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How do factor certificates work? The factor certificate is directly linked to the underlying. This may be a stock, index or a commodity. The following example explains how factor certificates work: The underlying index rises on 3 days constantly by 2%. Thus there is an index value increase of approx. 6%. The factor certificate starts at an issue price of 100 EUR and is issued with factor 2. Factor 2 means that each day twice the performance (positive and negative) is achieved. If there was no daily adjustment, performance of the certificate of 12% can be expected (6% = 2 * value of the underlying). Due to the daily adjustment the factor certificate has a value of 104 EUR on the first day. This value is the basis for the following day. On the second day the certificate thus has a value of 108.16% and 112.49% on day three. Thus, the increase is higher due to the daily adjustment . However, incurred losses cannot be fully offset by the same positive performance.


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