ACEPI’s Certificates Map is a useful tool to explore the various typologies of certificates available on the market. You may download pdf version at the bottom of the page.
The Certificates Map consists of two sections:
The first section describes each of the four categories a structured product may belong to, depending on its degree of capital protection. They are the following:
- products with capital protection, that offers the investor to obtain at maturity at least or part of the capital amount invested
- products with conditional capital protection, that allow the investor to obtain at maturity the capital amount invested, only if a certain event does not take place
- products without capital protection, not providing guarantee of the full recovery of the invested capital
- leverage products, able to amplify profits and losses thanks to a leverage factor.
- credit linked notes, with one or more bonds as underline. Their return is a coupon flux. Coupons and return at maturiy iis subordinated to one or more credit events.
Each category includes various typology of products (equity protection, bonus, express, etc.). The Map aggregate the certificates available on the market by each category; in this way it is possible to identify the relevant features of each product even when their commercial names do not include sufficient information.
The second section of the Map explains how each certificate typology works: for every category it is provided a graph of the performance of the certificate compared to the underlying movements, focusing on the certificate’s payoff at maturity. In addition, for each typology of certificate we provide information concerning the most common variants (caps, autocallability, etc.), the investment strategy, the relevant events which may affect the certificate’s performance and the risks.