The return on an Express Bond depends on the performance of the underlying asset. The underlying can be a stock or an index. Usually, they have a term of several years. However, once a year there is the possibility of early repayment of the principal at the nominal amount and the chance to earn interest. Compared to a direct investment in the underlying, express bonds are equipped with an integrated safety buffer. The final redemption barrier at maturity provides partial protection for the nominal amount.

At the beginning of the term, the starting value of the underlying, the early redemption barrier, and the final redemption barrier are fixed, as is the coupon barrier in the case of the "Memory Express" variant. Once a year, the price of the underlying is observed on a pre-determined valuation date. If the underlying closes at least at or above the level of the defined early redemption barrier on this date, an early redemption plus interest payment is automatically made. If it closes below this level, the term of the bond is extended to the next valuation date and the procedure is repeated. If there is no early redemption until the final valuation date, the final redemption barrier provides partial protection against price losses at maturity and ensures the corresponding repayment of the nominal amount, provided the underlying does not fall below the final redemption barrier.

The Express bond is suitable for investors, who anticipate prices to either rise slightly, remain constant, or fall slightly. If the expected market scenario occurs, the invested nominal amount is quickly available again due to the early redemption option. At the same time, a solid return can be achieved during the sideways phase. The annual payment of interest during the term is dependent on the features of the Express bond.

On the last valuation date, the final redemption barrier is relevant. If the closing price of the underlying on the last valuation date is at or above this barrier, the nominal amount including outstanding interest payments is paid If, however, the underlying price is below the final redemption barrier, redemption is based on the performance of the underlying compared with the starting value. If the Express Bonds feature physical delivery of shares and the underlying share price is below the barrier on the final valuation date, there is a physical delivery of shares. Investors are then fully exposed to equity risk and losses may be incurred.