Issuance overview: Samsung Securities issues ETN No. 107 linked to KOSDAQ 150 Futures TWAP Inverse 2X Index, totaling KRW 400 billion (KRW 20,000 per security, 20 million securities). Issue date 2026-02-04, maturity expected 2027-10-20.
Fees & costs: Annual total expense ratio 0.40% (management fee 0.05%, index license fee 0.05%, admin fee 0.04%, others 0.26%). Early redemption fee 1.0%.
Risk factors: Non-principal protected, very high risk grade (1). Inverse 2X leverage may lead to total loss if underlying index fluctuates significantly. Daily compounding effect makes long-term holding unsuitable. Early termination conditions include 80% drop in IIV or IIV below KRW 1,000.
Issuer credit: Samsung Securities credit rating AA+ (NICE, 2026-01-23). Not covered by depositor protection; subject to issuer credit risk.