Mirae Asset Issues Additional High-Risk Inverse ETNs – Underlying Indices Show -94% to -99% Annual Loss

Mirae Asset Securities issues additional 20 billion won of Inverse KOSPI200 Futures ETN (No.53) and 40 billion won of Inverse 2X Semiconductor ETN (No.114) on May 13, 2026
Both ETNs are non-principal protected, not covered by deposit insurance, and rated as very high risk (Level 1)
Underlying indices: KOSPI200 Futures TWAP Inverse (-1x) and KRX Semiconductor TR Inverse -2X
Issuer credit rating AA (KIS, NICE, KR), net proceeds approx. 19.993 billion won and 39.989 billion won
Inverse KOSPI200 Futures ETN 1-year return: -94.14%; Inverse 2X Semiconductor ETN 1-year return: -99.88% (as of May 7, 2026 and Mar 9, 2026 respectively)
Maturities: No.53 on Sep 14, 2026; No.114 on Mar 28, 2029
Liquidity provider: Mirae Asset Securities itself, reported spreads 1.0% and 2.0%
Key risks: price volatility, credit, roll-over, compounding (leverage), premium/discount, early redemption/delisting
No dividends; early redemption possible (min 100,000/50,000 shares, fees 1.0%/2.0%)