Analysis of using options to the express certificates formation

Figures & data

Figure 1. Profit function of the express certificate.

Source: Created by the authors according to Deutsche Bank AG.

Table 1. The basic characteristics of Express Certificate Daimler AG and Express Certificate Allianz SE.

ISIN	DE000DB2F8T2	DE000DB9ZGB6
Underlying asset	Daimler AG	Allianz SE
Issue date	29 September 2010	13 July 2011
Maturity date	23 September 2015	20 July 2016
Issue price	100 EUR + 1.5% Front-End Load*	100 EUR + 1.5% Front-End Load*
Annual valuation dates	16.9.2011 / 21.9.2012 / 20.9.2013 / 19.9.2014 / 18.9.2015	20.7.2012 / 19.7.2013 / 18.7.2014 / 17.7.2015 / 15.7.2016
Reference level	100.00 EUR	100.00 EUR
Initial reference level	100% (46.23 EUR)	100% (89.99 EUR)
Redemption amount	111.30 EUR / 122.60 EUR / 133.90 EUR / 145.20 EUR / 156.50 EUR	111.25 EUR / 122.50 EUR / 133.75 EUR / 145.00 EUR / 156.25 EUR
Barrier level	60% (27.74 EUR)	60% (53.99 EUR)

Note:

^* The client pays the front-end load (entry fee) to his bank.

Source: Created by the authors according to Deutsche Bank AG on 28/04/2013.