This type falls in the category of structured products
It resembles futures, but the original level of the underlying asset price is calculated daily on the basis of the closing price of the previous trading day. Thus, investing in this certificate for more than 1 day gives the effect of a complex interest. Therefore, changes of the constant leverage certificate value can vary significantly from the changes of the underlying asset price. High volatility of the underlying asset and its sideways trend make it particularly obvious. Constant leverage certificate is perfect only for trend markets. If the investor expects that the underlying asset will grow constantly, he needs bull certificate, if he expects it will fall –bear certificate then. The maximum losses on the product are limited by the amount of investments.