This article available in Chinese version only

納指100權證備受關注 投資需注意風險

2020-11-30

隔晚美股道指由三萬點關口回吐,惟科技股重新獲得關注,納指100上攻12,000點大關,貼近月初美國總統大選投票後的水平,其認購證錄得連續三日有資金流入。與其他窩輪產品一樣,美股指數權證也設有行使價,於到期結算時,除了時間值變為零外,所有屬於價外的窩輪之內在值均為零,投資者將損失全部本金,但卻不會被追收保證金。

 

須注意的是,即使於到期日時產品已由價外變成價內,仍需考慮時間值損耗因素。一般而言,未到期之前窩輪都存有時間值,但會隨著年月的過去而遞減,愈接近到期日,其損耗將會加快。換言之,假設其他因素不變,投資者如要獲得實際利潤,窩輪的內在值升幅要大於時間值損耗。 由此可見,窩輪並非四季皆宜的產品,投資者必須捕捉到相關資產的大走勢才可穩握勝算。

另外,由於相關產品以港元結算,計算美股指數權證結算值時需將美元轉換成港元。例如納指100認購證10162,其行使價是11,988點,每手10,000股及換股比率為40,000:1為例,假設納指100 結算水平為15,000點,美元兌港元匯率為7.75,其計算的結算金額是[ (15,000-11,988)X10,000]/40,000=753美元,按7.75轉換為港元,結算值將會是5,835.75港元(當中未計及佣金及其他交易費用)。

 

更新日期及時間: 2020年11月26日  上午10:45

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本結構性產品並無抵押品,如發行人無力償債或違約,投資者可能無法收回部份或全部應收款項。

本文由香港上海匯豐銀行有限公司(「本行」或「發行商」)發行(包括任何參考條款),僅供參考之用,並不構成邀約、游說、或建議出售或購買結構性產品。

結構性產品屬複雜產品,投資者務須就此審慎行事,除非投資者完全了解及願意承擔所涉風險,否則切勿投資此產品。結構性產品價格可急升可急跌,投資者或會損失所有或大部分投資。過往表現並不反映將來表現。投資前應了解結構性產品之性質及風險,並詳閱有關上市文件,獨立決定是否適合自己,若需要應諮詢專業建議。本行及其委任之流通量提供者可能是結構性產品的唯一市場參與者,而結構性產品的二級市場可能有限。謹請注意,牛熊證設有強制收回機制,因此有可能提早終止,在此情況下(i)N類牛熊證投資者會損失於牛熊證的全部投資;而(ii)R類牛熊證之剩餘價值則可能為零。界內證在市場是全新的結構性產品,現時在香港交易所並無類似上市產品可作比較。界內證具備有別於標準的特徵,其條款及定價或較其他標準權證複雜,其最大潛在回報為固定及設有上限。界內證價格變動可能與其掛鈎資產的價格變動不成比例或呈相反方向。

作者為金管局及證監會持牌人士,並無就結構性產品或相關資產持有任何直接或間接權益。
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