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Warrants/CBBCs Hedge Calculator

Long Underlying with Call/Bull
Underlying to long
Last Price*
Qty to long (Lots)
Qty to long (Shares)
Investment Principal (HKD)
To track the equivalent protential performance of shares
Call/Bull to buy
Underlying Qty x Conv. Ratio / Delta+ = Qty to buy
x / =
Qty to buy x Last Price* = Investment Principal (HKD)
x =
Hedge holding underlying with Put/Bear
Holding Underlying
Last Price*
Holding Qty (Lots)
Holding Qty (Shares)
Investment Exposure (HKD)
To hedge the equivalent downside loss of shares
Put/Bear to buy
Underlying Qty x Conv. Ratio / Delta+ = Qty to hedge
x / =
Qty to buy x Last Price* = Investment Principal (HKD)
x =
+Assume delta of CBBC is 100%, which may differ from the actual value.

Warrant/CBBC could be used not only for short-term position investment, but also as a strategic instrument to lower the investment principal and hedge the downside risks.

When investor holds a bullish view on the market, gearing effect of the call warrants could be used to lower the investment cost; and when investor holds a bearish view on the market, put warrants could be used to hedge downside risks in positions.

Enter the underlying code, shares to be held, and the Call product code to be invested, the calculator would compute the units and cost required to track the performance of relevant shares of underlying to be held.

Enter the underlying code, shares to be hedged and the Put product code to be invested, the calculator would compute the units and cost required to hedge the downside risk of the relevant shares of underlying to be hedged.

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