Express

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

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, income component, 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
Express, Athena, Autocallable, Phoenix

Characteristics:

• Early redemption if the underlying asset’s price is higher than the set level on pre-arranged dates
• Barrier for capital protection (relevant only at maturity)
• Redemption premium at maturity if the underlying asset’s price is higher than or equal to a set level

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, income component, 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

Worst Of

Commercial names
Express Worst Of, Express Coupon, Athena Worst Of, Autocallable Worst Of, Phoenix

Characteristics:

• Underlying asset consisting in a basket of securities or indexes, among which the worst-performing one determines the overall performance of the certificate
• Early redemption in case the worst-performing component of the underlying asset has a price which is higher than or equal to a set level on pre-arranged dates
• In case of no redemption on the set dates, if the underlying asset’s price is higher than the barrier level and lower than the initial strike price, a random coupon may be paid
• The right to receive random coupons (as well as the premium at maturity for values of the underlying asset lower than the strike price) is lost as soon as one of the securities composing the underlying asset reaches the barrier level
• At maturity, if the worst-performing asset’s value is lower than the strike price and if the barrier is activated, the premium is paid out. If the barrier level has been exceeded, however, the investor will receive proceeds consistent with the performance of the worst-performing asset. Still, investors will always receive a premium for redemption values higher than or equal to the strike price.

Return profiles

Maturity	1.5 - 5 years
Investment horizon	Short term (mid/long in case of no early redemption)
Aim	To obtain quickly early redemption and premium / to profit from stability or small upward movements in the underlying asset’s price at maturity
Strategy	Moderately bullish (early redemption) Lateral (coupons)
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 on pre-arranged observation dates or 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: protection component, income component, 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

Rainbow

Commercial Names: 
Express Coupon Plus, Phoenix, Rainbow Certificate

Characteristics:

• Early redemption in case of positive performance of the underlying asset on pre-arranged dates
• Barrier for capital protection;
• Underlying asset consisting in a basket of securities present in proportions linked to their performances
• At maturity, if the barrier is activated, investors receive a premium when the underlying asset’s price is lower than the strike price (if the barrier level has been reached, investors will receive proceeds consistent with the underlying asset’s performance)

Return profiles 

Maturity	1.5 - 6 years
Investment horizon	Short term or mid/long term in case of early redemption
Aim	To profit from stability, small upward or downward movements of the underlying asset’s price, so as to quickly obtain the early redemption
Strategy	Moderately bullish, in case the underlying asset does not reach the barrier level on observation dates Bullish, in case the underlying asset reaches the barrier level on observation dates
Capital protection at maturity/Risk:	Capital protection at maturity up to a pre-arranged level. Full replication of downward movements of the underlying asset’s price if the underlying asset’s price at maturity is lower than a set 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, income component, 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

Double Chance

Commercial Names: 
Express, Athena Double Chance

Characteristics:

• Early redemption if the underlying asset’s price is higher than the set level on pre-arranged dates
• Barrier for capital protection
• In case of no redemption on the set dates, if the underlying asset’s price is higher than the barrier level and lower than the initial strike price, a random coupon will be paid
• Redemption premium at maturity if the underlying asset’s price is higher than or equal to a set level
•  Premium at maturity (smaller than the one above) if the underlying asset’s price is lower than the strike price and the barrier is activated

Return profiles 

Maturity	1.5 - 6 years
Investment horizon	Short term (mid/long 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 quickly obtain the early redemption
Strategy	Moderately bullish, in case the underlying asset does not reach the barrier level on observation dates Bullish, in case the underlying asset reaches the barrier level on observation dates
Capital protection at maturity/Risk	Capital protection at maturity up to a pre-arranged level. Full replication of downward movements of the underlying asset’s price if the underlying asset’s price at maturity is lower than a set 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, income component, 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

Best Of

Commercial Names: 
Express, Athena

Characteristics:

• Underlying asset consisting in a basket of securities or indexes among which the best-performing one determines the overall performance of the certificate
• Early redemption in case the price of the best-performing component of the underlying asset is higher than or equal to a set level on pre-arranged dates
• In case of no redemption on the set dates, if the underlying asset’s price is higher than the barrier level and lower than the initial strike price, a random coupon will be paid
• The right to receive random coupons (as well as the premium at maturity for values of the underlying asset lower than the strike price) is lost as soon as the best-performing security part of the underlying asset reaches the barrier level
• At maturity, if the best-performing asset’s value is lower than the strike price and if the barrier is activated, the premium is paid out. If the barrier level has been exceeded, however, the investor will receive proceeds consistent with the performance of the best-performing asset. Still, investors will always receive a premium for redemption values higher than or equal to the strike price

Return profiles 

Maturity	1.5 - 6 years
Investment horizon	Short term (mid/long 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 quickly obtain the early redemption
Strategy	Moderately bullish, in case the underlying asset does not reach the barrier level on observation dates Bullish, in case the underlying asset reaches the barrier level on observation dates
Capital protection at maturity/Risk	Capital protection at maturity up to a pre-arranged level. Full replication of downward movements of the underlying asset’s price if the underlying asset’s price at maturity is lower than a set 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, income component, 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