A certificate that tracks the performance of equity baskets or indices. The performance of underlying assets is complied and calculated either by its issuer or a third-party index publisher. The components of the index or basket usually follow an overall theme such as a sector or industry.

A basket could be static or dynamic (with turnover). The components a static equity basket or index basket remain the same over the certificate’s term, while the composition of a dynamic basket and the weighting of its components change over its term.

It is also known as a strategy certificate or a basket certificate.