Maturity redemption: if both underlyings are above 65% of initial price, annual yield 20.20%; if knock-in (below 30% anytime) and below 65% at maturity, loss = maximum decline of the worst performer (up to 100% loss).
Historical simulation: ~98.52% chance of profit (1,198 out of 1,216 early/maturity redemptions), loss probability 1.48% (18 cases), average loss rate -50% to -60%.
Issuer: Shinyoung Securities, credit rating AA- (stable); not listed, not covered by deposit insurance.
Early redemption upon request: at least 95% of fair value (90% within 6 months) but may incur principal loss.
Theoretical price: KRW 9,611.60 (approx. 3.9% undervalued vs. issue price of KRW 10,000).