KR20100135040A - Terminal and method for providing real time net assets value data of exchange traded fund invested in foreign assets and the recording media storing the program performing the said method - Google Patents

Abstract

PURPOSE: A terminal providing real time assets valuable information about the overseas investment listing index fund, a method and a recording media recorded the program thereof are provided to provide the real-time estimation net assets value with the usage of the local rising rate thereby providing the real-time estimation net assets value with affordable price. CONSTITUTION: An information receiving unit(410) receives NAV(Net assets Value) information about the overseas investment ETF(Exchange Traded Fund), current index information, yesterday exchange rate information of corresponding country and current exchange rate information. A local increase calculator(420) calculates the local rising rate of tracking target fluctuation of the overseas investment ETF. A NAV calculator(440) reflects the local raising rate in the yesterday NAV index information. The NAV calculation unit calculates the real-time estimated NAV about the overseas investment ETF.

Description

Terminal and method for providing real time Net assets Value data of Exchange Traded Fund invested in foreign assets and the recording media storing the program performing the said method}

The present invention relates to a terminal and a method for providing real-time net asset value (NAV) information for an ETF, and a recording medium on which a program for implementing the same is recorded.

1 is a view for explaining the concept of the ETF.

As shown in FIG. 1, unlike the stocks that generate profits by investing in one company, the ETF (Exchange Traded Fund) trades baskets of stocks or multiple stocks in domestic and foreign derivatives. It is a commodity that is invested in a number of companies at the same time, and is a fund that is listed on the Stock Exchange and trades in a similar form to stocks that aims to track a certain multiple of a specific asset's price or index return. . In other words, it is an index-linked fund designed to link the movement of a specific asset's price or stock index (hereafter referred to as “index”) and return rate.

Therefore, ETFs can be invested (distributed) with little investment and based on judgment on the overall flow of the stock market or a particular industry without information or analysis on individual stocks. Institutional investors as well as individual investors who have no experience in securities investment are easily available.

ETFs are set up and repurchased through an Authorized Participant (AP), and APs are listed on the ETF through the establishment and repurchase of ETFs. (ETF) serves to supply. Among these APs, Liquidity Providers (LPs) to serve as liquidity providers for market making are called.

The characteristics of the ETF are as follows.

1) Index-linked commodity-The price of an ETF is determined by the movement of a particular asset's price or stock index. When the index rises or falls, the price rises or falls by that ratio. In other words, the target index may be referred to as the price of the ETF.

2) Types of equity investment – ETFs, unlike ordinary funds, can be traded through a stock trading account opened by a securities company. Therefore, an investor who has an existing stock trading account can invest using that account.

3) Immediate trading-ETFs belong to the fund but are listed and traded on the exchange, so they can buy and sell at any time while the stock market is open.

4) Diversified Investment-ETFs that track stock indices (ETFs) are divided into stock baskets consisting of stocks included in the target stock index.

5) Accessibility – ETFs are the easiest and most straightforward stock investment product. It can be easily invested using existing stock trading accounts, and is listed on the exchange and can be traded in real-time like general stocks, so the product is very accessible. In addition, the transaction is available through HTS, so there is no need to visit a securities company.

6) Ease of Investment Judgment – ETFs are easy to invest in in the direction of markets that do not require information or analysis on the price of a particular asset or individual items. ETFs can easily see the movement of the net asset value of ETFs because their returns are determined by the movement of prices or indices seen on TV and newspapers every day.

7) Efficiency- You can buy or sell market representative and sector index components in a single transaction. Institutional investors can manage the funds deposited from their clients in a long-term and stable manner at low risk. Investors can invest in the entire stock market with a small amount of funds.

8) Low Investment Costs – Not only is EF's management fee lower than that of general funds, but it also minimizes transaction costs since it does not incur securities transaction tax (0.3%).

9) Transparency – ETF prices are highly transparent because they not only reflect the movement of the index, but also publish the daily portfolio details (PDF) and net asset value (NAV) that make up the fund.

2 is a diagram illustrating a flowchart of the ETF market.

As shown in FIG. 2, the ETF market is divided into an issuing market and a distribution market like the stock market.

The issuing market is the market in which ETFs are issued and is generally set up or repurchased in large units (CU), so only institutional investors can participate in this market. In order to establish an ETF in the issuing market, an investor shall make an ETF through the securities company designated as a designated selling company (AP) and pay the cash or stock basket necessary to establish an ETF. Take over. On the contrary, ETFs are charged and cash or stock baskets are acquired.

The distribution market refers to a market in which ETFs issued in the issuing market are listed on the Stock Exchange and traded between investors. ETFs are traded in the same way as common stocks. In other words, ETFs can be bought and sold through a stock trading account of a securities company, and trading orders can also be accepted by telephone, ARS, or HTS. The same is true for trading hours, upper and lower price limits (15%), trading agreements and settlement methods.

The process of setting up / purchasing such an ETF is as follows.

Newly issued ETFs are called “set-ups” and vice versa for returning ETF securities blocks and returning spot stock baskets. When the market is set up or repurchased, the fund size increases and decreases in the number of shares issued by the ETF listed on the stock exchange.

The establishment and repurchase of an ETF is made through a designated sales company, which can be set and repurchased only by a certain unit, namely, "Crreation Unit (CU)". In other words, the ETF setting and repurchase unit is a multiple of CU, and the number of shares in the ETF that constitutes 1 CU is 200,000, 100,000, 50,000, 20,000, 10,000, etc. (ETF) different.

3A is a diagram for explaining the process of setting / purchasing an ETF.

Looking more specifically at the process of setting up an ETF, as shown in FIG. 3A, an investor pays a cash or stock basket (CU unit) through a designated selling company (AP) and an ETF (ETF). Apply for setup.

If an investor has paid cash instead of a stock basket, the designated selling company may form a stock basket by purchasing the stock in the market on behalf of the investor. The designated selling company establishes a stock basket (CU), delivers it to the asset holding institution, and requests the management company to issue an ETF. After confirming the payment of the stock basket to the asset holding institution, the management company issues an ETF and the ETF issued is entered into the securities company's investor account.

Or, if the ETF itself is set up in cash only and repurchased, the investor makes cash through the designated sales company, and the manager confirms the payment of cash to the asset storage institution and then issues the ETF. Issued and issued ETFs are entered into the securities firm's investor account.

Repurchases are submitted through ETFs and receive cash or stock baskets in the reverse way of issuance.

Application for establishment and redemption shall be made by telephone or prescribed communication means prior to a predetermined time for each ETF, and shall be established and repurchased based on the net assets value (NAV) determined at the date of receipt of the order. . For the purpose of establishment and repurchase, the operating company shall register the cash or stock list required for the issuance and redemption of the following day based on the closing price and the number of shares of each stock, and a small amount of cash, based on the closing price every day. Calculate until the next day's opening and notify the payment institution.

The flow of the payment asset details (PDF) at the time of establishment and repurchase of the ETF is shown in FIG. 3B. In order to establish and repurchase the ETF of the designated selling company, the ETF manager discloses the paid asset details (PDF), which are the basis for the establishment and repurchase, on the stock exchange daily. Such paid asset details (PDF) are usually made of stock baskets and cash, and for certain ETFs (such as Commodity ETFs), the paid asset details (PDF) may be made only in cash.

The following describes the Net Asset Value (NAV), which is an important basis for trading in the establishment and repurchase of ETFs.

In order to freely invest in ETFs in the stock market, it is essential to disclose information on ETFs, the most important of which is the ETF which is released during the opening hours of the exchange. ) Is an estimate of real-time net asset value (NAV).

The average investor sets the trading price based on the published estimated net asset value (NAV), and the liquidity providers (LPs) responsible for making the market risk-free arbitrage (LP) if the market price is significantly different from the estimated net asset value (NAV). Arbitrage ensures that ETF market prices do not deviate significantly from net asset value (NAV).

In the case of the ETF, which tracks the domestic index, the paid-in capital statement (PDF) consists of domestic stocks.In this case, the Koscom (securities) under the Stock Exchange is the same Based on the real-time stock price of the constituent items in the PDF), the present value of the Paid-in Assets (PDF) is calculated and the real-time net asset value (NAV) per share is disclosed.

The calculation method of estimated net asset value (NAV) based on the ETF's paid-in-account statement (PDF) is as follows.

The existing real-time estimated net asset value (NAV) calculation method is based on the paid-in asset statement (PDF). This paid-in asset statement (PDF) is the total of the previous day's total NAV divided by the total number of CUs, and the composition is similar to the amount of cash and the number of individual items held by the ETF divided by the total number of CUs. The change in value and the change in the NAV value of the ETF will be very similar. The paid-in accounting statement (PDF) is used as the basis for calculating real-time NAV through Koscom.

As described above, the calculation method of the conventional real-time estimated NAV based on the lead acid content will be described in more detail with reference to FIG. 4.

As shown in the table of FIG. 4, when the total number of CUs of a particular ETF is 10 CU, the shares held by Samsung Electronics 1000 shares, POCSO 1000 shares, KB Financial 3000 shares, and cash 1,000,000 won, the paid asset details (PDF) is 1 CU Samsung Electronics' 100 shares, POSCO's 100 shares, KB Financial Group's 300 shares and cash are W100,000. Here, if Samsung Electronics' current share price per share is W500,000, the valuation amount is W500,000 * 100 = 50,000,000. In this way, POSCO's valuation is W41,100,000, KB Financial's valuation is W11,400,000, cash is W100,000, and the current total valuation is CU102,600,000.

If the number of shares per 1CU is 10,000 shares, the real-time estimated net asset value (NAV) is the total valuation value / (number of shares per 1CU), which is 102,600,000 / 10,000 = 10,260 won.

The real-time estimated net asset value (NAV) calculated in this way allows the investor to provide a real-time estimated NAV 52 for the ETF products invested in domestic stocks (KODEX 51 ETF products in FIG. 5) as shown in FIG. Will be.

On the other hand, the problems of the conventional real-time estimated net worth (NAV) as follows.

As with the above-mentioned calculation method, in order to calculate the real-time estimated net asset value (NAV), the paid-in asset statement (PDF) must be proportionally equal to or similar to the ETF's asset holdings, and also constitutes the paid-in asset statement (PDF). Real-time market prices for individual stocks are required.

However, for ETFs investing in foreign assets, the paid-in accounting statement (PDF) consists mainly of foreign assets. For commodity ETFs that invest primarily in derivatives, the paid-in assets are composed of cash only. Can't).

In this case, Koscom should calculate the real-time estimated net asset value (NAV) with the real-time price information of the PDF component as in the domestic ETF, but cannot use the real-time price information of overseas assets for economic reasons. to be. Therefore, there is a problem in that it is not possible to calculate the real-time estimated net asset value (NAV) of overseas investment ETF by the same method as before.

Also, even if you have real-time price information for a particular underlying asset, if the payable statement (PDF) consists only of cash, the payable statement (PDF) is not proportionally similar to the actual asset history of the ETF. There is a problem in that the method cannot calculate the real-time estimated net asset value (NAV).

The present invention provides the real-time estimated net asset value (NAV) information by using the local rate of rise, which is the change rate of the target index of the Overseas Investment Listing Index (ETF), thereby providing a fair market price of the corresponding Overseas Investment Listing Index (ETF). It is an object of the present invention to provide a terminal and a method for providing real-time NAV information for an ETF, and a recording medium for recording a program for implementing the same.

Other objects and advantages of the present invention can be understood by the following description, and will be more clearly understood by the embodiments of the present invention. Also, it will be readily appreciated that the objects and advantages of the present invention may be realized by the means and combinations thereof indicated in the claims.

An example of a terminal for providing real-time estimated net asset value information for an overseas investment ETF in accordance with the present invention is (1) for an Exchange Traded Fund (ETF) disclosed through an exchange and provided from an office trustee server. Net asset value (NAV) information of the previous day, and (2) the closing value of the index to be tracked by the foreign-invested ETF reflected in the fund accounting for the previous business day provided from the data vendor server's business day on the home exchange market. Current index information, including either the real-time index of the immediately preceding business day index and the tracked index of the foreign investment ETF or the immediate or estimated real-time index, and (3) the foreign assets invested in the foreign-invested ETF provided by the foreign exchange brokerage server. An information receiver configured to receive full-day exchange rate information and current exchange rate information of the corresponding country; A local rate of increase calculator configured to calculate a local rate of increase, which is a change rate of the target ETF of the overseas investment ETF, using the last business day index and the current index information; And a NAV calculator configured to calculate a real-time estimated NAV for the overseas investment ETF by reflecting a local rate of increase in the NAV index information the previous day.

Here, the local increase rate, which is the change rate of the target index of the overseas investment ETF, may be expressed by the following equation as a change rate of the current index information based on the previous business day index.

[Equation]

In addition, the real-time estimated NAV information providing terminal of the overseas investment ETF may include a currency hedge determination unit for determining whether the foreign investment ETF is subject to the exchange hedging.

In addition, when the foreign investment ETF is subject to foreign currency hedging, the NAV calculator may calculate a real-time estimated NAV for the overseas investment ETF by the following equation.

[Equation]

In addition, when the foreign investment ETF is not subject to foreign currency hedging, the NAV calculator may calculate a real-time estimated NAV for the overseas investment ETF by the following equation in consideration of exchange rate fluctuations.

[Equation]

In addition, the real-time estimated NAV information providing terminal of the foreign investment ETF may further include a NAV display unit for displaying the real-time estimated NAV information of the foreign investment ETF calculated by the NAV calculation unit.

In addition, an example of a method for providing real-time estimated net asset value index information of the Overseas Investment Listing Index Fund is (1) for an Exchange Traded Fund (ETF), which is disclosed through an exchange and provided from a clerical server. Net asset value (NAV) information of the previous day, and (2) the closing value of the index to be tracked by the foreign-invested ETF reflected in the fund accounting for the previous business day provided from the data vendor server's business day on the home exchange market. Current index information including either the real-time index of the immediately preceding business day index and the index to be tracked by the foreign investment ETF or the immediate index of the real-time index information or the estimated real-time index; An information receiving step of receiving full-day exchange rate information and current exchange rate information of a corresponding country to which one foreign asset belongs; A local rate of increase calculation step of calculating a local rate of increase, which is a rate of change of the target ETF of the overseas investment ETF, using the last business day index and the current index information; And a real-time estimated NAV calculation step of calculating a real-time estimated NAV for the overseas investment ETF by reflecting the local rate of increase in the NAV index information of the previous day.

Here, the local increase rate, which is the change rate of the target index of the overseas investment ETF, may be expressed by the following equation as a change rate of the current index information based on the previous business day index.

[Equation]

In addition, the method of providing real-time estimated net asset value index information of the Overseas Investment Listing Index fund may include a currency hedge determination step of determining whether the foreign investment ETF is subject to a foreign exchange hedging.

In addition, the NAV calculation step may calculate the real-time estimated NAV for the overseas investment ETF by the following equation when the foreign investment ETF is subjected to a currency hedging.

[Equation]

In addition, the NAV calculation step may calculate the real-time estimated NAV for the foreign-invested ETF by the following equation when the foreign-invested ETF is not hedge.

[Equation]

The method of providing real-time estimated net asset value index information of the overseas investment ETF may further include displaying real-time estimated NAV information of the foreign investment ETF calculated by the NAV calculator.

In addition, the computer-readable recording medium according to an example of the present invention includes a recording medium on which a program for implementing the above-described method is recorded.

The terminal and method for providing real-time NAV information for the Overseas Investment Listed Fund (ETF) according to the present invention and the recording medium on which the program for implementing the same are recorded are the rate of local increase which is the rate of change of the target index of the Overseas Investment Listed Fund (ETF). By providing real-time estimated net asset value (NAV) information, it is possible to provide real-time estimated net asset value (NAV) at a lower cost and to form a fair market price of the ETF. .

Hereinafter, exemplary embodiments of the present invention will be described in detail with reference to the accompanying drawings.

First, in adding reference numerals to the components of each drawing, it should be noted that the same reference numerals are assigned to the same components as much as possible, even if shown on different drawings. In the following description of the present invention, a detailed description of known functions and configurations incorporated herein will be omitted when it may make the subject matter of the present invention rather unclear. In addition, the following will describe a preferred embodiment of the present invention, but the technical idea of the present invention is not limited thereto and may be variously modified and modified by those skilled in the art.

Hereinafter, exemplary embodiments of the present invention will be described in detail with reference to the accompanying drawings.

6 is a view for explaining an example of the overall system configuration for providing real-time estimated net asset value (NAV) information for the Overseas Investment Listing Index (ETF) according to the present invention.

As shown, the entire system that provides real-time estimated NAV information for the ETF (KODEX Japan, A), an Exchange Traded Fund (ETF) product invested in foreign assets, is a trustee. The company server 100, a data vendor server 200, a foreign exchange brokerage server 300, a Koscom (stock computer) server 400, and a brokerage company terminal 500 are included.

The office trustee server 100 functions to provide the Koscom (securities computer) server 400 with NAV index information for the day-to-day foreign exchange listing index fund (ETF) (KODEX Japan, A) announced through the exchange.

The data vendor server 200 is a closing price information of the index to be tracked by the Overseas Investment Listing Index Fund (ETF) (KODEX Japan, A), which is reflected in the fund accounting for the previous business day, based on the business day of the Korea (Korea) stock exchange. Current index information including the real-time index of the immediately preceding business day index and the current index of the ETF (KODEX Japan, A) 's overseas investment ETF, or the immediate index or the estimated real-time index. Functions to provide to the Koscom (Stock Computer) server 400.

Here, the last index refers to the most recent index information when there is no real-time index information because the real-time index information of the tracking target index of the overseas investment ETF is not published 24 hours.

More specifically, since the index to be tracked by the overseas investment ETF exists overseas, there will be a time lag between the overseas stock market and the domestic stock market. And since the securities market is not open 24 hours, it may not be possible to receive real-time index information of the tracking index of 24-hour overseas investment ETFs in Korea. In this case, not the real-time index information, but the last index information, which is the most recent index information, can be used.

The estimated real time index is as follows.

Commdity ETFs based on commodity baskets such as gold, silver, crude oil and cheonyoung gas will be traded through the online network even if the offshore securities market is closed. In such a case, the real-time index can be estimated and calculated based on the transaction price of the Internet computer network, which is called an estimated real-time index.

The foreign exchange brokerage server 300 displays Koscom (securities) information on the previous day's exchange rate information and current exchange rate of the corresponding country (Japan in FIG. 6) to which the foreign asset invested in the Overseas Investment Listing Index (ETF) (KODEX Japan, A) belongs. Function to provide to the server (400).

The Koscom server 400 calculates the local rate of increase, which is the rate of change of the target index of the Overseas Investment Listing Index (ETF) (KODEX Japan, A), using the transmitted information, and then the local rate of increase in the NAV index information the day before. And a real-time estimated NAV (B) for the Overseas Investment Listing Index (ETF) (KODEX Japan, A), reflecting the exchange rate of the corresponding country (Japan). A specific example of calculating the local ascent rate will be described in more detail with reference to FIG. 8.

As such, the real-time estimated NAV (B) value calculated by the Koscom (Stock Security) server 400 may be provided to the investor through the securities company terminal 500 designated as the designated sales company (AP).

As such, the terminal providing the real-time estimated net asset value (NAV) information for the Overseas Investment Listing Index (ETF) according to the present invention overcomes the errors caused by the physical time difference between the overseas market and the domestic market, (PDF) Instead of requiring real-time market prices for the constituents of the overseas index, the real-time estimated NAV is calculated using the local rate of increase, which is the rate of change in the target index of the Overseas Investment Listing Index (ETF), Providing an estimated NAV has the effect of inducing a fair market price for the ETF.

In addition, the real-time NAV information providing terminal for the Overseas Investment Listing Index (ETF) according to the present invention is a derivative product (for example, the asset payment history (PDF) of the Overseas Investment Listing Index Fund (ETF)) in cash (for example, Commodity ETF) also has the effect of calculating the real-time estimated NAV.

In addition, the real-time NAV information for the Overseas Investment Listing Index Fund (ETF) provided by the system according to the present invention may be used by market coordinators (Market Makers or Liquidity Providers (LP)) of the Overseas Investment Listing Index Fund (ETF). It can be used as an indicator for market creation and as an indicator of trading price of investors.

Meanwhile, in FIG. 6, the Koscom server calculates estimated NAV information using the transmitted information and provides the NAV information to the securities company terminal 500 as an example. The server of Market Point, a company providing information terminals such as Koscom, calculates the estimated NAV information using the information transmitted, such as Koscom Server 400, and converts the NAV information to Market Point. (Market Point) It may be provided to the terminal 500 itself.

As such, the terminal 400 which provides real-time NAV information for the Overseas Investment Listing Index (ETF) according to the present invention may be used in Koscom (Securities Computerization) or may be used in a Market Point. In addition, it can be used in any form when the previous day net asset value, last business day index, current index information, previous day exchange rate information and current exchange rate information.

As described above, an example of the terminal 400 that provides real-time NAV information for the Overseas Investment Listing Index (ETF) according to the present invention will be described in detail.

7 is a view for explaining an example of a terminal 400 for providing real-time NAV information for the Overseas Investment Listing Index (ETF) according to the present invention.

As shown, the terminal 400 for providing real-time NAV information for the Overseas Investment Listing Index (ETF) according to the present invention includes an information receiver 410, a local rise rate calculator 420, a currency hedge determination unit 430 and A net asset value (NAV) calculation unit 440 is included.

The information receiving unit 410 (1) to calculate the real-time estimated NAV (NAV) information of the day-to-day net asset value (NAF) for the Overseas Investment Listing Index Fund (ETF) published through the exchange and provided from the office trustee server 100, ( 2) Tracking of the last business day index and the foreign investment ETF, which is the closing price of the index to be tracked in the overseas investment ETF reflected in the fund accounting of the previous business day provided from the data vendor server 200 based on the business day of the home exchange of the home country. 3) current index information including any of the real-time index or the immediately preceding index or the estimated real-time index of the target index; and 3) the full-day exchange rate information of the relevant country to which the foreign assets invested in the foreign investment ETF from the foreign exchange brokerage server 300 belong. Receive exchange rate information.

Next, the local rate of increase calculation unit 420 serves to calculate the local rate of increase, which is the rate of change in the tracking target index of the Overseas Investment Listing Index (ETF).

Here, the local increase rate, which is the change rate of the index to be tracked by the Overseas Investment Listing Index (ETF), is the last day, which is the closing price information of the index to be tracked by the foreign-invested ETF, which is reflected in the fund accounting on the immediately preceding business day based on the home exchange day of the home exchange. The change rate of the present index information, which is either a real-time index, a previous index, or an estimated real-time index of the index to be tracked by the foreign investment ETF based on the business day index, and the method of calculating such a local increase rate is based on Based on the business day, it is calculated as in Equation 1 below.

A specific example of calculating such a local rise rate will be described in more detail with reference to FIG. 8.

Next, the currency hedge determination unit 430 functions to determine whether the foreign investment listing index fund (ETF) is subject to foreign currency hedging. As such, when the NAV information providing terminal 400 for real-time estimation of the Overseas Investment Listing Index Fund (ETF) includes the currency hedging determination unit 430, it may be subject to exchange hedging according to the Overseas Investment Listing Index (ETF). In some cases, if the exchange hedging is applied, the exchange rate when purchasing an ETF is fixed, and the exchange rate is changed when the foreign exchange ETF is repurchased. Therefore, it is not necessary to consider the exchange rate when calculating the real-time estimated NAV, but it is necessary to consider the floating exchange rate when not subject to exchange hedging.

Next, the net asset value (NAV) calculation unit 440 calculates a real-time estimated NAV for the Overseas Investment Listing Index (ETF) by reflecting the local rate of increase in the NAV index information the day before.

More specifically, if the foreign investment ETF (ETF) is subject to a currency hedging (441), the following equation (2) calculates the real-time estimated NAV for the foreign investment ETF (ETF).

Here, the previous day NAV index information means the previous day NAV index information for the Overseas Investment List Index Fund (ETF) provided from the office trustee server 100.

If the foreign exchange ETF is not subject to exchange hedging (442), a real-time estimated NAV for the ETF is calculated by using Equation 3 below in consideration of exchange rate fluctuations. .

As such, the terminal 400 providing real-time estimated NAV information for the Overseas Investment Listing Index Fund (ETF) overcomes errors due to fluctuations in exchange rates due to physical lags in the overseas and domestic markets, (PDF) does not require real-time market prices for the constituents of the foreign indices and calculates real-time estimated NAVs using the local rate of increase, which is the rate of change in the target index of the Overseas Investment Listing Fund (ETF), This has the effect of inducing the fair market price of the ETF.

Next, the real-time estimated NAV information calculated by the net asset value (NAV) calculation unit 440 is provided through the display unit 450 of the terminal 400 that provides the real-time estimated NAV information for the overseas investment ETF. It is provided to investors.

The following describes a more specific example of calculating the above-mentioned local ascent rate.

8 is a view for explaining an example in which the local rate of increase calculation unit calculates the local rate of increase according to the present invention.

As shown, there are two methods for calculating the local rate of increase in the case where the Overseas Investment Listing Index (ETF) is a product invested in Japanese assets and a product invested in US assets.

As shown, first, if the foreign investment listing index (ETF) is a product invested in Japanese assets, the stock market on the home market was closed on Wednesday, so that the overseas account reflected in the fund accounting on the previous business day, based on the business day of the home stock exchange, The closing price information of the ETF becomes 101 Tuesday's closing price information. Therefore, the current index information of the Overseas Investment Listing Index Fund (ETF) as of Thursday is 102. Here, the current index information of the Overseas Investment Listing Index Fund (ETF) shows price movements similar to the index constituents or index constituents after the closest public point as well as the actual index published at the closest time. Either way, estimates are possible given the change in alternative prices.

Therefore, according to Equation 1 above, the local increase rate of the index to be tracked for the ETF invested in Japanese assets is 102 / 101-1 = 0.99%.

In addition, if the ETF was invested in US assets, the home exchange market was closed on Wednesday, so the overseas investment ETF was reflected in the fund accounting on the previous business day based on the home exchange business day. The closing price information of the (ETF) becomes 205, which is closing price information on Tuesday. Therefore, the current index information of the Overseas Investment Listing Index Fund (ETF) as of Thursday is 200.

Therefore, according to Equation 1, the local increase rate of the index to be tracked for the ETF invested in US assets is 200 / 205-1 = -2.44%.

In this way, the rate of change in the index to be tracked by the Overseas Investment Listing Index (ETF) can be obtained without requiring real-time market prices for the stocks of the overseas index components that make up the paid-in assets of foreign assets (PDF). will be.

The real-time estimated NAV value can be obtained by reflecting the local ascent rate calculated in this manner to the previous day's NAV index information as shown in Equation 3.

The real-time estimated NAV value thus obtained is provided through the screen of the display unit of the terminal 500, as shown in FIG.

In FIG. 9, an example of a case where the foreign investment listing index fund (ETF) (KODEX Japan, A) is invested in Japanese assets is shown, and it can be seen that a real-time estimated NAV value is provided as B as shown.

As such, the terminal for providing real-time NAV information of the Overseas Investment Listing Index Fund (ETF) and the method for providing the NAV information according to the present invention are market makers or Liquidity Providers (ETF) of the Overseas Investment List Index Fund (ETF). LP)) can be used as an indicator for smooth market creation and as an indicator of trading prices of investors.

Meanwhile, the above-described embodiments of the present invention can be written in a program that can be executed in a computer, and can be implemented in a general-purpose digital computer that operates a program using a computer-readable recording medium. Computer-readable recording media include magnetic storage media (e.g., ROM, floppy disks, hard disks, magnetic tape, etc.), optical reading media (e.g., CD-ROM, DVD, optical data storage devices, etc.); Storage media such as carrier waves (eg, transmission over the Internet).

The above description is merely illustrative of the technical idea of the present invention, and various modifications, changes, and substitutions may be made by those skilled in the art without departing from the essential characteristics of the present invention. will be. Accordingly, the embodiments disclosed in the present invention and the accompanying drawings are not intended to limit the technical spirit of the present invention but to describe the present invention, and the scope of the technical idea of the present invention is not limited by the embodiments and the accompanying drawings. . The protection scope of the present invention should be interpreted by the following claims, and all technical ideas within the equivalent scope should be interpreted as being included in the scope of the present invention.

1 is a view for explaining the concept of ETF.

2 is a diagram illustrating a flowchart of an ETF market.

Figure 3a is a view for explaining the establishment / repurchase process of the ETF.

FIG. 3B is a flow chart of the setting up and listing of ETFs and paid-in assets at repurchase (PDF).

4 is a view for explaining a calculation method of a conventional real-time estimated NAV based on the lead acid content.

5 is an example in which real-time estimated NAV information of an ETF product invested in domestic assets is provided according to a conventional method of calculating real-time estimated NAV.

Figure 6 is a view for explaining an example of the overall system configuration for providing real-time estimated net asset value (NAV) information for the Overseas Investment Listing Index (ETF) according to the present invention.

7 is a view for explaining an example of a terminal for providing real-time NAV information for the Overseas Investment Listing Index (ETF) according to the present invention.

8 is a view for explaining an example of calculating the local rate of increase of the local rate of increase of the terminal according to the present invention.

9 is a diagram showing an example in which real-time estimated NAV information for foreign-invested ETFs is provided to a display unit of a terminal according to an example of the present invention.

Claims (15)

(1) Net assets Value (NAV) information for the Foreign Traded Fund (ETF), published through the Exchange and provided from the office trustee server, and (2) Data Vendor. The real-time index or the immediately preceding index or estimation of the immediately preceding business day index and the tracking target index of the foreign-invested ETF, which is the closing price information of the tracked index of the foreign-invested ETF reflected in the fund accounting of the immediately preceding business day provided from the server on the business day of the home exchange of the stock market. (3) an information receiving unit for receiving the full-day exchange rate information and the current exchange rate information of the corresponding country to which the foreign asset invested in the foreign-invested ETF provided from the foreign exchange brokerage server; A local rate of increase calculator configured to calculate a local rate of increase, which is a change rate of a target index of the overseas investment ETF, using the last business day index and the current index information; And A NAV calculator configured to calculate a real-time estimated NAV for the foreign investment ETF by reflecting the local rate of increase in the previous day's NAV index information; Terminal for providing real-time estimated net asset value information for foreign investment listed index funds, including. The method of claim 1, The local rate of increase, which is the rate of change of the target index of the overseas investment ETF, A terminal providing real-time estimated net asset value information for an overseas investment ETF, characterized by the following equation as a change rate of the current index information based on the immediately preceding business day index. [Equation]

The method of claim 1, The real-time estimated NAV information providing terminal of the overseas investment ETF And a foreign currency hedging determination unit for determining whether the foreign investment ETF is subject to foreign currency hedging. The method of claim 3, wherein The NAV calculation unit When the foreign investment ETF is subjected to a currency hedging, real-time estimated net asset value information providing terminal for the overseas investment ETF, characterized in that for calculating the real-time estimated NAV for the foreign investment ETF by the following equation. [Equation]

The method of claim 3, wherein The NAV calculation unit When the foreign investment ETF is not subject to foreign currency hedging, in consideration of exchange rate fluctuations, real-time estimated net asset value information for the overseas investment ETF is calculated by calculating a real-time estimated NAV for the foreign investment ETF by the following equation. terminal. [Equation]

The method of claim 1, The real-time estimated NAV information providing terminal of the overseas investment ETF And a NAV display unit for displaying real-time estimated NAV information of the foreign-invested ETF calculated by the NAV calculation unit. (1) Net assets Value (NAV) information for the Foreign Traded Fund (ETF), published through the exchange and provided from the office trustee server, and (2) Data Vendor. The real-time index or the real-time index information of the immediately preceding business day index and the tracking target index of the foreign investment ETF, which is the closing price information of the tracking target index of the foreign investment ETF reflected in the fund accounting of the last business day provided from the server, based on the business day of the home exchange market. (3) receive the full-day exchange rate information and the current exchange rate information of the corresponding country to which the foreign asset invested by the foreign-invested ETF provided by the foreign exchange brokerage server is provided; Receiving information; A local increase rate calculating step of calculating a local rate of increase, which is a change rate of a tracking target index of the foreign-invested ETF using the last business day index and the current index information; And A real-time estimated NAV calculation step of calculating a real-time estimated NAV for the foreign-invested ETF by reflecting the local rate of rise in the previous day NAV index information; Method of providing real-time estimated net asset value index information of the foreign investment listed index funds, including. The method of claim 7, wherein The local rate of increase, which is the rate of change of the target index of the overseas investment ETF, A method of providing real-time estimated net asset value index information of an overseas investment ETF, characterized by the following equation as the rate of change of the current index information based on the last business day index. [Equation]

The method of claim 7, wherein The method of providing real-time estimated net asset value index information of the foreign investment listed index funds And a foreign currency hedging determination step of determining whether the foreign investment ETF is subjected to a foreign currency hedging. The method of claim 9, The NAV calculation step When the foreign investment ETF is subjected to a currency hedging, a method of providing real-time estimated net asset value index information of the overseas investment ETF, characterized in that for calculating the real-time estimated NAV for the foreign investment ETF by the following equation . [Equation]

The method of claim 9, The NAV calculation step When the foreign investment ETF is not applied to the foreign currency hedging, real-time estimated net asset value index information of the foreign investment ETF, characterized in that for calculating the real-time estimated NAV for the foreign investment ETF by the following equation. [Equation]

The method of claim 7, wherein How to provide real-time estimated net asset value index information of the Overseas Investment Listing Index Fund And displaying real-time estimated NAV information of the foreign-invested ETF calculated by the NAV calculator, wherein the real-time estimated net asset value index information of the overseas investment ETF is further included. The method of claim 7, wherein The information receiving step, the local increase rate calculation step and the real-time estimated NAV calculation step are performed in a securities computing server, the performed real-time estimated NAV value of the foreign investment listed index fund, characterized in that provided to each securities company terminal A method of providing real-time estimated net worth index information. The method of claim 7, wherein The information receiving step, the local ascent rate calculation step and the real time estimation NAV calculation step are performed in a market point server which is a company providing an information terminal, and the real time estimation NAV value performed is the own terminal of the market point. A method of providing real-time estimated net asset value index information of the foreign investment listed index funds, characterized in that provided to. In a computer-readable recording medium, A record carrier on which a program for implementing the method according to any one of claims 7 to 14 is recorded.

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