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