Participation Products 

Participation products generally combine a certain number of defined individual securities (a basket) or an index into a single security. Participation products often fluctuate in a 1:1 relationship to the underlying (delta =1). At maturity, the closing index value or

closing price of the basket is paid out. As a rule, participation products offer an opportunity to achieve broad risk diversification even with smaller investment amounts, while also keeping administrative costs low.

Tracker Certificates

Your Market expectation

• Tracker (bull): Price increase in underlying
• Tracker (bear): Price decline in underlying

Characteristics

• Reflects price movements in underlying 1:1 (adjusted by conversion ratio and any related fees)
• Charges generally in form of management fees or retention of profits attributable to underlying during term to maturity
• Risk similar to direct investment