An outperformance certificate whereby the holder/ investor receives the underlying or its performance in addition to a certain adjustment if the underlying remains stable over the term of the certificate, moving only sidestep. If the price of the underlying when the certificate matures is at the same level compared to initial date, the investor gets the share plus a monetary adjustment. If the price gets further away in either direction, the investor only gets the underlying.

Sidestep certificates are worth it primarily when the investor expects no tangible moves of the underlying in either direction up to the end of the certificate’s maturity.