The SSPA categorization model consists of three hierarchy levels. On the top level the model distinguishes investment products from leverage products. These two main categories are made up of five product categories on the second level, ranging from the low-risk capital protection products to the higher risk leverage products with knock-out.
On the third hierarchy level, each of these five product categories comprises a number of specific product types. These product types illustrate how a single structured product functions by means of its respective payoff diagram. The descriptions also provide further information on the investor's market expectations as well as product-specific characteristics.
Monthly updates
Date Title Download
05.10.2012 Categorization model PDF
05.10.2012 Description of product types PDF
05.10.2012 Additional features PDF
05.10.2012 Graphics of all product types ZIP
Yield enhancement products: Discount Certificate (1200)
Market expectation
  • Underlying moving sideways or slightly rising
  • Falling volatility
  • Should the underlying close below the strike on expiry, the underlying and/or a cash amount is redeemed
  • Discount Certificates enable investors to acquire the underlying at a lower price
  • Corresponds to a buy-write-strategy
  • Smaller risk of loss than with direct investment in the underlying
  • With higher risk levels multiple underlyings (Worst-of) allow for higher discounts
  • Limited profit potential (Cap)