System and method for operating leveraged listed securities

Abstract

The present invention relates to a computer-implemented system and method for issuing and managing listed securities that provide exposure corresponding to a predetermined leverage multiple to fluctuations in the price of an underlying asset. Conventional leveraged and inverse listed securities adopted a cumulative multiplication method that rebalances the net asset value per share at the end of each trading day; consequently, they inevitably suffered from the so-called volatility erosion problem, in which the value per share is continuously eroded during round-trip fluctuations in the price of the underlying asset, and the problem of distortion of actual leverage depending on the purchase time after issuance. The present invention solves the problems of the prior art by providing a computer system comprising: a position ledger module that stores the reference price of the underlying asset at the time of purchase of the listed securities for each holder as the entry average price; a profit and loss calculation module that calculates profit and loss according to a first-order linear equation in which the difference between the entry average price and the current price of the underlying asset is multiplied by the quantity held and the leverage multiple; and a distribution settlement module that realizes the seller's unrealized profit and loss and assigns a new entry average price to the buyer when the listed securities are transferred in the secondary market. In addition to this, the present invention provides a comprehensive system that stably realizes a linear profit and loss structure based on the average entry price on a listed securities infrastructure through a number of mutually organically combined components, such as a funding rate settlement module, an automatic liquidation module, a delta-neutral management module, a dual-track value display module, and a buyer qualification verification module.

Description

Technology Field

[0001] The present invention relates to a computer-implemented system and method for issuing and managing listed securities that provide exposure corresponding to a predetermined leverage multiple to price fluctuations of an underlying asset. More specifically, the invention relates to a system and method that fundamentally eliminates the negative compounding effect and path dependency inherent in conventional leveraged listed securities by means of an architecture that stores the reference price of the underlying asset at the time of purchase of the listed securities for each holder as the entry average price, calculates the profit and loss of each holder according to a first-order linear equation in which the difference between the entry average price and the current price of the underlying asset is multiplied by the holder's holding quantity and the leverage multiple, and resets the entry average price for each buyer when the listed securities are transferred in the secondary market. Background Technology

[0002] Various forms of leveraged listed securities are traded in stock markets around the world, providing exposure corresponding to a predetermined multiple to the upward or downward direction of the underlying asset price. Representative examples include KODEX Leverage and KODEX 200 Futures Inverse 2X in Korea, and ProShares UltraPro QQQ (TQQQ), Direxion Daily Semiconductor Bull 3x Shares (SOXL), and GraniteShares 2x Long NVDA Daily ETF (NVDL) in the United States.

[0003] These conventional leveraged listed securities adopt a daily rebalancing method in which, without exception, the value obtained by multiplying the daily return of the underlying asset by the leverage multiplier is reflected in the net asset value (NAV) per share of the listed securities at the end of each trading day, and the reflected net asset value per share is used as the starting point for the next trading day. That is, the update of the net asset value per share is performed using the cumulative multiplication method NAV_t = NAV_{t-1} × (1 + k × r_t), where k is the leverage multiplier and r_t is the daily return of the underlying asset on day t.

[0004] This cumulative multiplication method of daily rebalancing inevitably leads to mathematical side effects. Assuming a round-trip scenario where the underlying asset price falls from 100 to 90 and then rises back to 100, the net change of the underlying asset is 0 percent; however, the net asset value per share of a 2x leveraged listed security falls from an initial 100 to 80 (i.e., 100 × (1 - 2 × 0.1) = 80) and then rises again to 80 × (1 + 2 × 0.111) = 97.78, resulting in a loss of approximately 2.22 percent relative to the principal. In the case of inverse leverage (-2x), the loss is even greater. When falling from 100, 100 × (1 - (-2) × (-0.1)) = 80, and when rising, 80 × (1 - (-2) × 0.111) = 62.22, resulting in a loss of approximately 37.78 percent. This loss is a structural loss that occurs even though the price of the underlying asset has ultimately returned to the starting point; in academia, this is referred to as volatility drag or the negative compounding effect.

[0005] The magnitude of volatility erosion is proportional to the square of the realized volatility of the underlying asset and the holding period, and is typically approximated by the scale of σ²T / 2 × k(k-1) × NAV. This implies that losses expand exponentially as the holding period lengthens and the volatility of the underlying asset increases. For this reason, domestic and international regulatory authorities have repeatedly issued investor warnings regarding leveraged listed securities, and in Korea, regulations were introduced starting in September 2020 mandating the deposit of a minimum deposit and the completion of prior investor education for new purchases by individual investors.

[0006] Various approaches have been attempted to partially mitigate the aforementioned volatility erosion problem using conventional technology. First, there is an approach of extending the rebalancing cycle from daily to monthly. This applies to listed securities that adopt a monthly rebalancing method, such as UBS’s ETRACS series; however, extending the rebalancing cycle only reduces the frequency of volatility erosion and does not lead to a fundamental solution, and it creates a new problem in which only investors who purchased at the time of rebalancing obtain accurate leverage exposure, while investors who purchased between rebalancing times are exposed to inaccurate leverage.

[0007] Second, there is an approach that fixes the issuance date as the reference date and omits rebalancing. This applies to methods such as the iPath ETN+ Long Enhanced series issued around 2010, which calculate the value per share using the formula Initial Leverage Factor × Principal × (Current Index / Initial Index) - Financing Level. While this method can avoid the erosion of volatility caused by daily rebalancing, since the reference date is uniformly fixed to the issuance date of the aforementioned listed securities, investors who purchase in the secondary market after some time has passed since issuance face the absurdity of having their profits and losses determined by a formula using the reference index at the issuance date, regardless of their purchase timing. In particular, investors who purchase late, after the index has risen or fallen sharply since issuance, buy when the value per share has already shifted to several times or fractions of the original principal; this results in a distortion where the actual leverage factor diverges significantly from the nominal leverage factor.

[0008] Third, there is a method of settling the difference between the entry price and the liquidation price in the form of over-the-counter (OTC) derivatives rather than listed securities. Representative examples include Contract for Difference (CFD), which has been handled by numerous securities firms in Korea since 2015, and Perpetual Futures, which were introduced by the BitMEX exchange for crypto assets around 2016. While these OTC derivative trading systems adopt an entry-price-based linear profit and loss structure in which profit and loss are calculated for each trader based on their own entry price, they are classified as OTC derivatives or virtual asset derivatives rather than listed securities under the Capital Markets Act. Consequently, they operate on a closed network that is fundamentally different from institutional financial infrastructure, such as the trading market infrastructure for listed securities, the settlement process of the Korea Securities Depository, and the trading ledger of exchanges.

[0009] In short, conventional technology is bifurcated into two worlds. One world is the world of securities listed on the stock market, which are traded based on the fungibility principle and a centralized settlement infrastructure; however, the value per share exists only in formulas that use the market execution price or a uniform reference point at the fund level. The other world is the world of over-the-counter derivatives, which use entry-price-based linear profit and loss calculation formulas; however, due to the closed bilateral contract structure, free trading and transfer through the secondary market are restricted, and they cannot be regulated or supervised as listed securities under the Capital Markets Act.

[0010] Neither of these dual-platform prior technologies has been able to realize a structure that maintains the infrastructure of the secondary market for listed securities while simultaneously providing accurate leverage exposure based on the average entry price for each holder. The fundamental reason for this is that, in an anonymous trading environment where shares of listed securities are freely traded in the secondary market, there has never been a case where an architecture that tags an individual reference price for each share and resets it at the time of trading has been implemented on top of the prior securities settlement infrastructure. Although more than 30 years have passed since Robert Shiller academically proposed perpetual claims without maturity in his 1993 paper "Measuring Asset Values ​​for Cash Settlement in Derivative Markets," there is no instance of such an architecture being implemented in the institutional securities market. The problem to be solved

[0011] The present invention aims to resolve the limitations of the aforementioned prior art. First, it aims to provide a leveraged listed security that fundamentally eliminates volatility erosion and path dependence caused by daily rebalancing while maintaining the form of a listed security, thereby ensuring that the value per share is not eroded even by the round-trip fluctuations of the underlying asset price.

[0012] Second, the purpose is to provide a product structure in which the nominal leverage multiple matches the actual leverage multiple regardless of the issuance date, by providing each holder who purchases the aforementioned listed securities in the secondary market with exposure to an accurate leverage multiple based on their purchase time as a reference point.

[0013] Third, in order to implement the aforementioned linear profit and loss structure based on the average entry price on a listed securities infrastructure, the purpose is to provide a system architecture that is harmoniously linked with the trading process of the secondary market for listed securities and the settlement process of the Korea Securities Depository, and automatically performs profit and loss realization for sellers and buyers and resets the average entry price at each point of trading for each share.

[0014] Fourth, the purpose is to provide a configuration that enables the above system to operate stably while complying with various regulatory requirements, such as liquidity provision, circuit breaker activation, corporate conduct coordination, and tax reporting, which are required as listed securities under capital market laws.

[0015] Fifth, the purpose is to provide a delta-neutral management architecture in which the issuer of the aforementioned listed securities automatically manages a hedge portfolio that substantially offsets the profit and loss of each holder, and minimizes external hedging costs by internally matching long-short exposures among holders. means of solving the problem

[0016] To solve the above problem, the present invention provides a computer-implemented system comprising: a position ledger module that stores a position record including an entry average price and a quantity held for each holder; a profit and loss calculation module that calculates the profit and loss of each holder according to a first-order linear equation in which the difference between the entry average price and the current price of the underlying asset is multiplied by the quantity held and the leverage multiplier; and a trading settlement module that realizes the unrealized profit and loss of the seller and assigns a new entry average price to the buyer when the listed securities are transferred from the seller to the buyer in the trading market.

[0017] Furthermore, the present invention provides a comprehensive system in which a linear profit and loss structure based on the average entry price operates stably on a listed securities infrastructure by combining a weighted average update logic of the average entry price, a funding rate settlement module that settles funds between long-short directional account groups based on the discrepancy between the trading market price of the listed securities and the spot price of the underlying asset, an automatic liquidation module that automatically closes a position when the maintenance margin is insufficient, a delta-neutral management module that manages internal matching and external hedging of long-short exposure, and a dual-track value display module that displays the residual value per share based on the trading market price and the average entry price in a dual manner.

[0018] Furthermore, the present invention provides a method for realizing, as system components, a module for verifying the qualification to purchase the listed securities required under capital market laws and regulations, linkage with the Korea Securities Depository settlement system, expansion of the trading ledger of the listed exchange, liquidity supply management, circuit breaker activation, corporate behavior coordination, tax filing linkage, early redemption management, deduction of management fees, and other essential regulatory requirements as listed securities. Effects of the invention

[0019] The present invention has the effect of completely eliminating structural losses during long-term holding, which is the biggest flaw of conventional leveraged listed securities, by fundamentally blocking volatility erosion while maintaining the form of a listed security. Even in a scenario where the underlying asset price repeatedly fluctuates back and forth, the profit and loss of each holder is determined solely as a linear function of the difference between the reference price at their purchase time and the reference price at the current time, so the loss proportional to σ²T, which inevitably occurred in conventional leveraged listed securities, does not exist at all.

[0020] The present invention has the effect of providing accurate leverage exposure based on the point of purchase as a reference point for each holder who purchases the listed securities in the secondary market. The previous iPath ETN+ Long Enhanced type product uniformly fixed the index level at the time of issuance of the listed securities as a reference point, which caused a problem where an extreme discrepancy occurred between nominal leverage and actual leverage for investors who purchased late after the index had moved significantly since issuance. However, the present invention completely solves this problem by using the point of purchase of each holder itself as an individual reference point.

[0021] The present invention has the effect of maintaining liquidity and settlement convenience as listed securities. Previously, entry price-based linear profit and loss structures existed only in the form of over-the-counter (OTC) derivatives such as CFDs, perpetual futures, and total return swaps, and since these were traded only in closed networks based on bilateral contracts, free trading through the secondary market was restricted. The present invention enables the free trading of the aforementioned listed securities over the conventional securities market distribution infrastructure while providing an entry price-based linear profit and loss structure, thereby simultaneously realizing the structural advantages of OTC derivatives and the distribution convenience of listed securities.

[0022] The present invention has the effect of significantly reducing the hedging burden of the issuer. Conventional leveraged ETFs required daily rebalancing hedging to readjust underlying asset derivative positions in a size corresponding to fluctuations in the net asset value per share at the end of each trading day, which resulted in market shock costs and tracking errors associated with daily buy and sell transactions. Since the entry average price and holding quantity of each holder are always recorded in the ledger in the present invention, it is sufficient for the issuer to maintain a static hedge portfolio that symmetrically offsets the profits and losses of each holder, making daily rebalancing trading unnecessary. Consequently, tracking errors, market shock costs, and the market distortion effect caused by rebalancing trading amplifying the volatility of the underlying asset market are all eliminated.

[0023] The present invention has the effect of providing a delta-neutral management architecture that minimizes external hedging costs by mutually matching long directional stakes and inverse directional stakes within a single system. When the long and inverse account groups within the system have mutually opposite exposures, they naturally offset each other within the system, and the issuer needs only to acquire a hedge position in an external derivatives market for the unmatched net notional imbalance. This has the effect of maintaining the financial stability of the system while minimizing the use of the issuer's equity capital.

[0024] The present invention implements a funding rate settlement mechanism, already verified in the crypto perpetual futures market, on a listed securities infrastructure, thereby having the effect of automatically adjusting the market price of the listed securities so that it does not deviate significantly from the theoretical price based on the spot price of the underlying asset. Regular fund transfers between long-short account groups naturally create buying incentives in the opposite direction when demand in one direction becomes overheated, thereby inducing the market price of the listed securities to converge to the theoretical value of the underlying asset.

[0025] In light of the following universal principles, the present invention contains technical contributions that a person skilled in the art could not easily derive from previously known technology. First, shares of listed securities are freely traded in the secondary market and are governed by the so-called fungibility principle, which dictates that said shares must be treated as homogeneous. Conventional securities issuance and settlement infrastructure is designed based on this fungibility principle, and managing each share by tagging it with an individual reference price is an approach that directly contradicts this principle. When a person skilled in the art attempts to improve upon the existing listed securities infrastructure, an approach that violates the fungibility principle is perceived not as a natural direction for improvement, but rather as a direction to be avoided.

[0026] Second, the aforementioned volatility erosion problem and its mathematical principles have been clearly formalized in academia since 2009, and the principle that a linear profit and loss structure based on individual entry prices solves this problem was also well known through CFDs, perpetual futures, etc. Nevertheless, for a period of more than 15 years, no market participant has been able to implement the aforementioned principle on the listed securities infrastructure. This is a long-term unresolved state that would not have occurred if it were an improvement obvious to a person skilled in the art, and it constitutes strong evidence that the said improvement is not obvious.

[0027] Third, the two aforementioned worlds—namely, the world of listed securities and the world of over-the-counter (OTC) derivatives trading—are organized into separate regulatory categories under capital market laws and regulations, and their settlement infrastructure, participant qualifications, supervisory systems, tax treatment, and accounting treatment are all different. When an ordinary skilled person designs listed securities, there is no inherent motivation to combine them by introducing the algorithms of an OTC derivatives trading system into the per-share valuation formula for listed securities.

[0028] Fourth, the linear profit and loss structure based on the average entry price adopted by the present invention faces a fundamental barrier in that it cannot utilize the settlement infrastructure of listed securities as is. The existing Korea Securities Depository settlement system settles only the transaction price at the time of trading shares, and lacks the function to process the individual reference price tagged to each share as a separate settlement transaction. The present invention provides a unique technical solution that overcomes this barrier of settlement infrastructure by proposing an architecture that settles the realized profit and loss of each holder as a transfer transaction separate from the settlement of the transaction price.

[0029] Fifth, the present invention is characterized not by being based on a single technical concept for solving the above problem, but by being combined into a single coherent system comprising a number of mutually organically combined components, such as the maintenance of an entry average price ledger, settlement during trading in the secondary market, delta-neutral matching, funding rate settlement, automatic liquidation, dual-track value display, qualification verification, settlement integration, liquidity provision, circuit breaker, corporate behavior adjustment, tax reporting, and early repayment. This organic combination of multiple components cannot be derived from any single prior literature, and combining them individually also lacks both the motivation for the combination and the predictability of the success of the combination, so a person skilled in the art cannot obviously derive it.

[0030] Sixth, the present invention has the social effect of fundamentally preventing consumer damage that inevitably occurred with conventional inverse and leveraged listed securities through the aforementioned architecture. In Korea alone, around 2020, losses incurred by individual investors in the KODEX 200 Futures Inverse 2X product, known as "Gop Inverse," emerged as a social issue, leading to the implementation of stricter regulations by supervisory authorities; however, structural defects in such conventional products cannot be fundamentally resolved solely through the regulations of supervisory authorities. The present invention provides a fundamental solution that overcomes the limitations of supervisory regulations by modifying the product structure itself.

[0031] Seventh, the present invention has the effect of significantly reducing the operating costs of the issuer of listed securities by eliminating the burden of daily rebalancing trading, and this cost reduction ultimately leads to a reduction in management fees for the listed securities, thereby having a double welfare improvement effect that is returned to investors.

[0032] Eighth, the present invention contributes to improving the stability of the underlying asset market by eliminating the volatility amplification effect caused by daily rebalancing. It has been reported in academia that the daily rebalancing trading of conventional leveraged ETFs has a market distortion effect that amplifies the directional movements of the underlying asset market by inducing additional buying on days when the underlying asset rises and additional selling on days when it falls; the present invention blocks such distortion at the source.

[0033] Ninth, the present invention issues long and inverse directional series together on a single system and internally matches them to realize a natural equilibrium state that minimizes the issuer's exposure to market risk. This strengthens the financial stability of the issuer and has the effect of significantly reducing the issuer risk of the listed securities.

[0034] Tenth, the present invention has the effect of financial inclusion by expanding the accessibility of individual investors to entry-price-based linear profit and loss products, which were previously only accessible to professional investors, by issuing the listed securities over the conventional securities market distribution infrastructure, thereby enabling individual investors to obtain accurate leverage exposure without the need to acquire separate OTC derivatives trading qualifications. Brief explanation of the drawing

[0035] FIG. 1 is a schematic block diagram illustrating the overall configuration of a leveraged listed securities management system according to one embodiment of the present invention. Figure 2 is a diagram illustrating the data structure of a position record stored in the position ledger module of the present invention. FIG. 3 is a flowchart illustrating a linear profit and loss calculation process based on the average entry price performed by the profit and loss calculation module of the present invention. FIG. 4 is a sequence diagram illustrating the process of realizing seller's profit and loss and creating a new buyer's position performed by the distribution settlement module of the present invention when transferring listed securities to the distribution market. Figure 5 is a graph showing the change in value per share during round-trip fluctuations of the underlying asset of a conventional daily rebalancing-based leveraged listed security and the entry average price-based leveraged listed security of the present invention. FIG. 6 is a flowchart illustrating the process of updating the weighted average entry price when a specific holder of the present invention additionally purchases the listed securities. FIG. 7 is a conceptual diagram illustrating the process of assigning the seller's realized profit / loss and the buyer's new entry average price during trading in the distribution market according to the present invention. FIG. 8 is a block diagram illustrating a fund transfer mechanism between a long directional account group and an inverse directional account group by the funding rate settlement module of the present invention. FIG. 9 is a flowchart illustrating the maintenance margin monitoring and forced liquidation initiation process performed by the automatic liquidation module of the present invention. FIG. 10 is a block diagram illustrating the process in which the delta neutral management module of the present invention performs internal long-short matching and external hedge acquisition. FIG. 11 is an example of a screen in which the dual-track value display module of the present invention displays the residual value per share based on the market price and the average entry price on the holder terminal. FIG. 12 is a flowchart illustrating the process of verifying requirements under the Capital Markets Act performed by the purchase qualification verification module of the present invention. FIG. 13 is a sequence diagram illustrating the interlocking process between the present invention and the Korea Securities Depository settlement system. FIG. 14 is a block diagram illustrating a clearing architecture that maintains seller-buyer anonymity through an issuing entity or clearing institution of the present invention. FIG. 15 is a timeline diagram illustrating the process of handling the difference in opening times between the underlying asset market and the listed securities trading market in the present invention. FIG. 16 is a flowchart illustrating the automatic trading stop process performed by the circuit breaker module of the present invention. FIG. 17 is a flowchart illustrating a process in which the corporate behavior adjustment module of the present invention adjusts the entry average price and holding quantity when corporate behaviors such as stock splits, dividends, and mergers occur. FIG. 18 is a block diagram illustrating the offsetting relationship between the sum of profit and loss of each holder and the hedge profit and loss by the issuer hedge management module of the present invention. FIG. 19 is a flowchart illustrating the real-time monitoring and alarm transmission process performed by the margin shortage alarm module of the present invention. FIG. 20 is a timeline diagram illustrating the initial reference price setting at the time of the first issuance of the listed securities of the present invention and the process of replacing the entry average price at the time of the first purchase in the trading market. FIG. 21 is a flowchart illustrating the adjustment process performed by the issuance and incineration adjustment module of the present invention when a discrepancy occurs between the theoretical price and the market price. FIG. 22 is a block diagram illustrating the process of the liquidity supply management module of the present invention automatically calculating the buy and sell quotes of a liquidity provider. FIG. 23 is a flowchart illustrating the process in which the tax reporting linkage module of the present invention classifies by profit and loss category and submits to the National Tax Service reporting system. FIG. 24 is a block diagram illustrating the process by which the profit and loss calculation module of the present invention calculates a synthetic reference price from spot market prices and futures market prices. FIG. 25 is a flowchart illustrating a process in which the early redemption management module of the present invention immediately realizes the profit and loss of each holder when the early redemption condition is met. FIG. 26 is a block diagram illustrating a structure for managing the position ledger of the present invention based on distributed ledger technology. FIG. 27 is a diagram illustrating the process of calculating management fees on a daily basis and automatically deducting the remaining margin of the present invention. FIG. 28 is a flowchart illustrating the leverage multiplier variable adjustment process of the present invention and the flow of recalculating the position record at the adjustment point. FIG. 29 is a diagram illustrating the structure of listed securities issued in series corresponding to various underlying assets according to the present invention. FIG. 30 is an example of an interface in which the holding performance visualization module of the present invention visualizes and provides each holder with expected profit and loss and realized profit and loss upon immediate sale. FIG. 31 is a diagram illustrating the structure of the present invention, which expands the trading ledger of a listed exchange to store entry average price information for each share, in comparison with the conventional trading ledger structure. Specific details for implementing the invention

[0036] Preferred embodiments of the present invention will be described in detail below with reference to the attached drawings. However, the scope of the present invention is not limited to the embodiments described below, and those skilled in the art will understand that various modifications are possible within the scope of the technical concept of the present invention.

[0037] Referring to FIG. 1, a leveraged listed securities management system (1000) according to one embodiment of the present invention is configured with an architecture in which an issuing entity server (100), a listed exchange system (110), a securities depository system (120), an underlying asset price server (130), a clearing institution system (150), a tax office reporting system (160), a plurality of holder terminals (170), and a liquidity provider system (180) are connected to communicate with each other through a communication network (140).

[0038] The issuer server (100) is a computing resource that carries the core processing logic of the present invention and can be implemented as one or more physical servers or virtualized cloud instances. The issuer server (100) software-equipped with a plurality of functional modules including a position ledger module (200), a profit and loss calculation module (300), a distribution settlement module (400), a delta neutrality management module (500), a funding rate settlement module (600), an automatic liquidation module (700), a dual-track value display module (800), a purchase qualification verification module (900), a circuit breaker module (1100), a corporate behavior adjustment module (1200), an issuer hedge management module (1300), a margin shortage alert module (1400), an issuance and burning adjustment module (1500), a liquidity supply management module (1600), a tax filing linkage module (1700), an early redemption management module (1800), and a holding performance visualization module (1900).

[0039] The listed exchange system (110) is a system corresponding to the Korea Exchange (KRX) or an equivalent overseas exchange, and is responsible for executing trades in the secondary market of the leveraged listed securities of the present invention. The listed exchange system (110) receives buy or sell orders from a plurality of holder terminals (170), executes trades according to a predetermined trade execution algorithm, and transmits execution information in real time to the issuing entity server (100) and the Korea Securities Depository system (120).

[0040] The Korea Securities Depository System (120) is a system corresponding to the Korea Securities Depository or an equivalent overseas settlement institution, and performs the settlement of the transaction price and the transfer of ownership of the shares typically two days (T+2) after the date of the transaction in the secondary market. In the present invention, the Korea Securities Depository System (120) is extended to additionally perform a special processing function that reflects the seller's realized profit or loss calculated by the secondary settlement module (400) into the seller's margin account as a transfer transaction separate from the settlement of the transaction price.

[0041] The underlying asset price server (130) is a data server that provides real-time reference prices of an index, individual stock, exchange-traded fund, commodity price index, currency exchange rate, or bond index that serves as the underlying asset of the listed securities to the issuer server (100). For example, if the underlying asset is the KOSPI 200 index, the underlying asset price server (130) transmits the real-time value of the KOSPI 200 index provided by the Korea Exchange to the issuer server (100) in milliseconds.

[0042] The clearing institution system (150) is a system corresponding to the clearing and settlement division of the Korea Exchange or an equivalent central clearing institution, and manages counterparty risk in trading in the secondary market. In the present invention, the clearing institution system (150) performs the role of an intermediary for taking over and reissuing positions while maintaining anonymity between the seller and the buyer.

[0043] The National Tax Service reporting system (160) is the National Tax Service Home Tax or an equivalent tax reporting system, and is a system to which the tax reporting linkage module (1700) of the present invention automatically submits tax data by profit and loss category of each holder.

[0044] The holder terminal (170) is a computing terminal of an individual or corporate investor who purchases or holds the listed securities of the present invention, and includes desktop computers, laptops, smartphones, tablets, etc. An HTS (Home Trading System) or MTS (Mobile Trading System) application provided by a securities company is installed on the holder terminal (170), and through said application, the receipt of trading orders, balance inquiry, profit and loss visualization, and receipt of margin shortage alerts are performed.

[0045] The liquidity provider system (180) is a system operated by a securities company designated as a liquidity provider for listed securities under the Capital Markets Act, and is responsible for receiving buy and sell quotes calculated from the liquidity supply management module (1600) and submitting them to the listed exchange system (110) at all times.

[0046] The communication network (140) is a communication infrastructure that provides a data transmission and reception path between each system and terminal, and may be composed of a dedicated communication network designated by KRX, the Internet, a wireless communication network, a VPN, or a combination thereof.

[0047] With reference to FIG. 2, the configuration of the position ledger module (200) is described in detail. The position ledger module (200) is a database within the issuing entity server (100) and stores a number of position records (210). Each position record (210) is a unit of position information that one holder has regarding one series of listed securities.

[0048] Each position record (210) includes a holder identifier (212), an entry average price (214), a quantity held (216), a remaining margin (218), purchase time information (220), and a update history (222) as required fields. The holder identifier (212) is a string or number that uniquely identifies the holder and can be defined, for example, as a hash value generated from a combination of a securities company account number and the holder's resident registration number or business registration number.

[0049] The entry average price (214) is a real value representing the reference price of the underlying asset at the time the holder purchased the listed securities, and is stored in monetary units or index points. For example, if the underlying asset is the KOSPI 200 index, the entry average price (214) is stored in index points such as 350.45, and if the underlying asset is an individual listed stock, it is stored in won units.

[0050] The quantity held (216) is an integer or decimal value representing the quantity of shares of the listed securities currently held by the holder. It is typically an integer unit according to the share management method of the Korea Securities Depository, but in an embodiment that allows trading of fractional parts, it may be stored as a decimal value.

[0051] The remaining margin (218) is a real value corresponding to the amount currently being used to maintain the position of the listed securities among the margins deposited in the holder's account. The remaining margin (218) is updated in real time as the profit or loss of the listed securities is reflected, and if the remaining margin (218) decreases below the maintenance margin level, the automatic liquidation module (700) initiates the forced termination of the position.

[0052] The purchase time information (220) is a timestamp indicating the exact time at which the holder purchased the listed securities, and is stored with millisecond precision. The update history (222) is a time-series record of all update events for the position record (210), and for each update event includes the update time, update type (new purchase, additional purchase, partial sale, distribution settlement, automatic liquidation, corporate behavior adjustment, etc.), the average entry price and quantity held before and after the update, and the related transaction identifier. The update history (222) is utilized for tax reporting, regulatory supervision, and audit response purposes.

[0053] Referring to FIG. 3, the detailed processing flow of the profit and loss calculation module (300) is described. The profit and loss calculation module (300) includes a reference price receiving unit (310), a profit and loss calculation unit (320), and a management fee deduction unit (330) as components.

[0054] The reference price receiving unit (310) receives the real-time reference price of the underlying asset from the underlying asset price server (130) in milliseconds and caches it in the memory inside the issuing entity server (100). The reference price is updated during a predetermined regular market time, and the last reference price is maintained at a static value until the opening time after the regular market closes.

[0055] The profit and loss calculation unit (320) iterates through all position records (210) of the position ledger module (200) and calculates the profit and loss by multiplying the difference between the entry average price (214) of each position record (210) and the cached current reference price by the quantity held (216) of the position record (210) and the leverage multiplier (k) preset for the listed securities series. Specifically, if the listed securities series is an upward-direction leveraged product, the formula Profit and Loss = (Current Reference Price - Entry Average Price) × Quantity Held × k is applied, and if it is an inverse-direction leveraged product, the formula Profit and Loss = (Entry Average Price - Current Reference Price) × Quantity Held × k is applied.

[0056] For example, if a specific holder holds 100 shares of a 2x leveraged listed security with KOSPI 200 as the underlying asset, and the holder's average entry price (214) is 350.00 points, and the current KOSPI 200 index is 357.00 points, and the nominal amount per share is 10,000 won per point of the index, the holder's real-time profit / loss is calculated as (357.00 - 350.00) × 100 × 2 × 10,000 won = 14,000,000 won. If the index subsequently falls to 340.00 points, the profit / loss is calculated as (340.00 - 350.00) × 100 × 2 × 10,000 won = -20,000,000 won.

[0057] Importantly, in the above profit and loss calculation process, if the index rises from 350.00 to 357.00 and then falls back to 340.00, in the case of leveraged listed securities using the conventional daily rebalancing method, the value per share is calculated through daily rebalancing using a cumulative multiplication of (357 / 350) × (340 / 357) × 2 = 1.914, resulting in a loss per share of 8.6 percent. In contrast, in the entry average price-based calculation method of the present invention, only the difference between the initial entry average price of 350.00 and the current reference price of 340.00 is involved, resulting in a loss per share of (340 - 350) × 2 / 350 = -5.71 percent. That is, since profit and loss are determined solely by the net difference between time points regardless of the path of round-trip fluctuations, volatility erosion does not occur at the source.

[0058] The management fee deduction unit (330) calculates net profit and loss by deducting a management fee on a daily basis from the profit and loss calculated by the profit and loss calculation unit (320), corresponding to the period elapsed from the initial issuance date of the listed securities or the time of purchase by each holder to the present time. For example, if an annual management fee rate of 0.5 percent is applied and the holder purchased the listed securities 30 days ago, the management fee deduction amount is calculated using the formula: nominal amount per share × 0.5% × 30 / 365 and deducted from the calculated profit and loss.

[0059] Referring to FIGS. 4 and FIGS. 7, the detailed processing flow of the distribution settlement module (400), which is a key feature of the present invention, is described. The distribution settlement module (400) includes a transaction execution detection unit (410), a seller realized profit / loss calculation unit (420), a buyer new position creation unit (430), and a settlement linkage unit (440) as components.

[0060] The trade execution detection unit (410) receives a trade execution event of the listed securities in real time from the listed exchange system (110). The trade execution event includes a seller identifier, a buyer identifier, a quantity executed, a price executed, and a time of execution.

[0061] The seller's realized profit / loss calculation unit (420) retrieves the seller's position record (210) from the position ledger module (200) immediately upon receiving the above trade execution event. When the seller's average entry price is P_avg, the quantity sold is Q_s, the reference price of the underlying asset at the time of trade execution is P_ref, and the leverage multiplier of the above listed securities series is k, the seller's realized profit / loss is calculated using the formula (P_ref - P_avg) × Q_s × k for upward leverage products and the formula (P_avg - P_ref) × Q_s × k for inverse leverage products.

[0062] The realized profit or loss calculated above is added to or subtracted from the seller's remaining margin (218), and the quantity held (216) of the seller's position record (210) is reduced by the quantity sold. The seller's average entry price (214) is not changed. If the seller has a remaining quantity held, the position record (210) is maintained with the updated quantity held; if the seller sells the entire quantity, the position record (210) is deleted, but the update history (222) is transferred to a separate archive for auditing purposes.

[0063] The new buyer position creation unit (430) creates a new position record (210) for the buyer of the above trade execution event, and assigns the underlying asset reference price P_ref at the time of purchase as the new entry average price (214). The execution quantity is reflected in the quantity held (216) of the above buyer, and the initial margin is transferred from the buyer's account to the remaining margin (218) of the above position record (210). The time of trade execution is stored in the purchase time information (220), and the new purchase event is recorded in the update history (222).

[0064] Meanwhile, if the above buyer already holds listed securities of the same series, the buyer new position creation unit (430) updates the entry average price (214) of the existing position record (210) using a weighted average method instead of creating a new position record. Specifically, the existing entry average price is P o , existing holdings Q o , where P₁ is the reference price of the underlying asset at the time of additional purchase and Q₁ is the additional purchase quantity, the new entry average price is P_new = (P o × Q o + P₁ × Q₁) / (Q o It is calculated using the formula (+ Q₁), and the quantity held is Q o It is updated to + Q₁. This weighted average update process is illustrated in detail in Fig. 6.

[0065] The settlement linkage unit (440) links each transaction processed by the seller realized profit / loss calculation unit (420) and the buyer new position creation unit (430) with the settlement process of the Korea Securities Depository System (120). On the trade execution date T, the logical processing of the entry average price and realized profit / loss is completed within the issuer server (100), and on the settlement date T+2, the Korea Securities Depository System (120) reflects the seller's realized profit / loss in the seller's margin account as a transfer transaction separate from the settlement of the trade price. Although the two transactions are logically separate, they are physically processed collectively on the same settlement date to minimize the burden on the settlement infrastructure.

[0066] FIG. 7 is a diagram conceptually illustrating the change in the position records (210) of a seller and a buyer during trading in the secondary market. Before the trade is executed, the seller holds 100 shares at, for example, an entry average price of 340.00 points. Assuming that at the time of trade execution the reference price is 355.00 points and the seller sells 60 shares of these, the seller's realized profit / loss is calculated as (355.00 - 340.00) × 60 × 2 × 10,000 won = 18,000,000 won, which is added to the seller's remaining margin (218), and the seller's holding quantity (216) is reduced to 40 shares. On the other hand, a new position record (210) is created for the buyer, and 355.00 points are assigned to the entry average price (214) and 60 shares to the holding quantity (216). Subsequently, if the reference price rises to, for example, 360.00 points, an unrealized profit of (360.00 - 340.00) × 40 × 2 × 10,000 won = 16,000,000 won occurs on the seller's remaining 40 share, and an unrealized profit of (360.00 - 355.00) × 60 × 2 × 10,000 won = 6,000,000 won occurs on the buyer's 60 share. In this way, the buyer and the seller each have separate profit and loss curves with their own average entry prices based on the time of the trade execution.

[0067] Figure 5 is a graph illustrating the fluctuation in value per share of the entry average price-based calculation method of the present invention and the conventional daily rebalancing method. The graph in Figure 5 clearly shows that in a round-trip scenario where the underlying asset starts at 100 points, falls to 90 points, and then rises back to 100 points, the net asset value per share of the conventional 2x leverage ETF decreases from 100 to 80 to 97.78, whereas the value per share of the entry average price-based product of the present invention is completely restored from 100 to 80 to 100. The right side of the graph illustrates that in a scenario where daily volatility of 3 percent persists over 30 trading days, the value per share of the conventional product continuously decreases, whereas the value per share of the present invention accurately reflects only the net fluctuation rate of the underlying asset.

[0068] Referring to FIG. 10, the detailed processing flow of the delta neutral management module (500) is explained. The delta neutral management module (500) manages hedge accounts (510) and constantly matches the total notional of each account group for the long directional series and the inverse directional series of the listed securities. For example, the total notional of the long account group is calculated as: total holding quantity of 2x upward leverage listed securities based on the KOSPI 200 as the underlying asset × nominal amount per index point × 2, and the total notional of 2x inverse leverage listed securities based on the same underlying asset becomes the total notional of the inverse account group. When the two total notionals mutually offset each other, the delta of the entire system approaches zero, and the issuer has no external hedging burden.

[0069] In reality, a net nocentral imbalance occurs at all times in which the total nocentral in one direction exceeds the total nocentral in the other direction. The delta neutral management module (500) calculates the net nocentral imbalance in real time, and if the absolute value exceeds a preset threshold, it automatically executes an underlying asset futures contract or a swap contract corresponding to the direction and magnitude of the net nocentral imbalance in an external derivatives market through the hedge account (510). For example, if the total nocentral of the long account group is 100 billion won and the total nocentral of the inverse account group is 80 billion won, a short position of 20 billion won in KOSPI 200 futures is executed in the hedge account (510) for the net long nocentral of 20 billion won to neutralize the delta of the entire system.

[0070] Referring to FIG. 8, the processing flow of the funding rate settlement module (600) is explained. The funding rate settlement module (600) includes a premium index calculation unit (610). The premium index calculation unit (610) calculates in real time the premium index P = (I - S) / S of the implied underlying asset price I derived from the spot price S of the underlying asset and the trading market price of the listed securities received from the listed exchange system (110).

[0071] The funding rate settlement module (600) calculates the time window weighted average of the premium index at a preset settlement cycle, for example, every 8 hours, and determines the funding rate at the time of settlement. When the funding rate has a positive value, that is, when the market price of the listed securities is formed higher than the theoretical price, funding fees proportional to their nominations are deducted from each holder of the long-directed account group and transferred to each holder of the inverse-directed account group in proportion to their nominations. Conversely, when the funding rate has a negative value, funds are transferred from the inverse-directed account group to the long-directed account group. This fund transfer is directly reflected in the remaining margin (218) of each account and does not go through a separate settlement process.

[0072] The funding rate settlement module (600) operates as a self-adjusting mechanism to prevent the market price of the listed securities from continuously deviating from the theoretical price. If the market price is higher than the theoretical price, long holders must pay funds at every settlement cycle, so the incentive to buy decreases and the incentive to sell increases, and in the opposite case, the opposite effect occurs.

[0073] Referring to FIG. 9, the processing flow of the automatic liquidation module (700) is described. The automatic liquidation module (700) includes an indicator price calculation unit (710), a market price calculation unit (720), and a partial liquidation decision unit (730).

[0074] The indicator price calculation unit (710) calculates the indicator price based on the spot price of the underlying asset received from the underlying asset price server (130). The indicator price is typically calculated as the time-weighted average of the spot price of the underlying asset over a recent predetermined time window, which is intended to avoid instantaneous price manipulation.

[0075] The market price calculation unit (720) calculates the market price based on the trading market transaction price of the listed securities received from the exchange system (110). The market price is derived from the trading market transaction price of the listed securities themselves, and this is a price that reflects actual trading liquidity.

[0076] The automatic liquidation module (700) circulates through each holder's position record (210) in real time and monitors whether the remaining margin (218) has decreased below the maintenance margin level. The maintenance margin level is typically pre-set to 40 to 60 percent of the initial margin. If the remaining margin (218) indicates a level below the maintenance margin level, liquidation is initiated only after confirming a dual condition in which both the indicator price and the market price indicate a level below the maintenance margin level. If only one price indicates a level below the maintenance margin and the other price exceeds the maintenance margin, this is judged to be an instantaneous price anomaly and liquidation is deferred.

[0077] The partial liquidation decision unit (730) does not liquidate the entire position of a holder whose liquidation initiation conditions have been met, but performs partial liquidation only on the minimum amount of shares where the remaining margin after liquidation can recover to the maintenance margin level. This prevents the expansion of losses for holders due to excessive liquidation during rapid market fluctuations and has the effect of mitigating the impact of liquidation trading of the entire system on the market.

[0078] Referring to FIG. 11, the configuration of the dual track value display module (800) is described. The dual track value display module (800) displays two types of values ​​together on each holder's holder terminal (170). First, the market price is the transaction price or recent bid price at which the listed securities are currently being traded in the secondary market, and represents the price that can be realized if the shares are sold immediately. Second, the residual value per share is the theoretical value per share calculated by the profit and loss calculation unit (320) based on the holder's entry average price (214), and represents the theoretical net asset value if the holder continues to hold the listed securities.

[0079] The reason the two aforementioned values ​​are displayed side by side is that the market price of the listed securities of the present invention may momentarily deviate from its theoretical value depending on the supply and demand of the secondary market, and the discrepancy between the two values ​​may widen, particularly during periods of low trading liquidity or at times of rapid market fluctuations. The dual-track value display provides a basis for information for a holder to decide whether to sell their stake immediately or to continue holding it and wait for the market price to converge to the theoretical value.

[0080] Referring to FIG. 12, the processing flow of the purchase qualification verification module (900) is explained. Upon receiving a new purchase request, the purchase qualification verification module (900) first verifies whether the said purchaser meets the requirements for investing in leveraged products under the Capital Market Act. This is a procedure to verify whether, in the case of an individual investor, the purchaser has submitted a prior risk acknowledgment certificate for financial investment products, or in the case of a corporate investor, whether the purchaser meets the requirements for a professional investor under the Capital Market Act.

[0081] Second, it is checked whether a basic deposit of a predetermined amount or more is deposited in the account of the aforementioned buyer. In Korea, regulations are in effect requiring individual investors to deposit a minimum basic deposit of 10 million won for products of the KODEX 200 Futures Inverse 2X type, and the system of the present invention also includes a basic deposit verification procedure to comply with the same regulations.

[0082] Third, it is verified whether the above buyer has completed prior investor education for a specified amount of time. Typically, completion of at least one hour of online education and passing a questionnaire confirming completion are required. New purchase is approved only when all three of the above requirements are met, and if any one of them is not met, the purchase request is rejected and the reason for non-compliance is notified to the buyer terminal (170).

[0083] FIG. 13 illustrates the settlement linkage process between the present invention and the Korea Securities Depository System (120) as a sequence diagram. On the trade execution date T, the listed exchange system (110) executes the trade, and the distribution settlement module (400) of the issuer server (100) immediately calculates the seller's realized profit / loss and the buyer's new entry average price and reflects them in the position ledger module (200). On the settlement date T+2, the Korea Securities Depository System (120) performs two separate transfer transactions. The first transaction is a normal trade payment settlement, in which the trade payment is transferred from the buyer's account to the seller's account. The second transaction is a unique processing of the present invention, in which the seller's realized profit / loss calculated by the distribution settlement module (400) is transferred to the seller's margin account. These two transactions are logically completely separate; if the seller's realized profit or loss is a profit, it is transferred from the issuer's settlement account to the seller's margin account, and if it is a loss, it is transferred from the seller's margin account to the issuer's settlement account.

[0084] FIG. 14 illustrates an anonymity-maintaining liquidation architecture mediated by an issuing entity or a clearing institution system (150). Since the seller and the buyer must be mutually anonymous in the trading of listed securities in the secondary market, the distribution settlement module (400) of the present invention does not directly correspond the seller and the buyer. Instead, the clearing institution system (150) transfers the position in a two-stage takeover and reissuance method. In the first stage, the clearing institution system (150) takes over the seller's position and calculates the seller's realized profit and loss, reflecting it in the seller's margin account. In the second stage, the clearing institution system (150) reissues a new position to the buyer and assigns the buyer's average entry price as the reference price at the time of trade execution. The clearing institution system (150) temporarily holds ownership of the position at the moment between the two stages, and the clearing institution's notional at said moment is automatically offset by the delta-neutral management module (500).

[0085] Referring to FIG. 15, the handling of the difference in opening times between the underlying asset market and the listed securities trading market is explained. For example, if the listed securities of the present invention listed in Korea use US individual stocks as underlying assets, the domestic trading market is open from 9:00 AM to 3:30 PM, and the US market is open from 11:30 PM to 6:00 AM the following day based on domestic time. In this situation of time zone difference, the profit and loss calculation module (300) processes as follows. During the opening of the domestic trading market, a reference price derived by reflecting the after-hours trading price or the price of related derivatives in the recent closing price of the US market is used. During the opening hours of the US market, the real-time US market transaction price is used as the reference price, but since the domestic trading market is closed, the market price is not updated separately. At the time of the reopening of the domestic trading market, the reference price is determined based on the recent closing price of the US market and reflected in the opening price determination.

[0086] Referring to FIG. 16, the processing flow of the circuit breaker module (1100) is explained. The circuit breaker module (1100) monitors the residual value per share of each listed securities series in real time, and if the residual value per share decreases below a preset lower threshold or increases above an upper threshold, it automatically suspends trading of the listed securities in the secondary market and defers the update processing of the distribution settlement module (400) and the profit and loss calculation module (300). The threshold is typically set when a sudden fluctuation of 30 percent or more relative to the recent closing price or a decrease in residual value of 10 percent or less relative to the initial issuance price occurs. This is a safety mechanism to prevent simultaneous liquidation of multiple holders in the event of extreme market fluctuations and to secure time for the market to stabilize.

[0087] Referring to FIG. 17, the processing flow of the corporate behavior adjustment module (1200) is explained. When the underlying asset of the listed securities is an individual listed stock, there may be cases where the issuing company of the individual listed stock performs corporate activities such as a stock split, stock consolidation, bonus issue, paid-in issue, dividend payment, merger, or division. The corporate behavior adjustment module (1200) calculates an adjustment coefficient that adjusts the entry average price (214) and the quantity held (216) according to the type and conditions of each corporate activity.

[0088] For example, if the underlying asset stock undergoes a 1-to-2 stock split, the entry average price (214) of all position records (210) is adjusted by half, and the holding quantity (216) is adjusted by double. If the shareholding ratio is adjusted due to a stock split, the entry average price (214) and the holding quantity (216) are recalculated according to the stock split ratio. In the case of a dividend payment, the adjustment of the reference price due to the dividend payment is reflected in the entry average price (214). The above adjustment coefficient is applied collectively to all relevant position records of the position ledger module (200).

[0089] Referring to FIG. 18, the configuration of the issuer hedge management module (1300) is described. The issuer hedge management module (1300) manages a hedge account (510) corresponding to the total outstanding issuance volume of the listed securities. The profit and loss of the hedge account must substantially offset the sum of the profit and loss of each holder, and to this end, the hedge account (510) trades an underlying asset or a derivative product (futures, swaps, options, etc.) on the underlying asset.

[0090] Ideally, the delta of the entire system is completely neutralized solely by the internal matching of the long-short account group by the delta neutrality management module (500); however, in practice, a residual net notional imbalance exists even after the above matching, and regarding this residual imbalance, the issuer hedge management module (1300) acquires a hedge position in an external derivatives market. The daily profit and loss of the hedge account (510) is recorded in the issuer's financial statements and serves as the source of funds for the profit and loss to be paid to each holder.

[0091] Referring to FIG. 19, the processing flow of the margin shortage alarm module (1400) is described. The margin shortage alarm module (1400) monitors the remaining margin (218) of each holder in real time, and if the remaining margin exceeds the maintenance margin level but decreases below a preset alarm threshold, it automatically transmits a margin shortage alarm through the holder's pre-registered communication channel. The alarm threshold is typically set to 110 to 130 percent of the maintenance margin. The communication channels include text messages, app push notifications, emails, automated telephone calls, etc., and the holder can set the priority in advance.

[0092] Referring to FIG. 20, the processing of the reference price at the time of the initial issuance of the listed securities is explained. At the time when the listed securities are first issued, a pre-set initial reference price is set as the initial value of the average entry price. The initial reference price is typically set to the opening price of the underlying asset at 9:00 AM on the issuance date of the listed securities. Subsequently, at the time when the listed securities are first purchased in the secondary market, the reference price of the underlying asset at the time of purchase, rather than the initial reference price, is assigned to the buyer as the new average entry price. This processing allows for a natural difference in the average entry price between a buyer who purchases the listed securities immediately after issuance and a buyer who purchases them after a predetermined period has elapsed.

[0093] Referring to FIG. 21, the processing flow of the issuance and cancellation adjustment module (1500) is explained. The issuance and cancellation adjustment module (1500) compares the market price of the listed securities with the theoretical price reflecting the leverage multiplier in real time. If the market price deviates from the theoretical price by a predetermined deviation range (e.g., ±1 percent), the issuance and cancellation adjustment module (1500) induces the market price to converge to the theoretical price by issuing additional listed securities or canceling them. If the market price is higher than the theoretical price, the issuing entity relieves upward price pressure by issuing new shares and supplying them to the market; if the market price is lower than the theoretical price, the issuing entity relieves downward price pressure by purchasing shares from the market and canceling them. This issuance and cancellation process performs functions similar to the creation and redemption process of a typical ETF.

[0094] Referring to FIG. 22, the configuration of the liquidity supply management module (1600) is described. The liquidity supply management module (1600) calculates and provides the theoretical price per share of the listed securities to the liquidity provider system (180) in real time. The theoretical price is calculated using the recent reference price of the underlying asset, the liquidity provider's average entry price, the leverage multiplier, and the target buy-sell spread as inputs. The liquidity provider system (180) calculates buy and sell quotes based on the theoretical price and submits them to the listed exchange system (110) at all times, thereby enabling market participants to always have access to quotes for executing trades.

[0095] Referring to FIG. 23, the processing flow of the tax reporting linkage module (1700) is explained. The tax reporting linkage module (1700) manages the trading and holding history of each holder by classifying it into three categories. First, the realized profit and loss by the distribution settlement module (400) is classified as trading profit. Second, the realized profit and loss by the automatic liquidation module (700) is classified as forced liquidation profit and loss. Third, the realized profit and loss by the funding rate settlement module (600) is classified as derivative product profit and loss. Under the domestic income tax law, capital gains from derivative products are taxed at a separate tax rate, and the profits and losses of the three categories above may each be subject to different tax rates or different tax treatments. At the end of each quarter or the end of each year, the tax reporting linkage module (1700) converts the profit and loss data by category into a predetermined XML or JSON data format and automatically submits it to the National Tax Service reporting system (160).

[0096] The process of calculating a synthetic reference price is explained with reference to FIG. 24. Instead of simply using the last transaction price of the regular market as the reference price, the reference price receiving unit (310) of the profit and loss calculation module (300) may calculate a synthetic reference price by using the arithmetic mean of the time-weighted average of transaction prices during the recent time window (e.g., 30 seconds) of the regular market and the time-weighted average of transaction prices during the same time window of the futures market for the underlying asset, or by using a weighted average according to predetermined weights, in order to avoid market manipulation risk. This is a robustness enhancement measure to prevent liquidation of multiple holders caused by an attempt at instantaneous price manipulation in any market.

[0097] Referring to FIG. 25, the processing flow of the early redemption management module (1800) is explained. Although the listed securities are issued without a maturity date, the issuer has the right to redeem all or part of the listed securities early if the early redemption conditions disclosed in advance are met. The early redemption conditions include, for example, when the total outstanding issuance volume of the listed securities decreases to less than a predetermined size, when the trading activity of the listed securities remains consistently low, or when the delisting of the underlying asset or the suspension of index calculation occurs. When the above conditions are met, the early redemption management module (1800) immediately realizes the profit and loss of each holder calculated by the profit and loss calculation module (300) and pays the realized profit and loss and the remaining margin to each holder's settlement account.

[0098] With reference to FIG. 26, a position ledger management structure through a distributed ledger storage unit (2000) is described. In one embodiment of the present invention, the position records (210) of the position ledger module (200) can be managed in a distributed storage structure based on distributed ledger technology. In this embodiment, the entry average price (214) and the quantity held (216) are updated in the distributed ledger by consensus of multiple nodes designated in advance, and the integrity of the distributed ledger is guaranteed by a cryptographic hash chain. This distributed storage structure eliminates the single point of failure risk of the issuing entity server (100), cryptographically guarantees the integrity of each update event, and facilitates integration with future tokenized securities infrastructure.

[0099] With reference to FIG. 27, the management fee deduction process is described in detail. The management fee deduction unit (330) calculates the management fee for each holder at the end of the regular market day. The management fee is calculated on a daily basis using the formula: nominal amount per share × annual management fee rate × number of elapsed days / 365. For example, if the nominal amount per share is 100,000 won and the annual management fee rate is 0.5 percent, and 30 days have passed since the purchase, the management fee is calculated as 100,000 × 0.005 × 30 / 365 = 411 won and is deducted from the remaining margin (218). This daily calculation method is equivalent to the annual trust fee of the previous ETF, but it is a method that improves fairness in that it is charged in exact proportion to the actual holding period of each holder.

[0100] Referring to FIG. 28, the process of variable adjustment of the leverage multiplier is described. In one embodiment of the present invention, the leverage multiplier k may be operated as a fixed multiplier that is fixed at the time of issuance and does not change thereafter, while in another embodiment, if the realized volatility of the underlying asset exceeds a preset threshold, the issuer may automatically adjust the leverage multiplier downward. For example, if the realized volatility of the underlying asset over the last 30 trading days exceeds 60 percent per annum, the leverage multiplier of a 3x leverage listed security is adjusted downward to 2x. At the time of downward adjustment, the entry average price (214) and holding quantity (216) of all position records (210) of the position ledger module (200) are recalculated to correspond to the downwardly adjusted leverage multiplier, so that the nominal of each holder before and after the adjustment remains constant.

[0101] With reference to FIG. 29, a series issuance structure corresponding to various underlying assets is explained. The system (1000) of the present invention can issue a series of listed securities corresponding to a plurality of different underlying assets in parallel on a single system. For example, a series of KOSPI 200 index doubling, a KOSPI 200 index doubling inverse series, a series of individual listed stock Samsung Electronics doubling, a series of S&P 500 index tripling, a series of Brent crude oil prices doubling, a series of US dollar to won exchange rate doubling, a series of US 10-year Treasury bond index doubling, etc., are each issued as separate series, listed on a listed exchange with their respective stock codes, and traded independently.

[0102] Referring to FIG. 30, the interface of the holding performance visualization module (1900) is described. The holding performance visualization module (1900) provides the holder terminal (170) with a graph visualizing the fluctuation of the reference price of the underlying asset between the time of purchase and the current time of each holder, the expected profit and loss if the listed securities are continued to be held, the realized profit and loss if they are sold immediately, and the expected profit and loss for each future scenario (profit and loss prediction for each scenario in which the underlying asset rises, falls, or stagnates). This intuitively provides the information necessary for the holder to monitor their position and make trading decisions.

[0103] Referring to FIG. 31, the structure of the expanded trading ledger of a listed exchange is described. The conventional listed securities trading ledger is structured to store only the stock code, trading quantity, trading price, trading time, seller account identifier, and buyer account identifier. The present invention expands the existing trading ledger so that the listed exchange system (110) additionally stores entry average price information corresponding to each share or each trading transaction. This expansion is achieved by the distribution settlement module (400) transmitting the entry average price to the listed exchange system (110) at the time of trading execution, and the listed exchange system (110) storing this information in its trading ledger. The expanded trading ledger is utilized for purposes such as future regulatory supervision, audit response, and tax return verification.

[0104] The following describes specific scenarios in which each of the above modules is organically combined and operates.

[0105] The first scenario is a new purchase scenario. Holder A submits a purchase order to the listed exchange system (110) through the holder terminal (170) to purchase a 2x leverage listed security with KOSPI 200 as the underlying asset. Before the listed exchange system (110) accepts the purchase order, the purchase qualification verification module (900) verifies A's qualification. Since A satisfies the requirements required under the Capital Markets Act, has deposited a basic deposit of 10 million won, and has completed prior investor education, the purchase qualification verification module (900) approves the purchase order. The listed exchange system (110) executes A's purchase order of 100 shares and seller B's sell order of 100 shares at an index of 350.00 points. The distribution settlement module (400) calculates the profit of B’s realized profit / loss (350.00 - 340.00) × 100 × 2 × 10,000 won = 20,000,000 won by multiplying the difference between B’s entry average price (e.g., 340.00 points) and the execution reference price 350.00 by B’s sell quantity 100 and leverage multiplier 2, and adds this amount to B’s remaining margin. At the same time, a new position record (210) is created for A with an entry average price of 350.00 and a holding quantity of 100.

[0106] The second scenario is a scenario of profit and loss fluctuation while holding. When the KOSPI 200 index rises from 350.00 to 355.00 after A's purchase, the profit and loss calculation module (300) calculates A's real-time profit and loss = (355.00 - 350.00) × 100 × 2 × 10,000 won = 10,000,000 won, and the double track value display module (800) displays this on the holder terminal (170). Subsequently, when the index falls to 340.00 points, a loss of profit and loss = (340.00 - 350.00) × 100 × 2 × 10,000 won = -20,000,000 won is calculated, and A's remaining margin decreases. When the remaining margin decreases below a preset alarm threshold, the margin shortage alarm module (1400) automatically sends a text message to the registered mobile phone of the user. When the user deposits additional margin, the alarm is deactivated.

[0107] The third scenario is an automatic liquidation scenario. If the index continues to fall and the remaining margin of A decreases below the maintenance margin level, the automatic liquidation module (700) initiates liquidation after confirming the condition that both the indicator price and the market price fall below the maintenance margin. The partial liquidation decision unit (730) executes liquidation only on the minimum quantity, for example, 40 shares, of A's 100 shares, such that the remaining margin after liquidation can recover to the maintenance margin level. When liquidation is executed, the circulation settlement module (400) calculates the realized loss for the 40 shares and deducts it from A's remaining margin, and the liquidation trade is executed at the bid price submitted by the liquidity provider system (180).

[0108] Scenario 4 is a round-trip fluctuation scenario. If A purchases at an average entry price of 350.00 and the index undergoes round-trip fluctuations of 350 → 330 → 350 → 370 → 350, the net asset value per share of the conventional daily rebalancing listed securities is eroded by a small amount each time it experiences a decline and an increase, resulting in a significant loss compared to the initial value when the index finally returns to 350. In contrast, in the listed securities of the present invention, the profit and loss at each point in time depends solely on the difference between the average entry price of 350.00 and the reference price at that point in time; therefore, when the index returns to 350, A's profit and loss is restored to exactly 0. This scenario exemplifies the core technical effect of the present invention, illustrated in the graph in FIG. 5.

[0109] Scenario 5 is a trading scenario in the secondary market. When A buys at an index of 350 and the index rises to 380, A sells his stake of 60 to C in the secondary market, the secondary settlement module (400) calculates A's realized profit (380 - 350) × 60 × 2 × 10,000 won = 36,000,000 won and adds it to A's remaining margin. At the same time, a new position record is created for C with an entry average price of 380 and a holding quantity of 60. Subsequently, if the index rises to 400, an unrealized profit of (400 - 350) × 40 × 2 × 10,000 won = 40,000,000 won arises from A's remaining 40% stake, and an unrealized profit of (400 - 380) × 60 × 2 × 10,000 won = 24,000,000 won arises from C's 60% stake. As such, A and C hold shares in the same stock but have different average entry prices.

[0110] Scenario 6 is a funding rate settlement scenario. When there is an excessive demand for long-directed shares in the market at a specific time, and the trading market price of the listed securities is formed to be 1 percent higher than the theoretical price, the premium index calculation unit (610) calculates P = +0.01. At the settlement time 8 hours later, the funding rate settlement module (600) subtracts the amount obtained by multiplying the premium index by the notional from each holder of the long-directed account group and distributes it to each holder of the inverse-directed account group according to their notional ratio. This settlement reduces the incentive to buy long-directed shares and increases the incentive to buy inverse-directed shares, thereby inducing the trading market price to converge to the theoretical price.

[0111] Scenario 7 is a delta-neutral matching scenario. When the total outstanding issuance volume of the KOSPI 200 2x Up series is 1 million shares (total notional 20 billion won) and the total outstanding issuance volume of the 2x Inverse series is 800,000 shares (total notional 16 billion won), the delta-neutral management module (500) calculates the net notional imbalance = 20 billion - 16 billion = 4 billion won in the long direction. For this 4 billion won, the hedge account (510) automatically executes a 4 billion won short position in KOSPI 200 futures to neutralize the delta of the entire system. Subsequently, if additional buying occurs in the long series and the net notional imbalance increases to 6 billion won, an additional 2 billion won futures short position is automatically executed in the hedge account. Conversely, if additional buying occurs in the inverse series and the imbalance decreases to 2 billion won, a 2 billion won futures buy position is executed in the hedge account, and the total hedge position is adjusted to a 2 billion won short state.

[0112] The above first to seventh scenarios illustrate how the system (1000) of the present invention operates organically and demonstrate that each module is closely coupled to form a single coherent listed securities management system.

[0113] The listed securities of the present invention may be issued in various legal forms under the Capital Markets Act. First, when issued in the form of collective investment securities, the listed securities are issued as beneficiary certificates of a trust established by a trustee, and the issuer is a collective investment business operator responsible for the management of the trust assets. Second, when issued in the form of derivative-linked securities, the listed securities are designed and issued to satisfy the requirements for derivative-linked securities under the Enforcement Decree of the Capital Markets Act, and the issuer is a financial investment business operator authorized to issue derivative-linked securities. Third, when issued in the form of investment contract securities, they may be issued as a product category newly defined in accordance with the direction of amendments to the Capital Markets Act.

[0114] The system of the present invention can be implemented as a microservices architecture in a cloud computing environment, and each module is configured to be deployed as an independent container to facilitate horizontal expansion. Each module of the issuer server (100) communicates through mutual event streams, and, for example, trade execution events, reference price update events, liquidation initiation events, etc. are broadcast through an event streaming platform such as Apache Kafka.

[0115] The position ledger module (200) can be implemented as a relational database (e.g., PostgreSQL) or a distributed NoSQL database (e.g., Apache Cassandra), and an index is assigned to each position record (210) to enable querying within milliseconds. The profit and loss calculation module (300) accesses reference prices cached in an in-memory computing framework (e.g., Apache Ignite, Redis) to perform parallel profit and loss calculation for large position records.

[0116] The embodiments described above are exemplary configurations of the present invention, and various modifications are possible within the scope of the spirit of the present invention. For example, the leverage multiplier k can be set to various values ​​such as 2x, 3x, or 5x, and the settlement cycle can be set to various values ​​such as every 8 hours, every 24 hours, or at the occurrence of every event. The settlement method for the seller's realized profit or loss can be implemented in various ways, such as immediate settlement, settlement on the settlement date, or lump-sum settlement. All such modifications should be understood as falling within the scope of the claims of the present invention. Explanation of the symbols

[0117] 100: Issuer Server 110: Listed Exchange System 120: Korea Securities Depository System 130: Underlying Asset Quote Server 140: Communication network 150: Liquidation institution system 160: National Tax Service Filing System 170: Holder's terminal 180: Liquidity Provider System 200: Position Ledger Module 210: Position Record 212: Holder identifier 214: Average Entry Price 216: Quantity in stock 218: Remaining margin 220: Buying Point Information 222: Update History 300: Profit and Loss Calculation Module 310: Reference price receiver 320: Profit and Loss Calculation Section 330: Management Maintenance Deduction 400: Distribution Settlement Module 410: Transaction execution detection unit 420: Seller Realized Profit / Loss Calculation Section 430: New Buyer Position Creation Section 440: Payment Integration 500: Delta Neutral Management Module 510: Hedge account 600: Funding Rate Settlement Module 610: Premium Index Calculation Department 700: Automatic Liquidation Module 710: Indicator Price Calculation Department 720: Market Price Calculation Department 730: Partial Liquidation Decision 800: Dual Track Value Display Module 900: Buyer Qualification Verification Module 1000: Leveraged Listed Securities Management System 1100: Circuit Breaker Module 1200: Corporate Behavior Coordination Module 1300: Issuer Hedge Management Module 1400: Margin Shortage Alert Module 1500: Issuance / Burning Adjustment Module 1600: Liquidity Supply Management Module 1700: Tax Filing Integration Module 1800: Early Repayment Management Module 1900: Possessed Performance Visualization Module 2000: Distributed Ledger Storage

Claims

Claim 1 A computer implementation system for managing listed securities that provides exposure corresponding to a predetermined leverage multiplier (k, k>1) to fluctuations in the price of an underlying asset, comprising: a position ledger module that stores position records including an entry average price and a quantity held for each holder; a profit and loss calculation module that calculates the profit and loss of each holder according to a linear equation in which the difference between the entry average price and the current price of the underlying asset is multiplied by the quantity held and the leverage multiplier; and a distribution settlement module that, when the listed securities are transferred from a seller to a buyer in the secondary market, realizes the seller's unrealized profit and loss based on the difference between the seller's entry average price and the reference price of the underlying asset at the time of transfer and the quantity transferred by the leverage multiplier, and creates a new position record for the buyer with the reference price of the underlying asset at the time of transfer as the new entry average price. Claim 2 A system according to claim 1, wherein the profit and loss calculation module calculates the profit and loss without performing daily rebalancing based on the cumulative multiplication of the daily returns of the underlying asset. Claim 3 A system according to claim 1, wherein the position ledger module, when a specific holder makes an additional purchase of the listed securities, calculates a new entry average price according to the formula P_new = (P0·Q0 + P1·Q1) / (Q0 + Q1) from the specific holder's existing entry average price (P0) and existing holding quantity (Q0), and the underlying asset reference price (P1) and additional purchase quantity (Q1) at the time of the additional purchase, and updates the position record. Claim 4 A system according to claim 1, further comprising a funding rate settlement module that mutually settles, at each set cycle, a funding rate calculated based on the discrepancy between the spot price of the underlying asset and the implied underlying asset price derived from the secondary market price of the listed securities, between a group of account holders of the listed securities and a group of account having opposite directional exposure to the underlying asset. Claim 5 A system according to claim 4, wherein the funding rate settlement module calculates in real time a premium index P = (I - S) / S between the spot price (S) of the underlying asset and the price (I) of the underlying asset, and if P > 0, transfers a funding fee proportional to the premium index from the holder account group of the listed securities to the opposite direction account group, and if P < 0, transfers it in the reverse direction. Claim 6 A system according to claim 1, further comprising an automatic liquidation module that calculates and manages an initial margin and a maintenance margin corresponding to the leverage multiple for each holder, and automatically closes the position corresponding to the listed securities of the holder when the remaining margin decreases below the level of the maintenance margin. Claim 7 A system according to claim 6, wherein the automatic liquidation module calculates an indicator price based on the spot price of the underlying asset and a market price based on the trading price of the listed securities in the secondary market, and initiates liquidation only when both the indicator price and the market price indicate a failure to meet the maintenance margin level. Claim 8 A system according to claim 6, wherein the automatic liquidation module does not collectively liquidate the entire position of a holder whose liquidation initiation conditions are met, but performs partial liquidation only on the minimum amount of equity where the remaining margin after liquidation can recover the maintenance margin level. Claim 9 A system according to claim 1, further comprising a delta-neutral management module that maintains a delta-neutral state by constantly matching the total notional of a group of account holders of the listed securities with the total notional of a group of account having opposite directional exposure to the underlying asset, and automatically acquires an offset position in an external derivatives market through a hedge account in the name of the issuer for the net notional that is not matched. Claim 10 A system according to claim 1, further comprising a dual-track value display module that calculates and displays the market price, which is the trading price of the listed securities in the secondary market, and the residual value per share based on the entry average price and leverage multiple of each holder. Claim 11 A system according to claim 1, further comprising a purchase qualification verification module that, for a new purchase request of the listed securities, verifies (i) whether the requirements for investment in leveraged products under capital market laws and regulations are met, (ii) whether a basic deposit of at least a specified amount has been made, and (iii) whether prior investor education of at least a specified amount has been completed, and approves the new purchase only when all of the above requirements are met. Claim 12 A system according to claim 1, characterized in that the leverage multiplier (k) is a positive real number between 2 and 5. Claim 13 A system characterized in that, in paragraph 1, the listed securities are issued in any one of the legal forms of collective investment securities, derivative-linked securities, or investment contract securities under the Capital Markets Act and listed on an exchange. Claim 14 A system characterized in that, in paragraph 1, the above-mentioned listed securities are listed securities under the Capital Markets Act and trading is settled through the settlement system of the Korea Securities Depository, and the above-mentioned distribution settlement module links with the settlement process of the Korea Securities Depository to reflect the seller's realized profit or loss in the seller's margin account and open a new position record for the buyer on the trading settlement date, wherein the settlement of the trading proceeds and the realized profit or loss is processed as a separate transfer transaction. Claim 15 A system according to claim 1, wherein, when a trade is concluded in the secondary market of the listed securities, the secondary settlement module maintains the anonymity of the buyer and the seller by processing the trade in a manner in which the issuing entity or a designated clearing institution first takes over the seller's position and then issues a new position to the buyer, without directly matching the buyer and the seller. Claim 16 A system according to claim 1, characterized in that, as a reference price of the listed securities, the issuing entity pre-designates one of the closing price of the underlying asset at the end of the regular market on each trading day, the index price calculated by a specific index calculation institution, and the real-time weighted average price of the underlying asset, and consistently applies it to the entry average price and the profit and loss calculation. Claim 17 A system according to claim 1, wherein the profit and loss calculation module, when the opening time of the secondary market of the listed securities and the opening time of the market where the underlying assets are traded are different, maintains the last reference price of the underlying assets as a suspended value during the time the underlying asset market is closed and reflects the reference price at the time the underlying asset market reopens in the next profit and loss calculation of the listed securities. Claim 18 A system according to claim 1, further comprising a circuit breaker module that automatically suspends trading of the listed securities in the secondary market and defers the operation of the secondary settlement module and the profit and loss calculation module when a sudden fluctuation occurs in the price of the underlying asset and the residual value per share of the listed securities decreases below a predetermined lower threshold or increases above an upper threshold. Claim 19 A system characterized by further including, in claim 1, a corporate behavior adjustment module that calculates an adjustment coefficient to adjust the entry average price and the holding quantity according to the type and conditions of the event when an event such as a stock split, stock consolidation, bonus issue, paid-in capital increase, dividend payment, or merger / splitting of the underlying asset issuing company occurs, and applies the adjustment coefficient collectively to all position records of the position ledger module. Claim 20 A system according to claim 1, wherein the issuer of the listed securities manages a hedge account corresponding to the total outstanding issuance volume of the listed securities, and further comprises an issuer hedge management module that trades the underlying asset or derivatives thereof such that the profit and loss of the hedge account is substantially offset by the sum of the profits and losses of each holder by the profit and loss calculation module. Claim 21 A system according to claim 1, further comprising a margin shortage alarm module wherein the remaining margin of each holder is updated in real time in response to fluctuations in the reference price of the underlying asset, and when the updated remaining margin is greater than the maintenance margin level but decreases to below a preset alarm threshold, the margin shortage alarm is automatically transmitted through the holder's pre-registered communication channel. Claim 22 A system according to claim 1, wherein at the time of issuance of the listed securities, a predetermined initial reference price is set as the initial value of the average entry price, and at the time when the listed securities are first purchased in the secondary market, the reference price of the underlying asset at the time of purchase is assigned to the buyer as a new average entry price to replace the initial reference price. Claim 23 A system characterized in that, in the first paragraph, the issuer of the listed securities further includes an issuance and burnt adjustment module that, when the trading market price of the listed securities deviates beyond a predetermined range of deviation from the theoretical price reflecting the leverage multiplier to the reference price of the underlying asset, additionally issues or burns the listed securities to induce the trading market price to fall within the range of deviation. Claim 24 A system characterized in that, in paragraph 1, the listed securities are operated such that buy and sell quotes are submitted at all times by a liquidity provider designated under the Capital Markets Act, and the liquidity provider further includes a liquidity supply management module that automatically calculates a quote reflecting the liquidity provider's average entry price to the theoretical price per share of the listed securities. Claim 25 The system according to claim 1, further comprising a tax reporting linkage module that separates the trading and holding history of the listed securities of each holder into realized profit and loss by the distribution settlement module, realized profit and loss by the automatic liquidation module, and realized profit and loss by the funding rate settlement module, respectively, and automatically submits them to the National Tax Service reporting system in a predetermined data format. Claim 26 A system according to claim 1, wherein the profit and loss calculation module uses, as the current price of the underlying asset, a synthetic reference price calculated as the arithmetic mean or weighted average of the real-time transaction prices of the regular market in which the underlying asset is traded over a predetermined time window and the real-time transaction prices of the futures market for the underlying asset over a predetermined time window. Claim 27 A system characterized in that, in the first paragraph, the issuer of the listed securities issues the listed securities without a specific maturity date, and the issuer has the right to redeem all or part of the listed securities early only when the early redemption conditions disclosed in advance are satisfied, and further includes an early redemption management module that immediately realizes and settles the profit and loss of each holder calculated by the profit and loss calculation module upon early redemption. Claim 28 A system according to claim 1, wherein the position records of the position ledger module are managed in a distributed storage structure based on distributed ledger technology, wherein the updates of the entry average price and the quantity held are recorded in the distributed ledger by the consensus of pre-designated nodes, and the integrity of the distributed ledger is guaranteed by a cryptographic hash chain. Claim 29 A system according to claim 1, wherein the profit and loss calculation module calculates the net profit and loss of each holder by subtracting a management fee corresponding to the period elapsed from the initial issuance date of the listed securities to the present time according to a predetermined daily calculation method from a value calculated by multiplying the difference between the entry average price and the current price of the underlying asset by the quantity held and the leverage multiplier. Claim 30 A system according to claim 1, characterized in that the leverage multiplier (k) of the listed securities is a fixed multiplier that is determined at the time of issuance of the listed securities and is not changed thereafter. Claim 31 A system according to claim 1, wherein the leverage multiplier (k) of the listed security is automatically lowered by the issuing entity when the realized volatility of the underlying asset exceeds a predetermined threshold, and at the time of the lowering, the entry average price and the quantity held of each position record of the position ledger module are recalculated to correspond to the lowered leverage multiplier. Claim 32 A system according to claim 1, wherein the underlying asset is any one of a domestic or foreign stock index, an individual listed stock, an exchange-traded fund, a commodity price index, a currency exchange rate, and a bond index, and the listed securities are issued as separate series corresponding to the underlying asset and traded independently in the secondary market. Claim 33 The system according to claim 1 further comprises a holding performance visualization module that calculates, in real time, the expected profit or loss if the listed securities are continued to be held and the realized profit or loss if they are sold immediately, based on the fluctuation in the reference price of the underlying asset between the purchase time of each holder and the current time, and provides this to each holder through a visualized interface. Claim 34 A system characterized in that, in the first paragraph, the exchange of the listed securities receives the seller's realized profit and loss information and the buyer's new position record information, which are settled by the trading settlement module at each trading point in the trading market, from the issuing entity or the system operating entity, and additionally stores entry average price information for each share of the listed securities in the trading ledger managed by the exchange. Claim 35 A method for a computer system to operate listed securities that provide exposure corresponding to a predetermined leverage multiplier (k, k>1) to fluctuations in the price of an underlying asset, comprising: a step of storing a position record including an entry average price and a quantity held for each holder; a step of calculating the profit or loss of each holder according to a first linear equation in which the difference between the entry average price and the current price of the underlying asset is multiplied by the quantity held and the leverage multiplier; and a step of, when the listed securities are transferred from a seller to a buyer in the secondary market, realizing the seller's unrealized profit or loss based on the difference between the seller's entry average price and the reference price of the underlying asset at the time of transfer and the quantity transferred by the leverage multiplier, and creating a new position record for the buyer in which the reference price of the underlying asset at the time of transfer is set as the new entry average price.

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