Bonus

Reactivity of the certificates’ prices to changes in key variables.

Commercial names
Bonus Autocallable, Bonus Autocallable Plus, Express Bonus

Characteristics:

• Bonus payment at maturity in case the underlying asset’s price has never dropped below a pre-arranged barrier level during the life of the certificate
• Full replication of upward movements of the underlying asset’s price
• Barrier level for conditional protection of the invested capital
• Hedge against exchange rates fluctuations (if the product is “quantum” type)
• Limit on potential returns (if the certificate has a “cap”)
• Early redemption if the underlying asset’s price is higher than or equal to a pre-arranged level on certain dates

Return profiles

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

* With "Time" we mean the "passing of time", so the the approaching of natural certificate's expiration date.

** The barrier is not present for this type of certificate

***2 months of life residual, underlying's price near to the strike and dividends payment are not expected

Commercial names
Bonus

Characteristics:

• Bonus payment at maturity in case the underlying asset’s price has never dropped below a pre-arranged barrier level during the life of the certificate
• Full replication of upward movements of the underlying asset’s price
• Barrier level for conditional protection of the invested capital
• Hedge against exchange rates fluctuations (if the product is “quantum” type)
• Limit on potential returns (if the certificate has a “cap”)

Return profiles

Maturity	1 - 5 years
Investment horizon	Mid/long term
AIM	To profit from upward or small downward movements of the underlying asset’s price, with the chance to obtain a bonus payment (if the performance of the underlying asset would provide a better return than the bonus’, the certificate’s owner will receive such return)
Strategy	Lateral (at issue), if the underlying asset’s price does not reach the barrier level Bullish, if the underlying asset’s price has reached the barrier level
Capital protection at maturity/Risk	full capital protection at maturity if the barrier has not been reached. Full replication of downward movements of the underlying asset’s price if the underlying asset’s price has been equal to or lower than 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

* With "Time" we mean the "passing of time", so the the approaching of natural certificate's expiration date.

** The barrier is not present for this type of certificate

***2 months of life residual, underlying's price near to the strike and dividends payment are not expected

European Barrier

Commercial names
Bonus, Easy Express, Bonus Plus, Top Bonus

Characteristics:

• Bonus payment at maturity in case the underlying asset’s price has never dropped below a pre-arranged barrier level during the life of the certificate
• Full replication of upward movements of the underlying asset’s price
• Barrier level for conditional protection of the invested capital, relevant only at maturity
• Hedge against exchange rates fluctuations (if the product is “quantum” type)
• Limit on potential returns (if the certificate has a “cap”)

Return profiles

Maturity	1 - 5 years
Investment horizon	Mid/long term
Aim	To profit from upward or small downward movements of the underlying asset’s price, with the chance to obtain a bonus payment (if the performance of the underlying asset would provide a better return than the bonus’, the certificate’s owner will receive such return)
Strategy	Lateral (at issue), if the underlying asset’s price does not reach the barrier level Bullish, if the underlying asset’s price has reached the barrier level
Capital protection at maturity/Risk	Full capital protection at maturity if the barrier has not been reached. Full replication of downward movements of the underlying asset’s price if the underlying asset’s price has been equal to or lower than the barrier 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

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

* With "Time" we mean the "passing of time", so the the approaching of natural certificate's expiration date.

** The barrier is not present for this type of certificate

***2 months of life residual, underlying's price near to the strike and dividends payment are not expected

Best Of

Commercial names
Bonus

Characteristics:

• Underlying asset consisting in a basket of securities, among which the best performing determines the overall performance of the certificate
• Bonus payment at maturity in case the underlying asset’s price has never dropped below a pre-arranged barrier level during the life of the certificate
• Full replication of upward movements of the underlying asset’s price
• Barrier level for conditional protection of the invested capital
• Hedge against exchange rates fluctuations (if the product is “quantum” type)
• Limit on potential returns (if the certificate has a “cap”)

Return profiles

Maturity	1 - 5 years
Investment horizon	Mid/long term
Aim	To profit from upward or small downward movements of the underlying asset’s price, with the chance to obtain a bonus payment (if the performance of the underlying asset would provide a better return than the bonus’, the certificate’s owner will receive such return)
Strategy	Lateral (at issue), if the underlying asset’s price does not reach the barrier level Bullish, if the underlying asset’s price has reached the barrier level
Capital protection at maturity/Risk	Full capital protection at maturity if the barrier has not been reached. Full replication of downward movements of the underlying asset’s price if the underlying asset’s price has been equal to or lower than 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

* With "Time" we mean the "passing of time", so the the approaching of natural certificate's expiration date.

** The barrier is not present for this type of certificate

***2 months of life residual, underlying's price near to the strike and dividends payment are not expected

Cap

Commercial names
Bonus Cap, Top Bonus, Easy Express, Bonus Plus

Characteristics:

• Bonus payment at maturity in case the underlying asset’s price has never dropped below a pre-arranged barrier level during the life of the certificate
• Full replication of upward movements of the underlying asset’s price
• Barrier level for conditional protection of the invested capital
• Hedge against exchange rates fluctuations (if the product is “quantum” type)
• Cap on potential returns 

Return profiles

Maturity	1 - 5 years
Investment horizon	Mid/long term
Aim	To profit from upward or small downward movements of the underlying asset’s price, with the chance to obtain a bonus payment (if the performance of the underlying asset would provide a better return than the bonus’, the certificate’s owner will receive such return)
Strategy	Lateral (at issue), if the underlying asset’s price does not reach the barrier level Bullish, if the underlying asset’s price has reached the barrier level
Capital protection at maturity/Risk	Full capital protection at maturity if the barrier has not been reached. Full replication of downward movements of the underlying asset’s price if the underlying asset’s price has been equal to or lower than 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

* With "Time" we mean the "passing of time", so the the approaching of natural certificate's expiration date.

** The barrier is not present for this type of certificate

***2 months of life residual, underlying's price near to the strike and dividends payment are not expected

Protection

Commercial names
Bonus Protection, C45 Bonus Cap, Protection con Bonus, 

Characteristics:

• Bonus payment at maturity in case the underlying asset’s price has never dropped below a pre-arranged barrier level during the life of the certificate
• Full replication of upward movements of the underlying asset’s price
• Hedge against exchange rates fluctuations (if the product is “quantum” type)
• Full or partial capital protection
• Limit on potential returns (if the certificate has a “cap”)

Return profiles 

Maturity	1 - 5 years
Investment horizon	Mid/long term
Aim	To profit from upward or small downward movements of the underlying asset’s price, with the chance to obtain a bonus payment (if the performance of the underlying asset would provide a better return than the bonus’, the certificate’s owner will receive such return)
Strategy	Lateral (at issue), if the underlying asset’s price does not reach the barrier level Bullish, if the underlying asset’s price has reached the barrier level
Capital protection at maturity/Risk	Full or partial capital protection at maturity in case of downward movements of the underlying asset’s price

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

* With "Time" we mean the "passing of time", so the the approaching of natural certificate's expiration date.

** The barrier is not present for this type of certificate

***2 months of life residual, underlying's price near to the strike and dividends payment are not expected

Rainbow

Commercial names
Bonus Rainbow

Characteristics:

• Bonus payment at maturity in case the underlying asset’s price has never dropped below a pre-arranged barrier level during the life of the certificate
• Full replication of upward movements of the underlying asset’s price
• Barrier level for conditional protection of the invested capital
• Hedge against exchange rates fluctuations (if the product is “quantum” type)
• Limit on potential returns (if the certificate has a “cap”)

Underlying asset consisting in a basket of securities present in proportions linked to their performances

Return profiles

Matuity	1 - 5 years
Investment horizon	Mid/long term
Aim	To profit from upward or small downward movements of the underlying asset’s price, with the chance to obtain a bonus payment (if the performance of the underlying asset would provide a better return than the bonus’, the certificate’s owner will receive such return)
Strategy	Lateral (at issue), if the underlying asset’s price does not reach the barrier level Bullish, if the underlying asset’s price has reached the barrier level
Capital protection at maturity/Risk	Full capital protection at maturity if the barrier has not been reached. Full replication of downward movements of the underlying asset’s price if the underlying asset’s price has been equal to or lower than 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

* With "Time" we mean the "passing of time", so the the approaching of natural certificate's expiration date.

** The barrier is not present for this type of certificate

***2 months of life residual, underlying's price near to the strike and dividends payment are not expected

Reverse

Commercial names
Reverse Bonus, Reverse Bonus cap

Characteristics:

• Bonus payment at maturity in case the underlying asset’s price has never surged above a pre-arranged barrier level during the life of the certificate
• Full replication of downward movements of the underlying asset’s price
• Linear inverse replication of the underlying asset’s price movements
• Barrier level for conditional protection of the invested capital
• Limit on potential returns (if the certificate has a “cap”), even if the barrier is not activated

Return profiles

Maturity	1 - 5 years
Investment horizon	Mid/long term
Aim	To profit from downward or small upward movements of the underlying asset’s price, with the chance to obtain a bonus payment (if the performance of the underlying asset would provide a better return than the bonus’, the certificate’s owner will receive such return)
Strategy	Lateral (at issue), if the underlying asset’s price does not reach the barrier level Bearish, if the underlying asset’s price has reached the barrier level
Capital protection at maturity/Risk	Full capital protection at maturity if the barrier has not been reached. Full replication of upward movements of the underlying asset’s price if the underlying asset’s price has been equal to or higher than 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 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

* With "Time" we mean the "passing of time", so the the approaching of natural certificate's expiration date.

** The barrier is not present for this type of certificate

***2 months of life residual, underlying's price near to the strike and dividends payment are not expected

 

Worst Of

Commercial names
Bonus, Bonus Worst Of

Characteristics:

• Underlying asset consisting in a basket of securities, among which the worst-performing determines the overall performance of the certificate
• Bonus payment at maturity in case the underlying asset’s price has never dropped below a pre-arranged barrier level during the life of the certificate
• Full replication of upward movements of the underlying asset’s price
• Barrier level for conditional protection of the invested capital
• Hedge against exchange rates fluctuations (if the product is “quantum” type)
• Limit on potential returns (if the certificate has a “cap”)

Return profiles

Maturity	1 - 5 years
Investment horizon	Mid/long term
Aim	To profit from upward or small downward movements of the underlying asset’s price, with the chance to obtain a bonus payment (if the performance of the underlying asset would provide a better return than the bonus’, the certificate’s owner will receive such return)
Strategy	Lateral (at issue), if the underlying asset’s price does not reach the barrier level Bullish, if the underlying asset’s price has reached the barrier level
Capital protection at maturity/Risk	Full capital protection at maturity if the barrier has not been reached. Full replication of downward movements of the underlying asset’s price if the underlying asset’s price has been equal to or lower than 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

* With "Time" we mean the "passing of time", so the the approaching of natural certificate's expiration date.

** The barrier is not present for this type of certificate

***2 months of life residual, underlying's price near to the strike and dividends payment are not expected