Mirae ELS3992 3asset

09 07
2012

3992 (ELS)
1.
2012
2.
3.
2012
7,000,000,000
09 07
7,000,000,000
09 10 ~ 2012 09 14 14
:
2012 09 17
5.
4.
. :
http:/ / dart.fss.or.kr
. :
. :
6.

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1. ,
.
2.
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3.
,
.
4. ( )

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5.

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.
6.

- 2-
- 3-
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KOSPI200,
3992
7,000,000,000
HSCEI,
10,000
S&P500
2012.09.10 ~ 20
12.09.14
(Step- Down)
2015.09.14
2012.09.17
2012.09.10
2012.09.17
2012.09.17
Autocall
- -
- -
- 4-
[ ]
: 3992 ( ELS)
]
,
.
[
.
1.
(1)

1)
2)

- KOSPI200 :
- HSCEI : (Hong Kong Exchanges and Clearing Li
mited)
- S&P500 : (New York Stock Exchange)

- KOSPI200 :
- HSCEI : (Hong Kong Exchanges and Clearing Li
mited)
- S&P500 : (New York Stock Exchange)

( )

- KOSPI200 :
6) - HSCEI : (Hong Kong Exchanges and Clearing Li
3)
4)
5)
- 5-

7)
8)
mited)
- S&P500 : (Standard &Poor`s)

() (Trading Disruption):
1
( 20%
) (
),

9)
10)
11)
12)

() (Exchange Disruption):
1
( 20%
() (Early Closure):

1

()

,
(2)
- 6-
1
1

[ ]

3992 ()
(,)(:1)
KOSPI200 , HSCEI , S&P500
7,000,000,000
10,000
10,000
700,000
1,000,000
2012 09 10
2012 09 14 14
( )
2012 09 17
2012 09 17
2012 09 17
'II. 2. '
.
() 3
2015 09 14
'II. 2. '
.
10 ,
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1
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(1) 1 10,000 .
(2) 10, 097. 13 .
* 3

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4.
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(1)

(http://www.smartmiraeass
et.com) .
et.com) .
et.com) .
et.com) .
(2)

-
,
HTS(Home Trading System) (http://ww
w.smartmiraeasset.com) .
,

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-

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,
.
-
17 . ,

.
2012 09 10 ~ 2012 09 14 14
( )
100 100
100
- 9-
.
70
- 100% .
,
.
-
.
2012 09 17
2012 09 17
1) , , .
2) ,

.
3) ,
.
4)
.
5)
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6) [
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8) 10 ,
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(3)
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100%
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(4)
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alculation Agent)
- 11 -
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(()
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- 12 -
.
1.
(1)

1
95%
2
95%
3
90%
4
90%
5
85%

85%

40% ( ),
40%

40% ( ),
85%
=>
(2)
- 13 -
()
10.000%
30.000%
( 10.000%)
30.000%
( 10.000%)
= (
)
-100%~ -15%
3992
(3)
- 14 -
3992
- 15 -
_
1) 2001 01 02 2009 08 26
.
2) (2001 01 02)

. ( 2,141)
3) ,
.
4) ,

.
3992
(4)

- ,
85
- 16 -
%,
40%
() 1
x [/](
)
.
- ,
-100%
10
0% 0 .

85%

40% ( (30.000%
10.000%)
) 40%

130.00% .()
2.
(1)

, .
.
:
: 2012 09 14
- 17 -
1
2
3
4
5

1 95%
2 95%
3 90%
4 90%
5 85%
1
2
2013 03 11
2013 09 11
[100%+ 5.000%]
[100%+ 10.000%]
3
4
5
2014 03 11
2014 09 10
2015 03 11
[100%+ 15.000%]
[100%+ 20.000%]
[100%+ 25.000%]
: () 3

.
.

.

85%
- 18 -
[100%+ 30.000%]

40% ( ),
40%

40% ( ),
85%
=>
[100%+ 30.000%]
(/
)
* , (/) )

2015 09 09
2015 09 09

.
2 ,
.
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'3. '
.)
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5
3
- 21 -

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( ) 3
100 100 .

[] .
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(http://www.smartmiraeasset.com) >
> ELS/DLS > ELS/DLS ' ,
.
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. ' (http://www.smartm
iraeasset.com) > > ELS/DLS > ELS/DLS' .
(1588-9200)
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(http://www.smartmiraeasset.com)
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2) [(Market Disruption)]:
- 27 -

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3) [(Hedging Disruption)]:

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- 39 -
.
1.
KOSPI200 , HSCEI , S&P500

2.
(1) KOSPI200
200( "KOSPI 200 " )

,
, 2
00 . KOSPI200 1990 1 3 100p
1994 6 15 , .
(2) HSCEI
HSCEI(Hang Seng China Enterprises Index)

(H share) HSMLCI
. 2000 1 3 2000 20
01 103 HSCE .
(3) S&P500
S&P500 500
. 500
.
1941~1943 10 .
3.
(1) KOSPI200
. KOSPI200 (Korea Exchange), KOSPI 2

00 .
- : 5 50
- 40 -
- : http://www.krx.co.kr
(2) HSCEI
. HSCEI (Hong Kong Exchanges and Cle
aring Limited), .
-
: 1/F,
O ne and
Two
Exchange Square , Central,
Hong Kong
- : http://www.hkex.com.hk
(3) S&P500
. S&P500 (Standard & Poor's)
, S&P500 .
- : 20 Broad Street New York, New York
- : http://www.nyse.com
4.
(1)
, (http://www.krx.co.kr), (Hong Ko
ng Exchanges and Clearing Limited), (http://www.sta
ndardandpoors.com) KO SPI200 HSCEI S&P
500 .
(2)
(http://www.krx.co.kr)
, (http://www.hkex.com.hk),
(http://www.standardandpoors.com)
5. 5
. : 2007 01 12 ~ 2012 09 05
. : KO SPI200 : 295.51(2011 05 03)
- 41 -
HSCEI : 20,609.10(2007 11 01)

S&P500 : 1,576.09(20071011)
. : KO SPI200 : 117.91(2008 10 27)
HSCEI : 4,792.37(2008 10 27)
S&P500 : 666.79(20090306)
kospi200
- 42 -
hscei
s&p500
1)
.
- 43 -
6.
- 44 -
.

. ,
.
- 45 -
.
1.
(
: )

(1)
7,000,000,000
(2)
350,000
[ (1)- (2) ]
6,999,650,000
70 . 100%
.
2.
,
,
() .
- 46 -
.
1.
. ,
( 3, (2012. 07. 31 ))

2010

2011

2012

2009

2010

2011

2012

2009
( : )
124
36
160
15
12
27
2,549
409
2,958
14
14
317
530
846
286
26
312
11
17
17
7,669
340
8,009
193
50
243
358
358
319
60
379
124
32
156
29
34
14
11,806
417
12,223
7,375
247
7,622
1,848
353
2,201
274
353
627
174
15
189
174
15
189
11
11
4,976
85
5,061
4,976
85
5,061
171
414
586
171
414
586
903
137
1,040
305
52
357
66
23
89
14
11
25
27,001
1,249
28,250 12,543
396
12,939
2,694
1,297
3,991
445
768
1,213
126
37
163
12
902
902
3,089
351
3,440
53
218
271
29,258
29,258
325
181
506
36
22
58
14
1,325
1,328
8,280
3,107
11,387
630
358
988
119
644
763
284
284
45,466
16
45,482
512
279
791
241
117
358
12
21
33
21
23
1,666
1,666
58
58
12,854
5,482
18,337
6,860
2,230
9,090
229
1,773
2,001
125
1,773
1,897
57,141
57,141
1,780
1,780
294
285
579
273
269
542
36
26
62
31
18
49
430
430
234
234
10,606
5,535
16,142 10,282
5,302
15,584
1,280
1,497
2,776
937
1,263
2,201
14,868
14,868
8,122
8,122
- 47 -

2009

2010

2011

2012

1,257
782
34,830
14,475
551
408
959
60
61
121
33
43
49,305 17,779
7,890
25,669
1,680
4,131
5,811
1,062
3,320
250
73
323
21
18
39
5,639
760
611
207
6,398
14
20
369
748
1,117
818
43
26
69
23
31
15,950
3,446
19,396
823
408
1,231
477
644
1,121
831
339
1,170
365
149
514
41
26
67
24,660
5,899
30,559 14,235
468
300
15,582
5,620
2,160
919
61,831
15,725
2,039
4,326
292
292
16
146,748
9,902
9,902
902
902
29,258
29,258
1,325
1,328
284
284
45,466
16
45,482
11
26
37
1,666
1,666
58
58
1,780
2,478
16,712
2,077
2,126
4,202
399
2,126
2,525
57,141
57,141
1,780
284
731
41
32
73
36
24
60
430
430
234
234
21,202 15,258
5,387
20,644
1,451
1,911
3,362
1,108
1,678
2,786
14,868
14,868
8,122
8,122
101
4,323
4,326
292
292
5,595 146,733
16
146,748
9,902
9,902
856
460
1,316
126
84
210
47
54
77,556 30,322
3,079
8,286
38,608
4,373
5,429
9,802
1,507
4,088
. (2011. 07. 31. )

ELS
1,706,805,686
76
447
768
1) 3 .
4,323
4,382 146,733
ELW
DLS
2,208,280,838
7,719,420,468
11,634,506,992
( 5% : )
1)* = + ( )
*
(+) (-)

* <1> .
<1>
- 48 -
0.0%
1.0%
6.0%
10.0%
1 5
0.5%
5.0%
8.0%
12.0%
1.5%
7.5%
10.0%
15.0%
) KOSPI200 2 (ELS) ,
ELS( 100 )

= +( )
= 100 +(1008%) = 108
2.
.

.

()
.
.
(
)
,
.
- 49 -
1.
-
2.
-
- 50 -

Mirae ELS3992 3asset

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Mirae ELS3992 3asset

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09 07

, ' (1) '

KOSPI200 , HSCEI , S&P500

200( "KOSPI 200 " )

HSCEI(Hang Seng China Enterprises Index)

. KOSPI200 (Korea Exchange), KOSPI 2

Exchange Square , Central,

HSCEI : 20,609.10(2007 11 01)

. (2011. 07. 31. )

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