Calculation and applicable time of substitute price

Substitute price is calculated by multiplying the base market price by the corresponding assessment ratio.

Calculation and applicable time of substitute price
Securities Base market price Target issues Assessment ratio Calculation frequency
Listed stocks, DRs Closing price of previous trading Constituents of KOSPI200 index ranked top 50% in terms of average daily trading value** 80% Daily
Issues ranked lowest 5% in terms of average daily trading value 60%
Other issues 70%
ETFs Closing price of previous trading day ETFs consisted of Government bond, municipal bond, special bond and financial bond 95%
ETFs including general bond and CP (excluding equity-related bonds) 85%
ETFs including equity-related bonds or equity-linked securities 80%
ETFs with KOSPI200, KOSPI50 or KRX100 index as an underlying index 80%
Other ETFs 70%
Listed debt securities Average closing prices of previous 5 trading days Government bond, municipal bond, etc. 95% Weekly
Other debt securities 85%
Equity-related bonds 80%
Beneficiary certificates, unlisted mutual funds Average NAV of previous 7 days Other than bond type 70% Monthly
Bond type 80%
The assessment ratios of stocks (including DRs) are computed at the end of each quarter and average daily trading value are average value for past 1 year as of the end of each quarter.

Classification Base market price Assessment ratio Applicable period
Issues using first trading price as the base price Appraisal price 70%1) Calculated on the day before the listing and applicable on the listing day
Issues of Initial listing (Mutual funds and ETFs only) Base price 70% Calculated on the day before the listing and applicable on the listing day
Issues of new listing (supplementary listing only) Base price on listing day 70% Calculated on the day before the listing and applicable on the listing day
Listing of bond Applied just like the case of listed bond Applied just like the case of listed bond Calculated on the listing day2)and apply from the day after the listing to the day before the next application
1)
Among issues using first trading price as the base price, the assessment ratio is 30% when the lowest quotation price is 50% of appraisal price, and it is ‘0’ when no appraisal price is available or the lowest price out of quotation price unit becomes the lowest quotation price.
2)
If the listing day is Saturday, it means the next trading day.