Bonus certificates combine three characteristics in one product. You benefit from rising prices of an underlying asset, receive an interesting bonus payment at maturity, and are protected against falling prices up to a safety threshold (barrier). With bonus certificates, you have the chance of an interesting return even if the price of the underlying asset remains unchanged or falls, as long as the barrier is not touched or broken .

Bonus certificates refer to a specific underlying asset. In most cases, this is a stock or index (e.g., ATX). In addition to the underlying asset, the term is fixed. At the beginning of the term, the bonus level and the barrier are determined. The bonus level is set above the initial price of the underlying asset. The barrier is fixed below. If there is a cap (or a maximum amount), it is set at least at the level of the bonus level or higher.

The repayment at maturity depends on the performance of the underlying asset. There are the following possibilities:
In the case of bonus certificates without a cap, at least the bonus level (taking into account the subscription ratio) is paid out if the underlying never falls to or below the barrier during the term.

If the price of the underlying asset is above the bonus level at maturity, the higher value is paid out. Bonus certificates with a cap, on the other hand, no longer participate in rising prices of the underlying beyond the cap. If the barrier is touched or undercut at least once during the term, the right to the bonus payment lapses and repayment is based on the performance of the underlying at maturity. This may result in losses.