Documentos de Académico
Documentos de Profesional
Documentos de Cultura
May 2012
EUROPEAN
STRUCTURED
INVESTMENT
PRODUCTS
ASSOCIATION
Tracker Certificates
(1300)
Outperformance
Certificates (1310)
Bonus Certificates
(1320)
Outperformance
Bonus Certificates (1330)
Twin-Win Certificates
(1340)
Market Expectation
Tracker Certificate (Bull): Rising underlying
Tracker Certificate (Bear): Falling
underlying
Market Expectation
Rising underlying
Rising volatility
Market Expectation
Underlying moving sideways or rising
Underlying will not breach Barrier
during product lifetime
Market Expectation
Rising underlying
Underlying will not breach Barrier
during product lifetime
Market Expectation
Rising or slightly falling underlying
Underlying will not breach Barrier
during product lifetime
AUSTRIA
FRANCE
GERMANY
ITALY
SWITZERLAND
SWEDEN
1 ANLAGEPRODUKTE
1 PROD. DINVESTISSEMENT
1 ANLAGEPRODUKTE
1 PRODOTTI DI INVESTIMENTO
1 INVESTERINGSPRODUKTER
1 ANLAGEPRODUKTE
11
11
11
11
11
11
11
1100
1110
1120
1130
1140
1199
12
1200
1210
1220
1230
1240
1250
1260
1299
Profit
Loss
Loss
12
Loss
12
PRODUITS DE RENDEMENT
1200 Discount
Strike
Strike
1140 Strukturierte Anleihen
1199 Weitere Anlageprodukte mit Kapitalschutz
lyi
ng
lyi
ng
lyi
ng
lyi
ng
12
Strike
Loss
Un
de
r
lyi
ng
Strike
Un
de
r
12
Loss
1200 Discount
LEVERAGE PRODUCTS
2 HEBELPRODUKTE
2 HEBELPRODUKTE
21
21
21
21
1130 Kapitalschutz-Zertifikat
1140 Kapitalschutz-Zertifikat mit Coupon
1199 Weitere Kapitalschutz-Zertifikate
12
AVKASTNINGSFRBTTRANDE INST.
12
RENDITEOPTIMIERUNG
Omvnd konvertibel
Autokupong/Omvnd konvertibel med barrir
1200
1210
1220
1230
Discount-Zertifikat
Discount-Zertifikat mit Barriere
Reverse Convertible
Barrier Reverse Convertible
Autocall / Expresscertifikat
Blandade avkastningsfrbttrande instrument
1260 Express-Zertifikat
1299 Weitere Renditeoptimierungs-Zertifikate
DELTAGANDEINSTRUMENT
13
PARTIZIPATION
Trackercertifikat
Tillvxtcertifikat
Bonuscertifikat
1300
1310
1320
1330
1340
1399
Tracker-Zertifikat
Outperformance-Zertifikat
Bonus-Zertifikat
Bonus-Outperformance-Zertifikat
Twin-Win-Zertifikat
Weitere Partizipations-Zertifikate
1200 Maxcertifikat
al
l
g
lyi
n
de
r
Un
de
Un
g
rly
in
Strike
Kn
oc
Loss
Knock-Out
Price of
underlying
Loss
Stop-Loss
Market Expectation
ing
Knock-Out
Loss
SUPPORTING PARTNERS
ASSOCIATIONS
ASSOCIATIONS
SETIPA
2VDCHRG$WBG@MFD3Q@CDC
(MUDRSLDMS/QNCTBSR RRNBH@SHNM
SETIPA
SETIPA
SETIPA
2VDCHRG$WBG@MFD3Q@CDC(MUDRSLDMS/QNCTBSR RRNBH@SHNM
2VDCHRG$WBG@MFD3Q@CDC
(MUDRSLDMS/QNCTBSR RRNBH@SHNM
ISSUERS
ISSUERS
Un
Loss
Characteristics
Characteristics
Characteristics
Small investment generating a leveraged
Small investment generating a leveraged
Small
investment
generating
a
EUROPEAN PRODUCT CATEGORIZATION
DISCLAIMER & COPYRIGHT
performance relative to the underlying
performance relative to the underlying
leveraged performance relative to the
Characteristics
Characteristicsof structured
2012 by Eusipa. Reproduction, publication or any other use is explicitly permitted
Eusipa intends to be a main
supporter of the efforts for transparency and understandability
and the sub-categorization according to the payoff profile of a product this solution combines the most
Increased
risk
of
total
loss
(limited
to
initial
Increased
risk of total
loss (limited
to initial
underlying
but only with full reference to the source
and without
any changes
or amendments.
investment
a standards
leveragedfor a uniform
Small
investment generating
aimportant
leveragedrequirements of all Eusipa members. Though the Eusipa categorization it is neither binding
investment products. Thus,Small
its members
have generating
agreed to set
categorization.
These
investment)
investment)
risk of total loss (limited to
differentiate on a first levelperformance
between Investment
and Leverage Products.
On a second
level, the
for national associations nor for issuers, Eusipa will
nevertheless recommend to all market participants Increased
to
relative Products
to the underlying
performance
relative
to the underlying
Immediately expires worthless in case the
Suitable
short term
speculation
initial investment)
Eusipa takes all reasonable steps to ensure
thefor
reliability
of the
published information.
system consists of Capital Protected
Products,
Yield Enhancement
Products,
adapttoits model unchanged.
Increased
risk of total
loss (limited toProducts, Participation
Increased
risk ofLeverage
total loss (limited
Barrier is breached during product lifetime
Immediately
worthless
in caseor
one
of
A residual value
maycan
be nevertheless
redeemed in no way guarantee
Eusipa
theexpires
correctness,
reliability
completeProducts with and without initial
Knock-Out
and
Constant
Leverage
Products.
With
both
the
top
level
distinction
investment)
initial investment)
Suitable for short term speculation or
the barriers is breached during product
following a stop loss event
Suitable for short term speculation or
Daily loss of time value (increases as
hedging
lifetime
Suitable for short term speculation or
hedging
product expiry approaches)
Small influence of volatility and small loss
Limited profit potential (Cap)
hedging
Daily loss of time value (increases as
Limited profit potential (Cap)
ofcategorization
time-value
Continuous monitoring required
Noother
influence
of volatility
The following
leading
market
participants
have
agreed
to
support
the
efforts
for
a
european
product
and
implement
it
on
websites
and
information
material.
product expiry approaches)
Continuous
monitoring
required
2VDCHRG$WBG@MFD
3Q@CDC(MUDRSLDMS
Continuous monitoring required
Continuous monitoring required
/QNCTBSR RRNBH@SHNM
Continuous monitoring required
Loss
2200
Warrant mit Knock-Out
Bear: Falling
underlying
2210 Mini-Future
Profit
2299 Blandade hvstngsinst. med stopp-loss
ly
r
de
in
g
Knock-Out
rly
lyi
n
Level
22
FinancingHebel
2399 Weitere Produkte mit konstantem
Constant2100
Leverage
Warrant Certificate
(2300) 2110 Spread Warrant
23
de
Strike
Ca
23
2300 Faktor-Zertifikate
Un
ll
22 LEVERAGE
WITH KNOCK-OUT
ll
Ca
21 LEVERAGE
WITHOUT KNOCK-OUT
23
ut
2300 Faktor-Zertifikate
Pu
P
ut
Pu
Profit
PRODUKTE
MIT KONSTANTEM HEBEL
Warrants
2100 Warranter
Price of Mini-Futures
2 HEBELPRODUKTE
ar
23
21
Be
Profit
CONSTANT LEVERAGE
PRODUCTS
23
Double Knock-Out
2100 Covered warrant
2110 Spread warrant
(2230)
2199 Altri prodotti a leva senza knock-out
2200
2210
2230
2299
22
Winwincertifikat
Blandade deltagandeinstrument
2 HVSTNGSINSTRUMENT
PRODOTTI A LEVA
PRODOTTI A LEVA SENZA KNOCK-OUT
Market Expectation
Market Expectation
Market Expectation
AVEC BARRIRE DSACTIVANTE
22
HEBELPRODUKTE MIT
KNOCK-OUT
PRODOTTI A LEVA
CON KNOCK-OUT
Mini-Future
(Long): Rising underlying
Underlying
moving sideways
Knock-Out (Call): Rising22underlying
Turbos
2200 Turbo
Knock-Out Produkte Mini-Future (Short): Falling underlying
Falling volatility
Knock-Out (Put): Falling2200
underlying
Turbos illimits / infinis
2210 Mini future
Stability Warrants
Profit
2299 Weitere Hebelprodukte
Autres produits de levierProfit
avec barrire
2299 Altri prodotti aProfit
mit Knock-Out
leva con knock-out
Knock-Out
k-
Market Expectation
22
HEBELPRODUKTE MIT KNOCK-OUT
Spread Warrant (Bull): Rising
2200 Knock-Out
Produkte
underlying
Spread Warrant (Bear): Falling
underlying
2299 Weitere Hebelprodukte mit Knock-Out
oc
Kn
2200
2210
2230
2299
Market Expectation
LEVERAGE PRODUCTS WITH KNOCK-OUT
Warrant (Call): Rising underlying,
Knock-Out Warrants
rising volatility
Mini-Futures Warrant (Put): Falling underlying,
Double Knock-Out
Warrants
rising
volatility
Miscellaneous Leverage with Knock-Out
Knock-Out Warrants
2100 Warrants
2100 Optionsscheine Mini-Futures
2110 Capps & Floors
(2210)
(2200)
2199 Autres prod. de levier sans barrire dsactivante 2199 Weitere Hebelprodukte ohne Knock-Out
ut
C
(2110)
2
21
Spread Warrants
2100 Optionsscheine
k-
KAPITALSCHUTZ
1120
1130
1140
1199
Characteristics
Characteristics
Characteristics
Characteristics
Unlimited participation in the
Unlimited participation in the development
1220 Reverse ConvertiblesUnlimited participation in the development
1220 Aktienanleihen Unlimited participation in the development
1220
development of the underlying
of the underlying
of
the
underlying
of
the
underlying
1230 Reverse Convertibles knock-in
1230
Disproportional participation
Minimum
is equal to the Strike
A Bonus Certificate turns into 1240
a Tracker
the Outperformance
1240 Sprint
Sprint ZertifikateMinimum redemption is equal to 1240
conredemption
cap
(Outperformance) in a positive
the Barrier is never breached
Certificate after breaching the Barrier
Strike if the Barrier is never breached
1250 Bonus Capps
1250 Bonus conifcap
performance of the underlying
Minimum redemption is equal1260
to theExpress
Strike Zertifikate
Disproportional participation (Outperformance)
1260 Express Profits possible with rising and falling 1260
Reflects underlying price1299
movesAutres
1:1 produits de Rendement
underlying
if the Barrier is never breached
in a positive performance of the underlying
1299
when below the Strike
Falling underlying price converts into profit
Fees generally in the form of
Lower risk than a direct investment due to
An Outperformance Bonus Certificate
Risk comparable to a direct investment
until the Barrier
management fees or through the
the conditional capital protection
turns into an Outperformance Certificate
Any payouts attributable13to thePRODUITS DE PARTICIPATION
A Twin-Win Certificate turns into a Tracker
retention of payouts attributable to the
Larger Bonus payments or lower barriers can
after breaching the Barrier
PARTICIPATION PRODUCTS
13
underlying are used in favour
the (1301 100%beBear)
Certificate after breaching the Barrier 1300
underlying during the
lifetime
the
achieved at a greater risk if1300
the product
LowerZertifikate
risk than a direct investment
due Benchmark
to
1300 of
1300
100%
1300
Tracker Certificates
Indexof
/ Partizipations
Zertifikate
Index / Partizipations
strategy
Any payouts
to the underlying
product
is based on multiple underlyings
(multi-asset)
conditional capital protection1310 Outperformance
1310 Outperformance Zertifikate
1310
Outperformance Certificates
Outperformancethe
Zertifikate
senza attributable
cap
1310
arecap
used in favour of the strategy
Any payouts attributable to the
underlying
1320 Bonus
1320 Bonus Zertifikate
1320
1320 Bonus senza
Bonus Certificates
Bonus ZertifikateAny payouts attributable to the underlying
1320
are used in favour of the strategy
are used in favour of the strategy
Outperformance Bonus Certificates
1340 Twin Win
1340 Twin Win
Twin-Win Certificates
1340
1399 Autres produits de Participation
1399 Weitere Anlageprodukte ohne Kapitalschutz
1399 Weitere Anlageprodukte ohne Kapitalschutz
1399 Altri prodotti a cap non protetto e condiz. prot.
Miscellaneous Participation
1399
LEVERAGE PRODUCTS
22
Barrier
KAPITALSKYDDADE PRODUKTER
Barrier
Barrier
0
Bu
ll
Bu
ll
23 CONSTANT LEVERAGE
Profit
Un
de
r
Un
1300
1310
1320
1330
1340
1399
13
Profit
a
Be
13 PARTICIPATION
1 INVESTMENT PRODUCTS
in
rly
U 14 Reference Entity Certificates: Investment products that are
e
nd
Loss
Characteristics
Small investment generating a leveraged performance relative
to the underlying
ness of the information published herein. The information published on the European
Increased risk of total loss (limited to initial investment)
Derivative Map in no way constitute a requirement, offer or recommendation to use a
Suitable forinstruments
short term speculation
service, to purchase or sell investment
or to carry out any other transaction.
The leverage
constant
for theonly
defined
period (e.g.published
daily) only
No investment or other decisions
shouldisbe
taken based
on information
price before
movements
of the
underlying in the same
herein. Please contact your Successions
investment of
advisor
making
a decision.
direction tend to have a positive effect on the performance,
price movements of the underlying in opposite directions a
negative effect
A Stop Loss and/or an automatic reset feature prevent the
value of the instrument to become negative
Continuous monitoring required
SETIPA
2VDCHRG$WBG@MFD
3Q@CDC(MUDRSLDMS
/QNCTBSR RRNBH@SHNM
2VDCHRG$WBG@MFD3Q@CDC
(MUDRSLDMS/QNCTBSR RRNBH@SHNM
SETIPA
SETIPA
SETIPA
2VDCHRG$WBG@MFD3Q@CDC(MUDRSLDMS/QNCTBSR RRNBH@SHNM
2VDCHRG$WBG@MFD3Q@CDC
(MUDRSLDMS/QNCTBSR RRNBH@SHNM