Commercial names
Outperformance
Characteristics:
- More than propoportional replication of underlying asset's performance
Return profiles
| Maturity | 1 - 2 years |
| Investment horizon | short/mid term |
| Aim | to profit from upward movements of the undelying asset's price, with a chance to amplify gains |
| Strategy | bullish with leverage if the undelying asset's price is higher than the strike price bullish if the undelrlying asset's price is lower than the strike price |
| Capital protection at maturity/Risk | full replication of downward movements of the undelying asset's price (no capital protection) |
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
| Variables | Issue | Barrier** | Life residual*** |
 Underlying asset's price |  | | |
| Volatility | | | |
| Time* |  | | |
| Interest retes | | | |
| Dividends | | |  |
Autocallable
Commercial names
Outperformance
Characteristics:
- Early redemption if the underlying asset's price is higher than of equal to a set level on pre-arranged dates;
- More than proportional replication of underlying asset's preformance;
- Barrier of conditional protectionn of the nominal invester capital;
Return profiles
| Maturity | 3 - 4 years |
| Investment horizon | short term (mid/long term in case of no early redemption) |
| Aim | to profit from stability, small upward or download movements of the underlying asset's price so as to obtain quickly early redemption and premium; to profit from upward movements of the underlying asset's price, with a chance to amplify gains |
| Strategy | bullish if the underlying asset’s price reaches the barrier level on observation days moderately bullish if the underlying asset0s price does not reach the barrier level on observation days bullish with leverage with conditional capital protection (at maturity) |
| Capital protection at maturity/Risk | capital protection at maturity up to a set level. Full replication of downward movements of the underlying asset’s price if the underlying asset’s price is below a pre-arranged level at maturity |
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: participation to upward movements in the underlying asset’s price, early reimbursement component.
Performance drivers
| Variables | Issue | Barrier** | Life residual*** |
| Underlying asset's price | | | |
| Volatility | | | |
| Time* | | | |
| Interest rates | | | |
| Dividends | | | |
Commercial names
Express Coupon Plus, Phoenix, Rainbow Certificate
Characteristics:
- Underlying asset consisting in a basket of securities present in proportions determined by their performances;
- Barrier for conditional capital protection;
- Underlying composed by a basket of securities with a variable weight depending on underlying assets'performances;
- At maturity, the underlying asset’s price being lower than the strike price, if the barrier level has been reached, investors obtain proceeds consistent with the performance of the worst-performing security of the basket, vice-versa, investors will receive the premium
Return profiles
| maturity | 3 - 4 years |
| Investment horizon | short term (or mid/long term, in case of no early redemption) |
| Aim | to profit from stability, small upward or downward movements of the underlying asset’s price so as to obtain quickly early redemption and premium to profit from stability or small upward movements of the underlying asset’s price at maturity |
| Strategy | moderately bullish, if the underlying asset’s price does not reach the barrier level on pre-arranged observation dates bullish, if the underlying asset’s price reaches the barrier on pre-arranged observation dates |
| Capital protection at maturity/Risk | capital protection up to a set level at maturity. Full replication of 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: participation to upward movements in the underlying asset’s price.
Performance drivers
| Variables | Issue | Barrier** | Lifetime residual*** |
| Underlying asset's price | | | |
| Volatility | | | |
| Time* | | | |
| Interest rates | | | |
| Dividends | | | |
Best Of
Commercial names
Protect Outperformance
Characteristics:
- Underlying asset consisting in a basket of securities or indexes among which the best-performing one determines the overall performance of the certificate
- More than proportional replication of the underlying asset’s performance
- Barrier for conditional protection of the nominal invested capital
Return profiles
| Maturity | 2 - 4 years |
| Investment horizon | mid term |
| Aim | to profit from upward movements of the underlying asset’s price, with a chance to amplify gains |
| Strategia | bullish with leverage and conditional capital protection |
| Captian protection at maturity/Risk | capital protection up to a set level at maturity. Full replication of downward movements of the underlying asset’s price in case the underlying asset’s price is lower than a pre-arranged level |
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.
| Variables | Issue | Barrier** | Life residual*** |
| Underlying asset's price | | | |
| Volatility | | | |
| Time* | | | |
| Interest rates | | | |
| Dividends | | | |
Worst Of
Commercial names
Protect Outperformance
Characteristics:
- Underlying asset consisting in a basket of securities or indexes among which the worst-performing one determines the overall performance of the certificate
- More than proportional replication of the underlying asset’s performance
- Barrier for conditional protection of the nominal invested capital
Return profiles
| Maturity | 2 - 4 year |
| Investment horizon | mid term |
| Aim | to profit from upward movements of the underlying asset’s price, with a chance to amplify gains |
| Strategy | bullish with leverage and conditional capital protection |
| Capital protection at maturity/Risk | capital protection up to a set level at maturity. Full replication of downward movements of the underlying asset’s price in case the underlying asset’s price is lower than a pre-arranged level |
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
| 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
Characteristics
- More than proportional replication of the underlying asset’s performance
- Barrier for conditional protection of the nominal invested capital
- Cap on potential returns
Return profiles
| Matirity | 2 - 3 years |
| Investment horizon | short/mid term |
| Aim | to profit from the positive performance of the underlying asset, with a chance to amplify gains |
| Strategy | bullish with leverage with a maximum redemption and contitional capital protection |
| Capital protection at maturity/Risk | capital protection up to a set level at maturity. Full replication of 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
| Variables | Issue | Barrier** | Life residual*** |
| Underlying asset's price | | | |
| Volatility | | | |
| Time* | | | |
| Interest rate | | | |
| Dividends | | | |
Commercial names
Protect Outperformance
Characteristics:
- Reverse replication of the underlying asset’s price movements for levels above the barrier
- More than proportional replication of the underlying asset’s performance
- Barrier for conditional protection of the nominal invested capital
Return profiles
| Maturity | 3 - 4 years |
| Investment horizon | mid term |
| Aim | to profit from the underlying's negative performnces, with a chance to amplify gains |
| Strategy | bearish with leverage wand conditional capital protection |
| Capital protection at maturity/Risk | capital protection up to a set level at maturity. Full replication of 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
| Variables | Emission | Barrier** | Life residual*** |
| Underlinyg asset's price | | | |
| Volatility | | | |
| Time* | | | |
| Interest rates | | | |
| Dividends | | | |