The Europe Dividend Stocks Express 3 Certificate provides the opportunity for (early) redemption between 105.5% and 127.5%.
The Express Certificate has a maximum term of 5 years (minimum 1 year).The certificate is redeemed prior to the maturity date, if the EURO STOXX® Select Dividend 30 price index quotes at or above the termination level (= closing price of the index at the initial valuation date) at one of the annual valuation dates.
If the closing price of the index is below the termination level at the respective annual valuation date, the term extends to the next annual valuation date and the possible redemption amount increases by 5,5% of the nominal value. At the end of the term, the barrier of 55% of the starting value (= closing price at the initial valuation date) represents an additional safety mechanism. But in case the barrier is violated at the final valuation date, the investor is entirely subject to market risk, without any protective mechanism.