What is a Certificate?
Classification
GLOSSARY
CAPITAL PROTECTED CERTIFICATES
Capital protected certificates are financial instruments that offer the opportunity to invest in the underlying assets guaranteeing the protection of all or part of the capital invested, if underwritten at the placement stage and if held until maturity.
equity protection
In the Long or Short versions of these certificates, the first allows you to participate in upward movement of the underlying financial asset and the second in the downward movement, while protecting the issue price or a percentage of it to maturity.
digital
Allows for the receipt of a regular income if at the evaluation date the underlying share is at a level equal to or higher than the initial evaluation, protecting the capital or part of it on maturity.
CONDITIONAL CAPITAL PROTECTED CERTIFICATES
Conditional Capital Protected Certificates are financial instruments that allow you to participate in the movement of the underlying financial assets, providing a partial guarantee of capital, subject to the non-achievement of certain barrier levels established at the time of issue.
bonus
This type of Certificate allows you to participate in the upward (or downward) movement of the underlying asset, while providing additional income as long as the underlying asset does not reach the barrier level.
express
Express Certificates have the peculiarity of being able to expire prematurely returning the issue price plus a premium if on one of the predetermined dates the underlying asset is higher than or equal to a predetermined level.
Twin Win / One Win
Participation in the upward and downward movement of the underlying asset at maturity, subject to the presence of a barrier level which if breached provides less capital protection for the certificate.
credit Linked
A product offering the opportunity to achieve regular premiums which are conditional on the state of "non-default" of one or more reference entities.
digital
Provides a regular income if at the evaluation dates, the underlying asset is at a level equal to or higher than that of initial evaluation. The capital protection is conditional upon failure to reach the barrier level.
accelerator
A product that participated in the upward or downward movement of an underlying financial asset. The main feature of this certificate is the proportional replication of the underlying trend, as well as the presence of an AirBag which attenuates losses in the event of downward movement.
Premium Certificate
Premium Certificates pay fixed premiums over the life of the instrument regardless of the performance of the underlying asset. At maturity, the capital protection is conditional upon failure to reach the barrier level.
cash Collect
Cash Collects reward the investor with fixed premiums for a number of months during the life of the certificate. In addition it pays extra premiums for the following months if the value of the underlying asset is equal or above the barrier level. At maturity, the capital protection is conditional upon failure to reach the barrier level.
NON CAPITAL PROTECTED CERTIFICATES
The certificates without capital protection are products that replicate the performance trends in the values of the underlying assets. Some products provide for participation in the underlying movements proportionally.
Benchmark
They replicate, upwards or downwards performance of the underlying financial asset without having a leverage effect.
LEVERAGE CERTIFICATES
Leverage Certificates are financial instruments without capital protection that amplify the performance of a Reference Asset by applying a Leverage Factor.
Constant Leverage
Constant Leverage Certificates are financial instruments that offer the opportunity to invest with the aim of replicating the performance of a Leverage Index. The Leverage Index in turn amplifies the daily performance 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.
