General Risks Disclosure for Funds
基金的一般風險披露

Investor should note that any investment involves risks. The risk factors and disclosures in relation to funds as set out below are not intended to be exhaustive. Investors should refer to the relevant offering documents for details and product features, in particular the risk factors.

INVESTMENTS INVOLVE RISKS

Investments in funds are subject to risks from a variety of sources, including but not limited to market risk, credit risk, liquidity risk, political risk and the possible loss of principal amount invested. The funds are also subject to the risks of its underlying that they invested in, e.g. risk of investing in equity funds, risk of investing in emerging markets, risks of funds investing in financial derivative, risks of funds investing in commodities, risks of inflation-linked bonds funds, warrant funds, guaranteed funds , etc. There can be no assurance that the full principal investment amount will be returned or that any fund will appreciate or achieve its investment objectives. Moreover, past performance is not a guarantee of future results.

The risk considerations and disclaimers in relation to the 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. Prior to investing in any fund, investors should read and understand all the information set forth in the offering documents of the fund, the nature and in particular the risk factors of the fund. Investors should carefully consider whether the product/investment is suitable, to cater to their investment experience, objectives, risk appetite, financial situation and other relevant circumstances.

1. COUNTERPARTY RISK

The fund 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 the undertaken investments or transactions, whether due to insolvency, bankruptcy or other causes.

2. FOREIGN EXCHANGE RISK

A fund may carry foreign exchange risk. Changes in the values between investors’ home currency and the fund’s currency, and changes in the values between the fund’s currency and investor’s local currency may impact the performance of the fund and the investment return. Foreign exchange rates may change suddenly and unpredictably.

3. REINVESTMENT RISK

Investors 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.

4. CONFLICTS OF INTEREST

Various potential and actual conflicts of interest may arise from the overall investment activities of the parties involved in the investment of the fund(s), their investment professionals and/or their affiliates. In particular, the issuer and/or its affiliates can offer/manage other investment vehicles which interests may be different to the interests of the holders of the fund(s).

Where the product issuer is another entity within the BNP Paribas group, BNP Paribas, an affiliate of the issuer, also acts as distributor of the product.

5. MARKET DISRUPTION RISK

Markets may become disrupted. Local market disruptions can have a global effect. The investments of the fund(s) may be affected by various factors such as changing economic, political or market conditions. Market disruption can adversely affect the performance of the fund(s).

6. LIQUIDITY RISK

Some funds may not have active secondary markets. It may be difficult to sell the units/shares of fund if the fund is not actively traded.

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. INTEREST RATE RISK

Funds are exposed to interest rate risk. Changes in interest rates will impact the performance of the funds. Interest rates tend to change suddenly and unpredictably.

8. LEVERAGE RISK

Leveraged investment with the use of some form of credit may increase the risk significantly. A relatively small price movement could have a proportionally larger impact on the mark to market value of the transaction and could affect the margin requirements for your account. Failure to meet the margin requirement may result in forceful unwind of the trade and may therefore lead to significant loss of the investment.

9. RISKS ASSOCIATED WITH FUNDS THAT INVEST IN FINANCIAL DERIVATIVE INSTRUMENTS

Investors should note the risks associated with investments in financial derivative instruments. Investors should NOT invest in the fund unless they fully understand and are willing to assume the risks associated with financial derivative instruments. The fund investing in financial derivative instruments 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 fund may have fallen substantially when the fund seeks to realize such collateral.

10. RISK OF INVESTING IN DEBT AND DEBT-RELATED SECURITIES

Where the fund invests in debt and debt-related securities, investors should understand that bonds are not risk free products and such investments may have exposure to credit risk, liquidity risk and interest rate risk. Credit risk is the risk of the issuer defaulting on its obligations. It should also be noted that credit ratings assigned by credit rating agencies do not guarantee the creditworthiness of the issuer.  Liquidity risk is the risk that bonds may not have active secondary markets and it would be difficult or impossible for investors to sell the bond before its maturity.  Interest rate risk is the risk that bonds are more susceptible to fluctuations in interest rates and generally prices of bonds will change when interest rate fluctuates.

11. RISKS ASSOCIATED WITH FUNDS INVESTING IN BONDS

Investors are reminded not to treat all bonds as risk free products as they are subject to various risks including the following:

•Credit risk: bonds are subject to the risk of the issuer defaulting on its obligations. It should also be noted that credit ratings assigned by credit rating agencies do not guarantee the creditworthiness of the issuer;

•Liquidity risk: some bonds may not have active secondary markets and it would be difficult or impossible for investors to sell the bond before its maturity.

•Interest rate risk: bonds are more susceptible to fluctuations in interest rates and generally prices of bonds will fall when interest rate rise.

12. RISK OF INVESTING IN HIGH YIELD BONDS FUNDS

Where the investor invests in funds that invest primarily in high-yield bonds, they should pay particular attention as, such investments will be subject to the risks associated with investments in bonds as highlighted above, and 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. The special features and risks of high-yield bonds funds may also include the following:

•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.

•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, and

•Higher credit risk – Since high-yield bonds (non-investment grade bonds) are typically rated below investment grade or are unrated and as such are often subject to a higher risk of issuer default, greater possibility of default and greater price volatility.

•Vulnerability to economic cycles – During economic downturns high-yield bonds (non-investment grade bonds) typically fall more in value than investment grade bonds as (i) investors become more risk averse and (ii) default risk rises.

Other key risks that may relate to the relevant fund would depend on concentration of investments in particular types of specialized debt or a specific geographical region or sovereign securities.

13. RISKS OF FUNDS INVESTING IN BONDS WITH SPECIAL FEATURES

•Callable bonds – Where the fund invests in callable bonds, such bonds are callable and investors face reinvestment risk when the issuer exercises its right to redeem the bond before it matures.

•Contingent convertible or bail-in debenture – Where the fund invests in contingent convertible debenture or bail-in debentures, they are hybrid debt-equity instruments that may be written off fully or partially or converted to common stock on the occurrence of a trigger event. Investors should note the product nature, the trigger events, and implications of any trigger to the investors.  Contingent convertible debenture refer to debentures that contain a clause requiring them to be written off or converted to common stock on the occurrence of a trigger event. These debentures generally absorb losses while the issuer remains a going concern (i.e. in advance of the point of non-viability).  For bail-in debentures, generally it refers to (a) contractual mechanisms (i.e. contractual bail–in) under which debentures contain a clause requiring them to be written off or converted to common stock on the occurrence of a trigger event, or (b) statutory mechanisms (i.e. statutory bail-in) whereby a national resolution authority writes down or converts debentures under specified conditions to common stock.  Bail-in debentures generally absorb losses at the point of non-viability.

•Subordinated bonds – Where the fund invests in subordinated bonds, investors should pay attention to the credit information in relation to the bond and the implications of its “subordinated” nature.  Investors should note that holders of subordinated bonds will bear higher risks than holders of senior bonds of the issuer due to a lower priority of claim in the event of the issuers’ liquidation, i.e. they can only get back the principal after other senior creditors are paid.

•Perpetual bonds – Where the fund invests in perpetual bonds, the investors should take note that such bonds do not have a maturity date, and the coupon payments may be deferred or even suspended subject to the terms and conditions of each bond issue.  Also the interest pay-out depends on the viability of the issuer in the very long term.  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).

•Bonds with extendable maturity dates or variable and/or deferral of interest payment terms – Where the fund 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.

14. RISK OF INVESTING IN EQUITY FUNDS

Where the client invests in 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 funds investing in equities may offer a higher rate of return than other investments. However, the risks associated with investments in 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.

15. HEDGE FUNDS ARE LESS LIQUID

Hedge funds have imperfect transparency and less frequent pricing and reporting (typically monthly) and this makes  investor due diligence, monitoring, performance tracking and reporting more complicated; some hedge funds may take  leveraged positions or large positions in risky or less liquid investments which may be subject to significant market  volatility.

16. ISSUES WITH POTENTIAL TAX COMPLICATIONS

Before investing in any fund(s), investors should understand the tax implication, including but not limited to, the implications of any applicable income tax, goods and services or value added taxes, withholding tax, stamp duties and other taxes. The tax implications of each investment may be different and may be dependent upon the nationality, the nature of the business activities of the investor and the investment in question. We make no representation and have given no advice concerning the appropriate accounting treatment or possible tax consequences of each investment. Investors shall assume and be responsible for any and all taxes of any jurisdiction or governmental or regulatory authority.  Investors should, therefore, consult their tax adviser to understand and evaluate the relevant tax implication of their investments.

17.  OTHER RISKS

THIS DOCUMENT CANNOT DISCLOSE ALL POSSIBLE RISKS OF INVESTING IN FUND(S). Before agreeing to invest in any fund, you must satisfy yourself that you fully understand the fund and the risks of the fund’s investments and read the offering documents for details. 

基金的一般風險披露

投資者應注意，投資涉及風險。以下所列有關基金的風險考慮因素及免責聲明，並未能披露所有可能風險。投資者應參閱相關發售文件/發行章程，以了解產品特徵及詳情，尤其是風險因素。

投資涉及風險

投資於基金須承受多種來源的風險，包括但不限於市場風險、信貸風險、流動性風險、政治風險及可能損失投資本金的風險。基金亦須承受其投資標的之風險，例如投資於股票基金的風險、投資於新興市場的風險、投資於金融衍生工具的基金風險、投資於商品的基金風險、通脹掛鉤債券基金、認股權證基金、保證基金等的風險。概不保證全數投資本金將歸還，亦不保證任何基金將增值或達致其投資目標。此外，過往表現並非未來業績的保證。

有關該等投資的風險考慮因素及免責聲明(如適用)載於下文，並非詳盡無遺，並可能不時補充額外的風險披露。在投資於任何基金前，投資者應閱讀及理解基金銷售文件所載的全部資料、基金的性質，特別是風險因素。投資者應基於其投資經驗、目標、風險偏好、財務狀況及其他相關情況來仔細考慮產品/投資是否適合。

1.交易對手風險

基金可能面臨交易對手或與之進行投資或交易的任何其他實體因無力償債、破產或其他原因而無法就已進行的投資或交易執行的風險。

2.匯率風險

基金可能附帶匯率風險。投資者本國貨幣與基金貨幣之間的價值變動，以及基金貨幣與投資者當地貨幣之間的價值變動，均可能影響基金的表現及投資回報。匯率可能出現突然及難以預測的變動。

3.再投資風險

投資者可能須承受產品的投資所得款項可能因市場變動而須以較低的潛在利率再投資或投資於條款較不吸引的產品的風險。

4.利益衝突

基金投資、其投資專業人員及/或其聯營公司的整體投資活動可能產生若干潛在及實際利益衝突。特別是發行人及/或其聯營公司可提供/管理其他投資工具，而該等投資工具的利益可能與基金持有人的利益不同。

若產品發行人為法國巴黎銀行集團內的另一實體，法國巴黎銀行亦擔任產品的分銷商。

5.市場中斷風險

市場可能被中斷。當地市場中斷可帶來環球影響。基金的投資可能受多種因素影響，例如經濟、政治或市況的改變。市場中斷可對基金的表現構成負面影響。

6.流動性風險

部份基金可能沒有活躍的二級市場。若基金並非交投活躍，可能難以出售基金的單位/股份。

在到期日前沽售非上市産品可能涉及高昂成本，並可能在到期日前構成重大虧損。法國巴黎銀行僅依賴其交易對手（包括法國巴黎銀行之聯營公司及/或其他第三方交易對手，視乎情況而定），以在到期日前提供二級市場平倉價，而有關平倉成本也取决於沽售時交易對手的融資成本、貼現率曲線、市場環境和其他考慮因素。

7.利率風險

基金須承受利率風險。利率變動將影響基金的表現。利率傾向出現突然及難以預測的變動。

8.槓桿風險

以某種信貸形式進行的槓桿投資可能令風險大增。相對微少的價格變動可對有關交易的市價於比例上構成較大影響，並可能影響閣下戶口的保證金要求。未能符合保證金要求可能導致相關交易遭强行斬倉，因而令投資有重大損失。

9.與投資於金融衍生工具的基金有關的風險

投資者應注意與投資於金融衍生工具相關的風險。除非投資者完全明白及願意承擔與金融衍生工具有關的風險，否則投資者不應投資於本基金。投資於金融衍生工具的基金面臨發行金融衍生工具的交易對手的信貸、潛在傳染和集中度風險，而基金所持任何抵押品的市值可能在基金尋求變現該等抵押品時出現大幅下跌。

10.投資債務及債務相關證券的風險

基金投資於債務及債務相關證券時，投資者應明白，債券並非無風險產品，而該等投資可能涉及信貸風險、流動性風險及利率風險。信貸風險為發行人未履行義務而出現違約的風險。亦應注意，評級機構給予的信貸評級概不保證發行人的償債能力。流動性風險是指債券可能沒有活躍的二級市場，投資者難以或不可能在債券到期前出售債券。利率風險指債券較易受利率波動所影響，而債券價格一般會隨著利率波動而變動。

11.與投資於債券的基金相關的風險

投資者請注意，切勿把所有債券視為無風險產品，因為它們會受到各種風險的影響，包括：:

•信貸風險：債券面臨發行人違約風險。亦須注意，信用評級機構給予的信用評級並不保證發行人的償債能力。

•流動性風險：一些債券可能無活躍的二級市場，在到期日前投資者可能無法或很難沽出債券。

•利率風險：債券更容易手袋利率波動的影響，通常利率上升時債券價格會下跌。 

12.投資於高收益債券基金的風險

如投資者投資於主要投資於高收益債券的基金，應特別注意該等投資將承受上文所述與投資於債券相關的風險。投資於高收益債券或次投資級別債券的基金，在遇到其投資的的任何高收益債券或次投資級別債券出現違約的情況下，或在利率波動的情況下，其資產淨值可能會下跌或受到負面影響。高收益債券基金的特殊特徵及風險亦可包括以下各項：

•資本增長風險 - 部分高收益債券基金可能從資本中支付費用及/或股息。因此，基金用於未來投資以及資本增長的資本可能會減少。

•股息分派 - 一些高收益債券基金可能不會派息，而是將股息重新投資於基金，或者投資經理有權決定是否從基金的收入及/或資本中進行分派。此外，高分派收益率並不意味著總投資錄得正面或高回報。

•信貸風險更高 - 由於高收益債券（非投資級別債券）的評級通常低於投資級別，或屬未評級債券，因此經常面臨更高的發行人違約風險、違約可能性更高且價格波動更大。

•深受經濟週期影響：經濟下行時，高收益債券（非投資級別債券）的價值通常比投資級別債券跌幅更大，因為 (1) 投資者的避險情緒更高，及 (2) 違約風險上升。

其他可能與相關基金有關的主要風險包括，集中投資於特定債務的某些種類或特定地區或特定主權證券。

13.基金投資於與具有特殊特徵的債券相關的風險

•可贖回債券 - 當基金投資於可贖回債券時，該等債券可贖回，當發行人在債券到期前的行使其贖回債券權利時，投資者面臨再投資風險。

•應急可轉債券或自救債券 - 倘基金投資於應急可轉債券或自救債券，該等債券屬債券-股票混合工具，在觸發事件發生時，可能被完全或部分減記或轉換成普通股。投資者應注意產品性質、觸發事件及任何觸發因素對投資者的影響。應急可轉債券是指包含在發生觸發事件時被減記或轉換為普通股的條款的債券。 該等債券一般在發行人持續經營(即在發生無法存續事件前)時吸收虧損。自救債券，一般指(1)合約機制(即合約自救) ，在該機制下，債券載有條款規定在發生觸發事件時減記或轉換為普通股，或(2)法定機制(即法定自救)，在該機制下，國家決議機構在特定條件下將債券減記或轉換成普通股。自救債券通常在發生無法存續事件時吸收損失。

•次級債券 - 當基金投資於次級債券時，投資者應注意與債券有關的信貸信息及其「次級」屬性的影響。投資者應注意，次級債券在發行人清盤時的索償優先權較低，即只能在其他優先債權人得到清償後方能拿回本金，故此次級債券持有人相比發行人的優先債券持有人承受較高風險。

•永續債券 - 當基金投資於永續債券時，投資者應注意，該等債券並無到期日，且根據每隻債券的發行條款及細則，票息支付可遞延或甚至暫停。此外，利息支付亦取決於發行人的長期存續能力。由於永續債券通常為可贖回債券和/或次級債券，投資者應注意再投資風險，和/或（發行人清算時)償還順序較後（視情況而定）。

•具有到期日可延長或可變及/或延遲利息付款條款的債券 – 若基金投資於到期日可延長的債券，將不會有明確的本金還款時間表。某些債券有可變及/或延遲利息付款期限，投資者所收到的利息款項數額和時間可能面對不確定性。

14.投資於股票基金的風險

如果客戶投資於股票和股票基金，股本證券和股票基金的價格可能因若干事件而下跌，包括但不限於：直接影響有關公司的事件；影響整體經濟環境的情況；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決於難以預測的因素，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／或經濟情況而波動。 

15.對沖基金流動性較低

對沖基金的透明度不完全，定價及報告頻密程度亦較低(通常為每月一次) ，令投資者的盡職審查、監察、表現追蹤及報告更為複雜：部分對沖基金可能在風險或流動性較低的投資中持有槓桿持倉或大倉，而該等投資可能會受到重大市場波動的影響。

16.潛在稅務問題

在投資於任何基金前，投資者應明白稅務影響，包括但不限於任何適用之所得稅、商品及服務或增值稅、預扣稅、印花稅及其他稅項的影響。每項投資的稅務影響可能不同，並可能視乎國籍、投資者的商業活動性質及有關投資而定。就每項投資的適當會計處理或潛在稅務後果，我們不作任何陳述或提供任何建議。投資者須承擔及負責任何司法管轄區或政府或監管機構的任何及所有稅項。故此，投資者應諮詢其稅務顧問，以了解和評估其投資的相關稅務影響。

17.其他風險

本文件並未能披露投資於基金的所有可能風險。在同意投資於任何基金前，閣下必須完全了解該基金及基金投資的風險，並閲讀銷售文件以了解詳情。 

基金的一般风险披露

投资者应注意，投资涉及风险。以下所列有关基金的风险考虑因素及免责声明，并未能披露所有可能风险。投资者应参阅相关发售文件/发行章程，以了解产品特征及详情，尤其是风险因素。

投资涉及风险

投资于基金须承受多种来源的风险，包括但不限于市场风险、信贷风险、流动性风险、政治风险及可能损失投资本金的风险。基金亦须承受其投资标的之风险，例如投资于股票基金的风险、投资于新兴市场的风险、投资于金融衍生工具的基金风险、投资于商品的基金风险、通胀挂钩债券基金、认股权证基金、保证基金等的风险。概不保证全数投资本金将归还，亦不保证任何基金将增值或达致其投资目标。此外，过往表现并非未来业绩的保证。

有关该等投资的风险考虑因素及免责声明(如适用)载于下文，并非详尽无遗，并可能不时补充额外的风险披露。在投资于任何基金前，投资者应阅读及理解基金销售文件所载的全部资料、基金的性质，特别是风险因素。投资者应基于其投资经验、目标、风险偏好、财务状况及其他相关情况来仔细考虑产品/投资是否适合。

1.交易对手风险

基金可能面临交易对手或与之进行投资或交易的任何其他实体因无力偿债、破产或其他原因而无法就已进行的投资或交易执行的风险。

2.汇率风险

基金可能附带汇率风险。投资者本国货币与基金货币之间的价值变动，以及基金货币与投资者当地货币之间的价值变动，均可能影响基金的表现及投资回报。汇率可能出现突然及难以预测的变动。

3.再投资风险

投资者可能须承受产品的投资所得款项可能因市场变动而须以较低的潜在利率再投资或投资于条款较不吸引的产品的风险。

4.利益冲突

基金投资、其投资专业人员及/或其联营公司的整体投资活动可能产生若干潜在及实际利益冲突。特别是发行人及/或其联营公司可提供/管理其他投资工具，而该等投资工具的利益可能与基金持有人的利益不同。

若产品发行人为法国巴黎银行集团内的另一实体，法国巴黎银行亦担任产品的分销商。

5.市场中断风险

市场可能被中断。当地市场中断可带来环球影响。基金的投资可能受多种因素影响，例如经济、政治或市况的改变。市场中断可对基金的表现构成负面影响。

6.流动性风险

部份基金可能没有活跃的二级市场。若基金并非交投活跃，可能难以出售基金的单位/股份。

在到期日前沽售非上市产品可能涉及高昂成本，并可能在到期日前构成重大亏损。法国巴黎银行仅依赖其交易对手（包括法国巴黎银行之联营公司及/或其他第三方交易对手，视乎情况而定），以在到期日前提供二级市场平仓价，而有关平仓成本也取决于沽售时交易对手的融资成本、贴现率曲线、市场环境和其他考虑因素。

7.利率风险

基金须承受利率风险。利率变动将影响基金的表现。利率倾向出现突然及难以预测的变动。

8.杠杆风险

以某种信贷形式进行的杠杆投资可能令风险大增。相对微少的价格变动可对有关交易的市价于比例上构成较大影响，并可能影响阁下户口的保证金要求。未能符合保证金要求可能导致相关交易遭强行斩仓，因而令投资有重大损失。

9.与投资于金融衍生工具的基金有关的风险

投资者应注意与投资于金融衍生工具相关的风险。除非投资者完全明白及愿意承担与金融衍生工具有关的风险，否则投资者不应投资于本基金。投资于金融衍生工具的基金面临发行金融衍生工具的交易对手的信贷、潜在传染和集中度风险，而基金所持任何抵押品的市值可能在基金寻求变现该等抵押品时出现大幅下跌。

10.投资债务及债务相关证券的风险

基金投资于债务及债务相关证券时，投资者应明白，债券并非无风险产品，而该等投资可能涉及信贷风险、流动性风险及利率风险。信贷风险为发行人未履行义务而出现违约的风险。亦应注意，评级机构给予的信贷评级概不保证发行人的偿债能力。流动性风险是指债券可能没有活跃的二级市场，投资者难以或不可能在债券到期前出售债券。利率风险指债券较易受利率波动所影响，而债券价格一般会随着利率波动而变动。

11.与投资于债券的基金相关的风险

投资者请注意，切勿把所有债券视为无风险产品，因为它们会受到各种风险的影响，包括：:

•信贷风险：债券面临发行人违约风险。亦须注意，信用评级机构给予的信用评级并不保证发行人的偿债能力。

•流动性风险：一些债券可能无活跃的二级市场，在到期日前投资者可能无法或很难沽出债券。

•利率风险：债券更容易手袋利率波动的影响，通常利率上升时债券价格会下跌。

12.投资于高收益债券基金的风险

如投资者投资于主要投资于高收益债券的基金，应特别注意该等投资将承受上文所述与投资于债券相关的风险。投资于高收益债券或次投资级别债券的基金，在遇到其投资的的任何高收益债券或次投资级别债券出现违约的情况下，或在利率波动的情况下，其资产净值可能会下跌或受到负面影响。高收益债券基金的特殊特征及风险亦可包括以下各项：

•资本增长风险 - 部分高收益债券基金可能从资本中支付费用及/或股息。因此，基金用于未来投资以及资本增长的资本可能会减少。

•股息分派 - 一些高收益债券基金可能不会派息，而是将股息重新投资于基金，或者投资经理有权决定是否从基金的收入及/或资本中进行分派。此外，高分派收益率并不意味着总投资录得正面或高回报。

•信贷风险更高 - 由于高收益债券（非投资级别债券）的评级通常低于投资级别，或属未评级债券，因此经常面临更高的发行人违约风险、违约可能性更高且价格波动更大。

•深受经济周期影响：经济下行时，高收益债券（非投资级别债券）的价值通常比投资级别债券跌幅更大，因为 (1) 投资者的避险情绪更高，及 (2) 违约风险上升。

其他可能与相关基金有关的主要风险包括，集中投资于特定债务的某些种类或特定地区或特定主权证券。

13.基金投资于与具有特殊特征的债券相关的风险

•可赎回债券 - 当基金投资于可赎回债券时，该等债券可赎回，当发行人在债券到期前的行使其赎回债券权利时，投资者面临再投资风险。

•应急可转债券或自救债券 - 倘基金投资于应急可转债券或自救债券，该等债券属债券-股票混合工具，在触发事件发生时，可能被完全或部分减记或转换成普通股。投资者应注意产品性质、触发事件及任何触发因素对投资者的影响。应急可转债券是指包含在发生触发事件时被减记或转换为普通股的条款的债券。 该等债券一般在发行人持续经营(即在发生无法存续事件前)时吸收亏损。自救债券，一般指(1)合约机制(即合约自救) ，在该机制下，债券载有条款规定在发生触发事件时减记或转换为普通股，或(2)法定机制(即法定自救)，在该机制下，国家决议机构在特定条件下将债券减记或转换成普通股。自救债券通常在发生无法存续事件时吸收损失。

•次级债券 - 当基金投资于次级债券时，投资者应注意与债券有关的信贷信息及其「次级」属性的影响。投资者应注意，次级债券在发行人清盘时的索偿优先权较低，即只能在其他优先债权人得到清偿后方能拿回本金，故此次级债券持有人相比发行人的优先债券持有人承受较高风险。

•永续债券 - 当基金投资于永续债券时，投资者应注意，该等债券并无到期日，且根据每只债券的发行条款及细则，票息支付可递延或甚至暂停。此外，利息支付亦取决于发行人的长期存续能力。由于永续债券通常为可赎回债券和/或次级债券，投资者应注意再投资风险，和/或（发行人清算时)偿还顺序较后（视情况而定）。

•具有到期日可延长或可变及/或延迟利息付款条款的债券 – 若基金投资于到期日可延长的债券，将不会有明确的本金还款时间表。某些债券有可变及/或延迟利息付款期限，投资者所收到的利息款项数额和时间可能面对不确定性。

14.投资于股票基金的风险

如果客户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。 

15.对冲基金流动性较低

对冲基金的透明度不完全，定价及报告频密程度亦较低(通常为每月一次) ，令投资者的尽职审查、监察、表现追踪及报告更为复杂：部分对冲基金可能在风险或流动性较低的投资中持有杠杆持仓或大仓，而该等投资可能会受到重大市场波动的影响。

16.潜在税务问题

在投资于任何基金前，投资者应明白税务影响，包括但不限于任何适用之所得税、商品及服务或增值税、预扣税、印花税及其他税项的影响。每项投资的税务影响可能不同，并可能视乎国籍、投资者的商业活动性质及有关投资而定。就每项投资的适当会计处理或潜在税务后果，我们不作任何陈述或提供任何建议。投资者须承担及负责任何司法管辖区或政府或监管机构的任何及所有税项。故此，投资者应咨询其税务顾问，以了解和评估其投资的相关税务影响。

17.其他风险

本文件并未能披露投资于基金的所有可能风险。在同意投资于任何基金前，阁下必须完全了解该基金及基金投资的风险，并阅读销售文件以了解详情。 

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。