how to I play 窩輪 and what it is?

Warrant is a right but not an obligation to buy or sell a certain underlying assets (stock or index, etc), at a pre-determined Price (called the Strike price or Exercise price), on or before a pre-determined Expiry Date.

Warrants come in two different forms:
* A call warrant
provides the warrantholder with a right, but not an obligation, to buy the underlying asset at a pre-determined price (strike price), within a certain time period.
* A put warrant
provides the warrantholder with a right, but not an obligation, to sell the underlying asset at a pre-determined price (strike price), within a certain time period.

The fundamental advantage of buying a call warrant, as opposed to a direct investment in the underlying asset, resides in the leverage effect that warrants offer. When buying warrants, the investor is required to outlay only a small proportion of the underlying asset price.

The leverage effect enables investors to gain exposure to the underlying through a small amount of money.