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ISIN: Security: Symbol: Life cycle
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1200 Discount Certificate

Product type number as specified by the Swiss Structured Products Association (SSPA): 1200

Please consult the termsheet and the accompanying issue prospectus for information on the exact product functionality, product details and risks.

Market expectations

  • Sideways moving or slightly rising underlying
  • Falling volatility

Characteristics

  • If the underlying is at or above the cap level (strike price) on expiry, the repayment corresponds to the amount of the cap level.
  • If the underlying is lower than the cap level (strike price) on expiry, the underlying is delivered.
  • The product is issued at a discount to the underlying.
  • The product corresponds to a covered call strategy (option writing).
  • Several underlyings (worst of) make it possible to obtain higher discounts in exchange for greater risk.
  • The income accruing on the underlying is used for strategy purposes.
  • The profit potential is limited (cap level).

Advantages

  • The aim is to generate an excess return in sideways markets when compared to a direct investment in the underlying.
  • Lower purchase price than a direct investment in the underlying.
  • Lower risk of loss than that of a direct investment in the underlying.

Disadvantages

  • If the underlying rises sharply, the return compared with a direct investment is limited.

Repayment terms

  • The aim is to generate an excess return in sideways markets when compared to a direct investment in the underlying.
  • Lower purchase price than a direct investment in the underlying.

Pay-off diagram upon expiry

1230 Pay-off

Examples upon expiry

Product & scenarios
  Scenario 1 Scenario 2 Scenario 3
Description Slightly rising underlying Slightly falling underlying Falling underlying
Underlying value share X share X share X
Cap Level CHF 110 CHF 110 CHF 110
Term 1 year 1 year 1 year
Issue price CHF 100 CHF 100 CHF 100
Capital employed CHF 10'000 (100 certificates) CHF 10'000 (100 certificates) CHF 10'000 (100 certificates)
Subscription ratio 1:1 1:1 1:1
Share X at initial fixing CHF 110 CHF 110 CHF 110
Share X at maturity CHF 120 CHF 100 CHF 90
Performance share X 9.10% -9.10% -18.20%
Payoff
  Scenario 1 Scenario 2 Scenario 3
Calculation 100 certificates * 110 (Cap) 100 certificates * 100 (equivalent value) 100 certificates * 90 (equivalent value)
Redemption CHF 11'000 CHF 10'000 CHF 9'000
Profit / Loss 10% 0% -10%
Taxes
Swiss income tax
Term <1 year: free of tax
Term >1 year: Predominantly one-off interest payments (IUP)
Swiss withholding tax No
Swiss stamp tax Yes (if physical delivery / term > 1 year)
EU tax on interest No
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