Airbag

Standard

Commercial names
Airbag, Planar, Accelerator

Characteristics:

  • Replication of upward movements of the underlying asset’s price
  • Capital protection at maturity up to a pre-arranged limit
  • Reduction of losses if the underlying asset’s price is lower than the pre-arranged level when converted through a specific factor (called “airbag ratio)

Return profiles

Graph

Maturity2 -years
Investment horizonMid/long term
AimTo obtain profits from the upward movements of the underlying asset’s price, with reduction or elimination of the effects of negative performances if the underlying asset’s price drops below a pre-arranged level (airbag stop)
StrategyBullish
Capital protection at maturity/Risk

Limited capital protection at maturity; full replication of the underlying asset’s downward price movements if the underlying asset’s value at maturity 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

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.

VariablesIssueBarrier**Life residual***
upgreen Underlying asset’s pricefreccia-su.pngfreccia-su.pngfreccia-su.png
upgreen Volatilityfreccia-su.pngfreccia-su.pngfreccia-su.png
upgreen Time*down arrowdown arrowdown arrow
upgreen Interest ratesdown arrowdown arrowdown arrow
upgreen Dividendsdown arrowdown arrowbar
* 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
Autocallable

Commercial names
Airbag Autocallable

Characteristics:

  • Early redemption (pre-arranged amount) if the underlying asset’s price is higher than or equal to a pre-arranged value on certain dates
  • Capital protection at maturity up to a pre-arranged limit
  • Reduction of losses if the underlying asset’s price is lower than the pre-arranged level when converted through a specific factor (called “airbag ratio)

Return profiles

Graph

Maturity2 - 5 years
Investment horizonMid/long term
AimTo obtain profits from the upward movements of the underlying asset’s price, with reduction or elimination of the effects of negative performances if the underlying asset’s price drops below a pre-arranged level (airbag stop)
StrategyBullish
Capital protection at maturity/Risk

Limited capital protection at maturity; full replication of the underlying asset’s downward price movements if the underlying asset’s value at maturity 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./p>

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.

VariablesIssueBarrier**Life residual***
upgreen Underlying asset’s pricefreccia-su.pngfreccia-su.pngfreccia-su.png
upgreen Volatilityfreccia-su.pngfreccia-su.pngfreccia-su.png
upgreen Time*down arrowdown arrowdown arrow
upgreen Interest ratesdown arrowdown arrowdown arrow
upgreen Dividendsdown arrowdown arrowbar
* 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

Airbag Best Of

Characteristics:

  • Replication of the underlying asset’s price movements (the underlying asset consists of a basket of securities, among which the best-performing determinates the overall performance of the certificate)
  • Capital protection at maturity up to a pre-arranged limit
  • Reduction of losses if the underlying asset’s price is lower than the pre-arranged level when converted through a specific factor (called “airbag ratio)

Return profiles

Graph

Maturity2 - 5 years
Investment horizonMid/long term
Aim

To obtain profits from the upward movements of the underlying asset’s price, with reduction or elimination of the effects of negative performances if the underlying asset’s price drops below a pre-arranged level (airbag stop).

StrategyBullish
Capital protection at maturity/Risk

limited capital protection at maturity; full replication of the underlying asset’s downward price movements if the underlying asset’s value at maturity 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

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.

VariablesIssueBarrier**Life residual***
upgreen Underlying asset’s pricefreccia-su.pngfreccia-su.pngfreccia-su.png
upgreen Volatilityfreccia-su.pngfreccia-su.pngfreccia-su.png
upgreen Time*down arrowdown arrowdown arrow
upgreen Interest ratesdown arrowdown arrowdown arrow
upgreen Dividendsdown arrowdown arrowbar
* 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
Airbag cap, Planar con Cap, Accelerator con Cap

Characteristics:

  • Replication of the underlying asset’s price upward movements with a cap on potential returns
  • Capital protection at maturity up to a pre-arranged limit
  • Reduction of losses if the underlying asset’s price is lower than the pre-arranged level when converted through a specific factor (called “airbag ratio)

Return profiles

Graph

Maturity2 - 5 years
Investment horizonMid/long term
Aim

To obtain profits from the upward movements of the underlying asset’s price, with reduction or elimination of the effects of negative performances if the underlying asset’s price drops below a pre-arranged level (airbag stop)

StrategyModerately bullish
Capital protection at maturity/Risk

Limited capital protection at maturity; full replication of the underlying asset’s downward price movements if the underlying asset’s value at maturity 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

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.

VariablesIssueBarrier**Life residual***
upgreen Underlying asset’s pricefreccia-su.pngfreccia-su.pngfreccia-su.png
upgreen Volatilityfreccia-su.pngfreccia-su.pngfreccia-su.png
upgreen Time*down arrowdown arrowdown arrow
upgreen Interest ratesdown arrowdown arrowdown arrow
upgreen Dividendsdown arrowdown arrowbar
* 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
Airbag Worst Of

Characteristics:

  • Replication of the underlying asset’s price movements (the underlying asset consists of a basket of securities, among which the worst-performing determinates the overall performance of the certificate)
  • Capital protection at maturity up to a pre-arranged limit
  • Reduction of losses if the underlying asset’s price is lower than the pre-arranged level when converted through a specific factor (called “airbag ratio)

Return profiles

Graph

Maturity2 - 5 years
Investment horizonMid/long term
Aim

To obtain profits from the upward movements of the underlying asset’s price, with reduction or elimination of the effects of negative performances if the underlying asset’s price drops below a pre-arranged level (airbag stop)

StrategyBullish
Capital protection at maturity/Risk

Limited capital protection at maturity; full replication of the underlying asset’s downward price movements if the underlying asset’s value at maturity 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

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.

VariablesIssueBarrier**Life residual***
upgreen Underlying asset’s pricefreccia-su.pngfreccia-su.pngfreccia-su.png
upgreen Volatilityfreccia-su.pngfreccia-su.pngfreccia-su.png
upgreen Time*down arrowdown arrowdown arrow
upgreen Interest ratesdown arrowdown arrowdown arrow
upgreen Dividendsdown arrowdown arrowbar
* 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