South Korean ETN market grows fast in 2022, hitting $7.7 bn
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But market analysts warn of possible big losses from an ETN investment bubble because most of these unsecured debt securities are high return and high-risk products.
According to Korea Exchange data on Wednesday, the indicative value (IV) of all listed ETNs stood at over 10 trillion won ($7.7 billion) as of Nov. 29, up 14.42 percent from 8.77 trillion won at the start of this year. The figure surpassed the 10 trillion won mark for the first time in March and peaked at 11 trillion won in June. The number of listed ETNs also increased by 90 to 360, with the majority focusing on commodities such as highly volatile crude oil and natural gas assets, as well as stock index futures.
ETNs are similar to exchange-traded funds (ETFs). The unsecured debt securities track the performance of an underlying benchmark index or asset, but their issuance is limited to securities companies as they are less liquid than ETFs and contain holding-period risk. ETFs are issued by asset management firms in Korea. As ETNs are unsecured debt with credit risk, they can be worthless if the IV falls to zero due to market volatility or the issuer is under extreme financial stress, such as bankruptcy.
For ETFs, the minimum number of stocks for diversification is 10 or more. On the other hand, ETNs can use five or more as the underlying asset, making it easier to create more various ETN products than ETFs.
Experts advise, however, that investors need to be careful about ETNs as most of them are high-risk leveraged or inverse products and focus on highly volatile commodities compared to ETFs.
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