Market Forces. 市 場 力 量 In addition to the basic factors that determine the theoretical price of a derivative warrant, derivative warrant prices are also affected by all other prevailing market forces including the demand for and supply of the derivative warrants. Supply and demand forces may be greatest when a derivative warrant issue is almost sold out and when issuers make further issues of an existing derivative warrant issue. 除了決定衍生權證(「窩輪」)理論價格的基本因素外，所有其他市場因素（包括權證本身在市場上的供求）也會影響衍生權證(「窩輪」)的價格。就市場供求而言，當衍生權證(「窩輪」)在市場上快將售罄又或發行商增發衍生權證(「窩輪」)時，供求的影響尤其大。 Market risk 市 場 風 險 ETFs are typically designed to track the performance of certain indices, market sectors, or groups of assets such as stocks, bonds, or commodities. ETF managers may use different strategies to achieve this goal, but in general they do not have the discretion to take defensive positions in declining markets. Investors must be prepared to bear the risk of loss and volatility associated with the underlying index or assets. 交易所買賣基金主要為追蹤某些指數、行業或領域又或資產組別(如股票、債券或商品) 的表現。交易所買賣基金經理可用不同策略達至目標，但通常也不能在跌市中酌情採取防守策略。投資者必須要有因為相關指數或資產的波動而蒙受損失的準備。 Tracking errors 追 蹤 誤 差 Tracking errors refer to the disparity in performance between an ETF and its underlying index or assets. Tracking errors can arise due to factors such as the impact of transaction fees and expenses incurred to the ETF, changes in composition of the underlying index or assets, and the ETF manager’s replication strategy. (The common replication strategies include full replication or representative sampling and synthetic replication which are discussed in more detail below.) 這是指交易所買賣基金的表現與相關指數或資產的表現脫節，原因可以來自交易所買賣基金的交易費及其他費用、相關指數或資產改變組合、交易所買賣基金經理的複製策略等等因素。(常見的複製策略包括完全複製或選具代表性樣本以及綜合複製，詳見下文。) Trading at discount or premium 以 折 讓 或 溢 價 交 易 An ETF may be traded at a discount or premium to its Net Asset Value (NAV). This price discrepancy is caused by supply and demand factors, and may be particularly likely to emerge during periods of high market volatility and uncertainty. This phenomenon may also be observed for ETFs tracking specific markets or sectors that are subject to direct investment restrictions. 交易所買賣基金的價格可能會高於或低於其資產淨值，當中主要是供求因素的問題，在市場大幅波動兼變化不定期間尤其多見，專門追蹤一些對直接投資設限的市場或行業的交易所買賣基金亦可能會有此情況。 Foreign exchange risk 外 匯 風 險 Investors trading ETFs with underlying assets not denominated in Hong Kong dollars are also exposed to exchange rate risk. Currency rate fluctuations can adversely affect the underlying asset value, also affecting the ETF price. 若投資者所買賣交易所買賣基金的相關資產並非以港幣為單位，其尚要面對外匯風險。貨幣兌換率的波動可對相關資產的價值造成負面影響，連帶影響交易所買賣基金的價格。 Liquidity risk 流 通 量 風 險 Securities Market Makers (SMMs) are Exchange Participants that provide liquidity to facilitate trading in ETFs. Although most ETFs are supported by one or more SMMs, there is no assurance that active trading will be maintained. In the event that the SMMs default or cease to fulfill their role, investors may not be able to buy or sell the product. 證券莊家是負責提供流通量、方便買賣交易所買賣基金的交易所參與者。儘管交易所買賣基金有一個或以上的證券莊家但不保 證會維持活躍買賣，但若有證券莊家失責或停止履行職責，投資者或就不能進行買賣。 Counterparty risk involved in ETFs with different replication strategies 交易所買賣基金的不同複製策略涉及對手風險 (a) Full replication and representative sampling strategies 完全複製及選具代表性樣本策略 An ETF using a full replication strategy generally aims to invest in all constituent stocks/assets in the same weightings as its benchmark. ETFs adopting a representative sampling strategy will invest in some, but not all of the relevant constituent stocks/assets. For ETFs that invest directly in the underlying assets rather than through synthetic instruments issued by third parties, counterparty risk tends to be less of concern. 採用完全複製策略的交易所買賣基金，通常是按基準的相同比重投資於所有的成份股/資產。採取選具代表性樣本策略的，則只投資於其中部分(而不是全部)的相關成份股/資產。直接投資相關資產而不經第三者所發行合成複製工具的交易所買賣基金，其交易對手風險通常不是太大問題。 (b) Synthetic replication strategies 綜 合 複 製 策 略 ETFs utilising a synthetic replication strategy use swaps or other derivative instruments to gain exposure to a benchmark. Currently, synthetic replication ETFs can be further categorized into two forms: 採用綜合複製策略的交易所買賣基金，主要透過掉期或其他衍生工具去追蹤基準的表現。現時，採取綜合複製策略的交易所買賣基金可再分為兩種： i. Swap-based ETFs 以掉期合約構成 Total return swaps allow ETF managers to replicate the benchmark performance of ETFs without purchasing the underlying assets. 總回報掉期(total return swaps)讓交易所買賣基金經理可以複製基金基準的表現而不用購買其相關資產。 Swap-based ETFs are exposed to counterparty risk of the swap dealers and may suffer losses if such dealers default or fail to honor their contractual commitments. 以掉期合約構成的交易所買賣基金需承受源自掉期交易商的交易對手風險。若掉期交易商失責或不能履行其合約承諾，基金或要蒙受損失。 ii. Derivative embedded ETFs 以衍生工具構成 ETF managers may also use other derivative instruments to synthetically replicate the economic benefit of the relevant benchmark. The derivative instruments may be issued by one or multiple issuers. 交易所買賣基金經理也可以用其他衍生工具，綜合複製相關基準的經濟利益。有關衍生工具可由一個或多個發行商發行。 Derivative embedded ETFs are subject to counterparty risk of the derivative instruments’ issuers and may suffer losses if such issuers default or fail to honour their contractual commitments. 以衍生工具構成的交易所買賣基金需承受源自發行商的交易對手風險。若發行商失責或不能履行其合約承諾，基金或要蒙受損失。 Even where collateral is obtained by an ETF, it is subject to the collateral provider fulfilling its obligations. There is a further risk that when the right against the collateral is exercised, the market value of the collateral could be substantially less than the amount secured resulting in significant loss to the ETF. 交易所買賣基金即使取得抵押品，也需依靠抵押品提供者履行責任。此外，申索抵押品的權利一旦行使，抵押品的市值可以遠低於當初所得之數，令交易所買賣基金損失嚴重。 It is important that investors understand and critically assess the implications arising due to different ETF structures and characteristics. 投資者是否了解並能審慎評估不同的交易所買賣基金結構及特色會有何影響極為重要。
Appears in 2 contracts
Samples: Cash Client Agreement, Cash Client Agreement
Market Forces. 市 場 力 量 In addition to the basic factors that determine the theoretical price of a derivative warrant, derivative warrant prices are also affected by all other prevailing market forces including the demand for and supply of the derivative warrants. Supply and demand forces may be greatest when a derivative warrant issue is almost sold out and when issuers make further issues of an existing derivative warrant issue. 除了決定衍生權證(「窩輪」)理論價格的基本因素外，所有其他市場因素（包括權證本身在市場上的供求）也會影響衍生權證(「窩輪」)的價格。就市場供求而言，當衍生權證(「窩輪」)在市場上快將售罄又或發行商增發衍生權證(「窩輪」)時，供求的影響尤其大。 Market risk 市 場 風 險 ETFs are typically designed to track the performance of certain indices, market sectors, or groups of assets such as stocks, bonds, or commodities. ETF managers may use different strategies to achieve this goal, but in general they do not have the discretion to take defensive positions in declining markets. Investors must be prepared to bear the risk of loss and volatility associated with the underlying index or assets. 交易所買賣基金主要為追蹤某些指數、行業或領域又或資產組別(如股票、債券或商品) 的表現。交易所買賣基金經理可用不同策略達至目標，但通常也不能在跌市中酌情採取防守策略。投資者必須要有因為相關指數或資產的波動而蒙受損失的準備。 Tracking errors 追 蹤 誤 差 Tracking errors refer to the disparity in performance between an ETF and its underlying index or assets. Tracking errors can arise due to factors such as the impact of transaction fees and expenses incurred to the ETF, changes in composition of the underlying index or assets, and the ETF manager’s replication strategy. (The common replication strategies include full replication or representative sampling and synthetic replication which are discussed in more detail below.) 這是指交易所買賣基金的表現與相關指數或資產的表現脫節，原因可以來自交易所買賣基金的交易費及其他費用、相關指數或資產改變組合、交易所買賣基金經理的複製策略等等因素。(常見的複製策略包括完全複製或選具代表性樣本以及綜合複製，詳見下文。) Trading at discount or premium 以 折 讓 或 溢 價 交 易 An ETF may be traded at a discount or premium to its Net Asset Value (NAV). This price discrepancy is caused by supply and demand factors, and may be particularly likely to emerge during periods of high market volatility and uncertainty. This phenomenon may also be observed for ETFs tracking specific markets or sectors that are subject to direct investment restrictions. 交易所買賣基金的價格可能會高於或低於其資產淨值，當中主要是供求因素的問題，在市場大幅波動兼變化不定期間尤其多見，專門追蹤一些對直接投資設限的市場或行業的交易所買賣基金亦可能會有此情況。 Foreign exchange risk 外 匯 風 險 Investors trading ETFs with underlying assets not denominated in Hong Kong dollars are also exposed to exchange rate risk. Currency rate fluctuations can adversely affect the underlying asset value, also affecting the ETF price. 若投資者所買賣交易所買賣基金的相關資產並非以港幣為單位，其尚要面對外匯風險。貨幣兌換率的波動可對相關資產的價值造成負面影響，連帶影響交易所買賣基金的價格。 Liquidity risk 流 通 量 風 險 Securities Market Makers (SMMs) are Exchange Participants that provide liquidity to facilitate trading in ETFs. Although most ETFs are supported by one or more SMMs, there is no assurance that active trading will be maintained. In the event that the SMMs default or cease to fulfill their role, investors may not be able to buy or sell the product. 證券莊家是負責提供流通量、方便買賣交易所買賣基金的交易所參與者。儘管交易所買賣基金有一個或以上的證券莊家但不保 證會維持活躍買賣，但若有證券莊家失責或停止履行職責，投資者或就不能進行買賣證券莊家是負責提供流通量、方便買賣交易所買賣基金的交易所參與者。儘管交易所買賣基金有一個或以上的證券莊家會維持但不保證活躍買賣，但若有證券莊家失責或停止履行職責，投資者或就不能進行買賣。 Counterparty risk involved in ETFs with different replication strategies 交易所買賣基金的不同複製策略涉及對手風險
(a) Full replication and representative sampling strategies 完全複製及選具代表性樣本策略 An ETF using a full replication strategy generally aims to invest in all constituent stocks/assets in the same weightings as its benchmark. ETFs adopting a representative sampling strategy will invest in some, but not all of the relevant constituent stocks/assets. For ETFs that invest directly in the underlying assets rather than through synthetic instruments issued by third parties, counterparty risk tends to be less of concern. 採用完全複製策略的交易所買賣基金，通常是按基準的相同比重投資於所有的成份股/資產。採取選具代表性樣本策略的，則只投資於其中部分(而不是全部)的相關成份股/資產。直接投資相關資產而不經第三者所發行合成複製工具的交易所買賣基金，其交易對手風險通常不是太大問題。
(b) Synthetic replication strategies 綜 合 複 製 策 略 ETFs utilising a synthetic replication strategy use swaps or other derivative instruments to gain exposure to a benchmark. Currently, synthetic replication ETFs can be further categorized into two forms: 採用綜合複製策略的交易所買賣基金，主要透過掉期或其他衍生工具去追蹤基準的表現。現時，採取綜合複製策略的交易所買賣基金可再分為兩種：
i. Swap-based ETFs 以掉期合約構成 Total return swaps allow ETF managers to replicate the benchmark performance of ETFs without purchasing the underlying assets. 總回報掉期(total return swaps)讓交易所買賣基金經理可以複製基金基準的表現而不用購買其相關資產。 Swap-based ETFs are exposed to counterparty risk of the swap dealers and may suffer losses if such dealers default or fail to honor their contractual commitments. 以掉期合約構成的交易所買賣基金需承受源自掉期交易商的交易對手風險。若掉期交易商失責或不能履行其合約承諾，基金或要蒙受損失。
ii. Derivative embedded ETFs 以衍生工具構成 ETF managers may also use other derivative instruments to synthetically replicate the economic benefit of the relevant benchmark. The derivative instruments may be issued by one or multiple issuers. 交易所買賣基金經理也可以用其他衍生工具，綜合複製相關基準的經濟利益。有關衍生工具可由一個或多個發行商發行交易所買賣基金經理也可以用其他衍生工具，綜合複製相關基準的經濟利益。有關衍生工具可由一個或多個 發行商發行。 Derivative embedded ETFs are subject to counterparty risk of the derivative instruments’ issuers and may suffer losses if such issuers default or fail to honour their contractual commitments. 以衍生工具構成的交易所買賣基金需承受源自發行商的交易對手風險。若發行商失責或不能履行其合約承諾，基金或要蒙受損失。 Even where collateral is obtained by an ETF, it is subject to the collateral provider fulfilling its obligations. There is a further risk that when the right against the collateral is exercised, the market value of the collateral could be substantially less than the amount secured resulting in significant loss to the ETF. 交易所買賣基金即使取得抵押品，也需依靠抵押品提供者履行責任。此外，申索抵押品的權利一旦行使，抵押品的市值可以遠低於當初所得之數，令交易所買賣基金損失嚴重。 It is important that investors understand and critically assess the implications arising due to different ETF structures and characteristics. 投資者是否了解並能審慎評估不同的交易所買賣基金結構及特色會有何影響極為重要。
Appears in 1 contract
Samples: Margin Client Agreement
Market Forces. 市 場 力 量 In addition to the basic factors that determine the theoretical price of a derivative warrant, derivative warrant prices are also affected by all other prevailing market forces including the demand for and supply of the derivative warrants. Supply and demand forces may be greatest when a derivative warrant issue is almost sold out and when issuers make further issues of an existing derivative warrant issue. 除了決定衍生權證(「窩輪」)理論價格的基本因素外，所有其他市場因素（包括權證本身在市場上的供求）也會影響衍生權證(「窩輪」)的價格。就市場供求而言，當衍生權證(「窩輪」)在市場上快將售罄又或發行商增發衍生權證(「窩輪」)時，供求的影響尤其大。 Market risk 市 場 風 險 ETFs are typically designed to track the performance of certain indices, market sectors, or groups of assets such as stocks, bonds, or commodities. ETF managers may use different strategies to achieve this goal, but in general they do not have the discretion to take defensive positions in declining markets. Investors must be prepared to bear the risk of loss and volatility associated with the underlying index or assets. 交易所買賣基金主要為追蹤某些指數、行業或領域又或資產組別(如股票、債券或商品) 的表現。交易所買賣基金經理可用不同策略達至目標，但通常也不能在跌市中酌情採取防守策略。投資者必須要有因為相關指數或資產的波動而蒙受損失的準備。 Tracking errors 追 蹤 誤 差 Tracking errors refer to the disparity in performance between an ETF and its underlying index or assets. Tracking errors can arise due to factors such as the impact of transaction fees and expenses incurred to the ETF, changes in composition of the underlying index or assets, and the ETF manager’s replication strategy. (The common replication strategies include full replication or representative sampling and synthetic replication which are discussed in more detail below.) 這是指交易所買賣基金的表現與相關指數或資產的表現脫節，原因可以來自交易所買賣基金的交易費及其他費用、相關指數或資產改變組合、交易所買賣基金經理的複製策略等等因素。(常見的複製策略包括完全複製或選具代表性樣本以及綜合複製，詳見下文。) Trading at discount or premium 以 折 讓 或 溢 價 交 易 An ETF may be traded at a discount or premium to its Net Asset Value (NAV). This price discrepancy is caused by supply and demand factors, and may be particularly likely to emerge during periods of high market volatility and uncertainty. This phenomenon may also be observed for ETFs tracking specific markets or sectors that are subject to direct investment restrictions. 交易所買賣基金的價格可能會高於或低於其資產淨值，當中主要是供求因素的問題，在市場大幅波動兼變化不定期間尤其多見，專門追蹤一些對直接投資設限的市場或行業的交易所買賣基金亦可能會有此情況。 Foreign exchange risk 外 匯 風 險 Investors trading ETFs with underlying assets not denominated in Hong Kong dollars are also exposed to exchange rate risk. Currency rate fluctuations can adversely affect the underlying asset value, also affecting the ETF price. 若投資者所買賣交易所買賣基金的相關資產並非以港幣為單位，其尚要面對外匯風險。貨幣兌換率的波動可對相關資產的價值造成負面影響，連帶影響交易所買賣基金的價格。 Liquidity risk 流 通 量 風 險 Securities Market Makers (SMMs) are Exchange Participants that provide liquidity to facilitate trading in ETFs. Although most ETFs are supported by one or more SMMs, there is no assurance that active trading will be maintained. In the event that the SMMs default or cease to fulfill their role, investors may not be able to buy or sell the product. 證券莊家是負責提供流通量、方便買賣交易所買賣基金的交易所參與者。儘管交易所買賣基金有一個或以上的證券莊家但不保 證會維持活躍買賣，但若有證券莊家失責或停止履行職責，投資者或就不能進行買賣證券莊家是負責提供流通量、方便買賣交易所買賣基金的交易所參與者。儘管交易所買賣基金有一個或以上的證券莊家會維持 但不保證活躍買賣，但若有證券莊家失責或停止履行職責，投資者或就不能進行買賣。 Counterparty risk involved in ETFs with different replication strategies 交易所買賣基金的不同複製策略涉及對手風險
(a) Full replication and representative sampling strategies 完全複製及選具代表性樣本策略 An ETF using a full replication strategy generally aims to invest in all constituent stocks/assets in the same weightings as its benchmark. ETFs adopting a representative sampling strategy will invest in some, but not all of the relevant constituent stocks/assets. For ETFs that invest directly in the underlying assets rather than through synthetic instruments issued by third parties, counterparty risk tends to be less of concern. 採用完全複製策略的交易所買賣基金，通常是按基準的相同比重投資於所有的成份股/資產。採取選具代表性樣本策略的，則只投資於其中部分(而不是全部)的相關成份股/資產。直接投資相關資產而不經第三者所發行合成複製工具的交易所買賣基金，其交易對手風險通常不是太大問題。
(b) Synthetic replication strategies 綜 合 複 製 策 略 ETFs utilising a synthetic replication strategy use swaps or other derivative instruments to gain exposure to a benchmark. Currently, synthetic replication ETFs can be further categorized into two forms: 採用綜合複製策略的交易所買賣基金，主要透過掉期或其他衍生工具去追蹤基準的表現。現時，採取綜合複製策略的交易所買賣基金可再分為兩種：
i. Swap-based ETFs 以掉期合約構成 Total return swaps allow ETF managers to replicate the benchmark performance of ETFs without purchasing the underlying assets. 總回報掉期(total return swaps)讓交易所買賣基金經理可以複製基金基準的表現而不用購買其相關資產。 Swap-based ETFs are exposed to counterparty risk of the swap dealers and may suffer losses if such dealers default or fail to honor their contractual commitments. 以掉期合約構成的交易所買賣基金需承受源自掉期交易商的交易對手風險。若掉期交易商失責或不能履行其合約承諾，基金或要蒙受損失。
ii. Derivative embedded ETFs 以衍生工具構成 ETF managers may also use other derivative instruments to synthetically replicate the economic benefit of the relevant benchmark. The derivative instruments may be issued by one or multiple issuers. 交易所買賣基金經理也可以用其他衍生工具，綜合複製相關基準的經濟利益。有關衍生工具可由一個或多個發行商發行。 Derivative embedded ETFs are subject to counterparty risk of the derivative instruments’ issuers instruments’issuers and may suffer losses if such issuers default or fail to honour their contractual commitments. 以衍生工具構成的交易所買賣基金需承受源自發行商的交易對手風險。若發行商失責或不能履行其合約承諾，基金或要蒙受損失。 Even where collateral is obtained by an ETF, it is subject to the collateral provider fulfilling its obligations. There is a further risk that when the right against the collateral is exercised, the market value of the collateral could be substantially less than the amount secured resulting in significant loss to the ETF. 交易所買賣基金即使取得抵押品，也需依靠抵押品提供者履行責任。此外，申索抵押品的權利一旦行使，抵押品的市值可以遠低於當初所得之數，令交易所買賣基金損失嚴重。 It is important that investors understand and critically assess the implications arising due to different ETF structures and characteristics. 投資者是否了解並能審慎評估不同的交易所買賣基金結構及特色會有何影響極為重要。
Appears in 1 contract
Samples: Margin Client Agreement
Market Forces. 市 場 力 量 In addition to the basic factors that determine the theoretical price of a derivative warrant, derivative warrant prices are also affected by all other prevailing market forces including the demand for and supply of the derivative warrants. Supply and demand forces may be greatest when a derivative warrant issue is almost sold out and when issuers make further issues of an existing derivative warrant issue. 除了決定衍生權證(「窩輪」)理論價格的基本因素外，所有其他市場因素（包括權證本身在市場上的供求）也會影響衍生權證(「窩輪」)的價格。就市場供求而言，當衍生權證(「窩輪」)在市場上快將售罄又或發行商增發衍生權證(「窩輪」)時，供求的影響尤其大。 Market risk 市 場 風 險 ETFs are typically designed to track the performance of certain indices, market sectors, or groups of assets such as stocks, bonds, or commodities. ETF managers may use different strategies to achieve this goal, but in general they do not have the discretion to take defensive positions in declining markets. Investors must be prepared to bear the risk of loss and volatility associated with the underlying index or assets. 交易所買賣基金主要為追蹤某些指數、行業或領域又或資產組別(如股票、債券或商品) 的表現。交易所買賣基金經理可用不同策略達至目標，但通常也不能在跌市中酌情採取防守策略。投資者必須要有因為相關指數或資產的波動而蒙受損失的準備。 Tracking errors 追 蹤 誤 差 Tracking errors refer to the disparity in performance between an ETF and its underlying index or assets. Tracking errors can arise due to factors such as the impact of transaction fees and expenses incurred to the ETF, changes in composition of the underlying index or assets, and the ETF manager’s replication strategy. (The common replication strategies include full replication or representative sampling and synthetic replication which are discussed in more detail below.) 這是指交易所買賣基金的表現與相關指數或資產的表現脫節，原因可以來自交易所買賣基金的交易費及其他費用、相關指數或資產改變組合、交易所買賣基金經理的複製策略等等因素。(常見的複製策略包括完全複製或選具代表性樣本以及綜合複製，詳見下文。) Trading at discount or premium 以 折 讓 或 溢 價 交 易 以折讓或溢價交易 An ETF may be traded at a discount or premium to its Net Asset Value (NAV). This price discrepancy is caused by supply and demand factors, and may be particularly likely to emerge during periods of high market volatility and uncertainty. This phenomenon may also be observed for ETFs tracking specific markets or sectors that are subject to direct investment restrictions. 交易所買賣基金的價格可能會高於或低於其資產淨值，當中主要是供求因素的問題，在市場大幅波動兼變化不定期間尤其多見，專門追蹤一些對直接投資設限的市場或行業的交易所買賣基金亦可能會有此情況。 Foreign exchange risk 外 匯 風 險 Investors trading ETFs with underlying assets not denominated in Hong Kong dollars are also exposed to exchange rate risk. Currency rate fluctuations can adversely affect the underlying asset value, also affecting the ETF price. 若投資者所買賣交易所買賣基金的相關資產並非以港幣為單位，其尚要面對外匯風險。貨幣兌換率的波動可對相關資產的價值造成負面影響，連帶影響交易所買賣基金的價格。 Liquidity risk 流 通 量 風 險 Securities Market Makers (SMMs) are Exchange Participants that provide liquidity to facilitate trading in ETFs. Although most ETFs are supported by one or more SMMs, there is no assurance that active trading will be maintained. In the event that the SMMs default or cease to fulfill their role, investors may not be able to buy or sell the product. 證券莊家是負責提供流通量、方便買賣交易所買賣基金的交易所參與者。儘管交易所買賣基金有一個或以上的證券莊家但不保 證會維持活躍買賣，但若有證券莊家失責或停止履行職責，投資者或就不能進行買賣證券莊家是負責提供流通量、方便買賣交易所買賣基金的交易所參與者。儘管交易所買賣基金有一個或以上的證券莊家但不保證會維持活躍買賣，但若有證券莊家失責或停止履行職責，投資者或就不能進行買賣。 Counterparty risk involved in ETFs with different replication strategies 交易所買賣基金的不同複製策略涉及對手風險
(a) Full replication and representative sampling strategies 完全複製及選具代表性樣本策略 An ETF using a full replication strategy generally aims to invest in all constituent stocks/assets in the same weightings as its benchmark. ETFs adopting a representative sampling strategy will invest in some, but not all of the relevant constituent stocks/assets. For ETFs that invest directly in the underlying assets rather than through synthetic instruments issued by third parties, counterparty risk tends to be less of concern. 採用完全複製策略的交易所買賣基金，通常是按基準的相同比重投資於所有的成份股/資產。採取選具代表性樣本策略的，則只投資於其中部分(而不是全部)的相關成份股/資產。直接投資相關資產而不經第三者所發行合成複製工具的交易所買賣基金，其交易對手風險通常不是太大問題。
(b) Synthetic replication strategies 綜 合 複 製 策 略 ETFs utilising a synthetic replication strategy use swaps or other derivative instruments to gain exposure to a benchmark. Currently, synthetic replication ETFs can be further categorized into two forms: 採用綜合複製策略的交易所買賣基金，主要透過掉期或其他衍生工具去追蹤基準的表現。現時，採取綜合複製策略的交易所買賣基金可再分為兩種：
i. Swap-based ETFs 以掉期合約構成 Total return swaps allow ETF managers to replicate the benchmark performance of ETFs without purchasing the underlying assets. 總回報掉期(total return swaps)讓交易所買賣基金經理可以複製基金基準的表現而不用購買其相關資產。 Swap-based ETFs are exposed to counterparty risk of the swap dealers and may suffer losses if such dealers default or fail to honor their contractual commitments. 以掉期合約構成的交易所買賣基金需承受源自掉期交易商的交易對手風險。若掉期交易商失責或不能履行其合約承諾，基金或要蒙受損失。
ii. Derivative embedded ETFs 以衍生工具構成 ETF managers may also use other derivative instruments to synthetically replicate the economic benefit of the relevant benchmark. The derivative instruments may be issued by one or multiple issuers. 交易所買賣基金經理也可以用其他衍生工具，綜合複製相關基準的經濟利益。有關衍生工具可由一個或多個發行商發行。 Derivative embedded ETFs are subject to counterparty risk of the derivative instruments’ issuers and may suffer losses if such issuers default or fail to honour their contractual commitments. 以衍生工具構成的交易所買賣基金需承受源自發行商的交易對手風險。若發行商失責或不能履行其合約承諾，基金或要蒙受損失。 Even where collateral is obtained by an ETF, it is subject to the collateral provider fulfilling its obligations. There is a further risk that when the right against the collateral is exercised, the market value of the collateral could be substantially less than the amount secured resulting in significant loss to the ETF. 交易所買賣基金即使取得抵押品，也需依靠抵押品提供者履行責任。此外，申索抵押品的權利一旦行使，抵押品的市值可以遠低於當初所得之數，令交易所買賣基金損失嚴重。 It is important that investors understand and critically assess the implications arising due to different ETF structures and characteristics. 投資者是否了解並能審慎評估不同的交易所買賣基金結構及特色會有何影響極為重要。。 Entering into over-the-counter derivative transactions with an unlicensed person Risk Entering into over-the-counter derivative transactions with an unlicensed person 與非持牌人訂立場外衍生工具交易的風險 If the Customer enter into over-the-counter derivative transactions with the affiliates listed on the Company website at xxxx://xxx.xxxxxxxxxxxxxx.xxx/tc/ (“other affiliates”), it is important for the Customer to note that other affiliates are not licensed by the Securities and Futures Commission (SFC) and hence are not subject to the conduct and prudential supervision by the SFC. Although other affiliates are regulated by another regulatory body, the regulation of such regulatory body may be different from the regulation of the SFC, and the protection that the Customer may receive under the regulation of that regulatory body might not be the same as the protection that the Customer would receive if other affiliates were licensed by the SFC. The Customer should cautiously consider whether it would be in your best interest to enter into over-the counter derivative transactions with other affiliates instead of a licensed corporation and seek independent professional advice when in doubt.” 假如客戶與本公司網站 (xxxx://xxx.xxxxxxxxxxxxxx.xxx/tc/) 列出的關連公司 (“其他關連公司”)，訂立場外衍生工具交易，客戶必須注意，其他關連公司並無獲證券及期貨事務監察委員會（證監會）發牌，因此不受證監會的操守及審慎監管。 儘管其他關連公司受另一家監管機構的監管，但該監管機構的監管可能與證監會的監管有所不同，而客戶在該監管機構的監管下可獲得的保障，與客戶在其他關連公司獲證監會發牌的情況下所獲得的保障可能有所差別。客戶應審慎考慮，與其他關連公司訂立場外衍生工具交易是否符合客戶的最佳利益；如有疑問，客戶應尋求獨立的專業意見。 Derivative Embedded ETFs Risk 由衍生工具構成的 ETF 風險
Appears in 1 contract
Samples: Cash Client Agreement
Market Forces. 市 場 力 量 In addition to the basic factors that determine the theoretical price of a derivative warrant, derivative warrant prices are also affected by all other prevailing market forces including the demand for and supply of the derivative warrants. Supply and demand forces may be greatest when a derivative warrant issue is almost sold out and when issuers make further issues of an existing derivative warrant issue. 除了決定衍生權證(「窩輪」)理論價格的基本因素外，所有其他市場因素（包括權證本身在市場上的供求）也會影響衍生權證(「窩輪」)的價格。就市場供求而言，當衍生權證(「窩輪」)在市場上快將售罄又或發行商增發衍生權證(「窩輪」)時，供求的影響尤其大。 Market risk 市 場 風 險 ETFs are typically designed to track the performance of certain indices, market sectors, or groups of assets such as stocks, bonds, or commodities. ETF managers may use different strategies to achieve this goal, but in general they do not have the discretion to take defensive positions in declining markets. Investors must be prepared to bear the risk of loss and volatility associated with the underlying index or assets. 交易所買賣基金主要為追蹤某些指數、行業或領域又或資產組別(如股票、債券或商品) 的表現。交易所買賣基金經理可用不同策略達至目標，但通常也不能在跌市中酌情採取防守策略。投資者必須要有因為相關指數或資產的波動而蒙受損失的準備。 Tracking errors 追 蹤 誤 差 Tracking errors refer to the disparity in performance between an ETF and its underlying index or assets. Tracking errors can arise due to factors such as the impact of transaction fees and expenses incurred to the ETF, changes in composition of the underlying index or assets, and the ETF manager’s replication strategy. (The common replication strategies include full replication or representative sampling and synthetic replication which are discussed in more detail below.) 這是指交易所買賣基金的表現與相關指數或資產的表現脫節，原因可以來自交易所買賣基金的交易費及其他費用、相關指數或資產改變組合、交易所買賣基金經理的複製策略等等因素。(常見的複製策略包括完全複製或選具代表性樣本以及綜合複製，詳見下文。) Trading at discount or premium 以 折 讓 或 溢 價 交 易 An ETF may be traded at a discount or premium to its Net Asset Value (NAV). This price discrepancy is caused by supply and demand factors, and may be particularly likely to emerge during periods of high market volatility and uncertainty. This phenomenon may also be observed for ETFs tracking specific markets or sectors that are subject to direct investment restrictions. 交易所買賣基金的價格可能會高於或低於其資產淨值，當中主要是供求因素的問題，在市場大幅波動兼變化不定期間尤其多見，專門追蹤一些對直接投資設限的市場或行業的交易所買賣基金亦可能會有此情況。 Foreign exchange risk 外 匯 風 險 Investors trading ETFs with underlying assets not denominated in Hong Kong dollars are also exposed to exchange rate risk. Currency rate fluctuations can adversely affect the underlying asset value, also affecting the ETF price. 若投資者所買賣交易所買賣基金的相關資產並非以港幣為單位，其尚要面對外匯風險。貨幣兌換率的波動可對相關資產的價值造成負面影響，連帶影響交易所買賣基金的價格。 Liquidity risk 流 通 量 風 險 Securities Market Makers (SMMs) are Exchange Participants that provide liquidity to facilitate trading in ETFs. Although most ETFs are supported by one or more SMMs, there is no assurance that active trading will be maintained. In the event that the SMMs default or cease to fulfill their role, investors may not be able to buy or sell the product. 證券莊家是負責提供流通量、方便買賣交易所買賣基金的交易所參與者。儘管交易所買賣基金有一個或以上的證券莊家但不保 證會維持活躍買賣，但若有證券莊家失責或停止履行職責，投資者或就不能進行買賣。 Counterparty risk involved in ETFs with different replication strategies 交易所買賣基金的不同複製策略涉及對手風險
(a) Full replication and representative sampling strategies 完全複製及選具代表性樣本策略 An ETF using a full replication strategy generally aims to invest in all constituent stocks/assets in the same weightings as its benchmark. ETFs adopting a representative sampling strategy will invest in some, but not all of the relevant constituent stocks/assets. For ETFs that invest directly in the underlying assets rather than through synthetic instruments issued by third parties, counterparty risk tends to be less of concern. 採用完全複製策略的交易所買賣基金，通常是按基準的相同比重投資於所有的成份股/資產。採取選具代表性樣本策略的，則只投資於其中部分(而不是全部)的相關成份股/資產。直接投資相關資產而不經第三者所發行合成複製工具的交易所買賣基金，其交易對手風險通常不是太大問題。
(b) Synthetic replication strategies 綜 合 複 製 策 略 ETFs utilising a synthetic replication strategy use swaps or other derivative instruments to gain exposure to a benchmark. Currently, synthetic replication ETFs can be further categorized into two forms: 採用綜合複製策略的交易所買賣基金，主要透過掉期或其他衍生工具去追蹤基準的表現。現時，採取綜合複製策略的交易所買賣基金可再分為兩種：
i. Swap-based ETFs 以掉期合約構成 Total return swaps allow ETF managers to replicate the benchmark performance of ETFs without purchasing the underlying assets. 總回報掉期(total return swaps)讓交易所買賣基金經理可以複製基金基準的表現而不用購買其相關資產。 Swap-based ETFs are exposed to counterparty risk of the swap dealers and may suffer losses if such dealers default or fail to honor their contractual commitments. 以掉期合約構成的交易所買賣基金需承受源自掉期交易商的交易對手風險。若掉期交易商失責或不能履行其合約承諾，基金或要蒙受損失。
ii. Derivative embedded ETFs 以衍生工具構成 ETF managers may also use other derivative instruments to synthetically replicate the economic benefit of the relevant benchmark. The derivative instruments may be issued by one or multiple issuers. 交易所買賣基金經理也可以用其他衍生工具，綜合複製相關基準的經濟利益。有關衍生工具可由一個或多個發行商發行。 Derivative embedded ETFs are subject to counterparty risk of the derivative instruments’ issuers instruments’issuers and may suffer losses if such issuers default or fail to honour their contractual commitments. 以衍生工具構成的交易所買賣基金需承受源自發行商的交易對手風險。若發行商失責或不能履行其合約承諾，基金或要蒙受損失。 Even where collateral is obtained by an ETF, it is subject to the collateral provider fulfilling its obligations. There is a further risk that when the right against the collateral is exercised, the market value of the collateral could be substantially less than the amount secured resulting in significant loss to the ETF. 交易所買賣基金即使取得抵押品，也需依靠抵押品提供者履行責任。此外，申索抵押品的權利一旦行使，抵押品的市值可以遠低於當初所得之數，令交易所買賣基金損失嚴重。 It is important that investors understand and critically assess the implications arising due to different ETF structures and characteristics. 投資者是否了解並能審慎評估不同的交易所買賣基金結構及特色會有何影響極為重要。
Appears in 1 contract
Samples: Cash Client Agreement
Market Forces. 市 場 力 量 In addition to the basic factors that determine the theoretical price of a derivative warrant, derivative warrant prices are also affected by all other prevailing market forces including the demand for and supply of the derivative warrants. Supply and demand forces may be greatest when a derivative warrant issue is almost sold out and when issuers make further issues of an existing derivative warrant issue. 除了決定衍生權證(「窩輪」)理論價格的基本因素外，所有其他市場因素（包括權證本身在市場上的供求）也會影響衍生權證(「窩輪」)的價格。就市場供求而言，當衍生權證(「窩輪」)在市場上快將售罄又或發行商增發衍生權證(「窩輪」)時，供求的影響尤其大。 Market risk 市 場 風 險 ETFs are typically designed to track the performance of certain indices, market sectors, or groups of assets such as stocks, bonds, or commodities. ETF managers may use different strategies to achieve this goal, but in general they do not have the discretion to take defensive positions in declining markets. Investors must be prepared to bear the risk of loss and volatility associated with the underlying index or assets. 交易所買賣基金主要為追蹤某些指數、行業或領域又或資產組別(如股票、債券或商品) 的表現。交易所買賣基金經理可用不同策略達至目標，但通常也不能在跌市中酌情採取防守策略。投資者必須要有因為相關指數或資產的波動而蒙受損失的準備。 Tracking errors 追 蹤 誤 差 Tracking errors refer to the disparity in performance between an ETF and its underlying index or assets. Tracking errors can arise due to factors such as the impact of transaction fees and expenses incurred to the ETF, changes in composition of the underlying index or assets, and the ETF manager’s replication strategy. (The common replication strategies include full replication or representative sampling and synthetic replication which are discussed in more detail below.) 這是指交易所買賣基金的表現與相關指數或資產的表現脫節，原因可以來自交易所買賣基金的交易費及其他費用、相關指數或資產改變組合、交易所買賣基金經理的複製策略等等因素。(常見的複製策略包括完全複製或選具代表性樣本以及綜合複製，詳見下文。) Trading at discount or premium 以 折 讓 或 溢 價 交 易 以折讓或溢價交易 An ETF may be traded at a discount or premium to its Net Asset Value (NAV). This price discrepancy is caused by supply and demand factors, and may be particularly likely to emerge during periods of high market volatility and uncertainty. This phenomenon may also be observed for ETFs tracking specific markets or sectors that are subject to direct investment restrictions. 交易所買賣基金的價格可能會高於或低於其資產淨值，當中主要是供求因素的問題，在市場大幅波動兼變化不定期間尤其多見，專門追蹤一些對直接投資設限的市場或行業的交易所買賣基金亦可能會有此情況。 Foreign exchange risk 外 匯 風 險 Investors trading ETFs with underlying assets not denominated in Hong Kong dollars are also exposed to exchange rate risk. Currency rate fluctuations can adversely affect the underlying asset value, also affecting the ETF price. 若投資者所買賣交易所買賣基金的相關資產並非以港幣為單位，其尚要面對外匯風險。貨幣兌換率的波動可對相關資產的價值造成負面影響，連帶影響交易所買賣基金的價格。 Liquidity risk 流 通 量 風 險 Securities Market Makers (SMMs) are Exchange Participants that provide liquidity to facilitate trading in ETFs. Although most ETFs are supported by one or more SMMs, there is no assurance that active trading will be maintained. In the event that the SMMs default or cease to fulfill their role, investors may not be able to buy or sell the product. 證券莊家是負責提供流通量、方便買賣交易所買賣基金的交易所參與者。儘管交易所買賣基金有一個或以上的證券莊家但不保 證會維持活躍買賣，但若有證券莊家失責或停止履行職責，投資者或就不能進行買賣證券莊家是負責提供流通量、方便買賣交易所買賣基金的交易所參與者。儘管交易所買賣基金有一個或以上的證券莊家但不保證會維持活躍買賣，但若有證券莊家失責或停止履行職責，投資者或就不能進行買賣。 Counterparty risk involved in ETFs with different replication strategies 交易所買賣基金的不同複製策略涉及對手風險
(a) Full replication and representative sampling strategies 完全複製及選具代表性樣本策略 An ETF using a full replication strategy generally aims to invest in all constituent stocks/assets in the same weightings as its benchmark. ETFs adopting a representative sampling strategy will invest in some, but not all of the relevant constituent stocks/assets. For ETFs that invest directly in the underlying assets rather than through synthetic instruments issued by third parties, counterparty risk tends to be less of concern. 採用完全複製策略的交易所買賣基金，通常是按基準的相同比重投資於所有的成份股/資產。採取選具代表性樣本策略的，則只投資於其中部分(而不是全部)的相關成份股/資產。直接投資相關資產而不經第三者所發行合成複製工具的交易所買賣基金，其交易對手風險通常不是太大問題。
(b) Synthetic replication strategies 綜 合 複 製 策 略 ETFs utilising a synthetic replication strategy use swaps or other derivative instruments to gain exposure to a benchmark. Currently, synthetic replication ETFs can be further categorized into two forms: 採用綜合複製策略的交易所買賣基金，主要透過掉期或其他衍生工具去追蹤基準的表現。現時，採取綜合複製策略的交易所買賣基金可再分為兩種：
i. Swap-based ETFs 以掉期合約構成 Total return swaps allow ETF managers to replicate the benchmark performance of ETFs without purchasing the underlying assets. 總回報掉期(total return swaps)讓交易所買賣基金經理可以複製基金基準的表現而不用購買其相關資產。 Swap-based ETFs are exposed to counterparty risk of the swap dealers and may suffer losses if such dealers default or fail to honor their contractual commitments. 以掉期合約構成的交易所買賣基金需承受源自掉期交易商的交易對手風險。若掉期交易商失責或不能履行其合約承諾，基金或要蒙受損失。
ii. Derivative embedded ETFs 以衍生工具構成 ETF managers may also use other derivative instruments to synthetically replicate the economic benefit of the relevant benchmark. The derivative instruments may be issued by one or multiple issuers. 交易所買賣基金經理也可以用其他衍生工具，綜合複製相關基準的經濟利益。有關衍生工具可由一個或多個發行商發行。 Derivative embedded ETFs are subject to counterparty risk of the derivative instruments’ issuers and may suffer losses if such issuers default or fail to honour their contractual commitments. 以衍生工具構成的交易所買賣基金需承受源自發行商的交易對手風險。若發行商失責或不能履行其合約承諾，基金或要蒙受損失。 Even where collateral is obtained by an ETF, it is subject to the collateral provider fulfilling its obligations. There is a further risk that when the right against the collateral is exercised, the market value of the collateral could be substantially less than the amount secured resulting in significant loss to the ETF. 交易所買賣基金即使取得抵押品，也需依靠抵押品提供者履行責任。此外，申索抵押品的權利一旦行使，抵押品的市值可以遠低於當初所得之數，令交易所買賣基金損失嚴重。 It is important that investors understand and critically assess the implications arising due to different ETF structures and characteristics. 投資者是否了解並能審慎評估不同的交易所買賣基金結構及特色會有何影響極為重要。。 Entering into over-the-counter derivative transactions with an unlicensed person 與非持牌人訂立場外衍生工具交易的風險 If the Customer enter into over-the-counter derivative transactions with the affiliates listed on the Company website at xxxx://xxx.xxxxxxxxxxxxxx.xxx/tc/ (“other affiliates”), it is important for the Customer to note that other affiliates are not licensed by the Securities and Futures Commission (SFC) and hence are not subject to the conduct and prudential supervision by the SFC. Although other affiliates are regulated by another regulatory body, the regulation of such regulatory body may be different from the regulation of the SFC, and the protection that the Customer may receive under the regulation of that regulatory body might not be the same as the protection that the Customer would receive if other affiliates were licensed by the SFC. The Customer should cautiously consider whether it would be in your best interest to enter into over-the counter derivative transactions with other affiliates instead of a licensed corporation and seek independent professional advice when in doubt.” 假如客戶與本公司網站 (xxxx://xxx.xxxxxxxxxxxxxx.xxx/tc/) 列出的關連公司 (“其他關連公司”)，訂立場外衍生工具交易，客戶必須注意，其他關連公司並無獲證券及期貨事務監察委員會（證監會）發牌，因此不受證監會的操守及審慎監管。 儘管其他關連公司受另一家監管機構的監管，但該監管機構的監管可能與證監會的監管有所不同，而客戶在該監管機構的監管下可獲得的保障，與客戶在其他關連公司獲證監會發牌的情況下所獲得的保障可能有所差別。客戶應審慎考慮，與其他關連公司訂立場外衍生工具交易是否符合客戶的最佳利益；如有疑問，客戶應尋求獨立的專業意見。 Derivative Embedded ETFs Risk 由衍生工具構成的 ETF 風險
Appears in 1 contract
Samples: Cash Client Agreement
Market Forces. 市 場 力 量 In addition to the basic factors that determine the theoretical price of a derivative warrant, derivative warrant prices are also affected by all other prevailing market forces including the demand for and supply of the derivative warrants. Supply and demand forces may be greatest when a derivative warrant issue is almost sold out and when issuers make further issues of an existing derivative warrant issue. 除了決定衍生權證(「窩輪」)理論價格的基本因素外，所有其他市場因素（包括權證本身在市場上的供求）也會影響衍生權證(「窩輪」)的價格。就市場供求而言，當衍生權證(「窩輪」)在市場上快將售罄又或發行商增發衍生權證(「窩輪」)時，供求的影響尤其大。 Market risk 市 場 風 險 ETFs are typically designed to track the performance of certain indices, market sectors, or groups of assets such as stocks, bonds, or commodities. ETF managers may use different strategies to achieve this goal, but in general they do not have the discretion to take defensive positions in declining markets. Investors must be prepared to bear the risk of loss and volatility associated with the underlying index or assets. 交易所買賣基金主要為追蹤某些指數、行業或領域又或資產組別(如股票、債券或商品) 的表現。交易所買賣基金經理可用不同策略達至目標，但通常也不能在跌市中酌情採取防守策略。投資者必須要有因為相關指數或資產的波動而蒙受損失的準備。 Tracking errors 追 蹤 誤 差 Tracking errors refer to the disparity in performance between an ETF and its underlying index or assets. Tracking errors can arise due to factors such as the impact of transaction fees and expenses incurred to the ETF, changes in composition of the underlying index or assets, and the ETF manager’s replication strategy. (The common replication strategies include full replication or representative sampling and synthetic replication which are discussed in more detail below.) 這是指交易所買賣基金的表現與相關指數或資產的表現脫節，原因可以來自交易所買賣基金的交易費及其他費用、相關指數或資產改變組合、交易所買賣基金經理的複製策略等等因素。(常見的複製策略包括完全複製或選具代表性樣本以及綜合複製，詳見下文。) Trading at discount or premium 以 折 讓 或 溢 價 交 易 以折讓或溢價交易 An ETF may be traded at a discount or premium to its Net Asset Value (NAV). This price discrepancy is caused by supply and demand factors, and may be particularly likely to emerge during periods of high market volatility and uncertainty. This phenomenon may also be observed for ETFs tracking specific markets or sectors that are subject to direct investment restrictions. 交易所買賣基金的價格可能會高於或低於其資產淨值，當中主要是供求因素的問題，在市場大幅波動兼變化不定期間尤其多見，專門追蹤一些對直接投資設限的市場或行業的交易所買賣基金亦可能會有此情況。 Foreign exchange risk 外 匯 風 險 Investors trading ETFs with underlying assets not denominated in Hong Kong dollars are also exposed to exchange rate risk. Currency rate fluctuations can adversely affect the underlying asset value, also affecting the ETF price. 若投資者所買賣交易所買賣基金的相關資產並非以港幣為單位，其尚要面對外匯風險。貨幣兌換率的波動可對相關資產的價值造成負面影響，連帶影響交易所買賣基金的價格若投資者所買賣交易所買賣基金的相關資產並非以港幣為單位，其尚要面對外匯風險。貨幣兌換率的波動可對相關資產的價值 造成負面影響，連帶影響交易所買賣基金的價格。 Liquidity risk 流 通 量 風 險 Securities Market Makers (SMMs) are Exchange Participants that provide liquidity to facilitate trading in ETFs. Although most ETFs are supported by one or more SMMs, there is no assurance that active trading will be maintained. In the event that the SMMs default or cease to fulfill their role, investors may not be able to buy or sell the product. 證券莊家是負責提供流通量、方便買賣交易所買賣基金的交易所參與者。儘管交易所買賣基金有一個或以上的證券莊家但不保 證會維持活躍買賣，但若有證券莊家失責或停止履行職責，投資者或就不能進行買賣證券莊家是負責提供流通量、方便買賣交易所買賣基金的交易所參與者。儘管交易所買賣基金有一個或以上的證券莊家會維持但不保證活躍買賣，但若有證券莊家失責或停止履行職責，投資者或就不能進行買賣。 Counterparty risk involved in ETFs with different replication strategies 交易所買賣基金的不同複製策略涉及對手風險
(a) Full replication and representative sampling strategies 完全複製及選具代表性樣本策略 An ETF using a full replication strategy generally aims to invest in all constituent stocks/assets in the same weightings as its benchmark. ETFs adopting a representative sampling strategy will invest in some, but not all of the relevant constituent stocks/assets. For ETFs that invest directly in the underlying assets rather than through synthetic instruments issued by third parties, counterparty risk tends to be less of concern. 採用完全複製策略的交易所買賣基金，通常是按基準的相同比重投資於所有的成份股/資產。採取選具代表性樣本策略的，則只投資於其中部分(而不是全部)的相關成份股/資產。直接投資相關資產而不經第三者所發行合成複製工具的交易所買賣基金，其交易對手風險通常不是太大問題。
(b) Synthetic replication strategies 綜 合 複 製 策 略 ETFs utilising a synthetic replication strategy use swaps or other derivative instruments to gain exposure to a benchmark. Currently, synthetic replication ETFs can be further categorized into two forms: 採用綜合複製策略的交易所買賣基金，主要透過掉期或其他衍生工具去追蹤基準的表現。現時，採取綜合複製策略的交易所買賣基金可再分為兩種：
i. Swap-based ETFs 以掉期合約構成 Total return swaps allow ETF managers to replicate the benchmark performance of ETFs without purchasing the underlying assets. 總回報掉期(total return swaps)讓交易所買賣基金經理可以複製基金基準的表現而不用購買其相關資產。 Swap-based ETFs are exposed to counterparty risk of the swap dealers and may suffer losses if such dealers default or fail to honor their contractual commitments. 以掉期合約構成的交易所買賣基金需承受源自掉期交易商的交易對手風險。若掉期交易商失責或不能履行其合約承諾，基金或要蒙受損失。
ii. Derivative embedded ETFs 以衍生工具構成 ETF managers may also use other derivative instruments to synthetically replicate the economic benefit of the relevant benchmark. The derivative instruments may be issued by one or multiple issuers. 交易所買賣基金經理也可以用其他衍生工具，綜合複製相關基準的經濟利益。有關衍生工具可由一個或多個發行商發行。 Derivative embedded ETFs are subject to counterparty risk of the derivative instruments’ issuers and may suffer losses if such issuers default or fail to honour their contractual commitments. 以衍生工具構成的交易所買賣基金需承受源自發行商的交易對手風險。若發行商失責或不能履行其合約承諾，基金或要蒙受損失。 Even where collateral is obtained by an ETF, it is subject to the collateral provider fulfilling its obligations. There is a further risk that when the right against the collateral is exercised, the market value of the collateral could be substantially less than the amount secured resulting in significant loss to the ETF. 交易所買賣基金即使取得抵押品，也需依靠抵押品提供者履行責任。此外，申索抵押品的權利一旦行使，抵押品的市值可以遠低於當初所得之數，令交易所買賣基金損失嚴重。 It is important that investors understand and critically assess the implications arising due to different ETF structures and characteristics. 投資者是否了解並能審慎評估不同的交易所買賣基金結構及特色會有何影響極為重要。。 Entering into over-the-counter derivative transactions with an unlicensed person 與非持牌人訂立場外衍生工具交易的風險 If the Customer enter into over-the-counter derivative transactions with the affiliates listed on the Company website at xxxx://xxx.xxxxxxxxxxxxxx.xxx/tc/ (“other affiliates”), it is important for the Customer to note that other affiliates are not licensed by the Securities and Futures Commission (SFC) and hence are not subject to the conduct and prudential supervision by the SFC. Although other affiliates are regulated by another regulatory body, the regulation of such regulatory body may be different from the regulation of the SFC, and the protection that the Customer may receive under the regulation of that regulatory body might not be the same as the protection that the Customer would receive if other affiliates were licensed by the SFC. The Customer should cautiously consider whether it would be in your best interest to enter into over-the counter derivative transactions with other affiliates instead of a licensed corporation and seek independent professional advice when in doubt.” 假如客戶與本公司網站 (xxxx://xxx.xxxxxxxxxxxxxx.xxx/tc/) 列出的關連公司 (“其他關連公司”)，訂立場外衍生工具交易，客戶必須注意，其他關連公司並無獲證券及期貨事務監察委員會（證監會）發牌，因此不受證監會的操守及審慎監管。 儘管其他關連公司受另一家監管機構的監管，但該監管機構的監管可能與證監會的監管有所不同，而客戶在該監管機構的監管下可獲得的保障，與客戶在其他關連公司獲證監會發牌的情況下所獲得的保障可能有所差別。客戶應審慎考慮，與其他關連公司訂立場外衍生工具交易是否符合客戶的最佳利益；如有疑問，客戶應尋求獨立的專業意見。 Derivative Embedded ETFs Risk 由衍生工具構成的 ETF 風險 ETF may invest in derivative products. Derivative Embedded ETF may invest in CAAPs, index futures contracts and other financial derivative instruments (“FDI”). Investing in a FDI is not the same as investing directly in an underlying asset which is part of the Underlying Index. A FDI is a form of contract. Under the terms of a derivative contract, Derivative Embedded ETF and its counterparty (i.e. the person(s) with whom Derivative Embedded ETF has made the agreement) agree to make certain payments to the other party under particular circumstances or on the occurrence of particular events specified in the contract. The value of the FDI depends on, or is derived from, or determined by reference to, the value of an underlying asset such as a Security or an index. Certain FDI may give rise to a form of leverage and may expose Derivative Embedded ETF to greater risk and increase its costs. FDI may be more sensitive to factors which affect the value of investments. Accordingly FDIs have a high degree of price variability and are subject to occasional rapid and substantial price changes. As a result, a relatively small price movement in a FDI may result in immediate and substantial loss (or gain) to Derivative Embedded ETF. Derivative Embedded ETF’s losses may be greater and potentially equal to the full value of the
Appears in 1 contract
Samples: Margin Client Agreement
