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Structured Products are non-collateralised products. If the Issuer and its guarantor are insolvent or default, investors may not recover part or all of the amount due. The warrants and callable bull/bear contracts are structured products which involve derivatives. Do not invest in them unless you fully understand and are willing to assume the risks associated with them.
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In particular, the precise tax treatment of an investor needs to be determined for each issue with reference to the full terms of the specific instrument. Such terms are specified in the relevant disclosure and are subject to the applicable tax law and practice at the relevant time. Investors should consult their own tax advisors on the tax consequences of the purchase, ownership, exercise and disposition of the Structured Products derivative securities.
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Non-collateralised Structured Products
投資者或有疑問為何用來計算敏感度的期指而不是恒指，由於發行人提供流通量及對沖風險是依靠買賣期貨，指數產品價格變動是反映期指走勢而非指數現貨走勢，故牛熊證的敏感度自然根據期指點數。
不過投資者切記，收回機制觸發與否，乃根據恒指現貨水平，千萬不要混淆!
| 牛熊證價格升跌 | 牛熊證強制收回機制 | 牛熊證收回後剩餘價值（如有） | |
|---|---|---|---|
| 參考準則 | 恒生指數期貨價格 | 恒生指數現貨水平 | 恒生指數現貨水平 |
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