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Factor certificates With a factor certificate long/short investors can use a constant factor (= leverage) to invest in different markets. Factor certificates have no knock-out barrier. Therefore the certificate cannot knock out. Disproportionate losses are still possible due to the factor.The calculation of the certificate is done on a daily basis. Erste Group factor certificates are issued with a stop-mechanism (stop-loss buffer). This means that the calculation of the certificate stops in case of large losses (when the stop-loss barrier is broken) and a new day is simulated. In this case, intraday adjustments are made for the stop-loss barrier, the previous reference price and the previous cash amount.There are factor certificates long and factor certificates short. A factor certificate long benefits from rising prices of the underlying. A factor certificate short benefits from falling prices of the underlying.
Forward market Stock exchange segment for the securities admissible to forward trading. In the forward market, the transaction is not settled until later, in contrast to spot transactions.
Free float Part of the shares that is held by retail investors.
Funds Securities jointly owned by unit certificate holders. The joint assets owned by the certificate holders are managed by an investment company.
Funds of hedge funds Funds of hedge funds invest in selected hedge funds. The goal of these hedge funds is to achieve a positive performance that is independent of the development of traditional investment categories (i.e. equities, bonds etc). This involves a bundle of different strategies as well as the attempt to achieve a certain risk-return profile by means of diversification. Funds of hedge funds make hedge funds accessible to private investors by requiring a lower minimum investment. The Austrian government made Austrian funds of hedge funds possible by passing sec 20a Austrian Investment Fund Act. These funds are characterised by stricter regulations and better transparency.
Future A standardised forward contract traded on the stock exchange. The holder/writer of a futures contract is obliged to buy/sell a specified amount of goods at a price fixed in advance at a specified date.


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