Bonus Certificate (Protected Tracker)
This type falls in the category of structured products
with participation. It is a combination of two types: tracker certificate
and barrier discount certificate
The maximum income and loss depend only on the changes to the underlying asset price. The two terms are embedded into the certificate, which are linked to the underlying asset price. The income on the structured product is limited in the range between the underlying asset’s specified price (strike) and the barrier (threshold price). This implies its pros and cons.
If the price of the underlying asset decreases by the expiration date of the certificate, but the threshold level was not reached during the contract, the investor will receive a fixed income. Thus, a limited protection of the capital is embedded into the certificate. If the threshold price is reached, the investor will lose as much money as he has invested in the underlying asset. This bonus certificate resembles a barrier discount certificate. If the price grows by the expiration date, but it is lower than the strike price, the investor’s income will also be limited. Only if the underlying asset price exceeds the strike, the income will start increasing as the underlying asset grows.
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