SEC438/2 W (20200514) 1/12

The Hongkong and Shanghai Banking Corporation Limited

EXPLANATION OF RISKS FOR LISTED DERIVATIVES (INCLUDING LEVERAGED AND INVERSE PRODUCTS)

IN HONG KONG AND OVERSEAS MARKETS (For Personal Customer)

Derivative investment (including Leveraged and Inverse Products) involves high risks. Before you purchase any listed derivatives, you should ensure you

understand the nature of the listed derivatives and carefully study the full details and risk factors set out in the relevant listing documents and, where necessary,

seek professional advice before you invest in any of these products. You should also ensure that you fully understand the potential risks and rewards and

independently determine that they are appropriate for you given your objectives, experience, financial and operational resources and other relevant circumstances.

Listed Derivative Warrants

Derivative warrants are instruments which give investors the right to buy or sell an underlying asset such as stock at a pre-set price prior to a specified expiry date.

Derivative warrants are not bank deposits.

Derivative warrants constitute general unsecured contractual obligations of the issuer and of no other person. You rely on the creditworthiness of the issuer

and, if applicable, the guarantor. In the event that the issuer or, if applicable, the guarantor defaults, the potential maximum loss could be 100% of the

investment amount and no return may be received. Further, you have no rights under derivative warrants against any company which issues or comprises

the underlying asset of the relevant issue of warrants or the sponsor of any underlying asset that is an index.

Purchasing derivative warrants is not the same as buying the underlying asset, you will not be entitled to have voting rights, rights to receive dividends or

distributions or any other rights under the underlying assets.

The values of derivative warrants at any time prior to expiry are governed by a number of factors, such as the time left till expiry, the price or level of the

underlying asset compared with the exercise price or strike level of derivative warrants, the volatility of the underlying asset, market interest rate movements,

credit quality of the issuer and the guarantor etc. There is no assurance that a change in value or market price of derivative warrants will correspond in

direction or magnitude with the change in price or level of the underlying asset.

You are warned that prices of derivative warrants may fall in value as rapidly as it may rise and holders may sustain a total loss of their investment.

Assuming that all the other factors are held constant, the value of a derivative warrant will decay over time and may have no value upon expiry. You

should not view derivative warrants as long term investments.

Derivative warrants may be illiquid. Although listed derivative warrants have liquidity providers, there is no guarantee that you will be able to liquidate

your position whenever you wish.

You should recognise the complexities of utilising derivative warrants to hedge against the market risk associated with investing in an underlying asset or

shares comprising any underlying asset that is an index. The issuer or sponsor of the underlying asset will have no involvement in the offer and sale of

derivative warrants and no obligation to the investors in such derivative warrants. In addition, their decisions on corporate actions may have adverse

impact on the value and market price of derivative warrants.

Investors trading listed derivative warrants with underlying assets not denominated in the currency of your home jurisdiction are exposed to exchange rate

risk. Currency rate fluctuations can adversely affect the return of your investment.

Callable Bull/Bear Contract (CBBC)

CBBCs are a type of structured product that tracks the performance of an underlying asset. They are issued either as Bull or Bear contracts with a fixed expiry

date, allowing investors to take bullish or bearish positions on the underlying asset. The price movement of a CBBC correlates to the movement of the price of

the underlying asset.

CBBCs are not bank deposits.

CBBCs have an intraday "knockout" or a mandatory call feature. A CBBC will cease trading when the underlying asset value equals the mandatory call

price/level as stated in the listing documents. You will only be entitled to the residual value of the terminated CBBC as calculated by the product issuer in

accordance with the listing documents. The residual value can be zero, and you may lose all of your investments in the CBBCs. You should exercise

special caution when a CBBC is trading close to its call price.

CBBCs constitute general unsecured contractual obligations of the issuer and of no other person. You rely on the creditworthiness of the issuer and, if

applicable, the guarantor. In the event that the issuer or, if applicable, the guarantor defaults, the potential maximum loss could be 100% of the investment

amount and no return may be received. You have no rights under CBBCs against any company which issues or comprises the underlying asset of the

relevant issue of CBBCs or the sponsor of any underlying asset that is an index.

Purchasing CBBCs is not the same as buying the underlying asset or having a direct investment in the underlying asset, you will not be entitled to have

voting rights, rights to receive dividends or distributions or any other rights under the underlying assets.

The values of CBBC at any time prior to expiry are governed by a number of factors, such as the time left till expiry, the price or level of the underlying

asset compared with the exercise price or strike level of derivative warrants, the volatility of the underlying asset, market interest rate movements, credit

quality of the issuer and the guarantor etc.

There is no assurance that a change in value or market price of CBBCs will correspond in direction or magnitude with the change in price or level of the

underlying asset.

You are warned that prices of derivative warrants may fall in value as rapidly as it may rise and holders may sustain a total loss of their investment.

Assuming all other factors are held constant, the value of CBBCs will decline over time. If you hold CBBCs until expiry and no mandatory call event

occurs during the observation period, the cash settlement amount payable upon exercise at expiry will depend on how much the closing price or level of the

underlying asset is above (in the case of bull CBBCs) or below (in the case of bear CBBCs) the strike price or level. The cash settlement amount may be

substantially less than your initial investment in the CBBCs and may even be zero.

The issue price of a CBBC includes funding costs. Funding costs are gradually reduced over time as the CBBC moves towards expiry. The longer the

duration of the CBBC, the higher the total funding costs. In the event that a CBBC is called, investors will lose the funding costs for the entire lifespan of

the CBBC.

CBBCs may be illiquid. Although CBBCs have liquidity providers, there is no guarantee that you will be able to liquidate your position whenever you

wish.

You should recognise the complexities of utilising CBBCs to hedge against the market risk associated with investing in an underlying asset. The issuer or

sponsor of the underlying asset will have no involvement in the offer and sale of CBBCs and no obligation to the investors in such CBBCs. In addition,

their decisions on corporate actions may have adverse impact on the value and market price of CBBCs.

Investors trading CBBCs with underlying assets not denominated in the currency of your home jurisdiction are exposed to exchange rate risk. Currency

rate fluctuations can adversely affect the return of your investment.

Exchange Traded Funds (ETFs)

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. Some

ETFs may invest in financial derivative instruments such as options, futures, warrants, swaps, forward contracts. Investors must be prepared to bear the risk of

loss and volatility associated with the underlying index/assets.

You are exposed to the political, economic, currency and other risks related to the synthetic ETF's underlying index.

You may expose to tracking errors (i.e. the disparity in performance between an ETF and its underlying index/assets), due to, for instance, failure of the

tracking strategy, currency differences, fees and expenses.

Where an ETF invests in derivatives (i.e. Synthetic ETF) or by using total return swaps to replicate the index performance, customers are exposed to the

credit risk of the counterparties who issued the derivatives, in addition to the risks relating to the index. A synthetic ETF may suffer losses equal to the full

value of the derivatives issued by the counter party upon its default or if such counterparty fail to honour their contractual commitments.

Where the index/market that the ETF tracks is subject to restricted access, the efficiency in unit creation or redemption to keep the price of the ETF in line

with its net asset value (NAV) may be disrupted, causing the ETF to trade at a higher premium or discount to its NAV. Investors who buy an ETF at a

premium or sells when the market price is at a discount to NAV, may sustain losses.

ETFs can be illiquid. Although most ETFs are supported by one or more market makers, there is no assurance that active trading will be maintained. In

the event that the market makers default or cease to fulfil their role, investors may not be able to buy or sell the product. A higher liquidity risk is involved

if a synthetic ETF involves derivatives which do not have an active secondary market. You may suffer a loss with a wider bid-offer spreads in the price of

the derivatives. 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.

There can be no guarantee that an ETF will fully replicate its underlying index and may hold non-index assets. The ETF manager's strategy, the

implementation of which is subject to a number of constraints, may not produce the intended results. In addition, the manager has absolute discretion to

exercise unitholders' rights with respect to the constituents of the ETF.

The creation and redemption of units of an ETF may only be effected through participating dealers. Participating dealers will not be able to create or

redeem units during any period when, among other things, dealings on the relevant exchange are restricted or suspended, settlement or clearing of securities

through the clearing system is disrupted or the underlying index is not compiled or published. In addition, the number of participating dealers at any given

time will be limited, there is a risk that investors may not always be able to create or redeem units freely.

Investors and potential investors will not be able to buy, nor will investors be able to sell, units on the relevant exchange during any period in which trading

of the units is suspended. An exchange may suspend the trading of units whenever it determines that it is appropriate in the interests of a fair and orderly

market to protect investors. The subscription and redemption of units may also be suspended if the trading of units is suspended.

The underlying index of an ETF is subject to fluctuations. Composition of and weightings in the underlying index may change. The price of the ETF

units may rise or fall as a result of such changes. An investment in units will generally reflect the underlying index as its constituents change from time to

time, and not necessarily the way it is comprised at the time of an investment in the units. In addition, there can be no guarantee that a particular ETF will

at any given time accurately reflect the composition of the relevant underlying Index.

The index providers do not have any obligation to take the needs of the ETF manager or investors into consideration in determining, composing or

calculating the relevant underlying index. The process and the basis of computing and compiling each underlying index and any of its related formulae,

constituent companies and factors may at any time be changed or altered by the index providers without notice. Consequently, there can be no guarantee

that the actions of an index provider will not prejudice the interests of the relevant ETF, manager or investors.

As an ETF manager is normally granted a licence by each of the index providers to use the relevant underlying index, an ETF may be terminated if the

relevant licence agreement is terminated, or if the relevant underlying index ceases to be compiled or published. Further, a regulator reserves the right to

withdraw the authorisation granted to an ETF or impose such conditions as it considers appropriate and such withdrawal may make it illegal, impractical or

inadvisable to continue an ETF.

Investors trading ETFs with underlying assets not denominated in local currencies are also exposed to exchange rate risk. Currency rate fluctuations can

adversely affect the underlying asset value, also affecting the ETF price.

Investment in Futures-based ETFs is only suitable to those investors who are in a financial position to assume the risks involved in futures investments.

Futures investments are subject to certain key risks including leverage, counterparty and liquidity risks. The price of Future Contracts can be highly volatile.

The Net Asset Value (NAV) of a futures-based ETF may be adversely affected by the cost of rolling positions forward as Futures Contracts approach expiry.

A divergence between the trading price and the NAV of a futures-based ETF may occur when creation of units of the ETF is prevented due to inability to

acquire further futures contracts.

Exchange Traded Notes (ETNs)

Exchange Traded Note (ETN) is a type of unsecured, unsubordinated debt security issued by an underwriting bank, designed to provide investors access to the

returns of various market benchmarks. The returns of ETFs are usually linked to the performance of a market benchmark or strategy, minus applicable fees.

Similar to other debt securities, ETNs have a maturity date and are backed only by the credit of the issuer.

Investors can buy and sell the ETNs on the exchange or receive a cash payment at the scheduled maturity or may early redeem the ETNs directly with the issuer

based on the performance of the underlying index less applicable fees, with redemption restrictions, such as the minimum number of ETNs for early redemption,

may apply.

Although both ETFs and ETNs are linked to the return of a benchmark index, ETNs as debt securities do not actually own any assets they are tracking, but

just a promise from the issuer to pay investors the theoretical allocation of the return reflected in the benchmark index.

In the event that the ETN issuer defaults, the potential maximum loss could be 100% of the investment amount and no return may be received, given ETN is

considered as an unsecured debt instrument.

The value of the ETN may drop despite no change in the underlying index, instead due to a downgrade in the issuer's credit rating. Therefore by buying

ETNs, investors get direct exposure to the credit risk of the issuer and would only have an unsecured bankruptcy claim if the issuer declares bankruptcy.

There is no guarantee that investors will receive at maturity, or upon an earlier repurchase, investors' initial investment back or any return on that investment.

Significant adverse monthly performances for investors' ETNs may not be offset by any beneficial monthly performances.

ETNs provide limited portfolio diversification with concentrated exposure to a specific index and the index components.

The issuer of ETNs may have the right to redeem the ETNs at the repurchase value at any time. If at any time the repurchase value of the ETNs is zero,

investors' investment will expire worthless.

The principal amount is subject to the periodic application of investor fee or any applicable fees which can adversely affect returns.

Investors may have leveraged or unleveraged exposure to the underlying index, depending on the product feature. The value of ETNs can change rapidly

according to the gearing ratio relative to the underlying assets. You should be aware that the value of an ETN may fall to zero resulting in a total loss of

the initial investment.

ETNs may be illiquid. There is no guarantee that you will be able to liquidate your position whenever you wish.

Investors trading ETNs with underlying assets not denominated in local currencies are also exposed to exchange rate risk. Currency rate fluctuations can

adversely affect the underlying asset value, also affecting the ETN price.

Unit Trusts

Some unit trusts may invest in financial derivative instrument such as options, futures, warrants, swaps, forward contracts, with an aim to reduce risks or cost or

to generate additional capital or income, or generate a certain payoff structure in order to meet the investment objectives of the fund. Investing in financial

derivative instrument may involve additional risks, including, without limitation, counterparty credit risk, leverage risk, market risk, liquidity risk, which may

lead to a higher volatility to the net asset value of the unit trusts, and expose the unit trusts to potential significant losses.

Counterparty Credit Risk - A loss may be sustained by the unit trusts as a result of the failure of another party to a derivative (usually referred to as a

"counterparty") to comply with the terms of the derivative contract.

Leverage Risk - Many derivatives have a leverage component, adverse changes in the value or level of the underlying asset, rate or index can result in a loss

substantially greater than the amount invested in the derivative itself.

Market Risk - Where the value of the underlying asset of a derivative instrument changes, the value of the derivative instrument will become positive or

negative, depending on the performance of the underlying asset.

Liquidity Risk - If a derivative transaction is particularly large or if the relevant market is illiquid, it may not be possible to initiate a transaction or liquidate

a position at an advantageous price.

Leveraged and Inverse Products

Leveraged and Inverse Products (L&I Products) are derivative products traded on the stock exchange. L&I Products are structured as funds, but unlike

conventional funds, they are not intended for holding longer than one day and are designed for short term trading or hedging.

Leveraged products aim to deliver a daily return equivalent to a multiple of the underlying index return e.g. two times of what the underlying index does. Inverse

products aim to deliver the opposite of the daily return of the underlying index. The inverse product goes down when the underlying index moves upwards, and

the inverse product goes up when the underlying index moves downwards.

L&I Products are not intended for holding longer than one day as their return over a longer period may deviate from and may be uncorrelated to the multiple (in

the case of leveraged products) or the opposite (in the case of inverse products) of the return of the underlying index over the period.

The L&I Products are designed to be used for short term trading or hedging purposes, and are not intended for long term investment. The L&I Products only

target sophisticated trading oriented investors who constantly monitor the performance for their holdings on a daily basis.

You should know how L&I Products work and the risks involved before making your investment decision.

Investment risk: Trading L&I Products involves investment risk and are not intended for all investors. There is no guarantee of repaying the principal

amount.

Volatility risk: Prices of L&I Products may be more volatile than conventional exchange traded funds (ETFs) because of using leverage and the rebalancing

activities.

Unlike conventional ETFs: L&I Products are different from conventional ETFs. They do not share the same characteristics and risks as conventional ETFs.

Long-term holding risk: L&I Products are not intended for holding longer than the rebalancing interval, typically one day. Daily rebalancing and the

compounding effect will make the L&I Product's performance over a period longer than one day deviate in amount and possibly direction from the

leveraged/inverse performance of the underlying index over the same period. The deviation becomes more pronounced in a volatile market. As a result of

daily rebalancing, the underlying index's volatility and the effects of compounding of each day's return over time, it is possible that the leveraged product

will lose money over time while the underlying index increases or is flat. Likewise, it is possible that the inverse product will lose money over time while

the underlying index decreases or is flat.

Risk of rebalancing activities: There is no assurance that L&I Products can rebalance their portfolios on a daily basis to achieve their investment objectives.

Market disruption, regulatory restrictions or extreme market volatility may adversely affect the rebalancing activities.

Liquidity risk: Rebalancing typically takes place near the end of a trading day (shortly before the close of the underlying market) to minimise tracking

difference. The short interval of rebalancing may expose L&I Products more to market volatility and higher liquidity risk.

Intraday investment risk: Leverage factor of L&I Products may change during a trading day when the market moves but it will not be rebalanced until day

end. The L&I Product's return during a trading day may be greater or less than the leveraged/opposite return of the underlying index.

Portfolio turnover risk: Daily rebalancing causes a higher levels of portfolio transaction when compared to conventional ETFs, and thus increases brokerage

and other transaction costs.

Correlation risk: Fees, expenses, transactions cost as well as costs of using financial derivatives may reduce the correlation between the performance of the

L&I Product and the leveraged/inverse performance of the underlying index on a daily basis.

Termination risk: L&I Products must be terminated when all the market makers resign. Termination of the L&I Product should take place at about the

same time when the resignation of the last market maker becomes effective.

Leverage risk (for leveraged products only): The use of leverage will magnify both gains and losses of leveraged products resulting from changes in the

underlying index or, where the underlying index is denominated in a currency other than the leveraged product's base currency, from fluctuations in

exchange rates.

Unconventional return pattern (for inverse products only): Inverse products aim to deliver the opposite of the daily return of the underlying index. If the

value of the underlying index increases for extended periods, or where the exchange rate of the underlying index denominated in a currency other than the

inverse product's base currency rises for an extended period, inverse products can lose most or all of their value.

Inverse products vs short selling (for inverse products only): Investing in inverse products is different from taking a short position. Because of rebalancing,

the performance of inverse products may deviate from a short position in particular in a volatile market with frequent directional swings.

Credit and default risks (for swap-based L&I Products): Investing in swap-based L&I Products are exposed to counterparty risk and default risk of the swap

counterparty and may suffer significant losses if a swap counterparty fails to perform its obligations.

Futures contract risks (for futures-based L&I Products): Investing in futures-based L&I Products involve specific risks such as high volatility, leverage,

rollover and margin risks, and are exposed to the risk that the performance of the futures contracts may deviate from the L&I Products’ investment objective.

香港上海滙豐銀行有限公司

上市衍生產品（包括槓桿及反向產品）（香港及海外市場）的風險說明（個人客戶）

確保自己瞭解上市衍生工具的性質，並應仔細研究相關上市文件中所載的全部資料和風險因素，如有必要，應在投資任何該等產品

之前徵詢專業意見。您亦應確保自己完全瞭解潛在的風險和回報，並根據自己的投資目標、經驗、財務和經營資源和其他相關情況

獨立決定自己是否適合參與該等投資。

上市衍生認股權證

衍生認股權證為給予投資者權利（而不是責任）使投資者在特定日期或之前按預設價格購買或出售相關資產（如股票）的工具。

衍生認股權證並非為銀行存款。

衍生認股權證為發行人（而非其他人士）的一般無抵押合約責任。您依賴認股權證發行人的借貸能力。如果發行人破產，最大

潛在損失可能是投資額的百分之一百及無法獲得任何利潤。此外，衍生認股權證並無賦予您任何權利追討發行或包含相關發行

認股權證的相關資產的公司，或任何相關資產為指數時的保薦人。

購買衍生認股權證不同於購買相關資產。您將不會擁有投票權、收取股息或分派的權利，或任何相關資產或相關資產為指數時

所包含的股份項下的其他權利。

衍生認股權證在到期前的任何時間的價值由若干因素所影響，如距離到期日的時間、與衍生認股權證行使價或行使水平比較的

相關資產價格或水平、相關資產的價格或水平的波動程度、市場利率變動幅度、發行人及擔保人的財務及信譽狀況。衍生認股

權證的價值或市價，並無保證將會以相關資產的價格或水平的變動方向或程度而相應變動。

您應注意認股權證的升值速度可能與其貶值速度一樣快，持有人可能損失其所有投資金額。

假設所有其他因素維持不變，衍生權證愈接近到期日，價值會愈低，並可能在到期日貶值至零價值，投資者不應視認股權證為

長期投資產品。

衍生認股權證可能流通性不足。儘管衍生認股權證擁有流通量提供者，然而不保證投資者可隨時按其意願，以目標價格買賣。

您應明暸使用衍生認股權證對沖投資相關資產，或對沖投資在相關資產為指數時所包含的股票的有關市場風險的複雜性。相關

資產的發行人或保薦人將不參與衍生認股權證的發售及銷售，且就有關衍生認股權證，對投資者概不承擔責任。此外，相關資

產的企業行動可能對衍生認股權證的價值及市價構成不利影響。

您也應注意衍生認股權證的相關資產可能以衍生認股權證貨幣以外的貨幣計值的匯率風險。匯率變動可為您的投資帶來不利影

響。

牛熊證

牛熊證屬結構性產品，能追蹤相關資產的表現。牛熊證有牛證和熊證之分，設有固定到期日，投資者可以看好或看淡相關資產而選

擇買入牛證或熊證。牛熊證的價格變動與相關資產的價格變動相互關連。

牛熊證並非為銀行存款。

牛熊證有可以即日「取消」或強制收回的特色。若牛熊證的相關資產值等同上市文件所述的強制收回價／水平，牛熊證即停止

買賣。屆時，投資者只能收回已停止買賣的牛熊證由產品發行商按上市文件所述計算出來的剩餘價值。而剩餘價值可以是零。

當牛熊證接近其贖回價時，您應特別審慎。

牛熊證為發行人而非其他人士的一般無抵押合約責任。您依賴牛熊證發行人的借貸能力。如果發行人破產，最大潛在損失可能

是投資額的百分之一百及無法獲得任何利潤。牛熊證並無賦予您任何權利追討發行或包含相關發行牛熊證的相關資產的公司，

或任何相關資產為指數時的保薦人。

購買牛熊證不同於購買相關資產。您將不會擁有投票權、收取股息或分派的權利，或任何相關資產項下的其他權利。

牛熊證在到期前的任何時間的價值由若干因素所影響，如距離到期日的時間、與可贖回牛熊證行使價或行使水平比較的相關資

產價格或水平、相關資產的價格或水平的波動程度、市場利率變動幅度、發行人及擔保人的財務及信譽狀況。

牛熊證的價值或市價，並無保證將會以相關資產的價格或水平的變動方向或程度而相應變動。

您應注意牛熊證的升值速度可能與其貶值速度一樣快，持有人可能損失其所有投資金額。

假設所有其他因素維持不變，牛熊證的價值將隨時間而下跌。如您持有牛熊證至屆滿，且於觀察期間並無發生強制收回事件，

於屆滿時行使後應付的現金結算金額將視乎相關資產的收市水平高於（就牛證而言）或低於（就熊證而言）行使價或行使水平

的幅度而定。現金結算金額可能遠低於您於牛熊證的最初投資，甚至可能為零。

牛熊證的發行價包括融資成本。融資成本會隨牛熊證接近到期日而逐漸減少。牛熊證的年期愈長，總融資成本愈高。若牛熊證

被收回，投資者即損失牛熊證整個有效期的融資成本。

牛熊證可能流通性不足。儘管牛熊證擁有流通量提供者，然而不保證投資者可隨時按其意願，以目標價格買賣。

您應明暸使用牛熊證對沖投資相關資產，或對沖投資在相關資產為指數時所包含的股票的有關市場風險的複雜性。相關資產的

發行人或保薦人將不參與牛熊證的發售及銷售，且就有關牛熊證，對投資者概不承擔責任。此外，相關資產的企業行動可能對

牛熊證的價值及市價構成不利影響。

您也應注意牛熊證的相關資產可能以牛熊證貨幣以外的貨幣計值的匯率風險。匯率變動可為您的投資帶來不利影響。

交易所買賣基金（「ETFs」）

交易所買賣基金（ETFs）主要為追蹤某些指數、市場領域或資產組別（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。一些 ETF 可投資於金融衍生工具如期權 ,期貨 ,認股權證 ,掉期 ,遠期合

約 。投資者必須要有因為相關指數／資產的波動而蒙受損失的準備。

投資者須承受與 ETF 相關指數有關的政治、經濟、貨幣及其他風險。

ETF 可能有追蹤誤差（即 ETF 的表現與相關指數／資產的表現脫節），原因可能是模擬策略失效、匯率、收費及支出等因素。

若 ETF 透過買入衍生工具（即合成 ETF）或利用總回報掉期（ total return swaps）複製相關基準的表現，投資者也要承擔發

行有關衍生工具的交易對手本身的信貸風險。這類合成 ETF 或會因交易對手違責或不能履行其合約承諾而蒙受損失，虧損金

額可高達衍生工具的全部價值。

若 ETF 所追踪的指數／市場就投資者的參與設有限制，則為使 ETF 的價格與其資產淨值一致的增設或贖回單位機制的效能

可能會受到影響，令 ETF 的價格相對其資產淨值出現溢價或折讓，ETF 的交易價格可能會高於或低於其資產淨值。投資者若

以溢價買入 ETF，或於市價較資產淨值折讓之時出售 ETF，投資者可能會蒙受損失。

ETF 可能流通性不足。儘管交易所買賣基金多有一個或以上的市場作價者，但若有市場作價者違約或停止履行職責，投資者可

能不能進行買賣。其中，若合成 ETF 涉及的衍生工具沒有活躍的第二市場，流動性風險會較高，較大的衍生工具的買賣差價

亦會引致虧損。ETF 即使取得抵押品，也需依靠抵押品提供者履行責任。此外，若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。

您應注意 ETF 並無保證可完全反映其基礎指數，而 ETF 亦有可能持有非指數資產。ETF 基金經理的策略及執行有關策略時

由於受到若干限制，未必能產生預期回報的風險。經理也擁有絕對酌情權，決定是否行使組成 ETF 的證券的基金單位持有人

權利。

增設及贖回 ETF 一般只能通過參與證券商進行。在（其中包括）相關交易所的買賣受到限制或暫停、結算系統的證券結算或

交收受到干擾或基礎指數不予編製或公布的情況下，參與證券商均無法在此期間增設或贖回 ETF 基金單位。此外，倘發生其

他事件影響交易所買賣基金資產淨值的計算，或無法出售交易所買賣基金的相關資產時，參與證券商將不能發行或贖回 ETF

基金單位。由於參與證券商的數目在任何時間均是有限的，甚或於某一時段可能只有一名參與證券商，投資者須承受有可能無

法隨時自由增設或贖回基金單位的風險。

基金單位暫停買賣期間，投資者及潛在投資者均無法在相關交易所購入基金單位，而投資者也無法在相關交易所出售基金單

位。交易所會於其決定基於一個公平有序市場的利益而保障投資者的任何時間暫停基金單位買賣。倘基金單位暫停買賣，認購

及贖回基金單位亦會暫停。

ETF 的相關指數可能出現波動。相關指數的成分及比重或會變動，ETF 的價格或會因有關變動而上升或下跌。投資於 ETF 一

般會反映其相關指數成分的不時變動，而未必維持在您投資於該 ETF 時的成分，但這亦不保證某一特定 ETF 將於任何時間

可準確反映有關指數的成分。

指數提供者沒有義務在決定、編製或計算相關基礎指數時考慮 ETF 或投資者的需要。指數提供者可隨時更改或修改各基礎指

數的計算及編製方法及基準，以及任何有關公式、成分公司及系數的程式，而毋須給予事先通知。因此，無法保證指數提供者

的行動不會損害有關 ETF、管理人或投資者的利益。

ETF 的基金經理一般須獲各指數提供者授予特許權，可根據有關基礎指數增設 ETF。倘有關特許權協議終止，或倘有關基礎

指數不再獲編製或公布，有關 ETF 亦可能終止。此外，監管機構保留撤銷授予 ETF 的授權或施加其認為合適的條件的權

利，該等授權撤銷將導致繼續經營 ETF 為不合法、不能實行或不明智。

您應注意 ETF 的相關資產可能以 ETF 以外的貨幣計值的匯率風險。匯率變動可為您的投資帶來不利影響。

以期貨為基礎的交易所買賣基金的投資只適合具備可以承擔期貨投資所涉風險的財務狀況的投資者。期貨投資須承受若干主要

風險，包括槓桿、對手方及流動性風險。期貨合约的價格可以高度波動。期貨ETF每單位的資產淨值可能在期貨合約即將到期

下，因向前轉倉的費用而受到不利影響。在無法購買更多期貨合約而需要暫停增設新的 ETF單位下，期貨ETF的成交價與每單

位資產淨值之間可能因而出現差異。

交易所交易票據（ETNs）

交易所交易票據（ETN）是一種由承銷銀行發行的無擔保、非次級債務證券，旨在為投資者提供各個市場基準的回報。ETN 的回報

通常與一個市場基準或策略的表現掛鈎，並扣除適用的費用。與其他債務證券類似，ETN 有到期日，且僅以發行人信用作為支持。

投資者可以透過交易所買賣 ETN 或於預定到期日收取現金付款，或視乎基準指數的表現有機會直接向發行人提早贖回 ETN（須扣

除適用的費用）。然而，投資者於贖回時可能受 ETN 的提早贖回條件限制，例如最少贖回數量。

儘管 ETF 與 ETN 均有追踪基準指數的特性，但 ETN 屬於債務證券，並不實際擁有其追蹤的任何資產，擁有的僅是發行人

向投資者分配理論上存在的基準指數所反映的回報的承諾。

鑒於 ETN 屬無擔保債務工具，若 ETN 發行商發生違約或破產，最大潛在損失可能是投資額的百分之一百及無法獲得任何利

潤。

即使受追踪的相關指數沒有變化，發行人信用評級降級亦會導致 ETN 的價值下跌。因此，買賣 ETN 的投資者直接面臨發行

人的信用風險，且在發行人宣佈破產的情況下僅擁有無擔保的破產索償權。

投資者並無保證將於到期日或發行人提早回購時可收回投資本金或任何投資回報。對於 ETN，正面表現的月份或無法抵銷其

中某些極不利的月度表現。

ETN 對投資組合的多元化程度有限，投資者須受集中於特定指數及指數成份的集中性風險。

ETN 發行人有權隨時按回購價值贖回 ETN。若於任何時候 ETN 的回購價值為零，投資者的投資則變得毫無價值。

本金金額須扣除定期繳納的投資者費用或任何適用的費用，該等費用會對回報產生不利影響。

個別 ETN 可能會採用槓桿，而 ETN 的價值會因應其對於相關資產的槓桿比率而迅速變化。您應注意 ETN 的價值可能會跌

至零，您可能損失所有的投資本金。

ETN 可能流通性不足，投資者並無保證可隨時按其意願，以目標價格買賣。

您應注意 ETN 的相關資產可能以 ETF 以外的貨幣計值的匯率風險。匯率變動可為您的投資帶來不利影響。

單位信託基金

一些單位信託基金可投資於金融衍生工具如期權，期貨，認股權證，掉期，遠期合約，目的在於減低風險或成本，或締造額外的資

本或收益，或提供特定的回報結構，以符合基金的投資目標。投資於金融衍生工具可能涉及額外風險，包括但不限於交易對手違約

風險，槓桿風險，市場風險，流動性風險，這可能導致基金的淨資產值有輕高的波動，及有可能引致基金蒙受嚴重損失。

交易對手信貸風險 - 若衍生工具的另一方（通常稱「交易對手」）未能遵守衍生工具合約條款，有機會使基金承受虧損。

槓桿風險 - 由於許多衍生工具均具有槓桿成分，相關資產水平、利率或指數的價值或水平的平利變動導致的虧損會遠遠大於投

資衍生工具的金額。

市場風險 - 當衍生工具的相關資產價值改變，有關衍生工具的價值將因應相關資產的表現而上升或下跌。

流動性風險 - 倘衍生工具交易規模極大或倘相關市場缺乏流動性，可能無法以有利價格進行交易或平倉。

槓桿及反向產品

槓桿及反向產品是在交易所買賣的衍生產品，雖然採用基金的結構，但有別於傳統的基金，它們並非為持有超過一天的投資而設，

而是為短線買賣或對沖用途而設。

槓桿產品旨在提供相等於相關指數特定倍數的單日回報，例如產品回報是相等於相關指數回報的兩倍。反向產品旨在提供相等於與

相關指數相反的單日回報。如相關指數上升，有關反向產品回報就會下跌；如相關指數下跌，有關反向產品回報就會上升。

槓桿及反向產品並非為持有超過一天的投資而設，因為經過一段時間後，期內有關產品的回報，與相關指數的特定倍數回報（如屬

槓桿產品）或相反回報（如屬反向產品，可能會出現偏離或變得不相關。

槓桿及反向產品是為短線買賣或對沖而設，並非用作長線投資。槓桿及反向產品的對象是經驗豐富並能夠每日時常監察產品表現的

投資者。

在作出投資決定前，您應該先了解有關產品的運作和相關風險。

投資風險：買賣槓桿及反向產品涉及投資風險及並非為所有投資者而設。不保證可取回投資本金。

波動風險：槓桿及反向產品涉及使用槓桿和重新平衡活動，因而其價格可能會比傳統的交易所買賣基金（ETF）更波動。

不同於傳統的 ETF：槓桿及反向產品與傳統的 ETF 不同，具有不同的特性及風險。

長線持有的風險：槓桿及反向產品並非為持有超過重新平衡活動的間距，一般為一天而設。在每日重新平衡及複合效應下，有

關產品超過一天的表現會從幅度或方向上偏離相關指數同期的槓桿或相反表現。在市況波動時有關偏離會更明顯。隨著一段時

間受到每日重新平衡活動、相關指數波動，以及複合效應對每日回報的影響，可能會出現相關指數上升或表現平穩，但槓桿產

品卻錄得虧損。同樣地亦有可能會出現相關指數下跌或表現平穩，但反向產品卻錄得虧損。

重新平衡活動的風險：槓桿及反向產品不保證每天都可以重新平衡其投資組合，以實現其投資目標。市場中斷、規管限制或市

場異常波動可能會對產品的重新平衡活動造成不利影響。

流通風險：為減低追蹤偏離度，槓桿及反向產品一般會在交易日接近完結時才進行重新平衡活動（相關市場收市前的一段短時

間）。頻繁的重新平衡活動可能使有關槓桿及反向產品更受市場波動影響和面對較高的流通風險。

即日投資風險：槓桿及反向產品的槓桿倍數會隨交易日市場走勢而改變，但直至交易日完結都不會重新平衡。因此槓桿及反向

產品於交易日內的回報有可能會多於或少於相關指數的槓桿或相反回報。

重整組合的風險：相對傳統的 ETF，每日重新平衡活動會令槓桿及反向產品的投資交易次數較頻密，因而增加經紀佣金和其他

買賣開支。

關聯風險：費用、開支、交易成本及使用衍生工具的成本，可令有關產品的單日表現，與相關指數的單日槓桿／反向表現的關

聯度下降。

終止運作風險：如所有證券莊家均辭任，槓桿及反向產品必須終止運作。槓桿及反向產品必須在最後一名證券莊家辭任生效時

同時終止運作。

槓桿風險（僅適用於槓桿產品）：在槓桿效應下，當相關指數變動，或者當相關指數的計價貨幣不同於有關槓桿產品的基準貨

幣，而有關貨幣的匯價出現波動時，會令槓桿產品的盈利和虧損倍增。

有別於傳統的回報模式（僅適用於反向產品）：反向產品旨在提供與相關指數相反的單日回報。如果有關指數長時間上升，或

者當相關指數的計價貨幣不同於有關反向產品的基準貨幣，而該計價貨幣的匯價長時間上升時，反向產品可能會損失大部分或

所有價值。

反向產品與沽空（僅適用於反向產品）：投資反向產品並不等同於建立短倉。因為涉及重新平衡活動，反向產品的表現可能會

偏離短倉表現，特別是當市況波動和走勢經常搖擺不定的時候。

信貸或違約風險（僅適用於掉期類別的槓桿及反向產品）︰投資於掉期類別的槓桿及反向產品會面對掉期合約交易對手的信貸

或違約風險。如掉期對手方並未履行其責任，產品可能蒙受重大損失。

期貨合約風險（僅適用於期貨類別的槓桿及反向產品）︰投資於期貨類別的槓桿及反向產品涉及特定風險，例如高波動性、槓

桿作用、轉倉及保證金風險。期貨合約的表現有可能偏離有關槓桿及反向產品的投資目標，帶來風險。

香港上海汇丰银行有限公司

上市衍生产品（包括杠杆及反向产品）（香港及海外市场）的风险说明（个人客户）

确保自己了解上市衍生工具的性质，并应仔细研究相关上市文件中所载的全部资料和风险因素，如有必要，应在投资任何该等产品

之前徵询专业意见。您亦应确保自己完全了解潜在的风险和回报，并根据自己的投资目标丶经验丶财务和经营资源和其他相关情况

独立决定自己是否适合参与该等投资。

上市衍生认股权证

衍生认股权证为给予投资者权利（而不是责任）使投资者在特定日期或之前按预设价格购买或出售相关资产（如股票）的工具。

衍生认股权证并非为银行存款。

衍生认股权证为发行人（而非其他人士）的一般无抵押合约责任。您依赖认股权证发行人的借贷能力。如果发行人破产，

最大潜在损失可能是投资额的百分之一百及无法获得任何利润。此外，衍生认股权证并无赋予您任何权利追讨发行或包含

相关发行认股权证的相关资产的公司，或任何相关资产为指数时的保荐人。

购买衍生认股权证不同於购买相关资产。您将不会拥有投票权丶收取股息或分派的权利，或任何相关资产或相关资产为指

数时所包含的股份项下的其他权利。

衍生认股权证在到期前的任何时间的价值由若干因素所影响，如距离到期日的时间丶与衍生认股权证行使价或行使水平比

较的相关资产价格或水平丶相关资产的价格或水平的波动程度丶市场利率变动幅度丶发行人及担保人的财务及信誉状况。

衍生认股权证的价值或市价，并无保证将会以相关资产的价格或水平的变动方向或程度而相应变动。

您应注意认股权证的升值速度可能与其贬值速度一样快，持有人可能损失其所有投资金额。

假设所有其他因素维持不变，衍生权证愈接近到期日，价值会愈低，并可能在到期日贬值至零价值，投资者不应视认股权

证为长期投资产品。

衍生认股权证可能流通性不足。尽管衍生认股权证拥有流通量提供者，然而不保证投资者可随时按其意愿，以目标价格买

卖。

您应明暸使用衍生认股权证对冲投资相关资产，或对冲投资在相关资产为指数时所包含的股票的有关市场风险的复杂性。

相关资产的发行人或保荐人将不参与衍生认股权证的发售及销售，且就有关衍生认股权证，对投资者概不承担责任。此

外，相关资产的企业行动可能对衍生认股权证的价值及市价构成不利影响。

您也应注意衍生认股权证的相关资产可能以衍生认股权证货币以外的货币计值的汇率风险。汇率变动可为您的投资带来不

利影响。

牛熊证

牛熊证属结构性产品，能追踪相关资产的表现。牛熊证有牛证和熊证之分，设有固定到期日，投资者可以看好或看淡相关资产而选

择买入牛证或熊证。牛熊证的价格变动与相关资产的价格变动相互关连。

牛熊证并非为银行存款。

牛熊证有可以即日「取消」或强制收回的特色。若牛熊证的相关资产值等同上市文件所述的强制收回价／水平，牛熊证即

停止买卖。届时，投资者只能收回已停止买卖的牛熊证由产品发行商按上市文件所述计算出来的剩馀价值。而剩馀价值可

以是零。当牛熊证接近其赎回价时，您应特别审慎。

牛熊证为发行人而非其他人士的一般无抵押合约责任。您依赖牛熊证发行人的借贷能力。如果发行人破产，最大潜在损失

可能是投资额的百分之一百及无法获得任何利润。牛熊证并无赋予您任何权利追讨发行或包含相关发行牛熊证的相关资产

的公司，或任何相关资产为指数时的保荐人。

购买牛熊证不同於购买相关资产。您将不会拥有投票权丶收取股息或分派的权利，或任何相关资产项下的其他权利。

牛熊证在到期前的任何时间的价值由若干因素所影响，如距离到期日的时间丶与可赎回牛熊证行使价或行使水平比较的相

关资产价格或水平丶相关资产的价格或水平的波动程度丶市场利率变动幅度丶发行人及担保人的财务及信誉状况。

牛熊证的价值或市价，并无保证将会以相关资产的价格或水平的变动方向或程度而相应变动。

您应注意牛熊证的升值速度可能与其贬值速度一样快，持有人可能损失其所有投资金额。

假设所有其他因素维持不变，牛熊证的价值将随时间而下跌。如您持有牛熊证至届满，且於观察期间并无发生强制收回事

件，於届满时行使後应付的现金结算金额将视乎相关资产的收市水平高於（就牛证而言）或低於（就熊证而言）行使价或

行使水平的幅度而定。现金结算金额可能远低於您於牛熊证的最初投资，甚至可能为零。

牛熊证的发行价包括融资成本。融资成本会随牛熊证接近到期日而逐渐减少。牛熊证的年期愈长，总融资成本愈高。若牛

熊证被收回，投资者即损失牛熊证整个有效期的融资成本。

牛熊证可能流通性不足。尽管牛熊证拥有流通量提供者，然而不保证投资者可随时按其意愿，以目标价格买卖。

您应明暸使用牛熊证对冲投资相关资产，或对冲投资在相关资产为指数时所包含的股票的有关市场风险的复杂性。相关资

产的发行人或保荐人将不参与牛熊证的发售及销售，且就有关牛熊证，对投资者概不承担责任。此外，相关资产的企业行

动可能对牛熊证的价值及市价构成不利影响。

您也应注意牛熊证的相关资产可能以牛熊证货币以外的货币计值的汇率风险。汇率变动可为您的投资带来不利影响。

交易所买卖基金（「ETFs」）

交易所买卖基金（ETFs）主要为追踪某些指数丶市场领域或资产组别（如股票丶债券或商品）的表现。交易所买卖基金经理可用不

同策略达至目标，但通常也不能在跌市中酌情采取防守策略。投资者必须要有因为相关指数／资产的波动而蒙受损失的准备。

投资者须承受与 ETF 相关指數有关的政治丶经济丶货币及其他风险。

ETF 可能有追踪误差（即 ETF 的表现与相关指数／资产的表现脱节），原因可能是模拟策略失效丶汇率丶收费及支出等

因素。

若 ETF 透过买入衍生工具（即合成 ETF）或利用总回报掉期（ total return swaps）复制相关基准的表现，投资者也要承

担发行有关衍生工具的交易对手本身的信贷风险。这类合成 ETF 或会因交易对手违责或不能履行其合约承诺而蒙受损

失，亏损金额可高达衍生工具的全部价值。

若 ETF 所追踪的指數／市场就投资者的參与设有限制，则为使 ETF 的价格与其资产净值一致的增设或赎回单位机制的

效能可能会受到影响，令 ETF 的价格相对其资产净值出现溢价或折让，ETF 的交易价格可能会高於或低於其资产净值。

投资者若以溢价买入 ETF，或於市价较资产净值折让之时出售 ETF，投资者可能会蒙受损失。

ETF 可能流通性不足。尽管交易所买卖基金多有一个或以上的市场作价者，但若有市场作价者违约或停止履行职责，投资

者可能不能进行买卖。其中，若合成 ETF 涉及的衍生工具没有活跃的第二市场，流动性风险会较高，较大的衍生工具的

买卖差价亦会引致亏损。ETF 即使取得抵押品，也需依靠抵押品提供者履行责任。此外，若申索抵押品的权利一旦行使，

抵押品的市值可以远低於当初所得之数，令交易所买卖基金损失严重。

您应注意 ETF 并无保证可完全反映其基础指数，而 ETF 亦有可能持有非指数资产。ETF 基金经理的策略及执行有关策

略时由於受到若干限制，未必能产生预期回报的风险。经理也拥有绝对酌情权，决定是否行使组成 ETF 的证券的基金单

位持有人权利。

增设及赎回 ETF 一般只能通过參与证券商进行。在（其中包括）相关交易所的买卖受到限制或暂停丶结算系统的证券结算

或交收受到干扰或基础指数不予编制或公布的情况下，参与证券商均无法在此期间增设或赎回 ETF 基金单位。此外，倘

发生其他事件影响交易所买卖基金资产净值的计算，或无法出售交易所买卖基金的相关资产时，参与证券商将不能发行或

赎回 ETF 基金单位。由於参与证券商的数目在任何时间均是有限的，甚或於某一时段可能只有一名参与证券商，投资者

须承受有可能无法随时自由增设或赎回基金单位的风险。

基金单位暂停买卖期间，投资者及潜在投资者均无法在相关交易所购入基金单位，而投资者也无法在相关交易所出售基金

单位。交易所会於其决定基於一个公平有序市场的利益而保障投资者的任何时间暂停基金单位买卖。倘基金单位暂停买

卖，认购及赎回基金单位亦会暂停。

ETF 的相关指数可能出现波动。相关指数的成分及比重或会变动，ETF 的价格或会因有关变动而上升或下跌。投资於

ETF 一般会反映其相关指数成分的不时变动，而未必维持在您投资於该 ETF 时的成分，但这亦不保证某一特定 ETF 将

於任何时间可准确反映有关指数的成分。

指数提供者没有义务在决定丶编制或计算相关基础指數时考虑 ETF 或投资者的需要。指数提供者可随时更改或修改各基

础指数的计算及编制方法及基准，以及任何有关公式丶成分公司及系数的程式，而毋须给予事先通知。因此，无法保证指

数提供者的行动不会损害有关 ETF 丶管理人或投资者的利益。

ETF 的基金经理一般须获各指数提供者授予特许权，可根据有关基础指数增设 ETF。倘有关特许权协议终止，或倘有关

基础指数不再获编制或公布，有关 ETF 亦可能终止。此外，监管机构保留撤销授予 ETF 的授权或施加其认为合适的条

件的权利，该等授权撤销将导致继续经营 ETF 为不合法丶不能实行或不明智。

您应注意 ETF 的相关资产可能以 ETF 以外的货币计值的汇率风险。汇率变动可为您的投资带来不利影响。

交易所交易票据（ETNs）

交易所交易票据（ETN）是一种由承销银行发行的无担保丶非次级债务证券，旨在为投资者提供各个市场基准的回报。ETN 的回报

通常与一个市场基准或策略的表现挂鈎，并扣除适用的费用。与其他债务证券类似，ETN 有到期日，且仅以发行人信用作为支持。

投资者可以透过交易所买卖 ETN 或於预定到期日收取现金付款，或视乎基准指数的表现有机会直接向发行人提早赎回 ETN（须扣

除适用的费用）。然而，投资者於赎回时可能受 ETN 的提早赎回条件限制，例如最少赎回数量。

尽管 ETF 与 ETN 均有追踪基准指数的特性，但 ETN 属於债务证券，并不实际拥有其追踪的任何资产，拥有的仅是发行人

向投资者分配理论上存在的基准指数所反映的回报的承诺。

鉴於 ETN 属无担保债务工具，若 ETN 发行商发生违约或破产，最大潜在损失可能是投资额的百分之一百及无法获得任何利

润。

即使受追踪的相关指数没有变化，发行人信用评级降级亦会导致 ETN 的价值下跌。因此，买卖 ETN 的投资者直接面临发行

人的信用风险，且在发行人宣布破产的情况下仅拥有无担保的破产索偿权。

投资者并无保证将於到期日或发行人提早回购时可收回投资本金或任何投资回报。对於 ETN，正面表现的月份或无法抵销其

中某些极不利的月度表现。

ETN 对投资组合的多元化程度有限，投资者须受集中於特定指数及指数成份的集中性风险。

ETN 发行人有权随时按回购价值赎回 ETN。若於任何时候 ETN 的回购价值为零，投资者的投资则变得毫无价值。

本金金额须扣除定期缴纳的投资者费用或任何适用的费用，该等费用会对回报产生不利影响。

个别 ETN 可能会采用杠杆，而 ETN 的价值会因应其对於相关资产的杠杆比率而迅速变化。您应注意 ETN 的价值可能会跌

至零，您可能损失所有的投资本金。

ETN 可能流通性不足，投资者并无保证可随时按其意愿，以目标价格买卖。

您应注意 ETN 的相关资产可能以 ETF 以外的货币计值的汇率风险。汇率变动可为您的投资带来不利影响。

单位信托基金

一些单位信托基金可投资於金融衍生工具如期权，期货，认股权证，掉期，远期合约，目的在於减低风险或成本，或缔造额外的资

本或收益，或提供特定的回报结构，以符合基金的投资目标。投资於金融衍生工具可能涉及额外风险，包括但不限於交易对手违约

风险，杠杆风险，市场风险，流动性风险，这可能导致基金的净资产值有轻高的波动，及有可能引致基金蒙受严重损失。

交易对手信贷风险 - 若衍生工具的另一方（通常称「交易对手」）未能遵守衍生工具合约条款，有机会使基金承受亏损。

杠杆风险 - 由於许多衍生工具均具有杠杆成分，相关资产水平丶利率或指数的价值或水平的平利变动导致的亏损会远远大於投

资衍生工具的金额。

市场风险 - 当衍生工具的相关资产价值改变，有关衍生工具的价值将因应相关资产的表现而上升或下跌。

流动性风险 - 倘衍生工具交易规模极大或倘相关市场缺乏流动性，可能无法以有利价格进行交易或平仓。

杠杆及反向产品

杠杆及反向产品是在交易所买卖的衍生产品，虽然采用基金的结构，但有别於传统的基金，它们并非为持有超过一天的投资而设，

而是为短线买卖或对冲用途而设。

杠杆产品旨在提供相等於相关指数特定倍数的单日回报，例如产品回报是相等於相关指数回报的两倍。反向产品旨在提供相等於与

相关指数相反的单日回报。如相关指数上升，有关反向产品回报就会下跌；如相关指数下跌，有关反向产品回报就会上升。

杠杆及反向产品并非为持有超过一天的投资而设，因为经过一段时间後，期内有关产品的回报，与相关指数的特定倍数回报（如属

杠杆产品）或相反回报（如属反向产品，可能会出现偏离或变得不相关。

杠杆及反向产品是为短线买卖或对冲而设，并非用作长线投资。杠杆及反向产品的对象是经验丰富并能够每日时常监察产品表现的

投资者。

在作出投资决定前，你应该先了解有关产品的运作和相关风险。

投资风险：买卖杠杆及反向产品涉及投资风险及并非为所有投资者而设。不保证可取回投资本金。

波动风险：杠杆及反向产品涉及使用杠杆和重新平衡活动，因而其价格可能会比传统的交易所买卖基金（ETF）更波动。

不同於传统的 ETF：杠杆及反向产品与传统的 ETF 不同，具有不同的特性及风险。

长线持有的风险：杠杆及反向产品并非为持有超过重新平衡活动的间距，一般为一天而设。在每日重新平衡及复合效应下，有

关产品超过一天的表现会从幅度或方向上偏离相关指数同期的杠杆或相反表现。在市况波动时有关偏离会更明显。随着一段时

间受到每日重新平衡活动丶相关指数波动，以及复合效应对每日回报的影响，可能会出现相关指数上升或表现平稳，但杠杆产

品却录得亏损。同样地亦有可能会出现相关指数下跌或表现平稳，但反向产品却录得亏损。

重新平衡活动的风险：杠杆及反向产品不保证每天都可以重新平衡其投资组合，以实现其投资目标。市场中断丶规管限制或市

场异常波动可能会对产品的重新平衡活动造成不利影响。

流通风险：为减低追踪偏离度，杠杆及反向产品一般会在交易日接近完结时才进行重新平衡活动（相关市场收市前的一段短时

间）。频繁的重新平衡活动可能使有关杠杆及反向产品更受市场波动影响和面对较高的流通风险。

即日投资风险：杠杆及反向产品的杠杆倍数会随交易日市场走势而改变，但直至交易日完结都不会重新平衡。因此杠杆及反向

产品於交易日内的回报有可能会多於或少於相关指数的杠杆或相反回报。

重整组合的风险：相对传统的 ETF，每日重新平衡活动会令杠杆及反向产品的投资交易次数较频密，因而增加经纪佣金和其他

买卖开支。

关联风险：费用丶开支丶交易成本及使用衍生工具的成本，可令有关产品的单日表现，与相关指数的单日杠杆／反向表现的关

联度下降。

终止运作风险：如所有证券庄家均辞任，杠杆及反向产品必须终止运作。杠杆及反向产品必须在最後一名证券庄家辞任生效时

同时终止运作。

杠杆风险（仅适用於杠杆产品）：在杠杆效应下，当相关指数变动，或者当相关指数的计价货币不同於有关杠杆产品的基准货

币，而有关货币的汇价出现波动时，会令杠杆产品的盈利和亏损倍增。

有别於传统的回报模式（仅适用於反向产品）：反向产品旨在提供与相关指数相反的单日回报。如果有关指数长时间上升，或

者当相关指数的计价货币不同於有关反向产品的基准货币，而该计价货币的汇价长时间上升时，反向产品可能会损失大部分或

所有价值。

反向产品与沽空（仅适用於反向产品）：投资反向产品并不等同於建立短仓。因为涉及重新平衡活动，反向产品的表现可能会

偏离短仓表现，特别是当市况波动和走势经常摇摆不定的时候。

信贷或违约风险（仅适用於掉期类别的杠杆及反向产品） ∶投资於掉期类别的杠杆及反向产品会面对掉期合约交易对手的信贷或违约风险。如掉期对手方并未履行其责任，产品可能蒙受重大损失。

期货合约风险（仅适用於期货类别的杠杆及反向产品） ∶投资於期货类别的杠杆及反向产品涉及特定风险，例如高波动性丶杠杆作用丶转仓及保证金风险。期货合约的表现有可能偏离有关杠杆及反向产品的投资目标，带来风险。