Course - Investment Certificates: yield enhancement and protection

Investment Certificates: yield enhancement and protection - REGISTER

(2 EFPA credits + 2 credits by CFA Society Italy*)


16 January 2025, 16:00 - 18:00

Teacher:
Giovanna Zanotti – Scientific Director of ACEPI and Full Professor of Università di Bergamo

Investments Certificates exhibit an asymmetric behavior with respect to the underlying stock, basket, index or commodity, in order to obtain what the investor expects from a product: to pursue a trend and have a linear or more than linear replication, coupons or periodic returns, At the same time, they have full or partial protection or are conditional on market events. They are instruments that can protect the portfolio in bear markets as well as the recovery of losses

  • Definition and basic concepts: the certificate as a structured package of options

  • The role of dividends

  • Coupons and prizes

  • The taxation of certificates

  • The macro categories according to ACEPI: protected capital, conditionally protected capital, unprotected capital, leveraged, CLN

  • The ACEPI map

  • How work: Traker/Benchmark, Equity Protection and Digital, Bonus and Bonus Cap, Cash Collect and Express