| Market Expectations |
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| • |
Rising or slightly falling underlying |
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| • |
Underlying will not breach Barrier during product lifetime |
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| Properties |
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| • |
Unlimited participation in the development of the underlying |
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| • |
Minimum redemption is equal to the Strike if the Barrier is never breached |
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| • |
Profits possible with rising and falling underlying |
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| • |
Falling underlying price converts into profit until the Barrier |
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| • |
A Twin-Win Certificate turns into a Tracker Certificate after breaching the Barrier |
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| • |
Any payouts attributable to the underlying are used in favour of the strategy |