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香港首隻原油期貨指數ETF 三星標普高盛原油ER期貨ETF讓您直接投資原油市場

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可否提供有關轉倉影響的範例說明?

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可否提供有關轉倉影響的範例說明?

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以下是正價差的簡明步驟說明,請參閱下表

 

0 日:  
ETF在100價位訂立一張最近期期貨合約
從0日起1個月後 : 
ETF透過在110價位出售該近最近期期貨合約而平倉,然後在113價位訂立一張第二最近期期貨合約,即ETF從這筆轉倉交易錄得-3的負數轉倉收益
從0日起2個月後 : 
ETF透過在115價位出售該第二最近期期貨合約而平倉。
計算ETF從0日起的盈利:  
在計算ETF的盈利時,必須計入-3的負數轉倉收益。因此ETF的盈利是115 – 100 – 3,即12。

 

  0 日

1 個月後

(轉倉交易)

 2 個月後

最近期期貨合約 100 110  
第二最近期期貨合約 102 113 115

 

(此表僅供說明之用,由三星資產運用(香港)有限公司製備)

 

其他相關資訊:

有甚麼因素會引致正價差或逆價差呢?

很多因素會導致正價差及/或逆價差的情況,例如:持有成本包括儲存相關商品所需的財務、儲存及保險費用。有些商品,例如天然氣及原油,隨著時間推移往往出現陡峭的正價差現象,因為有關的持有費用相對高昂。交收月的市場供需情況舉例來說,就農產品而言,在九月的收成季節付運收成期間,預期供應增加會影響價格下跌。若預期供應確實增加,即會發生逆價差的情況,期貨價格將低於現貨價。便利收益率這是指來自原料庫存的非金錢收益。不規則市場走勢在反向的市場,由於相關貨品或證券在需求高企之下相對稀缺,持有該相關貨品或證券可能較擁有合約或衍生工具有更高的盈利。

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原油現貨價 vs. 標普高盛原油額外回報指數有什麼分別?

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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