槓桿ETF首次登陸香港交易所

Hong Kong’s first leveraged 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 riskier forms of ETFs.

香港首批槓桿交易所交易基金（槓桿ETF）掛牌上市，旨在利用亞洲對結構性產品的需求。與此同時，西方監管機構正在研究槓桿EFT及其他高風險ETF的相關機制。

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

三星資產運用(Samsung Asset Management)昨日在香港交易所(HKEx)掛牌4只ETF產品，對韓國KOSPI 200指數和日本東證指數(Topix)的漲跌進行押注。

Leveraged funds use derivatives to amplify returns, while inverse funds go short — betting on market falls via derivatives.

槓桿基金利用衍生品放大回報，而反向基金則進行做空——通過衍生品押注市場下跌。

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.

根據研究諮詢機構ETFGI的數據，槓桿ETF在全球投資ETF產品的逾3萬億美元資金中約佔2%，但在ETF平均交易量中佔比超過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 retail investor interest in structured and leveraged products.

香港和新加坡都在今年批准了槓桿和反向ETF的相關法規。這類產品在日本、臺灣和韓國很流行，這些市場的散戶投資者對結構性產品和槓桿產品都有很強的興趣。

Hong Kong’s rules allow for two-times leverage while Singapore allows three times, but restrict sales to qualified investors.

香港的法規允許兩倍槓桿，新加坡允許三倍槓桿，但只對合格投資者銷售。

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

這兩地還不會批准押注於中國內地市場漲跌的產品，它們被視爲最有可能引起投資者興趣的產品類型。

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

在香港和新加坡放行槓桿ETF之際，美國監管機構正在研究是否要限制包括ETF在內的共同基金使用衍生品工具，原因是擔心相關的槓桿可能放大投資者的風險。

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

此前曾有一系列針對這類產品的集體訴訟，美聯儲(Fed)官員也警告不要在市場低迷時期使用這類產品。

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

本月早些時候，基金管理公司奧本海默(Oppenheimer)因向脆弱的散戶投資者銷售複雜的ETF產品，被責令繳納290萬美元的罰款和賠償。

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

三星於7年前在韓國發售了亞洲首批槓桿ETF產品，該公司表示此後並無有關投資者不滿的重大報告。

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 risky than products already available in Hong Kong. It’s just that there’s this perception.”

三星資產運用首席執行官Sung-Hoon Koo表示：“遺憾的是，美國在這類產品投資的早期階段似乎不太關注投資者教育。我們從中吸取了教訓。我認爲（槓桿ETF）本質上並不比香港已有產品風險更大。只不過是有些人以爲這樣而已。”

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

這些產品是爲短期持有所設計，每天都進行重新調整，這意味着，在一段時期內，儘管標的指數最終升高，一隻ETF產品卻可能因爲波動性而產生虧損。

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

槓桿和反向ETF產品在交易所很受歡迎，因爲它們帶來了交易量的增加。

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.

據報道，去年臺灣的日均ETF交易量相比上一年增長45%，主要就是因爲推出了槓桿及反向ETF產品。

But there are fears ETFs can move markets.

但也有人擔憂ETF可能引發市場波動。

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

去年10月，日本“Next Funds日經225指數槓桿ETF”(Next Funds Nikkei 225 Leveraged index ETF)被迫暫停認購，原因是有關方面擔心其對股指期貨的需求會淹沒既有的流動性。