Twin-Win Certificate

This type belongs to the category of structured products with participation.

This is a combination of two opposite direction (bull and bear) tracker certificates with the addition of a barrier (threshold level). The maximum income and maximum loss are not limited. The income in this type of certificate rises if the underlying asset, limited by the threshold (barrier) grows or falls. When the underlying asset price reaches the threshold level, the certificate stops giving income and a brings loss equal to the difference between the original and current prices of the underlying asset. After this, the investor can gain income only if the underlying asset price is more than the original price.