Certificates simply explained

Capital Protection Certificates offer either full (100%) capital protection, capital protection above 100% or capital protection with a deductible (e.g. 90%) at the end of the term for the invested capital and at the same time enable the safety-oriented audience of investors to participate in the performance of shares, indices or commodities. Depending on the structure of the certificate, investors participate directly in the performance of the underlying and/or earn interest income. 📝 PDF download ➨

Bonus Certificates combine the opportunity to generate solid returns with partial protection of the invested capital down to the barrier. This product category has a reduced risk compared to a direct investment into the underlying (share, index or commodity), and qualifies for almost every market phase. 📝 PDF download ➨

With regard to Express Certificates, there are several opportunities for early redemption at a predefined payout price during the term. The underlying asset must be quoted at or above the fixed payout level on the reference date. If the underlying is quoted below the defined payout level, the term is extended by a further period and the possible payout price increases. 📝 PDF download ➨

Reverse Convertible Bonds without and with barrier have a high interest rate: the interest amount is fixed and is paid out in any case - regardless of the performance of the underlying asset(s). At the end of the term, the closing price of the underlying share(s) is relevant: the redemption is either made in full at 100% of the nominal value or investors receive shares booked to the securities account (keyword: “physical delivery“). If the underlying share performs differently than expected, you can become a shareholder of the company. 📝 PDF download ➨

Buyers of a Discount Certificate acquire the certificate at a price that offers a discount compared to the price of the underlying. For a favourable entry, investors accept a yield cap that represents the maximum possible yield. The discount of the certificate has a dampening effect in the event of price declines of the underlying. 📝 PDF download ➨

An Index Certificate exactly tracks the performance of an index, Participation Certificates follow the performance of a commodity or a basket of shares. A deviation from the one-to-one development may occur if the underlying is quoted in a different currency than the certificate or if the underlying is a commodity future. Index/Participation Certificates enable investors to realise a rising (long) or falling (short) market expectation in a simple and transparent way.. 📝 PDF download ➨

Warrants enable risk-taking market participants to profit more than proportionately from rising or falling prices of an underlying asset with a reduced capital expenditure. With a warrant, buyers acquire the right to buy (call) or sell (put) an underlying asset at a predetermined price during a certain period of time (American) or at a certain point in time (European).

Factor Certificates make it possible to participate in the performance of the underlying with leverage. The certificates have a constant leverage factor, no knock-out and no maturity limit. With long Factor Certificates you can achieve disproportionately high profits in rising market phases and with short Factor Certificates in falling market phases. 📝 PDF download ➨

Turbo Certificates enable traders with a high risk appetite to participate at a little capital expenditure in rising (long) or falling (short) underlying‘s price movements. Due to their simple functionality, these leverage products are suitable for those who want to realise their market opinion quickly and transparently. However, if the market expectation does not materialise, a total loss of the investment is possible if the price of the underlying asset moves in the opposite direction. 📝 PDF download ➨