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。
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。
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。 Risk of Trading Equity-Linked Notes (ELNs) 買賣股票掛鈎票據的風險 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 payment...
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 (a) 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 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 stocks/assets in the same weightings as its benchmark. ETFs adopting a 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 representative sampling strategy will invest in some, but not all of the relevant (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 constituent stocks/assets. For ETFs that invest directly in the underlying assets 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。 rather than through synthetic instruments issued by third parties, counterparty risk tends to be less of concern.
交易所買賣基金的不同複製策略涉及對手風險. 6.1(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。 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. Counterparty Risk involved in ETFs with different replication strategies 完全複製及選具代表性樣本策略 Full replication and representative sampling strategies 在完全複製策略下，交易所買賣基金採用相同比重以達致投資於所有的成份股/資產的基準。而選具代表性樣本策略，則是指該交易所買賣基金只投資於其中部分(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會出現太大問題。 Under a full replication strategy, an ETF generally aims to invest in all constituent stocks/assets in the same weightings as its benchmark. Under a representative sampling strategy, an ETF invests 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. 綜合複製策略 Synthetic replication strategies 合成的交易所買賣基金可能會投資於由交易對手發行的場外衍生工具，以模擬相關指數的表現。因此，這類交易所買賣基金或會因交易對手違責而蒙受損失，虧損金額可高達衍生工具的全部價值。因此，投資於該類產品時，須面對相關股票/資產的風險，以及發行有關金融產品的交易對手失責風險。部分交易所買賣基金會通過從多家不同的交易對手買入金融衍生工具，以分散交易對手的信貸風險。不過，交易所買賣基金的交易對手愈多，出現交易對手違責事件的機會率便愈高。 Synthetic ETFs may invest in over-the-counter derivatives issued by counterparties and thus may suffer losses potentially equal to the full value of the derivatives issued by a counterparty upon its default. Hence, synthetic ETFs are exposed to both the risks of the underlying stocks / assets as well as the default risk of the counterpart that issues the financial derivative instruments for replicating the performance of the index. Some synthetic ETFs may invest in financial derivatives issued by a number of counterparties to diversify counterparty credit risk concentration. However, the more counterparties an ETF has, the higher the mathematical probability of the ETF being affected by a counterparty default which may lead to losses to the ETF. 合成的交易所買賣基金可再分為兩種： 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. Counterparty risk in ETFs with different replication strategies
