Mirae Asset Securities (006800.KS) said on Sept. 18 that it has relisted four exchange-traded notes linked to KOSPI 200 futures and KOSDAQ 150 futures on the Korea Exchange.
The relisted products are the Mirae Asset KOSPI 200 Futures ETN B, the Mirae Asset Inverse KOSPI 200 Futures ETN B, the Mirae Asset KOSDAQ 150 Futures ETN B and the Mirae Asset Inverse KOSDAQ 150 Futures ETN B.
The Mirae Asset KOSPI 200 Futures ETN B and the Mirae Asset KOSDAQ 150 Futures ETN B use the KOSPI 200 Futures Index TWAP and the KOSDAQ 150 Futures Index TWAP as their underlying indexes, tracking daily returns at one time.
The Mirae Asset Inverse KOSPI 200 Futures ETN B and the Mirae Asset Inverse KOSDAQ 150 Futures ETN B use the KOSPI 200 Futures TWAP Inverse Index and the KOSDAQ 150 Futures TWAP Inverse Index as their underlying indexes, tracking daily returns at negative one time.
The underlying indexes apply a time-weighted average price, or TWAP, method to reduce market impact during futures rollovers. Positions are shifted in portions from the current contract month to the next from three trading days before expiry through the final trading day, with trades executed evenly across time slots during the session.
An official at Mirae Asset Securities said the company relisted the products because it judged that demand for investing through benchmark indexes would continue regardless of whether markets rise or fall, as volatility has widened recently. The official added that fees on all four products were set at 0% to lower the cost burden.
