RISK DISCLOSURE STATEMENT
风险披露声明
Part A - SECURITIES TRADING ACCOUNT
第一部份 - 证券交易帐户
Global Mastermind Securities Limited (“GMSL”) carries on securities trading business and is licensed to carry on Type 1 and Type 4 regulated activity (dealing in securities and advising on securities) under the Securities and Futures Ordinance (CE No. BIO067), and is an exchange participant of The Stock Exchange of Hong Kong Limited (Exchange Participant ID 2087).
环球大通证券有限公司(“环球大通证券”)经营证券交易的业务，并根据证券及期货条例获发牌经营第1类及第4类受规管活动(证券交易及就证券提供意见)(中央编号:BIO067)，且为香港联合交易所有限公司之交易所参与者(联交所参与者代号2087)。
The following risk disclosure statement is provided pursuant to the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission and Hong Kong Exchange. This brief statement cannot disclose all of the risks and other significant aspects of trading securities. In light of the risks, you should undertake such transactions only if you understand the nature of the investment (and any contractual relationships) that you are entering into and the extent of your exposure to risk.
以下的风险披露声明是根据《证券及期货事务监察委员会持牌人或注册人操守准则》及香港交易所的要求予以提供。本声明书只扼要叙述买卖股票的风险，并不尽录与此相关的所有风险和其他重要事项。阁下在进行交易前，必须先了解投资性质 (及任何合约关系) 以及其中所涉及风险:
1. RISK OF SECURITIES TRADING 证券交易的风险
The prices of securities fluctuate, sometimes dramatically. The price of a security may move up or down, and may become valueless. It is as likely that losses will be incurred rather than profit made as a result of buying and selling securities.
证券价格有时可能会非常波动。证券价格可升可跌，甚至变成亳无价值。买卖证券未必一定能够赚取利润，反而可能会招致损失。
2. RISK OF TRADING GROWTH ENTERPRISE MARKET STOCKS 买卖创业板股份的风险
Growth Enterprise Market (GEM) stocks involve a high investment risk. In particular, companies may list on GEM with neither a track record of profitability nor any obligation to forecast future profitability. GEM stocks may be very volatile and illiquid.
创业板股份涉及很高的投资风险。尤其是该等公司可在无需具备盈利往绩及无需预测未来盈利的情况下在创业板上市。创业板股份可能非常波动及流通性很低。
You should make the decision to invest only after due and careful consideration. The greater risk profile and other characteristics of GEM mean that it is a market more suited to professional and other sophisticated investors.
你只应在审慎及仔细考虑后，才作出有关的投资决定。创业板市场的较高风险性质及其他特点，意味着这个市场较适合专业及其他熟悉投资技巧的投资者。
Current information on GEM stocks may only be found on the internet website operated by The Stock Exchange of Hong Kong Limited. GEM companies are usually not required to issue paid announcements in gazetted newspapers.
现时有关创业板股份的资料只可以在香港联合交易所有限公司所操作的互联网站上找到。创业板上市公司一般无须在宪报指定的报章刊登付费公告。
You should seek independent professional advice if you are uncertain of or have not understood any aspect of this risk disclosure statement or the nature and risks involved in trading of GEM stocks.
假如你对本风险披露声明书的内容或创业板市场的性质及在创业板买卖的股份所涉风险有不明白之处，应寻求独立的专业意见。
3. RISK OF CLIENT ASSETS RECEIVED OR HELD OUTSIDE HONG KONG 在香港以外地方收取或持有的客户资产的风险
Client assets received or held by Global Mastermind Securities Limited outside Hong Kong are subject to the applicable laws and regulations of the relevant overseas jurisdiction which may be different from the Securities and Futures Ordinance (Cap. 571) and the rules made thereunder. Consequently, such client assets may not enjoy the same protection as that conferred on client assets received or held in Hong Kong.
环球大通证券有限公司在香港以外地方收取或持有的客户资产，是受到有关海外司法管辖区的适用法律及规例所监管的。这些法律及规例与《证券及期货条例》(香港法例第 571 章)及根据该条例制订的规则可能有所不同。因此，有关客户资产将可能不会享有赋予在香港收取或持有的客户资产的相同保障。
4. RISK OF TRADING NASDAQ-AMEX SECURITIES AT THE STOCK EXCHANGE OF HONG KONG LIMITED
在香港联合交易所有限公司买卖纳斯达克–美国证券交易所证券的风险
The securities under the Nasdaq-Amex Pilot Program (“PP”) are aimed at sophisticated investors. You should consult a licensed or registered person and become familiarized with the PP before trading in the PP securities. You should be aware that the PP securities are not regulated as a primary or secondary listing on the Main Board or the Growth Enterprise Market of the Stock Exchange of Hong Kong Limited.
按照纳斯达克–美国证券交易所试验计划(「试验计划」)挂牌买卖的证券是为熟悉投资技巧的投资者而设的。你在买卖该项试验计划的证券之前，应先咨询持牌人或注册人的意见和熟悉该项试验计划。你应知悉，按照该项试验计划挂牌买卖的证券并非以香港联合交易所有限公司的主板或创业板作第一或第二上市的证券类别加以监管。
5. RISK OF MARGIN TRADING 保证金买卖的风险
The risk of loss in financing a transaction by deposit of collateral is significant. You may sustain losses in excess of your cash and any other assets deposited as collateral with Global Mastermind Securities Limited. Market conditions may make it impossible to execute contingent orders, such as “stop-loss” or “stop-limit” orders. You may be called upon at short notice to make additional margin deposits or interest payments. If the required margin deposits or interest payments are not made within the prescribed time, your collateral may be liquidated without your consent. Moreover, you will remain liable for any resulting deficit in your account and interest charged on your account. You should therefore carefully consider whether such a financing arrangement is suitable in light of your own financial position and investment objectives.
借存放抵押品而为交易取得融资的亏损风险可能极大。你所蒙受的亏蚀可能会超过你存放于环球大通证券有限公司作为抵押品的现金及任何其他资产。市场情况可能使备用交易指示，例如「止蚀」或「限价」指示无法执行。你可能会在短时间内被要求存入额外的保证金款额或缴付利息。假如你未能在指定的时间内支付所需的保证金款额或利息，你的抵押品可能会在未经你的同意下被出售。此外，你将要为你的帐户内因此而出现的任何结欠数额及需缴付的利息负责。因此，你应根据本身的财政状况及投资目标，仔细考虑这种融资安排是否适合你。
6. RISK OF PROVIDING AN AUTHORITY TO REPLEDGE YOUR SECURITIES COLLATERAL ETC.
提供将你的证券抵押品等再质押的授权书的风险
There is risk if you provide Global Mastermind Securities Limited with an authority that allows it to apply your securities or securities collateral pursuant to a securities borrowing and lending agreement, repledge your securities collateral for financial accommodation or deposit your securities collateral as collateral for the discharge and satisfaction of its settlement obligations and liabilities.
向环球大通证券有限公司提供授权书，容许其按照某份证券借贷协议书使用你的证券或证券抵押品，将你的证券抵押品再质押以取得财务通融，或将你的证券抵押品存放为用以履行及清偿其交收责任及债务的抵押品，存在一定风险。
If your securities or securities collateral are received or held by Global Mastermind Securities Limited in Hong Kong, the above arrangement is allowed only if you consent in writing. Moreover, unless you are a professional investor, your authority must specify the period for which it is current and be limited to not more than 12 months. If you are a professional investor, these restrictions do not apply.
假如你的证券或证券抵押品是由环球大通证券有限公司在香港收取或持有的，则上述安排仅限于你已就此给予书面同意的情况下方行有效。此外，除非你是专业投资者，你的授权书必须指明有效期，而该段有效期不得超逾 12 个月。若你是专业投资者，则有关限制并不适用。
Additionally, your authority may be deemed to be renewed (i.e. without your written consent) if Global Mastermind Securities Limited issues you a reminder at least 14 days prior to the expiry of the authority, and you do not object to such deemed renewal before the expiry date of your then existing authority.
此外，假如环球大通证券有限公司在有关授权的期限届满前最少14 日向你发出有关授权将被视为已续期的提示，而你对于在现有授权的期限届满前以此方式将该授权延续不表示反对，则你的授权将会在没有你的书面同意下被视为已续期。
You are not required by any law to sign these authorities. But an authority may be required by Global Mastermind Securities Limited, for example, to facilitate margin lending to you or to allow your securities or securities collateral to be lent to or deposited as collateral with third parties. Global Mastermind Securities Limited should explain to you the purposes for which one of these authorities is to be used.
现时并无任何法例规定你必须签署这些授权书。然而，环球大通证券有限公司可能需要授权书，以便例如向你提供保证金贷款或获准将你的证券或证券抵押品借出予第三方或作为抵押品存放于第三方。环球大通证券有限公司应向你阐释将为何种目的而使用授权书。
If you sign one of these authorities and your securities or securities collateral are lent to or deposited with third parties, those third parties will have a lien or charge on your securities or securities collateral. Although Global Mastermind Securities Limited is responsible to you for securities or securities collateral lent or deposited under your authority, a default by it could result in the loss of your securities or securities collateral.
倘若你签署授权书，而你的证券或证券抵押品已借出予或存放于第三方，该等第三方将对你的证券或证券抵押品具有留置权或作出押记。虽然环球大通证券有限公司根据你的授权书而借出或存放属于你的证券或证券抵押品须对你负责，但其违责行为可能会导致你损失你的证券或证券抵押品。
A cash account not involving securities borrowing and lending is available from Global Mastermind Securities Limited. If you do not require margin facilities or do not wish your securities or securities collateral to be lent or pledged, do not sign the above authorities and ask to open this type of cash account.
环球大通证券有限公司有提供不涉及证券借贷的现金帐户。假如你无需使用保证金贷款，或不希望本身证券或证券抵押品被借出或遭抵押，则切勿签署上述的授权书，并应要求开立该等现金帐户。
7. ADDITIONAL TRADING RISKS 其他交易风险
A. Deposited cash and property 存放的现金及财产
You should familiarize yourself with the protections given to money or other property you deposit for domestic and foreign transactions, particularly in the event of a firm insolvency or bankruptcy. The extent to which you may recover your money or property may be governed by specific legislation or local rules. In some jurisdictions, property which had been specifically identifiable as your own will be pro-rated in the same manner as cash for purposes of distribution in the event of a shortfall.
如果你为在本地或海外进行的交易存放款项或其他财产，你应了解清楚该等款项或财产会获得哪些保障，特别是在有关商号破产或无力偿债时的保障。至于能追讨多少款项或财产一事，可能须受限于具体法例规定或当地的规则。在某些司法管辖区，收回的款项或财产如有不足之数，则可认定属于你的财务将会如现金般按比例分配予你。
B. Commission and other chares 佣金及其他收费
Before you begin to trade, you should obtain a clear explanation of all commission, fees and other charges for which you will be liable. These charges will affect your net profit (if any) or increase your loss.
在开始交易之前，你先要清楚了解你必须缴付的所有佣金、费用或其他收费。这些费用将直接影响你可获得的净利润(如有)或增加你的亏损。
C. Transactions in other jurisdictions 在其他司法管辖区进行交易
Transactions on markets in other jurisdictions, including markets formally linked to a domestic market, may expose you to additional risk. Such markets may be subject to regulation which may offer different or diminished investor protection. Before you trade, you should enquiry about any rules relevant to your particular transactions. Your local regulatory authority will be unable to compel the enforcement of the rules of regulatory authorities or markets in other jurisdictions where your transactions have been effected. You should ask the firm with which you deal for details about the types of redress available in both your home jurisdiction and other relevant jurisdictions before you start to trade.
在其他司法管辖区的市场(包括与本地市场有正式连系的市场)进行交易，或会涉及额外的风险。根据这些市场的规例，投资者享有的保障程度可能有所不同，甚或有所下降。在进行交易前，你应先行查明有关你将进行的该项交易的所有规则。你本身所在地的监管机构，将不能迫使你已执行的交易所在地的所属司法管辖区的监管机构或市场执行有关的规则。有鉴于此，在进行交易之前，你应先有关商号查询你本身地区所属的司法管辖区及其他有关司法管辖区可提供哪种补救措施及有关详情。
D. Currency risks 货币风险
The profit or loss in transactions in foreign currency-denominated contracts (whether they are traded in your own or another jurisdiction) will be affected by fluctuations in currency rates where there is a need to convert from the currency denomination of the contracts to another currency.
以外币计算的合约买卖所带来的利润或招致的亏损(不论交易是否在你本身所在的司法管辖区或其他地区进行)，均会在需要将资产的货币单位兑换成另一种货币时受到汇率波动的影响。
E. Trading facilities 交易设施
Electronic trading facilities are supported by computer-based component systems for the order-routing, execution, matching, registration or clearing of trades. As with all facilities and systems, they are vulnerable to temporary disruption or failure. Your ability to recover certain losses may be subject to limits on liability imposed by the system provider, the market, the clearing house and/or participant firms. Such limits may vary: you should ask Global Mastermind Securities Limited for details in this respect.
电子交易的设施是以电脑组成系统来进行交易指示传递、执行、配对、登记或交易结算。然而，所有设施及系统均有可能会暂时中断或失灵，而阁下就此所能获得的赔偿或会受制于系统供应商、市场、结算公司及/或参与者商号就其所承担的责任所施加的限制。由于这此责任限制可以各有不同，阁下应向环球大通证券有限公司查询这方面的详情。
F. Electronic trading 电子交易
Trading on an electronic trading system may differ from trading on other electronic trading systems. If you undertake transactions on an electronic trading system, you will be exposed to risks associated with the system including the failure of hardware and software. The result of any system failure may be that your order is either not executed according to your instructions or is not executed at all.
透过一个电子交易系统进行买卖可能会与透过其他电子交易系统进行买卖有所不同。如你透过某个电子交易系统进行买卖，你须承受该系统带来的风险，包括有关硬件或软件可能会失灵的风险。系统失灵可能会导致你的交易指示不能根据指示执行，甚或完全不获执行。
Communications or instructions sent over the internet may be delayed due to internet traffic congestion, systems upgrades or maintenance or for other reasons, and orders of investors may not necessarily be executed at the price indicated on the Internet. Further, communications over the internet may also be subject to transmission blackout, interruption, interception, or incorrect data transmission due to the public nature of the internet or other reasons that are beyond Global Mastermind Securities Limited’s control. Messages sent over the internet cannot be guaranteed to be completely secure. You should be aware of the risk of any delay, loss, diversion, alteration, corruption or virus infection of any messages/instructions either sent to or received from Global Mastermind Securities Limited.
因网络挤塞、系统提升、维修或其他原因可引致通过互联网传送的讯息或指示有所延误，而投资者的指示亦可能不能以互联网上列出的价位执行。此外，由于互联网的公众性质或其他环球大通证券有限公司不能控制的理由，互联网上的通讯可能暂时中断、传递终止或被截取，或引致资料传送有失误。透过互联网发出的讯息无法保证完全安全。你应注意，任何经由环球大通证券有限公司系统发出或接收的讯息/指示均可能出现被延误、遗失、转换、更改、讹用或被病毒感染的风险。
G. Risk of e-statement service 电子结算单的风险
Access to the internet or other electronic medium may be limited or unavailable during periods of peak demand, market volatility, systems upgrades or maintenance or for other reasons. Any communication through the internet or other electronic medium may be subject to interruption, transmission blackout, and delayed transmission due to unpredictable traffic congestion and other reasons beyond Global Mastermind Securities Limited’s control. The internet is, due to technical limitations, an inherently unreliable medium of communication. As a result of such unreliability, there may be delays in the transmission and receipt of information. The statements may not be sent to the designated email address at all. Moreover, communications and personal data may be accessed by unauthorized third parties, and there are risks of misunderstanding or error in any communication.
互联网及其他电子媒介的接达可能因为高峰期、市场波动、系统升级或维修或因其他原因而受到限制或未能提供。透过互联网及其他电子媒介进行的任何通信可能会受到干扰、出现传输中断，及由于未能预测的互联网通信量或因其他不受环球大通证券有限公司控制的原因而导致传输延误。基于技术所限，互联网本身为不可靠的通信媒介。因此，可能会出现资讯传输及接收之延误，以及结算单未必能传送到你指定的电邮帐号。此外，未经授权第三方可能获得通讯及个人资料，及存在误解通信或通信错误之风险。
H. Off-exchange transactions 場外交易
In some jurisdictions, and only then in restricted circumstances, firms are permitted to effect off-exchange transactions. The firm with which you deal may be acting as your counterparty to the transaction. It may be difficult or impossible to liquidate an existing position, to assess the value, to determine a fair price or to assess the exposure to risk. For these reasons, these transactions may involve increased risks. Off-exchange transactions may be less regulated or subject to a separate regulatory regime. Before you undertake such transactions, you should familiarize yourself with applicable rules and attendant risks.
在某些司法管辖区及只有在特定情况之下，有关商号获准进行场外交易。为你进行交易的商号可能是你所进行的买卖的交易对手方。在这种情况下，有可能难以或什至无法平掉既有仓盘、评估价值、厘定公平价格又或评估风险。因此，这些交易或会涉及更大的风险。此外，场外交易的监管或会比较宽松，又或需遵照不同的监管制度; 因此，你在进行该等交易前应先了解适用的规则和有关的风险。
Part B - ADDITIONAL RISKS FOR STOCK OPTIONS TRADING
第二部份 - 股票期权交易额外风险
The following risk disclosure statement are provided pursuant to the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission. This brief statement cannot disclose all of the risks and other significant aspects of stock options trading. In light of the risks, you should undertake such transactions only if you understand the nature of the investment (and any contractual relationships) that you are entering into and the extent of your exposure to risk.
以下的风险披露声明是根据《证券及期货事务监察委员会持牌人或注册人操守准则》的要求予以提供。本声明书只扼要叙述买卖股票期权的风险，并不尽录与此相关的所有风险和其他重要事项。阁下在进行交易前，必须先了解投资性质(及任何合约关系)以及其中所涉及风险:
1. RISK OF OPTION TRADING 期权买卖的风险
The risk of loss in trading options is substantial. In some circumstances, you may sustain losses in excess of your initial margin funds. Placing contingent orders, such as “stop-loss” or “stop-limit” orders, will not necessarily avoid loss. Market conditions may make it impossible to execute such orders. You may be called upon at short notice to deposit additional margin funds. If the required funds are not provided within the prescribed time, your position may be liquidated. You will remain liable for any resulting deficit in your account. You should therefore study and understand options before you trade and carefully consider whether such trading is suitable in the light of your own financial position and investment objectives. You should also inform yourself of exercise and expiration procedures and your rights and obligations upon exercise or expiry.
买卖期权的亏蚀风险可以极大。在若干情况下，你所蒙受的亏蚀可能会超过最初存入的保证金数额。即使你设定了备用指示，例如 “止蚀”或 “限价”等指示，亦未必能够避免损失。市场情况可能使该等指示无法执行。你可能会在短时间内被要求存入额外的保证金。假如未能在指定的时间内提供所需数额，你的未平仓合约可能会被平仓。然而，你仍然要对你的帐户内任何因此而出现的短欠数额负责。因此，你在买卖前应研究及理解期权，以及根据本身的财政状况及投资目标，仔细考虑这种交易是否适合你。你应熟悉行使期权及期权到期时的程序，以及你在行使期权及期权到期时的权利与责任。
This statement does not disclose all of the risks and other significant aspects of trading in options. In light of the risks, you should undertake such transactions only if you understand the nature of the contracts (and contractual relationship) into which you are entering and the extent of your exposure to risk. Trading in options is not suitable for many members of the public. You should carefully consider whether trading is appropriate for you in light of your experience, objectives, financial resources and other relevant circumstances.
本声明书只扼要叙述买卖期权的风险，并不尽录与此相关的所有风险和其他重要事项。就风险而言，阁下在进行任何上述交易前，应先了解将订立的合约的性质(及有关的合约关系)和阁下就此须承担的风险程度。期权买卖并非适合每一位投资者，阁下应就本身的投资经验、投资目标、财政资源及其他相关条件，小心衡量自己是否适合参与该等买卖。
2. VARIABLE DEGREE OF RISK 不同风险程度
Transactions in options carry a high degree of risk. Purchasers and sellers of options should familiarize themselves with the type of options (i.e. put or call) which they contemplate trading and the associated risks. You should calculate the extent to which the value of the options must increase for your position to become profitable, taking into account the premium and all transaction costs.
买卖期权的风险非常高。投资者不论是购入或沽出期权，均应先解他们打算买卖的期权类别(即认沽期权或认购期权)以及相关的风险。阁下应连同期权金及所有交易成本，计算出期权价值必须增加多少才能获利。
The purchaser of options may offset or exercise the options or allow the options to expire. The exercise of an option results either in a cash settlement or in the purchaser acquiring or delivering the underlying interest. If the options is on futures, the purchaser will acquire a futures position with associated liabilities for margin. If the purchased options expire worthless, you will suffer a total loss of your investment which will consist of the options premium plus transaction costs. If you are contemplating purchasing deep-out-of-the-money options, you should be aware that the chance of such options becoming profitable ordinarily is remote.
购入期权的投资者可选择沽出作平仓或行使期权又或任由期权到期作废。如期权持有人选择行使期权，就必须进行现金交收又或是购入或交出相关的资产。若购入的是期货产品的期权，期权持有人将获得期货仓位，并附带相关的按金责任。如所购入的期权在到期时已没有价值，阁下需承受投资上的损失，包括所有期权金和交易费用。假如阁下拟购入极价外期权，必须注意这类期权要变成有获利的机会极微。
Selling ('writing' or 'granting') options generally entail considerably greater risk than purchasing options. Although the premium received by the seller is fixed, the seller may sustain a loss well in excess of that amount. The seller will be liable for additional margin to maintain the position if the market moves unfavorably against him. The seller will also be exposed to the risk of the purchaser exercising the options and the seller will be obligated to either settle the options in cash or to acquire or deliver the underlying interest. If the options is on futures, the seller will acquire a position in futures with associated liabilities for margin (see the section on Futures above). If the options is 'covered' by the seller holding a corresponding position in the underlying interest or a futures or another options, the risk may be reduced. If the options is not covered, the risk of loss can be unlimited.
出售(「沽出」或「卖出」)期权承受的风险要比买入期权高得多。虽然卖方能收到定额期权金，但所承受的损失可能比这还高。倘若市况不利期权卖出者时，他必须投入额外按金补仓。此外，期权卖出者还需承担买方行使期权时的风险，就是在买方行使时以现金结算又或履行买入或交出相关资产的责任。若卖出的是期货产品的期权，则期权卖出者将获得期货仓位并附带按金责任(见上文「期货」一节)。若期权卖方持有相应数量的相关资产又或期货或其他期权作「备兑」，则所承受的风险或会减少。若期权并没有被「备兑」，则亏损风险可以是无限大。
Certain exchanges in some jurisdictions permit deferred payment of the option premium, exposing the purchaser to liability for margin payments not exceeding the amount of the premium. The purchaser is still subject to the risk of losing the premium and transaction costs. When the option is exercised or expires, the purchaser is responsible for any unpaid premium outstanding at that time.
某些司法管辖区的交易所允许买方延迟支付期权金，令买方支付保证金费用的责任不超过期权金。尽管如此，买方最终仍须承受损失期权金及交易费用的风险。在期权被行使又或到期时，买方有需要支付当时余下尚未缴付的期权金。
3. RISKS FOR OPTION HOLDERS 期权持有人的风险
Some options may only be exercised on an expiry day (European-style exercise) and other options may be exercised at any time before expiration (American-style exercise). You understand that upon exercise some options require delivery and receipt of the underlying securities and that other options require a cash payment.
有些期权在到期日方可行使(欧式期权的行使)，其他期权可于到期的任何时间行使(美式期权的行使)。你明白有些期权在行使时须以正股交收，而其他期权在行使时则须以现金收付。
An option is a wasting asset and there is a possibility that as an option holder you may suffer the loss of the total premium paid for the option. As an option holder, in order to realize a profit it will be necessary to either exercise the option or close the long option position in the market. Under some circumstances it may be difficult to trade the option due to lack of liquidity in the market. Global Mastermind Securities Limited has no obligation either to exercise a valuable option in the absence of your instruction or to give to you prior notice of the expiration date of the option.
期权乃损耗性资产，作为期权持有人的你可能会损失该期权的全部期权金。作为期权持有人，如你欲赚取利润，必须行使期权或在市场将期权长仓平仓。在某些情况下，因市场流通量不足，买卖期权会出现困难。你亦确认环球大通证券有限公司在未获你指示前并无责任行使有价值的期权，亦无责任将期权的到期日预先通知你。
4. RISKS FOR OPTION WRITERS 期权沽出人的风险
As a writer of an option you may be required to pay additional margin at any time. You may also be liable for unlimited losses based on the rise or fall of the price of the underlying securities and its gains are limited to the option premium.
作为期权沽出人，你随时可能要缴付额外的保证金。正股价的起跌可令沽出人蒙受无限损失，而期权金乃沽出人的唯一回报。
Additionally, writers of American-style call (Put) options may be required at any time before expiry to deliver (pay for) the underlying securities to the full value of the strike price multiplied by the number of underlying securities. This obligation may be wholly disproportionate to the value of premium received at the time the options were written and may be required at short notice.
此外，美式认购(认沽)期权的沽出人可能需要在到期前的任何时候交付正股或支付现金代价，该代价为行使价乘以正股数目的积，你明白上述责任可能与沽出期权所收到的期权金的价值完全不成比例，而有关的通知期亦可能甚短。
5. TERMS AND CONDITIONS OF CONTRACTS 合约的条款及细则
You should ask Global Mastermind Securities Limited about the terms and conditions of the specific options which you are trading and associated obligations (e.g. the circumstances under which you may become obliged to make or take delivery of the underlying interest and expiration dates and restrictions on the time for exercise). Under certain circumstances the specifications of outstanding contracts (including the exercise price of an option) may be modified by the exchange or clearing house to reflect changes in the underlying interest.
阁下应向环球大通证券有限公司查询所买卖的有关期权的条款及细则，以及有关责任(例如在什么情况下阁下或会有责任就相关资产进行交收，或期权的到期日及行使的时间限制)。交易所或结算所公司在某些情况下，或会修改尚未行使的合约的细则(包括期权行使价)，以反映合约的相关资产的变化。
6. SUPENSION OR RESTRICTION OF TRADING AND PRICING RELATIONSHIPS 暂停或限制交易以及价格关系
Market conditions (e.g. illiquidity) and/or the operation of the rules of certain markets (e.g. the suspension of trading in any contract or contract month because of price limits or “circuit breakers”) may increase the risk of loss by making it difficult or impossible to effect transactions or liquidate/offset positions. If you have sold options, this may increase the risk of loss. Further, normal pricing relationships between the underlying interest and the option may not exist. The absence of an underlying reference price may make it difficult to judge “fair” value.
市场情况(例如市场流通量不足)及/或某些市场规则的施行(例如因价格限制或一些「跳停板」措施而暂停任何合约或合约月份的交易)，都可能增加亏损风险，这是因为投资者届时将难以或无法执行交易或平掉/抵销仓盘。如果阁下卖出期权后遇到这种情况，阁下须承受的亏损风险可能会增加。此外，相关资产与期权之间的正常价格关系可能并不存在。缺乏相关资产参考价格可能导致投资者难以判断何谓「公平」价格。
Part C - ADDITIONAL RISKS FOR STRUCTURED PRODUCTS
第三部份 - 結構性產品之額外風險
This brief statement cannot disclose all of the risks and other significant aspects of structured products. In light of the risks, you should undertake such transactions only if you understand the nature of the investment (and any contractual relationships) that you are entering into and the extent of your exposure to risk.
本声明书只扼要叙述买卖结构性产品的风险，并不尽录与此相关的所有风险和其他重要事项。阁下在进行交易前，必须先了解投资性质(及任何合约关系)以及其中所涉及风险:
1. RISKS ASSOCATED WITH STRUCTURED PRODUCTS 结构性产品涉及的风险
A. Issuer default risk 发行商失责风险
In the event that a structured product issuer becomes insolvent and defaults on their listed securities, investors will be considered as unsecured creditors and will have no preferential claims to any assets held by the issuer. You should therefore pay close attention to the financial strength and credit worthiness of structured product issuers.
倘若结构性产品发行商破产而未能履行其对所发行证券的责任，投资者只被视为无抵押债权人，对发行商任何资产均无优先索偿权。因此，阁下须特别留意结构性产品发行商的财力及信用。
Note: “Issuers Credit Rating” showing the credit ratings of individual issuers is now available under the Issuer and Liquidity Provider Information sub-section under Derivative Warrants and under CBBCs section on the HKEx corporate website.
注意: 香港交易所公司网站的「衍生权证」及「牛熊证」内的「发行商与流通量提供者资料」部份均载列「发行商之信贷评级」，显示个别发行的信贷评级。
B. Uncollateralized product risk 非抵押产品风险
Uncollateralized structured products are not asset backed. In the event of issuer bankruptcy, investors can lose their entire investment. You should read the listing documents to determine if a product is uncollateralized.
非抵押结构性产品并没有资产担保。倘若发行商破产，投资者可以损失其全数投资。要确定产品是否非抵押，阁下须细阅上市文件。
C. Gearing risk 杠杆风险
Structured products such as derivative warrants and callable bull/bear contracts (CBBCs) are leveraged and can change in value rapidly according to the gearing ratio relative to the underlying assets. You should be aware that the value of a structured product may fall to zero resulting in a total loss of the initial investment.
结构性产品如衍生权证及牛熊证均是杠杆产品，其价值可按相对相关资产的杠杆比率而快速改变。阁下须留意，结构性产品的价值可以跌至零，届时当初投资的资金将会尽失。
D. Expiry considerations 有效期的考虑
Structured products have an expiry date after which the issue may become worthless. You should be aware of the expiry time horizon and choose a product with an appropriate lifespan for your trading strategy.
结构性产品设有到期日，到期日的产品可能一文不值。阁下须留意产品的到期时间，确保所选产品尚余的有效期能配合阁下的交易策略。
E. Extraordinary price movements 特殊价格移动
The price of a structured product may not match its theoretical price due to outside influences such as market supply and demand factors. As a result, actual traded prices can be higher or lower than the theoretical price.
结构性产品的价格或会因为外来因素(如市场供求)而有别于其理论价，因此实际成交价可以高过亦可以低过理论价。
F. Foreign exchange risk 外汇风险
Investors trading structured products with underlying assets not denominated in Hong Kong dollars are also exposed to exchange rate risk. Currency rate fluctuations can adversely affect the underlying asset value, also affecting the structured product price.
若投资者所买卖结构性产品的相关资产并以港币为单位，其尚要面对外汇风险。货币兑换率的波动可对相关资产的价值造成负面影响，连带影响结构性产品的价格。
G. Liquidity risk 流通量风险
The Exchange requires all structured product issuers to appoint a liquidity provider for each individual issue. The role of liquidity providers is to provide two way quotes to facilitate trading of their products. In the event that a liquidity provider defaults or ceases to fulfill its role, you may not be able to buy or sell the product until a new liquidity provider has been assigned.
联交所规定所有结构性产品发行商要为每一只个别产品委任一名流通量提供者。流通量提供者的职责在为产品提供两边开盘方便买卖。若有流通量提供者失责或停止履行职责，有关产品的投资者或不能进行买卖，直至有新的流通量提供者委任出来止。
2. RISKS INVOLVED IN TRADING CALLABLE BULL/BEAR CONTRACTS (“CBBC”) 买卖牛熊证涉及的风险
This brief statement cannot disclose all of the risks and other significant aspects of trading callable bull/bear contracts. In light of the risks, you should undertake such transactions only if you understand the nature of the investment (and any contractual relationships) that you are entering into and the extent of your exposure to risk.
本声明书只扼要叙述买卖牛熊证的风险，并不尽录与此相关的所有风险和其他重要事项。阁下在进行交易前，必须先了解投资性质(及任何合约关系)以及其中所涉及风险:
A. Mandatory call 强制收回
CBBC are not suitable for all types of investors and you should consider your risk appetite prior to trading. In any case, you should not trade in CBBC unless you understand the nature of the product (including its intraday “knockout” or mandatory call feature) and is prepared to lose the total amount invested since a CBBC will be called by the issuer when the price of the underlying asset hits the Call Price and trading in that CBBC will expire early. Investors will only be entitled to the residual value of the terminated CBBC as calculated by the product issuer in accordance with the listing documents. Payoff for Category N CBBC will be zero when they expire early. When Category R CBBC expire early the holder may receive a small amount of residual value payment, but there may be no residual value payment in adverse situations. Broker may charge their clients a service fee for the collection of the Residual Value payment from the respective issuers.
牛熊证并不适合所有投资者，阁下在买卖牛熊证前应先考虑本身能承受多少风险。在任何情况下，除非阁下清楚明白牛熊证的性质(包括其可以即日「取消」或强制收回的特色)，并己准备好随时会损失所有的投资金额，否则阁下不应买卖牛熊证，因为万一牛熊证的相关资产价格触及收回价，牛熊证会即时由发行商收回，买卖亦会终止。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余价值。提早终止的 N 类牛熊证将不会有任何剩余价值。若是 R 类牛熊证提早终止，持有人或可收回少量剩余价值，但在最坏的情况下亦可能没有剩余价值。经纪代其客户从发行商收回剩余价值款项时或会收取服务费。
In general, the larger the buffer between the Call Price and the Spot Price of the underlying asset, the lower the probability of the CBBC being called since the underlying asset of that CBBC would have to experience a larger movement in the price before the CBBC will be called. However, at the same time, the larger the buffer, the lower the leverage effect will be.
一般来说，收回价与相关资产现价的相差越大，牛熊证被收回的机会越低，因为相关资产的价格需要较大的变动才会触及收回价。但同一时间，收回价与现价的相差越大，杠杆作用便越小。
Once the CBBC is called, even though the underlying asset may bounce back in the right direction, the CBBC which has been called will not be revived and you will not be able to profit from the bounce-back.
当牛熊证被收回后，即使相关资产价格反弹，该只牛熊证亦不会再次复牌在市场上买卖，因此阁下不会因价格反弹而获利。
Besides, the Mandatory Call Event (MCE) of a CBBC with overseas assets as underlying may be triggered outside the Hong Kong Stock Exchange’s trading hours.
若属海外资产发行的牛熊证，强制收回事件可能会于香港交易所交易时段以外的时间发生。
B. Gearing effects 杠杆作用
Since a CBBC is a leveraged product, the percentage change in the price of a CBBC is greater compared with that of the underlying asset. You may suffer higher losses in percentage terms if you expect the price of the underlying asset to move one way but it moves in the opposite direction.
由于牛熊证是杠杆产品，牛熊证价格在比例上的变幅会较相关资产为高。若相关资产价格的走向与阁下原先预期的相反，阁下可能要承受比例上更大的损失。
C. Limited life 限定的有效期
A CBBC has a limited life, as denoted by the fixed expiry date, with a lifespan of 3 months to 5 years. The life of a CBBC may be shorter if called before the fixed expiry date. The price of a CBBC fluctuates with the changes in the price of the underlying asset from time to time and may become worthless after expiry and in certain cases, even before the normal expiry if the CBBC has been called early.
牛熊证有一固定有效期，并于指定日期到期。有效期可以是 3 个月至 5 年不等。若在到期前遭提早收回牛熊证的有效期将变得更短。期间牛熊证的价值会随着相关资产价格的变动而波动，于到期后或遭提早收回后更可能会变得没有价值。
D. Movement with underlying asset 相关资产的走势
Although the price of a CBBC tends to follow closely the price of its underlying asset, but in some situations it may not (i.e. delta may not always be close to one). Prices of CBBC are affected by a number of factors, including its own demand and supply, funding costs and time to expiry. Moreover, the delta for a particular CBBC may not always be close to one, in particular when the price of the underlying asset is close to the Call Price.
牛熊证的价格变动虽然趋向紧贴相关资产的价格变动，但在某些情况下未必与相关资产价格的变动同步(即对冲值不一定等于一)。牛熊证的价格受多个因素所影响，包括其本身的供求、财务费用及距离到期的时限。此外，个别牛熊证的对冲值亦不会经常接近一，特别是当相关资产的价格接近收回价时。
E. Liquidity 流通量
Although CBBC have liquidity providers, there is no guarantee that you will be able to buy/sell CBBC at their target prices any time you wish.
虽然牛熊证设有流通量提供者，但不能保证阁下可以随时以阁下的目标买入/沽出牛熊证。
F. Funding costs 财务费用
The issue price of a CBBC includes funding costs and issuers will specify the formula for calculating the funding costs of their CBBC at launch in the listing documents. Since the funding costs for each CBBC issue may be different as it includes the issuer’s financing/stock borrowing costs after adjustment for expected ordinary dividend of the stock (if the underlying is a Hong Kong stock since the CBBC will not be adjusted for ordinary dividend) plus the issuer’s profit margin, you are advised to compare the funding costs of different issuers for CBBC with similar underlying assets and terms. The funding costs will gradually be reduced over time along with the CBBC in the secondary market as the CBBC moves towards expiry. In general, the longer the duration of the CBBC, the higher the total funding costs will be since it is similar to investors borrowing for a longer tenure to trade in the underlying asset. When a CBBC is called, you will lose the funding cost for the full period since the funding cost is built into the CBBC price upfront at launch even though with the MCE, the actual period of funding for the CBBC turns out to be shorter. In any case, you should note that the funding costs of a CBBC after launch may vary during its life and the Liquidity Provider is not obliged to provide a quote for the CBBC based on the theoretical calculation of the funding costs for that CBBC at launch.
牛熊证的发行价包括财务费用，发行商在发行时已把其牛熊证计算财务费用的方式列于发行文件中。财务费用包括(经有关证券之预期一般股息调整(如相关资产为香港证券，因牛熊证并不会作一般股息调整)后)发行商的融资/借用证券费用，及发行商的利润，由于各牛熊证发行的财务费用并不相同，故阁下应比较具相类相关资产及条款的牛熊证之不同发行商的财务费用。随着牛熊证的年期时间过去，其财务费用亦连同在第二市场之牛熊证递减。一般而言，牛熊证的年期越长，其财务费用亦越高(类似投资者借款年期更长以对相关资产进行交易)。当牛熊证被收回时，阁下仍会损失整个年期的财务费用，因为整个年期的财务费用乃计算在发行价内(即使强制收回事件使牛熊证的实际年期较短)。投资者需注意牛熊证推出后，其财务费用或会转变调整，流通量提供者在牛熊证推出时未必根据财务费用的理论值价格为牛熊证开价。
G. Trading of CBBC close to Call Price 接近收回价时的交易
When the underlying asset is trading close to the Call Price, the price of a CBBC may be more volatile with wider spreads and uncertain liquidity. CBBC may be called at any time and trading will terminate as a result.
相关资产价格接近收回价时，牛熊证的价格可能会变得更加波动，买卖差价可能会较阔，流通量亦可能较低。牛熊证随时会被收回而交易终止。
However, the trade inputted by the investor may still be executed and confirmed by the investors after the MCE since there may be some time lapse between the MCE time and suspension of the CBBC trading. Any trades executed after the MCE (i.e. Post MCE Trades) will not be recognized and will be cancelled. Therefore, you should be aware of the risk and ought to apply special caution when the CBBC is trading close to the Call Price.
由于强制收回事件发生的时间与停止牛熊证买卖之间可能会有一些时差。有一些交易在强制收回事件发生后可能被执行及被交易所参与者确认，但任何在强制收回事件后始执行的交易将不被承认并会被取消。因此阁下需知悉该风险及在买卖接近收回价的牛熊证时需额外小心。
Issuers will announce the exact call time within 1 hour after the trigger of MCE, and HKEx will also send the list of Post MCE Trades to the relevant Exchange Participants (brokers) who in turn will inform their clients accordingly. For avoidance of doubt on whether their trades have been cancelled (i.e. whether they are Post MCE Trades), you may check with Global Mastermind Securities Limited.
发行商会于强制收回事件发生后 1 小时内通知市场确实的收回时间，交易所亦会把于强制收回事件发生后才达成的交易资料发布给有关的交易所参与者，让他们通知其客户。若阁下不清楚交易是否在强制收回事件后才达到或有否被取消，应查询环球大通证券有限公司。
H. CBBC with overseas underlying assets 涉及海外资产的牛熊证
Investors trading CBBC with overseas underlying assets are exposed to an exchange rate risk as the price and cash settlement amount of the CBBC are converted from a foreign currency into Hong Kong dollars. Exchange rates between currencies are determined by forces of supply and demand in the foreign exchange markets which are affected by various factors.
以海外资产发行的牛熊证，其价格及结算价均由外币兑换港元计算，投资者买卖这类牛熊证需承担有关的外汇风险。外汇价格由市场供求厘定，其中牵涉的因素颇多。
Besides, CBBC issued on overseas underlying assets may be called outside the Stock Exchange of Hong Kong’s trading hours. In such case, the CBBC will be terminated from trading on the Stock Exchange of Hong Kong in the next trading session or soon after the issuer has notified the Stock Exchange of Hong Kong about the occurrence of the MCE. There will be no automatic suspension of the CBBC by the trading system of the Stock Exchange of Hong Kong's securities market (i.e. AMS/3) upon occurrence of an MCE. For Category R CBBC, valuation of the residual value will be determined on the valuation day according to the terms in the listing documents.
若属海外资产发行的牛熊证，强制收回事件可能会于香港交易所时段以外的时间发生。有关的牛熊证会于下一个交易时段或发行商通知交易所强制收回事件发生后尽快停止在香港交易所买卖。当强制收回事件发生时，香港联合交易所的交易系统(AMS/3)不设自动停止机制。若属 R 类牛熊证，剩余价值会根据上市文件于订价日厘定。
3. RISKS INVOLVED IN TRADING DERIVATIVE WARRANTS 投资衍生权证 (“窝轮”) 涉及的风险
Derivative warrant trading involves high risks and is not suitable for every investor. You should understand and consider the following risks before trading in derivative warrants. This brief statement cannot disclose all of the risks and other significant aspects of trading derivative warrants. In light of the risks, you should undertake such transactions only if you understand the nature of the investment (and any contractual relationships) that you are entering into and the extent of your exposure to risk.
买卖衍生权证 (“窝轮”) 涉及高风险，并非人人皆适合。阁下买卖衍生权证前必须清楚明白及考虑以下的风险。本声明书只扼要叙述买卖衍生权证的风险，并不尽录与此相关的所有风险和其他重要事项。阁下在进行交易前，必须先了解投资性质(及任何合约关系)以及其中所涉及风险:
A. Issuer risk 發行商風險
Derivative warrant holders are unsecured creditors of an issuer and have no preferential claim to any assets an issuer may hold. Therefore, you are exposed to credit risk in respect of the issuer.
衍生权证的持有人等同衍生权证发行商的无担保债权人，对发行商的资产并无任何优先索偿权; 因此，阁下须承担发行商的信贷风险。
B. Gearing risk 杠杆风险
Although derivative warrants may cost a fraction of the price of the underlying assets, a derivative warrant may change in value more or less rapidly than the underlying asset. In the worst case, the value of the derivative warrants may fall to zero and you may lose your entire investment amount.
尽管衍生权证价格远低于相关资产价格，但衍生权证价格升跌的幅度亦远较其相关资产为大。在最差的情况下，衍生权证价格可跌至零，阁下会损失最初投入的全部资金。
C. Limited life 具有效期
Unlike stocks, derivative warrants have an expiry date and therefore a limited life. Unless the derivative warrants are in-the-money, they become worthless at expiration.
与股票不同，衍生权证有到期日，并非长期有效。衍生权证如非价内权证，到期时则完全没有价值。
D. Time decay 时间递耗
One should be aware that other factors being equal the value of derivative warrants will decrease over time as they approach their expiry dates. Therefore, derivative warrants should never be viewed as products that are bought and held as long term investments.
若其他因素不变，衍生权证价格会随时间而递减，投资者绝对不宜视衍生权证为长线投资工具。
E. Volatility 波幅
Prices of derivative warrants can increase or decrease in line with the implied volatility of underlying asset price. You should be aware of the underlying asset volatility.
相关资产的波幅增加会令衍生权证价值上升; 相反，波幅减少会令衍生权证价值下降。阁下需留意相关资产的波动性。
F. Market forces 市场力量
In addition to the basic factors that determine the theoretical price of a derivative warrant, derivative warrant prices are also affected by all other prevailing market forces including the demand for and supply of the derivative warrants. Supply and demand forces may be greatest when a derivative warrant issue is almost sold out and when issuers make further issues of an existing derivative warrant issue.
除了决定衍生权证理论价格的基本因素外，所有其他市场因素 (包括权证本身在市场上的供求)也会影响衍生权证的价格。就市场供求而言，当衍生权证在市场上快将售罄又或发行商增发衍生权证时，供求的影响尤其。
G. Turnover 成交量
High turnover in a derivative warrant should not be regarded as an indication that its price will go up. The price of a derivative warrant is affected by many factors from market forces to technical matters such as the price of the underlying asset, the volatility of the price of the underlying asset, the time remaining to expiry, interest rates and the expected dividend on the underlying asset.
个别衍生权证的成交量高，也不等同其价格会上升。如上所述，除了市场力量外，衍生权证的价值还受很多其他因素影响，例如相关资产价格及波幅、剩余到期时间、利率、预期股息等等。
4. RISKS INVOLVED IN TRADING EXCHANGE TRADED FUNDS (“ETFs”) 投资交易所买卖基金涉及的风险
This brief statement cannot disclose all of the risks and other significant aspects of trading ETFs. In light of the risks, you should undertake such transactions only if you understand the nature of the investment (and any contractual relationships) that you are entering into and the extent of your exposure to risk.
本声明书只扼要叙述交易所买卖基金的风险，并不尽录与此相关的所有风险和其他重要事项。阁下在进行交易前，必须先了解投资性质(及任何合约关系)以及其中所涉及风险:
A. Market risk 市场风险
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. Investors must be prepared to bear the risk of loss and volatility associated with the underlying index/assets.
交易所买卖基金主要为追踪某些指数、行业/领域又或资产组别(如股票、债券或商品)的表现。交易所买卖基金经理可能用不同策略达至此目标，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。
B. Tracking errors 追踪误差
Tracking errors refer to the disparity in performance between an ETF and its underlying index/assets. Tracking errors can arise due to factors such as the impact of transaction fees and expenses incurred to the ETF, changes in composition of the underlying index/assets, and the ETF manager’s replication strategy. (The common replication strategies include full replication/representative sampling and synthetic replication which are discussed in more detail below.)
追踪误差是指交易所买卖基金的表现与相关指数/资产的表现脱节，原因可以来自交易所买卖基金的交易费及其他费用、相关指数/资产改变组合、交易所买卖基金经理的复制策略等因素。 (常见的复制策略包括完全复制/选具代表性样本以及综合复制，详见下文。)
C. Trading at discount or premium 以折让或溢价交易
An ETF may be traded at a discount or premium to its Net Asset Value (NAV). This price discrepancy is caused by supply and demand factors, and may be particularly likely to emerge during periods of high market volatility and uncertainty. This phenomenon may also be observed for ETFs tracking specific markets or sectors that are subject to direct investment restrictions.
交易所买卖基金的价格可能会高于或低于其资产净值，当中主要是供求因素的影响，在市场大幅波动兼变化不定期间尤其多见，专门追踪一些对直接投资设限的市场/行业的交易所买卖基金亦可能会有此情况。
D. Foreign exchange risk 外汇风险
Investors trading ETFs with underlying assets not denominated in Hong Kong dollars are also exposed to exchange rate risk. Currency rate fluctuations can adversely affect the underlying asset value, also affecting the ETF price.
若投资者所买卖之交易所买卖基金的相关资产并非以港币为单位，其尚要面对外汇风险。货币兑换率的波动可对相关资产的价值造成负面影响，连带影响交易所买卖基金的价格。
E. Liquidity risk 流通量风险
Securities Market Makers (SMMs) are Exchange Participants that provide liquidity to facilitate trading in ETFs. Although most ETFs are supported by one or more SMMs, there is no assurance that active trading will be maintained. In the event that the SMMs default or cease to fulfill their role, investors may not be able to buy or sell the product.
证券庄家是负责提供流通量、方便买卖交易所买卖基金的交易所参与者。尽管交易所买卖基金多有一个或以上的证券庄家，但无保证能维持活跃之交易状况。若有证券庄家失责或停止履行职责，投资者或就不能进行买卖。
F. Counterparty risk involved in ETFs with different replication strategies 不同复制策略的交易所买卖基金涉及之对手风险
(i) Full replication and representative sampling strategies 完全复制及选具代表性样本策略
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 asses rather than through synthetic instruments issued by third parties, counterparty risk tends to be less of concern.
采用完全复制策略的交易所买卖基金，通常是按基准的相同比重投资于所有的成份股/资产。采取选具代表性样本策略的，则只投资于其中部分(而不是全部)的相关成份股/资产。直接投资相关资产而不经第三者所发行合成复制工具的交易所买卖基金，其交易对手风险通常不是太大。
(ii) Synthetic replication strategies 综合复制策略
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:
采用综合复制策略的交易所买卖基金，主要透过掉期或其他衍生工具去追踪基准的表现。现时，采取综合复制策略的交易所买卖基金可再分为两种:
a. Swap-based ETFs 以掉期合约构成
- Total return swaps allow ETF managers to replicate the benchmark performance of ETFs without purchasing the underlying assets.
总回报掉期 (total return swaps) 让交易所买卖基金经理可以复制基金基准的表现而不用购买其相关资产。
- Swap-based ETFs are exposed to counterparty risk of the swap dealers and may suffer losses if such dealers default or fail to honor their contractual commitments.
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。
b. Derivative embedded ETFs 以衍生工具構成
ETF managers may also use other derivative instruments to synthetically replicate the economic benefit of the relevant benchmark. The derivative instruments may be issued by one or multiple issuers.
交易所买卖基金经理也可以用其他衍生工具，以综合复制相关基准的经济利益。有关衍生工具可由一个或多个发行商发行。
Derivative embedded ETFs are subject to counterparty risk of the derivative instruments’ issuers and may suffer losses if such default or fail to honor their contractual commitments.
以衍生工具构成的交易所买卖基金需承受源自衍生工具发行商的交易对手风险，若发行商失责或不能履行其合约承诺，基金或要蒙受损失。
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.
交易所买卖基金即使取得抵押品，也需依靠抵押品提供者履行责任。此外，申索抵押品的权利一旦行使，抵押品的市值可以远低于当初所抵押之数额，令交易所买卖基金损失严重。
It is important that investors understand and critically assess the implications arising due to different ETF structures and characteristics.
投资者了解并能审慎评估不同的交易所买卖基金结构及特色引致的影响极为重要。
5. RISKS INVOLVED IN TRADING EQUITY LINKED INSTRUMENTS (“ELI”) 投资股票挂钩票据涉及的风险
This brief statement cannot disclose all of the risks and other significant aspects of trading ELI. In light of the risks, you should undertake such transactions only if you understand the nature of the investment (and any contractual relationships) that you are entering into and the extent of your exposure to risk.
本声明书只扼要叙述买卖股票挂钩票据的风险，并不尽录与此相关的所有风险和其他重要事项。阁下在进行交易前，必须先了解投资性质(及任何合约关系)以及其中所涉及风险:
A. Possibilities of losing investment 賠本可能
You may lose part or all of your investment if the price of the underlying security moves against your investments view.
如正股价格变动与阁下投资看法背驰，即可能要蚀掉部份甚至全部本金。
B. Exposure to equity market 承受股本市场风险
You will be exposed to the movements in prices of the underlying securities and the stock market, dividend policy and corporate actions and counterparty risks. You must also be prepared to accept the risk of receiving the underlying securities or a payment less than your original investment.
阁下需承受正股及股票市场价格波动的风险、派息及公司行动之影响及对手风险，并要有心理准备收到股票或只收到比投资额为少的款项。
C. Price adjustment 价格调整
You should note that any dividend declaration or payment may affect the prices of the underlying securities and the payback of the ELI at expiry due to ex-dividend pricing. You should also note that issuers may make adjustments to the ELI due to corporate actions on the underlying securities.
阁下应注意，正股因派息或宣布派息而出现的除息定价或会影响正股的价格，以致连带影响股票挂钩票据到期的偿付情况。阁下亦应注意，发行人可能会由于正股的公司行动而对票据作出调整。
D. Potential yields 准孳息计算
You should consult Global Mastermind Securities Limited on the fees and charges related to the purchase and sale of ELI and payment/delivery at expiry. The potential yields disseminated by the Hong Kong Exchanges and Clearing Limited (“HKEx”) have not taken fees and charges into consideration.
阁下应向环球大通证券有限公司查询买卖股票挂钩票据以及票据到期时因付款/交付责任而涉及的费用及收费，香港交易所发布的准孳息数字并无将这些费用计算在内。
E. Interest rates 利息
While most ELIs offer a yield that is potentially higher than the interest on fixed deposits and traditional bonds, the return on investment is limited to the potential yield of individual ELIs.
股票挂钩票据的孳息大都较传统债券及定期存款提供的利息为高，但投资回报只限于票据可得的孳息。
Disclaimer免責聲明
This disclosure does not disclose all risks and features of the common types of derivative products mentioned herein. This disclosure has been issued by Global Mastermind Securities Limited for informational purposes only. You should not rely on this disclosure alone to make any decision but should read carefully the related offering documentation and any other relevant documentation, in particular, detailed risks relating to each product contained in such documents. You should not deal in derivative products unless you understand the nature of the product and the extent of the exposure to risk. Global Mastermind Securities Limited will not be responsible or liable for any loss caused by the investment in any products mentioned herein. You should not only consider the information contained in this document nor in the offering documentation but should also consider your own financial position and particular circumstances before making any investment decision. In case of doubt, you should obtain independent professional advice.
本风险披露未尽披露在此提及的常见衍生产品种类的所有风险及特点。环球大通证券有限公司提供的披露声明仅供参考。阁下不应只依赖本文而作出任何投资决定，而应仔细阅读有关发售文件及任何其他相关文件，特别是该等文件中列载关于各种产品的风险详情。除非你明白买卖衍生产品的性质以及风险披露的程度，否则你不应对衍生产品进行任何交易。环球大通证券有限公司对任何本文所述产品的投资导致的任何损失，概不承担任何责任。在作出投资决定前，你不应只考虑本文件以及发售文件所载的资料，亦应考虑你本身的财务状况及个别情况。如有疑问，你应寻求独立的专业意见。
This disclosure does not constitute, nor is it intended to be nor should it be construed as offer or solicitation to invest in any of the products mentioned herein. This disclosure is not intended to be distributed to persons in the jurisdiction or countries that will violate the law or regulation, and it is not intended to be used by such persons.
本风险披露并不构成、亦无意构成、也不应被解释为要约或游说投资于本风险披露中所述的任何产品。本风险披露无意派发予分发本风险披露即属触犯法例或规例的司法权区或国家的任何人士，亦无意供该等人士使用。