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Non-collateralised Structured Products
一隻牛熊證的理論價值，由「內在值」及「財務費用」組成。
所有牛熊證均為「價內證」，其內在值是相關資產價格與行使價之間的差距。
牛證內在值 = (相關資產價格 – 行使價) / 兌換比率
熊證內在值 = (行使價 – 相關資產價格) / 兌換比率
投資者買入牛熊證，可以視為猶如向發行商借取金錢買入或沽出相關資產，從而獲取槓桿效應，情況與孖展融資相似，故投資者需先支付全期的相關財務費用。
惟正如上一篇文章提及，買賣牛熊證不須設立孖展戶口，看錯方向亦無須補倉，最大損失僅為投入本金。
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