Samsung Securities Issues KRW 400B Inverse 2X KOSDAQ150 Futures ETN

Issuance: KRW 400 billion, KRW 20,000 per security, total 20 million securities
Underlying: KOSDAQ 150 Futures TWAP Inverse-2X Index (2x inverse, leveraged)
Risk rating: Level 1 (very high risk), non-principal protected, not covered by deposit insurance
Maturity: Expected October 20, 2027 (approx. 1 year 8 months)
Issuer credit rating: AA+ (NICE Credit Rating, as of Jan 23, 2026)
Total expense ratio: 0.40% p.a. (issuance fee 0.05%, index license 0.05%, admin 0.04%, other 0.26%)
Early redemption available (units of 100,000 securities, fee 1.0%)
Early liquidation triggers: if IV drops by 80% or more, or falls below KRW 1,000
Key risks: daily compounding effect, rollover cost, premium/discount risk, credit risk, etc.
Issuer will act as liquidity provider directly

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