杠杆ETF首次登陆香港交易所

 Hong Kong’s first leveraged² exchange traded funds have launched in a bid to tap Asian demand for structured products, even as western regulators are examining the mechanics of leveraged and other riskier³ forms of ETFs.

香港首批杠杆交易所交易基金（杠杆ETF）挂牌上市，旨在利用亚洲对结构性产品的需求。与此同时，西方监管机构正在研究杠杆EFT及其他高风险ETF的相关机制。

Samsung Asset Management yesterday launched four ETFs on the Hong Kong Exchange, betting on and against the Kospi 200 and the Topix.

三星资产运用(Samsung Asset Management)昨日在香港交易所(HKEx)挂牌4只ETF产品，对韩国KOSPI 200指数和日本东证指数(Topix)的涨跌进行押注。

Leveraged funds use derivatives⁴ to amplify⁵ returns, while inverse⁶ funds go short — betting on market falls via derivatives.

杠杆基金利用衍生品放大回报，而反向基金则进行做空——通过衍生品押注市场下跌。

Leveraged ETFs account for roughly 2 per cent of the $3tn-plus invested in the products, but account for more than 12 per cent of ETF average trading volumes, according to ETFGI, a research consultancy.

根据研究咨询机构ETFGI的数据，杠杆ETF在全球投资ETF产品的逾3万亿美元资金中约占2%，但在ETF平均交易量中占比超过12%。

Both Hong Kong and Singapore this year approved rules for leveraged and inverse ETFs, which are popular in Japan, Taiwan and South Korea — all with high retail⁷ investor⁸ interest in structured and leveraged products.

香港和新加坡都在今年批准了杠杆和反向ETF的相关法规。这类产品在日本、台湾和韩国很流行，这些市场的散户投资者对结构性产品和杠杆产品都有很强的兴趣。

Hong Kong’s rules allow for two-times leverage¹ while Singapore allows three times, but restrict sales to qualified⁹ investors¹⁰.

香港的法规允许两倍杠杆，新加坡允许三倍杠杆，但只对合格投资者销售。

Neither will yet allow products betting on or against mainland Chinese markets — seen as the segment most likely to attract appetite.

这两地还不会批准押注于中国内地市场涨跌的产品，它们被视为最有可能引起投资者兴趣的产品类型。

But the opening comes as US regulators are examining whether to limit the use of derivatives for mutual¹¹ funds, including ETFs, over concerns that the leverage involved exposes investors to increased risk.

在香港和新加坡放行杠杆ETF之际，美国监管机构正在研究是否要限制包括ETF在内的共同基金使用衍生品工具，原因是担心相关的杠杆可能放大投资者的风险。

A series of class action lawsuits¹² has previously¹³ been launched against the products, and Federal Reserve officials have warned against their use in times of stress.

此前曾有一系列针对这类产品的集体诉讼，美联储(Fed)官员也警告不要在市场低迷时期使用这类产品。

Earlier this month, Oppenheimer, the fund manager, was ordered to pay $2.9m in fines and restitution¹⁴ for selling complex ETFs to vulnerable retail investors.

本月早些时候，基金管理公司奥本海默(Oppenheimer)因向脆弱的散户投资者销售复杂的ETF产品，被责令缴纳290万美元的罚款和赔偿。

Samsung launched Asia’s first leveraged ETFs in South Korea seven years ago and said there had been no major reported grievances¹⁵ by investors since.

三星于7年前在韩国发售了亚洲首批杠杆ETF产品，该公司表示此后并无有关投资者不满的重大报告。

Sung-Hoon Koo, chief executive of Samsung AM, said: “Unfortunately it seems that in the early stages of investment in these products in the US, there wasn’t that much focus on investor education. We have learnt from that. I think [leveraged ETFs] intrinsically are not more risky¹⁶ than products already available in Hong Kong. It’s just that there’s this perception.”

三星资产运用首席执行官Sung-Hoon Koo表示：“遗憾的是，美国在这类产品投资的早期阶段似乎不太关注投资者教育。我们从中吸取了教训。我认为（杠杆ETF）本质上并不比香港已有产品风险更大。只不过是有些人以为这样而已。”

The products are designed for short-term use and reset¹⁷ daily, meaning, over a set period, an ETF can produce losses despite its underlying¹⁸ index ending higher because of volatility¹⁹.

这些产品是为短期持有所设计，每天都进行重新调整，这意味着，在一段时期内，尽管标的指数最终升高，一只ETF产品却可能因为波动性而产生亏损。

Leveraged and inverse products are popular with exchanges because of the increased trading volume they bring.

杠杆和反向ETF产品在交易所很受欢迎，因为它们带来了交易量的增加。

Taiwan reported last year average daily ETF trading up 45 per cent compared with the previous year, mostly due to its introduction of such products.

据报道，去年台湾的日均ETF交易量相比上一年增长45%，主要就是因为推出了杠杆及反向ETF产品。

But there are fears ETFs can move markets.

但也有人担忧ETF可能引发市场波动。

In October, Next Funds Nikkei 225 Leveraged index was forced to suspend subscriptions²⁰ for fear demand would overwhelm available liquidity²¹.

去年10月，日本“Next Funds日经225指数杠杆ETF”(Next Funds Nikkei 225 Leveraged index ETF)被迫暂停认购，原因是有关方面担心其对股指期货的需求会淹没既有的流动性。

1 leverage   

n.力量，影响；杠杆作用，杠杆的力量

参考例句：

• We'll have to use leverage to move this huge rock.我们不得不借助杠杆之力来移动这块巨石。
• He failed in the project because he could gain no leverage. 因为他没有影响力，他的计划失败了。

2 leveraged   

促使…改变( leverage的过去式和过去分词 )； [美国英语]杠杆式投机，（使）举债经营，（使）利用贷款进行投机

参考例句：

• Chrysler has traditionally been a highly leveraged company. 克莱斯勒一向是一家周转十分灵活的公司。
• Leveraged recaps have become popular for a number of reasons. 杠杆资本重组的大行其道有好几个原因。

3 riskier   

冒险的，危险的( risky的比较级 )

参考例句：

• Now they are starting to demand higher returns on riskier assets. 而今他们开始在风险更高的资产上要求更高的回报。
• The problem with that: RIM's business is getting riskier every quarter. 不过问题也随之而来：RIM面临的业务风险正逐季增大。

4 derivatives   

n.衍生性金融商品；派生物，引出物( derivative的名词复数 )；导数

参考例句：

• Many English words are derivatives of Latin words. 许多英语词来自拉丁语。 来自《简明英汉词典》
• These compounds are nitrosohydroxylamine derivatives. 这类合成物是亚硝基羟胺衍生物。 来自辞典例句

5 amplify   

vt.放大，增强；详述，详加解说

参考例句：

• The new manager wants to amplify the company.新经理想要扩大公司。
• Please amplify your remarks by giving us some examples.请举例详述你的话。

6 inverse   

adj.相反的，倒转的，反转的；n.相反之物；v.倒转

参考例句：

• Evil is the inverse of good.恶是善的反面。
• When the direct approach failed he tried the inverse.当直接方法失败时，他尝试相反的做法。

7 retail   

v./n.零售；adv.以零售价格

参考例句：

• In this shop they retail tobacco and sweets.这家铺子零售香烟和糖果。
• These shoes retail at 10 yuan a pair.这些鞋子零卖10元一双。

8 investor   

n.投资者，投资人

参考例句：

• My nephew is a cautious investor.我侄子是个小心谨慎的投资者。
• The investor believes that his investment will pay off handsomely soon.这个投资者相信他的投资不久会有相当大的收益。

9 qualified   

adj.合格的，有资格的，胜任的，有限制的

参考例句：

• He is qualified as a complete man of letters.他有资格当真正的文学家。
• We must note that we still lack qualified specialists.我们必须看到我们还缺乏有资质的专家。

10 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

11 mutual   

adj.相互的，彼此的；共同的，共有的

参考例句：

• We must pull together for mutual interest.我们必须为相互的利益而通力合作。
• Mutual interests tied us together.相互的利害关系把我们联系在一起。

12 lawsuits   

n.诉讼( lawsuit的名词复数 )

参考例句：

• Lawsuits involving property rights and farming and grazing rights increased markedly. 涉及财产权，耕作与放牧权的诉讼案件显著地增加。 来自辞典例句
• I've lost and won more lawsuits than any man in England. 全英国的人算我官司打得最多，赢的也多，输的也多。 来自辞典例句

13 previously   

adv.以前，先前（地）

参考例句：

• The bicycle tyre blew out at a previously damaged point.自行车胎在以前损坏过的地方又爆开了。
• Let me digress for a moment and explain what had happened previously.让我岔开一会儿，解释原先发生了什么。

14 restitution   

n.赔偿；恢复原状

参考例句：

• It's only fair that those who do the damage should make restitution.损坏东西的人应负责赔偿，这是再公平不过的了。
• The victims are demanding full restitution.受害人要求全额赔偿。

15 grievances   

n.委屈( grievance的名词复数 )；苦衷；不满；牢骚

参考例句：

• The trade union leader spoke about the grievances of the workers. 工会领袖述说工人们的苦情。 来自《现代英汉综合大词典》
• He gave air to his grievances. 他申诉了他的冤情。 来自《简明英汉词典》

16 risky   

adj.有风险的，冒险的

参考例句：

• It may be risky but we will chance it anyhow.这可能有危险，但我们无论如何要冒一冒险。
• He is well aware how risky this investment is.他心里对这项投资的风险十分清楚。

17 reset   

v.重新安排，复位；n.重新放置；重放之物

参考例句：

• As soon as you arrive at your destination,step out of the aircraft and reset your wristwatch.你一到达目的地，就走出飞机并重新设置手表时间。
• He is recovering from an operation to reset his arm.他做了一个手臂复位手术，正在恢复。

18 underlying   

adj.在下面的，含蓄的，潜在的

参考例句：

• The underlying theme of the novel is very serious.小说隐含的主题是十分严肃的。
• This word has its underlying meaning.这个单词有它潜在的含义。

19 volatility   

n.挥发性，挥发度，轻快，（性格）反复无常

参考例句：

• That was one reason why volatility was so low last year.这也是去年波动性如此低的原因之一。
• Yet because volatility remained low for so long,disaster myopia prevailed.然而，由于相当长的时间里波动性小，灾难短视就获胜了。

20 subscriptions   

n.（报刊等的）订阅费( subscription的名词复数 )；捐款；（俱乐部的）会员费；捐助

参考例句：

• Subscriptions to these magazines can be paid in at the post office. 这些杂志的订阅费可以在邮局缴纳。 来自《简明英汉词典》
• Payment of subscriptions should be made to the club secretary. 会费应交给俱乐部秘书。 来自《简明英汉词典》

21 liquidity   

n.流动性，偿债能力，流动资产

参考例句：

• The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
• The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。