Twin Win

Standard

Commercial names
Twin Win, Up&Up

Caracteristics:

  • Full replication of upward and downward movements of the underlying asset’s price at maturity

  • Barrier for conditional capital protection

  • Full, more than proportional replication of upward movements of the underlying asset’s price

Return profiles 

Graph

Maturity3 - 5 years
Investment horizonMid / long term
Aim

To profit from both upward and small downward movements of the underlying asset’s price

Strategy

Bi-directional (at issue), if the underlying asset’s price does not reach the barrier during the life of the certificate

Bullish, if the underlying asset’s price exceeds the barrier level during the life of the certificate

Capital protection at maturity/RiskCapital protection at maturity up to a set level. Partial 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: 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 Volatilitydown arrowbarfreccia-su.png
upgreen Time*freccia-su.pngbardown arrow
upgreen Interest ratesdown arrowbardown 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
Autocallable Twin Win

Caracteristics:

  • Full replication of upward and downward movements of the underlying asset’s price at maturity

  • Early redemption in case the underlying asset’s price is higher than or equal to a set level on pre-arranged observation dates

  • Barrier for conditional capital protection

  • Full, more than proportional replication of upward movements of the underlying asset’s price

Return profiles 

Graph

Maturity3 - 5 years
Investment horizonMid /long term
Aim

To profit from both upward and small downward movements of the underlying asset’s price

To obtain quickly early redemption and premium

Strategia

Moderately bullish (from the date of issue to the last available date for early redemption)

Bi-directional (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 lower than 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: protection component, participation to upward movements in the underlying asset’s price, participation to downward 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 Volatilitydown arrowbarfreccia-su.png
upgreen Time*freccia-su.pngbardown arrow
upgreen Interest ratesdown arrowbardown 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

American barrier

Commercial names
Twin Win, Up&Up

Caracteristics:

  • Full replication of upward and downward movements of the underlying asset’s price at maturity

  • Barrier for conditional capital protection (relevant all throughout the life of the certificate)

  • Full, more than proportional replication of upward movements of the underlying asset’s price

Return profiles

Graph

Maturity3 - 4 years
Investment horizonMid / long term
Aim

To profit from both upward and small downward movements of the underlying asset’s price

Strategy

Bi-directional (at issue), if the underlying asset’s price does not reach the barrier during the life of the certificate

Bullish, if the underlying asset’s price exceeds the barrier level during the life of the certificate

Capital protection at maturity/RiskCapital protection at maturity up to a set level. Partial 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.

Some certificates’ characteristics may also allow the owners to obtain proceeds during the life of the certificate, under condition that specific events take place. 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. 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 Volatilitydown arrowbarfreccia-su.png
upgreen Time*freccia-su.pngbarfreccia-su.png
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

European barrier

Commercial names
Twin Win, Up&Up

Characteristics:

  • Full replication of upward and downward movements of the underlying asset’s price at maturity

  • Barrier for conditional capital protection (relevant only at maturity)

  • Full, more than proportional replication of upward movements of the underlying asset’s price

Return profiles

Graph

Maturity3 - 5 years
Investment horizonMid / long term
AimTo profit from both upward and small downward movements of the underlying asset’s price
Strategy

Bi-direzional

Capital protection at maturity/RiskCapital protection at maturity up to a set level. Partial replication of downward movements of the underlying asset’s price in case the underlying asset’s price is lower than or equal to the barrier 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: 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 Volatilitydown arrowbarfreccia-su.png
upgreen Time*freccia-su.pngbardown arrow
upgreen Interest ratesdown arrowbardown 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
Twin Win, Up&Up

Caracteristics:

  • Underlying asset consisting in a basket of securities and indexes among which the worst performing determines the overall performance of the certificate

  • Barrier for conditional capital protection 

  • Full, more than proportional replication of upward movements of the underlying asset’s price

  • Full replication of upward and downward movements of the underlying asset’s price at maturity

Return investment

Graph

Maturity3 - 5 years
Investment horizonMid / long term
AimTo profit from both upward and small downward movements of the underlying asset’s price
Strategy

Bi-directional (at issue), if the underlying asset’s price does not reach the barrier during the life of the certificate

Bullish, if the underlying asset’s price exceeds the barrier level during the life of the certificate

Capital protection at maturity/RiskCapital protection at maturity (if the barrier is not reached). Full replication of downward movements of the underlying asset’s price in case the price of the worst performing security part the underlying asset 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: 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 Volatilitydown arrowbarfreccia-su.png
upgreen Time*freccia-su.pngbardown arrow
upgreen Interest ratesdown arrowbardown 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

Rainbow

Commercial names
Twin Win

Caracteristics:

  • Underlying asset consisting in a basket of securities present in proportions determined by their performances

  • Full replication of upward and downward movements of the underlying asset’s price at maturity

  • Full, more than proportional replication of upward movements of the underlying asset’s price

  • Barrier for conditional capital protection 

Return profile

Graph

Maturity3 - 5 years
Investment horizonMid / long term
Aim
To profit from both upward and small downward movements of the underlying asset’s price
Strategy

Bi-directional (at issue), if the underlying asset’s price does not reach the barrier during the life of the certificate

Bullish, if the underlying asset’s price exceeds the barrier level during the life of the certificate

Capital protection at maturity/RiskCapital protection at maturity up to a set level. Partial 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: 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 Volatilitydown arrowbarfreccia-su.png
upgreen Time*freccia-su.pngbardown arrow
upgreen Interest ratesdown arrowbardown 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
Twin Win

Caracteristics:

  • Underlying asset consisting in a basket of securities and indexes among which the best performing determines the overall performance of the certificate

  • Full, more than proportional replication of upward movements of the underlying asset’s price

  • Full replication of upward and downward movements of the underlying asset’s price at maturity

  • Barrier for conditional capital protection 

Return profiles 

Graph

Matutity3 - 5 anni
Investment horizonMid / long term
AimTo profit from both upward and small downward movements of the underlying asset’s price
Strategy

Bi-directional (at issue), if the underlying asset’s price does not reach the barrier during the life of the certificate

Bullish, if the underlying asset’s price exceeds the barrier level during the life of the certificate

Capital protection at maturity/Risk

Capital protection at maturity (if the barrier is not reached). Full replication of downward movements of the underlying asset’s price in case the price of the best performing security part the underlying asset 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: 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 Volatilitydown arrowbarfreccia-su.png
upgreen Time*freccia-su.pngbardown arrow
upgreen Interest ratesdown arrowbardown 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
Twin Win Cap

Caracteristics:

  • Full replication of upward and downward movements of the underlying asset’s price at maturity

  • Barrier for conditional capital protection

  • Cap on potential returns

  • Full, more than proportional replication of upward movements of the underlying asset’s price

Return profiles 

Graph

Maturity3 - 4 years
Investment horizonMid term
AimTo profit from both upward and small downward movements of the underlying asset’s price
Strategy

Bi-directional (at issue), if the underlying asset’s price does not reach the barrier during the life of the certificate

Bullish, if the underlying asset’s price exceeds the barrier level during the life of the certificate

Capital protection at maturity/Risk

Capital protection at maturity up to a set level. Partial 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.

Some certificates’ characteristics may also allow the owners to obtain proceeds during the life of the certificate, under condition that specific events take place. 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. 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 Volatilitydown arrowfreccia-su.pngdown arrow
upgreen Time*freccia-su.pngdown arrowdown arrow
upgreen Interest ratesdown arrowfreccia-su.pngdown 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

Short

Commercial names
Twin Win Short, Twin Win Protection Short

Caracteristics:

  • Full replication of downward movements of the underlying asset’s price

  • Barrier for conditional capital protection

  • Replication of upward movements of the underlying asset’s price up to the barrier level

Return profiles 

Graph

Maturity3 - 5 years
Investment horizonMid / long term
AimTo profit from both upward and small downward movements of the underlying asset’s price
Strategy

Bi-directional (at issue), if the underlying asset’s price does not reach the barrier during the life of the certificate

Bearish, if the underlying asset’s price reaches the barrier level during the life of the certificate

Capital protection at maturity/RiskCapital protection at maturity up to a set level. 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

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 Volatilitydown arrowbarfreccia-su.png
upgreen Time*freccia-su.pngbardown arrow
upgreen Interest ratesdown arrowbardown 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

Protection

Commercial names
CP90 Twin Win, Twin Win Protection

Caracteristics:

  • Full replication of upward and downward movements of the underlying asset’s price at maturity

  • Full or partial protection of nominal invested capital 

  • Full, more than proportional replication of upward movements of the underlying asset’s price

Return investment 

Graph

Maturity3 - 5 years
Investment horizonmid /long term
Aim

To profit from both upward and small downward movements of the underlying asset’s price

Strategy

Bi-directional (at issue), if the underlying asset’s price does not reach the barrier during the life of the certificate

Bullish, if the underlying asset’s price exceeds the barrier level during the life of the certificate

Capital protection at maturity/Risk

Full or partial capital protection at maturity in case of drop 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, 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*freccia-su.pngdown 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