Constant Leverage

What is a Constant Leverage Certificate?
Constant Leverage Certificates are financial instruments without capital protection that offer the opportunity to invest with the aim of replicating the performance of a Leverage Index managed by an index administrator, i.e. a third party other than the Issuer and from the latter independent. The Leverage Index in turn amplifies the daily performance1 of a Reference Asset (such as, for example, a stock index, a share, a commodity or its related future contract) by applying the Constant Leverage, with an upward (Long Leverage Indices) or downward (Short Leverage Indices) strategy.Constant Leverage Certificates provide for a fee charged to the investor called Variable Management Fee or VMFt which is calculated by applying a predetermined formula that takes into account the AMF Percentage and the VMF Percentage and that implies a decrease of the settlement amount reserved to the investor. Being calculated progressively and daily, it affects the market value of the Certificate throughout its entire life.
Such Certificates are designed for short and very short-term transactions, including intra-day transactions.
1 With the exception of the occurrence of an intra-day reset which may cause a significant misalignment between the performance of the Leverage Index and the performance of the Reference Asset multiplied by the Constant Leverage.
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