昨天我們介紹到GRU的ETN，無論ETN還是ETF其實我覺得公開說明書都是蠻值得一讀的東西，但美股的公開說明書全部都是英文，冰質資本團隊會直接翻譯，然後如果我覺得有特別可以提的，我會一天翻譯一天說明的方式，從中未來我們可以比較台灣上市的ETN與ETF的一些差異，翻譯的開始我會從目錄直接開始，翻譯完了以後才進行頁首的翻譯，另外招股說明書是我比較喜歡的說法，其實就是公開說明書，是prospectus這個字的翻譯，因為我認為公開說明書的本質就是招股也就是向潛在投資者進行招募證券的一種行為，所以翻譯做招股說明書更好。
整篇文章的連結如下：
定價補充摘要
以下是與ICE BofAML商品指數eXtra(GRains)掛鉤的ELEMENTSSM-2023年2月14日到期的總回報（"證券"）的條款摘要，以及對風險的討論和您在決定是否投資於證券時應考慮的其他因素。
The information in this section is qualified in its entirety by the more detailed explanations set forth elsewhere in this pricing supplement and the accompanying prospectus supplement and prospectus. References to the “prospectus” mean our accompanying prospectus, dated November 3, 2017 and references to the “prospectus supplement” mean our accompanying prospectus supplement, dated November 3, 2017 which supplements the prospectus.
本節中的信息全部由本定價補充文件和隨附的招股說明書補充文件和招股說明書中的更詳細解釋所限定。提到 "招股說明書 "是指我們隨附的2017年11月3日的招股說明書，提到 "招股說明書補充文件 "是指我們隨附的2017年11月3日的招股說明書補充文件，它是對招股說明書的補充。
我們自成立之日起，並可能在未經你同意的情況下，創建和發行與證券具有相同條款和條件的證券。我們可能會將額外的證券與已發行的證券合併，形成一個單一的類別。本節概述了證券的以下方面。
What are the Securities and how do they work?
How do you sell your Securities?
How do you offer your Securities for repurchase by SEK?
What are some of the risks of the Securities?
Is this the right investment for you?
What are the tax consequences?
How do you calculate the payment on the Securities?
證券是什麼，它們是如何運作的？
您如何出售您的證券？
您如何提供您的證券供SEK回購？
證券的一些風險是什麼？
這對你來說是正確的投資嗎？
稅收後果是什麼？
你如何計算證券的付款？
What Are the Securities and How Do They Work?
The Securities are medium-term notes that are uncollateralized debt securities and are linked to the performance of the ICE BofAML Commodity index eXtra (GRains)— Total Return (the “Index”). The Securities will be issued in denominations of $10 stated principal amount.
證券是中期票據，是無抵押的債務證券，與ICE BofAML商品指數eXtra（GRains）-總回報（"指數"）的表現掛鉤。證券將以本金10美元的面額發行。
The return on the Securities is linked to the performance of the ICE BofAML Commodity index eXtra (GRains)— Total Return (Bloomberg symbol: MLCXGRTR) (the “Index”). The Index was created by Merrill Lynch Commodities, Inc. (“MLCI”) in conjunction with Merrill Lynch, Pierce, Fenner and Smith Limited in 2006 and is designed to provide a benchmark for the grains sector and for investment in commodities as an asset class. Since the sale of the Index to Intercontinental Exchange (“ICE”) on October 22, 2017, ICE has served as the administrator (in such capacity, “Index Administrator) of the index. The Index comprises futures contracts (each an “Index Component”) on four physical commodities: corn, soybeans, soybean meal and wheat (each an “Index Commodity”). The Index is a total return index; thus it is designed to reflect the performance of a fully collateralized investment in the Index Components.
證券的回報與ICE BofAML Commodity index eXtra (GRains)- Total Return (Bloomberg symbol: MLCXGRTR)（"指數"）的表現掛鉤。該指數由美林商品公司（"MLCI"）與美林、皮爾斯、芬納和史密斯有限公司於2006年共同創建，旨在為穀物行業和作為資產類別的商品投資提供一個基準。自2017年10月22日將該指數出售給洲際交易所（"ICE"）以來，ICE一直擔任該指數的管理人（以這種身份稱為 "指數管理人"）。該指數由四種實物商品的期貨合約（各為 "指數成分"）組成：玉米、黃豆、豆粕和小麥（各為 "指數商品"）。該指數是一個總回報指數；因此，它旨在反映對指數成分股的完全抵押投資的表現。
If your Securities have not been previously repurchased by SEK at your election, at maturity you will receive a cash payment equal to the principal amount of your Securities times the index factor determined on the final valuation date times the fee factor on the final valuation date. Prior to maturity, you may, subject to certain restrictions, offer your Securities for repurchase by SEK on any repurchase date during the term of the Securities, provided that you offer at least $5,000,000 principal amount of Securities for repurchase and follow the procedures as described below.
如果您的證券以前沒有被SEK按您的選擇回購，在到期時，您將收到一筆現金付款，金額等於您的證券本金乘以在最後估值日確定的指數係數乘以最後估值日的費用係數。在到期之前，您可以在證券有效期內的任何回購日期提供您的證券供SEK回購，但您必須提供至少500萬美元本金的證券供回購，並遵循下述程序，這要受到某些限制。
If you choose to offer your Securities for repurchase on a repurchase date, you will receive a cash payment on such date in an amount equal to the weekly repurchase value, which is the principal amount of your Securities times the index factor on the applicable valuation date times the fee factor on the applicable valuation date.
如果你選擇在回購日提供你的證券進行回購，你將在該日收到一筆相當於每週回購價值的現金付款，即你的證券本金乘以適用估值日的指數係數乘以適用估值日的費用係數。
The index factor on any given day, other than the final valuation date, will be equal to the closing level of the Index on that day divided by the initial index level. The index factor on the final valuation date will equal the average of the closing values of the index for the five trading days prior to and including the final valuation date divided by the initial index level.
除最後估價日外，任何一天的指數係數將等於該日的指數收盤水平除以初始指數水平。最後估價日的指數係數將等於最後估價日之前（包括該日）五個交易日的指數收盤價值的平均值除以初始指數水平。
The initial index level is equal to 146.17. This represents an adjusted level of the Index on the inception date due to a market disruption event (as described herein) with respect to the futures contract on wheat, an Index Component. The initial index level was determined by reference to the values of the Index Components unaffected by the market disruption event on the inception date and by reference to the value of the wheat futures contract on February 11, 2008, the first trading day after the inception date on which there was no market disruption event occurring with respect to that futures contract.
初始指數水平等於146.17。這是由於小麥期貨合約（一個指數成分）發生市場中斷事件（如本文所述）而在起始日調整的指數水平。初始指數水平是參照成立日期未受市場中斷事件影響的指數成分股的價值，以及參照2008年2月11日，即成立日期後第一個沒有發生與該期貨合約有關的市場中斷事件的交易日的小麥期貨合約價值而確定的。
The fee factor is equal to one minus the product of (i) the annual investor fee and (ii) the number of days elapsed from the inception date to and including the applicable valuation date divided by 365. The annual investor fee is equal to 0.75%.
費用系數等於1減去(i)投資者年費和(ii)從開始日期到適用估值日期（包括該日期）所經過的天數除以365的乘積。投資者年費等於0.75%。
A repurchase date is the fourth business day following a valuation date. A valuation date is each Tuesday from May 13, 2008 to February 7, 2023 inclusive or, if such date is not a trading day, the next succeeding trading day. Unless the scheduled repurchase date is postponed due to a market disruption event, the final day on which SEK will repurchase your Securities will be January 30, 2023. The weekly scheduled valuation date may be postponed due to a market disruption event with respect to an Index Component up to four scheduled trading days. If postponement of a valuation date due to a market disruption event occurs, such postponement will continue until the next trading day on which there is no market disruption event, up to four scheduled trading days. If a market disruption event with respect to an Index Component causes the postponement of the valuation date for more than four scheduled trading days, the level of the Index for such weekly repurchase date will be calculated by reference to the value of such affected Index Component determined (or, if not determinable, estimated) by the calculation agent in a manner that is commercially reasonable under the circumstances on the fourth scheduled trading day after the scheduled valuation date, which will be the weekly valuation date, as postponed.
回購日是估值日之後的第四個營業日。估值日是2008年5月13日至2023年2月7日（包括該日）期間的每個星期二，如果該日不是交易日，則為下一個交易日。除非預定的回購日期因市場中斷事件而推遲，否則SEK將回購你的證券的最後一天將是2023年1月30日。每周的預定估價日可能由於市場中斷事件而被推遲，就某一指數成分而言，最多推遲四個預定交易日。如果由於市場中斷事件而推遲估值日期，這種推遲將持續到沒有市場中斷事件的下一個交易日，最多四個預定交易日。如果某個指數成份股的市場中斷事件導致估值日期推遲超過四個預定交易日，則該每周回購日的指數水平將參照計算代理人在預定估值日期後的第四個預定交易日（即被推遲的每周估值日期）以商業上合理的方式確定（或如果無法確定，則估計）的該受影響指數成份股的價值來計算。
We will not pay you interest during the term of the Securities.
在證券的有效期內，我們將不向你支付利息。
For a further description of how your payment at maturity, or upon repurchase of your Securities by SEK, will be calculated, see — “How Do You Calculate the Payment on the Securities? — Hypothetical Examples” below and “Specific Terms of the Securities” in this pricing supplement.
關於您在到期時或在SEK回購您的證券時如何計算付款的進一步說明，請參見下面的 "您如何計算證券的付款？- 假設的例子 "和本定價補充文件中的 "證券的具體條款"。
Because the investor fee reduces the amount of your return at maturity or upon repurchase by SEK, the level of the Index must increase by an amount sufficient to offset the aggregate investor fee applicable to your Securities in order for you to receive at least the principal amount of your investment at maturity or upon repurchase by SEK. If the level of the Index decreases or does not increase sufficiently, you will receive less than the principal amount of your investment at maturity or upon repurchase by SEK.
因為投資者費用會減少你在到期時或在被SEK回購時的回報金額，所以，指數水平的增加必須足以抵消適用於你的證券的投資者費用總額，以便你在到期時或在被SEK回購時至少獲得你的投資的本金金額。如果指數水平下降或沒有充分增加，你在到期時或在被SEK回購時獲得的投資本金將少於你的投資本金。
How Do You Sell Your Securities?
你如何出售你的證券？
The Securities have been approved for listing, and are currently trading, on the NYSE Arca. If an active secondary market in the Securities develops, we expect that investors will purchase and sell the Securities primarily in this secondary market.
證券已被批準在紐約證券交易所Arca上市，目前正在交易。如果證券出現活躍的二級市場，我們預計投資者將主要在這個二級市場購買和出售證券。
How Do You Offer Your Securities for Repurchase by SEK?
你如何提供你的證券供SEK回購？
If you wish to offer your Securities to SEK for repurchase, you and your broker must follow the following procedures:
如果您希望向SEK提供您的證券以進行回購，您和您的經紀人必須遵循以下程序。
your broker must deliver an irrevocable Offer for Repurchase, a form of which is attached as Annex A to this pricing supplement, to BofAS by 5:00 p.m., New York City time, on the fifth scheduled business day before the applicable valuation date prior to the applicable repurchase date. You must offer $5,000,000 principal amount or more of your Securities for repurchase by SEK on any repurchase date. BofAS must acknowledge receipt from your broker in order for your offer to be effective;
您的經紀人必須在適用回購日之前的適用估值日之前的第五個預定營業日下午5點（紐約市時間）之前向BofAS遞交不可撤銷的回購要約，其格式作為本定價補充文件的附件A。你必須在任何回購日提供500萬美元或更多本金的證券供SEK回購。BofAS必須確認收到你的經紀人的報價，你的報價才會生效。
your broker must book a delivery vs. payment trade with respect to your Securities on the applicable valuation date at a price equal to the applicable weekly repurchase value, facing BofAS; and
你的經紀人必須在適用的評估日對你的證券進行交割與支付交易，其價格等於適用的每周回購價值，面對BofAS；以及
your broker must cause your DTC custodian to deliver the trade as booked for settlement via DTC at or prior to 10:00 a.m. New York City time on the applicable repurchase date (the fourth business day following the valuation date).
你的經紀人必須使你的DTC保管人在適用的回購日（估值日之後的第四個工作日）紐約市時間上午10點或之前，通過DTC交付已登記的交易以進行結算。
Different brokers and DTC participants may have different deadlines for accepting instructions from their customers. Accordingly, you should consult the brokerage firm or other DTC participant through which you own your interest in the Securities in respect of such deadlines. If BofAS does not receive your offer to repurchase by 5:00 p.m., on the fifth scheduled business day prior to the applicable valuation date, your notice will not be effective and we will not accept your offer to repurchase your Securities on the applicable repurchase date. Any repurchase instructions which we receive in accordance with the procedures described above will be irrevocable.
不同的經紀公司和DTC參與者可能有不同的接受客戶指示的最後期限。因此，您應該向您擁有證券權益的經紀公司或其他DTC參與者咨詢這些截止日期。如果BofAS在適用估值日之前的第五個預定工作日下午5點之前沒有收到您的回購提議，您的通知將不會生效，我們將不接受您在適用的回購日回購您的證券的提議。我們根據上述程序收到的任何回購指示將是不可撤銷的。
What Are Some of the Risks of the Securities?
證券的一些風險是什麽？
An investment in the Securities involves risks. Some of these risks are summarized here, but we urge you to read the more detailed explanation of risks in “Risk Factors” in this pricing supplement.
對證券的投資涉及風險。這里總結了其中的一些風險，但我們敦促你閱讀本定價補充文件中 "風險因素 "對風險的更詳細解釋。
Uncertain Principal Repayment — If the level of the Index decreases, or does not increase by an amount greater than the aggregate investor fee applicable to your Securities, you will receive less than your original investment in the Securities.
不確定的本金償付 - 如果指數水平下降，或沒有增加的金額大於適用於你的證券的投資者費用總額，你將得到少於你在證券上的原始投資。
Commodity Market Risk — The return on the Securities is linked to the performance of the Index which, in turn, is linked to the prices of the Index Components. Commodity futures prices may change unpredictably, affecting the level of the Index Components and, consequently, the value of your Securities in unforeseeable ways.
商品市場風險 - 證券的回報與指數的表現有關，而指數的表現又與指數成分股的價格有關。商品期貨價格可能發生不可預測的變化，影響指數成分的水平，從而以不可預見的方式影響你的證券價值。
Concentrated Investment Risk — The Index Components are concentrated in agricultural commodities in general and in grains in particular. Your investment may therefore carry risks similar to a concentrated securities investment in the grains sector.
集中投資風險 - 指數成分股集中於一般的農業商品，特別是谷物。因此，你的投資可能帶有類似於谷物部門集中證券投資的風險。
No Interest Payments — You will not receive any periodic interest payments on the Securities.
沒有利息支付 - 你將不會收到證券的任何定期利息支付。
A Trading Market for the Securities May Not Develop — Although the Securities have been approved for listing, and are currently trading, on the NYSE Arca, a trading market for your Securities may not develop. We are not required to maintain any listing of the Securities on the NYSE Arca or any other exchange.
證券的交易市場可能不會發展 - 盡管證券已被批準在紐約證券交易所Arca上市，並且目前正在交易，但你們的證券可能不會出現交易市場。我們不需要維持證券在NYSE Arca或任何其他交易所的上市。
SEK May Stop Issuing or Selling the Securities — SEK may stop issuing the Securities at any time. Any discontinuance of sales could give rise to distortions in the market for the Securities, resulting in the Securities trading at a significant premium, and price volatility. If you purchase the Securities when they are trading at a premium, and that premium decreases or is eliminated at the time you wish to sell your Securities, you could incur a significant loss in connection with that sale.
SEK可能停止發行或銷售證券 - SEK可能在任何時候停止發行證券。任何停止銷售都可能引起證券市場的扭曲，導致證券以大幅溢價交易，以及價格波動。如果你在證券以溢價交易時購買證券，而在你希望出售你的證券時，溢價減少或消失，你可能因出售而產生重大損失。
The Intraday Indicative Value is not the Same as the Trading or Closing Price of the Securities — The intraday or closing indicative value of the Securities is not the same as their trading price on the NYSE, the payment to you upon repurchase or the payment at maturity. The intraday indicative value is our approximation of the valuation of the Securities, calculated as described in “Valuation of the Securities — Indicative Value.” The intraday indicative value may be higher, lower or equal to the Securities’ trading price on the NYSE, the payment to you upon repurchase or the payment at maturity.
日內指示性價值與證券的交易或收盤價不同 - 證券的日內或收盤指示性價值與它們在紐約證券交易所的交易價格、回購時向你支付的款項或到期時的款項不同。日內指示性價值是我們對證券估值的近似值，如 "證券估值--指示性價值 "所述的計算。日內指示性價值可能高於、低於或等於證券在紐約證券交易所的交易價格、回購時給你的付款或到期時的付款。
Restrictions on repurchases by SEK — You must offer at least $5,000,000 principal amount of Securities to SEK for your offer for repurchase to be considered.
對SEK回購的限制--你必須向SEK提供至少5,000,000美元本金的證券，你的回購提議才會被考慮。
Your Offer for Repurchase Is Irrevocable — You will not be able to rescind your offer for repurchase after it is received by BofAS, so you will be exposed to market risk in the event market conditions change after BofAS receives your offer.
你的回購要約是不可撤銷的 - 在BofAS收到你的回購要約後，你將不能撤銷你的要約，因此如果BofAS收到你的要約後市場條件發生變化，你將面臨市場風險。
You Will Not Know the Weekly Repurchase Value at the Time You Offer the Securities for Repurchase — Your offer to repurchase the Securities must be submitted on the fifth scheduled business day prior to the applicable valuation date. The weekly repurchase value of the Securities may decrease between the business day on which you submit your offer to repurchase and the relevant valuation date.
在您提出回購證券時，您不會知道每周的回購價值 - 您必須在適用的估值日之前的第五個預定工作日提交回購證券的提議。證券的每周回購價值可能在您提交回購提議的營業日和相關估值日之間減少。
Is This the Right Investment for You?
The Securities may be a suitable investment for you if:
You seek an investment with a return linked to the performance of the Index.
You believe the level of the Index will increase by an amount sufficient to offset the aggregate investor fee and to provide you with a satisfactory return on your investment during the term of the Securities.
You are willing to accept the risk of fluctuations in the level of the Index.
You do not seek current income from this investment. T
he Securities may not be a suitable investment for you if:
You are not willing to be exposed to fluctuations in the level of the Index.
You seek a guaranteed return of principal.
You believe the level of the Index will decrease or will not increase by an amount sufficient to offset the aggregate investor fee during the term of the Securities.
You prefer the lower risk and therefore accept the potentially lower returns of fixed income investments with comparable maturities and credit ratings.
You seek current income from your investment.
證券可能是適合你的投資，如果。
你尋求一種與指數表現掛鉤的投資。
你相信指數水平的增長將足以抵消投資者費用總額，並在證券有效期內為你的投資提供滿意的回報。
你願意接受指數水平波動的風險。
你並不尋求從這項投資中獲得當前的收入。
在下列情況下，證券可能不適合你的投資。
你不願意暴露在指數水平的波動中。
你尋求本金的保證回報。
你相信指數水平會下降或不會上升，其數額足以抵消證券有效期內的投資者費用總額。
你喜歡風險較低的固定收益投資，因此接受具有可比期限和信用等級的固定收益投資的潛在低回報。
你尋求從你的投資中獲得當前的收入。
What Are the Tax Consequences?
稅收結果是什麽？
We intend to take the position that the Securities will be treated for U.S. federal income tax purposes as prepaid forward contracts to purchase the Index and, by purchasing a Security, you will be deemed to have agreed to that treatment. If the Securities are so treated, you should recognize capital gain or loss upon the sale, repurchase or maturity of your Securities in an amount equal to the difference between the amount you receive at such time and your adjusted tax basis in the Securities.
我們打算采取的立場是，就美國聯邦所得稅而言，證券將被視為購買指數的預付遠期合同，而且，通過購買證券，你將被視為已同意這種處理。如果證券被這樣處理，你應該在出售、回購或到期時確認資本收益或損失，金額相當於你在該時間收到的金額與你在證券中的調整稅基之間的差異。
No statutory, judicial or administrative authority directly addresses the characterization of the Securities or instruments similar to the Securities for U.S. federal income tax purposes. As a result, the U.S. federal income tax consequences of your investment in the Securities are uncertain, and it is possible that the Internal Revenue Service (“IRS”) may assert an alternative treatment
沒有任何法律、司法或行政權威直接處理證券或類似證券的工具在美國聯邦所得稅方面的定性。因此，你投資證券的美國聯邦所得稅後果是不確定的，而且國內稅務局（"IRS"）有可能主張另一種處理方式
It is also possible that future U.S. legislation, regulations or other IRS guidance would require you to accrue income on the Securities on a current basis at ordinary income rates (as opposed to capital gains rates) or to treat the Securities in another manner that significantly differs from the agreed-to treatment noted above, and that any such guidance could have retroactive effect. Because of this uncertainty, we urge you to consult your own tax advisor as to the tax consequences of your investment in the Securities.
未來的美國立法、法規或美國國稅局的其他指導意見也有可能要求你以普通收入稅率（而不是資本收益稅率）在當前基礎上累積證券的收入，或以其他與上述商定的處理方式大不相同的方式處理證券，而且任何此類指導意見都可能具有追溯效力。由於這種不確定性，我們敦促你咨詢你自己的稅務顧問，了解你投資證券的稅務後果。
For a more complete discussion of the U.S. federal income tax consequences of your investment in the Securities, see “United States Federal Income Tax Considerations” below.
關於你投資證券的美國聯邦所得稅後果的更完整討論，見下文 "美國聯邦所得稅的考慮"。
How Do You Calculate the Payment on the Securities?
你如何計算證券的支付？
Set forth below is an explanation of the steps necessary to calculate the payment on the Securities at maturity or upon repurchase by SEK.
以下是對計算證券到期時或SEK回購時的付款的必要步驟的解釋。
Step 1: Calculate the fee factor
第1步：計算收費系數
The fee factor is equal to one minus the product of (i) the annual investor fee and (ii) the number of days elapsed from the inception date to and including the applicable valuation date divided by 365. The annual investor fee is equal to 0.75%.
費用系數等於1減去(i)投資者年費和(ii)從開始日期到適用估值日期（包括該日期）所經過的天數除以365的乘積。投資者年費等於0.75%。
Step 2: Calculate the index factor The index factor on any given day, other than the final valuation date, will be equal to the closing level of the Index on that day divided by the initial index level. The index factor on the final valuation date will equal the average of the closing values of the Index for the five trading days prior to and including the final valuation date divided by the initial index level. The initial index level is equal to 146.17.
第2步：計算指數因子 除最後估值日外，任何一天的指數因子將等於該日的指數收盤水平除以初始指數水平。最後估價日的指數系數將等於最後估價日之前（包括該日）五個交易日的指數收盤值的平均值除以初始指數水平。初始指數水平等於146.17。
Step 3: Calculate the payment You will receive a cash payment at maturity or upon repurchase by SEK, as applicable, equal to the principal amount of your Securities times the index factor on the applicable valuation date times the fee factor on the applicable valuation date.
第3步：計算付款 你將在到期時或由瑞典克朗回購時（如適用）收到一筆現金付款，金額等於你的證券本金乘以適用估值日的指數系數乘以適用估值日的費用系數。
Because the investor fee reduces the amount of your return at maturity or upon repurchase by SEK, the level of the Index must increase by an amount sufficient to offset the aggregate investor fee applicable to your Securities in order for you to receive at least the principal amount of your investment at maturity or upon repurchase of your Securities by SEK. If the level of the Index decreases or does not increase sufficiently, you will receive less than the principal amount of your investment at maturity or upon repurchase of your Securities by SEK
因為投資者費用會減少您在到期時或在SEK回購時的回報金額，所以，指數水平的增加必須足以抵消適用於您的證券的投資者費用總額，以便您在到期時或在SEK回購您的證券時至少獲得您的投資的本金金額。如果指數水平下降或沒有充分增加，您在到期時或在SEK回購您的證券時獲得的投資本金將少於您的投資本金。
Hypothetical Examples
假設性的例子
The following examples show how the Securities would perform in hypothetical circumstances beginning on the inception date. We have included two examples in which the Index has increased by approximately 450% at maturity, as well as two examples in which the Index has decreased by approximately 50% at maturity. These examples highlight the behavior of the indicative value in different circumstances. The figures in these examples have been rounded for convenience. Figures for year 15 are as of the final valuation date, and given the indicated assumptions, a holder will receive payment at maturity in the indicated amount, according to the indicated formula.
下面的例子顯示了證券在成立日期開始的假設情況下將如何表現。包括兩個例子，其中指數在到期時增加了大約450%，以及兩個例子，其中指數在到期時減少了大約50%。這些例子強調了指示性價值在不同情況下的行為。為方便起見，這些例子中的數字已被四捨五入。第15年的數字是截至最後估值日的數字，考慮到指定的假設，持有人在到期時將根據指定的公式獲得指定金額的付款。
Assumptions
假設
N = 從起始日到適用的估值日（包括該日）所經過的實際天數。在本表的計算中，假設每年有365天。
A=年，B＝指數水平，C指數因子，D管理費用，E=費用因子，F＝指示性價格，G＝年度指數回報，H＝年化實際回報
Hypothetical Examples
假設性的例子
Assumptions:
假設
N = 從起始日到適用的估值日（包括該日）所經過的實際天數。在本表的計算中，假設每年有365天。
A=年，B＝指數水平，C指數因子，D管理費用，E=費用因子，F＝指示性價格，G＝年度指數回報，H＝年化實際回報
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