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Important Risk Warning
This structured product is a not-collateralised. The standard warrants ('Standard Warrants'), inline warrants (‘Inline Warrants’) and/or callable bull/bear contracts ('CBBCs') are non-collateralised structured products involving derivatives (‘Structured Products’) and are complex products. Investors should exercise caution in relation to them. Do not invest in them unless you fully understand and are willing to assume the risks associated with them. The price of the Structured Products may fall in value as rapidly as it may rise and investors may sustain a total or substantial loss of their investment. Prospective investors should ensure that they understand the nature and risks and seek professional advice where applicable.
Trading structured products with United States (US) underlying index may be exposed to additional risks, including:
(i)Risks relating to difference in trading days and hours
The US underlying index level is calculated and published during the trading hours of the respective index exchange. The US index futures contracts are traded on the respective index futures exchange. The trading days and hours of the index exchange and the index futures exchange (based on Hong Kong time) are different from that of the Stock Exchange of Hong Kong. In assessing the price of the structured products, you should be aware of the differences in the time zone and the actual trading days and hours of the relevant exchanges in Hong Kong and the United States. For example, the underlying index level may be volatile during a period which the Stock Exchange of Hong Kong is not open for trading of the structured products.
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(vi)Publication of US index level when component shares are not trading
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1. 牛熊證基本介紹
牛熊證基本介紹
牛熊證為一種金融衍生工具,因其結構簡單、交易靈活以及具槓桿特性,吸引了眾多投資者買賣。無論是升市還是跌市,或是不同波幅的市況,牛熊證都能發揮它的功用,讓投資者在波幅較低時,可以槓桿方式投資;就算市場波幅突然大增,或是投資者看錯市時,亦不致於因看錯市而要額外補倉。
買賣牛熊證只需一個股票戶口,不需要支付印花稅,交易成本較低,且可以在二級市場上隨時買賣,為投資者提供了更大的操作空間。然而,對於初次接觸牛熊證的投資者來說,了解其定義、運作原理以及在不同市場情況下的操作方式,是日後有效利用牛熊證作投資的基礎。本文將全面介紹牛熊證的基本概念,並探討其在不同市況中的運作機制。
牛熊證定義
● 槓桿投資與對沖工具:投資者可以較低的資金參與市場升跌或作為對沖工具。
● 雙向部署: 牛熊證分為牛證和熊證兩種,分別適用於看好和看淡市場的情況。
牛證:適合於投資者預期相關資產價格上升
熊證:適合於投資者預期相關資產價格下跌
● 多元資產覆蓋:牛熊證的相關資產可以是股票、指數等,投資者可以根據自己的市場看法選擇相應的產品。香港市場最活躍的牛熊證相關資產為恒生指數,另外發行商每季亦可就29隻獲批發行牛熊證的正股發行產品,而香港交易所亦會按季更新可發行相關正股牛熊證的名單。
牛熊證運作原理
(一)產品結構:
牛熊證產品與孖展概念類似,但沒有補倉風險,投資者在付出持有(牛證)或沽出(熊證)相關資產的一部份資金後(現在價與產品行使價之內在價值),即可以獲得等同於相關資產的價格變動的槓桿收益。而投資者向發行商付出的費用,則為財務費用(利息、對沖成本及發行商利潤)
定點槓桿:當相關資產價格變動時,牛熊證的價格會以更大的幅度變動。例如,假設某隻牛證的槓桿倍數為10倍,當相關資產價格上漲1%時,該牛證的價格將上漲約10%。同樣,當相關資產價格下跌1%時,該牛證的價格也將下跌約10%。
動態槓桿:由於牛熊證沒有補倉機制,這令牛熊證在下跌時,因為其面值更低,而令投資者獲得更高的槓桿比率,價格升跌的幅度會更大,投資者因而有需要在看錯市況時考慮換馬。
(二)收回機制
牛熊證的運作方式還涉及一個關鍵概念—收回機制。由於發行商等同為牛熊證投資者提供成數極高的孖展服務,在風險管控下,每隻牛熊證都設有一個收回價。
牛證: 當相關資產價格觸及或低於收回價時,牛證將被強制收回,並停止交易,而發行商將會在市場就所持相關資產平倉並進行結算。
熊證: 當相關資產價格觸及或超過收回價時,熊證將被強制收回,並停止交易,而發行商將會在市場就所持相關資產平倉並進行結算。
所有未被收回的牛熊證,其收回價皆低於(牛證)或高於(熊證)相關資產的現價;一旦相關資產的交易價格觸及收回價,觸發收回機制,產品將即時停止在市場內交易,並可能面臨部分或全部損失,最終損失視乎產品的結算價而定,而結算價則是計算相關資產在收回事件發生後的兩個交易時段內的最差價格而行使價之間的差距。
最壞情況下,倘結算價低於(牛證)/高於(熊證)牛熊證的行使價,投資者最大損失是最初投資的本金,但毋須因看錯市,或市場出現大型裂口時作額外補倉。
實際例子
牛證:
當相關資產價格上升時,投資者可用牛證,以較低的資金成本參與升市。牛證的槓桿效應,使投資者僅需動用較少本金,即可參與市場的走勢,獲得與原本全額投資的相約回報。例如,假設槓桿倍數為5倍,即投資者只需動用約 1/5 的本金,即可參與市場的走勢,可因而減少注碼,套取現金作其他用途。
然而,投資者需要注意市場的短期波動可能導致牛證價格的劇烈變化。例如,若市況回調2%,牛證價格則理論上可能下跌約10%。如其後相關資產價續跌,由於產品價格下跌令其槓桿比率更高,跌幅或更大。此外,若相關資產價格觸及牛證的收回價,會觸發收回機制。牛證將被強制收回後,投資者的損失可能是所投入的全部本金,但好處是不需要補倉。換個角度看,牛熊證的收回價,相當於一個「止損位」。
熊證:
在跌市中,熊證讓投資者可參與捕捉市場下跌的機會,從相關資產價格的下跌中獲利。例如,假設某隻熊證的槓桿倍數為10倍,當相關資產價格下跌1.5%時,該熊證的價格理論上漲約15%。這種反向槓桿效應,亦使熊證成為跌市中對沖持倉風險的有效工具。然而,當相關資產價格不跌反升,而觸及收回價,熊證同樣面臨收回機制的風險。不論是買入牛證或熊證,投資者需要謹慎選擇最合自己風險胃納的收回價與相關資產現價之間的距離,因為愈接近收回價,槓桿愈高,愈遠離收回價,槓桿愈低,並根據市場情況靈活調整投資策略。
牛熊證的價格透明度較高,投資者可以通過發行商網站嚴選全市場內較合適產品,並以模擬計算機等了解牛熊證的價格變化,做出更明智的投資決策。
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本頁Q&A
1 什麽是牛熊證?
牛熊證是一種槓桿式投資工具,讓投資者以較低的資金成本部署市場升跌或作對沖。
2 牛證和熊證有什麼分別?
當相關資產價格上升,牛證價格上升,反之下跌;當相關資產價格下跌;熊證價格上升,反之下跌
3 牛熊證的價格如何隨市場變動?
牛熊證價格變動與相關資產價格變動呈接近線性關係,並具有槓桿效應,令價格以更大幅度變動。
4 什麼是牛熊證的收回機制?
收回機制是指每隻牛熊證設有收回價;當相關資產價格觸及或低於(超過)收回價時,牛(熊)證會被強制收回並停止交易。
5. 若牛熊證被強制收回,投資者需要補倉嗎?
不需要補倉。一旦觸發收回機制,投資者可能面臨部分或全部損失,但最大損失僅限於全部本金。
6. 牛熊證的槓桿效應如何運作?
投資者買入牛熊證類似造孖展,投放部份資金作為產品之內在價值後,牛熊證的槓桿效應令牛熊證價格在相關資產變動時,以更大幅度變動;例如槓桿10倍時,相關資產上漲1%牛證價格約上漲10%,下跌1%則約下跌10%。
7. 投資牛熊證的主要風險是什麼?
主要風險包括:價格因槓桿而劇烈變化,當觸發收回機制後被強制收回並停止交易,最終可能面臨部分或全部損失(最大損失為全部本金)。
8. 牛熊證的相關資產包括哪些?
牛熊證的相關資產可以是股票、指數等,投資者可根據自己的市場看法選擇相應產品。現時香港最活躍的牛熊證產品之相關資產為恒生指數。
9.購買牛熊證有何好處?
在市場上升時,買牛證可用較低資金成本參與上漲;槓桿效應令投資者可用較少本金(例:槓桿5倍時約動用1/5本金),並具「入場費較正股低,但回報以價值計算相類似」的特性;而在市場下跌時,買熊證可用捕捉市場下跌中獲利或用以對沖投資持倉。
Check point:
以下哪一項是牛熊證的主要特點?