交易所買賣基金的不同複製策略涉及對手風險 Sample Clauses

交易所買賣基金的不同複製策略涉及對手風險. 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。
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交易所買賣基金的不同複製策略涉及對手風險. 4.1 完全複製及選具代表性樣本策略 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。 4.2 綜合複製策略 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. 以掉期合約構成 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。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. 以衍生工具構成 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。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。 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。 投資者是否瞭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。
交易所買賣基金的不同複製策略涉及對手風險. (a) 完全複製及選具代表性樣本策略 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) 綜合複製策略 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. 以掉期合約構成 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。 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. 以衍生工具構成 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。 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 instruments' issuers and may suffer losses if such issuers default or fail to honour their contractual commitments. 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. It is important that investors understand and critically assess the implications arising due to different ETF structures and characteristics.
交易所買賣基金的不同複製策略涉及對手風險. Full replication and representative sampling strategies (a) 完全複製及選具代表性樣本策略
交易所買賣基金的不同複製策略涉及對手風險. 完全複製及選具代表性樣本策略 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。 6.1(b) Synthetic replication strategies ETFs utilizing 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:
交易所買賣基金的不同複製策略涉及對手風險. (a) 完全複製及選具代表性樣本策略 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) 綜合複製策略 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) Default/Credit risk There is a risk that the issuer may fail to pay the Client the interest or principal as scheduled. (ii) Interest rate risk When the interest rate rises, the price of a fixed rate bond will normally drop. If the Client wants to sell his bond before it matures, he may get less than his purchase price. (iii) Exchange rate risk If the bond is denominated in a foreign currency, the Client faces an exchange rate risk. Any fall in the foreign currency will reduce the amount the Client receives when he converts a payment of interest or principal back into the local currency. (iv) Liquidity risk The Client may need to sell the bonds before maturity when he has an urgent cash-flow need or uses the capital for other investments. However, the Client may not achieve this if the liquidity of the secondary bond market is low.
交易所買賣基金的不同複製策略涉及對手風險. 完全複製及選具代表性樣本策略 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。
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交易所買賣基金的不同複製策略涉及對手風險. Counterparty risk in ETFs with different replication strategies (a) 完全複製及選具代表性樣本策略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。 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. (b) 綜合複製策略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:
交易所買賣基金的不同複製策略涉及對手風險. (a) 完全複製及選具代表性樣本策略. 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) 綜合複製策略 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) 以掉期合約構成 ⚫ 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。 ⚫ 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) 以衍生工具構成 ⚫ 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。有關衍生工具由一個或多個發行商發行。 ⚫ 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,也需依靠低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。 12. Risks of Trading via Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect (China Connect)
交易所買賣基金的不同複製策略涉及對手風險. Different replication strategies of ETFs involve counterparty risks 交易所買賣基金的不同複製策略涉及對手風險: Full Replication Strategy and Representative Sample Replication Strategy 完全複製及選具代表性樣本策略: ETFs adopting the Full Replication Strategy usually are invested in all constituent stocks/assets at the same proportion of the benchmark. ETFs that adopt the Representative Sampling Replication Strategy are invested in only some (but not all) of their underlying constituents/assets. The counterparty risk of ETFs that directly invests in underlying assets without synthetic replication instruments issued by third parties is generally not a major 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交易所買賣基金,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。 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. Where ETFs utilising a synthetic replication strategy use swaps or other derivative instruments to gain exposure to a benchmark, they are exposed to counterparty risk of the swap dealers or the derivative instruments’ issuers and may suffer losses if such dealers or issuers default or fail to honor their contractual commitments. 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. 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/資產。採取選具代表性樣本策略的,則已投資於其中部份(而不是全部) 的相關成份股/資產。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,它們需承受源自掉期交易商或衍生工具發行商的交易對手風險。若掉期交易商或發行商失責或不能履行其合約承諾,基金或要蒙受損失。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。 Equity-Linked Notes are structured products involving derivatives whose returns are based on the price performance of the underlying asset. When buying an Equity-Linked note, the Client has already indirectly sold a positive stock option. As an investor, the Client should pay attention to the following: 股票掛鈎票據是涉及衍生工具的結構性產品,其回報是基於相關資產的價格表現而定。購入股票掛鈎票據時,客戶已等同間接賣出正股的期權。客戶須注意以下幾點: The Client will be exposed to the risk of price fluctuations of the stock markets, the impact of dividend payments, company actions and counterparty risks and be prepar...
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