A participation product (a tracker product, or simply a tracker) that provides a full participation (1:1) in the underlying, typically capped- i.e., up to a knock-out level at which it expires with a maximum return. This participation comes with a protection in the form of a positive minimum return or a barrier set considerably below a strike price, so that if the underlying price drops below the barrier, a full downside participation gets activated.

A protected tracker is a type of structured product that provides a full or partial capital protection alongside a level of participation in any gains (positive performance) of the underlying index. The product takes many forms such as that one that offers a return equal to 2x (double) the advance in a stock market index and full capital protection unless the index drops by more that 50% during a specific period (the product term) and does resume its performance by maturity. In this situation, the capital return decreases on a 1:1 basis for the decline in the market index.

This product is a combination of two other products: tracker certificate and barrier discount certificate.

It is known as a super tracker or a bonus certificate or for short as PT.