Double Win

Standard

Commercial names
Double Win

Characteristics:

  • Full replication of upward movements of the underlying asset’s price
  • Full replication of downward movements of the underlying asset’s price
  • Full capital protection
  • Hedge against exchange rates fluctuations (if the product is “quantum” type)

Return profiles

Graph

Maturity3 -  5 years
Inverstment horizonMid/long term
AimTo obtain positive returns even in case of negative performance of the underlying asset
StrategyBi-directional

Capital protection at maturity/Risk

Full capital protection 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, participation to upward movements in the underlying asset’s price, participation to downward 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
Double Win

Characteristics:

  • Full replication of upward movements of the underlying asset’s price
  • Full replication of downward movements of the underlying asset’s price
  • Full capital protection
  • Hedge against exchange rates fluctuations (if the product is “quantum” type)
  • Early redemption with additional premium, in case the underlying asset’s price is higher than or equal to a pre-arranged level on certain dates

Return profiles

Graph

Maturity3 -  5 years
Investment horizonShort, mid, long term
Aim

To obtain profits from stability, small upward movements of the underlying asset’s price, through a quick reimbursement with additional premium
To obtain positive returns even in case of negative performance of the underlying asset

StrategiaBi-directional

Capital protection at maturity/Risk

Full capital protection 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, participation to upward movements in the underlying asset’s price, participation to downward 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
Double Win

Characteristics:

  • Limited replication of upward movements of the underlying asset’s price
  • Limited replication of downward movements of the underlying asset’s price
  • Full capital protection
  • Hedge against exchange rates fluctuations (if the product is “quantum” type)
  • Cap on potential returns

Return profiles

Graph

Maturity3 -  5 years
Investment horizonMid / long term
AimTo obtain positive returns even in case of negative performance of the underlying asset, with a cap on potential returns
StrategyBi-directional

Capital protection at maturity/Risk

Full capital protection 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, participation to upward movements in the underlying asset’s price, participation to downward 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