1.5Y Participation Note with 95% capital protection on Bloomberg Commodity Index with 126% Cap in USD

The 18-month participation certificate offers investors the opportunity to benefit from the price development of the Bloomberg Commodity Index in USD with 100% participation – up to a cap of 126%. The strike is set at 95%, meaning capital protection amounts to 95% of the nominal value (USD 1,000) per certificate. This product is ideal for investors seeking broadly diversified exposure to the commodity market – energy, precious and industrial metals, and agricultural commodities – while limiting their downside risk.

How it works: The index performance corresponds to the ratio of final fixing to initial fixing. The investor participates at 100% in a positive index performance, up to a maximum of the cap at 126% of the nominal value (USD 1,260 per certificate). On the downside, redemption is secured by capital protection at 95% of the nominal value (USD 950 per certificate) – regardless of how far the index falls.