The mirror image of a bonus certificate in terms of payout profile. The holder will receive the bonus amount if a prespecified buffer level above the current market price of the underlying is not broken through during the certificate’s term to maturity. In other words, the holder will get, at least, the bonus amount (being the negative percentage in the range) if the value of the underlying remained within the predefined range.

This certificate suits investors who seek to capitalize on sideways or declining markets (i.e., at times of negative sentiment).