1. Of the judgment of the court of first instance, the part against the plaintiffs, which orders payment below, shall be revoked.

1. The following facts do not conflict between the parties, or can be acknowledged by comprehensively taking account of the whole purport of the pleadings in the entries in the evidence No. 1-2, evidence No. 1-2, evidence No. 2, evidence No. 3-1, 2, evidence No. 3-4, evidence No. 5, evidence No. 7-13, evidence No. 25, evidence No. 29, evidence No. 1-2, evidence No. 5, and evidence No. 6.

The issuance of stock-linked securities and the stock-linked securities 1) The stock-linked securities (ESS, Equi-Lined Securities) are typeed securities of structuralized securities with index, bonds, stocks, etc. whose investment profits are determined in connection with changes in the price of specific stock certificates or stock price index, and are developed to seek more high profits from the appropriate risk level in order to provide investors who want to make a relatively high profit within a certain risk with the possibility of choice of third parties other than stocks. 2) A securities company that issued stock-linked securities has an adequate quantity of underlying assets, based on the detea value, which represents the sensitive value of options for the price change of underlying assets by holding an adequate quantity of underlying assets through its or a third party, so that profits and losses of underlying assets held by option can be offset, and at the same time, a risk-linked securities exchange can be used as a risk-linked securities exchange in the course of the process of managing the securities market by using the so-called "deeled underlying assets".

3 The delta value used in actual transactions is calculated using computer programs created by inputting multiple market variables in the derivatives pricing model and accordingly the volume of underlying assets that financial institutions should hold.

In addition, in practice, an underlying asset of the same kind occurs to save the hedge cost.