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香港首只原油期货指数ETF 三星标普高盛原油ER期货ETF让您直接投资原油市场

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可否提供有关转仓影响的范例说明?

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可否提供有关转仓影响的范例说明?

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以下是正价差的简明步骤说明,请参阅下表

 

0 日:  
ETF在100价位订立一张最近期期货合约
从0日起1个月后 : 
ETF透过在110价位出售该近最近期期货合约而平仓,然后在113价位订立一张第二最近期期货合约,即ETF从这笔转仓交易录得-3的负数转仓收益
从0日起2个月后 : 
ETF透过在115价位出售该第二最近期期货合约而平仓。
计算ETF从0日起的盈利:  
在计算ETF的盈利时,必须计入-3的负数转仓收益。因此ETF的盈利是115 – 100 – 3,即12。

 

  0 日

1 个月后

(转仓交易)

 2 个月后

最近期期货合约 100 110  
第二最近期期货合约 102 113 115

 

(此表仅供说明之用,由三星资产运用(香港)有限公司制备)

 

其他相关资讯:

有甚么因素会引致正价差或逆价差呢?

很多因素会导致正价差及/或逆价差的情况,例如:持有成本包括储存相关商品所需的财务、储存及保险费用。有些商品,例如天然气及原油,随着时间推移往往出现陡峭的正价差现象,因为有关的持有费用相对高昂。交收月的市场供需情况举例来说,就农产品而言,在九月的收成季节付运收成期间,预期供应增加会影响价格下跌。若预期供应确实增加,即会发生逆价差的情况,期货价格将低于现货价。便利收益率这是指来自原料库存的非金钱收益。不规则市场走势在反向的市场,由于相关货品或证券在需求高企之下相对稀缺,持有该相关货品或证券可能较拥有合约或衍生工具有更高的盈利。

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原油现货价 vs. 标普高盛原油额外回报指数有什么分別?

As the S&P GSCI Crude Oil  Index ER(Excess Return does not mean any additional return on the Sub-Fund's performance) is based upon WTI Futures Contracts but not on physical WTI crude oil, the performance of the Index may differ from the current market or spot price performance of the WTI crude oil. The price movements of a futures contract are typically correlated with the movements of the spot price of the referenced commodity, but the correlation is generally imperfect and price movements in the spot market may not be reflected in the futures market (and vice versa). For example:    During the one-year period from 1 January 2009 to 31 December 2009, the Index underperformed the spot price of WTI crude oil by 71% (the level of the Index increased by 7%, while the spot price of crude oil increased by 78%).Large differences between the spot price and the futures price can exist because the market is always trying to look ahead to predict what prices will be. Futures prices can be either higher or lower than spot prices, depending on the outlook for supply and demand of the asset in the future. You can find historical performance of Spot and ER indices at this link

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