总收益互换(Total Return Swap) 是指信用保障的买方在协议期间将参照资产的总收益转移给信用保障的卖方,总收益可以包括本金、利息、预付费用以及因资产价格的有利变化带来的资本利得;作为交换,保障卖方则承诺向对方交付协议资产增殖的特定比例,通常是LIBOR加一个差额,以及因资产价格不利变化带来的资本亏损。
信用衍生工具的主要品种有信用违约互换、总收益互换、信用违约期权、信用利差期权、信用联系票据。
There are many major credit derivatives types such as credit default swap, total return swap, credit default options, credit spread options and credit-linked note and so on.
完全复制目标指数也许太昂贵了或是不切实际的,为了达到混合的目的,ETF的供应商往往和银行进行一个被称为总收益互换的交易。
It may be too costly or impractical to replicate the targeted index completely. To synthesise it, the ETF provider usually enters into a transaction known as a total return swap with a bank.
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