Cboe 產品與服務的相關揭露和免責聲明
General
The information provided is for general education and information purposes only. No statement provided should be construed as a recommendation to buy or sell a security, future, option on a future, security future, digital asset, financial instrument, investment fund, or other investment product (collectively, a “financial product”), or to provide investment advice.
In particular, the inclusion of a security or other instrument within an index is not a recommendation to buy, sell, or hold that security or any other instrument, nor should it be considered investment advice.
Other than the references below to options on futures, references below to options are to securities options, such as options on the stocks of individual corporations, options on securities indices, and options on exchange-traded products, such as exchange-traded funds and exchange-traded notes.
Cboe and/or any Cboe Company does not undertake to provide you with trading advice or any advice, recommendation, or representation regarding the suitability, profitability or appropriateness for you of any investment, financial product, investment strategy, third-party product or service, or expertise regarding trading in a financial product. You should undertake your own due diligence regarding your financial product and/or investment practices.
Cboe and/or any Cboe Company does not select the financial product for you to transact. Your financial adviser, broker, IRA, 401k or HSA administrator, holder or provider may select the financial product for you to transact and you should speak with your financial advisor, broker, IRA or HSA administrator, holder or provider, as applicable, regarding any such selection.
Cboe and/or any Cboe Company does not have a fiduciary relationship with or act in any fiduciary capacity for any of its customers in their capacity as customers.
Past performance of an index or financial product is not indicative of future results.
Brokerage firms may require customers to post higher margins than any minimum margins specified.
本文件所載之任何數據、數值或其他內容（包括但不限於指數數值或資訊、評等、信用相關分析與數據、研究、估值、策略、方法論與模型），或其任何部分，未經 Cboe 事先書面同意，不得以任何形式或方式修改、逆向工程、重製、散布，亦不得儲存於資料庫或檢索系統中。
Cboe does not guarantee the accuracy, completeness, or timeliness of the information provided. THE CONTENT IS PROVIDED “AS IS” WITHOUT WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY WITH RESPECT MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.
假設性情境僅供說明參考。由於執行時機、市場干擾、流動性不足、經紀商費用、交易成本、稅務影響及其他未必適用於假設情境的考量因素，金融產品的實際表現可能與假設性情境存在重大差異。 如欲取得所提供陳述、比較、統計資料或其他技術數據之相關佐證文件，請透過 www.cboe.com/contact-us 聯絡Cboe。
The views of any third-party speakers or third-party materials are their own and do not necessarily represent the views of any Cboe Company. That content should not be construed as an endorsement or an indication by Cboe of the value of any non-Cboe financial product or service described.
The inclusion of research should not be construed as an endorsement or indication of the value of that research.
Options
Options involve risk and are not suitable for all market participants. Prior to buying or selling an option, a person should review the Characteristics and Risks of Standardized Options (ODD), which is required to be provided to all such persons. Copies of the ODD are available from your broker or from The Options Clearing Corporation, 125 S. Franklin Street, Suite 1200, Chicago, IL 60606.
Trading FLEX options may not be suitable for all options-qualified market participants. FLEX options strategies only should be considered by those with extensive prior options trading experience.
Uncovered option writing is suitable only for the knowledgeable market participant who understands the risks, has the financial capacity and willingness to incur potentially substantial losses, and has sufficient liquid assets to meet applicable margin requirements. In this regard, if the value of the underlying instrument moves against an uncovered writer's options position, the writer may incur large losses in that options position and the participant's broker may require significant additional margin payments. If a market participant does not make those margin payments, the broker may liquidate positions in the market participant's account with little or no prior notice in accordance with the market participant's margin agreement.
Futures
Trading in futures, including futures on digital assets, and options on futures is not suitable for all market participants and involves the risk of loss, which can be substantial and can exceed the amount of money deposited for a futures or options on futures position. You should, therefore, carefully consider whether trading in futures and options on futures is suitable for you in light of your circumstances and financial resources. You should put at risk only funds that you can afford to lose without affecting your lifestyle.
For additional information regarding the risks associated with trading futures and options on futures and with trading security futures, see respectively the Risk Disclosure Statement Referenced in CFTC Letter 16-82 and the Risk Disclosure Statement for Security Futures Contracts.
Digital Asset Futures
數位資產相對於法定貨幣的價格波動性與不可預測性，可能導致數位資產期貨在短時間內出現重大虧損。部分數位資產曾出現極端的日內價格波動。
數位資產期貨合約的結算存在重大風險，包括但不限於標的數位資產遭竊、遺失或遭駭客入侵。
州級、聯邦級或國際層級的立法與監管變動或措施，可能對數位資產的使用、轉移、交易及其價值產生不利影響。
The value of digital asset futures may be derived from the continued willingness of market participants to exchange fiat currency for digital assets, which may result in the potential for permanent and total loss of value of a particular digital asset should the market for that digital asset diminish or disappear.
The nature of digital assets may lead to an increased risk of fraud or a cybersecurity event. A cybersecurity event could result in a substantial, immediate, and irreversible loss for market participants that invest in digital asset futures. Even a minor cybersecurity event in a digital asset is likely to result in downward price pressure on that digital asset and related digital asset futures and potentially other digital assets and digital asset futures.
The ability to participate in forks could also have implications. For example, if you hold digital asset futures positions through a Cboe Company, you may be adversely impacted if those digital asset futures do not reflect a fork that creates a new digital asset.
VIX® 指數與 VIX® 指數產品
Cboe 波動率指數®（VIX 指數）由 Cboe Global Indices, LLC 計算與管理。VIX 指數是一項金融基準，用於提供 S&P 500® 指數預期波動率的市場估值，其計算方式係採用特定 S&P 500 指數期權報價的中間價，詳細方法、規則與其他資訊請參閱此處。
於 Cboe Futures Exchange, LLC 交易的 VIX 期貨、Mini VIX 期貨及 VIX 期貨期權，以及於 Cboe Options Exchange, Inc. 交易的 VIX 期權（統稱「VIX® 指數產品」），皆以 VIX 指數為基礎。VIX 指數產品屬於複雜金融商品，僅適合具備豐富經驗的市場參與者。
Transacting in VIX Index Products involves the risk of loss, which can be substantial and can exceed the amount of money deposited for a VIX Index Product position (except when buying options on VIX Index Products, in which case the potential loss is limited to the purchase price of the options).
Market participants should put at risk only funds that they can afford to lose without affecting their lifestyles.
Before transacting in VIX Index Products, market participants should fully inform themselves about the VIX Index and the characteristics and risks of VIX Index Products, including those described here. Market participants also should make sure they understand the product specifications for VIX Index Products (VIX futures, Mini VIX futures, VIX options, and Options on VIX Futures) and the methodologies for calculating the underlying VIX Index and the settlement values for VIX Index Products. Answers to questions frequently asked about VIX Index products and how they are settled is available here.
不適用於「買入並持有」策略的投資工具：VIX 指數產品並不適合採用「買入並持有」策略，原因如下：
- On their settlement date, VIX futures, Mini VIX futures, and VIX options convert into a right to receive or an obligation to pay cash. Options on VIX Futures convert into a right to receive VIX futures on their settlement date.
- The VIX Index generally tends to revert to or near its long-term average, rather than increase or decrease over the long term.
波動性：VIX 指數在短期內的百分比變動幅度，通常大於股票或股票指數（包括 S&P 500 指數）的一般變動幅度。
Expected Relationships: Expected relationships with other financial indicators or financial products may not hold. In particular:
- 雖然 VIX 指數通常與 S&P 500 指數呈負相關（即一方上升時另一方下跌，反之亦然），但該關係並非總是成立。
- The prices for the nearest expiration of a VIX Index Product generally tend to move in relationship with movements in the VIX Index. However, this relationship may be undercut, depending on, for example, the amount of time to expiration for the VIX Index Product and on supply and demand in the market for that product.
- Mini VIX 期貨合約與標準 VIX 期貨為分開交易，因此 Mini VIX 期貨與標準合約之價格與報價可能會不同，原因可能包括兩者市場流動性存在差異。
最終結算價值：VIX 指數產品的最終結算價值或履約結算價值，其計算方式不同於非結算時點的 VIX 指數計算方法。因此，VIX 指數產品的最終結算價值或履約結算價值可能與結算前後的 VIX 指數數值產生偏差。（如需更多資訊，請點選此處參閱 SOQ Auction Information部分。）
Exchange Traded Products ("ETPs")
Cboe does not endorse or sell any ETP or other financial product, including those investment products that are or may be based on a Cboe index or methodology or on a non-Cboe index that is based on investment products trading on a Cboe Company exchange (e.g., VIX futures); and Cboe makes no representations regarding the advisability of investing in such products. An investor should consider the investment objectives, risks, charges, and expenses of these products carefully before investing. Investors also should carefully review the information provided in the prospectuses for these products.
Investments in ETPs involve risk, including the possible loss of principal, and are not appropriate for all investors. Non-traditional ETPs, including leveraged and inverse ETPs, pose additional risks and can result in magnified gains or losses in an investment. Specific risks relating to investment in an ETP are outlined in the fund prospectus and may include concentration risk, correlation risk, counterparty risk, credit risk, market risk, interest rate risk, volatility risk, tracking error risk, among others. Investors should consult with their tax advisors to determine how the profit and loss on any particular investment strategy will be taxed.
Cboe Strategy Benchmark Indices
Cboe 策略基準指數由 Cboe Global Indices, LLC 依據此處所載方法論、規則與其他資訊進行計算與管理，所使用之資訊（包括其他 Cboe 關係企業所擁有並營運的交易所之市場數據）被認為具有可靠性。
Strategy Benchmark Indices are designed to measure the performance of hypothetical portfolios comprised of one or more derivative instruments and other assets used as collateral. Past performance is not indicative of future results. Strategy Benchmark Indices are not financial products that can be invested in directly, but can be used as the basis for financial products or managing portfolios.
The actual performance of financial products such as mutual funds or managed accounts can differ significantly from the performance of the underlying index due to execution timing, market disruptions, lack of liquidity, brokerage expenses, transaction costs, tax consequences and other considerations that may not be applicable to the subject index.
指數與基準數值之發布前期間
Index and benchmark values for the period prior to an index's launch date are calculated by a theoretical approach involving back-testing historical data in accordance with the methodology in place on the launch date (unless otherwise stated). A limitation of back-testing is that it reflects the theoretical application of the index or benchmark methodology and selection of the index's constituents in hindsight. Back-testing may not result in performance commensurate with prospective application of a methodology, especially during periods of high economic stress in which adjustments might be made. No back-tested approach can completely account for the impact of decisions that might have been made if calculations were made at the same time as the underlying market conditions occurred. There are numerous factors related to markets that cannot be, and have not been, accounted for in the preparation of back-tested index and benchmark information.
Taxes
No Cboe Company is an investment adviser or tax advisor, and no representation is made regarding the advisability or tax consequences of investing in, holding, or selling any financial product. A decision to invest in, hold, or sell any financial product should not be made in reliance on any of the statements or information provided. Market participants are advised to make an investment in, hold, or sell any financial product only after carefully considering the associated risks and tax consequences, including information detailed in any offering memorandum or similar document prepared by or on behalf of the issuer of a financial product, with the advice of a qualified professional investment adviser and tax advisor.
Under section 1256 of the Tax Code, profit and loss on transactions in certain exchange-traded options and futures are entitled to be taxed at a rate equal to 60% long-term and 40% short-term capital gain or loss, provided that the market participants involved and the strategy employed satisfy the criteria of the Tax Code. Market participants should consult with their tax advisors to determine how the profit and loss on any particular option or futures strategy will be taxed. Tax laws and regulations change from time to time and may be subject to varying interpretations.
延長交易時段
Trading outside of regular trading hours (during Global Trading Hours, Extended Trading Hours, and/or Curb Trading Hours) involves material trading risks, including the possibility of lower liquidity, high volatility, changing prices, an exaggerated effect from news announcements, wider spreads, the absence of an updated underlying index or portfolio value or intraday indicative value, the lack of regular trading in the securities underlying an index or portfolio, and other relevant risks. The rules of Cboe U.S. securities exchanges, including Cboe Exchange, Inc. (“Cboe Options”) Rule 9.20, further describe these risks and provide that no Trading Permit Holder or Member may accept an order from a customer for execution during these time frames without disclosing these risks to that customer. These risks also exist when trading during these time frames on other Cboe exchanges and markets.
Foreign Jurisdictions
Nothing in the information provided should be considered a solicitation to buy or an offer to sell any financial product in any jurisdiction where the offer or solicitation would be unlawful under the laws of that jurisdiction.
No Cboe entity provides or markets, or purports to provide or market, financial services of any kind in any jurisdiction in which that Cboe entity is not registered, licensed, or authorized to provide or market those services; where the provision or marketing of those services by that Cboe entity would be contrary to local laws or regulations; or where that Cboe entity is not otherwise permitted under applicable law to provide or market those services. The information contained in this document and other information disseminated by or in relation to a Cboe entity or the financial services provided by that Cboe entity is not directed to any person in any of these jurisdictions. Access to this information shall be at the liability of the user. If a person undertakes any trades on a Cboe entity trading venue from any of these jurisdictions, those trades will be at the sole risk of that person and should always be made in compliance with the local laws and regulations.
In particular, and without limiting the generality of the previous provisions of this section, no Cboe entity provides or markets financial services, and this website and other information relating to that Cboe entity and the financial services that it provides is not directed to, among others: any person in the People's Republic of China; any person in the Republic of Korea with the exception of “financial investment business” companies and/or “professional investors” as defined in Articles 6 and Article 9(5) of the Republic of Korea Financial Investment Services and Capital Markets Act and related rules; any person in Taiwan; and, where otherwise not permitted under local laws or regulations for a given Cboe affiliate, any person in the U.K. that does not have professional experience in matters relating to investments and who either (i) qualify as investment professionals in accordance with Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (“FPO”), (ii) are persons falling within Article 49(2) of the FPO, or (iii) are persons who may otherwise lawfully receive such material (together, “Exempt Persons”).
Where marketing materials are translated to another language, reasonable efforts are made to ensure the accuracy of the translation; however, Cboe makes no representations or warranties regarding its accuracy or completeness. In the event of any discrepancy or conflict, the English language version will prevail. Cboe is not responsible for any misrepresentation arising solely from any translation.
Cboe 業務的各方面均受外國監管機構監管，包括：加拿大投資監管組織 (CIRO)、加拿大證券管理局（特別是安大略省證券委員會，或簡稱「OSC」）、澳洲證券暨投資委員會（簡稱「ASIC」）、日本金融廳 (JFSA)、日本證券經紀業協會 (JSDA)、歐洲證券及市場管理局 (ESMA)、英國金融監管署 (FCA)、荷蘭中央銀行（簡稱「DNB」）、荷蘭金融市場管理局 (AFM)、英格蘭銀行，以及我們的交易所或 Cboe Clear Europe 可能獲授權作為外匯或提供結算服務的其他國際監管機構。
Cboe Australia is subject to comprehensive regulation and oversight by ASIC. The regulations applicable to Cboe Australia cover a wide array of areas, including, but not limited to, marketplace operations (which include corporate governance, fair access, systems compliance and integrity, and conflict management requirements), trading rules, electronic trading risk management, and financial viability. CFE, Cboe Exchange, Inc., Cboe SEF, and Cboe FX are all registered foreign companies in Australia and each holds an Australian Market License (AML) with ASIC.
Cboe Canada Inc. is subject to comprehensive regulation and oversight by its principal provincial securities regulatory authority, the OSC. In addition, Cboe Canada Inc. is a Marketplace Member of, and subject to a regulation services agreement with, CIRO. The regulations applicable to Cboe Canada Inc. cover a wide array of areas, including, but not limited to, marketplace operations (which include corporate governance, fair access, systems compliance and integrity, and conflict management requirements), trading rules, electronic trading risk management, and financial viability.
根據《證券法》第 62 條，亞伯達省證券委員會已承認 CFE 為交易所。安大略省證券委員會已授予 Cboe SEF, LLC 豁免註冊。
The Securities and Futures Commission of Hong Kong has authorized CFE and Cboe Exchange, Inc. to provide automated trading services in Hong Kong under Section 95(2) of the Securities and Futures Ordinance.
Cboe Clear Europe and Cboe NL are located in Amsterdam and subject to Dutch law and regulation. The current Dutch regulatory system was established by the Act on Financial Supervision. Financial conduct of markets, including activity on, and the operation of, markets is regulated by the AFM. Approved publication arrangements are supervised by ESMA. Financial conduct of CCPs, including clearing activity is regulated by the DNB and ESMA and, for certain elements, the AFM.
The Dutch Ministry of Finance granted CFE and Cboe Exchange, Inc. a dispensation from the license requirement of Section 5:26 sub 1 Financial Supervision Act.
The Monetary Authority of Singapore has formally recognized CFE and Cboe Exchange, Inc. as Recognized Market Operators in Singapore under Section 8(2) of the Securities and Futures Act (Cap. 289).
Cboe Clear Europe is recognized as a foreign central counterparty in Switzerland, which allows it to provide services to Swiss Clearing Participants and SIX Swiss Exchange AG.
The Swiss Financial Market Supervisory Authority has authorized CFE to exercise activity as a foreign stock exchange in Switzerland.
Cboe NL is subject to regulation by AFM and ESMA.
歐盟執委會已採取等效決定，認可在美國商品期貨交易委員會 (CFTC) 註冊的指定合約市場 (DCM)（包括 CFE），以及在美國證券交易委員會 (SEC) 註冊的特定國家證券交易所（包括 Cboe Exchange, Inc.）符合歐盟衍生性金融商品交易義務的合規資格。
Cboe Europe 位於倫敦，受英國法規和特定歐洲法規監管。
Cboe Clear Europe is recognized as a non-UK CCP in the United Kingdom, which allows it to provide services to UK Clearing Participants and UK trading venues
Cboe NL is recognized as a non-UK investment exchange in the United Kingdom, which allows it to provide services to UK trading participants.
Trademarks and Intellectual Property
Cboe®, Cboe Global Markets®, Bats®, BIDS Trading®, BYX®, BZX®, Cboe Digital Exchange, LLC®, Cboe Clear Digital, LLC®, Cboe Options Institute®, Cboe Vest®, Cboe Volatility Index®, CFE®, EDGA®, EDGX®, ErisX®, Eris Exchange®, Hybrid®, LiveVol®, Silexx® and VIX®are registered trademarks, and Cboe Futures ExchangeSM, C2SM, f(t)optionsSM, HanweckSM, and Trade AlertSM are service marks of Cboe Global Markets, Inc. and its subsidiaries. Standard & Poor's®, S&P®, S&P 100®, S&P 500® and SPX® are registered trademarks of Standard & Poor's Financial Services LLC and have been licensed for use by Cboe Exchange, Inc. Dow Jones®, Dow Jones Industrial Average®, DJIA® and Dow Jones Global Indexes® are registered trademarks or service marks of Dow Jones Trademark Holdings, LLC, used under license. Russell, Russell 1000®, Russell 2000®, Russell 3000® and Russell MidCap® names are registered trademarks of Frank Russell Company, used under license. FTSE® and the FTSE indices are trademarks and service marks of FTSE International Limited, used under license. MSCI and the MSCI index names are service marks of MSCI Inc. (“MSCI”) or its affiliates and have been licensed for use by Cboe. All other trademarks and service marks are the property of their respective owners.
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