Specific Risk Disclosures
The risk considerations and disclaimers in relation to the mandate’s investments (as applicable) are set out below and are not intended to be exhaustive and may be supplemented by additional risk disclosures from time to time.
1. Risk of Investing In Equities And Equity Funds
Where the mandate invests in equities and funds investing in equities, the prices of equity securities and funds investing in equities may decline in response to certain events, including but not limited to those directly affecting the companies; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency fluctuations.
Investing in equity securities and funds investing in equities may offer a higher rate of return than other investments. However, the risks associated with investments in equity securities and funds investing in equities may also be higher, because the performance of equity securities and funds investing in equities depends upon factors which are difficult to predict. Such factors include the possibility of sudden or prolonged market declines and risks associated with individual companies. The fundamental risk associated with investments in equities and equity funds is that the value of the investments it holds might decrease in value. Equity value may fluctuate in response to the activities of an individual company or companies or in response to general market and/or economic conditions.
2. Risk of Investing In Debt And Debt-Related Securities
Where the mandate invests in debt and debt-related securities, the portfolio is exposed to credit risk and interest rate risk. Credit risk is the risk of default on a debt that a borrower (bond issuer) fails to meet its obligations (pay principal and/or interest on redemption date). The issuer’s credit quality and security values may be adversely affected by factors which include, but are not limited to, changes in economic and political conditions or issuer’s financial conditions. It should also be noted that credit ratings assigned by credit rating agencies do not guarantee the creditworthiness of the issuer.
Changes in interest rates will impact the performance of the investments. As long term interest rates rise, the capital value will likely decrease. In general, securities with longer maturities and higher interest rate sensitivity involve higher degree of risk.
3. Risk of Investing In Bond Funds Having Convertible/High-Yielding/Sub-Investment Grade Bonds
High yield bonds or sub-investment grade bonds risk– Where the mandate invests in such bond funds, the portfolio may have exposure to higher risk bond categories such as high yield bonds or sub-investment grade bonds, which are subject to the risks associated with high yield bonds or sub-investment grade bonds and also subject to a higher credit risk, greater possibility of default and greater price volatility than the funds investing in investment grade bonds. The net asset value of a fund that invests in high-yield bonds or sub-investment grade bonds may decline or be negatively affected if there is a default of any of the high yield bonds or sub-investment grade bonds that it invests in or if interest rates change. Convertible bonds risk – Where the mandate invests in such bond funds, the portfolio may have exposure to convertible bonds that are subject to the risks associated with both debt and equity securities, and to risks specific to convertible securities. Their value may change significantly depending on economic and interest rate conditions, the creditworthiness of the issuer, the performance of the underlying equity and general financial market conditions. In addition, issuers of convertible bonds may fail to meet payment obligations and their credit ratings may be downgraded. Convertible bonds may also be subject to lower liquidity than the underlying equity securities.
Capital growth risk – some high-yield bond funds may have fees and/or dividends paid out of capital. As a result, the capital that the fund has available for investment in the future and capital growth may be reduced.
No dividend distributions – some high-yield bond funds may not distribute dividends, but instead reinvest the dividends into the fund or alternatively, the investment manager may have discretion on whether or not to make any distribution out of income and/ or capital of the fund. Also, a high distribution yield does not imply a positive or high return on the total investment.
Other key risks that may relate to the relevant fund would depend on the concentration of investments in particular types of specialized debt or a specific geographical region or sovereign securities.
4. Sovereign Debt Risk
Where the mandate invests in sovereign debts, the investors should note that sovereign debt issued by governments of certain developing countries or their agencies and instrumentalities (“government entities”) is a riskier investment than sovereign debt issued by governments of developed countries.
The stability of the issuing government is an important factor to consider as they may not be able or willing to repay the principal and/or interest. Key factors affecting the governmental entity’s possibility or willingness to repay the principal and interest include, but are not limited to, its variance of cash flow, debt service ratio, foreign reserves, the probability of sufficiently foreign exchange on payment day and the political risk. A governmental entity will be requested to conduct sovereign debt restructuring and to extend further loans if it cannot meet its debt obligations.
5. Risk Of Inflation-Linked Bonds
Where the mandate invests in inflation-linked bonds, the portfolio is subject to deflation risk. The capital value of inflation-linked bonds tends to be lower than other bond categories during deflationary periods. In addition, the full principal invested may not be returned at maturity for inflation-linked bonds during times of deflation. Lastly, inflation-linked bonds are generally less liquid than traditional bonds as they are primarily bought by buy-and-hold investors.
6.Liquidity Risk
Some investments in the portfolio may not have active secondary markets. Liquidity may become scarce and it would be difficult or impossible to sell these investments before maturity. Unwinding of unlisted investment products before maturity can be expensive and may result in significant loss before maturity. BNP Paribas rely solely on its counterpart(s) (including its affiliates and/or other third party counterparts, as the case may be) to provide secondary unwinding pricing before maturity and such unwinding costs will also be dependent on the counterpart(s)’s cost of funding, the discounted curve, the market condition, among other considerations, at the point of exit.
7. Financial Bonds (Bonds Related To The Financial Sector)
Where the mandate invests in financial bonds with convertible or exchangeable features the portfolio will be subject to both equity and bond investment risk. Bonds that have contingent write down or loss absorption features may be written-off fully or partially or converted to common stock on the occurrence of a trigger event. Some financial bonds (including subordinated or even senior bonds), though are not classified by the market as Contingent Convertibles (Cocos) with explicit capital trigger for loss absorption, may also have loss absorption features, including (1) those with contractual loss absorption at point of non-viability (PONV), (2) those in countries with statutory bail-in, and/or (3) those in countries that are likely to have statutory bail-in before the maturities of these bonds.
Holders of subordinated debentures will bear higher risks than holders of senior debentures of the issuer due to a lower priority of claim in the event of the issuer’s liquidation.
8. Callable Bonds
Callable bonds are callable and investors face reinvestment risk when the issuer exercises its right to redeem the bond before it matures.
9. Contingent Convertible Or Bail-In Debenture
Where the mandate invests in (deeply subordinated) contingent convertible debenture / bail-in debentures, such investments have coupon payments that may be deferred or even suspended subject to the terms and conditions of the issue. Contingent convertible and bail-in debentures are hybrid debt-equity instruments that may be written off or converted to common stock on the occurrence of a trigger event.
10. Perpetual Bonds
Where the mandate invests in (deeply subordinated) perpetual bonds with no maturity, such investments have coupon payments that may be deferred or even suspended subject to the terms and conditions of each bond issue. Perpetual debentures are often callable (and/or subordinated) and there could be reinvestment risk, and/or a lower priority of claims (e.g. on liquidation of the issuer).
11. Bonds With Extendable Maturity Dates
Where the mandate invests in bonds that have extendable maturity dates, there will be no definite schedule of principal repayment. Some bonds have variable and/or deferral of interest payment terms, and investors would face uncertainty over the amount and time of the interest payments to be received.
12. Risks Of Investing In High-Yield Bonds
High yield bonds are sub-investment grade bonds or non-rated bonds. Where the mandate invests in high yield bonds, the investors should understand that high-yield bonds are generally of higher risk than investment-grade bonds and hence generally have a higher risk of default and higher price volatility. High yield bonds are issued by companies which might have a greater risk of default on interest and/or principal payments. Investment in high yield bonds may not be suitable for all investors. In addition to a tolerance for risk, investors should be aware of the elevated volatility of high yield bonds in particular in an adverse market with possible market downturns or unexpected events that negatively impact individual issues. The ability for the bond issuer to meet its obligations may be negatively affected by its unexpected financing needs, or failing to meet its specific projected business forecasts, or its specific developments. Credit risk and interest rate risk are two main concerns for investors in general.
Credit risk is the risk associated with a bond issuer’s ability to make timely principal and interest payments. For investors in high-yield bonds, credit risk can include, but are not limited to, the default risk, downgrade risk and event risk as follows:
- Default risk: Defaults may occur when a bond issuer fails to pay an interest and/or principal payment to investors as scheduled. The risk of default is greater for high yield bonds than for investment grade bonds.
- Downgrade risk: Downgrades would happen when the respective rating agencies lower the ratings on specific bonds. Downgrade risks may arise if the issuer’s financial condition deteriorates. Downgrades are usually accompanied by declines in market prices for the downgraded security. During economic downturns high yield bonds typically fall more in value than investment grade bonds as investors become more risk averse and default risk rises.
- Event risk: There is possibility that an issuer misses a coupon payment to investors due to an unexpected event. Credit rating agencies may downgrade the issuer’s credit rating as a result of such event(s). Where the mandate’s investment is in fixed income securities, investors are also subject to interest rate risk. If interest rates increase, the value of the investments generally declines. Where the mandate’s investment is in callable high yield bonds, investors face reinvestment risk when the issuer exercises its right to redeem the bond before it matures.
13. Risk Of Investing In Emerging Markets
Where the mandate has investments in emerging markets, such investments are subject to higher risks (for example, liquidity risk, currency risk, political risk, regulatory risk and economic risk) and higher volatility as compared to investments in developed markets. Fluctuations in currency exchange rates may negatively affect the value of an investment or reduce returns - these risks are magnified for investments in emerging markets.
14. Currency Risk
Where the mandate invests in instruments denominated in currencies different to the base currency, the portfolio may be affected favorably or unfavorably by exchange control regulations or changes in the exchange rates between the base currency and other currencies. Changes in currency exchange rates may influence the value of the portfolio, the dividends or interest earned and the gains and losses realised. In general, exchange rates between currencies are determined by supply and demand in the currency exchange markets, the international balance of payments, governmental intervention, speculation and other economic and political conditions. If the currency in which an investment is denominated appreciates against the base currency, the value of the investment would increase. Conversely, a decline in the exchange rate of the currency would adversely affect the value of the portfolio.
Where the mandate engages in foreign currency transactions in order to hedge against currency exchange risk, there is no guarantee that hedging or protection will be achieved.
15. Risks Of Using Financial Derivative Instruments For Hedging
Where the mandate is entitled to use financial derivative instruments for hedging and efficient portfolio management purposes, such use may involve additional risks. In adverse situations, the portfolio's use of derivative instruments may become ineffective in hedging or efficient portfolio management and the portfolio may suffer significant losses.
16. Counterparty Risk
The portfolio may be subject to the risk of the inability of the counterparty, or any other entities, in or with which an investment or transaction is made, to perform in respect of undertaken transactions, whether due to insolvency, bankruptcy or other causes.
17. Reinvestment Risk
Reinvestment risk is where the portfolio may be exposed to the risk that the investment proceeds from a product may have to be reinvested at a lower potential interest rate or into a product with less attractive terms due to market changes or when the issuer exercises its right to redeem the product before it matures.
18. Issues With Potential Tax Complications
Before entering into any mandate(s), customers should understand the tax implication of the mandate’s investments (including the implications of any applicable income tax, goods and services or value added taxes, withholding tax, stamp duties and other taxes) of engaging in any financial transactions. Different transactions may have different tax implications. The tax implications of transactions may be dependent upon the nationality, the nature of the business activities of the customer and the transaction in question. We make no representation and have given no advice concerning the appropriate accounting treatment or possible tax consequences of the transaction. Customers shall assume and be responsible for any and all taxes of any jurisdiction or governmental or regulatory authority.
Customers should, therefore, consult their tax adviser to understand and evaluate the relevant tax implication and should not rely on BNP Paribas for this.
19. Risks Of Investing In Exchange-Traded Funds
Where the mandate invests in exchange-traded funds (the “ETFs”) or funds which invest in ETFs, the portfolio is subject to the risk that the value of an interest in the ETF will generally decline in line with the decline of any securities which comprise the benchmark portfolio or the value of any benchmark index linked to the relevant ETF. Investment in the transaction linked to an ETF involves risks similar to those of investing in the securities traded on an exchange that comprise the benchmark portfolio or index to which the ETF is linked, such as market fluctuations caused by, amongst other things, economic and political developments, changes in interest rates and currency rates and market liquidity.
If an ETF adopts a synthetic replication investment strategy to achieve its investment objectives by investing in financial derivative instruments, you should note that (i) by investing in financial derivative instruments, the ETF is exposed to the credit, potential contagion and concentration risks of the counterparties who issued the financial derivative instruments, and the market value of any collateral held by the ETF may have fallen substantially when the ETF seeks to realise such collateral; and (ii) the ETF may be exposed to higher liquidity risk if such financial derivative instruments do not have an active secondary market. In addition, due to market accessibility, the efficiency in unit creation or redemption to keep the price of the synthetic ETF in line with its net asset value (“NAV”) may be disrupted, causing the synthetic ETF to trade at a higher premium or discount to its NAV. Such risks may have a negative impact on the potential return of the product.
The performance of an ETF is unpredictable. It depends on financial, political, economic and other events as well as the share issuer’s or the ETF’s earnings, market position, risk situation, shareholder structure and distribution policy. Although the investment strategy of an ETF is typically designed to replicate the movements in the benchmark index or the underlying asset pool to which the ETF is linked, there may be divergence between the performance of the ETF and the performance of the benchmark index or portfolio that the ETF is designed to track due to certain tracking errors as a result of a number of factors (or combination thereof).
These contributing factors may include, but are not limited to, any failure of the tracking strategy, fees and expenses that are deducted from the ETF’s returns, currency differences in the constituents that comprise the index or the underlying asset pool which the ETF is designed to track. In particular, where the benchmark index or market that the ETF tracks is subject to restricted market access, for instance, an emerging market index, the efficiency in the unit creation or redemption of units/interests in the ETF to keep the price of the ETF in line with its NAV may be impeded or disrupted due to the lack of liquidity in its constituents, causing the ETF to trade at a higher premium or discount to its NAV.
Synthetic ETF products may include different kinds of strategies, including but not limited to index tracking, replication strategy, leverage strategy, or any combination of derivatives with collateral requirements. You should be familiar with particular features and risk of investing in ETFs.
The major risks associated with synthetic ETFs are highlighted below:
(1) Market risk – the portfolio(s) are exposed to the political, economic, currency and other risks related to the synthetic ETF’s underlying index.
(2) Counterparty risk – where a synthetic ETF invests in derivatives to replicate the index performance, the portfolio(s) are exposed to the credit risk of the counterparties who issued the derivatives, in addition to the risks relating to the index. Further, there are potential contagion and concentration risks relating to the derivatives issuers (e.g. since derivative issuers are predominantly international financial institutions, the failure of one derivative counterparty of a synthetic ETF may have a “knock-on” effect on other derivative counterparties of the synthetic ETF). Some synthetic ETFs have collateral to reduce the counterparty risk, but there may be a risk that the market value of the collateral has fallen substantially when the synthetic ETF seeks to realize the collateral.
(3) Liquidity risk – a higher liquidity risk is involved if a synthetic ETF involves derivatives which do not have an active secondary market. Wider bid-offer spreads in the price of the derivatives may result in losses.
(4) Tracking error – there may be disparity between the performance of the synthetic ETF and the performance of the underlying index due to, for instance, failure of the tracking strategy, currency differences, fees and expenses.
(5) Trading at a discount or premium – where the index/market that the synthetic ETF tracks is subject to restricted access, the efficiency in unit creation or redemption to keep the price of the synthetic ETF in line with its NAV may be disrupted, causing the synthetic ETF to trade at a higher premium or discount to its NAV. Where the mandate invests in a synthetic ETF at a premium, the investor may not be able to recover the premium in the event of termination.
20. Conflicts Of Interest
Various potential and actual conflicts of interest may arise from the overall investment activities of the mandate(s) between you, BNP Paribas and its affiliates. In particular, BNP Paribas and its affiliates can offer/manage other investment vehicles or other portfolios which interests may be different to your interests.
21. Market Disruption Risk
Markets may become disrupted. Local market disruptions can have a global effect.
Market disruption can adversely affect the performance of the portfolio.
22. Risk Associated With Renminbi (“Rmb”) Deposits, Investments And Products
Where the mandate invests in deposits, investment transactions or financial products linked to or denominated in RMB (collectively, the “RMB Investment Products”), your attention is drawn to following risks.
RMB is not freely convertible at present. The government of the People’s Republic of China (“PRC”) continues to regulate conversion between RMB and foreign currencies, including the Hong Kong dollar and Singapore dollar, despite the significant reduction over the years by the PRC government of its control over routine foreign exchange transactions under current accounts. The People’s Bank of China (“PBOC”) has established a clearing and settlement system pursuant to the Settlement Agreement on the Clearing of RMB Business between PBOC and Bank of China (Hong Kong) Limited. However, the current size of RMB and RMB denominated financial assets in Hong Kong and Singapore is limited, and its growth is subject to many constraints which are corollary of PRC laws and regulations on foreign exchange.
(1) RMB currency risk – There can be no assurance that access to RMB funds for the purposes of making payments under the RMB Investment Products or generally may remain or will not become restricted.
(2) Exchange rate risk – The value of the RMB against the Hong Kong dollar, Singapore dollar and other foreign currencies fluctuates and is affected by changes in the PRC and international political and economic conditions and by many other factors. As a result, the value of RMB payments may vary with the prevailing exchange rates in the marketplace. If the value of the RMB depreciates against the Hong Kong dollar, Singapore dollar or other foreign currencies, the value of an investor’s investment in Hong Kong dollar, Singapore dollar or other applicable foreign currency terms will decline.
In addition, if the RMB Investment Products are not denominated in RMB or if the underlying(s) to which the RMB Investment Products are linked is not denominated in RMB, such RMB Investment Products may be subject to multiple currency conversion costs (including but not limited to multiple currency conversion costs involved in making investments and liquidating investments), as well as the RMB exchange rate fluctuations and bid/offer spreads when assets are sold to meet redemption requests and other capital requirements, where applicable. Such costs (if any) will be borne by the investors.
(3) Risk related to the underlying(s) – Where the mandate invests in RMB Investment Products linked to underlying(s), the movements in the price of the underlying(s) may be subject to significant fluctuations that may not correlate with changes in interest rates, currencies or other indices and the timing of changes in the relevant price of the underlying(s) may affect the actual yield to investors, even if the average level is consistent with their expectations.
Where the mandate invests in RMB Investment Products denominated in RMB but the underlying(s) is denominated in another currency, investors may lose all or a substantial portion of their investment if (i) the value of the underlying(s) appreciates but RMB depreciates against the Hong Kong dollar, Singapore dollar or other foreign currencies; (ii) RMB appreciates against the Hong Kong dollar, Singapore dollar or other foreign currencies but the value of the underlying(s) depreciates; or (iii) both the underlying(s) and RMB depreciate.
If the RMB Investment Products do not have access to invest directly in the Mainland China, their available choice of underlying investments denominated in RMB outside Mainland China may be limited and such limitation may adversely affect the return and performance of such RMB Investment Products.
For RMB Investment Products with a significant portion of non-RMB denominated underlying investments, please note that there is a possibility of not receiving the full amount in RMB upon redemption. This may be the case if the issuer of such RMB Investment Product is not able to obtain sufficient amount of RMB in a timely manner due to the exchange controls and restrictions applicable to the currency.
(4) Interest rate risk – The mandate’s investment in RMB Investment Product may include RMB debt instruments and please note that such instruments are susceptible to interest rate fluctuations, which may adversely affect the return and performance of such RMB Investment Product.
(5) Liquidity risk – No representation is made as to the existence of a market for the RMB Investment Products. The RMB Investments Products may involve a long period of investment. Investors who seek to redeem their investment before the maturity date or during the lock-up period (if applicable) may incur a significant loss of principal where the proceeds may be substantially lower than the invested amount. Investors may incur early surrender/withdrawal fees and charges as well as loss of bonuses (where applicable) as a result of redemption before the maturity date or during the lock-up period. The current size of RMB and RMB denominated financial assets is limited in Hong Kong and Singapore, which may adversely affect the liquidity of the RMB Investment Products.
There may not be an active or liquid secondary market for unlisted RMB Investment Products. The secondary prices (if any) for RMB Investment Products may be at a substantial discount from the principal amount even in the case where the price of the underlying(s) has appreciated since the issue date. The price of the RMB Investment Products including the price at which the bank, the issuer, its affiliate or any other person may be willing to repurchase may be affected by a number of factors including the changes in the price of the underlying(s) and numerous economic and market factors including the expected volatility of the underlying(s); the outstanding principal amount; the time to maturity of the RMB Investment Products; the dividend rate on the underlying(s); the interest and yield rates in the market; the credit spreads, the exchange rate and the volatility of the exchange rate; the economic, financial, political, regulatory or judicial events that affect the underlying(s) or stock markets generally and which may affect the underlying closing prices on any valuation date; and the creditworthiness of the bank or the issuer.
The issue price of a RMB Investment Product may not accurately reflect its market value at the issue date and the price, if any at which the issuer, its affiliate or any other person is willing to purchase the RMB Investment Products in the secondary market (if any), is likely to be lower than the issue price due to the inclusion of agents’ compensation, compensation of an affiliate of the agents, any fees and charges incurred by the issuer and expected profit from hedging in the original issue price. In addition, any such prices may differ from values determined by pricing models used by the agents, as a result of such compensation or other transaction costs. In addition, different market participants may have different pricing models leading to different results.
(6) Non-guaranteed returns – The returns of the RMB Investment Products may not be guaranteed.
(7) Additional risks associated with leveraged trading– If the mandate uses leveraged trading facilities to purchase or enter into RMB Investment Products, please note that such leveraging heightens the investment risks by magnifying prospective losses. Please ensure you understand the terms and conditions of the borrowing arrangement, including but without limitation to the circumstances under which you will be required to place additional margin deposits (and which may be required at short notice) and that your collateral may be liquidated without your consent.
Moreover, you are also reminded of your exposure to interest rate risk and for example, your cost of borrowing may increase due to interest rate movements.
(8) Counterparty and insolvency risk – If there are RMB Investment Products in the portfolio, investors are relying upon the creditworthiness of the counterparty or the issuer (as appropriate). Investors are subject to the issuer and the counterparty credit risk and insolvency risk, the total value of investment may be lost even though the underlying of the RMB Investment Product is performing in the direction and/or magnitude you expect.
A RMB Investment Product from the counterparty will not represent a deposit account and will not be insured by any government entity. Such counterparty will not accept any fiduciary obligations towards you, nor is it willing to undertake such obligations.
To the extent that the RMB Investment Products may invest in RMB debt instruments not supported by any collateral, investors should note that such products are fully exposed to the credit risk of the relevant counterparties.
Where a RMB Investment Product may invest in derivative instruments, counterparty risk may also arise as the default by the derivative issuers may adversely affect the performance of the RMB Investment Product and result in substantial loss.
(9) Credit-ratings– The issuer’s and the counterparty’s long-term credit ratings do not necessarily reflect their creditworthiness and/or their ability of performing their obligations under the RMB Investment Products. Further, there is no assurance that its long-term credit ratings will remain unchanged for any given period of time or that a downgrading, a suspension or withdrawal of any such credit ratings will not occur in the future.
(10) Not a deposit – The RMB Investment Products which are investment transactions or financial products are not deposits and are therefore not protected under any legislation applicable to deposits. In particular but without limiting the foregoing, they are neither protected by the Hong Kong Deposit Protection Scheme in Hong Kong nor the Deposit Insurance Scheme in Singapore.
(11) Limited availability of underlying investments denominated in RMB – For RMB Investment Products that do not have access to invest directly in Mainland China, their available choice of underlying investments denominated in RMB outside Mainland China may be limited. Such limitation may adversely affect the return and performance of the RMB Investment Products.
(12) Possibility of not receiving RMB upon redemption– For RMB Investment Products with a significant portion of non-RMB denominated underlying investments, there is a possibility of not receiving the full amount in RMB upon redemption. This may be the case if the issuer is not able to obtain sufficient amount of RMB in a timely manner due to the exchange controls and restrictions applicable to the currency.
(13) Not an exhaustive list– The risk considerations and disclaimers in relation to the investment of the RMB Investment Products as set out in this document are not intended to be exhaustive and may be supplemented by additional risk disclosures from time to time.
23. Risk Of Investment In Commodities
Where the mandate invests in commodities, the market for and trading in commodities is speculative and is volatile. Price for commodities are affected by a variety of factors. The price volatility of each commodity also affects the value of the futures and forward contracts related to that commodity and therefore its price at any such time. The volatility of commodity prices are often higher than for equity portfolios. The commodities markets are in most cases less liquid as compared to markets of equity, interest or currency-related products. Due to market movements, you may suffer a substantial loss of your investment. Investment in commodities will be executed through investment in exchange-traded instruments, which in many cases face the same risks as investing in synthetic exchange-traded funds as covered in 18. above, except that the underlying are physical commodities or commodity derivatives. These major risks, as covered in 18. above, are Market Risk, Counterparty Risk, Liquidity Risk, Tracking Error Risk and Trading at a discount or premium.
24. Risk Of Investment In Alternative Investments
If included in the portfolio, alternative investments may encompass non-traditional investments such as hedge funds, semi-liquid private asset funds (e.g. private equity, private credit and real estate) and commodities, their derivatives and combinations thereof. These non-traditional investments are not necessarily limited to ordinary or readily marketable instruments. Semi-liquid private asset funds carry a relatively high risk owing to business and financial uncertainties facing individual issuers (unlisted companies, variation in interest rates, etc). Changes in economic and financial conditions can substantially and adversely affect the business and prospects of any investments. Semi-liquid private asset funds typically have monthly or quarterly liquidity and could potentially be subject to a lockup period and/or redemption gate. In case of early redemption of such funds, the fund might charge a penalty fee.
25. Other Risks
THIS DOCUMENT CANNOT DISCLOSE ALL POSSIBLE SPECIFIC RISKS OF THE MANDATE. Before agreeing to any mandate(s), you must satisfy yourself that you fully understand the mandate(s) and the risks of the mandate’s investments. Please also refer to the “General Risks” in this document.
特定風險披露
與委托投資組合的投資相關的風險考慮因素和免責聲明（視乎適用情况）如下，幷不包括所有相關資訊，幷可不時以額外的風險披露補充。
1.投資股票和股票基金的風險
如果委托投資組合投資于股票和股票基金，股本證券和股票基金的價格可能因若干事件而下跌，包括但不限于：直接影響有關公司的事件；影響整體經濟環境的情况；整體市場變動；當地、地區或全球的政局、社會或經濟不穩；以及貨幣波動。
與其他投資比較，投資股本證券和股票基金可能提供較高的回報率。然而，投資股本證券和股票基金也可能附帶較高風險，原因是股本證券和股票基金的表現取决于難以預測的因素，包括市場可能突然出現或長期陷入跌勢，以及與個別公司相關的風險。投資股票和股票基金的基本相關風險是其持有的投資可能貶值。股票價值可能因個別公司或多家公司活動或整體市場和／或經濟情况而波動。
2.投資債券和債務相關證券的風險
如果委托投資組合投資于債券和債務相關證券，投資組合將面對信貸風險和利率風險。信貸風險是一名借款人（債券發行商）未能履行義務（在贖回日支付本金和／或利息）的違約風險。以下因素可能爲發行商的信貸品質和證券價值帶來負面影響，包括但不限于：經濟和政治環境或發行商的財政狀况出現變動。投資者也需注意，信貸評級機構所給予的信貸評級幷不保證發行商的償債能力。
利率變動將影響投資表現。隨著長期利率上升，資本價值可能會下跌。一般而言，年期較長和利率敏感度較高的證券附帶較高風險。
3.投資擁有可轉換／高收益／未達投資級別債券持倉的債券基金的風險
高收益債券或未達投資級別債券風險 － 如果委托投資組合投資于該等債券基金，投資組合可能持有風險較高的債類，例如高收益債券或未達投資級別債券，因而附帶高收益債券或未達投資級別債券的相關風險，而且信貸風險、違約機率和價格波幅都高于投資于投資級別債券的基金。對投資于高收益債券或未達投資級別債券的基金而言，如果其投資的任何高收益債券或未達投資級別債券出現違約事件，或利率出現變動，其資産淨值可能下跌或受到負面影響。
可轉換債券風險 － 如果委托投資組合投資于該等債券基金，投資組合可能持有可轉換債券，而可轉換債券附帶債務和股本證券的風險，以及可轉換證券的特有風險。其價值可能因經濟和利率環境、發行商的償債能力、相關股票的表現以及一般金融市環境而大幅變動。另外，可轉換債券發行商可能無法履行付款責任，其信貸評級可能遭下調。可轉換債券的流動性也可能低于相關股本證券。
資本增長風險 － 部分高收益債券基金可能從資本支付費用和／或股息，因而削弱該基金可供未來投資的資本和資本增值。
不派發股息 － 部分高收益債券基金可能不派發股息，但把股息再投資于該基金，或投資經理可能擁有酌情權以决定是否從基金收入和／或資本作出分派。另外，高派息率幷不代表總投資錄得正回報或高回報。
其他可能與該等基金相關的主要風險取决于對特定專門債券類別、特定地區或主權證券的投資集中度。
4.主權債券風險
投資者應注意，如果委托投資組合投資于主權債券，由若干發展中國家或其機構和職能部門（“政府實體”）發行的主權債券，投資風險高于發達國家政府發行的主權債券。
發行債券的政府的穩定性是一項重要的考慮因素，有關政府可能沒有能力或意願償還本金和／或利息。政府實體是否能够或願意償還本金和利息的主要因素包括但不限于：現金流變動、償債比率、外匯準備金、在支付日期擁有充足外匯的可能性以及政治風險。
如果政府機構未能履行債務責任，可能須進行主權債務重組幷進一步借款。
5.通貨膨脹挂鈎債券風險
如果委托投資組合投資于通貨膨脹挂鈎債券，投資組合將面對通貨緊縮風險。在通貨緊縮期間，通貨膨脹挂鈎債券的資本價值一般低于其他債類。另外，在通貨緊縮期間，通貨膨脹挂鈎債券可能無法在到期時償還全數投資本金。與此同時，由于投資者主要“買入和持有”通貨膨脹挂鈎債券，因此其流動性一般低于傳統債券。
6.流動性風險
投資組合內部分投資的第二市場可能幷不活躍。有關市場可能變得缺乏流動性，因此難以或無法在到期日前沽售有關投資。在到期日前沽售非上市産品持倉可能涉及高昂成本，幷可能在到期日前構成重大虧損。法國巴黎銀行僅依賴其對口單位（包括法國巴黎銀行與其聯營公司和／或其他協力廠商對口單位，視乎情况而定），以在到期日前提供第二市場拆倉價，而有關拆倉成本也取决于沽售時的對口單位融資成本、貼現率曲綫、市場環境和其他考慮因素。
7.金融債券（與金融板塊相關的債券）
如果委托投資組合投資于具有可轉換或可交換特質的金融債券，投資組合將面對股票和債券投資風險。在出現觸發事件時，具有或有沖减或吸收虧損特質的債券可能完全或部分沖銷，或轉換成普通股。雖然部分金融債券（包括次級甚至是主級債券）未有被市場歸類爲設有明確資本觸發水準以吸收虧損的或有可轉換債券，但也可能具有吸收虧損的特質，包括：（1）在發行商無法繼續經營時根據合約吸收虧損的債券；（2）設有强制性自救安排（statutory bail-in）的國家的債券；和／或（3）在債券到期日前可能進行强制性自救安排的國家的債券。
相對同一發行商的主級債券持有人，次級債券持有人承擔較高的風險，原因是如果該發行商進行清盤，其受償的順序安排較後。
8.可贖回債券
可贖回債券是可贖回的，當發行商在債券到期前行使其贖回債券的權利時，投資者面臨再投資風險。
9.或有可轉換債券或自救債券
如果委托投資組合投資于（極次級的）或有可轉換債券／自救債券，有關投資的票息支付可能根據債券的條件和細則而遞延甚至撤銷。或有可轉換債券和自救債券是混合債券與股票的工具，如果出現觸發事件，可能注銷或轉換成普通股。
10.永久債券
如果委托投資組合投資于（極次級的）不設到期日永久債券，有關投資的票息支付可能根據每只債券的條件和細則而遞延甚至撤銷。永久債券一般可贖回（和／或屬次級），可能附帶再投資風險和／或（例如在發行商進行清盤時）受償的順序安排較後。
11.到期日可延期的債券
如果委托投資組合投資于到期日可延期的債券，將不設固定的償還本金日期。部分債券設有可變和／或可延期的利息支付條款，投資者收取利息的金額和日期將具有不明朗因素。
12.投資高收益債券的風險
高收益債券爲投資級別以下或未獲評級的債券。若委托投資組合投資于高收益債券，投資者應瞭解高收益債券的風險普遍高于投資級別債券，因此違約風險及價格波幅亦普遍較高。發行高收益債券的公司可能就支付利息及／或本金附帶較高的違約風險。
高收益債券投資可能不適合所有投資者。除風險承受能力外，投資者應注意高收益債券的波幅較高，尤其是在市場可能下滑或出現利淡個別債券的意外事件的不利市况下。預期外的融資需要、未能達成特定的業務預測或特定發展，可能爲債券發行人履行義務的能力帶來負面影響。
一般而言，信貸風險和利率風險是投資者關注的兩項主要風險。
信貸風險與債券發行人按時償還本金和支付利息的能力相關。對高收益債券投資者而言，信貸風險可包括但不限于下列的違約風險、評級下調風險及事件風險：
－ 違約風險：若債券發行人無法按時向投資者支付利息及／或償還本金，可能構成違約事件。高收益債券的違約風險高于投資級別債券。
－ 評級下調風險：當相關評級機構降低特定債券的評級時，將會出現評級下調的情况。若發行人的財政狀况轉弱，評級下調風險可能擴大。當出現評級下調時，被降低評級的證券市價通常隨之下跌。在經濟下行期間，由于投資者進一步回避風險及違約風險增加，故高收益債券價值的跌幅通常高于投資級別債券。
－ 事件風險：發行人可能因意料之外的事件而未有向投資者支付票息，而信貸評級機構可能因有關事件而調低發行人的信貸評級。
若委托投資組合投資于固定收益證券，投資者亦將面對利率風險。若利率上升，投資價值通常會下跌。
若委托投資組合投資于可贖回高收益債券，投資者將因發行人行使在債券到期前贖回的權利而面對再投資風險。
13.投資新興市場的風險
若委托投資組合投資于新興市場，有關投資將面對高于投資已發展市場的風險（例如流動性風險、貨幣風險、政治風險、監管風險及經濟風險）及波幅。匯率波動可能對一項投資的價值帶來負面影響或導致回報减少，而投資于新興市場附帶更高的相關風險。
14.貨幣風險
如果委托投資組合投資的工具幷非以其基礎貨幣計價，投資組合可能因外匯管制法規或基礎貨幣與其他貨幣之間的匯率變動而受到利多或利空影響。匯率變動可能影響投資組合的價值、賺取的股息或利息，以及已實現的收益和虧損。一般而言，貨幣之間的匯率取决于外匯市場的供求、國際收支平衡、政府干預、市場投機活動以及其他經濟和政治環境。如果投資的計價貨幣兌基礎貨幣升值，該投資的價值將會上升。相反，該貨幣的匯率下跌將利空投資組合的價值。
如果委托投資組合參與外幣交易以對沖外匯風險，概不保證可達成對沖或提供保障。
15.使用金融衍生工具作對沖的風險
如果委托投資組合獲准許使用金融衍生工具以作對沖和有效管理投資組合用途，有關使用可能附帶額外風險。在不利的情况下，投資組合使用的衍生工具可能無法進行有效對沖或有效管理投資組合，因此投資組合可能蒙受重大虧損。
16.交易對手風險
在進行投資或交易時，投資組合可能面對交易對手或任何其他實體因無力償債、破産或其他原因而不能進行已經承諾的交易的風險。
17.再投資風險
再投資風險指投資組合可能面對一項産品的投資所得資金須以較低利率進行再投資，或再投資于條款吸引力下降（因市場變動）的産品，或發行商在到期日前行駛贖回權利所帶來的風險。
18.潜在稅務問題事宜
在訂立任何委托投資組合前，客戶應瞭解委托投資組合因投資而參與任何金融交易所涉及的稅務影響（包括任何適用的入息稅、商品和服務稅或增值稅、預扣稅、印花稅以及其他稅項的影響）。不同的交易可能涉及不同稅務影響。交易的稅務影響可能取决于客戶的國藉、業務活動性質以及有關交易本身。我們概不就有關交易的合適會計處理和可能出現的稅務後果作出任何陳述或建議。客戶須承擔和負責任何司法管轄區、政府或監管機構所徵收的任何和全部稅項。因此，客戶應諮詢其稅務顧問以瞭解和評估相關稅務影響，不應就有關事宜依賴法國巴黎銀行。
19.投資交易所買賣基金的風險
如果委托投資組合投資于交易所買賣基金或對交易所買賣基金進行投資的基金，投資組合面對的風險是基準投資組合的任何成份證券或交易所買賣基金的任何相關基準指數的價值下跌時，該等交易所買賣基金的權益價值一般將跟隨下跌。投資交易所買賣基金的相關交易風險，與投資在交易所上市幷組成該交易所買賣基金的基準投資組合或相關指數的證券相近，例如因經濟和政治發展、利率和匯率變動、市場流動性以及其他因素所引起的市場波動。
如果一隻交易所買賣基金采取合成複製投資策略，通過投資金融衍生工具以達成投資目標，您應注意：（i）該交易所買賣基金投資于金融衍生工具，故面對發行有關金融衍生工具的交易對手的信貸、潜在擴散和集中風險，而當該交易所買賣基金嘗試套現其持有的任何抵押品時，抵押品的市值可能已經大幅下跌；以及（ii）如果上述金融衍生工具的第二市場幷不活躍，該交易所買賣基金的流動性風險可能較高。另外，視乎市場供應情况，爲維持合成交易所買賣基金價格與其資産淨值一致而進行的單位增設或贖回效率可能會受阻，導致合成交易所買賣基金以較資産淨值存在溢價或折讓的價格進行交易。有關風險可能爲該産品的潜在回報帶來負面影響。
交易所買賣基金的表現無法預測，幷取决于金融、政治、經濟和其他事件，以及股份發行商或該交易所買賣基金的盈利、市場地位、風險狀况、股東架構和派息政策。雖然交易所買賣基金的投資策略一般旨在複製與交易所買賣基金相連的基準指數或相關資産彙集的走勢，但基于多項因素（或結合有關因素）所引起的若干跟踪誤差，交易所買賣基金可能與其跟踪的基準指數或投資組合表現分歧。
上述因素可能包括但不限于：跟踪策略失效、從該交易所買賣基金回報扣除的費用和開支，以及該交易所買賣基金與其跟踪的基準指數或投資組合的成份證券具有貨幣差异。具體而言，當該交易所買賣基金跟踪的基準指數或市場的進出受到限制，例如新興市場指數，由于成份證券欠缺流動性，爲維持交易所買賣基金價格與其資産淨值一致而進行的單位增設或單位／權益贖回效率可能會受阻，導致該交易所買賣基金以較資産淨值存在溢價或折讓的價格進行交易。
合成交易所買賣基金産品可能采取不同策略，包括但不限于指數跟踪、複寫原則、杠杆策略，或設有抵押品要求的任何衍生工具組合。您應瞭解投資交易所買賣基金的特有特色和風險。
以下是合成交易所買賣基金的主要相關風險：
（1）市場風險 － 投資組合面對合成交易所買賣基金相關指數的政治、經濟、貨幣和其他相關風險。
（2）交易對手風險 － 如果合成交易所買賣基金投資于衍生工具以複製指數表現，投資組合將面對發行有關衍生工具的交易對手的信貸風險，以及與指數相關的風險。另外，上述衍生工具發行商附帶潜在擴散和集中風險（例如衍生工具發行商以國際金融機構爲主，因此，如果合成交易所買賣基金的一家衍生工具交易對手倒閉，可能爲該合成交易所買賣基金的其他衍生工具交易對手帶來“連鎖”效應）。部分合成交易所買賣基金持有抵押品以降低交易對手風險，但可能面對當該交易所買賣基金嘗試套現有關抵押品時，其市值已經大幅下跌的風險。
（3）流動性風險 － 如果合成交易所買賣基金投資于第二市場幷不活躍的衍生工具，其附帶的流動性風險將較高。
（4）跟踪誤差 － 合成交易所買賣基金的表現與相關指數的表現可能幷不一致，原因包括跟踪策略失效、貨幣差异、費用和開支。
（5）以折讓或溢價進行交易 － 如果合成交易所買賣基金跟踪的指數／市場的進出受到限制，爲維持合成交易所買賣基金價格與其資産淨值一致而進行的單位增設或贖回效率或會受阻，導致合成交易所買賣基金以較資産淨值存在溢價或折讓的價格進行交易。如果委托投資組合以溢價投資于一隻合成交易所買賣基金，投資者在交易所買賣基金終止營運時可能無法取回有關溢價。
20.利益衝突
委托投資組合的整體投資活動可能導致您與法國巴黎銀行和其聯營公司之間出現各種潜在和實際利益衝突。具體而言，法國巴黎銀行和其聯營公司可能提供／管理其他投資工具或投資組合，其利益可能與您的利益有所不同。
21.市場干擾風險
市場可能受到干擾。當地市場的干擾可能對全球帶來影響。
市場干擾可能不利于投資組合表現。
22.人民幣存款、投資和産品的相關風險
如果委托投資組合投資于與人民幣相關或以人民幣計價的存款、投資交易或金融産品（合稱“人民幣投資産品”），請注意下列風險。
目前人民幣不可自由兌換。儘管中華人民共和國（“中國”）政府在過去多年大幅减少對經常賬常規外匯交易的管控，但當局持續監管人民幣與外幣的兌換，包括港元和新加坡元。中國人民銀行（“人行”）已經根據其與中國銀行（香港）有限公司的《關于人民幣業務的清算協議》建立一套結算和交收系統。然而，目前香港和新加坡的人民幣和人民幣計價金融資産規模有限，而且其增長面對中國法律和外匯規例的衆多限制。
（1）人民幣風險 － 概不確保可持續不受限制地或不會受限制地取得人民幣資金，以支付人民幣投資産品的款項或一般款項。
（2）匯率風險 － 人民幣兌港元、新加坡元和其他外幣的價值波動，幷受到中國和國際的政治和經濟環境變動以及其他多項因素影響。因此，人民幣付款的價值可能隨著市場的當前匯率而變動。如果人民幣兌港元、新加坡元或其他外國貨幣貶值，投資者以港元、新加坡元或其他適用貨幣所進行的投資價值將會下跌。
另外，如果該等人民幣投資産品或其相關資産幷非以人民幣計價，該等人民幣投資産品可能面對多重貨幣兌換成本（包括但不限于進行和套現投資的多重貨幣兌換成本）、人民幣匯率波動，以及爲滿足贖回要求和其他資本要求（如適用）而出售資産的買賣差價。有關成本（如有）將由投資者承擔。
（3）與相關資産有關的風險 － 如果委托投資組合投資于與相關資産挂鈎的人民幣投資産品，該等相關資産的價格走勢可能面對與利率、貨幣或其他指數變動不符的重大波動，而即使平均收益率與預期相符，相關資産的價格變動時間可能影響投資者的實際收益率。
如果投資組合投資于以人民幣計價的人民幣投資産品，而相關資産以其他貨幣計價，投資者可能在以下情况損失全部或顯著部分的投資：（i）相關資産的價值上升，但人民幣兌港元、新加坡元或其他外幣貶值；（ii）人民幣兌港元、新加坡元或其他外幣升值，但相關資産的價值下跌；或（iii）相關資産和人民幣都貶值。
如果人民幣投資産品幷未有途徑直接投資中國內地市場，在中國內地以外可供其選擇的人民幣計價相關資産可能有限，有關局限可能對該等人民幣投資産品的回報和表現帶來利空影響。
至于非人民幣計價相關投資占顯著比重的人民幣投資産品，請注意，贖回時可能無法以人民幣收取全部金額。有關情况可能是該等人民幣投資産品發行商因人民幣的外匯管制和限制，而無法及時取得足够的人民幣款項。（4）利率風險 － 委托投資組合的人民幣投資産品投資可能包括人民幣債券工具，請注意，有關工具可能受到利率波動影響，幷可能爲該等人民幣投資産品的回報和表現帶來利空影響。
（5）流動性風險 － 概不就人民幣投資産品的市場是否存在作出陳述。人民幣投資産品可能涉及長投資年期。有意在到期日前或鎖定期（如適用）期間贖回投資的投資者可能招致顯著本金虧損，所得資金可能大幅低于投資金額。投資者可能因在到期日前或鎖定期（如適用）期間贖回投資而招致提早解約／退出計畫費用和開支，幷損失紅利（如適用）。目前香港和新加坡市場的人民幣和人民幣計價金融資産規模有限，可能對人民幣投資産品的流動性帶來利空影響。
非上市人民幣投資産品可能幷無活躍或具流動性的第二市場。即使相關資産價格自發行日以來升值，人民幣投資産品的第二市場價格（如有）可能較本金金額存在大幅折讓。人民幣投資産品的價格（包括銀行、發行商、其聯營公司或其他人士可能願意回購的價格）可能受到多項因素影響，包括：相關資産價格變動以及多項經濟和市場因素（例如相關資産的預期波幅）；未償還本金額；人民幣投資産品距離到期日的期限；相關資産的股息率；市場的利率和收益率；信貸利差、匯率和匯率波幅；可能影響相關資産和整體股市，以及相關資産于任何估值日的收市價的經濟、金融、政治、監管或司法事件；以及銀行或發行商的償債能力。
人民幣投資産品的發行價可能不會準確反映其于發行日的市值，而基于計入代理報酬、代理聯營公司的報酬、發行人構成的任何費用和收費以及原有發行價的預期對沖利潤，發行商、其聯營公司或任何其他人士願意在第二市場買入人民幣投資産品的價格（如有）可能低于發行價。另外，由于有關酬金或其他交易成本，上述任何價格可能有別于代理定價模型所厘定的價格。與此同時，不同的市場參與者可能擁有不同的定價模型，因而帶來不同結果。
（6）非保證回報 － 人民幣投資産品的回報可能不獲保證。
（7）與杠杆交易相關的額外風險 － 如果委托投資組合使用杠杆交易融資以買入或投資于人民幣投資産品，請注意有關杠杆將擴大潜在虧損幷導致投資風險上升。請確保您瞭解借款協議的條件和細則，包括但不限于您在什麽情况下（可能需要在接獲通知的短時間內）將被要求存放額外保證金，以及您的抵押品無須經您同意下被套現。
另外，請注意您面對的利率風險，例如利率變動可能導致您的借貸成本增加。
（8）交易對手和償債能力風險 － 如果投資組合持有人民幣投資産品，投資者將依賴交易對手或發行商（如適用）的償債能力。投資者面對發行商和交易對手的信貸風險和無力償債風險，即使人民幣投資産品的相關資産表現與您預期的方向和／或幅度相符，投資的整體價值也可能下跌。
交易對手提供的人民幣投資産品幷非一個存款帳戶，因此不受任何政府實體保障。該等交易對手不會向您承擔任何信托責任，也無意承擔有關責任。
人民幣投資産品的發行價可能不會準確反映其于發行日的市值，而基于計入代理報酬、代理聯營公司的報酬、發行人構成的任何費用和收費以及原有發行價的預期對沖利潤，發行商、其聯營公司或任何其他人士願意在第二市場買入人民幣投資産品的價格（如有）可能低于發行價。另外，由于有關酬金或其他交易成本，上述任何價格可能有別于代理定價模型所厘定的價格。與此同時，不同的市場參與者可能擁有不同的定價模型，因而帶來不同結果。
鑒于人民幣投資産品可能投資于沒有任何抵押品擔保的人民幣債務工具，投資者應注意有關産品全面承受相關交易對手的信貸風險。如果人民幣投資産品投資于衍生工具，也可能構成交易對手風險，原因是衍生工具發行商違約可能爲人民幣投資産品的表現帶來利空影響，造成重大虧損。
（9）信貸評級 － 發行商和交易對手的長期信貸評級不一定反映其償債能力和／或履行人民幣投資産品的責任的能力。另外，概不保證有關長期信貸評級將于任何特定期間維持不變，或該等評級不會于未來下調、暫停或撤銷。
（10）幷非一項存款 － 屬投資交易或金融産品的人民幣投資産品幷不是存款，因此不受任何適用于存款的法例保障。具體而言（但在不限制上述原則下），人民幣投資産品幷不受到香港存款保障計畫或新加坡存款保險計畫所保障。
（11）可供選擇的人民幣計價相關投資有限 － 如果人民幣投資産品幷未有途徑直接投資中國內地市場，在中國內地以外可供其選擇的人民幣計價相關資産可能有限，有關局限可能對該等人民幣投資産品的回報和表現帶來利空影響。
（12）可能在贖回時無法收取人民幣款項 －至于非人民幣計價相關投資占顯著比重的人民幣投資産品，贖回時可能無法以人民幣收取全部金額。有關情况可能是該等人民幣投資産品發行商因人民幣的外匯管制和限制，而無法及時取得足够的人民幣款項。
（13）幷不包括所有相關資訊 － 本文件所列與人民幣投資産品相關的風險考慮因素和免責聲明幷不包括所有相關資訊，而且可能不時做出額外的風險披露補充。
23.投資商品的風險
如果委托投資組合投資于商品，商品的市場和交易都具有投機性質和表現波動。商品價格受到多項因素影響。每項商品的價格波幅也影響與其相關的期貨和遠期合約價值，因此也影響商品于任何相關時間的價格。商品價格的波幅一般高于股票投資組合。在大部分情况下，商品市場的流動性低于股票、利率或貨幣相關産品市場。基于市場走勢，您的投資可能蒙受重大虧損。商品投資將通過投資于交易所買賣工具執行，除非相關資産是實物商品或商品衍生工具，否則在大多數情况下面對投資合成交易所買賣基金的相同風險（如上文19. 所述）。該等主要風險（如上文19. 所述）包括市場風險、交易對手風險、流動性風險、跟踪誤差風險和以折讓或溢價進行交易。
24.另類投資風險
如果委托投資組合投資于商品，商品的市場和交易都具有投機性質和表現波動。商品價格受到多項因素影響。每項商品的價格波幅也影響與其相關的期貨和遠期合約價值，因此也影響商品于任何相關時間的價格。商品價格的波幅一般高于股票投資組合。在大部分情况下，商品市場的流動性低于股票、利率或貨幣相關産品市場。基于市場走勢，您的投資可能蒙受重大虧損。商品投資將通過投資于交易所買賣工具執行，除非相關資産是實物商品或商品衍生工具，否則在大多數情况下面對投資合成交易所買賣基金的相同風險（如上文19. 所述）。該等主要風險（如上文19. 所述）包括市場風險、交易對手風險、流動性風險、跟踪誤差風險和以折讓或溢價進行交易。
25.其他風險
本文件未能盡錄委托投資組合可能面對的所有特定風險。在同意投資于任何委托投資組合前，請確認您已經完全瞭解委托投資組合和其投資風險。請參閱本文件的“一般風險”
特定风险披露
与委托投资组合的投资相关的风险考虑因素和免责声明（视乎适用情况）如下，并不包括所有相关资讯，并可不时以额外的风险披露补充。
1.投资股票和股票基金的风险
如果委托投资组合投资于股票和股票基金，股本证券和股票基金的价格可能因若干事件而下跌，包括但不限于：直接影响有关公司的事件；影响整体经济环境的情况；整体市场变动；当地、地区或全球的政局、社会或经济不稳；以及货币波动。
与其他投资比较，投资股本证券和股票基金可能提供较高的回报率。然而，投资股本证券和股票基金也可能附带较高风险，原因是股本证券和股票基金的表现取决于难以预测的因素，包括市场可能突然出现或长期陷入跌势，以及与个别公司相关的风险。投资股票和股票基金的基本相关风险是其持有的投资可能贬值。股票价值可能因个别公司或多家公司活动或整体市场和／或经济情况而波动。
2.投资债券和债务相关证券的风险
如果委托投资组合投资于债券和债务相关证券，投资组合将面对信贷风险和利率风险。信贷风险是一名借款人（债券发行商）未能履行义务（在赎回日支付本金和／或利息）的违约风险。以下因素可能为发行商的信贷品质和证券价值带来负面影响，包括但不限于：经济和政治环境或发行商的财政状况出现变动。投资者也需注意，信贷评级机构所给予的信贷评级并不保证发行商的偿债能力。
利率变动将影响投资表现。随着长期利率上升，资本价值可能会下跌。一般而言，年期较长和利率敏感度较高的证券附带较高风险。
3.投资拥有可转换／高收益／未达投资级别债券持仓的债券基金的风险
高收益债券或未达投资级别债券风险 － 如果委托投资组合投资于该等债券基金，投资组合可能持有风险较高的债类，例如高收益债券或未达投资级别债券，因而附带高收益债券或未达投资级别债券的相关风险，而且信贷风险、违约机率和价格波幅都高于投资于投资级别债券的基金。对投资于高收益债券或未达投资级别债券的基金而言，如果其投资的任何高收益债券或未达投资级别债券出现违约事件，或利率出现变动，其资产净值可能下跌或受到负面影响。
可转换债券风险 － 如果委托投资组合投资于该等债券基金，投资组合可能持有可转换债券，而可转换债券附带债务和股本证券的风险，以及可转换证券的特有风险。其价值可能因经济和利率环境、发行商的偿债能力、相关股票的表现以及一般金融市环境而大幅变动。另外，可转换债券发行商可能无法履行付款责任，其信贷评级可能遭下调。可转换债券的流动性也可能低于相关股本证券。
资本增长风险 － 部分高收益债券基金可能从资本支付费用和／或股息，因而削弱该基金可供未来投资的资本和资本增值。
不派发股息 － 部分高收益债券基金可能不派发股息，但把股息再投资于该基金，或投资经理可能拥有酌情权以决定是否从基金收入和／或资本作出分派。另外，高派息率并不代表总投资录得正回报或高回报。
其他可能与该等基金相关的主要风险取决于对特定专门债券类别、特定地区或主权证券的投资集中度。
4.主权债券风险
投资者应注意，如果委托投资组合投资于主权债券，由若干发展中国家或其机构和职能部门（“政府实体”）发行的主权债券，投资风险高于发达国家政府发行的主权债券。
发行债券的政府的稳定性是一项重要的考虑因素，有关政府可能没有能力或意愿偿还本金和／或利息。政府实体是否能够或愿意偿还本金和利息的主要因素包括但不限于：现金流变动、偿债比率、外汇准备金、在支付日期拥有充足外汇的可能性以及政治风险。
如果政府机构未能履行债务责任，可能须进行主权债务重组并进一步借款。
5.通货膨胀挂钩债券风险
如果委托投资组合投资于通货膨胀挂钩债券，投资组合将面对通货紧缩风险。在通货紧缩期间，通货膨胀挂钩债券的资本价值一般低于其他债类。另外，在通货紧缩期间，通货膨胀挂钩债券可能无法在到期时偿还全数投资本金。与此同时，由于投资者主要“买入和持有”通货膨胀挂钩债券，因此其流动性一般低于传统债券。
6.流动性风险
投资组合内部分投资的第二市场可能并不活跃。有关市场可能变得缺乏流动性，因此难以或无法在到期日前沽售有关投资。在到期日前沽售非上市产品持仓可能涉及高昂成本，并可能在到期日前构成重大亏损。法国巴黎银行仅依赖其对口单位（包括法国巴黎银行与其联营公司和／或其他协力厂商对口单位，视乎情况而定），以在到期日前提供第二市场拆仓价，而有关拆仓成本也取决于沽售时的对口单位融资成本、贴现率曲线、市场环境和其他考虑因素。
7.金融债券（与金融板块相关的债券）
如果委托投资组合投资于具有可转换或可交换特质的金融债券，投资组合将面对股票和债券投资风险。在出现触发事件时，具有或有冲减或吸收亏损特质的债券可能完全或部分冲销，或转换成普通股。虽然部分金融债券（包括次级甚至是主级债券）未有被市场归类为设有明确资本触发水准以吸收亏损的或有可转换债券，但也可能具有吸收亏损的特质，包括：（1）在发行商无法继续经营时根据合约吸收亏损的债券；（2）设有强制性自救安排（statutory bail-in）的国家的债券；和／或（3）在债券到期日前可能进行强制性自救安排的国家的债券。
相对同一发行商的主级债券持有人，次级债券持有人承担较高的风险，原因是如果该发行商进行清盘，其受偿的顺序安排较后。
8.可赎回债券
可赎回债券是可赎回的，当发行商在债券到期前行使其赎回债券的权利时，投资者面临再投资风险。
9.或有可转换债券或自救债券
如果委托投资组合投资于（极次级的）或有可转换债券／自救债券，有关投资的票息支付可能根据债券的条件和细则而递延甚至撤销。或有可转换债券和自救债券是混合债券与股票的工具，如果出现触发事件，可能注销或转换成普通股。
10.永久债券
如果委托投资组合投资于（极次级的）不设到期日永久债券，有关投资的票息支付可能根据每只债券的条件和细则而递延甚至撤销。永久债券一般可赎回（和／或属次级），可能附带再投资风险和／或（例如在发行商进行清盘时）受偿的顺序安排较后。
11.到期日可延期的债券
如果委托投资组合投资于到期日可延期的债券，将不设固定的偿还本金日期。部分债券设有可变和／或可延期的利息支付条款，投资者收取利息的金额和日期将具有不明朗因素。
12.投资高收益债券的风险
高收益债券为投资级别以下或未获评级的债券。若委托投资组合投资于高收益债券，投资者应了解高收益债券的风险普遍高于投资级别债券，因此违约风险及价格波幅亦普遍较高。发行高收益债券的公司可能就支付利息及／或本金附带较高的违约风险。
高收益债券投资可能不适合所有投资者。除风险承受能力外，投资者应注意高收益债券的波幅较高，尤其是在市场可能下滑或出现利淡个别债券的意外事件的不利市况下。预期外的融资需要、未能达成特定的业务预测或特定发展，可能为债券发行人履行义务的能力带来负面影响。
一般而言，信贷风险和利率风险是投资者关注的两项主要风险。
信贷风险与债券发行人按时偿还本金和支付利息的能力相关。对高收益债券投资者而言，信贷风险可包括但不限于下列的违约风险、评级下调风险及事件风险：
－ 违约风险：若债券发行人无法按时向投资者支付利息及／或偿还本金，可能构成违约事件。高收益债券的违约风险高于投资级别债券。
－ 评级下调风险：当相关评级机构降低特定债券的评级时，将会出现评级下调的情况。若发行人的财政状况转弱，评级下调风险可能扩大。当出现评级下调时，被降低评级的证券市价通常随之下跌。在经济下行期间，由于投资者进一步回避风险及违约风险增加，故高收益债券价值的跌幅通常高于投资级别债券。
－ 事件风险：发行人可能因意料之外的事件而未有向投资者支付票息，而信贷评级机构可能因有关事件而调低发行人的信贷评级。
若委托投资组合投资于固定收益证券，投资者亦将面对利率风险。若利率上升，投资价值通常会下跌。
若委托投资组合投资于可赎回高收益债券，投资者将因发行人行使在债券到期前赎回的权利而面对再投资风险。
13.投资新兴市场的风险
若委托投资组合投资于新兴市场，有关投资将面对高于投资已发展市场的风险（例如流动性风险、货币风险、政治风险、监管风险及经济风险）及波幅。汇率波动可能对一项投资的价值带来负面影响或导致回报减少，而投资于新兴市场附带更高的相关风险。
14.货币风险
如果委托投资组合投资的工具并非以其基础货币计价，投资组合可能因外汇管制法规或基础货币与其他货币之间的汇率变动而受到利多或利空影响。汇率变动可能影响投资组合的价值、赚取的股息或利息，以及已实现的收益和亏损。一般而言，货币之间的汇率取决于外汇市场的供求、国际收支平衡、政府干预、市场投机活动以及其他经济和政治环境。如果投资的计价货币兑基础货币升值，该投资的价值将会上升。相反，该货币的汇率下跌将利空投资组合的价值。
如果委托投资组合参与外币交易以对冲外汇风险，概不保证可达成对冲或提供保障。
15.使用金融衍生工具作对冲的风险
如果委托投资组合获准许使用金融衍生工具以作对冲和有效管理投资组合用途，有关使用可能附带额外风险。在不利的情况下，投资组合使用的衍生工具可能无法进行有效对冲或有效管理投资组合，因此投资组合可能蒙受重大亏损。
16.交易对手风险
在进行投资或交易时，投资组合可能面对交易对手或任何其他实体因无力偿债、破产或其他原因而不能进行已经承诺的交易的风险。
17.再投资风险
再投资风险指投资组合可能面对一项产品的投资所得资金须以较低利率进行再投资，或再投资于条款吸引力下降（因市场变动）的产品，或发行商在到期日前行驶赎回权利所带来的风险。
18.潜在税务问题事宜
在订立任何委托投资组合前，客户应了解委托投资组合因投资而参与任何金融交易所涉及的税务影响（包括任何适用的入息税、商品和服务税或增值税、预扣税、印花税以及其他税项的影响）。不同的交易可能涉及不同税务影响。交易的税务影响可能取决于客户的国藉、业务活动性质以及有关交易本身。我们概不就有关交易的合适会计处理和可能出现的税务后果作出任何陈述或建议。客户须承担和负责任何司法管辖区、政府或监管机构所征收的任何和全部税项。因此，客户应咨询其税务顾问以了解和评估相关税务影响，不应就有关事宜依赖法国巴黎银行。
19.投资交易所买卖基金的风险
如果委托投资组合投资于交易所买卖基金或对交易所买卖基金进行投资的基金，投资组合面对的风险是基准投资组合的任何成份证券或交易所买卖基金的任何相关基准指数的价值下跌时，该等交易所买卖基金的权益价值一般将跟随下跌。投资交易所买卖基金的相关交易风险，与投资在交易所上市并组成该交易所买卖基金的基准投资组合或相关指数的证券相近，例如因经济和政治发展、利率和汇率变动、市场流动性以及其他因素所引起的市场波动。
如果一只交易所买卖基金采取合成复制投资策略，通过投资金融衍生工具以达成投资目标，您应注意：（i）该交易所买卖基金投资于金融衍生工具，故面对发行有关金融衍生工具的交易对手的信贷、潜在扩散和集中风险，而当该交易所买卖基金尝试套现其持有的任何抵押品时，抵押品的市值可能已经大幅下跌；以及（ii）如果上述金融衍生工具的第二市场并不活跃，该交易所买卖基金的流动性风险可能较高。另外，视乎市场供应情况，为维持合成交易所买卖基金价格与其资产净值一致而进行的单位增设或赎回效率可能会受阻，导致合成交易所买卖基金以较资产净值存在溢价或折让的价格进行交易。有关风险可能为该产品的潜在回报带来负面影响。
交易所买卖基金的表现无法预测，并取决于金融、政治、经济和其他事件，以及股份发行商或该交易所买卖基金的盈利、市场地位、风险状况、股东架构和派息政策。虽然交易所买卖基金的投资策略一般旨在复制与交易所买卖基金相连的基准指数或相关资产汇集的走势，但基于多项因素（或结合有关因素）所引起的若干跟踪误差，交易所买卖基金可能与其跟踪的基准指数或投资组合表现分歧。
上述因素可能包括但不限于：跟踪策略失效、从该交易所买卖基金回报扣除的费用和开支，以及该交易所买卖基金与其跟踪的基准指数或投资组合的成份证券具有货币差异。具体而言，当该交易所买卖基金跟踪的基准指数或市场的进出受到限制，例如新兴市场指数，由于成份证券欠缺流动性，为维持交易所买卖基金价格与其资产净值一致而进行的单位增设或单位／权益赎回效率可能会受阻，导致该交易所买卖基金以较资产净值存在溢价或折让的价格进行交易。
合成交易所买卖基金产品可能采取不同策略，包括但不限于指数跟踪、复写原则、杠杆策略，或设有抵押品要求的任何衍生工具组合。您应了解投资交易所买卖基金的特有特色和风险。
以下是合成交易所买卖基金的主要相关风险：
（1）市场风险 － 投资组合面对合成交易所买卖基金相关指数的政治、经济、货币和其他相关风险。
（2）交易对手风险 － 如果合成交易所买卖基金投资于衍生工具以复制指数表现，投资组合将面对发行有关衍生工具的交易对手的信贷风险，以及与指数相关的风险。另外，上述衍生工具发行商附带潜在扩散和集中风险（例如衍生工具发行商以国际金融机构为主，因此，如果合成交易所买卖基金的一家衍生工具交易对手倒闭，可能为该合成交易所买卖基金的其他衍生工具交易对手带来“连锁”效应）。部分合成交易所买卖基金持有抵押品以降低交易对手风险，但可能面对当该交易所买卖基金尝试套现有关抵押品时，其市值已经大幅下跌的风险。
（3）流动性风险 － 如果合成交易所买卖基金投资于第二市场并不活跃的衍生工具，其附带的流动性风险将较高。
（4）跟踪误差 － 合成交易所买卖基金的表现与相关指数的表现可能并不一致，原因包括跟踪策略失效、货币差异、费用和开支。
（5）以折让或溢价进行交易 － 如果合成交易所买卖基金跟踪的指数／市场的进出受到限制，为维持合成交易所买卖基金价格与其资产净值一致而进行的单位增设或赎回效率或会受阻，导致合成交易所买卖基金以较资产净值存在溢价或折让的价格进行交易。如果委托投资组合以溢价投资于一只合成交易所买卖基金，投资者在交易所买卖基金终止营运时可能无法取回有关溢价。
20.利益冲突
委托投资组合的整体投资活动可能导致您与法国巴黎银行和其联营公司之间出现各种潜在和实际利益冲突。具体而言，法国巴黎银行和其联营公司可能提供／管理其他投资工具或投资组合，其利益可能与您的利益有所不同。
21.市场干扰风险
市场可能受到干扰。当地市场的干扰可能对全球带来影响。
市场干扰可能不利于投资组合表现。
22.人民币存款、投资和产品的相关风险
如果委托投资组合投资于与人民币相关或以人民币计价的存款、投资交易或金融产品（合称“人民币投资产品”），请注意下列风险。
目前人民币不可自由兑换。尽管中华人民共和国（“中国”）政府在过去多年大幅减少对经常账常规外汇交易的管控，但当局持续监管人民币与外币的兑换，包括港元和新加坡元。中国人民银行（“人行”）已经根据其与中国银行（香港）有限公司的《关于人民币业务的清算协议》建立一套结算和交收系统。然而，目前香港和新加坡的人民币和人民币计价金融资产规模有限，而且其增长面对中国法律和外汇规例的众多限制。
（1）人民币风险 － 概不确保可持续不受限制地或不会受限制地取得人民币资金，以支付人民币投资产品的款项或一般款项。
（2）汇率风险 － 人民币兑港元、新加坡元和其他外币的价值波动，并受到中国和国际的政治和经济环境变动以及其他多项因素影响。因此，人民币付款的价值可能随着市场的当前汇率而变动。如果人民币兑港元、新加坡元或其他外国货币贬值，投资者以港元、新加坡元或其他适用货币所进行的投资价值将会下跌。
另外，如果该等人民币投资产品或其相关资产并非以人民币计价，该等人民币投资产品可能面对多重货币兑换成本（包括但不限于进行和套现投资的多重货币兑换成本）、人民币汇率波动，以及为满足赎回要求和其他资本要求（如适用）而出售资产的买卖差价。有关成本（如有）将由投资者承担。
（3）与相关资产有关的风险 － 如果委托投资组合投资于与相关资产挂钩的人民币投资产品，该等相关资产的价格走势可能面对与利率、货币或其他指数变动不符的重大波动，而即使平均收益率与预期相符，相关资产的价格变动时间可能影响投资者的实际收益率。
如果投资组合投资于以人民币计价的人民币投资产品，而相关资产以其他货币计价，投资者可能在以下情况损失全部或显著部分的投资：（i）相关资产的价值上升，但人民币兑港元、新加坡元或其他外币贬值；（ii）人民币兑港元、新加坡元或其他外币升值，但相关资产的价值下跌；或（iii）相关资产和人民币都贬值。
如果人民币投资产品并未有途径直接投资中国内地市场，在中国内地以外可供其选择的人民币计价相关资产可能有限，有关局限可能对该等人民币投资产品的回报和表现带来利空影响。
至于非人民币计价相关投资占显著比重的人民币投资产品，请注意，赎回时可能无法以人民币收取全部金额。有关情况可能是该等人民币投资产品发行商因人民币的外汇管制和限制，而无法及时取得足够的人民币款项。（4）利率风险 － 委托投资组合的人民币投资产品投资可能包括人民币债券工具，请注意，有关工具可能受到利率波动影响，并可能为该等人民币投资产品的回报和表现带来利空影响。
（5）流动性风险 － 概不就人民币投资产品的市场是否存在作出陈述。人民币投资产品可能涉及长投资年期。有意在到期日前或锁定期（如适用）期间赎回投资的投资者可能招致显著本金亏损，所得资金可能大幅低于投资金额。投资者可能因在到期日前或锁定期（如适用）期间赎回投资而招致提早解约／退出计画费用和开支，并损失红利（如适用）。目前香港和新加坡市场的人民币和人民币计价金融资产规模有限，可能对人民币投资产品的流动性带来利空影响。
非上市人民币投资产品可能并无活跃或具流动性的第二市场。即使相关资产价格自发行日以来升值，人民币投资产品的第二市场价格（如有）可能较本金金额存在大幅折让。人民币投资产品的价格（包括银行、发行商、其联营公司或其他人士可能愿意回购的价格）可能受到多项因素影响，包括：相关资产价格变动以及多项经济和市场因素（例如相关资产的预期波幅）；未偿还本金额；人民币投资产品距离到期日的期限；相关资产的股息率；市场的利率和收益率；信贷利差、汇率和汇率波幅；可能影响相关资产和整体股市，以及相关资产于任何估值日的收市价的经济、金融、政治、监管或司法事件；以及银行或发行商的偿债能力。
人民币投资产品的发行价可能不会准确反映其于发行日的市值，而基于计入代理报酬、代理联营公司的报酬、发行人构成的任何费用和收费以及原有发行价的预期对冲利润，发行商、其联营公司或任何其他人士愿意在第二市场买入人民币投资产品的价格（如有）可能低于发行价。另外，由于有关酬金或其他交易成本，上述任何价格可能有别于代理定价模型所厘定的价格。与此同时，不同的市场参与者可能拥有不同的定价模型，因而带来不同结果。
（6）非保证回报 － 人民币投资产品的回报可能不获保证。
（7）与杠杆交易相关的额外风险 － 如果委托投资组合使用杠杆交易融资以买入或投资于人民币投资产品，请注意有关杠杆将扩大潜在亏损并导致投资风险上升。请确保您了解借款协议的条件和细则，包括但不限于您在什么情况下（可能需要在接获通知的短时间内）将被要求存放额外保证金，以及您的抵押品无须经您同意下被套现。
另外，请注意您面对的利率风险，例如利率变动可能导致您的借贷成本增加。
（8）交易对手和偿债能力风险 － 如果投资组合持有人民币投资产品，投资者将依赖交易对手或发行商（如适用）的偿债能力。投资者面对发行商和交易对手的信贷风险和无力偿债风险，即使人民币投资产品的相关资产表现与您预期的方向和／或幅度相符，投资的整体价值也可能下跌。
交易对手提供的人民币投资产品并非一个存款帐户，因此不受任何政府实体保障。该等交易对手不会向您承担任何信托责任，也无意承担有关责任。
人民币投资产品的发行价可能不会准确反映其于发行日的市值，而基于计入代理报酬、代理联营公司的报酬、发行人构成的任何费用和收费以及原有发行价的预期对冲利润，发行商、其联营公司或任何其他人士愿意在第二市场买入人民币投资产品的价格（如有）可能低于发行价。另外，由于有关酬金或其他交易成本，上述任何价格可能有别于代理定价模型所厘定的价格。与此同时，不同的市场参与者可能拥有不同的定价模型，因而带来不同结果。
鉴于人民币投资产品可能投资于没有任何抵押品担保的人民币债务工具，投资者应注意有关产品全面承受相关交易对手的信贷风险。如果人民币投资产品投资于衍生工具，也可能构成交易对手风险，原因是衍生工具发行商违约可能为人民币投资产品的表现带来利空影响，造成重大亏损。
（9）信贷评级 － 发行商和交易对手的长期信贷评级不一定反映其偿债能力和／或履行人民币投资产品的责任的能力。另外，概不保证有关长期信贷评级将于任何特定期间维持不变，或该等评级不会于未来下调、暂停或撤销。
（10）并非一项存款 － 属于投资交易或金融产品的人民币投资产品并不是存款，因此不受任何适用于存款的法例保障。具体而言（但在不限制上述原则下），人民币投资产品并不受到香港存款保障计画或新加坡存款保险计画所保障。
（11）可供选择的人民币计价相关投资有限 － 如果人民币投资产品并未有途径直接投资中国内地市场，在中国内地以外可供其选择的人民币计价相关资产可能有限，有关局限可能对该等人民币投资产品的回报和表现带来利空影响。
（12）可能在赎回时无法收取人民币款项 －至于非人民币计价相关投资占显著比重的人民币投资产品，赎回时可能无法以人民币收取全部金额。有关情况可能是该等人民币投资产品发行商因人民币的外汇管制和限制，而无法及时取得足够的人民币款项。
（13）并不包括所有相关资讯 － 本文件所列与人民币投资产品相关的风险考虑因素和免责声明并不包括所有相关资讯，而且可能不时做出额外的风险披露补充。
23.投资商品的风险
如果委托投资组合投资于商品，商品的市场和交易都具有投机性质和表现波动。商品价格受到多项因素影响。每项商品的价格波幅也影响与其相关的期货和远期合约价值，因此也影响商品于任何相关时间的价格。商品价格的波幅一般高于股票投资组合。在大部分情况下，商品市场的流动性低于股票、利率或货币相关产品市场。基于市场走势，您的投资可能蒙受重大亏损。商品投资将通过投资于交易所买卖工具执行，除非相关资产是实物商品或商品衍生工具，否则在大多数情况下面对投资合成交易所买卖基金的相同风险（如上文19. 所述）。该等主要风险（如上文19. 所述）包括市场风险、交易对手风险、流动性风险、跟踪误差风险和以折让或溢价进行交易。
24.另类投资风险
如果委托投资组合投资于商品，商品的市场和交易都具有投机性质和表现波动。商品价格受到多项因素影响。每项商品的价格波幅也影响与其相关的期货和远期合约价值，因此也影响商品于任何相关时间的价格。商品价格的波幅一般高于股票投资组合。在大部分情况下，商品市场的流动性低于股票、利率或货币相关产品市场。基于市场走势，您的投资可能蒙受重大亏损。商品投资将通过投资于交易所买卖工具执行，除非相关资产是实物商品或商品衍生工具，否则在大多数情况下面对投资合成交易所买卖基金的相同风险（如上文19. 所述）。该等主要风险（如上文19. 所述）包括市场风险、交易对手风险、流动性风险、跟踪误差风险和以折让或溢价进行交易。
25.其他风险
本文件未能尽录委托投资组合可能面对的所有特定风险。在同意投资于任何委托投资组合前，请确认您已经完全了解委托投资组合和其投资风险。请参阅本文件的“一般风险”
Please note that Chinese versions are for reference only and the English version shall prevail.
請注意，中文版本僅供參考，概亦英文為準。
Updated as of 17 March 2026.