Categorization
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
 
Participation: Tracker Certificate (1300)
 
 
 
Market expectation
  • Rising underlying
Characteristics
  • Participation in development of the underlying
  • Reflects underlying price moves 1:1 (adjusted by conversion ratio and any related fees)
  • Risk comparable to direct investment in the underlying
 
Participation: Outperformance Certificate (1310)
 
 
 
Market expectation
  • Rising underlying
  • Rising volatility
Characteristics
  • Participation in development of the underlying
  • Disproportionate participation (outperformance) in positive performance above the strike
  • Reflects underlying price moves 1:1 when below the Strike
  • Risk comparable to direct investment in the underlying
 
Participation: Bonus Certificate (1320)
 
 
 
Market expectation
  • Underlying moving sideways or rising
  • Underlying will not breach Barrier during product lifetime
Characteristics
  • Participation in development of the underlying
  • Minimum redemption is equal to the nominal provided the barrier has not been breached
  • If the barrier is breached the product changes into a Tracker Certificate
  • With greater risk multiple underlyings (Worst-of) allow for a higher bonus level or lower barrier
  • Smaller risk of loss than with direct investment in the underlying
 
Participation: Bonus Outperformance Certificate (1330)
 
 
 
Market expectation
  • Rising underlying
  • Underlying will not breach Barrier during product lifetime
Characteristics
  • Participation in development of the underlying
  • Disproportionate participation (outperformance) in positive performance above the strike
  • Minimum redemption is equal to the  strike (Bonus Level), as long as the barrier  has not been breached
  • If the barrier is breached the product changes into a Outperformance Certificate
  • With greater risk multiple underlyings (“Worst-of”) allow for a higher bonus level, a lower barrier or a higher level of participation in the underlying
  • Smaller risk of loss than with direct investment in the underlying
 
Participation: Twin-Win Certificate (1340)
 
 
 
Market expectation
  • Rising or slightly falling underlying
  • Underlying will not breach Barrier during product lifetime
Characteristics
  • Participation in development of the underlying
  • Profits possible with rising and falling underlying
  • Falling underlying price converts into profit up to the barrier
  • Minimum redemption is equal to the nominal provided the barrier has not been breached
  • If the barrier is breached the product changes into a Tracker Certificate
  • With higher risk levels, multiple underlyings (Worst-of) allow for lower barriers
  • Smaller risk of loss than with direct investment in the underlying
 
Participation: Miscellaneous Participation Certificates (1399)
 
 
 
Market expectation
  • Depends on product structure
Characteristics
  • Depends on product structure