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

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

?? ?? ?? ?? ??

2022?? 08?? 02??

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

????? MY ?????????(ELB) ??215?

?? 10,000,000,000 ??

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

2. ???????? :
????? MY ?????????(ELB) ??215? : 
?? 10,000,000,000??

3. ???? :
????? MY ?????????(ELB) ??215? : 
2022?? 08?? 04?? ~ 2022?? 08?? 11?? 16:00??

4. ??????? :
????? MY ?????????(ELB) ??215? : 
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??? ?????? ????? ???????? ??? ???
??? ????????? ?????? ????? ????? ????? ?? ???????,
?????????? ?? ??????? ???????
???? ???? ???
???? ??????.

?? ?? ?? ??

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

[????? :
????? MY ?????????(ELB) ??215?
]

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

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

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

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

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

?? ???????? ??????? ?¡ (ELS, ELB, DLB ??)

???

?? ??

ELS

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

ELB

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

DLB

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

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

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

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

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

2. ?????????? :
4???[??????]
- ???? ???????????? ???????? 1???(???????)~ 5???(????????)???? 5???? ?з???? ??????. ????, ????? ?з?????? ???? ???????????? ??????? ???? ????? ?????? ?? ??????? ????????? ???? ??????. 4???[??????]?? ???? ????????? ????????? ???????, ????????? ????? ?????? ???????? ????? ????? ??????, ?????? ???? ??????? ????? ?????? ?? ??????, ????????? ???? ?????? ???? ??? ?? ??θ? ?????? ???? ????? ?????? ?????? ??? ??쿡 ??????.

3. ???????

- ?????????(ELB)?? ???????????? ???? ?????????簡 ??????? ??????.

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

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

1. ?????

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

?? ??
?? ??

1) ?????

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

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

2) ???? ?????

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

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

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

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

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

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

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 ?????????(ELB) ??215?

(??????)

???????
KOSPI200 ????

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

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

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

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

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

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

?????????

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

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

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

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

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

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

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

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

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

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

?? ?? ??
2022?? 11?? 16??

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

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

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

??????????????
??翩??

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

??? ???????

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

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

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

2. ??????

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

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

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

(2)
?? ?????? ????????
??
????????????? ?????? ???? ???? 10,011?????? ???
????.

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

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

?? ??
?? ??

????????? ??????
6???? ??????
- KOSPI200 ???? : 17.93440537%

* ???????: 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??? ????? ???, ???????? ?? ?????? ?????? ????? ?? ??????.

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

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

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

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

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

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

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

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

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

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

5. ?μ? ?? ???? ????

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

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

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

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

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

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

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

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

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

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

????
???
?? ????????? ????????? ??????????? ???????????? 200% ????? ???
 => ???????[100% + {3.01% ?? (n / 365??)}]
?? 3.01%

?? ????????? ????????? ??????????? ???????????? 200% ????? ???
 => ???????[100% + {3.00% ?? (n / 365??)}]
?? 3.00%

?? n = 96?? [??????(????)?κ??? ??????(??????)?????? ??????]

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

d001_????? my elb ??215?_??????????2.jpg
ELB ??215? ????? ?????

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

??. ??????
??? 1) ????????? KOSPI200 ?????? ???????????? 200% ????? ???
 -> 1??? ?? [100% + 3.01% ?? 96 / 365] = 100,791,671?? ???

??? 2) ????????? KOSPI200 ?????? ???????????? 200% ????? ???
 -> 1??? ?? [100% + 3.00% ?? 96 / 365] = 100,789,041?? ???

??. ????? ??????
-> ?? ?????? ??????? ????? ???? ????? ??????? ????.

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

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

d001_????? my elb ??215?_????????????.jpg
ELB ??215? BACKTEST
(*????????? ????????? 100??? ???????????)

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

?????? ??
?? 3.01%
0
0.000%

?????? ??
?? 3.00%
5,022
100.000%

Total
5,022
100.000%

??1) ?? ??????? ??? ????????? 2002?? 01?? 02????? 2022?? 04?? 26???? ???? ??????? ?м??? ???????.

??2) ?м???????(2002?? 01?? 02??)?κ??? ?м??????? ?? ??????????? ?????? ????? ???????? ??????? ??? ?????? ??????? ???? ??????????? ?? ??? ?????? ?????????? ??????? ????????????. (?? 5,022?)

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

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

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

????????

????????? ????????? ??????????? ???????????? 200% ????? ???
?? 3.00%

????????
????????? ????????? ??????????? ???????????? 200% ????? ???
?? 3.01%

2. ????? ????

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

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

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

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

??. ??????

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

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

??
????????? ????????? ??????????? ???????????? 200% ????? ???

???????[100% + {3.01% ?? (n / 365??)}]

??
????????? ????????? ??????????? ???????????? 200% ????? ???

???????[100% + {3.00% ?? (n / 365??)}]

?? n = 96?? [??????(????)?κ??? ??????(??????)?????? ??????]

??
????????? : ?????????? ????????? ????
??
???????? : 2022?? 11?? 14??
??
??????(??????) : 2022?? 11?? 16??
 ????????(??????)?κ??? 2??????

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

??
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???? ??????? ?????? ??(0)???? ?????? ?? ??????, ?? ??쿡 ??????? ????? ?????? ???? ??????? ????? ????? ???????? ???????? ????. ???????????? ?? ?????? ????????? ????? ???? ?? ???????? ????? ????? ?? ??????, ????????? ????????????? ????? ?? ?????? ?????? ????? ??????? ??쿡?? ???????????? ?????? ???? ????????? ????????? ?????? ?? ??????? ??? ??????? ??????.

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

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

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

????????

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

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 ????

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

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

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

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

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

(1) ???????(KOSPI200 ????)?? ????????

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

(2) ???????(KOSPI200 ????)?? ??????????? ????

???????? ???????(http://www.krx.co.kr) ?? ???????? ???? ???? ????????? ??????????? ???? ?????? ?????? ?? ??????.

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

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

??. ?? ?? ????

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

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

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

????? my elb ??215?_kospi200.jpg
ELB ??215? KOSPI200 ???? ????

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

6. ???????

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

??. ?μ????? ???

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

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

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

(???? : ??)

?? ??
?? ??

???? ??? ???????(1)
10,000,000,000

?? ?? ?? ?? ??(2)
500,000

?? ?? ?? ?? [ (1)-(2) ]
9,999,500,000

?? ???????? 100??????? ???????? ????? ???????. ??????? ????????? 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. ?????????? ???????

- ?????? ????