되풀이되는 ELS 원금손실사태에 대한 소고 -금융소비자 보호와 기초자산의 변동성을 중심으로-

The issuance of Equity-linked security (hereafter, ELS) is increasing from the second half of 2025, as domestic and international stock market indices show upward trend. However, large-scale principal losses or the fear of such losses from investments in derivative-linked securities like ELS have repeatedly occurred even recently, and measures to prevent mis-selling, pointed out as the main catalyst of such events, are still ongoing. This study explores the related literature and policy responses conducted so far and provides an overview of the domestic ELS market's issuance status to understand its characteristics. From the perspective of financial consumer protection, a key implication is drawn: it is important for investors to focus on the correlation between underlying assets and and volatility to understand the risks and returns of ELS investments to make rational investment decisions with their own responsibility. Specifically, by analyzing how the probability of falling below the knock-in barrier and the probability of early redemption change according to the level of volatility, the paper confirms the importance for financial consumers who have intention to invest in ELS to properly understand the volatility of underlying assets.