A structured product (structured certificate) that faithfully tracks the performance of its underlying. Its risk-return profile is identical to that of its underlying (with issuer risk being excluded). The certificate is constructed using a long zero-stike call on the same underlying. If the certificate’s underlying is an index on which a liquid futures is available in the market, the the zero-strike call can be replaced with a long futures on that index. And if the underlying is a basket of shares, the certificate’s issuer could construct it by holding the component shares.

Open-ended certificates have no maturity and are also known as tracker certificates.