Commercial names
Protect Outperformance, Outperformance Protected, Jet Protection, Power Certificates, Leveraged Return, Accelerator
Caracteristics:
Full, more than proportional replication of upward movements of the underlying asset’s price
Barrier for conditional capital protection
Return profiles
| Maturity | 3 - 4 years |
| Investment horizon | Mid term |
| Aim | To profit from the upward movements of the underlying asset’s price with the chance to amplify gains |
| Strategy | Bullish, with leverage and conditional capital protection |
| Capital protection at maturity/Risk | Capital protection at maturity up to a set barrier level. Full replication of the downward movements of the underlying asset’s price in case the underlying asset’s price has been lower than or equal to the barrier level during the life of the certificate |
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.
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 | | | |
Autocallable
Commercial names
Power Express, Fixed Premium Athena
Caracteristics:
Full, more than proportional replication of upward movements of the underlying asset’s price
Early redemption if the underlying asset’s price is higher than or equal to a certain level on set dates
Barrier for conditional capital protection
Return profiles
| Maturity | 3 - 4 years |
| Investment horizon | Short term and mid - long term (mid/long term in case of no early redemption) |
| Aim | To profit from the upward movements of the underlying asset’s price with the chance to amplify gains / to profit from stability, small upward or downward movements of the underlying asset’s price, quickly obtaining early redemption and premium |
| Strategy | Moderately bullish, in case the underlying asset’s price does not reach the barrier on observation dates Bullish, in case the underlying asset’s price reaches the barrier on observation dates Bullish, with leverage and conditional capital protection |
| Capital protection at maturity/Risk | Capital protection at maturity up to a set barrier level. Full replication of the downward movements of the underlying asset’s price in case the underlying asset’s price has been lower than or equal to the barrier level during the life of the certificate |
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, early reimbursement component.
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
Protect Outperformance, Outperformance Protected, Jet Protection, Power Certificates
Caracteristics:
Full, more than proportional replication of upward movements of the underlying asset’s price
Barrier for conditional capital protection (relevant all throughout the life of the certificate)
Return profiles
| Maturity | 3 - 4 years |
| Investment horizon | Mid term |
| Aim | To profit from the upward movements of the underlying asset’s price with the chance to amplify gains |
| Strategy | Bullish, with leverage and conditional capital protection |
| Capital protection at maturity/Risk | Capital protection at maturity up to a set barrier level. Full replication of the downward movements of the underlying asset’s price in case the underlying asset’s price has been lower than or equal to the barrier level during the life of the certificate |
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
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.
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
Protect Ouperformance, Outperformance Protected, Jet Protection, Power Certificates, Protection con Bonus
Caracteristics:
Full, more than proportional replication of upward movements of the underlying asset’s price
Barrier for conditional capital protection (relevant only at maturity)
Return profiles
| Maturity | 3 - 4 years |
| Investment horizon | Mid term |
| Aim | To profit from the upward movements of the underlying asset’s price with the chance to amplify gains |
| Strategy | Bullish, with leverage and conditional capital protection |
| Capital protection at maturity/Risk | Capital protection at maturity up to a set barrier level. Full replication of the downward movements of the underlying asset’s price in case the underlying asset’s price has been lower than or equal to the barrier level during the life of the certificate |
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
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 | | | |
Worst Of
Commercial names
Protect Ouperformance, Outperformance Protected, Jet Protection, Power Certificates
Caracteristics:
Underlying asset consisting in a basket of securities or indexes, among which the worst performing one determines the overall performance of the certificate
Barrier for conditional capital protection
Full, more than proportional replication of upward movements of the underlying asset’s price
Return profiles
| Maturity | 2 - 4 years |
| Investment horizon | Mid term |
| Aim | To profit from the upward movements of the underlying asset’s price with the chance to amplify gains |
| Strategy | Bullish, with leverage and conditional capital protection |
| Capital protection at maturity/Risk | Capital protection at maturity up to a set barrier level. Full replication of the downward movements of the underlying asset’s price in case the underlying asset’s price has been lower than or equal to the barrier level during the life of the certificate |
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.
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
Protect Outperformance, Outperformance Protected, Jet Protection, Power Certificates
Caracteristics:
Underlying asset consisting in a basket of securities or indexes among which the best performing one determines the overall performance of the certificate
Barrier for conditional capital protection
Full, more than proportional replication of upward movements of the underlying asset’s price
Return profiles
| Maturity | 2 - 4 years |
| Investment horizon | Mid term |
| Aim | To profit from the upward movements of the underlying asset’s price with the chance to amplify gains |
| Strategy | Bullish, with leverage and conditional capital protection |
| Capital protection at maturity/Risk | Capital protection at maturity up to a set barrier level. Full replication of the downward movements of the underlying asset’s price in case the underlying |
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.
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, early reimbursement component
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 | | | |
Cap
Commercial names
Protect Outperformance Cap, Jet Protection Cap, Athena Jet Cap
Caracteristics:
Full, more than proportional replication of upward movements of the underlying asset’s price
Cap on potential returns
Barrier for conditional capital protection
Return profiles
| Maturity | 2 - 3 years |
| Investment horizon | Short - mid term |
| Aim | To profit from the upward movements of the underlying asset’s price with the chance to amplify gains |
| Strategy | Bullish, with leverage and conditional capital protection |
| Capital protection at maturity/Risk | Capital protection at maturity up to a set barrier level. Full replication of the downward movements of the underlying asset’s price in case the underlying asset’s price has been lower than or equal to the barrier level during the life of the certificate |
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
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 | | | |
Commercial names
Protect Outperformance Short
Caracteristics:
Full, more than proportional replication of downward movements of the underlying asset’s price
Reverse replication of the underlying asset’s price movements for levels above the barrier
Barrier for conditional protection of nominal invested capital
Return profiles
| Maturity | 3 - 4 years |
| Investment horizon | Mid term |
| Aim | To profit from the downward movements of the underlying asset’s price with the chance to amplify gains |
| Strategy | Bearish, with leverage and conditional capital protection |
| Capital protection at maturity/Risk | Capital protection at maturity up to a set barrier level. Full replication of the upward movements of the underlying asset’s price in case the underlying asset’s price has been higher than or equal to the barrier level during the life of the certificate |
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
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 | | | |