Twin-Win certificate and Win-Win certificate (butterfly certificate)

As a rule, the issue price of such a certificate is at least fifty percent below the price of the underlying asset. This provides a relatively high safety buffer against falling prices of the underlying asset. If the price of the underlying asset rises, a high participation factor ensures that the investor can participate in the price increase. – However, if the underlying price moves sideways and is at the starting price on the maturity date, the investor will only get back his non-interest-bearing stake. – The term of these certificates is generally between three and six years. They are particularly suitable for investors who do not have any particular expectations regarding the price development of the underlying asset. – Here, too, there are many different variants. First of all – the twin-win bonus certificates. Here a bonus mechanism is inserted, for which however a smaller safety buffer must be accepted. – In the case of a Twin-Win-Cap certificate, the gains from the certificate are limited by a cap. – Multi-TwinWin certificates refer to several underlyings and, as a rule, the performance of the worst-performing underlying on the maturity date counts, which means a higher risk for the investor. – See Airbag Certificate, Basket Certificate, Bonus Certificate, Discount Certificate, Express Certificate, Guarantee Certificate, Leverage Certificate, Outperformance Certificate, Participation Certificate, Quanto, Safety Lock, Sprint Certificate, Strategy Certificate, Theme Certificate, Twin-Win Certificate.

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
E-mail address: info@ekrah.com
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https://www.jung-stilling-gesellschaft.de/merk/
https://www.gerhardmerk.de/