Bonus certificates combine three advantages in one product. The investor benefits from the rising prices of the underlying asset, is paid out a considerable bonus, and in the case of falling prices is protected up to the value of the safety barrier.  In case of an unexpected sharp fall, there is no bonus payout and at the end of the maturity date, the investor is credited the price of the underlying asset. 

The value of the bonus is set above the current price of the underlying asset when the certificate is issued. The barrier is set below the level of the initial value. If a certain certificate also has a maximum CAP value, it is set at or above the bonus value. 

 
Redemption at the end of the maturity period depends on the development of the underlying asset. The following two cases may occur: 

If the underlying asset does not fall even once to or below the barrier value during the life of the certificate, the investor will receive a minimum payment of the bonus value. If the price of the underlying asset will be higher than the bonus value at the end of its life, the investor will be paid out the amount that is higher. If the certificate has a set maximum value of the CAP payout, the level of the amount paid out is limited by this value. 

If the underlying asset falls at least once to or below the barrier value during the life of the certificate, no bonus is paid out. At the end of the maturity period the investor will be paid out the amount of appreciation of the underlying asset (which can be limited only by a possible CAP value). The investor will suffer a loss or create a profit depending on whether the underlying asset price is lower or higher than the issue price.