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Non-collateralised Structured Products
坊間不少投資者認為，以恒指牛熊證來說，兌換比率10,000兌1的產品，期指每變動10點便可令牛熊證「跳1格」，這只是基於假設產品對沖值為1的計算結果。
但實際情況中，由於牛熊證年期長短不同，所涉及的股息金額及除淨次數亦會有差異，而相關資產現價跟收回價的差距同樣會影響牛熊證的對沖值，故現實上不少產品的對沖值會偏離1，甚至低至0.75或高於1.3，導致兌換比率10,000兌1的恒指牛熊證並非「每10點跳1格」的情況，現實上或出現期指每變動約8到13點牛熊證變動1格的情況。
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