風險披露聲明書（^衍生產品）
有關交易所基金的風險
1.	交易所買賣基金主要為追蹤某些指數、行業/領域又或資產組別(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，您要有因為相關指數/資產的波動而蒙受損失的準備，您亦願意承擔此等風險。
2.	交易所買賣基金的價格可能會高於或低於其資產淨值，當中主要是供求因素的問題，在市場大幅波動兼變化不定期間尤其多見，專門追蹤一些對直接投資設限的市場/行業的交易所買賣基金亦可能會有此情況。
3.	買賣結構性產品的相關資產並非以港幣為單位，其尚要面對外匯風險。貨幣兌換率的波動可對相關資產的價值造成負面影響，連帶影響結構性產品的價格。
4.	交易所買賣基金的不同複製策略涉及對手風險，採用完全複製策略的交易所買賣基金，通常是按基準的相同比重投資於所有的成份股/資產。採取選具代表性樣本策略的，則只投資於其中部分(而不是全部)的相關成份股/資產。此外，採用綜合複製策略的交易所買賣基金，主要透過掉期或其他衍生工具去追蹤基準的表現，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。以衍生工具構成的交易所買賣基金需承受源自發行商的交易對手風險，若發行商失責或不能履行其合約承諾，基金或要蒙受損失。交易所買賣基金即使取得抵押品，也需依靠抵押品提供者履行責任。此外，申索抵押品的權利一旦行使，抵押品的市值可以遠低於當初所得之數，令交易所買賣基金損失嚴重。
5.	交易所買賣基金的表現（以資產淨值量度）與相關指數的表現不一致，模擬誤差的原因有很多，包括交易所買賣基金的跟蹤策略失效、受基金需支付的費用及支出的影響、基金的計價貨幣或交易貨幣與相關投資所用的貨幣之間的匯率差價，又或基金所持證券的發行公司進行企業活動，例如供股，派發紅股等。視乎交易所買賣基金所採取的策略，交易所買賣基金未必按相關指數相同的比例持有所有成分股。因此基金所持證券的表現（以資產淨值量度），可能優於或落後於有關指數。
6.	交易所買賣基金雖然在聯交所上市或買賣，但這並不保證基金必有流通市場。若交易所買賣基金有使用結構性票據及掉期等金融衍生工具，而這些工具在第二市場的買賣並不活躍，價格的透明度又不及現貨證券，則基金的流通風險會更高。這可能導致較大的買賣差價。而且金融衍生工具的價格也較容易波動，波幅也較高。因此，要提早解除這些工具的合約就比較困難，成本也較高。
有關結構性產品的風險
7.	倘若結構性產品發行商破產而未能履行其對所發行證券的責任，投資者只被視為無抵押債權人，對發行商任何資產均無優先索償權。因此，在投資前須特別留意結構性產品發行商的財力及信用。
8.	非抵押結構性產品並沒有資產擔保，倘若發行商破產，投資者可以損失其全數投資，要確定產品是否非抵押，投資者須細閱上市文件。
9.	結構性產品如衍生權證及牛熊證均是槓桿產品，其價值可按相對相關資產的槓桿比率而快速改變，可以跌至零，屆時當初投資的資金將會盡失。您亦願意承擔此風險。
10.	結構性產品設有到期日，到期後的產品即一文不值，所以您須留意產品的到期時間，確保所選產品的尚餘的有效期能配合其交易策略。
11.	結構性產品的價格或會因為外來因素（如市場供求）而有別於其理論價，因此實際成交價可以高過亦可以低過理論價。
12.	若所買賣的相關資產並非以港幣為單位，其尚要面對外匯風險。幣兌換率的波動可對相關資產的價值造成負面影響，連帶影響結構性產品的價格。
13.	聯交所規定所有結構性產品發行商要為每一隻個別產品委任一名流通量提供者。流通量提供者提供的職責在為產品提供兩邊開盤方便買賣。若有流通量提供者失責或停止履行職責，有關產品的投資者或不能進行買賣，直至有新的流通量提供者委任出來止。
14.	若其他因素不變，衍生權證價格會隨時間而遞減，投資者絶對不宜視衍生權證為長線投資工具。您亦明白若其他因素不變，相關資產的波幅增加會令衍生權證價值上升；相反，波幅減少會令衍生權證價值下降。
15.	買賣牛熊證，須留意牛熊證可以即日「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(注意：剩餘價值可以是零)。您明白牛熊證的發行價已包括融資成本。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。若一天牛熊證被收回，投資者即損失牛熊證整個有效期的融資成本。融資成本的計算程式載於牛熊證的上市文件。
一般風險披露
16.	您確認此風險披露聲明書並不能申述所有風險亦明白在進行買賣活動之前須自行進行資料搜集及硏究有關產品的買賣。
17.	您明白此風險披露聲明書的任何方面或對買賣衍生產品的性質及風險有不明確或不明白之處，應取得獨立專業意見。
18.	您明白簽署此風險披露聲明書是交易所規則的硬性規定。若未能簽署及確認此聲明書，閣下將不可以執行買賣衍生產品的指令。
19.	此風險披露聲明書已向您全部解釋清楚，您亦明白其內容。
^衍生產品一般包括衍生權證、牛熊證及一些投資於旨在模擬指數表現的衍生工具的交易所買賣基金。

Risk Disclosure Statement --- ^ Derivative Products
Risk in relation to index tracking exchange traded fund
1.	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. You must be prepared to bear the risk of loss and volatility associated with the underlying index/assets. These are risks that you are prepared to accept.
2.	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.
3.	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.
4.	Counterparty risk involved in ETFs with different replication strategies. 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. ETFs utilising a synthetic replication strategy use swaps or other derivative instruments to gain exposure to a benchmark. 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. Derivative embedded ETFs are subject to counterparty risk of the derivative instruments’ issuers and may suffer losses if such issuers default or fail to honour their contractual commitments. Even where collateral is obtained by an ETF, it is subject to the collateral provider fulfilling its obligations. There is a further risk that when the right against the collateral is exercised, the market value of the collateral could be substantially less than the amount secured resulting in significant loss to the ETF.
5.	There would be disparity between the performance of the ETF (as measured by its NAV) and the performance of the underlying index. Tracking error may arise due to various factors. These include, failure of the ETF's tracking strategy, the impact of fees and expenses, foreign exchange differences between the base currency or trading currency of an ETF and the currencies of the underlying investments, or corporate actions such as rights and bonus issues by the issuers of the ETF's underlying securities. Depending on its particular strategy, an ETF may not hold all the constituent securities of an underlying index in the same weightings as the constituent securities of the index. Therefore, the performance of the securities underlying the ETF as measured by its NAV may outperform or under-perform the index.
6.	Listing or trading on the SEHK does not in and of itself guarantee that a liquid market exists for an ETF. Besides, a higher liquidity risk is involved if an ETF uses financial derivative instruments, including structured notes and swaps, which are not actively traded in the secondary market and whose price transparency is not as easily accessible as physical securities. This may result in a bigger bid and offer spread. Financial derivative instruments also are susceptible to more price fluctuations and higher volatility. Hence, they can be more difficult and costly to unwind early, especially when the instruments provide access to a restricted market where liquidity is limited in the first place.
Risk in relation to Structured Products
7.	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.
8.	Uncollateralised structured products are not asset backed. In the event of issuer bankruptcy, investors can lose their entire investment. Investors should read the listing documents to determine if a product is uncollateralised.
9.	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. These are risks that you are prepared to accept.
10.	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 their trading strategy.
11.	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.
12.	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.
13.	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, investors may not be able to buy or sell the product until a new liquidity provider has been assigned.
14.	If all things being equal, the value of a derivative warrant will decay over time as it approaches its expiry date. Derivative warrants should therefore not be viewed as long term investments. Prices of derivative warrants can increase or decrease in line with the implied volatility of underlying asset price.
15.	Investors trading CBBCs should be aware of their intraday “knockout” or mandatory call feature. CBBC will cease trading when the underlying asset value equals the mandatory call price/level as stated in the listing documents. 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. Investors should also note that the residual value can 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. The formula for calculating the funding costs are stated in the listing documents.
General Risk Disclosure Statement
16.	You acknowledge that this risk disclosure statement does not purport to disclosure all the risks and other significant aspects of derivative product. You should undertake own research on the trading of derivative product before commending any trading activities.
17.	You understand that you should seek independent professional advice if you are uncertain of or have not understand any aspect of this risk disclosure statement or the nature and risks involved in trading of derivative product.
18.	You understand that the signing of this risk disclosure statement is mandatory under the rule of the Exchange. You will not be able to effect instructions to deal in derivative product if this statement is not signed and acknowledged by you.
19.	This risk disclosure statement has been fully explained to you and you fully understand the contents hereof.
^Types of derivative products generally include derivative warrants, callable bull/bear contracts and the exchange-traded funds that invest in derivative instruments designated to replicate the performance of an index, all of which are listed on HKEx.