 'NH???????? ???????(https://www.nhqv.com) ?? NH???????? HTS?? QV?? [8665]????? ?????????? ???? ???????濡 ???? ???????? ????? ?? ??????.

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

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

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

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

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

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

??. ?? ?????? ???????? ???? ??? ?????? ??? ????????? ???? ??????? ?????????? ?????? ?? ??? ????????? ???? ???????? ??????. ????
?? ?????? ??????? ??? ??? ??? ???(USD 1,000,000) ????? ??쿡?? ?????? ?????? ????? ?? ??????
?????? ????? ??쿡?? ?????? ?????????? ?????? ????? ???????? ?????? ?? ?? ???????? ??????.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1) ?? ?????? ???????? ?????? ?????? ???????? ?????? ?????? ?? ?????? ???(????)??? ??? ???????? ?????????????κ??? 8?????? ????? ?? ?????? ????????? ???????????? ????????? ????.

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

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

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

?? ?????? ????? ?? ??? ???? ????? ?????? ????? ?? ??????. ???????? ?? ?????? ????????, ???????? ?? ??? ????????? ???? ?? ???? ???? ????? ?? ??? ??????? ???????? ???????(https://www.nhqv.com)?? ?? ?????? ??????? HTS?? QV ?????? ??????? ????.

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

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

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

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

?? ??, ?? ???? 8??????????? ??? ???????? ??? 8??° ??????????? ??????????? ?????? ????? ???????. ?? ??? ???????? 8??° ??????????? ??????? ?????? ????????? ????? ?????? ???????, ????????? ?????? ??? ???????? ???????????? ?????? ?????? ???? ??????? ???? ????? ????? ???? 8??° ??????????? ?? ??? ?????? ?????????? ?????? ??? ????? ?????? ??????? ?????? ????????.

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

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

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

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

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

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

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

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

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

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

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

2) ?? ?????? ??????? ?????
?? ?????? ????, ??? ?? ??? ????????? ???? ?? ???? ???? ????? ?? ??? ???????? ??????? ???????? ???????(https://www.nhqv.com)?? HTS?? QV?? ?? ?????? ???????? ????.

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

??. ???????? ??????????? ??? ??????, ?????? ??????? ???????? ???????? ??????? ??쿡 ???????? ?????? ???? ????? ??????????? ??? ??????, ?????????????? ????κ??? ???? ???????????? ?? ???? ????????? ???? 6%?? ????? ????? ?????????? ?? ?????? ????????? ???????? ????. ??, ?????? ????, ?????? ??? ?????????? ?????? ????? ??????????? ??? ???????? ??????? ??쿡?? ???????? ???????? ??????.

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

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

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

??. ?? ???????κ??? ??? ??? ??????? ?????? ??? ??? ??? ?????? ??????? ???? ??? ???? ?????? ???? ???????? ????.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

????????

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

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

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

???????? ?繫,
????????
?????? ????

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

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

- ?? ????? ??????? NH?????????? ?δ???? ??? ????? ???
????,?????? ???? ?????? ?????? ???????.

- ?????ο? ???? ???? ????? ????
???????? 2022?? 05?? 13??????? ??????
?? 56-1?? ?б???
?? ???系?? ?? ÷?μ????? ???????? ??????.

????????????
- ?? ?????? ??????? ?????? ???????? ??? ??? ???????? ??? ?????? ????? ?????? ?????????? ???? ??????????? ??????? ????? ????????? ???? 6%?? ????? ????? ?????????? ?? ?????? ????????? ???????? ????. ??, ?? ???????? ???? ?????? ????????? ?????? ?????? ???? ???????? ??쿡?? ??????? ???????.

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

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

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

??????????? ??簡 ????? ????

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

- ?? ????? ??????? ??????? ??? ??? ?????? ???????濡 ???????
??????(USD)?? ???¡?????, ???? ???????? ?? ?????? ???
??????(USD)?? ??????? ????.
??????? ????? ??????????? ???????? ??????????? ???? ????????? ??? ????????? ????? ????? ???????.

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

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

????????? ???????
KOSPI200 ????
Standard & Poor's?? ???????
S&P500 ????

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

(1) KOSPI200 ????

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

(2) S&P500 ????

S&P500 ?????? ????????????? ????? 500?? ????? ?ð???? ???????????????. ??? ?????? ??? ??? ?????? ?????? 500?? ????? ???? ?ð?????? ?????????? ???????? ????????? ?????? ?????? ???????? ????????????. ???? ?? ?????? 1941~1943?? ??????? ????? 10???? ??????? ??????. 

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

(1) KOSPI200 ????

KOSPI200 ?????? ??????????? ????????(Korea Exchange)???, KOSPI200 ?????? ?????????? ??? ??????????? ?????? ??????.
 - ???????? ??????? : http://www.krx.co.kr
- ???????? ??? : ?λ????? ???? ????? 134

(2) S&P500 ????

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

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

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

???? ??? ?? NH???????? ???????(https://www.nhqv.com), ????????, ???????? ???????(http://www.krx.co.kr), ????????????, ???????????? ???????(http://www.nyse.com) ???? ????????? ????? ???? ?????? ?????? ?? ??????.

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

???? ??? ?? NH???????? ??????? (https://www.nhqv.com), ???????? ???????(http://www.krx.co.kr), Standard & Poor's, Standard & Poor's ???????(http://www.standardandpoors.com) ?? ???????? ???? ???? ????????? ???? ???? ????? ???? ?????? ?????? ?? ??????.

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

??. ???? : 2002?? 08?? 01?? ~ 2022?? 08?? 01??

??. ?? ?? ????

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

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

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

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

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

nh???????? ??2246?_kospi200.jpg
KOSPI200 ???? ????????

nh???????? ??2246?_snp500.jpg
S&P500 ???? ????????

d002_nh???????? ??2246?_?????????????.jpg
NH???????? ??2246? (??????? ???? ??????? ????)
(*??? ????????? ????????? 100??? ???????????)

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

6. ???????

?? ?????? ????? ??????? ???????? NH?????????? ????????? ????? ?? ?? ??????????? ?????? ????? ???? ??????? ????????? ???????? ??????.

??. ?μ????? ???

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

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

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

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

?? ??
?? ??

???? ??? ???????(1)
12,921,070,000??

?? ?? ?? ?? ??(2)
646,050??

?? ?? ?? ?? [ (1)-(2) ]
12,920,423,950??

??) ?? ????? ???????? 12,921,070,000?????? ?????? ?????????????. ??????? ????????? 100%?? ????? ??? ???????? ???????? ?????δ? ????? ?? ??????.

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

?? ??
?? ??

?????????(????)
646,050??

?? ??(????)
646,050??

??) ??? ??????????? ?????????? ???????? ???????????? ??????? ???? ????? ?? ??????. ???????? ????? ?? ????????д??¡??????????? ??7?? 2??? ???? ??????????????? ?????? ???? ????? ???? ???? ?? 3????????? ????????????? ????? ????д???? ?????? ?????? ????????.

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

?? ?????? ???????? ????? ????? ???? ????????? ???? ??????? ???????? ?????? ????? ????????? ??????. ????????? ??δ? ?? ????????? ???? ??? ????? ??????? ???, ??δ? ???????? ?????? ???????????? ?????? ?? ????????? ??????? ?????? ???? ???? ??????? ???????.

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

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

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

(???? ?? ???? 3???, 2022?? 03???? ????, ???? : ????)

????
ELS
ELW
DLS

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

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

2019
??
721
805
1526
0
2
2
1469
52
1521
0
0
0
151
360
511
1
28
29

???
4,072,408
1,434,756
5,507,164
0
5,525
5,525
3,606,619
1,905
3,608,524
0
0
0
528,648
1,601,812
2,130,460
4,401
314,260
318,661

2020
??
641
562
1203
0
1
1
1253
27
1280
0
0
0
30
57
87
0
14
14

???
2,988,631
966,115
3,954,746
0
1,740
1,740
2,262,561
7,918
2,270,479
0
0
0
108,624
265,435
374,059
0
87,628
87,628

2021
??
658
397
1055
326
174
500
529
12
541
94
4
98
0
11
11
0
3
3

???
2,889,932
462,897
3,352,829
1,358,447
201,799
1,560,246
530,458
2,287
532,745
94,274
650
94,924
0
57,858
57,858
0
32,150
32,150

2022
??
212
33
245
212
33
245
529
12
541
94
4
98
0
2
2
0
2
2

???
938,456
33,082
971,538
944,962
33,171
978,133
530,458
2,287
532,745
94,274
650
94,924
0
6,620
6,620
0
6,620
6,620

?????
??
2232
1797
4029
538
210
748
3780
103
3883
188
8
196
181
430
611
1
47
48

???
10,889,427
2,896,850
13,786,277
2,303,409
242,235
2,545,644
6,930,096
14,397
6,944,493
188,548
1,300
189,848
637,272
1,931,725
2,568,997
4,401
440,658
445,059

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

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

(???? ?? ???? 3???, 2022?? 03???? ????, ???? : ????)

????
ELB
DLB

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

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

2019
??
156
23
179
10
4
14
15
43
58
1
7
8

???
2,844,101
79,485
2,923,586
149,816
1,536
151,352
16,600
247,582
264,182
372
88,847
89,219

2020
??
160
4
164
28
0
28
4
13
17
2
12
14

???
2,792,758
3,224
2,795,982
134,779
0
134,779
2,987
440,702
443,689
334
443,975
444,309

2021
??
114
0
114
83
0
83
5
23
28
2
23
25

???
2,183,319
0
2,183,319
1,839,160
0
1,839,160
3,877
701,093
704,970
608
745,916
746,524

2022
??
27
1
28
27
1
28
0
1
1
0
1
1

???
245,641
7,296
252,937
241,776
7,333
249,109
0
24,048
24,048
0
24,216
24,216

?????
??
457
28
485
148
5
153
24
80
104
5
43
48

???
8,065,819
90,005
8,155,824
2,365,531
8,869
2,374,400
23,464
1,413,425
1,436,889
1,314
1,302,954
1,304,268

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

??. ???????(2021?? 06???? ????, ????: ??)

????
ELS
DLS
OTC ???
??

???
59,250,405,070
7,010,477,620
2,842,713,990,111
2,908,974,872,801

(????????? ????? 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. ????? ???? ????

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