Standard
Commercial names
Butterfly
Characteristics:
- Replication of the underlying asset’s positive performances (if the upper barrier is not exceeded)
- Full capital protection
- Hedge against exchange rates fluctuations (if the product is “quantum” type)
- Replication of the underlying asset’s negative performances (if the lower barrier is not exceeded)
Return profiles
| Maturity | 2 - 5 years |
| Investment horizon | Mid/long term |
| Aim | To profit from the upward and downward movements of the underlying asset’s price with full protection of the invested capital. |
| Strategy | Moderately bullish (if the underlying asset’s price has reached the lower barrier) Moderately bearish (if the underlying asset’s price has reached the upper barrier) Lateral (if the underlying asset’s price does not exceed neither the upper nor the lower barrier) |
Capital protection at maturity/Risk: | Full capital protection a maturity No exchange rate risk (usually) |
Learn more
Investment certificates are financial products characterized by a number of features. They may simply replicate the underlying asset’s upward movements or downward movements, or they may be structured so as to implement more sophisticated strategies, which may include total or conditional capital protection against bad performances of the underlying asset (protection component).
Some certificates’ characteristics may also allow the owners to obtain proceeds during the life of the certificate, under condition that specific events take place (income component). A premium may be paid at maturity under form of additional proceeds in case the underlying asset’s price does not drop under the barrier (this is the case, for example, of bonus certificates).
The return on investment in some typologies of certificates may be determined by both the changes in the underlying asset’s price and the absence of such price movements for a timespan shorter than the life of the contract (early reimbursement component). These certificates pay a sort of premium for early redemption in case the underlying asset’s price is above a certain level on pre-arranged dates.
Moreover, some certificates feature an additional element, useful in periods of strong fluctuations of exchange rates – a protection against unfavourable changes in currency value. Products offering such protection, called “Quantum”, make it possible to invest in underlying asset’s denominated in a foreign currency avoiding exposure to the risks linked to exchange rates.
Features
The certificates’ payoff characteristics imply the following components: protection component, participation to upward movements in the underlying asset’s price, participation to downward movements in the underlying asset’s price.
Performance drivers
Reactivity of the certificates’ prices to changes in key variables.
| Variables | Issue | Barrier** | Life residual*** |
 Underlying asset’s price |  | | |
| Volatility | | | |
| Time* |  | | |
| Interest rates | | | |
| Dividends | | |  |
Rainbow
Commercial Names
Butterfly
Characteristics:
- Replication of the underlying asset’s positive performances (if the upper barrier is not exceeded)
- Replication of the underlying asset’s negative performances (if the lower barrier is not exceeded)
- Full capital protection
- Hedge against exchange rates fluctuations (if the product is “quantum” type)
- Underlying asset consisting in a basket of securities present in proportions determined by their performances
Return profiles
| Durata | 3 - 5 years |
| Investment horizon | Mid/long term |
| Aim | To profit from upward and downward movements of the underlying asset’s price with full protection of the invested capital |
| Strategy | Moderately bullish (if the underlying asset’s price has reached the lower barrier) Moderately bearish (if the underlying asset’s price has reached the upper barrier) Lateral (if the underlying asset’s price does not exceed neither the upper nor the lower barrier) |
| Capital protection at maturity/Risk | Full capital protection a maturity No exchange rate risk (usually) |
Learn more
Investment certificates are financial products characterized by a number of features. They may simply replicate the underlying asset’s upward movements or downward movements, or they may be structured so as to implement more sophisticated strategies, which may include total or conditional capital protection against bad performances of the underlying asset (protection component).
Some certificates’ characteristics may also allow the owners to obtain proceeds during the life of the certificate, under condition that specific events take place (income component). A premium may be paid at maturity under form of additional proceeds in case the underlying asset’s price does not drop under the barrier (this is the case, for example, of bonus certificates).
The return on investment in some typologies of certificates may be determined by both the changes in the underlying asset’s price and the absence of such price movements for a timespan shorter than the life of the contract (early reimbursement component). These certificates pay a sort of premium for early redemption in case the underlying asset’s price is above a certain level on pre-arranged dates.
Moreover, some certificates feature an additional element, useful in periods of strong fluctuations of exchange rates – a protection against unfavourable changes in currency value. Products offering such protection, called “Quantum”, make it possible to invest in underlying asset’s denominated in a foreign currency avoiding exposure to the risks linked to exchange rates.
Features
The certificates’ payoff characteristics imply the following components: protection component, participation to upward movements in the underlying asset’s price, participation to downward movements in the underlying asset’s price.
Performance drivers
Reactivity of the certificates’ prices to changes in key variables.
| Variables | Issue | Barrier** | Life residual*** |
| Underlying asset’s price | | | |
| Volatility | | | |
| Time* | | | |
| Interest rates | | | |
| Dividends | | | |
American Barrier
Commercial names
Butterfly
Characteristics:
- Replication of the underlying asset’s positive performances (if the upper barrier is not exceeded all throughout the life of the instrument)
- Replication of the underlying asset’s negative performances (if the lower barrier is not exceeded all throughout the life of the instrument)
- Full capital protection
- Hedge against exchange rates fluctuations (if the product is “quantum” type)
Return profiles
| Maturity | 3 - 5 years |
| Investment horizon | Mid/long term |
| Aim | To profit from upward and downward movements of the underlying asset’s price with full protection of the invested capital |
| Strategy | Moderately bullish (if the underlying asset’s price has reached the lower barrier) Moderately bearish (if the underlying asset’s price has reached the upper barrier) Lateral (if the underlying asset’s price does not exceed neither the upper nor the lower barrier) |
| Capital protection at maturity/Risk | Full capital protection a maturity No exchange rate risk (usually) |
Learn more
Investment certificates are financial products characterized by a number of features. They may simply replicate the underlying asset’s upward movements or downward movements, or they may be structured so as to implement more sophisticated strategies, which may include total or conditional capital protection against bad performances of the underlying asset (protection component).
Some certificates’ characteristics may also allow the owners to obtain proceeds during the life of the certificate, under condition that specific events take place (income component). A premium may be paid at maturity under form of additional proceeds in case the underlying asset’s price does not drop under the barrier (this is the case, for example, of bonus certificates).
The return on investment in some typologies of certificates may be determined by both the changes in the underlying asset’s price and the absence of such price movements for a timespan shorter than the life of the contract (early reimbursement component). These certificates pay a sort of premium for early redemption in case the underlying asset’s price is above a certain level on pre-arranged dates.
Moreover, some certificates feature an additional element, useful in periods of strong fluctuations of exchange rates – a protection against unfavourable changes in currency value. Products offering such protection, called “Quantum”, make it possible to invest in underlying asset’s denominated in a foreign currency avoiding exposure to the risks linked to exchange rates.
FeaturesThe certificates’ payoff characteristics imply the following components: protection component, participation to upward movements in the underlying asset’s price, participation to downward movements in the underlying asset’s price.
Performance drivers
Reactivity of the certificates’ prices to changes in key variables.
| Variables | Issue | Barrier** | Life residual*** |
| Underlying asset’s price | | | |
| Volatility | | | |
| Time* | | | |
| Interest rates | | | |
| Dividends | | | |
European Barrier
Commercial names
Butterfly
Characteristics:
- Replication of the underlying asset’s bull performances (if the upper barrier is not exceeded at maturity)
- Replication of the underlying asset’s bear performances (if the lower barrier is not exceeded at maturity)
- Full capital protection
- Hedge against exchange rates fluctuations (if the product is “quantum” type)
Return profiles
| Maturity | 3 - 5 years |
| Investment horizon | Mid/long term |
| Aim | To profit from upward and downward movements of the underlying asset’s price with full protection of the invested capital |
| Strategy | Moderately bullish (if the underlying asset’s price has reached the lower barrier) Moderately bearish (if the underlying asset’s price has reached the upper barrier) Lateral (if the underlying asset’s price does not exceed neither the upper nor the lower barrier) |
Capital protection at maturity/Risk | Full capital protection a maturity No exchange rate risk (usually) |
Learn more
Investment certificates are financial products characterized by a number of features. They may simply replicate the underlying asset’s upward movements or downward movements, or they may be structured so as to implement more sophisticated strategies, which may include total or conditional capital protection against bad performances of the underlying asset.
Some certificates’ characteristics may also allow the owners to obtain proceeds during the life of the certificate, under condition that specific events take place. A premium may be paid at maturity under form of additional proceeds in case the underlying asset’s price does not drop under the barrier (this is the case, for example, of bonus certificates).
The return on investment in some typologies of certificates may be determined by both the changes in the underlying asset’s price and the absence of such price movements for a timespan shorter than the life of the contract. These certificates pay a sort of premium for early redemption in case the underlying asset’s price is above a certain level on pre-arranged dates.
Moreover, some certificates feature an additional element, useful in periods of strong fluctuations of exchange rates – a protection against unfavourable changes in currency value. Products offering such protection, called “Quantum”, make it possible to invest in underlying asset’s denominated in a foreign currency avoiding exposure to the risks linked to exchange rates.
Features
The certificates’ payoff characteristics imply the following components: protection component, participation to upward movements in the underlying asset’s price, participation to downward movements in the underlying asset’s price.
Performance drivers
Reactivity of the certificates’ prices to changes in key variables.
| Variables | Issue | Barrier** | Life residual*** |
| Underlying asset’s price | | | |
| Volatility | | | |
| Time* | | | |
| Interest rates | | | |
| Dividends | | | |