


                                



    

      



                                                     












                                                                

          

 







   




  















                               
                                         
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                         
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                         
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                         
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                         
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                         
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                         
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
                                     
        
  
  
  
  
                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                   
                                                                                                                                                                                                                                   
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                   
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                   
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                       
                                  

                           
                                 
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                                 
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                                 
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                                 
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                                 
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                                 
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                                 
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
                               
    


                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        

                                

                                                                                                                                                                                                              
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                    
                                      
{"articleList":[{"date":"2026-06-05T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/sq_innovation+money+makers+index_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Tracker certificate on the Swissquote Innovation Money Makers Index","windowTitle":"Adding progress to the portfolio","category":"new","title":"Adding progress to the portfolio","body":"<h3>Dominant US techs<\/h3>\n<p>Swissquote launched the Innovation Money Makers Index at the end of April 2026. What the companies included have in common is that they pass the same capital-related test in very different markets: they make money from innovation. The current weighting demonstrates how much the top end of the index is dominated by US big tech and digital infrastructure at the moment. Alphabet, Amazon, Broadcom and Nvidia are particularly highly weighted, followed by Meta, Microsoft and ASML. The fabled Magnificent 7 world has a significant presence, then, and there is a clear European outlier in ASML. The company is the only European firm in the leading group. And not without reason: structurally the Dutch company is almost indispensable in the semiconductor universe because its EUV systems are what make it possible to mass-produce the most advanced chips in the first place. Nvidia fits the bill for the same reason: having helped to launch the modern AI era with the GPU, the company is now a full-stack infrastructure platform for accelerated computing.<\/p>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2026/swissquote-innovation-money-makers-index?language_id=1\" label=\"Find out more!\"><\/ltq-button><\/div>\n\n<h3>Profitable ...<\/h3>\n<p>It is not just tech groups that feature in the new barometer: innovative companies can be found in many other sectors as well. They include the Swiss ABB, which again represents the industrial side of the theme with electrification, automation and a robotics division. Caterpillar brings innovation in heavy industry on the road and in opencast mining. The company boasts one of the world\u2019s largest and most tried-and-tested autonomous mining fleets. Rolls-Royce is not another classic tech stock either, but a high-tech provider for drivetrains and energy systems. It also uses digital twins, precisely the kind of engineering innovation that thrives not on vision, but rather on contracts and service revenue.<\/p>\n\n<h3>\u2026 and \u201chealthy\u201d business models<\/h3>\n<p>The same principle applies in the healthcare sector. With its Da Vinci systems, Intuitive Surgical is one of the pioneers of robot-assisted surgery, combining robotics with software, data and recurring revenue in everyday clinical practice. The company has set itself the goal of making surgical procedures more effective, less invasive and more pleasant for surgeons, patients and their relatives. For its part, Johnson & Johnson shows that innovation is not restricted to Silicon Valley: in the medtech sector, the group operates at the interface of biology and technology, focusing on the fields of cardiovascular medicine, orthopaedics, surgery and ophthalmology.<\/p>\n\n<h3>The convenient way to bring innovation into the portfolio<\/h3>\n<p>Companies which translate technical innovations into marketable products, platforms and services thus make up the DNA of the Swissquote Innovation Money Makers Index. It is precisely this transition from technological progress to commercial success that the Swissquote Innovation Money Makers Index focuses on. The new tracker certificate from Leonteq gives investors convenient access to the promising concept. The participation product fully reflects the price movements of the underlying index, less charges. The costs comprises a management fee of 1.00% p.a., a calculation agent fee of 0.20% p.a. and a transaction fee of up to 0.10%. The certificate does not have a fixed term, so investors are free to choose their own investment horizon.<\/p>\n\n\n<h3>Swissquote Innovation Money Makers Index<\/h3>\n<div><price-chart isin=\"CH1481478498\"><\/price-chart><\/div>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1481478498\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;couponFrequencies&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>Swissquote Innovation Money Makers Index: Current composition<\/h3>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;SWISS FRANC&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:-2.0E-8,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;EURO&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:1.0073E-4,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;BRITISH POUND&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:7.311E-5,&quot;currency&quot;:&quot;GBP&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;JAPANESE YEN&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:4.2957E-4,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;US DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:-0.00129597,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ABB LTD-REG&quot;,&quot;sophisInternalId&quot;:67108959,&quot;currentPrice&quot;:76.2,&quot;weight&quot;:0.01541487,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ADVANCED MICRO DEVICES&quot;,&quot;sophisInternalId&quot;:67114691,&quot;currentPrice&quot;:562.23,&quot;weight&quot;:0.05915736,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ALPHABET INC-CL A&quot;,&quot;sophisInternalId&quot;:67114265,&quot;currentPrice&quot;:349.22,&quot;weight&quot;:0.07746587,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;APPLIED MATERIALS INC&quot;,&quot;sophisInternalId&quot;:67375507,&quot;currentPrice&quot;:430.01,&quot;weight&quot;:0.02200162,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;APPLOVIN CORP-CLASS A&quot;,&quot;sophisInternalId&quot;:154413488,&quot;currentPrice&quot;:279.29,&quot;weight&quot;:0.00729685,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ASML HOLDING NV&quot;,&quot;sophisInternalId&quot;:67109614,&quot;currentPrice&quot;:1464.2,&quot;weight&quot;:0.06781715,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BROADCOM INC&quot;,&quot;sophisInternalId&quot;:70590024,&quot;currentPrice&quot;:344.33,&quot;weight&quot;:0.06258727,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CATERPILLAR INC&quot;,&quot;sophisInternalId&quot;:67114159,&quot;currentPrice&quot;:735.64,&quot;weight&quot;:0.02131476,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CROWDSTRIKE HOLDINGS INC - A&quot;,&quot;sophisInternalId&quot;:133673414,&quot;currentPrice&quot;:244.57,&quot;weight&quot;:0.02050006,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;DANAHER CORP&quot;,&quot;sophisInternalId&quot;:67114268,&quot;currentPrice&quot;:231.5,&quot;weight&quot;:0.01995927,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ESSILORLUXOTTICA&quot;,&quot;sophisInternalId&quot;:67109430,&quot;currentPrice&quot;:148.7,&quot;weight&quot;:0.01271437,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;GE UN Equity&quot;,&quot;sophisInternalId&quot;:67138112,&quot;currentPrice&quot;:312,&quot;weight&quot;:0.02160152,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;GE VERNOVA INC&quot;,&quot;sophisInternalId&quot;:186414457,&quot;currentPrice&quot;:926.44,&quot;weight&quot;:0.01452273,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;HITACHI LTD&quot;,&quot;sophisInternalId&quot;:67122069,&quot;currentPrice&quot;:5595,&quot;weight&quot;:0.01848474,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;HONEYWELL AEROSPACE&quot;,&quot;sophisInternalId&quot;:230985053,&quot;currentPrice&quot;:163.11,&quot;weight&quot;:0.00524001,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;HONEYWELL INTERNATIONAL INC&quot;,&quot;sophisInternalId&quot;:67355541,&quot;currentPrice&quot;:210.5,&quot;weight&quot;:0.00726156,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;INTUITIVE SURGICAL INC&quot;,&quot;sophisInternalId&quot;:67569465,&quot;currentPrice&quot;:427.86,&quot;weight&quot;:0.01548093,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;KEYENCE CORP&quot;,&quot;sophisInternalId&quot;:71207636,&quot;currentPrice&quot;:78970,&quot;weight&quot;:0.01779612,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;LAM RESEARCH CORP&quot;,&quot;sophisInternalId&quot;:71209830,&quot;currentPrice&quot;:277.46,&quot;weight&quot;:0.02217113,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;META PLATFORMS INC-CLASS A&quot;,&quot;sophisInternalId&quot;:76382559,&quot;currentPrice&quot;:736.72,&quot;weight&quot;:0.09711867,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MICRON TECHNOLOGY INC&quot;,&quot;sophisInternalId&quot;:67114697,&quot;currentPrice&quot;:931.24,&quot;weight&quot;:0.06503712,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MITSUBISHI ELECTRIC CORP&quot;,&quot;sophisInternalId&quot;:67122302,&quot;currentPrice&quot;:4915,&quot;weight&quot;:0.01043613,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MITSUBISHI HEAVY INDUSTRIES&quot;,&quot;sophisInternalId&quot;:67122237,&quot;currentPrice&quot;:3601,&quot;weight&quot;:0.01438818,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MOBILITY GLOBAL INC&quot;,&quot;sophisInternalId&quot;:231149115,&quot;currentPrice&quot;:18.72,&quot;weight&quot;:6.9264E-4,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NVIDIA CORP&quot;,&quot;sophisInternalId&quot;:67114699,&quot;currentPrice&quot;:217.23,&quot;weight&quot;:0.08510794,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;PALO ALTO NETWORKS INC&quot;,&quot;sophisInternalId&quot;:86259273,&quot;currentPrice&quot;:370.27,&quot;weight&quot;:0.02031504,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ROLLS-ROYCE HOLDINGS PLC&quot;,&quot;sophisInternalId&quot;:67109539,&quot;currentPrice&quot;:1362.8,&quot;weight&quot;:0.01619375,&quot;currency&quot;:&quot;GBP&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;RTX CORP&quot;,&quot;sophisInternalId&quot;:67114551,&quot;currentPrice&quot;:186.95,&quot;weight&quot;:0.01730875,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;S&amp;P GLOBAL INC&quot;,&quot;sophisInternalId&quot;:67114305,&quot;currentPrice&quot;:424.81,&quot;weight&quot;:0.0160932,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SAFRAN SA&quot;,&quot;sophisInternalId&quot;:70170761,&quot;currentPrice&quot;:317,&quot;weight&quot;:0.01529591,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SCHNEIDER ELECTRIC SE&quot;,&quot;sophisInternalId&quot;:67109423,&quot;currentPrice&quot;:258,&quot;weight&quot;:0.01646036,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SHIN-ETSU CHEMICAL CO LTD&quot;,&quot;sophisInternalId&quot;:67122277,&quot;currentPrice&quot;:5963,&quot;weight&quot;:0.00985027,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SIEMENS AG-REG&quot;,&quot;sophisInternalId&quot;:67108950,&quot;currentPrice&quot;:270.65,&quot;weight&quot;:0.02425915,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SIEMENS ENERGY AG&quot;,&quot;sophisInternalId&quot;:142842435,&quot;currentPrice&quot;:132.36,&quot;weight&quot;:0.01205454,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;TE CONNECTIVITY LTD&quot;,&quot;sophisInternalId&quot;:67114478,&quot;currentPrice&quot;:212.99,&quot;weight&quot;:0.01530283,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;THERMO FISHER SCIENTIFIC INC&quot;,&quot;sophisInternalId&quot;:67114525,&quot;currentPrice&quot;:696.49,&quot;weight&quot;:0.02181608,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;TOKYO ELECTRON LTD&quot;,&quot;sophisInternalId&quot;:67122086,&quot;currentPrice&quot;:10365,&quot;weight&quot;:0.02100892,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;VINCI SA&quot;,&quot;sophisInternalId&quot;:67109414,&quot;currentPrice&quot;:107.65,&quot;weight&quot;:0.01316492,&quot;currency&quot;:&quot;EUR&quot;}]\"><\/AmcComposition>\n  <\/div>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2026/swissquote-innovation-money-makers-index?language_id=1\" label=\"Find out more!\"><\/ltq-button><\/div>\n\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"swissquote-innovation-money-makers-index","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/sq_innovation+money+makers+index_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/sq_innovation+money+makers+index_leonteq-structured-products_thumbnail.jpg"},{"date":"2026-06-05T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/sq_innovation+money+makers+index_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Tracker certificate on the Swissquote Innovation Money Makers Index","windowTitle":"Adding progress to the portfolio","category":"investment-themes","title":"Adding progress to the portfolio","body":"<h3>Dominant US techs<\/h3>\n<p>Swissquote launched the Innovation Money Makers Index at the end of April 2026. What the companies included have in common is that they pass the same capital-related test in very different markets: they make money from innovation. The current weighting demonstrates how much the top end of the index is dominated by US big tech and digital infrastructure at the moment. Alphabet, Amazon, Broadcom and Nvidia are particularly highly weighted, followed by Meta, Microsoft and ASML. The fabled Magnificent 7 world has a significant presence, then, and there is a clear European outlier in ASML. The company is the only European firm in the leading group. And not without reason: structurally the Dutch company is almost indispensable in the semiconductor universe because its EUV systems are what make it possible to mass-produce the most advanced chips in the first place. Nvidia fits the bill for the same reason: having helped to launch the modern AI era with the GPU, the company is now a full-stack infrastructure platform for accelerated computing.<\/p>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2026/swissquote-innovation-money-makers-index?language_id=1\" label=\"Find out more!\"><\/ltq-button><\/div>\n\n<h3>Profitable ...<\/h3>\n<p>It is not just tech groups that feature in the new barometer: innovative companies can be found in many other sectors as well. They include the Swiss ABB, which again represents the industrial side of the theme with electrification, automation and a robotics division. Caterpillar brings innovation in heavy industry on the road and in opencast mining. The company boasts one of the world\u2019s largest and most tried-and-tested autonomous mining fleets. Rolls-Royce is not another classic tech stock either, but a high-tech provider for drivetrains and energy systems. It also uses digital twins, precisely the kind of engineering innovation that thrives not on vision, but rather on contracts and service revenue.<\/p>\n\n<h3>\u2026 and \u201chealthy\u201d business models<\/h3>\n<p>The same principle applies in the healthcare sector. With its Da Vinci systems, Intuitive Surgical is one of the pioneers of robot-assisted surgery, combining robotics with software, data and recurring revenue in everyday clinical practice. The company has set itself the goal of making surgical procedures more effective, less invasive and more pleasant for surgeons, patients and their relatives. For its part, Johnson & Johnson shows that innovation is not restricted to Silicon Valley: in the medtech sector, the group operates at the interface of biology and technology, focusing on the fields of cardiovascular medicine, orthopaedics, surgery and ophthalmology.<\/p>\n\n<h3>The convenient way to bring innovation into the portfolio<\/h3>\n<p>Companies which translate technical innovations into marketable products, platforms and services thus make up the DNA of the Swissquote Innovation Money Makers Index. It is precisely this transition from technological progress to commercial success that the Swissquote Innovation Money Makers Index focuses on. The new tracker certificate from Leonteq gives investors convenient access to the promising concept. The participation product fully reflects the price movements of the underlying index, less charges. The costs comprises a management fee of 1.00% p.a., a calculation agent fee of 0.20% p.a. and a transaction fee of up to 0.10%. The certificate does not have a fixed term, so investors are free to choose their own investment horizon.<\/p>\n\n\n<h3>Swissquote Innovation Money Makers Index<\/h3>\n<div><price-chart isin=\"CH1481478498\"><\/price-chart><\/div>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1481478498\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;couponFrequencies&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>Swissquote Innovation Money Makers Index: Current composition<\/h3>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;SWISS FRANC&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:-2.0E-8,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;EURO&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:1.0073E-4,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;BRITISH POUND&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:7.311E-5,&quot;currency&quot;:&quot;GBP&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;JAPANESE YEN&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:4.2957E-4,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;US DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:-0.00129597,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ABB LTD-REG&quot;,&quot;sophisInternalId&quot;:67108959,&quot;currentPrice&quot;:76.2,&quot;weight&quot;:0.01541487,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ADVANCED MICRO DEVICES&quot;,&quot;sophisInternalId&quot;:67114691,&quot;currentPrice&quot;:562.23,&quot;weight&quot;:0.05915736,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ALPHABET INC-CL A&quot;,&quot;sophisInternalId&quot;:67114265,&quot;currentPrice&quot;:349.22,&quot;weight&quot;:0.07746587,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;APPLIED MATERIALS INC&quot;,&quot;sophisInternalId&quot;:67375507,&quot;currentPrice&quot;:430.01,&quot;weight&quot;:0.02200162,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;APPLOVIN CORP-CLASS A&quot;,&quot;sophisInternalId&quot;:154413488,&quot;currentPrice&quot;:279.29,&quot;weight&quot;:0.00729685,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ASML HOLDING NV&quot;,&quot;sophisInternalId&quot;:67109614,&quot;currentPrice&quot;:1464.2,&quot;weight&quot;:0.06781715,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BROADCOM INC&quot;,&quot;sophisInternalId&quot;:70590024,&quot;currentPrice&quot;:344.33,&quot;weight&quot;:0.06258727,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CATERPILLAR INC&quot;,&quot;sophisInternalId&quot;:67114159,&quot;currentPrice&quot;:735.64,&quot;weight&quot;:0.02131476,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CROWDSTRIKE HOLDINGS INC - A&quot;,&quot;sophisInternalId&quot;:133673414,&quot;currentPrice&quot;:244.57,&quot;weight&quot;:0.02050006,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;DANAHER CORP&quot;,&quot;sophisInternalId&quot;:67114268,&quot;currentPrice&quot;:231.5,&quot;weight&quot;:0.01995927,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ESSILORLUXOTTICA&quot;,&quot;sophisInternalId&quot;:67109430,&quot;currentPrice&quot;:148.7,&quot;weight&quot;:0.01271437,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;GE UN Equity&quot;,&quot;sophisInternalId&quot;:67138112,&quot;currentPrice&quot;:312,&quot;weight&quot;:0.02160152,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;GE VERNOVA INC&quot;,&quot;sophisInternalId&quot;:186414457,&quot;currentPrice&quot;:926.44,&quot;weight&quot;:0.01452273,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;HITACHI LTD&quot;,&quot;sophisInternalId&quot;:67122069,&quot;currentPrice&quot;:5595,&quot;weight&quot;:0.01848474,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;HONEYWELL AEROSPACE&quot;,&quot;sophisInternalId&quot;:230985053,&quot;currentPrice&quot;:163.11,&quot;weight&quot;:0.00524001,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;HONEYWELL INTERNATIONAL INC&quot;,&quot;sophisInternalId&quot;:67355541,&quot;currentPrice&quot;:210.5,&quot;weight&quot;:0.00726156,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;INTUITIVE SURGICAL INC&quot;,&quot;sophisInternalId&quot;:67569465,&quot;currentPrice&quot;:427.86,&quot;weight&quot;:0.01548093,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;KEYENCE CORP&quot;,&quot;sophisInternalId&quot;:71207636,&quot;currentPrice&quot;:78970,&quot;weight&quot;:0.01779612,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;LAM RESEARCH CORP&quot;,&quot;sophisInternalId&quot;:71209830,&quot;currentPrice&quot;:277.46,&quot;weight&quot;:0.02217113,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;META PLATFORMS INC-CLASS A&quot;,&quot;sophisInternalId&quot;:76382559,&quot;currentPrice&quot;:736.72,&quot;weight&quot;:0.09711867,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MICRON TECHNOLOGY INC&quot;,&quot;sophisInternalId&quot;:67114697,&quot;currentPrice&quot;:931.24,&quot;weight&quot;:0.06503712,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MITSUBISHI ELECTRIC CORP&quot;,&quot;sophisInternalId&quot;:67122302,&quot;currentPrice&quot;:4915,&quot;weight&quot;:0.01043613,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MITSUBISHI HEAVY INDUSTRIES&quot;,&quot;sophisInternalId&quot;:67122237,&quot;currentPrice&quot;:3601,&quot;weight&quot;:0.01438818,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MOBILITY GLOBAL INC&quot;,&quot;sophisInternalId&quot;:231149115,&quot;currentPrice&quot;:18.72,&quot;weight&quot;:6.9264E-4,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NVIDIA CORP&quot;,&quot;sophisInternalId&quot;:67114699,&quot;currentPrice&quot;:217.23,&quot;weight&quot;:0.08510794,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;PALO ALTO NETWORKS INC&quot;,&quot;sophisInternalId&quot;:86259273,&quot;currentPrice&quot;:370.27,&quot;weight&quot;:0.02031504,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ROLLS-ROYCE HOLDINGS PLC&quot;,&quot;sophisInternalId&quot;:67109539,&quot;currentPrice&quot;:1362.8,&quot;weight&quot;:0.01619375,&quot;currency&quot;:&quot;GBP&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;RTX CORP&quot;,&quot;sophisInternalId&quot;:67114551,&quot;currentPrice&quot;:186.95,&quot;weight&quot;:0.01730875,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;S&amp;P GLOBAL INC&quot;,&quot;sophisInternalId&quot;:67114305,&quot;currentPrice&quot;:424.81,&quot;weight&quot;:0.0160932,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SAFRAN SA&quot;,&quot;sophisInternalId&quot;:70170761,&quot;currentPrice&quot;:317,&quot;weight&quot;:0.01529591,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SCHNEIDER ELECTRIC SE&quot;,&quot;sophisInternalId&quot;:67109423,&quot;currentPrice&quot;:258,&quot;weight&quot;:0.01646036,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SHIN-ETSU CHEMICAL CO LTD&quot;,&quot;sophisInternalId&quot;:67122277,&quot;currentPrice&quot;:5963,&quot;weight&quot;:0.00985027,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SIEMENS AG-REG&quot;,&quot;sophisInternalId&quot;:67108950,&quot;currentPrice&quot;:270.65,&quot;weight&quot;:0.02425915,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SIEMENS ENERGY AG&quot;,&quot;sophisInternalId&quot;:142842435,&quot;currentPrice&quot;:132.36,&quot;weight&quot;:0.01205454,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;TE CONNECTIVITY LTD&quot;,&quot;sophisInternalId&quot;:67114478,&quot;currentPrice&quot;:212.99,&quot;weight&quot;:0.01530283,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;THERMO FISHER SCIENTIFIC INC&quot;,&quot;sophisInternalId&quot;:67114525,&quot;currentPrice&quot;:696.49,&quot;weight&quot;:0.02181608,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;TOKYO ELECTRON LTD&quot;,&quot;sophisInternalId&quot;:67122086,&quot;currentPrice&quot;:10365,&quot;weight&quot;:0.02100892,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;VINCI SA&quot;,&quot;sophisInternalId&quot;:67109414,&quot;currentPrice&quot;:107.65,&quot;weight&quot;:0.01316492,&quot;currency&quot;:&quot;EUR&quot;}]\"><\/AmcComposition>\n  <\/div>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2026/swissquote-innovation-money-makers-index?language_id=1\" label=\"Find out more!\"><\/ltq-button><\/div>\n\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"swissquote-innovation-money-makers-index","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/sq_innovation+money+makers+index_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/sq_innovation+money+makers+index_leonteq-structured-products_thumbnail.jpg"},{"date":"2026-06-04T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/spacex_new_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"SpaceX goes public - and Leonteq is part of it","windowTitle":"SpaceX","category":"investment-themes","title":"SpaceX","body":"<p>The biggest IPO in history is about to begin: SpaceX, the visionary company founded by Elon Musk behind Falcon rockets, the Starlink network, and groundbreaking AI technology, is opening its doors to the public capital markets for the first time. Leonteq is involved from the very beginning as the exclusive issuer of investment products on SpaceX and is bringing a unique investment opportunity directly to you. Just like SpaceX precisely guides its rockets on course, Leonteq helps steer your portfolio toward its destination. Start now - exclusively with Leonteq.<\/p>\n\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1550444520\\&quot;, \\&quot;CH1550444538\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;couponFrequencies&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;valor&quot;,&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<div>\n    <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/search/Wyq?language_id=1\" label=\"Discover more products on SpaceX!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"SpaceX-IPO","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/spacex_new_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/spacex_new_leonteq-structured-products_thumbnail.jpg"},{"date":"2026-06-03T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/nebius_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"The Next AI Bet","windowTitle":"Nebius","category":"coupon-giant","title":"Nebius","body":"<p>When Leopold Aschenbrenner buys, Wall Street now pays close attention. The former OpenAI researcher, whose essay Situational Awareness has become almost required reading in AI circles, has just acquired a 5.6% stake in Nebius through his fund of the same name, making him the company\u2019s largest shareholder. For the Dutch company, this is more than a regulatory filing: it is a seal of approval from the circle of investors who view AI not as a software trend, but as an industrial infrastructure cycle.<\/p>\n\n<p>That fits Nebius well. The company\u2019s real story begins not with enthusiasm, but with a separation. In July 2024, the former Yandex completed the sale of its Russian businesses. What remained were USD 2.8 billion in cash, a large treasury stock position and, above all, a new strategic freedom. Yandex officially became Nebius, and in the autumn of 2024 the stock returned to Nasdaq. The company emerged as a new pure-play AI infrastructure provider. Today, the group describes itself as an \u201cAI cloud company\u201d and is building a stack that ranges from data centres, GPU clusters and cloud software to inference and agent platforms. While Avride in autonomous driving and TripleTen in edtech remain part of the portfolio, the cloud business clearly dominates: in the first quarter of 2026, approximately 98% of revenue came from the AI cloud segment.<\/p>\n\n<div><generic-chart title=\"Nebius Share price (in USD)\"> \n    <chart-line title=\"Nebius\" path=\"Chart_NBIS_NEW.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as of: 02.06.2026<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Strategic Positioning<\/h3>\n<p>The company intends to continue expanding this core business, not only through additional computing capacity but also through software. With Aether 3.5, Nebius is extending its cloud offering towards serverless AI and enterprise-grade capabilities. With Token Factory, the group aims to establish itself in industrial-scale inference. And through its recent moves involving Eigen AI and Clarifai, Nebius is strengthening precisely the layer where future margins and differentiation are likely to be determined: model optimisation, system orchestration and production-grade inference. This is an important step, because pure GPU capacity is likely to become increasingly commoditised as availability improves, whereas efficient inference and tightly integrated software are not.<\/p>\n\n<div>\n<generic-chart title=\"Revenue (in USD Mio.) und Ebitda (in USD Mio.)\">\n  <x-axis categories=\"Q1/2025, Q2/2025, Q3/2025, Q4/2025, Q1/2026\"/>\n      <chart-column title=\"Revenue (in USD Mio.)\" data=\"50.9,105.1,146.1,227.7,399\" format=\"number\"/>\n      <chart-line title=\"Ebitda (in USD Mio.)\" data=\"-62.6,-74.7,-79.9,15,129.5\" format=\"number\" yAxisRight=\"true\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Refinitiv, as of: June 2026<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n\n<p>The first-quarter results support this strategy. Revenue surged from USD 50.9 million to USD 399 million. Annualised Run-Rate Revenue (ARR), a forward-looking annualised revenue metric, climbed to USD 1.92 billion by the end of March. On an adjusted EBITDA basis, the company generated USD 129.5 million, while the core business achieved an impressive margin of 45%. The growth outlook also remains substantial: Nebius is targeting full-year revenue of USD 3.0\u20133.4 billion and ARR of USD 7\u20139 billion. The pipeline expanded by roughly 3.5 times quarter-on-quarter in the first quarter. Additional growth drivers include the long-term Meta agreement with a total potential value of up to USD 27 billion, the multi-year partnership with Microsoft, NVIDIA\u2019s USD 2 billion commitment and the expansion of secured power and land capacity to more than 3.5 gigawatts. Leveraging this foundation of capacity and contractual commitments, Nebius aims to establish itself as a globally relevant AI cloud company. However, this is also where the risks lie. The model is highly capital intensive: in the first quarter alone, Nebius invested nearly USD 2.5 billion, while carrying USD 8.43 billion in convertible debt on its balance sheet. In addition, the company remains dependent on key suppliers and supply chains. And the stock is no longer cheap: the enterprise value stands at roughly USD 60 billion, equivalent to as much as 20 times projected 2026 revenue.<\/p>\n\n<h3>Huge Coupons, Comfortable Buffers<\/h3>\n<p>For this reason, investors do not necessarily need to play the Nebius story through a direct equity investment. The stock has already surpassed the consensus price target of USD 240.77 by a considerable margin. Those expecting a resilient but not explosive share-price performance may consider yield-enhancement products such as Barrier Reverse Convertibles (BRCs). These products are designed for sideways or moderately rising markets and pay predefined coupons. Leonteq has recently launched two new softcallable BRCs featuring exceptionally high coupon rates. The CHF-denominated product pays a quarterly coupon equivalent to 21% p.a., while the USD version offers 25% p.a. Consequently, the products target a double-digit percentage return in a scenario where the underlying share trades largely sideways. The downside buffers are equally noteworthy: in both products, the barrier is set at 49% of the initial level. A softcallable feature within the structure may result in the product being redeemed early - as soon as six months after issuance - rather than reaching its maximum maturity of 15 months.<\/p>\n\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1550442102\\&quot;\\&quot;CH1550442110\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;couponFrequencies&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<h3>Leverage products on Nebius<\/h3>\n    <div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:false,&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false},&quot;underlyings&quot;:[&quot;74896128&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;],&quot;searchable&quot;:true,&quot;leverage&quot;:{&quot;min&quot;:2.651,&quot;max&quot;:4.004}}\" />\n  <\/div>\n    \n<div>\n    <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wyn?language_id=1\" label=\"Discover more leverage products!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-nebius","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/nebius_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/nebius_leonteq-structured-products_thumbnail.jpg"},{"date":"2026-06-02T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Broadcom Ahead of Earnings: AI Demand Continues to Drive Growth","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>On Wednesday, June 3, Broadcom will report its earnings for the second quarter of fiscal year 2026. Analysts expect revenue of approximately USD 22.1 billion, compared to USD 15 billion in the same quarter last year. This would represent year-over-year growth of roughly 47%. Earnings per share (EPS) are projected to rise to around USD 2.39, up from USD 1.58 in the prior-year quarter, representing an increase of about 51%.<\/p>\n\n<p>The company's AI business remains a key focus, particularly the strong demand for custom AI accelerators and networking solutions from hyperscalers such as Google, Meta, and other major cloud providers. Broadcom is forecasting approximately USD 10.7 billion in AI-related revenue for the quarter, continuing to benefit from the global expansion of AI infrastructure.<\/p>\n\n<p>The results are viewed as an important indicator of investment trends among large technology companies in the AI space. Following a strong stock performance this year, investors will be paying close attention to management's outlook and the future growth trajectory of Broadcom\u2019s AI business.<\/p>\n\n\n<h3>Leverage Products<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:false,&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false},&quot;underlyings&quot;:[&quot;70590024&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;],&quot;searchable&quot;:true,&quot;leverage&quot;:{&quot;min&quot;:4.644,&quot;max&quot;:17.125}}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wyk?language_id=1\" label=\"Discover more leverage products on Broadcom\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div><\/p>","url":"leverage-ea-avgo-q2","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2026-05-27T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/ypsomed2026_2_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"A Profitable Pinprick","windowTitle":"Ypsomed","category":"underlying-in-focus","title":"Ypsomed","body":"<p>Ypsomed has recently been generating significant momentum again among Swiss medtech stocks. Following its latest annual results, investors stepped in decisively: the share price at times surged markedly, confirming that the market no longer views the Burgdorf-based specialist for injection systems as merely a solid niche player, but rather as a structural growth story. There are several reasons for this: Ypsomed has continued its transformation into a focused provider of self-injection systems, closed the 2025/26 financial year with strong figures, and delivered an outlook that fuels optimism for the years ahead.<\/p>\n\n<p>First, a look at the financials: on a consolidated level, revenue declined from CHF 748.9 million to CHF 731.0 million. However, this decrease is attributable to the strategic repositioning of the company, including the sale of the diabetes care business. The key figure is therefore the continuing core business, Delivery Systems. Here, revenue rose by around 20%. Operating profit in this segment reached CHF 195.5 million, corresponding to a strong EBIT margin of 32.5%. Net profit, in particular, rose sharply: it more than doubled year-on-year to CHF 222 million. This figure includes one-off effects from the divested business units.<\/p>\n\n<div><generic-chart title=\"Ypsomed Share price (in CHF)\"> \n    <chart-line title=\"Ypsomed\" path=\"Chart_Ypsomed26.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as of: 26th May 2026<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>A Strong Order Book<\/h3>\n<p>Operationally, Ypsomed is in remarkably robust shape. The business with commercial autoinjectors developed particularly dynamically, growing by 33.6%. A key growth driver was the YpsoMate platform. At the same time, the project business remained at a high level of CHF 85.7 million. Even more important for the medium- to long-term outlook, however, is order intake: Ypsomed secured 44 new customer projects in the reporting year, a record high. This underlines that the pipeline is broadly diversified and that the company is not dependent on a single product cycle. The transformation over recent years into a pure specialist for pharmaceutical delivery systems is increasingly paying off. In pen injectors, the company is considered a leader, while in autoinjectors it ranks among the most important providers. This market is particularly attractive: products are technically complex, closely tied to drug regulations, and not easily interchangeable for pharmaceutical customers. Once an injection system is used in late-stage clinical trials, switching to another system often involves significant additional effort. This creates barriers to entry and improves predictability.<\/p>\n\n\n<div>\n<generic-chart title=\"Ebit (in CHF million) and Ebitda-Margin (in %)\">\n  <x-axis categories=\"2022/23,2023/24,2024/25,2025/26\"/>\n      <chart-column title=\"Ebit (in CHF million)\" data=\"60.6,86.2,112.9,246.1\" format=\"number\"/>\n      <chart-line title=\"Ebitda-Margin (in %)\" data=\"12.2,15.7,15.1,33.7\" format=\"number\" yAxisRight=\"true\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Refinitiv, as of: May 2026<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<p>In addition, Ypsomed is becoming increasingly global. The company is expanding its production capacities across multiple regions. The Changzhou site in China has been opened, expansion is underway in Schwerin, Germany, and investments are also being made in Switzerland. A particularly important step is the move into the United States: a first US production facility is being built in Holly Springs, North Carolina, which is expected to start operations in late 2027. This brings the company closer to its pharmaceutical customers in the world\u2019s largest healthcare market and strengthens local supply capabilities.<\/p>\n\n<h3>Bright Outlook<\/h3>\n<p>For the current 2026/27 financial year, management remains ambitious. In the Delivery Systems core business, Ypsomed targets revenue growth of 12% to 15%, with a margin of at least 33%. Medium-term targets of CHF 0.9 to 1.1 billion in revenue and EBIT of CHF 280 million to CHF 340 million for the 2029/30 financial year have been reaffirmed. One of the key growth drivers going forward is expected to be the GLP-1 market. Drugs for diabetes and obesity have become one of the most dynamic segments in global pharmaceuticals. This is relevant for Ypsomed because many of these therapies need to be administered regularly, conveniently, and reliably. This is exactly where pen and autoinjectors come in.<\/p>\n\n\n<h3>Sideways\u2026<\/h3>\n<p>Ypsomed currently presents an interesting profile: double-digit growth, high margins, a solid balance sheet, global expansion, and tailwinds from one of the most attractive pharmaceutical trends of the coming years. Analysts are also becoming more positive on the Swiss medtech stock again, with an average 12-month price target of CHF 404. However, investors do not need to take direct equity risk to achieve attractive returns. A new barrier reverse convertible with a maximum term of 15 months offers a coupon of 9.00% p.a. To achieve the maximum return, the underlying may even decline moderately. It is important that the underlying does not touch the barrier at 69% of the initial level. A soft callable feature in the structure may result in early redemption.<\/p>\n\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1493991132\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;couponFrequencies&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<h3>\u2026or using leverage for returns<\/h3>\n<p>The recent price surge - Ypsomed shares rose by more than 14% within a week\u2014has shown that investors are once again enthusiastic about the medtech stock. If the company succeeds in sustaining its high growth, the trend could continue. However, delays in drug approvals, weaker volumes from individual pharmaceutical partners, or temporarily higher ramp-up costs for capacity expansion can always lead to pullbacks. For leveraged products, the direction of the stock is not an issue; they can be used in both falling (short) and rising (long) markets. A wide range of products is available in the Leonteq product suite. Traders can choose between Warrants and Mini-Futures.<\/p>\n\n<h3>Leverage Products on Ypsomed<\/h3>\n    <div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:false,&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false},&quot;underlyings&quot;:[&quot;67109199&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;],&quot;searchable&quot;:true,&quot;leverage&quot;:{&quot;min&quot;:4.84,&quot;max&quot;:11.833}}\" />\n  <\/div>\n    \n<div>\n    <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wyd?language_id=1\" label=\"Discover our leverage products!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-ypsomed26","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/ypsomed2026_2_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/ypsomed2026_2_leonteq-structured-products_thumbnail.jpg"},{"date":"2026-05-22T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leverage+products_2026_leonteq-structured-products_homepage-banner.jpg","subTitle":"Leverage products from Leonteq","windowTitle":"The full range","category":"investment-themes","title":"The full range","body":"<h3>A special phase<\/h3>\n<p>Analysts and investors will soon be able to take a breather: the reporting season is gradually drawing to a close. Every day over the last few weeks, a lot of listed companies presented their results. Given the wealth of news and price triggers it brings, this phase is very popular among traders. In their pursuit of short-term gains, they take positions before or immediately after figures are produced so that they can profit from the reaction of the markets. Leverage products make it possible to take advantage of both positive and negative price swings. Leonteq supports traders with an earnings calendar. Not only does it enable those interested to find out when a company is reporting, but the calendar also records the average earnings per share, or EPS, that analysts expect. This ratio allows a particularly speedy determination of whether a group has hit, exceeded or fallen short of its target.<\/p>\n\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2026/leverage-products-2026?language_id=1\" label=\"Find out more!\"><\/ltq-button><\/div>\n\n<h3>A broad spectrum<\/h3>\n<p>The earnings calendar is a small but important feature of Leonteq\u2019s leverage products portal. The Zurich fintech joined this market a little over a year ago, since when it has steadily expanded its range of mini-futures, warrants with knock-out and classic warrants. Investors now have access to almost 21,000 leverage products. As for asset classes, the emphasis is on equities, with almost two in three of Leonteq\u2019s leverage products tracking an underlying from this segment of the market. Traders can also take a position in the commodities markets. Silver and gold are among the ten most important underlyings. At the same time, the broad product spectrum also includes crude oil, which has recently come into focus, and the most important industrial metal, copper.<\/p>\n\n<h3>Focus on Switzerland<\/h3>\n<p>Back to the top 10. In Givaudan, a Swiss large cap is among the underlyings with the largest selection of leverage products offered by Leonteq. The issuer generally focuses on the domestic market, offering almost 800 instruments on the SMI alone. In addition to the top division, the range also extends well into the lower leagues. These include shares that have been among the top performer on the Zurich stock exchange in recent months. Take Huber+Suhner, for example: the market capitalisation of the industrial conglomerate has almost doubled in the year to date. One of the drivers behind the rally is the mega-trend that is AI. Among other products, the Zurich company supplies US technology giant Microsoft with innovative HCF cables and connector solutions that are used in the Azure network. The two companies have just agreed to step up their collaboration. With leverage products from Leonteq, traders can bet that the Huber+Suhner share will continue its upward trajectory. It is just as easy to speculate on a correction, however: As well as short mini-futures, put warrants represent a suitable tool for this strategy.<\/p>\n\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage?language_id=1\" label=\"Discover Leonteq's Leverage Products\"><\/ltq-button><\/div>\n\n<h3>Robust setups, extended trading hours<\/h3>\n<p>Whether indices, large caps, second-line stocks or commodities, investors can always be sure of fair prices, narrow spreads and high volumes. That is ensured by both Leonteq\u2019s innovative technology platform and its team of experienced traders. The high quality in market making is also confirmed regularly by outside bodies. Leonteq has been scoring outstandingly well in the Payoff Market Making Index (PMMI) for listed leverage products since it joined the market, putting it among the leading providers in Switzerland. The criteria evaluated include price quality, quotation response times and the tradability of the products.<\/p>\n\n<p>For nearly the last six months traders have also been benefiting from extended trading hours. The SIX Swiss Exchange has introduced a new segment in which the trade in structured products runs from 8:00am to 9.45pm. That gives investors almost six more hours than before in which to place orders, a decisive advantage when considering overseas markets in particular. This ultimately enables a faster and more flexible response to developments on Wall Street, ensuring real added value during the reporting season especially, but also in less hectic times.<\/p>\n\n\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2026/leverage-products-2026?language_id=1\" label=\"Find out more!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"leverage-products-2026","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leverage+products_2026_leonteq-structured-products_sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leverage+products_2026_leonteq-structured-products_thumbnail.jpg"},{"date":"2026-05-20T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/nokia_leonteq-structured-products_2_product+homepage+banner.jpg","subTitle":"At the intersection of AI","windowTitle":"Nokia","category":"coupon-giant","title":"Nokia","body":"<p>On 19 November 2025, Nokia held a Capital Markets Day in New York. Under the slogan \u201cThe Next Chapter\u201d, the top management of the Finnish network equipment supplier presented its plans and targets for the coming years. CEO Justin Hotard outlined artificial intelligence (AI) and cloud computing as key growth drivers. Following the multi-billion acquisition of US rival Infinera, the Scandinavian company had become the world\u2019s second-largest provider of optical networks. The ongoing expansion of data centre capacity requires high-speed connections and switching equipment. Less than six months after the event in New York, Hotard had to revise the \u201cnext chapter\u201d. In New York, he had assumed that Nokia\u2019s addressable market would grow by an average of 5% per year between 2025 and 2028, reaching EUR 116 billion. He now assumes a compound annual growth rate (CAGR) of 8%.<\/p>\n\n<h3>Leap forward<\/h3>\n<p>According to the CEO, demand has \u201csignificantly accelerated\u201d in recent months, particularly in the AI and cloud segment. He now expects this segment to grow at an average annual rate of 28% until 2028. Previously, Nokia had forecast a CAGR of 16%. \u201cAcross the entire supply chain, demand is increasing and lead times are extending, reflecting the scale of ongoing investments,\u201d Hotard said at the end of April. The figures presented for the first quarter of 2026 are in line with this picture. The AI & Cloud segment increased revenues by almost half. At the same time, Nokia secured orders worth EUR 1 billion for these solutions. The Finns also made a significant leap in profitability: at EUR 281 million, comparable operating profit was 54% higher than in the same period of the previous year. Accordingly, the margin expanded by 200 basis points to 6.2%.<\/p>\n\n<div><generic-chart title=\"Nokia Share price (in EUR)\"> \n    <chart-line title=\"Nokia\" path=\"Chart_Nokia.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as of: 19.05.2026<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Strong enthusiasm<\/h3>\n<p>For the full year, the CEO now expects revenue growth of between 12% and 14% for the network infrastructure segment. The optical networks and IP networks divisions combined are expected to expand by up to 20%. \u201cWe are also increasing our investments in optical networks in order to fully capitalise on our opportunities in this fast-growing market,\u201d Hotard said. At group level, he aims to land in the middle of the operating profit guidance range of EUR 2.0 to 2.5 billion in 2026. If this materialises, Nokia would increase profits by around 30%. The stock market reacted enthusiastically: following the latest earnings release, the former mobile phone giant\u2019s shares reached a 16-year high<\/p>\n\n<h3>New to the market<\/h3>\n<p>Even if the large cap cannot sustain its current momentum, attractive returns are possible with soft callable barrier reverse convertibles. Leonteq has launched two variants of this popular structure on Nokia. In CHF, the coupon amounts to 15.2% p.a. In the EUR-denominated version, investors can expect a quarterly payout equivalent to 17.2% p.a. The barrier is set at a low 59% of the initial level. As a new addition, Leonteq has also included the Finnish network specialist in its range of leverage products. The Zurich-based fintech has launched several products on Nokia shares, giving short-term traders the opportunity to bet both on a continuation of the rally and on falling prices.<\/p>\n\n\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1493990571\\&quot;\\&quot;CH1493990589\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;couponFrequencies&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<h3>Leverage products on Nokia<\/h3>\n    <div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:false,&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false},&quot;underlyings&quot;:[&quot;67110857&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;],&quot;searchable&quot;:true}\" />\n  <\/div>\n    \n<div>\n    <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wx7?language_id=1\" label=\"Discover more leverage products!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-nokia","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/nokia_leonteq-structured-products_2_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/nokia_leonteq-structured-products_2_thumbnail.jpg"},{"date":"2026-05-20T10:31","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Earnings Preview Richemont: Jewellery Business Remains the Key Driver","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>Richemont is set to release its full-year results on Friday, with investor focus once again firmly on Cartier and Van Cleef & Arpels. For fiscal year 2025/26, the market expects revenue of around EUR 22.3bn, representing growth of nearly 4%. Analysts currently expect earnings per share of roughly EUR 6.15, down from EUR 6.39 last year, while operating profit is forecast to rise slightly to around EUR 4.6bn. The jewellery division is expected to remain the main growth engine, with analysts forecasting almost 13% growth at constant exchange rates.<\/p>\n\n<p>After weakness in China and the watch segment over recent quarters, investors will closely watch for further signs of recovery in Asia as well as margin development. At the same time, volatile gold prices, currency headwinds and geopolitical uncertainty continue to weigh on profitability. Despite these challenges, Richemont remains one of the luxury sector\u2019s preferred names thanks to its strong positioning in high-end jewellery.<\/p>\n\n<p>The key question will be whether Richemont can once again outperform expectations in its core jewellery business. Strong results could provide fresh upside momentum for the stock, while cautious comments on consumer demand and margins may trigger higher volatility.\n\n<h3>Leverage Products<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:false,&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false},&quot;underlyings&quot;:[&quot;67108963&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;],&quot;searchable&quot;:true,&quot;strikeLevelDistance&quot;:{&quot;min&quot;:0.0376,&quot;max&quot;:0.1592}}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wyb?language_id=1\" label=\"Discover more leverage products on Richemont\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div><\/p>","url":"leverage-earnings-action-richemont-fy-2026","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2026-05-19T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Earnings Preview: Nvidia Expected to Deliver Massive Revenue and EPS Growth","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>On Wednesday, May 20, Nvidia will report its earnings for the first quarter of fiscal year 2027. Investors and analysts are once again closely watching the development of its AI business, driven by the Blackwell and Hopper chip architectures. Expectations remain high: analysts currently forecast revenue of around USD 79 billion and earnings per share (EPS) of approximately USD 1.77. In comparison, revenue in the same quarter last year was about USD 44.1 billion, while EPS stood at roughly USD 0.96. This implies year-over-year growth of around 79% in revenue and approximately 85% in EPS.<\/p>\n\n<p>The Data Center segment remains the key focus, now accounting for the majority of total revenue. Strong demand for AI infrastructure from hyperscalers such as Microsoft, Amazon, and Meta continues to be the primary growth driver. At the same time, investors are closely monitoring forward guidance for the next quarter as well as potential impacts from new export restrictions on China.<\/p>\n\n<p>The results are considered an important sentiment indicator for the entire AI sector. Following Nvidia\u2019s strong stock performance over recent months, the key question is whether the company can once again exceed already very high expectations.<\/p>\n\n<h3>Leverage Products<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:false,&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false},&quot;underlyings&quot;:[&quot;67114699&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;],&quot;searchable&quot;:true,&quot;leverage&quot;:{&quot;min&quot;:6.557,&quot;max&quot;:17.057}}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wx5?language_id=1\" label=\"Discover more leverage products on Nvidia\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div><\/p>","url":"leverage-earnings-action-nvda-q1-2027","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2026-05-13T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/swatch2026_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Next Coup, New Hype Potential","windowTitle":"Swatch","category":"underlying-in-focus","title":"Swatch","body":"<p>When Swatch launched the MoonSwatch together with Omega a few years ago, the impact was remarkable: queues outside stores, viral hype on social media, and a brand that suddenly found itself back at the centre of pop culture. Now, the Swiss watch group is attempting to repeat that success - this time with an even more prestigious label. With its announced collaboration with Audemars Piguet, internally referred to as \u201cRoyal Pop\u201d, Swatch is aiming for nothing less than the next global bestseller. The timepiece is set to be unveiled on 16 May. Ahead of the launch, the market is already speculating about a reinterpretation of the iconic Royal Oak, a model that enjoys cult status in the luxury watch industry. Should the move succeed, it could once again provide the Swatch brand with a substantial boost in revenue. Analysts believe additional sales in the region of CHF 200 million are possible. The market has already priced in part of this optimism. Swatch shares surged following news of the collaboration and even reached a fresh yearly high.<\/p>\n\n<div><generic-chart title=\"Swatch: Shareprice (in CHF)\"> \n    <chart-line title=\"Swatch\" path=\"Chart_Uhr26.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as of: 12.05.2026<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Mixed Developments<\/h3>\n<p>This is precisely where the investment story becomes more ambiguous. Although Swatch remains one of the dominant players in the global watch industry, structural challenges persist. Following a weaker 2025, marked by subdued demand and particularly weak developments in China, profitability remains well below previous levels. Operating margins have come under noticeable pressure, while earnings also declined sharply at times. Although the company succeeded in stabilising costs and maintaining its operational structure, the recovery has so far been slow. Particularly relevant is the declining share of the China business - from 27% to 23% - while momentum in other regions, especially overseas markets, is increasing. For 2026, management remains cautiously optimistic. Chairwoman Nayla Hayek has described the outlook as \u201crealistic, yet confident\u201d, while simultaneously highlighting ongoing political and economic uncertainties. The strategy remains clear: Swatch continues to focus on continuity, maintains production in Switzerland, and positions itself for a potential recovery in demand - particularly within the luxury segment. Another element of uncertainty concerns governance. Ahead of yesterday\u2019s annual general meeting, an activist investor caused unrest and fuelled speculation about possible strategic adjustments. However, a fundamental strategic shift under the control of the Hayek family is still considered unlikely.<\/p>\n\n<div>\n    <generic-chart title=\"Revenue by Geographic Regions 2025 (in %)\">\n        <pie-chart \n        path=\"pie-uhr_en.csv\" \n        format=\"string, number\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Swatch, as of: May 2026,<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Opportunity and Risk at the Same Time<\/h3>\n<p>The key issue surrounding Swatch shares is therefore evident: if the new collaboration fails to replicate the success of the MoonSwatch, or if the widely anticipated strategic shift fails to materialise, the stock could quickly lose momentum again. On the other hand, if another global hype cycle emerges, the group still possesses the potential to redefine its brand identity - and thereby justify the recent share price rally. Swatch therefore exemplifies a classic stock market situation: a compelling narrative meets an already ambitious valuation. In the short term, news flow surrounding the new collaboration and activist investors is likely to generate volatility. Over the medium to long term, however, operational execution alone will determine success.<\/p>\n\n<h3>Attractive Yield Opportunity<\/h3>\n<p>The new Barrier Reverse Convertible has been designed to generate an attractive return even during a period of share price consolidation. With a maximum maturity of 18 months, the BRC on Swatch offers a coupon of 8.60% p.a. To achieve this maximum return, the Swiss stock may even decline moderately. The key condition is that the underlying share does not touch the barrier set at 64% of the initial level. In addition, a soft-callable feature within the structure may lead to early redemption of the product - at the earliest after six months.<\/p>\n\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1493990191\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;couponFrequencies&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<h3>Tactical Idea for Risk-Aware Investors<\/h3>\n<p>Alternatively, more speculative investors could consider both long and short positioning strategies if market momentum accelerates in one direction or if the share price reverses course. Overall, Leonteq currently offers a wide range of leverage products. These include warrants, knock-out warrants, and mini futures, all designed to transform both upward and downward market movements into disproportionately large gains.<\/p>\n\n<h3>Leverage Products on Swatch<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:false,&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false},&quot;underlyings&quot;:[&quot;67108977&quot;],&quot;productTypes&quot;:[&quot;PT_TURBO&quot;],&quot;searchable&quot;:true,&quot;leverage&quot;:{&quot;min&quot;:4.136,&quot;max&quot;:9007199254740991}}\" />\n  <\/div>\n    \n<ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wx0?language_id=1\" label=\"Discover our leverage products!\"><\/ltq-button>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-swatch26","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/swatch2026_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/swatch2026_leonteq-structured-products_thumbnail.jpg"},{"date":"2026-05-11T16:33","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Nebius: AI Cloud Story Faces Key Test","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>Nebius reports Q1 results on May 13 before the US market open, with expectations running high. The Amsterdam-based company provides AI cloud infrastructure and GPU computing power for major tech firms and is now fully focused on the booming AI market following the sale of its former Yandex Russia business.<\/p>\n\n<p>Analysts expect around USD 392 million in Q1 revenue, representing growth of more than 600% YoY, alongside a loss of roughly USD 0.83 per share. Growth is being driven by major partnerships with Microsoft and Meta as well as strong demand for GPU capacity.<\/p>\n\n<p>The key focus, however, will be execution. Nebius plans to invest USD 16 billion to USD 20 billion in 2026 to rapidly expand its AI infrastructure footprint. Investors will closely watch the pace of GPU deployment and the company\u2019s funding position.<\/p>\n\n<p>After the stock\u2019s strong rally, expectations remain high: successful execution could further fuel the growth story, while disappointment may quickly lead to elevated volatility.<\/p>\n\n<h3>Leverage Products<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:true,&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false},&quot;underlyings&quot;:[&quot;74896128&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;],&quot;searchable&quot;:true,&quot;leverage&quot;:{&quot;min&quot;:3.5,&quot;max&quot;:9007199254740991}}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WxZ?language_id=1\" label=\"Discover more leverage products on Nebius\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div><\/p>","url":"leverage-earnings-action-nebius-q1-2026","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2026-05-08T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/fuwswiss50_may2026_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Invest simply and reap the benefits","windowTitle":"ETP+ on the FuW Swiss 50 Index","category":"investment-themes","title":"ETP+ on the FuW Swiss 50 Index","body":"<h3>The four new recruits<\/h3>\n<p>In Allreal and Mobimo, the index is gaining two property stocks that concentrate on the domestic market and thus bring a different dynamic to the basket than export-driven industrial or technology shares. Allreal combines a portfolio of existing properties with newbuild projects and improved net profits by 3.7% to CHFmn 219.3 in 2025. For its part, Mobimo operates solely in Switzerland. Focusing on active portfolio management and with a balanced usage mix, it reported rental income of CHFmn 145.5 for 2025 along with much higher earnings momentum. In a year in which rising interest rates and geopolitical unrest were long considered toxic for property shares, their return to the index is particularly remarkable. The two banks offer a different kind of solidity. BCV has a broad range of services spanning retail banking, wealth management, corporate banking and trading. The institution posted stable income of CHFbn 1.15 for 2025 alongside a net profit of CHFmn 430. Cembra, meanwhile, is a specialist consumer finance bank offering loans, credit cards, leasing, insurance and savings products. In 2025 the company increased its profit by 5%, improved efficiency and held out the prospect of a return on equity of about 15% for 2026. What this means for the FuW 50 is that the banking sector is getting not just bigger, but also more diverse.<\/p>\n\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2026/etp-plus-fuw-swiss-50-index-realignment?language_id=1\" label=\"Find out more!\"><\/ltq-button><\/div>\n\n<h3>Weighting: winners and losers<\/h3>\n<p>A fresh start is not just about who comes on board, but also who gains in significance within the existing selection. The new role of Helvetia Baloise is particularly striking in that regard, the merged insurer now accounting for 2.7% of the index. This reflects the new position of the group on the Swiss market, after the merger of Helvetia and Baloise created the second largest insurance group in the country. Swiss Prime Site and VAT Group are likewise advancing from 1.3% to 2.7%. On the other side, former favourites are losing ground, with Logitech and Lindt & Sprüngli slipping from 2.7% to 1.3%. For Logitech especially, this is indicative of the economy over the last few months: the company had withdrawn its forecast for the 2026 financial year back in 2025 due to uncertainty surrounding US tariff policy. Although any company losing weight does not disappear from the FuW Swiss 50 without trace, the index uses such shifts to highlight which business models the stock market currently regards as more robust than others.<\/p>\n\n<h3>Sector differences<\/h3>\n<p>The current restructuring also changes the sector balance. Healthcare\u2019s dominance is declining significantly relative to the SMI, whilst sectors such as banking, property, technology and industrials are gaining greater prominence. In numerical terms, property makes up 6.6% of the FuW Swiss 50 after the rebalancing, whereas this sector is not represented at all in the comparable SMI-ETF. Healthcare stocks account for 17.4% of the FuW index, against 37.0% for the comparable benchmark. The index is thus coming even closer to what it was always intended to be: less a bet on three global mega-caps and more a reflection of all companies listed on the Swiss stock market.<\/p>\n\n<h3>Easy access to the fresh start<\/h3>\n<p>Anyone not wanting to replicate this rebalancing by selecting individual shares can simply add the index to their portfolio via an investment product. The ETP+ on the FuW Swiss 50 replicates the performance of the index on a 1:1 basis, charges an annual management fee of 0.72% and, in return, reinvests the net dividends. The open-end product can be traded on every stock market day. Particularly in a market in which the differences between a concentrated blue-chip investment and a broader equity exposure are becoming more noticeable again, this access is almost more important than changes in individual stocks. Another interesting aspect of the product is its base, with the respective value of the ETP protected by collateral deposited with SIX SIS. The trustee is SIX Repo. This does not eliminate the issuer risk, but it does significantly mitigate it from a technical perspective. On top of this is the fact that Leonteq continues to enjoy a BBB/stable rating from Fitch. This fresh start thus ends with a simple insight: in a market recently shaken by tariff salvoes, energy shocks and nervousness about AI, broad diversification is not merely a hollow promise, but a rather practical \u2013 and potentially also profitable \u2013 form of caution.<\/p>\n\n\n<h3>ETP+ on the FuW Swiss 50 Index NTR<\/h3>\n<div><price-chart isin=\"CH1171791820\"><\/price-chart><\/div>\n<h3>ETP+ on the FuW Swiss 50 Index NTR: Current Composition<\/h3>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SONOVA HOLDING AG-REG&quot;,&quot;weight&quot;:0.01725288},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;BARRY CALLEBAUT AG-REG&quot;,&quot;weight&quot;:0.01045188},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWATCH GROUP AG/THE-BR&quot;,&quot;weight&quot;:0.01303032},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;PSP SWISS PROPERTY AG-REG&quot;,&quot;weight&quot;:0.01153724},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;GALDERMA GROUP AG&quot;,&quot;weight&quot;:0.02719737},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;LINDT &amp; SPRUENGLI AG-PC&quot;,&quot;weight&quot;:0.0106363},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;CEMBRA MONEY BANK AG&quot;,&quot;weight&quot;:0.01075512},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;LONZA GROUP AG-REG&quot;,&quot;weight&quot;:0.02941942},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;FISCHER (GEORG)-REG&quot;,&quot;weight&quot;:0.01561733},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SGS SA-REG&quot;,&quot;weight&quot;:0.02763983},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWISSQUOTE GROUP HOLDING-REG&quot;,&quot;weight&quot;:0.01235295},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;UBS GROUP AG-REG&quot;,&quot;weight&quot;:0.03322193},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SANDOZ GROUP AG&quot;,&quot;weight&quot;:0.02852134},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ADECCO GROUP AG-REG&quot;,&quot;weight&quot;:0.01609506},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ALLREAL HOLDING AG-REG&quot;,&quot;weight&quot;:0.01129459},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;JULIUS BAER GROUP LTD&quot;,&quot;weight&quot;:0.03064488},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ALCON INC&quot;,&quot;weight&quot;:0.02449351},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;EMS-CHEMIE HOLDING AG-REG&quot;,&quot;weight&quot;:0.01500875},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;FLUGHAFEN ZUERICH AG-REG&quot;,&quot;weight&quot;:0.01125507},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWISS PRIME SITE-REG&quot;,&quot;weight&quot;:0.02328229},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWISS RE AG&quot;,&quot;weight&quot;:0.02604212},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;STRAUMANN HOLDING AG-REG&quot;,&quot;weight&quot;:0.01446048},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SIG COMBIBLOC GROUP&quot;,&quot;weight&quot;:0.01382773},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;TEMENOS GROUP AG-REG&quot;,&quot;weight&quot;:0.01337294},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;GEBERIT AG-REG&quot;,&quot;weight&quot;:0.02623217},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;HELVETIA BALOISE HOLDING AG&quot;,&quot;weight&quot;:0.02492086},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ROCHE HOLDING AG-GENUSSSCHEIN&quot;,&quot;weight&quot;:0.02958925},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SULZER AG-REG&quot;,&quot;weight&quot;:0.01100454},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;GIVAUDAN-REG&quot;,&quot;weight&quot;:0.02945157},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;NOVARTIS AG-REG&quot;,&quot;weight&quot;:0.02606234},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;AVOLTA AG&quot;,&quot;weight&quot;:0.01201636},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;MOBIMO HOLDING AG-REG&quot;,&quot;weight&quot;:0.01132193},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;HOLCIM LTD&quot;,&quot;weight&quot;:0.02584732},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ZURICH INSURANCE GROUP AG-REG&quot;,&quot;weight&quot;:0.02583185},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWISS LIFE HOLDING AG-REG&quot;,&quot;weight&quot;:0.0260574},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;GALENICA SANTE LTD&quot;,&quot;weight&quot;:0.01142755},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;KUEHNE &amp; NAGEL INTL AG-REG&quot;,&quot;weight&quot;:0.01503076},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;BANQUE CANTONALE VAUDOIS-REG&quot;,&quot;weight&quot;:0.0115821},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SCHINDLER HOLDING-PART CERT&quot;,&quot;weight&quot;:0.02404666},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;VAT GROUP AG&quot;,&quot;weight&quot;:0.02854461},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;BKW AG&quot;,&quot;weight&quot;:0.00996811},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ABB LTD-REG&quot;,&quot;weight&quot;:0.0283369},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ACCELLERON INDUSTRIES LTD&quot;,&quot;weight&quot;:0.0118673},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWISSCOM AG-REG&quot;,&quot;weight&quot;:0.02348445},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;BELIMO N ORD&quot;,&quot;weight&quot;:0.01507073},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;PARTNERS GROUP HOLDING AG&quot;,&quot;weight&quot;:0.02166677},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SIKA AG-BR&quot;,&quot;weight&quot;:0.03397808},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;CIE FINANCIERE RICHEMO-A REG&quot;,&quot;weight&quot;:0.03053712},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;NESTLE SA-REG&quot;,&quot;weight&quot;:0.02535105},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;LOGITECH INTERNATIONAL-REG&quot;,&quot;weight&quot;:0.01336087}]\"><\/AmcComposition>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2026/etp-plus-fuw-swiss-50-index-realignment?language_id=1\" label=\"Find out more!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"etp-plus-fuw-swiss-50-index-realignment","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/fuwswiss50_may2026_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/fuwswiss50_may2026_leonteq-structured-products_thumbnail.jpg"},{"date":"2026-05-06T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/coinbase_2026_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Between Capitol Hill and Wall Street","windowTitle":"Coinbase","category":"coupon-giant","title":"Coinbase","body":"<p>Just under a year ago, the U.S. House of Representatives addressed the «Clarity Act» for the first time. The 257-page piece of legislation is intended to regulate cryptocurrencies and thereby lift the sector out of its legal grey area. However, the initiative launched by the Trump administration is currently on hold. Traditional banks had opposed allowing crypto companies to offer yields and other incentives on stablecoins in the future. Their argument: If digital currencies were to bear interest, customers could withdraw funds from traditional deposits, making lending more difficult. Now, a compromise is reportedly being reached in Washington, D.C. According to this, service providers may not offer payments comparable to traditional interest on stablecoins. However, they may be allowed to distribute rewards based on the actual usage of their platforms and networks.<\/p>\n\n<h3>Strong Growth<\/h3>\n<p>Even though the details are not yet known, the sector regained ground on Wall Street following this news. This also applies to Coinbase: In the first two trading days of May, the market capitalisation of the largest U.S. crypto exchange expanded by nearly 9%. A lot is at stake for the company. In 2025, Coinbase generated nearly USD 1.35 billion from stablecoins. This means that the volume of services included in the «Subscription and Services» segment has more than quintupled within three years. Against this backdrop, it is hardly surprising that Coinbase\u2019s top management, led by CEO and co-founder Brian Armstrong, is actively advocating for the «Clarity Act» in Congress.<\/p>\n\n\n<div><generic-chart title=\"Coinbase Shareprice (in USD)\"> \n    <chart-line title=\"Coinbase\" path=\"Chart_COIN.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as of: 05.05.2026<br />Historical data is not a reliable indicator of future performancen.<\/footer>\n\n<h3>Unbroken Optimism<\/h3>\n<p>In addition to regulatory developments, the recent slowdown in the crypto market is weighing on the company. Bitcoin, the most important representative of the segment, reached an all-time high of around USD 126,000 last October. Currently, the leading cryptocurrency is trading more than one-third below that peak. In line with this, Coinbase\u2019s revenue declined in the fourth quarter of 2026. Management, however, remains unfazed by this setback. \u201cThe crypto market is subject to fluctuations, and experience teaches us that it is never as good or as bad as it seems,\u201d the executives wrote in a letter to investors. In the background, technological transformation and the adoption of crypto products continue to advance. \u201cWe are seizing this opportunity,\u201d Coinbase stated. This optimism is underscored by the company\u2019s billion-dollar share and debt buyback programme.<\/p>\n\n<h3>High Coupons, European Barrier<\/h3>\n<p>On Thursday, 7 May, investors will learn how business performed in the first three months of the year. Coinbase will release its figures after the market closes in New York, followed by a conference call with CEO Armstrong. In addition to results and outlook, the status of the «Clarity Act» is also likely to be a topic of discussion. For investors hesitant to make a direct investment in the volatile Nasdaq-listed stock, a new issuance by Leonteq could be of interest. The Zurich-based fintech has launched soft-callable barrier reverse convertibles on Coinbase. In CHF, the coupon amounts to 15.6% p.a. A USD-denominated counterpart offers quarterly payouts of 20% p.a. Meanwhile, repayment of the nominal amount is linked to a barrier set at a low 49% of the initial level. Due to the European structure of these BRCs, the protection barrier is only activated at final fixing. At that point, the underlying must trade above the barrier. Until the maturity date in 15 months, Coinbase has full \u201cfreedom of movement,\u201d meaning the price path is not relevant for redemption. However, if the crypto stock is at or below the barrier at maturity, the partial protection expires and investors may incur losses. <\/p>\n\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1550429141\\&quot;\\&quot;CH1550429224\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;couponFrequencies&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<p>Naturally, Coinbase is also included in the range of leverage products. Leonteq offers mini-futures, knock-out warrants, as well as warrants on this underlying. These instruments allow for short-term positioning on both the long and the short side - either before or after the earnings release.<\/p>\n\n\n<h3>Leverage Products on Coinbase<\/h3>\n    <div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:false,&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false},&quot;underlyings&quot;:[&quot;149384019&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;],&quot;searchable&quot;:true,&quot;leverage&quot;:{&quot;min&quot;:3.376,&quot;max&quot;:9007199254740991}}\" />\n  <\/div>\n    \n<div>\n    <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WxR?language_id=1\" label=\"Discover more leverage products!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-coinbase26","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/coinbase_2026_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/coinbase_2026_leonteq-structured-products_thumbnail.jpg"},{"date":"2026-05-05T17:40","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Commerzbank: Results, Tension \u2013 and Takeover Drama","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>Commerzbank reports on May 8 before market open \u2013 but this time, it\u2019s about more than just earnings. UniCredit\u2019s ongoing takeover push adds a new layer of excitement.<\/p>\n\n<p>Expectations call for solid results with EUR 3.2bn in revenue (+~3% YoY) and EPS of around EUR 0.74 (+~16%), highlighting a resilient core business.<\/p>\n\n<p>But the real catalyst lies elsewhere: UniCredit\u2019s offer currently sits below the market price, facing resistance while leaving room for further strategic moves.<\/p>\n\n<p>This sets up a compelling mix: solid fundamentals meet takeover dynamics. Beyond the numbers, guidance and management commentary could drive market reaction \u2013 with volatility likely to follow.<\/p>\n\n<p><h3>Leverage Products<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:false,&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false,&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;67108929&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;],&quot;searchable&quot;:true,&quot;leverage&quot;:{&quot;min&quot;:2.8,&quot;max&quot;:12.937}}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wv8?language_id=1\" label=\"Discover more leveraged products on Commerzbank\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div><\/p>","url":"leverage-earnings-action-commerzbank-q1-2026","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2026-05-05T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Anticipation builds ahead of earnings: Can Rheinmetall meet expectations?","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>On Thursday, May 7, 2026, the German defense contractor Rheinmetall will release its results for the first quarter of 2026.<\/p>\n<p>Analysts expect revenue of around EUR 2.27 billion for the opening quarter, along with earnings per share (EPS) of approximately EUR 8.98. By comparison, in the first quarter of 2025, Rheinmetall generated revenue of about EUR 2.31 billion, which already reflected very strong growth at the time. This would suggest slightly declining or stable revenue year over year, mainly due to the high comparison base from the previous year. In contrast, earnings per share are expected to come in at a significantly higher level, reflecting continued strong profitability and the ongoing boom in the defense sector.<\/p>\n\n<p>Overall, a similar pattern can be observed as with many defense companies: while revenue growth may fluctuate in the short term, earnings momentum remains strong due to high demand and solid margins.<\/p>\n\n<h3>Mini-Futures<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:false,&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false},&quot;underlyings&quot;:[&quot;67118805&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;],&quot;searchable&quot;:true,&quot;leverage&quot;:{&quot;min&quot;:8.04,&quot;max&quot;:25.121}}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WxQ?language_id=1\" label=\"Discover more Leverage Products on Rheinmetall\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div><\/p>","url":"leveraged-ea-rhm-q126","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2026-05-04T14:53","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"AMD: AI Momentum Meets High Expectations","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>AMD reports on May 5 after market close, with expectations running high. Following a strong prior quarter with +33% revenue growth, Q1 estimates point to revenue of around USD 9.9bn (+~33% YoY) and EPS of approximately USD 1.28 (+~33%).<\/p>\n\n<p>The key driver remains the data center and AI segment, with strong demand for EPYC CPUs and Instinct GPUs fueled by ongoing AI infrastructure expansion. At the same time, seasonal softness in client and gaming is expected to weigh slightly on sequential growth.<\/p>\n\n<p>Competition, however, remains intense. NVIDIA, Broadcom, and Intel continue to apply pressure, while AMD\u2019s valuation already reflects much of the expected growth.<\/p>\n\n<p>This creates a familiar setup: strong growth is largely priced in, making guidance and commentary on AI momentum critical for the stock reaction.<\/p>\n\n<p>For active investors, this sets the stage for elevated volatility around earnings \u2013 especially in case of surprises on growth or outlook.<\/p>\n\n<p><h3>Leverage Products<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;67114691&quot;],&quot;productTypes&quot;:[&quot;PT_TURBO&quot;],&quot;leverage&quot;:{&quot;min&quot;:3.4619999999999997,&quot;max&quot;:9007199254740991}}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wv2?language_id=1\" label=\"Discover more Leverage Products on AMD\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div><\/p>","url":"leverage-earnings-action-q1-2026","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2026-04-29T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/intel_april2026_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Chip Veteran Makes a Comeback","windowTitle":"Intel","category":"underlying-in-focus","title":"Intel","body":"<p>The recent recovery in the semiconductor industry appears almost defiant. After a noticeable setback at the end of last year, chip stocks are experiencing a renaissance that is holding up even in the face of geopolitical tensions. Neither the uncertainties surrounding the conflict in Iran nor economic concerns have so far been able to slow the recent upward trend. Investors are once again increasingly focusing on the sector - driven by structural growth themes such as artificial intelligence. In this environment, Intel is also moving back into the spotlight. For a long time, the chip giant, founded in 1968, struggled with operational issues and increasing competitive pressure. However, the latest data points to stabilization. With its results for the first quarter, Intel delivered a positive surprise. Both revenue and margin development exceeded analysts\u2019 forecasts. In particular, the business with data center and AI chips proved more resilient than feared. This shows that Intel is increasingly benefiting from AI-driven demand. Cost management also stood out positively: the company was able to control its expenses in a disciplined manner, thereby supporting profitability. In numbers, the results are as follows: revenue increased by 7% year-on-year to USD 13.6 billion, while analysts had expected only USD 12.4 billion on average. Ebitda margin improved significantly to 41%. Earnings per share reached USD 0.29 between January and March, also well above the average estimate of USD 0.01.<\/p>\n\n<div><generic-chart title=\"Intel Shareprice (in USD)\"> \n    <chart-line title=\"Intel\" path=\"Chart_INTC_NEW.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as of: 28.04.2026<br />Historical data is not a reliable indicator of future performancen.<\/footer>\n\n<h3>Visible Progress<\/h3>\n<p>Another highlight at the start of the year was the development in the traditional PC business. After suffering from weak demand in recent quarters, this segment now appears to be bottoming out. These early signs of recovery provide reason for optimism that Intel can achieve more stable revenues here again. In the corresponding segment, the Client Computing Group (CCG), revenue amounted to USD 7.7 billion, a slight increase of USD 100 million compared to the previous year. Overall, the quarterly figures paint the picture of a company that is realigning its operations and making initial progress. Management\u2019s outlook underscores this cautious confidence. Intel expects a moderate improvement in business performance in the coming quarters, driven by rising demand in the data center segment and a gradual recovery in the PC market. At the same time, the company remains cautious regarding macroeconomic conditions. Uncertainties in the global economy as well as geopolitical risks could continue to cause volatility. For the current quarter, Intel anticipates another increase in revenue to between USD 13.8 and 14.8 billion and earnings per share of 8 cents. The market had expected revenues of only USD 13.08 billion.<\/p>\n\n<h3>Renewed Confidence<\/h3>\n<p>A key factor behind the recent increase in investor confidence is also the role of the US government. As part of industrial policy initiatives to strengthen domestic semiconductor production, Washington has supported Intel. This participation or funding was well received by the market and was accompanied by a significant rise in the company\u2019s share price. Market participants interpret this as a signal that Intel plays a central role in the United States\u2019 strategic technology policy. Despite the improved outlook, analysts remain cautious in their assessment. The consensus currently rates the stock as \u201cNeutral,\u201d and the average price target of USD 75.42 is even about one-tenth below the current share price. While the progress is acknowledged, doubts remain as to whether Intel can regain its former strength in the long term amid intense competition. For investors, the stock therefore remains a waiting game - with opportunities, but also risks.<\/p>\n\n<div>\n<generic-chart title=\"Revenue (in USD Mrd.) and Ebitda-Margin (in %)\">\n  <x-axis categories=\"Q1/25, Q2/25, Q3/25, Q4/25, Q1/26, Q2/26\"/>\n      <chart-column title=\"Revenue (in USDbn.)\" data=\"12.7,12.9,13.7,13.7,13.6,14.3\" format=\"number\"/>\n      <chart-line title=\"Ebitda-Margin (in %)\" data=\"39.2,29.7,40,37.9,41,39\" format=\"number\" yAxisRight=\"true\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Refinitiv, as of: April 2026<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Attractive Returns Combined with Enhanced Protection<\/h3>\n<p>The neutral rating fits well with the payoff profile of barrier reverse convertibles. Accordingly, Leonteq has launched two new BRCs on Intel with attractive terms. The CHF-denominated variant offers a coupon of 10.50% p.a., while the USD product yields as much as 14.50% p.a. In addition, both products feature a solid risk buffer with a european barrier of 50%, protecting the nominal value over the 15-month term. Particularly positive is the fact that these are European barriers, providing additional protection. The barrier is only active at final fixing, allowing the underlying asset unlimited room to move during the product\u2019s lifetime.<\/p>\n\n<h3>Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1550426568\\&quot;\\&quot;CH1550426675\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;couponFrequencies&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<h3>Opportunities for Risk-Tolerant Investors<\/h3>\n<p>Those willing to take on higher risks can also invest in leveraged products on Intel\u2019s stock. Leonteq offers a broad selection, including numerous mini-futures as well as classic warrants and knock-out products. These instruments make it possible to participate disproportionately in price movements. Investors can flexibly position themselves for both rising prices (long) and falling prices (short).<\/p>\n\n\n<h3>Leveraged Products on Intel<\/h3>\n    <div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:false,&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false},&quot;underlyings&quot;:[&quot;67114693&quot;],&quot;productTypes&quot;:[&quot;PT_TURBO&quot;],&quot;searchable&quot;:true,&quot;leverage&quot;:{&quot;min&quot;:2.512,&quot;max&quot;:9007199254740991}}\" />\n  <\/div>\n    \n<div>\n    <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WxG?language_id=1\" label=\"Discover more leveraged products!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-intel-26","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/intel_april2026_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/intel_april2026_leonteq-structured-products_thumbnail.jpg"},{"date":"2026-04-28T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Tech giants in focus: quarterly earnings from Microsoft, Meta, Amazon and Alphabet","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<div>On 29 April after US market close, the AI and tech mega-caps will report in a highly anticipated earnings cluster \u2013 with Microsoft, Meta, Amazon and Alphabet all releasing results on the same evening. This creates one of the most important back-to-back comparison moments of the season, particularly across cloud, AI and digital advertising.<\/div>\n\n<h3>Microsoft: AI growth vs. heavy investment cycle<\/h3>\n<p>Microsoft is expected to report revenue of around USD 81.5bn (+16% YoY) and EPS of roughly USD 4.04 (+17%). The key focus will be Azure AI Services, where revenue expectations have risen sharply, now seen at USDbn 23 for FY26 vs. USDbn 19 earlier. At the same time, capital spending is surging toward USD 130bn by FY27, raising questions about efficiency and AI monetisation<\/p>\n\n<p><h3>Warrants with Knock-Out<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:true,&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false},&quot;underlyings&quot;:[&quot;67114739&quot;],&quot;productTypes&quot;:[&quot;PT_TURBO&quot;],&quot;searchable&quot;:true,&quot;stopLossLevelDistance&quot;:{&quot;min&quot;:0.0308,&quot;max&quot;:0.1588}}\" />\n  <\/div>\n\n<h3>Meta: AI-driven ads vs. rising costs<\/h3>\n<p>Meta is expected to post revenue of around USDbn 55.5 (+31% YoY) and EPS of about USD 6.65 (+3%). Growth remains heavily supported by advertising strength across Facebook and Instagram, increasingly powered by AI targeting tools. However, rising AI-related capex of up to USDbn 135 and losses in Reality Labs remain key pressure points.<\/p>\n\n<p><h3>Warrants with Knock-Out<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:true,&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false},&quot;underlyings&quot;:[&quot;76382559&quot;],&quot;productTypes&quot;:[&quot;PT_TURBO&quot;],&quot;searchable&quot;:true,&quot;stopLossLevelDistance&quot;:{&quot;min&quot;:0.0314,&quot;max&quot;:0.1502}}\" />\n  <\/div>\n\n<h3>Amazon: AWS and retail resilience in focus<\/h3>\n<p>Amazon is projected to report revenue of roughly USD 177bn (+14%) with EPS around USD 1.62 (+2%). The main driver remains AWS, expected to grow in the mid-20% range, supported by strong AI infrastructure demand. At the same time, investors are watching margins in retail, advertising growth, and whether rising logistics costs could pressure profitability amid a high investment cycle approaching USD 200bn capex in FY26.<\/p>\n\n<p><h3>Warrants with Knock-Out<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:true,&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false},&quot;underlyings&quot;:[&quot;67114480&quot;],&quot;productTypes&quot;:[&quot;PT_TURBO&quot;],&quot;searchable&quot;:true,&quot;stopLossLevelDistance&quot;:{&quot;min&quot;:0.0371,&quot;max&quot;:0.1712}}\" />\n  <\/div>\n\n<h3>Alphabet: Cloud strength vs. massive capex ramp<\/h3>\n<p>Alphabet is expected to report revenue of around USD 92bn (+~20%) with EPS of USD 2.62 (-7%). Google Cloud remains a key focus, with growth expected above 50% YoY, while Search resilience continues to support the core business despite AI disruption concerns. The big debate, however, is capex, which is set to nearly double to USD 175\u2013185bn in FY26, raising questions about future cash flow and returns.<\/p>\n\n<p><h3>Warrants with Knock-Out<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:true,&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false},&quot;underlyings&quot;:[&quot;89791439&quot;],&quot;productTypes&quot;:[&quot;PT_TURBO&quot;],&quot;searchable&quot;:true,&quot;stopLossLevelDistance&quot;:{&quot;min&quot;:0.0336,&quot;max&quot;:0.1513}}\" />\n  <\/div>\n\n<p>Across all four names, the key theme remains the same: aggressive AI investment vs. proof of monetisation. Cloud growth (Azure, AWS, Google Cloud), advertising resilience (Meta) and cost discipline will define reactions \u2013 not just headline earnings. With expectations elevated and positioning stretched, this earnings cluster is set to be a major volatility event. For active investors, it creates a classic setup where guidance and AI commentary may matter more than the reported numbers themselves \u2013 potentially opening opportunities in short-term directional trades via leveraged products.<\/p>\n\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WxD?language_id=1\" label=\"Discover more leveraged products\"><\/ltq-button><\/div>\n\n\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div><\/p>","url":"leveraged-ea-tech","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2026-04-27T14:39","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"UBS: Solid Results Expected, Regulation in Focus","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>UBS is set to report its Q1 results on Wednesday before market open. While solid operating performance is expected, the main focus will be on regulation.<\/p>\n\n<p>Analysts forecast revenue of around USD 13.2 billion (vs. USD 12.6 billion YoY) and EPS of approximately USD 0.81 (vs. USD 0.60). Key drivers remain strong wealth management, efficiency gains, and progress in strategic initiatives, particularly in AI.<\/p>\n\n<p>At the same time, stricter capital requirements in Switzerland are creating uncertainty, as they could limit future capital returns and growth. As a result, investor attention will be firmly on the outlook and management commentary regarding regulation.<\/p>\n\n<p>This creates a compelling setup for active investors, with elevated potential for price moves around the earnings release \u2014 especially in case of surprises.<\/p>\n\n<h3>Leverage Products on UBS<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;67108976&quot;],&quot;productTypes&quot;:[&quot;PT_TURBO&quot;],&quot;searchable&quot;:true,&quot;stopLossLevelDistance&quot;:{&quot;min&quot;:0.0397,&quot;max&quot;:0.1884}}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WrG?language_id=3\" label=\"Discover further Leverage Products on UBS\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"leverage-ubs-q1-2026","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2026-04-24T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/ai-infrastructure_leonteq-structured-productsproduct+homepage+banner.jpg","subTitle":"Tracker Certificate on the Swissquote AI Infrastructure Index","windowTitle":"Off the beaten track","category":"investment-themes","title":"Off the beaten track","body":"<p>\u201cWho will win the AI race?\u201d That is the question racking the brains of investors around the world. Usually they focus on software companies. Swissquote sees an analogy with skiing, where most people would be interested in who was going to win the next downhill race. Rather than placing such bets, however, the direct broker\u2019s strategists reckon it would be more useful to focus on the fundamentals of the ski resorts. What chairlifts, gondolas and mulled wind stands are to mountains, so data centres and energy suppliers are to the field of artificial intelligence (AI). They are what keep this mega-trend going, regardless of who ultimately delivers the best applications. <\/p>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2026/swissquote-ai-infrastructure-index?language_id=1\" label=\"Find out more!\"><\/ltq-button><\/div>\n\n<h3>Systematic selection process<\/h3>\n<p>That is precisely where the new Swissquote AI Infrastructure Index comes in. \u201cInstead of backing volatile software start-ups, this theme invests in companies that deliver the infrastructure and energy projects which make the very existence of these start-ups possible in the first place,\u201d is how the initiators explain their idea. Indeed, AI is a real power hog. The International Energy Agency (IEA) anticipates that the electricity demand of data centres worldwide will more than double to around 945 terawatt hours by 2030. As usual, Swissquote leaves nothing to chance when it comes to selecting the companies. To even be considered for inclusion in the AI Infrastructure Index, a share must first meet two quantitative criteria: alongside a market capitalisation of at least CHFmn 100, these include an average daily trading volume of around CHF 100,000. In qualitative terms, the index is focused on the vital backbone of the digital economy. The crucial physical level of the AI value chain covers power distribution, liquid cooling and carbon-neutral energy generation. The number of components can vary between 10 and 60. Dividends of the shares included are considered on a net basis. <\/p>\n\n<h3>The perfect match<\/h3>\n<p>The Swissquote AI Infrastructure Index currently contains 25 companies, with ABB leading the alphabetical list. As a specialist for electrification, automation and drive technology, the Zurich-based industrial group is a perfect match. This is clear from an order recently received by the SMI member, under which ABB will support Texan microgrid provider VoltaGrid in worldwide projects supplying power to data centres. The order includes the delivery of 35 synchronous condensers featuring flywheel technology. These ABB systems work as a kind of shock absorber for the electricity grid, ensuring the stability that is particularly needed for the expansion of AI. The Swissquote AI Infrastructure Index is dominated by US companies, which make up around half the selection in total. Power supplier NextEra Energy is also included, as is turbine specialist GE Vernova and Vertiv. The last of these describes itself as a leading provider of critical digital infrastructure for applications in data centres, communication networks and commercial and industrial environments. This business model is finding fans on Wall Street: Vertiv\u2019s shares are trading at an all-time high.<\/p>\n\n<h3>Simple and efficient access<\/h3>\n<p>Leonteq is enabling investment in this exciting investment idea through a tracker certificate. The participation product tracks the Swissquote AI Infrastructure Index without any term limit. The listing on the SIX Swiss Exchange gives investors complete flexibility: they can now buy and sell the product during the extended trading hours of 8.00am to 9:45pm each trading day. The management fee is 0.40% p.a., and a calculation agent fee of 0.20% p.a. is also levied. For these charges investors can invest across a wide range of core AI components, deliberately avoiding the competition between many companies for the best applications. \u201cThis is a simple and intelligent way to profit from a sector that is still largely unknown, but is guaranteed to shape our future,\u201d say the Swisssquote experts, summarising the strategy behind the new index.<\/p>\n\n\n<h3>Swissquote AI Infrastructure Index<\/h3>\n<div><price-chart isin=\"CH1481476260\"><\/price-chart><\/div>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1481476260\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;couponFrequencies&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>Swissquote AI Infrastructure Index: Current Composition<\/h3>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;SWISS FRANC&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:-0.00481456,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;EURO&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00107284,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;JAPANESE YEN&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00141843,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;TAIWAN DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:6.31E-6,&quot;currency&quot;:&quot;TWD&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;US DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00287562,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ABB LTD-REG&quot;,&quot;sophisInternalId&quot;:67108959,&quot;currentPrice&quot;:76.2,&quot;weight&quot;:0.04202473,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ACCTON TECHNOLOGY CORP&quot;,&quot;sophisInternalId&quot;:156573633,&quot;currentPrice&quot;:1950,&quot;weight&quot;:0.04657683,&quot;currency&quot;:&quot;TWD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;AMPHENOL CORP A&quot;,&quot;sophisInternalId&quot;:69259061,&quot;currentPrice&quot;:81.49,&quot;weight&quot;:0.04119513,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ARISTA NETWORKS INC&quot;,&quot;sophisInternalId&quot;:91071110,&quot;currentPrice&quot;:185.58,&quot;weight&quot;:0.03843747,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ASIA VITAL COMPONENTS&quot;,&quot;sophisInternalId&quot;:208495560,&quot;currentPrice&quot;:3085,&quot;weight&quot;:0.06928464,&quot;currency&quot;:&quot;TWD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BLOOM ENERGY CORP- A&quot;,&quot;sophisInternalId&quot;:136588609,&quot;currentPrice&quot;:236.3,&quot;weight&quot;:0.01792943,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CAMECO CORP&quot;,&quot;sophisInternalId&quot;:67145551,&quot;currentPrice&quot;:83.23,&quot;weight&quot;:0.02189717,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CIENA CORP&quot;,&quot;sophisInternalId&quot;:67114427,&quot;currentPrice&quot;:356.52,&quot;weight&quot;:0.01369259,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CONSTELLATION ENERGY&quot;,&quot;sophisInternalId&quot;:159881272,&quot;currentPrice&quot;:275,&quot;weight&quot;:0.03604795,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CORNING INC&quot;,&quot;sophisInternalId&quot;:67114429,&quot;currentPrice&quot;:138.43,&quot;weight&quot;:0.01666292,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;DELTA ELECTRONICS INC&quot;,&quot;sophisInternalId&quot;:70822083,&quot;currentPrice&quot;:1630,&quot;weight&quot;:0.01190421,&quot;currency&quot;:&quot;TWD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;EATON CORP PLC&quot;,&quot;sophisInternalId&quot;:67114270,&quot;currentPrice&quot;:402.48,&quot;weight&quot;:0.04044783,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;FABRINET&quot;,&quot;sophisInternalId&quot;:71209249,&quot;currentPrice&quot;:385.2,&quot;weight&quot;:0.01262909,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;FUJIKURA LTD&quot;,&quot;sophisInternalId&quot;:67122097,&quot;currentPrice&quot;:4540,&quot;weight&quot;:0.02690002,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;GE VERNOVA INC&quot;,&quot;sophisInternalId&quot;:186414457,&quot;currentPrice&quot;:926.44,&quot;weight&quot;:0.02712145,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;GENTHERM INC&quot;,&quot;sophisInternalId&quot;:92676873,&quot;currentPrice&quot;:29.81,&quot;weight&quot;:0.00106119,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;HITACHI LTD&quot;,&quot;sophisInternalId&quot;:67122069,&quot;currentPrice&quot;:5595,&quot;weight&quot;:0.07194885,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;HUBBELL INC&quot;,&quot;sophisInternalId&quot;:92676841,&quot;currentPrice&quot;:464.71,&quot;weight&quot;:0.050627,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;JABIL CIRCUIT INC&quot;,&quot;sophisInternalId&quot;:67114476,&quot;currentPrice&quot;:287.14,&quot;weight&quot;:0.02272836,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;KEYSIGHT TECHNOLOGIES IN&quot;,&quot;sophisInternalId&quot;:92643575,&quot;currentPrice&quot;:342.08,&quot;weight&quot;:0.03140303,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;LEGRAND SA&quot;,&quot;sophisInternalId&quot;:70937980,&quot;currentPrice&quot;:133.7,&quot;weight&quot;:0.04084493,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;LUMENTUM HOLDINGS ORD&quot;,&quot;sophisInternalId&quot;:95572844,&quot;currentPrice&quot;:869.54,&quot;weight&quot;:0.02199233,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MITSUBISHI ELECTRIC CORP&quot;,&quot;sophisInternalId&quot;:67122302,&quot;currentPrice&quot;:4915,&quot;weight&quot;:0.04260796,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MODINE MANUFACTURING CO&quot;,&quot;sophisInternalId&quot;:71209965,&quot;currentPrice&quot;:154.01,&quot;weight&quot;:0.01230987,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NEXTERA ENERGY INC&quot;,&quot;sophisInternalId&quot;:70804442,&quot;currentPrice&quot;:78.96,&quot;weight&quot;:0.060553,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NVENT ELECTRIC PLC&quot;,&quot;sophisInternalId&quot;:118898861,&quot;currentPrice&quot;:145.73,&quot;weight&quot;:0.02639466,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;QUANTA SERVICES INC&quot;,&quot;sophisInternalId&quot;:67502283,&quot;currentPrice&quot;:642.21,&quot;weight&quot;:0.03160906,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SCHNEIDER ELECTRIC SE&quot;,&quot;sophisInternalId&quot;:67109423,&quot;currentPrice&quot;:258,&quot;weight&quot;:0.03965523,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SIEMENS ENERGY AG&quot;,&quot;sophisInternalId&quot;:142842435,&quot;currentPrice&quot;:132.36,&quot;weight&quot;:0.02043136,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SITIME CORP&quot;,&quot;sophisInternalId&quot;:147023221,&quot;currentPrice&quot;:501.59,&quot;weight&quot;:0.01503546,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;VERTIV HOLDINGS CO-A&quot;,&quot;sophisInternalId&quot;:152174372,&quot;currentPrice&quot;:214.75,&quot;weight&quot;:0.01526971,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;VISTRA CORP&quot;,&quot;sophisInternalId&quot;:133490265,&quot;currentPrice&quot;:154.17,&quot;weight&quot;:0.03221788,&quot;currency&quot;:&quot;USD&quot;}]\"><\/AmcComposition>\n  <\/div>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2026/swissquote-ai-infrastructure-index?language_id=1\" label=\"Find out more!\"><\/ltq-button><\/div>\n\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"swissquote-ai-infrastructure-index","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/ai-infrastructure_leonteq-structured-productssidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/ai-infrastructure_leonteq-structured-productsthumbnail.jpg"},{"date":"2026-04-22T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/marvell_2026_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"In the AI Power Game","windowTitle":"Marvell Technology:","category":"coupon-giant","title":"Marvell Technology:","body":"<p>When a semiconductor stock suddenly picks up a new rhythm on the market, it is often because the power centers of the AI boom are pulling on it at the same time. That is exactly what is happening with Marvell Technology right now. On March 31, the world\u2019s largest manufacturer of chips for artificial intelligence, Nvidia, invested USD 2 billion in the company, propelling the stock to new heights. What had been a steady uptrend turned into a price sprint, fueled by the idea that in the AI era, Marvell could evolve from a mere supplier into a central hub. The appeal of the Nvidia partnership lies not only in the equity investment but also in its industrial leverage. Marvell is being integrated into Nvidia\u2019s \u201cNVLink Fusion,\u201d a platform that allows hyperscalers to build their own AI infrastructure based on the Nvidia ecosystem. Marvell contributes custom XPUs and scalable networking technology, while Nvidia provides key components such as Vera CPUs, ConnectX network cards, and Spectrum-X switches. In addition, the two companies are collaborating on optical interconnects and silicon photonics. Strategically, this is a smart deal for both sides: Nvidia keeps its ecosystem open enough to incorporate chips from external designers into its data center universe, while Marvell moves from being an infrastructure specialist closer to the architectural control center of future AI factories. This is especially relevant where bandwidth and energy efficiency become bottlenecks - areas where Marvell excels.<\/p>\n\n<div><generic-chart title=\"Marvell Technology Shareprice (in USD)\"> \n    <chart-line title=\"Marvell Technology\" path=\"Chart_MRVL.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as of: 21.04.2026<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Is the next deal already in the pipeline?<\/h3>\n<p>Hardly had this partnership been digested when the next piece of news followed. According to a report by the news agency Reuters, Google is in talks with Marvell about two new chips designed to run AI models more efficiently. These reportedly include a memory processing unit intended to work with Google\u2019s TPU, as well as a new TPU specifically optimized for AI model execution. The strategic direction is revealing: if Google is evaluating Marvell for precisely that stage of the AI value chain where efficiency, cost per query, and energy consumption are decisive, it signals more than just another customer conversation. It would indicate that Marvell could play a role in the inferencing market that goes beyond traditional networking. For Google, such a deal would be another step toward strengthening its TPUs as an alternative to Nvidia\u2019s GPUs. Ultimately, for Marvell, a partnership with the Alphabet subsidiary would be yet another invitation to join the table of major platform strategists.<\/p>\n\n<h3>A bumpy journey<\/h3>\n<p>Operationally, Marvell\u2019s path in recent years has not been linear. In fiscal years 2023/24 and 2024/25, the company reported net losses. For the fiscal year ending February 1, 2026, however, Marvell has now reported a turnaround. Net income amounted to USD 2.6 billion, or USD 3.07 per diluted share. Net revenue climbed by 42% to reach a new record of USD 8.2 billion. The outlook for the first quarter of the current fiscal year is also positive: the company forecasts revenues of USD 2.4 billion +/- 5%, along with a gross margin expected to range between 51.4% and 52.4%. On the bottom line, adjusted earnings per share are projected to come in at USD 2.84. On Wall Street, sentiment is accordingly constructive: the majority of analysts rate the stock a buy. At the same time, however, the average price target based on consensus data stands at USD 126.95 - below the current share price. This is the interesting contradiction in the story: analysts still like Marvell, but the stock has risen faster than the average of their models could keep up with.<\/p>\n\n<div>\n<generic-chart title=\"Earnings (in USD)\">\n  <x-axis categories=\"2023/24,2024/25,2025/26,2026/27e,2027/28e,2028/29e\"/>\n      <chart-column title=\"Earnings per Share (in USD)\" data=\"-1.08, -1.02, 3.07, 3.83, 5.44, 7.1\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Refinitiv, as of: April 2026, e = expected<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n\n<h3>Two BRCs with attractive conditions<\/h3>\n<p>This is precisely where the appeal of the stock lies - and also its risk. However, investors do not need to take full exposure to benefit from this rising player in the AI economy. If Marvell\u2019s stock takes a breather after its recent rocket-like ascent, this consolidation phase can be monetized with a barrier reverse convertible. The two new soft-callable BRCs come with a comfortable risk buffer of 51% from the outset. The products also offer double-digit percentage coupons. The CHF-denominated version enables a maximum return of 16.6% p.a., while the USD-denominated note offers an even more attractive 20.0% p.a. The interest payment is guaranteed. To receive the coupon on a pro-rata basis, the Marvell stock can move freely. However, for full repayment of the nominal at maturity, the underlying must not breach the predefined barrier. If the barrier is touched, the final fixing becomes decisive. Should the Marvell stock be at least at its initial level at that point, the investment still achieves the maximum return despite the barrier breach. The first soft-call observation takes place after six months, at which point the issuer has the right to redeem both BRCs early.<\/p>\n\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1550420934\\&quot;\\&quot;CH1550420967\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;couponFrequencies&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-marvell","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/marvell_2026_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/marvell_2026_leonteq-structured-products_thumbnail.jpg"},{"date":"2026-04-20T14:18","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leverage-prod2_leonteq-structured-products_homepage-banner.jpg","subTitle":"Tesla: Between Reality and Vision","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>Tesla reports on Wednesday after the US market close, and the setup remains tense. Despite a recent rebound, weaker deliveries, margin pressure, and rising competition continue to weigh on the core business.<\/p>\n\n<p>Revenue of around USD 22.1 billion (+14.5% YoY) and EPS of approximately USD 0.35 are expected. This would indicate some stabilization in earnings, but still at a relatively low level. At the same time, investor focus is increasingly shifting toward future themes such as robotaxis, Optimus, and AI, which are seen as key long-term growth drivers.<\/p>\n\n<p>Valuation remains elevated, while the gap between ambition and execution is being scrutinized more closely. The options market is pricing in a move of around ±6%.<\/p>\n\n<div>The outlook will be key: if Tesla delivers tangible progress on its future projects, momentum could continue. Otherwise, renewed downside pressure may emerge.<\/div>\n<h3>Leverage Products Tesla<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;70498762&quot;],&quot;productTypes&quot;:[&quot;PT_TURBO&quot;],&quot;searchable&quot;:true,&quot;stopLossLevelDistance&quot;:{&quot;min&quot;:0.0293,&quot;max&quot;:0.1414}}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wtm?language_id=3\" label=\"Discover more products on Tesla\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"leverage-tesla-q1-2026","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leverage-prod2_leonteq-structured-products_sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leverage-prod2_leonteq-structured-products_thumbnail.jpg"},{"date":"2026-04-15T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/kkr_2026_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Under Pressure Ahead of Its Anniversary","windowTitle":"KKR","category":"underlying-in-focus","title":"KKR","body":"<p>In just over two weeks, a global financial giant will celebrate the 50th anniversary of its founding. On May 1, 1976, Henry Kravis and George Roberts founded KKR together with their mentor Jerome Kohlberg. What began as a U.S.-focused private equity firm with initial capital of USD 120,000 has evolved into a broadly diversified corporation. Today, KKR operates across asset management, insurance, and strategic holdings. By the end of 2025, assets under management (AuM) in its core business totaled USD 744 billion. Since 2010, AuM has grown at an average annual rate of nearly 20% (see chart). Listed on the New York Stock Exchange (NYSE) since 2010, KKR\u2019s stock, with a current market capitalization of around USD 81 billion, is a member of the S&P 500 Index. However, as the milestone anniversary approaches, the company is under pressure on Wall Street: since the start of the year, KKR has lost roughly a quarter of its market value.<\/p>\n\n<div><generic-chart title=\"KKR (in USD)\"> \n    <chart-line title=\"KKR\" path=\"Chart_KKR.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as of April 13, 2026<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Private Credit: A Key Area of Concern<\/h3>\n<p>KKR is not alone in its weak performance. The entire sector has recently come under pressure. On the one hand, the rise of artificial intelligence has weighed on valuations. The concern is that AI could disrupt entire industries in which asset managers are invested. In addition, there are growing issues in the private credit space. In recent years, corporate financing through non-bank lenders has surged. Specialized funds have attracted capital from wealthy individuals and institutions - among other things by promising regular payouts. At the same time, private credit has become an important funding source for small and mid-sized companies that traditional lenders consider too risky. However, doubts about credit quality and transparency in this segment have increased. Here, too, AI plays a role, as private credit is heavily exposed to the struggling software sector.<\/p>\n\n<h3>Plenty to Discuss<\/h3>\n<p>Investors are now increasingly withdrawing capital from the roughly USD 2 trillion sector. Several funds have had to make use of provisions allowing them to limit redemptions. This also applies to the KKR FS Income Trust, or K-FIT. In the first quarter of 2026, the fund received redemption requests for around 6.3% of its outstanding shares. KKR management intends to meet only about 80% of these requests. By contrast, all redemption requests were fulfilled for another private credit product, the KKR FS Income Trust Select (K-FITS). In this case, inflows from new subscriptions during the past quarter exceeded redemption requests. In any case, private credit is likely to be a key topic when KKR presents its results for the first three months of 2026 on May 10. The company is also planning a conference call for that date.<\/p>\n\n<div>\n<generic-chart title=\"Assets under Management (in USDbn.)\">\n  <x-axis categories=\"2010,2011,2012,2013,2014,2015,2016,2017,2018,2019,2020,2021,2022,2023,2024,2025\"/>\n      <chart-column title=\"AuM (in USDbn.)\" data=\"62,60,83,100,107,120,130,168,195,218,252,471,504,553,638,744\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Refinitiv, as of March 2026<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>BRC in Classic Form \u2013 and as an Inverse Structure<\/h3>\n<p>Leonteq has already launched interesting new issuances on KKR. One example is the classic autocallable barrier reverse convertible. Investors can expect a fixed quarterly coupon payment. As long as the underlying does not fall to or below the barrier, Leonteq will repay the nominal value in full at maturity. For investors who are more skeptical about KKR, Leonteq has issued an inverse autocallable BRC. Here, too, the coupon payment is guaranteed. Unlike the classic BRC, the barrier is set well above the strike. Both structures include an autocallable feature. The classic BRC is called and redeemed early if the underlying trades above the strike on an observation date. For the bearish variant, early redemption occurs if KKR is trading below the strike on the observation date.<\/p>\n\n<h3>Autocallable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1525098005\\&quot;\\&quot;CH1525097320\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;couponFrequencies&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;autocallTriggerLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<h3>Inverse Autocallable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1525097478\\&quot;\\&quot;CH1525097627\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;couponFrequencies&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;autocallTriggerLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-kkr","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/kkr_2026_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/kkr_2026_leonteq-structured-products_thumbnail.jpg"},{"date":"2026-04-14T16:35","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Netflix: Streaming Giant Poised for the Next Move","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>With the start of the Q1 2026 earnings season, Netflix will be in focus on April 16. The stock has gained around 10% year-to-date and has held up well in a volatile market environment.<\/p>\n\n<p>For the quarter, revenue is expected to come in at around USD 12.2 billion, representing an increase of roughly 16% compared to USD 10.5 billion in Q1 2025. Earnings per share are projected at around USD 0.76, about USD 0.10 higher than a year earlier \u2013 both figures are broadly in line with the company\u2019s previous guidance. Key growth drivers remain higher subscription prices, a solid subscriber base, and the rapidly expanding advertising segment, which recently reached around USD 1.5 billion in revenue.<\/p>\n\n<p>With a forward P/E of around 32, Netflix is trading at an ambitious valuation, but this is supported by strong margins and a structurally intact growth story.<\/p>\n\n<p>The key focus will be the outlook: if the growth narrative is confirmed, momentum could continue \u2013 while any disappointment is likely to trigger increased volatility.<\/p>\n\n<p><h3>Warrants with Knock-Out<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:false,&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false,&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;70426999&quot;],&quot;productTypes&quot;:[&quot;PT_TURBO&quot;],&quot;searchable&quot;:true,&quot;leverage&quot;:{&quot;min&quot;:4.367,&quot;max&quot;:9007199254740991}}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WvN?language_id=1\" label=\"Discover more leveraged products on Netflix\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div><\/p>","url":"leverage-netflix-q1-2026","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2026-04-13T10:20","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"ASML in Focus: Earnings Could Drive Market Moves","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>The earnings season for the past quarter is kicking off \u2013 and with ASML reporting on Wednesday morning, a true tech heavyweight is immediately in the spotlight. Particularly interesting for investors: high expectations are clashing with uncertainties \u2013 a classic setup for strong price movements around the release.<\/p>\n\n<p>Analysts surveyed by Bloomberg currently expect earnings of EUR 6.65 per share. For comparison, earnings came in at EUR 7.34 per share in the previous quarter, while at the same time growth of EUR 0.65, or around 11% year-on-year, is expected for the current quarter. The broader growth story also remains intact: ASML generated approximately \u20ac32.7 billion in revenue in 2025 (+15% vs. 2024), and revenues of \u20ac34\u201339 billion are expected for 2026, implying roughly 12% growth at the midpoint of the range.<\/p>\n\n<p>The key driver remains the AI boom and strong demand for semiconductor technology. At the same time, geopolitical uncertainties \u2013 particularly related to China, which accounts for around 20% of revenue \u2013 add further potential for surprises.<\/p>\n\n<p>The setup is therefore clear: a strong outlook could trigger renewed upside momentum, while disappointments may lead to sharp pullbacks. This combination makes ASML a classic earnings play, offering attractive opportunities for short-term trading strategies with leverage products.<\/p>\n\n<h3>Leverage products on ASML<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;67109614&quot;],&quot;productTypes&quot;:[&quot;PT_TURBO&quot;],&quot;searchable&quot;:true,&quot;leverage&quot;:{&quot;min&quot;:4.609,&quot;max&quot;:9007199254740991}}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wrm?language_id=1\" label=\"Discover more Leverage Products on ASML\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"leverage-asml-q1-2026","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2026-04-10T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/renewable_energy_april2026_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Tracker Certificates on Green Energy Indices","windowTitle":"Cleaner Alternatives","category":"investment-themes","title":"Cleaner Alternatives","body":"<p>Geopolitics has once again tripped up equity markets. After the USA and Israel had combined to launch an attack on Iran at the end of February, nervousness on stock markets climbed rapidly. The oil price shock in particular raised fears that the global economy could grind to a halt. As well as macroeconomic forecasts, the sharp rise in energy prices also overturned monetary policy scenarios. This applies also and especially for the USA. Until the start of the war in the Middle East, markets had firmly expected further cuts in interest rates by the Fed. Now, though, they assume that the US central bank will hold fire until at least the end of the year. In Europe, growing inflationary pressure could even pave the way for rates to rise.<\/p>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2026/green-energy-indices?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n\n\n<h3>Systematically selected specialists<\/h3>\n<p>There are sectors that have been largely unaffected by the current situation. Over the last few weeks, shares of companies involved in the renewable energy industry have seen particular demand. And for good reason: wind, solar and hydro power enables countries which do not have any fossil fuels of their own to reduce their dependency on them. That is not to mention the importance of renewables for decarbonisation and the fight against climate change. The Swissquote Green Energy Index brings together 23 green power specialists. To be considered for inclusion in this benchmark, shares must first meet certain trading criteria. Alongside a market capitalisation of USDmn 100, these include an average daily trading volume of around CHF 100,000. In the next step, the Swissquote experts select those companies which have the greatest possible correlation with renewable energies.<\/p>\n\n<h3>Broad diversification<\/h3>\n<p>One of the key segments in the Swissquote Green Energy Index is wind power. It includes on the one hand turbine manufacturers Vestas Wind Systems, Nordex, GE Vernova and Goldwind. They are joined by Orsted, the world\u2019s biggest project planner and operator of offshore wind farms. The Danish group is looking to strengthen its balance sheet. To that end, at the start of February Orsted announced the sale of its European onshore wind farm business for EURbn 1.44. Utilities likewise play a major role in the Swissquote Green Energy Index. Also making it through the selection process to join European electricity providers such as Verbund, Fortum, Iberdrola and Enel is NextEra Energy, the largest power supply and energy infrastructure company in North America. The Florida-based group operates a large number of wind and solar power stations as well as battery storage systems.<\/p>\n\n<h3>Differences in the detail<\/h3>\n<p>The Migros Bank Clean Energy Index has also been moving literally energetically of late, with this themed selection increasing by 15% in the first quarter of 2026. Launched a good five years ago, the index follows an approach that is broadly comparable to that of its Swissquote counterpart. From a quantitative standpoint, however, the experts at Migros Bank are setting the bar rather higher: it only considers shares with a market capitalisation of at least USDmn 500. The Migros Bank Clean Energy Index has recently profited from a company going private, the Canadian Boralex having reached agreement with two financial investors regarding a sale and delisting from the stock exchange. The share price of the green electricity producer, which is active in North America and Europe, had already risen ahead of this news, posting a rise of 45% since the turn of the year. The Migros Bank barometer lives up to the \u201cClean Energy\u201d part of its name in more ways than just the generation of electricity: also among its members is Severn Trent, a specialist water utility and sewage treatment operator. Every single day the British company supplies a total of 2 billion litres of drinking water to 4.6 million customers. Severn Trent also uses its sites to generate electricity from solar panels, wind turbines and biogas facilities. This mix is going down well on the stock market: the share price of Severn Trent, a FTSE 100 member, is trading at a record high.<\/p>\n\n<p>Tracker certificates from Leonteq give investors a simple way of bringing the two indices into their portfolio, giving them the opportunity of a diversified, flexible and cost-effective investment in the full spectrum of renewable and clean energy sources.<\/p>\n\n<h3>Swissquote Green Energy Index<\/h3>\n<div><price-chart isin=\"CH1129844630\"><\/price-chart><\/div>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1129844630\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>Swissquote Green Energy Index: Current Composition<\/h3>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;SWISS FRANC&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00762308,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;EURO&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00360211,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;JAPANESE YEN&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00109669,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;US DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00130148,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ACCIONA SA&quot;,&quot;sophisInternalId&quot;:67109701,&quot;currentPrice&quot;:208.6,&quot;weight&quot;:0.03022062,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BLOOM ENERGY CORP- A&quot;,&quot;sophisInternalId&quot;:136588609,&quot;currentPrice&quot;:236.3,&quot;weight&quot;:0.01914658,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CHINA EVERBRIGHT INTERNATIONAL LTD&quot;,&quot;sophisInternalId&quot;:70253674,&quot;currentPrice&quot;:4.76,&quot;weight&quot;:0.09439615,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CHUBU ELECTRIC POWER CO INC&quot;,&quot;sophisInternalId&quot;:67122319,&quot;currentPrice&quot;:2580,&quot;weight&quot;:0.09542089,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CLEARWAY ENERGY INC-C&quot;,&quot;sophisInternalId&quot;:174879118,&quot;currentPrice&quot;:29.96,&quot;weight&quot;:0.03919952,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;EDP SA&quot;,&quot;sophisInternalId&quot;:67120344,&quot;currentPrice&quot;:4.831,&quot;weight&quot;:0.05677236,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ENEL SPA&quot;,&quot;sophisInternalId&quot;:67109679,&quot;currentPrice&quot;:9.096,&quot;weight&quot;:0.05128061,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ENPHASE ENERGY INC&quot;,&quot;sophisInternalId&quot;:86507948,&quot;currentPrice&quot;:30.82,&quot;weight&quot;:0.0103136,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;FIRST SOLAR INC-REG&quot;,&quot;sophisInternalId&quot;:67348382,&quot;currentPrice&quot;:178.81,&quot;weight&quot;:0.02264394,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;FORTUM OYJ&quot;,&quot;sophisInternalId&quot;:67110860,&quot;currentPrice&quot;:23.07,&quot;weight&quot;:0.04520167,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;GE VERNOVA INC&quot;,&quot;sophisInternalId&quot;:186414457,&quot;currentPrice&quot;:926.44,&quot;weight&quot;:0.03633862,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;IBERDROLA SA&quot;,&quot;sophisInternalId&quot;:67109708,&quot;currentPrice&quot;:21.53,&quot;weight&quot;:0.0942422,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NEXTERA ENERGY INC&quot;,&quot;sophisInternalId&quot;:70804442,&quot;currentPrice&quot;:78.96,&quot;weight&quot;:0.07315928,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NEXTPOWER INC-CL A&quot;,&quot;sophisInternalId&quot;:180585853,&quot;currentPrice&quot;:83.45,&quot;weight&quot;:0.01545503,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NORDEX SE&quot;,&quot;sophisInternalId&quot;:67118843,&quot;currentPrice&quot;:34.86,&quot;weight&quot;:0.02587143,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ORMAT TECHNOLOGIES INC&quot;,&quot;sophisInternalId&quot;:67458000,&quot;currentPrice&quot;:89.54,&quot;weight&quot;:0.03520004,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ORSTED A/S&quot;,&quot;sophisInternalId&quot;:101560488,&quot;currentPrice&quot;:125.55,&quot;weight&quot;:0.02806262,&quot;currency&quot;:&quot;DKK&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;PLUG POWER INC&quot;,&quot;sophisInternalId&quot;:89590293,&quot;currentPrice&quot;:1.485,&quot;weight&quot;:0.01106733,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SOLAREDGE TECHNOLOGIES INC&quot;,&quot;sophisInternalId&quot;:100085841,&quot;currentPrice&quot;:31.43,&quot;weight&quot;:0.00927606,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SSE PLC&quot;,&quot;sophisInternalId&quot;:67109568,&quot;currentPrice&quot;:2540,&quot;weight&quot;:0.05038019,&quot;currency&quot;:&quot;GBP&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;VERBUND AG&quot;,&quot;sophisInternalId&quot;:67120596,&quot;currentPrice&quot;:64.65,&quot;weight&quot;:0.05875757,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;VESTAS WIND SYSTEMS ORD&quot;,&quot;sophisInternalId&quot;:67122703,&quot;currentPrice&quot;:184,&quot;weight&quot;:0.05844707,&quot;currency&quot;:&quot;DKK&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;XINJIANG GOLDWIND SCIENCE &amp; TECH. CO.&quot;,&quot;sophisInternalId&quot;:70445595,&quot;currentPrice&quot;:7.315,&quot;weight&quot;:0.02552326,&quot;currency&quot;:&quot;HKD&quot;}]\"><\/AmcComposition>\n  <\/div>\n\n<h3>Migros Bank Clean Energy Index<\/h3>\n<div><price-chart isin=\"CH0587304749\"><\/price-chart><\/div>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0587304749\\&quot;&quot;,&quot;conditions&quot;:{&quot;&quot;:true},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;resultsPerPage&quot;:20,&quot;pageNumber&quot;:1,&quot;inSubscription&quot;:false,&quot;sortFields&quot;:[],&quot;sortingEnabled&quot;:true,&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div>\n<p><strong>Management fee: 1.00% p.a.<\/strong><\/p>\n<p><strong>Index Sponsor: Migros Bank AG<\/strong><\/p>\n<p><strong>Issuer: Leonteq Securities AG<\/strong><\/p>\n<\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Migros Bank Clean Energy Index: Current Composition<\/h3>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;CANADIAN DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0,&quot;currency&quot;:&quot;CAD&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;SWISS FRANC&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:-3.2018E-4,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;DANISH KRONE&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0,&quot;currency&quot;:&quot;DKK&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;EURO&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;BRITISH POUND&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0,&quot;currency&quot;:&quot;GBP&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ACCIONA SA&quot;,&quot;sophisInternalId&quot;:67109701,&quot;currentPrice&quot;:208.6,&quot;weight&quot;:0.04029067,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BLOOM ENERGY CORP- A&quot;,&quot;sophisInternalId&quot;:136588609,&quot;currentPrice&quot;:236.3,&quot;weight&quot;:0.03348912,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CONTACT ENERGY LIMITED&quot;,&quot;sophisInternalId&quot;:70767819,&quot;currentPrice&quot;:8.81,&quot;weight&quot;:0.04208099,&quot;currency&quot;:&quot;NZD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CORP ACCIONA ENERGIAS RENOVA&quot;,&quot;sophisInternalId&quot;:159082380,&quot;currentPrice&quot;:21.38,&quot;weight&quot;:0.0395122,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;EATON CORP PLC&quot;,&quot;sophisInternalId&quot;:67114270,&quot;currentPrice&quot;:402.48,&quot;weight&quot;:0.03810553,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;EDP RENOVAVEIS SA&quot;,&quot;sophisInternalId&quot;:70153439,&quot;currentPrice&quot;:12.21,&quot;weight&quot;:0.03860278,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;EDP SA&quot;,&quot;sophisInternalId&quot;:67120344,&quot;currentPrice&quot;:4.831,&quot;weight&quot;:0.0407769,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ELIA GROUP SA/NV&quot;,&quot;sophisInternalId&quot;:70543561,&quot;currentPrice&quot;:121.3,&quot;weight&quot;:0.04124337,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ENEL SPA&quot;,&quot;sophisInternalId&quot;:67109679,&quot;currentPrice&quot;:9.096,&quot;weight&quot;:0.04250843,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ENGIE SA&quot;,&quot;sophisInternalId&quot;:67198574,&quot;currentPrice&quot;:23.21,&quot;weight&quot;:0.04171007,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;FIRST SOLAR INC-REG&quot;,&quot;sophisInternalId&quot;:67348382,&quot;currentPrice&quot;:178.81,&quot;weight&quot;:0.04158671,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;GE VERNOVA INC&quot;,&quot;sophisInternalId&quot;:186414457,&quot;currentPrice&quot;:926.44,&quot;weight&quot;:0.03971898,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;GENERAC HOLDINGS INC&quot;,&quot;sophisInternalId&quot;:71209380,&quot;currentPrice&quot;:198.4,&quot;weight&quot;:0.03858034,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;GRENERGY RENOVABLES&quot;,&quot;sophisInternalId&quot;:146456139,&quot;currentPrice&quot;:66.2,&quot;weight&quot;:0.03699245,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;IBERDROLA SA&quot;,&quot;sophisInternalId&quot;:67109708,&quot;currentPrice&quot;:21.53,&quot;weight&quot;:0.04248671,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MERIDIAN ENERGY LTD&quot;,&quot;sophisInternalId&quot;:151191915,&quot;currentPrice&quot;:5.62,&quot;weight&quot;:0.042176,&quot;currency&quot;:&quot;NZD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NEXTPOWER INC-CL A&quot;,&quot;sophisInternalId&quot;:180585853,&quot;currentPrice&quot;:83.45,&quot;weight&quot;:0.04342399,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NORDEX SE&quot;,&quot;sophisInternalId&quot;:67118843,&quot;currentPrice&quot;:34.86,&quot;weight&quot;:0.03610719,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NORTHLAND POWER INC&quot;,&quot;sophisInternalId&quot;:71210108,&quot;currentPrice&quot;:22.12,&quot;weight&quot;:0.04033373,&quot;currency&quot;:&quot;CAD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ORMAT TECHNOLOGIES INC&quot;,&quot;sophisInternalId&quot;:67458000,&quot;currentPrice&quot;:89.54,&quot;weight&quot;:0.04048968,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;PORTLAND GENERAL ELECTRIC CO&quot;,&quot;sophisInternalId&quot;:71210337,&quot;currentPrice&quot;:43.87,&quot;weight&quot;:0.04069467,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SCHNEIDER ELECTRIC SE&quot;,&quot;sophisInternalId&quot;:67109423,&quot;currentPrice&quot;:258,&quot;weight&quot;:0.03551036,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SEVERN TRENT PLC&quot;,&quot;sophisInternalId&quot;:67109582,&quot;currentPrice&quot;:3216,&quot;weight&quot;:0.0428526,&quot;currency&quot;:&quot;GBP&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;TECHNIP ENERGIES NV&quot;,&quot;sophisInternalId&quot;:147052869,&quot;currentPrice&quot;:29.94,&quot;weight&quot;:0.04272201,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;VESTAS WIND SYSTEMS ORD&quot;,&quot;sophisInternalId&quot;:67122703,&quot;currentPrice&quot;:184,&quot;weight&quot;:0.03832471,&quot;currency&quot;:&quot;DKK&quot;}]\"><\/AmcComposition>\n  <\/div>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2026/green-energy-indices?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"green-energy-indices","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/renewable_energy_april2026_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/renewable_energy_april2026_leonteq-structured-products_thumbnail.jpg"},{"date":"2026-04-08T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/siemensenergy_2026_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"The Full Picture","windowTitle":"Siemens Energy","category":"coupon-giant","title":"Siemens Energy","body":"<p>Shortly before Easter, Siemens cashed in: the industrial group has nearly halved its stake in its subsidiary Siemens Energy to 5.5%. The company generated proceeds of EUR 3.8 billion from the transaction. This continues the disentanglement process that began in autumn 2020. At that time, Siemens spun off its energy division and initially retained just over one-third of the shares. It took some time for the Siemens Energy equity story to gain traction with investors. During the first four years, the stock barely moved. But then Siemens Energy began an impressive rally. Over the past twelve months alone, the share price has nearly tripled. This puts Siemens Energy firmly at the top of the DAX® performance ranking, with a wide lead. In Germany\u2019s benchmark index, the company now ranks among the five heavyweights with a weighting of just over 7%.<\/p>\n\n<div><generic-chart title=\"Siemens Energy Shareprice (in EUR)\"> \n    <chart-line title=\"Siemens Energy\" path=\"Chart_ENR.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as of: 14.04.2026<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Rising Profits<\/h3>\n<p>At Siemens Energy, the name says it all: the group covers the entire spectrum of energy supply. In addition to a gas turbine division, this includes solutions for power transmission as well as the wind power unit Siemens Gamesa. The latter business segment turned out to be a drag following Siemens Energy\u2019s stock market listing. However, after years of deep losses, management aims to reach break-even at Siemens Gamesa in the current fiscal year 2026 (as of 30 September). Across the group, profitability is already rising significantly. For the current period, management led by CEO Christian Bruch is targeting an profit margin before special items of between 9% and 11%. If the company reaches the upper end of this range, the figure would increase by a substantial 500 basis points compared to the previous year.<\/p>\n\n\n<div>\n<generic-chart title=\"Revenue (in EURbn.) and Profit Margin (in %)\">\n  <x-axis categories=\"2022,2023,2024,2025,2026e\"/>\n      <chart-column title=\"Revenue (in EURbn.)\" data=\"29.0,31.1,34.5,39.1,44.2\" format=\"number\"/>\n      <chart-line title=\"Profit Margin (in %)\" data=\"0.8,-8.9,1.0,6.0,11.0\" format=\"number\" yAxisRight=\"true\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Refinitiv, as of: March 2026, e = expected<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Gas Turbines Sold Out<\/h3>\n<p>Whether the company is on track will become clear on 12 May, when Bruch presents the figures for the second quarter. Shortly before entering the \u201cquiet period,\u201d management provided an update. According to this, the escalation in the Middle East - despite affecting individual projects - has no impact on the group\u2019s outlook. In light of the oil price shock associated with the conflict, the fundamental drivers of Siemens Energy\u2019s success remain more intact than ever. \u201cWe operate in a structurally growing electricity market, not in a short-term cyclical environment,\u201d was the message from the \u201cpre-close group call.\u201d Specifically, the company is sold out in the gas turbine segment through fiscal year 2028. Meanwhile, the market for power transmission (Grid Technologies) has doubled over the past three years. Accordingly, the order-to-revenue ratio - known as book-to-bill - at Siemens Energy in this segment stands at 2 or higher. \u201cWorldwide, customers are driving investments in transmission capacity to integrate renewable energy, meet rising demand, and strengthen grid stability,\u201d the company explains.<\/p>\n\n<h3>Different Opportunities<\/h3>\n<p>Siemens Energy also presents itself as a compelling underlying for softcallable barrier reverse convertibles. Leonteq has launched two variants of this popular structure. In the product currency CHF, investors can expect a fixed coupon payment of 16% p.a. The EUR-denominated counterpart offers quarterly distributions amounting to 18.20% p.a. The barrier is set at a low 55% of the initial level. While BRCs are suitable for sideways strategies, traders can find opportunities in Leonteq\u2019s leveraged products segment. Here, Siemens Energy is available as an underlying in nearly 30 instruments. In addition to mini-futures, Leonteq offers warrants as well as knock-out warrants on the DAX® top performer. These products allow short-term investors to position themselves on both the long and short side.<\/p>\n\n\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1550415553\\&quot; \\&quot;CH1550415579\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;couponFrequencies&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n\n<h3>Leveraged products on Siemens Energy<\/h3>\n    <div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:false,&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false,&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;142842435&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;],&quot;stopLossLevelDistance&quot;:{&quot;min&quot;:0.0205,&quot;max&quot;:0.1494}}\" />\n  <\/div>\n    \n<div>\n    <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wxk?language_id=1\" label=\"Discover more leveraged products!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-siemens-energy","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/siemensenergy_2026_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/siemensenergy_2026_leonteq-structured-products_thumbnail.jpg"},{"date":"2026-04-07T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/fuw_risk-leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Invest like the experts","windowTitle":"FuW-Risk-Portfolio","category":"etp","title":"FuW-Risk-Portfolio Index NTR","body":"<h3>Invest like the experts<\/h3>\n<p><a title=\"&laquo;Finanz und Wirtschaft&raquo;\" href=\"https://www.fuw.ch/\" target=\"_blank\" rel=\"noopener\">&laquo;Finanz und Wirtschaft&raquo;<\/a>&nbsp;has been offering direct investment recommendations within the Swiss equity universe and publishing them regularly in the FuW-Risk-Portfolio since as long ago as March 1995. The FuW-Risk-Portfolio Index NTR replicates the performance of the underlying equities. When selecting the portfolio components, FuW&rsquo;s editorial team focuses largely on undervalued Swiss equities (large, mid and small caps) with a short to medium investment horizon. Allocation decisions are made by the FuW team based on a combination of fundamental and technical analysis. The aim of the investment in high-risk equities is to achieve a better return profile than the Swiss Performance Index&reg;.<\/p>\n<h3>Highlights<\/h3>\n<ul>\n   <li>Invest like the experts from CHF 25<\/li>\n   <li>Best-known portfolio of the editors of \u201cFinanz und Wirtschaft\u201d<\/li>\n   <li>Swiss equity portfolio with track record of many years<\/li>\n   <li>Tradable on SIX Swiss Exchange<\/li>\n   <li>ETP+ - Collateralisation powered by SIX<\/li>\n<\/ul>\n<p>As from now, Leonteq is offering investors a simple, transparent and low-cost way of bringing the FuW-Risk-Portfolio into their own custody account by purchasing the <a href=\"/isin/CH1171797231\" target=\"_blank\" rel=\"noopener\">investment product on the FuW-Risk-Portfolio Index NTR<\/a> &ndash; and from an investment of as little as CHF 25. Net dividends will be reinvested in the index.<\/p>\n<h3>Index verification<\/h3>\n<ul>\n   <li>The composition of the index is reviewed quarterly by the Index Committee<\/li>\n   <li>The Index Committee comprises the FuW editor-in-chief, the heads of department and the relevant editors<\/li>\n<\/ul>\n<h3>Investment product on the FuW-Risk-Portfolio Index NTR<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1171797231\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;valor&quot;,&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div>\n    <p><strong>Management fee: 0.82% p.a.<\/strong><\/p>\n    <p><strong>Index Sponsor: Tamedia Finanz und Wirtschaft AG<\/strong><\/p>\n    <p><strong>Issuer: Leonteq Securities AG<\/strong><\/p>\n<\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<!--\n  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;CH0372704574&quot;,&quot;conditions&quot;:{&quot;&quot;:true},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;resultsPerPage&quot;:20,&quot;pageNumber&quot;:1,&quot;inSubscription&quot;:false,&quot;sortFields&quot;:[],&quot;sortingEnabled&quot;:true,&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div>\n<p><strong>Management fee: 0.70% <\/strong><\/p>\n<p><strong>Index Sponsor: Tamedia Finanz und Wirtschaft AG<\/strong><\/p>\n<p><strong>Issuer: Leonteq Securities AG<\/strong><\/p>\n<\/div>\n        <\/template>\n          <\/SavedSearch>\n  <h3>Composition of the FuW-Risk-Portfolio Index<\/h3>\n<ltq-table id=\"\" title=\"Composition as of 07.01.2022\">\n   <template v-slot:default>\n      <thead>\n         <tr>\n            <th>Index member<\/th>\n            <th>Weighting<\/th>\n            <th>Industry/activity<\/th>\n         <\/tr>\n      <\/thead>\n     <tbody>\n         <tr>\n            <td>Swatch Group<\/td>\n            <td>8.65%<\/td>\n            <td>Watches, microelectronics<\/td>\n         <\/tr>\n          <tr>\n            <td>Ypsomed<\/td>\n            <td>8.26%<\/td>\n            <td>Injection and infusion systems<\/td>\n         <\/tr>\n          <tr>\n            <td>Huber + Suhner<\/td>\n            <td>7.83%<\/td>\n            <td>Information, fibre optic, cable technology<\/td>\n         <\/tr>\n          <tr>\n            <td>Komax<\/td>\n            <td>7.35%<\/td>\n            <td>Technology<\/td>\n         <\/tr>\n         <tr>\n            <td>Arbonia<\/td>\n            <td>6.96%<\/td>\n            <td>Focussed building industry supplier<\/td>\n         <\/tr>\n           <tr>\n            <td>AMS<\/td>\n            <td>6.89%<\/td>\n            <td>Semiconductors, electronics<\/td>\n         <\/tr>\n          <tr>\n            <td>Credit Suisse<\/td>\n            <td>6.43%<\/td>\n            <td>Banking<\/td>\n         <\/tr>\n          <tr>\n            <td>SoftwareOne<\/td>\n            <td>5.59%<\/td>\n            <td>IT<\/td>\n         <\/tr>\n         <tr>\n            <td>Comet<\/td>\n            <td>5.53%<\/td>\n            <td>Electrical Engineering<\/td>\n         <\/tr>\n          <tr>\n            <td>Autoneum<\/td>\n            <td>5.30%<\/td>\n            <td>Auto parts<\/td>\n         <\/tr>\n         <tr>\n            <td>Bobst<\/td>\n            <td>4.83%<\/td>\n            <td>Industrial machinery<\/td>\n         <\/tr>\n          <tr>\n            <td>Aryzta<\/td>\n            <td>4.53%<\/td>\n            <td>Packaged food<\/td>\n         <\/tr>\n          <tr>\n            <td>Logitech<\/td>\n            <td>4.31%<\/td>\n            <td>Software, computer accessories<\/td>\n         <\/tr>\n                   <tr>\n            <td>Zur Rose<\/td>\n            <td>3.94%<\/td>\n            <td>Mail-order pharmacy<\/td>\n         <\/tr>\n           <tr>\n            <td>Cembra Money Bank<\/td>\n            <td>3.91%<\/td>\n            <td>Banking<\/td>\n         <\/tr>\n         <tr>\n            <td>Idorsia<\/td>\n            <td>3.32%<\/td>\n            <td>Pharmaceuticals<\/td>\n         <\/tr>\n         <tr>\n            <td>U-Blox<\/td>\n            <td>2.36%<\/td>\n            <td>Technology<\/td>\n         <\/tr>\n         <tr>\n            <td>CHF cash component<\/td>\n            <td>4.03%<\/td>\n            <td>-<\/td>\n         <\/tr>\n      <\/tbody>\n   <\/template>\n   <template v-slot:below>\n      <LtqCardBody>\n         <footer>Source: Leonteq Securities AG, fuw.ch<\/footer>\n         <footer>Historical data is not a reliable indicator of future performance.<\/footer>\n      <\/LtqCardBody>\n   <\/template>\n<\/ltq-table>\n-->\n<h3>Composition of the FuW-Risk-Portfolio Index NTR<\/h3>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;SWISS FRANC&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.02926014,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ADECCO GROUP AG-REG&quot;,&quot;sophisInternalId&quot;:67108960,&quot;currentPrice&quot;:21.04,&quot;weight&quot;:0.03645183,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;AMS-OSRAM AG&quot;,&quot;sophisInternalId&quot;:83767234,&quot;currentPrice&quot;:18.25,&quot;weight&quot;:0.06476709,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;AUTONEUM HOLDING AG&quot;,&quot;sophisInternalId&quot;:71300136,&quot;currentPrice&quot;:123,&quot;weight&quot;:0.05822088,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CEMBRA MONEY BANK AG&quot;,&quot;sophisInternalId&quot;:88856135,&quot;currentPrice&quot;:87.6,&quot;weight&quot;:0.06183809,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;COMET HOLDING AG-REG&quot;,&quot;sophisInternalId&quot;:67109029,&quot;currentPrice&quot;:318,&quot;weight&quot;:0.0636601,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;FORBO HOLDING AG-REG&quot;,&quot;sophisInternalId&quot;:67109033,&quot;currentPrice&quot;:936,&quot;weight&quot;:0.02233625,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;GURIT HOLDING AG-BR&quot;,&quot;sophisInternalId&quot;:67109043,&quot;currentPrice&quot;:50.8,&quot;weight&quot;:0.03001486,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;HUBER &amp; SUHNER AG-REG&quot;,&quot;sophisInternalId&quot;:67108984,&quot;currentPrice&quot;:160.8,&quot;weight&quot;:0.05671882,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;JULIUS BAER GROUP LTD&quot;,&quot;sophisInternalId&quot;:67569299,&quot;currentPrice&quot;:70.52,&quot;weight&quot;:0.04172234,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;KOMAX HOLDING AG-REG&quot;,&quot;sophisInternalId&quot;:67109088,&quot;currentPrice&quot;:80,&quot;weight&quot;:0.03797146,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;KUEHNE &amp; NAGEL INTL AG-REG&quot;,&quot;sophisInternalId&quot;:67109086,&quot;currentPrice&quot;:230.8,&quot;weight&quot;:0.05468204,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;LOGITECH INTERNATIONAL-REG&quot;,&quot;sophisInternalId&quot;:67109155,&quot;currentPrice&quot;:86.08,&quot;weight&quot;:0.07130418,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;PARTNERS GROUP HOLDING AG&quot;,&quot;sophisInternalId&quot;:67109101,&quot;currentPrice&quot;:600.2,&quot;weight&quot;:0.03578189,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SONOVA HOLDING AG-REG&quot;,&quot;sophisInternalId&quot;:67109147,&quot;currentPrice&quot;:274.2,&quot;weight&quot;:0.07469207,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SWATCH GROUP AG/THE-BR&quot;,&quot;sophisInternalId&quot;:67108977,&quot;currentPrice&quot;:183.9,&quot;weight&quot;:0.04563533,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;TECAN GROUP AG-REG&quot;,&quot;sophisInternalId&quot;:67109083,&quot;currentPrice&quot;:247.6,&quot;weight&quot;:0.0730741,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;TEMENOS GROUP AG-REG&quot;,&quot;sophisInternalId&quot;:67109085,&quot;currentPrice&quot;:73.15,&quot;weight&quot;:0.06472181,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;YPSOMED HOLDING AG-REG&quot;,&quot;sophisInternalId&quot;:67109199,&quot;currentPrice&quot;:378.4,&quot;weight&quot;:0.03146923,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ZEHNDER GROUP AG-RG&quot;,&quot;sophisInternalId&quot;:102547518,&quot;currentPrice&quot;:73,&quot;weight&quot;:0.04567749,&quot;currency&quot;:&quot;CHF&quot;}]\"><\/AmcComposition>\n  <\/div>\n<h3>About «Finanz und Wirtschaft»<\/h3>\n<p>Founded in 1928, <a href=\"http://www.fuw.ch\" target=\"_blank\" rel=\"noopener\">&ldquo;Finanz und Wirtschaft&rdquo;<\/a> (FuW) is targeted at experienced private and professional investors who work in or with global financial markets. The largest business editorial team in Switzerland provides insightful background information on the global economy and events on both national and international stock markets daily for digital channels and twice weekly &ndash; on Wednesdays and Saturdays &ndash; in the newspaper edition. FuW analyses all businesses quoted in Switzerland as well as global companies of significance for investors. In addition to its headquarters in Zurich, the publisher also has dedicated editorial offices in London, New York and Hong Kong.<\/p>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"finanzundwirtschaft","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/fuw_risk_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/fuw_risk-leonteq-structured-products_thumbnail.jpg"},{"date":"2026-04-01T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/sika-26_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Cyclical Stock in a Market Storm","windowTitle":"Sika","category":"underlying-in-focus","title":"Sika","body":"<p>The Zurich Congress Centre was fully booked when Sika held its 2026 Annual General Meeting on March 24. Shareholders were not deterred by the weak performance of the construction chemicals group. Over the past year, Sika\u2019s share price fell by around a quarter, making it the weakest performer in the SMI®. After a solid start to 2026, the cyclical stock turned downward again. By the end of the first quarter, Sika once more finds itself at the bottom of the SMI® table with a price decline. The dividend approved at the AGM of CHF 3.70 per share, 2.8% higher than the previous year, offers only limited consolation. Since war broke out in the Middle East, hopes that Sika could gain operational momentum in the current financial year have been dashed. In 2025, the company - specialising in chemicals for bonding, sealing, damping, reinforcing and protecting - was weighed down in part by the real estate slump in China, leading to declines in both sales and earnings (see chart).<\/p>\n\n\n\n<div>\n<generic-chart title=\"Revenue (in CHF Mio.) and Ebitda Margin (in %)\">\n  <x-axis categories=\"2021,2022,2023,2024,2025\"/>\n      <chart-column title=\"Revenue (in CHF Mio.)\" data=\"9252.3,10491.8,11238.6,11763.1,11201.3\" format=\"number\"/>\n      <chart-line title=\"Ebitda Margin (in %)\" data=\"19,18.7,18.2,19.3,18.4\" format=\"number\" yAxisRight=\"true\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Sika, as of: March 2026<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Muted Expectations<\/h3>\n<p>On the day of the AGM, CEO Thomas Hasler spoke in detail in an interview with Reuters about the consequences of the latest geopolitical escalation. He had to slightly adjust expectations for the current year. Hasler expects sales and earnings to land in the middle to lower end of the guided range. Sika aims to increase sales in local currencies by 1% to 4% in 2026. At the same time, the operating margin (EBITDA level) is expected to come in between 19.5% and 20%. In February, according to his own statements, the CEO had still considered reaching or even exceeding the upper end of the range as possible. However, Sika is once again facing rising transport and raw material costs. According to Hasler, the company has already responded with price increases.<\/p>\n\n<div><generic-chart title=\"Sika Shareprice (in CHF)\"> \n    <chart-line title=\"Sika\" path=\"Chart_Sika26.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as of: March 31, 2026<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>AI as a Beacon of Hope<\/h3>\n<p>In addition to cost pressure, the threat of an economic slowdown and the risk of rising interest rates pose challenges for the company, whose customers mainly come from the construction and automotive industries. For now, the CEO sees no need to expand the cost-cutting programme. Sika plans to save CHF 150 - 200 million by 2028. \u201cThere are no plans to cut jobs or close plants, as there is no decline in demand that would justify such measures,\u201d said Hasler. So far, there are no signs that customers intend to cancel projects. \u201cConstruction work continues, even in the Middle East,\u201d he added. However, this could change if the conflict persists for a longer period. A positive factor for Sika remains the boom in data centres driven by the rise of artificial intelligence (AI). According to Hasler, the group is currently involved in around 400 such projects. As a result, the share of this business could increase from 4% last year to 5% in the current period.<\/p>\n\n<h3>A Special Strategy<\/h3>\n<p>This glimmer of hope does little to change the precarious situation of the Sika share. The price drop has led to significantly increased volatility. Three-month at-the-money implied volatility is now almost as high as it was a year ago. In early April 2025, US tariff announcements - referred to as \u201cLiberation Day\u201d - triggered turmoil in the markets. This heightened volatility is reflected in the terms of barrier reverse convertibles. With this structure, investors effectively act as sellers of volatility. A new soft-callable BRC on Sika offers an attractive coupon of 9% per annum, with a barrier set at 65% of the initial level. Naturally, these parameters come with a downside: higher volatility significantly increases the risk of breaching the barrier.<\/p>\n\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1447745105\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;couponFrequencies&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n\n<h3>Wide Range of Leverage Products<\/h3>\n<p>Volatility also plays a key role in the segment of leverage products. Traditionally, warrants show a strong relationship between price volatility and the product\u2019s value. While volatility plays virtually no role in mini-futures, its impact on knock-out warrants (turbos) is very limited. Leonteq covers the full spectrum. The Zurich-based fintech currently offers nearly 200 leverage instruments on Sika.<\/p>\n\n\n<h3>Leverage Products on Sika<\/h3>\n    <div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:false,&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false,&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;67109118&quot;],&quot;productTypes&quot;:[&quot;PT_TURBO&quot;],&quot;leverage&quot;:{&quot;min&quot;:5.3100000000000005,&quot;max&quot;:36.808}}\" />\n  <\/div>\n    \n<div>\n    <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wxc?language_id=3\" label=\"Discover more leveraged products!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-sika26","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/sika-26_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/sika-26_leonteq-structured-products_thumbnail.jpg"},{"date":"2026-03-27T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/copper2026_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"ETP+ on the Leonteq Copper CHF Hedged Index","windowTitle":"Old metal, new access","category":"investment-themes","title":"Old metal, new access","body":"<p>Copper was one of the first metals ever used by humans. Archaeological digs in western Asia have revealed that knives and jewellery were already being formed from the red metal more than 10,000 years ago. The invention of electric power and magnets in the late 18th and early 19th centuries paved the way for industrialisation, and with it a new era for copper. The particularly conductive and corrosion-resistant material became indispensable for more and more applications, the spectrum ranging from construction through power supply to electronics. According to figures from the International Copper Study Group (ICSG), worldwide copper consumption has almost quadrupled in the last 50 years. The largest buyer is now China \u2013 almost 60% of global demand comes from the Middle Kingdom. Mega-trends such as artificial intelligence, e-mobility and the energy transition are providing additional stimulus to the demand for copper.<\/p>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2026/etp-copper?language_id=1\" label=\"Find out more!\"><\/ltq-button><\/div>\n\n<h3>Regular exchange<\/h3>\n<p>In light of this background, copper has long been an interesting and very promising focus of investment, giving investors an opportunity to bet on global progress and long-term growth. Nevertheless, access to this asset class is far from easy. Like other commodities, copper is traded on the futures market. Anyone want to take a permanent position is reliant on the regular exchange of such futures. Special commodity indices provide a solution by replacing an expiring contract with the next one to mature. In the jargon this is known as \u201crolling\u201d. Among places where copper is traded is the Comex, the US commodity index. A contract comprises 25,000 pounds of the metal, with prices quoted on a per-pound basis. The trade covers 37 consecutive months, followed by further futures for individual months. This allows market players to secure, today, a copper delivery for May 2030.<\/p>\n\n<h3>New copper index<\/h3>\n<p>Another defining characteristic of commodities trading alongside futures is that they are priced in US dollars. If held in Swiss francs, then, the value of the position is also affected by the USD/CHF exchange rate. In that regard the notoriously strong franc has been having a negative impact on the commodities holdings of domestic investors for years. In the last twelve months alone, the greenback has depreciated by more than a tenth against the franc. The Leonteq Copper CHF Hedged Index was created with the aim of excluding this currency effect. The new benchmark tracks the performance of a CHF position in the copper future and features a daily currency hedging mechanism on the USD/CHF exchange rate. The underlying futures contract is swapped every two months.<\/p>\n\n<h3>ETP+ on Leonteq Copper CHF Hedged Index<\/h3>\n<div><price-chart isin=\"CH1525087990\"><\/price-chart><\/div>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1525087990\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;couponFrequencies&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<h3>Flexibility, liquidity and security<\/h3>\n<p>Investors can access the Leonteq Copper CHF Hedged Index by means of an exchange-traded product (ETP). The structured product tracks the underlying without any term limit and can be traded daily on both the SIX and the BX Swiss. Alongside high flexibility and liquidity, the ETP also applies a special hedging mechanism. To exclude the issuer risk as far as possible, Leonteq deposits a pledge with SIX SIS AG. The collateralisation is dynamic: as soon as investors put money in or the value of the ETP rises, the issuer tops up the pledge. SIX Repo AG is responsible for monitoring this mechanism on an ongoing basis. The management fee for the participation product is 0.20% p.a. By the way, with this latest issue Leonteq is expanding its range of metal investments with currency hedging. As well as copper, investors can also trade ETPs on gold and silver whose underlyings carry the \u201cCHF Hedged\u201d label.<\/p>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2026/etp-copper?language_id=1\" label=\"Find out more!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"etp-copper","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/copper2026_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/copper2026_leonteq-structured-products_thumbnail.jpg"},{"date":"2026-03-25T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/freeport-mcmoran_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"In Lockstep with \u201cDr. Copper\u201d","windowTitle":"Freeport-McMoRan","category":"coupon-giant","title":"Freeport-McMoRan","body":"<p>The term \u201cDr. Copper\u201d refers to the strong connection between copper and the economic cycle. It stems from the fact that this industrial metal is indispensable for applications across a wide range of economic sectors. The spectrum ranges from construction and mechanical engineering to electronics and telecommunications. Until the end of January, expectations of a strong global economy fueled an immense rally in copper. On the US commodities exchange Comex, the price reached an all-time high of USD 6.508 per pound. Nearly two months after that peak, the same amount is now available at roughly one-fifth less - \u201cDr. Copper\u201d is signaling that the global economy has caught a cold. Along with the commodity, shares of leading copper producers have also taken a hit. This is particularly true for Freeport-McMoRan: the US mining group reached an all-time high of USD 69.75 on February 25. In the nearly four weeks since then, the company\u2019s market capitalization has fallen by 21%.<\/p>\n\n<div><generic-chart title=\"Shareprice (in USD)\"> \n    <chart-line title=\"Freeport-McMoRan\" path=\"Chart_FCX26.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as of: 24.03.2026<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Above Expectations<\/h3>\n<p>Following the recent correction, copper is now trading roughly at the price level at which Freeport-McMoRan billed its revenues in the final quarter of 2025. On average, the industry giant generated USD 5.33 per pound of the metal sold between October and December 2025 - almost 30% more than in the same period the previous year. Bottom line, the company, based in Phoenix, Arizona, earned USD 0.47 per share, more than 50% higher than in the fourth quarter of 2024. Analysts had expected earnings per share of USD 0.29 on average. Freeport benefited not only from the rally in copper prices. The company is also supported by rising gold prices and, above all, by efforts of the US government to become more independent from imports in the supply of critical raw materials. To this end, the Trump administration imposed a 50% tariff on copper imports last year.<\/p>\n\n<div>\n<generic-chart title=\"Yearly Copper Production (in Billion Pound)\">\n  <x-axis categories=\"2024,2025,2026e,2027e,2028e\"/>\n      <chart-column title=\"Copper Production (in Billion Pound)\" data=\"4.1,3.6,3.4,4.1,4.2\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Freeport-McMoRan, as of: January 2026, e = expected<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n\n<h3>An Accident with Consequences<\/h3>\n<p>Freeport-McMoRan is the largest copper producer in the US and aims to further expand its domestic capacities. Starting from 1.25 billion pounds in 2024, US copper production is expected to increase by around 60% to 2 billion pounds by 2030. While production in the US increased last year, overall group output fell by nearly one-fifth. This decline is largely due to an accident at the Grasberg mine. At the world\u2019s second-largest copper mining site, a fatal mining accident occurred last autumn. Freeport-McMoRan had to halt production at the Indonesian site. Operations there are expected to partially resume in the second quarter. Nevertheless, management, led by CEO Kathleen Quirk, expects sales to decline in the current year, as was already the case in 2025. From 2027 onwards, copper sales are expected to rise significantly again.<\/p>\n\n<h3>Several Investment Alternatives<\/h3>\n<p>In addition to the restart in Grasberg, progress in the US and, above all, the global economic outlook are likely to have a significant impact on Freeport-McMoRan\u2019s future share price performance. For investors who find this too uncertain, a new issuance by Leonteq could be of interest. The Zurich-based fintech is launching soft-callable barrier reverse convertibles on the copper producer. In CHF, the guaranteed coupon amounts to 13% p.a., while the USD-denominated version offers a payout 400 basis points higher per year. The barrier is set at 55% of the initial level. Freeport-McMoRan is also included in Leonteq\u2019s leveraged products range. The issuer offers mini-futures, knock-out warrants, and classic warrants on the volatile underlying asset. These instruments allow investors to take short-term positions on both the long and short side.<\/p>\n\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1525092297\\&quot;\\&quot;CH1525092768\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;couponFrequencies&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<h3>Leveraged Products on Freeport-McMoRan<\/h3>\n    <div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:false,&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false,&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;67114217&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;]}\" />\n  <\/div>\n    \n<div>\n    <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Ww9?language_id=1\" label=\"Discover more leveraged products!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-fcx26","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/freeport-mcmoran_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/freeport-mcmoran_leonteq-structured-products_thumbnail.jpg"},{"date":"2026-03-18T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Swissquote Ahead of Earnings: Market Expects Solid Full-Year Results","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>Swissquote will report its results for the full year 2025 on March 19, 2026. Analysts expect revenue of around CHF 712.5 million, compared to CHF 664.3 million in the prior year, representing growth of 7%. Earnings per share (EPS) are projected at CHF 22.43, up from CHF 19.53 in the previous year, implying an increase of roughly 15%.<\/p>\n\n<p>The anticipated growth reflects continued strength in trading activity, an expanding client base, and higher revenues from crypto and interest-related business. Elevated market activity and positive one-off effects have also supported profitability. Investors will closely watch the sustainability of this growth and the outlook for 2026. If Swissquote beats or misses expectations, notable share price movements could follow.<\/p>\n\n<p><h3>Warrants with Knock-Out<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:false,&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false,&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;67109182&quot;],&quot;productTypes&quot;:[&quot;PT_TURBO&quot;],&quot;leverage&quot;:{&quot;min&quot;:5.146,&quot;max&quot;:20.685}}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wrc?language_id=1\" label=\"Discover more leveraged products on Swissquote\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div><\/p>","url":"leveraged-ea-sqn","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2026-03-18T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/unicredit-2026_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Milanese Offensive","windowTitle":"UniCredit","category":"underlying-in-focus","title":"UniCredit","body":"<p>From a sporting perspective, calm is returning to Milan. Last Sunday, three weeks after the Olympic Winter Games, the Paralympic Winter Games came to an end. Just one day after the closing ceremony, Milan moved to the top of the business headlines. UniCredit, headquartered in the northern Italian metropolis, submitted a takeover bid for Commerzbank. As part of the voluntary offer, the Italians propose an exchange ratio of 0.485 UniCredit shares for one share of Germany\u2019s second-largest private bank. Compared to last Friday\u2019s closing price, this represents a premium of 4%. Overall, UniCredit values Commerzbank at around EUR 35 billion. The news was received positively on the Frankfurt Stock Exchange \u2013 Commerzbank shares rose by 8.6% on Monday.<\/p>\n\n<div><generic-chart title=\"UniCredit (in EUR)\"> \n    <chart-line title=\"UniCredit\" path=\"Chart_UCG.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as of March 17, 2026<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>A Tactical Move<\/h3>\n<p>In Milan, located around 700 kilometres further south, the reaction was less enthusiastic. On the local exchange, UniCredit recorded only a slight price increase of 0.5%. Investors may be concerned that the bank\u2019s pursuit of its German rival will continue to face little support. Since UniCredit acquired a stake in Commerzbank in autumn 2024, it has gradually increased its holding. Currently, 26% of the institution is held directly by UniCredit, with access to a further just under 4% via derivatives. The voluntary takeover offer allows the Italians to further increase their stake. Even if the holding exceeds the 30% threshold, no mandatory offer will be triggered. However, UniCredit does not expect to achieve a controlling majority. \u201cWe will see where this leads us,\u201d said CEO Andrea Orcel during a conference call.<\/p>\n\n<h3>Appeal to the North<\/h3>\n<p>The top executive appears to be aiming to soften resistance to the takeover. In addition to the German federal government, which still holds a 12% stake in Commerzbank, the Frankfurt-based bank itself rejects a sale to Milan. \u201cIt is time to talk,\u201d Orcel appealed northwards. The aim is to put an end to the back-and-forth of recent weeks. \u201cWe are absolutely open to finding solutions in discussions with German policymakers that make everyone happy,\u201d said the CEO. In his view, a merger would not only create value for shareholders; Germany and Europe would also benefit. However, Orcel acknowledges that this assessment is not shared by everyone. Be that as it may, the stake in Commerzbank is already significantly boosting UniCredit\u2019s earnings engine. Last year, the group surpassed the EUR 10 billion mark in net profit \u2013 a target the CEO had originally set for 2027. Promptly, Orcel raised the targets. By 2028, net profit is expected to reach EUR 13 billion and to increase by at least a further EUR 2 billion over the following two years.<\/p>\n\n<div>\n<generic-chart title=\"UniCredit: Net Profit (in EURbn)\">\n  <x-axis categories=\"2024,2025,2026e,2028e,2030e\"/>\n      <chart-column title=\"Net Profit (in EURbn)\" data=\"9.3,10.6,11.0,13.0,15.0\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Refinitiv, as of March 2026, e = expected<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Creeping Towards Returns<\/h3>\n<p>Naturally, the planned cost savings alone will not be sufficient to achieve these ambitious targets. UniCredit also requires a favourable economic environment. The uncertainties triggered by the new war in the Middle East have knocked UniCredit shares \u2013 along with the entire banking sector \u2013 off course. Even if the banking giant continues to move forward at a slow pace, investors could still generate attractive returns with a soft callable barrier reverse convertible. In the product currency CHF, a new issue based on UniCredit offers a coupon of 10.20% p.a. For the EUR-denominated version, the quarterly payout amounts to 12.20% p.a. The barrier is set at 59% of the initial level. As long as UniCredit does not fall to or below this level, the issuer will fully repay the nominal amount at the end of the 15-month term. If this buffer is breached, the partial protection would lapse, and the investment would then be exposed to the full risk of the underlying asset.<\/p>\n\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1525093659\\&quot;\\&quot;CH1525094103\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;couponFrequencies&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-unicredit26","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/unicredit-2026_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/unicredit-2026_leonteq-structured-products_thumbnail.jpg"},{"date":"2026-03-16T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Earnings Preview: Micron Expected to Report Strong Revenue and EPS Growth","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>Micron Technology will release its results for the second quarter of fiscal year 2026 on March 18, 2026. Analysts expect revenue of around USD 19.2 billion, compared with approximately USD 8.1 billion in the same quarter last year, which would represent strong growth of about 140% year over year. Earnings per share (EPS) are projected to reach around USD 8.6, after Micron reported roughly USD 1.56 per share in the second quarter of fiscal 2025 - an increase of more than 450%.<\/p>\n\n<p>The sharp growth expectations reflect the ongoing surge in demand for memory chips used in artificial intelligence and data center infrastructure, particularly DRAM and high-bandwidth memory (HBM). As hyperscalers and cloud providers continue to invest heavily in AI computing capacity, Micron is benefiting from higher memory prices and strong shipment volumes. Investors will therefore closely monitor the company\u2019s outlook for memory pricing, AI-related demand, and capacity expansion. If Micron exceeds or misses expectations, notable share-price volatility could follow.<\/p>\n\n<p><h3>Warrants with Knock-Out<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:false,&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false,&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;67114697&quot;],&quot;productTypes&quot;:[&quot;PT_TURBO&quot;],&quot;leverage&quot;:{&quot;min&quot;:2.209,&quot;max&quot;:9007199254740991}}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Ww0?language_id=1\" label=\"Discover more leveraged products on Micron Technology\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div><\/p>","url":"leveraged-ea-micron","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2026-03-13T01:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/oil_market_march2026leonteq-structured-products_product+homepage+banner.jpg","subTitle":"ETP+ on Brent and Leveraged Products on Oil Shares","windowTitle":"Lots of Energy","category":"investment-themes","title":"Lots of Energy","body":"<p>Gold has for years been the measure of all things on the commodities markets. While the precious metal raced from one high to the next, the \u201cblack gold\u201d led a truly shadowy existence. From about mid-2022, futures contracts on Brent began a downward trend. Recently, though, the primary energy source has rebounded impressively, with North Sea Brent posting a rise of more than three quarters since the turn of the year. The upturn correlates directly with what is happening in the Middle East. Once again, the region is going through war following Israel and the USA\u2019s joint attack on Iran. The conflict led to concerns about the possibility of bottlenecks in global energy markets. Until the latest escalation, experts firmly expected that there would be an oversupply in 2026 and that global inventories would continue to rise.<\/p>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2026/brent-oil-shares?language_id=1\" label=\"Find out more!\"><\/ltq-button><\/div>\n\n<h3>Pitfalls of the forward curve<\/h3>\n<p>The fears of a new energy crisis are not only being expressed in the current prices \u2013 the forward curve also speaks for itself. Brent is in perfect backwardation, i.e. the next futures contract to mature is priced higher than its counterparts maturing in the future. Specifically, market players are willing to pay a premium of around 35% for delivery in June 2026 compared to delivery 12 months later. Futures markets are in fact pricing in storage and insurance costs, which means that the price of the commodity rises the further in the future the delivery date is. This situation is known as contango. The shape of the forward curve is also felt directly by investors looking to take a permanent position in the oil market, because they are reliant on the regular exchange of maturing contracts. Whereas backwardation generates rolling profits, contango has negative consequences.<\/p>\n\n<div><generic-chart title=\"Backwardation: Forwardcurve Brent (Price in USD per Barrel)\"> \n    <chart-line title=\"Forwardcurve: Brent\" path=\"Chart_backwardation.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as of: 09.03.2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Classic Brent investment<\/h3>\n<p>The uncertainties of futures trading do not stop at the Leonteq Brent Crude Oil Futures Total Return Index. This barometer is knitted together using a classic pattern, i.e. it rolls from one future to the next month after month. The Leonteq Brent Crude Oil Futures Total Return Index thus profited from the recent backwardation. However, this effect can turn into a negative as soon as the forward curve goes into contango. Leonteq launched an ETP to enable investment in the Brent index. The participation product can be traded on each trading day of the SIX Swiss Exchange and the BX Swiss. The administration fee comes to 0.45% p.a. For this, investors also benefit from a special collateralisation, which reduces the issuer risk.<\/p>\n\n<h3>ETP+ on Leonteq Brent Crude Oil Futures Total Return Index<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1292086696\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;couponFrequencies&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1292086696\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.calendar.issue_date.value&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n\n\n<h3>Large selection, first-class service<\/h3>\n<p>Shares in the sector are a viable alternative to a position in the oil price itself. It is hardly surprising that the share prices of leading multis have risen sharply of late. The enormous momentum should also bring traders to the table, as they can take short-term positions with the aid of leveraged products. Speculation on a rise in prices is just as possible as am exposure to the short side. The bearish products convert falling prices into profits using leverage. Whether Shell, TotalEnergies, Chevron or Exxon Mobil, Leonteq\u2019s large pool of underlying assets includes both European oil and gas companies and their competitors from North America. The Zurich fintech has around 140 mini-futures, warrants and warrants with knock-out on the above quartet alone. Alongside the large selection, investors also profit from a first-class service, narrow spreads and long trading hours.<\/p>\n\n\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wrl?language_id=1\" label=\"Discover more than 18'000 Leveraged Products!\"><\/ltq-button><\/div>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2026/brent-oil-shares?language_id=1\" label=\"Find out more!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"brent-oil-shares","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/oil_market_march2026leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/oil_market_march2026leonteq-structured-products_thumbnail.jpg"},{"date":"2026-03-12T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Earnings Preview: Adobe Expected to Report Higher Revenue and Earnings","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>Adobe will release its results for the first quarter of fiscal year 2026 on March 12, 2026. Analysts expect revenue of around USD 6.3 billion, compared with approximately USD 5.7 billion in the same quarter last year, which would represent growth of about 10%. Earnings per share (EPS) are projected to reach about USD 5.88, after Adobe reported roughly USD 5.08 per share in the first quarter of 2025 - an increase of around 16% year over year.<\/p>\n\n<p>The expected growth is largely driven by strong demand for Adobe\u2019s subscription-based software solutions as well as the increasing integration of AI features into products such as Creative Cloud and Firefly. Investors will pay close attention to signals regarding the monetization of AI capabilities and the continued development of recurring revenue streams. If Adobe exceeds or misses market expectations, notable share price movements could follow.<\/p>\n\n<p><h3>Mini-Futures<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:false,&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false,&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;67115465&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;],&quot;leverage&quot;:{&quot;min&quot;:4.208,&quot;max&quot;:15.193}}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WwX?language_id=1\" label=\"Discover more leveraged products on Adobe\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div><\/p>","url":"leveraged-ea-adobeQ126","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2026-03-11T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/tkms_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"A Maritime All-Rounder","windowTitle":"ThyssenKrupp Marine Systems","category":"coupon-giant","title":"ThyssenKrupp Marine Systems","body":"<p>The war in the Middle East has once again put defense industry stocks in the spotlight. In terms of stock market history, ThyssenKrupp Marine Systems (TKMS) is among the newest representatives of this segment. Last autumn, the German steel group ThyssenKrupp spun off its shipbuilding division. Since 20 October 2025, TKMS has been listed on the stock exchange as an independent company. The company\u2019s roots go back 185 years. Today, TKMS describes itself as a leading system provider for submarines, surface vessels as well as maritime electronics and security technology. More than 9'100 employees work at the shipyards in Kiel, Wismar and Itajaí (Brazil). They have plenty to do. At the end of 2025, TKMS reported an order backlog of nearly EUR 19 billion. This means the order cushion has more than tripled compared with the level seen in 2020.<\/p>\n\n<h3>Raised Revenue Forecast<\/h3>\n<p>Further lucrative orders could soon be added. Canada intends to strengthen its navy with up to 12 new submarines. Besides TKMS, only the South Korean Hanwha Group remains in the race for this EUR 12 billion contract. \u201cIn India, TKMS has begun final negotiations together with its local partner for an order covering six submarines,\u201d the company added in its latest report. In mid-February, TKMS presented its figures for the first quarter of the 2025/26 financial year (as of 30 September). In addition to the record order backlog, the group reported stable development in both revenue and operating profit (adjusted EBIT level). Looking at the full year, CEO Oliver Burkard raised the company\u2019s guidance. He now expects revenue growth of 2% to 5% for 2025/26. Previously, the targeted range extended from a decline of 1% to an increase of 2%. The outlook for the EBIT margin remains unchanged at above 6%. For comparison: in the first three months of the financial year, the figure reached 4.8%.<\/p>\n\n<div>\n<generic-chart title=\"Order backlog (in EURbn)\">\n  <x-axis categories=\"2020,2024,2025 (per 30.09),2025 (per 31.12)\"/>\n      <chart-column title=\"Order backlog (in EURbn)\" data=\"6,11.8,18.2,18.7\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: TKMS, as of: March 2026<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Short-Term Sideways Movement<\/h3>\n<p>\u201cWe continue to prioritize the positive development and processing of our business with a significant increase in profitability,\u201d CFO Paul Glaser commented on the latest results. This aligns with the company\u2019s medium-term objective: TKMS aims for an adjusted EBIT margin of more than 7%. In addition, revenues \u2013 starting from the 2024/25 period \u2013 are expected to grow by around 10% per year on average. Among investors, the interim report failed to spark major enthusiasm. Instead, the TKMS share price remained stuck in a short-term sideways movement. Since the mid-cap stock first traded in the three-digit range in January 2026, it has been hovering just below the round EUR 100 mark.<\/p>\n\n<div><generic-chart title=\"TKMS: Shareprice (in EUR)\"> \n    <chart-line title=\"TKMS\" path=\"Chart_TKMS.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as of: 10.03.2026<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n\n\n<h3>Two Variants, One Goal<\/h3>\n<p>If this consolidation continues, softcallable barrier reverse convertibles could play to their strengths. Leonteq has launched two new variants on TKMS. In the product currency EUR, investors can count on a fixed coupon payment of 16% p.a. The CHF-denominated counterpart offers a quarterly payout equivalent to 14% p.a. The barrier is uniformly set at 59% of the initial level. As long as the underlying does not fall to or below this level, investors will receive the full nominal amount back at the end of the one-year term. If the barrier is breached, however, the partial protection expires. In that case, the investment would be exposed to the full price risk of TKMS.<\/p>\n\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1525087321\\&quot;\\&quot;CH1525087347\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;couponFrequencies&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n    \n<h3>Traders take note:<\/h3>\n<p>TKMS is among the large universe of underlying assets for Leonteq\u2019s leveraged products. The Zurich-based issuer offers Mini-Futures on the defense stock.<\/p>\n\n<h3>Mini-Futures on TKMS<\/h3>\n\n    <div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:false,&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false,&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;214289266&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;],&quot;leverage&quot;:{&quot;min&quot;:4.337,&quot;max&quot;:9007199254740991}}\" />\n  <\/div>\n\n\n<ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WwS?language_id=1\" label=\"Discover more leveraged products!\"><\/ltq-button>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-tkms","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/tkms_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/tkms_leonteq-structured-products_thumbnail.jpg"},{"date":"2026-03-10T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Q3 Results Ahead: Oracle Benefits from the Cloud and AI Boom","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>Oracle will release its results for the third quarter of fiscal year 2026 on March 10, 2026. Analysts expect revenue of around USD 16.9 billion, compared with approximately USD 14.1 billion in the prior-year quarter, representing an increase of about 20% year over year. Earnings per share (EPS) are projected to reach around USD 1.70, up from roughly USD 1.47 in the third quarter of fiscal year 2025 - a gain of about 16%.<\/p>\n\n<p>The expected growth is primarily driven by continued strong demand for cloud and AI infrastructure, particularly within Oracle Cloud Infrastructure (OCI). Investors will closely watch for signals regarding further cloud momentum and the expansion of data-center capacity. If Oracle beats or misses market expectations, notable share-price movements could follow.<\/p>\n\n<p><h3>Mini-Futures<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:false,&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false,&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;67421901&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;],&quot;leverage&quot;:{&quot;min&quot;:5.542,&quot;max&quot;:23.787}}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wsy?language_id=1\" label=\"Discover more leveraged products on Oracle\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div><\/p>","url":"leveraged-ea-orclQ326","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2026-03-04T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/slb_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"At the Pulse of the Oil Markets","windowTitle":"SLB","category":"underlying-in-focus","title":"SLB","body":"<p>Strictly speaking, there can be no talk of a shortage in the global oil markets. In a forecast published on February 10, 2026, the U.S. Energy Information Administration (EIA) assumes that average global production of the key energy source will reach 107.85 million barrels per day this year \u2013 1.5% more than in 2025. This compares with expected average daily oil consumption of 104.79 million barrels. As a result, global storage levels would increase by around 3 million barrels each day. However, the recent escalation in the Middle East casts serious doubt on the assumption of oversupply. After Israel, together with the United States, attacked Iran, the oil price climbed to its highest level since early 2025. Alongside the commodity itself, sector stocks are moving into focus. This also applies to SLB (formerly Schlumberger).<\/p>\n\n\n<div><generic-chart title=\"SLB (formerly Schlumberger) (in USD)\"> \n    <chart-line title=\"SLB\" path=\"Chart_SLB.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as of March 02, 2026<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Growth Slowdown in the Anniversary Year<\/h3>\n<p>Headquartered in Houston, Texas, the company employs 96,000 people in more than 100 countries. It offers a wide range of technical solutions and services used in the exploration, production and processing of oil and gas. In recent years, the long-established group \u2013 celebrating its 100th anniversary in 2026 \u2013 has benefited from the massive expansion of oil production in the United States. Although revenues in North America rose by a double-digit percentage in 2025, overall group business volume declined slightly. At the same time, operating profit (adjusted EBITDA level) fell noticeably (see chart). Nevertheless, SLB\u2019s latest earnings presentation was well received on Wall Street, mainly because the industry leader exceeded expectations in the fourth quarter of 2025. At 78 US cents, adjusted earnings per share were 4 cents above consensus.<\/p>\n\n<h3>Talks with the White House<\/h3>\n<p>SLB had already been in the spotlight prior to the latest earnings release. The trigger was the arrest of Venezuelan President Nicolas Maduro by US special forces at the beginning of the year. SLB is considered a candidate for rebuilding oil infrastructure in the South American country. According to its own statements, the company is the only international service provider currently active on site. However, business is running at a low level. More than a decade ago, SLB generated peak revenues of over USD 1 billion in Venezuela and employed more than 3,000 people there. The workforce has since shrunk to around 80 positions. According to US President Donald Trump, American companies should soon begin producing oil in Venezuela again. His administration has held talks with SLB and other sector representatives to this end. CEO Olivier Le Peuch stated that SLB could quickly ramp up its activities in the country. However, issues regarding licenses, security and compliance would first need to be clarified.<\/p>\n\n<div>\n<generic-chart title=\"Revenue (in USDbn) and Ebitda-Margin (in %)\">\n  <x-axis categories=\"2020,2021,2022,2023,2024,2025\"/>\n      <chart-column title=\"Revenue (in USDbn)\" data=\"23601,22929,28091,33135,36289,35708\" format=\"number\"/>\n      <chart-line title=\"Ebitda-Margin (in %)\" data=\"18.27,21.48,23.00,24.47,24.99,23.70\" format=\"number\" yAxisRight=\"true\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Refinitiv, as of March 2026<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Attractive Source of Returns<\/h3>\n<p>There is no such need for clarification regarding the terms of the new softcallable barrier reverse convertible on SLB. Leonteq has launched two versions of this popular structure. In the product currency CHF, the guaranteed coupon amounts to 9% p.a. The USD-denominated version offers a coupon that is 300 basis points higher. The barrier is set uniformly at 59% of the initial level. As long as the SLB share does not fall to or below this threshold over the next 18 months, the issuer will repay the nominal amount at 100% \u2013 meaning the investment would generate the maximum return. However, if the barrier is breached, the partial protection lapses. In that case, the BRCs would be fully exposed to the downside risk of SLB\u2019s share price. Please also note the softcallable feature, which allows for early redemption and, if applicable, repayment of this issuance.<\/p>\n\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1525084104\\&quot;\\&quot;CH1525084187\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-slb","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/slb_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/slb_leonteq-structured-products_thumbnail.jpg"},{"date":"2026-03-03T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Earnings Preview: Broadcom with Significant Revenue and EPS Growth","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>Broadcom will publish its results for the first quarter of fiscal year 2026 on March 4, 2026. Analysts expect Broadcom to generate revenue of around USD 19.2 billion. In the same quarter of the previous year (Q1 2025), the company reported revenue of around USD 14.9 billion, representing a significant year-on-year increase of around 29%. At the same time, earnings per share (EPS) are expected to be around USD 2.03, following EPS of around USD 1.60 in the first quarter of 2025 \u2013 an increase of around 27%.<\/p>\n\n<p>The expected growth reflects Broadcom's strong market position in areas such as AI infrastructure, network systems, and storage solutions, which continue to generate high demand. Should Broadcom exceed or disappoint expectations, significant price movements are likely to follow, as investors pay particular attention to indications of demand trends in the cloud and data center segment.<\/p>\n\n<p><h3>Warrants with Knock-Out<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:false,&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false,&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;70590024&quot;],&quot;productTypes&quot;:[&quot;PT_TURBO&quot;],&quot;leverage&quot;:{&quot;min&quot;:2.8609999999999998,&quot;max&quot;:9007199254740991}}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wt6?language_id=1\" label=\"Discover more leveraged products on Broadcom\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div><\/p>","url":"leveraged-ea-avgo26Q1","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2026-03-02T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/fuw_eco-leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Investment product on the FuW-Eco-Portfolio Index NTR","windowTitle":"Invest like the experts","category":"etp","title":"Invest like the experts","body":"<h3>Highlights<\/h3>\n<ul>\n<li>Invest like the experts from CHF 25<\/li>\n<li>An ingenious and sustainable investment: the Eco-Portfolio from \"Finanz und Wirtschaft\"<\/li>\n<li>International equity portfolio with a sustainability strategy<\/li>\n<li>Tradable on SIX Swiss Exchange<\/li>\n<li>ETP+ - Collateralisation powered by SIX<\/li>\n<\/ul>\n<h3>Invest like the experts<\/h3>\n<p>The Eco-Portfolio is the third sample portfolio to be launched and supported by FuW, following the Risk and the Value Portfolios. We are convinced that businesses which contribute to the more sparing use of natural resources should be able to profit financially from this.<\/p> \n<p>The focus is on companies that follow a CO2 reduction strategy. As well as ecological criteria, however, new additions must also meet financial criteria. These include an attractive valuation and solidity in the form of a low debt-to-equity ratio and attractive profitability. <\/p>\n<p>Featuring a selection of twenty equally weighted stocks, the portfolio was launched at the start of June 2020. Swiss and European names are currently over-represented, but there are no regional limitations in principle.<\/p> \n<p>FuW will review the composition of the index on a quarterly basis. Companies which have taken backward steps in sustainability or whose potential for financial performance and price has been exhausted will be replaced.<\/p>\n<h3>Index rebalancing<\/h3>\n<ul>\n<li>The composition of the index is reviewed quarterly by the Index Committee<\/li>\n<li>The Index Committee comprises the FuW editor-in-chief, the heads of department and the relevant editors<\/li>\n<\/ul>\n<p>As of now Leonteq is giving investors a simple, transparent and low-cost opportunity to bring the FuW-Eco-Portfolio into their own investment portfolio by buying the exchange-traded <a href=\"/valor/117179725\" target=\"_blank\" rel=\"noopener\">investment product on the FuW-Eco-Portfolio Index NTR<\/a>. The minimum investment is just CHF 25 and net dividends will be reinvested in the index.<\/p>\n<h3>Investment product on the FuW-Eco-Portfolio Index NTR<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1171797256\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div>\n<p><strong>Management fee: 0.97% p.a.<\/strong><\/p>\n<p><strong>Index Sponsor: Tamedia Finanz und Wirtschaft AG<\/strong><\/p>\n<p><strong>Issuer: Leonteq Securities AG<\/strong><\/p>\n<\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Composition of the FuW-Eco-Portfolio Index NTR<\/h3>\n<div><ltq-table id=\"dividenden-adel-table\" title=\"Composition as of 02.03.2026\"> <template v-slot:default=\"\">\n<thead>\n<tr>\n<th>Index member<\/th>\n<th>Weighting<\/th>\n<th>Sector/activity<\/th>\n<th>Greenhouse gas intensity*<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Belimo (CHF)<\/td>\n<td>2.9%<\/td>\n<td>Construction supplier<\/td>\n<td>734<\/td>\n<\/tr>\n<tr>\n<td>BKW (CHF)<\/td>\n<td>4.5%<\/td>\n<td>Energy<\/td>\n<td>1'106<\/td>\n<\/tr>\n<tr>\n<td>Georg Fischer (CHF)<\/td>\n<td>3.2%<\/td>\n<td>Manufacturing<\/td>\n<td>774<\/td>\n<\/tr>\n<tr>\n<td>Sandoz (CHF)<\/td>\n<td>10.0%<\/td>\n<td>Pharmaceuticals<\/td>\n<td>1'246<\/td>\n<\/tr>\n<tr>\n<td>SGS (CHF)<\/td>\n<td>5.0%<\/td>\n<td>Testing, inspection and certification services<\/td>\n<td>471<\/td>\n<\/tr>\n<tr>\n<td>Swiss Prime Site (CHF)<\/td>\n<td>5.5%<\/td>\n<td>Real Estate<\/td>\n<td>339<\/td>\n<\/tr>\n<tr>\n<td>Zurich Insurance (CHF)<\/td>\n<td>5.2%<\/td>\n<td>Insurance<\/td>\n<td>315<\/td>\n<\/tr>\n<tr>\n<td>GEA (\u20ac)<\/td>\n<td>6.2%<\/td>\n<td>Plant engineering<\/td>\n<td>586<\/td>\n<\/tr>\n<tr>\n<td>Iberdrola (\u20ac)<\/td>\n<td>2.7%<\/td>\n<td>Energy<\/td>\n<td>1'849<\/td>\n<\/tr>\n<tr>\n<td>Nordea (\u20ac)<\/td>\n<td>4.4%<\/td>\n<td>Banking<\/td>\n<td>516<\/td>\n<\/tr>\n<tr>\n<td>Relx (£)<\/td>\n<td>1.5%<\/td>\n<td>Media<\/td>\n<td>383<\/td>\n<\/tr>\n<tr>\n<td>Schneider Electric (\u20ac)<\/td>\n<td>7.3%<\/td>\n<td>Electrical engineering<\/td>\n<td>483<\/td>\n<\/tr>\n<tr>\n<td>Svenska Cellulosa (SEK)<\/td>\n<td>4.0%<\/td>\n<td>Forest products<\/td>\n<td>973<\/td>\n<\/tr>\n<tr>\n<td>Veolia (\u20ac)<\/td>\n<td>4.8%<\/td>\n<td>Energy, water and waste management<\/td>\n<td>1'632<\/td>\n<\/tr>\n<tr>\n<td>Cisco ($)<\/td>\n<td>5.9%<\/td>\n<td>Communications equipment<\/td>\n<td>379<\/td>\n<\/tr>\n<tr>\n<td>Home Depot ($)<\/td>\n<td>1.7%<\/td>\n<td>Home Improvement Stores<\/td>\n<td>552<\/td>\n<\/tr>\n<tr>\n<td>Mastercard ($)<\/td>\n<td>3.5%<\/td>\n<td>Financial services<\/td>\n<td>520<\/td>\n<\/tr>\n<tr>\n<td>NextEra Energy ($)<\/td>\n<td>5.3%<\/td>\n<td>Electric Utilities<\/td>\n<td>2'086<\/td>\n<\/tr>\n<tr>\n<td>Trane Technologies ($)<\/td>\n<td>2.4%<\/td>\n<td>Climate technology<\/td>\n<td>586<\/td>\n<\/tr>\n<tr>\n<td>Union Pacific ($)<\/td>\n<td>2.3%<\/td>\n<td>Transportation<\/td>\n<td>877<\/td>\n<\/tr>\n<tr>\n<td>Waste Management ($)<\/td>\n<td>2.2%<\/td>\n<td>Waste management<\/td>\n<td>3'030<\/td>\n<\/tr>\n<tr>\n<td>Cash Component (CHF)<\/td>\n<td>9.5%<\/td>\n<td>-<\/td>\n<td>-<\/td>\n<\/tr>\n<\/tbody>\n<\/template> <template v-slot:below=\"\"> <LtqCardBody><footer>* Direct (Scope1) and indirect (Scope2 and 3) emissions in million tons CO2 equivalents per million $ sales, according to Inrate modeling<\/footer><footer>Source: Leonteq Securities AG, fuw.ch<\/footer><footer>Historical data is not a reliable indicator of future performance.<\/footer><\/LtqCardBody> <\/template> <\/ltq-table><\/div>\n<h3>About &laquo;Finanz und Wirtschaft&raquo;<\/h3>\n<p>Founded in 1928, <a href=\"http://www.fuw.ch\" target=\"_blank\" rel=\"noopener\">&ldquo;Finanz und Wirtschaft&rdquo;<\/a> (FuW) is targeted at experienced private and professional investors who work in or with global financial markets. The largest business editorial team in Switzerland provides insightful background information on the global economy and events on both national and international stock markets daily for digital channels and twice weekly &ndash; on Wednesdays and Saturdays &ndash; in the newspaper edition. FuW analyses all businesses quoted in Switzerland as well as global companies of significance for investors. In addition to its headquarters in Zurich, the publisher also has dedicated editorial offices in London, New York and Hong Kong.<\/p>\n<div><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"fuw-eco","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/fuw_eco_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/fuw_eco-leonteq-structured-products_thumbnail.jpg"},{"date":"2026-02-27T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/ai_shock_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Leveraged opportunities on both sides of the market","windowTitle":"Volatility from AI","category":"investment-themes","title":"Volatility from AI","body":"<h3>Logistics under scrutiny<\/h3>\n<p>The fears associated with artificial intelligence have now spread from the software to the logistics and financial sectors. Rumours began circulating in the market that someone had built a freight management system in a matter of weeks that delivers similar performance for a fraction of the costs \u2013 without licence fees and with an AI agent at its core. Investors are drawing a simple conclusion: logistics is coordination, coordination is data, and data is a natural breeding ground for AI automation. Platforms that reduce empty runs, increase capacity utilisation and speed up dispatching strike at the heart of the industry. Here too, though, complexity is the protective wall, and established companies form a huge counterweight with their networks, their experience and the trust of their customers. Banks such as ZKB argue along the lines that for large, complex and urgent tasks the edge held by the established players remains intact. And the companies themselves are likewise already using AI to improve processes, not make themselves redundant.<\/p>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2026/ai-volatility?language_id=1\" label=\"Find out more!\"><\/ltq-button><\/div>\n\n<h3>Financial sector wobbling<\/h3>\n<p>The third sector that has since been impacted by the AI shock is the financial industry. Whereas previously it was only insurers, shortly afterwards brokers and asset managers also came under scrutiny. The pattern is repeating itself: AI is lowering transaction and consultancy costs, increasing personalisation and opening up alternative, AI-supported offerings. In Europe, for example, online brokers and asset managers came under pressure following the weakness of US stocks such as Charles Schwab. The brokerage firm Jefferies spoke of a broad sell-off among European online brokers on the back of concerns that margins could also decline here due to AI alternatives. The immediate trigger cited was the introduction of an AI-supported tax planning tool, a product that does not replace a financial system but hits exactly where fee psychology and customer loyalty are sensitive. The experts at the Bank of America, nevertheless, take the view that established financial services providers are exposed to a greater risk of being displaced by competitors who are already making successful use of AI than by a new AI tool itself. The US bank believes that the loyalty of customers and the need for human interaction constitute an important competitive edge. In the capital markets, corporate banking and asset management sectors especially, personal service combined with regulatory requirements form high barriers to market entry.<\/p>\n\n<h3>Tactical trading<\/h3>\n<p>The market is currently pricing in three things simultaneously: business models, investment cycles and capital structures. As long as it is not clear which company is really monetising AI and which is only investing in it, price movements can overreact \u2013 in both directions. That is precisely why the classic buy-and-hold strategy does not suit this volatile environment. Instead, a tactical approach could pay off. Risk-tolerant investors wanting to actively exploit fluctuations can use leveraged products on both the long and the short side. In doing so, it is important to ensure the appropriate risk management and a holding size that is commensurate with the portfolio as a whole. It is in the nature of leveraged instruments, after all, that they present not only huge opportunities but also high risks. One thing that the recent past has shown very clearly is that in the AI era risk arises not just when company figures disappoint, but even simply when a tool is released. That is why it is always essential to stay on guard and follow the flow of news closely.<\/p>\n\n<h3>Broad product selection<\/h3>\n<p>Whether Alphabet, Allianz, Kühne + Nagel, Microsoft, Oracle or UBS, Leonteq\u2019s range of more than 18,000 leveraged products gives traders a broad spectrum of shares in the current \u201chot\u201d sectors of logistics, tech and banking. From mini-futures, warrants and open-end knock-out warrants to other structured solutions for different market phases, investors will find what they need at Leonteq. Thanks to low spreads, market movements can be exploited specifically and at little cost with the various leveraged instruments on both the long and the short side. This enables everyone to implement their individual market expectation efficiently and to remain flexible even amidst the ups and downs.<\/p>\n\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wrl?language_id=1\" label=\"Discover more than 18'000 leveraged prodcuts!\"><\/ltq-button><\/div>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2026/ai-volatility?language_id=1\" label=\"Find out more!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"ai-volatility","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/ai_shock_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/ai_shock_leonteq-structured-products_thumbnail.jpg"},{"date":"2026-02-25T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/cat_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Tradition and Modernity","windowTitle":"Caterpillar","category":"coupon-giant","title":"Caterpillar","body":"<p>Be it Nvidia, Apple, Amazon.com or Microsoft: the Dow Jones Industrial Average Index includes well-known US technology corporations. At the moment, however, a traditional value stock is stealing the show from these growth names: over a one-year period, Caterpillar\u2019s market capitalization has expanded by more than 120%. This makes the construction machinery manufacturer the top performer in the Dow Jones. The surge in the stock, trading under the symbol \u201cCAT,\u201d is indeed linked to a topic that investors usually associate with Nvidia & Co.: artificial intelligence. The AI boom is driving a significant expansion of data center capacity. Caterpillar is benefiting from this trend with gas generators, backup power systems and battery storage solutions. These products come from Caterpillar\u2019s \u201cPower & Energy\u201d division.<\/p>\n\n<div><generic-chart title=\"Shareprice (in USD)\"> \n    <chart-line title=\"Caterpillar\" path=\"Chart_Caterpillar.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as of February 23, 2026<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Negative effect<\/h3>\n<p>In 2025, the division increased revenue by 12% to USD 32.2 billion. The power generation segment in particular recorded strong growth, with sales rising by nearly one third. \u201cPower & Energy\u201d now accounts for almost half of total group revenues, overtaking the core construction equipment business. On the earnings side, Caterpillar was held back in the year of its 100th anniversary by US trade policy. Although the company posted record revenues, operating profit declined by nearly 15% to USD 11.5 billion. The impact of tariffs became evident in production costs, creating an additional burden of more than USD 2.1 billion in 2025. For 2026, the industry giant expects tariff-related costs of USD 2.6 billion.<\/p>\n\n<h3>Strong order backlog<\/h3>\n<p>Whether this forecast will hold following the recent decision by the Supreme Court - which declared most of the tariffs imposed by the Trump administration unconstitutional - remains to be seen. What is certain is that Caterpillar entered the current financial year with a robust order book. At the end of 2025, the company reported orders totaling a record USD 51 billion, 71% more than 12 months earlier. In addition to the thriving \u201cPower & Energy\u201d division, analysts believe the company could also return to growth in its core construction equipment business. Experts point to rising orders from equipment dealers, stabilizing non-residential construction activity and stronger demand for rental equipment.<\/p>\n\n<h3>Alternative investment opportunities<\/h3>\n<p>Despite all the enthusiasm, the Dow Jones highflyer is no longer inexpensive. According to Reuters, Caterpillar is trading at around 33 times expected 2026 earnings. By comparison, the broad-based S&P 500 Index has a forward 12-month price-earnings ratio of 21.5. Against this backdrop, a Barrier Reverse Convertible offers an interesting alternative investment. Investors can count on a fixed coupon payment regardless of further share price performance. The nominal amount offers partial capital protection. A new Softcallable BRC based on Caterpillar offers a yield of 15% per annum in USD. The CHF-denominated equivalent provides an annual coupon of 11%. The barrier is set at 64% of the initial level. As long as Caterpillar does not fall to or below this level over the next 18 months, investors will receive the full nominal amount back. If this condition is not met, the investment would be exposed to the full price risk of the underlying asset.<\/p>\n\n<h3>Callable barrier reverse convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1484588533\\&quot; CH1484588582&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-caterpillar","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/cat_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/cat_leonteq-structured-products_thumbnail.jpg"},{"date":"2026-02-24T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Nvidia Ahead of Earnings: AI Boom Drives Revenue and Profit Higher","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>Nvidia will release its results for the fourth quarter of fiscal year 2026 on February 25, 2026. Analysts expect the company to generate revenue of around USD 65.8 billion, representing a significant increase compared to the prior-year quarter, when Nvidia reported USD 39.3 billion in revenue - a year-over-year growth of roughly 66%. At the same time, earnings per share (EPS) are projected to reach approximately USD 1.53, up from USD 0.89 in Q4 2025 - also a substantial increase of around 70%.<\/p>\n\n<p>These elevated expectations reflect the continued strong demand for Nvidia\u2019s AI infrastructure chips, particularly in the data center segment. Market reaction will largely depend on whether Nvidia meets or exceeds these high forecasts; strong results could further support the stock, while any disappointment may lead to notable price volatility. Leveraged products allow investors to position themselves strategically for potential price swings - whether driven by positive surprises or earnings misses.<\/p>\n\n<p><h3>Mini-Futures<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:false,&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false,&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;67114699&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;],&quot;leverage&quot;:{&quot;min&quot;:6.742,&quot;max&quot;:28.848}}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WrT?language_id=1\" label=\"Discover more leveraged products on Nvidia\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div><\/p>","url":"leveraged-ea-nvda26Q4","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2026-02-18T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/bayer26_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Growing Confidence","windowTitle":"Bayer","category":"underlying-in-focus","title":"Bayer","body":"<p>For a long time, Bayer appeared in the price lists marked in red. Recently, however, the color changed: the perennial problem case received strong tailwinds. Over a three-month period, Bayer shares gained nearly two thirds, outshining all other DAX members. The rally can be traced back to three solid catalysts: a third quarter 2025 that exceeded market expectations operationally, a surprisingly favorable stance by the US government in the Roundup complex, and positive pipeline and regulatory news. Altogether, this fits perfectly into the picture of an accelerating \u201cde-risking\u201d phase \u2013 not because risks are disappearing, but because they suddenly appear more predictable. The scientifically most important price driver is called \u201cAsundexian.\u201d Final study data showed that the blood thinner reduces the risk of a recurrent stroke by 26% without increasing bleeding risk. The company therefore reaffirmed the drug\u2019s blockbuster potential, implying possible annual sales of more than EUR 1 billion. According to management, it is still too early for a precise revenue estimate, as the exact approval conditions and pricing negotiations must first be clarified. However, Bayer is already examining additional indications for the active ingredient. This is an important development, as several of the group\u2019s key revenue drivers are facing increasing pressure from generic competition.<\/p>\n\n<div><generic-chart title=\"Bayer (in EUR)\"> \n    <chart-line title=\"Bayer\" path=\"Chart_Bayer26.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as of February 17, 2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Pharmaceuticals: Focus on growth and margins<\/h3>\n<p>Asundexian is only one source of hope; future growth is also expected to be driven by the cancer drug \u201cNubeqa,\u201d the kidney medicine \u201cKerendia,\u201d the heart treatment \u201cBeyonttra,\u201d and \u201cLynkuet\u201d for menopausal symptoms. By 2027 at the latest, the pharmaceutical division is expected to return to a growth trajectory. The Leverkusen-based company is targeting revenue growth in the mid-single-digit percentage range. An improvement in the operating margin is also anticipated, starting in 2028. By the end of the decade, a margin of 30% is on the agenda. For the completed 2025 financial year, revenue growth of up to 3% is expected, with an operating margin projected between 24% and 26%. The exact figures will be revealed on February 25. On average, analysts expect revenues of up to EUR 48 billion, corresponding to growth of 3%. Operating profit is forecast between EUR 9.7 and 10.2 billion, representing a decline of 4% to an increase of 1% compared to the previous year. Investors will not only examine the historical numbers but will pay particular attention to comments on new growth drivers such as Asundexian. Meanwhile, the Sword of Damocles known as Roundup continues to hang over the German company.<\/p>\n\n<div>\n<generic-chart title=\"Outlook for the 2025 Financial Results \">\n  <x-axis categories=\"Revenue, Ebitda, Earnings per share\">\n      <chart-column title=\"2025 (%F8)\" data=\"47,10,5\" format=\"number\"/>\n      <chart-column title=\"2024\" data=\"46.6,10.1,5.05\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Bayer, as of February 2026<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Glyphosate: Court date in sight<\/h3>\n<p>Speaking of Roundup: in December 2025, the company received tailwinds in the multi-billion-dollar legal dispute over alleged cancer risks of the herbicide from the US government. The Solicitor General recommended that the Supreme Court take up the case. And so it did: in mid-January, the US Supreme Court announced it would fundamentally address the glyphosate dispute. For Bayer, this marked an important interim victory, and management is now hoping for a landmark ruling that could curb the wave of lawsuits over the herbicide. The Supreme Court is expected to clarify whether approval of the product by the US Environmental Protection Agency (EPA) without a cancer warning precludes lawsuits at the state level. A victory for Bayer would mean fewer future lawsuits and a reduced need for provisions; a defeat, however, would increase the likelihood of further, difficult-to-predict court rulings. There is not much time left until the Supreme Court hearing in April 2026 and a possible ruling by June.<\/p>\n\n<h3>Double-digit earnings potential<\/h3>\n<p>Analysts currently rate Bayer shares predominantly as \u201cBuy.\u201d However, the average price target of EUR 41.10 is around one tenth below the current share price. The recent sharp rise has rendered many research forecasts obsolete. This could be a perfect time for yield optimization products such as the new softcallable barrier reverse convertibles. These instruments can turn a pause in the dynamic upward trend into double-digit percentage gains. The CHF-denominated BRC offers a yield of 10.20% p.a. with a maximum maturity of 12 months. On the downside, the capital-protected product leaves room for the underlying to fluctuate. The barrier is set at 55% of the initial level. The EUR-denominated product offers an opportunity of 12.00% p.a. with the same risk buffer. Both securities also feature a softcallable function, which becomes active for the first time after six months and may lead to early redemption. The coupon is paid out quarterly on a pro rata basis.<\/p>\n\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1484589846\\&quot;\\&quot;CH1484589861\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<h3>Igniting the \u201cTurbo\u201d<\/h3>\n<p>Risk-conscious investors can also take a speculative approach using leveraged products. Leonteq\u2019s product range includes a wide variety of mini-futures, warrants, and knock-out warrants on Bayer, enabling disproportionate participation. Both long and short positioning are possible, meaning investors can bet on rising as well as falling prices. These leveraged products are traded either on SIX Structured Products or on BX Swiss.<\/p>\n\n<h3>Leveraged products on Bayer<\/h3>\n    <div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:false,&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false,&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;67108927&quot;],&quot;productTypes&quot;:[&quot;PT_WARRANT&quot;],&quot;marketVenues&quot;:[&quot;SIX&quot;],&quot;finalFixingDateMonths&quot;:[&quot;2026-09&quot;,&quot;2026-06&quot;,&quot;2026-12&quot;]}\" />\n  <\/div>\n    \n<div>\n    <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wwl?language_id=1\" label=\"Discover more leveraged products!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-bayer26","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/bayer26_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/bayer26_leonteq-structured-products_thumbnail.jpg"},{"date":"2026-02-17T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Record Revenue in Sight? Pan American Silver Set to Report Q4 Results","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>Pan American Silver will publish its results for the fourth quarter of 2025 on February 18, 2026. Analysts expect revenues of around USD 1.1 billion for the fourth quarter of 2025, following USD 815.1 million in the same quarter of the previous year. This represents a significant increase of approximately 35% year-on-year. Analysts also expect earnings per share (EPS) to improve significantly compared to the fourth quarter of 2024, supported by higher precious metal prices and solid production performance. The strong revenue momentum reflects in particular the continuing robust market environment for silver and gold. Accordingly, the market reaction is likely to depend on whether Pan American Silver can meet or exceed the high expectations.<\/p>\n\n<p>If Pan American Silver exceeds or falls short of consensus estimates, share prices could react accordingly with volatility. Investors can position themselves accordingly with leveraged products.<\/p>\n\n<p><h3>Mini-Futures<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:false,&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false,&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;70133022&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;],&quot;leverage&quot;:{&quot;min&quot;:4.6,&quot;max&quot;:11.971}}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wvt?language_id=1\" label=\"Discover more leveraged products on Pan American Silver\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div><\/p>","url":"leveraged-ea-paas","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2026-02-13T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/saw_gold_bitcoin_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"ETP+ on new SaW SmartAdapt Portfolios","windowTitle":"Intelligent Investment","category":"investment-themes","title":"Intelligent Investment","body":"<p>More than one million readers pick up the \u201cSchweiz am Wochenende\u201d (SaW) on a regular basis. As well as international issues, op-eds, business and sport, one speciality of the newspaper is its focus on the different regions of Switzerland. Private investors do not do badly either: last autumn, the country\u2019s highest-circulation weekend paper gave this group access to special financial technology. The first SaW SmartAdapt portfolios were launched on the back of its initiative. The brains behind these solutions are Stefan Buck and Tobias Setz, co-founders of Zurich asset manager Adaptivv. \u201cWe designed the SaW SmartAdapt products for all investors looking for a simple but highly professional solution for building wealth,\u201d explained Buck, CEO of the independent asset manager, in interview with the SaW. According to his colleague and CIO Tobias Setz, achieving a quick profit is not the primary goal. Rather, it is to offer a disciplined, cost-efficient strategy that adapts automatically to changing market conditions. \u201cOver years and decades, with the central element of bandwidth control,\u201d Setz adds.<\/p>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2026/etp-plus-on-new-saw-smartadapt-portfolios?language_id=1\" label=\"Find out more!\"><\/ltq-button><\/div>\n\n<h3>Equities, gold \u2013 and Bitcoin<\/h3>\n<p>The spectrum of investments has recently been expanded. Among the new arrivals is the SaW SmartAdapt Portfolio Offensiv Bitcoin/Gold. It aims to achieve long-term growth through a strong bias towards equites, with 80% of the portfolio being invested in this asset class. Half of these are Swiss shares, enabling investors to profit from the stability and quality of the domestic capital market. The remaining 40% in the equity component is made up of international companies. The second element consists of gold and Bitcoin. These two stores of value contribute one fifth of the overall portfolio. Within this quota, the weighting between gold and Bitcoin is adjusted weekly. This is where the Adaptivv Sensor comes into play. The technology puts market risks such as trend, volatility and structural shifts under the microscope. The data is then used to adjust the weighting between gold and Bitcoin automatically. A historic simulation shows that the Bitcoin allocation rises in strong phases, while gold gains importance in times of uncertainty.<\/p>\n\n<div>\n<generic-chart title=\"SaW SmartAdapt Portfolio Offensiv Bitcoin/Gold\">\n  <x-axis categories=\"Simulation of the annual returns (in %)\"/>\n      <chart-column title=\"2019,2020,2021,2022,2023,2024,2025\" data=\"29.56,24.43,29.43,-19.94,15.06,31.26,8.45\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Adaptivv Financial Technologies AG, as of December 2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n\n<h3>Equities, gold \u2013 and innovation<\/h3>\n<p>Another addition is the SaW SmartAdapt Portfolio Offensiv Innovation/Gold. Instead of Bitcoin, the dynamic component includes international innovation shares. These are companies which are expected to profit from long-term structural trends and innovation, chief among these being artificial intelligence, quantum computing and related technological developments. The aim is to exploit their potential in strong phases and use gold as a proven diversifier in more turbulent times. Control is exercised by the Adaptivv Sensor. Both portfolios are realised with the aid of cost-efficient instruments traded on the stock market. As soon as ETFs are employed, the share of such a passive fund per rebalancing is limited to a maximum 30%. A historic simulation was created for both concepts. The SaW SmartAdapt Portfolio Offensiv Bitcoin/Gold delivered a total return of more than 170% since the start of 2019. Meanwhile, the value of the SaW SmartAdapt Portfolio Offensiv Innovation/Gold has more or less doubled. It goes without saying that backtesting is no guarantee for future results. Furthermore, the portfolios are subject to considerable fluctuations in value (see graphs). That makes the long-term approach of these investment ideas all the more important.<\/p>\n\n<div>\n<generic-chart title=\"SaW SmartAdapt Portfolio Offensiv Innovation/Gold\">\n  <x-axis categories=\"Simulation of the annual returns (in %)\"/>\n      <chart-column title=\"2019,2020,2021,2022,2023,2024,2025\" data=\"26.78,7.96,22.76,-18.58,10.22,18.83,10.71\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Adaptivv Financial Technologies AG, as of December 2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Robust structure, low costs<\/h3>\n<p>Leonteq has launched an ETP+ on both strategies. There is no term limit on the participation products, and they can be traded daily on the SIX Swiss Exchange and the BX Swiss. The collateral deposited for each ETP+ is the best possible way to reduce the issuer risk for investors. As soon as the equity components yield dividends, they are reinvested in the products, increasing their value. The ETP+s also score for their low costs, with a total expense ratio (TER) of 0.80%. For this modest fee investors receive access to innovative and diversified portfolios. The broad mix of equity investments focused on Switzerland is combined with flexible, scientifically based control. At the same time, the initiators make no bones about the risks. Put simply, there is no technology that investors only turn to when things are going well. \u201cThe Adaptivv Sensor tries to minimise the losses within the bandwidths,\u201d Tobias Setz emphasises.<\/p>\n\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1505568977 \\&quot;, \\&quot;CH1505568985\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2026/etp-plus-on-new-saw-smartadapt-portfolios?language_id=1\" label=\"Find out more!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"etp-plus-on-new-saw-smartadapt-portfolios","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/saw_gold_bitcoin_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/saw_gold_bitcoin_leonteq-structured-products_thumbnail.jpg"},{"date":"2026-02-11T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/oracle_2026_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"A Billion-Dollar Bet with Question Marks","windowTitle":"Oracle","category":"coupon-giant","title":"Oracle","body":"<p>Software stocks are currently under pressure worldwide. What for years was considered a reliable growth story is now being reassessed in light of the rapid advances in artificial intelligence. Investors are questioning which business models can sustainably endure in an AI-driven world - and whether the massive investments made by corporations will ultimately pay off. In this environment, Oracle\u2019s stock has also taken a heavy hit: measured from its peak in September 2025, the company\u2019s market value has now fallen by more than half. The share price decline reflects the skepticism of many investors. For decades, Oracle was associated with the rather unvisionary business of traditional database and enterprise applications, before surprising the market with massive spending on cloud and AI initiatives, triggering a wave of enthusiasm. This is precisely where the current debate begins: Can the company truly keep pace in an era of generative AI and hyperscaling cloud platforms? While some investors increasingly seem to answer this question in the negative, management is sending a different signal. Oracle does not want to slow down, but rather accelerate - and is digging deep into its pockets to do so. An additional USD 50 billion is to be raised through bonds and equity to finance new AI data centres.<\/p>\n\n<div><generic-chart title=\"Oracle: Share price (in USD)\"> \n    <chart-line title=\"Oracle\" path=\"Chart_Orcl.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as of February 10, 2026<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Disappointing Interim Results<\/h3>\n<p>This leads to the next stumbling block: the resulting increase in debt has irritated investors. Moreover, the recent operating performance has also dampened sentiment. In the second quarter of fiscal year 2026, revenue grew by just 14%, driven primarily by the cloud business and recurring software revenues. Traditional licence revenues, by contrast, remained under pressure - though this is not surprising given the structural shift in the business model. Operating profit increased by only around 10%, lagging revenue growth and leading to a decline in margins. Overall, Oracle failed to meet the market\u2019s high expectations with its latest results, triggering a double-digit percentage drop in the share price on the day.<\/p>\n\n<h3>On the Path to Becoming a Cloud Giant<\/h3>\n<p>Despite short-term skepticism, Oracle is increasingly positioning itself as a provider of high-performance cloud infrastructure for data- and AI-intensive applications, and its ambitions are substantial. By 2030, the company expects the bulk of its growth to come from cloud services, particularly infrastructure. The hope is that economies of scale and long-term customer contracts will enable margins to recover over the medium term. Expressed in figures, the long-term plans are striking: by the end of the decade, Oracle aims to generate USD 166 billion in revenue from cloud infrastructure, implying annual growth of 75% over the next five years. Total group revenues are projected to reach USD 225 billion by that time. A key contributor to this growth is expected to be the recent deal with ChatGPT developer OpenAI. Together, the companies are working on a USD 500 billion project involving the construction of five new data centres. Management has also indicated that it expects adjusted gross margins of between 30% and 40% in the provision of AI cloud infrastructure. In areas such as traditional cloud software and enterprise infrastructure, margins of 65% to 80% are considered achievable. Ultimately, however, the valuation question remains. Following the sharp price decline, the stock is now trading at significantly lower levels. Yet this discount reflects uncertainty: investors must believe that today\u2019s multi-billion-dollar investments will form the foundation for sustainable long-term growth. In addition, the cost of insuring Oracle\u2019s debt via credit default swaps (CDS) rose to its highest level since the 2009 financial crisis at the end of 2025. Oracle thus exemplifies a broader industry dilemma: high leverage, short-term margin pressure, and a major bet on an AI-driven future.<\/p>\n\n<h3>BRCs with Different Structural Profiles<\/h3>\n<p>The analyst community still appears to be hoping for a \u201cgolden\u201d future. The average price target for Oracle shares currently stands at USD 275, implying almost a doubling from today\u2019s level. However, sentiment remains severely depressed, making a rapid turnaround seem unlikely. The good news for investors is that the world of structured products offers suitable solutions for virtually every scenario. Leonteq provides options for skeptics, neutral investors, and optimists alike. Two new classic Barrier Reverse Convertibles (BRCs) as well as two inverse BRCs are currently available. The standard BRCs each offer a comfortable downside buffer of 50%, while the guaranteed coupons differ by currency. The CHF-denominated product pays a quarterly coupon equivalent to 11.00% p.a., while the USD version offers an attractive 15.00% p.a. These instruments are therefore designed to deliver double-digit returns in a sideways market for the underlying asset. Investors who see a greater risk of a prolonged correction can implement a partially protected \u201cshort\u201d strategy using inverse BRCs. The structure is just as effective as that of classic Barrier Reverse Convertibles, with guaranteed coupon payments distributed quarterly. These products are also offered in two currencies: the Swiss franc version offers a coupon of 14.00% p.a., while the US dollar tranche yields as much as 17.00% p.a. The key difference compared with a conventional BRC lies in the barrier, which is set above the current share price. This means that the nominal value - and thus the maximum potential return - is only at risk if the Oracle share price rises sharply. The barrier level is set at 150%. Risk-seeking traders, whether bullish or bearish, can also find opportunities in the broad range of leveraged products. A total of more than 100 instruments are available, ranging from Warrants and Knock-Out Warrants to Mini-Futures, enabling both long and short strategies to be implemented efficiently.<\/p>\n\n<h3>Inverse Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1484587758\\&quot; \\&quot;CH1484587766\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<h3>Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1484586966\\&quot;\\&quot;CH1484586974\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<h3>Leveraged Products on Oracle<\/h3>\n\n    <div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:false,&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false,&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;67421901&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;],&quot;leverage&quot;:{&quot;min&quot;:4.13,&quot;max&quot;:13.808}}\" />\n  <\/div>\n    \n<ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wsy?language_id=1\" label=\"Discover more leveraged products!\"><\/ltq-button>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-oralce26","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/oracle_2026_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/oracle_2026_leonteq-structured-products_thumbnail.jpg"},{"date":"2026-02-10T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Commerzbank Earnings Ahead: Market Expects Solid Revenue Growth","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>Commerzbank will publish its results for the fourth quarter of 2025 on February 11, 2026. Analysts expect revenues of around EUR 3.1 billion, up from around EUR 3.0 billion in the same quarter of the previous year, which would represent a slight increase. Earnings per share (EPS) are expected to be around EUR 0.498, compared with EUR 0.58 in the fourth quarter of 2024 \u2013 a decline of around 14%.<\/p>\n\n<p>The expected growth reflects the continued robust development in customer business, stable interest and commission income, and consistent cost control. If Commerzbank exceeds or falls short of market expectations, corresponding price movements are likely to follow, as investors will pay particular attention to the outlook for 2026 and the sustainability of earnings development.<\/p>\n\n<p><h3>Mini-Futures<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:false,&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false,&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;67108929&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;],&quot;searchable&quot;:true,&quot;leverage&quot;:{&quot;min&quot;:2.8,&quot;max&quot;:12.937}}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wv8?language_id=1\" label=\"Discover more leveraged products on Commerzbank\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div><\/p>","url":"leveraged-ea-cbk","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2026-02-06T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Robinhood Ahead of Earnings: Market Expects Higher Revenue but Lower EPS","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>Robinhood Markets will release its results for the fourth quarter of 2025 after market close on February 10, 2026. Analysts expect revenue of around USD 1.4 billion, up from approximately USD 1.0 billion in the same quarter last year, representing solid growth. Earnings per share (EPS) are forecast at about USD 0.64, compared with USD 1.01 in the exceptionally strong prior-year quarter.<\/p>\n\n<p>Overall, the outlook points to rising revenues alongside a normalized earnings level, with the market reaction likely to depend heavily on developments in the trading and crypto businesses. If Robinhood beats or misses expectations, the stock could see heightened volatility, as investors will closely watch signals on trading volumes and monetization trends. Leveraged products may allow investors to position themselves for potential price swings - whether driven by positive surprises or disappointments.<\/p>\n\n\n<h3>Warrants<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:false,&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false,&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;153576694&quot;],&quot;productTypes&quot;:[&quot;PT_WARRANT&quot;],&quot;finalFixingDateMonths&quot;:[&quot;2026-06&quot;]}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wrq?language_id=1\" label=\"Discover more leveraged products on Robinhood\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"leveraged-ea-hood","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2026-02-04T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/julius+baer+2026_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Balance Sheet of the Transition","windowTitle":"Julius Bär","category":"underlying-in-focus","title":"Julius Bär","body":"<p>At the beginning of 2025, Stefan Bollinger took over the position of CEO at Julius Bär. Over the subsequent 13 months, the top executive repositioned the private bank. The focus was on cleaning up legacy issues, reducing risks, cutting costs, and identifying new growth opportunities. Unsurprisingly, this \"clean-up\" is reflected in the Zurich-based wealth manager's 2025 results: adjusted group profit fell by 16% to CHF 877.8 million. Nevertheless, Julius Bär performed better than expected. Analysts had forecast an adjusted profit of CHF 823 million on average. A key burden proved to be losses related to the collapse of the Austrian real estate group Signa. Julius Bär booked net credit loss provisions of CHF 213 million for 2025. In addition, the sale of the Brazilian business weighed on earnings.<\/p>\n\n<div>\n<generic-chart title=\"Assets under Management (in bn. CHF)\">\n  <x-axis categories=\"2015,2016,2017,2018,2019,2020,2021,2022,2023,2024,2025\"/>\n      <chart-column title=\"Assets under Management (in bn. CHF)\" data=\"300,336,388,382,426,434,482,424,427,497,521\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Refinitiv, as of January 2026<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Solid Net New Money Inflows<\/h3>\n<p>\u201cAll in all, 2025 was a successful transition year, and we are now well positioned to achieve our mid-term targets,\u201d Stefan Bollinger commented on the latest results. Julius Bär reached a new record in assets under management (AuM). Assets under management increased by just under 5% to CHF 521 billion over the past year. The company benefited from rising equity markets as well as solid net new money inflows. In total, Julius Bär attracted CHF 14.4 billion in 2025, 2.9% more than in the previous year. According to a media release, inflows mainly came from key markets in Asia, Western Europe and the Middle East. The increased focus on lower-risk client portfolios likely dampened growth, as management had originally targeted a 3% increase in net inflows. \u201cWe are now fully focused on achieving profitable growth and driving forward our strategic transformation,\u201d the CEO said, looking ahead.<\/p>\n\n<h3>Delayed Enthusiasm<\/h3>\n<p>In June 2025, Bollinger presented a strategy update including mid-term targets. By 2028, he aims to achieve net new money growth of 4 to 5%. While Julius Bär still needs to gain momentum in this area, the targeted cost/income ratio of below 67% is within reach. In 2025, the ratio of expenses to income stood at 67.6%. The adjusted return on CET1 capital (RoCET1) is expected to exceed 30% over the 2026\u20132028 cycle. Excluding credit losses, this profitability metric reached 28% in the past year. In the stock market, the results and the confirmed targets were received positively, albeit with some delay. After a weak start to the week, Julius Bär shares turned higher. While the SMIM stock managed to break above the horizontal resistance at CHF 65, the next technical hurdle already awaits in the CHF 67/68 range.<\/p>\n\n<div><generic-chart title=\"Julius Bär: Share price (in CHF)\"> \n    <chart-line title=\"Julius Bär\" path=\"Chart_JB26-new2.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as of February 2, 2026<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Broad Selection<\/h3>\n<p>With the new soft-callable barrier reverse convertible, an attractive return is possible even if Julius Bär remains in a broader sideways trend. Investors receive a coupon payment of 8.20% p.a., regardless of further price developments. The nominal amount offers partial capital protection: as long as the underlying does not fall to or below the barrier of 64% of the initial level, Leonteq will repay the full capital at maturity. If this scenario does not materialise, redemption would be linked to the price performance of Julius Bär shares. The mid-cap stock is also of interest to traders, who can take short-term positions using leveraged products. Leonteq trades a total of more than 120 Mini-Futures, Warrants and Knock-Out Warrants on Julius Bär on SIX Swiss Exchange and BX Swiss. These include both long products, or calls, as well as shorts (puts).<\/p>\n\n<h3>Callable barrier reverse convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1484582445\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<h3>Leveraged products on Julius Bär<\/h3>\n\n    <div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:false,&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false,&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;67569299&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;],&quot;leverage&quot;:{&quot;min&quot;:4.583,&quot;max&quot;:9007199254740991}}\" />\n  <\/div>\n    \n<ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wv3?language_id=1\" label=\"Discover more leveraged products!\"><\/ltq-button>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-baer","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/julius+baer+2026_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/julius+baer+2026_leonteq-structured-products_thumbnail.jpg"},{"date":"2026-02-03T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"AMD Ahead of Q4 Results: Significant Revenue and Earnings Growth Expected","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<div>AMD will release its results for the fourth quarter of 2025 after the market close on February 3, 2026. Analysts expect revenue of around USD 9.6 billion, compared with approximately USD 7.7 billion in the prior-year quarter, which would represent growth of about 25%. Earnings per share (EPS) are forecast at around USD 1.32, up from USD 1.09 in the fourth quarter of 2024 - also a solid increase.<\/div>\n\n<p>The strong expected gains reflect continued demand for high-performance and AI chips, particularly in the data center and cloud infrastructure segments, where AMD\u2019s EPYC processors and GPU products are competitively positioned. Should AMD beat or miss consensus estimates, the stock could react with increased volatility. Using leveraged products, investors can position themselves accordingly.<\/p>\n\n<p><h3>Leverage Products<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                      \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:true,&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false,&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;67114691&quot;],&quot;productTypes&quot;:[&quot;PT_WARRANT&quot;],&quot;searchable&quot;:true,&quot;marketVenues&quot;:[&quot;SIX&quot;],&quot;finalFixingDateMonths&quot;:[&quot;2026-09&quot;]}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wv2?language_id=1\" label=\"Discover more Leveraged Products on AMD\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div><\/p>","url":"leveraged-ea-amd25","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2026-02-02T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/fuw_value-leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Invest like the experts","windowTitle":"FuW-Value-Portfolio Index NTR","category":"etp","title":"FuW-Value-Portfolio Index NTR","body":"<h3>Highlights<\/h3>\n<ul>\n   <li>Invest like the experts from CHF 25<\/li>\n   <li>Known portfolio of the editors of «Finanz und Wirtschaft»<\/li>\n   <li>International equity portfolio with a focus on Europe and North America<\/li>\n   <li>Tradable on SIX Swiss Exchange<\/li>\n   <li>ETP+ - Collateralisation powered by SIX<\/li>\n<\/ul>\n<h3>Invest like the experts<\/h3>\n<p>The FuW-Value-Portfolio Index NTR tracks the model FuW-Value-Portfolio published regularly in the Swiss <a href=\"https://www.fuw.ch/\" target=\"_blank\" rel=\"noopener\" title=\"&laquo;Finanz und Wirtschaft&raquo;\">&laquo;Finanz und Wirtschaft&raquo;<\/a> newspaper. The index replicates investment in global value stocks (focusing on North America and Europe) from all sectors and with a medium to long-term investment horizon. The composition of the index is reviewed quarterly by the Index Committee created specifically for that purpose. The Index Committee comprises the FuW editor-in-chief, the heads of department and the relevant editors. The allocation decisions are taken by the index sponsor using a proprietary model that is based on fundamental analysis and aims to achieve a better risk and return profile than the S&amp;P 500, the STOXX EUROPE 50 and the Swiss Market Index.<\/p>\n<div>\n   <ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2019/fuw-value-index?language_id=1\" label=\"Get more information here!\"><\/ltq-button>\n<\/div>\n<h3>Index rebalancing<\/h3>\n<ul>\n   <li>The composition of the index is reviewed quarterly by the Index Committee<\/li>\n   <li>The Index Committee comprises the FuW editor-in-chief, the heads of department and the relevant editors<\/li>\n<\/ul>\n<p>As from now, Leonteq is offering investors a simple, transparent and low-cost way of bringing the FuW-Value-Portfolio into their own custody account by purchasing the <a href=\"/isin/CH1171797249\" target=\"_blank\" rel=\"noopener\">investment product on the FuW-Value-Portfolio Index NTR<\/a> &ndash; and from an investment of as little as CHF 25. Net dividends will be reinvested in the index.<\/p>\n<h3>Tracker Certificate on the FuW-Value-Portfolio Index NTR<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1171797249\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div>\n    <p><strong>Management fee: 0.92% p.a.<\/strong><\/p>\n    <p><strong>Index Sponsor: Tamedia Finanz und Wirtschaft AG<\/strong><\/p>\n    <p><strong>Issuer: Leonteq Securities AG<\/strong><\/p>\n<\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Composition of the FuW-Value-Portfolio Index NTR<\/h3>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;CANADIAN DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:7.4382E-4,&quot;currency&quot;:&quot;CAD&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;SWISS FRANC&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.01821866,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;EURO&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00502569,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;US DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00318509,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ACCENTURE PLC-CL A&quot;,&quot;sophisInternalId&quot;:67239484,&quot;currentPrice&quot;:224.92,&quot;weight&quot;:0.01920697,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;AIR LIQUIDE SA&quot;,&quot;sophisInternalId&quot;:67109424,&quot;currentPrice&quot;:173.04,&quot;weight&quot;:0.03804668,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ALCON INC&quot;,&quot;sophisInternalId&quot;:128045195,&quot;currentPrice&quot;:55.12,&quot;weight&quot;:0.02687239,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ALPHABET INC-CL A&quot;,&quot;sophisInternalId&quot;:67114265,&quot;currentPrice&quot;:349.22,&quot;weight&quot;:0.06411417,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;AMCOR PLC&quot;,&quot;sophisInternalId&quot;:134061732,&quot;currentPrice&quot;:43.74,&quot;weight&quot;:0.03019501,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;AMRIZE LTD&quot;,&quot;sophisInternalId&quot;:208105951,&quot;currentPrice&quot;:30.84,&quot;weight&quot;:0.02042262,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;APPLE INC-REG&quot;,&quot;sophisInternalId&quot;:67141301,&quot;currentPrice&quot;:342,&quot;weight&quot;:0.04532997,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;APPLIED MATERIALS INC&quot;,&quot;sophisInternalId&quot;:67375507,&quot;currentPrice&quot;:430.01,&quot;weight&quot;:0.07559705,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;AXA SA&quot;,&quot;sophisInternalId&quot;:67109410,&quot;currentPrice&quot;:42.85,&quot;weight&quot;:0.03805983,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BURCKHARDT COMPRESSION HOLDI&quot;,&quot;sophisInternalId&quot;:67109057,&quot;currentPrice&quot;:478.5,&quot;weight&quot;:0.02053503,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CCL INDUSTRIES INC - CL B&quot;,&quot;sophisInternalId&quot;:171939155,&quot;currentPrice&quot;:96.75,&quot;weight&quot;:0.03326664,&quot;currency&quot;:&quot;CAD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;COCA-COLA CO/THE&quot;,&quot;sophisInternalId&quot;:67144888,&quot;currentPrice&quot;:92,&quot;weight&quot;:0.04301718,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;COMET HOLDING AG-REG&quot;,&quot;sophisInternalId&quot;:67109029,&quot;currentPrice&quot;:318,&quot;weight&quot;:0.03478605,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;COMPAGNIE DE SAINT-GOBAIN&quot;,&quot;sophisInternalId&quot;:67109415,&quot;currentPrice&quot;:66.54,&quot;weight&quot;:0.03085769,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CORTEVA INC&quot;,&quot;sophisInternalId&quot;:129433657,&quot;currentPrice&quot;:12.88,&quot;weight&quot;:0.00582733,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;EIFFAGE&quot;,&quot;sophisInternalId&quot;:67120346,&quot;currentPrice&quot;:100.75,&quot;weight&quot;:0.03027594,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;FINNING INTERNATIONAL INC&quot;,&quot;sophisInternalId&quot;:71209296,&quot;currentPrice&quot;:102.2,&quot;weight&quot;:0.05451201,&quot;currency&quot;:&quot;CAD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;FISCHER (GEORG)-REG&quot;,&quot;sophisInternalId&quot;:67109023,&quot;currentPrice&quot;:58.1,&quot;weight&quot;:0.03741272,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;GIVAUDAN-REG&quot;,&quot;sophisInternalId&quot;:67109072,&quot;currentPrice&quot;:3935,&quot;weight&quot;:0.05307248,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;HEINEKEN NV&quot;,&quot;sophisInternalId&quot;:67109622,&quot;currentPrice&quot;:74.78,&quot;weight&quot;:0.02522203,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;LVMH MOET HENNESSY LOUIS VUITTON&quot;,&quot;sophisInternalId&quot;:67109417,&quot;currentPrice&quot;:398.3,&quot;weight&quot;:0.01624085,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MICROSOFT CORP&quot;,&quot;sophisInternalId&quot;:67114739,&quot;currentPrice&quot;:539.44,&quot;weight&quot;:0.05697062,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NESTLE SA-REG&quot;,&quot;sophisInternalId&quot;:67108967,&quot;currentPrice&quot;:81.07,&quot;weight&quot;:0.02839039,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SGS SA-REG&quot;,&quot;sophisInternalId&quot;:67109174,&quot;currentPrice&quot;:98.7,&quot;weight&quot;:0.03641957,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SIKA AG-BR&quot;,&quot;sophisInternalId&quot;:67109118,&quot;currentPrice&quot;:181.35,&quot;weight&quot;:0.0311337,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;THERMO FISHER SCIENTIFIC INC&quot;,&quot;sophisInternalId&quot;:67114525,&quot;currentPrice&quot;:696.49,&quot;weight&quot;:0.04386576,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;VYLOR INC&quot;,&quot;sophisInternalId&quot;:237249794,&quot;currentPrice&quot;:73.34,&quot;weight&quot;:0.03317605,&quot;currency&quot;:&quot;USD&quot;}]\"><\/AmcComposition>\n  <\/div>\n<h3>About «Finanz und Wirtschaft»<\/h3>\n<p>Founded in 1928, <a href=\"http://www.fuw.ch\" target=\"_blank\" rel=\"noopener\">&ldquo;Finanz und Wirtschaft&rdquo;<\/a> (FuW) is targeted at experienced private and professional investors who work in or with global financial markets. The largest business editorial team in Switzerland provides insightful background information on the global economy and events on both national and international stock markets daily for digital channels and twice weekly &ndash; on Wednesdays and Saturdays &ndash; in the newspaper edition. FuW analyses all businesses quoted in Switzerland as well as global companies of significance for investors. In addition to its headquarters in Zurich, the publisher also has dedicated editorial offices in London, New York and Hong Kong.<\/p>\n<div>\n   <ltq-button color=\"primary\" url=\"https://ch.leonteq.com/de/news-and-media/news/investment-themes/2019/fuw-value-index?language_id=1\" label=\"Get more information here!\"><\/ltq-button>\n<\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"fuw-value","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/fuw_value-leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/fuw_value-leonteq-structured-products_thumbnail.jpg"},{"date":"2026-01-30T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/etpplus_silver_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"ETP+ on Silver CHF Hedged Index","windowTitle":"Swiss Franc strength ignored","category":"investment-themes","title":"Swiss Franc strength ignored","body":"<h3>Sweeping blow in Davos<\/h3>\n<p>Donald Trump\u2019s speech at the 2026 WEF in Davos lasted more than 70 minutes. As usual, the US president did not hold back on the superlatives. \u201cGrowth is exploding, productivity is surging, investment is soaring, incomes are rising, inflation has been defeated,\u201d he said about the world\u2019s largest economy right at the start of his address. As so often, he also levelled some rather malicious criticism at his predecessor, Joe Biden, and Europe. From a geopolitical standpoint, the USA\u2019s desire to buy the polar island of Greenland was the focus of Trump\u2019s appearance. Here he struck a somewhat more conciliatory tone. \u201cI don't want to use force. I won\u2019t use force,\u201d Trump said, to the relief of his audience. On the capital markets, however, the US president\u2019s flying visit to Switzerland did little to change the prevailing mood that has been in place for some time: investors are steering for \u201csafe havens\u201d.<\/p>\n\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2026/etp-plus-silver-hedged-index?language_id=1\" label=\"Find out more!\"><\/ltq-button><\/div>\n\n<h3>Enormous currency effect<\/h3>\n<p>As the chief representatives of this form of investment, gold and silver reached new highs during and after the WEF. Silver in particular is in demand: since the turn of the year alone, the price of a troy ounce has risen by more than half, with the price exceeding the USD 100 mark for the first time. In addition to its safe haven status, the price is being driven by strong net inflows into physically-backed investment products together with the resulting scarcity of the metal. For those who invest in silver using Swiss francs, there remains one downside, however: they have been unable to fully capitalise on the rally. The fact that the domestic currency is also considered a safe haven is putting a spoke in their wheels. As the franc has appreciated markedly against the US dollar, the currency in which the commodity is traded, the price of silver expressed in Swiss francs is lagging behind the USD price.<\/p>\n\n<h3>Sensible addition<\/h3>\n<p>Leonteq is addressing this problem with the new Silver CHF Hedged Index. This underlying enables a Swiss franc-denominated exposure to the precious metal in which fluctuations in the index currency against the US dollar are excluded by means of a hedging mechanism. Access to the silver market is gained via futures contracts, with the underlying future being changed every two months. The currency is hedged daily. Leonteq enables investment in the Silver CHF Hedged Index through an exchange-traded product. The ETP can already be traded on the BX Swiss and the SIX Swiss Exchange. Alongside a high liquidity, the participation certificate also has a particularly robust structure: each ETP is backed by collateral. The pledge is held by SIX SIS AG, where SIX Repo AG monitors the funds placed and acts as the investors\u2019 representative in that regard. Should Leonteq enter into payment difficulties (default), SIX Repo could realise the pledge in favour of the product owners.<\/p>\n\n<h3>Mixed duo<\/h3>\n<p>Despite the strengths outlined, the management fee for the ETP+ on the Silver CHF Hedged Index is just 0.20% p.a. In return for this charge, investors are given an opportunity to play the \u201csilver card\u201d without having to worry about where to keep the precious metal. By the way, Leonteq\u2019s products already include a similarly effective solution for gold. The ETP+ on the Gold CHF Hedged Index has been traded on the two exchanges since autumn 2024. The latest issue completes the range, bringing gold and silver together in a robust package for Swiss investors who believe that precious metals will continue to rise in price, but who want to be able to ignore the Swiss franc-dollar exchange rate.<\/p>\n\n<h3>ETP+ on Silver CHF Hedged Index<\/h3>\n\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1505562756\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><price-chart isin=\"CH1505562756\"><\/price-chart><\/div>\n<div>  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2026/etp-plus-silver-hedged-index?language_id=1\" label=\"Find out more!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"etp-plus-silver-hedged-index","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/etpplus_silver_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/etpplus_silver_leonteq-structured-products_thumbnail.jpg"},{"date":"2026-01-28T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rare_earths_usa_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Windfall from the White House","windowTitle":"USA Rare Earth","category":"coupon-giant","title":"USA Rare Earth","body":"<p>In mid-November 2025, the U.S. Geological Survey (USGS) published its list of critical minerals. According to the government agency, the list includes \u201c60 minerals that are essential to the U.S. economy and national security.\u201d Rare earth elements account for every fourth position on the list. This is where USA Rare Earth comes into play. The company controls the \u201cRound Top\u201d deposit in western Texas, which contains 15 of the 17 known rare earth elements. \u201cThese products are critical components of various technologies, particularly in the areas of energy, mobility and defense,\u201d USA Rare Earth writes on its website. This assessment aligns 1:1 with the government\u2019s credo. The Trump administration is making every effort to become less dependent on foreign supplies - particularly from China - when it comes to rare earths. \u201cIn 2024, the United States imported 80% of the rare earth elements it used,\u201d the USGS notes.<\/p>\n\n<h3>Extensive Transactions<\/h3>\n<p>To achieve this goal, the government is committing substantial funds and taking equity stakes in companies across the sector. Washington has now moved to invest in USA Rare Earth. The Department of Commerce is providing a total of approximately USD 1.6 billion to the start-up, most of it in the form of a loan. In return, the state will receive 16.1 million common shares as well as options for a further 17.6 million shares, giving it direct influence over USA Rare Earth. \u201cThis investment ensures that our supply chains are resilient and no longer dependent on other countries,\u201d commented U.S. Secretary of Commerce Howard Lutnick on the transaction. At the same time as the government\u2019s entry, USA Rare Earth announced that it had raised an additional USD 1.5 billion from private investors. With fresh capital totaling USD 3.1 billion, management aims to accelerate the build-out of the value chain spanning mining, processing and the production of permanent magnets.<\/p>\n\n<h3>Ambitious Targets<\/h3>\n<p>Commercial production at \u201cRound Top\u201d is scheduled to begin in 2028. Two years later, the company aims to extract 40'000 tons of rare earths and critical minerals per day from the deposit. In addition, management plans to increase production capacity for neodymium-iron-boron (NdFeB) magnets to 10,000 tons. This would put the output of the manufacturing facility in the U.S. state of Oklahoma at more than double the originally planned capacity. Investors reacted enthusiastically to the latest news: shares of USA Rare Earth, listed on the NASDAQ technology exchange, started the week up nearly 24%. However, the stock was unable to hold on to its early gains on Monday. In any case, it remains some distance below the peak of nearly USD 44 reached last autumn. At that time, the U.S. government had already taken stakes in several companies in the sector, and speculation that USA Rare Earth might also be on the White House\u2019s shopping list pushed the share price higher.<\/p>\n\n<h3>Yield Hunters, Take Note!<\/h3>\n<p>It remains to be seen whether the company, which has been listed since March of last year, will succeed in allocating the fresh capital effectively. CEO Barbara Humpton said during a conference call that she was \u201cconfident\u201d the targeted project milestones would not fail due to a lack of equipment. What is clear is that the company has not yet generated any revenues. Consequently, expenses are fully reflected in the bottom line. For 2025, the top executive expects an operating loss of between USD 56 million and USD 62 million. As a result, the stock is likely to remain a hot topic even after the latest bombshell announcement. For investors who are reluctant to make a direct investment, soft callable reverse convertibles could represent an interesting alternative. Leonteq has launched two structures based on USA Rare Earth. In the product currency USD, the volatile underlying allows for a coupon payment of 20.00% p.a. For the CHF-denominated RC, the payout amounts to 15.60% p.a. The strike price is set at a low 49% of the initial level. If the share price is not trading 51% lower after one year, investors will receive full repayment of the nominal amount. Should USA Rare Earth decline and be trading at least 51% lower after one year, investors will receive the shares in their portfolio at a 51% discount compared to today's price.<\/p>\n\n<h3>Callable Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1505587282\\&quot;\\&quot;CH1505587290\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;strikeLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>","url":"coupon-usar","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rare_earths_usa_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rare_earths_usa_leonteq-structured-products_thumbnail.jpg"},{"date":"2026-01-26T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Giants Ahead of Earnings: Tesla Under Pressure, Meta and Microsoft on the Rise","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>On January 28, 2026, Tesla, Meta Platforms, and Microsoft will release their quarterly results, with analysts expecting very different developments across the three companies. For Tesla, analysts anticipate a year-over-year decline in revenue and a significantly lower earnings per share, driven by margin pressure and weaker vehicle deliveries. In contrast, Meta Platforms is expected to post strong growth in both revenue and EPS, supported by a robust advertising business and increasing monetization of AI applications. Microsoft is also forecast to report higher revenue and earnings, underpinned by sustained demand for cloud and AI solutions.<\/p>\n\n<p>Accordingly, the market reaction is likely to depend heavily on how well each company meets or exceeds expectations. With leveraged products, investors can position themselves specifically for potential price swings - whether triggered by positive surprises or disappointments.<\/p>\n\n<p><h3>Warrants with Knock-Out<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:false,&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false,&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;omni&quot;:&quot;\\&quot;CH1504387791\\&quot; \\&quot;CH1504374336\\&quot; \\&quot;CH1511767456\\&quot; \\&quot;CH1492279471\\&quot; \\&quot;CH1525806886\\&quot; \\&quot;CH1432457583\\&quot; \\&quot;CH1492290874\\&quot; \\&quot;CH1447782108\\&quot; \\&quot;CH1432465172\\&quot; \\&quot;CH1432446552\\&quot; \\&quot;CH1492302430\\&quot; \\&quot;CH1461765591\\&quot;&quot;,&quot;productTypes&quot;:[&quot;PT_TURBO&quot;]}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wtm?language_id=1\" label=\"Discover more leveraged products on Tesla\"><\/ltq-button><\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WrH?language_id=1\" label=\"Discover more leveraged products on Meta\"><\/ltq-button><\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WvT?language_id=1\" label=\"Discover more leveraged products on Microsoft\"><\/ltq-button><\/div>\n\n\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div><\/p>","url":"leveraged-ea-tsla-meta-msft","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2026-01-22T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Intel Ahead of Q4 Results: Revenue and Earnings Decline Expected","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>Intel will release its results for the fourth quarter of 2025 today, January 22, 2026, after the market close. For the quarter, analysts expect revenue of around USD 13.4 billion, which compared with the fourth quarter of 2024 - when Intel generated approximately USD 14.3 billion in revenue - would imply a year-over-year decline of about 6%. Earnings per share (EPS) are forecast at roughly USD 0.087, down from USD 0.13 in the prior-year quarter, representing a decrease of one third.\n\n<p>These moderate expectations reflect a still challenging environment for Intel. Despite rising demand for AI and data-center chips, the company continues to work on a strategic realignment and operational improvements to secure long-term growth. If Intel exceeds or misses expectations, notable share-price movements are likely, creating an environment that may offer attractive opportunities for active investors, particularly through the use of leveraged products.<\/p>\n\n<p><h3>Warrants<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:true,&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false,&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;67114693&quot;],&quot;productTypes&quot;:[&quot;PT_WARRANT&quot;],&quot;marketVenues&quot;:[&quot;SIX&quot;],&quot;finalFixingDateMonths&quot;:[&quot;2026-03&quot;],&quot;delta&quot;:{&quot;min&quot;:-0.309,&quot;max&quot;:0.71}}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WvQ?language_id=1\" label=\"Discover more products on Intel\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div><\/p>","url":"leveraged-ea-intel25","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2026-01-21T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/vatgroup_jan2026_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"The Quiet Winner of the Chip Boom","windowTitle":"VAT Group","category":"underlying-in-focus","title":"VAT Group","body":"<p>The global semiconductor market is sending a clear signal at the turn of the year: the next investment wave is rolling in. And this one is likely to be larger, longer, and more complex than previous cycles. Key drivers of this momentum are companies such as the world\u2019s leading contract manufacturer TSMC, which has just announced a 2026 investment budget of USD 52 to 56 billion. This corresponds to an increase of up to 37% compared to the previous year, significantly exceeding market expectations. Industry analysts now expect total chip investments to rise by around one fifth this year. A perfect environment for Switzerland\u2019s VAT Group, as the world market leader in high-performance vacuum valves supplies an indispensable key component in almost every semiconductor manufacturing step.<\/p>\n\n<div><generic-chart title=\"VAT Group: Shareprice (in CHF)\"> \n    <chart-line title=\"VAT Group\" path=\"Chart_VAT25.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as of January 20, 2026<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Strong year-end results<\/h3>\n<p>How favorable the overall environment currently is for VAT is demonstrated by the recently published figures for the final quarter of 2025. Order intake jumped to CHF 305 million \u2013 an increase of 28% compared to the previous quarter and 14% year-on-year. VAT thus exceeded market forecasts by around one quarter. The corresponding book-to-bill ratio, i.e. the ratio of order intake to revenue, signals a clear upturn at 1.2. Part of this volume is attributable to pull-forward effects of an estimated CHF 30 to 35 million, triggered by price adjustments from January 2026 and anticipated capacity bottlenecks at customers. However, the decisive factor is the structural core of demand. Order intake was driven primarily by investments in advanced logic and memory technologies, as well as by capacity expansions in the wake of massive AI data center investments. Revenue in the fourth quarter amounted to CHF 257 million, on par with the previous quarter and 9% below the prior-year period, but still exceeded consensus estimates. Based on preliminary calculations, the company assumes that the EBITDA margin for the full year will be around 30%. That this figure is not higher is mainly due to negative currency effects. Free cash flow, however, proved extremely robust at more than CHF 225 million. The detailed full-year 2025 results will be published on March 3.<\/p>\n\n<div>\n<generic-chart title=\"Revenue (in CHF Mio.) und Ebitda-Marging (in %)\">\n  <x-axis categories=\"2020,2021,2022,2023,2024,2025\"/>\n      <chart-column title=\"Revenue (in CHF Mio.)\" data=\"692,901,1145,885,942,1073\" format=\"number\"/>\n      <chart-line title=\"Ebitda-Margin (in %)\" data=\"30.4,34.2,35,30.6,31.2,30\" format=\"number\" yAxisRight=\"true\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Refinitiv, as of January 2026<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Focus on March 3<\/h3>\n<p>Management has so far refrained from providing concrete guidance for this year and will also announce it in early March. According to analysts, short-term developments are likely to be rather volatile: currency effects and possible catch-up effects from the pre-orders of the last quarter could make the first half of the year turbulent. In the medium term, however, positive signals are increasing. According to company statements, HBM and DRAM capacities for 2026 are already largely fully booked, and investments by memory manufacturers in those vacuum applications relevant to VAT appear to have accelerated further toward the end of 2025. Analysts expect VAT to achieve order growth of around one fifth this year. Looking ahead, the industry is undergoing a structural transformation. AI, automation, and digitalization are likely to sustainably increase demand for computing power. At the same time, geopolitical diversification, government support programs, and technological complexity are creating higher barriers to entry \u2013 an advantage for specialized quality providers like VAT. For the company based in Haag, in the canton of St. Gallen, this means: in a cycle where complexity is paramount, precision components are often just as valuable as the spectacular machines or the ever-faster processors.<\/p>\n\n<h3>A base value, double-digit return potential<\/h3>\n<p>VAT\u2019s share price reacted with another jump following the latest figures and is now gradually targeting the all-time high of CHF 528 from June 2024. The new barrier reverse convertibles would not be affected by a pullback at this level. The product is designed to generate an attractive return even in stagnating markets. In addition, BRCs are traditionally equipped with conditional partial protection. With a maximum maturity of one year, the new barrier reverse convertible on VAT Group offers a coupon of 12.00% p.a. To achieve the maximum return, the Swiss mid-cap may even decline moderately. What matters is that the underlying does not touch the barrier at 59% of the initial level. A soft-callable option in the structure can ensure early redemption of the product.<\/p>\n\n<h3>Leveraged opportunities on both sides<\/h3>\n<p>The recent market reaction has shown that investors are currently \u201chot\u201d on chip stocks. If VAT continues to benefit from high investment levels in the industry, new stock market records could be within reach. Bold traders can position themselves with long products. Overall, a wide variety of leveraged products are available in Leonteq\u2019s range, converting upward price movements into disproportionately high gains. In addition, Warrants, Knock-Out Warrants, and Mini-Futures with a short orientation are also available. These would be suitable, among other things, if the VAT share were to enter a consolidation phase after its sprint \u2013 with a price gain of 27% already recorded this year alone.<\/p>\n\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1505583349\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<h3>Leveraged Products on VAT Group<\/h3>\n\n    <div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:false,&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false,&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;103142035&quot;],&quot;productTypes&quot;:[&quot;PT_WARRANT&quot;],&quot;leverage&quot;:{&quot;min&quot;:4.295,&quot;max&quot;:25.035},&quot;marketVenues&quot;:[&quot;SIX&quot;],&quot;finalFixingDateMonths&quot;:[&quot;2026-06&quot;],&quot;strikeLevelDistance&quot;:{&quot;min&quot;:0.0545,&quot;max&quot;:0.1982}}\" />\n  <\/div>\n    \n<ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WvP?language_id=1\" label=\"Discover our leveraged products!\"><\/ltq-button>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-vat25","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/vatgroup_jan2026_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/vatgroup_jan2026_leonteq-structured-products_thumbnail.jpg"},{"date":"2026-01-20T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Netflix Before Earnings: Revenue and EPS Set to Rise","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>Netflix will release its results for the fourth quarter of 2025 today, January 20, 2026, after the market close. Analysts expect revenue of around USD 12 billion, which would represent strong year-over-year growth of about 17% compared with the fourth quarter of 2024, when Netflix generated revenue of USD 10.2 billion. Earnings per share (EPS) are expected to come in at approximately USD 0.547, up from USD 0.427 in the prior-year quarter - also a solid double-digit increase.<\/p>\n\n<p>The anticipated strong performance is driven by continued revenue and advertising growth, a stable subscription pricing structure, and the monetization of new content and advertising formats. In addition, market attention has been heightened by speculation about a potential acquisition of Warner Bros. by Netflix. Should Netflix exceed or miss expectations, significant share price movements are possible, as investors will be closely watching signals regarding future growth momentum and margin development - particularly with respect to the integration of advertising and live sports offerings as well as potential M&A activity.<\/p>\n\n<p><h3>Warrants with Knock-Out<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:false,&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false,&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;70426999&quot;],&quot;productTypes&quot;:[&quot;PT_TURBO&quot;],&quot;searchable&quot;:true,&quot;leverage&quot;:{&quot;min&quot;:4.367,&quot;max&quot;:9007199254740991}}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WvN?language_id=1\" label=\"Discover more leveraged products on Netflix\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div><\/p>","url":"leveraged-ea-nflx25","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2026-01-16T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/tesla_jan2026_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Source of regular earnings","windowTitle":"YieldETP+ on the Tesla 110% Covered Call Index","category":"investment-themes","title":"YieldETP+ on the Tesla 110% Covered Call Index","body":"<h3>Source of regular earnings<\/h3>\n<p>One thing is clear: Tesla is not a share for those of a nervous disposition. It moves quickly, often violently, driven by innovation, competition and also the headlines around Elon Musk. Translated, that means huge potential, but also huge uncertainty. This is precisely where a new type of investment comes in, one that does not wait for the next jump in price, but instead takes advantage of what Tesla shares have to offer in abundance: volatility. The YieldETP+ on the Tesla 110% Covered Call Index can become a source of regular earnings from the fluctuations. The product is transparent and rules-based, can be traded on a daily basis and transforms the daily nervousness of the market into a structured revenue stream.<\/p>\n\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2025/yieldetp-tsla?language_id=1\" label=\"Find out more!\"><\/ltq-button><\/div>\n\n<h3>High-yielding strategy<\/h3>\n<p>At heart, the product is based on a proven principle: covered calls. The index on which the YieldETP+ is based holds Tesla shares and systematically sells call options every month with a strike price of 110% of the current price of the underlying. These options are deliberately \u201cout of the money\u201d, leaving room for price gains, while the option premium received immediately becomes income. What the market pays for its short-term uncertainty flows back to the investor as a monthly distribution. And it's quite impressive: in December 2025 the YieldETP+ delivered USD 0.483 per certificate.<\/p>\n\n<h3>Security writ large<\/h3>\n<p>The mechanism is as simple as it is effective: If the price of the Tesla share treads water or rises moderately, holders of the product win twice over \u2013 firstly from the premiums received, and secondly from the price gains up to the defined strike price. Should the share appreciate more strongly, the upward potential above this threshold is limited. If the price falls, the premiums serve at least as a partial buffer. The strategy is redefined month by month. What makes the YieldETP+ special, however, is not just its clever strategy, but also the robust structure. As an exchange-traded product, the paper can be traded every day, making it as flexible as the actual share. At the same time, the \u201c+\u201d suffix mean the ETP is fully collateralised. The securities are managed independently and monitored continuously through a tri-party collateral management system. For investors, this means a high degree of transparency, security and operational efficiency \u2013 a professional option strategy in a clearly structured shell.<\/p>\n\n<h3>No cause for nerves<\/h3>\n<p>The character of the product is unambiguous: income before speculation. In an environment in which Tesla does not pay a dividend, the YieldETP+ offers an alternative revenue path. The high volatility of the share, which for many investors constitutes a risk, is deliberately used as a source of returns. It should be noted, though, that, as with every covered call strategy, returns are not guaranteed. Instead, they vary according to market conditions. Nor does the product protect against severe market downturns. For investors who believe in Tesla\u2019s long-term relevance, are willing to accept short-term fluctuations and are looking for a regular revenue stream, however, the YieldETP+ on the Tesla 110% Covered Call Index represents a convincing alternative. A volatile share is no cause for nerves, then, but a structured income component: absorbing fluctuations, collecting premiums, generating revenue.<\/p>\n\n<h3>YieldETP+ on the Tesla 110% Covered Call Index<\/h3>\n\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1447745113\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><price-chart isin=\"CH1447745113\"><\/price-chart><\/div>\n\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2025/yieldetp-tsla?language_id=1\" label=\"Find out more!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"yieldetp-tsla","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/tesla_jan2026_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/tesla_jan2026_leonteq-structured-products_thumbnail.jpg"},{"date":"2026-01-14T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/barrick+mining_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Plenty of Upside Potential","windowTitle":"Barrick Mining","category":"coupon-giant","title":"Barrick Mining","body":"<p>The dispute between the White House and the US central bank has reached a new level of escalation. At the end of last week, Fed Chairman Jerome Powell received a subpoena from the Department of Justice. It threatens him with charges in connection with the renovation of the Federal Reserve\u2019s headquarters. Powell has described the allegations as a pretext. In a video message, he explained that this is not about him or the construction project. Rather, in his view, the aim is to increase pressure on the Fed. US President Donald Trump has long been calling for the central bank to loosen its course and cut interest rates more aggressively, and he has not shied away from personal attacks on Powell. What is clear is that this latest move has intensified concerns about the independence of the Federal Reserve System: while the US dollar came under pressure at the start of the week, gold and silver reached new record highs.<\/p>\n\n<div><generic-chart title=\"Barrick Mining: Shareprice (in USD)\"> \n    <chart-line title=\"Barrick Mining\" path=\"Chart_Barrick25.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as of January 13, 2026<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n\n<h3>Strong cash inflows<\/h3>\n<p>Many investors\u2019 move toward \u201csafe havens\u201d has brought mining stocks back into focus. One of the leading representatives of this group is Barrick Mining. The company, headquartered in Toronto, Canada, produces gold and copper. As such, it is also benefiting from the rally in the most important industrial metal. Expectations of strong demand from China as well as from the global construction of data centers pushed copper to an all-time high earlier this year. Barrick\u2019s cash registers were already ringing before the latest advances in the two commodities. In the third quarter of 2025 alone, the company generated free cash flow of nearly USD 1.5 billion, more than tripling the inflow compared with the same period a year earlier. From January to September 2025, Barrick posted free cash flow of USD 2.25 billion, putting the Canadian miner on a good path to matching its peak full-year result from 2020 (see chart). This strong financial position allows the company to raise dividends and repurchase shares on a large scale; an ongoing buyback program was increased by half to USD 1.5 billion.<\/p>\n\n<div>\n<generic-chart title=\"Free Cash Flow (in USD Mio.)\">\n  <x-axis categories=\"2020,2021,2022,2023,2024,2025e\"/>\n      <chart-column title=\"Free Cash Flow (in USD Mio.)\" data=\"3363,1943,432,646,1317,2249\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Refinitiv, as of January 2026, e = expected<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n\n<h3>IPO plans in North America<\/h3>\n<p>How business developed in the final quarter and whether Barrick Mining met its operational production targets will become clear on February 5, 2026, when the industry giant publishes its annual results. CEO Mark Hill is also likely to use the occasion to provide an update on a potential IPO of the company\u2019s North American gold operations. In early December, the company announced that it was evaluating such a step. The IPO candidate, referred to by management as \u201cNewCo,\u201d would include Barrick\u2019s stakes in the joint-venture operations Nevada Gold Mines and Pueblo Viejo, as well as the wholly owned Fourmile gold deposit. \u201cBarrick\u2019s gold mines in Nevada and the Dominican Republic are among the best in the world and are located in some of the most prolific gold mining regions,\u201d the CEO enthused. As part of a potential IPO, however, only a minority stake would be floated, as Barrick intends to retain control of NewCo.<\/p>\n\n<h3>Investment ideas \u2013 for yield seekers and traders<\/h3>\n<p>These plans may have been influenced by the US hedge fund Elliott Management, which disclosed a stake in Barrick Mining in November 2025. The activist investor is known for pushing for far-reaching changes. An IPO could provide an opportunity to unlock hidden value at Barrick or reduce the valuation discount relative to other mining stocks. Be that as it may, high gold and copper prices, combined with IPO speculation, are likely to keep the mining stock on investors\u2019 radar. Leonteq offers various ways to gain exposure to Barrick. Yield-oriented investors may find new soft-callable barrier reverse convertibles attractive, as they combine double-digit percentage return potential with a solid risk buffer. Traders looking to position themselves ahead of the earnings date or after the results are published can choose from a wide range of leveraged products on Barrick Mining. Momentum\u2019s Leonteq offering on this underlying includes more than 80 Mini-Futures, Knock-out Warrants, and classic Warrants.<\/p>\n\n\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1505579750\\&quot;\\&quot;CH1505579800\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1349978390\\&quot; \\&quot;CH1349978382\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<h3>Leveraged products on Barrick Mining<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false,&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;67505028&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;],&quot;leverage&quot;:{&quot;min&quot;:4.475,&quot;max&quot;:64.546}}\" />\n  <\/div>\n    \n<ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WvD?language_id=1\" label=\"Discover more leveraged products!\"><\/ltq-button>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-barrick","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/barrick+mining_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/barrick+mining_leonteq-structured-products_thumbnail.jpg"},{"date":"2026-01-13T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Goldman Sachs in Focus: Market Awaits Q4 2025 Earnings","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>Goldman Sachs will publish its results for the fourth quarter of 2025 on January 15, 2026. Analysts expect revenue of around USD 13.9 billion for the final quarter of the year, as well as earnings per share (EPS) of approximately USD 11.5. By comparison, in the fourth quarter of 2024 Goldman Sachs generated revenue of about USD 13.9 billion and EPS of roughly USD 11.9. This would indicate consistent sales compared to the previous year, while earnings per share could be slightly below the previous year's level.<\/p>\n\n<p>The expected performance reflects a generally solid market environment, supported by stable trading activity and a recovery in investment banking. At the same time, higher costs, changing market volatility and a normalization in trading revenues could weigh on profitability. How strongly Goldman Sachs can benefit from capital-market dynamics will therefore be a key factor for the share-price reaction to the results. If the company exceeds or misses expectations, notable share-price movements are likely, creating attractive trading opportunities particularly for active investors.<\/p>\n\n<p><h3>Mini-Futures<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false,&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;67114650&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;],&quot;leverage&quot;:{&quot;min&quot;:4.881,&quot;max&quot;:17.925}}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WvB?language_id=1\" label=\"Discover more leveraged products on Goldman Sachs\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div><\/p>","url":"leveraged-goldmansachs","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2026-01-07T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/panamericansilver_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Silver rally drives mining giant to record results","windowTitle":"Pan American Silver","category":"underlying-in-focus","title":"Pan American Silver","body":"<p>During the refining of silver, extremely high temperatures are involved. The melting point of the precious metal is 961.8 degrees Celsius. Silver has also run hot in a figurative sense on the commodity exchanges recently. On December 29, 2025, the price of one troy ounce exceeded USD 80 for the first time. Although silver was unable to hold its all-time high of USD 83.62, it ended trading on New Year's Eve with an annual gain of 147%. Shares of Pan American Silver performed even better. In 2025, the market capitalization of the mining company specializing in the white metal expanded by 151%. As a result, Pan American Silver ranked among the top 50 performers of the more than 1'800 stocks included in the New York Stock Exchange (NYSE) Composite Index last year.<\/p>\n\n<div><generic-chart title=\"Pan American Silver Shareprice (in USD)\"> \n    <chart-line title=\"Pan American Silver\" path=\"Chart_PanAmericanSilver.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as at: 06.01.2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n\n<h3>Substantial reserves<\/h3>\n<p>As a leading producer, the Vancouver-based Canadian group benefits directly from the historic silver rally. Pan American Silver operates ten silver and gold mining sites across the Americas. In total, the company holds reserves of 452 million ounces of silver, in addition to 62 million ounces of gold. A key element of its strategy consists of acquisitions and targeted investments in companies within the sector. Most recently, Pan American Silver took a stake in the smaller rival Galleon Gold. Operationally, the company founded in 1994 has succeeded in reducing costs despite an inflationary environment. In the third quarter of 2025, all-in sustaining costs (AISC) for producing one ounce of silver amounted to USD 15.43, compared with an average realized sales price of USD 39.08 per troy ounce (see chart).<\/p>\n\n<div>\n<generic-chart title=\"Pan American Silver: Cost vs. Price (in USD per troy ounce of silver)\">\n  <x-axis categories=\"Q1 2024, Q2 2024, Q3 2024, Q4 2024, Q1 2025, Q2 2025, Q3 2025\">\n      <chart-column title=\"AISC\" data=\"16.63,18.12,20.90,19.88,13.94,16.69,15.43\" format=\"number\"/>\n      <chart-column title=\"Realized Price\" data=\"22.61,28.14,29.52,30.87,31.25,32.91,39.08\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Pan American Silver, as at December 2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Strong interim report<\/h3>\n<p>Accordingly, profits increased significantly. For the period from July to September 2025, Pan American Silver reported net income of USD 169.2 million, more than tripling year over year. Free cash flow reached a record high of USD 251.7 million. Although the company spent more than USD 400 million in cash on an acquisition, cash and cash equivalents still amounted to a solid USD 911 million at the end of the third quarter. An upward revision to the outlook for silver production as well as AISC in this segment rounded out the strong interim report. On February 18, Pan American Silver will present its results for the fourth quarter and the full 2025 financial year. This will reveal how strongly the year-end rally in precious metals has impacted the Canadian company\u2019s income statement. What is already clear is that the mining stock stands out from the broader market not only in terms of performance but also in the intensity of its price fluctuations. Over a three-month period, Pan American Silver exhibits historical volatility of nearly 50%. By comparison, the same metric for the NYSE Composite Index remains in the single-digit range.<\/p>\n\n<h3>Different investment approaches<\/h3>\n<p>With new softcallable barrier reverse convertibles, investors can take advantage of the high volatility of Pan American Silver. Volatility is one of the key pricing parameters of this structure and results in an attractive coupon of 15.40% per annum in the product currency USD. A CHF-denominated BRC pays out 11.40% per annum on a quarterly basis. The barrier is set at 55% of the initial level. As long as the underlying does not fall to or below this level, Leonteq will repay the full nominal amount at maturity. Naturally, these conditions do not come without risk. The comparatively high volatility also implies a pronounced risk of a barrier breach.<\/p>\n\n\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1505576533\\&quot;\\&quot;CH1505576582\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<h3>Attention traders:<\/h3>\n<p>Pan American Silver has recently been added to Leonteq's large pool of underlying assets for leverage products. With Mini-Futures and Warrants with Knock-Out, traders can take a short-term position in the silver share. Both long products or calls and short securities (puts) are available.<\/p>\n\n<h3>Leveraged products on Pan American Silver<\/h3>\n    <div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false,&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;70133022&quot;]}\" />\n  <\/div>\n    \n<div>\n    <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wvt?language_id=1\" label=\"Discover our leveraged products!\"><\/ltq-button><\/div>\n\n<h3>ETP+ on the Leonteq Silver CHF Hedged Index<\/h3>\n<p>For investors seeking direct exposure to the commodity itself, Leonteq launched the ETP+ on the Leonteq Silver CHF Hedged Index earlier this week, trading on the SIX Swiss Exchange and BX Swiss. As the name suggests, the underlying is calculated in Swiss francs. Fluctuations between the domestic currency and the commodity currency, the US dollar, are neutralized through a hedging mechanism.<\/p>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1505562756\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-panamericansilver","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/panamericansilver_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/panamericansilver_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-12-17T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/echostar_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Reaching for the Stars","windowTitle":"EchoStar","category":"coupon-giant","title":"EchoStar","body":"<p>Elon Musk is once again sending Wall Street into a state of excitement. This time, however, the latest statement by the Tesla CEO is not about product innovations at the electric car manufacturer. Instead, the world\u2019s richest man confirmed plans on the platform X for an initial public offering of SpaceX. The space company could make its Wall Street debut in the first half of 2026. Early market whispers value SpaceX at more than USD 1 trillion. With the help of a stock market listing, Musk could further increase his personal fortune\u2014currently estimated by Forbes at around USD 500 billion\u2014while simultaneously raising capital for his ambitious mission to Mars. \u201cIt will be the craziest IPO in the history of the stock market,\u201d commented Shay Boloor, Chief Strategist at Futurum Equities Research, on the latest developments.<\/p>\n\n<h3>Multi-Billion-Dollar Transactions<\/h3>\n<p>The extent of the euphoria surrounding the potential mega IPO is also reflected in EchoStar\u2019s recent share price performance\u2014which resembles the trajectory of a rocket. Since early September, EchoStar has been part of the exclusive circle of SpaceX shareholders. At that time, the two companies agreed on a transaction worth USD 17 billion. In exchange, SpaceX received unused U.S. mobile spectrum licenses from EchoStar. Half of the purchase price was settled with shares in the prospective IPO candidate. With this transaction, EchoStar responded to increasing pressure from the Federal Communications Commission (FCC), which had begun scrutinizing the sluggish rollout of the 5G mobile network in the United States. Even before the deal with SpaceX, EchoStar had already transferred licenses to telecom giant AT&T.<\/p>\n\n<div><generic-chart title=\"EchoStar: Aktienkurs (in USD)\"> \n    <chart-line title=\"EchoStar\" path=\"chart_sats.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as of 16.12.2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n\n<h3>Core Business: Pay TV<\/h3>\n<p>SpaceX followed up in early November by securing additional licenses worth USD 2.6 billion. In return, EchoStar was allowed to increase its stake in the rocket and satellite company\u2014based on the valuation applicable in September. The company, headquartered in Englewood, Colorado, aims to use the recent transactions to reduce its debt burden while simultaneously investing in growth. In addition, customers of its mobile subsidiary Boost Mobile are expected to gain access to SpaceX\u2019s Starlink network.<\/p>\n\n<p>Nevertheless, Pay TV remains EchoStar\u2019s most important business segment. At the end of the third quarter of 2025, the company counted nearly 7.2 million subscribers across its Dish and Sling platforms. Around two-thirds of annual total revenue is generated by pay television. Alongside its traditional wireless business, the group also operates a third segment offering broadband and satellite services. Under the \u201cHughes\u201d brand, this includes onboard internet solutions for airlines as well as communication services for military purposes.<\/p>\n\n<div>\n    <generic-chart title=\"EchoStar: Revenue by segment over the past 12 months (in %)\">\n        <pie-chart \n        path=\"pie_sats_en.csv\" \n        format=\"string, number\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: EchoStar, as of September 2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n\n<h3>Double-Digit Return Potential<\/h3>\n<p>For the time being, SpaceX\u2019s IPO plans are likely to remain the key driver of EchoStar\u2019s share price on Wall Street. Analysts have already begun calculating price targets for the Nasdaq-listed stock based on potential valuations of Musk\u2019s space venture. For example, Morgan Stanley has upgraded EchoStar to \u201cOverweight\u201d and issued a bullish price target of USD 120. Should SpaceX reach a valuation of USD 800 billion, the investment bank would raise its target for EchoStar to as much as USD 150.<\/p>\n\n<h3>Autocallable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1447744603\\&quot; \\&quot;CH1505569801\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<p>However, the outcome remains uncertain. The coming months will show whether the current euphoria can be sustained. Against this backdrop\u2014and in light of the sharply rising share price\u2014autocallable barrier reverse convertibles on EchoStar could represent an attractive alternative. The coupon is double-digit in percentage terms both in the product currency CHF (12% p.a.) and in USD (15% p.a.). Thanks to a relatively low barrier set at 59% of the initial level, the return opportunity is partially protected. Should EchoStar fall to this level or below at any point over the next 18 months, the investment would be fully exposed to the underlying\u2019s price risk. Investors should also take note of the autocallable feature, which allows for early redemption of the issue.<\/p>\n\n<h3>Leverage products on EchoStar<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'Strike', 'Stop Loss', 'Ratio', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false,&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;71210559&quot;],&quot;stopLossLevelDistance&quot;:{&quot;min&quot;:0.0979,&quot;max&quot;:0.2001}}\" />\n  <\/div>\n    \n<ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wvh?language_id=1\" label=\"Discover our leveraged products!\"><\/ltq-button>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-echostar","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/echostar_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/echostar_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-12-12T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/space_economy_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Tracker Certificate on the Swissquote Space Economy Index","windowTitle":"Into deep space","category":"investment-themes","title":"Into Deep Space","body":"<h3>Special logistics<\/h3>\n<p>The New Zealand peninsula of Mahia regularly delivers spectacular images for space fans. It is from a plateau surrounded by the Pacific that the US company Rocket Lab sends its Electron launch rockets into orbit. After launching, the 18 metre-long, 13-tonne vehicle accelerates to nearly 27,000 km/h before reaching zero gravity at an altitude of just under 270 kilometres. The Electron transports payloads weighing up to 300 kg into low-earth orbits. In 2025 this service \u2013 as well as its New Zealand site, Rocket Lab also operates a launch facility in the US state of Virginia \u2013 was more in demand than ever. By 21 November the company had completed 18 starts \u2013 every single one of them a success. In the third quarter alone, Rocket Lab received orders for another 17 flights. The order book for the division has thus grown by more than half to USDmn 509 in a matter of just twelve months. Its customers include state aerospace agencies and security authorities as well as private companies.<\/p>\n\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2025/swissquote-space-economy-index?language_id=1\" label=\"Find out more!\"><\/ltq-button><\/div>\n\n<h3>Space economy on board<\/h3>\n<p>Rocket Lab is reflecting its operational development by offering plenty of thrust on the stock market too. The capitalisation of the company, which is listed on the Nasdaq, the US technology index, has almost doubled within twelve months. Its share has thus played a part in the strong performance of the Swissquote Space Economy Index. As a \u201cpure play\u201d, Rocket Lab is a must-have in this selection totalling 35 companies from the international space economy. Swissquote added the space economy to its \u201cThemes Trading\u201d series in 2021. Since then, the experts at the online broker have been bringing into the actively managed benchmark companies whose technical innovations facilitate the step beyond the Earth's atmosphere. The investment universe includes satellite-based broadband internet as well as the aviation and aerospace, defence, hardware and telecommunication sectors.<\/p>\n\n<h3>A very different kind of recycling<\/h3>\n<p>From the start, the portfolio managers have been paying particular attention to specialists for reusable rockets. Rocket Lab meets this criterion. The first stage of the Electron rocket returns to Earth by parachute. After landing in the sea, it is brought back to the launchpad by ship and prepared for the next flight. According to Swissquote, this practice will make it cheaper and more efficient to transport smaller payloads. In general, the space economy is closely linked to security and defence interests. To that extent the index has also profited from rising expenditure on weapons and the strength of shares in this sector. Palantir Technologies, the specialist in security software and a Nasdaq high-flyer, is one such member of the space economy pick, where it sits alongside broad-based industrial giants such as Airbus, Boeing, BAE Systems and Lockheed Martin. These bring stability, whereas setbacks or even failed missions pose a risk to the pure plays. In addition, these companies are sometimes deep in the red. Returning to Rocket Lab, analysts believe the company will not turn a profit until 2027 at the earliest.<\/p>\n\n<h3>Longer trading hours<\/h3>\n<p>Leonteq is enabling investment in the Swissquote Space Economy Index through a tracker certificate. The participation product is quoted on the SIX Swiss Exchange, so investors profit from the longer trading hours. It has recently allowed structured products to be bought and sold from 8.00am to 9.45pm, almost six hours longer than before. This service is an advantage for the tracker if only because the majority of the shares contained in the index are listed on Wall Street. All in all, the certificate offers liquid and flexible access to a flourishing sector of the economy. Active management ensures that the diversified investment always has its finger on the pulse. On the cost side, there is a fee of 0.25% p.a. for the calculation agent and a management charge of 0.40% p.a.<\/p>\n\n<h3>Tracker Certificate on the Swissquote Space Economy Index<\/h3>\n\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0587306991\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;valor&quot;,&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><price-chart isin=\"CH0587306991\"><\/price-chart><\/div>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;SWISS FRANC&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:-6.4113E-4,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;EURO&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00112761,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;BRITISH POUND&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:-5.0E-8,&quot;currency&quot;:&quot;GBP&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;US DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00165312,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;AIRBUS ORD&quot;,&quot;sophisInternalId&quot;:67109422,&quot;currentPrice&quot;:194.78,&quot;weight&quot;:0.0447237,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;AMAZON.COM INC&quot;,&quot;sophisInternalId&quot;:67114480,&quot;currentPrice&quot;:254.76,&quot;weight&quot;:0.06405486,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;AST SPACEMOBILE INC&quot;,&quot;sophisInternalId&quot;:172719317,&quot;currentPrice&quot;:44.46,&quot;weight&quot;:0.00405733,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ASTRONICS CORP&quot;,&quot;sophisInternalId&quot;:93499419,&quot;currentPrice&quot;:61.57,&quot;weight&quot;:0.0135282,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ASTRONICS CORP-CL B&quot;,&quot;sophisInternalId&quot;:230571150,&quot;currentPrice&quot;:61.54,&quot;weight&quot;:0.00278177,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ATI ORD&quot;,&quot;sophisInternalId&quot;:67114570,&quot;currentPrice&quot;:189.31,&quot;weight&quot;:0.02933299,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;AVIO SPA&quot;,&quot;sophisInternalId&quot;:113366099,&quot;currentPrice&quot;:29.75,&quot;weight&quot;:0.0146399,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BAE SYSTEMS PLC&quot;,&quot;sophisInternalId&quot;:67109517,&quot;currentPrice&quot;:1933.5,&quot;weight&quot;:0.02979668,&quot;currency&quot;:&quot;GBP&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BOEING CO&quot;,&quot;sophisInternalId&quot;:67114541,&quot;currentPrice&quot;:188.73,&quot;weight&quot;:0.03434346,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BWX TECHNOLOGIES INC&quot;,&quot;sophisInternalId&quot;:71208587,&quot;currentPrice&quot;:137.2,&quot;weight&quot;:0.0129446,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CACI INTERNATIONAL INC -CL A&quot;,&quot;sophisInternalId&quot;:71208612,&quot;currentPrice&quot;:611.36,&quot;weight&quot;:0.04461277,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CARPENTER TECHNOLOGY&quot;,&quot;sophisInternalId&quot;:71208874,&quot;currentPrice&quot;:380.56,&quot;weight&quot;:0.02224813,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ECHOSTAR CORP-A&quot;,&quot;sophisInternalId&quot;:71210559,&quot;currentPrice&quot;:86.85,&quot;weight&quot;:0.01691419,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ELBIT SYSTEMS LTD&quot;,&quot;sophisInternalId&quot;:102743583,&quot;currentPrice&quot;:741.61,&quot;weight&quot;:0.03153756,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ENERSYS&quot;,&quot;sophisInternalId&quot;:71209118,&quot;currentPrice&quot;:172.82,&quot;weight&quot;:0.02513635,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;GARMIN LTD&quot;,&quot;sophisInternalId&quot;:67913402,&quot;currentPrice&quot;:285.22,&quot;weight&quot;:0.0482066,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;HEXCEL CORPORATION&quot;,&quot;sophisInternalId&quot;:70718845,&quot;currentPrice&quot;:89.86,&quot;weight&quot;:0.04106223,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;HONEYWELL AEROSPACE&quot;,&quot;sophisInternalId&quot;:230985053,&quot;currentPrice&quot;:163.11,&quot;weight&quot;:0.01833143,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;HONEYWELL INTERNATIONAL INC&quot;,&quot;sophisInternalId&quot;:67355541,&quot;currentPrice&quot;:210.5,&quot;weight&quot;:0.02371968,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;HOWMET AEROSPACE INC&quot;,&quot;sophisInternalId&quot;:104607867,&quot;currentPrice&quot;:219.7,&quot;weight&quot;:0.028403,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;INTUITIVE MACHINES INC&quot;,&quot;sophisInternalId&quot;:197962388,&quot;currentPrice&quot;:11.57,&quot;weight&quot;:0.00302301,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;IRIDIUM COMMUNICATIONS INC&quot;,&quot;sophisInternalId&quot;:93499858,&quot;currentPrice&quot;:44.99,&quot;weight&quot;:0.01919802,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;KRATOS DEFENSE &amp; SECURITY&quot;,&quot;sophisInternalId&quot;:112241236,&quot;currentPrice&quot;:40.74,&quot;weight&quot;:0.00864677,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;L3HARRIS TECHNOLOGIES INC&quot;,&quot;sophisInternalId&quot;:130199443,&quot;currentPrice&quot;:240.5,&quot;weight&quot;:0.02877188,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;LEONARDO SPA&quot;,&quot;sophisInternalId&quot;:67109657,&quot;currentPrice&quot;:48.145,&quot;weight&quot;:0.02513325,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;LOCKHEED MARTIN CORP&quot;,&quot;sophisInternalId&quot;:67114547,&quot;currentPrice&quot;:532.64,&quot;weight&quot;:0.04345681,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MERCURY SYSTEMS INC&quot;,&quot;sophisInternalId&quot;:139833547,&quot;currentPrice&quot;:76.41,&quot;weight&quot;:0.01316863,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NORTHROP GRUMMAN CORP&quot;,&quot;sophisInternalId&quot;:67114548,&quot;currentPrice&quot;:499.63,&quot;weight&quot;:0.03523475,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;PARKER HANNIFIN CORP&quot;,&quot;sophisInternalId&quot;:67387951,&quot;currentPrice&quot;:961.75,&quot;weight&quot;:0.05576828,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;PLANET LABS PBC&quot;,&quot;sophisInternalId&quot;:68955158,&quot;currentPrice&quot;:14.54,&quot;weight&quot;:0.00423489,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ROCKET LAB CORP&quot;,&quot;sophisInternalId&quot;:154789875,&quot;currentPrice&quot;:55.25,&quot;weight&quot;:0.00469897,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;RTX CORP&quot;,&quot;sophisInternalId&quot;:67114551,&quot;currentPrice&quot;:186.95,&quot;weight&quot;:0.04476461,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SES&quot;,&quot;sophisInternalId&quot;:67120559,&quot;currentPrice&quot;:3.92,&quot;weight&quot;:0.01612308,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;TELEDYNE TECHNOLOGIES INC&quot;,&quot;sophisInternalId&quot;:71210845,&quot;currentPrice&quot;:619.91,&quot;weight&quot;:0.03559337,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;THALES SA&quot;,&quot;sophisInternalId&quot;:67404357,&quot;currentPrice&quot;:227.7,&quot;weight&quot;:0.03760225,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;TRIMBLE NAVIGATION LTD&quot;,&quot;sophisInternalId&quot;:71210934,&quot;currentPrice&quot;:60.97,&quot;weight&quot;:0.06127427,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;VIASAT INC&quot;,&quot;sophisInternalId&quot;:71211084,&quot;currentPrice&quot;:61.5,&quot;weight&quot;:0.01079217,&quot;currency&quot;:&quot;USD&quot;}]\"><\/AmcComposition>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2025/swissquote-space-economy-index?language_id=1\" label=\"Find out more!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"swissquote-space-economy-index","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/space_economy_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/space_economy_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-12-10T13:19","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-know-how-product+homepage+banner.jpg","subTitle":"What are Warrants? A guide for retail investors","windowTitle":"Leonteq Know-How","category":"know-how","title":"Leonteq Know-How 14","body":"<p>Warrants are among the most popular leveraged products on the market and enable investors to participate disproportionately in price movements of an underlying asset with a comparatively small capital outlay. But what exactly are Warrants, how do they work, and what should investors consider before investing? This article provides a concise introduction.<\/p>\n\n<h3>1. What are Warrants?<\/h3>\n<p>Warrants are exchange-traded securitised derivatives that grant the holder the right to buy (Call Warrant) or sell (Put Warrant) an underlying asset \u2013 such as a share, an index or a commodity \u2013 at a predetermined price (the so-called exercise price or strike) up to a specified date. Unlike Mini-Futures and Warrants with Knock-out Open-End, Warrants have a limited maturity. Within this time frame, investors can position themselves for rising or falling prices \u2013 with clearly defined risk and potentially high returns.<\/p>\n\n<h3>2. Call vs. Put Warrants<\/h3>\n<p>There are two basic types of warrants:<\/p>\n<ul>\n    <li><b>Call Warrants: <\/b>These benefit from rising prices of the underlying asset. If the price rises towards or above the exercise price, the value of the Call increases disproportionately compared with the underlying asset itself (leverage effect).<\/li>\n    <li><b>Put Warrants: <\/b>These benefit from falling prices. If the price declines, the Put Warrant gains in value.<\/li>\n<\/ul>\n<p>Both variants offer leverage \u2013 small price changes in the underlying asset can have a significant impact on the price of the Warrant.<\/p>\n\n<h3>3. How does a Warrant work?<\/h3>\n<p>A Warrant essentially consists of three key components:<\/p>\n<ul>\n    <li><b>Exercise price (also called strike): <\/b>The price at which the investor can buy (Call) or sell (Put) the underlying asset.<\/li>\n    <li><b>Maturity: <\/b>Indicates how long the right arising from the Warrant exists. After expiry, the Warrant becomes worthless \u2013 unless it is \u201cin the money\u201d.<\/li>\n    <li><b>Intrinsic value + time value: <\/b>The price of a Warrant is composed of the intrinsic value (difference between the market price and the strike) and the time value (depending on maturity, volatility and interest rate levels).<\/li>\n<\/ul>\n\n<h3>4. Example: Call Warrant on a Share<\/h3>\n<p>An investor purchases a Call Warrant with a strike of CHF 100 and a maturity of 6 months. The underlying share is currently trading at CHF 105.<\/p>\n<p>Illustrative price development:<\/p>\n<ul>\n    <li><b>Share rises to CHF 115: <\/b>The intrinsic value of the Warrant is now CHF 15. Depending on the leverage, the Warrant may increase significantly in value.<\/li>\n    <li><b>Share falls to CHF 95: <\/b>The Warrant is \u201cout of the money\u201d and loses significant value. If the share price is at CHF 95 at maturity, the Warrant expires worthless.<\/li>\n<\/ul>\n\n<h3>5. Factors influencing the price of a Warrant<\/h3>\n<p>The price of a Warrant is influenced by several factors:<\/p>\n\n<ltq-table id=\"Price factors Warrants\" title=\"Price factors Warrants\">\n    <template v-slot:default=\"\">\n        <thead>\n            <tr>\n                <th>Price factor<\/th>\n                <th>Movement of the price factor<\/th>\n                <th class=\"blue-header\">Price of the Call Warrant<\/th>\n                <th class=\"blue-header\">Price of the Put Warrant<\/th>\n            <\/tr>\n        <\/thead>\n        <tbody>\n            <tr>\n                <td rowspan=\"2\" style=\"vertical-align: middle;\">Price of the underlying asset (metric: Delta)<\/td>\n                <td><span class=\"arrow-up\">↑<\/span> rises<\/td>\n                <td style=\"color: var(--color-text-success);\"><span class=\"arrow-up\">↑<\/span> rises<\/td>\n                <td style=\"color: var(--color-text-error);\"><span class=\"arrow-down\">↓<\/span> falls<\/td>\n            <\/tr>\n            <tr>\n                <td style=\"padding-left: 0\"><span class=\"arrow-down\">↓<\/span> falls<\/td>\n                <td style=\"color: var(--color-text-error);\"><span class=\"arrow-down\">↓<\/span> falls<\/td>\n                <td style=\"color: var(--color-text-success);\"><span class=\"arrow-up\">↑<\/span> rises<\/td>\n            <\/tr>\n            <tr>\n                <td rowspan=\"2\" style=\"vertical-align: middle;\">Volatility (metric: Vega)<\/td>\n                <td><span class=\"arrow-up\">↑<\/span> rises<\/td>\n                <td style=\"color: var(--color-text-success);\"><span class=\"arrow-up\">↑<\/span> rises<\/td>\n                <td style=\"color: var(--color-text-success);\"><span class=\"arrow-up\">↑<\/span> rises<\/td>\n            <\/tr>\n            <tr>\n                <td style=\"padding-left: 0\"><span class=\"arrow-down\">↓<\/span> falls<\/td>\n                <td style=\"color: var(--color-text-error);\"><span class=\"arrow-down\">↓<\/span> falls<\/td>\n                <td style=\"color: var(--color-text-error);\"><span class=\"arrow-down\">↓<\/span> falls<\/td>\n            <\/tr>\n            <tr>\n                <td rowspan=\"2\" style=\"vertical-align: middle;\">Dividend expectations<\/td>\n                <td><span class=\"arrow-up\">↑<\/span> rise<\/td>\n                <td style=\"color: var(--color-text-error);\"><span class=\"arrow-down\">↓<\/span> falls<\/td>\n                <td style=\"color: var(--color-text-success);\"><span class=\"arrow-up\">↑<\/span> rises<\/td>\n            <\/tr>\n            <tr>\n                <td style=\"padding-left: 0\"><span class=\"arrow-down\">↓<\/span> fall<\/td>\n                <td style=\"color: var(--color-text-success);\"><span class=\"arrow-up\">↑<\/span> rises<\/td>\n                <td style=\"color: var(--color-text-error);\"><span class=\"arrow-down\">↓<\/span> falls<\/td>\n            <\/tr>\n            <tr>\n                <td>Remaining maturity<\/td>\n                <td><span class=\"arrow-down\">↓<\/span> decreases<\/td>\n                <td style=\"color: var(--color-text-error);\"><span class=\"arrow-down\">↓<\/span> falls<\/td>\n                <td style=\"color: var(--color-text-error);\"><span class=\"arrow-down\">↓<\/span> falls<\/td>\n            <\/tr>\n        <\/tbody>\n    <\/template>\n<\/ltq-table>\n\n<p>The closer the expiry date approaches, the more time value the Warrant loses \u2013 this is referred to as time decay.<\/p>\n\n<h3>6. Opportunities and risks of Warrants<\/h3>\n<p><b>Opportunities:<\/b><\/p>\n<ul>\n    <li><b>High leverage: <\/b>Significant gains possible with a small capital investment.<\/li>\n    <li><b>Market expectations: <\/b>Suitable for both rising (Call) and falling (Put) markets.<\/li>\n    <li><b>Clear structure: <\/b>Transparent product parameters (strike, maturity, conversion ratio).<\/li>\n<\/ul>\n\n<p><b>Risks:<\/b><\/p>\n<ul>\n    <li><b>Total loss at expiry: <\/b>If the Warrant is \u201cout of the money\u201d at expiry, the invested capital is lost.<\/li>\n    <li><b>Time decay: <\/b>The value decreases as the remaining maturity shortens, even if the underlying price does not change.<\/li>\n    <li><b>High volatility: <\/b>Can represent both an opportunity and a risk \u2013 sudden fluctuations have a strong impact on the price.<\/li>\n<\/ul>\n\n<h3>7. Conclusion: Are Warrants the right product for you?<\/h3>\n<p>Warrants are attractive instruments for experienced investors who wish to exploit short-term market opportunities with clearly calculable risk. The key advantage: the loss potential is limited to the invested amount, while profit potential can be substantial due to leverage.<\/p>\n<p>However, it is essential to fully understand the maturity, strike and the interaction of the pricing factors. Investors who understand the mechanics and implement their market expectations in a targeted manner can unlock attractive return opportunities with Warrants.<\/p>\n<p>Would you like to learn more about using Warrants in your investment strategy? Our experts will be happy to support you.<\/p>\n\n<ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WrY?language_id=1\" label=\"Discover our Warrants!\"><\/ltq-button>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"know-how-warrant","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-know-how-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-know-how-thumbnail.jpg"},{"date":"2025-12-10T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/netflix2025_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"A Cinematic Bidding Battle","windowTitle":"Netflix","category":"underlying-in-focus","title":"Netflix","body":"<p>Most filmmakers living on the U.S. West Coast were likely still asleep when a piece of news was released on December 5, 2025 - news that could profoundly reshape Hollywood. At 4:00 a.m. local time, Netflix announced the acquisition of large parts of Warner Bros. Discovery. With the transaction worth nearly USD 83 billion, the streaming provider is reaching for some of the biggest and most successful studios in the U.S. film industry. Blockbusters such as Harry Potter or Dune are part of the Warner libraries, as are hit series like The Big Bang Theory or Game of Thrones. While Netflix also wants to buy the streaming division HBO Max, the TV networks, including CNN, are to be spun off before the deal is completed. \u201cTogether we can give audiences more of what they love and help define the next century of storytelling,\u201d enthused Netflix Co-CEO Ted Sarandos.<\/p>\n\n<div><generic-chart title=\"Netflix: Shareprice (in USD)\"> \n    <chart-line title=\"Netflix\" path=\"Chart_NFLX.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as at 09.12.2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Capital and contacts<\/h3>\n<p>At that moment, he could not have known that Paramount Skydance would launch a counterattack exactly three days after Netflix\u2019s move. On December 8, the media group submitted a hostile USD 108 billion takeover bid for Warner Bros. Discovery as a whole. Paramount Skydance is offering USD 30 per share in cash. Netflix wanted to pay \u201conly\u201d USD 27.75, including USD 4.50 in its own stock. In addition to the film studios of the same name, the streaming service Paramount+ and the TV network CBS are part of Paramount Skydance. The group is led by David Ellison. The 42-year-old comes from a prominent and wealthy family. His father, Larry Ellison, co-founded Oracle and is the second-richest man in the world. What may also help Netflix\u2019s rival is a direct line to the White House. Jared Kushner, the son-in-law of U.S. President Donald Trump, is involved in the Paramount offer. His investment firm, Affinity Partners, is expected to participate as an external partner in financing the takeover. Trump told reporters that he had not discussed the deal with Kushner. At the same time, he emphasized that neither Netflix nor Paramount are his friends. Previously, the president had already announced that he would intervene in the decision on whether a Netflix takeover of Warner would be approved.<\/p>\n\n<h3>Possible cultural break<\/h3>\n<p>Antitrust concerns are likely one reason why Netflix\u2019s share price has reacted negatively to recent news. On Friday, December 5, the large-cap stock fell below the USD 100 mark for the first time since April. After Paramount\u2019s counterbid, selling pressure continued to increase - Netflix lost 3.4% on Monday. Investors may fear that Ted Sarandos will not back down after the escalation of the months-long bidding war over Warner Bros. Discovery. The company\u2019s more than 300 million subscribers have been ringing the cash register for years (see chart). Nevertheless, Netflix is already planning to take on USD 50 billion in debt to finance its current offer. In any case, should the streaming giant ultimately prevail, the Warner acquisition would represent a kind of cultural shift. Until now, the company has primarily relied on original productions. A classic example is House of Cards. The political series, first released in 2013, is considered the cornerstone of Netflix\u2019s rise. \u201cOver the years, we\u2019ve made a name for ourselves as a builder rather than a buyer,\u201d the Co-CEO admitted during a conference call about the Warner offer.<\/p>\n\n<div>\n<generic-chart title=\"Free Cash Flow (in USDm)\">\n  <x-axis categories=\"2016,2017,2018,2019,2020,2021,2022,2023,2024,2025e\"/>\n      <chart-column title=\"Free Cash Flow (in USDm)\" data=\"-1474,-1786,-3020,-3274,1922,-159,1619,6926,6922,9000\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Refinitiv, as of December 2025, e = expected<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>With partial protection or leverage<\/h3>\n<p>It is currently completely unclear which strategic direction the company will take. All the more interesting, then, is the new soft-callable Barrier Reverse Convertible on Netflix. Investors can count on regular coupon payments with this issuance. The CHF-denominated BRC offers an annual payout of 8%. The USD variant yields 11.6% p.a. For these return opportunities, there is partial protection in the form of a barrier set at 59% of the initial level of the underlying asset. What is certain is that the news flow surrounding the takeover of Warner Bros. Discovery will not dry up anytime soon. As such, Netflix could remain of interest to traders. It is therefore convenient that the Nasdaq-listed stock holds a firm place in Leonteq\u2019s leveraged product range. In total, the issuer trades nearly 70 mini-futures, warrants, and knock-out warrants on Netflix shares. They allow investors to take positions in both directions - long and short.<\/p>\n\n\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1447744215\\&quot;\\&quot;CH1505568035\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<h3>Leveraged products on Netflix<\/h3>\n\n    <div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false,&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;70426999&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;],&quot;leverage&quot;:{&quot;min&quot;:4.202,&quot;max&quot;:15.722}}\" />\n  <\/div>\n    \n<ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WtW?language_id=3\" label=\"Discover our leveraged products!\"><\/ltq-button>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-nflx25","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/netflix2025_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/netflix2025_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-12-09T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Broadcom Ahead of Q4 Results: Analysts Expect Significant Growth","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>Broadcom will release its fourth-quarter 2025 results on December 11, 2025. Analysts expect revenue of around USD 17.5 billion. In the same quarter last year, revenue stood at approximately USD 14.05 billion, which would represent a strong increase of about 24%. Earnings per share (EPS) are forecast at around USD 1.87, compared with roughly USD 1.42 in the prior-year period \u2013 a significant rise of about 31%.<\/p>\n\n<p>The strong expectations reflect Broadcom\u2019s central role in high-performance chips for AI data centers, cloud infrastructure and networking technologies. The company continues to benefit from robust investment spending by major technology and cloud providers. If Broadcom exceeds or falls short of expectations, notable share-price volatility may follow \u2013 an environment that offers active investors attractive trading opportunities, particularly when using leveraged products.<\/p>\n\n<p><h3>Mini-Futures<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false,&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;70590024&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;],&quot;leverage&quot;:{&quot;min&quot;:4.741,&quot;max&quot;:49.116}}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wsy?language_id=1\" label=\"Discover more products on Broadcom\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div><\/p>","url":"leveraged-avgo-q4","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2025-12-05T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Strong Cloud Business: Oracle Expected to Increase Revenue and Profit","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>Oracle will report its results for the second quarter of fiscal year 2026 on December 8, 2025. Analysts expect revenue of around USD 16.20 billion and earnings per share (EPS) of approximately USD 1.64 for the quarter. By comparison, revenue in the same quarter last year amounted to USD 14.1 billion, while EPS came in at USD 1.47. This would correspond to revenue growth of roughly 15% and an EPS increase of around 17%.<\/p>\n\n<p>Oracle continues to benefit from strong demand for cloud and AI-driven infrastructure and software solutions, which is fueling growth in its cloud and licensing segments. At the same time, the company\u2019s substantial investments in data centers and new AI services could position it well to benefit from the long-term shift toward cloud-based solutions. Should Oracle outperform or miss market expectations, significant share price volatility is likely - creating an environment that may offer attractive opportunities for active investors, particularly when using leveraged products.<\/p>\n\n<p><h3>Mini-Futures<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false,&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;67421901&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;],&quot;marketVenues&quot;:[&quot;SIX&quot;],&quot;leverage&quot;:{&quot;min&quot;:3.667,&quot;max&quot;:12.364}}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wsy?language_id=1\" label=\"Discover more leveraged products on Oracle\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div><\/p>","url":"leveraged-oracle25","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2025-12-03T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/oracle2025_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Accelerating Toward the AI Future","windowTitle":"Oracle","category":"coupon-giant","title":"Oracle","body":"<p>Just a few months ago, AI heavyweights such as Nvidia, Microsoft, and Oracle were considered untouchable winners of the new era of data-hungry models. But the recent market correction has laid bare how nervous investors have become. Concerns that the billions invested in data centers and cloud capacity may not translate into profits quickly enough have put pressure on many AI stocks. Oracle also came under scrutiny, losing about a quarter of its market capitalization within just four weeks \u2013 a significant setback for a company that sees itself as one of the key architects of global infrastructure. Oracle\u2019s willingness to spend heavily is no secret. Recently, the software giant raised USD 18 billion in new debt to accelerate the expansion of its AI-driven cloud business. The funds are intended to support mega-contracts with partners such as OpenAI, the developer of ChatGPT. With this move, Oracle enters an investment dimension previously dominated by hyperscalers like Amazon, Microsoft, and Google. However, the additional billions are not only earmarked for infrastructure; share buybacks, debt repayments, and acquisitions are also possible.<\/p>\n\n<h3>Higher target<\/h3>\n<p>Management\u2019s confidence is fueled by a rapidly growing cloud division. CEO Safra Catz recently raised the revenue target for the current fiscal year: instead of a 70% increase, Oracle now expects 77% growth to USD 18 billion in this segment. This outlook triggered a roughly 30% share price surge in September \u2013 the largest in a quarter century. The subsequent correction, however, shows that investor confidence remains volatile. The company\u2019s current business performance is less susceptible to fluctuations. In the first quarter of fiscal year 2025/26 (as of September 30), cloud revenue continued its long-term upward trend, rising 27% to USD 7.2 billion. The order backlog soared 359% to USD 455 billion, with additional multibillion-dollar contracts expected. Chairman and founder Larry Ellison emphasized that connecting Oracle\u2019s data centers to major hyperscalers such as AWS, Azure, and Google Cloud has significantly expanded customer access. He views the multi-cloud strategy as one of the most important growth drivers for the coming years.<\/p>\n\n<div><generic-chart title=\"Oracle: Shareprice (in USD)\"> \n    <chart-line title=\"Oracle\" path=\"Chart_Oracle25.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as at 02.12.2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n\n<h3>Further milestones<\/h3>\n<p>Recent announcements illustrate the scale of demand: together with OpenAI and other partners, Oracle is investing in a data center complex with a total capacity of more than 8 gigawatts (GW). The overall volume of this initiative has already surpassed USD 450 billion over the coming years. The company also confirmed the construction of a 1-GW data center in Michigan, with groundbreaking scheduled for early 2026 \u2013 another milestone in the global AI landscape. According to Oracle, USD 65 billion in new cloud infrastructure commitments were signed within just a 30-day period of the last quarter, including a USD 20 billion deal with Meta Platforms. By 2030, the company expects USD 166 billion in cloud infrastructure revenue. Despite the strong growth in its cloud business, Oracle\u2019s latest corporate results fell slightly short of expectations. Revenue grew 12%, while earnings per share increased only 6%. Compared with the striking cloud figures, the overall results appear somewhat muted. The heavy AI investments are clearly weighing on costs more than they are contributing to earnings in the short term. Oracle thus finds itself in a paradoxical moment between short-term skepticism and a potentially dominant long-term position. For now, the focus remains on the multibillion-dollar investments and the exploding order backlog - factors that may enable Oracle to build an ecosystem unmatched by competitors. At the same time, however, concerns are rising that the monetary payoff may not become visible for years.<\/p>\n\n<div>\n<generic-chart title=\"Cloud Revenues in USDbn\">\n  <x-axis categories=\"Q1 23/24, Q2 23/24, Q3 23/24, Q4 23/24, Q1 24/25, Q2 24/25, Q3 24/25, Q4 24/25, Q1 25/26\"/>\n      <chart-column title=\"Revenues in USDbn\" data=\"4.6,4.8,5.1,5.3,5.6,5.9,6.2,6.7,7.2\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Refinitiv, as of December 2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n\n<h3>High earnings potential, low barrier<\/h3>\n<p>Investors may be wise not to take on the full risk of Oracle shares directly. The current volatility has made it possible to structure attractive Barrier Reverse Convertibles (BRCs), which can deliver high returns even in a sideways market. The new soft-callable BRCs from Leonteq offer double-digit coupons, and thanks to a low protection barrier, the invested capital remains well protected - even if Oracle\u2019s stock continues to decline. The CHF-denominated version comes with a 13.00% annual coupon, while the USD version offers an impressive 16.40% p.a. Both products provide a solid 45% risk buffer, protecting the nominal value over the maximum 15-month term. Coupons are paid quarterly. Due to the soft-callable structure, the maturity may shorten: after six months, the issuer has the right to redeem both BRCs early at 100% every three months.<\/p>\n\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1447743910\\&quot;\\&quot;CH1505564166\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n\n<h3>Attention traders!<\/h3>\n<p>More risk-tolerant investors can also use leveraged products to trade the AI stock. Leonteq offers a total of 14 mini-futures and 13 knock-out warrants that allow for leveraged participation in Oracle\u2019s price movements. Both long and short positions are available.<\/p>\n\n<h3>Leveraged products on Oracle<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false,&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;67421901&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;],&quot;marketVenues&quot;:[&quot;SIX&quot;],&quot;leverage&quot;:{&quot;min&quot;:3.667,&quot;max&quot;:12.364}}\" />\n  <\/div>\n    \n<ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wsy?language_id=1\" label=\"Discover more leveraged products!\"><\/ltq-button>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-oracle25","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/oracle2025_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/oracle2025_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-12-01T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/extended_hours_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Trade Leonteq products for longer","windowTitle":"Extended trading hours","category":"investment-themes","title":"Extended trading hours","body":"<h3>Around 10'000 Leonteq products now tradable on SIX from 08:00 to 21:45!<\/h3>\n\n<p>As of <b>1 December 2025<\/b>, investors will have the opportunity to trade <b>around 10'000 Leonteq products<\/b> on the SIX Swiss Exchange within an extended time window <b>from 08:00 to 21:45 (CET)<\/b>. With this move, the Swiss exchange SIX is responding to the growing need among retail investors to be able to trade outside the previously available trading hours.<\/p>\n\n<p>All highlights at a glance:<\/p>\n<ul>\n    <li>more flexibility for your investment decisions<\/li>\n    <li>more trading opportunities<\/li>\n    <li>more time to react to market movements<\/li>\n<\/ul>\n\n<p>Investors can now conveniently apply a filter for <\/b> <a href=\"https://structuredproducts-ch.leonteq.com/search/WtX?language_id=3\" target=\"_blank\" rel=\"noopener\" title=\"https://structuredproducts-ch.leonteq.com/search/WtX?language_id=1\"> Extended trading hours<\/a>  within each product category. This enables the quick and efficient display of all products with extended trading hours. Further information on trading times can also be found on the respective product detail page.<\/p>\n\n\n<ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/search/WtX?language_id=1\" label=\"Investment prodcuts with extended trading hours\"><\/ltq-button>\n<ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WtZ?language_id=1\" label=\"Leveraged products with extended trading hours\"><\/ltq-button>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"extended-trading-hours","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/extended_hours_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/extended_hours_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-11-28T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/fuw_50_swiss_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"ETP+ on the Swiss 50 Index","windowTitle":"Diversified and Dynamic","category":"investment-themes","title":"Diversified and Dynamic","body":"<h3>Autumnal fresh cell therapy<\/h3>\n<p>For users of smartphones, PCs, tablets and navigation systems, regular downloads of updated software versions are part and parcel of everyday life \u2013 at any rate, they only become aware of them, if at all, through a brief announcement or a change in the program's appearance. Such updates are a feature of the stock market too. The provider of indices carry out periodic reviews and adjust their benchmark where appropriate. For the FuW Swiss 50 Index, this rebalancing is performed on the first Wednesday in May and November of each year. The selection has accordingly just had an update. \u201cAmrize and Sulzer refresh FuW Swiss 50 Index,\u201d wrote the editors responsible for the stock market barometer recently, referring to the two new arrivals. The index saw three departures at the same time.<\/p>\n\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2025/fuw-swiss-50-index-2025?language_id=1\" label=\"Find out more!\"><\/ltq-button><\/div>\n\n<h3>New arrival with a special structure<\/h3>\n<p>The number of stocks included has thus fallen back to the stipulated 50. In June, Holcim had split off its North American business and listed it on the market. The spin-off, Amrize, was automatically included in the FuW Swiss 50 Index, causing the number of members to climb to 51 temporarily. The building materials group is headquartered in Zug, while its operating business is located in Chicago in the USA. \u201cAccording to index rules, therefore, Amrize is a Swiss company and qualifies for retention in the index basket,\u201d explains FuW editor Alexander Saheb. The addition has not had much effect so far: after a buoyant start, Amrize shares have been treading water. Holcim, on the other hand, is a driving force: the industry giant saw its capitalisation jump by more than 60% in 2025. Holcim has just underpinned the rally with higher-than-expected results for the first three quarters and confirmation of its forecast for the year.<\/p>\n\n<h3>Industrial stock as a new entrant<\/h3>\n<p>The second new arrival in the FuW Swiss 50 Index is also sticking by its targets. Sulzer is predicting organic growth of 2% to 5% in orders received for 2025, with sales set to rise by 5% to 8%. As for the EBITDA margin, the management expects a significant improvement to more than 15%, following 12.4% the previous year. The volume of orders received by the industrial group dropped slightly in the first nine months, but the situation has improved compared to the first half of the year. In a difficult environment, Sulzer was able to rely on its service division. In the repair, maintenance and energy efficiency solutions business, orders rose by double digits in percentage terms from January to September 2025. Sulzer has fallen out of step with the stock market just recently, with the mid-cap now trading at a good fifth below the all-time high reached in March. That was still high enough for inclusion in the FuW Swiss 50, however, and the industrial stock was given a weighting of 1.3%.<\/p>\n\n<h3>Particularly robust investment solution<\/h3>\n<p>An ETP+ enables investors to add this particular barometer of the Swiss economy to their portfolio. The product tracks the FuW Swiss 50 NTR Index without any term limit and can be traded daily on the SIX Swiss Exchange and the BX Swiss. Not only do investors enjoy a high degree of liquidity, but the ETP+ also allows them to profit from a particularly robust product structure. To exclude the issuer risk as far as possible, Leonteq deposits a pledge with SIX SIS AG. The collateralisation is dynamic: as soon as investors put money in or the value of the ETP rises, the issuer tops up the pledge. SIX Repo AG is responsible for monitoring this mechanism on an ongoing basis. The management fee for the participation product is 0.72% p.a. This modest sum gives investors the opportunity of a diversified investment in the top companies on the Swiss equity market. One important point to note, finally, is that the underlying is calculated to include the dividends of the associated companies on a net basis.<\/p>\n\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1171791820\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>ETP+ on the FuW Swiss 50 Index NTR: Current composition<\/h3>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SONOVA HOLDING AG-REG&quot;,&quot;weight&quot;:0.01725288},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;BARRY CALLEBAUT AG-REG&quot;,&quot;weight&quot;:0.01045188},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWATCH GROUP AG/THE-BR&quot;,&quot;weight&quot;:0.01303032},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;PSP SWISS PROPERTY AG-REG&quot;,&quot;weight&quot;:0.01153724},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;GALDERMA GROUP AG&quot;,&quot;weight&quot;:0.02719737},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;LINDT &amp; SPRUENGLI AG-PC&quot;,&quot;weight&quot;:0.0106363},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;CEMBRA MONEY BANK AG&quot;,&quot;weight&quot;:0.01075512},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;LONZA GROUP AG-REG&quot;,&quot;weight&quot;:0.02941942},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;FISCHER (GEORG)-REG&quot;,&quot;weight&quot;:0.01561733},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SGS SA-REG&quot;,&quot;weight&quot;:0.02763983},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWISSQUOTE GROUP HOLDING-REG&quot;,&quot;weight&quot;:0.01235295},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;UBS GROUP AG-REG&quot;,&quot;weight&quot;:0.03322193},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SANDOZ GROUP AG&quot;,&quot;weight&quot;:0.02852134},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ADECCO GROUP AG-REG&quot;,&quot;weight&quot;:0.01609506},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ALLREAL HOLDING AG-REG&quot;,&quot;weight&quot;:0.01129459},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;JULIUS BAER GROUP LTD&quot;,&quot;weight&quot;:0.03064488},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ALCON INC&quot;,&quot;weight&quot;:0.02449351},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;EMS-CHEMIE HOLDING AG-REG&quot;,&quot;weight&quot;:0.01500875},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;FLUGHAFEN ZUERICH AG-REG&quot;,&quot;weight&quot;:0.01125507},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWISS PRIME SITE-REG&quot;,&quot;weight&quot;:0.02328229},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWISS RE AG&quot;,&quot;weight&quot;:0.02604212},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;STRAUMANN HOLDING AG-REG&quot;,&quot;weight&quot;:0.01446048},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SIG COMBIBLOC GROUP&quot;,&quot;weight&quot;:0.01382773},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;TEMENOS GROUP AG-REG&quot;,&quot;weight&quot;:0.01337294},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;GEBERIT AG-REG&quot;,&quot;weight&quot;:0.02623217},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;HELVETIA BALOISE HOLDING AG&quot;,&quot;weight&quot;:0.02492086},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ROCHE HOLDING AG-GENUSSSCHEIN&quot;,&quot;weight&quot;:0.02958925},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SULZER AG-REG&quot;,&quot;weight&quot;:0.01100454},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;GIVAUDAN-REG&quot;,&quot;weight&quot;:0.02945157},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;NOVARTIS AG-REG&quot;,&quot;weight&quot;:0.02606234},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;AVOLTA AG&quot;,&quot;weight&quot;:0.01201636},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;MOBIMO HOLDING AG-REG&quot;,&quot;weight&quot;:0.01132193},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;HOLCIM LTD&quot;,&quot;weight&quot;:0.02584732},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ZURICH INSURANCE GROUP AG-REG&quot;,&quot;weight&quot;:0.02583185},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWISS LIFE HOLDING AG-REG&quot;,&quot;weight&quot;:0.0260574},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;GALENICA SANTE LTD&quot;,&quot;weight&quot;:0.01142755},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;KUEHNE &amp; NAGEL INTL AG-REG&quot;,&quot;weight&quot;:0.01503076},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;BANQUE CANTONALE VAUDOIS-REG&quot;,&quot;weight&quot;:0.0115821},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SCHINDLER HOLDING-PART CERT&quot;,&quot;weight&quot;:0.02404666},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;VAT GROUP AG&quot;,&quot;weight&quot;:0.02854461},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;BKW AG&quot;,&quot;weight&quot;:0.00996811},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ABB LTD-REG&quot;,&quot;weight&quot;:0.0283369},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ACCELLERON INDUSTRIES LTD&quot;,&quot;weight&quot;:0.0118673},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWISSCOM AG-REG&quot;,&quot;weight&quot;:0.02348445},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;BELIMO N ORD&quot;,&quot;weight&quot;:0.01507073},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;PARTNERS GROUP HOLDING AG&quot;,&quot;weight&quot;:0.02166677},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SIKA AG-BR&quot;,&quot;weight&quot;:0.03397808},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;CIE FINANCIERE RICHEMO-A REG&quot;,&quot;weight&quot;:0.03053712},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;NESTLE SA-REG&quot;,&quot;weight&quot;:0.02535105},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;LOGITECH INTERNATIONAL-REG&quot;,&quot;weight&quot;:0.01336087}]\"><\/AmcComposition>\n  <\/div>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2025/fuw-swiss-50-index-2025?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"fuw-swiss-50-index-2025","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/fuw_50_swiss_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/fuw_50_swiss_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-11-26T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/clariant_2025_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"A Tentative Rebound","windowTitle":"Clariant","category":"underlying-in-focus","title":"Clariant","body":"<p>When it comes to the buzzword \u201cartificial intelligence\u201d (AI), most investors first think of US technology companies such as semiconductor giant Nvidia, internet titan Amazon.com or software powerhouse Microsoft. Representatives of the specialty chemicals industry, however, are rarely associated with this megatrend. Yet AI is likely to have played a certain role in the fact that Clariant has shown signs of life on the stock market in recent days. Within a week, the battered mid cap gained 6.5%. Prior to that, the company had signed a ten-year contract with SECCO Petrochemicals for the delivery of \u201cCLARITY Prime Digital Services.\u201d The Chinese company will install the platform at its ethylene plant in Shanghai. There, AI will help optimise catalyst performance, improving the reliability, safety and profitability of the entire facility.<\/p>\n\n<div><generic-chart title=\"Clariant: Shareprice (in CHF)\"> \n    <chart-line title=\"Clariant\" path=\"Chart_CLN-new.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as at: 25.11.2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>A Burden to Bear<\/h3>\n<p>During the presentation of the quarterly figures at the end of October, Clariant CEO Conrad Keijzer was already full of praise regarding AI. This technology, he said, was making enormous progress within the company. \u201cGenerative AI is really developing new formulations,\u201d he noted. He also reported double-digit growth in flame retardants used in high-voltage cables for data centres and electric vehicles - another area driven by AI. Of course, this positive development cannot rescue the specialty chemicals group from its difficult overall situation. Several damages claims continue to weigh heavily on the company. In 2020, Clariant and three other companies were sanctioned by the EU for a buyers\u2019 cartel in the European ethylene market. Most recently, BP Europe and ExxonMobil took the quartet to court. They are jointly seeking damages of nearly EUR 2 billion.<\/p>\n\n<div>\n<generic-chart title=\"Revenue (in CHFm) and Ebitda margin (in %)\">\n  <x-axis categories=\"2020,2021,2022,2023,2024,2025e,2026e,2027e\"/>\n      <chart-column title=\"Revenue (in CHFm)\" data=\"3860,4372,5198,4377,4152,3940,4006,4155\" format=\"number\"/>\n      <chart-line title=\"Ebitda margin (in %)\" data=\"16.1,17.4,17.2,14.6,16.0,17.5,18.0,18.4\" format=\"number\" yAxisRight=\"true\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Refinitiv, as at November 2025, e = expected<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Rising Margin<\/h3>\n<p>Clariant is vigorously contesting the allegations and aims to prove that the criticised practices had no impact on the market. Nevertheless, the legal proceedings are slowing down the SMIM stock. On top of that, the company is facing a challenging operating environment. Customers - both industrial and consumer-focused - are reluctant to place orders. A strong Swiss franc is also weighing on revenues: in the first nine months of 2025, sales shrank by 6% to just under CHF 2.9 billion. In local currencies, the decline was 1%. The company, however, achieved progress on the earnings side. Operating profit (Ebitda), before one-off effects, increased by 4% to CHF 521 million. As a result, the margin rose by 160 basis points to 18.0%. \u201cThis result underscores the success of our performance programmes as well as our effective pricing and cost management across all business areas,\u201d commented the CEO.<\/p>\n\n<h3>Positive Consensus<\/h3>\n<p>Keijzer is maintaining the full-year guidance. In addition to an Ebitda margin of 17% to 18%, he expects revenue growth - in local currencies - between 1% and 3%. However, he recently narrowed the outlook and now anticipates growth at the lower end of the range. Analysts believe Clariant can achieve these targets. According to the company\u2019s own published consensus, they expect an average Ebitda margin of 17.5% for 2025. Profitability is set to increase further over the following two years (see chart). Despite these prospects, and even though the price-earnings ratio (2026) is now in the single digits, Clariant\u2019s share remains stuck in a downward trend, even after its recent uptick.<\/p>\n\n<h3>Stability as an Investment Strategy<\/h3>\n<p>Investors can bet on a potential bottoming-out with a new soft-callable barrier reverse convertible. The CHF-denominated product offers a guaranteed coupon of 8% p.a. The barrier is set at 59% of the initial level. As long as the underlying does not fall to or below this mark, Leonteq will repay the nominal amount in full at the end of the term. If the strategy does not work out, the investment is exposed to the full price risk of the mid cap.<\/p>\n\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1447743258\\&quot;&quot;,&quot;conditions&quot;:{&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<h3>Attention Traders<\/h3>\n<p>Investors with a preference for shorter-term positions will find what they are looking for in Leonteq's range of leveraged products. Mini-futures and warrants make it possible to take into account the continuation of Clariant's recent countermovement. Traders can also speculate on new price losses with short products or puts.<\/p>\n\n<h3>Leveraged products on Clariant<\/h3>\n\n    <div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false,&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;67108964&quot;],&quot;productTypes&quot;:[&quot;PT_WARRANT&quot;],&quot;finalFixingDateMonths&quot;:[&quot;2026-06&quot;]}\" />\n  <\/div>\n    \n<ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WtW?language_id=1\" label=\"Discover more leveraged products!\"><\/ltq-button>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-clariant25","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/clariant_2025_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/clariant_2025_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-11-21T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Alibaba in Focus: Market Expects a Significant Decline in EPS","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>Alibaba Group Holding will release its results for the second quarter of fiscal year 2026 on November 25, 2025. Analysts expect revenue of around USD 34 billion. Compared with the same quarter last year, when revenue was approximately USD 33 billion, this would represent a slight increase of about 4%. Earnings per share (EPS) are expected to come in at around USD 0.89, down from roughly USD 2.08 in the prior-year quarter.<\/p>\n\n<p>The modest revenue performance highlights the challenging environment Alibaba is facing: while the cloud and AI segments continue to deliver growth, the core e-commerce business in China remains under pressure. At the same time, attention is turning to whether Alibaba can generate enough momentum from new growth areas such as cloud services, AI and international commerce to stabilize earnings going forward. If Alibaba exceeds or misses expectations, significant share price movements are likely - creating an environment that offers active investors attractive trading opportunities, especially through the use of leveraged products.<\/p>\n\n\n<p><h3>Mini-Futures<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;91071113&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;],&quot;leverage&quot;:{&quot;min&quot;:5.353,&quot;max&quot;:9007199254740991}}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WtQ?language_id=1\" label=\"Discover more leveraged products on Alibaba ADR\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div><\/p>","url":"leveraged-baba-q2","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2025-11-19T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/on_holding_2025_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Strong Figures, Faltering Rebound","windowTitle":"On Holding","category":"coupon-giant","title":"On Holding","body":"<p>At the beginning of November, Hellen Obiri made sports history. She won the New York Marathon with a time of 2:19:51 hours, shattering the previous course record. Back in 2003, her compatriot Margaret Okayo had set the best time of 2:22:31 hours on the 42.195-kilometre course through the US metropolis. On Holding didn\u2019t even exist back then. The Zurich-based company has been shaking up the sports world only since 2010. Today, Hellen Obiri is among a group of top athletes who find success with On\u2019s innovative and particularly lightweight running shoes. Yet on the stock market, the company remains in a slump. In the week following the New York Marathon, the On share, listed on Wall Street, dropped to its lowest level since May 2024. The Zurich company cannot escape the weakness of the entire sporting goods sector in a period marked by tariff debates, inflation, and uncertain economic prospects.<\/p>\n\n<div><generic-chart title=\"On Holding: Shareprice (in USD)\"> \n    <chart-line title=\"On Holding\" path=\"Chart_Onon.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as at 17.11.2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n\n<h3>Trendy footwear<\/h3>\n<p>Operationally, On Holding is standing out from the competition more than ever: From July to September 2025, the company increased revenue by almost one quarter to CHF 794.4 million. In terms of operating profit (adjusted EBITDA), CEO Martin Hoffmann - who is also responsible for finances - reported a disproportionate jump of 49.8% to CHF 179.9 million for the third quarter. \u201cCustomers have not restricted their purchases of our products, even though we implemented some price increases as of July 1,\u201d the company head explained. Above all, in the US, the largest single market, On benefits from the undiminished appetite of affluent consumers for expensive running shoes and sneakers. The strong positioning also helped navigate recent trade policy turmoil. \u201cWe can easily absorb the existing tariffs and still achieve better-than-expected margins,\u201d Hoffmann said. Even during the Christmas season, typically marked by discount battles, On is unlikely to offer bargains.<\/p>\n\n<h3>Optimistic analysts<\/h3>\n<p>For the third time, the CEO has raised the company\u2019s targets for 2025. Martin Hoffmann now expects annual revenue of CHF 2.98 billion, instead of the previously anticipated CHF 2.91 billion. He forecasts the adjusted EBITDA margin at more than 18.0%. Previously, the top manager had indicated a range of 17.0% to 17.5%. Wall Street reacted enthusiastically: On the day the figures were released, the On share jumped by more than a quarter at its peak. Since then, however, the rebound has stalled, and the stock failed to break above the downward trend established in May. Most analysts believe On Holding is capable of a breakout. Of the 28 ratings documented by Reuters, 24 are \u201cBuy\u201d. With an average price target of nearly USD 62, the expected level lies roughly 50% above the current price.<\/p>\n\n<div>\n<generic-chart title=\"On Holding: Revenue (in CHF Mio.) and Ebitda-Margin (in %)\">\n  <x-axis categories=\"2022,2023,2024,2025e\"/>\n      <chart-column title=\"Revenue (in CHF Mio.)\" data=\"1222,1792,2318,2980\" format=\"number\"/>\n      <chart-line title=\"Ebitda-Margin (in %)\" data=\"13.5,15.5,16.7,18\" format=\"number\" yAxisRight=\"true\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: On Holding, as at November 2025, e = expected<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Different opportunities<\/h3>\n<p>Investors who believe On Holding could stage a final sprint at the end of the 2025 stock market year may want to take a look at Leonteq\u2019s range of leveraged products. There are more than 20 options - Mini-Futures, Warrants, and Knock-Out Warrants - that allow short-term positioning for rising prices in the sports shoe specialist. These structures also allow for short-side positioning. Aiming for a largely stable price development, new softcallable barrier reverse convertibles have been launched. In the product currency CHF, the issuer promises an annual coupon of 12.2%. The USD-denominated version yields 3 percentage points more per year. The barrier for both versions is set at 64% of the initial level. As long as On Holding does not fall to or below this level within the next 15 months, Leonteq will repay the nominal amount in full. Otherwise, the partial protection expires, and the investment is exposed to the full price risk of the underlying. Due to the softcallable feature, an early termination and repayment of the issuance is possible.<\/p>\n\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1447742789\\&quot;,\\&quot;CH1491789702\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<h3>Leveraged products on On Holding<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;154789044&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;],&quot;leverage&quot;:{&quot;min&quot;:3.0950000000000006,&quot;max&quot;:9007199254740991}}\" />\n  <\/div>\n    \n<ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WtC?language_id=3\" label=\"Discover more leveraged products!\"><\/ltq-button>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-onon25","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/on_holding_2025_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/on_holding_2025_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-11-18T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Nvidia Ahead of Q3 Results: Analysts Expect Another Surge in Growth","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>Nvidia will release its results for the third quarter of fiscal year 2026 on November 19, 2025, and market expectations are running high. Analysts anticipate revenue of around USD 55 billion. In the same quarter a year earlier, revenue stood at approximately USD 35 billion, which would represent a strong increase of about 50%. Earnings per share (EPS) are expected to come in at around USD 1.26, compared with USD 0.81 in the prior-year period - also a significant rise of roughly 50%.<\/p>\n\n<p>The optimistic forecasts reflect Nvidia\u2019s continued strength in the field of artificial intelligence, particularly in data centers and cloud infrastructure. The company is also benefiting from growing demand for high-performance chips and the successful rollout of new product generations. At the same time, geopolitical risks, regulatory restrictions, and a volatile semiconductor market remain important factors to watch over the coming quarters.<\/p>\n\n<p>If Nvidia exceeds or misses market expectations, significant share price fluctuations are likely. This environment offers active investors attractive trading opportunities - especially through the use of leveraged products.<\/p>\n\n<h3>Warrants<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;67114699&quot;],&quot;productTypes&quot;:[&quot;PT_WARRANT&quot;],&quot;marketVenues&quot;:[&quot;SIX&quot;],&quot;finalFixingDateMonths&quot;:[&quot;2026-06&quot;],&quot;strikeLevelDistance&quot;:{&quot;min&quot;:0.0379,&quot;max&quot;:0.2289}}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WrT?language_id=3\" label=\"Entdecke weitere Hebelprodukte auf NVIDIA\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"leverage-nvda-q3","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2025-11-16T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leverage-prod2_leonteq-structured-products_homepage-banner.jpg","subTitle":"Tension Ahead of Quarterly Report: ams-OSRAM Expected to Deliver Declining Results","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>ams-OSRAM will release its results for the third quarter of 2025 on November 18, 2025, and market participants are watching the upcoming figures closely. Analysts expect revenue of around EUR 846 million. By comparison, in the third quarter of 2024 the company generated EUR 881 million, implying a slight year-over-year decline of about 5%. For earnings per share (EPS), analysts forecast approximately EUR 0.08 for Q3 2025. In the same quarter of the previous year, ams-OSRAM reported EPS of EUR 0.37.<\/p>\n\n<p>Overall, business conditions remain challenging: fluctuating demand in the automotive and industrial sectors, currency headwinds, and a volatile consumer environment continue to weigh on performance. At the same time, ongoing efficiency programs and the ramp-up of new semiconductor products could support profitability over the medium term. Should ams-OSRAM beat or miss market expectations, significant price movements are likely \u2013 creating an environment that offers attractive opportunities for active investors, particularly through the use of leveraged products.<\/p>\n\n<h3>Mini-Futures<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;83767234&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;]}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WtN?language_id=3\" label=\"Discover more leveraged products on ams-Osram\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"leverage-ams-q3","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2025-11-14T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/sq_monopoly-index_leonteq-structured-products_homepage-banner.jpg","subTitle":"Tracker Certificate on the Swissquote Monopoly Index","windowTitle":"Bundled Market Power","category":"investment-themes","title":"Bundled Market Power","body":"<p>Pepsi or Coke? This is a question that keeps being asked in the workplace, at school, in the restaurant or at kiosks. Going by Wall Street, the pecking order of the two leading soft drinks manufacturers is clear: Coca-Cola currently has a market capitalisation of just under USDbn 300, putting the Atlanta-based group some USDbn 100 ahead of its rival from the north-east of New York. Despite this discrepancy, the shares of both are among the members of the new Swissquote Monopoly Index, in which the online broker gathers together companies which operate in monopolistic or oligopolistic market structures. That means they profit from limited competition, enjoy considerable pricing power and are able to set trends. The combination of such shares creates a portfolio that is to be characterised by stability, consistent profitability and resilience across economic cycles.<\/p>\n\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2025/swissquote-monopoly-index?language_id=1\" label=\"Find out more!\"><\/ltq-button><\/div>\n\n<h3>Slaking thirst, delivering returns<\/h3>\n<p>When it comes to market power, Coca-Cola boasts some impressive figures. The industry giant\u2019s brands account for 29% of the global market for non-alcoholic, ready-to-drink (NARTD) beverages. There are some 80 major suppliers, including Pepsi, who together enjoy a market share of 40%, while the remaining 31% is divided between more than 2,000 other producers. Around 2.2 billion Coca-Cola drinks are sold across the world every day. The soft drinks empire also includes the top brands Sprite and Fanta. Such a universal presence ensures stable growth and high profits. As a classic value stock, Coca-Cola slakes investors\u2019 thirst for returns \u2013 one prominent shareholder is the avowed Coke fan, Warren Buffett \u2013 with reliable dividends. It has distributed profits without interruption for more than a century, and the dividend has risen constantly over the last 64 years.<\/p>\n\n<h3>Top dogs old and new<\/h3>\n<p>Pepsi can look back on an impressive 53-year streak of dividend increases. Alongside beverages of the core brand and other well-known thirst-quenchers such as Lipton or 7UP, the group also leads the world in snacks. Fans of potato crisps will be more than familiar with Lay\u2019s or Ruffles in Swiss supermarkets. The food sector is not the only one where monopolies and oligopolies can be found: there are many well-known top dogs across many different branches of industry. It is not uncommon for there to have been a clear hierarchy for a long time. That is true for commercial aircraft, for instance, where Airbus and Boeing dominate. Upheaval is never far away, though, with the semiconductor market being a good example. The former industry leader, Intel, has fallen behind in this sector, partly because it has missed out on technological trends. Meanwhile, Nvidia is enjoying a rapid ascent thanks to its considerable innovative capacity. The Californian company\u2019s solutions are driving the AI mega-trend and have become an indispensable part of many applications. That enormous growth has also made Nvidia an absolute colossus on the stock market \u2013 the former graphics card specialist was the first company to hit a market capitalisation of USDtn 5.<\/p>\n\n<h3>Direct participation<\/h3>\n<p>Nvidia does not have an excessive weighting in the Swissquote Monopoly Index, currently accounting for 2.8% of this selection. In general, the index is broadly diversified. The Swissquote experts responsible for its composition have selected 29 market-leading companies from 11 different sectors. Investors can add the Swissquote Monopoly Index to their portfolio with a tracker certificate from Leonteq. The participation product is quoted on the SIX Swiss Exchange. The dividends of the companies included in the underlying are reinvested net in the index. The management fee comes to 0.40% p.a., and there is a calculation agent fee of 0.20% p.a. For this modest contribution investors have the opportunity to invest in a dynamic selection of intrinsically strong companies that play a leading role in their respective industries.<\/p>\n\n<h3>Tracker Certificate on the Swissquote Monopoly Index<\/h3>\n\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1481470248\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><price-chart isin=\"CH1481470248\"><\/price-chart><\/div>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;CANADIAN DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:2.784E-5,&quot;currency&quot;:&quot;CAD&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;SWISS FRANC&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:1.5687E-4,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;DANISH KRONE&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:2.1894E-4,&quot;currency&quot;:&quot;DKK&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;EURO&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:2.337E-5,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;US DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00473411,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;AIRBUS ORD&quot;,&quot;sophisInternalId&quot;:67109422,&quot;currentPrice&quot;:194.78,&quot;weight&quot;:0.02174539,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ALPHABET INC-CL A&quot;,&quot;sophisInternalId&quot;:67114265,&quot;currentPrice&quot;:349.22,&quot;weight&quot;:0.01831107,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ASML HOLDING NV&quot;,&quot;sophisInternalId&quot;:67109614,&quot;currentPrice&quot;:1464.2,&quot;weight&quot;:0.02089663,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;AT T INC-REG&quot;,&quot;sophisInternalId&quot;:67138109,&quot;currentPrice&quot;:23.5,&quot;weight&quot;:0.05613253,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BOEING CO&quot;,&quot;sophisInternalId&quot;:67114541,&quot;currentPrice&quot;:188.73,&quot;weight&quot;:0.01664602,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BOOKING HOLDINGS INC&quot;,&quot;sophisInternalId&quot;:69413242,&quot;currentPrice&quot;:165.8,&quot;weight&quot;:0.01952505,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CME GROUP INC&quot;,&quot;sophisInternalId&quot;:67114532,&quot;currentPrice&quot;:289.46,&quot;weight&quot;:0.06225381,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;COCA-COLA CO/THE&quot;,&quot;sophisInternalId&quot;:67144888,&quot;currentPrice&quot;:92,&quot;weight&quot;:0.06793696,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CONSTELLATION SOFTWARE INC&quot;,&quot;sophisInternalId&quot;:173028429,&quot;currentPrice&quot;:3283.76,&quot;weight&quot;:0.03855526,&quot;currency&quot;:&quot;CAD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CSX CORP&quot;,&quot;sophisInternalId&quot;:67363716,&quot;currentPrice&quot;:48.69,&quot;weight&quot;:0.02399775,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;DHL GROUP&quot;,&quot;sophisInternalId&quot;:67108935,&quot;currentPrice&quot;:57.7,&quot;weight&quot;:0.02177407,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ELI LILLY &amp; CO&quot;,&quot;sophisInternalId&quot;:67114601,&quot;currentPrice&quot;:1251.61,&quot;weight&quot;:0.03013834,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;EXPEDIA GROUP INC&quot;,&quot;sophisInternalId&quot;:67114481,&quot;currentPrice&quot;:291.87,&quot;weight&quot;:0.0255381,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;FAIR ISAAC CORP&quot;,&quot;sophisInternalId&quot;:93499715,&quot;currentPrice&quot;:769.93,&quot;weight&quot;:0.01072459,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;FEDEX CORP&quot;,&quot;sophisInternalId&quot;:67114326,&quot;currentPrice&quot;:295.54,&quot;weight&quot;:0.0143748,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;FEDEX FREIGHT HOLDING CO&quot;,&quot;sophisInternalId&quot;:229188907,&quot;currentPrice&quot;:110.5,&quot;weight&quot;:0.00247105,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;HOME DEPOT INC&quot;,&quot;sophisInternalId&quot;:67138116,&quot;currentPrice&quot;:308.24,&quot;weight&quot;:0.01943971,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;LOWE'S COS INC&quot;,&quot;sophisInternalId&quot;:67114253,&quot;currentPrice&quot;:195.72,&quot;weight&quot;:0.01794051,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MASTERCARD INC - A&quot;,&quot;sophisInternalId&quot;:67144304,&quot;currentPrice&quot;:616.32,&quot;weight&quot;:0.06467642,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MICRON TECHNOLOGY INC&quot;,&quot;sophisInternalId&quot;:67114697,&quot;currentPrice&quot;:931.24,&quot;weight&quot;:0.01904219,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MOBILITY GLOBAL INC&quot;,&quot;sophisInternalId&quot;:231149115,&quot;currentPrice&quot;:18.72,&quot;weight&quot;:0.00155919,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MOODY'S CORP&quot;,&quot;sophisInternalId&quot;:67114534,&quot;currentPrice&quot;:483.69,&quot;weight&quot;:0.0321908,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NOVO NORDISK A/S-B&quot;,&quot;sophisInternalId&quot;:67519173,&quot;currentPrice&quot;:263.45,&quot;weight&quot;:0.02159574,&quot;currency&quot;:&quot;DKK&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NVIDIA CORP&quot;,&quot;sophisInternalId&quot;:67114699,&quot;currentPrice&quot;:217.23,&quot;weight&quot;:0.02064959,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;PEPSICO INC&quot;,&quot;sophisInternalId&quot;:67114727,&quot;currentPrice&quot;:128.38,&quot;weight&quot;:0.05010453,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;S&amp;P GLOBAL INC&quot;,&quot;sophisInternalId&quot;:67114305,&quot;currentPrice&quot;:424.81,&quot;weight&quot;:0.0357264,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SAMSUNG ELECTR-GDR&quot;,&quot;sophisInternalId&quot;:69757100,&quot;currentPrice&quot;:4048,&quot;weight&quot;:0.01650684,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SK HYNIX INC-GDS&quot;,&quot;sophisInternalId&quot;:222148034,&quot;currentPrice&quot;:882,&quot;weight&quot;:0.01213607,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;T-MOBILE US INC&quot;,&quot;sophisInternalId&quot;:86243892,&quot;currentPrice&quot;:157.03,&quot;weight&quot;:0.04884863,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;TAIWAN SEMICONDUCTOR-SP ADR&quot;,&quot;sophisInternalId&quot;:67810153,&quot;currentPrice&quot;:422.25,&quot;weight&quot;:0.02060769,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;UNION PACIFIC CORP&quot;,&quot;sophisInternalId&quot;:67203164,&quot;currentPrice&quot;:288.71,&quot;weight&quot;:0.03506046,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;UNITED PARCEL SERVICE-CL B&quot;,&quot;sophisInternalId&quot;:67114327,&quot;currentPrice&quot;:97.83,&quot;weight&quot;:0.01860981,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;VERIZON COMMUNICATIONS INC&quot;,&quot;sophisInternalId&quot;:67138125,&quot;currentPrice&quot;:44.4,&quot;weight&quot;:0.04859555,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;VISA INC-CLASS A SHARES&quot;,&quot;sophisInternalId&quot;:67144322,&quot;currentPrice&quot;:399.75,&quot;weight&quot;:0.06052731,&quot;currency&quot;:&quot;USD&quot;}]\"><\/AmcComposition>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2025/swissquote-monopoly-index?language_id=1\" label=\"Find out more!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"swissquote-monopoly-index","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/sq_monopoly-index_leonteq-structured-products_sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/sq_monopoly-index_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-11-13T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Richemont First Half 2025: Stable Sales Expected Despite Headwinds from China and the U.S.","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>Richemont will publish its results for the first half of the fiscal year 2026 on November 14, 2025. The performance of the luxury goods group continues to be influenced by various external factors, including the trade dispute with the United States and weaker consumer demand in China. Nevertheless, analysts expect solid results. This is mainly due to Richemont\u2019s broad regional diversification and its leading position in the currently strong jewelry segment.<\/p>\n\n<p>Analysts forecast revenue of around EUR 10.4 billion and earnings per share (EPS) of approximately EUR 2.92. By comparison, in the first half of the last year, the company reported revenue of about EUR 10.1 billion and EPS of EUR 2.95. This would represent revenue growth of roughly 3% year over year, while earnings per share are expected to come in slightly lower than in the previous year.<\/p>\n\n<p>Should Richemont exceed or miss market expectations, significant share price movements are possible. This could create attractive trading opportunities for active investors, particularly through the use of leveraged products.<\/p>\n\n<h3>Mini-Futures<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;67108963&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;]}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wrx?language_id=3\" label=\"Discover more products on Richemont\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"leverage-cfr-h1","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2025-11-12T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/bachem2025_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"New Momentum in the Weight-Loss Business","windowTitle":"Bachem","category":"underlying-in-focus","title":"Bachem","body":"<p>The market for modern weight-loss and metabolic drugs remains in motion. With the acquisition of obesity specialist Metsera, Pfizer has just sent a strong signal to the industry, reigniting competition in the multi-billion-dollar GLP-1 segment. The deal once again shows that major pharmaceutical players are willing to invest heavily to secure access to innovative compounds. For the smaller company Bachem, a strategic supplier of such complex molecules, this opens up long-term opportunities - especially as the company is currently making massive investments in additional production capacity.<\/p>\n\n<div><generic-chart title=\"Bachem: Shareprice (in CHF)\"> \n    <chart-line title=\"Bachem\" path=\"Chart_Banb.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as of: 11.11.2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<p>Alongside these industry developments, an important internal topic is also coming into focus at Bachem: an upcoming leadership change. Early next year, Anne-Kathrin Stoller will take over from Thomas Meier as CEO. The long-time Bachem manager, who most recently headed the U.S. business, will have to guide the company through a phase of operational ramp-up while maintaining credibility for its ambitious growth targets. A key task will be ensuring the smooth start-up of the new large-scale facilities at the company\u2019s headquarters in Bubendorf, as well as expanding capacity overseas and at the Eiken site.<\/p>\n\n<h3>Strong First Half<\/h3>\n<p>Operationally, things are going well: in the first half of 2025, revenue climbed to CHF 313 million, an increase of around 30% year-on-year. The EBITDA margin improved significantly to 29.1%. Approved active ingredients and development projects contributed most to this growth, while research chemicals declined slightly. At the same time, the contract manufacturer of active ingredients - particularly peptides and oligonucleotides - is investing heavily. Between January and June alone, more than CHF 129 million was spent on new production capacities. The central large-scale project, the \u201cBuilding K\u201d facility, is progressing on schedule and is expected to begin production in the second half of the year. This additional capacity is seen as a prerequisite for the targeted surge in revenue starting in 2026.<\/p>\n\n<div>\n<generic-chart title=\"Earnings per share\">\n  <x-axis categories=\"2022,2023,2024,2025,2026e,2027e\"/>\n      <chart-column title=\"Earnings per share (in CHF)\" data=\"1.36,1.5,1.6,1.5,2.28,2.78\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Refinitiv, e = expected<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n\n<h3>GLP-1 Boom: Opportunities and Risks<\/h3>\n<p>The market for GLP-based therapies is currently one of the biggest growth drivers in the global pharmaceutical industry - both a major opportunity and a challenge. On the positive side, there is sustained strong demand for production volumes and complex peptide chemistry. As mentioned, Bachem is positioning itself here through targeted investments in large-scale plants. However, there are risks: the hype around weight-loss drugs has cooled somewhat recently. At the same time, major manufacturers like Novo Nordisk and Eli Lilly are investing heavily in their own production facilities. Nevertheless, the role of CDMO partners such as Bachem is likely to remain central to ensure flexibility and supply security - an argument the incoming CEO Stoller has already emphasized.<\/p>\n\n<h3>Billion-Dollar Future Plans<\/h3>\n<p>Bachem\u2019s confidence is also reflected in its ambitious goals. For 2025, the company expects revenue growth of 13% to 18% and an EBITDA margin in the high twenties. For the following year, management is targeting revenue exceeding CHF 1 billion and a margin above 30%. To achieve this, more than CHF 400 million will be invested this year alone. New facilities in Switzerland and the U.S., along with operational improvements, form the foundation of this growth strategy. Analysts expect the profit engine to really kick in from 2026 onward, with earnings per share projected to rise by more than half that year and by around one-fifth the year after.<\/p>\n\n<p>On the capital markets, however, the positive outlook has yet to be reflected. Over the past year, the share price has lost around one-third of its value. Investors have recently been unsettled mainly by delays in capacity expansion. But if Stoller succeeds in ramping up production smoothly and confirming the growth story, investor confidence could return.<\/p>\n\n<h3>Attractive Yield in a Sideways Market<\/h3>\n<p>For investors, now could be the perfect time to optimize returns. The new softcallable barrier reverse convertible (BRC) can turn even a stabilization at current levels into cash returns. The CHF-denominated BRC offers an annual yield of 8.2% with a maximum term of 18 months. On the downside, the partial protection product leaves plenty of room for the underlying stock: the barrier is set at 59% of the initial value. The BRC also includes a softcallable feature, which can trigger early redemption for the first time after six months.<\/p>\n\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1447742250\\&quot;&quot;,&quot;conditions&quot;:{&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<h3>Leveraged Opportunities<\/h3>\n<p>Risk-tolerant investors can also bet on rising or falling prices of this Swiss small-cap stock and thus pursue above-average returns. In total, Leonteq offers more than 22 leveraged products on Bachem, including both call and put warrants with various strike prices and maturities extending to September 2026.<\/p>\n\n\n<h3>Leveraged products on Bachem<\/h3>\n\n    <div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;67109078&quot;],&quot;productTypes&quot;:[&quot;PT_WARRANT&quot;],&quot;strikeLevelDistance&quot;:{&quot;min&quot;:0.1298,&quot;max&quot;:0.4087}}\" />\n  <\/div>\n    \n<ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WtG?language_id=3\" label=\"Discover our leveraged products!\"><\/ltq-button>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-bachem25","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/bachem2025_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/bachem2025_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-11-11T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leverage-prod2_leonteq-structured-products_homepage-banner.jpg","subTitle":"On Holding Ahead of Q3 Results: Analysts Expect Strong Revenue and Profit Growth","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>On Holding will publish its results for the third quarter of 2025 on November 12, 2025. Analysts expect revenue of around CHF 768 million and earnings per share (EPS) of approximately CHF 0.27. By comparison, in the third quarter of 2024, the company reported revenue of about CHF 635.8 million and EPS of CHF 0.15. This would represent revenue growth of around 20% year over year, while earnings per share are expected to be nearly 80% higher than in the same period last year.<\/p>\n\n<p>The company\u2019s continued growth is primarily driven by strong demand in North America and the expansion of its direct-to-consumer business. In addition, On Holding continues to invest in product innovation and brand awareness, further strengthening its position in the global premium sports segment.<\/p>\n\n<p>Should On Holding exceed or miss market expectations, significant share price movements are possible. This could present attractive trading opportunities for active investors, particularly through the use of leveraged products.<\/p>\n\n<h3>Mini-Futures<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;154789044&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;],&quot;leverage&quot;:{&quot;min&quot;:4.6,&quot;max&quot;:9007199254740991}}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WtC?language_id=3\" label=\"Discover more Leveraged Products on On Holding\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"leverage-onon-q3","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2025-11-07T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leverage-prod2_leonteq-structured-products_homepage-banner.jpg","subTitle":"Strong Business Momentum: Alcon in Focus Ahead of the Q3 2025 Results","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>Alcon will publish its results for the third quarter of 2025 on November 11, 2025. Analysts expect revenue of around USD 2.63 billion and earnings per share (EPS) of approximately USD 0.76. By comparison, in the third quarter of 2024, revenue stood at about USD 2.4 billion and EPS at USD 0.81. This would represent revenue growth of around 10% year over year, while earnings per share are expected to be slightly below the previous year\u2019s level.<\/p>\n\n<p>Alcon\u2019s business development remains dynamic, driven by solid demand for premium intraocular lenses and innovative contact lens products. In addition, new product launches and continued investments in research and development are strengthening the company\u2019s competitiveness and creating further growth potential in the coming quarters.<\/p>\n\n<p>Should Alcon exceed or miss market expectations, significant price movements are possible. This could offer attractive trading opportunities for active investors \u2013 particularly through the use of leveraged products.<\/p>\n\n<h3>Mini-Futures<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;128045195&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;],&quot;leverage&quot;:{&quot;min&quot;:5.292,&quot;max&quot;:9007199254740991}}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wtw?language_id=3\" label=\"Discover more products on Alcon\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"leverage-alc-q3","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leverage-prod2_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-11-05T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/mp+materials_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Small Cap with Big Ambitions","windowTitle":"MP Materials","category":"coupon-giant","title":"MP Materials","body":"<p>What did Donald Trump whisper into the Chinese president\u2019s ear? This question has been puzzling the world since the meeting between the U.S. president and Xi Jinping. At the end of October, the two leaders met in South Korea - images of their handshake show Trump leaning in to speak to his counterpart. Even lip readers have tried to decipher the scene, but the message remains a mystery. What is certain, however, is that this first face-to-face encounter between the two heads of state since 2019 has led to a relaxation of tensions in the U.S. - China trade dispute. Among other things, Xi agreed to suspend the tightened export controls on rare earths for one year. As recently as early October, Beijing had made those regulations stricter, fueling fears of new supply shortages. Rare earths are indispensable for a wide range of products, including smartphones, televisions, and electric motors.<\/p>\n\n<h3>A Month of Extremes<\/h3>\n<p>Unsurprisingly, this political back-and-forth has not left the shares of companies in the sector unaffected - particularly MP Materials. Over the past month, the U.S. mining company\u2019s stock has shown a volatility of about 85%. When tensions between the U.S. and China escalated in early October, the small cap\u2019s price initially surged by nearly half, reaching around USD 100. After the Trump\u2013Xi meeting, however, the stock fell back and is currently trading at below USD 60. These short-term swings are unlikely to change MP Materials\u2019 strategic importance for the U.S. government. Washington is seeking greater independence from China in the supply of rare earths. The company\u2019s Mountain Pass mine in California holds an estimated 1.9 million tons of rare earth oxides - one of the richest deposits in the world and the largest of its kind in the Western Hemisphere.<\/p>\n\n<div><generic-chart title=\"MP Materials: Shareprice (in USD)\"> \n    <chart-line title=\"MP Materials\" path=\"Chart_MP_NEW.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as of: 03.11.2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n\n<h3>Rising Production, Red Numbers<\/h3>\n<p>With a spectacular deal in July, the U.S. government secured access to this \u201ctreasure.\u201d Through a public-private partnership, the Department of Defense invested in the mining company. At the same time, MP Materials received a purchase and price guarantee. Unsurprisingly, following the announcement of this multibillion-dollar agreement, the stock of the rare earth specialist surged sharply. Operationally, MP Materials\u2019 progress has been less dramatic but steadily upward. In the first half of 2025, the company extracted around 25'000 tons of rare earth oxides - a 25% increase compared to the previous year\u2019s period. This put the California-based miner on track to surpass the record production level achieved in 2024. However, the company remains deeply in the red: for the first six months of 2025, it reported a net loss of about USD 53.5 million. Analysts, however, expect MP Materials to break even in 2026.<\/p>\n\n<div>\n<generic-chart title=\"MP Materials: Production Volume\">\n  <x-axis categories=\"2020,2021,2022,2023,2024\"/>\n      <chart-column title=\"Production Rare Earth\" data=\"38503,42413,42499,41557,45455\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: MP Materials, as of: October 2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Double-Digit Yield Opportunities<\/h3>\n<p>On Thursday, November 6, the consensus will be put to the test when MP Materials releases its Q3 2025 interim report. Right on cue, Leonteq is launching new Softcallable barrier reverse convertibles on this highly volatile stock. In CHF, investors can expect quarterly coupon payments of 11.80% p.a.; the USD-denominated version offers an even higher yield of 15.80% p.a.. These attractive returns come with downside protection through a barrier set at 49% of the initial level. As long as MP Materials does not touch or fall below this barrier, investors receive full repayment of the nominal amount at maturity. However, if the underlying breaches the threshold, the investment becomes fully exposed to market risk. Investors should also note the Softcallable feature, which allows the issuer to terminate and redeem the product early.<\/p>\n\n\n<h3>Callable Barriere Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1447743175\\&quot;\\&quot;CH1491781196\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-mpm","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/mp+materials_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/mp+materials_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-11-05T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leverage-prod2_leonteq-structured-products_homepage-banner.jpg","subTitle":"Rheinmetall Ahead of Q3 Results: Analysts Expect a Strong Increase in Profits","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>Rheinmetall will publish its results for the third quarter of 2025 on November 6, 2025. Analysts expect revenue of around EUR 2.9 billion and earnings per share (EPS) of approximately EUR 4.27. This would mark a significant increase compared to the previous year: in the third quarter of 2024, the company reported revenue of about EUR 2.5 billion and EPS of EUR 3.05. This represents revenue growth of roughly 15% and a strong rise in earnings per share of around 40%. The forecasts suggest that Rheinmetall is likely to continue its positive business development, benefiting from sustained high demand in the defense sector as well as an improved operating margin.<\/p>\n\n<div>Depending on whether Rheinmetall exceeds or falls short of expectations, the stock could see significant price movements. For active investors, this may offer interesting trading opportunities \u2013 particularly with leveraged products.<\/div>\n<h3>Leveraged Products on Rheinmetall<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;67118805&quot;],&quot;productTypes&quot;:[&quot;PT_TURBO&quot;],&quot;leverage&quot;:{&quot;min&quot;:5.053,&quot;max&quot;:9007199254740991},&quot;stopLossLevelDistance&quot;:{&quot;min&quot;:0.0744,&quot;max&quot;:0.1638},&quot;strikeLevelDistance&quot;:{&quot;min&quot;:0.1121,&quot;max&quot;:0.179}}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WrS?language_id=3\" label=\"Discover more products on Rheinmetall\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"leverage-rhm-q3-2025","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leverage-prod2_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-11-04T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leverage-prod2_leonteq-structured-products_homepage-banner.jpg","subTitle":"AMD Ahead of Earnings: Investors Eagerly Anticipate a Record Year","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>The U.S. chipmaker Advanced Micro Devices (AMD) is set to release its third-quarter earnings report on Tuesday, November 4, after the market closes. Expectations for the company are running high. Since the beginning of the year, AMD\u2019s stock has surged by roughly 117%, reflecting strong investor confidence and the overall momentum in the semiconductor sector.<\/p>\n\n<p>For the third quarter of 2025, analysts project AMD\u2019s revenue to come in at around USD 8.7 billion, representing a 28% increase year over year. The growth is primarily driven by robust demand in the data center and AI processor segments. Analysts also anticipate a clear rise in earnings per share (EPS), with forecasts at USD 1.17 per share, about 30% higher than the USD 0.92 recorded in the same quarter last year.<\/p>\n\n<p>Should AMD exceed or miss market expectations, significant share price volatility could follow. This could create attractive trading opportunities for active investors \u2013 particularly through the use of leveraged products.<\/p>\n\n<h3>Warrants with Knock-Out<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;67114691&quot;],&quot;productTypes&quot;:[&quot;PT_TURBO&quot;],&quot;leverage&quot;:{&quot;min&quot;:3.4619999999999997,&quot;max&quot;:9007199254740991}}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WrH?language_id=3\" label=\"Discover more leveraged products\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"leverage-amd-q3","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leverage-prod2_leonteq-structured-products_sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2025-10-31T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/gold_upward_trend_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Tracker-Certificate on the Leonteq Junior Gold Miners Quality & Momentum Index","windowTitle":"Looking for that extra Gloss","category":"investment-themes","title":"Looking for that extra Gloss","body":"<p>On 19 August it was five years since the Leonteq Junior Gold Miners Quality & Momentum Index was launched. The Zurich-based finance boutique introduced this benchmark in summer 2020 with the aim of giving investors special access to the world of precious metals. The name speaks for itself: the index groups together small and medium-sized mining companies which extract gold, meet strict quality criteria and also bring plenty of momentum. So far the concept has been a complete success: having first been calculated on 23 July 2018, the Leonteq Junior Gold Miners Quality & Momentum Index barometer has managed to increase in value by more than 230% since that day. This represents an outperformance of around 30 percentage points over the benchmark, the VanEck Junior Gold Miners ETF.<\/p>\n\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2025/leonteq-junior-gold-miners-quality-and-momentum-index?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n\n<h3>Multi-stage selection process<\/h3>\n<p>The Leonteq Junior Gold Miners Quality & Momentum Index follows a strict selection process. Experts run through this process in July each year. Only companies which are listed on the stock markets in Toronto, Australia, New York or Hong Kong come into consideration. Their shares must have reached an average daily turnover of at least USDmn 5 in the six months before the key date. All stocks which meet the quantitative criteria are subjected to an extensive quality and momentum analysis. The index managers inspect the balance sheet closely and look at the debt ratio and also analyse net earnings growth and margins. In the momentum test, the expert panel examines price performance over one, two and three years. In order to identify particularly healthy companies that are popular with investors, a ranking is created using the quality and momentum filters. The top 20 shares are then added to the Leonteq Junior Gold Miners Quality & Momentum Index with an equal weighting.<\/p>\n\n<h3>High-flyers from Down Under<\/h3>\n<p>The current heavyweight of the pack, Ramelius Resources, is a prime example of the high standards of this investment strategy. The western Australian company operates two mines. In the 2025 financial year (to 30 June), these produced a record 302.000 troy ounces of gold. The all-in-sustaining costs (AISC) came to AUD 1.551 per ounce. Thanks to high-grade ores, Ramelius stands out from its peer group with this cost indicator, which is considered standard in the sector. On the sales side, the company achieved an average gold price of AUD 3.963 per troy ounce \u2013 just under a third more than in the previous period. The combination of higher production, declining costs and a rising gold price is causing profits to soar: the Australians posted EBITDA of AUDmn 818.6 from operations in 2025, up 81% on the year before, while the EBITDA margin climbed 33% to 68%. Against this background, the enormous momentum of the Ramelius share is not surprising: in the year to date, the Sydney-listed small cap has appreciated by almost 60%.<\/p>\n\n<h3>Diversified and efficient<\/h3>\n<p>Ramelius Resources put a dampener on things on 27 October, when the mining company from Down Under reported that the production and sales of gold had fallen in the three months to the end of September 2025 alongside a simultaneous jump in the AISC. On 28 October (after we went to print) the management intended to present its outlook for the current period as well as a \u201c5 Year Growth Pathway\u201d. There is a good chance that the company will set itself ambitious targets. Should Ramelius be unable to meet expectations, the spread of the Leonteq Junior Gold Miners Quality & Momentum Index should help. Along with the rigorous selection process, diversification is one of the strengths of the strategy. A tracker certificate gives investors a simple and cost-efficient way of bringing this special selection into their portfolio. The open-end participation product is listed on the SIX Swiss Exchange and comes with an annual administration fee of 0.60%.<\/p>\n\n<h3>Tracker-Certificate on the Leonteq Junior Gold Miners Quality & Momentum Index<\/h3>\n\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0542381006\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.listed:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div><strong>Issuer: Leonteq Securities AG (Rating: Fitch BBB-)<\/strong><\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><price-chart isin=\"CH0542381006\"><\/price-chart><\/div>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;EQ.DRCPT&quot;,&quot;name&quot;:&quot;CIA DE MINAS BUENAVENTUR-ADR&quot;,&quot;weight&quot;:0.04251276},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;CATALYST METALS LTD&quot;,&quot;weight&quot;:0.04386435},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;COEUR D'ALENE MINES CORP&quot;,&quot;weight&quot;:0.05399164},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;GENESIS MINERALS LTD&quot;,&quot;weight&quot;:0.05195081},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;WANGUO GOLD GROUP LTD&quot;,&quot;weight&quot;:0.04789444},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;OSISKO GOLD ROYALTIES LTD&quot;,&quot;weight&quot;:0.04746358},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;PERSEUS MINING LTD&quot;,&quot;weight&quot;:0.04843487},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;G MINING VENTURE CORP&quot;,&quot;weight&quot;:0.04594875},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;IDAHO STRATEGIC RESOURCES IN&quot;,&quot;weight&quot;:0.04211825},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SOUTHERN CROSS GOLD CONSOLID&quot;,&quot;weight&quot;:0.05365649},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;EMERALD RESOURCES NL&quot;,&quot;weight&quot;:0.05051889},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;AVINO SILVER &amp; GOLD MINES&quot;,&quot;weight&quot;:0.05217829},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ALAMOS GOLD INC&quot;,&quot;weight&quot;:0.04867648},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;LUNDIN GOLD INC&quot;,&quot;weight&quot;:0.04994522},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;RAMELIUS RESOURCES LTD&quot;,&quot;weight&quot;:0.04940002},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;DPM METALS INC&quot;,&quot;weight&quot;:0.05284268},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;CAPRICORN METALS LTD&quot;,&quot;weight&quot;:0.05528628},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;AYA GOLD &amp; SILVER INC&quot;,&quot;weight&quot;:0.05266785},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;WESDOME GOLD MINES LTD&quot;,&quot;weight&quot;:0.05274134},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ORA BANDA MINING LTD&quot;,&quot;weight&quot;:0.05790698}]\"><\/AmcComposition>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2025/leonteq-junior-gold-miners-quality-and-momentum-index?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"leonteq-junior-gold-miners-quality-and-momentum-index","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/gold_upward_trend_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/gold_upward_trend_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-10-29T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Strategy Inc. Announces Q3 Results \u2013 Analysts Expect a Strong Earnings Jump","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>Strategy Inc. will release its third-quarter earnings after the market close on Thursday, October 30, 2025. Investors and analysts are eagerly awaiting the report, as the company has drawn increasing attention in recent months due to its strategic positioning in the field of digital assets \u2013 particularly Bitcoin.<\/p>\n\n<p>According to the latest estimates from Refinitiv, revenue for the third quarter is expected to come in at around USD 116.8 million, representing a modest growth of about 0.5% year-over-year. Earnings per share (EPS) are projected to reach approximately USD 8.15, marking a significant improvement compared to the same quarter last year (USD \u20131.56).<\/p>\n\n<p>Investors will be watching closely to see whether Strategy Inc. can continue to reduce previous losses and outline a clear path toward sustainable profitability. In addition, the performance of digital assets \u2013 especially the company\u2019s Bitcoin holdings \u2013 is likely to have a major impact on its valuation and future market sentiment.<\/p>\n\n<div>Depending on whether Strategy Inc. beats or misses expectations, the stock could see heightened volatility. For active investors, this could present interesting trading opportunities, particularly through the use of leveraged products.<\/div>\n<h3>Leveraged Products on Strategy Inc.<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;71210003&quot;],&quot;productTypes&quot;:[&quot;PT_WARRANT&quot;],&quot;strikeLevelDistance&quot;:{&quot;min&quot;:0.1764,&quot;max&quot;:0.4574}}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wsg?language_id=3\" label=\"Discover more Leveraged Products on Strategy Inc.\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"leverage-mstr-q3-2025","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2025-10-29T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/barrycallebaut_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Taste Test for the Chocolate Giant","windowTitle":"Barry Callebaut","category":"underlying-in-focus","title":"Barry Callebaut","body":"<p>At the beginning of the week, winter made its first appearance in the mountains. Above 1,600 meters, quite a bit of snow accumulated. The images from the Alps are likely to strengthen the pre-Christmas feeling for many people. In retail, the festive season had already long begun - advent calendars, gingerbread, and chocolate Santas are waiting for buyers. Not only here in Switzerland, but worldwide, consumers are increasingly coming into contact with Barry Callebaut. The leading manufacturer of high-quality chocolate and cocoa products supplies both industrial food producers and chocolatiers, confectioners, and bakers. On the stock market, Barry Callebaut has not exactly been a source of delight in recent years. Instead, the share has been moving in a downward trend, which brought it close to the round mark of CHF 700 in April for the first time since autumn 2011. Recently, however, the mid-cap company has shown signs of recovery. Compared to its low, Barry Callebaut has regained nearly two-thirds in value. <\/p>\n\n<div><generic-chart title=\"Barry Callebaut: Shareprice (in CHF)\"> \n    <chart-line title=\"Barry Callebaut\" path=\"Chart_Barn.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as at 28.10.2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>\u201cUnprecedented Market Environment\u201d<\/h3>\n<p>Now this rebound will be put to the test. On November 5, Barry Callebaut will publish its results for the 2024/25 fiscal year (ending August 31). In addition, CEO Peter Feld and CFO Peter Vanneste will speak on a conference call. The coming week will therefore show whether the industry giant was at least able to meet its revised forecast. The CEO had to adjust the outlook three times. \u201cOur industry has been experiencing an unprecedentedly disruptive and volatile market environment for the past 18 months,\u201d Feld explained at the beginning of July. He was referring in part to the strong fluctuations in raw material prices \u2013 especially cocoa. In 2024, the price of this key chocolate ingredient increased by up to 180%. Just as signs of relief began to appear and cocoa futures corrected sharply, a new problem arose for Barry Callebaut\u2019s headquarters: U.S. customs policy. In 2023/24, the company sold more than half a million tons of chocolate in North America. After Western Europe, this made the region its second most important sales market.<\/p>\n\n<h3>An Ambitious Program<\/h3>\n<p>In fiscal year 2023/24, Barry Callebaut was still able to keep its total volume \u2013 chocolate and cocoa combined \u2013 stable. For the period ending in August, management expected a 7% decline. At the operating profit (EBIT) level, CEO Peter Feld still projected mid- to high-single-digit growth, even in the revised forecast. Previously, he had been aiming for double-digit increases. Although the company was able to pass rising raw material costs on to customers, cost discipline remains a key issue. \u201cWith our investment program BC Next Level, we will become even more agile and resilient to volatile cocoa prices, with a clear goal to increase our profitability and reduce our debt,\u201d the top manager stated in early July. The strategy, launched in 2023, aims \u2013 among other things, through simplification of the product portfolio \u2013 to achieve savings of CHF 250 million. However, implementation of these cost reductions has been delayed.<\/p>\n\n<h3>A Familiar Recipe<\/h3>\n<p>Analysts and investors will be watching closely to see where Barry Callebaut stands in implementing \u201cBC Next Level.\u201d In addition to the raw figures, statements from the CEO and CFO on the current market situation are likely to attract considerable attention. Even if the SMIM-listed company delivers a somewhat bitter note next week, the Softcallable Barrier Reverse Convertible offers an attractive yield opportunity. The guaranteed coupon of the new CHF-denominated issue amounts to 10.2% p.a. This opportunity is balanced by a low barrier of 59% of the initial level. As long as Barry Callebaut\u2019s share does not fall to or below this mark within the next 18 months, the issuer will repay the nominal amount in full. Otherwise, the partial protection lapses, and the product becomes fully exposed to the mid-cap stock\u2019s price risk.<\/p>\n\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1447741872\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<h3>Traders Take Note:<\/h3>\n<p>Barry Callebaut is one of the underlying assets in Leonteq\u2019s leveraged product universe. Nearly 70 warrants and mini-futures allow short-term positioning on both the long and short sides. Regardless of direction, however, if the trading strategy fails, disproportionate losses are possible.<\/p>\n\n<h3>Leveraged products on Barry Callebaut<\/h3>\n\n    <div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true,&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:false},&quot;underlyings&quot;:[&quot;67109020&quot;],&quot;productTypes&quot;:[&quot;PT_WARRANT&quot;],&quot;strikeLevelDistance&quot;:{&quot;min&quot;:0.0894,&quot;max&quot;:0.1895}}\" />\n  <\/div>\n    \n<ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wsf?language_id=3\" label=\"Discover more leveraged products!\"><\/ltq-button>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-barn","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/barrycallebaut_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/barrycallebaut_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-10-28T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"High Pressure on Meta: Investors Expect Strong Quarterly Results","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>Meta Platforms is set to release its quarterly results on Wednesday, 28th of October 2025 after the market close.\nThere is strong optimism on Wall Street toward the social media giant, with most analysts expecting record revenues driven by solid growth in its advertising business. Meta has already expanded its capital expenditure plans twice this year - mainly to build new data centers and attract highly paid AI specialists. Now, the company faces significant pressure as expectations for its upcoming results are higher than ever.<\/p>\n\n<p>For the upcoming quarterly report, analysts surveyed by Refinitiv expect earnings per share (EPS) of USD 6.68, representing an increase of around 10% compared to the previous year. Revenue is projected to reach USD 49.4 billion, up roughly 22% year over year - a clear sign of the company\u2019s continued growth momentum.<\/p>\n\n<div>With Warrants with Knock-Out, investors can position themselves for potential swings &ndash; whether expecting a rally or a pullback.<\/div>\n\n<h3>Warrants with Knock-Out<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;76382559&quot;],&quot;productTypes&quot;:[&quot;PT_TURBO&quot;],&quot;stopLossLevelDistance&quot;:{&quot;min&quot;:0.0752,&quot;max&quot;:0.2557}}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WrH?language_id=1\" label=\"Discover more leveraged products\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"leverage-meta-q3","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leverage-prod2_leonteq-structured-products_sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leverage-prod2_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-10-24T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Ahead of Q3 results: Novartis on track for further growth","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>Novartis is set to release its third-quarter results on October 28 before the market opens. The Switzerland-based global healthcare company is currently experiencing significant momentum. This positive development is driven by strong pipeline execution, new regulatory approvals, strategically valuable licensing agreements, and consistent capital returns to shareholders.<\/p>\n\n<p>Analysts surveyed by Refinitiv expect Novartis to report earnings per share (EPS) of USD 2.26 in its upcoming quarterly report \u2013 representing an increase of around 9.7% year over year. Revenue is projected to rise to USD 13.9 billion, marking an 8.4% increase compared to the same period last year.<\/p>\n\n<div>Depending on whether Novartis exceeds or misses expectations, stock price swings could be significant. For active investors, this presents interesting trading opportunities \u2013 especially with leveraged products.<\/div>\n<h3>Leveraged Products on Novartis<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;67108969&quot;],&quot;productTypes&quot;:[&quot;PT_TURBO&quot;],&quot;leverage&quot;:{&quot;min&quot;:5.098,&quot;max&quot;:9007199254740991}}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wtn?language_id=3\" label=\"Discover more leveraged products on Novartis\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"leverage-novn-q3-2025","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2025-10-22T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/intel_oct25_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Coupon inside!","windowTitle":"Intel","category":"coupon-giant","title":"Intel","body":"<p>Lip-Bu Tan knows the tech world inside out. He has been active in the semiconductor and software industry for more than two decades. In March 2025, the physicist and nuclear engineer may have taken on his most challenging mission yet, as he was appointed CEO of Intel. The Chinese-American manager is tasked with leading the chipmaker out of its current crisis. Intel has fallen behind during a period shaped by technological trends such as 5G, cloud computing, and AI. At the start of the PC era, the company was an innovation leader and made marketing history with the slogan \"Intel inside\". Today, Intel struggles with stagnating revenues and losses. Even on Wall Street, the company, founded in 1968, has fallen out of favour. While the US stock market surged from one record to the next, Intel dropped in April 2025 to its lowest level in almost 14 years.<\/p>\n\n<div><generic-chart title=\"Intel: Shareprice (in USD)\"> \n    <chart-line title=\"Intel\" path=\"chart_intel_oct25.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as of 21.10.2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Powerful shareholders<\/h3>\n<p>Over the summer, the stock staged a recovery. Relative to the previous low, the share price has more than doubled. The rebound is less due to operational progress than to the shareholder structure. In August, the US government acquired almost a tenth of the semiconductor giant, receiving the stake in exchange for investment support. Just a few weeks later, Nvidia stepped in. For USD 5 billion, the world\u2019s largest chipmaker secured roughly 4.4% of its former rival. \"The AI revolution has just reached hyper-speed,\" Intel praises on its website regarding the partnership. The two companies plan to jointly develop processors for PCs and data centres. Analysts also see a political angle for Nvidia. By investing in Intel, the largest US-listed company could be aiming to influence the US government to ease restrictions on the export of advanced semiconductors to China.<\/p>\n\n<h3>Important date<\/h3>\n<p>The consequences of these recent share transactions are expected to be a key topic when Intel reports its Q3 2025 results tomorrow, Thursday. After the market close in New York, the company will first release its interim report. From 23:00 CET, top management will speak in a conference call with analysts. For the quarter, Intel had projected revenues between USD 12.6 billion and 13.6 billion. The CEO also forecast a gross margin of 36% and a breakeven earnings per share. Based on the midpoint of the revenue range, Intel\u2019s business volume would have slightly declined. However, the outlook assumes significant improvements in profitability and net income. In Q3 2024, the gross margin was 18%, while earnings per share were deep in the red.<\/p>\n\n<div>\n<generic-chart title=\"Revenue (in USD million) and gross margin (in %)\">\n  <x-axis categories=\"Q1/2024, Q2/2024, Q3/2024, Q4/2024, Q1/2025, Q2/2025, Q3/2025*\"/>\n      <chart-column title=\"Revenue (in USD million)\" data=\"12.7,12.8,13.3,14.3,12.7,12.9,13.1\" format=\"number\"/>\n      <chart-line title=\"Gross margin (in %)\" data=\"45.1,38.7,18.0,42.1,39.2,29.7,36.0\" format=\"number\" yAxisRight=\"true\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Intel, as of July 2025, *Company forecast (revenue: midpoint of range)<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Volatility with consequences<\/h3>\n<p>Intel is known for its comparatively high volatility. So far this year, its share price has swung more than 50%, compared to roughly 17% for the broad S&P 500 index. Because volatility is a key factor for pricing Softcallable Barrier Reverse Convertibles, Intel\u2019s fluctuations have a direct impact on the latest issuance. In CHF, the BRC pays an annual coupon of 13.00%. In the USD version, the payout is 300 basis points higher. The yield opportunity is partially protected above a barrier set at 59% of the initial level. As long as Intel does not fall to or below this barrier, Leonteq will fully repay the nominal at maturity. If the buffer proves insufficient, the investment is exposed to the full price risk of the underlying. The generous coupon comes with good reason: the pronounced volatility also entails a comparatively high risk of barrier breach. Investors should also note the softcallable feature, which allows early redemption and repayment.<\/p>\n\n<h3>Callable Barriere Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1447742714\\&quot; \\&quot;CH1491774969\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<h3>Leverage products on Intel<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'Strike', 'Stop Loss/Knock-out', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true,&quot;+_exists_:levels.stopLossLevelAbs&quot;:true},&quot;underlyings&quot;:[&quot;67114693&quot;],&quot;stopLossLevelDistance&quot;:{&quot;min&quot;:0.05,&quot;max&quot;:0.2}}\" />\n  <\/div>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;67114693&quot;],&quot;productTypes&quot;:[&quot;PT_WARRANT&quot;],&quot;delta&quot;:{&quot;min&quot;:-0.117,&quot;max&quot;:0.662}}\" />\n  <\/div>\n    \n<ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage?language_id=3\" label=\"Discover our Leverage Products!\"><\/ltq-button>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-intel-2025","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/intel_oct25_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/intel_oct25_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-10-22T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Analysts see Tesla on Track for Success: New Products, Strong Momentum","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>Tesla will release its third-quarter results on October 22 after the market closes. Investors are particularly focused on news regarding the robotaxis and the next generation of vehicles.<\/p>\n\n<p>Tesla benefited in the past quarter from a strong surge in demand for electric vehicles, as customers rushed to take advantage of expiring tax incentives. Now, however, investors\u2019 attention is turning to what comes next. With these tax incentives having expired, market conditions for Tesla could become more challenging \u2013 yet the company is not standing still. Tesla recently launched a range of more affordable models, although these are not as cheap as some on Wall Street had expected. Tesla\u2019s management could provide further details on the outlook for these models and overall sales trends when it releases third-quarter results.<\/p>\n\n<p>Analysts surveyed by Refinitiv expect revenue of USD 26.4 billion, representing a 17% increase compared to the previous quarter. The main reason for this is the rush of customers trying to take advantage of expiring U.S. electric vehicle tax credits. Analysts expect EPS to rise by around 38% from the previous quarter to USD 0.54. Net profit is expected to be about USD 1.8 billion, down from USD 2.2 billion in the same period last year.<\/p>\n\n<div>Depending on whether Tesla exceeds or misses expectations, stock price swings could be significant. For active investors, this presents interesting trading opportunities \u2013 especially with leveraged products.<\/div>\n<h3>Leveraged Products on Tesla<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;70498762&quot;],&quot;productTypes&quot;:[&quot;PT_TURBO&quot;],&quot;searchable&quot;:true,&quot;stopLossLevelDistance&quot;:{&quot;min&quot;:0.0293,&quot;max&quot;:0.1414}}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wtm?language_id=3\" label=\"Discover more products on Tesla\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"leverage-tsla-q3-2025","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leverage-prod2_leonteq-structured-products_sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leverage-prod2_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-10-21T08:26","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leverage-prod2_leonteq-structured-products_homepage-banner.jpg","subTitle":"Netflix Ahead of Earnings: Monetisation Over Subscriber Growth","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>Netflix enters its Q3 earnings on Tuesday with a clear message: the era of subscriber-count obsession is over. Instead, the streaming giant is pivoting toward engagement, ad revenue, and profitability metrics as the key indicators of performance. After posting a 16% year-over-year revenue increase to USD 11.08 billion in Q2, analysts surveyed by Refinitiv expect another strong quarter, forecasting USD 11.51 billion in revenue and USD 6.97 in EPS \u2013 up nearly 30% from last year. The focus is shifting to how effectively Netflix can convert its massive audience into sustainable earnings.<\/p>\n<p>The company\u2019s ad-supported tier remains the main growth engine, now reaching roughly 94 million users. Advertising revenue is expected to more than double this year, reflecting Netflix\u2019s evolving hybrid model that blends subscription and ad-based monetisation. Investors will watch closely whether ad growth enhances overall profitability without cannibalising higher-priced plans. The success of Netflix\u2019s new in-house ad tech platform will be a key test of its ability to balance scale, pricing, and content value in a maturing streaming market.<\/p>\n<p>Content and margin expansion will also be decisive themes this quarter. Major franchises like KPop Demon Hunters and the upcoming Stranger Things 5 are expected to drive global engagement, while the company\u2019s push into regional and live programming broadens its reach. But with high production and AI-driven tech costs, Netflix must demonstrate that stronger monetisation can sustain margins. After a roughly 40% share price gain this year and lofty valuation multiples, only another blockbuster performance will keep the narrative intact.<\/p>\n<p>Depending on whether Netflix surprises with strong numbers or disappoints on margins and advertising, price swings could be more pronounced. For active investors, this creates attractive short-term trading opportunities \u2013 especially with leveraged products.<\/p>\n<h3>Leverage products on Netflix<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;70426999&quot;],&quot;productTypes&quot;:[&quot;PT_TURBO&quot;],&quot;leverage&quot;:{&quot;min&quot;:4.392,&quot;max&quot;:9.997},&quot;stopLossLevelDistance&quot;:{&quot;min&quot;:0.0699,&quot;max&quot;:0.244}}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wrr?language_id=1\" label=\"Discover more Leveraged Products on Netflix\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"leverage-nflx-q3-2025","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leverage-prod2_leonteq-structured-products_sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leverage-prod2_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-10-17T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/hwak_eye_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Tracker Certificate on the Hawk-Eye World Index","windowTitle":"Ahead of the Market","category":"investment-themes","title":"Ahead of the Market","body":"<p>The desire to beat the broader market is probably as old as the stock markets themselves. Day after day portfolio managers around the globe seek to generate above-average returns \u2013 but only a very few succeed. Morningstar has just put 3,200 active funds under the microscope. Over a twelve-month period up to and including June 2025, only one in three managed to perform better than the respective passive benchmark. That makes the achievement of the Hawk-Eye World Index all the more remarkable. Tareno AG launched this actively managed portfolio of 60 to 100 liquid international equities in April 2023. The independent asset manager from Basel defined a clear goal: The Hawk-Eye World Index aims to outperform the global equity market over the long term with a comparable risk. So far, this strategy has paid off: by the end of September 2025, it had seen its value grow by 78% compared with the starting level. Relative to the equally weighted MSCI World Index, the Hawk-Eye World Index has thus achieved an outperformance of 39 percentage points.<\/p>\n\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2025/hawk-eye-world-index?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n\n<h3>Chart patterns as a central criterion<\/h3>\n<p>Led by Tareno fund manager Manuel Schmedler (see interview), the initiators of the strategy believe that stock markets are driven by emotions and investor behaviour, which is why there are recurring patterns and trends. To identify them at an early stage, the managers apply a range of instruments. Alongside chart analysis, these include indicators of sentiment and quantitative models. In theory, the Hawk-Eye World Index has an available investment universe of around 10,000 companies. After applying exclusion criteria relating to stock liquidity and ESG principles, about 7,000 companies remain. The experts first comb through this pool of equities for clearly defined chart patterns. Generally this will highlight some 1,000 shares. The next step is to consider whether any positive seasonal effects are at play. For the 200 or so companies remaining after this filter, the portfolio management performs another scoring process in which current cooperation agreements and orders play just as much of a role as the market position of the particular company.<\/p>\n\n<h3>Always in motion<\/h3>\n<p>Tareno employs artificial intelligence in the selection process with the aim of learning and revealing the environment in which particular signals indicate the highest returns. For the shares that make it through the stringent selection process, the 50/10/40 rule for UCITS compliance is applied. This means that no more than 5% of the allocation can be invested in equities of a single company. This limit can rise to 10% as long as the total of all positions in the index that are weighted above 5% does not exceed 40%. Alongside the selection factors already outlined, the Hawk-Eye World Index applies clear exit rules. Losses are limited and profits taken countercyclically. This has enabled the portfolio to prove that it can weather turbulent phases on the stock market. Turnaround is rapid, with the average period for which an equity is held being just 90 days. At around 900 trades a year, the portfolio posts a high turnover of 500%.<\/p>\n\n<h3>In tune with stock market trends<\/h3>\n<p>In the first two and a half years or so since its launch, the Hawk-Eye World Index has identified a number of trends at an early stage. Relative to the benchmark (MSCI World Index), for example, the portfolio was already overweighting Japanese equities in early 2023. Around a year later the focus shifted to silver and gold mines, while in May 2025 the index increasingly concentrated on technology and AI companies. Recently stocks from the healthcare sector have been overweighted. Investors have a simple and cost-efficient way of adding this dynamic strategy to their portfolio, because Leonteq has issued a tracker certificate on the Hawk-Eye World Index. The open-end product is listed on the SIX, the Swiss stock market, and is freely tradeable. To minimise the issuer risk, it is collateralised. The costs of the Triparty Collateral Management (TCM) come to 0.15% p.a., while there is also a structuring fee of 0.25%. Tareno is paid by performance and receives 20% of the outperformance of the index over its benchmark. In short, this actively managed certificate gives investors an opportunity to profit from global trends early on. To this end, the \u201cHawk-Eye\u201d seeks out shares that many funds do not have in their sights.<\/p>\n\n<h3>Tracker Certificate on the Hawk-Eye World Index<\/h3>\n\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1292092041\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><price-chart isin=\"CH1292092041\"><\/price-chart><\/div>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;US DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.15549559,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;2G ENERGY AG&quot;,&quot;sophisInternalId&quot;:86505899,&quot;currentPrice&quot;:46.74,&quot;weight&quot;:0.00888418,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ABBOTT LABORATORIES&quot;,&quot;sophisInternalId&quot;:67114594,&quot;currentPrice&quot;:104.68,&quot;weight&quot;:0.02217684,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ABBVIE INC&quot;,&quot;sophisInternalId&quot;:83885712,&quot;currentPrice&quot;:283.4,&quot;weight&quot;:0.01200786,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ADIDAS AG&quot;,&quot;sophisInternalId&quot;:67108924,&quot;currentPrice&quot;:157.65,&quot;weight&quot;:0.00262199,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;AIR CANADA&quot;,&quot;sophisInternalId&quot;:95805318,&quot;currentPrice&quot;:22.46,&quot;weight&quot;:0.00435901,&quot;currency&quot;:&quot;CAD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;AIRBNB INC-CLASS A&quot;,&quot;sophisInternalId&quot;:145162496,&quot;currentPrice&quot;:174.28,&quot;weight&quot;:0.00553828,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ALIBABA GROUP HOLDING-SP ADR&quot;,&quot;sophisInternalId&quot;:91071113,&quot;currentPrice&quot;:111.13,&quot;weight&quot;:0.01412598,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;AMAZON.COM INC&quot;,&quot;sophisInternalId&quot;:67114480,&quot;currentPrice&quot;:254.76,&quot;weight&quot;:0.00269859,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ARCELORMITTAL&quot;,&quot;sophisInternalId&quot;:67109609,&quot;currentPrice&quot;:56.68,&quot;weight&quot;:0.00606012,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ARCLANDS CORP&quot;,&quot;sophisInternalId&quot;:74621964,&quot;currentPrice&quot;:1903,&quot;weight&quot;:0.00255008,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ARQIT QUANTUM INC&quot;,&quot;sophisInternalId&quot;:206121260,&quot;currentPrice&quot;:15.9,&quot;weight&quot;:6.7369E-4,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;AYA GOLD &amp; SILVER INC&quot;,&quot;sophisInternalId&quot;:149067843,&quot;currentPrice&quot;:36.84,&quot;weight&quot;:7.6834E-4,&quot;currency&quot;:&quot;CAD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BAIDU INC-CLASS A&quot;,&quot;sophisInternalId&quot;:148730320,&quot;currentPrice&quot;:78.35,&quot;weight&quot;:0.00211523,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BASF SE&quot;,&quot;sophisInternalId&quot;:67108926,&quot;currentPrice&quot;:52.62,&quot;weight&quot;:0.01375252,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BAYER AG-REG&quot;,&quot;sophisInternalId&quot;:67108927,&quot;currentPrice&quot;:44.41,&quot;weight&quot;:0.01055163,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BAYERISCHE MOTOREN WERKE AG&quot;,&quot;sophisInternalId&quot;:67108928,&quot;currentPrice&quot;:55.12,&quot;weight&quot;:0.00864354,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BITMINE IMMERSION TECHNOLOGI&quot;,&quot;sophisInternalId&quot;:210097202,&quot;currentPrice&quot;:23.36,&quot;weight&quot;:4.9489E-4,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BLACKSKY TECHNOLOGY INC&quot;,&quot;sophisInternalId&quot;:194794898,&quot;currentPrice&quot;:18.45,&quot;weight&quot;:9.7717E-4,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BOOKING HOLDINGS INC&quot;,&quot;sophisInternalId&quot;:69413242,&quot;currentPrice&quot;:165.8,&quot;weight&quot;:0.00351253,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BRIDGEBIO PHARMA INC&quot;,&quot;sophisInternalId&quot;:146634772,&quot;currentPrice&quot;:67.13,&quot;weight&quot;:0.00426652,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CENTERRA GOLD INC&quot;,&quot;sophisInternalId&quot;:70713630,&quot;currentPrice&quot;:31.19,&quot;weight&quot;:0.00186256,&quot;currency&quot;:&quot;CAD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CHINA BLUECHEMICAL LTD - H&quot;,&quot;sophisInternalId&quot;:68698505,&quot;currentPrice&quot;:1.81,&quot;weight&quot;:0.00439784,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CHINA FEIHE LTD&quot;,&quot;sophisInternalId&quot;:149779577,&quot;currentPrice&quot;:2.53,&quot;weight&quot;:0.01161149,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CHINA RESOURCES LAND LTD&quot;,&quot;sophisInternalId&quot;:69560202,&quot;currentPrice&quot;:30.06,&quot;weight&quot;:0.00649228,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CHINA WATER AFFAIRS GROUP&quot;,&quot;sophisInternalId&quot;:70452917,&quot;currentPrice&quot;:4.2,&quot;weight&quot;:7.2568E-4,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CHUBU ELECTRIC POWER CO INC&quot;,&quot;sophisInternalId&quot;:67122319,&quot;currentPrice&quot;:2580,&quot;weight&quot;:0.01555776,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CIE AUTOMOTIVE SA&quot;,&quot;sophisInternalId&quot;:97355790,&quot;currentPrice&quot;:25.45,&quot;weight&quot;:0.00396429,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CIE FINANCIERE RICHEMO-A REG&quot;,&quot;sophisInternalId&quot;:67108963,&quot;currentPrice&quot;:175.05,&quot;weight&quot;:0.01255446,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CMS ENERGY CORP&quot;,&quot;sophisInternalId&quot;:67114635,&quot;currentPrice&quot;:66.94,&quot;weight&quot;:0.01351779,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;COINBASE GLOBAL INC -CLASS A&quot;,&quot;sophisInternalId&quot;:149384019,&quot;currentPrice&quot;:183.81,&quot;weight&quot;:7.7882E-4,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;COLES GROUP LTD&quot;,&quot;sophisInternalId&quot;:124877140,&quot;currentPrice&quot;:24.27,&quot;weight&quot;:0.00924926,&quot;currency&quot;:&quot;AUD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CRISPR THERAPEUTICS AG&quot;,&quot;sophisInternalId&quot;:119154535,&quot;currentPrice&quot;:51.52,&quot;weight&quot;:0.00218294,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CULLINAN ONCOLOGY INC&quot;,&quot;sophisInternalId&quot;:161135250,&quot;currentPrice&quot;:14,&quot;weight&quot;:0.00222446,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;DAIKIN INDUSTRIES LTD&quot;,&quot;sophisInternalId&quot;:67122232,&quot;currentPrice&quot;:21310,&quot;weight&quot;:0.00599677,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;DECKERS OUTDOOR CORP&quot;,&quot;sophisInternalId&quot;:71208974,&quot;currentPrice&quot;:86.58,&quot;weight&quot;:0.00348503,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;DELCATH SYSTEMS INC&quot;,&quot;sophisInternalId&quot;:211236635,&quot;currentPrice&quot;:14.81,&quot;weight&quot;:0.00313755,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;DEUTSCHE TELEKOM AG-REG&quot;,&quot;sophisInternalId&quot;:67108936,&quot;currentPrice&quot;:25.59,&quot;weight&quot;:0.01216015,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;DONGFANG ELECTRIC CORP LTD-H&quot;,&quot;sophisInternalId&quot;:67404900,&quot;currentPrice&quot;:16.29,&quot;weight&quot;:0.00351827,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;DRAFTKINGS INC-CL A&quot;,&quot;sophisInternalId&quot;:142416597,&quot;currentPrice&quot;:19.31,&quot;weight&quot;:0.0036818,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;DTE ENERGY COMPANY&quot;,&quot;sophisInternalId&quot;:67114638,&quot;currentPrice&quot;:128.33,&quot;weight&quot;:0.00543744,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;DUKE ENERGY CORP-REG&quot;,&quot;sophisInternalId&quot;:67114235,&quot;currentPrice&quot;:118.88,&quot;weight&quot;:0.02014813,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;E.ON SE&quot;,&quot;sophisInternalId&quot;:67108937,&quot;currentPrice&quot;:17.545,&quot;weight&quot;:0.01459016,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ELASTIC NV&quot;,&quot;sophisInternalId&quot;:131566781,&quot;currentPrice&quot;:97.24,&quot;weight&quot;:0.00206006,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ELI LILLY &amp; CO&quot;,&quot;sophisInternalId&quot;:67114601,&quot;currentPrice&quot;:1251.61,&quot;weight&quot;:0.01590949,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ENTERGY CORP&quot;,&quot;sophisInternalId&quot;:67114237,&quot;currentPrice&quot;:103.96,&quot;weight&quot;:0.01761944,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;FIREFLY AEROSPACE INC&quot;,&quot;sophisInternalId&quot;:210449105,&quot;currentPrice&quot;:17.83,&quot;weight&quot;:9.4434E-4,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;FORD MOTOR CO&quot;,&quot;sophisInternalId&quot;:67147666,&quot;currentPrice&quot;:12.31,&quot;weight&quot;:0.01564751,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;GARMIN LTD&quot;,&quot;sophisInternalId&quot;:67913402,&quot;currentPrice&quot;:285.22,&quot;weight&quot;:0.00151062,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;GILEAD SCIENCES INC-REG&quot;,&quot;sophisInternalId&quot;:67413186,&quot;currentPrice&quot;:157.37,&quot;weight&quot;:0.02500455,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;HERMES INTERNATIONAL&quot;,&quot;sophisInternalId&quot;:67120431,&quot;currentPrice&quot;:1338.5,&quot;weight&quot;:0.00954066,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;HYPERLIQUID STRATEGIES&quot;,&quot;sophisInternalId&quot;:228416426,&quot;currentPrice&quot;:9.8,&quot;weight&quot;:0.00103808,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;INTUITIVE MACHINES INC&quot;,&quot;sophisInternalId&quot;:197962388,&quot;currentPrice&quot;:11.57,&quot;weight&quot;:0.00110302,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;IQVIA HOLDINGS INC&quot;,&quot;sophisInternalId&quot;:135912245,&quot;currentPrice&quot;:271.04,&quot;weight&quot;:0.00574208,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;JABIL CIRCUIT INC&quot;,&quot;sophisInternalId&quot;:67114476,&quot;currentPrice&quot;:287.14,&quot;weight&quot;:6.0832E-4,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;JAFCO GROUP CO LTD&quot;,&quot;sophisInternalId&quot;:71207943,&quot;currentPrice&quot;:2201.5,&quot;weight&quot;:0.01180032,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;JD.COM INC-ADR&quot;,&quot;sophisInternalId&quot;:90755731,&quot;currentPrice&quot;:27.39,&quot;weight&quot;:0.01276588,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;JFE HOLDINGS INC-REG&quot;,&quot;sophisInternalId&quot;:67122220,&quot;currentPrice&quot;:1687.5,&quot;weight&quot;:0.00339195,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;KYOCERA CORP&quot;,&quot;sophisInternalId&quot;:67122081,&quot;currentPrice&quot;:3641,&quot;weight&quot;:0.00487905,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;L'OREAL&quot;,&quot;sophisInternalId&quot;:67109433,&quot;currentPrice&quot;:406.85,&quot;weight&quot;:0.01643319,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;LANCASHIRE HOLDINGS LTD&quot;,&quot;sophisInternalId&quot;:85555189,&quot;currentPrice&quot;:681,&quot;weight&quot;:0.01130002,&quot;currency&quot;:&quot;GBP&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;LENNAR CORP-CL A&quot;,&quot;sophisInternalId&quot;:67114567,&quot;currentPrice&quot;:77.69,&quot;weight&quot;:0.00329178,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;LVMH MOET HENNESSY LOUIS VUITTON&quot;,&quot;sophisInternalId&quot;:67109417,&quot;currentPrice&quot;:398.3,&quot;weight&quot;:0.01798053,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MACY'S INC&quot;,&quot;sophisInternalId&quot;:68277049,&quot;currentPrice&quot;:24.22,&quot;weight&quot;:0.01436707,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MAGNA INTERNATIONAL INC&quot;,&quot;sophisInternalId&quot;:90631829,&quot;currentPrice&quot;:66.41,&quot;weight&quot;:0.00984844,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MCDONALD'S CORP&quot;,&quot;sophisInternalId&quot;:67138119,&quot;currentPrice&quot;:242.5,&quot;weight&quot;:0.01032628,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MEDICOVER AB - B SHARE&quot;,&quot;sophisInternalId&quot;:175832168,&quot;currentPrice&quot;:267.5,&quot;weight&quot;:0.01024893,&quot;currency&quot;:&quot;SEK&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MERCADOLIBRE INC&quot;,&quot;sophisInternalId&quot;:71209912,&quot;currentPrice&quot;:1856.98,&quot;weight&quot;:0.01573632,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MERCEDES-BENZ GROUP AG&quot;,&quot;sophisInternalId&quot;:67108931,&quot;currentPrice&quot;:39.94,&quot;weight&quot;:0.0132854,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MERCK &amp; CO. INC.&quot;,&quot;sophisInternalId&quot;:67138121,&quot;currentPrice&quot;:145.19,&quot;weight&quot;:0.01784024,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MORINAGA &amp; CO LTD&quot;,&quot;sophisInternalId&quot;:113720765,&quot;currentPrice&quot;:2432,&quot;weight&quot;:0.01629478,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NEKTAR THERAPEUTICS&quot;,&quot;sophisInternalId&quot;:71210095,&quot;currentPrice&quot;:37.72,&quot;weight&quot;:0.00319645,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NESTLE SA-REG&quot;,&quot;sophisInternalId&quot;:67108967,&quot;currentPrice&quot;:81.07,&quot;weight&quot;:0.01661223,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NOVARTIS AG-REG&quot;,&quot;sophisInternalId&quot;:67108969,&quot;currentPrice&quot;:125.9,&quot;weight&quot;:0.00354729,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;PALANTIR TECHNOLOGIES INC-A&quot;,&quot;sophisInternalId&quot;:143060346,&quot;currentPrice&quot;:200.5,&quot;weight&quot;:0.0025486,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;PROCTER &amp; GAMBLE CO/THE&quot;,&quot;sophisInternalId&quot;:67145002,&quot;currentPrice&quot;:157.08,&quot;weight&quot;:0.01497509,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;PROLOGIS INC&quot;,&quot;sophisInternalId&quot;:67114686,&quot;currentPrice&quot;:126.94,&quot;weight&quot;:0.00779888,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;PROTO LABS INC&quot;,&quot;sophisInternalId&quot;:86233837,&quot;currentPrice&quot;:87.41,&quot;weight&quot;:3.7036E-4,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;RECKITT BENCKISER GROUP PLC&quot;,&quot;sophisInternalId&quot;:67109562,&quot;currentPrice&quot;:5486,&quot;weight&quot;:0.01234315,&quot;currency&quot;:&quot;GBP&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;RESMED INC&quot;,&quot;sophisInternalId&quot;:71210487,&quot;currentPrice&quot;:242.23,&quot;weight&quot;:0.00102635,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;REZOLVE AI PLC&quot;,&quot;sophisInternalId&quot;:208178388,&quot;currentPrice&quot;:1.86,&quot;weight&quot;:0.00197024,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;RIO TINTO PLC-SPON ADR&quot;,&quot;sophisInternalId&quot;:67369613,&quot;currentPrice&quot;:90.21,&quot;weight&quot;:9.5557E-4,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;RWE AG&quot;,&quot;sophisInternalId&quot;:67108948,&quot;currentPrice&quot;:57.92,&quot;weight&quot;:0.0151377,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SACYR SA&quot;,&quot;sophisInternalId&quot;:67110172,&quot;currentPrice&quot;:4.004,&quot;weight&quot;:0.00951333,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SAREPTA THERAPEUTICS INC&quot;,&quot;sophisInternalId&quot;:84681797,&quot;currentPrice&quot;:17.79,&quot;weight&quot;:0.0030151,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SBA COMMUNICATIONS CORP-CL A&quot;,&quot;sophisInternalId&quot;:71210563,&quot;currentPrice&quot;:183.72,&quot;weight&quot;:0.00856278,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SBI HOLDINGS INC&quot;,&quot;sophisInternalId&quot;:71207923,&quot;currentPrice&quot;:2989.5,&quot;weight&quot;:0.01121687,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SCIENCE APPLICATIONS INTE&quot;,&quot;sophisInternalId&quot;:93193981,&quot;currentPrice&quot;:133.31,&quot;weight&quot;:0.00498757,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SECOM CO LTD&quot;,&quot;sophisInternalId&quot;:67122316,&quot;currentPrice&quot;:6629,&quot;weight&quot;:0.00799476,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SHARPLINK GAMING INC&quot;,&quot;sophisInternalId&quot;:210383993,&quot;currentPrice&quot;:8.18,&quot;weight&quot;:0.00346593,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SIGNET JEWELERS LTD&quot;,&quot;sophisInternalId&quot;:76148832,&quot;currentPrice&quot;:118.16,&quot;weight&quot;:0.0059052,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SILVERCORP METALS INC&quot;,&quot;sophisInternalId&quot;:83622304,&quot;currentPrice&quot;:9.76,&quot;weight&quot;:0.00206769,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SNAP INC - A&quot;,&quot;sophisInternalId&quot;:107382181,&quot;currentPrice&quot;:6.44,&quot;weight&quot;:0.00682169,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SNOWFLAKE INC-CLASS A&quot;,&quot;sophisInternalId&quot;:142555609,&quot;currentPrice&quot;:335.07,&quot;weight&quot;:0.00283943,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SONY GROUP CORP&quot;,&quot;sophisInternalId&quot;:67122311,&quot;currentPrice&quot;:3884,&quot;weight&quot;:0.00806726,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;STARBUCKS CORP&quot;,&quot;sophisInternalId&quot;:67114619,&quot;currentPrice&quot;:96.88,&quot;weight&quot;:0.01026219,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;STRYKER CORP&quot;,&quot;sophisInternalId&quot;:67114418,&quot;currentPrice&quot;:293.23,&quot;weight&quot;:0.01242437,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;TARSUS PHARMACEUTICALS INC&quot;,&quot;sophisInternalId&quot;:202695418,&quot;currentPrice&quot;:70.99,&quot;weight&quot;:0.0030079,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;TENCENT HOLDINGS LTD&quot;,&quot;sophisInternalId&quot;:67392342,&quot;currentPrice&quot;:417.8,&quot;weight&quot;:0.00338383,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;TESLA INC&quot;,&quot;sophisInternalId&quot;:70498762,&quot;currentPrice&quot;:362.44,&quot;weight&quot;:0.00383921,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;TEVA PHARMACEUTICAL IND LTD&quot;,&quot;sophisInternalId&quot;:67502536,&quot;currentPrice&quot;:41.11,&quot;weight&quot;:0.00609651,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;TKMS AG&amp; CO KGAA&quot;,&quot;sophisInternalId&quot;:214289266,&quot;currentPrice&quot;:80.5,&quot;weight&quot;:0.0069429,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;UBER TECHNOLOGIES INC&quot;,&quot;sophisInternalId&quot;:128661278,&quot;currentPrice&quot;:71.27,&quot;weight&quot;:0.00317075,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;UNILEVER PLC-SPONSORED ADR&quot;,&quot;sophisInternalId&quot;:70378434,&quot;currentPrice&quot;:64.65,&quot;weight&quot;:0.01369634,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;USA RARE EARTH INC&quot;,&quot;sophisInternalId&quot;:212284016,&quot;currentPrice&quot;:11.09,&quot;weight&quot;:0.00916288,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;VIKING THERAPEUTICS INC&quot;,&quot;sophisInternalId&quot;:128628258,&quot;currentPrice&quot;:27.37,&quot;weight&quot;:0.00434883,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;VIR BIOTECHNOLOGY INC&quot;,&quot;sophisInternalId&quot;:138244246,&quot;currentPrice&quot;:10.47,&quot;weight&quot;:0.00443622,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;VISTRA CORP&quot;,&quot;sophisInternalId&quot;:133490265,&quot;currentPrice&quot;:154.17,&quot;weight&quot;:0.02449611,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;VONOVIA SE&quot;,&quot;sophisInternalId&quot;:92665521,&quot;currentPrice&quot;:16.77,&quot;weight&quot;:0.01006918,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;XIAOMI CORP-CLASS B&quot;,&quot;sophisInternalId&quot;:120340346,&quot;currentPrice&quot;:27.08,&quot;weight&quot;:0.00365542,&quot;currency&quot;:&quot;HKD&quot;}]\"><\/AmcComposition>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2025/hawk-eye-world-index?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"hawk-eye-world-index","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/hwak_eye_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/hwak_eye_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-10-15T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/jd_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Weak Share Price, Strong Outlook","windowTitle":"JD.com","category":"underlying-in-focus","title":"JD.com","body":"<p>East versus West: the rivalry between China and the United States is entering a new round. The latest tariff threat from Donald Trump, following a trade dispute between Beijing and Washington over rare earths, has sent financial markets into turmoil. By announcing a 100% tariff on Chinese imports, the US President triggered a global stock market sell-off. Chinese technology stocks were hit particularly hard. JD.com\u2019s share price dropped by around 7% and is now approaching its yearly low. Yet the operational figures of China\u2019s second-largest online retailer after Alibaba tell a different story.<\/p>\n\n<p>In the second quarter, JD.com clearly exceeded analysts\u2019 expectations. Revenue rose by 22.4% to CNY 356.66 billion, compared with the average estimate of CNY 331.63 billion. This demonstrates that Chinese consumer sentiment remains stable on the platform despite weaker macroeconomic data and ongoing uncertainty. Growth was driven mainly by price discounts, government subsidies, and strong demand in the electronics segment. Although net profit halved year-on-year to CNY 6.2 billion, this was primarily due to higher investments in new business areas such as food delivery. Analysts view this as a necessary investment in growth within an increasingly competitive market.<\/p>\n\n<h3>International Expansion and Strategic Acquisitions<\/h3>\n<p>Speaking of investments: JD.com is currently reaching out to Europe. The planned acquisition of Germany\u2019s Ceconomy, the parent company of MediaMarkt and Saturn, marks a particularly strategic move. The company is offering shareholders EUR 4.60 per share, valuing Ceconomy at around EUR 2.2 billion. For Ceconomy\u2019s management and supervisory board, this is a fair offer, and they therefore recommend that shareholders accept it. The acquisition would give JD.com access to one of Europe\u2019s largest electronics retailers and a network of around 1`000 stores across eleven countries, representing a key milestone in the group\u2019s international expansion strategy.<\/p>\n\n<div>\n<generic-chart title=\"JD.com: Earnings Development\">\n  <x-axis categories=\"2022,2023,2024,2025e,2026e,2027e\"/>\n      <chart-column title=\"Earnings per share (in CNY)\" data=\"6.52,15.25,26.89,18.48,26.20,35.26\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Refinitiv, e = expected<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Diversification Strategy<\/h3>\n<p>JD.com\u2019s roots lie in online retail. Founded in 1998, the company is one of the pioneers of modern e-commerce. Unlike many of its competitors, JD.com operates a fully integrated business model, selling not only third-party products but also its own goods directly to consumers. A key success factor is its nationwide logistics network with more than 1`500 warehouses, enabling fast delivery across almost all regions of China. Over the past decade, JD.com has more than doubled its revenue. In addition to its core e-commerce business, the company is increasingly developing new segments, including cloud services, fintech solutions, and more recently, food delivery. Earlier this year, it launched \u201cJD Takeaway,\u201d a platform designed to support catering vendors and promote the food delivery industry. Overall, JD.com is evolving from a pure e-commerce platform into a comprehensive technology and service conglomerate.<\/p>\n\n<h3>Thumbs Up from Analysts<\/h3>\n<p>Analysts remain optimistic about the internet giant\u2019s prospects. After a transition year in 2025, consensus estimates forecast double-digit earnings growth for the following two years. Based on these projections, JD.com trades at a single-digit price-to-earnings ratio (P/E), making it appear attractively valued relative to peers. Most experts share this view: the average target price currently stands at USD 43.40, implying an upside potential of nearly one-third over the next twelve months.<\/p>\n\n<div><generic-chart title=\"JD.com ADR share price (in USD)\"> \n    <chart-line title=\"JD.com ADR\" path=\"chart_jd_com_adr.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as at: 14.10.2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Attractive Yield Potential<\/h3>\n<p>Whether JD.com\u2019s share price will rebound remains to be seen. At present, the stock appears to be in a bottoming phase. Yield enhancement products can demonstrate their strengths in such consolidation periods. Leonteq has launched two new softcallable BRCs featuring a substantial downside buffer of 41%, giving the tech stock considerable room on the downside. At the same time, the new products offer double-digit annual returns. The CHF version carries a coupon of 10.00% p.a., while the USD-denominated note offers a guaranteed interest payment of 14.00% p.a. To achieve the maximum return within the one-year maturity, no price increase in the underlying is required. The key condition is that the barriers remain intact during the term. Owing to the built-in softcallable feature, the maturity may shorten. Every three months, starting after six months, the issuer has the right to redeem the product early at 100%.<\/p>\n\n\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1447741898\\&quot; \\&quot;CH1491769407\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<h3>Above-Average Profit Opportunities<\/h3>\n<p>Should JD.com\u2019s share price, as many research houses expect, resume its upward trend, speculative investors can amplify this movement. The same applies on the downside, should the stock not yet have found its bottom. Leonteq\u2019s continuously expanding product range includes Mini-Futures, Knock-Out Warrants, and classic Warrants on the Chinese internet stock, all of which enable leveraged participation in price movements both upwards and downwards. Owing to this leverage effect, gains or pullbacks can translate into above-average profit opportunities.<\/p>\n\n<h3>Leverage Products on JD.com ADR<\/h3>\n\n    <div>  \n        \n                                                                                                                                                                                                                                                                                                  \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Stop Loss', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true,&quot;+_exists_:levels.stopLossLevelAbs&quot;:true},&quot;underlyings&quot;:[&quot;90755731&quot;],&quot;stopLossLevelDistance&quot;:{&quot;min&quot;:0.0499,&quot;max&quot;:0.2014}}\" />\n  <\/div>\n    <div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;90755731&quot;],&quot;productTypes&quot;:[&quot;PT_WARRANT&quot;]}\" />\n  <\/div>\n    \n<ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage?language_id=3\" label=\"Discover our Leverage Products!\"><\/ltq-button>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-jd","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/jd_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/jd_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-10-13T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/etp+_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"How does ETP+ work?","windowTitle":"How does ETP+ work?","category":"etp","title":"Exchange Traded Products","body":"<h3>Secure, low-cost, popular<\/h3>\n<p>Exchange Traded Products (ETPs) provide access to a wide range of asset classes. In addition to entire equity markets, sectors, and regions, commodities, cryptocurrencies, and currencies are also part of the spectrum covered by these passive financial instruments. Structurally, an ETP represents a claim in the form of a securitised note. To mitigate issuer risk, ETPs are collateralised through the pledge of assets (collateral portfolio). These assets may consist of securities, precious metals, or cash. The flexible application possibilities, combined with liquid and transparent exchange trading, have led to a steadily growing product universe. While the segment was initially dominated by commodities, cryptocurrencies have now become the main growth driver &ndash; with many ETPs tracking a digital currency such as Bitcoin.<\/p>\n<p><iframe width=\"100%\" height=\"150\" style=\"aspect-ratio: 16/9;\" src=\"https://www.linkedin.com/embed/feed/update/urn:li:ugcPost:7054415868583190528?compact=1\" allowfullscreen=\"allowfullscreen\" title=\"Embedded post\" frameborder=\"0\"><\/iframe><\/p>\n<h3>A new kind of issuer<\/h3>\n<p>Leonteq is now taking steps to further develop this market both structurally and in terms of the range of underlying assets. The Zurich-based fintech company has introduced the ETP+ label. At the core of this innovation lies enhanced investor protection. To date, many ETP issuers have been special purpose vehicles without ratings or regulatory supervision, often operating with only minimal financial resources. Leonteq, on the other hand, brings a 15-year track record as a successful issuer of structured investment products. As the first ETP provider in Switzerland, the company is licensed and supervised by FINMA as a securities firm and holds an investment-grade rating from Fitch.<\/p>\n<div><img src=\"/dA/99d8074321/ETP _Oct2025_Comparison EN.jpg?language_id=1\" alt=\"ETP _Oct2025_Comparison EN\" width=\"1459\" height=\"1140\" caption=\"false\" /><\/div>\n<footer>Source: Leonteq Securities AG<\/footer>\n<h3>A strong partnership<\/h3>\n<p>Another key advantage of ETP+ lies in its collateralisation structure. In cooperation with the SIX Group, Switzerland&rsquo;s central financial infrastructure provider, Leonteq Securities AG has implemented a robust collateral framework for ETP+. Under this model, the collateral assets are held with SIX SIS AG (the collateral custodian) and are subject to independent and intraday monitoring by SIX SIS AG to ensure that all positions remain fully collateralised at all times.<\/p>\n<p>Another key advantage of ETP+ lies in its collateralisation structure. In cooperation with the SIX Group, Switzerland&rsquo;s central financial infrastructure provider, Leonteq Securities AG has implemented a robust collateral framework for ETP+. Under this model, the collateral assets are held with SIX SIS AG (the collateral custodian) and are subject to independent and intraday monitoring by SIX SIS AG to ensure that all positions remain fully collateralised at all times.<\/p>\n<p>Leonteq Securities AG has no disposal rights over the assets held in the collateral account and cannot dissolve or transfer this account. SIX Repo AG acts as collateral trustee and as the direct representative of ETP+ investors.<\/p>\n<p>In the event of certain predefined circumstances &ndash; such as under-collateralisation, payment default, or insolvency of Leonteq Securities AG &ndash; SIX Repo AG will realise the collateral in the best interest of investors. The objective of this collateral model is to significantly reduce issuer risk.<\/p>\n<div><img src=\"/dA/413faad84a/ETP _Oct2025_ETP EN.jpg?language_id=1\" alt=\"ETP _Oct2025_ETP EN\" width=\"1460\" height=\"1278\" caption=\"false\" /><\/div>\n<footer>Source: Leonteq Securities AG<\/footer>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"etp-exchange-traded-product","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/etp+_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/etp+_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-10-08T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rigetti_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Plenty of Imagination","windowTitle":"Rigetti Computing","category":"coupon-giant","title":"Rigetti Computing","body":"<p>Artificial intelligence (AI) and quantum computing are currently causing a great deal of euphoria on the stock markets. Chad Rigetti is driving the symbiosis of these two megatrends. In 2013, the Yale graduate founded a quantum computing company. In the fall of 2021, the physicist floated \"Rigetti Computing\" on the New York Stock Exchange under the guise of a Special Purpose Acquisition Company (SPAC). Just over a year later, the pioneer and CEO stepped down. In the meantime, Rigetti has launched another company: Sygaldry Technologies is working on quantum-accelerated AI servers. While this start-up is being set up and is currently looking for a CFO, Rigetti Computing is making a big splash on Wall Street. Within four weeks, its capitalization has increased by almost 180% to around USD 13 billion. The rally can hardly be explained by the latest business figures. In the first half of 2025, Rigetti posted an operating loss of USD 41.5 million on sales of just USD 3.3 million.<\/p>\n\n<div><generic-chart title=\"Rigetti Computing: Shareprice (in USD)\"> \n    <chart-line title=\"Rigetti Computing\" path=\"Chart_Rigetti.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as at 07.10.2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Technological breakthrough<\/h3>\n<p>The rally in this sector\u2014similar to the boom surrounding AI\u2014is driven by hopes for a bright future. Bank of America expects the quantum computing market to reach a volume of around USD 4 billion by 2030. Last year, revenues were about USD 300 million, with \u201cpure play\u201d companies accounting for less than a third of that. Rigetti Computing belongs to this segment and builds quantum computers using superconducting circuits. These systems are particularly fast and flexible. In August, Rigetti introduced \u201cCepheus-1-36Q\u201d, which likely represents a technological breakthrough. The system demonstrates a median two-qubit gate fidelity\u2014a measure of computational precision\u2014of 99.5%. Compared with the previous model, this means the error rate has been cut in half. Rigetti employs a modular architecture: the latest system combines four chips, each with a performance of 9 qubits. This design allows the computers to be scaled up relatively easily. Before the end of this year, the company aims to release a system with the same fidelity but more than 100 qubits.<\/p>\n\n<h3>Financial cushion<\/h3>\n<p>\u201cWe benefit from the many advantages of superconducting qubits, including gate speeds more than 1`000 times faster than other modalities,\u201d enthuses CEO Subodh Kulkarni. At the end of September, Rigetti received an order for two \u201cNovera\u201d systems, each with 9 qubits. Behind these orders\u2014worth a combined USD 5.7 million\u2014are a Japanese technology company and a California-based startup focused on applied physics and AI. Both systems are scheduled for delivery in the first half of 2026. Investors will learn how business developed in the third quarter of 2025 on November 10. With that interim report, the CEO is also expected to provide an update on the company\u2019s technological progress. The innovation drive of Rigetti\u2019s roughly 150 employees should not be constrained by money: following a capital increase in June, the company held liquidity of nearly USD 571 million by midyear (see chart).<\/p>\n\n<div>\n<generic-chart title=\"Rigetti Computing: Liquidity* (in Mio. USD)\">\n  <x-axis categories=\"2. Quarter 2024, 3. Quarter 2024, 4. Quarter 2024, 1. Quarter 2025, 2. Quarter 2025\"/>\n      <chart-column title=\"Liquidity (in Mio. USD)\" data=\"101,93,217,209,572\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Rigetti Computing. *Cash, cash equivalents, and marketable securities available for sale<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>High Coupons, low Barriers<\/h3>\n<p>Nevertheless, it\u2019s hard to deny that there\u2019s a certain overheating in this and other quantum computing stocks. In the event of a correction, a soft-callable barrier reverse convertible on Rigetti Computing could prove to be an interesting alternative investment. Owing to the high volatility of the underlying stock, this product offers attractive coupons. In CHF, the guaranteed quarterly payout amounts to 13.4% p.a.; in USD, the coupon reaches 17% p.a.\n\nThese returns are partially protected by a barrier at just 49% of the initial level. As long as Rigetti Computing does not fall to or below this mark over the next 15 months, the issuer repays the full nominal amount. After a barrier breach, redemption depends on the further performance of the volatile underlying stock. Investors should also note the soft-callable feature, which allows for early termination and repayment of the BRC.<\/p>\n\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1447740759\\&quot;\\&quot;CH1491767476\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-rigetti","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rigetti_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rigetti_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-10-03T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/dragon-index_leonteq-structured-products_homepage-banner.jpg","subTitle":"Tracker Certificate on the Swissquote China`s Dragons Index","windowTitle":"Soaring with the Dragons","category":"investment-themes","title":"Soaring with the Dragons","body":"<p>Ten years ago the government in Beijing launched a \u201cMade in China 2025\u201d campaign with the aim of driving the industrial transformation of the emerging market. China was no longer to be the workshop of the world and was to reduce its dependence on foreign technology. At the same time, the leadership planned to advance into strategically important sectors within global supply chains such as semiconductors, robotics, aerospace and biomedicine. \u201cMade in China 2025\u201d is now approaching the end point. An analysis by the World Economic Forum (WEF) indicates that China has reached its goals in many respects. To give an example, the country now dominates key green technologies such as the manufacture of lithium-ion batteries, solar modules and electric vehicles. In other sectors, however, expectations have not been met. Among other areas, according to the WEF, China remains dependent on imports for advanced semiconductors.<\/p>\n\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2025/swissquote-chinas-dragons-index-2025?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n\n<h3>Impressive outperformance<\/h3>\n<p>These and other shortcomings do not alter the fact that \u201cMade in China 2025\u201d has proved to be a highly promising investment idea. The tracker certificate on the Swissquote China´s Dragons Index was launched at the start of 2019. Aimed at China\u2019s structural change, the underlying is focused on key sectors such as robotics, aviation, renewable energies, IT, pharmaceuticals, agriculture and vehicles with new drive forms. Preference is given to companies whose business strategy is geared to China and which accordingly realise the majority of their revenue on the domestic market. The Swissquote experts review the composition several times a year and adjust it when necessary. This has resulted in a systematic and dynamic index whose performance speaks for itself: the tracker certificate has more than doubled since its issue, leaving the MSCI China Index trailing far in its wake. The market-wide benchmark recorded growth of about 40% over the period under review.<\/p>\n\n<h3>Ambitious plans<\/h3>\n<p>A search for the most promising Chinese \u201cdragons\u201d continues to make sense. Beijing is in the process of closing the gap in the high-tech sector. With DeepSeek, an application for artificial intelligence, the Middle Kingdom has caused just as much of a stir as with its plans to boost domestic semiconductor production. Among those to benefit from these plans are technology groups such as Baidu, Tencent and Alibaba. This trio are included in the Swissquote China\u2019s Dragons Index and have significantly boosted the index's performance in recent months. Alibaba stands out, with the capitalisation of the internet and e-commerce giant more than doubling in the first three quarters of 2025. The company is fully committed to AI and has just announced cooperation with US semiconductor group Nvidia, the expansion of global data centres and new products.<\/p>\n\n<h3>An effective investment solution<\/h3>\n<p>The Swissquote China\u2019s Dragons Index has much more to offer than technology, with financial and consumer stocks also playing a role. These could come into focus when Beijing presents the 15th five-year plan in October. Rather like it did for the \u201cMade in China 2025\u201d initiative, the government will probably use this to push forward the country's rise to a modern service society. Generally speaking, the five-year plan and its adoption early next year could prove to be an additional catalyst for Chinese equities. The tracker certificate on the Swissquote China\u2019s Dragons Index enables investors to capitalise on the momentum in the Far East and build a diversified and actively managed position. The management fee for the USD-denominated product is 0.70% p.a. There is also a rebalancing fee of 0.15%. By the way, the tracker certificate also participates in the net distributions of the shares contained in the underlying, which are accumulated.<\/p>\n\n<h3>Tracker Certificate on the Swissquote China\u2019s Dragons Index<\/h3>\n\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0434700248\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Management Fee: 0.70% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><price-chart isin=\"CH0434700248\"><\/price-chart><\/div>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;CHINESE RENMINBI&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:6.6974E-4,&quot;currency&quot;:&quot;CNY&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;HONG KONG DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.01749851,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;US DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:1.4489E-4,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;AIA GROUP LTD&quot;,&quot;sophisInternalId&quot;:70455702,&quot;currentPrice&quot;:72.45,&quot;weight&quot;:0.02844026,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ALIBABA GROUP HOLDING LTD&quot;,&quot;sophisInternalId&quot;:133681933,&quot;currentPrice&quot;:106.4,&quot;weight&quot;:0.02390615,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BAIDU INC-CLASS A&quot;,&quot;sophisInternalId&quot;:148730320,&quot;currentPrice&quot;:78.35,&quot;weight&quot;:0.0187608,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BANK OF CHINA LTD - H&quot;,&quot;sophisInternalId&quot;:67310879,&quot;currentPrice&quot;:6.16,&quot;weight&quot;:0.08166615,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BYD CO LTD-H&quot;,&quot;sophisInternalId&quot;:67513043,&quot;currentPrice&quot;:72.95,&quot;weight&quot;:0.02912858,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CHINA CONSTRUCTION BANK-H&quot;,&quot;sophisInternalId&quot;:67310881,&quot;currentPrice&quot;:9.975,&quot;weight&quot;:0.07045382,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CHINA HONGQIAO GROUP LTD&quot;,&quot;sophisInternalId&quot;:88937396,&quot;currentPrice&quot;:19.51,&quot;weight&quot;:0.01993829,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CHINA LIFE INSURANCE CO-H&quot;,&quot;sophisInternalId&quot;:67304855,&quot;currentPrice&quot;:24.32,&quot;weight&quot;:0.02412695,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CITIC PACIFIC LTD&quot;,&quot;sophisInternalId&quot;:69560184,&quot;currentPrice&quot;:12.7,&quot;weight&quot;:0.04592339,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CMOC GROUP LTD-H&quot;,&quot;sophisInternalId&quot;:67453725,&quot;currentPrice&quot;:14.19,&quot;weight&quot;:0.01716703,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CONTEMPORARY AMPEREX TECHN-H&quot;,&quot;sophisInternalId&quot;:206035546,&quot;currentPrice&quot;:448.6,&quot;weight&quot;:0.01903984,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CSPC PHARMACEUTICAL GROUP LT&quot;,&quot;sophisInternalId&quot;:67469327,&quot;currentPrice&quot;:8.865,&quot;weight&quot;:0.02975562,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;GEELY AUTOMOBILE HOLDINGS LT&quot;,&quot;sophisInternalId&quot;:67810073,&quot;currentPrice&quot;:15.03,&quot;weight&quot;:0.03277938,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;HONG KONG EXCHANGES &amp; CLEAR&quot;,&quot;sophisInternalId&quot;:67288111,&quot;currentPrice&quot;:371.4,&quot;weight&quot;:0.04695185,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;LENOVO GROUP LTD&quot;,&quot;sophisInternalId&quot;:67310867,&quot;currentPrice&quot;:25.98,&quot;weight&quot;:0.03057729,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MIDEA GROUP CO LTD&quot;,&quot;sophisInternalId&quot;:194898389,&quot;currentPrice&quot;:93.65,&quot;weight&quot;:0.07158031,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;PINDUODUO INC-ADR&quot;,&quot;sophisInternalId&quot;:123413298,&quot;currentPrice&quot;:82.42,&quot;weight&quot;:0.06903421,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;PING AN INSURANCE GROUP CO-H&quot;,&quot;sophisInternalId&quot;:67304857,&quot;currentPrice&quot;:50.4,&quot;weight&quot;:0.029187,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SUN HUNG KAI PROPERTIES&quot;,&quot;sophisInternalId&quot;:67310359,&quot;currentPrice&quot;:106.3,&quot;weight&quot;:0.02995914,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;TENCENT HOLDINGS LTD&quot;,&quot;sophisInternalId&quot;:67392342,&quot;currentPrice&quot;:417.8,&quot;weight&quot;:0.03785922,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;TSINGTAO BREWERY CO LTD&quot;,&quot;sophisInternalId&quot;:69334048,&quot;currentPrice&quot;:41.5,&quot;weight&quot;:0.05364325,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;WUXI APPTEC CO LTD-H&quot;,&quot;sophisInternalId&quot;:139130818,&quot;currentPrice&quot;:200.6,&quot;weight&quot;:0.05201336,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;XIAOMI CORP-CLASS B&quot;,&quot;sophisInternalId&quot;:120340346,&quot;currentPrice&quot;:27.08,&quot;weight&quot;:0.03893295,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;YUM CHINA HOLDINGS INC&quot;,&quot;sophisInternalId&quot;:145159581,&quot;currentPrice&quot;:344.2,&quot;weight&quot;:0.08086201,&quot;currency&quot;:&quot;HKD&quot;}]\"><\/AmcComposition>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2025/swissquote-chinas-dragons-index-2025?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"swissquote-chinas-dragons-index-2025","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/dragon-index_leonteq-structured-products_sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/dragon-index_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-10-02T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/etp_newsletter_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"In the Know","windowTitle":"ETP+ Newsletter Q3","category":"etp","title":"ETP+ Newsletter Q3","body":"<p>We are pleased to present you our latest ETP+ newsletter for the 3. Quarter 2025. In this format, we present our current ETP+ offering, updates, developments, as well as interviews with industry experts in a condensed format.<\/p>\n\n\n<h3>Table of Content<\/h3>\n<ul>\n    <li>New ETP+ Launches, page 1<\/li>\n    \n    <li>Interview - Adaptivv Technologies AG, page 2<\/li>\n    \n    <li>ETP+ Performances, page 4<\/li>\n    \n    <li>ETP+ Wrapper at a Glance, page 5<\/li>\n    \n    <li>ETP+ Collateralization, page 6<\/li>\n    \n<\/ul>\n\n\n<p>Further information on the construction, functionality and collateralization of our ETP+ offering can be found in the ETP+ Newsletter.<\/p>\n\n<div><ltq-button color=\"primary\" url=https://structuredproducts-ch.leonteq.com/pages-resources/Newsletter-Q3-2025-new.pdf?language_id=1\" label=\"ETP+ Newsletter Q3\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"etp-newsletter-q3","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/etp_newsletter_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/etp_newsletter_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-10-01T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/hensoldt_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Sensors for a New Era","windowTitle":"Hensoldt","category":"underlying-in-focus","title":"Hensoldt","body":"<p>In recent years, Europe\u2019s governments and NATO members have embarked on a historic shift: a massive military build-up in response to external threats. Russia\u2019s intensified war of aggression against Ukraine, repeated airspace violations, and hybrid attacks along the EU\u2019s external borders have further accelerated this security shift. However, the expansion of defense capabilities is not limited to artillery or tanks \u2014 sensor technology, electronic reconnaissance, and air- and drone-based defense systems are also in high demand. This trend plays directly into the hands of Hensoldt, since modern warfare requires first to see, then to understand, and only then to counter.<\/p>\n\n<p>The German manufacturer of defense electronics and sensor solutions \u2014 focusing on radar systems, optronic systems such as thermal imaging devices, as well as drone and air defense technology \u2014 is currently receiving orders in rapid succession. In the first half of the year, Hensoldt secured new contracts worth EUR 1.4 billion. This translates into a book-to-bill ratio of around 1.2, laying the foundation for further growth. Revenue in the first six months already increased by 11% to EUR 944 million. The second half of the year is expected to be even more dynamic: for 2025, the management board forecasts total revenue between EUR 2.5 and 2.6 billion, with an adjusted EBITDA margin of around 18%.<\/p>\n\n<h3>New Dimensions<\/h3>\n<p>Beyond the current year, growth continues on an upward trajectory. The three-member Hensoldt management team, led by Oliver Dörre, expects to receive orders from the German government in unprecedented dimensions over the coming months. According to CEO Dörre, the federal government is placing orders \u201cten to twenty times larger than what we have seen in the past.\u201d For example, Hensoldt is set to supply the core sensor and electronic systems for the next-generation reconnaissance vehicle \u201cLuchs II.\u201d In light of ongoing threats, Germany plans to raise its defense budget next year to EUR 108 billion \u2014 the highest level since the Cold War.<\/p>\n\n<div>\n<generic-chart title=\"Earnings and P/E ratio development\">\n  <x-axis categories=\"2022,2023,2024,2025,2026,2027\"/>\n      <chart-column title=\"Earnings per share (in EUR)\" data=\"0.74,0.51,0.93,1.69,2.16,2.67\" format=\"number\"/>\n      <chart-line title=\"P/E Ratio\" data=\"89.4,110.7,110.7,61,47.7,38.6\" format=\"number\" yAxisRight=\"true\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Refinitiv, as of: September 2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<p>With these prospects, the company looks confidently to the future, regarding annual growth rates of more than 10% as realistic. By 2030, revenue is expected to nearly triple to around EUR 6 billion. To process the flood of orders, Hensoldt is investing heavily. Between 2025 and 2027, the company \u2014 25.1% owned by the German state \u2014 plans to invest around EUR 1 billion. The new procurement and acceleration law will also support the company. \u201cWe hope that in the future we will also receive advance payments,\u201d says Hensoldt. In the past, payments were only made upon delivery.<\/p>\n\n<p>Analyst consensus assumes that rising revenues will also translate into higher profits. After an expected increase of 81.5% in earnings per share this fiscal year, double-digit percentage growth is projected to continue. On average, experts forecast a further 25% annual increase for the following two years.<\/p>\n\n<h3>Triple-Digit Share Price<\/h3>\n<p>The expected growth, combined with Europe\u2019s tense geopolitical situation \u2014 which boosts public acceptance of defense spending as part of the debate on security and deterrence \u2014 is also reflected in Hensoldt\u2019s share price. The stock has already risen more than 200% this year, recently breaking into the triple-digit range and reaching a new record high. Analysts are struggling to keep pace with their upward revisions of price targets amid the rapid rise. At present, the MDAX member carries a Hold rating, with the average 12-month price target at EUR 88 \u2014 about 20% below the current share price.<\/p>\n\n<div><generic-chart title=\"Hensoldt Share price (in EUR)\"> \n    <chart-line title=\"Hensoldt\" path=\"Chart_Hensoldt-underlying.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as of: 30.09.2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Double-Digit Yields<\/h3>\n<p>Given this, the upside potential beyond the EUR 100 mark may be limited. Yield-optimization products could be a fitting alternative. Leonteq has launched two new soft-callable BRCs offering a comfortable risk buffer of 41% and at the same time double-digit annual yields. The CHF-denominated version offers a maximum return of 12.20% p.a. if the stock consolidates, while the EUR version even promises 14.20% p.a. To achieve these maximum returns within the 15-month maturity period, no further price increase is required. Due to the embedded soft-callable function, the maturity may be shortened: every three months, but not earlier than six months, the issuer has the right to early redemption at 100%.<\/p>\n\n\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1447740312\\&quot;\\&quot;CH1484608505\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<h3>Accelerating the Rally<\/h3>\n<p>However, the EUR 100 mark may not necessarily be the end of the line for Hensoldt. Speculative investors can accelerate further upward movement. Leonteq\u2019s broad range of mini-futures and warrants on the German defense stock offers leveraged participation. Not only long positions are possible \u2014 shorts can also turn potential pullbacks after the massive rally into disproportionate gains.<\/p>\n\n<h3>Leveraged Products on Hensoldt<\/h3>\n<div>\n    <div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;161032111&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;],&quot;leverage&quot;:{&quot;min&quot;:5.465,&quot;max&quot;:12.339}}\" />\n  <\/div>\n\n<\/div>\n    <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WsW?language_id=3\" label=\"Discover our Leveraged Products!\"><\/ltq-button>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-hensoldt","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/hensoldt_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/hensoldt_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-09-24T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/ionq_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"New York Quantum Leap","windowTitle":"IonQ","category":"coupon-giant","title":"IonQ","body":"<p>The bell has a long tradition at the New York Stock Exchange (NYSE). Since 1870, it has rung at the opening and closing of trading. In 1956, for the first time, a guest was allowed to strike the bell to start a session. To this day, the NYSE holds on to this tradition. On September 12, 2025, IonQ\u2019s top management stood on the famous balcony of the New York Stock Exchange. Chief Executive Officer Niccolo de Masi was permitted to activate the closing bell by pressing a button and then symbolically strike the gavel. Loud applause is part of this ritual. But on that day, the representatives of the quantum computing specialist had more than symbolic reason to celebrate. The IonQ share closed trading at the NYSE with a gain of more than 18%. The rally was to continue: within a week, the market capitalization of the technology company had expanded by nearly half.<\/p>\n\n<div><generic-chart title=\"IonQ: Share price (in USD)\"> \n    <chart-line title=\"IonQ\" path=\"Chart_IonQ.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as at 23.09.2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>A Convincing Performance<\/h3>\n<p>It was not so much the \u201cClosing Bell\u201d but rather an event held the very same day that triggered IonQ\u2019s rally. The Maryland-based company hosted an Analyst Day at the NYSE on September 12. Apparently, CEO de Masi and his team succeeded in convincing attendees of the prospects of its products and services. IonQ describes itself as a \u201cfirst mover\u201d in the field of quantum computing. The company claims to manufacture particularly powerful, cost-efficient, and space-saving systems. Its system \u201cIonQ #AQ 64\u201d opens up a computational space 36 quadrillion times larger than IBM\u2019s most powerful quantum system.<\/p>\n\n<h3>Ready for the island<\/h3>\n<p>While this is still a prototype, IonQ already has computers in the market that are being used by well-known companies. Among its clients and partners are Amazon.com\u2019s cloud division, pharmaceutical giant AstraZeneca, and semiconductor heavyweight Nvidia. The success is also reflected in hard numbers. For 2025, IonQ is targeting revenue between USD 82 million and USD 100 million. Should the company reach the midpoint of this range, revenue would more than double compared to the previous year (see chart). Alongside technological innovation, acquisitions are a key part of its strategy. On the very day of its NYSE appearance, IonQ received approval in the United Kingdom for the acquisition of Oxford Ionics. Founded in 2019, the company builds high-performance computers and has set multiple records. Its customers include the UK\u2019s National Quantum Computing Centre (NQCC) and Germany\u2019s Cyber Agency.<\/p>\n\n<div>\n<generic-chart title=\"IonQ: Revenue (in Mio. USD)\">\n  <x-axis categories=\"2021, 2022,2023,2024,2025e\"/>\n      <chart-column title=\"Revenue (in Mio. USD)\" data=\"1.60,11.10,22.00,43.10,100.00\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: IonQ, e = expected<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>A partially protected alternative<\/h3>\n<p>If IonQ takes a calmer approach following its recent \u201cquantum leap\u201d on Wall Street, the new Softcallable Barrier Reverse Convertible could be an interesting investment alternative. Leonteq has launched two alternative structures on the soaring stock. In product currency CHF, investors can count on a fixed coupon payment of 12.60% p.a. The USD-denominated counterpart offers a quarterly distribution of 16.00% p.a. The barrier is uniformly set at a low 49% of the initial level. As long as IonQ does not fall to or below this mark within the next 15 months, Leonteq will repay the nominal amount in full. Otherwise, the partial protection will expire. The investment would then be fully exposed to the price risk of the U.S. underlying asset. Please also note the softcallable feature \u2013 it allows for an early termination and repayment of the BRC.<\/p>\n\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1447739926\\&quot;\\&quot;CH1484603258\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-ionq","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/ionq_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/ionq_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-09-19T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/smartadapt_leonteq-structured-products_homepage-banner.jpg","subTitle":"ETP+ on SaW SmartAdapt® portfolios","windowTitle":"Building wealth the intelligent way","category":"investment-themes","title":"Building wealth the intelligent way","body":"<h3>Three variants<\/h3>\n<p>The SaW SmartAdapt® portfolios are designed to allow adjustment to a wide range of life situations and investment goals. There are three different strategies: \u201cKonservativ\u201d, \u201cBalanciert\u201d and \u201cDynamisch\u201d. Although they differ in the fundamental weighting of the individual assets, they all pursue the same aim, which is to build wealth intelligently. All of these strategies benefit from scientific research conducted by ETH Zurich. Its sophisticated \u201cAdaptivv Sensor®\u201d model ensures dynamic adjustment of the portfolios. Adaptivv is a spin-off of ETH Zurich which is regulated by FINMA. Founded with a focus on progressive statistical methods and financial technology, the company has been offering successful drawdown management solutions since 2016.<\/p>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2025/etp-on-SaW-SmartAdapt-portfolios?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n\n<h3>Konservativ \u2013 emphasis on stability<\/h3>\n<p>This portfolio solution is aimed at investors whose primary goal is to preserve their wealth, but who would also like to increase it while keeping risks under control. The equity exposure of this variant is between 10% and 35%, with the bulk of the portfolio comprising bonds and Swiss property as a solid foundation. That makes it the ideal strategy for investors putting value on security.<\/p>\n\n<h3>Balanciert \u2013 the golden mean<\/h3>\n<p>This balanced portfolio offers a perfect combination of stability and growth. The equity exposure here is 20% to 65%, with the goal being to achieve a balanced ratio of shares, bonds and tangible assets. This strategy is aimed at investors who want to seize opportunities on the equity markets without sacrificing a solid foundation. The goal is thus to achieve an attractive return alongside a controllable fluctuation range.<\/p>\n\n<h3>Dynamisch \u2013 hunting for a long-term return<\/h3>\n<p>Investors who want to focus more on growth and are willing to accept temporary fluctuations will find this dynamic portfolio the best option. The equity exposure is between 40% and 85% and is supplemented by international diversification and stable assets such as gold. That makes it ideal for investors with a long-term investment horizon who seek to profit actively from the growth of the capital markets.<\/p>\n\n<h3>Investing simply and efficiently<\/h3>\n<p>Investors can bring the professional SaW SmartAdapt® portfolios into their portfolio conveniently and at low cost with an ETP+ from Leonteq. The ETP+ products, which can be traded on the SIX and the BX Swiss and thus ensure daily liquidity, offer enhanced security for investors, as a pledge is deposited with SIX SIS AG for every exchange traded product. If the price of the certificate rises, Leonteq increases the pledge \u2013 and vice versa. Should Leonteq enter into payment difficulties, the trustee SIX Repo would sell the pledge and distribute the equivalent of the investment product to the holders of the ETPs. All strategies are cost-efficient, the total expense ratio (TER) is 0.8% p.a. and the net dividends are reinvested. A historic simulation of the portfolios highlights the benefits: the conservative strategy achieved an average performance of 4.37% p.a. between 2019 and 2014. Over the same period, the balanced portfolio delivered a return of as much as 7.61% p.a. The clear front-runner, however, is the dynamic approach, which at 10.48% p.a. would actually have produced double-digit percentage growth.<\/p>\n\n<div>\n<generic-chart title=\"Annual returns of the three different strategies from 2019-2024 (in %)\">\n  <x-axis categories=\"Konservativ, Balanciert, Dynamisch\"/>\n      <chart-column title=\"Annual returns of the three different strategies\" data=\"4.37, 7.61, 10.48\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Adaptivv Financial Technologies AG, As of: September 2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1467581570\\&quot;\\&quot;CH1467581588\\&quot;\\&quot;CH1467581596\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2025/etp-on-SaW-SmartAdapt-portfolios?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"etp-on-SaW-SmartAdapt-portfolios","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/smartadapt_leonteq-structured-products_sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/smartadapt_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-09-17T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/oracle_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"AI Turbo Ignited","windowTitle":"Oracle","category":"underlying-in-focus","title":"Oracle","body":"<p>Forget the \u201cMagnificent 7\u201d \u2013 the true star on the stock market right now is Oracle, and with it co-founder Larry Ellison. The 81-year-old recently even went head-to-head with Tesla boss Elon Musk in the race for the title of the world\u2019s richest man. This was made possible by a breathtaking surge in Oracle\u2019s stock price, of which Ellison holds around 41%. The daily gain of more than one-third not only marked the biggest jump in more than three decades but also pushed the software company\u2019s market cap close to the one-trillion-dollar mark.<\/p>\n\n<div><generic-chart title=\"Oracle Share price (in USD)\"> \n    <chart-line title=\"Oracle\" path=\"Chart_Oracle.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as at 16.09.2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<p>The spark behind this euphoria was Oracle\u2019s latest business results. The database pioneer has successfully transformed into a cloud provider in recent years, benefiting especially from the boom in AI infrastructure. In the past two quarters \u2013 Q4 of fiscal year 2024/25 (ending May 31) and Q1 of 2025/26 \u2013 the company surprised with double-digit revenue growth and a flood of new orders. The cloud division in particular is buzzing: segment revenues accelerated from +27% in Q4 2024/25 to +28% in Q1 2025/26. Cloud Infrastructure (OCI) proved to be the main growth engine with a revenue jump of 55%. Although Oracle still trails far behind industry giants Amazon, Microsoft, and Google in terms of market share, the company has linked its data centers with those of the so-called hyperscalers. According to Ellison, revenues from these partnerships multiplied more than sixteenfold during the reporting period. \u201cWe expect multi-cloud revenues to rise significantly every quarter for many years to come,\u201d the major shareholder said confidently.<\/p>\n\n<div>\n<generic-chart title=\"Cloud revenue (in USDbn)\">\n  <x-axis categories=\"Q1 24/25, Q2 24/25, Q3 24/25, Q4 24/25, Q1 25/26\"/>\n      <chart-column title=\"Cloud revenue\" data=\"5.62, 5.94, 6.21, 6.74, 7.19\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Oracle, as at September 2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Order Flood<\/h3>\n<p>Particularly eye-catching was Oracle\u2019s order intake: in the last quarter, the company secured four major contracts, including reportedly one of the largest cloud deals of all time. This involved an agreement with ChatGPT parent OpenAI for cloud capacity worth USD 300 billion over five years. Elon Musk\u2019s AI startup xAI is also among the customers of these supercomputing services. In total, Oracle\u2019s order backlog rose to USD 455 billion, a 359% increase year-over-year. CEO Safra A. Catz indicated that the USD 500 billion threshold could be crossed soon.<\/p>\n\n<h3>Higher targets<\/h3>\n<p>Given these numbers, it\u2019s no surprise that Oracle also raised its annual outlook. In the OCI segment, management now expects revenues of USD 18 billion, up 77%. Previously, Catz had forecast a 70% increase. In subsequent years, growth rates are expected to remain at similar levels. \u201cOracle is on the way to becoming not only the largest cloud applications company in the world but also one of the largest cloud infrastructure providers,\u201d the 63-year-old stated confidently. For the group as a whole, revenues of at least USD 67 billion are now projected \u2013 17% more than the previous year and two percentage points higher than the original forecast.<\/p>\n\n<p>For the veteran tech entrepreneur Larry Ellison, these recent successes mark a late crowning of his visions. Still, it should not be overlooked that Oracle remains a challenger in the cloud market \u2013 Big Tech players Amazon, Microsoft, and Google together control around two-thirds of the global cloud infrastructure market. But Oracle has a second pillar: its database division. This business too is now positioning itself for the AI future. At the upcoming company conference, Ellison plans to unveil a new version of \u201cOracle AI Database,\u201d enabling customers to directly connect AI models of any size with their corporate data. This will make Oracle\u2019s database a hub for putting proprietary data to use in GenAI. For companies sitting on vast Oracle databases, this could be a game changer: they can now run AI analyses without migrating their data to other systems.<\/p>\n\n<h3>Sideways...<\/h3>\n<p>For Oracle, the challenge now is to maintain its momentum \u2013 both operationally and on the capital markets. As far as the stock market is concerned, the company can afford to ease off the accelerator. The new softcallable barrier reverse convertibles from Leonteq already deliver double-digit percentage returns even in a sideways market. The CHF-denominated product offers a coupon of 10.20% p.a., while the USD variant promises as much as 14.20% p.a. The products allow the underlying asset generous room for movement. Within the maximum maturity of 15 months, a risk buffer of 41% protects the principal. The BRC\u2019s term can be shortened, with the first softcallable observation taking place after six months.<\/p>\n\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1447741401\\&quot;CH1484597039\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<h3>\u2026or Leveraged to Profit Success<\/h3>\n<p>The recent market reaction showed that Wall Street is betting Oracle will disproportionately benefit from the AI trend. If the company succeeds in converting its recent mega-deals into profits, new stock market records could be on the horizon. Bold traders can bet on this with long instruments. Leonteq offers leverage products that turn rising share prices into outsized gains. In addition, there are warrants with knock-out and mini-futures with a short orientation. These would be suitable, for instance, should Oracle\u2019s stock go into consolidation after its recent surge.<\/p>\n\n<h3>Leveraged products on Oracle<\/h3>\n<div>\n    <div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;67421901&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;]}\" />\n  <\/div>\n\n<\/div>\n    <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wsy?language_id=1\" label=\"Discover our leverage products!\"><\/ltq-button>","url":"underlying-oracle","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/oracle_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/oracle_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-09-10T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/docmorris25_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Returns on Prescription","windowTitle":"DocMorris","category":"coupon-giant","title":"DocMorris","body":"<p>Just a few years ago, DocMorris was considered a pioneer and beacon of hope among Europe\u2019s online pharmacies. Today, little remains of that initial euphoria. On the contrary: the stock market view looks bleak. Over the past twelve months, the share price has lost around two-thirds of its value. The dream of profitable growth seems far away, raising questions about the sustainability of the business model. Management, however, remains calm and reaffirmed its revenue and earnings guidance for 2025 as well as its medium-term targets after the first half of the year.<\/p>\n\n<p>The first semester has shown that DocMorris has so far failed to get the high costs for logistics, infrastructure, and marketing under control. The online pharmacy, which operates mainly in Germany, increased its losses in the first half of the year, largely due to higher spending on a TV advertising campaign, despite higher sales. With revenues up 10.2% to CHF 572.1 million, the adjusted operating loss (Ebitda) rose to CHF 28.8 million \u2013 43% more than in the same period last year. On the revenue side, prescription medicines (RX) provided a strong tailwind with an increase of 43.5%. CFO Daniel Wüest nonetheless draws a positive conclusion: \u201cWith our revenue growth in the first half, we are on track. Our results, especially in the second quarter, have structurally improved and show that we are clearly moving towards sustainable profitability.\u201d<\/p>\n\n<div><generic-chart title=\"DocMorris: Share price (in CHF)\"> \n    <chart-line title=\"DocMorris\" path=\"chart_docm0925.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as at 09.09.2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Forecasts confirmed<\/h3>\n<p>Management sees no reason to deviate from the guidance issued in April, which calls for an increase in external sales of more than 10% and an adjusted Ebitda between minus CHF 35 million and minus CHF 55 million. The longer-term plan also remains in place. The company aims to break even at the Ebitda level in 2026 and generate a positive free cash flow in 2027. With a medium-term annual revenue growth rate of around 20%, DocMorris ultimately targets an Ebitda margin of about 8%.<\/p>\n\n<div>\n<generic-chart title=\"DocMorris: Earnings per share (in CHF)\">\n  <x-axis categories=\"2022, 2023, 2024, 2025e, 2026e, 2027e\"/>\n      <chart-column title=\"DocMorris: EPS (in CHF)\" data=\"-7.82,-4.95,-4.06,-2.25,-1.49,-0.87\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Refinitiv, e = expected<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<p>With these targets, management signals confidence that stricter cost discipline and a gradual scaling of the business will soon have positive effects on the profit and loss statement. These prospects are not unrealistic, given the overall environment. DocMorris operates in the growth field of \u201cdigital healthcare services.\u201d Consumers are increasingly willing to order medicines online. A growing awareness of digital solutions and the expectation that electronic prescriptions will be introduced nationwide in the medium term both support the business model. In addition, the company has a strong brand and loyal customers, with a reorder rate of 76% that could help pave the way to profitability.<\/p>\n\n<p>At the same time, however, competition is also increasing. Brick-and-mortar pharmacies are expanding their digital offerings, while new online providers are entering the market with aggressive pricing strategies. The well-known drugstore chain dm announced at the end of last year that it plans to enter the market for non-prescription but pharmacy-only medicines. According to earlier statements, the launch is planned for the second half of 2025.<\/p>\n\n<h3>At a crossroads<\/h3>\n<p>As noted at the outset, the stock market is currently taking a harsh view of the company\u2019s development. For investors, the key question is whether the gap between growth and profits can be closed as promised. The coming quarters will provide the answer. Until it becomes clear whether the current weakness in the share price offers a buying opportunity or whether the stock remains a long-term problem child, patience will be required. Analysts are also waiting on the sidelines. Since mid-April, the average price target has hardly changed and remains close to the CHF 10 mark. On closer inspection, however, there are major differences: while Jefferies sets a fair value of CHF 12, Berenberg sees it at only CHF 8.10. UBS analysts recently cut their target from CHF 8 to CHF 5.90. The stock is currently trading around that level.<\/p>\n\n<h3>No barrier, no risk of breach<\/h3>\n<p>Until the future direction of the DocMorris share becomes clearer, investors can bridge the time with a yield-enhancement product. For the new Softcallable Reverse Convertible, it makes no difference whether the share rises, stagnates, or falls over the next 21 months. The product offers a guaranteed coupon of 12.00% p.a., paid quarterly to investors. In addition, no barrier is included, which means there is no risk of barrier breach. The underlying share can therefore develop freely. To receive the full nominal amount back at maturity, it is crucial that DocMorris trades above the strike price at the end of the term. This strike will be fixed at a low 50% of the initial price. Due to the softcallable feature, the term may be shortened to as little as six months.<\/p>\n\n<h3>Callable Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1447741476\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;strikeLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n\n<h3>A lever for all scenarios<\/h3>\n<p>DocMorris is struggling with stock market losses while at the same time searching for remedies. Both situations can be turned into opportunities with leveraged products. Leonteq's product range includes a wide variety of warrants and mini-futures that allow for both long and short speculation. If the DocMorris share continues to fall, short positions or puts are the right choice. If, on the other hand, the company finds a \u201cprescription\u201d for profitability, the stock could quickly rebound. In such a comeback, long (call) products can fully unfold their return potential.<\/p>\n\n<h3>Leveraged products on DocMorris<\/h3>\n<div>\n    <div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true,&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:true},&quot;underlyings&quot;:[&quot;111581536&quot;],&quot;leverage&quot;:{&quot;min&quot;:4.8870000000000005,&quot;max&quot;:110.914},&quot;marketVenues&quot;:[&quot;SIX&quot;]}\" />\n  <\/div>\n\n<\/div>\n    <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wss?language_id=3\" label=\"Discover our leverage products!\"><\/ltq-button>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-docmorris-25","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/docmorris25_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/docmorris25_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-09-05T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leverage-prod2_leonteq-structured-products_homepage-banner.jpg","subTitle":"A universe of possibilities","windowTitle":"Leveraged products","category":"investment-themes","title":"Leveraged products","body":"<h3>Milestones<\/h3>\n<p>The foundation stone for today&rsquo;s success was laid back in 2023 with the acquisition of a 10% stake in BX Swiss, followed by the gradual expansion of its presence. April 2024 saw it named as the exclusive market maker for equities and ETFs, with the next milestone coming one year later with the launch of listed leveraged products with a clear focus on private investors. As part of this growth strategy, Leonteq also assumed the role of sole market maker for all exchange-traded products on the BX Swiss.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2025/leveraged-products-six-bxswiss?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<h3>Wide product range<\/h3>\n<p>Today the company already has around 5,000 leveraged products on the BX Swiss &ndash; clear indication of its commitment to expanding its retail flow business. Leonteq doesn't just focus on quantity, though: the product selection is being consciously expanded to include underlyings that have often been underrepresented in particular categories to date. Leonteq was, for instance, the first issuer in Switzerland to add mini-futures on the exciting underlying assets from the sought-after defence sector, MDAX members Renk and Hensoldt, to the mix when it launched its leveraged products on SIX Structured Products in April. That made it possible to speculate on rising and falling prices. On the subject of SIX, the number of leveraged products available here was similarly expanded to around 5,000 within the space of just a few months. The two stock exchanges, the BX Swiss and the SIX, thus offer some 10,000 leveraged products between them, making Leonteq one of the leading issuers of exchange-traded leveraged products in Switzerland.<\/p>\n<h3>International expansion<\/h3>\n<p>As an innovative fintech company, though, Leonteq will not be resting on its laurels. Going forward, the leveraged product range will be continually expanded with new asset classes and underlyings. There are also plans to expand abroad: Leonteq is currently preparing the path for a targeted international expansion of its products in 2026, a step that will not only lengthen its reach, but also provide new stimulus for innovation on the Swiss market. That means investors will be able to profit from an even broader product range, greater liquidity and additional trading venues in the future &ndash; while Leonteq continues to consolidate its position as a leading issuer.<\/p>\n<h3>No opportunity without risk<\/h3>\n<p>The new leveraged instruments from Leonteq open up many opportunities for investors, allowing them, for instance, to benefit disproportionately from strong market trends or even take advantage of short-term price movements. At the same time, flexibility is maintained, regardless of whether prices are expected to rise or fall. In a volatile market environment especially, that may be the critical factor in choosing the right positioning strategy. Nevertheless, these opportunities come with risks attached: in an extreme scenario, for instance, a knock-out event can lead to the capital employed being lost in its entirety. Warrants which have no intrinsic value at the end of their term are also valueless when they expire. That makes it all the more important for investors not only to have a detailed assessment of the underlying, but also to pay close attention to the market environment and always plan the capital investment in relation to the size of their own portfolio.<\/p>\n<div><\/div>\n<p><strong>Leonteq&rsquo;s entire range of leveraged products on the BX Swiss and SIX Structured Products exchanges can be found<a href=\"https://structuredproducts-ch.leonteq.com/leverage\" target=\"_blank\" rel=\"noopener\" title=\"Leonteq's range of leverage products\"> here.<\/a><\/strong><\/p>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2025/leveraged-products-six-bxswiss?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"leveraged-products-six-bxswiss","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leverage-prod2_leonteq-structured-products_sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leverage-prod2_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-09-03T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/accelleron_leonteq-structured-products_homepage-banner.jpg","subTitle":"Turbo ignited","windowTitle":"Accelleron","category":"underlying-in-focus","title":"Accelleron","body":"<p>Every day, a host of container ships leave the ports of this world. While the giants sail majestically across the oceans, gigantic engines are at work deep in their bellies, the heart of which comes from the forges of Swiss company Accelleron: the turbochargers. Without these, the engines would lack the necessary power to move the tons of cargo. The same technology that drives the global trade network on the water is also used in power plants, locomotives and increasingly in data centers. The reliable power from Baden is well received by investors: The STOXX 600 Europe member is one of the outperformers, rising by almost half in the first eight months of the year. The dynamic upward trend is closely linked to the upward business development of the ABB spin-off, which has been listed independently on the SIX Swiss Exchange since 2022. In July, following the announcement of the figures for the first half of the year, the annual forecast was raised significantly. The manufacturer of engine components raised its sales target for 2025 to a currency-adjusted increase in revenue of 16% to 19%, compared with the previous forecast of just 4% to 6%. Market participants are now also asking whether the medium-term forecast of 2% to 4% sales growth is outdated - Accelleron has yet to provide an answer.<\/p>\n<h3>Impressive demand<\/h3>\n<p>What is certain, however, is that the company will not have to stretch itself any further in the second half of the year to achieve its current revenue forecast. On the contrary, the Group may even slow down a little. From January to June, turnover soared by a fifth to EUR 608 million thanks to high demand for services for the shipping industry. «Our impressive sales growth was driven by further market share gains in the turbocharger segment as well as high demand for services for the marine industry - especially retrofits - and applications for emergency and primary power supply as well as control energy,» explains CEO Daniel Bischofberger, adding: «The markets did not cool down in the first half of the year despite geopolitical turbulence. We pulled out all the stops to meet demand and are confident about volumes in the second half of the year.» Accelleron's business is divided into two business areas: «Medium and Low Speed» and «High Speed». The former, which is also the core segment, includes turbochargers for large diesel and gas engines such as those used in ships. High-speed applications, on the other hand, include turbochargers for high-speed engines, such as those required in the energy supply sector.<\/p>\n<div><generic-chart title=\"Revenue development and segment breakdown (1. half year, in USD mio.)\"> <x-axis categories=\"2023, 2024, 2025\"><\/x-axis> <chart-column title=\"High Speed\" data=\"124, 120, 149\" format=\"number\"><\/chart-column> <chart-column title=\"Medium &amp; Low Speed\" data=\"325, 386, 459\" format=\"number\"><\/chart-column> <\/generic-chart><\/div>\n<footer>Source: Accelleron, as at August 2025<br />Historical data is not a reliable indicator of future developments.<\/footer>\n<h3>Shrinking margins<\/h3>\n<p>On the profit side, the company, which has a presence in 50 countries and a dense service network in port cities and in the vicinity of large energy plants, grew even faster. The operating result (EBITA) improved by 20.8% year-on-year to USD 154.9 million, increasing the margin by 0.1 percentage points to 25.5%. For the year as a whole, Accelleron expects a margin of between 24% and 25%, which is one percentage point lower than previously expected. However, this slight reduction is not home-made, but rather due to the challenges posed by the new US tariff of 39% on Swiss goods. If the negotiations on a better deal sought by the Swiss government prove successful, the old target could perhaps come back into focus. However, while the outcome of the talks is uncertain, the current picture needs to be assessed. The conclusion is quite respectable. The company is robustly positioned, the business model is broadly diversified and closely linked to global megatrends - from growing global trade and energy demand to digital infrastructure. With its strong service business, innovative strength and sustained growth, Accelleron has not only ignited the turbo in its development, but also on the capital market, as mentioned at the beginning. The recent steep rise has also pulverized analysts' targets. The average price forecast is CHF 62.36, which is around 9% below the current price.<\/p>\n<div><generic-chart title=\"Accelleron stock price (in CHF)\"> <chart-line title=\"Accelleron\" path=\"Chart_ACLN2.csv\" format=\"date, number\"><\/chart-line> <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as at 02.09.2025<br />Historical data is not a reliable indicator of future developments.<\/footer>\n<h3>Attractive returns in a sideways trend<\/h3>\n<p>For investors, now could be the perfect time for a yield-optimizing product. The new Callable Barrier Reverse Convertibles converts a pause in the dynamic upward trend into profits. The CHF-denominated BRC offers an interest rate of 8.00% p.a. with a maximum term of 18 months. On the downside, the partial protection product leaves room for the underlying to develop. The barrier is fixed at 74% of the starting value. The product also has a soft callable function, which becomes active for the first time after 6 months and can lead to early redemption. The coupon is paid out quarterly on a pro rata basis.<\/p>\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1447740874\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>Choice for traders:<\/h3>\n<p>While the BRC offers an opportunity to profit from a possible consolidation, leveraged products allow you to play the speculative card. Leonteq's broad range of products includes mini-futures and warrants on Accelleron, which offer the prospect of disproportionately high participation. While the company has anchored the turbo in its business model, Leonteq offers products with a \"turbo\", so to speak. Long and short positioning is possible. Leverage products on Accelleron can be traded on SIX Structured Products as well as on the BX Swiss.<\/p>\n<h3>Leveraged products on Sandoz<\/h3>\n<div>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;168462331&quot;]}\" />\n  <\/div>\n<\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wsc?language_id=3\" label=\"Entdecken Sie unsere Hebelprodukte!\"><\/ltq-button><\/div>","url":"underlying-accelleron25","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/accelleron_leonteq-structured-products_sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/accelleron_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-08-29T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/msty_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Unlock Higher Income From Strategy Inc.","windowTitle":"YieldETP+ on Strategy 115% Covered Call Index","category":"investment-themes","title":"YieldETP+ on Strategy 115% Covered Call Index","body":"<p>Strategy Inc. (Bloomberg: MSTR) is a highly volatile, widely followed stock \u2013 but like many popular names, it currently pays no dividend. The YieldETP+ on the Strategy 115% Covered Call Index offers a way to harness Strategy\u2019s volatility and convert it into regular income, while still maintaining limited exposure to Strategy\u2019s performance. It is a rules-based investment strategy designed to generate a monthly cash flow by systematically selling 1-month covered call options on Strategy Inc.<\/p>\n\n\n<h3>How do Covered Call Strategies work?<\/h3>\n<p>Covered call strategies are a well-established method for enhancing income in equity portfolios. The concept is simple: investors hold a stock (e.g. Strategy Inc.) and sell monthly out-of-the-money call options on that stock. The premiums collected from selling these call options create a steady income stream. Upon expiry of each call option, the outcome depends on the stock\u2019s performance:<\/p>\n\n<p><b>Rangebound: <\/b>Investors benefit from both the collected premiums and limited price movement (profit or loss), if any.<\/p>\n\n<p><b>Appreciation: <\/b>Investors benefit from both the collected premiums and any price appreciation up to the option strike.<\/p>\n\n<p><b>Decline: <\/b>The collected premium provides a partial buffer against losses, though it does not offer full protection.<\/p>\n\n<h3>YieldETP+ Highlights<\/h3>\n<p><b>Income-Focused Strategy: <\/b>With many stocks paying little or no dividends, covered call writing offers an alternative income source. Strategy\u2019s high volatility means higher option premiums, boosting yield potential.<\/p>\n\n<p><b>Volatility as an Asset: <\/b>YieldETP+ turns volatility into a potential benefit. While it doesn\u2019t protect against losses, the regular income from selling calls can help offset mildly falling markets. Investors are compensated for taking on short-term uncertainty.<\/p>\n\n<p><b>Operational Simplicity: <\/b>No options account or active trading is needed. YieldETP+ wraps a monthly call writing strategy into a simple, listed product \u2013 making it easily accessible for investors.<\/p>\n\n<p><b>Capital Gains: <\/b>Monthly distributions under YieldETP+ that consist of option premiums are classified as capital gains in Switzerland. (Swiss investors should consult their own tax advisor.)<\/p>\n\n<h3>YieldETP+ on Strategy 115% Covered Call Index<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1447739751\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<p>Further information on the construction, functionality and collateralization of the YieldETP+ on Strategy 115% Covered Call Index can be found in the factsheet.<\/p>\n\n<div><ltq-button color=\"primary\" url=https://structuredproducts-ch.leonteq.com/pages-resources/factsheet-CH1447739751-en.pdf?language_id=1\" label=\"Factsheet\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"CoveredCall-MSTY","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/msty_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/msty_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-08-27T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/bitcoin-fieber_leonteq-structured-products_homepage-banner.jpg","subTitle":"Caught in Bitcoin Fever","windowTitle":"Strategy","category":"coupon-giant","title":"Strategy","body":"<p>In the technology landscape, everything has revolved around the so-called \u201cMagnificent 7\u201d for quite some time. However, another stock is challenging these industry giants: Strategy. The software company, founded in 1989 by Michael Saylor, has more than doubled its market value over the past 12 months outperforming every single Mag7 stock. Thanks to this strong performance, the Virginia-based firm secured a spot in the prestigious Nasdaq 100 Index at the end of 2024.<\/p>\n\n<p>But what is behind this extraordinary development? The answer is relatively simple: Bitcoin. Since August 2020, the analytics software specialist has been betting on the digital currency and has now become the largest corporate holder of the asset. As of the end of Q2 (June 30), Strategy held 597,325 Bitcoins at an average price of USD 70,982. For comparison: Bitcoin currently trades at around USD 111,000 - more than 50% above the average purchase price. The latest rally of the oldest and most important digital coin resulted in an unrealized fair value gain of USD 14 billion in the past quarter. In total, net income between April and June reached USD 9.97 billion, compared with a loss of USD 102.6 million in the previous year.<\/p>\n\n<div><generic-chart title=\"Strategy: Shareprice (in USD)\"> \n    <chart-line title=\"Strategy\" path=\"Chart_MSTR.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as of: 26.08.2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n\n<p>This shows that founder Michael Saylor\u2019s buy-and-hold strategy can indeed work. And the now 60-year-old is far from satisfied: \u201cWe are in a phase of hypergrowth and hyperadoption of Bitcoin as a reserve asset,\u201d Saylor said after the release of the latest results. Fittingly, Strategy has continued to expand its crypto holdings this quarter, now reaching 632,457 BTC. Currently, the company\u2019s enterprise value stands at USD 116.19 billion, while its market capitalization is slightly lower at USD 101.6 billion.<\/p>\n\n<div>\n<generic-chart title=\"Bitcoins in the Balance Sheet (in thousand)\">\n  <x-axis categories=\"Q3/20, Q4/20, Q1/21, Q2/21, Q3/21, Q4/21, Q1/22, Q2/22, Q3/22, Q4/22, Q1/23, Q2/23, Q3/23, Q4/23, Q1/24, Q2/24, Q3/24, Q4/24, Q1/25, Q2/25, Q3/25\"/>\n      <chart-column title=\"Bitcoins in the Balance Sheet (in thousand)\" data=\"38.3, 70.5, 91.3, 105.1, 114, 124.4, 129.2, 129.7, 130, 132.5, 140, 152.3, 158.2, 189.2, 214.3, 226.3, 252.2, 447.5, 528.2, 597.3, 632.4\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Strategy, as of: August 2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Pure Optimism<\/h3>\n<p>But Saylor\u2019s ambitions are far from complete. The Executive Chairman has big - indeed gigantic - plans: Strategy aims to become the first trillion-dollar company in the crypto sector. To achieve that, however, Bitcoin will need to rise significantly, since the company\u2019s core business in business intelligence, mobile software, and cloud-based services (with a touch of AI enthusiasm) is developing rather sluggishly. In the first six months of the current fiscal year, revenue stagnated at USD 225.6 million, while gross profit dropped around 6% to USD 155.8 million. In other words, the company\u2019s high valuation depends heavily on Bitcoin. According to BTC enthusiast Saylor, the value of the digital asset could reach USD 13 million by 2045 making a company valuation of USD 1 trillion sound less astronomical. Other crypto experts also see Bitcoin reaching seven figures. Well-known investor Cathie Wood of ARK Invest, for example, projects in her best-case scenario that the pioneer of cryptocurrencies could surpass USD 1 million by 2030.<\/p>\n\n<h3>A Favorable Environment<\/h3>\n<p>The current crypto-friendly market sentiment is also connected to U.S. President Donald Trump, who is working on creating a more favorable regulatory environment for digital currencies. He also aims to establish a Bitcoin reserve in the world\u2019s largest economy, which could send a strong signal to other countries. Additionally, recent statements from Federal Reserve Chairman Jerome Powell have boosted the positive backdrop for crypto assets. His latest speech raised hopes for interest rate cuts, which in turn increase the attractiveness of risk assets like cryptocurrencies. Markets now price in almost a 90% chance of a rate cut in September, up from about 75% before Powell\u2019s comments.<\/p>\n\n<h3>Profiting in Sideways Markets\u2026<\/h3>\n<p>As shown, Strategy\u2019s fate is closely tied to Bitcoin. Investors who believe that the stock may move sideways after the latest rally can find attractive opportunities in Leonteq\u2019s new soft-callable barrier reverse convertibles (BRCs). The two products, with a maximum maturity of 15 months, offer double-digit annual yields even if the stock stagnates or moderately declines near the barrier. The CHF-denominated product offers a yield potential of 14.80% p.a., while the USD version comes with an even higher coupon of 18.80% p.a. Interest is paid quarterly on a pro-rata basis. To receive the full nominal amount at maturity, the underlying stock must not breach the barrier. At 49% of the starting value, this threshold is comfortably distant. However, if the barrier is breached, the final fixing determines the outcome: if the stock closes below the strike, losses may occur. If it finishes at or above the strike, the full nominal is repaid. Note: due to the soft-callable feature, the issuer may redeem early at 100% every three months, starting after six months.<\/p>\n\n<h3>\u2026and in Up- and Downtrends<\/h3>\n<p>More risk-tolerant investors may want to explore the leverage product range. Currently, over 25 Mini-Futures and warrants on the tech stock are available, offering leveraged participation in both directions. Call and long products enable bullish positioning, while put and short variants profit from falling Strategy share prices. In both cases, investors can achieve outsized returns.<\/p>\n\n<h3>Callable Single Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1447740197\\&quot;\\&quot;CH1476718205\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<h3>Leveraged Products on Strategy<\/h3>\n<div>\n    <div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;71210003&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;]}\" />\n  <\/div>\n\n<\/div>\n    <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wsg?language_id=1\" label=\"Discover our leveraged products\"><\/ltq-button>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-mstr25","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/bitcoin-fieber_leonteq-structured-products_sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/bitcoin-fieber_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-08-26T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Nvidia Set to Report Q2 Results: Expectations Run High","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>Nvidia Corp. will release its quarterly results on Wednesday after the market close. Investors are counting on the company to ease concerns about rising spending in the field of artificial intelligence. At the same time, they hope for confirmation that the recent rally in the stock market is based on solid fundamentals and not merely a technology bubble.<\/p>\n\n<p>Analysts expect Nvidia to report adjusted earnings per share of USD 1.01 in the second fiscal quarter - an increase of 48% compared to the previous year - with a revenue of more than USD 46 billion, representing a 54% increase from the same quarter a year earlier.<\/p>\n\n\n<div>Depending on whether Nvidia exceeds or misses expectations, share price movements could be more pronounced. For active investors, this presents interesting trading opportunities \u2013 particularly with leveraged products.<\/div>\n\n<h3>Mini-Futures on Nvidia<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;67114699&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;],&quot;leverage&quot;:{&quot;min&quot;:6.761,&quot;max&quot;:9007199254740991}}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WrT?language_id=3\" label=\"Discover more leveraged products on Nvidia\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"leverage-nvda-q2-2025","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2025-08-22T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/bitcoin_gold_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"ETP+ on the Adaptivv Bitcoin Gold ETF Index","windowTitle":"A clever combination","category":"investment-themes","title":"A clever combination","body":"<p>\u201cIs Bitcoin the new digital gold?\u201d That is the question that analysts, investors and economists have been debating intensively for years. In the sceptics\u2019 camp, the cryptocurrency has long been criticised as an unregulated object of speculation. For its proponents, even just the fact that mining is based on blockchain technology and limited to a total number of bitcoins has made digital money the asset of the moment. What is clear is that the most important representative of cryptocurrencies is becoming increasingly established. The return of Donald Trump to the White House has helped, too \u2013 he likes to call himself the \u201ccrypto president\u201d and wants to shape the regulatory framework accordingly. It is also clear that the price of Bitcoin is constantly hitting new highs. On 14 August 2025, the cryptocurrency was trading at over USD 124,000 for the very first time. The value of Bitcoin has almost doubled within the space of 12 months. At the same time, gold has also experienced a historic rally, the most important precious metal appreciating by around a third. In April 2025 market players had to pay USD 3,500 per troy ounce for the first time. <\/p>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2025/etp-plus-adaptivv-bitcoin-gold-etf-index?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n\n<h3>Diverging fluctuation ranges<\/h3>\n<p>It is also noticeable that gold fluctuates far less than Bitcoin. The historic volatility for the cryptocurrency over a 12-month period is nearly 38%. That compares with a fluctuation range of less than 14% for the precious metal. Investors looking to add these two reserve currencies to their portfolio, therefore, are faced with the challenge of finding the right balance. That is precisely where the new ETP+ on the Adaptivv Bitcoin Gold ETF Index comes in. This underlying is dynamically positioned, with the weighting of the two assets varying between 25% and 75%. This is achieved using the Adaptivv Stability Sensor, a tool which uses a mathematical model to measure regime change on the capital markets. The sensor supplies probabilities of trends and their breaches, allowing changes in market momentum to be identified sooner and more precisely than is the case with conventional approaches. <\/p>\n\n<h3>Protection against crypto winters<\/h3>\n<p>\u201cOur Adaptivv Stability Sensor allows investors to participate in Bitcoin\u2019s upside while systematically managing risk through dynamic allocation with gold,\u201d explains Tobias Setz, a partner of the firm, which was founded in 2016 as a spin-off from ETH Zürich. The sensor was rigorously put through its paces at the university for more than a decade. \u201cPeer reviews across several disciplines and many scientific publications represent the foundation of our technology,\u201d Setz reports. The focus of the new ETP+ with the stock market symbol ABOLD is on protecting the investment from \u201ccrypto winters\u201d. These are phases when Bitcoin goes through periods of significant correction. One or two investors are probably still literally shivering when they think back to 2022. From the high of just under USD 69,000 reached in November 2021, the cryptocurrency plummeted by almost 80% within around one year.<\/p>\n\n<h3>Innovation in a robust cover<\/h3>\n<p>To ensure an optimal risk-return ratio, the Adaptivv Bitcoin Gold ETF Index employs exchange-traded funds (ETFs). A single passive fund cannot have a weighting of more than 30%, while the balance of power between Bitcoin and gold is adjusted on a weekly basis. The index also uses cash instruments and currently has a small USD exposure. The benchmark is dominated by Bitcoin \u2013 the corresponding ETFs make up more than 70% of its total weight (see table). The initiators have left nothing to chance when it comes to access to this innovative strategy either: investors can add the Adaptivv Bitcoin Gold ETF Index to their portfolio through an ETP+ from Leonteq. The participation structure is particularly robust, with a deposit pledged with SIX SIS AG for each product. SIX Repo AG provides ongoing monitoring of the collateralisation, thus acting on behalf of investors. Should Leonteq enter into payment difficulties (default), SIX Repo AG could realise the pledge in favour of the product owners. The fact that the ETP+ is listed on SIX Swiss Exchange AG ensures liquidity every trading day.<\/p>\n\n\n<h3>Tracker-Certificate on the Adaptivv Bitcoin Gold ETF Index Index<\/h3>\n<div><price-chart isin=\"CH1453363843\"><\/price-chart><\/div>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1453363843\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;US DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.01016786,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - FUND&quot;,&quot;name&quot;:&quot;ARK 21SHARES BITCOIN ETF&quot;,&quot;sophisInternalId&quot;:183542916,&quot;currentPrice&quot;:27.27,&quot;weight&quot;:0.14210334,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - FUND&quot;,&quot;name&quot;:&quot;BITWISE BITCOIN ETF&quot;,&quot;sophisInternalId&quot;:183542920,&quot;currentPrice&quot;:44.66,&quot;weight&quot;:0.14217463,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - FUND&quot;,&quot;name&quot;:&quot;FIDELITY WISE ORIGIN BITCOIN&quot;,&quot;sophisInternalId&quot;:183542922,&quot;currentPrice&quot;:71.55,&quot;weight&quot;:0.14213241,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - FUND&quot;,&quot;name&quot;:&quot;ISHARES BITCOIN TRUST ETF&quot;,&quot;sophisInternalId&quot;:183542918,&quot;currentPrice&quot;:46.59,&quot;weight&quot;:0.14216867,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - FUND&quot;,&quot;name&quot;:&quot;ISHARES GOLD TRUST&quot;,&quot;sophisInternalId&quot;:89951480,&quot;currentPrice&quot;:78.47,&quot;weight&quot;:0.14049208,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - FUND&quot;,&quot;name&quot;:&quot;ISHARES GOLD TRUST MICRO&quot;,&quot;sophisInternalId&quot;:171628684,&quot;currentPrice&quot;:41.6,&quot;weight&quot;:0.14048363,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - FUND&quot;,&quot;name&quot;:&quot;SPDR GOLD SHARES&quot;,&quot;sophisInternalId&quot;:67232018,&quot;currentPrice&quot;:382.71,&quot;weight&quot;:0.14027737,&quot;currency&quot;:&quot;USD&quot;}]\"><\/AmcComposition>\n  <\/div>\n\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2025/etp-plus-adaptivv-bitcoin-gold-etf-index?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"etp-plus-adaptivv-bitcoin-gold-etf-index","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/bitcoin_gold_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/bitcoin_gold_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-08-20T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/sandoz25_leonteq-structured-products_homepage-banner.jpg","subTitle":"Going their own way","windowTitle":"Sandoz","category":"underlying-in-focus","title":"Sandoz","body":"<p>Richard Saynor has been at the helm of Sandoz since 2019. The British pharmacist has transformed the troubled generics subsidiary of Novartis into an independent and successful company. Sandoz was spun off and listed on the SIX at the beginning of October 2023. Since then, its capitalization has roughly doubled. By comparison, Novartis has gained around 14% in the meantime. Saynor's statements in an interview with \"L'Agefi\" show just how convinced he is of his path. In the August 15, 2025 issue, he commented on the ongoing debate about US import tariffs, among other things. Sandoz would not be setting up its own production in the States. This would apply even if Washington made good on President Donald Trump's threat to impose tariffs of 250% on the import of medicines. \"The US market is far too uncertain and dysfunctional,\" said Saynor in an interview with the French-speaking Swiss daily. In addition, Sandoz currently generates less than a fifth of its total sales in the USA.<\/p>\n\n<h3>Focus on Europe<\/h3>\n<p>The operational focus of the Basel-based company is on the old continent. According to the CEO, forward planning of production is easier in Europe. More than half of the company's growth already comes from Europe. \"It is our main market, where we have a leading position that we want to expand further,\" Saynor explained in the interview. A look at the latest interim report leaves little doubt about this strategy. In the first half of 2025, Sandoz generated more than half of its sales in Europe (see chart). Overall, the Group increased sales by 4% at constant exchange rates to USD 5.2 billion. In the second division alongside Generics, Sandoz increased sales by 12% at constant exchange rates from January to June 2025. In the second half of the year, biosimilars contributed 30% to total business for the first time. Here, too, the positioning on the old continent is paying off. Sandoz benefited from new products in Europe. For example, \"Pyzchiva\", the first autoinjector biosimilar for \"ustekinumab\", an active ingredient for the treatment of chronic inflammatory diseases, was launched.<\/p>\n\n<div>\n    <generic-chart title=\"Revenue 1. Half of 2025 by regions (in%)\">\n        <pie-chart \n        path=\"Grafik-sdz-en2.csv\" \n        format=\"string, number\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Sandoz. As at: August 2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Forecast confirmed<\/h3>\n<p>The profit trend is also impressive. Sandoz earned USD 1.046 bn in operating terms (Core Ebitda level) in the first half of the year - at constant exchange rates, this represents growth of 20% compared with the same period last year. The Ebitda margin increased by 2.5 percentage points to 20%. Management is targeting a figure of around 21% for the year as a whole. In addition to a favorable product mix, the simplification of the external network and the ongoing transformation program should boost profitability. Furthermore, those responsible are counting on further product launches in the biosimilar segment. Against this backdrop, Sandoz is targeting net sales growth in the mid-single-digit percentage range at constant exchange rates for 2025. The Basel-based company has thus confirmed its previous forecast. The SMI share reacted to the presentation of the figures with a price jump of almost 12%, reaching a new all-time high of CHF 50.62.<\/p>\n\n<div><generic-chart title=\"Sandoz Shareprice (in CHF)\"> \n    <chart-line title=\"Sandoz\" path=\"Chart_SDZ2.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as at 18.08.2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Interesting risk/reward profile<\/h3>\n<p>The Softcallable Barrier Reverse Convertible will play to its strengths even if Sandoz takes a more relaxed approach. Irrespective of Sandoz's share price performance, the quarterly coupon payment of 6.00% p.a. is due. There is partial protection for the nominal value of CHF 1.000: as long as the underlying does not fall to or below the barrier of 74% of the initial level, the bond is redeemed in full. If the cushion is not sufficient, the BRC would be exposed to the full price risk of the pharmaceutical share. Please also note the soft callable component. It makes early termination and redemption of this issue possible.<\/p>\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1447738068\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>Selection for traders:<\/h3> <p>Of course, the momentum strong Mid Cap should not be missing from Leonteq's growing range of leveraged products. The Zurich-based fintech currently trades more than 50 mini futures, warrants with knock-outs and warrants based on Sandoz. They offer both leveraged speculation on further price rises and short exposure.<\/p>\n\n<h3>Leveraged products on Sandoz<\/h3>\n<div>\n    <div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;179767537&quot;],&quot;strikeLevelDistance&quot;:{&quot;min&quot;:0.1045,&quot;max&quot;:0.3275}}\" />\n  <\/div>\n\n<\/div>\n    <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wsc?language_id=3\" label=\"Discover more leveraged products!\"><\/ltq-button>","url":"underlying-sandoz25","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/sandoz25_leonteq-structured-products_sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/sandoz25_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-08-13T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/d-wave_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"The future as day-to-day business","windowTitle":"D-Wave Quantum","category":"coupon-giant","title":"D-Wave Quantum","body":"<p>At first glance, the \"Advantage\" looks like an ordinary mainframe. Three meters wide and high, and 2.10 meters deep, the dark cabinet stands inconspicuously in the Jülich Research Center. Yet with the help of this power machine, scientists were able to gain groundbreaking insights. The study of protein folding, which could help better understand serious diseases like Alzheimer\u2019s or Parkinson\u2019s, was just as much a part of this as gaining insight into quantum physical processes in the formation of the universe. After the system was successfully hosted and used in Jülich for three years, the research center took action: In mid-February, the world\u2019s largest and Europe\u2019s first annealing quantum computer was purchased. Just over three months later, the acquisition received an upgrade. The Jülich computer was upgraded to the \"Advantage2\" quantum processor.<\/p>\n\n<div><generic-chart title=\"D-Wave Quantum: Shareprice (in USD)\"> \n    <chart-line title=\"D-Wave Quantum\" path=\"chart_d-wave.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as at: 11.08.2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Long in the Shadows<\/h3>\n<p>Since May 20, 2025, the 6th generation of the computer developed by the US company D-Wave Quantum has been available. A simple example shows how superior the novel technology is: with the quantum system, complex simulations that would require the world\u2019s most powerful supercomputers almost a million years to complete can be carried out within minutes. These advantages have spread rather slowly on Wall Street. Earlier this month marked the third anniversary of D-Wave Quantum\u2019s IPO. The merger with a so-called SPAC brought the California-based tech company to the stock market on August 8, 2022. After a strong start, the stock disappeared into obscurity. At times, it even lived as a penny stock. Heavy losses made investors doubt the prospects of D-Wave Quantum. In 2024, the company generated less than USD 10 million in revenue and posted a net loss of nearly USD 144 million. Operationally, more than USD 100 million of cash outflow accumulated over the past two fiscal years.<\/p>\n\n<h3>On a Growth Track<\/h3>\n<p>Through share issuance, D-Wave Quantum was able to replenish its cash reserves. Most recently, the company raised gross proceeds of USD 400 million this way, thereby achieving a comfortable cash position. CEO Alan Baratz intends to use the fresh capital, among other things, for strategic acquisitions. Not only in terms of liquidity but also operationally, D-Wave Quantum is making progress. In Q2 2025, revenue rose by 42% to USD 3.1 million. Gross profit increased by the same margin to USD 2.0 million. During the quarter, the Californians convinced a number of prominent customers of their solutions. Among others, the German utility company E.ON and the electronics giant Sharp from Japan signed new contracts or extended existing agreements. The D-Wave stock had climbed above USD 20 for the first time even before the earnings release. However, it initially did not manage to break decisively above this round number.<\/p>\n\n<div>\n<generic-chart title=\"Cash position (in Mio. USD)\">\n  <x-axis categories=\"1. Quarter 2024, 2. Quarter 2024, 3. Quarter 2024, 4. Quarter, 1. Quarter 2025, 2. Quarter 2025\"/>\n      <chart-column title=\"Cash position (in Mio. USD)\" data=\"27.3,40.9,29.3,178,304.3,819.3\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: D-Wave Quantum<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>New Issue with Top Conditions<\/h3>\n<p>Even if the upward jump does not succeed, high returns are possible with the new soft-callable barrier reverse convertibles on D-Wave Quantum. Leonteq has launched two variants. In the product currency CHF, the guaranteed coupon amounts to 18.60% p.a. With an allocation in USD, the payout rises to 22.80% p.a. The barrier is uniformly set at a low 49% of the initial level. As long as the underlying asset does not fall to or below this mark, investors receive the full nominal amount at the end of the 15-month term. Due to the soft-callable feature, early termination and redemption of this issue is possible. Please also note that the attractive conditions are directly linked to the high volatility of D-Wave Quantum. The enormous price fluctuations not only drive the coupon or allow the barrier to move downward but also come with increased risks in the BRC.<\/p>\n\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1447737854\\&quot;\\&quot;CH1467589847\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-dwave","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/d-wave_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/d-wave_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-08-12T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Ahead of Earnings: Renk Supported by Strong Order Pipeline","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>The Renk Group AG will present its half-year results on August 13, 2025. The defense and military sector is currently experiencing sustained demand growth, driven by geopolitical tensions and rising defense budgets in Europe and beyond. For Renk, a manufacturer of gearboxes and drive systems for military vehicles, this environment not only means full order books, but also the challenge of stabilizing supply chains and efficiently expanding production capacities.<\/p>\n\n<p>Analysts expect revenue of around EUR 607 million for the first half of 2025, representing an increase of almost 20% compared to the first half of 2024. Earnings per share (EPS) are projected at approximately EUR 0.36, which would nearly quadruple the value from the same period last year.<\/p>\n\n<div>Depending on whether Renk exceeds or misses expectations, share price movements could be more pronounced. For active investors, this presents interesting trading opportunities \u2013 particularly with leveraged products.<\/div>\n\n<h3>Leveraged products on Renk<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;190884169&quot;],&quot;stopLossLevelDistance&quot;:{&quot;min&quot;:0.0802,&quot;max&quot;:0.4308}}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wr0?language_id=1\" label=\"Discover more leveraged products on Renk\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"leverage-r3nk-q2-2025","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2025-08-08T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/sq_rare_earths_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Tracker-Certificate on the Swissquote Rare Earth Index","windowTitle":"Upward surge","category":"investment-themes","title":"Upward surge","body":"<p>Swissquote\u2019s \u201cThemes Trading\u201d platform opens the door to global mega-trends. The broker's experts now cover more than 60 themes. Rare earth metals have been a feature of this ideas exchange since as far back as 2019, when the Swissquote Rare Earth Index was launched. This stock market barometer contains up to 20 companies which are positioned on the rare earths value chain. The starting hypothesis of the Swissquote strategists was that the 17 soft heavy metals that are part of this commodity group are indispensable for modern life. \u201cRare earth metals are used as components in high technology devices such as smartphones, flat screen televisions, computer monitors and electronic displays,\u201d say the index managers. They are also found in the batteries of electric vehicles as well as in satellites, wind turbines and jet engines.<\/p>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2025/swissquote-rare-earth-index?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n\n<h3>End of consolidation<\/h3>\n<p>After a weak start, the Swissquote Rare Earth Index first rose sharply during the coronavirus pandemic, with the lockdown restrictions in place at the time and the resulting surge in demand for electronic goods \u2013 think home office \u2013 further stimulating the rare earths segment. The themed selection went through a consolidation phase from early 2022, but has recently acquired new impetus. Having appreciated by almost a fifth, the Rare Earth Index is among the top 10 performers of the Swissquote Themes Trading platform on a 30-day view. This has enabled the benchmark to escape the sideways trend of the last few years.<\/p>\n\n<h3>Agreement with signal effect<\/h3>\n<p>The turnaround can be directly attributed to trade policy. The tariff disputes between the USA and China especially have brought the importance of rare earths into focus. Although the Middle Kingdom \u2013 following a temporary interruption \u2013 is now supplying these important minerals again, the Trump administration is doing everything it can to reduce its dependence on what is by far the most important supplier of rare earths. The US government\u2019s involvement in MP Materials had delivered a particularly strong signal effect: not only has the state taken a stake in this mining company, but the Californians were also delighted with a multi-year purchase and price guarantee. It goes without saying that MP Materials belongs in the Swissquote Rare Earth Index. The US stock is currently the third-largest component. The heavyweight comes from down under \u2013 Lynas Rare Earth makes up 14.5% of the index. The group mines the commodity in Western Australia. The material extracted there is processed in Kuantan, Malaysia, and then delivered to customers in East Asia, the USA and Europe.<\/p>\n\n<h3>A lot of expertise, systematic selection<\/h3>\n<p>A tracker certificate from Leonteq tracks the Swissquote Rare Earth Index without any term limit. The participation product listed on the SIX Swiss Exchange allows investors to diversify their exposure to this important sector and benefit from the expertise of the index sponsor. This is supplemented by a systematic selection process in which Swissquote uses a raft of quantitative calculations to optimise the structure of the underlying. In addition, the index is to be reviewed on a quarterly basis and adjusted if necessary. This allows the managers to consider new arrivals on the stock market or take account of the general momentum of this sector. Holders of the tracker certificate also benefit from possible dividend payments. After costs and taxes have been deducted, the index is adjusted on the back of the distributions from the companies contained in it. The management fee for the structured product is 0.70% p.a.<\/p>\n\n\n<h3>Tracker-Certificate on the Swissquote Rare Earth Index<\/h3>\n<div><price-chart isin=\"CH0434695042\"><\/price-chart><\/div>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0434695042\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;AUSTRALIAN DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00187872,&quot;currency&quot;:&quot;AUD&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;CANADIAN DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:8.5253E-4,&quot;currency&quot;:&quot;CAD&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;EURO&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:6.1944E-4,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;HONG KONG DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:9.2255E-4,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;SWEDISH KRONA&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:-3.0E-7,&quot;currency&quot;:&quot;SEK&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;US DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:5.6467E-4,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;AMG CRITICAL MATERIALS N.V.&quot;,&quot;sophisInternalId&quot;:71208270,&quot;currentPrice&quot;:25.38,&quot;weight&quot;:0.09248131,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BOLIDEN AB&quot;,&quot;sophisInternalId&quot;:70352909,&quot;currentPrice&quot;:528.2,&quot;weight&quot;:0.12607722,&quot;currency&quot;:&quot;SEK&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CMOC GROUP LTD-H&quot;,&quot;sophisInternalId&quot;:67453725,&quot;currentPrice&quot;:14.19,&quot;weight&quot;:0.13213319,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ENERGY FUELS INC&quot;,&quot;sophisInternalId&quot;:83345323,&quot;currentPrice&quot;:12.13,&quot;weight&quot;:0.0442232,&quot;currency&quot;:&quot;CAD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ILUKA RESOURCES LTD&quot;,&quot;sophisInternalId&quot;:67189994,&quot;currentPrice&quot;:5.06,&quot;weight&quot;:0.10182295,&quot;currency&quot;:&quot;AUD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;LUNDIN MINING CORP&quot;,&quot;sophisInternalId&quot;:71209844,&quot;currentPrice&quot;:32.91,&quot;weight&quot;:0.11093232,&quot;currency&quot;:&quot;CAD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;LYNAS RARE EARTHS LTD&quot;,&quot;sophisInternalId&quot;:70206374,&quot;currentPrice&quot;:10.81,&quot;weight&quot;:0.0820044,&quot;currency&quot;:&quot;AUD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MP MATERIALS CORP&quot;,&quot;sophisInternalId&quot;:146230298,&quot;currentPrice&quot;:41.61,&quot;weight&quot;:0.07352747,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NEO PERFORMANCE MATERIALS IN&quot;,&quot;sophisInternalId&quot;:123805343,&quot;currentPrice&quot;:26.87,&quot;weight&quot;:0.12280681,&quot;currency&quot;:&quot;CAD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;PILBARA MINERALS LTD&quot;,&quot;sophisInternalId&quot;:113471543,&quot;currentPrice&quot;:2.97,&quot;weight&quot;:0.07541099,&quot;currency&quot;:&quot;AUD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;USA RARE EARTH INC&quot;,&quot;sophisInternalId&quot;:212284016,&quot;currentPrice&quot;:11.09,&quot;weight&quot;:0.03374254,&quot;currency&quot;:&quot;USD&quot;}]\"><\/AmcComposition>\n  <\/div>\n\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2025/swissquote-rare-earth-index?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"swissquote-rare-earth-index","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/sq_rare_earths_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/sq_rare_earths_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-08-06T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Ahead of Earnings: Rheinmetall as a Beneficiary of Geopolitical Shifts","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>Rheinmetall, Europe\u2019s leading defense contractor, will release its half-year results on August 7, 2025. Analysts expect strong earnings driven by continued high demand for military vehicles, ammunition, and air defense systems. For Q2 2025, analysts forecast earnings per share (EPS) of EUR 3.92 and revenues of around EUR 2.6 billion. In comparison, Rheinmetall reported EPS of EUR 2.2 and revenues of EUR 3.01 billion in Q2 of the previous year.<\/p>\n\n<p>The company particularly benefits from European countries increasingly relying on regional suppliers to reduce their dependence on international supply chains. Large orders from Germany, the Netherlands, and Eastern Europe ensure full production capacities, while Rheinmetall continues to invest heavily in expanding its manufacturing capabilities.<\/p>\n\n<p>In previous quarters, Rheinmetall\u2019s results have caused significant stock price movements \u2014 any surprise in EPS or order intake could once again strongly influence the share price. Traders acting short-term, for example with mini-futures, might find interesting trading opportunities in the strong price swings resulting from positive or negative surprises.<\/p>\n\n<h3>Leveraged products on Rheinmetall<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;67118805&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;],&quot;leverage&quot;:{&quot;min&quot;:6.339,&quot;max&quot;:25.423}}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WrS?language_id=1\" label=\"Discover our leveraged products on Rheinmetall\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"leverage-rhm-q2-2025","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2025-08-06T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/ubs2025_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Banking Reform Brake Block","windowTitle":"UBS","category":"underlying-in-focus","title":"UBS","body":"<p>Sergio Ermotti is a man of clear words. The CEO of UBS demonstrated this quality once again when presenting the quarterly figures. In a video message, he takes less than four minutes to cover several major topics. In addition to the big Swiss bank's latest quarterly figures, Ermotti explains the status of the Credit Suisse integration and the financial group's investments in artificial intelligence. He also commented on the planned banking reform in Switzerland. The information had a mixed effect on the stock market. UBS shares initially rose by up to 3.7% on July 30, the day the figures were published. Later, the large cap turned downwards. The fact remains that UBS is currently lagging behind the European sector. Deutsche Bank, for example, has reached its highest price in more than 10 years following its latest publication of figures. <\/p>\n\n<div><generic-chart title=\"UBS Shareprice (in CHF)\"> \n    <chart-line title=\"UBS\" path=\"Chart_UBS25.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as at 04.08.2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Above expectations<\/h3>\n<p>In terms of operating performance, the domestic bank does not need to shy away from comparison with its competitors. \"Our strong results show how robust our differentiated business model and our diversified global orientation are,\" explained the CEO. In fact, UBS performed significantly better than expected in the quarter under review. At the bottom line, the bank earned just under USD 2.4 billion, compared with USD 1.1 billion in the prior-year period. According to Reuters, analysts had on average expected a surplus of USD 2.05 billion. The growth was driven by wealth management. Global Wealth Management contributed more than half of the adjusted consolidated profit before tax. The business division benefited from a volatile stock market environment, which led to position adjustments by clients. This environment also helped the \"Global Markets\" trading segment. UBS posted a record quarter here with sales growth of 25%.<\/p>\n\n<div>\n<generic-chart title=\"UBS: Quarterly earnings (net, in Mio. USD)\">\n  <x-axis categories=\"4. Quarter 2023, 1. Quarter 2024, 2. Quarter 2024, 3. Quarter 2024, 4. Quarter 2024, 1. Quarter 2025, 2. Quarter 2025\"/>\n      <chart-column title=\"Quarterly earnings\" data=\"-279,1755,1136,1425,770,1692,2395\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: UBS, as at July 2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Open contradiction<\/h3>\n<p>Looking ahead, Ermotti is confident that the financial targets for 2025 and 2026 can be achieved. The CEO believes the company is \"fully on track\" with the integration of Credit Suisse. He also emphasized the ongoing investments in infrastructure and AI. For example, UBS now has 55,000 licenses for the AI assistant \"M365 Copilot\". Sergio Ermotti described the planned banking reform in Switzerland as \"another major topic\". UBS supports most of the proposals made by the Federal Council on June 6. \"However, we firmly reject the proposed capital requirements,\" emphasized the CEO. In order to make UBS more resilient, the government wants to impose an additional capital requirement of CHF 24 billion. According to the bank CEO, such an obligation would make Switzerland a special case among the world's financial centers. Be that as it may, this issue is likely to remain with UBS for some time to come and could prove to be another stumbling block for the share.<\/p>\n\n<h3>Suitable solutions - for coupon hunters and traders<\/h3>\n<p>In this constellation, the Softcallable Barrier Reverse Convertible offers an interesting investment alternative. Irrespective of the performance of the UBS share, the structured product pays a quarterly coupon of 8.00% p.a.. The barrier is 69% of the initial level. As long as the underlying does not fall to or below this level, the issuer repays the nominal in full at the end of the 18-month term. Due to the soft callable feature, early termination and redemption is possible. Please also note that the partial protection expires if the UBS share consumes the risk buffer. In this scenario, redemption would be directly linked to the performance of the bank's shares. Unsurprisingly, UBS is also attracting the attention of traders. Leonteq also has many suitable solutions for this group of investors. The Zurich-based financial boutique's portfolio now includes more than 120 leverage products on UBS. In addition to mini futures, these include warrants with knock-outs and classic warrants.<\/p>\n\n<h3>Callable Single Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1292094542\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<h3>Leveraged products on UBS<\/h3>\n<div>\n    <div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;67108976&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;],&quot;leverage&quot;:{&quot;min&quot;:5.319,&quot;max&quot;:18.42}}\" />\n  <\/div>\n\n<\/div>\n    <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WrG?language_id=1\" label=\"Discover our leveraged products!\"><\/ltq-button>","url":"underlying-ubs25","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/ubs2025_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/ubs2025_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-08-04T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Palantir Ahead of Q2 Earnings: Sky-High Expectations Following AI Boom and Stock Rally","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>On Monday, August 4, the US data analysis specialist Palantir will present its figures for the second quarter after the close of trading. The anticipation is immense: the share price has doubled since the April low and reached new all-time highs - expectations for the figures could hardly be higher.<\/p>\n\n<p>Bloomberg analysts expect average earnings per share of USD 0.14, i.e. an increase of 55%. Analysts are forecasting sales of USD 940 million, which would correspond to an increase of almost 39%. At the last presentation of figures in May, Palantir reported a veritable boom in demand for AI solutions. The company reacted promptly and raised its sales forecast. The published results clearly exceeded analysts' forecasts.<\/p>\n\n<p>Depending on whether Palantir exceeds or disappoints expectations, the price swings could be more pronounced. For active investors, there are interesting trading opportunities here - especially with leveraged products.<\/p>\n\n\n<h3>Leveraged products on Palantir<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;143060346&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;],&quot;leverage&quot;:{&quot;min&quot;:5.197,&quot;max&quot;:12.455}}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WrM?language_id=1\" label=\"Discover more Leverage Products on Palantir\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"leverage-pltr-q2-2025","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2025-07-30T09:04","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Meta ahead of earnings: AI bets under scrutiny","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>Meta Platforms reports Q2 results on Wednesday after market close. Expectations are high: due to Bloomberg analysts forecast USD 44.8 billion in revenue (up 14.7% YoY) and USD 5.88 earnings per share. Meta has consistently beaten estimates \u2014 11 straight quarters on revenue, 9 on earnings.<\/p> \n\n<p>Advertising remains Meta\u2019s core strength, contributing nearly all of its revenue. Analysts expect AI-driven ad tools to support continued growth. Platforms like Threads (now at 350 million users) offer new monetization potential.<\/p>\n\n<p>However, the spotlight is on AI spending. Meta recently raised its 2025 capex forecast to $68 billion, and further increases are possible. CEO Mark Zuckerberg speaks of \u201chundreds of billions\u201d in AI investment over time. Initiatives like the Meta Superintelligence Lab and a USD 14.3B investment in Scale AI show how serious Meta is.<\/p>\n\n<p>The key question: Can strong ad growth offset rising AI costs? Investors will be watching for signs of early AI monetization and updated expense guidance.<\/p>\n\n<p>Meta stock is up 40% since April lows and trades at USD 700, just below its all-time high. With high expectations priced in, any earnings surprise could trigger sharp moves\u2014especially relevant for short-term traders using Mini Futures.<\/p>\n\n<h3>Leverage Products on Meta<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                                                  \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Stop Loss', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;76382559&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;],&quot;leverage&quot;:{&quot;min&quot;:5.268,&quot;max&quot;:8.623},&quot;stopLossLevelDistance&quot;:{&quot;min&quot;:0.0859,&quot;max&quot;:0.1805}}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WrH?language_id=1\" label=\"Discover more Leverage Products on Meta\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"leverage-meta-q2-2025","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2025-07-30T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/moderna2025_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"When Quantum Meets mRNA","windowTitle":"Moderna","category":"coupon-giant","title":"Moderna","body":"<p>At first glance, biotechnology and quantum computing appear to be two completely different disciplines \u2014 one focused on living systems, the other on one of the fundamental pillars of modern physics. Yet there are important intersections. Quantum computers are particularly well suited for simulating complex molecules, which in turn can optimize the development of new drugs. As early as 2023, IBM and Moderna \u2014 two giants from these distinct fields \u2014 took a concrete step toward quantum-based biotech research, aiming to more efficiently evaluate the vast array of possible mRNA sequences. In 2025, this innovative duo is now reaching a new milestone.<\/p>\n\n<p>Last year, a new record in quantum-based simulations was set by predicting the secondary structure of mRNA strands up to 60 nucleotides long \u2014 the essential building blocks of DNA and RNA \u2014 using a computing power of 80 qubits. In July of this year, IBM and Moderna announced plans to increase this performance to as much as 156 qubits by the end of 2025. Moderna\u2019s goal is to use Big Blue\u2019s expertise to build a quantum-powered biotechnology pipeline, enabling a broader range of molecules to be tested. Ultimately, this is expected to give the company a mid-term competitive advantage in the search for new drugs.<\/p>\n\n<h3>Focus on Cancer<\/h3>\n<p>In the short term, Moderna is engaged in an exciting race with rival BioNTech to develop the world\u2019s first mRNA-based cancer vaccine. In the pivot from COVID to cancer immunization, the U.S. biotech company currently holds the lead. At the American Society of Clinical Oncology (ASCO) in Chicago this June, Moderna presented promising study results for its vaccine candidate mRNA-4157, which is used in combination with an immunotherapeutic agent to treat a malignant form of skin cancer. After an observation period of nearly three years, the treatment \u2014 combined with the antibody Keytruda from Merck & Co. \u2014 reduced the risk of cancer recurrence by 49%. Following these positive results, Moderna is seeking accelerated approval of the vaccine in the EU and the U.S. for 2025.<\/p>\n\n<h3>Medicine of Tomorrow<\/h3>\n<p>But Moderna isn\u2019t just focusing on cancer treatment. The company is also conducting research in the fields of influenza and RSV. Most recently, it reported that its new flu vaccine, mRNA-1010, proved to be 26.6% more effective in a Phase 3 study among adults aged 50 and over compared to an approved annual flu shot from competitor GSK. According to experts, this improved efficacy is a necessary step toward gaining approval for a combination vaccine against both flu and COVID. Moderna plans to submit the approval application later this year. Regarding its new COVID-19 vaccine Spikevax, the company has already received positive feedback from the European Medicines Agency. The mRNA-based vaccine is expected to be available for the 2025/26 flu season. Overall, Moderna plans to launch up to ten new products by 2027.<\/p>\n\n<div>\n<generic-chart title=\"Moderna: Earnings per Share (in USD)\">\n  <x-axis categories=\"2022,2023,2024,2025e,2026e,2027e\"/>\n      <chart-column title=\"Earnings per Share in USD\" data=\"20.1,-12.34,-9.27,-10.24,-8.12,-5.21\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Refinitiv, e = expected<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Tightening the Belt<\/h3>\n<p>In an effort to cut costs, the drugmaker headquartered in Cambridge, Massachusetts, plans not to independently carry its experimental vaccines through the late stages of clinical development, but is currently seeking partners. Together, they aim to advance key studies on vaccine candidates for the Epstein-Barr virus, varicella-zoster virus, and genital herpes. Speaking of costs: Moderna has recently tightened its budget significantly, outperforming expectations at the beginning of the year. For the period from January to March, the company reported a loss of USD 2.52 per share, while analysts had expected a loss of USD 3.14. CFO James Mock intends to continue this austerity drive. Operating costs are to be reduced by up to USD 1.7 billion by 2027, to a range of USD 4.7 to 5.0 billion. However, according to analysts' consensus, Moderna is unlikely to return to profitability before 2028 (see chart).<\/p>\n\n<h3>Your Choice: Yield Optimization or Leverage?<\/h3>\n<p>After the decline of the COVID-19 pandemic, Moderna experienced a prolonged dry spell \u2014 both operationally and on the stock market. The stock lost three-quarters of its value over the past three years. Following a bottoming-out, the share is now attempting a comeback. Should this rebound stall again, investors can still achieve attractive returns through Barrier Reverse Convertibles (BRCs). Leonteq has launched two new soft-callable BRCs, one denominated in CHF and the other in USD. The former comes with a 15% annual coupon, while the USD version offers a potential maximum return of 20% p.a. However, unlike traditional BRCs, the coupon is not guaranteed. To receive it (even partially), Moderna stock must trade above the coupon trigger level \u2014 set at 50% of the initial price \u2014 on the quarterly observation dates. This level also serves as the barrier. If the coupon payment is missed on a given date, it is not lost; thanks to the memory mechanism, it can be paid retroactively if the stock trades above the trigger level on a later date. In the event of a barrier breach, the final fixing determines the return. If Moderna is at or below the strike level at maturity, investors will receive the underlying stock in their portfolio. If, however, the stock closes above the strike level at the end of the term, Leonteq repays the full nominal amount. The term can be shortened due to the built-in soft-callable feature: every three months, the issuer has the right to redeem both BRCs early at 100%.<\/p>\n\n<div><generic-chart title=\"Moderna: Share price (in USD)\"> \n    <chart-line title=\"Moderna\" path=\"chart_mrna_jul25.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as of 19.07.2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<p>For those looking to capitalize on Moderna\u2019s current comeback attempt \u2014 the stock has gained more than 20% in the past month \u2014 Leonteq offers a wide selection of leveraged products, including mini futures and knockout warrants. And that's not all: similar leveraged instruments are also available for IBM, Moderna\u2019s quantum computing partner.<\/p>\n\n<h3>Callable Barrier Reverse Convertible with conditional coupon<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1292094310\\&quot;,\\&quot;CH1292094328\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;conditionalCoupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;conditionalCouponTriggerLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-table id=xxx title=\"Tax treatment Valor 1129209431, 129209432\">\n<tbody>\n<tr>\n<td>Income tax<\/td>\n<td>For natural persons resident in Switzerland who hold the product as private assets, gains realized with this product during the term and upon redemption constitute capital gains and are therefore not subject to direct federal tax.<br/>\n    The cantonal and communal income tax treatment may differ from the tax treatment for direct federal tax purposes. In general, however, the income tax treatment is the same.<\/td>\n<\/tr>\n<\/tbody>\n<\/template> <template v-slot:below=\"\"> <LtqCardBody><footer>This tax information only provides a general overview of the possible Swiss tax consequences associated with this product at the time of issue and is not legally binding. Tax laws and the practice of the tax authorities may change at any time, possibly with retroactive effect.<br/>Source: Termsheet<\/footer><\/LtqCardBody> <\/template> <\/ltq-table><\/div>\n\n\n<h3>Leverage Products on Moderna<\/h3>\n<div>\n    <div>  \n        \n                                                                                                                                                                                                                                                                                                  \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Stop Loss', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;136449635&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;],&quot;leverage&quot;:{&quot;min&quot;:3.7119999999999997,&quot;max&quot;:9.746}}\" />\n  <\/div>\n<h3>Leverage Products on IBM<\/h3>\n<div>\n    <div>  \n        \n                                                                                                                                                                                                                                                                                                  \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Stop Loss', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;67114156&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;],&quot;leverage&quot;:{&quot;min&quot;:4.289,&quot;max&quot;:14.454}}\" />\n  <\/div>\n<\/div>\n    <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverageq?language_id=1\" label=\"Discover our Leverage Products!\"><\/ltq-button>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-moderna-2025","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/moderna2025_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/moderna2025_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-07-29T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"UBS ahead of earnings: High expectations meet capital pressure","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>On Wednesday, UBS will present its Q2 results. According to the AWP-Analyser, analysts on average expect a net profit of USD 2.23 billion \u2013 nearly double the previous year's figure (USD 1.14 billion). Revenue is also expected to increase slightly to around USD 12 billion. Support is coming from higher assets under management and a strong market environment: like its US peers, the bank may have benefited from volatility in trading and advisory activities. However, the focus is not only on operating performance, but also on how the bank will respond to the additional capital requirements imposed by the Swiss Federal Council, which UBS estimates at around USD 24 billion.<\/p> \n\n<p>UBS is already facing an additional capital burden of USD 18 billion due to the Credit Suisse acquisition \u2013 bringing the total potential need to over USD 40 billion. Management has called these requirements \"disproportionate\" and plans to address them during the earnings call. At the same time, the Credit Suisse integration is entering a critical phase \u2013 including the migration of Swiss clients to UBS systems and potential staffing consequences. After a setback in April, the stock has recovered to around CHF 30 and is up roughly 10% year to date. According to the AWP-Analyser, analysts remain mostly positive on the stock, with 13 buy ratings and an average price target of CHF 31.10.<\/p>\n\n<p>All of this adds to the anticipation ahead of the results \u2013 particularly for investors looking to capitalize on short-term market movements using Mini Futures. A strong earnings report could reinforce the current upward trend in the stock, while disappointing statements regarding capital policy could trigger sudden pullbacks.<\/p>\n\n<h3>Leverage Products on UBS<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;67108976&quot;],&quot;productTypes&quot;:[&quot;PT_TURBO&quot;],&quot;searchable&quot;:true,&quot;stopLossLevelDistance&quot;:{&quot;min&quot;:0.0397,&quot;max&quot;:0.1884}}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WrG?language_id=3\" label=\"Discover more Leverage Products on UBS\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"leverage-ubsg-q2-2025","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2025-07-25T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/sq-defense_leonteq-structured-products_homepage-banner.jpg","subTitle":"Tracker certificate on the Swissquote Global Defense Index","windowTitle":"Participating in the supercycle","category":"investment-themes","title":"Participating in the supercycle","body":"<h3>Steep share price curves \u2026<\/h3>\n<p>Global crises such as those in Ukraine and the Middle East, along with sabre-rattling between China and Taiwan, are causing defence spending in many countries to skyrocket. This in turn is filling the coffers of arms manufacturers, something which has brought the industry into sharp focus on the stock market. The value of British company BAE Systems has risen by around 40% within a year, for instance, French company Thales has seen its share price climb by almost two-thirds, and German high-flyer Rheinmetall has surged by more than 250%. On a three-year view, the DAX stock has actually managed to post a massive 860% gain. With the considerable price premiums, the markets are pricing in future growth opportunities. The best example of this is Rheinmetall: the group plans to generate revenue of EURbn 40 to 50 by 2030, which would represent a fourfold increase compared to 2024. To enable it to deliver on its bulging order pipeline, the company is currently even converting factories in the civil division for military purposes.<\/p>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2025/swissquote-global-defense-index?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n\n<h3>\u2026 and high demand<\/h3>\n<p>BAE Systems has no lack of orders either. At the beginning of the year the British conglomerate, known for its weapons systems for land, naval and air forces, was sitting on an order backlog of a whopping GBPbn 77.8, which is almost three times its annual revenue. Demand has remained high in recent months, too: Among the orders received by the British is a USDmn 356 contract for armoured multi-purpose vehicles and two production orders from the US Marine Corps worth a total of more than USDmn 360. \u201cWe have made a strong start to 2025,\u201d said CEO Charles Woodburn in a trading statement at the start of May. He is also sticking to the targets of increasing sales by 7% to 9% this year, with earnings per share set to rise by a disproportionate 8% to 10%.<\/p>\n\n<h3>Everything in one package<\/h3>\n<p>High growth and long-term contracts between the industry and its customers make global defence an attractive investment target. Investors looking for a diversified exposure to this sector will find a suitable solution in the Swissquote Global Defense Index. Rheinmetall and BAE Systems are not the only members of the index: the highly promising structured strategy barometer includes 24 international armaments companies in total. The USA sets the tone from a regional perspective. That is hardly surprising, given that the country also leads the way in global defence spending. Last year this amounted to almost USDtn 1, making up about 3.4% of GDP. Military spending overseas has increased by more than 50% over the last 10 years.<\/p>\n\n<h3>Dynamic investment solution<\/h3>\n<p>The current heavyweight in the Swissquote Defense Index is Honeywell International. The supplier of protective equipment and sensor technology for the optimal control of military vehicles, aircraft and launch vehicles currently has a market share of 6.5%. At around 2.6%, Saab is the lightweight at the moment. The Swedish aviation and defence contractor is best known for its JAS 39 Gripen fighter jet. This allocation need not stay that way, though, because the index is reweighted every three months. The composition is also monitored and can be adjusted in response to developments on the market. The management fee deducted for the corresponding tracker on the Swissquote Defense Index is a modest 0.7% p.a. The participation securities are offered in USD (ISIN CH0434695026) as a tracker certificate and in CHF (ISIN CH1292091993) as a collateralised ETP+. It should be noted that the Swiss franc version can be traded on both the SIX Swiss Exchange and the BX Swiss. This product is issued by Leonteq. The price of the ETP+ has already risen by more than 8% since it was launched on 8 April 2025. As an ETP+, the product offers a protective function through collateralisation: a pledge is deposited with SIX SIS AG for every exchange traded product. If the price of the ETP rises, Leonteq increases the pledge \u2013 and vice versa. If Leonteq gets into payment difficulties, the trustee SIX Repo will sell the pledge and the equivalent of the investment product will then be distributed to the holders of the ETPs.<\/p>\n\n<h3>ETP+ on the Swissquote Global Defense (CHF) Index<\/h3>\n<div><price-chart isin=\"CH1292091993\"><\/price-chart><\/div>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1292091993\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.calendar.issue_date.value&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>ETP + Swissquote Defense Index: Current composition<\/h3>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;SWISS FRANC&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.02847183,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;BRITISH POUND&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:2.3981E-4,&quot;currency&quot;:&quot;GBP&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;JAPANESE YEN&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:2.8348E-4,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;SWEDISH KRONA&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:3.67E-5,&quot;currency&quot;:&quot;SEK&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;SINGAPORE DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00237127,&quot;currency&quot;:&quot;SGD&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;US DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00279929,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;AIRBUS ORD&quot;,&quot;sophisInternalId&quot;:67109422,&quot;currentPrice&quot;:194.78,&quot;weight&quot;:0.03810733,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;AXON ENTERPRISE INC&quot;,&quot;sophisInternalId&quot;:71210828,&quot;currentPrice&quot;:417.19,&quot;weight&quot;:0.03176686,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BABCOCK INTL GROUP PLC&quot;,&quot;sophisInternalId&quot;:71327746,&quot;currentPrice&quot;:928.4,&quot;weight&quot;:0.02529736,&quot;currency&quot;:&quot;GBP&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BAE SYSTEMS PLC&quot;,&quot;sophisInternalId&quot;:67109517,&quot;currentPrice&quot;:1933.5,&quot;weight&quot;:0.03111228,&quot;currency&quot;:&quot;GBP&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CRANE CO&quot;,&quot;sophisInternalId&quot;:174107298,&quot;currentPrice&quot;:205.73,&quot;weight&quot;:0.04468103,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CURTISS-WRIGHT CORP&quot;,&quot;sophisInternalId&quot;:71208933,&quot;currentPrice&quot;:501.49,&quot;weight&quot;:0.0224981,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;GE UN Equity&quot;,&quot;sophisInternalId&quot;:67138112,&quot;currentPrice&quot;:312,&quot;weight&quot;:0.03175495,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;GENERAL DYNAMICS CORP&quot;,&quot;sophisInternalId&quot;:67114543,&quot;currentPrice&quot;:337.03,&quot;weight&quot;:0.05911001,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;HEICO CORP&quot;,&quot;sophisInternalId&quot;:107255129,&quot;currentPrice&quot;:308.64,&quot;weight&quot;:0.03529573,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;HUNTINGTON INGALLS INDUSTRIE&quot;,&quot;sophisInternalId&quot;:71209465,&quot;currentPrice&quot;:267.22,&quot;weight&quot;:0.02822288,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;KAWASAKI HEAVY INDUSTRIES&quot;,&quot;sophisInternalId&quot;:67122257,&quot;currentPrice&quot;:2145,&quot;weight&quot;:0.01416214,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;L3HARRIS TECHNOLOGIES INC&quot;,&quot;sophisInternalId&quot;:130199443,&quot;currentPrice&quot;:240.5,&quot;weight&quot;:0.03578115,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;LEIDOS HOLDINGS INC&quot;,&quot;sophisInternalId&quot;:69425074,&quot;currentPrice&quot;:124,&quot;weight&quot;:0.05068291,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;LEONARDO SPA&quot;,&quot;sophisInternalId&quot;:67109657,&quot;currentPrice&quot;:48.145,&quot;weight&quot;:0.02438618,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;LOCKHEED MARTIN CORP&quot;,&quot;sophisInternalId&quot;:67114547,&quot;currentPrice&quot;:532.64,&quot;weight&quot;:0.05059346,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MITSUBISHI HEAVY INDUSTRIES&quot;,&quot;sophisInternalId&quot;:67122237,&quot;currentPrice&quot;:3601,&quot;weight&quot;:0.04789905,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MTU AERO ENGINES AG&quot;,&quot;sophisInternalId&quot;:67118814,&quot;currentPrice&quot;:353,&quot;weight&quot;:0.02992082,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NORTHROP GRUMMAN CORP&quot;,&quot;sophisInternalId&quot;:67114548,&quot;currentPrice&quot;:499.63,&quot;weight&quot;:0.04383691,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;OSHKOSH CORPORATION&quot;,&quot;sophisInternalId&quot;:71607420,&quot;currentPrice&quot;:128.71,&quot;weight&quot;:0.03138471,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;RHEINMETALL AG&quot;,&quot;sophisInternalId&quot;:67118805,&quot;currentPrice&quot;:1026,&quot;weight&quot;:0.01395549,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ROLLS-ROYCE HOLDINGS PLC&quot;,&quot;sophisInternalId&quot;:67109539,&quot;currentPrice&quot;:1362.8,&quot;weight&quot;:0.02293333,&quot;currency&quot;:&quot;GBP&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;RTX CORP&quot;,&quot;sophisInternalId&quot;:67114551,&quot;currentPrice&quot;:186.95,&quot;weight&quot;:0.05181471,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SAAB AB-B&quot;,&quot;sophisInternalId&quot;:71210543,&quot;currentPrice&quot;:631.6,&quot;weight&quot;:0.0275951,&quot;currency&quot;:&quot;SEK&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SAFRAN SA&quot;,&quot;sophisInternalId&quot;:70170761,&quot;currentPrice&quot;:317,&quot;weight&quot;:0.02677897,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SINGAPORE TECHNOLOGIES ENG&quot;,&quot;sophisInternalId&quot;:67392334,&quot;currentPrice&quot;:10.25,&quot;weight&quot;:0.06582677,&quot;currency&quot;:&quot;SGD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;THALES SA&quot;,&quot;sophisInternalId&quot;:67404357,&quot;currentPrice&quot;:227.7,&quot;weight&quot;:0.0315352,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;TRANSDIGM GROUP INC&quot;,&quot;sophisInternalId&quot;:71210842,&quot;currentPrice&quot;:1134.24,&quot;weight&quot;:0.04886421,&quot;currency&quot;:&quot;USD&quot;}]\"><\/AmcComposition>\n  <\/div>\n\n<h3>Tracker-Zertifikat on the Swissquote Global Defense Index<\/h3>\n<div><price-chart isin=\"CH0434695026\"><\/price-chart><\/div>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0434695026\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.calendar.issue_date.value&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;EURO&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:1.0E-8,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;BRITISH POUND&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:2.3921E-4,&quot;currency&quot;:&quot;GBP&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;JAPANESE YEN&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:1.9506E-4,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;KOREA WON&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0,&quot;currency&quot;:&quot;KRW&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;SWEDISH KRONA&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:3.891E-5,&quot;currency&quot;:&quot;SEK&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;SINGAPORE DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:3.2911E-4,&quot;currency&quot;:&quot;SGD&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;US DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.02661801,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;AIRBUS ORD&quot;,&quot;sophisInternalId&quot;:67109422,&quot;currentPrice&quot;:194.78,&quot;weight&quot;:0.03716101,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;AXON ENTERPRISE INC&quot;,&quot;sophisInternalId&quot;:71210828,&quot;currentPrice&quot;:417.19,&quot;weight&quot;:0.03125644,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BABCOCK INTL GROUP PLC&quot;,&quot;sophisInternalId&quot;:71327746,&quot;currentPrice&quot;:928.4,&quot;weight&quot;:0.0254914,&quot;currency&quot;:&quot;GBP&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BAE SYSTEMS PLC&quot;,&quot;sophisInternalId&quot;:67109517,&quot;currentPrice&quot;:1933.5,&quot;weight&quot;:0.0310444,&quot;currency&quot;:&quot;GBP&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CRANE CO&quot;,&quot;sophisInternalId&quot;:174107298,&quot;currentPrice&quot;:205.73,&quot;weight&quot;:0.04390937,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CURTISS-WRIGHT CORP&quot;,&quot;sophisInternalId&quot;:71208933,&quot;currentPrice&quot;:501.49,&quot;weight&quot;:0.02227118,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;GE UN Equity&quot;,&quot;sophisInternalId&quot;:67138112,&quot;currentPrice&quot;:312,&quot;weight&quot;:0.03111438,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;GENERAL DYNAMICS CORP&quot;,&quot;sophisInternalId&quot;:67114543,&quot;currentPrice&quot;:337.03,&quot;weight&quot;:0.06000946,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;HEICO CORP&quot;,&quot;sophisInternalId&quot;:107255129,&quot;currentPrice&quot;:308.64,&quot;weight&quot;:0.03409641,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;HUNTINGTON INGALLS INDUSTRIE&quot;,&quot;sophisInternalId&quot;:71209465,&quot;currentPrice&quot;:267.22,&quot;weight&quot;:0.03057235,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;KAWASAKI HEAVY INDUSTRIES&quot;,&quot;sophisInternalId&quot;:67122257,&quot;currentPrice&quot;:2145,&quot;weight&quot;:0.01295982,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;L3HARRIS TECHNOLOGIES INC&quot;,&quot;sophisInternalId&quot;:130199443,&quot;currentPrice&quot;:240.5,&quot;weight&quot;:0.03636499,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;LEIDOS HOLDINGS INC&quot;,&quot;sophisInternalId&quot;:69425074,&quot;currentPrice&quot;:124,&quot;weight&quot;:0.05252913,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;LEONARDO SPA&quot;,&quot;sophisInternalId&quot;:67109657,&quot;currentPrice&quot;:48.145,&quot;weight&quot;:0.02501723,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;LIG NEX1 CO LTD&quot;,&quot;sophisInternalId&quot;:126161200,&quot;currentPrice&quot;:550000,&quot;weight&quot;:0.02088332,&quot;currency&quot;:&quot;KRW&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;LOCKHEED MARTIN CORP&quot;,&quot;sophisInternalId&quot;:67114547,&quot;currentPrice&quot;:532.64,&quot;weight&quot;:0.05489138,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MITSUBISHI HEAVY INDUSTRIES&quot;,&quot;sophisInternalId&quot;:67122237,&quot;currentPrice&quot;:3601,&quot;weight&quot;:0.02461318,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MTU AERO ENGINES AG&quot;,&quot;sophisInternalId&quot;:67118814,&quot;currentPrice&quot;:353,&quot;weight&quot;:0.02945515,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NORTHROP GRUMMAN CORP&quot;,&quot;sophisInternalId&quot;:67114548,&quot;currentPrice&quot;:499.63,&quot;weight&quot;:0.04388714,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;OSHKOSH CORPORATION&quot;,&quot;sophisInternalId&quot;:71607420,&quot;currentPrice&quot;:128.71,&quot;weight&quot;:0.03231625,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;RHEINMETALL AG&quot;,&quot;sophisInternalId&quot;:67118805,&quot;currentPrice&quot;:1026,&quot;weight&quot;:0.01974328,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ROLLS-ROYCE HOLDINGS PLC&quot;,&quot;sophisInternalId&quot;:67109539,&quot;currentPrice&quot;:1362.8,&quot;weight&quot;:0.0227316,&quot;currency&quot;:&quot;GBP&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;RTX CORP&quot;,&quot;sophisInternalId&quot;:67114551,&quot;currentPrice&quot;:186.95,&quot;weight&quot;:0.05249753,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SAAB AB-B&quot;,&quot;sophisInternalId&quot;:71210543,&quot;currentPrice&quot;:631.6,&quot;weight&quot;:0.02926152,&quot;currency&quot;:&quot;SEK&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SAFRAN SA&quot;,&quot;sophisInternalId&quot;:70170761,&quot;currentPrice&quot;:317,&quot;weight&quot;:0.02568652,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SINGAPORE TECHNOLOGIES ENG&quot;,&quot;sophisInternalId&quot;:67392334,&quot;currentPrice&quot;:10.25,&quot;weight&quot;:0.06731507,&quot;currency&quot;:&quot;SGD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;THALES SA&quot;,&quot;sophisInternalId&quot;:67404357,&quot;currentPrice&quot;:227.7,&quot;weight&quot;:0.03157109,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;TRANSDIGM GROUP INC&quot;,&quot;sophisInternalId&quot;:71210842,&quot;currentPrice&quot;:1134.24,&quot;weight&quot;:0.0439291,&quot;currency&quot;:&quot;USD&quot;}]\"><\/AmcComposition>\n  <\/div>\n\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2025/swissquote-global-defense-index?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"swissquote-global-defense-index","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/sq-defense_leonteq-structured-products_sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/sq-defense_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-07-23T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Nestlé's half-year review: figures under pressure","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>Nestlé, the world's leading food company, will publish its financial figures for the first half of 2025 on Thursday, July 24. Nestlé's half-year results raise the question of whether the food company can achieve its growth targets even under the current difficult market conditions. In terms of the profit margin, however, the company is likely to have to expect declines. In principle, however, analysts expect a solid result.<\/p>\n\n<p>Depending on whether Nestlé exceeds or disappoints expectations, the price swings could be more pronounced. There are interesting trading opportunities for active investors - especially with leveraged products.<\/p>\n\n\n<h3>Leveraged products on Nestlé<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;67108967&quot;]}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WrB?language_id=3\" label=\"Discover more Leverage Products on Nestlé\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"leverage-nesn-q2-2025","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2025-07-23T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/richemont_leonteq-structured-products_homepage-banner.jpg","subTitle":"A solid start","windowTitle":"Richemont","category":"underlying-in-focus","title":"Richemont","body":"<p>On May 7, Van Cleef &amp; Arpels opened its first boutique in Florence. In the prestigious Via dè Tornabuoni, customers can discover the collections of the Maison, which was founded in 1906, over a total area of 260 m2 on two floors. Special rooms are available for personal consultations. It is not known how business in the Tuscan capital is going so far. What is certain is that the jewelry division has helped the luxury goods group Richemont make a solid start to the 2026 fiscal period (as at 31.03.). The segment, which includes Van Cleef &amp; Arpels, Buccellati, Cartier and Vhernier, increased sales by 11% at constant exchange rates in the first quarter. This is the third consecutive quarter of double-digit percentage growth in the jewelry segment. Meanwhile, sales in the watch segment fell by 7% in the past quarter. Overall, Richemont recorded growth of 6% at constant exchange rates to EUR 5.4 billion for the period from April to June 2025. This means that business developed in line with analysts' expectations.<\/p>\n\n<div>\n    <generic-chart title=\"Richemont: Revenue 2024 by regions (in %)\">\n        <pie-chart \n        path=\"Grafik_cfr_en_new2.csv\" \n        format=\"string, number\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Richemont. As at: June 2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Boom in America, slump in the Far East<\/h3>\n<p>There are clear regional differences. In North-America, Europe and the Middle East &amp; Africa sales region - which together account for around 57% of Group sales - Richemont achieved double-digit percentage growth. Meanwhile, sales in the Asia-Pacific region stagnated. Sequentially, the situation in China, Hong Kong and the vacation island of Macau has improved. However, combined sales here fell by 7%. Richemont was able to compensate for this dip with a strong performance in the rest of Asia-Pacific, particularly in Australia and South Korea. Sales in Japan slumped by 15% in the first three months of the 2026 financial year. The strong yen had a negative impact here, it spoiled the desire of affluent tourists to go luxury shopping. In the previous year, Richemont had still benefited from the weakness of the Japanese currency. <\/p>\n\n<h3>Relative strength<\/h3>\n<p>As usual, the industry giant does not present any earnings figures for the three-month period. Just this much: as at June 30, Richemont had a net cash position of EUR 7.4 billion. The management around CEO Nicolas Bos did not provide an outlook for the year as a whole. Nevertheless, the interim report shows that the Group is coping relatively well with a difficult environment characterized by trade disputes and currency fluctuations. The company's own pricing policy is likely to pay off. In May, Chairman of the Board of Directors Johann Rupert indicated that Richemont had taken a more cautious approach to price increases than its competitors. Although the stock market responded to the interim report with price markdowns, the company is doing relatively well here too. Over a 12-month period, Richemont has outperformed the sector giant LVMH by almost 40 percentage points. Incidentally, the French group will present its half-year figures on Thursday, July 24.<\/p>\n\n<div><generic-chart title=\"Richemont vs. LVMH (indexed to 100)\"> \n    <chart-line title=\"Richemont\" path=\"Chart_cfr25.csv\" format=\"date, number\"><\/chart-line> \n    <chart-line title=\"LVMH\" path=\"Chart_lvmh25.csv\" format=\"date, number\"><\/chart-line>\n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as at 22.07.2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>A \"handsome\" investment<\/h3>\n<p>The Richemont share also cuts a fine figure as the underlying for a new soft callable barrier reverse convertible. Irrespective of the further performance of the SMI share, investors receive a quarterly coupon payment of 8.4% p.a. on the CHF-denominated issue. The barrier is 64% of the initial level. As long as Richemont does not fall to or below this level during the 18-month term, the issuer will repay the nominal value in full. Otherwise the partial protection expires. In order for the maximum return to be maintained, Richemont would have to be at or above the strike again after a breach of the barrier at the final fixing. Due to the soft callable function, early termination of this BRC is possible. If Leonteq exercises this right on one of the predefined dates, investors would receive a pro rata coupon in addition to the nominal value within a few days. <\/p>\n\n<p>Traders beware: Richemont is part of Leonteq's large and constantly growing pool of underlying assets for leverage products. The Zurich-based fintech trades almost 40 variants on the luxury goods company. In addition to mini-futures (long/short), warrants with knock-out (call/put) are also available. This allows investors to bet on both rising and falling Richemont prices. <\/p>\n\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1292094039\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<h3>Leveraged products on Richemont<\/h3>\n<div>\n    <div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;67108963&quot;]}\" />\n  <\/div>\n\n<\/div>\n    <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wrx?language_id=1\" label=\"Discover our leveraged products!\"><\/ltq-button>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-richemont","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/richemont_leonteq-structured-products_sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/richemont_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-07-22T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Revenue and Earnings Under Pressure: Tesla\u2019s Second Quarter in Focus","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>Tesla\u2019s Q2 results, expected after market close on July 23, are once again capturing strong investor attention.<\/p>\n\n<p>The backdrop is complex: Investors are closely watching a range of key issues, including progress in artificial intelligence, current vehicle delivery figures, CEO Elon Musk\u2019s political ambitions, as well as the potential impact of shifting U.S. regulations on the electric carmaker\u2019s business model.<\/p>\n\n<p>For the second quarter, Analysts expect earnings per share of approximately USD 0.42 on revenue of around USD 22.6 billion. By comparison, Tesla reported earnings per share of USD 0.52 on revenue of USD 25.5 billion in the same period last year. Both revenue and profit are thus expected to fall significantly year over year - a trend consistent with declining vehicle deliveries.<\/p>\n\n\n<div>With leveraged products, investors can position themselves for potential swings \u2013 whether expecting a rally or a pullback.<\/div>\n\n<h3>Leveraged Products on Tesla<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;70498762&quot;]}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://engine-ch-publishing.leonteq.com/leverage/T9s?language_id=1\" label=\"Discover more Leveraged Products on Tesla\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"leverage-tsla-q2-2025","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2025-07-16T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Streaming Giant Netflix Ahead of a Record Quarter?","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>Netflix is set to report its second-quarter earnings on Thursday, July 17, 2025, after the market close. In the previous quarter, Netflix reported a 12.5% year-over-year increase in revenue and projected a 15% annual revenue growth for Q2. The company attributed this outlook to price adjustments and strong growth in its advertising business.<\/p>\n\n<p>According to analysts, Netflix is expected to post Q2 earnings per share (EPS) of USD 7.08 on revenue of USD 11.1 billion. In the last quarter, Netflix reported an EPS of USD 6.61 on USD 10.5 billion in revenue. Over the past four quarters, the company has consistently exceeded expectations on both earnings and revenue - most recently with its largest EPS surprise yet.<\/p>\n\n<div>With leveraged products, investors can position themselves for potential swings \u2013 whether expecting a rally or a pullback.<\/div>\n\n<h3>Leveraged Products on Netflix<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;70426999&quot;],&quot;productTypes&quot;:[&quot;PT_TURBO&quot;],&quot;leverage&quot;:{&quot;min&quot;:4.392,&quot;max&quot;:9.997},&quot;stopLossLevelDistance&quot;:{&quot;min&quot;:0.0699,&quot;max&quot;:0.244}}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wrr?language_id=1\" label=\"Discover more Leveraged Products on Netflix\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"leverage-nflx-q2-2025","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2025-07-16T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/robinhood2_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Imaginative neobroker","windowTitle":"Robinhood Markets","category":"coupon-giant","title":"Robinhood Markets","body":"<p>The champagne corks must have been popping almost daily at online financial services provider Robinhood in recent weeks. The company, which was only founded in 2013 and went public in 2021, has more than doubled its market value since mid-April. The share even managed to break above the USD 100 mark in the meantime. However, the three-digit price mark was the end of the road for the time being and the share began to consolidate. This was triggered not only by the psychologically important hurdle, but also by negative reports at almost the same time. On the one hand, the Florida Attorney General's Office launched a comprehensive investigation into Robinhood for alleged deception about the actual costs of trading cryptocurrencies, while on the other, the regulatory authority in Europe intervened with regard to new equity tokens from non-listed companies such as OpenAI and SpaceX. <\/p>\n\n<div><generic-chart title=\"Robinhood Markets share price (in USD)\"> \n    <chart-line title=\"Robinhood\" path=\"Chart_Robinhood-new.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as at 15.07.2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<p>First, let's take a look at the fintech company's business development: fueled by the coronavirus pandemic, the company named after the literary hero character has been a real success story in recent years. From 10 million users in 2019, the number of investors has doubled within two years and has now reached a level of more than 25 million: Revenue increased tenfold in this period from USD 273 million to USD 2.95 billion, with the earnings side turning positive. Six years ago, losses in the triple-digit millions were still piling up, but last year the company posted a healthy profit of USD 1.4 billion. The start to 2025 was also successful. Sales increased by 50% and profits more than doubled. \"We are also pleased with the strong customer retention at the beginning of the second quarter,\" explains CFO Jason Warnick and continues: \"In addition, we continue to return capital to shareholders and have increased our share buyback authorization by USD 500 million to USD 1.5 billion.\"<\/p>\n\n<div>\n<generic-chart title=\"Revenues (in USD Mio.)\">\n  <x-axis categories=\"2019,2020,2021,2022,2023,2024\"/>\n      <chart-column title=\"Sales in USD Mio.\" data=\"273,951,1813,1358,1865,2951\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Robinhood, as at July 2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n\n<h3>Innovative products...<\/h3>\n<p>With its affordable and innovative trading products, Robinhood has its finger on the pulse of the times. The platform now not only enables trading in shares, ETFs and cryptocurrencies, but tokenized shares and ETFs have also recently been added to the offering. These are digital versions of company shares that enable private investors to participate in the success of unlisted companies. However, this is currently causing headwinds. OpenAI has recently publicly stated that it has not reached an agreement with Robinhood and that the \"OpenAI tokens\" are not shares and no transfer of real shares in the AI company is possible.<\/p>\n\n<h3>...with some headwinds<\/h3>\n<p>At the end of June, the company also launched these trading products in Europe and launched more than 200 tokenized US shares and ETFs in the EU. Now, however, the company is having to deal with the supervisory authorities. The responsible Bank of Lithuania has launched an investigation into the tokenized equity products following public concerns raised by OpenAI. Robinhood, on the other hand, explains that its tokens \"offer retail investors indirect exposure to private markets\" and thus democratize investment opportunities that were previously difficult to access. The extent to which the Lithuanian central bank responsible for this will be satisfied with this will be decided in the coming days or weeks. Meanwhile, Robinhood has big plans for its digital solutions. Among other things, the company is planning its own layer 2 blockchain, perpetual futures, i.e. futures contracts without an expiration date, and crypto staking.<\/p>\n\n<h3>High earnings potential, low barrier and clever memory effect<\/h3>\n<p>Investors who want to take advantage of the neobroker's potential but also want to sleep well in volatile times may be well advised to invest in Leonteq's new soft callable barrier reverse convertibles. These not only offer double-digit coupons, but thanks to a low safety threshold, the capital invested is also well protected even if the Robinhood share comes under pressure in the short term. The CHF-denominated variant has a coupon of 16.20% p.a., while the USD-denominated paper even offers a whopping 21.60% p.a.. In addition, both products have a solid risk buffer of 50%, which protects the nominal value during the maximum one-year term. <\/p>\n\n<p>In order to receive the high coupons pro rata, the Robinhood share must be quoted above the coupon trigger level of 50% of the starting level on the quarterly observation dates. If the interest payment is not made on a key date, it is not lost at the same time. Due to the memory mechanism, the redemption can be made up for if Robinhood is quoted above the corresponding threshold again on one of the following observation dates. The term can be shortened due to the soft callable function. After six months, the issuer has the right to redeem both BRCs early at 100% on the observation dates. <\/p>\n\n<p>More risk-averse investors can also use leverage products with the innovative FinTech. Leonteq's product range includes a total of 19 mini-futures and warrants with knock-out, which enable disproportionate participation in Robinhood's price movements. Both long and short positions can be chosen. <\/p>\n\n\n<h3>Callable Single Barrier Reverse Convertible with conditional coupon<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1292093825\\&quot;\\&quot;CH1453369071\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;conditionalCoupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;conditionalCouponTriggerLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-table id=xxx title=\"Tax treatment Valor 129209382, 145336907\">\n<tbody>\n<tr>\n<td>Income tax<\/td>\n<td>For natural persons resident in Switzerland who hold the product as private assets, gains realized with this product during the term and upon redemption constitute capital gains and are therefore not subject to direct federal tax.<br/>\n    The cantonal and communal income tax treatment may differ from the tax treatment for direct federal tax purposes. In general, however, the income tax treatment is the same.<\/td>\n<\/tr>\n<\/tbody>\n<\/template> <template v-slot:below=\"\"> <LtqCardBody><footer>This tax information only provides a general overview of the possible Swiss tax consequences associated with this product at the time of issue and is not legally binding. Tax laws and the practice of the tax authorities may change at any time, possibly with retroactive effect.<br/>Source: Termsheet<\/footer><\/LtqCardBody> <\/template> <\/ltq-table><\/div>\n\n<h3>Leveraged products on Robinhood Markets<\/h3>\n<div>\n    <div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;153576694&quot;]}\" />\n  <\/div>\n\n<\/div>\n    <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wrq?language_id=1\" label=\"Discover our Leverage Products!\"><\/ltq-button>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-robinhood25","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/robinhood2_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/robinhood2_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-07-15T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Earnings Ahead: Is the ASML Rally About to Start?","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>ASML is set to report its second-quarter 2025 results before the market opens on July 16, 2025. Analysts expect the Dutch semiconductor supplier to announce orders totaling EUR 4.45 billion. While this figure is below the EUR 5.57 billion recorded in the same period last year, it exceeds the EUR 3.94 billion from the first quarter of 2025.<\/p>\n\n<p>Revenue is expected to see an increase to EUR 7.5 billion, compared to EUR 6.24 billion in the prior-year quarter. Earnings per share (EPS) are also forecast to rise \u2013 to 5.19, up from 4.01 in the second quarter of the previous year. Compared to the first quarter of 2025 (EPS: 6.00), however, they are expected to be lower.<\/p>\n\n<div>Depending on whether Adobe exceeds or disappoints expectations, the price swings could be more pronounced. There are interesting trading opportunities for active investors - especially with leveraged products.<\/div>\n\n<h3>Leveraged products on ASML<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;67109614&quot;],&quot;productTypes&quot;:[&quot;PT_TURBO&quot;],&quot;searchable&quot;:true,&quot;leverage&quot;:{&quot;min&quot;:4.609,&quot;max&quot;:9007199254740991}}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wrm?language_id=1\" label=\"Discover more Leverage Products on Adobe\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"leverage-asml-q2-2025","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2025-07-11T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/powerofai_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Tracker Certificates on Energy Companies","windowTitle":"Under Power","category":"investment-themes","title":"Under Power","body":"<p>It\u2019s less than two years ago that Siemens Energy was in crisis. Problems in the windpower sector hit the industrial group so hard that the state had to step in. In autumn 2023 Germany participated in guarantee lines totalling EURbn 15. At the start of June the company repaid a EURbn 11 facility backed by the German government, with a consortium of 23 international banks providing a new EURbn 9 guarantee over a term of five years to secure its project business. This transaction is further evidence of how quickly Siemens Energy has transformed itself from a problem child to a successful group. This is reflected by the spectacular comeback achieved by the DAX company on the stock market \u2013 its capitalisation has increased by 254% within one year. The only share to perform better on the leading German index is that of defence manufacturer Rheinmetall.<\/p>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2025/energy-companies?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n\n<h3>AI as the driver<\/h3>\n<p>Whether in the restructuring of the windpower division or in the gas turbine, grid technology and storage solutions business, the growing global demand for energy and the expansion of renewable sources are playing into the hands of the industrial company. In the second quarter of the 2025 business period (ending on 30.09), Siemens Energy posted record orders of EURbn 14.4 \u2013 52.3% up on the same period the previous year. Presenting the interim report, the management team around CEO Christian Bruch cites the rising electricity demand of data centres as a growth driver. A chart shows the extent to which the company is participating in this mega-trend. The bandwidth extends from the generation of energy from wind and gas through grid technology to the exploitation of waste heat and energy storage. That more and more data centres are being connected to grids around the world has much to do with the arrival of artificial intelligence. The different applications rely on being able to process vast quantities of data as quickly as possible. This computing power requires electricity \u2013 a lot of it, and in every greater amounts.<\/p>\n\n<h3>The whole spectrum<\/h3>\n<p>This offers opportunities for growth, and not just for industry giants such as Siemens Energy: power station operators and electricity suppliers are also potential beneficiaries. The rising demand for energy is coming at a time when the sector is undergoing dramatic transformation. As decarbonisation continues, more and more energy is being generated from renewable sources. Higher financing costs, problems in the supply chains and a complex macroeconomic climate have rather put the brakes on this process over the last few years. This is reflected in the performance of the tracker certificate on the Migros Bank Clean Energy Index \u2013 the structured product is currently trading at well below the issue price fixed at the end of 2021. Recently, however, the tracker has been able to make up some ground. In addition to Siemens Energy, the dynamic underlying contains a further 24 stocks. Among them are specialists in wind and solar energy, as well as broad-based industrial groups and energy suppliers. Take the example of Schneider Electric: the French company has just boosted its clout in the AI data centre sector. Schneider Electric acquired a controlling majority in Motivair, a specialist in the liquid-based cooling and the heat management of high-performance computer systems.<\/p>\n\n<h3>Exciting themes and a robust structure<\/h3>\n<p>Enel is another contributor to the latest recovery in the Migros Clean Energy Index, with the share of the Italian utility trading at a 4-year high. More than two thirds of the electricity generated by the Italians already comes from renewable sources. It is only logical, then, that Enel is also included in the Swissquote Green Energy Index. This product, too, has performed poorly since it was launched in August 2021. The index is now looking to escape the multi-year downward trend. In addition to \u201cgreen energy pure plays\u201d, the 21 stocks in total include other utilities such as the Spanish Iberdrola and hydropower giant Verbund from Austria. For investors focusing on the long term especially, now could be a good time to think about an exposure in this exciting thematic field. The two participation products offer flexible and well-diversified positioning. Since the underlyings are managed actively, the responsible specialists can pick up on new trends and take the momentum of the international energy market into consideration. In the tracker certificate on the Swissquote Green Energy Index, not only do investors profit from Swissquote\u2019s share expertise and Leonteq structural know-how, but the guarantor, Postfinance, also ensures a particularly robust product structure.<\/p>\n\n\n<h3>Swissquote Green Energy Index<\/h3>\n<div><price-chart isin=\"CH1129844630\"><\/price-chart><\/div>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1129844630\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>Swissquote Green Energy Index: Current Composition<\/h3>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;SWISS FRANC&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00762308,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;EURO&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00360211,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;JAPANESE YEN&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00109669,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;US DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00130148,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ACCIONA SA&quot;,&quot;sophisInternalId&quot;:67109701,&quot;currentPrice&quot;:208.6,&quot;weight&quot;:0.03022062,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BLOOM ENERGY CORP- A&quot;,&quot;sophisInternalId&quot;:136588609,&quot;currentPrice&quot;:236.3,&quot;weight&quot;:0.01914658,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CHINA EVERBRIGHT INTERNATIONAL LTD&quot;,&quot;sophisInternalId&quot;:70253674,&quot;currentPrice&quot;:4.76,&quot;weight&quot;:0.09439615,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CHUBU ELECTRIC POWER CO INC&quot;,&quot;sophisInternalId&quot;:67122319,&quot;currentPrice&quot;:2580,&quot;weight&quot;:0.09542089,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CLEARWAY ENERGY INC-C&quot;,&quot;sophisInternalId&quot;:174879118,&quot;currentPrice&quot;:29.96,&quot;weight&quot;:0.03919952,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;EDP SA&quot;,&quot;sophisInternalId&quot;:67120344,&quot;currentPrice&quot;:4.831,&quot;weight&quot;:0.05677236,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ENEL SPA&quot;,&quot;sophisInternalId&quot;:67109679,&quot;currentPrice&quot;:9.096,&quot;weight&quot;:0.05128061,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ENPHASE ENERGY INC&quot;,&quot;sophisInternalId&quot;:86507948,&quot;currentPrice&quot;:30.82,&quot;weight&quot;:0.0103136,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;FIRST SOLAR INC-REG&quot;,&quot;sophisInternalId&quot;:67348382,&quot;currentPrice&quot;:178.81,&quot;weight&quot;:0.02264394,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;FORTUM OYJ&quot;,&quot;sophisInternalId&quot;:67110860,&quot;currentPrice&quot;:23.07,&quot;weight&quot;:0.04520167,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;GE VERNOVA INC&quot;,&quot;sophisInternalId&quot;:186414457,&quot;currentPrice&quot;:926.44,&quot;weight&quot;:0.03633862,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;IBERDROLA SA&quot;,&quot;sophisInternalId&quot;:67109708,&quot;currentPrice&quot;:21.53,&quot;weight&quot;:0.0942422,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NEXTERA ENERGY INC&quot;,&quot;sophisInternalId&quot;:70804442,&quot;currentPrice&quot;:78.96,&quot;weight&quot;:0.07315928,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NEXTPOWER INC-CL A&quot;,&quot;sophisInternalId&quot;:180585853,&quot;currentPrice&quot;:83.45,&quot;weight&quot;:0.01545503,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NORDEX SE&quot;,&quot;sophisInternalId&quot;:67118843,&quot;currentPrice&quot;:34.86,&quot;weight&quot;:0.02587143,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ORMAT TECHNOLOGIES INC&quot;,&quot;sophisInternalId&quot;:67458000,&quot;currentPrice&quot;:89.54,&quot;weight&quot;:0.03520004,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ORSTED A/S&quot;,&quot;sophisInternalId&quot;:101560488,&quot;currentPrice&quot;:125.55,&quot;weight&quot;:0.02806262,&quot;currency&quot;:&quot;DKK&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;PLUG POWER INC&quot;,&quot;sophisInternalId&quot;:89590293,&quot;currentPrice&quot;:1.485,&quot;weight&quot;:0.01106733,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SOLAREDGE TECHNOLOGIES INC&quot;,&quot;sophisInternalId&quot;:100085841,&quot;currentPrice&quot;:31.43,&quot;weight&quot;:0.00927606,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SSE PLC&quot;,&quot;sophisInternalId&quot;:67109568,&quot;currentPrice&quot;:2540,&quot;weight&quot;:0.05038019,&quot;currency&quot;:&quot;GBP&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;VERBUND AG&quot;,&quot;sophisInternalId&quot;:67120596,&quot;currentPrice&quot;:64.65,&quot;weight&quot;:0.05875757,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;VESTAS WIND SYSTEMS ORD&quot;,&quot;sophisInternalId&quot;:67122703,&quot;currentPrice&quot;:184,&quot;weight&quot;:0.05844707,&quot;currency&quot;:&quot;DKK&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;XINJIANG GOLDWIND SCIENCE &amp; TECH. CO.&quot;,&quot;sophisInternalId&quot;:70445595,&quot;currentPrice&quot;:7.315,&quot;weight&quot;:0.02552326,&quot;currency&quot;:&quot;HKD&quot;}]\"><\/AmcComposition>\n  <\/div>\n\n<h3>Migros Bank Clean Energy Index<\/h3>\n<div><price-chart isin=\"CH0587304749\"><\/price-chart><\/div>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0587304749\\&quot;&quot;,&quot;conditions&quot;:{&quot;&quot;:true},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;resultsPerPage&quot;:20,&quot;pageNumber&quot;:1,&quot;inSubscription&quot;:false,&quot;sortFields&quot;:[],&quot;sortingEnabled&quot;:true,&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div>\n<p><strong>Management fee: 1.00% p.a.<\/strong><\/p>\n<p><strong>Index Sponsor: Migros Bank AG<\/strong><\/p>\n<p><strong>Issuer: Leonteq Securities AG<\/strong><\/p>\n<\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Migros Bank Clean Energy Index: Current Composition<\/h3>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;CANADIAN DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0,&quot;currency&quot;:&quot;CAD&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;SWISS FRANC&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:-3.2018E-4,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;DANISH KRONE&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0,&quot;currency&quot;:&quot;DKK&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;EURO&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;BRITISH POUND&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0,&quot;currency&quot;:&quot;GBP&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ACCIONA SA&quot;,&quot;sophisInternalId&quot;:67109701,&quot;currentPrice&quot;:208.6,&quot;weight&quot;:0.04029067,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BLOOM ENERGY CORP- A&quot;,&quot;sophisInternalId&quot;:136588609,&quot;currentPrice&quot;:236.3,&quot;weight&quot;:0.03348912,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CONTACT ENERGY LIMITED&quot;,&quot;sophisInternalId&quot;:70767819,&quot;currentPrice&quot;:8.81,&quot;weight&quot;:0.04208099,&quot;currency&quot;:&quot;NZD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CORP ACCIONA ENERGIAS RENOVA&quot;,&quot;sophisInternalId&quot;:159082380,&quot;currentPrice&quot;:21.38,&quot;weight&quot;:0.0395122,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;EATON CORP PLC&quot;,&quot;sophisInternalId&quot;:67114270,&quot;currentPrice&quot;:402.48,&quot;weight&quot;:0.03810553,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;EDP RENOVAVEIS SA&quot;,&quot;sophisInternalId&quot;:70153439,&quot;currentPrice&quot;:12.21,&quot;weight&quot;:0.03860278,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;EDP SA&quot;,&quot;sophisInternalId&quot;:67120344,&quot;currentPrice&quot;:4.831,&quot;weight&quot;:0.0407769,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ELIA GROUP SA/NV&quot;,&quot;sophisInternalId&quot;:70543561,&quot;currentPrice&quot;:121.3,&quot;weight&quot;:0.04124337,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ENEL SPA&quot;,&quot;sophisInternalId&quot;:67109679,&quot;currentPrice&quot;:9.096,&quot;weight&quot;:0.04250843,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ENGIE SA&quot;,&quot;sophisInternalId&quot;:67198574,&quot;currentPrice&quot;:23.21,&quot;weight&quot;:0.04171007,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;FIRST SOLAR INC-REG&quot;,&quot;sophisInternalId&quot;:67348382,&quot;currentPrice&quot;:178.81,&quot;weight&quot;:0.04158671,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;GE VERNOVA INC&quot;,&quot;sophisInternalId&quot;:186414457,&quot;currentPrice&quot;:926.44,&quot;weight&quot;:0.03971898,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;GENERAC HOLDINGS INC&quot;,&quot;sophisInternalId&quot;:71209380,&quot;currentPrice&quot;:198.4,&quot;weight&quot;:0.03858034,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;GRENERGY RENOVABLES&quot;,&quot;sophisInternalId&quot;:146456139,&quot;currentPrice&quot;:66.2,&quot;weight&quot;:0.03699245,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;IBERDROLA SA&quot;,&quot;sophisInternalId&quot;:67109708,&quot;currentPrice&quot;:21.53,&quot;weight&quot;:0.04248671,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MERIDIAN ENERGY LTD&quot;,&quot;sophisInternalId&quot;:151191915,&quot;currentPrice&quot;:5.62,&quot;weight&quot;:0.042176,&quot;currency&quot;:&quot;NZD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NEXTPOWER INC-CL A&quot;,&quot;sophisInternalId&quot;:180585853,&quot;currentPrice&quot;:83.45,&quot;weight&quot;:0.04342399,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NORDEX SE&quot;,&quot;sophisInternalId&quot;:67118843,&quot;currentPrice&quot;:34.86,&quot;weight&quot;:0.03610719,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NORTHLAND POWER INC&quot;,&quot;sophisInternalId&quot;:71210108,&quot;currentPrice&quot;:22.12,&quot;weight&quot;:0.04033373,&quot;currency&quot;:&quot;CAD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ORMAT TECHNOLOGIES INC&quot;,&quot;sophisInternalId&quot;:67458000,&quot;currentPrice&quot;:89.54,&quot;weight&quot;:0.04048968,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;PORTLAND GENERAL ELECTRIC CO&quot;,&quot;sophisInternalId&quot;:71210337,&quot;currentPrice&quot;:43.87,&quot;weight&quot;:0.04069467,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SCHNEIDER ELECTRIC SE&quot;,&quot;sophisInternalId&quot;:67109423,&quot;currentPrice&quot;:258,&quot;weight&quot;:0.03551036,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SEVERN TRENT PLC&quot;,&quot;sophisInternalId&quot;:67109582,&quot;currentPrice&quot;:3216,&quot;weight&quot;:0.0428526,&quot;currency&quot;:&quot;GBP&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;TECHNIP ENERGIES NV&quot;,&quot;sophisInternalId&quot;:147052869,&quot;currentPrice&quot;:29.94,&quot;weight&quot;:0.04272201,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;VESTAS WIND SYSTEMS ORD&quot;,&quot;sophisInternalId&quot;:67122703,&quot;currentPrice&quot;:184,&quot;weight&quot;:0.03832471,&quot;currency&quot;:&quot;DKK&quot;}]\"><\/AmcComposition>\n  <\/div>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2025/energy-companies?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"energy-companies","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/powerofai_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/powerofai_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-07-09T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/swissquote_broker_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Broker with offensive qualities","windowTitle":"Swissquote","category":"underlying-in-focus","title":"Swissquote","body":"<p>The Swiss women's national team thrilled the crowds. Almost 30.000 fans in Bern's Wankdorf and hundreds of thousands in front of the television celebrated the 2:0 victory over Iceland on Sunday. In the final group match against Finland on Thursday, a draw will be enough for coach Pia Sundhage's team to make sporting history. For the first time, the home team can reach the quarter-finals of a European Championship. A national sponsor of the UEFA Women's EURO 2025 was still celebrating the day after the thrilling match in Bern. Swissquote started the trading week with a price increase of more than 5.6%. However, the online broker's advances were probably not so much due to its close connection with football. Rather, investors were evidently pleased with the news that Swissquote had announced the complete takeover of Yuh on Friday evening. Four years after the digital finance app was founded, the broker is buying the 50% stake previously held by Postfinance. \"Today's move allows us to optimally integrate Yuh into our overall offering,\" explained Marc Bürki, CEO of Swissquote.<\/p>\n\n<div><generic-chart title=\"Swissquote (in CHF)\"> \n    <chart-line title=\"Swissquote\" path=\"Chart_SQ_NEW.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as at 07.07.2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Leap over the sound barrier<\/h3>\n<p>At mid-year, the low-cost financial services provider, which targets young people with a high affinity for mobile applications, had 342.369 customer accounts. The volume of assets held in these accounts amounted to CHF 3.2 billion. \"With the inclusion of Yuh, we now manage over one million customer accounts,\" explained Bürki. He assumes that this step will have a positive impact on the market perception of Swissquote. In any case, the CEO wants to use the inherent synergies between the two companies even more extensively with the complete takeover. Another effect of the acquisition is that Postfinance will gain in importance as a shareholder - it held 5% of Swissquote at the end of 2024. Yuh has now been valued at CHF 180 million. Swissquote is paying part of the purchase price with treasury shares. <\/p>\n\n<div>\n<generic-chart title=\"Number of client accounts\">\n  <x-axis categories=\"2021,2022,2023,2024,2025e\"/>\n      <chart-column title=\"Number of client accounts\" data=\"487847,538946,574274,650089,1050762\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Swissquote, as at July 2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Optimistic objective<\/h3>\n<p>The management's primary objective is likely to be to drive growth with the help of Yuh. Switzerland's leading financial app increased the number of customer accounts by almost half last year and also broke even. As at the end of December 2024, the reported profit was CHF 1.7 million. Yuh was not actually expected to be in the black until the current year. Investors will find out how business went in the first half of 2025 on August 14. Swissquote will then present its interim report. After last year's record figures, the management is expecting consolidation for the time being. While net income is expected to increase by 2.1% to CHF 675 million in 2025, those responsible are targeting a 2.7% increase in pre-tax profit to CHF 355 million. In the medium term, CEO Bürki and his team are aiming for significantly more: the target for pre-tax profit is CHF 500 million by 2028, which would represent growth of almost 45% compared to the previous year.<\/p>\n\n<h3>Investment solutions for every taste<\/h3>\n<p>With yesterday's jump in the share price, the Swissquote share may have started a new run towards CHF 500. At the beginning of June, the mid-cap had turned down shortly before this round mark. Even if the financial stock fails to break out again, the softcallable barrier reverse convertible offers an attractive return. Irrespective of the further development of Swissquote, a coupon payment of 8.60% p.a. is due every 3 months. There is partial protection for the nominal value: as long as the underlying does not fall to or below the barrier of 69% of the initial level, the issuer repays the capital invested in full. Due to the softcall function, early termination and redemption of the BRC is possible. Leveraged products enable a much more offensive orientation. Leonteq now trades more than 60 different securities of this type with Swissquote as an underlying. With long mini-futures or call warrants, traders can bet that Swissquote will crack the CHF 500 mark. Shorts or puts, on the other hand, are aimed at falling prices. Regardless of the orientation, if the respective investment calculation does not work out, there is a risk of disproportionately high losses.<\/p>\n\n\n<h3>Callable Single Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;\\&quot;CH1292093510\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<h3>Leveraged products on Swissquote<\/h3>\n<div>\n    <div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.issueDateTime:[* TO now]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;67109182&quot;]}\" />\n  <\/div>\n\n<\/div>\n    <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wrc?language_id=1\" label=\"Discover our leverage products!\"><\/ltq-button>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-swissquote-25","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/swissquote_broker_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/swissquote_broker_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-07-02T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/circle_internet_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Stablecoins inspire","windowTitle":"Circle Internet","category":"coupon-giant","title":"Circle Internet","body":"<p>History was once again made on Wall Street in June. Not only because the S&P 500 reached a new record high, but also because of the IPO of Circle Internet. Even if this name is not immediately familiar to everyone, it marked the debut of none other than the first major stablecoin issuer. The company is best known for issuing the \"USD Coin\" (USDC) and caused a stir in the financial world with an initial valuation of around USD 6.8 billion, the largest crypto listing since Coinbase's IPO in 2021. And the excitement continued to grow: compared to the issue price of USD 31 per share, the initial price of USD 69 was already more than twice as high. But that was by no means the peak: at its peak, USD 223.64 was paid for a share, more than seven times the starting price.<\/p>\n\n<p>Circle is a blockchain infrastructure company that specializes in stablecoins. Stablecoins are digital currencies that are linked to the value of a traditional asset - in this case the US dollar - to ensure a stable price trend. Circle's USDC is fully backed by USD reserves. The stablecoin is used in a variety of applications, including crypto trading, payment transactions and decentralized finance (DeFi). The New York-based company recently made headlines with a strategic partnership with the renowned fintech Fiserv. This aims to link Circle's USDC platform with Fiserv's digital banking and payment expertise in order to offer stablecoin-based solutions. <\/p>\n\n<div>\n<generic-chart title=\"The top 10 of stablecoins based on market capitalization\">\n  <x-axis categories=\"Tether, USDC,USDS, Dai, Paypal USD\"/>\n      <chart-column title=\"Market capitalization in USD billion\" data=\"157.7,61.5,7.3,5.4,0.95\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: CoinMarketCap, as at June 2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Regulation creates trust<\/h3>\n<p>Circle is one of the few opportunities for public investors to get involved in the blockchain infrastructure space and we believe stablecoins are on the verge of a major inflection point,\" said Barclays analysts in an initial assessment of the exchange newcomer. The company recently reached a milestone in mid-June with a landmark vote in the US Senate. This approved the regulation of stablecoins. With the so-called Genius Act, a law was created that enables banks, payment service providers and large retailers such as Amazon to use the digital asset for payments. This is the first time a framework has been created for a rapidly developing financial product,\" explains Andrew Olmem, partner at the law firm Mayer Brown. This regulatory framework also strengthens Circle's position, as the company now benefits from a more stable regulatory environment and the resulting increase in confidence.<\/p>\n\n<h3>Increasing popularity<\/h3>\n<p>Within the crypto universe, stablecoins have so far only made up a comparatively small part. The two largest representatives, Tether and USDC, have a combined market capitalization of just under USD 220 billion, compared to USD 3.3 trillion for all digital currencies. However, stablecoins have become much more popular in recent years. Tether's market capitalization has increased by 40% in the past 12 months, while Circle's USD Coin has almost doubled its market capitalization in the same period. In the ranking of the largest cyber currencies, Tether and USDC are in 3rd and 7th place respectively.<\/p>\n\n<p>Despite these developments, Circle's valuation is a double-edged sword. Although the company undoubtedly has a strong market position, analysts are divided on its further potential after the share's harem ride on Wall Street in the first few weeks. J.P. Morgan started its coverage with an \"underweight\" rating and a price target of just USD 80, which would be more than half the current level. Barclays, on the other hand, has given the newcomer an \"overweight\" rating with a fair value of USD 215. <\/p>\n\n<div><generic-chart title=\"Circle Internet Shareprice (in USD)\"> \n    <chart-line title=\"Circle Internet\" path=\"Chart_Circle.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as at 01.07.2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>High yields, flexible term<\/h3>\n<p>The different assessments reflect the uncertainty associated with the valuation of companies in the cyber currency sector. The volatility of the crypto market - which is significantly lower for stablecoins - and future regulatory developments can also influence long-term growth prospects. With the new Barrier Reverse Convertibles, investors are choosing a conservative way of adding the first stablecoin issuer with attractive profit opportunities to their portfolio. With these products, double-digit percentage returns are possible despite a significantly lower risk profile compared to a direct investment. The CHF-denominated product offers an attractive interest rate of 18.80% p.a., while the USD variant even offers an above-average potential return of 24.60% p.a. In both cases, the coupons are subject to a condition. In contrast to the classic variant, the Circle share must be quoted above the coupon trigger level of 50% of the initial level on the quarterly observation dates. If the coupon payment is not made on a key date, it is not lost at the same time. Due to the memory mechanism, the payment can be made up for if Circle is quoted above the coupon trigger level again on one of the following observation dates. <\/p>\n\n<p>The barrier is a comfortable 50% of the starting value. This threshold is important in order to get the nominal back in full at the end of the term. Speaking of the end of the term: As a European barrier was chosen, this is only active at the final fixing and allows the underlying to run free until then.  The term can be shortened due to the built-in soft callable function. Every three months, but at the earliest after six months, the issuer has the right to early redemption at 100% for both BRCs.<\/p>\n\n<h3>Callable Single Barrier Reverse Convertible with conditional coupon<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1292093205\\&quot;, \\&quot;CH1453364098\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;conditionalCoupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;conditionalCouponTriggerLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-table id=xxx title=\"Tax treatment Valor 129209320, 145336409\">\n<tbody>\n<tr>\n<td>Income tax<\/td>\n<td>For natural persons resident in Switzerland who hold the product as private assets, gains realized with this product during the term and upon redemption constitute capital gains and are therefore not subject to direct federal tax.<br/>\n    The cantonal and communal income tax treatment may differ from the tax treatment for direct federal tax purposes. In general, however, the income tax treatment is the same.<\/td>\n<\/tr>\n<\/tbody>\n<\/template> <template v-slot:below=\"\"> <LtqCardBody><footer>This tax information only provides a general overview of the possible Swiss tax consequences associated with this product at the time of issue and is not legally binding. Tax laws and the practice of the tax authorities may change at any time, possibly with retroactive effect.<br/>Source: Termsheet<\/footer><\/LtqCardBody> <\/template> <\/ltq-table><\/div>\n\n<h3>Leveraged products on Circle Internet<\/h3>\n<div>\n    <div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.firstTradingDate:[* TO now/d]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;207013780&quot;]}\" />\n  <\/div>\n\n<\/div>\n    <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wq6?language_id=3\" label=\"Discover our Leverage Products!\"><\/ltq-button>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-circle","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/circle_internet_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/circle_internet_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-06-27T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/sq-infrastructure_leonteq-structured-products_homepage-banner.jpg","subTitle":"Tracker certificate on the Swissquote Vital Infrastructure Index","windowTitle":"Active approach at an affordable price","category":"investment-themes","title":"Active approach at an affordable price","body":"<h3>Pure energy<\/h3>\n<p>Companies such as American Water Works, BKW, Ecolab, Iberdrola and Siemens Energy show how future-oriented operations can be combined with a stable business model. And this can also be seen in part on the stock exchange. Shares in Swiss energy and infrastructure company BKW and Spanish utility Iberdrola, for instance, have more or less doubled in value over the last five years. The southern Europeans are pursuing a consistent decarbonisation strategy with major projects in Europe, Latin America and the USA. BKW is also a driver of the energy transition. The Berne-based company is seeking significant growth with its pioneering solutions in the energy, buildings and infrastructure sectors. The board\u2019s medium-term plan is for earnings before interest and tax (EBIT) to rise to CHFbn 1 by 2030. This corresponds to a massive 60% increase on the figure for 2023. The return on equity is to climb to over 50% by then, underlining the strong financial base of the company, which has a long tradition stretching back to 1898.<\/p>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2025/swissquote-vital-infrastructure-index?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n\n<h3>Sustainable business models<\/h3>\n<p>It is not only the energy sector that can look forward to a rosy future, though \u2013 other industries too, such as water treatment and waste management, should see just as much demand in the years to come. American Water Works, the USA\u2019s largest listed water utility, supplies millions of homes with drinking water and profits from ageing water infrastructure overseas. This will have to be modernised over the next few decades, a process which will deliver steady income and plannable cash flows thanks to usually regulated contracts. France\u2019s Veolia also plays a key role in the circular economy, for example by recovering valuable raw materials from waste. It is not for nothing that the credo of the French company is to \u201cProtect, preserve and conserve resources\u201d. The world leader in the waste, energy and water management sectors benefits both from ever stricter regulation and also growing environmental awareness in society.<\/p>\n\n<h3>Future-focused index<\/h3>\n<p>The infrastructure sector offers an attractive investment field for investors with a long-term outlook wanting to invest in essential themes of the future without having to compromise on security. To that end, a few weeks ago Swissquote launched the Vital Infrastructure Index, which focuses on the sectors that are increasingly emerging as growth drivers thanks to the technological transformation of core services. The carefully compiled basket of equities offers a pragmatic investment opportunity with little risk and the potential for sustainable and predictable returns. The index is concentrated on key sectors such as energy, water, waste management and logistics \u2013 all industries that form the basis of modern society and whose continuous availability is vital. That makes the index ideal for investors seeking to put their trust in the future of global productivity and essential systems.<\/p>\n\n<h3>Oriented to stability rather than speculative<\/h3>\n<p>As to the question of how to invest in the future-oriented index, there is a relatively simple answer: through the tracker certificate from Leonteq. In return for a low management and calculation agent fee of 0.60% p.a. in total, not only does it offer 1:1 participation in the Vital Infrastructure Index, but investors also get access to a professionally and actively management basket of shares. The index currently comprises 26 companies that are geared towards constant growth and long-term relevance. For investors, this is a pragmatic, stability-oriented approach that is based on society\u2019s needs and prioritises reliability and value creation over speculation.<\/p>\n\n<h3>Swissquote Vital Infrastructure Index<\/h3>\n<div><price-chart isin=\"CH1407224547\"><\/price-chart><\/div>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1407224547\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;valor&quot;,&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;subscriptionEndDate&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>Swissquote Vital Infrastructure Index: Current Composition<\/h3>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;CANADIAN DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:2.5713E-4,&quot;currency&quot;:&quot;CAD&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;SWISS FRANC&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00552055,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;DANISH KRONE&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:-1.0E-8,&quot;currency&quot;:&quot;DKK&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;EURO&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00193894,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;BRITISH POUND&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:5.8934E-4,&quot;currency&quot;:&quot;GBP&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;US DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00178039,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;AMERICAN WATER WORKS CO INC&quot;,&quot;sophisInternalId&quot;:71208405,&quot;currentPrice&quot;:133.04,&quot;weight&quot;:0.07573304,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BKW AG&quot;,&quot;sophisInternalId&quot;:67108994,&quot;currentPrice&quot;:119.6,&quot;weight&quot;:0.02923324,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CANADIAN NATL RAILWAY CO&quot;,&quot;sophisInternalId&quot;:67363712,&quot;currentPrice&quot;:120.74,&quot;weight&quot;:0.0359533,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CANADIAN PACIFIC KANSAS CITY&quot;,&quot;sophisInternalId&quot;:89913192,&quot;currentPrice&quot;:86.91,&quot;weight&quot;:0.02975991,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CLEAN HARBORS INC&quot;,&quot;sophisInternalId&quot;:71208766,&quot;currentPrice&quot;:319.78,&quot;weight&quot;:0.03858887,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;DSV ORD&quot;,&quot;sophisInternalId&quot;:71327512,&quot;currentPrice&quot;:1195.5,&quot;weight&quot;:0.02387488,&quot;currency&quot;:&quot;DKK&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;DUKE ENERGY CORP-REG&quot;,&quot;sophisInternalId&quot;:67114235,&quot;currentPrice&quot;:118.88,&quot;weight&quot;:0.06297313,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;EATON CORP PLC&quot;,&quot;sophisInternalId&quot;:67114270,&quot;currentPrice&quot;:402.48,&quot;weight&quot;:0.02496554,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ECOLAB INC&quot;,&quot;sophisInternalId&quot;:67114341,&quot;currentPrice&quot;:290.81,&quot;weight&quot;:0.04069677,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ENEL SPA&quot;,&quot;sophisInternalId&quot;:67109679,&quot;currentPrice&quot;:9.096,&quot;weight&quot;:0.03124266,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;FIRST SOLAR INC-REG&quot;,&quot;sophisInternalId&quot;:67348382,&quot;currentPrice&quot;:178.81,&quot;weight&quot;:0.01377339,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;FISCHER (GEORG)-REG&quot;,&quot;sophisInternalId&quot;:67109023,&quot;currentPrice&quot;:58.1,&quot;weight&quot;:0.04764647,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;GE VERNOVA INC&quot;,&quot;sophisInternalId&quot;:186414457,&quot;currentPrice&quot;:926.44,&quot;weight&quot;:0.0194904,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;GFL ENVIRONMENTAL INC-SUB VT&quot;,&quot;sophisInternalId&quot;:156181946,&quot;currentPrice&quot;:43.55,&quot;weight&quot;:0.04023316,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;IBERDROLA SA&quot;,&quot;sophisInternalId&quot;:67109708,&quot;currentPrice&quot;:21.53,&quot;weight&quot;:0.05658589,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NEXTERA ENERGY INC&quot;,&quot;sophisInternalId&quot;:70804442,&quot;currentPrice&quot;:78.96,&quot;weight&quot;:0.03663242,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SCHNEIDER ELECTRIC SE&quot;,&quot;sophisInternalId&quot;:67109423,&quot;currentPrice&quot;:258,&quot;weight&quot;:0.02533012,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SIEMENS ENERGY AG&quot;,&quot;sophisInternalId&quot;:142842435,&quot;currentPrice&quot;:132.36,&quot;weight&quot;:0.01542,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SSE PLC&quot;,&quot;sophisInternalId&quot;:67109568,&quot;currentPrice&quot;:2540,&quot;weight&quot;:0.03247298,&quot;currency&quot;:&quot;GBP&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;UNION PACIFIC CORP&quot;,&quot;sophisInternalId&quot;:67203164,&quot;currentPrice&quot;:288.71,&quot;weight&quot;:0.03623226,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;VEOLIA ENVIRONNEMENT&quot;,&quot;sophisInternalId&quot;:67109439,&quot;currentPrice&quot;:32.38,&quot;weight&quot;:0.03456776,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;VERALTO CORP&quot;,&quot;sophisInternalId&quot;:179775865,&quot;currentPrice&quot;:100.96,&quot;weight&quot;:0.07368578,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;VINCI SA&quot;,&quot;sophisInternalId&quot;:67109414,&quot;currentPrice&quot;:107.65,&quot;weight&quot;:0.02671128,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;WASTE CONNECTIONS INC&quot;,&quot;sophisInternalId&quot;:71211114,&quot;currentPrice&quot;:165.51,&quot;weight&quot;:0.04212127,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;WASTE MANAGEMENT INC&quot;,&quot;sophisInternalId&quot;:67114763,&quot;currentPrice&quot;:224.19,&quot;weight&quot;:0.06188743,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;XYLEM INC&quot;,&quot;sophisInternalId&quot;:74520539,&quot;currentPrice&quot;:103.37,&quot;weight&quot;:0.03410171,&quot;currency&quot;:&quot;USD&quot;}]\"><\/AmcComposition>\n  <\/div>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2025/swissquote-vital-infrastructure-index?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"swissquote-vital-infrastructure-index","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/sq-infrastructure_leonteq-structured-products_sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/sq-infrastructure_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-06-25T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rheinmetall_june25__leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Multiple tailwinds","windowTitle":"Rheinmetall","category":"underlying-in-focus","title":"Rheinmetall","body":"<p>The news about the armaments giant Rheinmetall is currently coming thick and fast: A stock market promotion, a strategic partnership and a meeting of NATO members are putting the German company in the spotlight. Rheinmetall has not been able to complain about a lack of attention for a long time. Since the start of the war in Ukraine, the share price has not only risen significantly, but the company is also seen as an important player in the security policy transformation in Europe. The latest developments surrounding the Düsseldorf-based company underline these aspects.<\/p>\n\n<p>Let's start with the share: Rheinmetall has been a member of the EURO STOXX 50 since Monday, June 23, 2025. This is the first time that the armaments giant has been included in the European stock market olympus. This in turn could give the stock a new boost. This is because funds and ETFs that physically track the index will have to adjust their portfolios accordingly, which could lead to additional demand for Rheinmetall. In addition to this so-called \"index effect\", potentially higher liquidity also suggests increasing interest among institutional investors. Added to this is the possibility of broader coverage by analysts.<\/p>\n\n\n<div><generic-chart title=\"Rheinmetall (in EUR)\"> \n    <chart-line title=\"Rheinmetall\" path=\"Chart_Rheinmetall_NEW.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as at 24.06.2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>New partner<\/h3>\n<p>A partnership with the US armaments start-up Anduril has also recently attracted a great deal of attention. Rheinmetall is using the American company's drones and the associated AI technology. The devices are to be integrated into a networked digital military platform called \"Battlesuite\". The two companies also want to develop joint missiles and manufacture solid rocket motors for the European market. With autonomous flight systems, the world's largest ammunition manufacturer is entering a new segment, which a look at the books of Anduril, which was founded in 2017, reveals to be very fast-growing. The company has already received numerous orders from the US government and doubled its turnover to USD 1 billion last year. According to Rheinmetall CEO Armin Papperger, the \"systems are tailored to the changing requirements of NATO\".<\/p>\n\n<h3>Increasing demand<\/h3>\n<p>Speaking of NATO: at the recent summit in The Hague, the members of the alliance agreed to invest at least 5% of their gross domestic product (GDP) in defense in the future. The NATO members should reach the new target in ten years at the latest. This represents a significant increase compared to current defense spending. This is only at least two percent of GDP. Under pressure from US President Donald Trump and the threat from Russia, significantly more money will therefore flow into armaments in the future. In Germany alone, where a rate of 2.1% was achieved last year, every additional percentage point currently means around EUR 45 billion more in expenditure.<\/p>\n\n<div>\n<generic-chart title=\"Revenue development\">\n  <x-axis categories=\"2020,2021,2022,2023,2024,2027,2030\"/>\n      <chart-column title=\"Revenue (in EUR billion)\" data=\"5.41,5.66,6.41,7.18,9.75,20,40\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Rheinmetall, as at June 2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n\n<p>However, even without these additional billions, business at Rheinmetall is already running at full speed. From January to March, sales soared by 46% to EUR 2.3 billion, while profit after tax even doubled to EUR 108 million. Rheinmetall confirmed its annual targets due to the high demand, with incoming orders increasing by over 180% to EUR 11 billion, particularly as a result of orders from the German armed forces. Sales are expected to increase by 25% to 30% and the operating return on sales to improve to around 15.5% (previous year: 15.2%). The government's new defense spending is not yet included in the forecast. CEO Papperger is also looking ahead confidently to the end of the decade. Rheinmetall could generate revenues of more than EUR 40 billion in 2030, which would represent a fourfold increase compared to 2024. Production is currently being significantly expanded in order to be able to process the expected flood of orders. To this end, factories in the civilian division are even being converted for military purposes. <\/p>\n\n\n<h3>Taking a breather<\/h3>\n<p>Possibly in line with the motto \"buy the rumor, sell the news\", investors have recently applied the handbrake to Rheinmetall shares. After a price rally of around 250% in just one year, the blue chip is currently consolidating in the EUR 1'700/1'800 range. According to the majority of analysts, however, the stock's potential has not yet been exhausted. Rheinmetall currently has a buy rating and the average 12-month target price of EUR 1'982.50 is around 14% above the current price level. <\/p>\n\n<h3>Double-digit percentage yield <\/h3>\n<p>With a view to the 2'000 mark, the air upwards seems to be getting thinner. Among other things, yield optimization products fit in with this assessment. Leonteq has launched two new soft-callable BRCs, which have a comfortable risk buffer of 41% and at the same time offer a return almost comparable to what the consensus currently expects from the share over the next 12 months. The CHF variant offers the prospect of a maximum return of 10.00% p.a., with the EUR paper even offering 12.00% p.a. Unlike the classic variant, the interest payment is not guaranteed without further ado. In order to receive the coupon pro rata, the Rheinmetall share must be above the coupon trigger level on the quarterly observation dates. However, this hurdle is not particularly demanding, as the threshold is 50% of the initial level. If the interest payment is nevertheless not made on a key date, it is not lost at the same time. Due to the memory function, the payout can be made up for if the underlying instrument is quoted above the coupon trigger level again on one of the following observation dates. No price increases are required for the products to achieve the maximum yield within the maximum term of one year. The term may be shortened due to the soft callable function. Every three months, at the earliest after 6 months, the issuer has the right to early redemption at 100% for both BRCs.<\/p>\n\n\n<h3>Leverage for the bold<\/h3>\n<p>However, Rheinmetall does not have to stop at just under EUR 2'000; some research houses have significantly higher price targets than the consensus. The US bank JPMorgan, for example, sees scope up to EUR 2'100, UBS even up to EUR 2'200. Speculative investors can still accelerate the way up there. Leonteq's broad range of products includes mini-futures, warrants with knock-outs and classic warrants on the defense stock, which offer the prospect of leveraged participation. However, it is not only possible to take a long position; shorts can also be used to turn price setbacks into disproportionately high profits. <\/p>\n\n\n<h3>Callable Single Barrier Reverse Convertible with Conditional Coupon<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1292092967\\&quot; \\&quot;CH1453359387\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;conditionalCoupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;conditionalCouponTriggerLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<h3>Leveraged products on Rheinmetall<\/h3>\n<div>\n    <div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.firstTradingDate:[* TO now/d]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;67118805&quot;]}\" />\n  <\/div>\n\n<\/div>\n    <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wnq?language_id=3\" label=\"Discover our Leverage Products!\"><\/ltq-button>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-rheinmetall","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rheinmetall_june25__leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rheinmetall_june25__leonteq-structured-products_thumbnail.jpg"},{"date":"2025-06-18T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/galaxy_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Two mega trends in one","windowTitle":"Galaxy Digital","category":"coupon-giant","title":"Galaxy Digital","body":"<p>On May 16, almost exactly one month ago, Galaxy Digital's shares began trading on the US technology exchange Nasdaq. The stock with the ticker GLXY opened at a price of USD 23.50. The company had previously been listed on the Toronto Stock Exchange since 2020. CEO Mike Novogratz fought a four-year battle with the US regulatory authorities to be able to switch to the Nasdaq. There is a good reason why the billionaire was so persistent: in his opinion, Galaxy's visibility in Canada is one-thirtieth of what is possible in the United States. Given its operational focus, the group is likely to attract a lot of attention in any case. Galaxy Digital is focusing on two high-growth areas: Cryptocurrencies and Artificial Intelligence (AI).<\/p>\n\n<p>The move to the Nasdaq comes at a time when years of regulatory caution in the USA are gradually disappearing. Unlike under Joe Biden, the new administration under President Donald Trump is very sympathetic to the crypro industry. The head of the SEC has even been replaced. Trump promoted Paul Atkins to the important office, who has been pursuing a pro-crypto policy ever since. Galaxy now appeals to a much broader range of investors on the technology exchange, as respected crypto players such as the software company Strategy, the crypto exchange Coinbase and the miner MARA Holdings are already traded there. \"We are confident that this listing will increase the value for the company and our shareholders and enable us to attract a broader investor base,\" says Galaxy CEO Novogratz.<\/p>\n\n<h3>High volatility<\/h3>\n<p>Galaxy shareholders definitely need good nerves. The recent share price performance has been more like a rollercoaster ride. From USD 24 in mid-January, it fell to just under USD 8 in less than three months, which corresponds to a four-way split. Just six weeks later, the share had already reached a new high of just under USD 27 before consolidating in the USD 20 range. The trend shows that Galaxy shares correlate closely with the performance of cryptos, which also fluctuated sharply up and down during the period mentioned.<\/p>\n\n<div><generic-chart title=\"Galaxy Digital Shareprice (in USD)\"> \n    <chart-line title=\"Galaxy Digital\" path=\"Chart_GalaxyDigital.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as at 17.06.2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<p>A volatile development is also evident at operating level. Total income increased by 88% to USD 1.15 billion in the 2024 financial year. The company generated a net profit of USD 366.5 million, which in turn corresponds to an increase of almost a quarter. However, the result then turned negative in the first quarter of 2025. The bottom line was a loss of USD 295 million as at March 31, compared to a profit of USD 118 million in the previous year. The loss is mainly due to the fall in the price of digital assets and a one-off impairment loss of USD 57 million in connection with the closure of mining operations at the Helios data center campus.<\/p>\n\n<h3>Artificial intelligence..<\/h3>\n<p>While mining at Helios is history, Galaxy will now host CoreWeave's AI and high-performance computing (HPC) infrastructure on the data center campus. A 15-year lease agreement was concluded with the AI cloud computing startup in the final quarter of 2024. From this, Galaxy initially planned to generate total revenue of around USD 4.5 billion. After the end of the first quarter of 2025, CoreWeave has now exercised its first option to access additional critical IT load for its AI and HPC activities from Galaxy. This will deliver an additional 260 megawatts (MW) to CoreWeave, scheduled to begin in 2027. Ultimately, this expansion will bring CoreWeave's total committed capacity for AI and HPC operations at Helios to around 393 MW. <\/p>\n\n<h3>..and focus on crypto assets<\/h3>\n<p>Until the data center business concluded with CoreWeave begins to run from the second half of 2026, the company remains heavily dependent on the development of digital assets. Galaxy's balance sheet is dominated by Bitcoin, Ether &amp; Co. through a diversified allocation across spot positions, ETFs, private equity holdings and other long-term investments. As at March 31, the exposure to Bitcoin, the largest and oldest cyber currency, amounted to USD 517 million, Ether was on the books at USD 150 million and Solana at USD 19.6 million. A further USD 221 million is attributable to other crypto assets such as the company's own Galaxy Digital Crypto Fund.<\/p>\n\n<div>\n    <generic-chart title=\"Digital Assets (in USD Mio.)\">\n        <pie-chart \n        path=\"Grafik_GD-en.csv\" \n        format=\"string, number\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Galaxy Digital. As at: 2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<p>The fact that the forward-looking business model based on the two megatrends of AI and crypto is ultimately well received by capital market experts is reflected in the analyst ratings. The 9 studies listed by CNN Business all result in a buy recommendation. The average price target is USD 27.90, which represents a difference of 48% to the current price. The highest target is USD 31.27, a gap of two thirds, the lowest is USD 24.20, which still corresponds to a potential of 28.5%.<\/p>\n\n<h3>Attractive returns, low barriers and high security<\/h3>\n<p>In order to achieve a comparable return with Galaxy shares, the share price does not necessarily have to rise. Leonteq has launched two soft-callable barrier reverse convertibles (BRC) on the technology company. The CHF variant offers the prospect of a maximum return of 21.80% p.a., while in USD 26.60% p.a. is even possible within the maximum term of one year. The products offer a high level of protection. Not only is the barrier for both variations a comfortable 50% away from the starting price, it is also only active once. Leonteq has chosen the European variant for the BRCs, which allows the underlying to move freely during the term. The barrier is only activated at the final fixing. Due to the callable function, the term can be shortened to a maximum of half a year.<\/p>\n\n<h3>Callable Single Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1292092785\\&quot;,\\&quot;CH1453357928\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-galaxy-digital","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/galaxy_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/galaxy_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-06-13T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/metals_leonteq-structured-products_homepage-banner.jpg","subTitle":"Capital Protection Certificate on Precious Metals","windowTitle":"A Glistening Quartet","category":"investment-themes","title":"A Glistening Quartet","body":"<p>Next week both the US central bank and the Swiss National Bank will be speaking within the space of a few hours. First, the Fed will be announcing a decision on interest rates at 8:00pm on Wednesday, 18 June. The SNB will be publishing its monetary policy assessment at 9:30am the next day. The omens could hardly be more different: in the franc zone, the debate is about a return to negative interest rates \u2013 the SNB base rate currently stands at 0.25%. Meanwhile, the markets are confident that the US central bank will leave its target rate unchanged in the 4.25% to 4.50% range. Once again, Fed boss Jerome Powell looks likely to resist pressure from the White House. For months president Donald Trump has been demanding, sometimes accompanied by name-calling, that he cut interest rates. Given the imponderables for inflation and the economy that his trade policies entail, however, the Fed is keeping its tinder dry.<\/p>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2025/precious-metals?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n\n<h3>Beneficial interest rate advantage<\/h3>\n<p>Echoing the monetary policy discrepancy, yields from the CHF diverge markedly from those of the USD. The interest rate on the 10-year Confederation bond at the moment is 0.29%, which compares with 4.38% for the US Treasury of the same term. The comparatively high interest rate is an argument for capital protection certificates denominated in USD. Why? Because the issuers structure these products with the aid of a zero coupon bond. As its name suggests, no interest is payable. Instead, when zero bonds are issued they are sold at a discount to their nominal value. The issuers use this difference to finance an option component that enables participation in an underlying. This structure leads to the following rule of thumb: the higher the interest rates in the underlying currency are, the more attractive the possible terms are \u2013 and vice versa.<\/p>\n\n<h3>In tune with the times<\/h3>\n<p>Leonteq is now taking advantage of terms on the USD bond market for a capital protection certificate on gold, silver, platinum and palladium. The choice of underlying is no coincidence either, because precious metals are the measure of all things on the commodities market at the moment. This is particularly true for the segment\u2019s most significant representative, gold. In a world dominated by geopolitical and trade tensions, investors are turning to the safe haven. The USD weakness seen since Donald Trump returned to the White House is also having an effect. The US currency correlates negatively with commodities in general and gold in particular. Meanwhile, high USD interest rates are unable to tarnish the image of the precious metals. Since gold and the like do not generate any current income of their own, the returns that can be earned on the bond market are equivalent to the opportunity cost of holding these commodities. In the current environment, investors appear to be willing to accept this \u201cexpense\u201d.<\/p>\n\n<h3>Robust product solution<\/h3>\n<p>The capital protection certificate offers investors the possibility of enjoying the benefits of rising gold, silver, platinum and palladium prices. The issuer guarantees the full return of the nominal at the end of the three-year term. Even if the enthusiasm for precious metals were to abate, holders of the product would be on the safe side. If prices rise, though, they will be realise a gain. The participation is governed by an equally weighted basket of the four precious metals. In principle the certificates tracks the performance of the basket 100%. However, participation is limited to the maximum amount, with a cap level of 140%. This limit means that the maximum amount repaid will be 140% of the initial capital. Given the comprehensive capital protection offered, this is a particularly attractive opportunity. Please note, though, that the terms outlined do not apply until maturity. A range of parameters will affect the value of the product over its life. In addition to the performance of the underlyings, these include in particular USD interest rates. <\/p>\n\n<h3>Capital protection certificate on precious metals<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1453357993\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;capitalProtection&quot;,&quot;underlying&quot;,&quot;participation&quot;,&quot;barrierPercentage&quot;,&quot;capLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2025/precious-metals?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"precious-metals","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/metals_leonteq-structured-products_sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/metals_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-06-12T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/traderscup_en_product+homepage+banner.jpg","subTitle":"Now master leveraged products & win!","windowTitle":"Level up in the Traders Cup","category":"investment-themes","title":"Level up in the Traders Cup","body":"<p>The ultimate trading competition for leveraged products kicks off its next round on June 16, 2025 \u2013 and you can join the Traders Cup 2025 at any time! Take on the challenge, compete with other traders, and test your strategy under realistic conditions using your own demo portfolio. Benefit from exclusive live webinars, interactive learning content, and expert insights \u2013 all tailored specifically to leveraged products. Gain valuable hands-on experience and seize your chance to win amazing prizes!<\/p>\n\n<h3>Why should you join the Traders Cup?<\/h3>\n<ul>\n    <li>Free participation \u2013 Start with your demo portfolio and experience trading under real-life conditions.<\/li>\n    \n    <li>Interactive learning platform \u2013 Use the Trading Academy, live webinars, and online quizzes to deepen your knowledge.<\/li>\n    \n    <li>Exciting competitions \u2013 Compete against other traders and refine your strategy.<\/li>\n    \n    <li>Your chance to win big!<\/li>\n    \n    <li>For beginners & pros \u2013 Whether you're new to trading or already experienced, the Traders Cup offers the right challenge for everyone.<\/li>\n    \n<\/ul>\n\n<h3>Win before you trade: Exclusive welcome gifts!<\/h3>\n<p>Register now and secure your exclusive welcome gifts before the game even begins! Participation in the Traders Cup is completely free \u2013 <a href=\"https://traders-cup.ch\" target=\"_blank\" rel=\"noopener\" title=\"www.traders-cup.ch\"> sing up here!<\/a><\/p>\n\n<h3>Master leveraged products, collect rewards, and win!<\/h3>\n<p>The Traders Cup stock market game combines realistic trading with targeted learning and is designed for the next generation of investors. Whether you're a beginner or more advanced, the Traders Cup gives you an exciting opportunity to test your trading strategies and compete with others.<\/p>\n<p>Not only portfolio performance is rewarded \u2013 your knowledge counts too! Collect rewards and earn additional ranking points through successful trades, smart strategies, and interactive learning content.<\/p>\n\n<h3>Your chance to win amazing prizes!<\/h3>\n<p>Two game rounds bring you the opportunity to win fantastic prizes, such as:<\/p>\n<ul>\n<p>1st Place: CHF 5'000 live portfolio<\/p>\n<p>2nd Place: CHF 2'000 live portfolio<\/p>\n<p>3rd Place: CHF 1'000 live portfolio<\/p>\n<\/ul>\n<p>Plus many more prizes like trading credits, books, and exclusive trading courses!<\/p>\n\n<p>The Traders Cup is organized by the Swiss Structured Products Association (SSPA) in collaboration with leading sponsors from the Swiss financial industry. These renowned partners contribute their extensive experience and expertise to offer you a unique and educational trading experience. Thanks to this strong support, you can look forward to a professional and hands-on introduction to trading structured products.<\/p>\n\n<p>Register now for free at <a href=\"https://traders-cup.ch\" target=\"_blank\" rel=\"noopener\" title=\"www.traders-cup.ch\"> www.traders-cup.ch<\/a><\/p>","url":"traders-cup2","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/traderscup_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/traderscup_thumbnail.jpg"},{"date":"2025-06-11T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Adobe Ahead of Quarterly Results","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>Adobe will release its results for the second fiscal quarter of 2025 on Thursday after the market close.<\/p>\n\n<p>Analysts are expecting earnings per share of USD 4.98, representing an increase of 10.7% compared to the same period last year. Additionally, experts anticipate a revenue growth of nearly 9% year-over-year to USD 5.79 billion. It will be interesting to see whether the software giant can maintain its momentum amid increasing competition and disruption caused by AI.<\/p>\n\n<div>Depending on whether Adobe exceeds or disappoints expectations, the price swings could be more pronounced. There are interesting trading opportunities for active investors - especially with leveraged products.<\/div>\n<div>Leveraged products make it possible to bet on rising (long &#x1F4C8) or falling (short &#x1F4C9) prices with a small capital investment. Especially around the publication of quarterly figures, when fluctuations often increase, these products offer effective leverage to participate in short-term movements.<\/div>\n\n<h3>Leveraged products on Adobe<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.firstTradingDate:[* TO now/d]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;67115465&quot;]}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WpT?language_id=1\" label=\"Discover more Leverage Products on Adobe\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"leverage-adobe-q2-2025","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2025-06-11T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/galderma_leonteq-structured-products-product+homepage+banner.jpg","subTitle":"It Gets Under Your Skin","windowTitle":"Galderma","category":"underlying-in-focus","title":"Galderma","body":"<p>Pentecost was a busy time for Galderma. On the Friday before the long weekend, the skincare company made headlines with two major announcements. First, the Zug-based firm presented positive long-term data on its drug Nemluvio. Shortly after, Kepler Cheuvreux published an analyst report on Galderma, which has been listed on the SIX Swiss Exchange since March 2024. The research firm initiated coverage with a \u201cBuy\u201d rating and a price target of CHF 137. While the French firm isn't alone in its optimism - Reuters lists 12 analyst opinions on the dermatology stock, 10 of which recommend buying - Kepler stands out with its high price target. The French analysts value Galderma shares at CHF 137, nearly 20% above the current trading price.<\/p>\n\n\n<div><generic-chart title=\"Galderma (in CHF)\"> \n    <chart-line title=\"Galderma\" path=\"Chart_Galderma3.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Quelle: Refinitiv, as of 10.06.2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>A Drug with Blockbuster Potential<\/h3>\n<p>The recent report is titled \u201cBright Prospects\u201d. According to author Justine Telliez, Galderma is on the cusp of a new growth phase. Specifically, she expects the company to generate nearly USD 7.8 billion in revenue in fiscal year 2028 \u2014 about 75% more than in the previous period. The operating margin (Core EBITDA level) is projected to rise from 23.4% to around 30% (see chart). One of the key growth drivers, according to Telliez, is Nemluvio. This drug is used to treat atopic dermatitis (AD) and prurigo nodularis (PN), and is approved in the U.S., EU, UK, and Switzerland. Galderma states that the new data confirms the drug\u2019s efficacy and safety. For AD patients, Nemluvio reportedly led to sustained and increasing improvement in itching and skin lesions. Kepler Cheuvreux believes the drug could account for 20% of the company\u2019s total sales in 2028.<\/p>\n\n<div>\n<generic-chart title=\"Revenue and EBITDA-Margin\">\n  <x-axis categories=\"2024,2025e,2026e,2027e,2028e\"/>\n      <chart-column title=\"Revenue (in Mio. USD.)\" data=\"4410,4913,5819,6892,7791\" format=\"number\"/>\n      <chart-line title=\"EBITDA-Margin (in %)\" data=\"23.4,22.1,24.2,27.2,29.6\" format=\"number\" yAxisRight=\"true\"/>\n<\/generic-chart> \n<\/div>\n<footer>Quelle: Galderma, as of June 2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Aesthetics as a Core Competency<\/h3>\n<p>If this forecast proves correct, Galderma\u2019s revenue mix will shift significantly. In 2024, the therapeutic dermatology segment contributed less than one-fifth of total revenue. By the end of the decade, this product area could account for 31%. While the skincare business is expected to lose importance, Injectable Aesthetics will remain the largest business segment. One of the main growth drivers in this segment is the neuromodulator RelabotulinumtoxinA, marketed under the brand name Relfydess. It is already being sold in Germany and Spain, and Galderma is working on launching it in other EU countries, the UK, and Australia. According to the Kepler analyst, this drug strengthens the aesthetics portfolio, helps expand global market share, and contributes to future margin growth. \u201cGalderma combines the scientific advantages of biopharma with the pricing power and capital efficiency of the consumer health sector,\u201d writes Telliez.<\/p>\n\n<h3>Opportunities \u2013 for Traders and Yield Seekers<\/h3>\n<p>Following the positive market reaction to the pre-Pentecost news, Galderma shares are now attempting to break through horizontal resistance around CHF 115. After reaching an all-time high in early February, the mid-cap stock consolidated in this range before dipping again. A V-shaped recovery has brought the stock back near its peak. For traders betting on a breakout and new highs, Leonteq now offers several long Mini-Futures. There are also short Mini-Futures available, which could prove beneficial if the stock bounces off the resistance level and turns downward. For those targeting more stable performance, a new Soft-Callable Barrier Reverse Convertible is available. Regardless of share price movement, investors receive quarterly coupon payments of 8.00% p.a. The barrier is set at 65% of the initial level. As long as Galderma does not fall to or below this mark, the issuer will repay the full nominal amount at maturity. If the cushion proves insufficient, the partial protection lapses. In that case, repayment would be fully exposed to the share price risk of Galderma.<\/p>\n\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1292092488\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<h3>Leverage products on Galderma<\/h3>\n<div>\n    <div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.firstTradingDate:[* TO now/d]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;186255044&quot;]}\" />\n  <\/div>\n\n<\/div>\n    <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wqd?language_id=1\" label=\"Discover our Leverage Products!\"><\/ltq-button>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-galderma","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/galderma_leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/galderma_leonteq-structured-products-thumbnail.jpg"},{"date":"2025-06-04T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Broadcom Ahead of Earnings: AI Demand Drives Stock to Record Highs","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>Broadcom is scheduled to report its fiscal second-quarter results after the market closes on Thursday. Analysts expect revenue of USD 15.02 billion, compared to USD 12.5 billion in the same period last year, and adjusted net income of USD 7.8 billion, up from USD 5.39 billion a year ago. AI-related revenue is projected to rise 42% year-over-year and 7% quarter-over-quarter. The rising revenues are primarily driven by robust demand for AI chips.<\/p>\n\n<p>Over the past 12 months, Broadcom\u2019s stock has surged more than 83%\u2014a clear sign of the company\u2019s strong position in the semiconductor market. <\/p>\n\n<div>Depending on whether Broadcom exceeds or disappoints expectations, the price swings could be more pronounced. There are interesting trading opportunities for active investors - especially with Mini-Futures.<\/div>\n<div>Mini futures make it possible to bet on rising (Mini-Future long &#x1F4C8) or falling (Mini-Future short &#x1F4C9) prices with a small capital investment. Especially around the publication of quarterly figures, when fluctuations often increase, these products offer effective leverage to participate in short-term movements.<\/div>\n<h3>Mini-Futures<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.firstTradingDate:[* TO now/d]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;omni&quot;:&quot;\\&quot;CH1432470008\\&quot;,\\&quot;CH1447769782\\&quot;,\\&quot;CH1432470172\\&quot;,\\&quot;CH1432467954\\&quot;&quot;}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wp6?language_id=1\" label=\"Discover more Leverage Products on Broadcom\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"leverage-broadcom-q2-2025","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2025-06-04T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/constellation_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Nuclear tailwind","windowTitle":"Constellation Energy","category":"coupon-giant","title":"Constellation Energy","body":"<p>Electricity is the new oil in the 21st century - and this is likely to remain the case, as the global hunger for energy is constantly growing. This is not least due to the emergence of disruptive technologies such as artificial intelligence, whose data centers have the electricity requirements of entire cities. To meet this demand, US President Donald Trump has recently made a strong case for nuclear power. He signed several executive orders to significantly accelerate the expansion of nuclear power from the current 100 gigawatts (GW) to 400 GW by 2050. In light of these developments, one industry in particular is coming under the spotlight: energy suppliers. One of the beneficiaries is the power plant operator Constellation Energy.<\/p>\n\n<p>The leading provider of electricity for private households and companies in the USA currently has a capacity of more than 30,000 megawatts (MW) consisting of nuclear power, wind, solar, natural gas and hydropower. This means that the Group supplies more than 20 million households with clean energy. Speaking of clean, Constellation aims to eliminate 100% of its greenhouse gas emissions by 2040. The USD 27 billion acquisition of Calpine earlier this year, an operator of gas-fired and geothermal energy plants, should also contribute to this. According to Constellation CEO Joe Dominguez, the combination of the two companies offers the broadest range of energy products and services in the industry. This merger is a significant step toward a more sustainable energy future,\" he said.<\/p>\n\n<div>\n    <generic-chart title=\"Energy produced in 2024 (in MW)\">\n        <pie-chart \n        path=\"Grafik_ConstellationEnergy-de.csv\" \n        format=\"string, number\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Constellation Energy. As at: 2024<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n\n<h3>Takeover as a profit driver<\/h3>\n<p>Shareholders should also benefit from the deal. The takeover will be reflected in an increase in adjusted operating earnings per share of more than a fifth as early as 2026. In addition, the management is planning an annual free cash flow of more than USD 2 billion from the transaction. This in turn will create strategic capital and scope for reinvestment. In addition, Constellation's base earnings forecast remains for double-digit growth until the end of the decade. <\/p>\n\n<h3>Energetic year<\/h3>\n<p>The earnings development in the first quarter of 2025 also showed a strong upward trend. Adjusted earnings per share improved by 17.5% to USD 2.14. However, the Baltimore-based company narrowly missed analysts' expectations, which had forecasted USD 2.18. Revenue also grew by double digits, reaching USD 6.79 billion, which was well above the projection of USD 5.44 billion. Renewable energy accounted for 96.2% of available energy, remaining nearly unchanged compared to the previous year. \u201cOur power plant fleet had a good start to the year,\u201d commented CFO Dan Eggers in the interim report, adding: \u201cOur nuclear plants achieved a capacity factor of 94.1%, and our gas-fired plants had a feed-in rate of 99.2%.\u201d The financial expert is also optimistic about the remainder of the year. He has set a target for adjusted operating earnings of USD 8.90 to 9.60 per share, which would represent an increase of 6.7% at the midpoint of the range. If the current analyst estimate of USD 9.51 is met, this would even represent an improvement of nearly ten percent.<\/p>\n\n<div><generic-chart title=\"Constellation Energy Shareprice (in USD)\"> \n    <chart-line title=\"Constellation Energy\" path=\"Chart_ConstellationEnergy.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as at 02.06.2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>In an investment mood<\/h3>\n<p>Constellation is also receiving a tailwind for the coming years from the White House. The Trump administration is committed to preserving and expanding American nuclear power plants in order to strengthen the domestic economy and maintain a leading position in the global AI race. This, in turn, pleases the energy company: \u201cConstellation is walking the walk with plans to invest billions of dollars into its fleet on projects like increasing the generation capacity of our plants by up to 1,000 additional megawatts and relicensing the entire fleet into the 2070s, creating over 11,000 family-sustaining jobs for a minimum of 20 years,\u201d the company said in a statement regarding the administration\u2019s executive orders to promote nuclear energy. The importance of nuclear power for \u201cBig Tech\u201d is demonstrated by a recently signed contract with Meta for the operation of its data centers. Constellation will supply the Facebook parent company with electricity from the Clinton nuclear power plant in the U.S. state of Illinois for 20 years. According to company head Dominguez, talks are also being held with other potential nuclear power customers.<\/p>\n\n<h3>High earnings potential with a reminder function<\/h3>\n<p>There is currently a lot of movement in Constellation's share price - but on balance no performance. This is the interim conclusion for the development since the takeover was announced on January 10, 2025. If the average price target of 19 analyses is used for orientation, the air is also thin at the current level. This amounts to USD 320 and is therefore only around 2% away from the current level. The new soft-callable barrier reverse convertibles, on the other hand, offer significantly more potential. These convert a potential sideways movement into double-digit percentage returns. The CHF variant offers an attractive interest rate of 12.00% p.a. with a maximum term of one year, while the USD-denominated product even offers a coupon of 17.00% p.a., which is paid out quarterly. <\/p>\n\n<p>In order to receive a pro rata coupon, the Constellation share must be quoted above the coupon trigger level on the observation dates. This threshold is only 50% of the starting price - and thus gives the underlying a lot of room on the downside. If a coupon payment is nevertheless not made on a date, it is not lost but can be made up at a later date thanks to the memory function. The prerequisite for this is that the share closes above the trigger level again on one of the following observation dates. If the barrier is breached during the term, the final fixing determines the final repayment: if the price is then below the strike level, losses may be incurred. If, on the other hand, the underlying closes at or above the strike at maturity, the full nominal amount is paid out. Important: Every three months - at the earliest after 6 months - the issuer has the right to early redemption at 100% for both BRCs.<\/p>\n\n<h3>Callable Single Barrier Reverse Convertible with conditional coupon<\/h3>\n<div>  <\/div>\n<div><ltq-table id=xxx title=\"Tax treatment Valor 129209229, 145335248\">\n<tbody>\n<tr>\n<td>Swiss Federal Income Tax<\/td>\n<td>For private investors with tax domicile in Switzerland holding the Product as part of their private property, gains realised during the term of the Product and on the Redemption Date qualify as capital gains and are therefore not subject to the Federal Direct Tax.<br/>\n    The tax treatment regarding the cantonal and communal income taxes can differ from the tax treatment regarding the Federal Direct Tax. But in general the income tax treatments are corresponding.<\/td>\n<\/tr>\n<\/tbody>\n<\/template> <template v-slot:below=\"\"> <LtqCardBody><footer>The tax information provided herein is a non-binding summary and only provides a general overview of the potential Swiss tax consequences linked to this Product at the time of issue. Tax laws and tax interpretation may change at any time, possibly with retroactive effect.<br/>Source: Termsheet<\/footer><\/LtqCardBody> <\/template> <\/ltq-table><\/div>\n\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-constellation-energy","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/constellation_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/constellation_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-05-30T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/bountiful_leonteq-structured-products_homepage-banner.jpg","subTitle":"ETP on the Bountiful Enhancing the Common Good Index","windowTitle":"For the Common Good","category":"investment-themes","title":"For the Common Good","body":"<p>Defence stocks are very popular on the markets just now, with an increasing unstable world causing a massive increase in spending on security and defence. More than a few investors, however, are reticent about investing their capital in this sector. The motives for their wariness may be moral concerns, a pacifist stance or religious conviction. That is precisely where the Bountiful Enhancing the Common Good Index comes in. This new stock market barometer has set itself the goal of tracking the US equity market in full alignment with the principles of the common good. The idea comes from Bountiful Financial, a US financial services provider specialising in faith-based investment.<\/p>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2025/etp-bountiful-enhancing-the-common-good-index?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n\n<h3>Strict principles<\/h3>\n<p>\u201cLove your neighbour as yourself\u201d \u2013 from this well-known verse in the Gospel of Matthew Bountiful has derived six principles for the common good:<\/p>\n\n<ul>\n    <li>Reducing arms production<\/li>\n    <li>Discouraging harmful habitual behaviours<\/li>\n    <li>Expanding access to life-saving healthcare<\/li>\n    <li>Universal access to education<\/li>\n    <li>Community development<\/li>\n    <li>Ensuring dignity and safety within the digital sphere<\/li>\n    \n<\/ul>\n<p>\u201cOur new index selects companies with a strong positive social and societal commitment,\u201d Bountiful explains. By contrast, it excludes companies whose business activities are harmful for society. This is intended to result in a more ethical and sustainable investment landscape.<\/p>\n    \n<h3>The selection process<\/h3>\n<p>The selection universe for the index is the Russell 3000. Companies whose turnover is more than half in line with the principles of the common good are first filtered out of this broad-based US equity benchmark. In the next step, the managers sort out shares from the gambling, tobacco, civilian firearms and recreational cannabis sectors. This is followed by a further belief-based screening. This eliminates companies that violate the United Nations' principles for sustainable business practices. The same applies to companies that do not comply with the OECD guidelines on controversial weapons and opioids. In addition to these qualitative criteria, the index methodology stipulates a market capitalization of at least USD 2 billion. Of all the companies that make it through this grid, between 30 and 50 are included. The weighting of a share is limited to 5%, and a sector can contribute a maximum of 40% to the index.<\/p>\n    \n<h3>On an equal footing<\/h3>\n<p>The Bountiful Enhancing the Common Good Index contains 41 companies. Consumer stocks are at the cap limit of 40%, while healthcare comprises 28.2%. Industrials are also weighted relatively highly, accounting for just under 23%. It is noticeable that the index is dominated by small and mid caps. A number of Wall Street heavyweights fail the selection process because they have connections with the production of opioids. This exclusion criterion has led to the exclusion of supermarket giant Walmart and pharmaceuticals group Johnson & Johnson, among others. When it comes to performance, the faith-based approach has nothing to be ashamed of: backtesting shows that the Bountiful Enhancing the Common Good Index was able to keep pace with the benchmark (US large caps) between the end of 2013 and the end of 2024.<\/p>\n\n<div>\n    <generic-chart title=\"Bountiful Enhancing the Common Good Index (weighting by sector, in %)\">\n        <pie-chart \n        path=\"Grafik_Bountiful-en.csv\" \n        format=\"string, number\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Bountiful Financials; as at December 31, 2024.<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Robust product solution<\/h3>\n<p>Leonteq enables investment in this unique and innovative stock market barometer, listing ETP+ products on the Bountiful Enhancing the Common Good US NTR Index on both the SIX Swiss Exchange and the BX Swiss. One of the strengths of this issue, alongside its daily liquidity, is the robust product structure. ETP+s are collateralised by means of a special mechanism in which a deposit is pledged with SIX SIS AG for each product. This collateralisation is monitored by SIX Repo AG on an ongoing basis. Should Leonteq enter into payment difficulties (default), SIX Repo AG could realise the pledge in favour of the product owners. The USD-denominated ETP+s track not only the performance of the underlying, but also the dividends, with payouts of the companies included in the index being reinvested net. The management fee is 0.75% a year. For this modest contribution investors can add to their portfolio a quintessential element of the US equity market that aligns with the strict principles of the common good. At a time of geopolitical tension, global arms races and omnipresent hate speech, such an alternative can surely do no harm.<\/p>\n\n\n<h3>ETP on the Bountiful Enhancing the Common Good Index<\/h3>\n<div><price-chart isin=\"CH1292092033\"><\/price-chart><\/div>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1292092033\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2025/etp-bountiful-enhancing-the-common-good-index?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"etp-bountiful-enhancing-the-common-good-index","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/bountiful_leonteq-structured-products_sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/bountiful_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-05-28T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/flowtraders_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Liquidity as a Business Model","windowTitle":"Flow Traders","category":"underlying-in-focus","title":"Flow Traders","body":"<p>The current times are characterized by uncertainties and constantly changing challenges. While it was the pandemic that had a noticeable impact on the global economy not so long ago, it is now geopolitical crises such as the trade wars triggered by the US. The financial markets cannot escape this and are reacting to events with increased volatility. Flow Traders shows how to profit from an increasingly fast-moving stock market world. The specialist for electronic trading in ETPs and other financial instruments earns when others are trembling. The best example was the coronavirus crisis: in 2020, the Euronext-listed company achieved a record profit of EUR 464.5 million.<\/p>\n\n<p>Flow Traders does not act like a traditional investment firm and bets on rising or falling prices, but rather ensures that investors have sufficient liquidity to buy and sell at all times. The trading platform has set itself the goal of always providing bid and ask prices under all market conditions. This is achieved in two ways: firstly as a market maker on public exchanges and secondly over the counter in direct trading. Flow Traders trades worldwide, 24 hours a day and in various asset classes: From ETPs to equities and bonds to cryptocurrencies, the FinTech is broadly positioned more than two decades after it was founded. The Dutch company has a clear mission: 'We want to help make the global financial markets more transparent and efficient, reduce transaction costs and improve accessibility for all market participants.<\/p>\n\n<div><generic-chart title=\"Flow Traders (in USD)\"> \n    <chart-line title=\"Flow Traders\" path=\"Chart_FlowTraders.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as at: 26.05.2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Digital assets in our sights<\/h3>\n<p>The global multi-asset liquidity provider, which has branches in Europe, the USA, Hong Kong, China and Singapore, is particularly interested in digital assets at the moment. Thanks to broader acceptance and increasing institutional interest, these can ensure accelerated growth. Flow Traders is currently even considering its own crypto assets. After the EU created a uniform legal framework for crypto assets and services with the introduction of the Markets in Crypto Assets Regulation (MiCAR), Flow Traders founded the joint venture AllUnity together with DWS and Galaxy Digital. The aim of the joint venture is to issue a fully regulated euro stablecoin and thus drive the development of the on-chain economy. In addition, Flow Traders recently joined the Blockchain Association. This is one of the most influential organizations that serves as the collective voice of the crypto industry. Their mission is to drive the future of cyber currencies in the US by promoting the potential of blockchain technology.<\/p>\n\n<h3>Fluctuating results...<\/h3>\n<p>Even if Flow Traders is already well positioned in the global financial landscape and has no shortage of visions for the future, the company's results are just as volatile as stock market prices. Earnings go up and down depending on market volatility. After the record year 2020 mentioned at the beginning, net profit fluctuated in a wide range between EUR 36 million and EUR 159 million in subsequent years. A look at the consensus estimates shows that this trend could continue in the coming years. After earnings growth of 15.9% in the current year, a decline of 6.7% is expected in 2026 and a slight increase of 4.2% is forecast for the following year. Due to this volatility, the market only assigns the share a moderate price/earnings ratio (P/E ratio) of around 7.<\/p>\n\n<div>\n<generic-chart title=\"Earnings per share\">\n  <x-axis categories=\"2020,2021,2022,2023,2024,2025,2026,2027\"/>\n      <chart-column title=\"Earnings per share\" data=\"10.26,2.63,2.76,0.81,3.56,4.12,3.85,4.01\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Flow Traders, as at May 2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>...and volatile share prices<\/h3>\n<p>There have also been significant fluctuations in the share price recently. The presentation of the figures for the first quarter led to a sharp correction, with the share losing around a fifth of its value. Not only did the company miss expectations of EUR 142.1 million with revenue of EUR 135.1 million, but CEO Mike Kuehnel also surprisingly announced that he would no longer be available as Chairman of the Executive Board. However, in order to ensure a smooth transition in management, Kuehnel will stay on until the end of August.<\/p>\n<p>As rapidly as the share price fell, the recovery was just as dynamic. The share was able to quickly close the gap that had opened. Within just 20 trading sessions, the price gap in the chart was ironed out by a V-shaped recovery. From a technical perspective, two scenarios are now possible following a so-called gap close: on the one hand, this may result in a strengthening of the trend. The price curve before the diver was clearly pointing upwards. Over a period of one year, the price has risen by 40%. On the other hand, the gap can also act as resistance and prevent or at least impede further progress. In order to ultimately be on the right side, it is necessary to constantly monitor the price trend.<\/p>\n\n<h3>First mover: Leonteq offers leverage products on Flow Traders<\/h3>\n<p>A new series of leveraged securities - Leonteq is the first and only issuer in Switzerland to offer mini futures and warrants with knock-outs on Flow Traders - enables investors with an affinity for trading to make disproportionately high profits from the further performance of the share. Long products can be used to bet on a continuation of the upward trend, while the short counterparts turn potential price corrections into profits. All 7 leverage products currently on offer have an open-end structure. But beware: if a knock-out event occurs, there is a risk of total loss. The disproportionately high profit opportunities are therefore accompanied by high risks. Investors should therefore base the size of their position on the volume of their overall portfolio. The so-called \"feel-good factor\" must be taken into account here, i.e. the stake should be structured in such a way that no inner restlessness or nervousness arises. <\/p>\n\n\n<h3>Leveraged products on Flow Traders<\/h3>\n<div>\n    <div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.firstTradingDate:[* TO now/d]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;128648163&quot;]}\" />\n  <\/div>\n\n<\/div>\n    <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wp0?language_id=3\" label=\"Entdecken Sie unsere Hebelprodukte!\"><\/ltq-button>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-flow-traders","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/flowtraders_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/flowtraders_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-05-27T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Nvidia Ahead of Quarterly Results: Strong Forecasts Despite Geopolitical Uncertainties","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>The financial world is eagerly awaiting Wednesday evening, when Nvidia will release its results for the first fiscal quarter.<\/p>\n<p>Since the beginning of the year, Nvidia\u2019s stock has experienced massive fluctuations - driven by geopolitical tensions, export restrictions to China, and growing fears of new semiconductor tariffs. For the past quarter, analysts forecast that Nvidia will report an adjusted earnings per share of USD 0.88 and revenues of USD 43.3 billion - a strong increase compared to last year\u2019s figures of USD 0.61 per share and USD 26 billion in revenue.<\/p>\n<div>With Mini Futures, investors can position themselves for potential swings &ndash; whether expecting a rally or a pullback.<\/div>\n<h3>Mini-Futures<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.firstTradingDate:[* TO now/d]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;omni&quot;:&quot;\\&quot;CH1447773578\\&quot;,\\&quot;CH1447770699\\&quot;,\\&quot;CH1447775839\\&quot;,\\&quot;CH1432466881\\&quot;&quot;}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wm1?language_id=1\" label=\"Discover more Leverage Products on Nvidia\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"leverage-nvda-q1-2025","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2025-05-21T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/coinbase_2025_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"New Milestones","windowTitle":"Coinbase","category":"coupon-giant","title":"Coinbase","body":"<p>After almost exactly four years on the stock exchange, the time has come: Coinbase is joining the prestigious S&P 500. As of this Monday, the first crypto company is now listed in the world\u2019s most-watched index. \u201cThis marks a turning point for Coinbase and the industry,\u201d say market observers. The index committee's decision triggered a 15% jump in the stock price. And this may not be the peak yet\u2014its inclusion could further increase demand for Coinbase, as funds tracking the benchmark index must now include the company in their portfolios. On top of that, Coinbase is making headlines with a multi-billion-dollar acquisition.<\/p>\n\n<div><generic-chart title=\"Coinbase Share Price (in USD)\"> \n    <chart-line title=\"Coinbase\" path=\"Chart_Coinbase25.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, As of: 19.05.2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n\n<p>Step by step: Coinbase is not only doing well in the capital markets, but also operationally. Revenues more than doubled last year to USD 6.56 billion, and net income soared from USD 94.8 million to USD 2.58 billion. Trading volume also surged. While it stood at USD 468 billion the previous year, it rose to USD 1.1 trillion in 2024. The value of assets on the platform reached a substantial USD 404 billion as of December 31 \u2014 an increase of 111%. Bitcoin leads the pack, accounting for more than half of total assets and showing the highest growth rate. In second place in terms of growth is USD Coin (USDC). The share of the USD-pegged stablecoin held or managed in Coinbase\u2019s digital wallets rose by 157%. In terms of volume, however, Ethereum ranks second behind Bitcoin, with just over 13% of total assets.<\/p>\n\n<h3>Higher Revenue, Lower Profit<\/h3>\n<p>The start of the new year was mixed. While transaction revenue rose 17.3% to USD 1.26 billion from January to March, and subscription and services revenue climbed 37% to USD 698 million, profit surprisingly fell. This was primarily due to a significant increase in costs. Operating expenses jumped by just over half in Q1 to USD 1.3 billion. According to the company, this was mainly due to higher marketing expenditures and losses from operational crypto assets. The latter was influenced by U.S. President Donald Trump\u2019s erratic trade policies, which increased volatility across all asset classes in the first three months of the year and triggered a sell-off in riskier assets like cryptocurrencies.<\/p>\n\n<div>\n<generic-chart title=\"Crypto assets on the platform\">\n  <x-axis categories=\"Bitcoin, Ethereum, Solana, USDC, other Crypto assets\"/>\n      <chart-column title=\"Assets (in Mrd. USD.)\" data=\"235.38,54.21,21.29,6.09,87.06\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Coinbase, As of: Mai 2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Strategic Acquisition<\/h3>\n<p>The situation has since calmed, and the industry\u2019s largest crypto asset, Bitcoin, has even regained six-digit territory. Coinbase stock has followed suit, boosted further by its inclusion in the S&P 500. Additional momentum for the core business is expected from the USD 2.9 billion acquisition of Deribit in early May. The purchase of the derivatives exchange will not only expand the investor base but also give Coinbase a foothold in markets outside the U.S. \u2014 especially in Asia and Europe, where leveraged trading is more widespread. Deribit is the world\u2019s largest trading platform for Bitcoin and Ether options and reached a trading volume of USD 1.2 trillion last year.<\/p>\n\n<p>Experts believe consolidation in the crypto market may continue. After all, companies want to be well-positioned to benefit from President Trump\u2019s stated goal of making the U.S. the global hub for cryptocurrencies. Despite the enthusiasm, prices in this sector are not rising in a straight line \u2014 high volatility continues to define this young industry. Coinbase stock has a historical 12-month volatility of 69.5%, compared to 16.1% for the S&P 500.<\/p>\n\n<h3>Hacker Attacks as a Risk Factor<\/h3>\n<p>The high volatility also stems from the inherent risks of the crypto business \u2014 amely, cybercrime. Just days ago, it was revealed that Coinbase suffered damages of between USD 180 to 400 million due to a cyberattack. The company stated that account data of a \u201csmall group\u201d of customers was stolen. To prevent such attacks in the future, Coinbase is opening a new support center in the U.S. and announcing additional security measures. Hacker attacks are not uncommon in the industry. According to a report by Chainalysis, total funds stolen from crypto platforms in 2024 amounted to USD 2.2 billion.<\/p>\n\n<h3>Yield Optimization with a Safety Net<\/h3>\n<p>Those who don\u2019t own cryptocurrencies directly but instead invest through structured products are not exposed to this kind of cyber risk. Two new soft-callable Barrier Reverse Convertibles (BRCs) from Leonteq offer an attractive way to invest in Coinbase. With a maximum term of one year, these products promise double-digit returns even if the stock merely stagnates or declines slightly. The coupons are an appealing 13.20% p.a. for the CHF version and 19.20% p.a. for the USD version. Unlike classic BRC structures, interest payments here are not guaranteed every quarter. For a partial coupon to be paid, the Coinbase stock must be above the coupon trigger level on each quarterly observation date. However, this threshold is set at a reassuringly low 50% of the initial price. If a coupon payment is missed, it is not lost but can be recovered thanks to the memory function\u2014provided the stock exceeds the trigger level on a future observation date. If the barrier is breached, the final fixing determines the return. If the stock ends below the strike level, losses may occur. If it finishes at or above the strike, the full principal is repaid. Note: Every three months \u2014 but no earlier than six months \u2014 the issuer has the right to call both BRCs early at 100%.<\/p>\n\n<h3>Chasing Outsize Gains<\/h3>\n<p>While BRCs offer a relatively conservative way to invest in Coinbase, leverage products allow for more speculative strategies. Leonteq\u2019s broad offering includes mini-futures and knock-out warrants on the crypto exchange, which allow for disproportionate participation. Both long and short positions are available. With this combination of leverage products and BRCs, profits can be achieved in all three market phases: rising, sideways, and falling.<\/p>\n\n\n<h3>Callable Single Barrier Reverse Convertible with conditional coupon<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1292091084\\&quot;,\\&quot;CH1292091092\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;conditionalCoupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;conditionalCouponTriggerLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-table id=xxx title=\"Tax treatment Valor 129209108, 129209109\">\n<tbody>\n<tr>\n<td>Swiss Federal Income Tax<\/td>\n<td>For private investors with tax domicile in Switzerland holding the Product as part of their private property, gains realised during the term of the Product and on the Redemption Date qualify as capital gains and are therefore not subject to the Federal Direct Tax.<br/>\n    The tax treatment regarding the cantonal and communal income taxes can differ from the tax treatment regarding the Federal Direct Tax. But in general the income tax treatments are corresponding.<\/td>\n<\/tr>\n<\/tbody>\n<\/template> <template v-slot:below=\"\"> <LtqCardBody><footer>The tax information provided herein is a non-binding summary and only provides a general overview of the potential Swiss tax consequences linked to this Product at the time of issue. Tax laws and tax interpretation may change at any time, possibly with retroactive effect.<br/>Source: Termsheet<\/footer><\/LtqCardBody> <\/template> <\/ltq-table><\/div>\n\n<h3>Leverage products on Coinbase<\/h3>\n<div>\n    <div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.firstTradingDate:[* TO now/d]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;149384019&quot;]}\" />\n  <\/div>\n\n<\/div>\n    <ltq-button color=\"primary\" url=\"https://engine-ch-publishing.leonteq.com/leverage/T9m?language_id=1\" label=\"Discover our Leverage Products!\"><\/ltq-button>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-coinbase25","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/coinbase_2025_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/coinbase_2025_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-05-19T16:43","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-know-how-product+homepage+banner.jpg","subTitle":"Leveraged Products \u2013 A Question of Quality","windowTitle":"Leonteq Know-How","category":"know-how","title":"Leonteq Know-How 13","body":"<p>Investors who want to incorporate leveraged products into their portfolios need not only a certain amount of courage but also a solid understanding of how these instruments are structured. One key factor is the financing cost, which can vary significantly between issuers. Attention should also be paid to trading and customer service to ensure not only fair pricing but also that investors feel well-supported. An independent analysis has confirmed that Leonteq plays a leading role in this area.<\/p>\n<p>One percent up or down? For traditional investors, such fluctuations are often barely noticeable and rarely significant. But for those investing in leveraged products, this can mean the difference between profit and loss. Investors who trade in Warrants with Knock-Out or Mini-Futures intentionally amplify market movements. The idea is as simple as it is effective: with only a fraction of the capital, one can participate in the full price development of an underlying asset \u2014 often not just one-to-one, but with a multiple of the movement. \u201cSmall investment, big gain\u201d is the motto. However, this also comes with a caveat: the risk of a total loss is always present with this type of speculation.<\/p>\n<h3>Keeping an Eye on Financing Costs<\/h3>\n<p>Leverage Products are no longer a niche phenomenon. More and more investors want to take advantage of market volatility and benefit from price movements \u2014 whether upward or downward. Leonteq now offers investors a broad and effective range of Leverage Products. Anyone looking to trade Mini-Futures or Warrants with Knock-Out should take a closer look at these instruments, as leverage does not come free: financing costs play a central role.<\/p>\n<p>The good news first: Shortly after launching its Leverage Products, Leonteq scored excellently in an independent evaluation of financing costs among issuers in Switzerland. But first, let\u2019s clarify what financing costs actually are. Both Mini-Futures and Warrants with Knock-Out involve the issuer providing the investor with a loan to maintain the market position. This form of leverage results in ongoing costs, known as financing costs. They arise because a portion of the underlying asset is essentially \u201cpre-financed\u201d by the issuer. For products with no maturity date, these costs are calculated daily and incorporated into the price of the leveraged product.<\/p>\n<p>In the case of Mini-Futures, financing costs are accounted for through the daily adjustment of the strike price, also known as the financing level. In addition, many issuers adjust the stop-loss level daily by the same amount to maintain a constant percentage distance between the strike price and the stop-loss level. Some issuers, however, only adjust the stop-loss level monthly \u2014 or at other intervals \u2014 by the accumulated amount since the last adjustment, thereby restoring the original distance between the strike and the stop-loss level. The stop-loss level therefore changes over time, which means the risk of a stop-loss event can increase even if the underlying asset price remains unchanged. For Warrants with Knock-Out Open-End, the strike price and thus the Knock-Out threshold are also adjusted daily to reflect financing costs in the product price. As a result, even when the underlying asset remains at a constant level, a decrease in the value of the Leverage Product can occur over longer holding periods. The ongoing financing costs lead to a gradual value erosion in sideways markets for products without a maturity date. The longer a Leverage Product is held, the more these costs weigh on performance. Investors should therefore be aware of the implicit financing and its effects on the product\u2019s value.<\/p>\n<p>An example can help illustrate the impact financing costs can have on the value of a Mini-Future when the underlying asset\u2019s price remains constant.<\/p>\n<div><ltq-table id=\"Financing costs\" title=\"Financing costs\"> <template v-slot:default=\"\">\n<thead>\n<tr>\n<th><b>Underlying<\/b><\/th>\n<th><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Example AG<\/td>\n<td>Price of the underlying asset: CHF 100.00<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<\/tr>\n<\/tbody>\n<thead>\n<tr>\n<th><b>Mini-Future Long<\/b><\/th>\n<th><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Strike price = Financing Level<\/td>\n<td>CHF 90.00<\/td>\n<\/tr>\n<tr>\n<td>Stop-Loss Level<\/td>\n<td>CHF 92.50<\/td>\n<\/tr>\n<tr>\n<td>Financing costs = risk premium + reference interest rate<\/td>\n<td>2.00% p.a. = 1.5% p.a. + 0.5% p.a.<\/td>\n<\/tr>\n<tr>\n<td>Holding period<\/td>\n<td>30 Days<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<\/tr>\n<\/tbody>\n<thead>\n<tr>\n<th><b>Calculation<\/b><\/th>\n<th><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Daily adjustment rate<\/td>\n<td>2.00% p.a. / 360 = 0.005556% per day<\/td>\n<\/tr>\n<tr>\n<td>After 30 Days<\/td>\n<td>CHF 90 x (1+0.00005556)<sup>30<\/sup> = CHF 90.15<\/td>\n<\/tr>\n<tr>\n<td>New strike price = Financing Level<\/td>\n<td>CHF 90.15<\/td>\n<\/tr>\n<tr>\n<td>New Stop-Loss Level<\/td>\n<td>CHF 92.65<\/td>\n<\/tr>\n<\/tbody>\n<\/template> <template v-slot:below=\"\"> <LtqCardBody>\n<footer><span class=\"arrow-right\">➝<\/span> The financing level rises slightly, which means that if the price of the underlying remains unchanged, the intrinsic value \u2014 and thus the price \u2014 of the Mini-Future continuously decreases.<\/footer>\n<\/LtqCardBody>\n<\/template> \n<\/ltq-table>\n<\/div>\n<p>The example refers to a long product, where the financing level is continuously adjusted upwards. In the case of a short variant, the opposite applies: the intrinsic value of the Mini-Future Short gradually decreases due to the pricing in of financing costs. Investors can consult the product documentation at any time to find out the applicable daily financing rates.<\/p>\n<p>DThe experts at \"Payoff Magazine\" not only scrutinized financing costs but also thoroughly analyzed the data on market-making quality (PMMI). The resulting PMMI indicator provides an overview of market-making quality using three key metrics: \"quote availability\", \"volume\", and \"spread\". Here too, Leonteq stands out. With a score of 98.22 points \u2013 where values above 80 are considered sufficient and anything below 80 insufficient \u2013 Leonteq secured the top position in April. These strong results are no coincidence. With first-class service, Leonteq has long set high standards in the Structured Products segment. Fair pricing, transparent information, real-time data, and a broad product range are all part of the offering. In the Leverage Products space, Leonteq provides access to a wide variety of underlying assets. Depending on risk appetite and strategy, investors can choose between different leverage levels and product types \u2013 \"Mini-Futures\", \"Warrants with Knock-Out Open-End\", and \"Warrants\". To deliver high-quality service to self-directed investors in the leveraged space as well, Leonteq has developed a scalable technology platform that enables seamless market-making for large volumes \u2013 while ensuring top-tier risk management and efficient execution.\n\n<\/p>\n<\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"know-how-issuer-selection","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-know-how-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-know-how-thumbnail.jpg"},{"date":"2025-05-16T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/goldmine_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Bonus Certificate on mining shares","windowTitle":"Following in the wake of the gold rally","category":"investment-themes","title":"Following in the wake of the gold rally","body":"<h3>A strong start<\/h3>\n<p>The gold sector made a record start to 2025. Not only did the price of the precious metal reach new highs, but the mining companies were also extracting more gold than ever before in a first quarter. According to figures from the World Gold Council (WGC), the amount of gold mined globally from January to March came to 855.73 tonnes. That puts production almost 300 kg above the previous peak reached in the first quarter of 2016. Production had also risen throughout the previous year, hitting a new record. For the first time since 2019, companies actually managed to deliver the quantities they had predicted at the start of the year. A mix of rising prices, higher production volumes and achieved forecasts is also adding lustre to the sector on the stock market. Shares in gold suppliers have appreciated markedly of late. This is also true of industry giant Newmont: the capitalisation of the US mining group increased by 45% in the first four months of the year.<\/p>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2025/gold-mining?language_id=1\" label=\"Find out more!\"><\/ltq-button><\/div>\n\n<div>\n<generic-chart title=\"Stable at a high level (gold mine production in tonnes)\">\n  <x-axis categories=\"2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024\"/>\n      <chart-column title=\"Miningproduction Gold\" data=\"2754, 2877, 2957, 3166, 3272, 3362, 3516, 3581, 3658, 3606, 3483, 3573, 3638, 3647, 3673\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n <footer>Source: World Gold Council, As of: 30.04.2025 <br />Historical data is not indicative of future performance.<\/footer>\n\n<h3>Light and shade<\/h3>\n<p>It is not only Newmont\u2019s recent share price performance that is symptomatic of the sector as a whole: a glance at the latest quarterly report of the Denver-based group illustrates the ongoing difficulties in the mining industry. At 1.54 million ounces, Newmont's production in the first three months of the year was more than 8% down on the same period the previous year. While the sale of operating establishments certainly had an impact in this regard, production also stalled in other areas, such as the \u201cNevada Gold Mines\u201d operated as a joint venture with its Canadian rival, Barrick. In addition to various problems expanding capacities, the Newmont report also starkly reveals the general cost pressures in mining. Newmont puts its first-quarter \u201call-in sustaining costs\u201d, or AISC for short, at USD 1,651 per troy ounce of gold \u2013 a rise of just under 15% compared with 2024. Thanks to the much greater increase in selling prices, however \u2013 Newmont received USD 2,944 per ounce on average, 41% up on the previous year \u2013 it managed to post a jump in profits, with the adjusted earnings per share more than doubling to USD 1.25.<\/p>\n\n<div><generic-chart title=\"A \u201cgolden\u201d quintet (underlyings on a 5-year comparison, indexed to 100)\">\n <chart-line title=\"Agnico Eagles Mines\" path=\"Chart_agnico.csv\" format=\"date, number\"><\/chart-line> \n <chart-line title=\"Barrick Gold\" path=\"Chart_barrickgold.csv\" format=\"date, number\"><\/chart-line> \n <chart-line title=\"Franco-Nevada\" path=\"Chart_franco.csv\" format=\"date, number\"><\/chart-line> \n <chart-line title=\"Newmont\" path=\"Chart_newmont.csv\" format=\"date, number\"><\/chart-line> \n <chart-line title=\"Wheaton Precious Metals\" path=\"Chart_wheaton.csv\" format=\"date, number\"><\/chart-line> \n <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n <footer>Source: Refinitiv, As of: 12.05.2025 <br />Historical data is not indicative of future performance.<\/footer>\n\n<h3>Alternative to direct investment<\/h3>\n<p>The issue of costs is set to continue plaguing the sector. In the view of the WGC, the licence fees alone, which are linked to the price of gold, are putting sustained pressure on the AISC. Companies are also still having to deal with imponderables when it comes to capacities, too. These include the geological circumstances just as much as legal issues relating to approvals and essential maintenance work. Alongside these risks, the price of gold remains of critical importance for the future prospects of mining shares. Leonteq has launched an interesting new product aimed at investors who are nervous about a direct investment given the uncertain picture outlined above. The bonus certificate brings five industry representatives together. As well as Newmont and Barrick Gold, they are Agnico Eagle Mines, Franco-Nevada and Wheaton Precious Metals. Investors have an opportunity to profit from the rising share prices of this quintet. They are also partially protected: as long as no underlying falls below the barrier over the next three years, the repayment will be at least the bonus level of 100%.<\/p>\n\n<h3>Upside opportunities, downside protection<\/h3>\n<p>An equally weighted basket consists of the five underlyings determines the upside participation. The potential return is limited to 165% of the initial level, which means that the bonus certificate will deliver a maximum repayment of 165% of the denomination. Should the gold shares perform even better on average, holders of this product would not share in any increase above this level. In return, the investment is protected to a certain extent from any correction in the underlyings. The barrier stands at a low 59% of the initial level. The bonus payment is only at risk if the weakest member of the quintet falls by more than 40% from its current figure. If this negative event occurs, the investment would be linked to the progress of the weakest share at the time of final fixing. Please note that the functionality outlined above does not kick in fully until the maturity date. A range of parameters will affect the value of the product over the term. Alongside the share prices, these include the volatilities, dividends and interest rates.<\/p>\n\n<h3>Bonus Certificate on goldminers<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1292093627\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;bonusLevel&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;capLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2025/gold-mining?language_id=1\" label=\"Find out more!\"><\/ltq-button><\/div>\n\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"gold-mining","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/goldmine_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/goldmine_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-05-15T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Swiss Re in Focus Ahead of Quarterly Results","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>On Friday, May 16, reinsurer Swiss Re will publish its results for the first quarter of 2025.<\/p>\n\n<p>Investors expect Swiss Re to stick to its profit target of USD 4.4 billion for 2025. However, uncertainties remain, especially due to the wildfire damages in California, which were estimated at nearly USD 700 million in February. Another focus is the renewal round for insurance premiums at the beginning of April, where investors will be watching the price trends. Since the beginning of the year, Swiss Re shares have been among the top performers among the Swiss blue chips. While the SMI rose by about 4 percent, Swiss Re shares increased by around 14 percent. Even last year, they showed above-average performance.<\/p>\n\n<div>Depending on whether Swiss Re exceeds or disappoints expectations, the price swings could be more pronounced. There are interesting trading opportunities for active investors - especially with Mini-Futures.<\/div>\n<div>Mini-Futures make it possible to bet on rising (Mini-Future long &#x1F4C8) or falling (Mini-Future short &#x1F4C9) prices with a small capital investment. Especially around the publication of quarterly figures, when fluctuations often increase, these products offer effective leverage to participate in short-term movements.<\/div>\n<h3>Mini-Futures<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.firstTradingDate:[* TO now/d]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;omni&quot;:&quot;\\&quot;CH1432460728\\&quot;,\\&quot;CH1432443278\\&quot;,\\&quot;CH1403580181\\&quot;,\\&quot;CH1432463656\\&quot;&quot;}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WpT?language_id=1\" label=\"Discover more Leverage Products on Swiss Re\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"leverage-sren-q1-2025","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2025-05-15T08:17","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/goldmine_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Test Test","windowTitle":"Test","category":"investment-themes","title":"Test","body":"<div>Er werde am Montagmorgen (Ortszeit) eines der «folgenreichsten Dekrete» in der Geschichte der USA unterzeichnen, kündigte der Republikaner auf seinem Online-Sprachrohr Truth Social an. Dort hatte er zuvor geschrieben, dass er «eine der wichtigsten» Ankündigungen überhaupt machen werde. Bereits vergangene Woche stellte Trump eine «weltbewegende» Ankündigung in Aussicht. US-Medien hatten bereits spekuliert, dass es um Preise für Arzneimittel gehen könnte.<\/div>","url":"testtesttest","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/goldmine_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/goldmine_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-05-14T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/commerzbank_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Explosive Annual General Meeting","windowTitle":"Commerzbank","category":"underlying-in-focus","title":"Commerzbank","body":"On Thursday, May 15, the Annual General Meeting of Commerzbank will take place at the RheinMain Congress Center in Wiesbaden. At first glance, the conditions for a harmonious shareholders\u2019 meeting appear favorable: Shortly before the event, Commerzbank shares are trading at their highest level in nearly 14 years. Since New Year\u2019s Eve 2024 alone, the DAX-listed stock has gained nearly two-thirds in value. Now, there\u2019s an additional \u201cbonus\u201d for shareholders: The meeting will vote on increasing the 2024 dividend by EUR 0.35 to EUR 0.65 per share. And yet, the event could become heated. After all, no less than the independence of the German financial institution \u2014 with a history spanning over 150 years \u2014 is at stake. Unicredit has set its sights on Commerzbank. The Italian bank holds 9.49% of the shares and has secured access to an additional 18.59% through derivatives. Both the European Central Bank and the competition authorities have approved increasing the stake to just under 30%. At Commerzbank itself, the advances from the Milanese rival are not well received. Management views them as hostile, and employees are also less than enthusiastic. The Verdi union plans to express its displeasure with a demonstration in front of the Wiesbaden congress center on the day of the AGM.<\/p>\n\n<div><generic-chart title=\"Commerzbank (in EUR)\"> \n    <chart-line title=\"Commerzbank\" path=\"Chart_coba.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, As of: 13.05.2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Record Operating Results<\/h3>\n<p>It remains unclear whether, and in what way, Unicredit will use the event to its advantage. Bettina Orlopp, CEO of Commerzbank, expects the major shareholder to attend: \u201cBut we don\u2019t actually expect anything beyond that \u2014 at least nothing has been brought to our attention,\u201d she said during a conference call on the latest quarterly figures. With the interim report, Commerzbank confirmed its strong operating performance. The company increased net profit in the first three months of the year by 11.7% to EUR 834 million. Analysts had expected a decline in profits. \u201cWe achieved the highest quarterly profit since 2011, demonstrating that we can grow even in economically challenging times,\u201d the CEO noted. Operationally, the Frankfurt-based bank posted a record quarterly result of EUR 1.2 billion, benefiting from a 12% increase in revenues to EUR 3.1 billion. The majority of this came from a slightly reduced net interest income. Meanwhile, Commerzbank grew net commission income in Q1 by 6.4% to EUR 1.01 billion.<\/p>\n\n<h3>Ambitious Goals<\/h3>\n<p>\u201cThe start to the second quarter was strong,\u201d Orlopp stated. Accordingly, she is sticking to the forecast for 2025. Among other targets, Commerzbank aims for a net income of around EUR 2.8 billion before restructuring costs \u2014 EUR 100 million above the record profit achieved in 2024. The cost-income ratio is expected to drop by 2 percentage points to 57% this year. By 2028, the CEO aims to bring this down to just 50%. Net profit is projected to rise to EUR 4.2 billion by then, while the bank is targeting a return on equity of 15%. For comparison, the figure stood at 9.2% in 2024. These targets were announced at the Capital Markets Day in mid-February. The strategy presented on that occasion includes continued digitalization and an increased use of international locations \u2014 an approach that entails job cuts in Germany. The CEO describes the measures of recent months as a \u201cstrategy of independence.\u201d<\/p>\n\n<div>\n    <generic-chart title=\"Commerzbank: Shareholder Structure (in %)\">\n        <pie-chart \n        path=\"Grafik_coba-en.csv\" \n        format=\"string, number\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Commerzbank. As of: Mai 2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Interesting Risk-Reward Profile<\/h3>\n<p>Orlopp is receiving support from the political sphere. Germany\u2019s new finance minister, Lars Klingbeil, called Unicredit\u2019s approach unfriendly and unacceptable. \u201cThat\u2019s especially true when it comes to a systemically important bank like Commerzbank,\u201d the SPD politician stated shortly after taking office. With a stake of 12.11%, the Federal Republic of Germany is the largest single shareholder in the financial institution. Unicredit knows that no takeover can happen without Berlin\u2019s approval. Accordingly, the Italians want to \u201center into constructive dialogue with the new federal government.\u201d However, they don\u2019t expect a decision this year. Holders of the new Softcallable Barrier Reverse Convertible can view the struggle over Commerzbank with relative calm. Regardless of the future share price, investors receive a quarterly coupon payment. In CHF, the payout is 12% p.a. For the EUR-denominated version, the coupon is 200 basis points higher. The barrier is set at a low 59% of the initial level. As long as Commerzbank shares do not fall to or below this level in the next 18 months, investors will receive full nominal repayment. If the buffer is not enough, the partial protection expires, and the investment becomes directly tied to the performance of the underlying asset. Due to the softcallable feature, early redemption of this issue is possible.<\/p>\n\n<p><h3>Traders Take Note:<\/h3> Leonteq is now offering leveraged products on Commerzbank. Mini-futures and knock-out warrants are listed on the SIX Swiss Exchange, allowing for short-term positioning in this dynamic underlying asset. Commerzbank shares are thus part of Leonteq\u2019s major push in the Swiss market for leveraged products.<\/p>\n\n<h3>Callable Single Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1292092488\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<h3>Leverage products on Galderma<\/h3>\n<div>\n    <div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.firstTradingDate:[* TO now/d]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;186255044&quot;]}\" />\n  <\/div>\n\n<\/div>\n    <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wqd?language_id=1\" label=\"Discover our Leverage Products!\"><\/ltq-button>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-commerzbank","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/commerzbank_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/commerzbank_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-05-14T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"RENK Ahead of Q1 Results: Another Step in Global Defense Growth?","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>On Wednesday, May 14, 2025, at 07:30 AM CEST, RENK Group AG will release its results for the first quarter of 2025.<\/p>\n<p>The global defense market is currently experiencing a strong growth phase \u2013 and a company from Augsburg is among the clear winners of this development: RENK Group. The traditional company specializes in the production of special gears, hybrid drive systems, and testing technologies for military as well as industrial applications. In times of increasing geopolitical tensions, the demand for these products is growing.<\/p>\n\n<p>The company\u2019s strong position is also reflected in the stock market: since the beginning of the year, the share price has risen by over 200%. This puts RENK ahead of other established defense companies such as Rheinmetall and Hensoldt.<\/p>\n\n<p>With the release of the results, it will become clear how much the traditional company from Augsburg has benefited from the increased demand in the defense sector in Q1 2025, and what impact this will have on the stock.<\/p>\n\n<div>With Mini-Futures, investors can take targeted positions on price fluctuations, whether expecting a rise or a decline of the stock price.<\/div>\n\n<h3>Mini-Futures<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.firstTradingDate:[* TO now/d]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;omni&quot;:&quot;\\&quot;CH1432461973\\&quot;,\\&quot;CH1432442890\\&quot;,\\&quot;CH1447768487\\&quot;,\\&quot;CH1447764478\\&quot;&quot;}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WmN?language_id=1\" label=\"Discover more Leverage Products on Renk\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"leverage-renk-q1-2025","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2025-05-07T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/ams-osram_leonteq-structured-products_homepage-banner.jpg","subTitle":"Deep in the Shadows","windowTitle":"ams-OSRAM","category":"coupon-giant","title":"ams-OSRAM","body":"<p>The acquisition of OSRAM by ams will soon mark its fifth anniversary. In early July 2020, the Austrian sensor specialist announced the closing of the approximately EUR 2.7 billion acquisition of the Munich-based lighting group. On the stock market, the transaction has been anything but \u201cilluminating\u201d so far. On the contrary: at CHF 7.20, ams-OSRAM is currently trading around 90% below the level at the time of closing. Half a decade after the spectacular takeover, the technology group is deep in the red and struggling under a heavy debt burden. In the past two financial years alone, the company recorded a total net loss of nearly EUR 2.4 billion. As of the end of March 2025, net debt stood at approximately EUR 1.9 billion. The situation worsened last year due to the decision to largely exit the MicroLED business. After the sole customer \u2013 reportedly Apple, according to industry sources \u2013 pulled out, the Austrians had to abandon a nearly completed factory in Malaysia.<\/p>\n\n<div><generic-chart title=\"ams-Osram share price (in CHF)\"> <chart-line title=\"ams-Osram\" path=\"Chart_ams-osram.csv\" format=\"date, number\" color=\"#f7a824\"><\/chart-line> <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n <footer>Quelle: Refinitiv, Stand: 06.05.2025 <br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Diversified Business Model<\/h3>\n<p>Nevertheless, the company has recently made operational progress. Although revenue in the first quarter of 2025, at EUR 820 million, was down 3% year-on-year, it came in above the midpoint of management\u2019s guidance range of EUR 750 million to EUR 850 million. Operating profit (adjusted EBITDA) even rose by 9% to EUR 135 million, raising the margin by 180 basis points to 16.4%. Analysts had expected an adjusted EBITDA of just under EUR 129 million for the first three months of the year. \u201cDespite increasing economic uncertainties, our structural profitability is improving,\u201d explained CEO Aldo Kamper. Thanks to its global presence and worldwide customer base, ams-OSRAM has so far been able to absorb the impact of new US tariff policies. Indeed, the company is broadly positioned. In 2024, just over half of revenue came from automotive solutions. ams-OSRAM components are used in vehicle displays, headlights, and battery management systems. About a quarter of revenue comes from each of the \u201cConsumer\u201d and \u201cIndustrial & Medical\u201d (IM) segments. In addition to smartphone displays, this includes areas such as medical imaging and robotics.<\/p>\n\n<h3>Balance Sheet Fitness Program<\/h3>\n<p>For the current second quarter, the CEO expects slightly increasing demand in the industrial and medical markets. While demand for automotive semiconductors is also expected to improve, Kamper anticipates a typical seasonal low for mobile devices. Overall, the top executive is targeting revenue between EUR 725 million and EUR 825 million. By comparison, the group posted revenue of EUR 819 million in the second quarter of 2024. The adjusted operating margin is expected to land between 17.0% and 20.0%, which would in any case be higher than the 16.5% achieved from April to June 2024. Debt, on the other hand, is expected to decrease. \u201cWe plan to accelerate the deleveraging of our balance sheet,\u201d said CFO Rainer Irle during the recent earnings release. To this end, management is reviewing strategic options for some business units. The goal is to raise more than EUR 500 million. The aim is clear: Irle wants to bring annual interest costs below the EUR 100 million mark. At the same time, the net debt-to-adjusted EBITDA ratio is to be reduced to below 2. In 2024, the leverage ratio was significantly above 3.<\/p>\n\n<div>\n    <generic-chart title=\"Revenue by End Market 2024 (in %)\">\n        <pie-chart \n        path=\"chart_ams-osram_en.csv\" \n        format=\"string, number\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: ams-OSRAM. As of: April 2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Short Term, Full Opportunity<\/h3>\n<p>Following the recent news, ams-OSRAM continued its rollercoaster ride on the stock exchange. Initially, the mid-cap stock rose significantly before coming under pressure again. At least the long-standing bottoming-out in the CHF 5 range remains intact \u2013 a solid foundation for the new soft-callable barrier reverse convertible. This product offers a return opportunity of 19% p.a., resulting from a conditional coupon payment. Every three months, ams-OSRAM is reviewed: if the stock is trading above the coupon trigger level of 50% of the initial price, the payout is made. If the condition is not met, the payment is not necessarily lost \u2013 it is deferred thanks to an integrated memory function and paid out once the stock is again above the trigger on a future date. The barrier is set at a low 49% of the initial fixing. Provided the stock does not fall to or below this mark in the next 12 months, investors will receive the full nominal amount back. In the event of a barrier breach, partial protection expires and the BRC becomes fully exposed to ams-OSRAM\u2019s share price risk. Please also note the soft-callable feature, which allows for early termination and repayment of the instrument.<\/p>\n\n<p>By the way: the SMIM member is part of Leonteq\u2019s latest push in the Swiss market for structured products. Among the broad range of these trading vehicles are mini-futures on ams-OSRAM, enabling both long and short positioning.<\/p>\n\n<h3>Leverage products on ams-OSRAM<\/h3>\n<div>\n    <div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.firstTradingDate:[* TO now/d]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;underlyings&quot;:[&quot;83767234&quot;]}\" />\n  <\/div>\n<\/div>\n    <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wn9?language_id=1\" label=\"Discover our Leverage Products!\"><\/ltq-button>\n\n<h3>Callable Barrier Reverse Convertibles with conditional coupon<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1292090342\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;conditionalCoupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;conditionalCouponTriggerLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;resultsPerPage&quot;:20,&quot;pageNumber&quot;:1,&quot;omni&quot;:&quot;CH0535743485 CH0535743477&quot;,&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-table id=xxx title=\"Taxation Valor 129209034\">\n<tbody>\n<tr>\n<td>Swiss Federal Income Tax<\/td>\n<td>For private investors with tax domicile in Switzerland holding the Product as part of their private property, gains realised during the term of the Product and on the Redemption Date qualify as capital gains and are therefore not subject to the Federal Direct Tax.<br/>\n    The tax treatment regarding the cantonal and communal income taxes can differ from the tax treatment regarding the Federal Direct Tax. But in general the income tax treatments are corresponding.<\/td>\n<\/tr>\n<\/tbody>\n<\/template> <template v-slot:below=\"\"> <LtqCardBody><footer>The tax information provided herein is a non-binding summary and only provides a general overview of the potential Swiss tax consequences linked to this Product at the time of issue. Tax laws and tax interpretation may change at any time, possibly with retroactive effect.<br/>Source: Termsheet<\/footer><\/LtqCardBody> <\/template> <\/ltq-table><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-ams-osram","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/ams-osram_leonteq-structured-products_sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/ams-osram_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-05-07T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Coinbase ahead of Q1 2025: Analysts forecast revenue surge, but profits decline","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>In our \"Earnings Action\" section, we take a closer look at cryptocurrency exchange Coinbase, which is set to release its financial results for the first quarter of 2025 on Thursday, 8 May 2025.<\/p>\n<p>The company\u2019s performance remains closely tied to the broader cryptocurrency market, which has experienced significant volatility in recent months. Fluctuations in the price of Bitcoin, as well as trading activity in leading cryptocurrencies, are likely to have directly impacted Coinbase\u2019s transaction revenue \u2014 traditionally the company\u2019s primary source of income.<\/p>\n\n<p>Analysts expect first-quarter revenue to increase by around 30% to $2.1 billion, driven by higher trading volumes. However, earnings per share (EPS) are projected to decline to $2.07, compared to $4.40 in the first quarter of 2024.<\/p>\n\n<div>Depending on whether Coinbase exceeds or disappoints expectations, the price swings could be more pronounced. There are interesting trading opportunities for active investors - especially with Mini-Futures.<\/div>\n<div>Mini futures make it possible to bet on rising (Mini-Future long &#x1F4C8) or falling (Mini-Future short &#x1F4C9) prices with a small capital investment. Especially around the publication of quarterly figures, when fluctuations often increase, these products offer effective leverage to participate in short-term movements.<\/div>\n<h3>Mini-Futures<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.firstTradingDate:[* TO now/d]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;omni&quot;:&quot;\\&quot;CH1432462534\\&quot;,\\&quot;CH1447764114\\&quot;,\\&quot;CH1403584985\\&quot;,\\&quot;CH1432462591\\&quot;&quot;}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WpN?language_id=1\" label=\"Discover more Leverage Products on Coinbase\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"leverage-coinbase-q1-2025","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2025-05-05T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Palantir's Upcoming Earnings: A Barometer for the AI Industry's Sentiment","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>Palantir Technologies is set to release its first quarter 2025 earnings today at 5:00 PM GMT. Analysts are anticipating earnings growth of up to 37.5% compared to the same period last year. The company, which specializes in data analytics and artificial intelligence, is expected to report earnings of $0.13 per share, with revenue projected to reach approximately $862.9 million \u2014 an increase of 28% year over year.<\/p>\n\n<p>Palantir's continued success in AI has also impressed investors: Over the past year, the stock has risen by an impressive 439.6%. Despite this strong performance, opinions on Wall Street remain divided ahead of the earnings release. While optimists are betting on another chapter of AI-driven growth, skeptics question how quickly the company can translate its technologies into tangible revenue.<\/p>\n\n<div>With Mini Futures, investors can position themselves for potential swings &ndash; whether expecting a rally or a pullback.<\/div>\n\n<div>&#x1F4C8; If expecting strong results, Long Mini Futures offer a way to benefit from potential price gains.<\/div>\n<div>&#x1F4C9; If anticipating disappointing numbers or increased regulatory pressure, Short Mini Futures may be used to profit from a decline in the stock price.<\/div>\n\n<h3>Mini-Futures<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.firstTradingDate:[* TO now/d]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true},&quot;omni&quot;:&quot;\\&quot;CH1447761946\\&quot;,\\&quot;CH1432460611\\&quot;,\\&quot;CH1432463235\\&quot;,\\&quot;CH1447761953\\&quot;&quot;}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wn4?language_id=1\" label=\"Discover more Leverage Products on Palantir\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"leverage-pltr-q1-2025","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2025-05-02T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rebalancing_2025_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"More diversification, more opportunity, more security","windowTitle":"ETP+ on the FuW Swiss 50 Index","category":"investment-themes","title":"ETP+ on the FuW Swiss 50 Index","body":"<h3>A more realistic picture <\/h3>\n<p>The Swiss Market Index (SMI) has been regarded as representative of the Swiss equity market ever since the barometer was launched on 1 July 1988. The long-established top dog also has its faults, however, because the SMI is dominated by the globally active food and pharmaceuticals giants. Calculated since the end of 2022, on the other hand, the FuW Swiss 50 Index provides a more realistic picture of the Swiss stock market. For one thing, the benchmark contains the 50 most liquid domestic securities, which makes it much more diversified than the SMI. For another, the rule-based index must be reviewed twice a year, in May and November, when the weightings are reset, or rebalanced, in order to reduce the risk of clustering. <\/p>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2025/etp-plus-on-fuw-swiss-50-index?language_id=1\" label=\"Jetzt mehr erfahren!\"><\/ltq-button><\/div>\n\n<h3>Imminent changes<\/h3>\n<p>The most recent review, using the relevant stock market data of 9 April, led to some weighting changes. While Lindt & Sprüngli and Schindler rose from 1.3% to 2.7%, the influence of Logitech and VAT Group declined from 2.7% to 1.3%. The experts at FuW don\u2019t just look at the weighting, though: the composition is also put under the microscope on the observation days. This means there will be another refresh soon. The shares of Comet, Clariant and Tecan, which have posted sharp losses of between 26% and 36% over the last six months, will have to leave the index. Their places will be taken by Allreal, Cembra Money Bank and Banque Cantonale Vaudoise (BCV). The change will be made after the market closes on 7 May. <\/p>\n\n<h3>Promising new arrivals<\/h3>\n<p>The upcoming ascent of Allreal, Cembra Money Bank and BCV comes on the back of strong performances. Bucking the market as a whole, all the members of this trio have recorded double-digit percentage growth this year alone. Of the three, Cembra Money Bank has its nose in front with a rise of 22%. Its strong performance goes hand in hand with good operational figures: the provider of small loans grew its net profit by 8% in the last financial year. The pace could pick up even further in 2025, with the management holding out the prospect of a 14% to 15% increase. While BCV had to absorb a slight drop in profits last year after a record-breaking 2023, shareholders will still be rewarded with a higher dividend thanks to its solid business performance overall. The inclusion of the two financial institutions in the FuW 50 Index increases the influence of the banking sector, currently in third place, on the barometer. Healthcare and industrial goods take the top two positions. At 21.5%, healthcare stocks have a much smaller weighting than they do in the SMI, at 35.5%. Cyclical industrial goods, on the other hand, make up almost twice as much of the share basket, at 18.6%, as they do of the SMI.<\/p>\n\n<div><generic-chart title=\"Promoted trio: Allreal vs. Cembra Money Bank vs. BCV (Performance, indexed to 100)\">\n <chart-line title=\"Allreal\" path=\"Chart_allreal.csv\" format=\"date, number\"><\/chart-line> \n <chart-line title=\"BCV\" path=\"Chart_BCV.csv\" format=\"date, number\"><\/chart-line>\n <chart-line title=\"Cembra\" path=\"Chart_cembra2.csv\" format=\"date, number\"><\/chart-line>\n <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n <footer>Source: Refinitiv, As of: 25.04.2025 <br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>50 stocks in one go<\/h3>\n<p>The exchange traded product (ETP+) on the FuW Swiss 50 Index NTR makes diversification easy. The certificate enables 1:1 participation in the potential of the Swiss equity market. Less an annual fee of 0.72%, the ETP+ fully reflects the performance of the widely diversified barometer. The net dividends paid by the index members are included in the calculation. Given the lack of term limit, investors have flexibility when it comes to choosing their investment period. Traded daily on the stock market, the ETP+ on the FuW Swiss 50 Index is thus an effective and low-cost investment product with really exciting price opportunities. The ETP+ also comes with an additional protective function: a pledge is deposited with SIX SIS AG for every exchange traded product. If the price of the certificate rises, Leonteq increases the pledge \u2013 and vice versa. In the worst-case scenario, i.e. if the issuer were to enter into payment difficulties, the trustee SIX Repo would sell the pledge and distribute the equivalent of the investment product to the holders of the ETP. Investors do not need to worry about the liquidity of Leonteq at the moment, though: on the contrary, the respected ratings agency Fitch puts the long-term issuer default rating for Leonteq at \u201cBBB\u201d.<\/p>\n\n\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1171791820\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>ETP+ on the FuW Swiss 50 Index NTR: Current composition<\/h3>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SONOVA HOLDING AG-REG&quot;,&quot;weight&quot;:0.01725288},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;BARRY CALLEBAUT AG-REG&quot;,&quot;weight&quot;:0.01045188},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWATCH GROUP AG/THE-BR&quot;,&quot;weight&quot;:0.01303032},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;PSP SWISS PROPERTY AG-REG&quot;,&quot;weight&quot;:0.01153724},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;GALDERMA GROUP AG&quot;,&quot;weight&quot;:0.02719737},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;LINDT &amp; SPRUENGLI AG-PC&quot;,&quot;weight&quot;:0.0106363},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;CEMBRA MONEY BANK AG&quot;,&quot;weight&quot;:0.01075512},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;LONZA GROUP AG-REG&quot;,&quot;weight&quot;:0.02941942},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;FISCHER (GEORG)-REG&quot;,&quot;weight&quot;:0.01561733},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SGS SA-REG&quot;,&quot;weight&quot;:0.02763983},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWISSQUOTE GROUP HOLDING-REG&quot;,&quot;weight&quot;:0.01235295},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;UBS GROUP AG-REG&quot;,&quot;weight&quot;:0.03322193},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SANDOZ GROUP AG&quot;,&quot;weight&quot;:0.02852134},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ADECCO GROUP AG-REG&quot;,&quot;weight&quot;:0.01609506},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ALLREAL HOLDING AG-REG&quot;,&quot;weight&quot;:0.01129459},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;JULIUS BAER GROUP LTD&quot;,&quot;weight&quot;:0.03064488},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ALCON INC&quot;,&quot;weight&quot;:0.02449351},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;EMS-CHEMIE HOLDING AG-REG&quot;,&quot;weight&quot;:0.01500875},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;FLUGHAFEN ZUERICH AG-REG&quot;,&quot;weight&quot;:0.01125507},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWISS PRIME SITE-REG&quot;,&quot;weight&quot;:0.02328229},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWISS RE AG&quot;,&quot;weight&quot;:0.02604212},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;STRAUMANN HOLDING AG-REG&quot;,&quot;weight&quot;:0.01446048},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SIG COMBIBLOC GROUP&quot;,&quot;weight&quot;:0.01382773},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;TEMENOS GROUP AG-REG&quot;,&quot;weight&quot;:0.01337294},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;GEBERIT AG-REG&quot;,&quot;weight&quot;:0.02623217},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;HELVETIA BALOISE HOLDING AG&quot;,&quot;weight&quot;:0.02492086},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ROCHE HOLDING AG-GENUSSSCHEIN&quot;,&quot;weight&quot;:0.02958925},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SULZER AG-REG&quot;,&quot;weight&quot;:0.01100454},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;GIVAUDAN-REG&quot;,&quot;weight&quot;:0.02945157},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;NOVARTIS AG-REG&quot;,&quot;weight&quot;:0.02606234},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;AVOLTA AG&quot;,&quot;weight&quot;:0.01201636},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;MOBIMO HOLDING AG-REG&quot;,&quot;weight&quot;:0.01132193},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;HOLCIM LTD&quot;,&quot;weight&quot;:0.02584732},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ZURICH INSURANCE GROUP AG-REG&quot;,&quot;weight&quot;:0.02583185},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWISS LIFE HOLDING AG-REG&quot;,&quot;weight&quot;:0.0260574},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;GALENICA SANTE LTD&quot;,&quot;weight&quot;:0.01142755},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;KUEHNE &amp; NAGEL INTL AG-REG&quot;,&quot;weight&quot;:0.01503076},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;BANQUE CANTONALE VAUDOIS-REG&quot;,&quot;weight&quot;:0.0115821},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SCHINDLER HOLDING-PART CERT&quot;,&quot;weight&quot;:0.02404666},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;VAT GROUP AG&quot;,&quot;weight&quot;:0.02854461},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;BKW AG&quot;,&quot;weight&quot;:0.00996811},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ABB LTD-REG&quot;,&quot;weight&quot;:0.0283369},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ACCELLERON INDUSTRIES LTD&quot;,&quot;weight&quot;:0.0118673},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWISSCOM AG-REG&quot;,&quot;weight&quot;:0.02348445},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;BELIMO N ORD&quot;,&quot;weight&quot;:0.01507073},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;PARTNERS GROUP HOLDING AG&quot;,&quot;weight&quot;:0.02166677},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SIKA AG-BR&quot;,&quot;weight&quot;:0.03397808},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;CIE FINANCIERE RICHEMO-A REG&quot;,&quot;weight&quot;:0.03053712},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;NESTLE SA-REG&quot;,&quot;weight&quot;:0.02535105},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;LOGITECH INTERNATIONAL-REG&quot;,&quot;weight&quot;:0.01336087}]\"><\/AmcComposition>\n  <\/div>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2025/etp-plus-on-fuw-swiss-50-index?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"etp-plus-on-fuw-swiss-50-index","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rebalancing_2025_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rebalancing_2025_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-04-30T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/novartis_leonteq-structured-products_homepage-banner.jpg","subTitle":"Pill Maker Delivers Positive Surprise","windowTitle":"Novartis","category":"underlying-in-focus","title":"Novartis","body":"<p>In the current Q1 2025 earnings season, SMI heavyweights are presenting themselves in strong form. Nestlé and Roche, for example, exceeded expectations with their results last week and reaffirmed their annual targets. This week, it was time for the third major player on the Swiss stock market: Novartis. The pharmaceutical giant even managed to raise the bar further. Once again, the company surprised with an upward revision of its guidance.<\/p>\n\n<div><generic-chart title=\"Novartis (in CHF)\"> \n    <chart-line title=\"Novartis\" path=\"Chart_novn25.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Quelle: Refinitiv, Stand: 29.04.2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<p>Starting with the quarterly report: Novartis managed to accelerate its already strong growth pace from the previous year. In 2024, revenue rose by 12% and adjusted operating profit by 22%. From January to March 2025, revenue increased by 15% and operating profit by 27%. In figures, the pill maker reported revenue of USD 13.23 billion and a profit of USD 5.58 billion. Analysts had expected sales of \"only\" USD 13 billion and a profit of USD 4.2 billion. Once again, the growth drivers were the heart medication Entresto, the multiple sclerosis drug Kesimpta, Cosentyx for psoriasis, the breast cancer drug Kisqali, the cholesterol-lowering Leqvio, and Scemblix for leukemia. Kisqali, for instance, posted a 52% quarterly increase to USD 956 million. CEO Vas Narasimhan sees mid-term peak annual sales potential of up to USD 8 billion for Kisqali. Meanwhile, Leqvio is gaining momentum after a slow start since its market launch at the end of 2021, generating USD 257 million from January to March \u2014 a 70% increase.<\/p> \n\n<h3>A Full Pipeline<\/h3>\n<p>Both the 2024 results and the start of the new year show that Novartis is beginning to reap the rewards of its corporate restructuring. Since last year, the Basel-based company has been operating solely as a pharmaceutical company. To maintain growth in the coming years, Novartis plans not only to fully exploit the potential of its existing portfolio but also to draw on its large development pipeline. More than 200 projects are currently in clinical phases, including new active ingredients, expanded indications, and new formulations of already approved substances. One such substance is Atrasentan for kidney disease, which may soon enter the U.S. market. The U.S. FDA recently granted the drug accelerated approval. <\/p>\n\n<p>To ensure that the trade conflict initiated by former U.S. President Donald Trump does not impact operations, Novartis has already announced plans to upgrade its overseas production with multi-billion-dollar investments. \u201cOur goal is to produce 100% of our key products in the United States for the United States within the next five years,\u201d Narasimhan stated during the quarterly results presentation. Last year, the company generated about 42% of its revenue in the world\u2019s largest healthcare market. <\/p>\n\n<h3>Higher Targets, Rising Share Prices\u2026<\/h3>\n<p>Since taking office in February 2018, the CEO has restructured Novartis and is gradually earning more investor trust. With a 47% gain since he took over, the stock is about 6 percentage points ahead of the SMI and 15 points ahead of rival Roche. Novartis could further widen this lead with its newly raised full-year forecast. Excluding currency effects, revenue is now expected to grow by a high single-digit percentage, while adjusted operating profit is forecast to rise disproportionately by a low double-digit percentage. Previously, the company targeted mid- to high-single-digit revenue growth and a high-single to low-double-digit increase in operating profit. \u201cWe remain focused on advancing our leading pipeline and are confident in delivering on our growth outlook,\u201d Narasimhan affirmed.\n<\/p>\n\n<h3>\u2026and Disproportionate Gains<\/h3>\n<p>The domestic blue chip reacted positively to the latest news, crossing the 100-day moving average. The next target is the 200-day average, currently near CHF 94. Only after surpassing both indicators will the triple-digit price mark come back into play. Bullish traders could achieve disproportionate gains on the way there. How? Quite simply \u2014 with leveraged products. Leonteq offers a wide range of Mini-Futures and Knock-out Warrants. Depending on risk appetite, trading-oriented investors can use various multipliers, even reaching double digits. But beware: the higher the leverage, the closer the knock-out point. However, profits can also be made on the short side \u2014 if Novartis fails to break through its moving averages and pulls back, suitable short products in Leonteq\u2019s portfolio allow investors to benefit from declines as well.<\/p>\n\n<h3>Leverage products on Novartis<\/h3>\n<div>\n    <div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.firstTradingDate:[* TO now/d]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true,&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:true},&quot;omni&quot;:&quot;Novartis&quot;}\" />\n  <\/div>\n\n<\/div>\n    <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wnd?language_id=1\" label=\"Discover our Leverage Products!\"><\/ltq-button>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-novartis","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/novartis_leonteq-structured-products_sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/novartis_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-04-28T10:29","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Novartis in focus: quarterly figures inbound","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<div>In our Earnings Action section, this time we take a look at the Swiss pharmaceutical giant Novartis, which will publish its latest financial figures on Tuesday. Investors and analysts are eagerly awaiting new insights into the development of key sales drivers such as Entresto, Cosentyx and Pluvicto as well as possible statements on the ongoing share buyback program.<\/div>\n<div>Following the successful spin-off of Sandoz, Novartis is focusing entirely on patent-protected medicines - a strategic move that should further boost growth in the future. Expectations are correspondingly high: it will be particularly interesting to see how much Novartis has benefited from price adjustments in the USA and new product launches.<\/div>\n\n<div>Analysts expect:<\/div>\n<ul>\n<li>Solid revenue growth in the mid-single-digit range<\/li>\n<li>Margin improvements driven by efficiency programs<\/li>\n<li>Clear guidance for full-year 2025<\/li>\n<\/ul>\n<div>Depending on whether Novartis exceeds or disappoints expectations, the price swings could be more pronounced. There are interesting trading opportunities for active investors - especially with Mini-Futures.<\/div>\n<div>Mini futures make it possible to bet on rising (Mini-Future long &#x1F4C8) or falling (Mini-Future short &#x1F4C9) prices with a small capital investment. Especially around the publication of quarterly figures, when fluctuations often increase, these products offer effective leverage to participate in short-term movements.<\/div>\n<h3>Mini-Futures<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.firstTradingDate:[* TO now/d]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true,&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:false},&quot;omni&quot;:&quot;\\&quot;CH1432459548\\&quot; \\&quot;CH0513600293\\&quot; \\&quot;CH1427532580\\&quot; \\&quot;CH1403580132\\&quot;&quot;}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wnd?language_id=1\" label=\"Discover more Leverage Products on Novartis\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"leverage-novn-q1-2025","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2025-04-24T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Alphabet Ahead of Quarterly Results","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<div>Alphabet is set to report its latest quarterly earnings on Thursday April 24th after market close &#x1F4CA; &#x1F4E3; a key moment for investors. As one of the major players in the tech sector, its results often provide valuable insights not only into its own performance but also set the tone for the broader market.<\/div>\n<div>Investor attention is also focused on the ongoing antitrust case against Google, which could potentially lead to a breakup of parts of the company. Such a move could significantly impact Alphabet&rsquo;s long-term valuation and strategic direction &ndash; adding another layer of complexity to the earnings release.<\/div>\n<div>Historically, Alphabet&rsquo;s stock has moved an average of 4.87% on the day following its earnings report &ndash; highlighting the potential for elevated volatility.<\/div>\n<div>Depending on individual market expectations, investors can position themselves accordingly:<\/div>\n<div>&#x1F4C8; If expecting strong results, Long Mini Futures offer a way to benefit from potential price gains.<\/div>\n<div>&#x1F4C9; If anticipating disappointing numbers or increased regulatory pressure, Short Mini Futures may be used to profit from a decline in the stock price.<\/div>\n<h3>Mini-Futures<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.firstTradingDate:[* TO now/d]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true,&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:false},&quot;omni&quot;:&quot;\\&quot;CH1432443849\\&quot; \\&quot;CH1427534917\\&quot; \\&quot;CH1427534388\\&quot; \\&quot;CH1427534396\\&quot;&quot;}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WnT?language_id=1\" label=\"Discover more Leverage Products on Alphabet\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"leverage-googl-q1-2025","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2025-04-23T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/hims-hers2_leonteq-structured-products_homepage-banner.jpg","subTitle":"Suddenly Put on a Diet","windowTitle":"Hims & Hers","category":"coupon-giant","title":"Hims & Hers","body":"<p>\"Less anxiety,\" \"new hair,\" \"better sex,\" \"smooth skin,\" \"less weight\" - with these aspirational promises, U.S. telehealth provider Hims & Hers introduces its website, hims.com. Behind the buzzwords lie services and products designed to help customers achieve better health and well-being. Some shareholders of Hims & Hers might recently have needed a remedy for dizziness: in the first eight weeks of the year, the company's stock soared by more than 180%. However, at nearly USD 70, the stock abruptly turned downward, giving back most of its earlier gains. This sharp rise and fall is directly linked to the boom in weight-loss injections.<\/p>\n\n<div><generic-chart title=\"Hims & Hers Health Shareprice (in USD)\"> \n    <chart-line title=\"Hims & Hers Health\" path=\"Chart_Hims-Hers.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, Stand: 22.04.2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>End of the Shortage<\/h3>\n<p>In the U.S., demand for so-called GLP-1 drugs surged so dramatically that the FDA last year declared medications from pharmaceutical giants Novo Nordisk and Eli Lilly to be in short supply. At the same time, it granted special approval to alternative providers to produce more affordable copies. Hims & Hers seized the opportunity. On February 10, 2025, during the Super Bowl broadcast, the company aired a commercial for its GLP-1 products. The provocative ad addressed America\u2019s obesity problem and sparked heated debates nationwide. On Wall Street, the commercial further fueled the hype around the healthcare provider's stock. But less than two weeks later, the FDA effectively put Hims & Hers \"on a diet\": it announced that the shortages of Ozempic and Wegovy, Novo Nordisk\u2019s weight-loss drugs, had been resolved.<\/p>\n\n<div>\n<generic-chart title=\"Revenue and Ebitda-margin\">\n  <x-axis categories=\"2021,2022,2023,2024,2025e\"/>\n      <chart-column title=\"Revenue (in Mio. USD.)\" data=\"272,527,872,1477,2350\" format=\"number\"/>\n      <chart-line title=\"Ebitda-margin (in %)\" data=\"-11,-3,6,12,12.5\" format=\"number\" yAxisRight=\"true\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: hims&hers, Stand: Februar 2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>More Than 2 Million Users<\/h3>\n<p>Although the FDA granted suppliers of generic alternatives a 60-to-90-day grace period, Wall Street reacted strongly. Hims & Hers experienced the sharp decline mentioned earlier. For CEO Andrew Dudum, the recent development is a serious setback. He aims to position the company as the leading provider in the weight-loss treatment space over the long term. Nevertheless, this segment contributed less than a fifth of total revenue in 2024. Still, company revenues in 2024 reached nearly USD 1.5 billion over two-thirds higher than the previous year. The company is benefiting from a strong influx of users: in 2024, the number of registered customers rose by nearly 50% to 2.2 million. In Q4 alone, users spent an average of USD 73 on the company\u2019s various telehealth products - 37% more than at the end of 2023. Hims & Hers leverages the traffic on its platforms and develops customized solutions with the help of artificial intelligence.<\/p>\n\n<h3>Aggressive Forecast<\/h3>\n<p>At the same time, management is successfully turning growth into profits. In 2024, the operating margin (on an adjusted EBITDA basis) entered the double-digit percentage range. Only a year earlier, Hims & Hers had reached break-even. Despite the setback from the FDA, the CEO has presented an ambitious forecast. Andrew Dudum is targeting revenue growth of 56% to 63%, while aiming to keep the operating margin stable between 12% and 13%. \u201cWe expect 2025 to be another exciting step in realizing our vision of next-generation healthcare,\u201d commented the CEO. Dudum has already taken initial steps to mitigate the impact of restrictions on sales of generic weight-loss medications. In early April, the company announced plans to sell a branded drug from Eli Lilly. Wall Street responded positively - Hims & Hers is working to establish a support level around USD 25.<\/p>\n\n<h3>Defensive Structure<\/h3>\n<p>Even if this U.S. small-cap stock comes under renewed pressure, a soft-callable barrier reverse convertible offers attractive returns. Leonteq has launched two new variants of this structure on Hims & Hers. Investors have the chance to receive quarterly coupon payments, provided the underlying stock remains above the coupon trigger level on observation dates. This threshold is set at a low 50% of the initial price. In CHF, the conditional coupon yields 18% p.a., while in USD it offers 24% p.a. Even if Hims & Hers fails to meet the coupon condition, the projected return isn\u2019t necessarily lost. A \u201cmemory effect\u201d allows missed payouts to be made up later: as soon as the stock exceeds the trigger on any future date, both the current and any previously unpaid coupons become due. The nominal is partially protected by a barrier set at 50% of the initial price. Note also the soft-callable feature, which allows for early termination and repayment of the instrument.<\/p>\n\n<h3>Callable Single Barrier Reverse Convertible with conditional coupon<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1292088619\\&quot;\\&quot;CH1292088692\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;conditionalCoupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;conditionalCouponTriggerLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-table id=xxx title=\"Tax treatment Valor 129208861, 129208869\">\n<tbody>\n<tr>\n<td>Swiss Federal Income Tax<\/td>\n<td>For private investors with tax domicile in Switzerland holding the Product as part of their private property, gains realised during the term of the Product and on the Redemption Date qualify as capital gains and are therefore not subject to the Federal Direct Tax.<br/>\n    The tax treatment regarding the cantonal and communal income taxes can differ from the tax treatment regarding the Federal Direct Tax. But in general the income tax treatments are corresponding.<\/td>\n<\/tr>\n<\/tbody>\n<\/template> <template v-slot:below=\"\"> <LtqCardBody><footer>The tax information provided herein is a non-binding summary and only provides a general overview of the potential Swiss tax consequences linked to this Product at the time of issue. Tax laws and tax interpretation may change at any time, possibly with retroactive effect.<br/>Source: Termsheet<\/footer><\/LtqCardBody> <\/template> <\/ltq-table><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-hims-hers","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/hims-hers2_leonteq-structured-products_sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/hims-hers2_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-04-17T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/traderscup_en_product+homepage+banner.jpg","subTitle":"Your Playful Introduction to Trading Structured Products","windowTitle":"Traders Cup","category":"investment-themes","title":"Traders Cup","body":"<p>Mastering the Markets: The Traders Cup is the innovative stock market game centered around Structured Products in Switzerland. Learn how to trade Structured Products, expand your financial knowledge, and secure attractive prizes!<\/p>\n<p>The Traders Cup combines practical trading with targeted knowledge transfer and is aimed at the next generation of investors. Whether you're a beginner or already experienced \u2013 the Traders Cup offers you an exciting opportunity to test trading strategies and compete with others.<\/p>\n\n<h3>Why should you take part in the Traders Cup?<\/h3>\n<ul>\n    <li>Free participation \u2013 Start with your demo portfolio and learn to trade in realistic conditions.<\/li>\n    \n    <li>Interactive learning platform \u2013 Use the Trading Academy, live webinars, and online quizzes to expand your knowledge.<\/li>\n    \n    <li>Exciting competitions \u2013 Compete against other traders and optimize your strategy.<\/li>\n    \n    <li>Over 100 prizes \u2013 Your chance to win rewards worth over CHF 25'000!<\/li>\n    \n    <li>For beginners & pros \u2013 Whether you're new to trading or already experienced, the Traders Cup offers the right challenge for everyone.<\/li>\n    \n<\/ul>\n\n<h3>Learning by Doing \u2013 Key Dates at a Glance<\/h3>\n<p>The Traders Cup starts on April 9, 2025 with a training camp, where you can get to know the game and become familiar with the platform. After that, two consecutive game phases will guide you step by step into trading Structured Products:<\/p>\n<ul>\n\n    <p>     1. Training Camp (April 9, 2025 \u2013 April 25, 2025)<\/p>\n    <p>     2. Game Round 1 (April 28, 2025 \u2013 May 30, 2025)<\/p>\n    <p>     3. Game Round 2 (June 9, 2025 \u2013 July 11, 2025)<\/p>\n\n<\/ul>\n\n<h3>Collect Rewards and Win!<\/h3>\n<p>Your knowledge is rewarded in addition to your portfolio performance! Collect rewards and earn extra points for the ranking through successful trades, clever strategies, and interactive learning content.<\/p>\n\n<h3>Prizes Worth Over CHF 25'000!<\/h3>\n<p>Across two game rounds, more than 100 prizes worth over CHF 25'000 are waiting for you!<\/p>\n\n<ul>\n<p>1st Place: CHF 5'000 live portfolio<\/p>\n<p>2nd Place: CHF 2'000 live portfolio<\/p>\n<p>3rd Place: CHF 1'000 live portfolio<\/p>\n<\/ul>\n<p>Plus many more prizes like trading credits, books, and exclusive trading courses!<\/p>\n\n\n<h3>Exclusive Welcome Gift!<\/h3>\n<p>Sign up now and receive the \"Are You a Trader?\" personality test by Dr. Raimund Schriek for free \u2013 worth CHF 49.<\/p>\n<p>The Traders Cup is organized by the Swiss Structured Products Association (SSPA) in collaboration with leading sponsors from the Swiss financial sector. These renowned partners contribute their extensive experience and expertise to offer you a unique and educational trading experience. Thanks to this strong support, you can look forward to a professional and practical introduction to trading Structured Products.<\/p>\n\n<p>Register now for free at <a href=\"https://traders-cup.ch\" target=\"_blank\" rel=\"noopener\" title=\"www.traders-cup.ch\"> www.traders-cup.ch<\/a><\/p>","url":"traders-cup","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/traderscup_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/traderscup_thumbnail.jpg"},{"date":"2025-04-17T15:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Tesla ahead of Q1 results \u2013 Volatility potential guaranteed","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<div>On Tuesday, April 22, 2025 after exchange market close, Tesla is set to release its first-quarter earnings. The electric vehicle giant remains in the spotlight: developments in deliveries, margins, and progress on new models or AI initiatives could all act as key market drivers. After a period of heightened volatility, the upcoming report may once again stir strong price movements.<\/div>\n<div>With Mini Futures, investors can position themselves for potential swings &ndash; whether expecting a rally or a pullback.<\/div>\n<h3>Mini-Futures<\/h3>\n<div>  \n              <leverage-saved-search :columns=\"[]\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.firstTradingDate:[* TO now/d]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true,&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:true},&quot;omni&quot;:&quot;\\&quot;CH1432435803\\&quot; \\&quot;CH1427519330\\&quot; \\&quot;CH1432428188\\&quot; \\&quot;CH1432449317\\&quot;&quot;}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WnN?language_id=1\" label=\"Discover more Leverage Products on Tesla\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"leverage-tsla-q1-2025","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2025-04-17T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/leverage-prod_leonteq-structured-products_homepage-banner.jpg","subTitle":"Leonteq expanding range of listed Leverage Products","windowTitle":"New standards","category":"investment-themes","title":"New standards","body":"<h3>A particular type of investor<\/h3>\n<p>Sitting in the utmost concentration in front of screens, sometimes several, while monitoring prices, charts and news \u2013 that could sum up the working environment of a trader. The primary goal of this investor is to exploit short-term fluctuations in a security in order to realise a profit. The strategy can be geared towards both long and short prices. Things get especially interesting for traders on stock markets when the hectic pace increases and there are particularly sharp swings. In that regard there has been a lot to do over the last few weeks: US president Donald Trump\u2019s about-turn on tariff policy at the start of April triggered a minor earthquake on the stock market, with traders particularly active even before the Republican\u2019s historic tariff presentation in the Rose Garden in front of the White House.<\/p>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2025/listed-leverage-products?language_id=1\" label=\"Find out more!\"><\/ltq-button><\/div>\n\n<h3>Offensive at the right time<\/h3>\n<p>At this point, the turnover statistics of the SIX Swiss Exchange speak for themselves. In the first quarter of 2025, the volume of leverage products traded there totalled almost CHFbn 1, nearly half as much again as in the first three months of the previous year (see graph). Leverage products are the preferred instruments of many traders because they offer a liquid opportunity to take short-term positions. Since these come in both long and short versions, there are no limits to the trade in terms of direction. Leonteq has expanded its product range almost simultaneously with the latest stock exchange turbulence and entered the market for leverage products. The Zurich fintech company now has more than 3,200 leverage products listed on the SIX.<\/p>\n\n<h3>Modern, flexible, robust<\/h3>\n<p>That\u2019s not all, however: in addition to the further expansion of the range of products on the most important Swiss trading centre, there are also plans to roll them out on the BX Swiss. Leonteq has prepared assiduously for the current expansion phase, having put together a team of leading industry experts years ago. Along with experienced IT specialists, they developed an ultramodern, automated retail flow platform that gives customers access to an extensive range of securitised leverage products. When it comes to quality, Leonteq is looking to set new standards again. The first of these is in relation to transparency. Users are given comprehensive information on products and underlyings in real time, while intuitive search and filter tools enable them to select the appropriate instrument for the circumstances. At the same time, customers operate in a safe, regulated environment with robust investor protection. It goes without saying, of course, that trading is all about the quality of the trade. This where Leonteq\u2019s DNA comes in. Seamless market making \u2013 even for large volumes \u2013, first-class risk management and efficient settlement have always been among the company\u2019s core areas of expertise.<\/p>\n\n<h3>\u201cHome-made\u201d insurance<\/h3>\n<p>The product range, which is focused on mini futures and open-end warrants with knock-out, is not just of interest to the classic trader: these products can also be used to hedge a portfolio. Anyone invested in US equities, for instance, can use leverage instruments based on the S&P 500 index for this purpose. If the holdings are particularly geared towards the tech stocks on Wall Street, the Nasdaq-100 could be a better option as the underlying. Leonteq already offers some 460 leverage products on both US benchmarks. Almost half of them are short instruments that can play to their strengths to provide \u201chome-made\u201d insurance. Whether trading or hedging, determined investors should always be able to find the right solution on Leonteq's new platform. In the event that they cannot, there is a \u201cproduct wishbox\u201d which gives them the opportunity to add suggestions or ideas.<\/p>\n\n<\/div>\n    <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage?language_id=1\" label=\"Discover our Leverage Products!\"><\/ltq-button>\n\n<div>\n<generic-chart title=\"Leverage products on the SIX Swiss Exchange (turnover in CHF million, number of trades)\">\n  <x-axis categories=\"Q1 23, Q2 23, Q3 23, Q4 23, Q1 24, Q2 24, Q3 24, Q4 24, Q1 25\"/>\n      <chart-column title=\"Revenue (in Mio. CHF, left)\" data=\"901229,622734,607038,568921,673220,827684,907651,890099,983284\" format=\"number\"/>\n      <chart-line title=\"Number of trades\" data=\"81978,54388,59718,56376,70318,70441,73956,65870,85088\" format=\"number\" yAxisRight=\"true\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: SIX Swiss Exchange, As of: April 2025 <br />Past performance is not a reliable indicator of future performance.<\/footer>\n\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2025/listed-leverage-products?language_id=1\" label=\"Find out more!\"><\/ltq-button><\/div>\n    \n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"listed-leverage-products","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leverage-prod_leonteq-structured-products_sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leverage-prod_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-04-17T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/gold_xmas_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"ETP+ on Gold CHF Hedged Index","windowTitle":"Safe haven currency in a special jacket","category":"investment-themes","title":"Safe haven currency in a special jacket","body":"<h3>Falling interest rates, strong currency<\/h3>\n<p>The Swiss franc is considered a safe haven investment. In this respect, the domestic currency is particularly in demand when capital markets get nervous. This status did not change following the surprising move by the Swiss National Bank when it embarked on a turnaround in interest rates in March, ahead of the ECB and the Fed. Although the change of course towards a looser monetary policy has now also been initiated in the eurozone and the USA, the difference in interest rates between the Swiss franc and the two main currency zones has still widened markedly. At the moment, the 10-year US Treasury is yielding around 400 basis points more than the Confederation bond of the same duration. On New Year\u2019s Eve 2023 the discrepancy was 3.16 percentage points. To that extent it is not surprising that the franc has recently softened against the US dollar. However, the devaluation is taking place when the CHF is at a historically high level.<\/p>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2024/gold-etp-plus?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n\n<h3>Franc strength as a brake pad<\/h3>\n<p>It is not only the export industry for which the latent strength of the franc has consequences: it is also unfavourable for investors in commodities who allocate their capital in CHF. Since the natural products are traded on futures exchanges in USD, an appreciation of the franc eats into the profits of positions held in the domestic currency. Take gold as an example: in USD terms the precious metal has appreciated by 85% over the last five years. As a result of the greenback\u2019s depreciation, the price of gold converted into Swiss francs has been unable to keep pace with the \u201coriginal\u201d (see chart). To take the imponderables associated with the exchange rate out of the equation, Leonteq has launched the Gold CHF Hedged Index. This underlying tracks the precious metal in Swiss francs. Value shifts between the USD as the commodity currency and the Swiss franc are left out of consideration.<\/p>\n\n<div><generic-chart title=\"Gold (in USD) vs Gold (in CHF) (indexed to 100)\">\n <chart-line title=\"Gold (in USD)\" path=\"Chart_gold_usd.csv\" format=\"date, number\"><\/chart-line> \n <chart-line title=\"Gold (in CHF)\" path=\"Chart_gold_chf.csv\" format=\"date, number\"><\/chart-line>\n <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n <footer>Source: Refinitiv, as of: 22.11.2024 <br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>The \u201c+\u201d in quality<\/h3>\n<p>The position in gold is taken out by means of futures contracts, with the future used being exchanged every two months. Currency hedging acts on a daily basis, the quanto mechanism neutralising fluctuations in the US dollar against the Swiss franc. As of now, this special benchmark is available for investment through an exchange-traded product, or ETP for short. On 25 November Leonteq introduced the participation product for trading on the SIX Swiss Exchange and the BX Swiss. One of the strengths of this issue, alongside its daily liquidity, is the robust product structure. The ETP from Leonteq carries the \u201c+\u201d suffix because it is collateralised by means of a special mechanism. A deposit is pledged with SIX SIS AG for each product. SIX Repo AG is responsible for monitoring the collateralisation on an ongoing basis. It acts on behalf of investors. Should Leonteq enter into payment difficulties (default), SIX Repo AG could realise the pledge in favour of the product owners.<\/p>\n\n<div><generic-chart title=\"Gold CHF Hedged Index (in CHF)\">\n <chart-line title=\"Gold CHF Hedged Index\" path=\"Chart_goldetp.csv\" format=\"date, number\"><\/chart-line> \n <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n <footer>Source: Refinitiv, as of: 22.11.2024 <br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Robust and low cost<\/h3>\n<p>Such a negative scenario is extremely unlikely, however: in the middle of October, Fitch confirmed the investment grade rating of Leonteq Securities AG at \u201cBBB\u201d with a stable outlook. Leonteq AG, the listed parent company, enjoys an \u201cAA\u201d ESG rating from MSCI and at the end of 2023 had a strong capital base totalling around CHFmn 780. The new ETP+ on the Gold CHF Hedged Index comes with a management fee of 0.32% p.a. For this modest contribution investors can add the precious metal to their portfolio without worrying about either safekeeping or the effects of the USD-CHF exchange rate. Another advantage is the low absolute price: thanks to a conversion ratio of 0.01, the ETP+ is trading at around CHF 18. In short, investors get simple, robust and low-cost access to the safe haven that is gold without having to rely on the Swiss franc to do so.<\/p>\n\n\n<h3>ETP+ on Gold CHF Hedged Index<\/h3>\n<div><price-chart isin=\"CH1390861248\"><\/price-chart><\/div>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1390861248\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2024/gold-etp-plus?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"gold-etp-plus","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/gold_xmas_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/gold_xmas_leonteq_structured_products_thumbnail.jpg"},{"date":"2025-04-16T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/partnersgroup_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Under the hammer","windowTitle":"Partners Group","category":"underlying-in-focus","title":"Partners Group","body":"<p>Two weeks have now passed since Donald Trump wielded the tariff hammer. Although the U.S. President has largely suspended the executive order signed on April 2, 2025, the shock on the stock markets remains deep. The SMI is trading more than 1,000 points below its level at the end of March. Within the Swiss benchmark index, the tariff blow has hit Partners Group particularly hard. After the U.S. President announced reciprocal import duties, the financial investor\u2019s market capitalization dropped by nearly a quarter at its lowest point. At one point, the Partners Group share price dipped into triple digits for the first time since autumn 2023. Although the stock has since climbed back above CHF 1,000, it still shows a loss of around 14% for April as of just before Easter. The sharp correction is driven by concerns that U.S. trade policy could hurt the profits of the Zug-based firm\u2019s portfolio companies.<\/p>\n\n<div><generic-chart title=\"Partners Group (in CHF)\"> \n    <chart-line title=\"Partners Group\" path=\"Chart_PGHN.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Quelle: Refinitiv, Stand: 15.04.2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Direct and Indirect Effects<\/h3>\n<p>One week after Donald Trump\u2019s headline-making appearance, Partners Group responded. In a press release, management quantified the impact of U.S. tariffs on the portfolio. More than 75 active investments were scrutinized. Overall, the import duties could reduce the operating profit (at the EBITDA level) of the private equity holdings by 1% to 3%. In the infrastructure segment, those in charge see potential impacts on supply chains for six of the total 36 assets. Partners Group explicitly noted that potential indirect consequences of U.S. trade policy were not assessed. According to Jonathan Progin, editor at Finanz und Wirtschaft, the correction in equities and bonds may have increased the relative importance of the relatively stable private market investments held by institutional investors. As a result, he believes that capital inflows from this segment might dry up. In 2024, Partners Group raised a total of USD 22 billion \u2013 18% more than the previous year.<\/p>\n\n<h3>Diversification \u2013 Also on the Client Side<\/h3>\n<p>\"The fewer new funds raised, the less investment capital is available,\" notes the FuW author. However, he believes a decline in capital commitments would not have severe consequences. \"Partners Group manages over USD 150 billion and earns reliably predictable management fees,\" emphasizes Progin. Indeed, assets under management (AuM) have grown steadily in recent years. From 2013 to 2024, the average annual growth rate was 12%. According to the expert, Partners Group has successfully diversified its client base during this period and is no longer reliant solely on institutional investors. \u201cMost capital commitments now come from mandates and evergreen funds,\u201d the editor explains. A glance at the current financials supports his point. Of the new funds raised in 2024, 39% flowed into so-called evergreen structures. These are long-term oriented funds with a degree of liquidity \u2013 making private equity more accessible to high-net-worth individuals.<\/p>\n\n<div>\n<generic-chart title=\"Assets under Management (in USD billion)\">\n  <x-axis categories=\"2016,2018,2020,2022,2024\"/>\n      <chart-column title=\"Assets under Management in USD billion\" data=\"57,83,109,135,152\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Partners Group, Stand: März 2025 <br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Ambitious Goals<\/h3>\n<p>To navigate current turbulence, Partners Group is also drawing on experience. According to Roberto Cagnati, Chief Risk Officer and Head of Portfolio Solutions, some evergreen funds have a track record of more than 20 years. During this time, they have weathered both the financial crisis and the COVID pandemic. \"We have emerged stronger from every market cycle because we prioritize sustainable growth and prudent risk management,\" the senior executive explains. Accordingly, the company is not backing down from the targets presented just this March. At this year\u2019s Capital Markets Day, Partners Group forecast growth exceeding that of the broader private equity market. Specifically, AuM is projected to grow to over USD 450 billion by 2033. \u201cTripling assets under management has become more challenging, but the goal is not unrealistic,\u201d says Jonathan Progin. All in all, the FuW editor views the sharp drop in Partners Group\u2019s share price as a buying opportunity \u2013 even if the upside potential may be limited over the next 12 months.<\/p>\n\n<h3>Investment Solutions: Now with Leverage \u2013 or the Classic Approach<\/h3>\n<p>It\u2019s fitting, then, that the SMI-listed stock is part of Leonteq\u2019s recent expansion. The Zurich-based fintech company has entered the leveraged product market. As part of this push, more than 30 mini-futures and knock-out warrants on Partners Group have already been listed on the SIX Swiss Exchange \u2013 both long and short variants. Investors can thus bet with leverage on a recovery in the stock (long) or a renewed downturn (short). A much more defensive option is the new soft-callable barrier reverse convertible. Here, investors receive a coupon of 8.00% p.a. \u2013 regardless of how the Partners Group share price performs. The nominal is partially protected: as long as the underlying does not hit or fall below 59% of its initial level, the issuer repays the invested capital in full. If that buffer proves insufficient, the partial protection lapses. In this case, the BRC would be fully exposed to the risks of Partners Group. Please also note the soft-callable feature, which allows for early termination and repayment of this issue.<\/p>\n\n<h3>Callable Single Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1292088643\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<h3>Leverage Products on Partners Group<\/h3>\n<div>\n    <div>  \n              <leverage-saved-search :columns=\"[]\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.firstTradingDate:[* TO now/d]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true,&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:true},&quot;underlyings&quot;:[&quot;67109101&quot;]}\" />\n  <\/div>\n\n<\/div>\n    <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WnH?language_id=1\" label=\"Discover our Leverage Products!\"><\/ltq-button>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-partnersgroup","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/partnersgroup_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/partnersgroup_leonteq_structured_products_thumbnail.jpg"},{"date":"2025-04-15T10:01","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"ASML ahead of Q1 results \u2013 Opportunity with Mini-Futures","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<div>Dutch tech giant ASML is one of the most critical suppliers to the global semiconductor industry. Known for its advanced lithography systems, particularly in the field of EUV technology, ASML plays a key role in the production of cutting-edge microchips. The company is set to publish its Q1 2025 results on April 16, which could trigger notable movements in the stock.<\/div>\n<div>With Mini-Futures, investors can take targeted positions on price fluctuations, whether expecting a rise or a decline of the stock price.<\/div>\n\n<h3>Mini-Futures<\/h3>\n<div>  \n              <leverage-saved-search :columns=\"[]\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.firstTradingDate:[* TO now/d]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true,&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:true},&quot;omni&quot;:&quot;\\&quot;143244193\\&quot; \\&quot;143243289\\&quot; \\&quot;140358485\\&quot; \\&quot;142753467\\&quot;&quot;}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WnJ?language_id=1\" label=\"Discover more Leverage Products on ASML\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"leverage-asml-q1-2025","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"},{"date":"2025-04-09T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-know-how-product+homepage+banner.jpg","subTitle":"What are Mini Futures? A guide for private investors","windowTitle":"Leonteq Know-How","category":"know-how","title":"Leonteq Know-How 12","body":"<p>Mini Futures are a flexible and transparent type of leveraged product that allow investors to participate in the price performance of an underlying asset with a comparatively low capital investment. But how exactly do Mini Futures work, what variants are available and what opportunities and risks should investors be aware of? This article provides you with a compact introduction to these popular financial instruments.<\/p>\n<h3>1. What are Mini Futures?<\/h3>\n<p>Mini Futures are derivatives that allow investors to bet on rising or falling prices of an underlying asset (e.g. shares, indices, commodities or currencies). They are characterized by built-in leverage, which increases the potential gains, but also the losses. Unlike traditional Warrants, Mini Futures do not have a fixed term and only expire when the so-called stop-loss level is reached.<\/p>\n<h3>2. Long vs. Short Mini Futures<\/h3>\n<p>There are two basic variants of Mini Futures:<\/p>\n<ul>\n    <li><b>Long Mini Futures: <\/b>This variant benefits from rising prices of the underlying asset. It is suitable for investors who have positive market expectations.<\/li>\n    <li><b>Short Mini Future: <\/b>This variant offers opportunities if the price of the underlying asset falls. It is ideal for investors who want to bet on falling markets.<\/li>\n<\/ul>\n<h3>3. How does a Mini Future work?<\/h3>\n<p>A Mini Future consists of three main components:<\/p>\n<ul>\n    <li><b>Strike price: <\/b>Also known as the strike or financing level. The issuer assumes part of the investment, which means that the investor only has to finance a fraction of the underlying asset.<\/li>\n    <li><b>Leverage: <\/b>The leverage results from the ratio between the current price of the underlying asset and the strike price, i.e. the investor's equity share.<\/li>\n    <li><b>Stop-loss level:<\/b> Is upstream (Long Mini Future) or downstream (Short Mini Future) of the strike price. If this level is reached, the product is automatically terminated early. However, there may be a residual value repayment if the hedging transaction can be terminated above the strike price (Long Mini Future) or below the strike price (Short Mini Future).<\/li>\n<\/ul>\n<p><b>Example: <\/b>An investor buys a Long Mini Future with an exercise ratio of 1 on a share quoted at CHF 100. The strike price is CHF 80, the purchase price is CHF 20, resulting in a leverage of 5 (CHF 100 / CHF 20). The stop-loss level is CHF 85. <\/p>\n<p><b>Possible scenarios: <\/b><\/p>\n<ul>\n    <li>1. The share rises to CHF 110 (+10%):<\/li>\n    <ul>\n        <li> The Mini Future rises from CHF 20 to CHF 30 (+50%)<\/li>\n        <li>The profit is disproportionately high due to the leverage.<\/li>\n    <\/ul>\n    <li>2. The share falls to CHF 85 (stop-loss level reached):<\/li>\n    <ul>\n        <li>The product expires automatically.<\/li>\n        <li>The investor may receive a residual value repayment if it is possible to liquidate the issuer's hedging transaction above the financing level. The maximum repayment in this case is limited to the absolute difference between the strike price and the stop-loss level.<\/li>\n        <li>If the liquidation occurs at or below the financing level, the investor loses the entire capital invested.<\/li>\n    <\/ul>\n<\/ul>\n\n<div><generic-chart title=\"Payout profile sample Long Mini Future\"> \n        <chart-line yAxisTitle=\"Profit / Loss\" title=\"Long Mini-Future\" path=\"Chart_Mini12.csv\" format=\"number, number\"><\/chart-line>\n        <chart-line title=\"Underlying\" path=\"Mini_basiswert.csv\" format=\"number, number\"><\/chart-line> \n        <x-axis type=\"number\" title=\"Share price in CHF\"><\/x-axis>\n        <\/generic-chart><\/div>\n <footer>Source: Leonteq Securities<\/footer>\n \n<h3>4. Factors influencing the price of a Mini Future<\/h3>\n<p>Several factors determine the value of a Mini Future:<\/p>\n<ul>\n    <li><b>Price of the underlying asset: <\/b>the performance of the underlying asset has a direct impact on the price of the Mini Future.<\/li>\n    <li><b>Strike price: <\/b>The closer the strike price is to the current price of the underlying asset, the more of the investment is financed by the issuer, thus ensuring higher leverage.<\/li>\n    <li><b>Leverage: <\/b>The higher the leverage, the greater the potential gains - but also the greater the risk of loss.<\/li>\n    <li><b>Financing costs: <\/b>As the issuer bears part of the investment, ongoing financing costs are incurred, which are borne by the investor through continuous adjustment of the strike price.<\/li>\n    <li><b>Stop-loss level: <\/b>If this level is reached, there is an early liquidation. The repayment depends on the actual liquidation price of the issuer's hedging transaction.<\/li>\n<\/ul>\n<ltq-table id=\"Price factors Mini Futures\" title=\"Price factors Mini Future\"> <template v-slot:default=\"\">\n    <thead>\n        <tr>\n            <th>Price factor<\/th>\n            <th>Movement of the price factor<\/th>\n            <th class=\"blue-header\">Price of the Long Mini Future<\/th>\n            <th class=\"blue-header\">Price of the Short Mini Future<\/th>\n        <\/tr>\n    <\/thead>\n    <tbody>\n        <tr>\n            <td rowspan=\"2\" style=\"vertical-align: middle;\">Price of the underlying (key figure: Delta)<\/td>\n            <td><span class=\"arrow-up\">↑<\/span> increases<\/td>\n            <td style=\"color: var(--color-text-success);\"><span class=\"arrow-up\">↑<\/span> increases<\/td>\n            <td style=\"color: var(--color-text-error);\"><span class=\"arrow-down\">↓<\/span> decreases<\/td>\n        <\/tr>\n        <tr>\n            <td style=\"padding-left: 0\"><span class=\"arrow-down\">↓<\/span> decreases<\/td>\n            <td style=\"color: var(--color-text-error);\"><span class=\"arrow-down\">↓<\/span> decreases<\/td>\n            <td style=\"color: var(--color-text-success);\"><span class=\"arrow-up\">↑<\/span> increases<\/td>\n        <\/tr>\n        <tr>\n            <td rowspan=\"2\" style=\"vertical-align: middle;\">Volatility/fluctuation range (key figure: Vega)<\/td>\n            <td><span class=\"arrow-up\">↑<\/span> increases<\/td>\n            <td>no influence<\/td>\n            <td>no influence<\/td>\n        <\/tr>\n        <tr>\n            <td style=\"padding-left: 0\"><span class=\"arrow-down\">↓<\/span> decreases<\/td>\n            <td>no influence<\/td>\n            <td>no influence<\/td>\n        <\/tr>\n        <tr>\n            <td rowspan=\"2\" style=\"vertical-align: middle;\">Dividend expectation<\/td>\n            <td><span class=\"arrow-up\">↑<\/span> increases<\/td>\n            <td>no influence<\/td>\n            <td>no influence<\/td>\n        <\/tr>\n        <tr>\n            <td style=\"padding-left: 0\"><span class=\"arrow-down\">↓<\/span> decreases<\/td>\n            <td>no influence<\/td>\n            <td>no influence<\/td>\n        <\/tr>\n        <tr>\n            <td>Holding period<\/td>\n            <td><span class=\"arrow-up\">↑<\/span> increases<\/td>\n            <td style=\"color: var(--color-text-error);\"><span class=\"arrow-down\">↓<\/span> decreases<\/td>\n            <td style=\"color: var(--color-text-error);\"><span class=\"arrow-down\">↓<\/span> decreases<\/td>\n        <\/tr>\n    <\/tbody>\n    <\/template>\n<\/ltq-table>\n\n<h3>4. Opportunities and risks of Mini Futures<\/h3>\n<p><b>Opportunities:<\/b><\/p>\n<ul>\n    <li><b>High leverage: <\/b>Investors can participate disproportionately in market movements with a low capital investment.<\/li>\n    <li><b>Flexible investment strategies: <\/b>They are suitable for different market opinions (rising or falling prices).<\/li>\n    <li><b>No fixed term: <\/b>Unlike Warrants, Mini Futures have no fixed term.<\/li>\n    <li><b>Limited risk of loss: <\/b>The maximum loss is limited to the amount invested. In addition, the stop-loss mechanism protects against a total loss.<\/li>\n<\/ul>\n<p><b>Risks:<\/b><\/p>\n<ul>\n    <li><b>Stop-loss risk: <\/b>If the stop-loss level is reached, the product is automatically liquidated. Repayment depends on market conditions. A total loss is possible.<\/li>\n    <li><b>Loss disproportionate to the stake: <\/b>Price losses can be amplified by the leverage.<\/li>\n    <li><b>Financing costs: <\/b>Holding Mini Futures long-term can reduce returns due to the financing costs incurred.<\/li>\n<\/ul>\n<h3>6. Conclusion: Are Mini Futures the right product for you?<\/h3>\n<p>Mini Futures are attractive leverage products for experienced investors who want to make targeted bets on market movements. They offer great opportunities for gains, but also entail considerable risks. The stop-loss level in particular plays a key role, as it can lead to premature termination of the product. Investors should therefore familiarize themselves thoroughly with the mechanisms and possible risks before investing.<\/p>\n<p>Are you ready to integrate Mini Futures into your investment strategy? Our team of experts will be happy to provide you with more information!<\/p>\n<!-- <h3>Discover our range of Long and Short Mini Futures<\/h3> -->\n<ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WrV?language_id=1\" label=\"Discover our Mini-Futures!\"><\/ltq-button>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"know-how-mini-futures","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-know-how-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-know-how-thumbnail.jpg"},{"date":"2025-04-09T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-know-how-product+homepage+banner.jpg","subTitle":"What are Warrants with Knock-Out? A guide for private investors","windowTitle":"Leonteq Know-How","category":"know-how","title":"Leonteq Know-How 13","body":"<p>Warrants with Knock-Out are leverage products that allow investors to participate in the price movement of an underlying asset with a comparatively small capital investment. But how do they work, what are their opportunities and risks, and how do they differ from <a href=\"/news/all/know-how-mini-futures\" target=\"_blank\" rel=\"noopener\">Mini Futures<\/a>? This article will give you a comprehensive introduction.<\/p>\n<h3>1. What are Warrants with Knock-Out?<\/h3>\n<p>A Warrant with Knock-Out is a derivative that is closely linked to the price movement of an underlying asset (e.g. a share, index or currency). There are two main types:<\/p>\n<ul>\n    <li><b>Call Warrant with Knock-Out: <\/b>Profit from rising prices of the underlying asset.<\/li>\n    <li><b>Put Warrant with Knock-Out: <\/b>Profit from falling prices of the underlying asset.<\/li>\n<\/ul>\n<p>In contrast to classic Warrants, Warrants with Knock-Out have a so-called knock-out threshold. If this threshold is reached or exceeded by a price gap, the product usually expires worthless immediately.<\/p>\n<h3>2. How does a Warrant with Knock-Out work?<\/h3>\n<p>A Warrant with Knock-Out consists of the following components:<\/p>\n<ul>\n    <li><b>Strike price: <\/b>Also called strike or financing level. The issuer assumes part of the investment, which means that the investor only has to finance a fraction of the underlying asset. It plays a central role in the pricing and leverage of a Warrant with Knock-Out.<\/li>\n    <li><b>Knock-out level:<\/b> If this level is reached, the product immediately expires worthless. The knock-out level corresponds to the strike price.<\/li>\n    <li><b>Leverage: <\/b>The leverage results from the ratio between the current price of the underlying and the current price of the Warrant with Knock-Out.<\/li>\n<\/ul>\n<h3>3. The leverage effect of Warrant with Knock-Out<\/h3>\n<p>Leverage is a key feature of these products:<\/p>\n<ul>\n    <li><b>Level of leverage: <\/b>Unlike Mini Futures, Warrants with Knock-Out do not have an upstream stop-loss threshold, which means that the strike price can be placed closer to the price of the underlying asset, allowing for higher leverage.<\/li>\n    <li><b>Dynamics: <\/b>The closer the underlying is to the knock-out level, the higher the leverage - but also the higher the risk of a total loss.<\/li>\n    <li><b>Calculation: <\/b>The leverage is calculated using the following formula:\n    <math xmlns=\"http://www.w3.org/1998/Math/MathML\">\n    <mi>Leverage<\/mi>\n    <mo>=<\/mo>\n    <mfrac>\n        <mtext>Underlying price [if applicable x exercise ratio x FX]<\/mtext>\n        <mtext>Warrant price<\/mtext>\n    <\/mfrac>\n    <\/math><\/li>\n    <ul>\n        <li>Where FX is the exchange rate between the currency of the underlying and the currency of the product.<\/li>\n    <\/ul>\n<\/ul>\n<p><b>Example: <\/b>An investor buys a Call Warrant with Knock-Out with an exercise ratio of 1 on a share quoted at CHF 100. The strike price is CHF 90, so the investor only invests CHF 10. This results in a leverage of 10 (CHF 100 / CHF 10). The knock-out level corresponds to the strike price and is therefore CHF 90. <\/p>\n<p><b>Possible scenarios: <\/b><\/p>\n<ul>\n    <li>1. the share rises to CHF 110 (+10%):<\/li>\n    <ul>\n        <li> The Warrant with Knock-Out rises from CHF 10 to CHF 20 (+100%)<\/li>\n        <li>Due to the leverage effect, the gain is disproportionately high.<\/li>\n    <\/ul>\n    <li>2. The share falls to CHF 90 (knock-out level reached):<\/li>\n    <ul>\n        <li>The product automatically expires worthless. If, for example, the underlying opens significantly below the knock-out level on a trading day due to a gap (a price gap), the product expires worthless, but there is no obligation to make additional payments. <\/li>\n    <\/ul>\n<\/ul>\n\n<div><generic-chart title=\"Payout profile sample Warrant with Knock-Out\"> \n        <chart-line yAxisTitle=\"Profit / Loss\" title=\"Warrant with Knock-Out\" path=\"Chart_WKO12.csv\" format=\"number, number\"><\/chart-line>\n        <chart-line title=\"Underlying\" path=\"KO_basiswert.csv\" format=\"number, number\"><\/chart-line> \n        <x-axis type=\"number\" title=\"Price in CHF\"><\/x-axis>\n        <\/generic-chart><\/div>\n <footer>Source: Leonteq Securities<\/footer>\n \n<h3>4. Factors influencing the price of a Warrant with Knock-Out<\/h3>\n<p>Several factors determine the value of a Warrant with Knock-Out:<\/p>\n<ul>\n    <li><b>Price of the underlying: <\/b>The performance of the underlying has a direct impact on the price of the Warrant with Knock-Out.<\/li>\n    <li><b>Strike price: <\/b>The closer the strike price is to the current price of the underlying, the more of the investment is financed by the issuer, thus ensuring higher leverage.<\/li>\n    <li><b>Leverage: <\/b>The higher the leverage, the greater the potential gains - but also the greater the risk of loss.<\/li>\n    <li><b>Financing costs: <\/b>As the issuer bears part of the investment, ongoing financing costs are incurred, which are borne by the investor through continuous adjustment of the strike price.<\/li>\n<\/ul>\n<ltq-table id=\"Price factors Warrants with Knock-Out Open End\" title=\"Price factors Warrants with Knock-Out Open End\"> <template v-slot:default=\"\">\n    <thead>\n        <tr>\n            <th>Price factor<\/th>\n            <th>Movement of the price factor<\/th>\n            <th class=\"blue-header\">Price of the Call Warrant with Knock-Out Open End<\/th>\n            <th class=\"blue-header\">Price of the Put Warrant with Knock-Out Open End<\/th>\n        <\/tr>\n    <\/thead>\n    <tbody>\n        <tr>\n            <td rowspan=\"2\" style=\"vertical-align: middle;\">Price of the underlying (key figure: Delta)<\/td>\n            <td><span class=\"arrow-up\">↑<\/span> rises<\/td>\n            <td style=\"color: var(--color-text-success);\"><span class=\"arrow-up\">↑<\/span> rises<\/td>\n            <td style=\"color: var(--color-text-error);\"><span class=\"arrow-down\">↓<\/span> decreases<\/td>\n        <\/tr>\n        <tr>\n            <td style=\"padding-left: 0\"><span class=\"arrow-down\">↓<\/span> decreases<\/td>\n            <td style=\"color: var(--color-text-error);\"><span class=\"arrow-down\">↓<\/span> decreases<\/td>\n            <td style=\"color: var(--color-text-success);\"><span class=\"arrow-up\">↑<\/span> increases<\/td>\n        <\/tr>\n        <tr>\n            <td rowspan=\"2\" style=\"vertical-align: middle;\">Volatility/fluctuation range (key figure: Vega)<\/td>\n            <td><span class=\"arrow-up\">↑<\/span> increases<\/td>\n            <td>low<\/td>\n            <td>low<\/td>\n        <\/tr>\n        <tr>\n            <td style=\"padding-left: 0\"><span class=\"arrow-down\">↓<\/span> decreases<\/td>\n            <td>low<\/td>\n            <td>low<\/td>\n        <\/tr>\n        <tr>\n            <td rowspan=\"2\" style=\"vertical-align: middle;\">Dividend expectation<\/td>\n            <td><span class=\"arrow-up\">↑<\/span> increases<\/td>\n            <td>no influence<\/td>\n            <td>no influence<\/td>\n        <\/tr>\n        <tr>\n            <td style=\"padding-left: 0\"><span class=\"arrow-down\">↓<\/span> decreases<\/td>\n            <td>no influence<\/td>\n            <td>no influence<\/td>\n        <\/tr>\n        <tr>\n            <td>Holding period<\/td>\n            <td><span class=\"arrow-up\">↑<\/span> increases<\/td>\n            <td style=\"color: var(--color-text-error);\"><span class=\"arrow-down\">↓<\/span> decreases<\/td>\n            <td style=\"color: var(--color-text-error);\"><span class=\"arrow-down\">↓<\/span> decreases<\/td>\n        <\/tr>\n    <\/tbody>\n    <\/template>\n<\/ltq-table>\n\n<h3>5. Opportunities and risks of Warrants with Knock-Out<\/h3>\n<p><b>Opportunities:<\/b><\/p>\n<ul>\n    <li><b>High profit opportunities: <\/b>Due to the leverage, even small price movements can generate large returns.<\/li>\n    <li><b>Targeted market strategies: <\/b>Investors can bet on both rising and falling prices.<\/li>\n    <li><b>Limited capital investment: <\/b>Only a fraction of the underlying asset is required as an investment.<\/li>\n<\/ul>\n<p><b>Risks:<\/b><\/p>\n<ul>\n    <li><b>Risk of total loss: <\/b>If the knock-out threshold is reached or exceeded, the warrant usually expires worthless.<\/li>\n    <li><b>Price gaps: <\/b>Sudden market movements can trigger the knock-out without warning.<\/li>\n    <li><b>Gap risk premium: <\/b>Investors pay a fee for the issuer's risk.<\/li>\n<\/ul>\n<h3>6. Differences between Warrants with Knock-Out and Mini Futures<\/h3>\n<p>Although both products offer leverage, there are some key differences:<\/p>\n<ul>\n    <li><b>Knock-out mechanism: <\/b>Warrants with Knock-Out expire immediately when the knock-out level is reached, while Mini Futures have an upstream stop-loss level that allows for a possible redemption of the residual value.<\/li>\n    <li><b>Gap risk premium: <\/b>In the case of Warrants with Knock-Out, the lack of a stop-loss level means that the issuer bears the risk of the underlying falling directly below (call) or above (put) the knock-out level due to a price gap and the issuer being unable to terminate the hedging transaction quickly enough. The issuer therefore charges a gap risk premium, which is included in the product costs.<\/li>\n    <li><b>Leverage: <\/b>Warrant with Knock-Out can be issued with higher leverage. This is because the lack of a stop-loss level allows for a strike price closer to the current price of the underlying, reducing the entry price.<\/li>\n<\/ul>\n<h3>7. Conclusion: Are Warrants with Knock-Out suitable for you?<\/h3>\n<p>Warrants with Knock-Out are speculative financial instruments with high profit potential, but also high risk. They are suitable for investors who are aware of the leverage effect and the knock-out problem. If you want to reduce the risk of a total loss, you should consider Mini Futures as an alternative.<\/p>\n\n<p><b>Tip: <\/b>Before investing in Warrants with Knock-Out, you should familiarize yourself with the mechanisms and costs and only invest capital that you can afford to lose.<\/p>\n<p>Would you like to find out more about Leverage Products? Our team of experts will be happy to help you!<\/p>\n<!-- <h3>8. discover our range of Call and Put Warrants with Knock-Out<\/h3> -->\n\n<ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wvs?language_id=1\" label=\"Discover our Warrants with Knock-Out!\"><\/ltq-button>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"know-how-warrant-mit-knock-out","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-know-how-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-know-how-thumbnail.jpg"},{"date":"2025-04-09T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_frog_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Turning point","windowTitle":"Defense","category":"investment-themes","title":"Defense","body":"<p>These days, in many ways, a new era is beginning. Meteorologically, spring is driving away Father Frost, economically, a multi-billion-euro program from the German federal government is raising hopes for an economic revival, and geopolitically, the balance of power is shifting. On top of that, there\u2019s a tariff hammer from the US government, which is confronting the world with new realities. Internally, there is also an epoch-making innovation: Leonteq is entering the world of structured leverage products. With efficient derivatives, investors can now achieve significant impact with a small investment. They have full flexibility: speculations can be made both on rising (Long) and falling (Short) prices, and different leverage options are available to match individual risk preferences. This allows for disproportionate gains from price movements in a variety of underlying assets. Currently, defense stocks are all the rage. Driven by geopolitical tensions, global rearmament is underway, which in turn is leading to booming profits and full order books in the defense sector.<\/p>\n\n<p>The flood of orders could even accelerate further, particularly in Europe. Here, the industry is gaining momentum from the investments mentioned earlier in Germany. But the entire EU also plans to expand its stock of military assets. Brussels intends to allocate a hefty EUR 800 billion for defense by the end of the decade. According to analysts at JPMorgan, the old continent is facing a decades-long rearmament cycle. The experts expect the European defense sector to experience an average revenue growth of at least double digits in percentage terms over the next 5 to 10 years.<\/p>\n\n<h3>German Defense Trio<\/h3>\n\n<p>For industry players such as Rheinmetall, Renk, and Hensoldt, these are promising times, even though they are already working at full capacity due to the war in Ukraine. To meet the booming demand, Europe\u2019s leading ammunition manufacturer, Rheinmetall, is currently considering converting parts of its civilian production for the automotive industry into military manufacturing. Under the motto \"war technology instead of passenger cars,\" there is even discussion about taking over certain VW production facilities to expand capacity. Speaking of VW: In mid-March, after an unprecedented rally, Rheinmetall surpassed Europe's largest car manufacturer in market value. Since New Year's, the share price of the DAX-listed company has more than doubled.<\/p>\n\n<div><generic-chart title=\"Hensoldt vs. Rheinmetall vs. Renk (1 Year)\"> \n    <chart-line title=\"Hensoldt\" path=\"Chart_Hensoldt.csv\" format=\"date, number\"><\/chart-line> \n     <chart-line title=\"Rheinmetall\" path=\"Chart_Rheinmetall.csv\" format=\"date, number\"><\/chart-line> \n    <chart-line title=\"Renk\" path=\"Chart_Renk.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as at 07.04.2025 <br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<p>A similar short-term price dynamic is being exhibited by competitors Hensoldt and Renk. These two companies also aim to take a slice of the billion-dollar defense pie. To improve the country's defense capabilities, Hensoldt is focusing on high technology. The provider of military radar and reconnaissance systems is currently expanding its manufacturing and aims to more than double its revenue to EUR 5 billion by 2030. The goal seems quite realistic, as the order intake last year surged by 39% to EUR 2.9 billion amid the European rearmament.<\/p>\n\n<h3>Rising to a New League<\/h3>\n\n<p>Amid the defense boom, Renk, a newcomer to the stock exchange, has recently been promoted. The tank transmission manufacturer\u2019s stock has been added to the German mid-cap index MDAX, putting it on equal footing with Hensoldt. The Bavarians also have no shortage of work. In the VMS segment, where vehicle transmissions for military tracked vehicles like battle tanks are produced, three major orders arrived in the fourth quarter of 2024. Overall, the company reported a record order intake of EUR 1.4 billion at the end of 2024. The positive trend continues into the new year: In January and February, Renk secured nearly EUR 50 million in orders in the maritime sector, including propulsion systems for patrol and supply ships as well as frigates for European customers. CEO Susanne Wiegand believes Renk is ideally positioned to take advantage of the growth opportunities that lie ahead.<\/p>\n\n<h3>Stock Market Shake-up<\/h3>\n\n<p>The recent dynamic price development of the German defense trio caused \"flagpoles\" in the charts. However, such stocks are particularly susceptible to market corrections. This was evident during the recent stock market shake-up triggered by the massive US tariff increases. On \"Black Monday\" this week, Rheinmetall's stock lost more than a fifth of its value at the start of trading and even dropped into the three-digit price range. However, investors quickly regained their composure, as the war in Ukraine and global rearmament remain the key factors for the defense industry, and thus Rheinmetall, along with its two industry peers, was able to recover most of its initial losses.<\/p>\n\n<h3>Trading at Full Speed<\/h3>\n\n<p>Such price movements can be turned into returns using leverage products. Regardless of the direction the stocks take, risk-tolerant investors can play both sides profitably with long and short products. Leonteq has included the three currently trending defense stocks\u2014Rheinmetall, Renk, and Hensoldt\u2014as underlying assets in its product selection to kickstart its derivatives business. Warrants with Knock-Out, also known as turbo certificates, as well as mini futures, are offered. Investors have a variety of long and short solutions to choose from for Rheinmetall. For the MDAX members Renk and Hensoldt, Leonteq is the first issuer in Switzerland to offer mini futures on these exciting underlying assets. Speculations on both rising and falling quotes are also possible here.<\/p>\n\n<p>Conclusion: Leonteq's new leverage products have many advantages. They allow investors to accompany pronounced trend developments with a multiplier or take advantage of short-term price movements. Additionally, investors have full flexibility regarding the expected price direction. In particularly volatile times, it can be crucial to be on the right side. However, these opportunities also come with risks. In the event of a Knock-Out or Stop-Loss, there can even be a total loss. Therefore, it is essential not only to have a clear opinion on the underlying asset but also to monitor the market environment closely, ensuring the capital invested aligns with the portfolio size.<\/p>\n\n<h3>Leverage Products on Rheinmetall<\/h3>\n<div>\n    <div>  \n              <leverage-saved-search :columns=\"[]\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.firstTradingDate:[* TO now/d]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true,&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:true,&quot;+_exists_:levels.stopLossLevelAbs&quot;:false},&quot;underlyings&quot;:[&quot;67118805&quot;],&quot;stopLossLevelDistance&quot;:{&quot;min&quot;:0.0509,&quot;max&quot;:0.3219},&quot;strikeLevelDistance&quot;:{&quot;min&quot;:0.041100000000000005,&quot;max&quot;:0.3355}}\" />\n  <\/div>\n<\/div>\n<h3>Leverage Products on RENK Group<\/h3>\n<div>\n    <div>  \n              <leverage-saved-search :columns=\"[]\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.firstTradingDate:[* TO now/d]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true,&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:true},&quot;underlyings&quot;:[&quot;190884169&quot;]}\" />\n  <\/div>\n<\/div>\n<h3>Leverage Products on Hensoldt<\/h3>\n<div>\n    <div>  \n              <leverage-saved-search :columns=\"[]\" :filter=\"{&quot;conditions&quot;:{&quot;+calendar.firstTradingDate:[* TO now/d]&quot;:true,&quot;-identification.status:EXPIRED&quot;:true,&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:true},&quot;underlyings&quot;:[&quot;161032111&quot;]}\" />\n  <\/div>\n<\/div>\n    <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage?language_id=1\" label=\"Discover our Leverage Products!\"><\/ltq-button>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"leverage-defense","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_frog_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_frog_leonteq_structured_products_thumbnail.jpg"},{"date":"2025-04-04T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/trump_put_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Bearish Shark Note on US Share Indices","windowTitle":"Correction as an opportunity","category":"investment-themes","title":"Correction as an opportunity","body":"<h3>The first blockbuster<\/h3>\n<p>\u201cJaws\u201d is turning 50. The horror film was first shown on the big screen on 20 June 1975. Steven Spielberg\u2019s film about a panic in a US seaside resort sent shivers down the spines of people round the world and made cinema box offices ring with excitement \u2013 the production by Universal Pictures is regarded as the first blockbuster in film history. To this day, a dorsal fin protruding from the water makes the shark a symbol of fear and terror \u2013 regardless of its actual threat. It is because of a special payoff diagram rather than any possible threat that the fish lends its name to the \u201cshark note\u201d. Investors can now use the cover of this structured product to bet that sentiment on the US equity market will remain gloomy. After years of upward momentum, the rally on Wall Street hit the buffers in the first quarter of 2025, with both the broad-based S&P 500 Index and the tech barometer, the NASDAQ-100, trading below last year\u2019s closing price.<\/p>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2025/shark-note-us-share-indices?language_id=1\" label=\"Find out more!\"><\/ltq-button><\/div>\n\n<div><generic-chart title=\"S&P 500 Index vs. NASDAQ-100 Index (5 Years, indexed to 100)\">\n <chart-line title=\"S&P 500 Index\" path=\"Chart_sp500_20250402.csv\" format=\"date, number\"><\/chart-line> \n <chart-line title=\"NASDAQ-100 Index\" path=\"Chart_nasdaq100_20250402.csv\" format=\"date, number\"><\/chart-line>\n <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n <footer>Source: Source: Refinitiv, as at 28.03.2025 <br />Historical data is not a reliable indicator of future performance<\/footer>\n\n<h3>A bearish structure<\/h3>\n<p>The new issue from Leonteq is in principle a capital protection certificate, as the nominal of 1,000 US dollars is fully guaranteed at the end of the term. There is also a bearish participation. Essentially, this means that as soon as the S&P 500 and NASDAQ-100 lose value over the next twelve months, the structured product turns the losses into a positive return. The key here is the performance of the stronger underlying. In other words, both indices must be below their starting level in twelve months\u2019 time for the reverse participation to kick in. In addition, there is a barrier of 85% of the respective initial fixing, which limits the earnings potential of the shark note. Since the product is structured with a European option, the prevailing threshold only comes into play on maturity. If both underlyings are trading at or below the barrier on that date, the participation mechanism switches off. Investors do not go away empty-handed in this scenario, though: a rebate of 10% of the denomination is paid out instead.<\/p>\n\n<h3>Opportunities on the downside, protection on the upside<\/h3>\n<p>The shark note generates a positive return as soon as the stronger of the two US indices falls even marginally on a one-year view. The payoff diagram shows that the potential return is limited to just under 15% As soon as the barrier event occurs, the rebate is payable. It is not beyond the realms of possibility, of course, that Wall Street could shake off its recent torpor and spring back to life again. One possible trigger for a new rally could be a favourable outcome to the trade dispute, others a cut in interest rates or a strong earnings season. The US giants start presenting their results for the first quarter of 2025 in mid-April. Holders of the shark note will be on the safe side, as it were, if the bulls manage to stage a comeback, because the full capital protection kicks in if prices rise.<\/p>\n\n<h3>Key details<\/h3>\n<p>It should be noted that the functionality outlined only applies at the end of the term; until then, the price of the capital protection certificate will be affected by a range of factors. Alongside the performance of the two underlyings, these include their volatility and changes in interest rates in the US dollar zone. It is therefore perfectly possible that the shark note will trade at less than the capital protection level even though the direction of the underlyings reflects the bearish calculation. This does not change anything with regard to the central strength of this new issue, which is that investors have the opportunity to participate in a weak phase of Wall Street. To a certain extent, the product converts falling prices into a positive return. While the shark note lives up to its namesake in this respect, the risk of shock is greatly reduced thanks to capital protection.<\/p>\n\n<h3>Shark Note on US Indices<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1423929921\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;capitalProtection&quot;,&quot;underlying&quot;,&quot;participation&quot;,&quot;barrierLevel&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2025/shark-note-us-share-indices?language_id=1\" label=\"Find out more!\"><\/ltq-button><\/div>\n\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"shark-note-us-share-indices","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/trump_put_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/trump_put_leonteq_structured_products_thumbnail.jpg"},{"date":"2025-04-02T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/swissre_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Top performer with ambitions","windowTitle":"Swiss Re","category":"underlying-in-focus","title":"Swiss Re","body":"<p>Swiss Re's 161st Annual General Meeting will take place on April 11. The reinsurance group will be welcoming shareholders to the Hallenstadion Zurich from 8:30 a.m. with coffee. No further culinary highlights are to be expected. \"No drinks reception will be served after the Annual General Meeting\", the company writes in the invitation. The participants will be able to cope with this. After all, Swiss Re served its shareholders a good meal in the 2024 financial year. The number 2 in the sector increased its profit by almost USD 100 million to USD 3.238 billion. Swiss Re thus met its own targets and performed better than analysts had expected. The dividend proposal was also above consensus. The Annual General Meeting will vote on a distribution of USD 7.35 per share - 8% more than a year ago. A strong share price performance rounds off the stock market menu: Over a 12-month period, Swiss Re's capitalization has expanded by 29%. This puts the share at the top of the SMI ranking for this period.<\/p>\n\n<div><generic-chart title=\"Swiss Re (in CHF)\"> \n    <chart-line title=\"Swiss Re\" path=\"Chart_sren.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as at 01.04.2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Dominant US market<\/h3>\n<p>The Zurich-based company's strategy appears to be working on the stock market. \"Our focus in 2024 was on profitability and resilience,\" explains CEO Andreas Berger. In addition to the profit, he cites the return on equity as proof of the successful work. Swiss Re generated a return on equity (RoE) of 15.0% last year, compared to 16.2% in the previous period. At the same time, the company generated gross insurance sales of just under USD 45.6 billion - 3.9% more than in the previous year. While revenues in the largest line of business, property and casualty reinsurance (P&amp;C), increased by just under 1%, life and health reinsurance (L&amp;H) recorded growth of 3.8%. In regional terms, the USA remains the measure of all things. Swiss Re generated gross insurance sales of USD 18.2 billion in the States in 2024, accounting for just under 40% of total revenues. <\/p>\n\n\n<h3>Optimistic forecast<\/h3>\n<p>Against this backdrop, it is not surprising that the severe weather catastrophes in North America are having an impact on the Group's income statement. Last year, hurricanes Debby, Helene and Milton in particular caused considerable damage. Together with other events, such as a severe hailstorm in Calgary, Canada, and Storm Boris in Europe, they caused the combined ratio in the P&amp;C segment to rise by almost 5 percentage points to 89.9%. In the current year, the CEO would like to push this ratio back below 85%. The Group's profit is expected to increase significantly. Andreas Berger is forecasting a surplus of more than USD 4.4 billion. The return on equity should be more than 14% over the coming years and the dividend should continue to rise. For the period from 2025 to 2027, the management is holding out the prospect of an increase in profit sharing of 7% or more per year.<\/p>\n\n<h3>Eventful start to the year<\/h3>\n<p>\"All of our divisions have started 2025 in a strong position,\" said the Group CEO at the end of February. P&amp;C has already completed a successful round of renewals. The division increased its premium volume by 7% and at the same time managed to push through price increases of 2.8% among customers. However, the devastating forest fires in Los Angeles in 2025 have already resulted in a serious loss event. According to Swiss Re, the insurance industry could face costs totaling around USD 40 billion. According to an initial estimate, the Group anticipates expenses of less than USD 700 million for its own business. At the end of 2024, the company held an investment portfolio worth more than USD 104 billion. Swiss Re generates a return on investment (ROI) of 4.0% from the capital allocated primarily to government and corporate bonds.<\/p>\n\n<div>\n<generic-chart title=\"The 5 largest markets (gross revenue 2024, in USD million)\">\n  <x-axis categories=\"USA, UK, China, Australia, Germany\"/>\n      <chart-column title=\"Gross revenue 2024, in USD Mio.\" data=\"18223,4465,1818,1800,1529\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Refinitiv, as at 27.02.2025 <br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Interesting risk/reward profile<\/h3>\n<p>Even if Swiss Re has a less successful year, the new soft callable barrier reverse convertible could still offer an attractive return. The structured product yields a coupon of 7.20% p.a. irrespective of the further performance of the financial asset. The distribution is made quarterly. The nominal is partially protected: as long as Swiss Re does not fall to or below the barrier of 74% of the initial level, the issuer repays the capital investment in full. Even if this calculation does not work out, the maximum return of 7.20% p.a. is not necessarily lost. However, Swiss Re must terminate at or above the strike at maturity if the barrier is breached in order to achieve the optimum investment return. Otherwise there will be a discount or delivery of shares. Please also note the soft callable function. It makes early termination and redemption of this issue possible.<\/p>\n\n\n<h3>Callable Single Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1423928659\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-swissre","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/swissre_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/swissre_leonteq_structured_products_thumbnail.jpg"},{"date":"2025-03-21T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/qubits_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Tracker certificate on the Swissquote Quantum Computing Index","windowTitle":"A quantum return","category":"investment-themes","title":"A quantum return","body":"<h3>Trillion-dollar market<\/h3>\n<p>Work on the development of quantum computers is proceeding at pace across the world. Not only do quantum technologies (QT) promise a revolution in computing power, but when combined with artificial intelligence, they also have the potential to solve highly complex challenges such as climate change or previously incurable diseases. That is because quantum simulations can factor millions of variables into their calculations simultaneously in order to arrive at detailed forecasts. According to the \u201cMcKinsey Quantum Technology Monitor 2024\u201d, this development has the potential to create trillions of dollars in value by 2035. The experts reckon that four sectors in particular are set to profit from future QT applications: chemicals, biosciences, finance and mobility. Revenues and cost savings of up to USDtn 2 can be achieved here by 2035.<\/p>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2025/swissquote-quantum-computing-index?language_id=1\" label=\"Find out more!\"><\/ltq-button><\/div>\n\n\n\n<h3>Double-digit percentage growth<\/h3>\n<p>The analysts of Grand View Research put the value of the global quantum computing-market in 2024 at an estimated 1.42 billion USD and expect it to grow at an average annual growth rate of 20.5% between 2025 and 2030. While the market is still dominated by the system segment, which comprises the development and provision of quantum computer hardware and associated systems and accounted for just under 64% in 2024, the analysts now expect the service segment to increase most rapidly. Software development, algorithm design and quantum-based cloud services, for instance, will see more demand in the future. Among the leading companies Grand View Research cites in this regard are Google (Alphabet), D-Wave, IBM, Intel and Microsoft.<\/p>\n\n\n\n<h3>Latest developments<\/h3>\n<p>To ensure that sales also increase, considerable effort is being put into development, research and investment. Last year, for instance, D-Wave presented its latest prototype, \u201cAdvantage\u201d, which has more than 1,200 qubits. For its part, Accenture poured a lot of money into QuSecure, a leading provider of quantum cyber security, at the start of this year. The Ireland-based consultancy is hoping to offer comprehensive crypto-agility solutions against emerging quantum risks. The QuProtect software from QuSecure offers end-to-end quantum security as a service to ensure that networks and systems are protected from both current and future cyber threats. In autumn 2024 IBM opened its new Quantum Data Center in Europe. Based on Heron, the system not only reduces the error rates, but also boasts 16 times the performance and 25 times the computing speed of the systems from 2022. Companies such as E.ON and Volkswagen are already making use of IBM\u2019s services to drive the development of quantum algorithms.<\/p>\n\n\n\n<h3>Active investment in the quantum age<\/h3>\n<p>The latest developments show that quantum computing should certainly have a place in a well structured portfolio. The corresponding tracker certificate on the Swissquote Quantum Computing Index allows a diversified and effective investment in this trailblazing trend. The actively managed strategy barometer encompasses the largest and financially strongest companies in the fields of quantum technology hardware, such as quantum processors and superconductive materials, as well as pioneers of embedded systems and cutting-edge software for big data analysis. There are 26 companies in total in the index at present. Alongside the US tech firms already mentioned, European giants such as ASML, SAP, Nokia and the Swiss ABB are also in the mix. This allows investors to invest in market-leading companies right along the quantum computing chain. A fee of 0.7% p.a. spread pro rata over the year is deducted for the regular review of the weighting and of the individual components.<\/p>\n\n\n\n<h3>Swissquote Quantum Computing Index<\/h3>\n<div><price-chart isin=\"CH1407222517\"><\/price-chart><\/div>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1407222517\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<h3>Composition: Swissquote Quantum Computing Index<\/h3>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;SWISS FRANC&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.01106784,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;EURO&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:2.331E-5,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;JAPANESE YEN&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:8.2381E-4,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;TAIWAN DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:-6.754E-4,&quot;currency&quot;:&quot;TWD&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;US DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00213641,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - FUND&quot;,&quot;name&quot;:&quot;ROUNDHILL MEMORY ETF&quot;,&quot;sophisInternalId&quot;:226000396,&quot;currentPrice&quot;:49.3515,&quot;weight&quot;:0.01723514,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ABB LTD-REG&quot;,&quot;sophisInternalId&quot;:67108959,&quot;currentPrice&quot;:76.2,&quot;weight&quot;:0.02532293,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ADVANTEST CORP&quot;,&quot;sophisInternalId&quot;:67122078,&quot;currentPrice&quot;:34340,&quot;weight&quot;:0.02804982,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;AIRBUS ORD&quot;,&quot;sophisInternalId&quot;:67109422,&quot;currentPrice&quot;:194.78,&quot;weight&quot;:0.03398512,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ALPHABET INC-CL A&quot;,&quot;sophisInternalId&quot;:67114265,&quot;currentPrice&quot;:349.22,&quot;weight&quot;:0.0479474,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;AMAZON.COM INC&quot;,&quot;sophisInternalId&quot;:67114480,&quot;currentPrice&quot;:254.76,&quot;weight&quot;:0.04522439,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ASML HOLDING NV&quot;,&quot;sophisInternalId&quot;:67109614,&quot;currentPrice&quot;:1464.2,&quot;weight&quot;:0.02127194,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CADENCE DESIGN SYS INC&quot;,&quot;sophisInternalId&quot;:67375357,&quot;currentPrice&quot;:324.38,&quot;weight&quot;:0.01864352,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;COHERENT CORP&quot;,&quot;sophisInternalId&quot;:71209583,&quot;currentPrice&quot;:250.6,&quot;weight&quot;:0.0141478,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;D-WAVE QUANTUM INC&quot;,&quot;sophisInternalId&quot;:198251710,&quot;currentPrice&quot;:12.815,&quot;weight&quot;:0.00932629,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;FUJITSU LTD&quot;,&quot;sophisInternalId&quot;:67122307,&quot;currentPrice&quot;:4285,&quot;weight&quot;:0.04077979,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;HITACHI LTD&quot;,&quot;sophisInternalId&quot;:67122069,&quot;currentPrice&quot;:5595,&quot;weight&quot;:0.0538384,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;HON HAI PRECISION INDUSTRY&quot;,&quot;sophisInternalId&quot;:67363189,&quot;currentPrice&quot;:239.5,&quot;weight&quot;:0.04178127,&quot;currency&quot;:&quot;TWD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;HONEYWELL AEROSPACE&quot;,&quot;sophisInternalId&quot;:230985053,&quot;currentPrice&quot;:163.11,&quot;weight&quot;:0.0225008,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;HONEYWELL INTERNATIONAL INC&quot;,&quot;sophisInternalId&quot;:67355541,&quot;currentPrice&quot;:210.5,&quot;weight&quot;:0.02897504,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;INFINEON TECHNOLOGIES AG&quot;,&quot;sophisInternalId&quot;:67108941,&quot;currentPrice&quot;:52.47,&quot;weight&quot;:0.01337531,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;INFLEQTION INC&quot;,&quot;sophisInternalId&quot;:214901410,&quot;currentPrice&quot;:9.48,&quot;weight&quot;:0.01138074,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;INTEL CORP-REG&quot;,&quot;sophisInternalId&quot;:67114693,&quot;currentPrice&quot;:95.37,&quot;weight&quot;:0.01687208,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;INTL BUSINESS MACHINES CORP&quot;,&quot;sophisInternalId&quot;:67114156,&quot;currentPrice&quot;:234.12,&quot;weight&quot;:0.02694315,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;IONQ INC&quot;,&quot;sophisInternalId&quot;:198471432,&quot;currentPrice&quot;:34.35,&quot;weight&quot;:0.01053271,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;LAM RESEARCH CORP&quot;,&quot;sophisInternalId&quot;:71209830,&quot;currentPrice&quot;:277.46,&quot;weight&quot;:0.01893828,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;LOCKHEED MARTIN CORP&quot;,&quot;sophisInternalId&quot;:67114547,&quot;currentPrice&quot;:532.64,&quot;weight&quot;:0.06344133,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MARVELL TECHNOLOGY INC&quot;,&quot;sophisInternalId&quot;:67466380,&quot;currentPrice&quot;:241.24,&quot;weight&quot;:0.02566546,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MEDIATEK INC&quot;,&quot;sophisInternalId&quot;:70822059,&quot;currentPrice&quot;:4165,&quot;weight&quot;:0.01782732,&quot;currency&quot;:&quot;TWD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MICROSOFT CORP&quot;,&quot;sophisInternalId&quot;:67114739,&quot;currentPrice&quot;:539.44,&quot;weight&quot;:0.06731333,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MITSUBISHI ELECTRIC CORP&quot;,&quot;sophisInternalId&quot;:67122302,&quot;currentPrice&quot;:4915,&quot;weight&quot;:0.03523949,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NEC CORP&quot;,&quot;sophisInternalId&quot;:67122306,&quot;currentPrice&quot;:5240,&quot;weight&quot;:0.03404118,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NIPPON TELEGRAPH TELEPHONE&quot;,&quot;sophisInternalId&quot;:67122125,&quot;currentPrice&quot;:173.3,&quot;weight&quot;:0,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NORTHROP GRUMMAN CORP&quot;,&quot;sophisInternalId&quot;:67114548,&quot;currentPrice&quot;:499.63,&quot;weight&quot;:0.05733281,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NVIDIA CORP&quot;,&quot;sophisInternalId&quot;:67114699,&quot;currentPrice&quot;:217.23,&quot;weight&quot;:0.02159572,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;PALANTIR TECHNOLOGIES INC-A&quot;,&quot;sophisInternalId&quot;:143060346,&quot;currentPrice&quot;:200.5,&quot;weight&quot;:0.02969425,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;RIGETTI COMPUTING INC&quot;,&quot;sophisInternalId&quot;:198112409,&quot;currentPrice&quot;:12.63,&quot;weight&quot;:0.01000516,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SYNOPSYS INC&quot;,&quot;sophisInternalId&quot;:71327687,&quot;currentPrice&quot;:468.11,&quot;weight&quot;:0.02081139,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;TAIWAN SEMICONDUCTOR MANUFACTURING CO&quot;,&quot;sophisInternalId&quot;:69885893,&quot;currentPrice&quot;:2440,&quot;weight&quot;:0.05658468,&quot;currency&quot;:&quot;TWD&quot;}]\"><\/AmcComposition>\n  <\/div>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2025/swissquote-quantum-computing-index?language_id=1\" label=\"Find out more!\"><\/ltq-button><\/div>\n\n\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"swissquote-quantum-computing-index","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/qubits_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/qubits_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-03-19T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/baidu_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"A new round in the AI race","windowTitle":"Baidu","category":"underlying-in-focus","title":"Baidu","body":"<p>Since the US software company OpenAI released ChatGPT to the world in November 2022, the chatbot has been considered the measure of all things in the field of artificial intelligence (AI). But the competition is catching up and other AI models have been making headlines for a few weeks now: Deepseek's, R1-Omni and Ernie are the names and they all come from the Far East. The latter AI was developed by Baidu. A few days ago, the Chinese tech company launched two new AI models under this name: the basic model Ernie 4.5 and the AI Ernie X1, which focuses on logical thinking. The special feature: According to Baidu, the model delivers the same performance as the DeepSeek chatbot - and at half the price.<\/p>\n\n<p>Ernie is not fundamentally new; Baidu was one of the first companies in China to launch such an AI in early 2023 with its ChatGPT-style chatbot. The strong competition from DeepSeek has now prompted Baidu to launch its latest developments as open source models. This means that the source code of the generative AI model is publicly accessible. The open source conversion will be completed in June and Baidu will be offering its premium chatbot services free of charge from April. \"We have learned from DeepSeek that open source can significantly promote acceptance,\" says Baidu CEO Robin Li, explaining the move.<\/p>\n\n<div><generic-chart title=\"Baidu (in USD)\"> \n    <chart-line title=\"Baidu\" path=\"Chart_Baidu.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, As at 18.03.2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n\n\n<h3>Extensive update<\/h3>\n<p>According to Baidu, the X1 has \"stronger capabilities for understanding, planning, reflecting and developing\" and is also the first deep-reasoning model to use tools autonomously. According to the company, the latest basic model Ernie 4.5 has \"excellent multimodal understanding capabilities\". Multimodal AI systems can process and integrate different types of information, including text, video, images and audio, and convert content between these formats. Ernie also has more advanced language capabilities and its comprehension, generation, logic and memory skills have been greatly improved.<\/p>\n\n<p>Artificial intelligence is now an important area of business for the Beijing-based internet company, which became famous in China thanks to its search engine of the same name. Revenue in the cloud AI division increased by 26% to CNY 7.1 billion in the fourth quarter of 2024. For example, the Ernie platform processed 1.65 billion user queries and interactions per day in December, compared to \"only\" 600 million in August. On a consolidated basis, Baidu recorded a slight decline in revenue of around 2%, as many companies are cutting their advertising spending due to the weak Chinese economy. Nevertheless, the Google rival was able to exceed analysts' estimates of CNY 33.32 billion with revenues of CNY 34.12 billion.<\/p>\n\n\n\n<h3>Diversified business<\/h3>\n<p>With a market share of more than 70%, Baidu not only operates the largest search engine in China, but also has a robotaxi division called Apollo. According to media reports, Tesla now also wants to draw on Baidu's expertise for its driver assistance system in China. While this has not yet been confirmed by the companies, the expansion in the livestreaming sector is already official. Baidu recently succeeded in acquiring the Chinese live streaming division of the provider Joyy, at the second attempt. This strengthens the tech giant's position in the competition with platforms such as the Chinese TikTok variant Douyin. On the positive side, the deal with Joyy was ultimately much cheaper than originally expected, allowing Baidu to invest the liquidity saved in the further development of its AI.<\/p>\n\n\n\n<h3>Sideways to happy returns<\/h3>\n<p>Baidu shares reacted positively to the latest developments and have risen by almost a fifth since New Year's Eve. On a one-year horizon, however, the tech share is still stuck in a flat line. This is despite the fact that Baidu does not appear overly expensive from a valuation perspective. Even if the market does not expect earnings to rise in 2025, earnings per share are expected to increase by almost a tenth next year. This contrasts with a 2026 P/E ratio of 8.2. The analyst consensus still sees some upside potential and currently rates the stock as a buy with a 12-month price target of USD 108.09. This corresponds to a potential upside of 6.0%. <\/p>\n\n<div>\n<generic-chart title=\"Earnings per Share Trend (in CNY)\">\n  <x-axis categories=\"2021,2022,2023,2024,2025,2026\"/>\n      <chart-column title=\"Earnings per share (in CNY)\" data=\"28.08,19.85,55.26,77.2,74.03,81.34\" format=\"number\"/>\n      <chart-line title=\"P/E\" data=\"42.1,14.2,9.9,8.8,9.2,8.3\" format=\"number\" yAxisRight=\"true\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Refinitiv, As at: 03.2025 <br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<p>With the new Barrier Reverse Convertible from Leonteq, investors can even achieve a return of 10.00% p.a. - and that in a sideways movement. The product not only offers a double-digit percentage return opportunity, the BRC also gives the underlying a wide range of movement. Within the maximum term of 18 months, a comfortable risk buffer of 41.00% protects the maximum return of 10.00% p.a. The term of the BRC can be shortened, the first soft call observation takes place after 6 months.<\/p>\n\n\n\n\n<h3>Callable Single Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1423924997\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-baidu","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/baidu_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/baidu_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-03-12T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/broadcom_leonteq-structured-products_homepage-banner.jpg","subTitle":"AI Rally with breaks","windowTitle":"Broadcom","category":"coupon-giant","title":"Broadcom","body":"<p>Admittedly, Nvidia remains the benchmark in the semiconductor industry. But competition is growing. One of its strongest rivals is Broadcom. The chip manufacturer is successfully riding the AI wave and - unlike Nvidia - exceeded expectations with its latest outlook. It is therefore not surprising that Broadcom's stock has recently been on the rise. While Nvidia's share price has stagnated over the past six months, the challenger has risen by more than a third. This is despite the fact that Broadcom shares were also unable to escape the general price correction in the semiconductor sector, triggered by the breakthrough of the low-cost AI model \"DeepSeek\" developed in China.<\/p>\n\n<div><generic-chart title=\"Chart: Broadcom\"> <chart-line title=\"Broadcom (in USD)\" path=\"Chart_broadcom.csv\" format=\"date, number\" color=\"#f7a824\"><\/chart-line> <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n <footer>Source: Refinitiv, as at: 11.03.2025 <br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<p>Even before the Chinese AI model caused the market to wobble, Broadcom pushed open the door to the elite trillionaires' club. Although the market cap is currently below this 13-digit mark again, the Californians still have the smallest \"Magnificent 7\" member Tesla easily in their pocket. The figures for the first quarter of the current 2024/25 financial year and the outlook for the second quarter provided a recent boost to the share price. First a look at the past figures: In the period from October to January, sales increased by a quarter to a new record of USD 14.9 billion. Growth was driven in particular by AI semiconductor solutions and infrastructure software, with the segments expanding by 77% and 47% respectively. The upward trend on the earnings side was even steeper. Adjusted EBITDA improved by 41% to USD 10.1 billion, resulting in an operating margin of 68%. At the bottom line, the company earned USD 5.5 billion, more than four times as much as in the same period of the previous year. Both sales and profits exceeded analysts' estimates.<\/p>\n\n\n\n<h3>Booming demand for AI<\/h3>\n<p>The chip specialist also surprised on the upside with its outlook for the second quarter. It is forecasting sales of USD 14.9 billion, whereas the consensus was only USD 14.76 billion. Two thirds of the revenue is expected to remain as EBITDA, which means that the margin will almost reach the level of the first quarter. CEO Hock Tan's confidence is based on continued strong sales in the semiconductor business. It was only in December that Broadcom announced that it was developing customer-specific AI chips with three major cloud providers. A few days ago, the company then reported that it was also working intensively with two other hyperscaler data centers. Broadcom is also working with four other potential customers to develop their own customized AI semiconductors.<\/p>\n\n<div>\n<generic-chart title=\"Broadcom: Revenue and profit development\">\n  <x-axis categories=\"Q1/2024, Q2/2024, Q3/2024, Q4/2024, Q1/2025\"/>\n      <chart-column title=\"Revenue (in billion USD)\" data=\"11.96,12.49,13.07,14.05,14.92\" format=\"number\"/>\n      <chart-line title=\"Net profit (in billion USD)\" data=\"1.33,2.12,-1.87,4.32,5.5\" format=\"number\" yAxisRight=\"true\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Broadcom<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<p>It is not only the unbroken demand for ever more powerful chips that plays into Broadcom's hands. More and more customers are also opting for diversification in order to avoid being dependent on just one manufacturer - keyword Nvidia. In addition, the desire for customer-specific semiconductors, known as ASICs in technical jargon, is also increasing. Application-specific integrated circuits have a bright future ahead of them. Morgan Stanley forecasts that the AI ASIC market will grow from USD 12 billion in 2024 to USD 30 billion in 2027, representing a compound annual growth rate of a whopping 34%.<\/p>\n\n\n\n<h3>Consolidation turning into profits<\/h3>\n<p>Investors can turn the current bottoming out below the USD 200 mark, which is flanked by the 200-day moving average, into positive returns with yield enhancement products. For example, the recent sharp rise in volatility is creating attractive conditions for barrier reverse convertibles (BRC). Leonteq has launched two new soft-callable BRCs with a maximum term of 18 months. The structures promise double-digit percentage returns even in the event of price stagnation or even further moderate setbacks. In contrast to the conventional BRC, the interest payment on these two securities is not guaranteed. In order to receive the coupon on a pro rata basis, the Broadcom share must be above the coupon trigger level on the quarterly observation dates. However, this hurdle is relatively modest; the threshold is 50% of the initial level. If the coupon payment is nevertheless not made on a key date, it is not lost at the same time. Due to the memory function, the payment can be made up for if the underlying instrument rises above the coupon trigger level again on one of the following observation dates. If the barrier is breached, the final fixing determines the return. If Broadcom is then below the strike level, losses may be incurred. If, on the other hand, the chip stock is quoted at or above the strike at maturity, Leonteq will repay the full nominal amount.<\/p>\n\n<p>The products, which are offered in the two currency tranches CHF and USD, each have a risk buffer of a comfortable 45%. The coupons amount to an attractive 11.40% p.a. for the CHF variant and even 16.00% p.a. for the USD product. The term can be shortened due to the built-in soft callable function. Every three months, but at the earliest after 6 months, the issuer has the right to early redemption at 100% for both BRCs.<\/p>\n\n\n\n<h3>Callable Barrier Reverse Convertibles with conditional coupon<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1423919492\\&quot;\\&quot;CH1423919609\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;conditionalCoupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;conditionalCouponTriggerLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-broadcom","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/broadcom_leonteq-structured-products_sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/broadcom_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-03-07T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/europe_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Bonus Outperformance Certificate on the STOXX Europe 600 Index","windowTitle":"Old continent, new opportunities","category":"investment-themes","title":"Old continent, new opportunities","body":"<h3>Upward surge<\/h3>\n<p>The STOXX Europe 600 Index is regarded as a broad-based barometer of the European equity market. Compromised of 600 companies from 17 countries and 11 different sectors, the index covers almost 90% of the investable market in developed countries in Europe. The STOXX Europe 600 Index, which was launched in 1998, is currently on a roll, surging upwards at the end of January and thereby ending a brief upside consolidation. The momentum of European equities \u2013 the STOXX Europe 600 Index has been performing significantly better than the US barometer, the S&P 500, recently \u2013 has several causes. What is clear is that investors are really fighting for shares in companies based in Europe. In January 2025, inflows into European equity funds reached their second-highest level in a quarter of a century.<\/p>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2025/europe-index?language_id=1\" label=\"Find out more!\"><\/ltq-button><\/div>\n\n<div><generic-chart title=\"STOXX Europe 600 Price Index (in EUR)\"> \n    <chart-line title=\"STOXX Europe 600 Price Index\" path=\"Chart_es600.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Reuters; as at: 28.02.2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n\n\n<h3>Pros and cons<\/h3>\n<p>Many investors who had not anticipated this lightning start may now be asking themselves whether it is worth getting on board. In addition to the momentum, the relatively low valuations and the good operational shape of leading European companies also speak in favour of investment. Heavyweights such as SAP, Nestlé and HSBC were among those delivering strong results and optimistic outlooks in the latest reporting season. There are risks too, however. To give an example, delays in forming a government in Germany, perhaps even a failure to do so, could dampen investor optimism. Another danger comes from US trade policy, with President Donald Trump having just announced new tariffs on imports from the EU. Monetary policy is also likely to remain a factor: now markets are expecting the ECB to loosen the brakes further, but this presupposes that inflation will decline. In January 2025 the annual rate of inflation for the eurozone was 2.5%, 0.1 percentage points above the figure for the end of 2024.<\/p>\n\n\n\n<h3>A balanced structure<\/h3>\n<p>One possible answer to the various imponderables is the Bonus Outperformance certificate on the STOXX Europe 600 Index. On the one hand, this structured product makes it possible to participate in a continued upward movement of the European equity market. Leonteq has configured the certificate with a disproportionate upside participation of 150%. Assuming the broadly diversified underlying appreciates by 50% in the next three years, the product would yield a return of 75% on maturity. On the other hand, there is partial protection on the downside: as long as the STOXX Europe 600 Index does not fall to or below the barrier of 69% of the starting level during the term, the redemption corresponds to at least the bonus level of 100%. Aside from the ancillary costs, in the worst case the investment would end up as a zero-sum game even if there were a correction in the European markets.<\/p>\n\n\n\n<h3>Good to know<\/h3>\n<p>The attractive risk-opportunity profile is made possible by a \u201cwaiver\u201d, in that investors do not paricipate in the dividends of the stocks contained in the underlying. It is also important to know that the repayment mechanism outlined only kicks in at the end of the term. Until then, the certificate can trade at below the bonus level even though the barrier has not been breached. Alongside the performance of the STOXX Europe 600 Index, the price of the structured product is also influenced by the dividend level, volatilities, and interest rates. All in all, the Bonus Outperformance certificate gives investors an opportunity to tap into the investment trend in a diversified and partially protected form: Europe is back, and right now it seems to be favoured by some asset managers over the stock market heavyweights from the USA.<\/p>\n\n<h3>STOXX Europe 600 Index: The ten heavyweights<\/h3>\n<div><ltq-table id=\"STOXX Europe 600 Index: The ten heavyweights\"> <template v-slot:default=\"\">\n<thead>\n<tr>\n<th>Underlying<\/th>\n<th>Country<\/th>\n<th>Sector<\/th>\n<th>Weights<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>ASML Holding<\/td>\n<td>NL<\/td>\n<td>Technology<\/td>\n<td>2.56%<\/td>\n<\/tr>\n<tr>\n<td>SAP<\/td>\n<td>DE<\/td>\n<td>Technology<\/td>\n<td>2.43%<\/td>\n<\/tr>\n<tr>\n<td>Novo Nordisk B<\/td>\n<td>DK<\/td>\n<td>Healthcare<\/td>\n<td>2.32%<\/td>\n<\/tr>\n<tr>\n<td>Nestlé<\/td>\n<td>CH<\/td>\n<td>Food<\/td>\n<td>1.91%<\/td>\n<\/tr>\n<tr>\n<td>Roche<\/td>\n<td>CH<\/td>\n<td>Healthcare<\/td>\n<td>1.89%<\/td>\n<\/tr>\n<tr>\n<td>AstraZeneca<\/td>\n<td>GB<\/td>\n<td>Healthcare<\/td>\n<td>1.87%<\/td>\n<\/tr>\n<tr>\n<td>Novartis<\/td>\n<td>CH<\/td>\n<td>Healthcare<\/td>\n<td>1.78%<\/td>\n<\/tr>\n<tr>\n<td>Shell<\/td>\n<td>GB<\/td>\n<td>Energy<\/td>\n<td>1.76%<\/td>\n<\/tr>\n<tr>\n<td>HSBC<\/td>\n<td>GB<\/td>\n<td>Banking<\/td>\n<td>1.62%<\/td>\n<\/tr>\n<tr>\n<td>LVMH<\/td>\n<td>FR<\/td>\n<td>Luxury<\/td>\n<td>1.60%<\/td>\n<\/tr>\n<\/tbody>\n<\/template> <template v-slot:below=\"\"> <LtqCardBody><footer>Source: STOXX, as at: 31.01.2025<br />Historical data is not a reliable indicator of future performance<\/footer><\/LtqCardBody> <\/template> <\/ltq-table><\/div>\n\n\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1423920466\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;bonusLevel&quot;,&quot;underlying&quot;,&quot;participation&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2025/europe-index?language_id=1\" label=\"Find out more!\"><\/ltq-button><\/div>\n\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"europe-index","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/europe_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/europe_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-03-05T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/comet_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Trough passed","windowTitle":"Comet Holding","category":"underlying-in-focus","title":"Comet Holding","body":"<p>First up, then down - the cyclical nature of the semiconductor industry has caused widely fluctuating earnings for industry players. Domestic company Comet Holding learned this painfully in 2023. While the Flamatt-based company achieved record results in the previous year, business then slumped sharply. However, the cycle now appears to have bottomed out and the growth curve of the specialist in radio frequency and X-ray technology is pointing upwards again. Comet Holding CEO Stephan Haferl and CFO Christian Witt will provide a detailed insight into business development on Thursday, March 6. During the presentation of the annual results, at the Widder Hotel in Zurich.<\/p>\n\n<p>Investors in the five-star hotel don't need to prepare themselves for unpleasant news. Comet already provided preliminary insight into the books at the end of January. After a drop in sales of almost a third in 2023, the turnaround began last year. According to as yet, unaudited results, sales increased by 12.1% to around CHF 445 million. \"The growth in sales was driven entirely by the recovery of the semiconductor market,\" the company explains. However, the comeback did not proceed at the same speed across all segments. While demand for AI and high-performance computing (HPC) applications picked up, consumer-oriented markets such as smartphones and PCs as well as traditional industrial sectors, including the automotive industry, remained rather subdued.<\/p>\n\n<p>Meanwhile, the profit side showed an even more dynamic upward trend. The EBITDA margin improved from 11.3% to 13.8%. However, the management had set itself somewhat higher targets here. Due to higher investments and a slightly unfavorable product mix, profitability fell short of expectations. Nevertheless, Comet is optimistic about the future. For the current year, the company expects the semiconductor industry to continue to recover, which should ultimately lead to further growth. The final quarter of 2024 offers hope in this regard. In the fourth quarter, sales soared by 27% to around CHF 143 million.<\/p>\n\n<div>\n<generic-chart title=\"Comet: Revenue and EBITDA margin\">\n  <x-axis categories=\"2019,2020,2021,2022,2023,2024*\"/>\n      <chart-column title=\" Revenue (in Mio. CHF)\" data=\"371.6,395.8,513.7,586.4,397.5,445\" format=\"number\"/>\n      <chart-line title=\"EBITDA margin (in Mio. CHF)\" data=\"40,58.6,102.7,118.9,45,61.4\" format=\"number\" yAxisRight=\"true\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Comet; * = preliminary figures<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n\n\n<h3>Technological growth drivers<\/h3>\n<p>New projects at Comet are also expected to ensure future growth. For example, the Synertia HF matchbox was launched on the market last July and the first customer projects with bundled Synertia matchbox and HF generator modules were also started. This combination of devices ensures high-performance control and monitoring of plasma conditions at the highest speed level, which is required for the production of modern microchips. Key growth initiatives also include the further development of the CA20 semiconductor inspection solution, which is based on the Dragonfly software from IXS.<\/p>\n\n<p>In total, Comet is active in around nine market segments. Most notably in the semiconductor and electronics market but also in the sectors of aerospace, automotive and security. The chip industry accounts for more than 70% of revenues. This is unlikely to change any time soon, as the production of high-performance semiconductors involves an increasing number of more complex production steps and these require ever more precise plasma control modules. This is precisely what Comet offers its customers. However, the company also sees opportunities in the automotive and aerospace sectors. In particular the increasing pressure on manufacturers, to introduce more efficient drives, could benefit the company.<\/p>\n\n\n\n<h3>Share on rebound course<\/h3>\n<p>Not only is the operating business picking up again after the end of the cyclical semiconductor downturn, the share price may also have bottomed out. Since the low of CHF 234 in January, the share price has risen by more than a tenth. However, there have been repeated upward spikes, meaning that the share price performance of the past three months in the one-year chart should be seen as a bottoming out between CHF 240 and CHF 280. However, analysts are not satisfied with this price level. The consensus forecast for the next 12 months is a price of CHF 346.<\/p>\n\n<div><generic-chart title=\"Comet Holding (in CHF)\"> \n    <chart-line title=\"Comet Holding\" path=\"Chart_Comet_new.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refenitiv, as at: 03.03.2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n\n\n<h3>From standstill to yield<\/h3>\n<p>However, the Comet share does not have to take off to achieve an attractive return. The new Softcallable Barrier Reverse Convertible transforms even a sideways movement into a handsome return. The product offers a coupon of 8.60% p.a. with a maximum term of 18 months. This is guaranteed to be paid out quarterly on a pro rata basis. In order to get the nominal back in full at the end of the term, the underlying must leave the barrier intact. This is fixed at 59.00% of the starting price, which in turn corresponds to a comfortable risk buffer of 41.00%. Should the barrier nevertheless be touched, it depends on the final fixing. If the Comet share then returns to at least the starting level, the investment will achieve the maximum return despite the barrier being breached. In the case of the BRC, a soft call is observed for the first time after 6 months.<\/p>\n\n\n\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1423917603\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-comet","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/comet_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/comet_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-02-26T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/elfbeauty_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Cosmetics for the portfolio","windowTitle":"e.l.f. Beauty","category":"coupon-giant","title":"e.l.f. Beauty","body":"<p>Emphasized eyes, radiant lips and a perfect complexion - these are the beauty ideals to which e.l.f. Beauty has dedicated itself to. A claim that begins with the name of the US cosmetics manufacturer. \"e.l.f.\" stands for \"eyes lips face\". With a wide range of products - from eye shadows and lipsticks to highlighters and foundations - the US company is vying for consumers' favor. Regardless of the cosmetics used, the shareholders of e.l.f. Beauty are likely to have lost a lot of their facial features recently. On February 6, the company shocked the markets with a profit warning. As a result, the share price of e.l.f. Beauty fell by almost 29%. The most recent sell-off took the second-line stock below the USD 70 mark, its lowest level since February 2023. Yet it has only been a year since shareholders were able to shine. At the beginning of March 2024, e.l.f. Beauty reached an all-time high of USD 221.04.<\/p>\n\n<div><generic-chart title=\"e.l.f. Beauty: Share Price (in USD)\"> <chart-line title=\"e.l.f. Beauty\" path=\"Chart_elf.csv\" format=\"date, number\" color=\"#f7a824\"><\/chart-line> <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n <footer>Source: Refinitiv, as at 24.02.2025 <br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n\n\n<h3>Special coating<\/h3>\n<p>While the growth company has fallen out of favor on Wall Street, it is facing tougher competition than ever in the mass market of cosmetics. Here, e.l.f. is up against global giants such as L'Oréal, Estée Lauder, Unilever, LVMH, Beiersdorf and Procter &amp; Gamble. The Oakland-based cosmetics specialist is countering their omnipresence with a sustainable and ecological approach. All products are vegan and developed and produced without animal testing. The most important sales market is the USA, where e.l.f. Beauty products are available from retailers Target, Walmart and Ulta Beauty. In the 2024 financial year (as at March 31, 2024), the company generated 85% of its revenue in the US. In addition to stationary retail - e.l.f. Beauty is also present at drugstores in Germany, Italy and the Netherlands - the e-commerce sales channel is playing an increasingly important role. From October to December 2024, the e.l.f. app was installed more than 3 million times. At the end of the year, 5.6 million members were taking part in the app's digital benefits program.<\/p>\n\n\n\n<h3>In its infancy<\/h3>\n<p>They made the cash register ring loudly during the Christmas holiday time. For the third quarter of the 2025 fiscal year, e.l.f. Beauty reported sales growth of 31% to USD 355.3 million. Analysts had expected an average of just under USD 330 million. However, business appears to have stumbled after the turn of the year. \"In view of the weaker than expected trends in January, we are taking a cautious stance and lowering our forecast for the last quarter of our financial year,\" explained CFO Mandy Fields. She now expects sales growth of 27% to 28% for 2025. Previously, the target range was 28% to 30%. The operating result (adjusted EBITDA) is expected to be between USD 289 million and 293 million. Management had originally expected more than USD 300 million.<\/p>\n\n<div>\n<generic-chart title=\"Revenue and Ebitda-Margin\">\n  <x-axis categories=\"2021,2022,2023,2024,2025e\"/>\n      <chart-column title=\"Umsatz (in USD Mio.)\" data=\"318,392,579,1024,1310\" format=\"number\"/>\n      <chart-line title=\"Ebitda-Margin (in %)\" data=\"19.2,19.0,20.2,22.9,22.4\" format=\"number\" yAxisRight=\"true\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Refenitiv, as of february 2025, e = expected<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n\n\n<h3>Optimistic CEO<\/h3>\n<p>\"We believe that we are still in our infancy,\" commented CEO Tarang Amin on the latest interim report. He based this assessment on the company's potential in digital sales, international business, color cosmetics and skincare. The optimism did not catch on Wall Street. Investors fear that e.l.f. Beauty is feeling the effects of the existing uncertainty among the important Generation Z consumer group in particular. The 10% tariffs imposed by US President Donald Trump on imports from China pose a further threat. Although the proportion has already fallen, the company still produces 80% of its products in China. According to the management, the tariffs will not affect the results for the fiscal year that is coming to an end. The CEO intends to present a forecast for the 2026 financial year in May.<\/p>\n\n\n\n<h3>A \"handsome\" issue<\/h3>\n<p>The share price has recovered somewhat from the recent sell-off. In the USD 70 range, e.l.f. Beauty is working on bottoming out. Against this background and in view of its high volatility, the share is an interesting underlying for soft callable barrier reverse convertibles. Leonteq has launched two new variants of this structure. The coupon payment is conditional in each case. As soon as e.l.f. Beauty is above the coupon trigger level on the observation date, the distribution is due. The relevant threshold is 50.00% of the initial price. In the product currency CHF, the conditional coupon is 18.00% p.a. With an allocation in USD, a distribution of 24.00% p.a. is possible. If the underlying does not make it over the 50.00% hurdle, the outlined return is not necessarily lost. Thanks to a memory effect, lost coupons are paid as soon as e.l.f. Beauty is above the trigger on a later record date. There is partial protection for the nominal in the form of a barrier of a low 50.00% of the initial fixing. Please also note the soft callable function. It makes early termination and redemption of these issues possible.<\/p>\n\n\n\n<h3>Callable Barrier Reverse Convertibles with conditional coupon<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;129208838\\&quot;\\&quot;129208839\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;conditionalCoupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;conditionalCouponTriggerLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<div><ltq-table id=xxx title=\"Taxation Valor 129208838, 129208839\">\n<tbody>\n<tr>\n<td>Swiss Federal Income Tax<\/td>\n<td>For private investors with tax domicile in Switzerland holding the Product as part of their private property, gains realised during the term of the Product and on the Redemption Date qualify as capital gains and are therefore not subject to the Federal Direct Tax.<br/>\n    The tax treatment regarding the cantonal and communal income taxes can differ from the tax treatment regarding the Federal Direct Tax. But in general the income tax treatments are corresponding.<\/td>\n<\/tr>\n<\/tbody>\n<\/template> <template v-slot:below=\"\"> <LtqCardBody><footer>The tax information provided herein is a non-binding summary and only provides a general overview of the potential Swiss tax consequences linked to this Product at the time of issue. Tax laws and tax interpretation may change at any time, possibly with retroactive effect.<br/>Source: Termsheet<\/footer><\/LtqCardBody> <\/template> <\/ltq-table><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-elf","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/elfbeauty_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/elfbeauty_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-02-21T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/us+politicians_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Tracker on the Swissquote US Congressional Trader Index","windowTitle":"Tracking the top politicians","category":"investment-themes","title":"Tracking the top politicians","body":"<h3>Turning knowledge into cash<\/h3>\n<p>Following the maxim of \u201cSmart people make smart investment decisions\u201d, the experts at Swissquote scrutinise the trading activities of members of the US Congress to form the US Congressional Trader Index. Developed specifically for this purpose, the algorithm analyses equities that are mentioned in documents which disclose trading activities, such as the Periodic Transaction Report (PTR). Swissquote\u2019s index is intended to create the same starting conditions for all investors so that they can potentially profit from the same insights that underpin the most successful portfolios in Washington.<\/p>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2025/swissquote-us-congressional-trader-index?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n\n\n\n<h3>AI in focus<\/h3>\n<p>The Swissquote US Congressional Trader Index currently contains a total of 37 stocks, ranging from AMD through Eli Lilly to Wells Fargo. The absolute heavyweight in the strategy barometer is chip giant Nvidia, which accounts for more than six per cent. As the industry leader in the field of artificial intelligence (AI), the semiconductor manufacturer is the subject of particular focus at present. Just a few days after being sworn in as US president, Donald Trump announced plans to spend USDbn 500 on the creation of new data centres for AI in order to establish the USA as a pioneer in the sector. These efforts would also benefit other chip manufacturers such as AMD and Broadcom, who likewise boarded the AI train a long time ago. It is not surprising, then, that these two stocks are also members of the Swissquote US Congressional Trader Index.<\/p>\n\n\n\n<h3>Large corporations with a tailwind<\/h3>\n<p>US congressional representatives are also investing outside the technology sector, though. Eli Lilly, for instance, is another of the top five on the Swissquote US Congressional Trader Index. The healthcare group has caught the spirit of the age with its \u201cMounjaro\u201d slimming drug and is on course for rapid growth. It saw sales increase by around a third last year and was even able to more than double its profits. For this year, too, the management board is forecasting a significant rise in profits as a result of the expansion of its popular diabetes and weight-loss products into new markets. \u201cWe are starting 2025 with strong tailwinds,\u201d explains CEO David Ricks. Other members of the strategy index include banks such as Goldman Sachs. The new US government is expected to deliver far-reaching deregulation initiatives from which financial institutions could benefit. Business at Goldman Sachs is already booming even without laxer rules, however: thanks to strong results in investment banking and flourishing trading business, profits more than doubled in the fourth quarter of 2024.<\/p>\n\n\n\n<h3>Active management at a favourable price<\/h3>\n<p>Whether the top politicians in the USA are actively exploiting their wide-ranging knowledge or it is subtly influencing their decisions, the performance of their portfolios is certainly impressive. This alone is a good reason to follow their example. The Actively Managed Certificate (AMC) issued last year offers access to the broadly diversified and high-performance Swissquote US Congressional Trader Index. This actively managed tracker enables investors to participate 1:1 \u2013 minus a fee of 0.6 per cent p.a. and 0.1 per cent per transaction \u2013 in Swissquote's high-potential barometer. In return, the dividends paid flow into the calculation on a net basis. The product has no term limit and can be traded daily on the market.<\/p>\n\n\n\n<h3>Swissquote US Congressional Trader Index<\/h3>\n<div><price-chart isin=\"CH1345421700\"><\/price-chart><\/div>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1345421700\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<h3>Composition: Swissquote US Congressional Trader Index<\/h3>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;CANADIAN DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:-1.88E-6,&quot;currency&quot;:&quot;CAD&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;SWISS FRANC&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:-6.8872E-4,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;US DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00160449,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ADVANCED MICRO DEVICES&quot;,&quot;sophisInternalId&quot;:67114691,&quot;currentPrice&quot;:562.23,&quot;weight&quot;:0.04247519,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ALPHABET INC-CL A&quot;,&quot;sophisInternalId&quot;:67114265,&quot;currentPrice&quot;:349.22,&quot;weight&quot;:0.04650124,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;AMAZON.COM INC&quot;,&quot;sophisInternalId&quot;:67114480,&quot;currentPrice&quot;:254.76,&quot;weight&quot;:0.05159887,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;API GROUP CORP&quot;,&quot;sophisInternalId&quot;:206329310,&quot;currentPrice&quot;:40.33,&quot;weight&quot;:3.0325E-4,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;APPLE INC-REG&quot;,&quot;sophisInternalId&quot;:67141301,&quot;currentPrice&quot;:342,&quot;weight&quot;:5.4235E-4,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;AT T INC-REG&quot;,&quot;sophisInternalId&quot;:67138109,&quot;currentPrice&quot;:23.5,&quot;weight&quot;:0.02887126,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BROADCOM INC&quot;,&quot;sophisInternalId&quot;:70590024,&quot;currentPrice&quot;:344.33,&quot;weight&quot;:3.2472E-4,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CAPITAL ONE FINANCIAL CORP&quot;,&quot;sophisInternalId&quot;:67114174,&quot;currentPrice&quot;:198.86,&quot;weight&quot;:0.02815024,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CARPENTER TECHNOLOGY&quot;,&quot;sophisInternalId&quot;:71208874,&quot;currentPrice&quot;:380.56,&quot;weight&quot;:0.02303991,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CBOE GLOBAL MARKETS INC&quot;,&quot;sophisInternalId&quot;:70718957,&quot;currentPrice&quot;:308.09,&quot;weight&quot;:0.03028067,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CHEVRON CORP&quot;,&quot;sophisInternalId&quot;:67138099,&quot;currentPrice&quot;:219.32,&quot;weight&quot;:0.03523305,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CITIGROUP INC&quot;,&quot;sophisInternalId&quot;:67139580,&quot;currentPrice&quot;:123.21,&quot;weight&quot;:0.0293689,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;EATON CORP PLC&quot;,&quot;sophisInternalId&quot;:67114270,&quot;currentPrice&quot;:402.48,&quot;weight&quot;:0.03011847,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;EMERSON ELECTRIC CO&quot;,&quot;sophisInternalId&quot;:67114211,&quot;currentPrice&quot;:162.15,&quot;weight&quot;:0.03142196,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ENBRIDGE INC&quot;,&quot;sophisInternalId&quot;:84518229,&quot;currentPrice&quot;:46.83,&quot;weight&quot;:2.5688E-4,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;FIRSTCASH HOLDINGS INC&quot;,&quot;sophisInternalId&quot;:93499695,&quot;currentPrice&quot;:216.71,&quot;weight&quot;:0.02709477,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;HILTON WORLDWIDE HOLDINGS IN&quot;,&quot;sophisInternalId&quot;:90949738,&quot;currentPrice&quot;:342.98,&quot;weight&quot;:0.0312467,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;HOWMET AEROSPACE INC&quot;,&quot;sophisInternalId&quot;:104607867,&quot;currentPrice&quot;:219.7,&quot;weight&quot;:0.02516097,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;INTUITIVE SURGICAL INC&quot;,&quot;sophisInternalId&quot;:67569465,&quot;currentPrice&quot;:427.86,&quot;weight&quot;:0.03506114,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MCKESSON CORP&quot;,&quot;sophisInternalId&quot;:68298128,&quot;currentPrice&quot;:998.64,&quot;weight&quot;:0.03509501,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;META PLATFORMS INC-CLASS A&quot;,&quot;sophisInternalId&quot;:76382559,&quot;currentPrice&quot;:736.72,&quot;weight&quot;:0.05213421,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MICRON TECHNOLOGY INC&quot;,&quot;sophisInternalId&quot;:67114697,&quot;currentPrice&quot;:931.24,&quot;weight&quot;:0.03844136,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MICROSOFT CORP&quot;,&quot;sophisInternalId&quot;:67114739,&quot;currentPrice&quot;:539.44,&quot;weight&quot;:5.8882E-4,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MONOLITHIC POWER SYSTEMS INC&quot;,&quot;sophisInternalId&quot;:93499958,&quot;currentPrice&quot;:1249.2,&quot;weight&quot;:2.4223E-4,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NVIDIA CORP&quot;,&quot;sophisInternalId&quot;:67114699,&quot;currentPrice&quot;:217.23,&quot;weight&quot;:5.4741E-4,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;PALANTIR TECHNOLOGIES INC-A&quot;,&quot;sophisInternalId&quot;:143060346,&quot;currentPrice&quot;:200.5,&quot;weight&quot;:0.03803291,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;PALO ALTO NETWORKS INC&quot;,&quot;sophisInternalId&quot;:86259273,&quot;currentPrice&quot;:370.27,&quot;weight&quot;:0.0343443,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;PARKER HANNIFIN CORP&quot;,&quot;sophisInternalId&quot;:67387951,&quot;currentPrice&quot;:961.75,&quot;weight&quot;:0.02907147,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;REALTY INCOME CORP&quot;,&quot;sophisInternalId&quot;:71210159,&quot;currentPrice&quot;:55.55,&quot;weight&quot;:0.02705301,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;STRIDE INC&quot;,&quot;sophisInternalId&quot;:71209831,&quot;currentPrice&quot;:83.18,&quot;weight&quot;:2.9445E-4,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;TARGET CORP&quot;,&quot;sophisInternalId&quot;:67114365,&quot;currentPrice&quot;:156.63,&quot;weight&quot;:0.02874396,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;THE KRAFT HEINZ CO&quot;,&quot;sophisInternalId&quot;:83416876,&quot;currentPrice&quot;:23.28,&quot;weight&quot;:0.02775439,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;UBER TECHNOLOGIES INC&quot;,&quot;sophisInternalId&quot;:128661278,&quot;currentPrice&quot;:71.27,&quot;weight&quot;:0.0277537,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;UNITEDHEALTH GROUP INC&quot;,&quot;sophisInternalId&quot;:67114561,&quot;currentPrice&quot;:406.67,&quot;weight&quot;:0.03396784,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;VALERO ENERGY CORP&quot;,&quot;sophisInternalId&quot;:67114658,&quot;currentPrice&quot;:444.06,&quot;weight&quot;:0.03866284,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;VISA INC-CLASS A SHARES&quot;,&quot;sophisInternalId&quot;:67144322,&quot;currentPrice&quot;:399.75,&quot;weight&quot;:0.03600884,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;VSE CORP&quot;,&quot;sophisInternalId&quot;:71211086,&quot;currentPrice&quot;:161.55,&quot;weight&quot;:0.02182373,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;WELLS FARGO &amp; COMPANY&quot;,&quot;sophisInternalId&quot;:67114470,&quot;currentPrice&quot;:82.75,&quot;weight&quot;:0.03147508,&quot;currency&quot;:&quot;USD&quot;}]\"><\/AmcComposition>\n  <\/div>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2025/swissquote-us-congressional-trader-index?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n\n\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"swissquote-us-congressional-trader-index","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/us+politicians_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/us+politicians_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-02-19T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/alibaba_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Tech genius from the Far East","windowTitle":"Alibaba","category":"underlying-in-focus","title":"Alibaba","body":"<p>What a rally: in the past four weeks, Alibaba shares have risen by almost 50%, outpacing their US competitors. Driven by DeepSeek's AI breakthrough and a meeting between President Xi Jinping and the heads of numerous technology companies, investor interest in China's innovations has been rekindled. Speaking of innovations: Alibaba has just released the next version of its artificial intelligence model Qwen, which is said to outperform the highly acclaimed DeepSeek-V3. The value of Alibaba's AI models is also demonstrated by a recent deal with Apple. The iconic US company will use the technology of the company founded by Jack Ma in 1999 for its iPhones sold in China.<\/p>\n\n<div><generic-chart title=\"Alibaba (in USD)\"> \n    <chart-line title=\"Alibaba\" path=\"Chart_alibaba_25.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as at 18.02.2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<p>\"Made in China\" is certainly not regarded as a special seal of quality. Most people tend to associate it with cheap goods from the Far East. However, this assessment falls short, especially with regard to the tech sector. Chinese companies are increasingly forming a strong counterpart to Silicon Valley in the USA. The AI hype recently triggered by DeepSeek in China is proof of this - as are the simultaneously plummeting share prices of US players on Wall Street. The ChatGPT competitor is not even at the forefront of innovation in China: Alibaba has an even more powerful chatbot on offer with Qwen 2.5-Max. According to the company, the model outperforms DeepSeek's V3 as well as the latest versions of OpenAI's ChatGPT and Meta's Llama in almost all performance areas.<\/p>\n\n\n\n<h3>Political turnaround<\/h3>\n<p>The news comes at a time of a potential turning point in regulation, after the sector has been under heavy regulatory pressure in recent years. Now, for the first time since 2018, China's President Xi has met with the heads of numerous technology companies - including Alibaba founder and tech billionaire Jack Ma - to help the world's second-largest economy get back on its feet. In view of the growing rivalry with the USA, which is doing all it can to slow down China's technological rise, the domestic tech industry is likely to need political support. Although no details of the meeting were leaked, observers assume that Beijing signaled support for the companies - both for technological progress and to boost domestic consumption.<\/p>\n\n\n\n<h3>On course for growth<\/h3>\n<p>Alibaba became known and grew as a classic e-commerce group. Despite all its efforts and investments in AI and the cloud, online retail remains the company's most important business segment. In order to stand up to the growing competition - particularly from platforms such as Pinduoduo or Temu from PDD Holdings - the Amazon rival recently merged all of its e-commerce platforms into a new business unit. The new Alibaba E-Commerce Business Group combines the Taobao &amp; Tmall Group and the Alibaba International Digital Commerce (AIDC) Group. The first successes of this restructuring were already evident in the September quarter: AIDC profits rose by 29%.<\/p>\n\n<p>The second quarter of the 2024/25 financial year (ending March 31) was also characterized by expansion. Revenue increased by 5%, which represents a slight acceleration in growth compared to the previous quarter - where revenue growth was \"only\" 4%. Operating profit also increased by 5%, which meant that the margin remained stable at 15%. Alibaba will announce how the third quarter developed on February 20.<\/p>\n\n<p>Analysts expect earnings per share to double for the year as a whole and also anticipate double-digit percentage growth in subsequent years. Although the forecast growth lags behind that of US competitor Amazon, the PEG ratio - in which the price/earnings ratio is divided by the expected earnings growth - gives Alibaba an advantage. Based on the estimates for 2026/27, the ratio is even below 1, which indicates an undervaluation. Amazon, on the other hand, has a value of 1.2. Despite this positive outlook, the recent rally could be exhausted for the time being. The Alibaba share has already exceeded the analyst consensus 12-month average price target of USD 119.41 by around 4%.<\/p>\n\n<div>\n<generic-chart title=\"Alibaba: Profit growth and Price/Earnings to Growth Ratio\">\n  <x-axis categories=\"2022/23,2023/24,2024/25e,2025/26e,2026/27e\"/>\n      <chart-column title=\"Profit growth (%)\" data=\"20.80,14.10,100.60,14.10,12.80\" format=\"number\"/>\n      <chart-line title=\"Price/Earnings to Growth Ratio\" data=\"1.3,2.06,0.29,1.02,0.98\" format=\"number\" yAxisRight=\"true\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Refenitiv, e = expected<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Double-digit returns in a sideways trend<\/h3>\n<p>For investors, now could be the perfect time to optimize returns. The two new soft-callable Barrier Reverse Convertibles (BRC) turn a pause in the sharp upward trend into cash. With these two products, decent profits can be made even if Alibaba shares move sideways. The CHF-denominated BRC offers an interest rate of 10.00% p.a. with a maximum term of 12 months. On the downside, the partial protection product leaves plenty of room for the underlying. The barrier is fixed at 60% of the starting value. An identical BRC in the USD currency even promises a quarterly coupon payment of 14.80% p.a. Both products also have a soft callable function, which becomes active for the first time after 6 months and can lead to early redemption.<\/p>\n\n\n\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1409722480\\&quot;\\&quot;CH1409722456\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-alibaba","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/alibaba_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/alibaba_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-02-12T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/siemensenergy_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"From problem child to high-flyer","windowTitle":"Siemens Energy","category":"coupon-giant","title":"Siemens Energy","body":"<p>It wasn't so long ago that problems in the wind business and losses running into billions were dominating the headlines around Siemens Energy. However, the energy company managed to make a new start last year. This can be seen not only in the business figures, but also in the share price. The value of the DAX member increased almost tenfold between October 2023 and January 2025. Recently, however, the share price rally was disrupted by the Chinese start-up DeepSeek, which presented AI applications that require less computing power. Siemens Energy lost around a fifth of its market capitalization in just one day of trading due to concerns about lower demand for electricity. However, the slump was quickly countered. Investors can now make clever use of the resulting high volatility with new barrier reverse convertibles.<\/p>\n\n<p>One after the other: The Spanish wind power subsidiary Gamesa has been proving to be a spoilsport in the Siemens Energy Group for years. Among other things, quality and productivity problems have led to high losses. In the 2022/23 financial year alone (September 30), the loss amounted to EUR 4.6 billion. Even though the division is still deep in the red, the turbine manufacturer is making progress with its restructuring. The Executive Board is already forecasting a positive operating return of 3% to 5% for 2028. This will also have an impact on the company as a whole: The consolidated operating margin is expected to improve from an anticipated 3% to 5% in 2025 to 10% to 12% by then.<\/p>\n\n<div><generic-chart title=\"Chart Siemens Energy (in EUR)\"> <chart-line title=\"Siemens Energy\" path=\"Chart_se.csv\" format=\"date, number\" color=\"#f7a824\"><\/chart-line> <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n <footer>Source: Refinitiv, as at 11.02.2025 <br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Positive sentiment<\/h3>\n<p>The progress that is already visible, as well as the planned progress, has recently calmed the capital market and refocused investors' attention on the future prospects of rising global demand for electricity. The AI hype in particular is creating a consistently positive sentiment at Siemens Energy. This is reflected in the strong order intake. In the past fiscal year 2023/24, this increased by 42% to EUR 15.0 billion. The two divisions Grid Technologies (GT) and Gas Services (GS) in particular recorded major orders. \"Our focus remains on profitable growth, supported by extremely positive market conditions,\" said CEO Christian Bruch, looking confidently to the future when presenting the annual figures.<\/p>\n    \n<p>With the figures just presented for the first quarter of 2024/25, the manager, whose contract was prematurely extended by a further five years until April 2030, underlines his optimistic statement. Revenue increased from EUR 7.65 billion to EUR 8.9 billion, while the operating result adjusted for one-off effects more than doubled to EUR 481 million. On average, market participants had expected significantly less for both key figures. Although order intake was down, analysts had expected a greater slump here. The order situation at the problem child Gamesa stands out positively. The southern European company received 51% more orders than in the previous year.<\/p>\n\n<div>\n    <generic-chart title=\"Sales breakdown 1st quarter 2024/25 (in %)\">\n        <pie-chart \n        path=\"grafik_se_NEW.csv\" \n        format=\"string, number\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Siemens Energy, as at 11.02.2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Dynamic counterattack<\/h3>\n<p>The better-than-expected start to the new year and easing concerns about DeepSeek have recently brought Siemens Energy shares back into the game. The blue chip has now almost made up for the deep dive at the end of January. There is a growing view that the Chinese AI innovation will not restrict the global expansion of data centers, but that efficiency gains could instead lead to increasing demand. This is justified by the \"Jevons paradox\". The economic theory developed in the 19th century by British economist William Stanley Jevons describes the phenomenon that when a raw material is used more efficiently, demand for it does not necessarily fall.<\/p>\n     \n<p>With its grid technology and power generation and transmission businesses, Siemens Energy is undisputedly one of the AI beneficiaries. The Germans expect the strong demand for electricity to be a major driver of infrastructure investment. Data centers are expected to account for up to 4% of global demand in 2030. The transformation of electricity generation is also continuing. In addition to an increasing share of renewable energies, there will be a shift from coal to gas and a renaissance of nuclear energy, according to the company. With a share of 31%, the gas sector is actually the largest division in the Group. In nuclear power, which is assigned to the \"Transformation of Industry\" division, Siemens Energy is focusing on small modular reactors, for example, which more and more tech giants want to use to supply their data centers with electricity.<\/p>\n\n<h3>High coupon meets low barrier<\/h3>\n<p>The sharp ups and downs of the Siemens Energy share have recently led to a significant increase in volatility. These fluctuations can be converted into top conditions in a barrier reverse convertible. Leonteq has seized the moment and launched two new soft-callable BRCs on the DAX stock. The products have a high risk buffer of 45% and at the same time offer the prospect of double-digit percentage returns. The Swiss franc-denominated paper has a coupon of 14.00% p.a., while the EUR version even offers a maximum yield of 16.00% p.a. In order to receive the quarterly coupon payment, the Siemens Energy share must be quoted above the coupon trigger level, which is a low 50% of the starting level, on the observation dates. However, if the interest payment is not made on a key date, it can easily be made up again on the following observation dates due to the memory function.<\/p>\n\n<p>Due to the product structure, a sideways movement of the Siemens Engery share is therefore completely sufficient to achieve the maximum return. The maximum term of one year can be shortened due to the soft callable function. Every quarter, but at the earliest after 6 months, there may be an early redemption at 100%.<\/p>\n\n<h3>Callable Barrier Reverse Convertibles with conditional coupon<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1292088304\\&quot;\\&quot;CH1292088312\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;conditionalCoupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;conditionalCouponTriggerLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-table id=xxx title=\"Taxation Valor 129208830, 129208831\">\n<tbody>\n<tr>\n<td>Swiss Federal Income Tax<\/td>\n<td>For private investors with tax domicile in Switzerland holding the Product as part of their private property, gains realised during the term of the Product and on the Redemption Date qualify as capital gains and are therefore not subject to the Federal Direct Tax.<br/>\n    The tax treatment regarding the cantonal and communal income taxes can differ from the tax treatment regarding the Federal Direct Tax. But in general the income tax treatments are corresponding.<\/td>\n<\/tr>\n<\/tbody>\n<\/template> <template v-slot:below=\"\"> <LtqCardBody><footer>The tax information provided herein is a non-binding summary and only provides a general overview of the potential Swiss tax consequences linked to this Product at the time of issue. Tax laws and tax interpretation may change at any time, possibly with retroactive effect.<br/>Source: Termsheet<\/footer><\/LtqCardBody> <\/template> <\/ltq-table><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-siemensenergy","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/siemensenergy_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/siemensenergy_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-02-07T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/banks-index_leonteq-structured-products_homepage-banner.jpg","subTitle":"Outperformance certificates on banks index","windowTitle":"Reorganisation as an opportunity","category":"investment-themes","title":"Reorganisation as an opportunity","body":"<h3>High performance at low cost<\/h3>\n<p>A glance at European bank stocks reveals that the sector is extremely popular at the moment. Last year the EURO STOXX Banks Index climbed by 23.4%, leaving the market as a whole, which rose by around 8%, trailing in its wake. However, financial institutions have been outperforming for some considerable time already. On a 5-year view, the sector barometer achieved an annual increase of 8.7%, while the EURO STOXX 50 \u201conly\u201d managing a return of 6.3% p.a. Despite this clear outperformance, the sector is not expensive: the price-earnings ratio (PER) expected for this year is an attractive 6.7, compared with the 13.7 offered by the market overall. The banks are also well ahead of the EURO STOXX when it comes to the dividend yield, with the banks delivering 6.5% but the market as a whole returning just 2.7%.<\/p>\n\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2025/bank-index?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n\n<div><generic-chart title=\"EURO STOXX Banks (5 years)\">\n <chart-line title=\"EURO STOXX Banks\" path=\"Chart_ESB.csv\" format=\"date, number\"><\/chart-line> \n <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n <footer>Source: Refinitiv, as of: 05.02.2025 <br />Historical data is not indicative of future performance.<\/footer>\n\n\n<h3>Start of the reporting season<\/h3>\n<p>The outperformance of the banking sector has continued so far this year, the EURO STOXX Banks appreciating by more than one tenth since New Year. It will be interesting to see how the financial institutions fare in the current reporting season. Deutsche Bank, which is one of the top 10 in the sector index, was one of the first to offer an insight. Although the Frankfurt company posted a significant drop of 36% in net profits, this can be attributed primarily to special factors. The bank remains optimistic for the future and is planning to reward its shareholders with an increase in the dividend from 45 to 68 cents per share and an extensive share buyback programme worth EURmn 750. Commerzbank, too, is holding out the prospect of higher dividends and a new share buyback in the wake of record earnings in 2024.<\/p>\n\n\n<h3>Nordic earnings power<\/h3>\n<p>The Scandinavian bank Nordea has likewise already opened its books for inspection. Last year the EURO STOXX 50 member managed to increase its earnings by 3% to a little over EURbn 12. The operating profit also grew just as much on the previous year to reach EURbn 6.55. These figures from the bank, which was created by the merger of several banks in Denmark, Finland and Sweden, were in line with market forecasts. Nordea expects a return on equity of more than 15% in 2025. The management team is sticking with its dividend policy, a payout ratio of 60% to 70%. Furthermore, it is continuing to explore the possibility of utilising share buybacks as an instrument for distributing excess capital.<\/p>\n\n<div>\n<generic-chart title=\"EURO STOXX Banks vs. EURO STOXX 50 (in %)\">\n  <x-axis categories=\"2020, 2021, 2022, 2023, 2024\"/>\n      <chart-column title=\"EURO STOXX Banks\" data=\"-23.7, 36.2, -4.6, 23.5, 23.4\" format=\"number\"/>\n      <chart-column title=\"EURO STOXX 50\" data=\"-5.2, 21.0, -11.7, 19.2, 8.2\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Refenitiv, as of: 05.02.2025<br />Historical data is not indicative of future performance.<\/footer>\n\n\n<h3>Disproportionately high profits, average risk<\/h3>\n<p>Speculative investors for whom a direct holding of bank stocks is not enough can now leverage an investment in the sector. Leonteq\u2019s new outperformance certificates offer an optimum solution here. The clever structure allows disproportionately high profits without having to run an above-average risk. If prices go up, the product multiplies the movement. If they go down, owners of outperformance instruments are in no worse a position than with a direct investment. The outperformance certificate issued in CHF comes with a participation rate of 160%. If the underlying appreciates by 10%, for instance, the product turns this rise into a gain of 16%. The EUR equivalent even leverages a positive price movement by 200%, i.e. the performance of the underlying is doubled. Both products offer an unlimited opportunity for gains, so there is no cap in the structure. Should the EURO STOXX Banks plummet, the outperformance certificate only participates 1:1 in a negative performance below the strike at 100%. That means investors are not in any worse a position than with a tracker. Generally, the attractive payout profile does not kick in entirely until maturity in two years.<\/p>\n\n\n\n<h3>Outperformance Certificats on EURO STOXX® Banks Index<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1409718801\\&quot;\\&quot;CH1409718819\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;participation&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2025/bank-index?language_id=1\" label=\"Find out more!\"><\/ltq-button><\/div>\n\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"bank-index","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/banks-index_leonteq-structured-products_sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/banks-index_leonteq-structured-products_thumbnail.jpg"},{"date":"2025-02-05T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/logitech_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"New gaming euphoria","windowTitle":"Logitech","category":"underlying-in-focus","title":"Logitech","body":"<p>Be it the survival shooter \"Fortnite\", the open-world blockbuster \"Minecraft\" or the football simulation \"FC 25\": Video games inspire the masses. Around 3.3 billion gamers are active worldwide. Logitech is firmly anchored in this huge community with a wide range of accessories. Mice are just as much a part of the Swiss-American technology company's gaming repertoire as keyboards, headsets, racing steering wheels or LCD controllers for aircraft simulation. These items are particularly in demand at Christmas time. It therefore comes as no surprise that Logitech entered the most important business phase of the year in 2024 with 16 new gaming products. Apparently, this offensive has paid off. In the third quarter of the 2025 fiscal period, Logitech recorded sales growth of 14% to USD 467 million in the gaming segment. Not only did this mean that the most important product category stood out from the majority of the rest of the product range - only in the much smaller tablet accessories segment was the growth rate even higher at 21%. The gaming segment also returned to the peak level reached during the pandemic.<\/p>\n\n<div>\n<generic-chart title=\"Revenue and gross margin\">\n  <x-axis categories=\"Q3 23, Q4 23, Q1 24, Q2 24, Q3 24, Q4 24, Q1 25e, Q2 25e, Q3 25e\"/>\n      <chart-column title=\"Revenue (in Mio. USD)\" data=\"1149,960,974,1057,1255,1011,1088,1116,1340\" format=\"number\"/>\n      <chart-line title=\"Gross margin (in %) Non-GAAP\" data=\"37.9,36.3,39.0,42.0,42.3,43.6,43.3,44.1,43.2\" format=\"number\" yAxisRight=\"true\"/>\n<\/generic-chart> \n<\/div>\n <footer>Source: Logitech, as at 28.01.2025 <br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Better than expected<\/h3>\n<p>At USD 1.34 billion, Group-wide revenue in the quarter under review was 7% higher than in the same period of the previous year. Analysts had expected around USD 90 million less on average. In regional terms, the Asia-Pacific region stood out with a growth rate of 11%. The SMI member's quarterly results were also better than expected. In operational terms, Logitech earned USD 235 million in the three-month period, 6% more than at the end of 2023. The Group improved its gross margin by 90 basis points to 43.2%. Lower product costs paid off here. Meanwhile, higher advertising expenses prevented an even higher margin. \"We achieved robust year-on-year sales growth for the fourth quarter in a row and increased the non-GAAP gross margin for the fifth quarter in a row,\" commented CEO Hanneke Faber on the interim report. <\/p>\n\n<h3>Optimism in series<\/h3>\n<p>At the same time, the top manager, who has been in charge for almost 14 months, raised the forecast. Logitech now expects sales of between USD 4.54 and USD 4.57 billion for the fiscal year 2025, with operating earnings of USD 755 to USD 770 million. This was the third forecast increase in the current financial period. Faber had originally forecast sales of USD 4.4 billion at best and set the upper end of the earnings target range at USD 715 million. Investors reacted with corresponding enthusiasm to the latest news. Since the presentation of the figures, the SMI share has gained almost 8% in value. There was also applause from analysts: several research houses raised their price targets or the entire rating. Deutsche Bank, for example, now values the Logitech share at CHF 80, up from CHF 60 previously, while the Frankfurt-based bank also raised its rating for the technology stock from \"sell\" to \"hold\". Deutsche Bank has thus brought its rating in line with the consensus.<\/p>\n\n<div><generic-chart title=\"Logitech: Share price (in CHF)\"> <chart-line title=\"Logitech\" path=\"Chart_logitech25.csv\" format=\"date, number\" color=\"#f7a824\"><\/chart-line> <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n <footer>Source: Refinitiv, as at 04.02.2025 <br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>High coupon, low thresholds<\/h3>\n<p>As of March 5, there could be some changes in the opinion about Logitech. This is the date of the company's annual analyst and investor day. Holders of the new Softcallabe Barrier Reverse Convertible can look forward to the event relatively calmly. A largely stable performance is sufficient for this product to yield an attractive return. At 9.40% p.a., the coupon payment is relatively high for a single BRC. This has to do with the fact that the payout is linked to a condition: the coupon is due as soon as Logitech closes above the coupon trigger level on the respective observation date. In the current new issue, the relevant price threshold is a low 69% of the initial level. If the underlying fails at this hurdle, the lost distribution is not necessarily lost. Rather, it can be made up at a later date thanks to a memory effect. The prerequisite here is also that Logitech exceeds the trigger level. The barrier of 69% of the initial fixing is decisive for the redemption of the nominal. As long as the SMI value does not fall to or below this level during the 18-month term, investors receive a repayment of 100%. Otherwise, the partial protection expires and the Softcallable BRC would be linked to the performance of the Logitech share.<\/p>\n\n<h3>Callable Barrier Reverse Convertible with conditional coupon<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1409717829\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;conditionalCoupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;conditionalCouponTriggerLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-logitech","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/logitech_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/logitech_leonteq_structured_products_thumbnail.jpg"},{"date":"2025-02-03T15:44","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-know-how-product+homepage+banner.jpg","subTitle":"Demystifying Reverse Convertibles on Bond","windowTitle":"Leonteq Know-How","category":"know-how","title":"Leonteq Know-How 11","body":"<h3>What is a Reverse Convertible on Bond?<\/h3>\n<p>A Reverse Convertible on Bond is an investment product designed to <strong>enhance the yield of a traditional bond<\/strong> in exchange for additional risk associated with selling a put option on the underlying bond. <br />Our bond universe includes investment-grade sovereign, supranational, and corporate bonds.<\/p>\n<p>Below is a visual representation of the building blocks that contribute to the creation of this product:<\/p>\n<div><img src=\"/dA/290c245370/charts_KnowHow_20250121_chart 1.svg?language_id=1\" alt=\"charts_KnowHow_20250121_chart 1\" width=\"833\" height=\"611\" caption=\"false\" /><\/div>\n<footer>Source: Leonteq Securities AG <br />Random Data for illustrative purposes only.<\/footer>\n<div><\/div>\n<h3>How does the payoff work?<\/h3>\n<p><strong>Coupon Mechanism:<\/strong><\/p>\n<ul>\n<li>The structure provides a fixed coupon paid independently of the performance of the underlying bond.<\/li>\n<li>The coupon pick-up over the bond yield is achieved by monetizing rates volatility through the sale of a put option.<\/li>\n<\/ul>\n<p><strong>Redemption Mechanism:<\/strong><\/p>\n<ul>\n<li>At maturity, if the bond price is above the put strike, the investor will receive 100% of the initial investment in cash.<\/li>\n<li>Conversely, if the bond price is below the put strike, the investor will receive delivery of the underlying bond at strike price. Initial investment will therefore be reduced by an amount proportional to the negative performance of the underlying bond below the strike.<\/li>\n<\/ul>\n<div><\/div>\n<div><img src=\"/dA/4260dd4255/charts_KnowHow_20250121_payoff chart 3.svg?language_id=1\" alt=\"charts_KnowHow_20250121_payoff chart 3\" width=\"1222\" height=\"717\" caption=\"false\" /><\/div>\n<footer>Source: Leonteq Securities AG <br />For illustrative purposes only.<\/footer>\n<div><\/div>\n<h3>What are the product dynamics on the secondary market?<\/h3>\n<div><img src=\"/dA/e853a31b35/charts_KnowHow_20250121_chart 3.svg?language_id=1\" alt=\"charts_KnowHow_20250121_chart 3\" width=\"1222\" height=\"717\" caption=\"false\" /><\/div>\n<footer>Source: Leonteq Securities AG <br />Random Data for illustrative purposes only.<\/footer>\n<div><\/div>\n<h3>What are the advantages &amp; drawbacks?<\/h3>\n<div>\n<table responsive-table=\"\" multibody=\"\" nowrap=\"nowrap\">\n<thead>\n<tr>\n<th>Advantages<\/th>\n<th>Drawbacks<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td class=\"middle\">A pick-up over bond yield with a short-term investment horizon.<\/td>\n<td class=\"middle\">At maturity of the product, the investor may receive a bond at a yield below the prevailing market rate.<\/td>\n<\/tr>\n<tr>\n<td class=\"middle\">Monetize the rich fixed income volatility in the current market environment.<\/td>\n<td class=\"middle\">The investor will not benefit from the bond&rsquo;s duration if rates decrease during the product&rsquo;s life.<\/td>\n<\/tr>\n<tr>\n<td class=\"middle\">Monetize a range-bound view on rates &amp; credit spreads.<\/td>\n<td class=\"middle\">Not suitable for investors with a view that rates will sharply increase or decrease.<\/td>\n<\/tr>\n<tr>\n<td class=\"middle\">A product with flexible parameters such as Maturity or Strike.<\/td>\n<td class=\"middle\">Not suitable for investors willing to monetize an increase in rates &amp; credit spread volatility.<\/td>\n<\/tr>\n<tr>\n<td class=\"middle\">A payoff which repays 100% back at maturity of the product or delivers the bond itself (provided no default)<\/td>\n<td class=\"middle\">The investor could be exposed to a negative Mark to Market upon the bond delivery.<\/td>\n<\/tr>\n<tr>\n<td class=\"middle\">An underlying bond with Investment Grade risk profile.<\/td>\n<td class=\"middle\">The product is not capital protected (i.e., investors may lose part of all the invested capital at maturity.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h3>What are the risk factors?<\/h3>\n<p>The product exposes the investors to certain risks that shall be carefully assessed before investing:<\/p>\n<ul>\n<li>The product is not capital protected. Investors may lose part or all the invested capital.<\/li>\n<li>If the underlying bond closes below the Strike Level at Maturity, the investor will receive less than 100% of the Denomination.<\/li>\n<li>Before Maturity, the secondary market value of the Certificate is influenced by many factors (amongst others volatility and interest rates) and may be below 100% of the Denomination.<\/li>\n<li>Maximum yield is limited to the coupon payment.<\/li>\n<li>The investor bears the credit risk of the Issuer.<\/li>\n<\/ul>\n<div><\/div>\n<h3>Example of recent Trade Idea published by the Structuring team:<\/h3>\n<div><img src=\"/dA/adb5f99deb/Example_LYNQS_650px.jpg?language_id=1\" alt=\"Example_LYNQS_650px\" width=\"650\" height=\"168\" caption=\"false\" /><\/div>\n<footer>Source: Leonteq Securities AG<\/footer>\n<iframe src=\"https://www.linkedin.com/embed/feed/update/urn:li:ugcPost:7292444308622733313?compact=1\" height=\"399\" width=\"710\" frameborder=\"0\" allowfullscreen=\"\" title=\"Embedded post\"><\/iframe>\n<p>Please contact us for more information about this investment idea:<a href=\"mailto:info@leonteq.com\"><em> info@leonteq.com<\/em><\/a><\/p>\n<\/div>","url":"know-how-reverse-convertible-on-bond","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-know-how-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-know-how-thumbnail.jpg"},{"date":"2025-01-29T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/vistra_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Full of energy","windowTitle":"Vistra","category":"coupon-giant","title":"Vistra","body":"<p>With the announcement of the \"Stargate\" project, US President Donald Trump has triggered a new dimension of euphoria surrounding artificial intelligence (AI). Chatbot specialist OpenAI, together with its partners Oracle and Softbank, is planning to invest around USD 0.5 trillion in data centers. However, it is not only the constantly acclaimed chip manufacturers that benefit from such high expenditure on expanding the AI infrastructure; energy suppliers also benefit from this development. The reason for this is relatively simple: AI is a real power guzzler. According to the experts at McKinsey, the electricity demand for data centers in the USA is expected to reach 606 terawatt hours (TWh) by 2030, a huge increase compared to 2023 with 147 TWh. In total, this would represent 11.7% of total US electricity demand. This upcoming supply supercycle is good news for electricity retailer and generator Vistra, which supplies electricity to customers from California in the West to Maine on the East Coast.<\/p>\n\n<p>Vistra is broadly positioned: Among other things, the company has four nuclear power plants that generate more than 6,400 MW of carbon-free electricity to supply 3.2 million US households. The Texas-based company also owns the second-largest energy storage capacity in the country at around 1,020 MW, including one of the world's largest battery storage facilities and a growing portfolio of solar plants. In addition to nuclear and solar, Vistra also relies on natural gas and coal. Around 5 million private, business and industrial customers currently use Vistra's electricity. All in all, the company has a capacity of around 41,000 MW, which is enough to supply 20 million households with electricity.<\/p>\n\n<h3>Dynamic growth rates<\/h3>\n<p>The fact that business is currently running at full speed can be seen in the latest interim report. The company reported an adjusted earnings per share of USD 5.40 for the quarter ended September 30, which was well above analysts' average estimate of USD 1.25. Sales increased by 53.9% year-on-year to USD 6.29 billion, also clearly exceeding Wall Street's expectations of USD 5.01 billion. \"I am proud of another strong quarter of performance from the Vistra team,\" commented CEO Jim Burke on the good results.<\/p>\n\n<p>The outlook for the future is also increasingly optimistic. The Executive Board no longer expects an operating profit of just USD 4.8 billion for 2024, but is now targeting a range of USD 5.0 to USD 5.2 billion. This corresponds to an increase of around a quarter. For 2025, Vistra then expects further significant growth to USD 5.5 to 6.1 billion. While the Group was still in the red in 2021 and 2022, the result turned positive in 2023. For the past year, the analyst consensus expects earnings per share to increase by 63%, and then by a further 23% per year in 2025 and 2026.<\/p>\n\n<div>\n<generic-chart title=\"Earnings per share (in USD)\">\n  <x-axis categories=\"2021,2022,2023,2024e,2025e,2026e\"/>\n      <chart-column title=\"Earnings per share (in USD)\" data=\"-2.68,-3.26,3.57,5.84,7.17,8.84\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n <footer>Source: Refinitiv, e = expected As at: 28.01.2025 <br />Historical data is not a reliable indicator of future performance.<\/footer>\n \n <h3>Galloping share prices<\/h3>\n <p>Vistra's good operating performance and promising prospects led to the share price more than tripling last year. The start to 2025 was also \"electrifying\" and the S&amp;P 500 share initially stormed from record to record. However, the fact that the energy supplier is also susceptible to a correction after this rally has become apparent in recent days. The share price fell by more than a quarter at the beginning of the week. The reason for the sharp setback was news about the Chinese AI start-up DeepSeek, which has developed AI models that are just as powerful as those from Silicon Valley, but require less power. This in turn could call projects such as the Stargate mentioned at the beginning into question. <\/p>\n \n <div><generic-chart title=\"Vistra: Share Price (in USD)\"> <chart-line title=\"Vistra\" path=\"Chart_vistra.csv\" format=\"date, number\" color=\"#f7a824\"><\/chart-line> <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n <footer>Source: Refinitiv, as at 28.01.2025 <br />Historical data is not a reliable indicator of future performance.<\/footer>\n \n <h3>Two BRCs with top conditions<\/h3>\n <p>Price setbacks, even if they are as massive as at the beginning of the week, are no problem for the new barrier reverse convertibles on Vistra. The two new soft-callable BRCs have a comfortable risk buffer of 51% right from the start. The products are also equipped with double-digit percentage coupons. The CHF variant offers a maximum return of 13% p.a., while the USD paper offers a maximum return of 18% p.a. Unlike the classic variant, the interest payment is not guaranteed without further ado. In order to receive the coupon pro rata, the Vistra share must be above the coupon trigger level on the quarterly observation dates. However, this hurdle is not particularly demanding, as the threshold is 50% of the initial level. If the coupon payment is nevertheless not made on a key date, it is not lost at the same time. Due to the memory function, the payment can be made up for if the underlying instrument is quoted above the coupon trigger level again on one of the following observation dates. If the barrier is breached, the final fixing determines the return. If Vistra is then below the strike level, losses may be incurred. If, on the other hand, the security is quoted at or above the strike level at maturity, Leonteq will repay the full nominal amount.<\/p>\n \n <p>In order for the products to achieve the maximum yield within the maximum term of one year, no price increases are required, only the barrier must remain intact. The term can be shortened due to the built-in soft callable function. Every three months, but at the earliest after 6 months, the issuer of both BRCs has the right to early redemption at 100%.<\/p>\n \n<h3>Callable Barrier Reverse Convertibles with conditional coupon<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1409716078\\&quot;\\&quot;CH1409716086\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;conditionalCoupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;conditionalCouponTriggerLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-table id=xxx title=\"Taxation Valor 140971607, 140971608\">\n<tbody>\n<tr>\n<td>Swiss Federal Income Tax<\/td>\n<td>For private investors with tax domicile in Switzerland holding the Product as part of their private property, gains realised during the term of the Product and on the Redemption Date qualify as capital gains and are therefore not subject to the Federal Direct Tax.<br/>\n    The tax treatment regarding the cantonal and communal income taxes can differ from the tax treatment regarding the Federal Direct Tax. But in general the income tax treatments are corresponding.<\/td>\n<\/tr>\n<\/tbody>\n<\/template> <template v-slot:below=\"\"> <LtqCardBody><footer>The tax information provided herein is a non-binding summary and only provides a general overview of the potential Swiss tax consequences linked to this Product at the time of issue. Tax laws and tax interpretation may change at any time, possibly with retroactive effect.<br/>Source: Termsheet<\/footer><\/LtqCardBody> <\/template> <\/ltq-table><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-vistra","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/vistra_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/vistra_leonteq_structured_products_thumbnail.jpg"},{"date":"2025-01-24T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/cancer_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Tracker certificate on the Swissquote Cancer Fighters Index","windowTitle":"Strong together","category":"investment-themes","title":"Strong together","body":"<h3>Increasing chances of a cure<\/h3>\n<p>Cancer is the second most common cause of death in Switzerland, accounting for around one quarter of all deaths. Each year some 46,500 people here die of malignant tumours, with prostate cancer topping the list for men and breast cancer for women. Thanks to constant improvements in treatment options, however, the chances of survival are also increasing. According to the Swiss Cancer League, there has for years been a sharp increase in the number of people living with and after a cancer diagnosis. At present there are estimated to be around 45,000 such cancer survivors in Switzerland. One of those making a huge contribution here is the domestic pharmaceuticals giant, Roche. Two of its cancer drugs, Perjeta (breast cancer) and Tecentriq (lung cancer), are among the ten biggest-selling products in the world. The global number one in 2023 was Merck & Co.\u2019s Keytruda, which pulled in revenue of USDbn 25. The monoclonal antibody is used for the treatment of a variety of tumours.<\/p>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2025/swissquote-cancer-fighters-index?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n\n<h3>Medical progress<\/h3>\n<p>It is not only the best-selling drugs that are leading the fight against cancer, though: progress is also being driven by constant innovations in processes and products. Amgen recently delivered a huge boost to the latter segment, with the US biotech firm achieving significant progress in oncology in the middle of the coronavirus pandemic. An active agent that targets mutations in what is known as the KRAS gene, which is one of the most frequent and at the same time most problematic causes of cancer, has been approved in the USA for the first time. On the subject of the pandemic, this was when the foundation for innovative mRNA technology was laid. This could have fewer side-effects compared to treatments such as chemotherapy or radiotherapy and would therefore help to improve the quality of life of cancer patients and increase their cure rate. While the US group Moderna is looking to bring a first active agent onto the market as early as this year, its German competitor, BioNTech, is planning to offer personalised cancer therapies \u2013 either within the scope of clinical trials or as approved treatments \u2013 for up to 10,000 patients by the end of 2030.<\/p>\n\n<h3>Diversified index<\/h3>\n<p>The continuing rise in deaths worldwide \u2013 according to the International Agency for Research on Cancer, almost 12 million people could succumb to the disease by 2030, and as many as 18.5 million by 2050 \u2013 shows the urgency of the issue and underlines the growth prospects for the pharmaceutical industry. The Swissquote Cancer Fighters Index offers a targeted and diversified way of investing in companies which have declared war on cancer. The barometer brings together the pioneers in the field of targeted therapies, immunotherapies, early detection and messenger RNA vaccines which are revolutionising diagnostics and healthcare provision. Investors can participate in the progress achieved in the fight against cancer in a diversified manner by supporting these major players. The index also benefits from a fast-growing industry that is at the heart of the global challenges facing public healthcare.<\/p>\n\n<h3>Investing made easy<\/h3>\n<p>Investors have been able to take a position in the Swissquote Cancer Fighters Index since November 2024. Denominated in Swiss francs, the tracker was issued at a price of CHF 25. There are 17 companies in the barometer at present. The regulations state that the index must always be broadly diversified and have between a minimum of 10 and a maximum of 60 components. The USA leads the way from a regional perspective. Only stocks which meet both qualitative and quantitative criteria are selected. Among the qualitative requirements are that the companies have committed themselves to fighting cancer. The quantitative criteria include a minimum market capitalisation of CHFmn 100 and an average daily trading volume of CHF 100,000. To ensure that the index is always kept up to date, a management fee of up to 0.1% is charged for every adjustment to the components. Administration fees totalling 0.60% p.a. are also deducted.<\/p>\n\n<h3>Swissquote Cancer Fighters Index<\/h3>\n<div><price-chart isin=\"CH1345423755\"><\/price-chart><\/div>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1345423755\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>Swissquote Cancer Fighters Index: Current composition<\/h3>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;SWISS FRANC&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:-3.069E-5,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;BRITISH POUND&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:2.5105E-4,&quot;currency&quot;:&quot;GBP&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;JAPANESE YEN&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:8.0903E-4,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;US DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00305421,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ABBVIE INC&quot;,&quot;sophisInternalId&quot;:83885712,&quot;currentPrice&quot;:283.4,&quot;weight&quot;:0.06433091,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;AMGEN INC&quot;,&quot;sophisInternalId&quot;:67114383,&quot;currentPrice&quot;:434.03,&quot;weight&quot;:0.04716227,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ASTELLAS PHARMA INC&quot;,&quot;sophisInternalId&quot;:67122110,&quot;currentPrice&quot;:2356.5,&quot;weight&quot;:0.05664675,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ASTRAZENECA PLC&quot;,&quot;sophisInternalId&quot;:67109514,&quot;currentPrice&quot;:12698,&quot;weight&quot;:0.04265461,&quot;currency&quot;:&quot;GBP&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BEIGENE LTD&quot;,&quot;sophisInternalId&quot;:150281023,&quot;currentPrice&quot;:215.6,&quot;weight&quot;:0.06686757,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BRISTOL-MYERS SQUIBB CO&quot;,&quot;sophisInternalId&quot;:67114596,&quot;currentPrice&quot;:60.57,&quot;weight&quot;:0.04258626,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;GILEAD SCIENCES INC-REG&quot;,&quot;sophisInternalId&quot;:67413186,&quot;currentPrice&quot;:157.37,&quot;weight&quot;:0.04915923,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;GUARDANT HEALTH INC&quot;,&quot;sophisInternalId&quot;:139067826,&quot;currentPrice&quot;:165.88,&quot;weight&quot;:0.04185798,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ILLUMINA INC&quot;,&quot;sophisInternalId&quot;:71209586,&quot;currentPrice&quot;:267.93,&quot;weight&quot;:0.076051,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;JOHNSON &amp; JOHNSON&quot;,&quot;sophisInternalId&quot;:67114599,&quot;currentPrice&quot;:253.28,&quot;weight&quot;:0.07089896,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MERCK &amp; CO. INC.&quot;,&quot;sophisInternalId&quot;:67138121,&quot;currentPrice&quot;:145.19,&quot;weight&quot;:0.05199894,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MODERNA INC&quot;,&quot;sophisInternalId&quot;:136449635,&quot;currentPrice&quot;:236.5,&quot;weight&quot;:0.04599508,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NOVARTIS AG-REG&quot;,&quot;sophisInternalId&quot;:67108969,&quot;currentPrice&quot;:125.9,&quot;weight&quot;:0.05786194,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;PFIZER INC-REG&quot;,&quot;sophisInternalId&quot;:67114604,&quot;currentPrice&quot;:29.44,&quot;weight&quot;:0.06347207,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;REGENERON PHARMACEUTICALS&quot;,&quot;sophisInternalId&quot;:71210460,&quot;currentPrice&quot;:796.34,&quot;weight&quot;:0.04568487,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;REVOLUTION MEDICINES INC&quot;,&quot;sophisInternalId&quot;:143000603,&quot;currentPrice&quot;:189.26,&quot;weight&quot;:0.03081034,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ROCHE HOLDING AG-PARTIZIPATIONSSCHEIN&quot;,&quot;sophisInternalId&quot;:67108970,&quot;currentPrice&quot;:379.7,&quot;weight&quot;:0.06076347,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;THERMO FISHER SCIENTIFIC INC&quot;,&quot;sophisInternalId&quot;:67114525,&quot;currentPrice&quot;:696.49,&quot;weight&quot;:0.08111417,&quot;currency&quot;:&quot;USD&quot;}]\"><\/AmcComposition>\n  <\/div>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2025/swissquote-cancer-fighters-index?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"swissquote-cancer-fighters-index","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/cancer_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/cancer_leonteq_structured_products_thumbnail.jpg"},{"date":"2025-01-22T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/holcim_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Before mega IPO","windowTitle":"underlying-holcim","category":"underlying-in-focus","title":"Holcim","body":"<p>With an increase of almost a third, the Holcim share made it into the top 3 in the SMI ranking in 2024. At first glance, this strong performance may seem surprising, as the global economy is struggling on many fronts. However, the world's largest cement manufacturer seems to have made the right adjustments. Even though sales recently declined slightly, the Group reported record profitability in the third quarter. In addition, an eagerly awaited overseas IPO worth billions is currently in the pipeline. Holcim is planning to list its US unit on Wall Street in the first half of the year.<\/p>\n\n<div><generic-chart title=\"Holcim: Share Price (in CHF)\"> \n    <chart-line title=\"Holcim\" path=\"Chart_holcim_25.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as at 21.01.2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Spin-off takes shape<\/h3>\n<p>The building materials group, which was founded in 1912, will no longer hold a stake in the new company, whose name has not yet been revealed. Holcim shareholders will become shareholders. In addition to cement and aggregates, the US division also offers roofing materials and is therefore disproportionately profitable: in the third quarter, an operating margin of 31.8% was achieved on the other side of the Atlantic, which was not only 8.3 percentage points more than in the Group as a whole, but also an improvement of 320 basis points compared to the previous year. The division also made the highest contribution to the Group result (see chart). The new company is to be headed by the current Holcim President Jan Jenisch. Holcim shareholders still have to vote on this proposal in particular and the spin-off in general at the Annual General Meeting on May 14. The Zug-based company is not only seeking a listing for the division in New York, but also an additional listing on the SIX Swiss Exchange in order to accommodate European investors. According to Reuters data, investors from Holcim's home country hold almost a fifth of the company's shares. The spin-off is expected to take place at the end of the first half of 2025.<\/p>\n\n<h3>Increasing profitability<\/h3>\n<p>The operational outlook for the North American business, which according to earlier company statements could reach a capitalization of more than USD 30 billion, is rosy. The company is currently involved in the execution of more than 150 infrastructure projects and is expected to further expand its margin in 2024 as a whole. This also applies to the Group as a whole. Although Holcim lowered its sales forecast to a \"low single-digit percentage\" after the first half of the year, it also increased its return target. Instead of the original 18%, an adjusted operating result of more than 18.5% of sales is to be achieved. The Group also has a \"green thumb\". The proportion of recycled building materials is to increase to 10 million tons, which corresponds to an increase of one fifth compared to the previous year.<\/p>\n\n<div>\n<generic-chart title=\"Revenue and EBIT ratio of the various regions after 9 months 2024\">\n  <x-axis categories=\"North America, Latin America, Europe, Asia/Middle East/Africa\"/>\n      <chart-column title=\"Revenue (in %)\" data=\"24.1,10.8,27.4,13.4\" format=\"number\"/>\n      <chart-column title=\"EBIT (in %)\" data=\"30.7,20.0,26.8,17.0\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Holcim, as at January 2025<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<p>The current profit strength of the building materials group is due, among other things, to its increased focus on higher-value products. For example, Holcim recently sold more of its more profitable low-carbon cement and roofing products. Profitability was also boosted by acquisitions. The company acquired 6 additional companies in the course of the third quarter, bringing the total number of acquisitions to 17 as at September 30. In terms of figures, the adjusted operating result from July to September rose by 4.6% to a record CHF 1.67 billion, compared with analysts' forecasts of just CHF 1.65 billion. In terms of sales, however, Holcim missed expectations, generating CHF 7.12 billion instead of the estimated CHF 7.19 billion. \"Our results for the third quarter confirm Holcim's strong earnings profile, with broad-based growth drivers delivering record recurring EBIT and a record margin,\" said CEO Miljan Gutovic, expressing his satisfaction with the business performance. There is no precise forecast for the current year yet, but a slight recovery in the housing market is expected, supported by anticipated interest rate cuts. The Management Board is expected to reveal more details when it presents its annual report on February 28.<\/p>\n\n<h3>Partial protection and leverage in one package<\/h3>\n<p>The Holcim share has been on an upward trend since October 2022, which initially peaked at CHF 92.76 in November last year. Since then, the share price has consolidated at this level. With a new bonus certificate, investors are ideally equipped for when the SMI member picks up speed again. The product combines security and the chance of outperformance in equal measure. Even if prices rise slightly, the certificate promises an attractive profit at maturity in three years.<\/p>\n\n<p>The product structure enables investors to participate in a positive price performance from the bonus level at 100% with leverage. The participation rate is 150% and has no upper limit. Consequently, the certificate has an unlimited potential return. In the event that the Holcim share trades below the starting level at the end, the investment does not automatically end in negative territory. This is ensured by the barrier, which is drawn in at 69% of the starting level. Only if this barrier is touched or breached can there be losses.<\/p>\n\n<h3>Bonus Outperformance Certificate<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1409712630\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;bonusLevel&quot;,&quot;underlying&quot;,&quot;participation&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-holcim","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/holcim_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/holcim_leonteq_structured_products_thumbnail.jpg"},{"date":"2025-01-15T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/crispr_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Gene scissors on hold","windowTitle":"CRISPR Therapeutics","category":"coupon-giant","title":"CRISPR Therapeutics","body":"<p>In the loud roar surrounding artificial intelligence (AI), investors more or less ignored other future topics in 2024. This also applies to biotechnology; on the Nasdaq, the sector did not make any headway on balance last year. Research companies specializing in innovative medicines were slowed down by the US elections, among other things. There are concerns that the environment could deteriorate with the return of Donald Trump to the White House. One indication of this is the possible nomination of Martin \"Marty\" Makary as head of the US Food and Drug Administration (FDA). The surgeon is not exactly known as a friend of the biotech and pharmaceutical industry. Even before the political decisions in the USA, CRISPR Therapeutics had already fallen off the stock market. In February 2024, the shares of the Zug-based biotech company had climbed to their highest level since fall 2021. Since then, the Nasdaq-listed stock has slumped by almost 60% compared to this top.<\/p>\n\n<div><generic-chart title=\"Crispr: Share Price (in USD)\"> <chart-line title=\"Crispr\" path=\"Chart_crispr.csv\" format=\"date, number\" color=\"#f7a824\"><\/chart-line> <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n <footer>Source: Refinitiv, as at 14.01.2025 <br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Commercialization of a milestone<\/h3>\n<p>Little has actually changed in the company's equity story. CRISPR Therapeutics is working on putting a milestone reached in December 2023 on track. At that time, the FDA gave the green light for \"Casgevy\". This is a gene therapy for the treatment of sickle cell anemia, a serious blood disorder. The Zug-based company developed the product together with its US partner Vertex. Another indication for Casgevy is the chronic disease of the red blood pigment (hemoglobin), known as beta-thalassemia. CRISPR/Vertex has now received further approvals for these two treatment areas. According to the company, around 35,000 patients in the USA and Europe alone are eligible for treatment with Casgevy. However, apart from the milestone payments from Vertex, these successes have not yet yielded anything.<\/p>\n\n<h3>Strong pipeline, solid financing<\/h3>\n<p>In the first nine months of 2024, CRISPR's operating loss increased by more than USD 100 million to USD 402 million. CEO Samarth Kulkarni remains confident. \"The year 2025 promises to be a year of milestones,\" he announced at the beginning of the year. In addition to the commercialization of Casgevy, the top manager cites the research pipeline as a reason for optimism. \"We will continue to expand our portfolio in the areas of oncology, autoimmune diseases and cardiometabolic diseases,\" explains the CEO in a press release. Kulkarni expects decisive progress to be made with \"CTX112\", among other things. This antigen receptor (CAR-T) against B-cell malignancies is currently undergoing clinical trials. CRISPR has the necessary capital for the research teams, most of whom work in the USA. According to the CEO, the company held cash, cash equivalents and marketable securities totaling approximately USD 1.9 billion at the beginning of 2025.<\/p>\n\n<div>\n    <generic-chart title=\"Liquid funds (in %)\">\n        <pie-chart \n        path=\"graph_crispr_EN_NEW.csv\" \n        format=\"string, number\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: CRISPR Therapeutics, as at 30.09.2024<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>High yield, low barrier<\/h3>\n<p>With this message in mind, the management traveled to San Francisco at the beginning of this week. In the US West Coast metropolis, CRISPR took part in a healthcare conference organized by J.P. Morgan on Tuesday, January 14, 2024. Let's see whether the Zug-based company was able to score points with investors with its presentation. Even if the USD 3.4 bn biotech stock doesn't get off the ground, attractive returns are possible with the new soft-callable barrier reverse convertibles. Leonteq has launched two variants of this structure based on CRISPR Therapeutics. The guaranteed coupon is 13% p.a. in the product currency CHF. With an allocation in USD, a distribution of 17.4% p.a. is due every three months. The barrier is a uniform 49% of the initial level. As long as CRISPR Therapeutics does not fall to or below this level during the 15-month term, the BRC yields the maximum return. Otherwise the partial protection expires and the investment is linked to the performance of the underlying share. Please also note the soft callable function. It makes early termination and redemption of these issues possible.<\/p>\n\n\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1409710519\\&quot;,\\&quot;CH1409710527\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-crispr","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/crispr_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/crispr_leonteq_structured_products_thumbnail.jpg"},{"date":"2025-01-10T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/blockchain_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Tracker certificate on the Swissquote Blockchain Index","windowTitle":"Disruptive technology with potential","category":"investment-themes","title":"Disruptive technology with potential","body":"<h3>Bitcoin and blockchain enthusiasts<\/h3>\n<p>The recent hype around Bitcoin has lit a fire under blockchain technology and the associated companies on the stock market. This is particularly true for stocks linked closely to the cyber currency, such as MicroStrategy. Founded by Michael Saylor in 1989, the software developer has seen a roughly fivefold increase in its share price in the last year. This in turn resulted in the Virginia company climbing into the popular Nasdaq 100 on 23 December. The reason behind the rally of the specialist in analysis software lies in Saylor\u2019s enthusiasm for Bitcoin. He began to buy Bitcoin through his company in August 2020 and is now sitting on a mountain of around 440,000 BTC having a total value in excess of USDbn 40. That means about 2% of all bitcoins to have been mined worldwide are in the hands of MicroStrategy. Square founder Jack Dorsey has a similar weakness for crypto assets: he changed the name of his company to Block in 2021 in honour of the blockchain. In addition to its familiar POS terminals and the Cash App, which enables a broad spectrum of functions from Bitcoin investment to borrowing, Block is also actively involved in mining and even working on the development of its own mining chip.<\/p>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2025/swissquote-blockchain-index?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n\n<h3>Indispensable processors<\/h3>\n<p>On the subject of chips, enormous computing power is needed if computers are to be used in mining and the blockchain. This is where the big chip providers such as AMD, Intel and Nvidia come into play. The last of these has already been assisting the mining of many crypto coins with its high-performance processors for years. One of its competitors, AMD, is also an active player. The company has carved out a position for itself in the Web3 sector, the next stage in the development of the internet. Web3 applications and blockchain algorithms require high-performance computing, for which the company provides a range of processors such as the AMD EPYC CPUs. By its own account, the group has already set more than 300 world records on multiple platforms with its solutions.<\/p>\n\n<h3>Blockchain index with active management<\/h3>\n<p>It is not just household names that have nailed themselves to the mast of this pioneering technology, however: Box, which is less well known in Switzerland, has also built a lucrative business model for itself. Founded in 2005, the US company offers cloud-based content management solutions for a wide range of industries. The Japanese Digital Garage is likewise developing solutions using the blockchain. Investors do not have to search out the top stocks for themselves when building a diversified investment in this trending theme, because Swissquote created just such an index in August 2021. In addition to the companies already mentioned, the barometer also includes many other stocks that generate revenue from digital chains. The Swissquote Blockchain Index currently comprises 17 members, but this can change quickly: the index sponsor continually reviews the composition, and this active management approach ensures that the structure is always up to date.<\/p>\n\n<h3>Investing in the mega-trend<\/h3>\n<p>Leonteq offers a corresponding open-end tracker on the Swissquote Blockchain Index, giving investors easy access to the opportunities afforded by the disruptive technology. Aside from an annual fee of 1.10%, the product participates fully in the performance of the diversified index. The costs are made up of an index calculation fee of 0.85% p.a. and a management fee of 0.25% p.a. Rebalancing expenses of 0.10% may also be applied. Given the active investment approach, the fee structure is very reasonable indeed. The track record also speaks for itself: the certificate has appreciated by more than 40% on a one-year view.<\/p>\n\n\n<h3>Swissquote Blockchain Index<\/h3>\n<div><price-chart isin=\"CH1129844648\"><\/price-chart><\/div>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1129844648\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div>\n<p><strong>Management Fee: 1.10% p.a.<\/strong><\/p>\n<p><strong>Index Sponsor: Swissquote Bank SA<\/strong><strong><\/strong><\/p>\n<p><strong>Issuer: Leonteq Securities AG,&nbsp;Guernsey<\/strong><\/p>\n<p><strong>Guarantor: PostFinance AG, Bern, Switzerland<\/strong><\/p>\n<\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Swissquote Blockchain Index: Current composition<\/h3>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;CANADIAN DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:2.0E-8,&quot;currency&quot;:&quot;CAD&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;SWISS FRANC&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:-0.00200257,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;JAPANESE YEN&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00220083,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;US DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:2.1156E-4,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ADVANCED MICRO DEVICES&quot;,&quot;sophisInternalId&quot;:67114691,&quot;currentPrice&quot;:562.23,&quot;weight&quot;:0.07522339,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;APPLIED DIGITAL CORP&quot;,&quot;sophisInternalId&quot;:176488461,&quot;currentPrice&quot;:20.39,&quot;weight&quot;:0.01420595,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BLOCK INC&quot;,&quot;sophisInternalId&quot;:100827513,&quot;currentPrice&quot;:79.83,&quot;weight&quot;:0.1315506,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CIPHER MINING INC&quot;,&quot;sophisInternalId&quot;:161033495,&quot;currentPrice&quot;:10.04,&quot;weight&quot;:0.01492718,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CIRCLE INTERNET GROUP INC&quot;,&quot;sophisInternalId&quot;:207013780,&quot;currentPrice&quot;:86.97,&quot;weight&quot;:0.03527677,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CLEANSPARK INC&quot;,&quot;sophisInternalId&quot;:146168817,&quot;currentPrice&quot;:9.35,&quot;weight&quot;:0.02164506,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;COINBASE GLOBAL INC -CLASS A&quot;,&quot;sophisInternalId&quot;:149384019,&quot;currentPrice&quot;:183.81,&quot;weight&quot;:0.05634521,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CORE SCIENTIFIC INC&quot;,&quot;sophisInternalId&quot;:159624469,&quot;currentPrice&quot;:14.455,&quot;weight&quot;:0.03445861,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;GALAXY DIGITAL INC-A&quot;,&quot;sophisInternalId&quot;:206035057,&quot;currentPrice&quot;:18.25,&quot;weight&quot;:0.02394115,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;GMO INTERNET GROUP INC&quot;,&quot;sophisInternalId&quot;:71208053,&quot;currentPrice&quot;:3961,&quot;weight&quot;:0.15516678,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;HIVE DIGITAL TECHNOLOGIES LT&quot;,&quot;sophisInternalId&quot;:149300594,&quot;currentPrice&quot;:3.14,&quot;weight&quot;:0.02253582,&quot;currency&quot;:&quot;CAD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;HUT 8 CORP&quot;,&quot;sophisInternalId&quot;:153671928,&quot;currentPrice&quot;:107.97,&quot;weight&quot;:0.02254987,&quot;currency&quot;:&quot;CAD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;IREN LTD&quot;,&quot;sophisInternalId&quot;:178704625,&quot;currentPrice&quot;:30.39,&quot;weight&quot;:0.01662214,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;KEEL INFRASTRUCTURE CORP&quot;,&quot;sophisInternalId&quot;:154233528,&quot;currentPrice&quot;:2.57,&quot;weight&quot;:0.01636107,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MARA HOLDINGS INC&quot;,&quot;sophisInternalId&quot;:145970528,&quot;currentPrice&quot;:8.33,&quot;weight&quot;:0.02589396,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NVIDIA CORP&quot;,&quot;sophisInternalId&quot;:67114699,&quot;currentPrice&quot;:217.23,&quot;weight&quot;:0.13114501,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;RIOT PLATFORMS INC&quot;,&quot;sophisInternalId&quot;:140589695,&quot;currentPrice&quot;:15.5,&quot;weight&quot;:0.02316185,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SBI HOLDINGS INC&quot;,&quot;sophisInternalId&quot;:71207923,&quot;currentPrice&quot;:2989.5,&quot;weight&quot;:0.1325431,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;STRATEGY INC&quot;,&quot;sophisInternalId&quot;:71210003,&quot;currentPrice&quot;:151.29,&quot;weight&quot;:0.04603665,&quot;currency&quot;:&quot;USD&quot;}]\"><\/AmcComposition>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2025/swissquote-blockchain-index?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"swissquote-blockchain-index","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/blockchain_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/blockchain_leonteq_structured_products_thumbnail.jpg"},{"date":"2025-01-08T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/adecco_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Ready for the comeback","windowTitle":"Adecco","category":"underlying-in-focus","title":"Adecco","body":"<p>At the turn of the year, investors scour the market for potential opportunities that could develop into successful investments in the new stock market year. One possibility is the so-called \"laggard trade\", in which shares that performed poorly in the previous year switch to the fast lane in the new year. Adecco is high on the list of laggards. The shares of the recruitment agency fell by more than 40% in 2024, dropping to their lowest level since 1996.<\/p>\n\n<div><generic-chart title=\"Adecco: Share price (in CHF)\"> <chart-line title=\"Adecco\" path=\"Chart_adecco.csv\" format=\"date, number\" color=\"#f7a824\"><\/chart-line> <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n <footer>Source: Refinitiv, as at: 06.01.2025 <br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<p>Whether the SLI member's course is now set for a rebound in 2025 after almost three lost decades is likely to depend primarily on further fundamental developments. The operating business has recently come under noticeable pressure. The Zurich-based group is currently having to deal with a rapidly changing recruitment environment. Internet platforms and the increasing use of artificial intelligence are creating strong competition for the traditional business model. This is also reflected in Adecco's books: in the third quarter, revenue fell organically by 5% to EUR 5.7 billion, while operating profit (Ebita) adjusted for exceptional items slumped by a fifth to EUR 162 million.<\/p>\n\n<h3>Light on the horizon<\/h3>\n<p>The former growth story, which was also impacted by the coronavirus pandemic, has been lying dormant for years. In terms of sales, Adecco is currently at the same level as in 2018, and the company's Ebida is even a quarter lower than it was back then. And yet hope is gradually spreading that the negative trend may have come to an end in the final quarter of 2024. Adecco is forecasting comparable results to the previous quarter in terms of sales, gross margin and cost ratio. In addition, the Zurich-based company will be cutting costs even further in the future. General and administrative costs are to be reduced by EUR 171 million in the fourth quarter. Investors will find out whether CEO Denis Machuel and his team can keep their word at the next presentation of figures on February 26.<\/p>\n\n<p>Things could then pick up again in 2025. Business is expected to pick up in the USA in particular. Recently, recruitment figures had slowed down as many employers held on to staff in the run-up to the presidential election and employees were reluctant to change jobs due to economic and political uncertainty. As a result, sales in North America slumped by 15% in the three months to September. \"We firmly believe in the US economy,\" says Machuel optimistically. But it is not only on the other side of the Atlantic that Adecco has opportunities to return to growth. If the macroeconomic environment in the major European economies of Germany and France improves, the recent stabilization trend could continue. In Germany, government elections are also due in February, which could potentially provide further impetus.<\/p>\n\n<h3>A favorite for 2025<\/h3>\n<p>The analysts at Vontobel see opportunities for Adecco in any case. The private bank has included the mid-cap in its elite circle of \"Swiss equity favorites\" for 2025. The experts are optimistic about the cost savings, which will have a positive impact on profitability. In addition, according to the institute, the improved cash flow trend is an important factor for \"maintaining a progressive dividend\". The analyst consensus also sees significant improvements on the earnings side. Accordingly, earnings per share are expected to improve by 13.4% this year and the pace of growth is set to increase again in 2026 (see chart). This results in a P/E ratio of 8.4 for 2025, with the much-noticed ratio even falling to 7.0 in 2026.<\/p>\n\n<div>\n<generic-chart title=\"Development earnings per share (in \u20ac)\">\n  <x-axis categories=\"2021, 2022, 2023, 2024, 2025, 2026\"/>\n      <chart-column title=\"Earnings per share (in \u20ac)\" data=\"3.6, 2.04, 1.93, 2.49, 2.83, 3.39\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n <footer>Source: Refinitiv, as at 01.2025 <br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>High coupons, low barriers<\/h3>\n<p>To achieve a double-digit percentage return with the new soft callable barrier reverse convertibles, the Adecco share does not have to rebound. With a maximum term of 18 months and a risk buffer of a comfortable 41%, an attractive return is possible even if the share price stagnates. The CHF variant offers an interest rate of 10.80% p.a., while the EUR-denominated product even has a coupon of 12.00% p.a.. A conditional coupon payment is also integrated. If Adecco is quoted above the trigger level of 59% of the starting price on the quarterly record date, the respective distribution is due. If the share does not meet this requirement, the product \"remembers\" the missed opportunity. As soon as the underlying reaches the specified hurdle on a later observation date, the issuer transfers the current coupon and makes up for missed distributions. For both products, a soft call observation occurs for the first time after 6 months.<\/p>\n\n<h3>Callable Barrier Reverse Convertibles with conditional coupon<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1400330788\\&quot;,\\&quot;CH1400330796\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;conditionalCoupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;conditionalCouponTriggerLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-adecco","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/adecco_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/adecco_leonteq_structured_products_thumbnail.jpg"},{"date":"2024-12-18T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rh_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"An exquisite furniture store","windowTitle":"RH Holding","category":"coupon-giant","title":"RH Holding","body":"<p>In the middle of the Christmas shopping season, Los Angeles has a new shopping attraction. The \"RH Newport Beach, The Gallery at Fashion Island\" opened in the south of the metropolis on December 16. The luxury furniture retailer RH presents its entire product range on an area of 97,000 square meters. The range extends from furniture and lighting to textiles and decorative items. The whole thing is framed by works of art and antiques as well as a rooftop restaurant - on the roof of the sophisticated building, the wealthy clientele can enjoy seafood and caviar and a spectacular view of the California coast. \"RH Newport Beach is one of our most dramatic, impressive and brand-defining locations to date,\" enthused CEO Gary Friedman at the opening. In total, RH operates almost 70 such galleries. In addition, there are 38 outlets and 14 showrooms of the subsidiary Waterworks, which specializes in fittings and furniture for kitchens and bathrooms. <\/p>\n\n<h3>From record to crisis<\/h3>\n<p>The majority of the stationary sales network extends across North America. But the trading company, which was founded in 1979 as \"Restoration Hardware\", or RH for short, is now also present in the UK, Germany, Belgium and Spain. RH has been hit hard by the recent slump in the global real estate market. In the 2021 financial year (as at the end of January), the company still posted record figures and earned more than USD 900 million from operations. In the following two financial periods, revenue shrank while earnings slumped. At USD 366 million, operating profit in 2023 was on a par with 2019. On the sales side, RH managed to turn things around: in the first nine months of 2024, revenue increased by 3.4% to just under USD 2.4 billion. In operational terms, however, the Californian company recorded a further decline. <\/p>\n\n<div>\n<generic-chart title=\"Revenue and operating results\">\n  <x-axis categories=\"2019, 2020, 2021, 2022, 2023\"/>\n      <chart-column title=\"Revenue (in Mio. USD)\" data=\"2647.4, 2848.6, 3758.8, 3590.5, 3029.1\" format=\"number\"/>\n      <chart-line title=\"operating results\" data=\"362.8, 466.9, 927.2, 722.2, 366.1\" format=\"number\" yAxisRight=\"true\"/>\n<\/generic-chart> \n<\/div>\n <footer>Source: RH, as at 12.2024 <br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Strong interim report<\/h3>\n<p>The CEO is nevertheless optimistic. \"The positive development of our business has gained further momentum,\" writes Gary Friedman in a letter to investors. Although the housing market continues to be in the worst crisis for 30 years, demand in the luxury furniture store is steadily increasing. Accordingly, the CEO has slightly increased the forecast. Friedman now expects sales growth of between 6.8% and 7.2% for 2024. Previously, the target range was 5% to 7%. The top manager narrowed the outlook for the adjusted operating margin to 11.5% to 11.7% from 11% to 12%. The news was well received on the stock market. On December 13, the trading day following the publication, the share price rose by almost a fifth. <\/p>\n\n<div><generic-chart title=\"RH: Share Price (in USD)\"> <chart-line title=\"RH\" path=\"Chart_RH.csv\" format=\"date, number\" color=\"#f7a824\"><\/chart-line> <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n <footer>Source: Refinitiv, as at 16.12.2024 <br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Unchecked drive for expansion<\/h3>\n<p>Looking ahead to 2025, analysts believe that the company will see further improvements thanks to new collections and store openings. In North America, the CEO wants to open seven additional sales outlets in the coming year. On the old continent, business is set to really take off with new galleries in London and Paris. The management is planning to open a representative office in Milan in 2026. \"We are convinced that our luxurious brand positioning and unique aesthetic have a strong international appeal,\" is how those responsible explain their strategy in the 2023 annual report. At the same time, they make it clear where the expansion should lead: RH is confident of annual global sales of USD 20 billion to USD 25 billion. While this outlook is a dream of the future, the luxury company's share price already needs to confirm its breakout above the technical resistance level of USD 400.<\/p>\n\n<h3>Investment with \"brain\"<\/h3>\n<p>The new soft callable barrier reverse convertibles offer an interesting investment opportunity in the event that the US small cap is moving sideways. Leonteq has once again integrated a conditional coupon payment into this issue. In the product currency CHF, the yield opportunity is 13.60% p.a., with the USD-denominated counterpart 18.60% p.a.. If RH is quoted above the trigger level of 55% of the starting price on the quarterly reference date, the respective distribution is due. If the share does not meet this requirement, the product \"remembers\" the missed opportunity. As soon as the underlying reaches the specified hurdle on a later observation date, the issuer pays the current coupon and makes up for missed distributions. There is partial protection in terms of redemption: as long as the luxury security does not fall to the barrier of 55% or lower in the next 18 months, investors receive the full nominal amount. Please also note the soft callable function. It enables early termination and, if necessary, redemption of this BRC. <\/p>\n\n<h3>Callable Barrier Reverse Convertibles with conditional coupon<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1400327248\\&quot;,\\&quot;CH1400327255\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;conditionalCoupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;conditionalCouponTriggerLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-rh","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rh_leonteq_structured_products_product+sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rh_leonteq_structured_products_product+thumbnail.jpg"},{"date":"2024-12-13T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/crypto_assets_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Diversified investment with an innovative crypto index","windowTitle":"Coins with potential","category":"investment-themes","title":"Coins with potential","body":"<h3>Ups and downs<\/h3>\n<p>Anyone following the crypto market in recent years will know that the prices of digital coins can fluctuate wildly. This is not just true of the smaller ones \u2013 the heavyweight Bitcoin also goes through some significant ups and downs. In 2022, for instance, the world's best-known cybercurrency lost around two thirds of its value following the collapse of the FTX exchange. This year, too, it hovered for months between USD 60,000 and USD 70,000, before the US elections sent it rocketing skywards. \u201cCongratulations Bitcoiners!\u201d, wrote Trump on his Truth Social network, after the coin pushed through the USD 100,000 barrier. Not only is the US president-elect bringing a whole raft of crypto-friendly lawmakers into Congress, but in his election campaign he also pledged to make the United States the \u201ccrypto capital of the planet\u201d and to build up a national stockpile of bitcoins. Many market players are now hoping that the crypto industry will finally shed its disreputable image and embark on a sustainable and less volatile upswing.<\/p>\n\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2024/leonteq-crypto-market-index-2024?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n\n\n<h3>Paradigm shift<\/h3>\n<p>According to Mike Novogratz, founder and CEO of US crypto firm Galaxy Digital, the industry is experiencing a paradigm shift just now. \u201cBitcoin and the entire ecosystem of digital assets are about to enter the financial mainstream. This momentum is fuelled by institutional adoption, advancements in tokenisation and payments and a clearer regulatory path,\u201d said Novogratz of the current situation. The introduction of spot ETFs on cryptocurrencies is also progressing: corresponding passive investment vehicles on the two largest digital assets, Bitcoin and Ethereum, have since been listed on the stock market. Speculation is already rife that Solana spot ETFs may be approved as well, with VanEck, 21Shares and Canary Capital having made the relevant applications. Under the new SEC chairman, the approval process could be much faster than it was for the two pioneers.<\/p>\n\n<h3>Eleven in one go<\/h3>\n<p>The euphoria among crypto enthusiasts can also be seen on the price targets. ARK Invest, for instance, reckons that the positive factors, from institutional investments through to its function as digital gold, could drive the price of Bitcoin to as much as USDtn 1.5 by 2030. Although it does, of course, remain to be seen whether the investment firm is correct, the progress on regulatory issues and the technical possibilities of the blockchain suggest huge opportunities for crypto assets. Given that the market is still new, it would be relatively risky for investors to put all their eggs in one basket. As it is far from certain which coin will attract the greatest attention going forward, it can do no harm to cover a range of potential winners. The Leonteq Crypto Market Index allows eleven crypto assets to be brought into a portfolio in one go. The composition of the barometer is not static, but is reviewed every quarter and adjusted where necessary. Inclusion is tied to certain criteria, such as sufficient fungibility, along with minimum requirements on liquidity and market capitalisation. At the moment Bitcoin, Ethereum and XRP are setting the tone, the trio currently accounting for two thirds of the index weight.<\/p>\n\n<h3>Active, cost-conscious investment<\/h3>\n<p>Although the active approach entails costs, at an annual management fee of 1.95% p.a. these are not disproportionately high in the cybercurrency sector. The tracker certificates, which have no fixed term and fully reflect the value of the index after costs, are offered in CHF, EUR and USD currency tranches. In light of the considerable fluctuation on the market, however, the chosen capital commitment should always be consistent with the investor\u2019s own risk profile and their overall portfolio.<\/p>\n\n<h3>Leonteq Crypto Market Index<\/h3>\n<div><price-chart isin=\"CH1129857525\"><\/price-chart><\/div>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1129857525\\&quot;,\\&quot;CH1129857533\\&quot;,\\&quot;CH1129855198\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>Leonteq Krypto Market Index: Current composition<\/h3>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;ER.CRYPTO&quot;,&quot;name&quot;:&quot;Dogecoin&quot;,&quot;weight&quot;:0.0398},{&quot;sectionName&quot;:&quot;ER.CRYPTO&quot;,&quot;name&quot;:&quot;ChainLink&quot;,&quot;weight&quot;:0.0262},{&quot;sectionName&quot;:&quot;ER.CRYPTO&quot;,&quot;name&quot;:&quot;Ethereum/US Dollar FX Spot Rate&quot;,&quot;weight&quot;:0.2147},{&quot;sectionName&quot;:&quot;ER.CRYPTO&quot;,&quot;name&quot;:&quot;Cardano&quot;,&quot;weight&quot;:0.0453},{&quot;sectionName&quot;:&quot;ER.CRYPTO&quot;,&quot;name&quot;:&quot;Polkadot&quot;,&quot;weight&quot;:0.0278},{&quot;sectionName&quot;:&quot;ER.CRYPTO&quot;,&quot;name&quot;:&quot;Solana&quot;,&quot;weight&quot;:0.0699},{&quot;sectionName&quot;:&quot;ER.CRYPTO&quot;,&quot;name&quot;:&quot;Avalanche&quot;,&quot;weight&quot;:0.0337},{&quot;sectionName&quot;:&quot;ER.CRYPTO&quot;,&quot;name&quot;:&quot;XRP/US Dollar FX Spot Rate&quot;,&quot;weight&quot;:0.0468},{&quot;sectionName&quot;:&quot;ER.CRYPTO&quot;,&quot;name&quot;:&quot;POL&quot;,&quot;weight&quot;:0.0266},{&quot;sectionName&quot;:&quot;ER.CRYPTO&quot;,&quot;name&quot;:&quot;Bitcoin Cash&quot;,&quot;weight&quot;:0.02},{&quot;sectionName&quot;:&quot;ER.CRYPTO&quot;,&quot;name&quot;:&quot;Bitcoin&quot;,&quot;weight&quot;:0.4306},{&quot;sectionName&quot;:&quot;ER.CRYPTO&quot;,&quot;name&quot;:&quot;Litecoin/US Dollar FX Spot Rate&quot;,&quot;weight&quot;:0.0186}]\"><\/AmcComposition>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2024/leonteq-crypto-market-index-2024?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"leonteq-crypto-market-index-2024","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/crypto_assets_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/crypto_assets_leonteq_structured_products_thumbnail.jpg"},{"date":"2024-12-11T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/kering_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Pre-Christmas rebound","windowTitle":"Kering","category":"underlying-in-focus","title":"Kering","body":"<p>The Gucci handbag enjoys an iconic status in the fashion world. The Italian company's marketing strategy has contributed significantly to this - Gucci advertises its leather goods with prominent models and stars from sport, film and music. A campaign with Debbie Harry is currently running. On posters and in commercials, the singer of the cult band \"Blondie\" is wearing a handbag that, significantly, comes from the \"Gucci Blondie\" collection. Gucci could do with a sales boost triggered by the New Wave icon. In the third quarter of 2024, sales shrank by a quarter to EUR 1.6 billion on a comparable basis. The traditional house thus contributed significantly to the weak performance of its parent company Kering. For the period from July to September 2024, the French luxury conglomerate recorded a 16% decline in revenue to EUR 3.8 billion.<\/p>\n\n<div><generic-chart title=\"Kering: Share Price (in EUR)\"> <chart-line title=\"Kering\" path=\"Chart_kering.csv\" format=\"date, number\" color=\"#f7a824\"><\/chart-line> <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as at: 09.12.2024 <br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Slump and profit warning<\/h3>\n<p>Kering is feeling the full impact of the slump in the high-end designer fashion, jewelry and accessories business. Customers in the Far East and China in particular are holding back. In the important Asia-Pacific region, Kering's sales slumped by 30% in the third quarter. CEO François-Henri Pinault also shocked the markets with a profit warning. In 2024, Kering's operating result could almost halve to EUR 2.5 billion. The top manager had previously predicted a 30% drop in profit for the second half of 2024. From this, Reuters calculated a forecast annual result of just under EUR 3 billion. \"We are undergoing a far-reaching transformation of the Group, particularly at Gucci - at a time when market conditions are unfavorable across the luxury sector,\" explained the CEO. Pinault has been at the helm of the group, which includes top brands such as Yves Saint Laurent, Balenciaga and Bottega Veneta in addition to Gucci, for almost 20 years. <\/p>\n\n<div>\n    <generic-chart title=\"Revenues by region (in %)\">\n        <pie-chart \n        path=\"Grafik_kering_EN_new.csv\" \n        format=\"string, number\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Kering, as at: 23.10.2024 <br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n\n<h3>Optimistic research houses<\/h3>\n<p>Kering is having a tough time not only with customers, but also on the stock market. The share is trading more than a third below its level at the end of 2023. In November, Kering fell to its lowest level since the beginning of 2017. Recently, however, the French large cap was able to make up ground. At the beginning of December, Kering was on the winning side along with competitors such as LVMH, Prada and Richemont. Several research houses had previously expressed cautious optimism about the luxury sector. These included Deutsche Bank. Its analysts expect a change of favorites in 2025. Unlike in the past two years, luxury stocks could overtake those from the retail and sporting goods sectors. Deutsche Bank bases its assessment on the return of the buying mood in China. The government's economic stimulus package should bear fruit here. Meanwhile, the experts do not expect the possible new US tariffs to have a negative impact on the luxury segment. Kering is one of Deutsche Bank's favorites.<\/p>\n\n<p>Realignment after barrier breach<\/p>\n<p>The positive rating, together with the recent price recovery, suggests that Kering should be given a \"second chance\". Investors whose portfolio includes the share via a barrier reverse convertible could also consider this. If the barrier has been breached and Kering has \"worst performer\" status, a rebound to the strike price is required. This is the only way to avoid losses. Recovery products offer an alternative to \"wait and see\". Among other things, Leonteq has issued several discount certificates with a European barrier on Kering. These structures trade well below par. As soon as the underlying ends the term above the barrier, investors receive the full nominal amount back. Depending on the structure, even a slight recovery in the battered luxury stock may be enough for the discount certificate to generate the maximum return. If this calculation does not work out and Kering is quoted at or below the barrier at expiry, shares are delivered in accordance with the exercise ratio. Leonteq has new callable BRCs on Kering for investors who would like to bet on the classic after the barrier event. <\/p>\n\n\n\n<h3>Barrier Discount Certificate<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1400318122\\&quot;,\\&quot;CH1400318155\\&quot;,\\&quot;CH1400318205\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;barrierLevel&quot;,&quot;strikeLevelAbs&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/pages/recovery?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-kering","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/kering_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/kering_leonteq_structured_products_thumbnail.jpg"},{"date":"2024-12-04T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/applovin_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"High-flyer with an AI touch","windowTitle":"AppLovin","category":"coupon-giant","title":"AppLovin","body":"<p>Technology in general and artificial intelligence (AI) in particular are among the strong drivers of the 2024 stock market year. As far as individual stocks are concerned, the names of US large caps such as the chip company Nvidia, the streaming giant Netflix and the social media giant Meta Platforms quickly come to mind in this context. It is true that this trio is among the top performers in the NASDAQ-100 index just a few weeks before the close. However, a smaller and far less well-known company has really stolen the show from the heavyweights. AppLovin's share price has risen by no less than 754% in the year to date. This means that the stock, which has been listed on the US technology exchange NASDAQ since April 2021, has outperformed the \"main AI beneficiary\" Nvidia by around 570 percentage points. Until recently, AppLovin would not even have appeared in the NASDAQ-100 ranking. It was only on November 18 that the share was included in the US technology barometer.<\/p>\n\n<div><generic-chart title=\"AppLovin: Share Price (in USD)\"> <chart-line title=\"AppLovin\" path=\"Chart_apploving.csv\" format=\"date, number\" color=\"#f7a824\"><\/chart-line> <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n <footer>Source: Refinitiv, as at 02.12.2024 <br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n\n<h3>Broad customer base<\/h3>\n<p>The Silicon Valley company's success model is in its name. With their \"love of apps\", the Californians have their finger on the pulse of the times. \"Our goal is to create meaningful connections between companies and their ideal customers,\" writes the management in the 2023 annual report. AppLovin uses special software to help its users monetize contacts and increase their reach. The company, which was founded in 2012, also develops its own apps. AppLovin's solutions are used in particular by game developers. However, many other industries are now using the digital tools. For example, the mail order company Otto uses the \"AppDiscovery\" application, a marketing software from the Californians, to capture as many attractive orders as possible on its app.<\/p>\n\n<h3>Enormous growth<\/h3>\n<p>AppLovin uses AI here and in many other places. A specially developed advertising engine uses the software's immense reach and wealth of data to optimize the analysis in a matter of seconds. Thanks to such possibilities, AppLovin has been labeled an \"AI profiteer\" on Wall Street. However, the rally is not just based on fantasy - the company is also delivering hard facts: For the third quarter of 2024, AppLovin reported revenue of just under USD 1.2 billion, representing year-on-year growth of 40%. The operating margin (adjusted EBITDA) was 60% in the past quarter, 11 percentage points higher than in the third quarter of 2023. CEO and co-founder Adam Foroughi expects further growth. For the period from October to December 2024, he predicts sales of between USD 1.24 and USD 1.26 billion and a stable margin. Both the reported figures and the outlook were above analysts' expectations. Wall Street reacted euphorically: AppLoving's stock market value has roughly doubled since the figures were presented on November 6.<\/p>\n\n\n<div>\n<generic-chart title=\"Revenue and operating margin\">\n  <x-axis categories=\"3. Quarter 2023, 4. Quarter 2023, 1. Quarter 2024, 2. Quarter 2024, 3. Quarter 2024, 4. Quarter 2024\"/>\n      <chart-column title=\"Revenue (in Mio. USD)\" data=\"864,953,1058,1080,1198,1250\" format=\"number\"/>\n      <chart-line title=\"EBITDA-Margin (in %)\" data=\"49,50,52,56,60,60\" format=\"number\" yAxisRight=\"true\"/>\n<\/generic-chart> \n<\/div>\n <footer>Source: AppLovin, as at: 06.11.2024 <br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Impressive coupons<\/h3>\n<p>With the chart pointing almost vertically upwards, the question naturally arises as to whether the rally has perhaps gone a little too far. It is precisely against this background that the new soft callable barrier reverse convertibles on the top performer could be of interest. The issue is equipped with a conditional coupon payment. AppLovin is put to the test on a monthly basis. If the share is quoted above the coupon trigger level of 50% of the initial fixing on the reference date, the distribution is made. In the product currency CHF, the conditional coupon is 20% p.a., while the USD-denominated variant offers 5 percentage points p.a. more. If the underlying fails to reach the low hurdle, the payment can be made later thanks to the memory effect. As soon as AppLovin meets the requirements on one of the following observation days, Leonteq will transfer the current coupon and all previously unpaid coupons. The issue can be redeemed early by the issuer on a monthly basis, for the first time after three months. The BRC is also partially protected. As long as the underlying does not fall to the barrier of 50% or lower in the next twelve months, investors receive the full nominal amount, unless redeemed early at 100%.<\/p>\n\n\n<h3>Callable Barrier Reverse Convertibles with conditional coupon<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1292088114\\&quot;,\\&quot;CH1292088122\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;conditionalCoupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;conditionalCouponTriggerLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-table id=xxx title=\"Steuerliche Behandlung Valor 129208811, 129208812\">\n<tbody>\n<tr>\n<td>Swiss Federal Income Tax<\/td>\n<td>For private investors with tax domicile in Switzerland holding the Product as part of their private property, gains realised during the term of the Product and on the Redemption Date qualify as capital gains and are therefore not subject to the Federal Direct Tax.<br/>\n    The tax treatment regarding the cantonal and communal income taxes can differ from the tax treatment regarding the Federal Direct Tax. But in general the income tax treatments are corresponding.<\/td>\n<\/tr>\n<\/tbody>\n<\/template> <template v-slot:below=\"\"> <LtqCardBody><footer>The tax information provided herein is a non-binding summary and only provides a general overview of the potential Swiss tax consequences linked to this Product at the time of issue. Tax laws and tax interpretation may change at any time, possibly with retroactive effect.<br/>Source: Termsheet<\/footer><\/LtqCardBody> <\/template> <\/ltq-table><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-applovin","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/applovin_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/applovin_leonteq_structured_products_thumbnail.jpg"},{"date":"2024-11-28T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/fuwswiss50_anniversary_2024_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"A milestone for investors","windowTitle":"FuW Swiss 50","category":"investment-themes","title":"Two-year anniversary of the ETP+ on the FuW Swiss 50","body":"<p>The exchange-traded product (ETP) on the FuW Swiss 50 was successfully launched exactly two years ago. Since then, the investment product has become firmly established on the Swiss market and is enjoying growing popularity among investors.<\/p>\n<p>Compared to the SMI (Swiss Market Index), the FuW Swiss 50 offers broader diversification, as it comprises not only the 20 largest listed companies, but also the 50 most important Swiss stocks. This broader diversification enables a more balanced weighting of different sectors and reduces the heavy dependence on heavyweights such as Nestlé, Roche and Novartis, which dominate the SMI.<\/p>\n\n<p>Another key difference is the weighting methodology. While the SMI uses market capitalization as its main criterion and is therefore heavily concentrated on a few large companies, the FuW Swiss 50 ensures a more balanced distribution. This gives more room to medium-sized and fast-growing companies, which has contributed significantly to the outperformance of the FuW Swiss 50 over the past two years.<\/p>\n\n<p>Thanks to this structure, investors have benefited from better performance in market phases in which mid-cap companies performed particularly strongly. At the same time, the FuW Swiss 50 offers protection against the concentration risk problem of the SMI.<\/p>\n\n<div><generic-chart title=\"Fuw Swiss 50 NTR Index vs. SMI TR Index (Performance, indexed to 100)\">\n <chart-line title=\"SMI TR\" path=\"chart_smic_2yrs.csv\" format=\"date, number\"><\/chart-line> \n <chart-line title=\"FuW Swiss 50 NTR\" path=\"chart_fuw50_2yrs.csv\" format=\"date, number\"><\/chart-line>\n <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n <footer>Source: Bloomberg, as at: 27.11.2024 <br />Historical data is not a reliable indicator of future performance.<\/footer>\n \n <p>This is reflected in the performance. Since the go-live of the ETP+ on the FuW Swiss 50 two years ago, the underlying FuW Swiss 50 NTR Index has outperformed the SMI Total Return Index, which is calculated exclusively as a gross return variant, by an impressive 9.1 percentage points. This difference is particularly remarkable as the FuW Swiss 50 NTR Index is calculated as a net total return, whereby withholding taxes on dividends are already taken into account and deducted. In contrast, the SMI Total Return as gross return reflects the gross return without tax deductions. The fact that the FuW Swiss 50 was able to achieve such a clear outperformance despite these structural disadvantages underlines the strength of its broader diversification and its more balanced weighting, which has ensured a more stable and superior performance in different market phases.<\/p>\n\n<p>On its second anniversary, the success of the ETP shows that it is seen as an attractive complement or alternative to the SMI. The FuW Swiss 50 ETP primarily appeals to investors who value broader market coverage and a differentiated risk and return structure.<\/p>\n\n<p>Looking to the future, the FuW Swiss 50 ETP remains an innovative and powerful investment product that capitalizes on the strengths of the Swiss equity market without limiting itself to a few heavyweights - a real asset for modern investment strategies.<\/p>\n\n<h3>ETP+ on the FuW Swiss 50<\/h3>\n<div><price-chart isin=\"CH1171791820\"><\/price-chart><\/div>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;fuw50&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>ETP+ on the FuW Swiss 50: Current Composition<\/h3>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SONOVA HOLDING AG-REG&quot;,&quot;weight&quot;:0.01725288},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;BARRY CALLEBAUT AG-REG&quot;,&quot;weight&quot;:0.01045188},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWATCH GROUP AG/THE-BR&quot;,&quot;weight&quot;:0.01303032},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;PSP SWISS PROPERTY AG-REG&quot;,&quot;weight&quot;:0.01153724},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;GALDERMA GROUP AG&quot;,&quot;weight&quot;:0.02719737},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;LINDT &amp; SPRUENGLI AG-PC&quot;,&quot;weight&quot;:0.0106363},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;CEMBRA MONEY BANK AG&quot;,&quot;weight&quot;:0.01075512},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;LONZA GROUP AG-REG&quot;,&quot;weight&quot;:0.02941942},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;FISCHER (GEORG)-REG&quot;,&quot;weight&quot;:0.01561733},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SGS SA-REG&quot;,&quot;weight&quot;:0.02763983},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWISSQUOTE GROUP HOLDING-REG&quot;,&quot;weight&quot;:0.01235295},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;UBS GROUP AG-REG&quot;,&quot;weight&quot;:0.03322193},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SANDOZ GROUP AG&quot;,&quot;weight&quot;:0.02852134},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ADECCO GROUP AG-REG&quot;,&quot;weight&quot;:0.01609506},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ALLREAL HOLDING AG-REG&quot;,&quot;weight&quot;:0.01129459},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;JULIUS BAER GROUP LTD&quot;,&quot;weight&quot;:0.03064488},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ALCON INC&quot;,&quot;weight&quot;:0.02449351},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;EMS-CHEMIE HOLDING AG-REG&quot;,&quot;weight&quot;:0.01500875},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;FLUGHAFEN ZUERICH AG-REG&quot;,&quot;weight&quot;:0.01125507},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWISS PRIME SITE-REG&quot;,&quot;weight&quot;:0.02328229},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWISS RE AG&quot;,&quot;weight&quot;:0.02604212},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;STRAUMANN HOLDING AG-REG&quot;,&quot;weight&quot;:0.01446048},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SIG COMBIBLOC GROUP&quot;,&quot;weight&quot;:0.01382773},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;TEMENOS GROUP AG-REG&quot;,&quot;weight&quot;:0.01337294},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;GEBERIT AG-REG&quot;,&quot;weight&quot;:0.02623217},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;HELVETIA BALOISE HOLDING AG&quot;,&quot;weight&quot;:0.02492086},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ROCHE HOLDING AG-GENUSSSCHEIN&quot;,&quot;weight&quot;:0.02958925},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SULZER AG-REG&quot;,&quot;weight&quot;:0.01100454},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;GIVAUDAN-REG&quot;,&quot;weight&quot;:0.02945157},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;NOVARTIS AG-REG&quot;,&quot;weight&quot;:0.02606234},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;AVOLTA AG&quot;,&quot;weight&quot;:0.01201636},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;MOBIMO HOLDING AG-REG&quot;,&quot;weight&quot;:0.01132193},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;HOLCIM LTD&quot;,&quot;weight&quot;:0.02584732},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ZURICH INSURANCE GROUP AG-REG&quot;,&quot;weight&quot;:0.02583185},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWISS LIFE HOLDING AG-REG&quot;,&quot;weight&quot;:0.0260574},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;GALENICA SANTE LTD&quot;,&quot;weight&quot;:0.01142755},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;KUEHNE &amp; NAGEL INTL AG-REG&quot;,&quot;weight&quot;:0.01503076},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;BANQUE CANTONALE VAUDOIS-REG&quot;,&quot;weight&quot;:0.0115821},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SCHINDLER HOLDING-PART CERT&quot;,&quot;weight&quot;:0.02404666},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;VAT GROUP AG&quot;,&quot;weight&quot;:0.02854461},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;BKW AG&quot;,&quot;weight&quot;:0.00996811},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ABB LTD-REG&quot;,&quot;weight&quot;:0.0283369},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ACCELLERON INDUSTRIES LTD&quot;,&quot;weight&quot;:0.0118673},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWISSCOM AG-REG&quot;,&quot;weight&quot;:0.02348445},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;BELIMO N ORD&quot;,&quot;weight&quot;:0.01507073},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;PARTNERS GROUP HOLDING AG&quot;,&quot;weight&quot;:0.02166677},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SIKA AG-BR&quot;,&quot;weight&quot;:0.03397808},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;CIE FINANCIERE RICHEMO-A REG&quot;,&quot;weight&quot;:0.03053712},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;NESTLE SA-REG&quot;,&quot;weight&quot;:0.02535105},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;LOGITECH INTERNATIONAL-REG&quot;,&quot;weight&quot;:0.01336087}]\"><\/AmcComposition>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"fuw-swiss-50-second-anniversary","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/fuwswiss50_anniversary_2024_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/fuwswiss50_anniversary_2024_leonteq_structured_products_thumbnail.jpg"},{"date":"2024-11-27T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/redcare_pharmacy_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Returns on prescription","windowTitle":"Redcare Pharmacy","category":"underlying-in-focus","title":"Redcare Pharmacy","body":"<p>Günther Jauch is without doubt one of the best-known faces on German-language television. The trained journalist has hosted the quiz show \"Wer wird Millionär?\" for a quarter of a century. Jauch's celebrity status and positive image make him a sought-after advertising figure. For more than two years, Shop Apotheke has relied on the charisma of the now 68-year-old. In short clips, he advertises the online pharmacy's app, including the option to redeem electronic prescriptions. The e-prescription is seen as the great hope of Shop Apotheke and Redcare Pharmacy - the e-commerce service provider operating in seven European countries. With a capitalization of just under EUR 3 billion, Redcare is one of the 50 MDAX members. In terms of performance, the share was at the top of the German Mid Cap Barometer in 2023. Redcare's market capitalization expanded by around 200%.<\/p>\n\n<div><generic-chart title=\"Redcare Pharmacy: Share Price (in EUR)\"> <chart-line title=\"Redcare Pharmacy\" path=\"Chart_redcare.csv\" format=\"date, number\" color=\"#f7a824\"><\/chart-line> <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as at: 26.11.2024 <br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Flourishing business<\/h3>\n<p>A title defense is unlikely. However, Redcare is among the top 20 in the MDAX to date with a share price increase of a good tenth in 2024. After the mandatory introduction of e-prescriptions in Germany at the beginning of this year, the share initially embarked on a consolidation course. In operational terms, the digitalization of healthcare is paying off in full. Redcare Pharmacy reported record-high total sales of EUR 1.7 billion for the first nine months of 2024 - 34% more than in the same period of the previous year. The consolidation of Swiss Mediservice helped here. Redcare launched this joint venture with healthcare provider Galenica in 2023. Another driver is the German market. Here, Redcare and Shop Apotheke increased sales of prescription drugs (Rx) by more than 80% in the third quarter of 2024. In October, revenue in this area even increased by 130%.<\/p>\n\n<div><generic-chart title=\"Redcare Pharmacy: Rx-revenue growth Germany (in %)\"> <x-axis categories=\"1. Quarter 2024, 2. Quarter 2024, 3. Quarter 2024, September 2024, October 2024\"><\/x-axis> <chart-column title=\"Redcare Pharmacy: Rx-revenue growth Germany\" data=\"7, 37, 81, 108, 130\" format=\"number\"><\/chart-column> <\/generic-chart><\/div>\n<footer>Source: Redcare Pharmacy, as at 05.11.2024<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>More advertising, less margin<\/h3>\n<p>\"We are seeing great popularity for electronic prescriptions in Germany - among both new and existing customers,\" said CEO Olaf Heinrich. 90% of digital prescriptions are now filled via the app advertised by Günter Jauch. \"We stepped up our marketing activities for Rx in Germany over the course of the year and decided to intensify them again in the fourth quarter,\" explained CFO Jasper Eenhorst. Consequently, he adjusted the forecast for the year as a whole. Among other things, the CFO now expects an operating margin (adjusted EBITDA) of between 1.2% and 2.2% for 2024. After nine months, the key figure was 2.3%. Redcare posted an EBITDA margin of 3% for 2023 as a whole. Profitability is expected to increase significantly in the medium to long term: Management is forecasting a margin of more than 8%.<\/p>\n\n<h3>Double-digit coupons, low barrier<\/h3>\n<p>Back to the Redcare share: it has shown relatively high volatility in recent months. The expected price fluctuation range or the range priced into options has a direct impact on the conditions of the new soft callable barrier reverse convertible. Leonteq has launched two variants of this popular structure. In the product currency CHF, the BRC on Redcare Pharmacy offers a guaranteed coupon of 10% p.a.. In the EUR-denominated counterpart, the distribution is 200 basis points p.a. higher. The barriers are uniformly at 55% of the initial level. As long as the underlying does not fall to or below this level, investors receive the nominal amount back in full at maturity. The positive influence of volatility on the BRC conditions has a downside: the price swings are accompanied by a corresponding risk of the barrier being breached. If Redcare were to break through the cushion outlined above, the partial protection would be a thing of the past.<\/p>\n\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1400318395\\&quot;,\\&quot;CH1400318403\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-redcare","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/redcare_pharmacy_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/redcare_pharmacy_leonteq_structured_products_thumbnail.jpg"},{"date":"2024-11-20T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/mara_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Yield \u201cmining\u201d made easy","windowTitle":"Mara","category":"coupon-giant","title":"Mara","body":"<p>Have you ever heard of MARA? If you don't have a particular affinity for crypto, the answer to this question is probably \"no\". However, in times when Bitcoin is conjuring up new highs almost daily, it is time for the traditional stock market community to take a closer look at this NASDAQ stock. The company, which was founded in 2010, is no less than the largest listed miner in the USA. MARA also holds its own Bitcoins. A glance at the chart reveals that the share is not for the faint-hearted. However, the high volatility can be cleverly used for structured products in order to chase lucrative returns with partial protection.<\/p>\n\n<div><generic-chart title=\"Mara Holdings: Share price (in USD)\"> <chart-line title=\"Mara Holdings\" path=\"Chart_Mara.csv\" format=\"date, number\" color=\"#f7a824\"><\/chart-line> <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n <footer>Source: Refinitiv, as at 19.11.2024 <br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<p>The crypto sector is currently receiving a particular boost from the upcoming change of government in the US. Two weeks after the election of Donald Trump as the next US president, the cabinet is already taking shape with new ministers and the 78-year-old is also revealing more and more details of his future policies. Fans of crypto assets among others, are pricking up their ears. The self-proclaimed \"crypto president\" recently discussed his plans at a Bitcoin conference, which envisage friendlier regulation and are intended to turn the USA into the crypto capital and Bitcoin superpower. A circumstance that could play into MARA's hands as a major Bitcoin miner and owner.<\/p>\n\n<h3>Bitcoin... <\/h3>\n<p>The joy of a more crypto-friendly environment is reflected in higher prices. In the past four weeks alone, the oldest and largest cyber currency has risen by a third. This is also urgently needed with regard to miners, as the halving in April of this year has halved the remuneration for mining. This is now being offset by the rising prices, which are making the bitcoins in their own holdings increasingly valuable. MARA currently holds just under 27,000 BTC, which are worth USD 2.4 billion and therefore account for 35% of the company's market capitalization. And the company is not only constantly producing Bitcoin itself, it is also buying it. To be able to afford this, MARA regularly taps into the capital market. Just earlier this week, the company announced that it would issue new bonds maturing in 2030, firstly to buy back an existing convertible bond and secondly to use the remaining net proceeds to purchase additional Bitcoins and make strategic acquisitions.<\/p>\n\n<h3>...and energy in focus<\/h3>\n<p>The fresh money will also be used to expand the data centers. Over the course of the year, MARA has already secured almost 1 gigawatt (GW) of capacity through acquisitions and site developments, bringing its total capacity to around 1.5 GW. The company is currently using this to diversify its business somewhat, particularly in the direction of artificial intelligence (AI). The technology consumes a lot of energy, which poses a major problem for many AI companies. Miners, on the other hand, have long-term contracts and therefore have access to cheaper electricity. This allows them to offer their capacities to other companies. A business that generally generates high margins. MARA is also benefiting from the fresh wind from the White House. Donald Trump is aiming to increase energy and electricity production across all forms of generation and promises the \"lowest electricity and energy prices in the world\".<\/p>\n\n<h3>Volatile earnings development<\/h3>\n<p>With its diversification strategy, MARA could succeed in reviving its recently weakening profits. In the third quarter, the group reported a bottom-line loss of just under USD 125 million, missing analysts' expectations for the second time in a row. The loss also meant that net income after nine months fell from USD 109 million in the previous year to just USD 12.7 million. Even if analysts assume that MARA will be in the black for the second year in a row in 2024, losses are to be feared again for the next two years (see chart). This also explains the cautious analyst assessment. The average consensus recommendation for the share is \"hold\" with an average 12-month price target of USD 21.50.<\/p>\n\n<div>\n<generic-chart title=\"Earnings per share (in USD)\">\n  <x-axis categories=\"2021,2022,2023,2024,2025,2026\"/>\n      <chart-column title=\"Earnings per share (in USD)\" data=\"-0.373,-6.116,1.347,0.286,-0.247,-0.027\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n <footer>Source: Refinitiv, as at: 19.11.2024 <br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Generous returns combined with a high level of security<\/h3>\n<p>The fluctuations in earnings also cause huge fluctuations in the share price. The four-week volatility alone is around 120%. The volatility can in turn be used to structure attractive barrier reverse convertibles. Leonteq has seized the opportunity and formed two new soft-callable BRCs with exceptionally attractive conditions. The CHF-denominated variant has a coupon of 14.20% p.a., while the USD-denominated instrument even offers a whopping 20.00% p.a. In addition, both products have a solid risk buffer of 51%, which protects the nominal value during the maximum one-year term. A particularly positive aspect is that it is a European barrier. This is only active at the final fixing and thus gives the underlying unlimited scope for movement during the term.<\/p>\n\n<p>In order to receive the high coupons pro rata, the MARA share must trade above the coupon trigger level of 50% of the initial level on the quarterly observation dates. If the coupon payment is not made on a key date, it is not lost at the same time. Due to the memory mechanism, the payment can be made up for if MARA is quoted above the coupon trigger level again on one of the following observation dates. The term may be shortened due to the built-in soft callable function. After half a year, the issuer has the right to early redemption at 100% every three months for both BRCs.<\/p>\n\n<h3>Callable Barrier Reverse Convertibles with conditional coupon<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1390869449\\&quot;,\\&quot;CH1390869456\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;conditionalCoupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;conditionalCouponTriggerLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-table id=xxx title=\"Taxation Valor 139086944, 139086945\">\n<tbody>\n<tr>\n<td>Swiss Federal Income Tax<\/td>\n<td>For private investors with tax domicile in Switzerland holding the Product as part of their private property, gains realised during the term of the Product and on the Redemption Date qualify as capital gains and are therefore not subject to the Federal Direct Tax.<br/>\n    The tax treatment regarding the cantonal and communal income taxes can differ from the tax treatment regarding the Federal Direct Tax. But in general the income tax treatments are corresponding.<\/td>\n<\/tr>\n<\/tbody>\n<\/template> <template v-slot:below=\"\"> <LtqCardBody><footer>The tax information provided herein is a non-binding summary and only provides a general overview of the potential Swiss tax consequences linked to this Product at the time of issue. Tax laws and tax interpretation may change at any time, possibly with retroactive effect.<br/>Source: Termsheet<\/footer><\/LtqCardBody> <\/template> <\/ltq-table><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-mara","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/mara_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/mara_leonteq_structured_products_thumbnail.jpg"},{"date":"2024-11-15T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/fuw_swiss50_index_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"ETP+ on the FuW Swiss 50 Index","windowTitle":"The Quintessentials of the Swiss economy","category":"investment-themes","title":"The Quintessentials of the Swiss economy","body":"<h3>A key question<\/h3>\n<p>The 2024 stock market year is heading slowly but surely into the finishing straight. There are just five more full weeks of trading left before many investors are likely to leave for their Christmas holidays. It is little wonder, then, that the words \u201cend-of-year rally\u201d can be heard around the stock market. November got off to a positive start, with share prices rising in many places following Donald Trump\u2019s surprisingly clear win in the US presidential election. Nevertheless, the change of government in Washington also comes with many imponderables. In particular, the protectionist trade policy that Trump announced in his election campaign could put the brakes on Europe in the new year. That makes it all the more important for investors not to put all their eggs in one basket, but instead to spread their money around. One of the ways of covering as broad a spectrum of Swiss listed companies as possible is offered by the FuW Swiss 50 Index.<\/p>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2024/fuw-swiss-50-index-rebalancing-2024?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n\n<h3>Diversification instead of clustering risk<\/h3>\n<p>The \u201cFinanz und Wirtschaft\u201d editorial team launched this barometer a good two years ago as a deliberate counterpoint to the SMI. Not only does the FuW Swiss 50 Index contain 30 more shares than the well-known national benchmark, but the weighting of individual companies is also much more tightly controlled. The 25 largest stocks as measured by their free-float market capitalisation each make up 2.7% of the index, while the proportion per share in the bottom half is 1.3.%. The FuW Swiss 50 Index is reset to this allocation twice a year, thereby strangling any clustering risk almost at birth. On the subject of risk, it is possible to invest in the FuW Swiss 50 Index through an ETP+. For this investment vehicle FuW draws on the expertise of Leonteq. The issuer is responsible both for the technical realisation of the financial product and for its trading. To do so, the Zurich specialist uses a particularly robust structure, the ETP+.<\/p>\n\n<div><generic-chart title=\"Fuw Swiss 50 NTR Index vs. SMI TR Index (Performance, indexed to 100)\">\n <chart-line title=\"FuW Swiss 50 NTR\" path=\"Chart_FuW501.csv\" format=\"date, number\"><\/chart-line> \n <chart-line title=\"SMI TR\" path=\"Chart_SMI1.csv\" format=\"date, number\"><\/chart-line>\n <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n <footer>Source: Refinitiv, Stand: 08.11.2024 <br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Solid product structure<\/h3>\n<p>To exclude the issuer risk as far as possible, Leonteq deposits a pledge with SIX SIS AG. The collateralisation is dynamic: as soon as investors put money in or the value of the ETP rises, the issuer tops up the pledge. SIX Repo AG is responsible for monitoring this mechanism on an ongoing basis. Should Leonteq enter into default, this specialist company will realise the pledge. In the next step, the equivalent value of the investment product would be paid out to the investors via the participating custodian banks. This extreme scenario is not particularly likely: in the middle of October, Fitch confirmed the investment grade rating of Leonteq Securities AG at \u201cBBB\u201d with a stable outlook. Leonteq AG, the listed parent company, enjoys an \u201cAA\u201d ESG rating from MSCI and at the end of 2023 had a strong capital base totalling around CHFmn 780.<\/p>\n\n<h3>Attractive overall package<\/h3>\n<p>HOn top of this, it is licensed as an investment firm by FINMA and can boast more than 15 years of experience in the market for structured investment products. The ETP+ on the FuW Swiss 50 Index combines this expertise with the know-how of Switzerland\u2019s largest business editorial team. Investors can thus take an effective and diversified investment in what might be called the quintessentials of the domestic stock market landscape. Daily liquid trading on the SIX adds the necessary flexibility. Whether investors are counting on an end-of-year rally or want to follow a consistent buy-and-hold approach, the ETP+ makes both possible. The product also participates in the dividends of the 50 shares in the FuW Swiss 50 Index, with the payouts being reinvested net in the index. This attractive overall package comes with a management fee of 0.72% p.a.<\/p>\n\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1171791820\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>ETP+ on the FuW Swiss 50 Index NTR: Current composition<\/h3>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SONOVA HOLDING AG-REG&quot;,&quot;weight&quot;:0.01725288},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;BARRY CALLEBAUT AG-REG&quot;,&quot;weight&quot;:0.01045188},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWATCH GROUP AG/THE-BR&quot;,&quot;weight&quot;:0.01303032},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;PSP SWISS PROPERTY AG-REG&quot;,&quot;weight&quot;:0.01153724},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;GALDERMA GROUP AG&quot;,&quot;weight&quot;:0.02719737},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;LINDT &amp; SPRUENGLI AG-PC&quot;,&quot;weight&quot;:0.0106363},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;CEMBRA MONEY BANK AG&quot;,&quot;weight&quot;:0.01075512},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;LONZA GROUP AG-REG&quot;,&quot;weight&quot;:0.02941942},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;FISCHER (GEORG)-REG&quot;,&quot;weight&quot;:0.01561733},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SGS SA-REG&quot;,&quot;weight&quot;:0.02763983},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWISSQUOTE GROUP HOLDING-REG&quot;,&quot;weight&quot;:0.01235295},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;UBS GROUP AG-REG&quot;,&quot;weight&quot;:0.03322193},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SANDOZ GROUP AG&quot;,&quot;weight&quot;:0.02852134},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ADECCO GROUP AG-REG&quot;,&quot;weight&quot;:0.01609506},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ALLREAL HOLDING AG-REG&quot;,&quot;weight&quot;:0.01129459},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;JULIUS BAER GROUP LTD&quot;,&quot;weight&quot;:0.03064488},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ALCON INC&quot;,&quot;weight&quot;:0.02449351},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;EMS-CHEMIE HOLDING AG-REG&quot;,&quot;weight&quot;:0.01500875},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;FLUGHAFEN ZUERICH AG-REG&quot;,&quot;weight&quot;:0.01125507},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWISS PRIME SITE-REG&quot;,&quot;weight&quot;:0.02328229},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWISS RE AG&quot;,&quot;weight&quot;:0.02604212},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;STRAUMANN HOLDING AG-REG&quot;,&quot;weight&quot;:0.01446048},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SIG COMBIBLOC GROUP&quot;,&quot;weight&quot;:0.01382773},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;TEMENOS GROUP AG-REG&quot;,&quot;weight&quot;:0.01337294},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;GEBERIT AG-REG&quot;,&quot;weight&quot;:0.02623217},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;HELVETIA BALOISE HOLDING AG&quot;,&quot;weight&quot;:0.02492086},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ROCHE HOLDING AG-GENUSSSCHEIN&quot;,&quot;weight&quot;:0.02958925},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SULZER AG-REG&quot;,&quot;weight&quot;:0.01100454},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;GIVAUDAN-REG&quot;,&quot;weight&quot;:0.02945157},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;NOVARTIS AG-REG&quot;,&quot;weight&quot;:0.02606234},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;AVOLTA AG&quot;,&quot;weight&quot;:0.01201636},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;MOBIMO HOLDING AG-REG&quot;,&quot;weight&quot;:0.01132193},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;HOLCIM LTD&quot;,&quot;weight&quot;:0.02584732},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ZURICH INSURANCE GROUP AG-REG&quot;,&quot;weight&quot;:0.02583185},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWISS LIFE HOLDING AG-REG&quot;,&quot;weight&quot;:0.0260574},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;GALENICA SANTE LTD&quot;,&quot;weight&quot;:0.01142755},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;KUEHNE &amp; NAGEL INTL AG-REG&quot;,&quot;weight&quot;:0.01503076},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;BANQUE CANTONALE VAUDOIS-REG&quot;,&quot;weight&quot;:0.0115821},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SCHINDLER HOLDING-PART CERT&quot;,&quot;weight&quot;:0.02404666},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;VAT GROUP AG&quot;,&quot;weight&quot;:0.02854461},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;BKW AG&quot;,&quot;weight&quot;:0.00996811},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ABB LTD-REG&quot;,&quot;weight&quot;:0.0283369},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ACCELLERON INDUSTRIES LTD&quot;,&quot;weight&quot;:0.0118673},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWISSCOM AG-REG&quot;,&quot;weight&quot;:0.02348445},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;BELIMO N ORD&quot;,&quot;weight&quot;:0.01507073},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;PARTNERS GROUP HOLDING AG&quot;,&quot;weight&quot;:0.02166677},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SIKA AG-BR&quot;,&quot;weight&quot;:0.03397808},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;CIE FINANCIERE RICHEMO-A REG&quot;,&quot;weight&quot;:0.03053712},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;NESTLE SA-REG&quot;,&quot;weight&quot;:0.02535105},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;LOGITECH INTERNATIONAL-REG&quot;,&quot;weight&quot;:0.01336087}]\"><\/AmcComposition>\n  <\/div>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2024/fuw-swiss-50-index-rebalancing-2024?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>","url":"fuw-swiss-50-index-rebalancing-2024","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/fuw_swiss50_index_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/fuw_swiss50_index_leonteq_structured_products_thumbnail.jpg"},{"date":"2024-11-13T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/solana_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"One coin for many situations","windowTitle":"Solana","category":"underlying-in-focus","title":"Solana","body":"<p>Donald Trump's clear victory in the US presidential election provided a strong boost on the capital markets. Not only Wall Street rallied, the dollar also gained strength and yields on US government bonds made up ground. However, the highest premiums were seen in the crypto sector. Bitcoin initially jumped to a new high for the year and then broke through the 80,000 mark for the first time. The upward trend for Solana was even more rapid. The coin, which was launched in 2020, has risen by a whopping 30% since the election result was announced. With a market capitalization of more than USD 100 billion, the blockchain network is now in fourth place in the global crypto ranking. Despite the rally, the end of the road has not yet been reached.<\/p>\n<div><generic-chart title=\"Solana: Share Price (in USD)\"> <chart-line title=\"Solana\" path=\"chart_solana.csv\" format=\"date, number\" color=\"#f7a824\"><\/chart-line> <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n <footer>Source: Refinitiv, as at 11.11.2024 <br />Historical data is not a reliable indicator of future performance.<\/footer>\n<p>In the short term, the election of Trump as the 47th President of the USA is the main argument in Solana's favor. During his election campaign, he positioned himself as the \"crypto president\" and assured the industry of his support. This applies on the one hand to the right to self-custody of digital assets and on the other to a relaxation of the regulatory environment. In addition, disadvantageous regulations could be lifted by the US Securities and Exchange Commission (SEC). For example, the so-called \"in-kind method\", which allows ETF shares to be exchanged for Bitcoin, is not yet permitted. In addition, the SAB 121 directive makes it difficult for financial service providers to hold crypto-assets on behalf of their clients due to balance sheet requirements. \"Last but not least\", the world's largest economy is planning to establish a Bitcoin reserve, which could send a signal to other countries. \"The fact that cryptocurrencies have found such a place in the US election campaign underlines the importance the asset class has now achieved,\" summarizes analyst Timo Emden from Emden Research.<\/p>\n<div><generic-chart title=\"Top 5 in the crypto assets ranking\"> <x-axis categories=\"Bitcoin, Ethereum, Tether, Solana, BNB\"><\/x-axis> <chart-column title=\"Market cap in Mrd. USD \" data=\"1748.8, 401.2, 124.1, 103.1, 93.2\" format=\"number\"><\/chart-column> <\/generic-chart><\/div>\n<footer>Source: coinmarketcap.com, as at 11.11.2024<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>High speed...<\/h3>\n<p>In the medium and long term, however, it is likely to be primarily technical factors that could make Solana shine in the future. The coin with the abbreviation SOL was created for fast, scalable and low-cost transactions and has established itself in decentralized finance (DeFi), non-fungible tokens (NFTs) and other blockchain-based applications since its launch around four years ago. Solana is particularly impressive with its high scalability. According to its own information, the platform can handle up to 65,000 transactions per second (TPS), making it one of the fastest blockchains around. For comparison: Ethereum achieves an average of around 12 to 15 TPS, while Bitcoin only processes around 6 to 8.<\/p>\n<h3>...low costs<\/h3>\n<p>This high efficiency enables Solana to have extremely low transaction fees, which makes the platform particularly attractive for developers and users. Another key technical difference between Solana and other blockchains such as Ethereum or Bitcoin is the use of proof-of-history as a consensus algorithm. This ensures that all transactions are processed in the correct order.<\/p>\n<p>The areas of application for the open source blockchain project are diverse. For example, numerous DeFi projects such as decentralized exchanges or credit platforms run on the blockchain. Thanks to the low transaction costs and high speed, the token also enjoys great popularity in the NFT sector. These include Magic Eden, Tensor and the most popular and widespread NFT marketplace OpenSea. Various blockchain-based games such as DeFi Land and SolaJump are also based on Solana.<\/p>\n<h3>Spot ETFs on the rise<\/h3>\n<p>Due to the increasing attractiveness of Solana, there have been rumors for months about a first Solana spot ETF. Applications for this have already been submitted by VanEck, 21Shares and Canary Capital. This would see the coin follow in the footsteps of Bitcoin and Ethereum, which have already received approval in the US this year. As there is likely to be a more crypto-friendly SEC chairman under the new US President Trump in the future, the approval process should also be much faster than for the two pioneers. Spot ETFs could lead to higher demand for Solana - and ultimately to rising prices.<\/p>\n<h3>A token for every portfolio<\/h3>\n<p>To buy a crypto asset in general, a few preparations are required. First of all, you need a crypto exchange on which investors have to register. A wallet is then required to store the currency to ensure complete control over the digital currency. It is important to ensure that the chosen wallet is protected as well as possible against hacker attacks. It is much easier to invest in digital coins such as Solana with tried-and-tested tracker certificates. This allows investors to participate 1:1 in the development of the blockchain project without any major effort. Leonteq is the only issuer on SIX Structured Products to offer corresponding participation products in three currency tranches: CHF, USD and EUR. These all come with a management fee of 1.50% p.a.. In return, interested parties not only receive direct access to the fourth-largest crypto-asset Solana, but the financial product is also held securely in their own custody account as usual.<\/p>\n<h3>Tracker certificates<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[&quot;154964193&quot;],&quot;omni&quot;:&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[&quot;SIX&quot;],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Conversion Ratio: 0.1<\/li>    \n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><\/div>","url":"underlying-solana","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/solana_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/solana_leonteq_structured_products_thumbnail.jpg"},{"date":"2024-11-06T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/palantir_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Mega-trends as mega-opportunities","windowTitle":"Palantir","category":"coupon-giant","title":"Palantir","body":"<p>Not everyone is likely to be familiar with the US software company Palantir. This is hardly surprising, as the data analysis company is hardly ever seen in everyday life and has only been on the stock market for around four years. However, if you look at the company's performance to date, many investors will be disappointed that they haven't been paying attention to the tech group for a long time. Between 2021 and 2023, turnover increased by more than 44% and earnings turned into the black during this period. Palantir has also recently set the course for artificial intelligence (AI). All of this has resulted in a gain of more than 500% for the tech stock since its direct listing on the NYSE in September 2020.<\/p>\n\n<p>In recent days, however, the Palantir share has switched into correction mode. It fell by more than 16% from its all-time high of USD 45.14 before the presentation of the third-quarter figures. However, the big data group was once again able to impress with its interim report presented on Monday evening after the close of trading. Palantir already reported above expectations for the first half of the year. The company increased turnover by 27% in the second quarter, while operating profit climbed disproportionately by a good 30%. As a result, the data analysis company raised its target for annual sales from USD 2.68 billion to USD 2.69 billion to USD 2.74 billion to USD 2.75 billion.<\/p>\n\n<div><generic-chart title=\"Palantir: Share Price (in USD)\"> <chart-line title=\"Palantir\" path=\"Palantir24.csv\" format=\"date, number\" color=\"#f7a824\"><\/chart-line> <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n <footer>Quelle: Refinitiv, Stand: 04.11.2024 <br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n\n<h3>Target increases in series<\/h3>\n<p>But that was not high enough. At the Q3 presentation, the company raised its annual sales forecast for the third time. Management now expects revenue in a range of USD 2,805 to 2,809 billion for 2024. The target range for the adjusted operating result was also raised to USD 1.05 to 1.06 billion (previously USD 966 to 974 million). \"Revenue growth driven by demand for AI is having an impact on the bottom line,\" explained CFO David Glazer in an interview.<\/p>\n\n<p>Palantir's confidence is based on strong quarterly results. The group, which provides software for governments to visualize army positions, among other things, increased its turnover by 30% to USD 726 million between July and September; analysts had only expected an average figure of USD 701 million. Growth was driven in particular by orders from the US government. Their revenue increased by 40%, which corresponds to around 44% of total sales. However, commercial business with companies also increased significantly. According to experts, this segment could overtake government business as early as next year.<\/p>\n\n<div>\n<generic-chart title=\"Earnings and P/E ratio expectations\">\n  <x-axis categories=\"2023,2024,2025,2026\"/>\n      <chart-column title=\"Earnings per share (in USD)\" data=\"0.091,0.356,0.43,0.517\" format=\"number\"/>\n      <chart-line title=\"P/E ratio\" data=\"459.1,117.75,97.49,81.08\" format=\"number\" yAxisRight=\"true\"/>\n<\/generic-chart> \n<\/div>\n <footer>Quelle: Refinitiv, Stand: 04.11.2024 <br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n\n<h3>AI as a growth driver<\/h3>\n<p>This would come as no surprise, as demand from companies looking to introduce generative AI technology is steadily increasing. \"The AI revolution is being driven by the US and has fully unfolded,\" explains Alexander Karp, co-founder and CEO of Palantir, and continues: \"The world will be divided into AI haves and AI have-nots. At Palantir, we plan to support the winners.\"<\/p>\n<p>As mentioned at the beginning, the company has long been a winner on the capital market. Palantir has already doubled in value this year. The good performance, which also applies to the operating business, even led to an accolade from the stock exchange operator in the fall. At the end of September, Palantir was included in the renowned S&amp;P 500. For a company to be included in the index, it must not only have a corresponding market capitalization, but must also have been profitable in the last quarter and have made a cumulative profit in the last four quarters. A bar that was not too high for the Denver-based company: Palantir has been consistently in the black since the fourth quarter of 2022.<\/p>\n\n<h3>Lush valuation, but...<\/h3>\n<p>The share price rally also meant that the Palantir share now has a very generous valuation. The 2025 P/E ratio is 94, while the expected earnings for 2026 reduce the value to just 81. This contrasts with annual earnings growth of around one fifth. It therefore comes as no surprise that the majority of analysts currently have no more than a hold recommendation for the share. According to CNN Business, 43% of a total of 23 studies result in a hold rating, 26% see a buy opportunity and 30% vote sell.<\/p>\n\n<h3>...high profit opportunity at a standstill<\/h3>\n<p>Even if there doesn't seem to be much room for upside in terms of valuation, the promising combination of the two megatrends big data and AI could speak in favor of Palantir in the long term. In the short term, however, the price potential appears to be exhausted, which in turn makes a partial protection investment interesting in the meantime. Leonteq has two new soft-callable barrier reverse convertibles on offer for this scenario. These promise double-digit percentage returns even in the event of price stagnation or moderate setbacks. The two products, which are offered in CHF and USD, each have a risk buffer of 41%. If the barrier remains untouched during the maximum term of one year, the product will yield the maximum return. The coupons amount to an above-average 12.20% p.a. for the CHF product and even 16.60% p.a. for the USD variant. The issuer has the right to terminate the BRCs prematurely after six months at the earliest.<\/p>\n\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1390864119\\&quot;,\\&quot;CH1390864127\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>","url":"coupon-palantir-2024","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/palantir_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/palantir_leonteq_structured_products_thumbnail.jpg"},{"date":"2024-11-01T01:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/award_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"ETP+ on the Adaptivv Downside Control Bitcoin ETF Index","windowTitle":"Prize-winning product","category":"investment-themes","title":"Prize-winning product","body":"<h3>High volatility= high risk<\/h3>\n<p>One of the rules of thumb on the stock market is that the higher the volatility of an asset, the higher the risk. The ratio, which describes the range in which prices fluctuate, is relatively high for Bitcoin. On a 12-month view, for instance, its historic volatility stands at just under 44, while for the S&P 500 it comes to just 10. The high fluctuations for Bitcoin are not unusual, however \u2013 crypto currencies are, after all, a young investment class and a relatively new technology that still needs to gain acceptance among the general stock market public. This high volatility presents a challenge to investors, however, because it can trigger emotional reactions such as fear. That is why an investment in cryptos is considered highly speculative. To ensure that even rather conservatively-minded investors can engage in this sector, Leonteq has added a refined strategy for minimising risk to its product range. The ETP+ on the Adaptivv Downside Control Bitcoin ETF Index enables investors to both protect their nerves and share in the potential of the cyber currency.<\/p>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2024/etp-adaptivv-bitcoin?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n\n<h3>Clever risk minimisation<\/h3>\n<p>The strategy offers a risk-adjusted way of gaining an exposure to Bitcoin through a sophisticated investment process. It is enabled by the innovative Adaptivv Ssensor technology. Adaptivv is a spin-off of ETH Zurich which is regulated by FINMA. Founded with a focus on progressive statistical methods and financial technology, the company has been offering successful drawdown management solutions since 2016. In the case of Bitcoin, the mathematical model ensures dynamic adjustment of the portfolio based on market stability, i.e. the exposure can be anywhere between 0% and 100%. This allows risks to be minimised and protects the Bitcoin investment. The remaining cash portion, should the strategy not be fully invested in the digital asset, earns interest. With an additional mechanism to protect against large drawdowns \u2013 in the past Bitcoin has suffered setbacks of up to 80% \u2013 the mathematical concept ensures the security and stability of the investment in what is still a young asset class.<\/p>\n\n<h3>Enhanced security level<\/h3>\n<p>Investors can bring the professional Adaptivv Downside Control Bitcoin ETF Index into their portfolio conveniently and at low cost with an ETP+ from Leonteq. The ETP+, which can be traded on the SIX and the BX Swiss and thus ensures daily liquidity, offers enhanced security for investors, as a pledge is deposited with SIX SIS AG for every exchange traded product. If the price of the certificate rises, Leonteq increases the pledge \u2013 and vice versa. If Leonteq were to enter into payment difficulties, the trustee SIX Repo would sell the pledge and the equivalent of the investment product would then be distributed to the holders of the ETPs. Other advantages of the ETP+ are that investors do not own Bitcoin directly, since this is also laden with risks. Potential risks include hacker attacks or even the loss of the storage medium. That is not the case with the ETP+, which has a secure place in the custody account. With a fee of just 0.75% p.a. plus a 10% performance fee, the relatively new product offers a marked added value compared with a direct investment in Bitcoin.<\/p>\n\n<h3>ETP+ on the Adaptivv Downside Control Bitcoin ETF Index<\/h3>\n<div><price-chart isin=\"CH1314031258\"><\/price-chart><\/div>\n<footer>Source: Leonteq Securities AG<br/>Historical data is not a reliable indicator of future performance.\n<\/footer>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1314031258\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.calendar.issue_date.value&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2024/etp-adaptivv-bitcoin?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"etp-adaptivv-bitcoin","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/award_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/award_leonteq_structured_products_thumbnail.jpg"},{"date":"2024-10-30T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/boeing_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"In quite a bit of turbulence","windowTitle":"Boeing","category":"underlying-in-focus","title":"Boeing","body":"<p>On November 5, US voters will decide who will move into the White House for the next four years. Shortly before the ballot, the result is still open - in the polls, Kamala Harris and Donald Trump are running neck-and-neck. What is certain is that the future president will initially travel on the plane of his predecessors. Two brand new Boeing 747-8s were actually due to go into service at the end of the year. However, the first flights of the two \"Air Force One\" were postponed in the summer. According to the adjusted plans, the jumbos, which are equipped with 4,000 square meters of office, conference and living space, will not take off until 2026. The delays to this prestigious order are symptomatic of Boeing's problems. The long-established aerospace company is experiencing serious turbulence. <\/p>\n<h3>Order books full to bursting<\/h3>\n<p>A glance at the share price is enough to recognize the extent of the misery. While Wall Street as a whole is rushing from one all-time high to the next, Boeing has been bobbing along for years. The industrial giant is now trading at less than half the level it was at the end of 2019. Meanwhile, its European competitor Airbus has long since reached or even surpassed its pre-coronavirus level. What the two transatlantic rivals have in common is their bulging order books. Boeing estimates its order backlog at the end of September 2024 at more than half a trillion US dollars. Almost 84% of this sum came from the core business, commercial aircraft construction. This includes orders for around 5,400 aircraft from airlines, companies, governments and leasing companies. However, Boeing is failing to profitably process the lavishly filled backlog.<\/p>\n<div><generic-chart title=\"Boeing: Operating result\"> <x-axis categories=\"2019, 2020, 2021, 2022, 2023, 2024*\"><\/x-axis> <chart-column title=\"in million US-Dollar\" data=\"-1975, -12767, -2870, -3519, -773, -6937\" format=\"number\"><\/chart-column> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as at 29.10.2024<br />Historical data is not a reliable indicator of future developments.<\/footer>\n<h3>Costly labor dispute<\/h3>\n<p>The acute crisis began with two fatal accidents. Boeing 737-Max aircraft crashed in 2018 and 2019. The crashes, which were presumably caused by problems with assistance software, were followed by groundings, legal disputes and other near-disasters. A labor dispute in the USA is currently exacerbating the situation. The strike has brought production of the 737-Max and the long-haul 767 and 777 series to a standstill. The majority of the 33,000 workers on strike have rejected a second wage offer from Boeing, which proposed a wage increase of 35% over four years. Even before the strike ballot, the wage dispute had pushed the company even deeper into the red. Boeing reported an operating loss of just under USD 7 billion for the first three quarters of 2024. <\/p>\n<h3>Fresh capital<\/h3>\n<p>Kelly Ortberg wants to take the helm; he has been CEO of Boeing since the beginning of August. The manager with 35 years of experience in the aerospace business makes no secret of the fact that the one-time industry giant has lost its \"iconic\" status. Ortberg knows few taboos in his search for his former strength. Media reports recently emerged that he is considering selling off parts of the aerospace division. This would allow the CEO to streamline the broad-based company. \"It is clear that our core of commercial aircraft and defense systems will remain part of Boeing in the long term,\" Ortberg explained a few days ago. With regard to the fundraising also announced as part of the presentation of figures, those responsible are getting serious: Boeing is raising more than USD 20 billion net by Thursday with the issue of new shares and convertible bonds. The company, which is burdened with a mountain of debt of almost USD 60 billion, is thus creating financial breathing space for its restructuring.<\/p>\n<h3>Stable flight altitude, attractive returns<\/h3>\n<p>Unsurprisingly, the capital increase - the issue price for the new shares was around 8% below the market price - initially led to a new low for the large cap. In view of the impending dilution and the ongoing labor dispute, a rapid rebound seems rather unlikely. Nevertheless, there is a good chance that the Dow Jones stock will be able to maintain the overarching sideways trend. Leonteq's new soft-callable Barrier Reverse Convertible (BRC) is geared towards this scenario. In addition to a guaranteed coupon, these yield-optimization products offer a decent price cushion. Specifically, the CHF-denominated variant yields a distribution of 8.80% p.a.. In USD, the coupon is 12.60% per annum. The barriers are each at 59% of the initial fixing. Indicatively, the protection threshold is USD 88.90 and thus just below the low of March 2019.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1390862097\\&quot;,\\&quot;CH1390862105\\&quot;&quot;,&quot;conditions&quot;:{&quot;&quot;:true},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><\/div>","url":"underlying-boeing","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/boeing_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/boeing_leonteq_structured_products_thumbnail.jpg"},{"date":"2024-10-23T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/celsius_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Returns from the can","windowTitle":"Celsius Holdings","category":"coupon-giant","title":"Celsius Holdings","body":"<p>The Alpine Ski World Cup kicks off the season this weekend. Red Bull will be omnipresent at the opening races on the glacier in Sölden, Austria. Alpine star Marcel Hirscher, who is about to make his comeback, will be among the athletes supported by the energy drink empire, as will the two Swiss piste aces Loïc Meillard and Marco Odermatt. Compared to the industry leader from Austria, Celsius is far less well-known. Nevertheless, the US beverage manufacturer also relies on the appeal of sport. As a sponsor of the World Pro Ski Tour, the company, which was founded 20 years ago, is on the slopes of renowned US ski resorts. In Formula 1, which is dominated by Red Bull, Celsius supplies the Ferrari team with its small, colorful cans. The fitness drinks filled in these cans, whose recipe includes green tea extract, ginger and guarana seeds, appeal to consumers' tastes. Since the beginning of 2022, Celsius has been able to expand its market share in the USA from less than 4% to 11.5% recently. The distribution partnership agreed with PepsiCo two years ago also helped.<\/p>\n\n<div><generic-chart title=\"Celsius Holdings: Share Price (in USD)\"> <chart-line title=\"Celsius\" path=\"Celsius_Chart.csv\" format=\"date, number\" color=\"#f7a824\"><\/chart-line> <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as of 22.10.2024 <br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Relaxed partner<\/h3>\n<p>Until a few months ago, Celsius was also doing very well on the stock market. In mid-March, the Nasdaq-listed share reached an all-time high of just under USD 100. But then the high-flyer turned sharply downwards. Compared to the top, Celsius has lost around two thirds of its value. The correction was accompanied by a significant slowdown in operational growth. Although Celsius reported record-high sales of USD 402 million for the second quarter of 2024, this represented a year-on-year increase of just 23%. In the full years 2023 and 2022, the growth rate was more than 100% in each case. Despite increasing market share, Celsius is therefore not immune to a slowdown in the energy drinks trade. Partner and shareholder PepsiCo remains calm. \"I think everyone needs a little boost of energy during the day,\" said CEO Ramon Laguarta on a recent conference call. At the moment, he believes that economic headwinds are blowing in the face of beverage manufacturers in the USA. As soon as consumer confidence improves, consumers will return to the shopping centers and reach for energy drinks. \"We like this partnership,\" Laguarta made clear at the beverage and snack giant's latest results presentation. In any case, he would like to further expand the distribution network for Celsius cans.<\/p>\n\n<h3>Figures on election day<\/h3>\n<p>Investors will find out how his colleague John Fieldly assesses the situation on November 5. On the day of the US elections, the CEO of Celsius will present figures for the third quarter of 2024. On the one hand, the focus is likely to be on the development of sales and market share. Global expansion should also be an important topic. In April, the company began selling its energy drinks in the UK and Ireland. The high-energy drinks are now also available in France, Australia and New Zealand. Of course, the expansion of international sales costs money. Analysts expect Celsius' earnings per share to have stagnated in the third quarter of 2024 compared to the same period of the previous year. The consensus also indicates a stable profit for the year as a whole, before earnings are expected to increase significantly in 2025 and 2026.<\/p>\n\n<div><generic-chart title=\"Energy Drinks: US market share (in %)\"> \n    <x-axis categories=\"Q1/22,Q2/22,Q3/22,Q4/22,Q1/23,Q2/23,Q3/23,Q4/23,Q1/24,Q2/24\"> \n    <chart-line title=\"Red Bull\" data=\"38.9, 39.3, 39.5, 40.0, 37.9, 37.6, 36.8, 37.2, 36.7, 37.1\" format=\"number\"\n        yaxisright=\"true\"><\/chart-line> \n     <chart-line title=\"Monster\" data=\"31.5, 30.7, 30.5, 30.9, 30.6, 29.6, 29.0, 28.9, 28.3, 28.0\" format=\"number\" \n            yaxisright=\"true\"><\/chart-line> \n      <chart-line title=\"Celsius\" data=\"3.6, 4.2, 4.5, 5.2, 7.2, 8.7, 10.2, 10.4, 11.4, 11.5\" format=\"number\" \n                yaxisright=\"true\"><\/chart-line> \n    <\/x-axis>\n    <\/generic-chart><\/div>\n    <footer>Source: Celsius Holdings, as of: 06.08.2024 <\/footer>\n\n<h3>Investment solution with brains<\/h3>\n<p>The term of the new soft-callable barrier reverse convertibles on Celsius Holdings ends after just one year. The coupon payment for this issue is linked to a trigger level: If the underlying asset is quoted above this price on the observation date, which occurs every three months, the payout is made. If this calculation does not work out, the payment can be made later thanks to the memory effect. As soon as Celsius meets the requirement on one of the following key dates, Leonteq transfers the current coupon and all coupons not previously paid. The potential return is impressive: In the product currency CHF, the conditional coupon amounts to 17% p.a. With the USD variant, an annualized return of 22% is even possible. The trigger is at a low 50% of the initial level. The barrier is fixed at the same level. Due to the European design of these BRCs, it is only tested at maturity. As long as Celsius is not trading 50% or more below the starting price, investors receive the full denomination.<\/p>\n\n\n<h3>Callable Barrier Reverse Convertibles with Conditional Coupon<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1390858079\\&quot;\\&quot;CH1390858087\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;conditionalCoupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;conditionalCouponTriggerLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-table id=xxx title=\"Taxation Valor 139085807, 139085808\">\n<tbody>\n<tr>\n<td>Swiss Federal Income Tax<\/td>\n<td>For private investors with tax domicile in Switzerland holding the Product as part of their private property, gains realised during the term of the Product and on the Redemption Date qualify as capital gains and are therefore not subject to the Federal Direct Tax.<br/>\n    The tax treatment regarding the cantonal and communal income taxes can differ from the tax treatment regarding the Federal Direct Tax. But in general the income tax treatments are corresponding.<\/td>\n<\/tr>\n<\/tbody>\n<\/template> <template v-slot:below=\"\"> <LtqCardBody><footer>The tax information provided herein is a non-binding summary and only provides a general overview of the potential Swiss tax consequences linked to this Product at the time of issue. Tax laws and tax interpretation may change at any time, possibly with retroactive effect.<br/>Source: Termsheet<\/footer><\/LtqCardBody> <\/template> <\/ltq-table><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-celsius-2024","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/celsius_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/celsius_leonteq_structured_products_thumbnail.jpg"},{"date":"2024-10-15T13:58","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/bitcoin_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Getting a taste of the mountain air","windowTitle":"Bitcoin","category":"underlying-in-focus","title":"Bitcoin","body":"<p>Even if the details have not yet been fully clarified, meteorologists are currently still giving the so-called \"Golden October\" a chance. Crypto investors also still have hope that a \"high-pressure area\" will prevail this month. To be more precise: Bitcoin, which started the fall on a weak note, has been gradually building up strength of late and is now on the verge of breaking out to the upside. This would continue the long-term positive October series. With the exception of 2014 and 2018, the world's most valuable digital asset has always closed the month in positive territory.<\/p>\n\n<p>Bitcoin is currently up 10% in October. Bitcoin has now digested the sharp setbacks at the beginning of August and then again at the beginning of September well, even if the interim high of USD 70,000 at the end of July has not yet been reached. In order to overcome this psychologically important mark, the USD 63,000/65,000 area must first be broken through on a sustained basis. In addition to horizontal resistance, this is also where the 200-day moving average line runs. Bitcoin supporters have already gritted their teeth at this level several times in recent weeks.<\/p>\n\n<div>\n<generic-chart title=\"Bitcoin performance in the month October\">\n  <x-axis categories=\"Okt 14, Okt 15, Okt 16, Okt 17, Okt 18, Okt 19, Okt 20, Okt 21, Okt 22, Okt 23\"/>\n      <chart-column title=\"Bitcoin performance (in %)\" data=\"-13.5, 5.8, 14.8, 52.3, -4.8, 11.3, 29.2, 39.6, 5.1, 28.0\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Refinitiv, as at 15.10.2024<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n\n<h3>Monstrous price targets<\/h3>\n<p>At USD 70,000, Bitcoin would have a market capitalization of just under USD 1.4 trillion. According to various experts, this is peanuts. BlackRock, for example, an asset manager with around 370,000 BTC in its own funds, believes that the value of the crypto asset could rise to USD 5.4 trillion in the coming years. This would correspond to a price increase to a whopping USD 270,000. According to BlackRock, there are global trends such as technological innovations and demographic shifts, keyword \"Generation Z\", which speak in favor of digital assets such as Bitcoin.<\/p>\n\n<p>For the experts at investment company ARK Invest, it is above all the decentralization and transparency of the Bitcoin network that make Bitcoin so desirable. In the best-case scenario, the team led by star investor Cathie Wood assumes that Bitcoin will rise into the seven-figure range by 2030. Even in the base case scenario, the price target of USD 682,800 is still astronomical from today's perspective.<\/p>\n\n<div><generic-chart title=\"Bitcoin: Historical price performance (BTC/USD)\"> <chart-line title=\"Bitcoin\" path=\"Chart_bitcoin_underlying.csv\" format=\"date, number\" color=\"#f7a824\"><\/chart-line> <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as at 15.10.2024 <br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Temporary drivers<\/h3>\n<p>In the short term, however, other factors are likely to play the main role in terms of future performance. These would be interest rates on the one hand and the US presidential elections on the other. In particular, a victory for Republican candidate Donald Trump could spur Bitcoin on. \"In this case, the USD 100,000 mark would be within reach,\" believes investment strategist Jürgen Molnar from brokerage firm RoboMarkets. Trump announced at an election campaign event that he wants to become a \"crypto president\" and will even create a national reserve in the asset. The prospect of further interest rate cuts in the eurozone and the US also plays into Bitcoin's hands. This is because they make risky investments such as crypto assets more attractive again. The market is expecting the ECB to cut interest rates by a further 25 basis points this week. In the US, the next monetary policy decisions are scheduled for November 7 and December 18. On both dates, the key rate is expected to be reduced by 0.25 percentage points.<\/p>\n\n<h3>Full participation for everyone<\/h3>\n<p>Following the recent easing on the interest rate front and the rise in Republican candidate Trump's chances of winning the US elections on November 5 from 52 cents to 54 cents on the online forecasting portal PredictIt, blockchain equity ETFs have also recorded one of the largest weekly inflows this year. Investors in Switzerland can also benefit 1:1 from further price gains in Bitcoin - and not via shares, but by investing in tracker certificates on Bitcoin. The certificates launched on the market at the beginning of 2021 relate specifically to this digital asset. The products are available in the currency tranches CHF, USD and EUR and all come with a management fee of 1.50% p.a. A relatively high exercise ratio of 1:1000 was chosen at the time of issue so that investors on a tight budget can also invest in the world's largest crypto asset. Theoretically, you would therefore need 1,000 certificates to purchase one Bitcoin. This denomination makes the asset easily tradable for everyone.<\/p>\n\n<h4>The advantages of a tracker certificate on Bitcoin<\/h4>\n<ul>\n   <li>Easy access to the Bitcoin asset class for private and institutional investors<\/li>\n   <li>No \"wallet\" is required<\/li>\n   <li>Efficient and transparent processing thanks to stock exchange listing<\/li>\n   <li>Investment in smaller denominations possible, thanks to the exercise ratio of 0.001<\/li>\n<\/ul>\n<h3>Tracker certificates on Bitcoin - Tradable on the stock exchange<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0587307015\\&quot; \\&quot;CH0587307023\\&quot; \\&quot;CH0596609245\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Conversion Ratio: 0.001<\/li>\n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div>","url":"underlying-bitcoin","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/bitcoin_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/bitcoin_leonteq_structured_products_thumbnail.jpg"},{"date":"2024-10-09T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/ge+vernova_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Energized stock market newcomer","windowTitle":"GE Vernova","category":"coupon-giant","title":"GE Vernova","body":"<p>\"Turn one into three\" - this motto fits well with the latest development at General Electric (GE). The US industrial group has split into three parts. In addition to the healthcare business, this includes the aerospace division and the energy segment. The latter segment debuted on the New York Stock Exchange as GE Vernova on April 2, 2024. Since then, the spin-off has performed magnificently on Wall Street. GE Vernova is trading more than 80% above its initial share price and has reached a capitalization of USD 73 billion. Based in Cambridge, Massachusetts, the company supplies turbines for gas, steam, hydro and nuclear power plants (\"Power\" business segment), wind turbines (\"Wind\") and various solutions for the transmission, conversion and storage of energy (\"Electrification\"). In 2023, the Group generated total sales of USD 33 billion with these three divisions.<\/p>\n\n<div>\n<generic-chart title=\"GE Vernova: Share Price (in USD)\">\n      <chart-line title=\"GE Vernova\" path=\"GeVernova.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Refinitiv, as at 08.10.2024<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Strong interim report<\/h3>\n<p>The order books are well filled. Since the beginning of 2023, GE Vernova has received orders with an average volume of around USD 10.5 billion per quarter. A good 60% of these were for new systems, with the remainder for service orders. As at mid-2024, the company had a total order backlog of USD 116 billion. Based on the sales expected for the current year, GE Vernova would therefore be working at full capacity for more than 40 months in purely mathematical terms. \"The global trends towards electrification and decarbonization are driving demand for our products and services,\" commented CEO Scott Strazik on the latest interim report. This development is having a positive impact on the profit side. In operational terms (adjusted EBITDA level), GE Vernova earned USD 714 million in the first half of 2024, compared to USD 18 million in the same period of the previous year. The EBITDA margin shot up by 450 basis points to 4.6%.<\/p>\n\n<div>\n<generic-chart title=\"GE Vernova: Orders received (in USD Mrd.)\">\n  <x-axis categories=\"Q1 23, Q2 23, Q3 23, Q4 23, Q1 24, Q2 24\"/>\n      <chart-column title=\"Equipment\" data=\"6.268, 8.786, 4.761, 5.902, 5.773, 7.428\" format=\"number\"/>\n      <chart-column title=\"Services\" data=\"3.391, 3.928, 3.484, 5.117, 3.887, 4.416\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: GE Vernova, as at 24.07.2024<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Increase in the forecast<\/h3>\n<p>Free cash flow achieved a turnaround. In the first half of 2023, outflows amounted to just under USD 1.3 billion. From January to June 2024, the company replenished its cash by USD 161 million. \"Given our strong performance in the first half of the year and the momentum in our Power and Electrification segments, we are raising our forecast for the full year 2024,\" explained the CEO at the end of July. Sales are expected to land at the upper end of the targeted range of USD 34 billion to USD 35 billion. At the same time, the US company is forecasting an EBITDA margin of between 5% and 7%. The GE spin-off had previously targeted the upper end of the mid-single-digit range. Last but not least, Scott Strazik wants to generate free cash flow of between USD 1.3 billion and USD 1.7 billion in 2024. The CEO had originally assumed a maximum of USD 1.1 billion at this point. <\/p>\n\n<h3>Exceeding the target<\/h3>\n<p>The forecast remains valid, although GE Vernova is struggling with higher costs in offshore wind power. At Ebitda level, those responsible therefore expect a loss of around USD 300 million in the wind division for the third quarter. Despite this announcement, GE Vernova really took off on Wall Street in September. The large cap also benefited from the megatrend of artificial intelligence. The data centers required for AI consume enormous amounts of electricity, which is why high investments in the energy infrastructure are necessary. Nevertheless, the rally may have gone a little too far. GE Vernova is now trading 7% above the average analyst price target of USD 245.<\/p>\n\n<h3>Classic with memory function<\/h3>\n<p>The soft-callable barrier reverse convertible (BRC) with a conditional coupon offers an interesting alternative to direct investment. During the short term of one year, there is the chance of a coupon payment of 3.50% every three months. Prerequisite: GE Vernova is quoted above the coupon trigger level on the respective observation date. The decisive level is a low 59% of the initial fixing. If the underlying does not meet this condition, the payout can be made up at a later date thanks to a memory function. Let's assume that GE Vernova is at or below the trigger on the first reference date (07.01.2025), but is above it three months later: In this scenario, the issuer would pay a distribution of 7.00% on April 14, 2025. In the best case scenario, the BRC yields a coupon of 14.00% in total. The redemption is partially protected by the barrier, which is also 59% of the initial fixing level. As long as GE Vernova does not fall to or below this level, investors receive the full denomination. <\/p>\n\n\n<h3>Callable Barrier Reverse Convertibles with Conditional Coupon<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1292087934\\&quot;,\\&quot;CH1292088015\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;conditionalCoupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;conditionalCouponTriggerLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-table id=xxx title=\"Taxation Valor 129208793, 129208801 \">\n<tbody>\n<tr>\n<td>Swiss Federal Income Tax<\/td>\n<td>For private investors with tax domicile in Switzerland holding the Product as part of their private property, gains realised during the term of the Product and on the Redemption Date qualify as capital gains and are therefore not subject to the Federal Direct Tax.<br/>\n    The tax treatment regarding the cantonal and communal income taxes can differ from the tax treatment regarding the Federal Direct Tax. But in general the income tax treatments are corresponding.<\/td>\n<\/tr>\n<\/tbody>\n<\/template> <template v-slot:below=\"\"> <LtqCardBody><footer>The tax information provided herein is a non-binding summary and only provides a general overview of the potential Swiss tax consequences linked to this Product at the time of issue. Tax laws and tax interpretation may change at any time, possibly with retroactive effect.<br/>Source: Termsheet<\/footer><\/LtqCardBody> <\/template> <\/ltq-table><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-gevernova","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/ge+vernova_leonteq_structured_products_.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/ge+vernova_leonteq_structured_products_thumbnail.jpg"},{"date":"2024-10-04T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/chinadragon_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Tracker certificate on the Swissquote China\u2019s Dragons Index","windowTitle":"Riding the China wave","category":"investment-themes","title":"Riding the China wave","body":"<h3>Money tap open<\/h3>\n<p>The world's second-largest economy is feeling the effects of deflationary pressure from a property market that has been struggling since 2021 alongside weak consumer confidence. This in turn reveals its great dependence on exports, which is not necessarily beneficial in an increasingly tough global trade environment. The central bank is therefore opening the money tap in order to forestall a downward spiral of falling prices and consumption. The government is also helping with a range of measures aimed at winning back the trust of the population on the one hand and enabling it to play a leading role on the world market on the other.<\/p>\n\n<div><ltq-button color=\"primary\" url=\"ttps://ch.leonteq.com/news-and-media/news/investment-themes/2024/swissquote-chinas-dragons-index-2024?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n\n<h3>On the way to the top<\/h3>\n<p>Whether e-mobility, artificial intelligence or other high-tech sectors, China set itself the target years ago of achieving global technology leadership across many industries. To that end, the government is propping up carmakers, among others. And with success: state subsidies ensured that sales of vehicles with alternative drive technology (known as new energy vehicles, or NEVs) climbed 42% in August, accounting for a record 53.1% of total sales. That is cheering the stock market, with the shares of prominent carmakers such as BYD, Dongfeng and Geely recently hitting new highs for the year. The Stromer trio is also part of the Swissquote China\u2019s Dragons Index. In all, the barometer contains 20 Chinese companies who have aligned their business to the ten key industries selected by the government. Alongside autonomous and renewable energy-driven vehicles, these include forward-facing information technologies, automated machine tools and robot technology, aviation and aerospace equipment, shipping equipment and high-tech transport, modern railway transport systems, electricity generation systems, agricultural machinery, new materials, biopharmaceuticals and innovative medical products.<\/p>\n\n<h3>High-growth business models<\/h3>\n<p>While the carmaker trio mentioned above, along with Guangzhou and the supplier Zhongsheng, are responsible for about one fifth of the performance of the Swissquote China\u2019s Dragons Index, internet groups also play a significant role. The prominent threesome of Alibaba, Baidu and Tencent account for a 16% share. Operationally, the companies are in forward gear at the moment. Amazon competitor Alibaba, for instance, has long been more than just an e-commerce provider. A few days ago, for example, the group announced that it was integrating its language modules into Nvidia\u2019s Orin platform in order to supercharge autonomous driving and cloud computing services. These are two sectors in which the search engine giant Baidu plays an important role. Its success was reflected in the most recent quarterly figures: while advertising revenue slipped 2%, sales in the cloud grew by 14% from April to June, with generative AI contributing 9%. The pace is thus accelerating \u2013 growth was 6.9% in the first quarter. Baidu also partners with Geely to operate the automotive joint venture Jiyue, which has just announced that it will bring another electric model, the \u201cJiyue 07\u201d, onto the market in China.<\/p>\n\n<h3>Active approach at an affordable price<\/h3>\n<p>The absolute heavyweight in the Swissquote China\u2019s Dragons Index is the Bank of China. As a lender, the bank is benefiting first of all from the measures taken by the central bank. By the end of the first half-year, loans to private businesses had already risen by 9.4% year on year to reach CNYbn 348. In addition, the financial services provided to 83,500 tech firms for technological innovation by the end of June passed the CNYbn 650 mark in total investment. It is not set in stone, however, that the Bank of China will continue to dominate the index in the future, as the barometer is reweighed every three months. The composition is also dynamic, with Swissquote constantly on the lookout for potential candidates. These must meet both qualitative and quantitative criteria, such as a market capitalisation of at least USDmn 100 and an average daily trading volume of USD 100,000. The management fee charged for the corresponding tracker on the Swissquote China\u2019s Dragons Index is a modest 0.7% p.a. The sophisticated strategy instrument has recently turned sharply upwards along with the market and likewise reached a new high for the year.<\/p>\n\n<h3>Tracker certificate on the Swissquote China\u2019s Dragons Index<\/h3>\n\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0434700248\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Management Fee: 0.70% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2024/swissquote-chinas-dragons-index-2024?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"swissquote-chinas-dragons-index-2024","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/chinadragon_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/chinadragon_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-10-02T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/ypsomed_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Growth turbo «GLP-1»","windowTitle":"Ypsomed","category":"underlying-in-focus","title":"Ypsomed","body":"<p>The Bernese municipality of Burgdorf, also known as the \"Gateway to the Emmental\", has a population of just 17,000. Not only does cultural diversity play an important role in this tranquil town, Burgdorf also occupies a box seat when it comes to healthcare. The brothers Willy and Peter Michel founded Ypsomed there exactly 40 years ago. With success: the company is now the third-largest employer in the medical technology sector in Switzerland. Ypsomed is currently in the global spotlight, particularly with its injection systems for administering obesity therapies. It was only in the fall of last year that the family-owned company was able to agree a long-term supply contract with Novo Nordisk, which currently shares this market with Eli Lilly. Stock market investors are rewarding the development: the Ypsomed share has risen by an impressive 60% over the past year.<\/p>\n\n<div><generic-chart title=\"Ypsomed: Share price (in CHF)\"> <chart-line title=\"Ypsomed\" path=\"Chart_ypsomed.csv\" format=\"date, number\" color=\"#f7a824\"><\/chart-line> <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as at: 01.10.2024 <br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Weight loss boom<\/h3>\n<p>What \"AI\" is in the technology world, \"GLP-1\" is in the pharmaceutical industry. The new \"wonder drug\" Wegovy from Danish healthcare giant Novo Nordisk has been approved in the USA since 2021. The drug, originally known for diabetes, has since also been administered as a weight loss injection. In 2022, a competitor drug, Mounjaro from Eli Lilly, came onto the market. Since then, the duo has hardly been able to save themselves from orders. A development that plays into Ypsomed's hands. This can also be seen in the balance sheet: In the 2023/24 financial year (March 31), the \"Delivery Systems\" segment, which includes the autoinjectors, grew by a quarter to CHF 385.2 million. This segment now accounts for 70% of revenue.<\/p>\n\n<p>CEO Simon Michel, who has been at the helm of the Group for 10 years and is the second generation to do so, intends to continue to focus on this division in the future. The reason is relatively simple: it is a B2B business that, in his words, promises \"high margins, little competition and enormous growth potential\". But GLP-1 specialists are not the only ones on Ypsomed's customer list; the company works with a total of 27 of the top 30 pharmaceutical companies. <\/p>\n\n<h3>Specialization<\/h3>\n<p>Ypsomed's second pillar, the \"Diabetes Care\" division, is currently being restructured. Here, the company supplies end users with insulin pumps, which Michel would also like to focus on in the future. In order to shape the division into a global provider in diabetes care, peripheral areas are being sold off. At the beginning of August, the pen needle and blood glucose meter business was sold to the Italian company Medical Technology and Devices. The streamlining of the Diabetes Care division means that the focus is now on the innovative mylife Loop insulin pump solution. The CamAPS FX algorithm used by the pump was recently given the green light by the US Food and Drug Administration (FDA). In addition, the FDA is reviewing mylife YpsoPump as an interoperable insulin pump. \"This paves the way for mylife Loop to enter the US market,\" says Ypsomed.<\/p>\n\n<h3>Growth markets<\/h3>\n<p>Both diabetes and weight loss are growth markets. The International Diabetes Federation estimates that by 2045, one in eight adults, i.e. around 783 million, will be living with diabetes, which corresponds to an increase of 46%. Obesity is also on the rise. UBS therefore estimates that around 40 million people will be taking GLP-1 by 2029, 44% of them in the USA. This corresponds to sales of USD 126 billion and an average annual increase in sales of 30%. The number of drugs approved on the market is also likely to increase. According to experts from Morningstar and Pitchbook, 16 new weight loss drugs are expected to be launched on the market by 2029. And the areas of application may also expand. Novo Nordisk, for example, is currently hoping for an extension of the EU approval for its drug Wegovy, which is said to reduce the risk of heart failure in obese patients.<\/p>\n\n<div>\n<generic-chart title=\"Ypsomed: Profit and P/E ratio performance\">\n  <x-axis categories=\"2022,2023,2024,2025e,2026e,2027e\"/>\n      <chart-line title=\"Earnings per share (in CHF)\" data=\"1.83,3.82,5.74,8.28,12.08,15.37\" format=\"number\" yAxisRight=\"false\"/>\n      <chart-line title=\"Price/earnings ratio\" data=\"85.9,72,72,49.9,34.2,26.9\" format=\"number\" yAxisRight=\"true\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Refinitiv, as at: 01.10.2024 <br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n\n<h3>Clever combination of safety and leverage<\/h3>\n<p>The operational outlook for Ypsomed is therefore rosy. This is also reflected in the profit estimates. The analyst consensus assumes that earnings per share will increase by an average of 39.1% between 2025 and 2027. In view of this strong growth, the price/earnings ratio (P/E ratio) would also fall significantly from 72 in 2024 to 26.9. Nevertheless, partial protection cannot hurt an investment in the medical technology share - and certainly not if the earnings potential is disproportionately high at the same time. A new bonus certificate, which combines the chance of outperformance with a protective mechanism, has these characteristics. The product ultimately aims to generate an attractive profit even if prices rise moderately.<\/p>\n\n<p>The certificate works as follows: Rising Ypsomed share prices leverage the security from the bonus level at 100% of the starting price at a rate of 150%. This \"turbo\" works up to the cap at 135% of the starting level. The maximum redemption amount is therefore 152.5% of the nominal value. If the MedTech share does not succeed in continuing its climb and is quoted below the starting level at the final fixing, the investment does not necessarily end with a loss. This is ensured by the barrier, which is placed at 65% of the starting value. Losses may only occur if the risk buffer is insufficient during the three-year term.<\/p>\n\n\n\n<h3>Bonus Outperformance Certificate<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1381834287\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;bonusLevel&quot;,&quot;underlying&quot;,&quot;participation&quot;,&quot;barrierPercentage&quot;,&quot;capLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-ypsomed","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/ypsomed_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/ypsomed_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-09-25T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/moderna_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Toxic mixture","windowTitle":"Moderna","category":"coupon-giant","title":"Moderna","body":"<P>\"Up and down, again and again\" is what revelers from all over the world are currently singing at the Oktoberfest in Munich. Moderna shareholders can easily join in when looking at the share price performance. Driven by great confidence in new mRNA-based cancer vaccines, the biotech stock initially soared by 73% until mid-May, only to then plunge almost two thirds from its high for the year. The recent setbacks were due to weak results and disappointing forecasts. Sales of the coronavirus vaccine are falling faster than expected, there are delays with the new drugs and savings have to be made on top of that. All in all, a toxic mix that is depressing investor sentiment. This raises the question: Is there no sustained growth or is the market underestimating the US biotech company's pipeline?<\/P>\n<p>First, let's take a look at the current business performance. Although the company's sales fell by 37% to USD 241 million in the second quarter, the figure was somewhat higher than analysts had expected. The loss of USD 1.28 billion was also not as large as feared thanks to cost reductions. However, this actually good news was overshadowed by a lowered forecast. When the figures were presented at the beginning of August, the Executive Board lowered the target for product sales to USD 3 to 3.5 billion, compared to the previous forecast of USD 4 billion. According to CEO Stephane Bancel, there is more competition for both respiratory syncytial virus (RSV) and Covid vaccines. On the one hand, the company is suffering from a new supply agreement between competitor Pfizer and the EU for Covid vaccines. On the other hand, Moderna's second commercial product, the RSV vaccine mRESVIA, is under strong competitive pressure from the Pfizer and GSK vaccines. <\/P>\n<div>\n<generic-chart title=\"Moderna: Share price (in USD)\">\n      <chart-line title=\"Moderna\" path=\"chart_mrna_20240925.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Refinitiv, as at 24.09.2024<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Break-even is receding into the distance<\/h3>\n<p>When presenting the quarterly figures, Moderna's management was still confident that it would return to sales growth in 2025 and break even by 2026 with the launch of new products. In mid-September, however, the Management Board had to row back again. The goal of being in the black was postponed by two years from 2026 to 2028. To achieve this, even more savings will have to be made. The research and development budget will be cut by around a fifth over the next three years. Five of the 45 programs previously in the pipeline are to be discontinued and the pace of some late-stage studies involving the treatment of latent and rare diseases will be reduced. These measures are expected to reduce expenditure by USD 1.1 billion by 2027.<\/p>\n<h3>New products<\/h3>\n<p>One of the reasons why the red pencil is being applied so severely is that revenue is not expanding as dynamically as hoped. As a result, the Group has lowered its sales forecast for 2025. Instead of the hoped-for growth, Moderna is now targeting sales of just USD 2.5 to 3.5 billion, compared to the average of USD 3.74 billion that analysts had predicted. Although Moderna would like to score points with new products in the medium term, it will take until 2028 to generate significant sales, according to CFO James Mock. Up to ten new products are to be approved by 2027, such as vaccines against influenza and RSV as well as cancer drugs. The first mRNA-based vaccine against tumors could receive approval as early as next year. The active substance against skin cancer, which was researched together with Merck &amp; Co, completed phase II with good results. The drug must now pass late-stage clinical trials before an application for approval can be submitted. The company still has enough money until the new product launches. Moderna expects to have USD 6 billion in cash by the end of 2024. The new product launches between 2026 and 2028 should then lead to an average annual sales growth rate of 25%.<\/p>\n<div>\n<generic-chart title=\"Moderna: Sales development\">\n  <x-axis categories=\"2021,2022,2023,2024e,2025e\"/>\n      <chart-column title=\"Sales (in USDbn)\" data=\"18.47,19.26,6.85,3.25,3.0\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Moderna, e = expected<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Two BRCs with different functions<\/h3>\n<p>A well-filled pipeline and high reserves coupled with cost reductions give the company a good foundation for future success. Until then, investors can bridge the gap with a barrier reverse convertible, which promises attractive returns even when prices are trending sideways. Leonteq has launched two new soft-callable BRCs: one variant with a guaranteed coupon and one with a conditional coupon. With the first version, a coupon of 19% p.a. is guaranteed. If the barrier set at 55% of the starting value remains intact within the term of one year, the BRC achieves the maximum return.<\/p>\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1381832059\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.calendar.subscription_end_date.value&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.features.guaranteed_fixed_rate_coupon.coupon_rate.value&quot;,&quot;sortOrder&quot;:&quot;DESC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<p>The barrier reverse convertible with a conditional coupon even offers a return of 22% p.a. in the best-case scenario. Unlike the classic variant, however, this is not guaranteed. In order to receive the coupon pro rata, the Moderna share must be quoted above the coupon trigger level of 55% of the initial level on the quarterly observation dates. The barrier is also located at this level. However, if the coupon payment is not made on a key date, it is not lost at the same time. Due to the advanced memory mechanism, the payment can be made up for if Moderna is quoted above the coupon trigger level again on one of the following observation dates. If the barrier is breached, the final fixing determines the return. If Moderna is then at or below the strike level, holders of the product receive the underlying in their securities account. If, on the other hand, the biotech security is quoted above the strike level at maturity, Leonteq pays back the full nominal value.<\/p>\n<h3>Callable Barrier Reverse Convertible with Conditional Coupon<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1292087538\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;conditionalCoupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div>Coupon Trigger Level: 55%<\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-table id=xxx title=\"Taxation Valor 129208753\">\n<tbody>\n<tr>\n<td>Swiss Federal Income Tax<\/td>\n<td>For private investors with tax domicile in Switzerland holding the Product as part of their private property, gains realised during the term of the Product and on the Redemption Date qualify as capital gains and are therefore not subject to the Federal Direct Tax.<br/>\n    The tax treatment regarding the cantonal and communal income taxes can differ from the tax treatment regarding the Federal Direct Tax. But in general the income tax treatments are corresponding.<\/td>\n<\/tr>\n<\/tbody>\n<\/template> <template v-slot:below=\"\"> <LtqCardBody><footer>The tax information provided herein is a non-binding summary and only provides a general overview of the potential Swiss tax consequences linked to this Product at the time of issue. Tax laws and tax interpretation may change at any time, possibly with retroactive effect.<\/footer><\/LtqCardBody> <\/template> <\/ltq-table><\/div>\n\n<p>In order for the two products to achieve the maximum yield in one year at the latest, no price increases are required, only the barrier must remain intact. The term can be shortened due to the built-in soft callable function. Every three months, the issuer of both BRCs has the right to early redemption at 100%.<\/p>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-moderna-2024","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/moderna_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/moderna_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-09-20T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/german-trio_leonteq-structured-products_homepage-banner.jpg","subTitle":"Buffered ride with bonus certificates","windowTitle":"German car trio: Buffered ride with bonus certificates","category":"investment-themes","title":"German car trio","body":"<h3>Sales dip<\/h3>\n<p>That Germany\u2019s key industry has been on a bumpy path for some considerable time already is clear from the capital markets. The shares of BMW, Mercedes-Benz and VW have suffered double-digit percentage losses over the last year, a much worse performance than that of the DAX, which advanced by almost a fifth over the same period. The downward trend is being accompanied by sluggish sales and declining profitability. Looking at the German market as a whole, there is no improvement in sight: it shrank by 27.8% in August compared with the same month the previous year. New registrations of electric cars have fallen at an even faster rate, with 68.8% fewer customers opting for the eco-friendly option across all makes in that summer month. Industry association the VDA has already revised down its sales target for 2024 and expects a 17% drop in new registrations. The picture on the important Chinese market is currently rather cloudy: while the graph for combustion vehicles is also heading downwards, sales of electric cars \u2013 boosted by subsidies \u2013 are rising strongly. In August sales of vehicles with alternative drive technology (known as new energy vehicles, or NEVs) climbed 43.2%, accounting for a record 53.5% share of total sales. This did not change the fact, though, that the market as a whole declined for the fifth month in a row. Given the ongoing tailwinds provided by government incentives, however, experts believe that sales will finish 2024 in positive territory. S&P Global, too, believes that more vehicles will be delivered worldwide. The analysts anticipate growth of 1% to 3% this year and reckon that 2025 will see the global car market accelerate slightly to 2% to 4%.<\/p>\n\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/investment-themes/motor-industry?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n\n<h3>Thumbs up<\/h3>\n<p>A recovery in the market would also play into the hands of the German trio, assuming the groups get a grip on their home-grown problems. However, the valuations of the companies are now at such a low level that the bulk of the bad news may have already been priced in gradually. The BMW and Mercedes-Benz shares are currently trading at a 2026 PER of just 4, while the figure for VW is just 2.5. It is not surprising, therefore, that the consensus among analysts is to see upside potential despite the atmosphere of crisis. While there could, admittedly, still be downward revisions as a result of recent events, the current average price targets are so high that individual downgrades should not carry too much weight. BMW shares currently enjoy a \u201chold\u201d rating and have an average price target of EUR 90, a premium of around one fifth on the price now. The majority still rate Mercedes-Benz and VW as \u201cbuy\u201d, each at a fair value of 40% above the current price level.<\/p>\n\n<div><generic-chart title=\"Chart: BMW vs. Mercedes-Benz vs. VW (Performance, indexed to 100)\">\n <chart-line title=\"BMW\" path=\"Chart_BMW_trio.csv\" format=\"date, number\"><\/chart-line> \n <chart-line title=\"Mercedes-Benz\" path=\"Chart_Mercedes_trio.csv\" format=\"date, number\"><\/chart-line>\n <chart-line title=\"VW\" path=\"Chart_VW_trio.csv\" format=\"date, number\"><\/chart-line>\n <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n <footer>Source: Refinitiv, as at 19.09.2024 <br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Enjoying the ride with no speed limit<\/h3>\n<p>Should the three car shares be able to get out of crisis mode again, their recent considerable underperformance could make a strong U-turn a distinct possibility. It is, of course, extremely difficult to get the timing of this exactly right. What is more, the pessimistic underlying mood mean that further setbacks cannot be excluded. Bonus certificates are the perfect investment solution for this situation, which is why Leonteq has launched two new instruments denominated in CHF and EUR on BMW, Mercedes-Benz and VW. On the upside, the products offer full participation in price rises of the equally weighted basket of shares. On the downside, the structure has a comfortable safety buffer. Investors thus participate 100% in increases in the trio\u2019s share price \u2013 and without any limit, because there is no cap. That allows the full price potential of the car securities to be utilised. For the case that one of the three underlyings heads south, the barrier comes into play. It is a comfortable 45% from the starting prices. Should the shares end the three-year term in negative territory, then, but the barrier remain intact, holders of the certificate need not fear any losses. By contrast, at least the bonus level of 130% in the CHF variant and 139% in the EUR variant will be paid out.<\/p>\n\n<h3>Risk of a barrier breach<\/h3>\n<p>If the downward movement of at least one stock gets too fast, however, so that it touches or breaks through the barrier level, the attractive bonus mechanism switches off. The weakest of the trio on final fixing will then prevail, and its performance will determine the repayment. To give an example, if the worst performer falls 5%, the repayment will be reduced to CHF 950 or EUR 950 respectively. This would equate to a loss of 5% on the nominal. Assuming that the securities recover after breaching the barrier, however, so that the weakest member finishes 5% in positive territory, the repayment would be 105%, or CHF 1,050 and EUR1,050 respectively. This example shows that a possible breach of the barrier need not necessarily result in a loss.<\/p>\n\n\n<h3>Bonus Certificates<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1381827158\\&quot;,\\&quot;CH1381827182\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;bonusLevel&quot;,&quot;underlying&quot;,&quot;participation&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/investment-themes/motor-industry?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"motor-industry","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/german-trio_leonteq-structured-products_sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/german-trio_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-09-18T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rollsroyce_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"(Nuclear) power for the future","windowTitle":"Rolls-Royce","category":"underlying-in-focus","title":"Rolls-Royce","body":"<p>\"Back to nuclear power\", is the current motto in Switzerland. The government is in the process of overturning the ban on the construction of new nuclear power plants, which was passed seven years ago, on the grounds of \"technological openness\". Speaking of technology: it is above all the increasing digitalization with its high demand for electricity that poses a challenge for the future supply. Tech companies are now even taking care of the necessary energy themselves. Oracle, for example, is relying on mini-nuclear power plants for its new gigawatt-scale data center. This, in turn, is good news for Rolls-Royce. The British company is focusing on this type of energy generation in its \"New Markets\" business segment. The company has just successfully completed stage 2 of the Generic Design Assessment, an independent regulatory authority for the British nuclear industry. The final phase is now starting and the first reactors are expected to go into operation in the early 2030s.<\/p>\n\n<div><generic-chart title=\"Rolls-Royce: Share Price (in GBp)\"> <chart-line title=\"Rolls-Royce\" path=\"Chart_RR.csv\" format=\"date, number\" color=\"#f7a824\"><\/chart-line> <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as at 17.09.2024 <br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<p>Thanks to recent development successes, Rolls-Royce is the European leader in small modular reactors (SMR). However, innovative energy solutions have always been part of the Group's repertoire. The \"Power Systems\" division uses digitalization and electrification to develop clean and intelligent solutions for drives and power generation. The segment grew by 6% in the first quarter and contributed 23% to Group revenue. SMRs, on the other hand, are still playing a minor role, with low sales being offset by high development costs. However, these investments could pay off. According to Rolls-Royce, each small power plant will provide enough affordable, low-carbon electricity to power one million homes for more than 60 years. Rolls-Royce SMR is also currently involved in the selection process for Great British Nuclear SMR technology. \"A successful outcome of this selection process this year will create and sustain thousands of highly skilled, long-term jobs and unlock huge export potential,\" it said in a press release.<\/p>\n\n<h3>Better than expected<\/h3>\n<p>While the small nuclear power plants are still a dream of the future, the \"Civil Aerospace\" and \"Defense\" segments will decide the weal and woe of the Group alongside the Power Systems division. Their developments are also impressive: The former, which accounts for half of Group revenue, grew by 27% in the first half of the year, with the operating margin improving by a whopping 5.6 percentage points to 18%. In the defense division, Rolls-Royce achieved growth of 18% and an increase in the return on sales of 1.9 percentage points to 15.5%. Overall, operating profit increased by almost three quarters, exceeding consensus estimates by an impressive 27%.<\/p>\n\n<p>In the first half of the year, the company benefited in particular from demand for large jet turbines, of which 120 were delivered compared with 115 in the previous year, as well as from greater cost discipline. Saving costs continues to be a major topic. The ongoing efficiency program is expected to generate cumulative savings of more than GBP 250 million by the end of 2024. However, Rolls-Royce is also facing challenges: In addition to the difficult procurement of parts, which could cost GBP 150 to 200 million this year, the search for qualified workers is also a problem. According to CEO Tufan Erginbilgic, who took over the reins at the beginning of last year, the situation could last another 18 to 24 months.<\/p>\n\n<h3>Forecast increase<\/h3>\n<p>However, the fact that Erginbilgic's restructuring plan is already bearing fruit can be seen not only in the current figures, but also in the forecast. For the first time since the pandemic, Rolls-Royce is holding out the prospect of a dividend. In addition, the engine manufacturer raised its profit and cash flow targets for 2024 after the first half of the year, with operating profit set to rise to GBP 2.1 to 2.3 billion, which is GBP 300 million more than previously. Free cash inflow is expected to be between GBP 2.1 and 2.2 billion, also a significant increase compared to the previous target of GBP 1.7 to 1.9 billion.<\/p>\n\n<div>\n    <generic-chart title=\"Revenue by business division (in %)\">\n        <pie-chart \n        path=\"Grafik_RR.csv\" \n        format=\"string, number\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Rolls-Royce, as at 17.09.2024<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>High returns in sideways flight<\/h3>\n<p>The share reacted to the company's current performance by jumping to a new all-time high. However, a recent sharp fall in the share price shows that the upward trend is not straightforward. The reason was an ordered inspection of the fuel hoses of certain Rolls-Royce engines of the Airbus A350-1000 fleet due to a fire at Cathay Pacific Airways by the European Aviation Authority.<\/p>\n\n<p>The new Barrier Reverse Convertibles are not affected by a short low or medium-term sideways movement of the share. These products are designed to offer an attractive return even if share prices stagnate. In addition, the BRCs are equipped with conditional partial protection. With a term of one year, the new Barrier Reverse Convertible on Rolls-Royce on a CHF basis offers a coupon of 7.00% p.a., with the GBP version even offering a maximum interest rate of 10% p.a. In order to achieve the maximum return, the share may even fall moderately. It is important that the underlying does not touch the barrier at 69% of the initial level. There is no callable option in the structure, so there is no early redemption of the product.<\/p>\n\n\n\n<h3>Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1381828297\\&quot;,\\&quot;CH1381828313\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-rollsroyce","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rollsroyce_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rollsroyce_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-09-11T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/arm_leonteq-structured-products_homepage-banner.jpg","subTitle":"It's all a matter of design","windowTitle":"Arm Holdings","category":"coupon-giant","title":"Arm Holdings","body":"<P>On Monday evening, the entire tech world turned its attention to Apple's Californian headquarters. At this time, the company started its annual September keynote, this time under the motto \"It's Glowtime\". And Apple let it shine brightly. Unlike in previous years, the focus was not on hardware upgrades, but rather on software features, above all artificial intelligence. However, special hardware is required to enable the new iPhone 16 to create texts, images and other content on demand. The smartphone therefore contains a particularly powerful chip in the form of the new \"A18\". This processor is in turn based on the latest V9 chip design technology from ARM Holdings. However, the British company's advanced computer architectures are not only used by Apple; almost all cell phones are based on ARM technology.<\/P>\n\n<p>The ARMv9 architecture, which has been available since 2021 and is both energy-saving and significantly more powerful, is designed to work with artificial intelligence and is therefore enjoying increasing demand. For example, the technology is already used in the M4 chip of the current iPad Pro and in some Android devices. ARM earns money from customers such as Apple or Qualcomm paying license fees for the use of the semiconductor designs. The company can rely on a long-term collaboration. In September last year, a contract was negotiated with Apple until after 2040.<\/P>\n\n<div>\n<generic-chart title=\"Arm Holdings: Share Price (in USD)\">\n      <chart-line title=\"Arm Holdings\" path=\"Chart_arm.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Refinitiv, as at: 10.09.2024<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Growth opportunities<\/h3>\n<p>In the first quarter of the current financial year 2024/25 (March 31), ARMv9 already accounted for a quarter of revenue. In the previous quarter, it only accounted for 20%. The management assumes that in two to three years, around 60% to 70% of revenue could be attributable to the v9 design, which in turn should drive license fees. Around 100 billion AI-enabled ARM-based chips are expected to be delivered by the end of the 2026 financial year. However, the company is not only anticipating major growth opportunities in the smartphone sector; shipments of ARM-based computers are also on the rise. Microsoft's first generation of Copilot+ PCs, for example, runs all important applications on the innovative technology of the company founded in 1990.<\/p>\n<p>The fact that the ARM design is a big seller is reflected in the business figures. At the start of the year, ARM continued its double-digit percentage growth and achieved sales of USD 939 million, an increase of 39% compared to the same period last year. In the \"License and other\" segment, which accounts for around half of the Group's revenues, sales even rose by 72%. On the profit side, the semiconductor company was also able to shine again with high growth rates after a rather turbulent year 2023/24. The operating result increased by 64%, with the margin improving by 3 percentage points to 19.4%.<\/p>\n\n\n<h3>Good, but not good enough<\/h3>\n<p>While the figures exceeded the expectations of the financial community, the outlook was more of a cold shower. ARM is expecting adjusted earnings of USD 0.23 to USD 0.27 per share for the current quarter, while analysts were expecting USD 0.28. The British company also failed with its revenue forecast. The Group expects sales of between USD 780 million and USD 830 million, which corresponds to a midpoint of USD 805 million. However, the estimates were USD 812.8 million. Even if the deviations are not really sensational, the share price plummeted by more than a tenth. The share price reaction shows that investors in growth companies currently have no sympathy even for such slight differences.<\/p>\n\n<div>\n<generic-chart title=\"Arm Holdings: Revenue and earnings performance\">\n  <x-axis categories=\"Q1/2024,Q2/2024,Q3/2024,Q4/2024,Q1/2025\"/>\n      <chart-column title=\"Revenue (in Mrd. $)\" data=\"675,806,824,928,939\" format=\"number\"/>\n      <chart-line title=\"Operating earnings\" data=\"111,-156,134,22,182\" format=\"number\" yAxisRight=\"true\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: ARM Holdings, as a:t 10.09.2024<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n\n<h3>High yields, low barriers and a fixed term<\/h3>\n<p>Although ARM has not yet been able to make up for the recent price dip, the share is still up around 90% in 2024. However, the strong upward momentum from the beginning of the year has already faded, and the share price has been a zero-sum game over the past six months. This is exactly the right time to go on the hunt for yield with a barrier reverse convertible (BRC). The recent high volatility of the ARM share makes for a particularly attractive investment. Leonteq has launched two new single BRCs with attractive coupons and low barriers. The CHF variant offers the prospect of a maximum yield of 14.60% p.a., while in USD 18.20% p.a. is even possible within the term. The barrier for both product variations is a reassuring 45% away from the starting price. These top conditions are even possible without the issuer granting itself a callable function. Investors can count on a fixed term of 15 months from the outset.<\/p>\n\n\n<h3>Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1369861559\\&quot;,\\&quot;CH1369861567\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-arm","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/arm_leonteq-structured-products_sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/arm_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-09-06T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/smi-2_leonteq-structured-products_homepage-banner.jpg","subTitle":"Drop Back Note on the SMI® Index","windowTitle":"\u201cBuy the Dip\u201d: Drop Back Note on the SMI® Index","category":"investment-themes","title":"\u201cBuy the Dip\u201d","body":"<h3>A queasy feeling<\/h3>\n<p>Stock market psychology is a subject in itself. Alongside hard factors such as economic growth, interest rate movements and corporate profits, emotions too have an influence on market events. One common feeling that investors have is the fear of missing out. This FOMO, as it is known, must have been particularly widespread at the start of August, when the markets came under pressure after months of upward travel. This was only a short intermission for the bears, though, as prices turned upwards again in anticipation of the about-turn in rates in the USA along with a soft macroeconomic landing. In Switzerland, the SMI® reached its highest level since April 2022. In retrospect, therefore, that would have been the opportunity to build or expand a position in equities.<\/p>\n\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2024/drop-back-note-smi?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n\n<h3>Systematic allocation<\/h3>\n<p>FOMO, though, is one of those things: the fear of missing out conflicts with worries about getting the timing wrong. At the time of a correction, no one knows how long prices will continue falling. If the buy decision is made too soon, the position that has been opened can quickly end up in the red. There have always been trading models that leave psychology out of the equation. This is where capital is allocated on the basis of hard and fast rules. Such an approach is pursued by the new drop back note from Leonteq. Following the motto of \u201cbuy the dip\u201d, the underlying strategy systematically exploits phases of weakness to increase the allocation in the equity asset class. At the start of the three-year term the structured product is positioned half in the SMI® and half in cash. The allocation in the leading Swiss index is made via an exchange traded fund. Leonteq uses a physically replicating ETF from iShares for this purpose.<\/p>\n\n<div><generic-chart title=\"SMI® (in CHF)\"> <chart-line title=\"SMI\" path=\"chart_smi2.csv\" format=\"date, number\" color=\"#f7a824\"><\/chart-line> <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n <footer>Source: Refinitiv, as at 05.09.2024 <br />Historical data is not a reliable indicator of future performance.<\/footer>\n \n<h3>Three trigger marks<\/h3>\n<p>The cash component bears interest. At 4.00% p.a., the coupon significantly exceeds the income achievable on the CHF bond market. The drop back note collects the interest continuously and passes it on to the product holders by way of a distribution every twelve months. As soon as the SMI® comes under pressure, the balance of power between the two asset classes can shift. The first trigger mark stands at 90% of the starting level. If the underlying falls below it, the strategy buys more. The equity share thus rises to 75%, with the cash component falling accordingly. As soon as the SMI® ETF falls below the threshold of 85% of the initial value, the exposure to equities increases to 90%. The third and lowest mark is 80%. In the event that the index fund slips below it, the remaining cash holdings are liquidated and invested in the benchmark index. The product would then consist entirely of shares<!-- (see flow chart)-->.<\/p>\n\n<h3>Taking the emotion out of getting ahead<\/h3>\n<p>The new issue offers the possibility of utilising market setbacks for purchases. As the triggers are monitored on a daily basis, the strategy responds even to very short-lived weaknesses. In any case, entry is gained at significant discounts to the initial level. This function leads to smoothed purchase prices in rather the same way as a savings plan. If there is no correction, the capital doesn\u2019t just sit around doing nothing, because the cash component comes with an attractive interest rate. The portfolio is passed on to investors on the repayment date, so they receive the ETF holding and/or the cash funds. All in all, this new issue is aimed at investors who consider further setbacks a possibility, but generally have a positive view of the market. After all, there is little point in having minimal access costs if prices do not head upwards again. One way or another, the drop back note allows capital to be allocated largely free of emotion. Although there is a risk of price losses, holders of the structured product do not need to spend much time thinking about FOMO over the next three years.<\/h3>\n\n<h3>Drop Back Note on the SMI®<\/h3>\n\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1369861351\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2024/drop-back-note-smi?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"drop-back-note-smi","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/smi-2_leonteq-structured-products_sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/smi-2_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-09-04T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/nestle_leonteq-structured-products-homepage-banner.jpg","subTitle":"Autumn castling","windowTitle":"Nestlé","category":"underlying-in-focus","title":"Nestlé","body":"<p>The lead time for Laurent Freixe was extremely short: just ten days after being appointed as Nestlé's new CEO, the Frenchman took up office as head of the world's largest food company on September 1. At the same time, Mark Schneider left the company. The German-American had been at the helm of the industry giant, which has 270,000 employees, for eight years. Schneider increasingly geared Nestlé towards healthier nutrition. Initially, this strategy, accompanied by acquisitions and sales, seemed to be working: Nestlé posted an organic growth rate of 5.5% for the 2021 financial year. However, the phase of inflation that followed the coronavirus pandemic caused the successful model to falter. Nestlé was initially able to counter the cost pressure with massive price increases. But the reaction of consumers was not long in coming. Instead of Nestlé brands such as Nespresso, Kitkat or Maggi, they increasingly turned to cheaper alternatives.<\/p>\n\n<div><generic-chart title=\"Nestlé: Share price (in CHF)\"> <chart-line title=\"Nestlé\" path=\"Nestle.csv\" format=\"date, number\" color=\"#f7a824\"><\/chart-line> <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n <footer>Source: Refinitiv, as at 02.09.2024 <br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Rampant status<\/h3>\n<p>In line with this, Nestlé's volume growth (RIG) declined significantly. As the Group had to moderate its prices at the same time, organic sales hardly made any progress. There was a small ray of hope in the second quarter of 2024 (see chart). Nevertheless, the CEO had to adjust the forecast for 2024. \"We now expect organic sales growth of at least 3%,\" explained Mark Schneider. He had previously assumed one percentage point more. The stock market hit a low after the presentation of the half-year figures. On July 26, Nestlé slipped to less than CHF 86 for the first time since March 2020. It is now up to Laurent Freixe to restore the status of the approximately CHF 280 billion large cap as a kind of \"bond substitute\". Unlike his predecessor - Schneider moved from healthcare group Fresenius to Lake Geneva - he knows the company inside out. Freixe has worked for Nestlé since 1986. As CEO, he wants to get growth back on track and increase market share.<\/p>\n\n<div><generic-chart title=\"Nestlé: Growth rates (each in %)\"> \n    <x-axis categories=\"Q1/21,Q2/21,Q3/21,Q4/21,Q1/22,Q2/22,Q3/22,Q4/22,Q1/23,Q2/23,Q3/23,Q4/23,Q1/24,Q2/24\"> \n    <chart-column title=\"Organic growth\" data=\"7.7,8.6,6.5,7.2,7.6,8.7,9.3,7.5,9.3,8.0,6.0,5.7,1.4,2.8\" format=\"number\">\n    <\/chart-column> \n    <chart-line title=\"RIG\" data=\"6.4,7.3,4.4,4.0,2.4,0.9,-0.2,-2.6,-0.5,-1.1,-0.3,0.4,-2.0,2.2\" format=\"number\" yaxisright=\"true\"><\/chart-line> \n    <chart-line title=\"Pricing\" data=\"1.2,1.3,2.1,3.1,5.2,7.7,9.5,10.1,9.8,9.1,6.3,5.2,3.4,0.6\" format=\"number\" yaxisright=\"true\"><\/chart-line> \n    <\/x-axis>\n<\/generic-chart><\/div>\n<footer>Source: Nestlé, as at 02.09.2024<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>\"Healthy\" mind games<\/h3>\n<p>It will be interesting to see how much the 62-year-old intervenes in the Group structure. According to analysts, the sale of the healthcare division would be an option in the medium term. Business with vitamins, minerals and other nutritional supplements was weak in the first half of the year. However, if the Chairman of the Board of Directors has his way, Nestlé will hold on to the business unit. \"It was always clear that we were breaking new ground,\" explained Paul Bulcke in a recent newspaper interview. You have to live with the fact that something will go wrong. \"But it's definitely a promising area with benefits for society. Just think of the special nutrition for the ageing population,\" said the strong man in the company. Investors and analysts are now eagerly awaiting the new CEO's first public appearances.<\/p>\n\n<h3>Opportunity for outperformance<\/h3>\n<p>On October 17, Laurent Freixe presents the sales figures for the first nine months of 2024. Just over a month later, the \"Investor Seminar\" is scheduled for November 19. The top manager could use this event at the company headquarters in Vevey to outline his plans and objectives in more detail. There is certainly plenty of excitement at Nestlé on the home stretch of the 2024 stock market year. Investors who believe the battered share could make a comeback might want to take a look at the new bonus outperformance certificate. This product enables partially protected participation in the prominent underlying. As long as Nestlé does not fall to or below the barrier of 69% of the starting price during the three-year term, Leonteq will repay the certificate at least at the bonus level of 100%. If the large cap turns upwards, the product participates disproportionately in all advances. The participation is 150%. Assuming Nestlé stands at CHF 105 at the beginning of September 2027, the price gain of around 16% would result in a return of almost a quarter for the bonus outperformance certificate. Important: The bonus mechanism or the partial protection expires as soon as Nestlé falls to or below the barrier.<\/p>\n\n<h3>Bonus Outperformance Zertifikat<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1369858019\\&quot;&quot;,&quot;conditions&quot;:{&quot;&quot;:true},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;bonusLevel&quot;,&quot;underlying&quot;,&quot;participation&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-nestle","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/nestle_leonteq-structured-products-sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/nestle_leonteq-structured-products-thumbnail.jpg"},{"date":"2024-08-28T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/viking_therapeutics_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Losing weight for more stock market weight","windowTitle":"Viking Therapeutics","category":"coupon-giant","title":"Viking Therapeutics","body":"<p>Until a few months ago, Viking Therapeutics was a stock that was probably only known to biotechnology experts. The specialty stock, which has been listed on the NASDAQ since 2015, led a shadowy existence. But that changed abruptly in 2024. At the end of February, Viking's market capitalization shot up by a factor of more than 2.5 within three days. The share had already taken off beforehand. However, it took off like a rocket after the Californians published research results on \"VK2735\". This abbreviation stands for a new type of preparation for the treatment of obesity. A statistically relevant reduction in weight was observed in patients who received weekly doses of the active ingredient as part of a phase II clinical trial. The booming market for weight loss drugs is currently dominated by the pharmaceutical companies Novo Nordisk and Eli Lilly. Given this growth market, the run on the Viking share is not surprising.<\/p>\n<div><generic-chart title=\"Viking Therapeutics: Share Price (in USD)\"> <chart-line title=\"Viking Therapeutics\" path=\"Viking_Chart.csv\" format=\"date, number\" color=\"#f7a824\"><\/chart-line> <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as at 26.08.2024 <br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Diligent researchers<\/h3>\n<p>Viking Therapeutics would like to discuss the latest study results with the experts from the US Food and Drug Administration (FDA) before the end of this year and also discuss the next steps, including the earliest possible start of Phase III. According to the company, Phase I of the study on the oral administration of \"VK2725\" has got off to a positive start. The first patients have lost a significant amount of weight. Accordingly, the transition to phase II is expected to take place before the end of the year. Viking achieved top results with another promising drug, \"VK2809\". This thyroid hormone agonist is intended to treat fatty liver not caused by alcohol consumption. In addition to the candidates in clinical research (see table), there are other active substances in the pipeline. For example, Viking Therapeutics is working on drugs for the treatment of type II diabetes or anemia. <\/p>\n<h3>Optimistic analysts<\/h3>\n<p>The intensive research work costs money. For the first half of 2024, the revenue-less Viking posted an operating loss of around USD 68 million, 54% more than in the same period of the previous year. Research and development expenses rose by 92% to USD 47.9 million in the first six months of 2024. It is therefore fitting that Viking was able to use the share price rally for a capital increase. At the beginning of March, the company placed more than 7.4 million shares at a price of USD 85 per share, raising almost USD 600 million. The biotech stock is now trading at around USD 20 below the issue price. If the majority of analysts have their way, Viking Therapeutics will soon reach new highs. According to Bloomberg, 12 research firms are currently covering the company. They all recommend buying, with an average 12-month target price of USD 113.55.<\/p>\n<div><ltq-table id=xxx title=\"Active pharmaceutical ingredients in clinical trials:\">\n<template v-slot:default>\n<thead>\n<tr>\n<th>Active ingredient<\/th>\n<th>Indication<\/th>\n<th>Status<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>VK2735<\/td>\n<td>Obesity<\/td>\n<td>Phase 2 VENTURE completed<\/td>\n<\/tr>\n<tr>\n<td>VK2735 (oral)<\/td>\n<td>Obesity<\/td>\n<td>Phase 1 ongoing; Phase 2 planned<\/td>\n<\/tr>\n<tr>\n<td>VK2809<\/td>\n<td>Non-alcoholic steatohepatitis (NASH)<\/td>\n<td>Phase 2b VOYAGE ongoing<\/td>\n<\/tr>\n<tr>\n<td>VK0214<\/td>\n<td>X-linked adrenoleukodystrophy (X-ALD)<\/td>\n<td>Phase 1b ongoing<\/td>\n<\/tr>\n<\/tbody>\n<\/template> <template v-slot:below=\"\"> <LtqCardBody><footer>Source: Viking Therapeutics, as of August 2024<\/footer>\n<\/LtqCardBody> <\/template> <\/ltq-table><\/div>\n<h3>Attractive risk/reward profile<\/h3>\n<p>Of course, this scenario is associated with risks. Setbacks are possible at any time on the path to commercialization of the research pipeline. In this respect, Barrier Reverse Convertibles (BRCs) offer themselves as an investment alternative. This is all the more true as Viking Therapeutics is extremely volatile. In the past 12 months, the price fluctuation range was almost 100%. Only 40 of the almost 3,300 stocks included in the NASDAQ Composite Index have seen greater fluctuations. The high volatility makes Viking a real \"coupon giant\", which is why Leonteq is launching a Barrier Reverse Convertible (BRC) on the biotech stock. In the product currency CHF, the guaranteed distribution is 15% p.a. The counterpart in USD pays out 19% p.a. of the denomination on a quarterly basis. The barrier is a low 49% of the initial level. There is no soft callable feature for this issue. There is therefore no reinvestment risk in the event of premature termination. Nevertheless, the BRC is not free of risks: If Viking disappears into oblivion again or crashes to the barrier or lower, there is a risk of heavy losses.<\/p>\n<h3>Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1369856799\\&quot; \\&quot;CH1369856807\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-viking","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/viking_therapeutics_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/viking_therapeutics_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-08-23T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/morningcall_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"ETP on the BX SWISS Morningcall Index","windowTitle":"BX Swiss Morningcall Index","category":"investment-themes","title":"Bundled Expertise","body":"<h3>Swiss stock market guru<\/h3>\n<p>François Bloch is a true born-and-bred stockbroker. An investment strategist and quantitative asset manager, he has decades of experience in the investment sector, achieving outstanding results over the long term. Bloch is primarily known to the general public as a journalist. As a stock market columnist for outlets such as the Aargauer Zeitung, Solothurner Zeitung, Tages-Anzeiger and various other financial portals, he has a huge fan base. The prominence of the MBA and EMBA is also evident from the number of clicks on BX Swiss TV. In the Morningcall of the stock market operator, Bloch discusses the latest news from the world of finance and welcomes interesting guests from business or finance each month. The weekly presentation each Wednesday of three promising shares from the BX model portfolio attracts particular attention. As of now, investors have the opportunity to share in the BX model portfolio: Leonteq has just launched ETP on the BX Swiss Morningcall Index NTR.<\/p>\n<div><ltq-button color=\"primary\" url=\"ttps://ch.leonteq.com/news-and-media/news/investment-themes/2024/bx-swiss-morningcall-index?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<h3>Lucrative discounter<\/h3>\n<p>The underlying contains 22 top stocks which meet the strict requirements. Reflecting their global economic dominance, North American companies set the tone, currently making up 72% of the BX Swiss Morningcall Index. Dollarama is one of those that fascinates the experts. The Canadian general store sells low-cost products and is pursuing a promising expansion strategy in South America. That this is paying off is borne out by the figures: sales of the Montreal-based discounter grew by 8.6% in the last quarter, with earnings per share up a disproportionate 22%, far exceeding analysts\u2019 expectations. The forecast of annual sales growth of between 3.5% and 4.5% was confirmed. To drive its expansion further, Dollarama recently acquired another 10% stake in the Latin American value retailer Dollarcity, increasing its share to 60.1%. \u201cBusiness is going perfectly,\u201d Bloch enthused in the Morningcall not long ago, pointing at the same time to an exponential improvement in the EBIT return from 21.3% in 2021 to 26.1% in 2026. The current economic downturn is working in the company\u2019s favour, as customers are turning to CAD-1 or CAD-2 products more frequently as a result. \u201cDollarama has no competition in this segment in Canada,\u201d the financial professional explained.<\/p>\n<div>\n    <generic-chart title=\"BX Swiss Morningcall Index: Weighting by country (in %)\">\n        <pie-chart \n        path=\"32400 Leonteq_Bi-Weekly_190824_MorningCall_Grafik_Country_EN.csv\" \n        format=\"string, number\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: BXplus, as at: 19 August 2024<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>High-performing health stocks<\/h3>\n<p>In his latest call François Bloch also referred to his favourite stock, Eli Lilly. The US stock recently came under pressure due to the possibility of competition from Roche with an anti-obesity pill. According to the expert, however, Roche still has a lot of years of research ahead if it is actually to be able to bring a competing product onto the market. Meanwhile, recent research indicates that the Eli Lilly drug is not only useful for lowering weight, but can also promote physical wellbeing and reduce the risk of Alzheimer\u2019s. \u201cThat opens up whole new fields,\u201d said an enthusiastic Bloch. Should the new projects be confirmed, there could be further surges in the share price over the next few years. \u201cWe backed the right horse, and I think it's right to continue the story,\u201d said the expert. The price of the pharmaceutical stock rose by 68% over one year alone \u2013 and over five years it has gone up by more than 700%. The current track record of the BX Swiss Morningcall Index also speaks for itself: since it was launched in November 2023, the rise in the price of the barometer peaked at almost 40%. Although the index has been unable to escape the most recent correction on the markets, the yardstick is still up more than a fifth. Its performance was helped by the dividends paid out by the companies contained in the underlying, which were reinvested net in the index.<\/p>\n\n<div>\n    <generic-chart title=\"BX Swiss Morningcall Index: Weighting by sectors (in %)\">\n        <pie-chart \n        path=\"32400 Leonteq_Bi-Weekly_190824_MorningCall_Grafik_Sectors_EN.csv\" \n        format=\"string, number\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: BXplus, as at: 19 August 2024<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Comprehensive investor protection<\/h3>\n<p>Investors can rely on the robust structure of their investment. As usual, the ETP is collateralised. In contrast to many other ETP houses, Leonteq is regulated by FINMA as a securities firm, enjoys a long track record in the issuance of investment products and has a solid equity base. Just recently Fitch raised the long-term issuer default rating (IDR) of Leonteq Securities AG from \u201cBBB-\u201d to \u201cBBB\u201d with a stable outlook. Even so, a pledge is deposited with SIX SIS AG for the new ETP. The depositary agent ensures that investors have access to these funds in the event of the issuer becoming insolvent. When it comes to costs, the product has nothing to be ashamed of, though, with an annual management fee of 0.50%.<\/h3>\n\n<h3>ETP auf BX Swiss Morning Call Index NTR<\/h3>\n\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1171799849\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2024/bx-swiss-morningcall-index?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"bx-swiss-morningcall-index","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/morningcall_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/morningcall_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-08-21T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/ulta_beauty_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Entry of Warren Buffet as a chance","windowTitle":"Ulta Beauty","category":"underlying-in-focus","title":"Ulta Beauty","body":"<h3>Ulta Beauty: star investor takes action<\/h3>\n<p>Warren Buffett is cashing in: in the second quarter of 2024, Berkshire Hathaway - the legendary investor's holding company - sold shares worth USD 77.2 billion. Among other things, the investment company disposed of 390 million Apple shares. The high sales were offset by an investment volume of just USD 1.6 billion. Ulta Beauty was one of the few companies that Berkshire added to its portfolio during the reporting period. As at the middle of the year, Buffet's investment company held 690'000 shares in the US cosmetics chain. It is not known whether the stock market guru himself or his portfolio managers placed the purchase order. Nevertheless, the price reaction shows how strongly Wall Street continues to pay attention to the strategy of the legendary value investor. Since Berkshire Hathaway's investment was announced, Ulta Beauty has risen in price by almost 15%.<\/p>\n<h3>Difficult environment<\/h3>\n<p>The mid-cap's price jump took place at a comparatively low level. Ulta Beauty had reached an all-time high as recently as March. However, shortly afterwards the NASDAQ share turned downwards and fell to its lowest level for around three years. At the end of May, the company, which was founded in 1990, shocked shareholders with an adjusted forecast. CEO Dave Kimbell now expects sales growth of between 2% and 3% for the 2024 financial year. He had previously targeted a range of 4% to 5%. The operating margin is expected to land in the range of 13.7% to 14.0%. The planned corridor was initially 30 basis points higher. In addition to the slowdown in growth, Ulta Beauty is struggling with declining profitability. Inflation and a vague economic outlook are having an impact on business in the almost 1'400 stores. Ulta Beauty also has to compete with rival Sephora, a subsidiary of luxury giant LVMH, in the retail trade for cosmetics, fragrances and skin and hair care. At the same time, e-commerce giant Amazon is increasingly pushing into the high-quality beauty products segment.<\/p>\n<h3>Positive outlook<\/h3>\n<p>The CEO is not deterred. \"We have a clear plan to accelerate our momentum,\" he said at the latest presentation of figures. In addition to a large and modern store network, he is focusing on digitalization and customer loyalty. The high inflow of funds is helping Kimbell to achieve this. Over the past three business periods, the company has generated a total operating cash flow of over USD 4 billion. Ulta Beauty also used this money for share buy-backs - the US industry giant spent more than USD 3.4 billion on the purchase of its own shares over the aforementioned period. The combination of a solid balance sheet, a strong market position and an attractive valuation could have attracted the attention of value investor Warren Buffett. In any case, the new major shareholder is likely to be a topic of discussion when Ulta Beauty presents its results for the second quarter of the current fiscal period on August 29, 2024.<\/p>\n<h3>Structured scent mark<\/h3>\n<p>Leonteq is issuing new soft-callable barrier reverse convertibles (BRC) on Ulta Beauty just in time for the payment date. The product is available in two different currencies. With a denomination in CHF, the guaranteed coupon is 10.06% p.a. Investors who allocate their capital in USD receive a quarterly distribution of 14.21% p.a. The other parameters are the same: the barrier is 65% of the initial level. As long as the underlying does not fall to or below this level, product holders receive the full nominal amount back at the end of the short term of one year. However, if Ulta Beauty uses up the buffer, the partial protection expires. From this point onwards, the investment would be exposed to the share price risk. Please also note the soft callable feature. Due to this structure, early termination and repayment of the BRC presented is possible.<\/p>\n<div>\n<generic-chart title=\"ULTA Beauty: Revenue and Operating margin\">\n  <x-axis categories=\"2019,2020,2021,2022,2023,2024p\"/>\n      <chart-column title=\"Revenue (in billion USD)\" data=\"7.40,6.15,8.63,10.21,11.21,11.55\" format=\"number\"/>\n      <chart-line title=\"Operating margin in %\" data=\"12.10,3.90,15.00,16.05,14.97,13.85\" format=\"number\" yAxisRight=\"true\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: ULTA Beaut, as of 20.08.2024<br />Historical data is not a reliable indicator of future developments.<\/footer>\n<!--\n<div>\n<generic-chart title=\"ULTA Beauty: Historical Share Price (in USD)\">\n      <chart-line title=\"ULTA Beauty\" path=\"Chart_ultabeauty_21.08.2024.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n\n<footer>Source: Refinitiv, as at: 06.08.2024<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n-->\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1369854646\\&quot;,\\&quot;CH1369854653\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-ultabeauty","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/ulta_beauty_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/ulta_beauty_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-08-14T09:55","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/vf_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Test Test Test Test","windowTitle":"Test Test","category":"investment-themes","title":"Test Test Test","body":"<h3>Highly attractive source of returns<\/h3>\n<p>Perfect prospects for a barrier reverse convertible, because even a bottoming out or sideways movement leads to maximum returns for this product class. The structure even allows for setbacks without immediately reducing the earnings potential. The new soft callable BRCs on VF Corporation give the US blue chip a comfortable 45% downside leeway. However, the products are not only equipped with above-average risk buffers, the coupons are also exceptionally attractive for a single product. The CHF variant, for example, yields an interest rate of 15.00% p.a. with a maximum term of 15 months, while the USD-denominated product even offers a return of 18.00% p.a.<\/p>\n<p>If the risk buffer is not sufficient and the barrier is touched, the closing price determines the return on the investment. However, if the underlying manages to return to the starting level by the end of the term, the full nominal is paid out in addition to the guaranteed coupon. Otherwise, the repayment is based on the performance of the VF share. Due to the soft callable feature, the term of the products can be shortened to a maximum of six months.<\/p>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"test-preview","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/vf_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/vf_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-08-14T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/nvidia2_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Chip champion with reduced pace","windowTitle":"NVIDIA","category":"coupon-giant","title":"NVIDIA","body":"<p>NVIDIA - these six letters stand for a superlative champion on the stock market. Due to the insatiable demand for its high-end processors, the chip manufacturer with the cryptic name became the most valuable company in the world in June of this year, overtaking the \"old hands\" Microsoft and Apple. The climb was exponential: it only took nine months for capitalization to jump from USD 1 trillion to USD 2 trillion in February 2024 and then just another four months to reach the USD 3 trillion mark. At these heights, however, the air became thinner. What followed was a correction in which more than USD 500 billion in company value has since evaporated.<\/p>\n<div><generic-chart title=\"NVIDIA: Share price (in USD)\"> \n    <chart-line title=\"NVIDIA\" path=\"chart_nvidia_20240814.csv\" format=\"date, number\" color=\"#f7a824\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis>\n<\/generic-chart><\/div>\n<footer>Source: Refinitiv, as of 13.08.2024 <br />Historical data is not a reliable indicator of future performance.<\/footer>\n<p>The tech group from Santa Clara is considered the AI profiteer par excellence. According to experts, NVIDIA controls around 80% of the global market for special processors for artificial intelligence. The new top model, the \"Blackwell B200\", is estimated to cost more than USD 20,000 per unit. Mass production of the high-end chip, which is said to be 30 times faster than its predecessor, will start in the coming months.<\/p>\n<h3>Exorbitant growth<\/h3>\n<p>The fact that demand for NVIDIA's chip designs is enormous can be seen in its balance sheet quarter after quarter. In the first quarter of the 2024/25 financial year (January 31), sales jumped by a further 262% to USD 26.04 billion. Net profit increased by 462% to USD 15.2 billion. By comparison, three years ago the Californians only generated USD 5.7 billion in the three months from February to April and the surplus was a measly USD 1.9 billion compared to today (see chart)<\/p>\n<div><generic-chart title=\"Performance of revenue and profit (in USD billion)\"> \n    <x-axis categories=\"Q1/22,Q2/22,Q3/22,Q4/22,Q1/23,Q2/23,Q3/23,Q4/23,Q1/24,Q2/24,Q3/24,Q4/24,Q1/25\"> \n    <chart-column title=\"Revenue\" data=\"5.66,6.51,7.1,7.64,8.29,6.7,5.93,6.05,7.19,13.51,18.1,22.1,26\" format=\"number\">\n    <\/chart-column> \n    <chart-line title=\"Net profit\" data=\"1.91,2.37,2.46,3,1.62,0.66,0.68,1.41,2.04,6.19,9.24,12.29,14.88\" format=\"number\" yaxisright=\"true\"><\/chart-line> \n    <\/x-axis>\n<\/generic-chart><\/div>\n<footer>Source: NVIDIA <br />Historical data is not a reliable indicator of future performance.<\/footer>\n<p>While the AI boom is giving a strong boost to growth on the one hand, the headwinds are increasing on the other. Restrictions imposed by the US government on deliveries to China have caused revenue in China to fall from 27% to 17% of Group sales in the past financial year compared to two years ago. According to insiders, the company is working on a special version of its current AI chip for the Chinese market in order to circumvent the embargo. This processor, developed together with Chinese sales partner Inspur, will reportedly be launched on the market in the second quarter of 2025. The current top model for China is still the \"H20\", of which more than 1 million units are expected to be sold this year according to the research experts at SemiAnalysis. The sales volume for these processors is estimated at more than USD 12 billion.<\/p>\n<h3>Disputes<\/h3>\n<p>The competition is not sleeping either and wants to take a bigger slice of the AI pie in the future. In order to take market share away from NVIDIA, young start-ups such as Cerebras are also stepping up the pace of development alongside long-established chip companies such as AMD and Intel. Cerebras is now also aiming to go public and has already submitted a confidential application to the US Securities and Exchange Commission (SEC). Not only could increasing competition make life more difficult for NVIDIA in the future, but various authorities have also set their sights on the company. For example, French antitrust watchdogs are investigating NVIDIA for alleged anti-competitive behavior. According to a media report, the US Department of Justice has also launched an investigation. The global market leader allegedly put pressure on cloud providers to buy several of its products.<\/p>\n<h3>Important date<\/h3>\n<p>The upcoming figures for the second financial period from May to July will show whether demand for NVIDIA's chips continues unabated. In the previous six quarters, analysts sales expectations were exceeded in each case. The Group will publish its interim report on August 28. By then at the latest, it will be clear whether the recent bottom at USD 100 was actually the low point of the consolidation and whether the share will pick up its pace again or whether the three-digit price range is once again in danger.<\/p>\n<h3>High yields, fixed term<\/h3>\n<p>Barrier reverse convertibles do not require an upward turnaround to generate attractive profits. Due to the recent spike in volatility on the Nasdaq 100, the terms of BRCs on NVIDIA are currently particularly attractive. Leonteq is taking advantage of this development and is launching two new products. While both BRCs are equipped with risk buffers of a reassuring 45%, the coupons offer the prospect of double-digit percentage returns. The CHF-denominated product offers an attractive interest rate of 12.00% p.a., while the USD variant even offers an above-average potential return of 15.80% p.a. Watch out: Investors do not have to worry about early redemption with the two BRCs. As a callable function is not included in the structure, the term is exactly one year.<\/p>\n<h3>Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;CH1369852335 CH1369852301&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-nvidia2408","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/nvidia2_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/nvidia2_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-08-09T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/longrussell_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Capital-protected bets on the spread","windowTitle":"Change of favourites on the equity markets","category":"investment-themes","title":"Large caps vs. small caps","body":"<h3>First-class benchmarks<\/h3>\n<p>While everyone is familiar with the S&P 500, the Russell 2000 is often a shadowy presence for investors \u2013 wrongly so, because the barometer was introduced back in 1984 as the primary indicator for the small cap segment. Since then the Russell 2000 has become the most frequently-used benchmark for US second-line stocks. The companies it includes, which between them account for more than 90% of the market capitalisation of all small caps abroad, are weighted by their free float. Quarterly adjustments ensure that the Russell 2000 is always up to date. The index is also spread widely across a number of sectors, with no one sector particularly dominant. Companies from industry, healthcare and finance occupy the top three spots, accounting for shares of between 16% and 18% each.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2024/equity-markets?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<h3>Exploiting divergence<\/h3>\n<p>Over many years the S&P 500 has performed much better than the Russell 2000. Taking a five-year view, for instance, the blue chips have appreciated by 83%, putting them 40 percentage points ahead of small caps (see chart). Investors can take advantage of the recently dwindling difference \u2013 in July the small caps outperformed by 10 percentage points \u2013 with the new long/short certificate on the two indices. The strategy behind the structured product seeks to buy shares in the Russell 2000 (long) while at the same time selling the S&P 500 (short). The certificate is consequently based on the assumption that the spread between the two equity barometers will continue to widen. The long/short instrument thus gives private investors a relatively easy way of pursuing a professional strategy. Speculation on such divergences is the order of the day for institutional investors.<\/p>\n<div>\n<generic-chart title=\"Chart: Russell 2000® vs. S&P 500® (5 years)\">\n  <chart-line title=\"Russell 2000®\" path=\"chart_20240809_Russell.csv\" format=\"date, number\"/>\n  <chart-line title=\"S&P 500®\" path=\"chart_20240809_SPX.csv\" format=\"date, number\" yAxisRight=\"true\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Bloomberg, as of 05.08.2024<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Full participation \u2026<\/h3>\n<p>The certificate comes with a participation rate of 100%. Whether the investment ultimately pays off depends on how the two equity benchmarks perform. The long/short strategy index starts at 100%. At the end of the two-year term, the value of the index is determined as a function of the movement of the two underlyings. The performance of the short position, i.e. the S&P 500, is deducted from the progression of the long position, the Russell 2000. The repayment, measured as a percentage of the nominal (USD 1,000), corresponds to the difference between the amount of the final strategy level and the strike at 100%. To give an example, should the Russell 2000 rise by 10% and the S&P 500 fall by 10%, the final strategy level would be 120% [10% - (-10%) = 20%]. In this case there would be a respectable gain of 20%.<\/p>\n<h3>\u2026 and 100% capital protection<\/h3>\n<p>There is no risk of loss for investors who hold the certificate until the end of the two-year term. Even if, contrary to expectation, the difference between the two indices widens in favour of the S&P 500, the investment will still not slip into the red. As issuer, Leonteq guarantees to repay the full nominal of USD 1,000 on maturity.<\/p>\n<h3>Capital Protection Certificate on Long Russell 2000®/Short S&P 500® Basket<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1369849281\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;capitalProtection&quot;,&quot;underlying&quot;,&quot;participation&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1325429772\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;capitalProtection&quot;,&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n   <li>Gold Barrier: 105%<\/li>\n   <li>S&P 500® Barrier: 95%<\/li>\n   <li>The conditional coupon amounting to 15.00% is paid if gold quotes above and the S&P 500® below the specific barrier at maturity.<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2024/equity-markets?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"equity-markets","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/longrussell_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/longrussell_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-08-07T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/intel_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Share price implosion as an opportunity","windowTitle":"Intel","category":"underlying-in-focus","title":"Intel","body":"<p>Last week, investors sent Intel's shares plummeting back into 2013. Following weaker-than-expected quarterly figures, job cuts and a dividend cut, the share price literally imploded. The chip manufacturer lost around a fifth, or the equivalent of over USD 30 billion, of its market value within a few minutes. The tech share is now trading at its lowest level for more than a decade. Investors are now rightly asking themselves: is the fall in the share price exaggerated? And is there now an entry opportunity?<\/p>\n<p>To find an answer, a thorough analysis of the current situation is required. First, let's take a look at the latest interim report: as expected, sales fell by 1% to USD 12.8 billion in the second quarter. However, there were different developments in the divisions. The Client Computing Group, Intel's core business with desktop and notebook processors, was able to increase revenues by 9%. By contrast, the networking business declined, as did the promising server division, which also includes artificial intelligence (AI) products. Ergo, Intel is still not benefiting from the AI boom.<\/p>\n<div>\n    <generic-chart title=\"Intel: Turnover per division in the 2nd quarter\">\n      <x-axis categories=\"Client Computing,Data Center and AI,Network and Edge\"/>\n      <chart-column title=\"Turnover (in USD billion)\" data=\"7.4,3.0,1.3\" format=\"number\"/>\n    <\/generic-chart>\n<\/div>\n<footer>Source: Intel<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Deep red<\/h3>\n<p>So while there were no major surprises in terms of sales, the bad news predominated on the profit side. Adjusted for one-off factors, quarterly earnings shrank to USD 0.02 per share, while analysts had hoped for USD 0.10 per share. The situation is even worse on a non-adjusted level. On balance, Intel reported a net loss of USD 1.6 billion, compared with a surplus of USD 1.5 billion in the same period last year. The weak performance is mainly attributable to the company's own chip manufacturing division Intel Foundry, which made a loss of around USD 2.8 billion on sales of USD 4.32 billion.<\/p>\n<h3>Far-reaching restructuring concept<\/h3>\n<p>However, the weak performance is not without consequences. CEO Pat Gelsinger immediately put the red pencil to work. The 63-year-old wants to get the once world-leading chip manufacturer - in the 1980s and 1990s the \"Intel Inside\" logo was a valuable imprint on PCs - back on track with a cost-cutting program worth billions. To this end, more than 15% of the total of around 125,000 jobs are to be cut. \"I need fewer people at head office and more people in the field to look after customers,\" explains the company boss. Through restructuring, Gelsinger plans to reduce operating expenses to USD 20 billion this year and to USD 17.5 billion in 2025. In order to save money, Intel will also be cutting its dividend for the time being.<\/p>\n<p>Tough cuts, but they will not lead to immediate success. In the current third quarter, Intel expects sales of between USD 12.5 bn and USD 13.5 bn, which would correspond to a significant decline of 12% on the bottom line. The market had expected sales to be around USD 1 bn higher. The bottom line is also expected to be in the red again. The loss is expected to amount to around USD 1 billion.<\/p>\n<div>\n<generic-chart title=\"Intel: Share price (in USD)\">\n      <chart-line title=\"Intel\" path=\"chart_intel.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Refinitiv, as at: 06.08.2024<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Focus on AI<\/h3>\n<p>In order to remain a player on the chip market in the future, not only must Intel's restructuring concept work, it is also crucial that the group does not completely lose touch with the competition when it comes to AI. NVIDIA currently dominates the market, followed by AMD. The technical lead of the two is also reflected in their market capitalization. The current market capitalization of around USD 85 billion corresponds to only around 3% of the market value of NVIDIA and around 40% of AMD. In order to get a bigger slice of the AI pie, CEO Gelsinger highlighted his AI accelerator \"Gaudi\" at the recent Computex 2024 in Taiwan. In his view, the architecture offers the \"desired GenAI performance with a price-performance advantage that enables wide choice and fast deployment times at a lower total cost of ownership.\" The coming quarters will show whether customers will be convinced.<\/p>\n<p>The sharpest fall in the share price for four years also coincided with the disappointing US labor market report, which caused a minor tremor across Wall Street. Even though Intel shares are likely to see price target cuts and earnings revisions in the coming days and weeks, the deep dive could mean that most of the disappointment has already been dealt with. From a technical perspective, a bottom could be formed in the USD 20 range. This level already served as support between 2010 and 2012.<\/p>\n<h3>High vola = top conditions<\/h3>\n<p>A consolidation at the current level would be the ideal environment for the new soft callable barrier reverse convertibles on Intel. These securities, which benefit from the recent explosion in volatility, offer above-average returns even in a sideways movement. With a maximum term of 18 months - the first soft call observation date takes place after 6 months - the CHF variant offers an extremely attractive coupon of 11.00% p.a. for a single BRC. The USD-denominated counterpart even offers an annual interest rate of 15.00%. It is important that the barrier at 49% of the initial level is not touched, which in turn equates to a generous risk buffer of 51%. This means that the Intel share can fall even further without any loss of earnings. The barrier level is in an area that has not been reached since 1996.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1369851436\\&quot;,\\&quot;CH1369851444\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-intel","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/intel_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/intel_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-08-07T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/intel_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Share price implosion as an opportunity","windowTitle":"Intel","category":"underlying-in-focus","title":"Intel","body":"<p>Last week, investors sent Intel's shares plummeting back into 2013. Following weaker-than-expected quarterly figures, job cuts and a dividend cut, the share price literally imploded. The chip manufacturer lost around a fifth, or the equivalent of over USD 30 billion, of its market value within a few minutes. The tech share is now trading at its lowest level for more than a decade. Investors are now rightly asking themselves: is the fall in the share price exaggerated? And is there now an entry opportunity?<\/p>\n<p>To find an answer, a thorough analysis of the current situation is required. First, let's take a look at the latest interim report: as expected, sales fell by 1% to USD 12.8 billion in the second quarter. However, there were different developments in the divisions. The Client Computing Group, Intel's core business with desktop and notebook processors, was able to increase revenues by 9%. By contrast, the networking business declined, as did the promising server division, which also includes artificial intelligence (AI) products. Ergo, Intel is still not benefiting from the AI boom.<\/p>\n<div>\n    <generic-chart title=\"Intel: Turnover per division in the 2nd quarter\">\n      <x-axis categories=\"Client Computing,Data Center and AI,Network and Edge\"/>\n      <chart-column title=\"Turnover (in USD billion)\" data=\"7.4,3.0,1.3\" format=\"number\"/>\n    <\/generic-chart>\n<\/div>\n<footer>Source: Intel<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Deep red<\/h3>\n<p>So while there were no major surprises in terms of sales, the bad news predominated on the profit side. Adjusted for one-off factors, quarterly earnings shrank to USD 0.02 per share, while analysts had hoped for USD 0.10 per share. The situation is even worse on a non-adjusted level. On balance, Intel reported a net loss of USD 1.6 billion, compared with a surplus of USD 1.5 billion in the same period last year. The weak performance is mainly attributable to the company's own chip manufacturing division Intel Foundry, which made a loss of around USD 2.8 billion on sales of USD 4.32 billion.<\/p>\n<h3>Far-reaching restructuring concept<\/h3>\n<p>However, the weak performance is not without consequences. CEO Pat Gelsinger immediately put the red pencil to work. The 63-year-old wants to get the once world-leading chip manufacturer - in the 1980s and 1990s the \"Intel Inside\" logo was a valuable imprint on PCs - back on track with a cost-cutting program worth billions. To this end, more than 15% of the total of around 125,000 jobs are to be cut. \"I need fewer people at head office and more people in the field to look after customers,\" explains the company boss. Through restructuring, Gelsinger plans to reduce operating expenses to USD 20 billion this year and to USD 17.5 billion in 2025. In order to save money, Intel will also be cutting its dividend for the time being.<\/p>\n<p>Tough cuts, but they will not lead to immediate success. In the current third quarter, Intel expects sales of between USD 12.5 bn and USD 13.5 bn, which would correspond to a significant decline of 12% on the bottom line. The market had expected sales to be around USD 1 bn higher. The bottom line is also expected to be in the red again. The loss is expected to amount to around USD 1 billion.<\/p>\n<div>\n<generic-chart title=\"Intel: Share price (in USD)\">\n      <chart-line title=\"Intel\" path=\"chart_intel.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Refinitiv, as at: 06.08.2024<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Focus on AI<\/h3>\n<p>In order to remain a player on the chip market in the future, not only must Intel's restructuring concept work, it is also crucial that the group does not completely lose touch with the competition when it comes to AI. NVIDIA currently dominates the market, followed by AMD. The technical lead of the two is also reflected in their market capitalization. The current market capitalization of around USD 85 billion corresponds to only around 3% of the market value of NVIDIA and around 40% of AMD. In order to get a bigger slice of the AI pie, CEO Gelsinger highlighted his AI accelerator \"Gaudi\" at the recent Computex 2024 in Taiwan. In his view, the architecture offers the \"desired GenAI performance with a price-performance advantage that enables wide choice and fast deployment times at a lower total cost of ownership.\" The coming quarters will show whether customers will be convinced.<\/p>\n<p>The sharpest fall in the share price for four years also coincided with the disappointing US labor market report, which caused a minor tremor across Wall Street. Even though Intel shares are likely to see price target cuts and earnings revisions in the coming days and weeks, the deep dive could mean that most of the disappointment has already been dealt with. From a technical perspective, a bottom could be formed in the USD 20 range. This level already served as support between 2010 and 2012.<\/p>\n<h3>High vola = top conditions<\/h3>\n<p>A consolidation at the current level would be the ideal environment for the new soft callable barrier reverse convertibles on Intel. These securities, which benefit from the recent explosion in volatility, offer above-average returns even in a sideways movement. With a maximum term of 18 months - the first soft call observation date takes place after 6 months - the CHF variant offers an extremely attractive coupon of 11.00% p.a. for a single BRC. The USD-denominated counterpart even offers an annual interest rate of 15.00%. It is important that the barrier at 49% of the initial level is not touched, which in turn equates to a generous risk buffer of 51%. This means that the Intel share can fall even further without any loss of earnings. The barrier level is in an area that has not been reached since 1996.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1369851436\\&quot;,\\&quot;CH1369851444\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-intel","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/intel_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/intel_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-07-31T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/crowdstrike_product-homepage-banner.jpg","subTitle":"Crash - and now?","windowTitle":"Crowdstrike","category":"coupon-giant","title":"Crowdstrike","body":"<p>Suddenly everything was blue: around 8.5 million Windows PCs crashed without warning a few days ago, paralyzing parts of air traffic, the healthcare sector and stock market trading, among other things. However, one of the biggest blackouts in IT history was not caused by a malicious hacker attack, but by the cyber security company Crowdstrike. A software error made by the Americans during an update of their flagship product \"Falcon Sensor\" led to the so-called \"blue screen of death\". This bug cost the company, which was founded in 2011 and is based in Austin, Texas, around USD 30 billion in market capitalization. Following the share price crash, the situation now needs to be reassessed.<\/p>\n<p>While Crowdstrike is working diligently to deal with the problem, customers and insurers are licking their wounds. Air France-KLM, for example, is facing losses of around EUR 10 million as a result of the global technology failure, while analysts estimate that Delta Air Lines could even face losses of several hundred million dollars. Meanwhile, insurer Parametrix estimates that the financial losses caused by the outage could amount to around USD 15 billion worldwide, bringing the insurance loss to between USD 1.5 and 3.0 billion.<\/p>\n<h3>Damage limitation<\/h3>\n<p>About a week after the update failure, Crowdstrike reports that more than 97% of Windows security sensors are back online. The Falcon tool, which identifies unusual behavior and vulnerabilities to protect computer systems from threats such as malware and viruses in real time, has thus largely resumed its work. \"Our recovery efforts have been enhanced thanks to the development of automated recovery techniques and by mobilizing all of our resources to support our customers,\" says CEO George Kurtz, confirming the rapid progress.<\/p>\n<p>Even though Crowdstrike quickly managed to get customers' computers back up and running, reputational damage remains. It is not easy for companies to change security providers, as the software is usually deeply embedded in the entire IT infrastructure. However, it could well become more difficult to find new customers. This in turn could slow down Crowdstrike's growth. Last year, new customers accounted for just under half of the 34% increase in revenue. Before the shutdown, the analyst consensus was that revenue would increase by an average of 23% over the next five years. However, this estimate is now likely to be put to the test by the research houses. This also applies to profit expectations. Convincing new customers could cost more money as well as additional investments in order to avoid such crises in the future.<\/p>\n<div><generic-chart title=\"Crowdstrike: Share price (in USD)\"> <chart-line title=\"Crowdstrike\" path=\"chart_crowdstrike1.csv\" format=\"date, number\" color=\"#f7a824\"><\/chart-line> <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as at 30.07.2024<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Crisis management<\/h3>\n<p>Speaking of crises: Crowdstrike is certainly not the first company to come under such pressure. Just think of the emissions scandal in the car industry, the balance sheet problems at Clariant or the fatal crashes at Boeing. How quickly the resulting share price losses can be recouped varies and also depends on how quickly management can restore confidence. A study conducted by PricewaterhouseCoopers in 2020 came to the conclusion that companies in crisis can be divided into two groups: Firstly, the winners, whose shares had risen by around 10% after 250 days, and the losers, whose share prices had fallen by 15% over the same period.<\/p>\n<p>In the case of Crowdstrike, it is of course still too early to determine what the restructuring concept and thus the prospects of success will look like. However, the company will not be able to avoid profit revisions and downgrades from analysts for the time being. \"The globally disruptive nature of this event is likely to have an impact on Crowdstrike's financial and operational performance,\" believe the experts at J.P. Morgan. This makes analysts more cautious. Just three days after the incident, six brokerage houses had already lowered their price targets and two others downgraded the share rating from \"buy\" to \"neutral\".<\/p>\n<h3>Swap price slump for profits<\/h3>\n<p>Investors can take advantage of the potential consolidation phase of the Crowdstrike share price with yield enhancement products. The recent sharp rise in volatility makes barrier reverse convertibles attractive. Leonteq has launched two new soft-callable BRCs with a maximum term of 15 months. The structures promise double-digit percentage returns even in the event of price stagnation or even further moderate setbacks. The products, which are offered in CHF and USD, each have a risk buffer of a comfortable 41%. If the barrier remains intact, the maximum return will be achieved. The coupons amount to an attractive 12.00% p.a. for the CHF variant and even 16.00% p.a. for the USD product. The issuer has the right to terminate the BRCs prematurely after six months at the earliest.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1369847525\\&quot;,\\&quot;CH1369847517\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-crowdstrike","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/crowdstrike_sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/crowdstrike_thumbnail.jpg"},{"date":"2024-07-26T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/us_elections_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Bonus certificates on companies benefiting from the possible election winners","windowTitle":"US elections: Two camps, many opportunities","category":"investment-themes","title":"Democrats vs. Trump","body":"<h3>A real political thriller<\/h3>\n<p>Streaming service Netflix scored a huge success in 2013 with its \u201cHouse of Cards\u201d series. Over six seasons, the first original of the current industry giant gave a detailed insight into the power struggles, intrigues and scandals of US politics. Although the series may since have been discontinued, just now Washington D.C. is supplying the perfect script for a reboot. Since the first TV duel between President Joe Biden and his predecessor, Donald Trump, events in the election campaign have come thick and fast. Biden cut such a weak figure on CNN that doubts about his chances of victory grew ever greater. The 81-year-old has now pulled out of the race and endorsed Vice-President Kamala Harris as candidate. One week before, Donald Trump was injured at a campaign event. The bloodstained face and clenched fist of the 78-year-old ensured iconic images.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2024/us-elections-2024?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<h3>Solutions for both camps<\/h3>\n<p>The election campaign is not, of course, leaving the stock market cold. On Wall Street, the search is on for shares that will profit most from the future pecking order in US politics. While Donald Trump continues to be considered the favourite, the race from the White House is still far from over. With that in mind, Leonteq has issued bonus certificates that enable a partially protected position to be taken on both sides. The calculation that there will be another Democratic president can thus be pursued just as much as the expectation of a change of power. Each product is based on four shares that are regarded as beneficiaries of the respective political camp. They are also partially protected: as long as no underlying is trading at or below the barrier of 70% of the initial level by the end of the term, the certificates will be repaid at the bonus level at least. Should prices go up, the investor participates in the increase, which in this case is determined by the equally weighted basket containing the underlyings. No provision has been made for a cap.<\/p>\n<h3>Democrats: Tradition and modernity<\/h3>\n<p>The \u201cDemocrats\u201d bonus certificate takes account of the priorities on the agenda of the current US president. There is likely to be little change in the core issues even under a new candidate: alongside a liberal attitude to the technology sector (Alphabet), these include health (Pfizer), e-mobility (Tesla) and climate protection (Enphase Energy). As a manufacturer of inverters, Enphase Energy sits at an interface of the energy transition. The company has delivered 68 million devices since it was founded in 2006. Spurred by Biden\u2019s extensive support for the solar sector, Enphase hit an all-time high at the end of 2022. The share has undergone a significant correction from that level, with overcapacities, falling prices and, more recently, the possible defeat of the Democrats putting the brakes on the share price. Tesla, meanwhile has gone up: the company was able to score points with higher than expected vehicle deliveries. In addition, Tesla sold more battery systems in the second three months of 2024 than it had ever done in any previous quarter. While Alphabet is soaring as an internet behemoth, cloud giant and AI beneficiary, Pfizer has recently had a rather hard time on Wall Street. The improvement in medical provision resulting from a Democrat-led government could play into the hands of the pharmaceuticals group.<\/p>\n<h3>Trump: Patriotism and deregulation<\/h3>\n<p>Alcoa, Morgan Stanley, Halliburton and EOG Resources are the underlyings for the \u201cTrump\u201d bonus certificate. True to the \u201cAmerica First!\u201d motto, this selection reflects the Republicans\u2019 desire to strengthen infrastructure and focus on fossil fuels for their energy supply. Aluminium producer Alcoa is just as likely to see a boom in business in the event of a change of power as Halliburton, the oil and gas specialist, and EOG. A Trump return to the White House is likely to be followed by tax cuts and a wave of deregulation in the US financial sector. With that in mind, it is only logical that the big bank Morgan Stanley is one of the underlyings of this bonus certificate. When Donald Trump was elected president in November 2016, this financial stock appreciated by more than half within the space of 12 months. The broad S&P 500 Index advanced by around 25% over the same period. Of course, a retrospective view is no guarantee of future performance. The bonus certificate makes all the more sense, then. Nevertheless, there are limits: if a share is trading at or below the barrier at the end of the term, the partial protection lapses. Repayment of the product, which is available in CHF or USD, is then determined by the weakest underlying.<\/p>\n<h3>Bonus certificates - \"Democrats basket\"<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1358862592\\&quot;, \\&quot;CH1358862600\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;bonusLevel&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;barrierType&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>Bonus certificates - \"Trump basket\"<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1358862618\\&quot;,\\&quot;CH1358862626\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;bonusLevel&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;barrierType&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2024/us-elections-2024?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"us-elections-2024","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/us_elections_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/us_elections_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-07-24T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/swatch2_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Turning losses into profits","windowTitle":"Swatch","category":"underlying-in-focus","title":"Swatch","body":"<p>There is currently not much sign of the former \"bling bling boom\" following the coronavirus crisis. On the contrary, the bad news from the luxury sector is piling up. For example, the two luxury tailors Hugo Boss and Burberry recently backed away from their forecasts. And Swatch, the world's largest watch group, can also look back on an unpleasant first half of the year. The persistently weak demand for luxury goods in China was a particular problem for the group based in the canton of Berne. The stock market's reaction was clear: Swatch shares fell by a tenth, bringing the total loss for the year to more than a fifth.<\/p>\n<p>The figures at a glance: The manufacturer of timepieces of the renowned brands Tissot, Longines and Omega, as well as the Swatch watches of the same name, reported a 14.3% drop in sales to CHF 3.45 billion for the first six months, which was well below the consensus forecast of CHF 3.75 billion issued by Visible Alpha. Operating profit shrank from CHF 686 million in the previous year to just CHF 204 million, reducing the margin from 17.1% to 5.9%. Net profit also fell by 70% to CHF 147 million.<\/p>\n<div>\n<generic-chart title=\"Swatch: Revenue development H1\">\n      <x-axis categories=\"H1/2019,H1/2020,H1/2021,H1/2022,H1/2023,H1/2024\"/>\n      <chart-column title=\"Revenue (in CHFbn)\" data=\"4.1,2.2,3.4,3.6,4.0,3.4\" format=\"number\"/>\n    <\/generic-chart>\n<\/div>\n<footer>Source: Swatch<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Problem child China<\/h3>\n<p>CEO Nick Hayek blames the Middle Kingdom in particular for the weak performance. Only the Swatch brand was able to buck the negative trend in the country with an increase in sales of one tenth. According to the company's explanation for the below-average interim results, the significant decline in orders from third parties and from the group brands led to strongly negative operating results in production. According to CEO Hayek, China is likely to remain a challenge for the entire luxury goods industry until the end of 2024. However, the 69-year-old manager is not completely gloomy. In his opinion, there are currently \"excellent opportunities\" in the lower price segment for Swatch with its 17 watch brands. The first successes were already evident in June: the operating margin for the group as a whole rose to over 15% again.<\/p>\n<h3>New era<\/h3>\n<p>The outlook for the rest of the year is also very hopeful. \"The group assumes that the situation will improve significantly in the second half of the year,\" according to a press release. In particular, the cost-cutting measures introduced should then take effect. On the sales side, Swatch expects strong growth in Japan and the USA. The outlook in numerous European countries is also promising. By way of comparison, sales figures in markets outside China remained at the previous year's level in local currencies in the first half of the year.<\/p>\n<p>This optimism is underpinned by recent insider purchases. The Hayek family collected around CHF 10 million worth of shares on the day of the presentation of the figures and bought a further CHF 20.6 million the following day. A company spokesman explained that the largest Swatch shareholder \"fully supports the group\" and increased its commitment at an attractive price. In the course of the multi-million purchases, there was a sharp turnaround in the share price and the share has since recovered more than half of its dive.<\/p>\n<div>\n<generic-chart title=\"Swatch: Share price (in CHF)\">\n      <chart-line title=\"Swatch\" path=\"chart_swatch.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Refinitiv, as at 23.07.2024<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Intelligent investment solutions<\/h3>\n<p>Despite the recovery, some holders of partial protection products, such as barrier reverse convertibles (BRCs), will have to deal with breached barriers. In order for holders of a BRC to receive the full nominal amount back, the underlying must be quoted at least at the strike at the end of the term. Depending on the strike level and the remaining term, this can be quite an ambitious undertaking. However, the time until a potential loss is realized can also be actively managed with so-called recovery solutions. These offer the opportunity to turn an impending loss into a profit - without the need for excessive increased in the share price.<\/p>\n<p>The strategy works as follows: The BRC is sold and the resulting free capital is used to buy a recovery solution with a price in the range of the selling price of the old product. This allows the term to be extended and it generally takes less of a recovery in the underlying to exit the investment at the end without losses or even a profit. Barrier discount certificates with a European barrier are referred to as recovery products if the current price of the underlying is close to the barrier. In the case of Swatch shares, a stagnation or a moderate rise in the underlying above the barrier up to the expiry date is sufficient to recover the full nominal value at the end and thus recoup the losses incurred from the BRC. Depending on the level of the barrier, the product is structured either offensively or conservatively. As it is a European barrier, the structure allows the underlying to move freely during the term. The barrier only becomes active at the final fixing. The following three Barrier Discount Certificates on Swatch with barriers at 90%, 110% and 130% of the initial fixing on July 16, 2024 have been tradable on the BX Swiss since July 23.<\/p>\n<h3>Barrier Discount Certificates - tradable on BX Swiss<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[&quot;Leonteq&quot;],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[&quot;PT_DISCOUNT_CERTIFICATE_WITH_BARRIER&quot;],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[&quot;67108977&quot;],&quot;omni&quot;:&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:false,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:true},&quot;marketVenues&quot;:[&quot;XBRN&quot;],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;barrierLevel&quot;,&quot;strikeLevelAbs&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/pages/recovery?language_id=1\" label=\"Further information about recovery products\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-swatch-recovery","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/swatch2_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/swatch2_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-07-17T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/duolingo_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Duolingo understands stock market language","windowTitle":"Duolingo","category":"coupon-giant","title":"Duolingo","body":"<p>Talking about \"corona winners\" today sounds surreal, of course. But even if the time seems to be long gone, it has produced successful companies. One of them is Duolingo. The pandemic ensured that the online course provider went public almost exactly three years ago. The newcomer gained almost 40% on its debut and achieved a market capitalization of well over USD 5 billion, which was around 20 times its annual revenue at the time. No wonder that this ambitious valuation of the start-up, which was still loss-making at the time, necessitated a period of consolidation, which even caused the share price to dip below the IPO price.<\/p>\n<p>At the end of 2023, however, the share picked up speed again. The reason for this was relatively simple: the management seemed to be aware of how the stock market works. The capital market is not just looking for growth, it is profitable growth that excites investors. Thanks to a high level of cost discipline, Duolingo made it into the black earlier than many analysts had expected. The company reported a profit of USD 0.35 per share, following a loss of USD 1.51 in the previous year. The breakeven was also accompanied by rapid revenue growth. From the first quarter of 2022 to the start of 2024, revenue more than doubled, which corresponds to an average growth rate of almost a tenth compared to the previous quarter. The company has been making profits since the second financial period of 2023, which have increased exponentially since then.<\/p>\n<div><generic-chart title=\"Duolingo: Revenue and net profit (in USD mio.)\"> \n    <x-axis categories=\"Q1/22,Q2/22,Q3/22,Q4/22,Q1/23,Q2/23,Q3/23,Q4/23,Q1/24\"> \n    <chart-column title=\"Revenue\" data=\"81.2,88.4,96.1,103.8,115.7,126.8,137.6,150.9,167.6\" format=\"number\"><\/chart-column> \n    <chart-line title=\"Net profit\" data=\"-12.1,-15,-18.4,-13.9,-2.6,3.7,2.8,12.1,26.9\" format=\"number\" yAxisRight=\"true\"><\/chart-line>\n    <\/generic-chart>\n<\/div>\n<footer>Source: Duolingo<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Who invented it?<\/h3>\n<p>When looking for the founder of such a successful internet company, the first thing you think of is the many tech luminaries from Silicon Valley. But far from it, it was a Swiss man. The local computer scientist Severin Hacker founded the language learning app in 2011 with his then university professor Luis von Ahn and launched it on the market the following year. The company now has an enormous range of around 40 different languages. From the world's most widely spoken languages such as Spanish, French and Italian to endangered languages such as Hawaiian, Navajo and Scottish Gaelic, interested parties have a wide choice. <\/p>\n<h3>Popular and profitable language courses<\/h3>\n<p>The number of inquisitive users is also growing: in the first quarter of 2024, Duolingo already had 97.6 million monthly users, which corresponds to an increase of 35%. On a daily basis, there was even an increase of 54% to 31.4 million. \"Our growth in daily active users compared to the previous year was driven by a record number of net user accesses per day,\" explains CEO Luis von Ahn. These are users who are also prepared to spend money. The number of paid subscribers increased by more than half to 7.4 million as at 31 March. \"We believe that we are still in the early stages of our monetization journey and are discovering several opportunities to improve bookings,\" says von Ahn, looking confidently to the future. Among other things, the 45-year-old sees potential in the broad introduction of Duolingo Max, a higher-priced subscription level.<\/p>\n<div><generic-chart title=\"Duolingo: Share price (in USD)\"> <chart-line title=\"Duolingo\" path=\"chart_duolingo.csv\" format=\"date, number\" color=\"#f7a824\"><\/chart-line> <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as at 16.07.2024<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Converting volatility into returns<\/h3>\n<p>As mentioned at the beginning, the share's long consolidation phase after its brisk stock market debut was followed by a renewed upward trend in recent months. It rose from USD 121 in August 2023 to USD 251 in May of this year. After this double, the stock, which was included in the S&amp;P MidCap 400 selection index in April, dipped again and has been fluctuating around the USD 200 mark ever since. From an analyst perspective, Duolingo still appears to have potential. 71% of the research reports analyzed on CNN Business end with a \"buy\" rating. Overall, the average target price is USD 255, an increase of 35% compared to the current price.<\/p>\n<p>In view of the recent high fluctuations, with historical volatility at 52% over a 3-month period, a direct investment does not appear to be for the faint-hearted. However, a double-digit percentage return is also possible with conditional partial protection. The new Softcallable Barrier Reverse Convertibles on Duolingo take advantage of the high volatility and convert it into attractive conditions. The product, which is denominated in Swiss francs, offers the prospect of a coupon of 12.00% p.a. with a maximum term of one year. An even higher yield is possible with the USD variant. This BRC offers an interest rate of 16.00% p.a. The barriers for both securities are 55% of the starting values, which in turn equates to a risk buffer of 45%. Due to the soft callable function, the maximum term can be reduced from 12 months to a maximum of 6 months.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1358857923\\&quot; \\&quot;CH1358857931\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-duolingo","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/duolingo_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/dividenden-adel/duolingo_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-07-12T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/ch30_leonteq-structured-products_product-homepage-banner.jpg","subTitle":"Full participation, added security","windowTitle":"Switzerland: An attractive investment target","category":"etp","title":"ETP+ on the BX Swiss Top 30 Index","body":"<h3>Favourable conditions<\/h3>\n<p>Switzerland is starting the second half of the sporting year with the high-carat Gstaad Swiss Tennis Open. Seven of the top 20 players will be appearing at the tournament in the Bernese Oberland. Even before the first ball is knocked over the net, though, the economy has already delivered a successful serve, with inflation having surprisingly fallen in June. While economists had expected the figure to remain unchanged, the annual rate of price rises actually fell to 1.3% from 1.4% the previous month. This certainly vindicated the two rate cuts, then, and there could even be a third downward move by the SNB during the year, in either September or December. The KOF economic barometer, a provisional indicator for the domestic economy, is likewise proving to be in good shape, remaining slightly above average in June. \u201cThere is a good chance that the Swiss economy will gradually recover over the months ahead,\u201d the economic research institution concluded.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2024/swiss-top-30?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<h3>Dynamic second tier<\/h3>\n<p>In view of the brightening economic picture and the possibility of a further cut in interest rates, Swiss shares also could continue on their road to recovery in the second stock market semester. Since the darlings of the market can grow quickly, a diversification of investment is thoroughly advisable. The BX Swiss Top 30 Index offers a much broader range than the classic SMI. Brought into being in 2018, the barometer has since appreciated by a quarter. The 20 SMI members are joined in the index by another ten stocks. And these are certainly pack a punch: the 10 selected have delivered an average rise of 6.1% in the year to date. Swatch and Straumann are the only two components to have lost value so far. Sandoz, VAT, SGS and Julius Bär have even recorded double-digit percentage growth. The first of these, a manufacturer of generic drugs that was carved out of Novartis last year, leads the way with an increase of 23.6%, followed by VAT, the vacuum valve specialist, at 22.1%.<\/p>\n<h3>In tune with the times<\/h3>\n<p>The composition of the BX Swiss Top 30 Index is not set in stone, however, but is instead reviewed quarterly and adjusted where necessary. This ensures that the barometer always takes account of recent trends on the market, enabling it to reflect the current mood of the Swiss equity market. To be included in the index selection, companies must meet certain criteria, including a listing in Switzerland and an average daily trading volume of at least CHF 7,500. A free float of at least 20% is also required. The individual components are then weighted according to their free-float market capitalisation.<\/p>\n<h3>Advantageous participation<\/h3>\n<p>An exchange-traded product (ETP+) on the BX Swiss Top 30 Index enables investors to take a diversified position in the Swiss equity market. The corresponding open-end instrument is even linked to the net total return (NTR) variant of the index, which means that the dividends paid by the companies are included when the price is calculated. This is a not inconsiderable factor: while the price variant has achieved a return of 3.5% p.a. since the index was launched, with the NTR version the average annual return has been as much as 4.8%. Given the active index process, holders of the certificate have to pay an annual fee of 0.5% p.a. However, the ETP+ is not only an effective and low-cost investment product, but also offers an additional protective function thanks to specific collateralisation: a pledge for each ETP is deposited with SIX SIS AG, which will sell the pledge in the worst-case scenario, i.e. if the issuer were to enter into payment difficulties, and distribute the proceeds to the holders of the ETP.<\/p>\n<h3>ETP+ on the BX Swiss Top 30 Index<\/h3>\n<div><price-chart isin=\"CH1292086688\"><\/price-chart><\/div>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1292086688\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2024/swiss-top-30?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"swiss-top-30","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/ch30_leonteq-structured-products_sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/ch30_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-07-10T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/unicredit_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"A perfect match","windowTitle":"UniCredit","category":"underlying-in-focus","title":"UniCredit","body":"<p>The Squadra Azzurra fell to Switzerland in the round of 16 at the European Football Championships. In contrast, Italy is the European champion on the stock market. UniCredit shares gained 50% in price so far in 2024. This puts the Milan-based bank at the top of the STOXX Europe 50 performance ranking. In the index of the 50 largest large caps on the old continent, UniCredit was ahead of technology giant ASML and also outperformed Novo-Nordisk. At the beginning of June, the upward trend came to a brief halt. However, during the European Championships, which were disappointing for the Tifosi, UniCredit turned upwards and reversed the short-term consolidation. The share is now heading towards the EUR 40 mark for the first time in 13 years. When Andrea Orcel moved into the executive suite at the Milan headquarters in April 2021, the share price was bobbing around in the single-digit range.<\/p>\n<div>\n<generic-chart title=\"UniCredit: Share price (in EUR)\">\n      <chart-line title=\"UniCredit\" path=\"underlying_unicredit.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Refinitiv, as at 09.07.2024<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<div>\n<h3>Strong figures<\/h3>\n<p>The former UBS investment banker has turned UniCredit inside out. CEO Orcel focused the business on activities that promise maximum return on capital. With success: at the beginning of May, UniCredit reported its 13th consecutive quarter of profitable growth. At the bottom line, the company earned EUR 2.6 billion - almost a quarter more than in the opening quarter of 2023. The Italians thus exceeded market expectations by almost half a billion euros. The bank also beat analyst consensus in terms of revenue. From January to March, UniCredit generated net revenues of just under EUR 6.3 billion. In addition to higher fee and trading income, the rise in interest rates and higher lending volumes were once again noticeable here. At EUR 3.6 billion, net interest income in the first quarter of 2024 was almost a tenth above the previous year's level. \"We continue to outperform market expectations and our competitors,\" commented Andrea Orcel on the interim report.<\/p>\n<h3>Ambitious targets<\/h3>\n<p>Consequently, he opened the forecast upwards: UniCredit is expected to earn more than EUR 8.5 billion in 2024. The CEO had previously announced a net profit in the region of the previous year's level of EUR 8.6 billion. At first glance, the adjustment does not sound very spectacular. What makes the difference is the outlook for distributions. Through dividends and share buybacks, the management intends to pay out a total of EUR 8.6 billion, as it did last year. A piquant fact: UniCredit is targeting a payout ratio of 90% for 2024. In this respect, those responsible should expect a profit of a good EUR 9.5 bn. Otherwise, the bank would have to draw on its reserves to actually be able to distribute the forecast EUR 8.6 bn. There is no shortage of funds. For the first quarter of 2024, UniCredit estimated the surplus capital to total more than EUR 6.5 bn. The CEO, whose contract has just been extended by three years, wants to find a use for this by 2027. In addition to distributions and share buybacks, mergers and acquisitions are an option. However, Orcel only wants to go on a shopping spree if it fits strategically and the earnings after realized synergies stand up to comparison with share buybacks.<\/p>\n<generic-chart title=\"UniCredit: Net revenue (in EUR billion)\">\n      <x-axis categories=\"Q1/22,Q2/22,Q3/22,Q4/22,Q1/23,Q2/23,Q3/23,Q4/23,Q1/24\"/>\n      <chart-column title=\"Net revenue\" data=\"3.7,4.8,4.7,5.2,5.8,6.0,5.8,5.7,6.3\" format=\"number\"/>\n    <\/generic-chart>\n<\/div>\n<footer>Source: UniCredit, as at May 2024<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Strong conditions<\/h3>\n<p>UniCredit and the Softcallable Barrier Reverse Convertibles (BRC) are a perfect match. Leonteq offers two alternatives on the \"European stock market champion\". The BRC pays a quarterly coupon of 8.00% p.a. in the product currency CHF. The EUR-denominated alternative pays a double-digit percentage distribution. Investors receive a coupon of 10.60% p.a. every three months, irrespective of the performance of the UniCredit share. Otherwise, there is no difference between the variants. The bank share enters the 18-month term with a barrier of 59% of the initial level. As long as the share does not fall back to or below this level, the issuer will repay the nominal value in full at maturity. However, if the cushion is not sufficient, the partial protection expires. In this scenario, the redemption would be exposed to UniCredit's share price risk. Please also note the soft callable feature. Due to this structure, early termination and redemption of the BRCs presented is possible.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;CH1358855604 CH1358855612&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-unicredit","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/unicredit_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/unicredit_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-07-03T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/micro_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Price slump as an opportunity","windowTitle":"Micron","category":"coupon-giant","title":"Micron","body":"<p>The reporting season for the second quarter has kicked off and many investors are focusing primarily on the chip sector. This comes as no surprise, as Nvidia was the first semiconductor company with a market capitalization of more than USD 3 trillion to climb to the top of the stock market. Expectations of the AI winners are therefore particularly high. With Micron Technology, the first industry representative has now opened its books and promptly caused a cold shower. The tech stock fell by more than 8%. However, there could be an opportunity in this negative reaction.<\/p>\n<h3>Impressive growth<\/h3>\n<p>One after the other: The largest US manufacturer of memory chips achieved sales of USD 6.81 bn in the past quarter, which corresponds to an increase of 17% compared to the previous quarter or a near doubling of the previous year's figure. Micron was thus even able to exceed the average estimates. Meanwhile, operating profit turned positive. While a loss of USD 1.7 billion was recorded 12 months ago, Micron now reported a plus of USD 719 million. In relation to the same quarter of the previous year, this represents an increase of 276%. President and CEO Sanjay Mehrotra blames the robust demand for AI for the good performance. \"Robust AI demand and strong execution enabled Micron to drive 17 percent sequential revenue growth, exceeding our guidance range in fiscal Q3. We are gaining share in high-margin products like High Bandwidth Memory (HBM), and our datacenter SSD revenue hit a record high,\" explains the manager, who celebrated his 66th birthday a few days ago.<\/p>\n<div><generic-chart title=\"Micron: Business performance\"> <x-axis categories=\"Q2/24,Q3/24,Q4/24e\"> \n    <chart-column title=\"Sales (in USD bn)\" data=\"5.82,6.81,7.6\" format=\"number\"><\/chart-column> \n    <chart-column title=\"Earnings per share (in USD)\" data=\"0.42,0.62,1.08\" format=\"number\"><\/chart-column>\n    <\/generic-chart>\n<\/div>\n<footer>e = expected, source: Micron<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Disappointment on the one hand...<\/h3>\n<p>However, investors did not feel like celebrating despite the high growth rates. This was not so much due to the completed quarter, but rather to the outlook for the last quarter of the current financial year 2023/24 (August 31). Sales of between USD 7.4 billion and USD 7.8 billion are expected for the current quarter. Although analysts had also only expected USD 7.58 bn on average, the whisper estimates were more than USD 8 bn. Another reason for the share price loss outlined at the beginning could also be attributed to profit-taking after a previously strong performance. Despite the setback, the gain since New Year's Eve still amounts to 54%.<\/p>\n<div><generic-chart title=\"Micron: Share price (in USD)\"> <chart-line title=\"Micron\" path=\"chart_micron.csv\" format=\"date, number\" color=\"#f7a824\"><\/chart-line> <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as at 02.07.2024<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>...Confidence on the other side<\/h3>\n<p>Unlike investors, numerous analysts gave the company the thumbs up after the figures were published. Equity strategist Andrew Jackson from Ortus Advisors, for example, criticized the market for having unrealistically high expectations of the industry in light of the AI hype. The US bank JPMorgan rates the results for the past quarter and the outlook for the current quarter as better than expected and raised its price target for the share from USD 130 to USD 180. Goldman Sachs also sees the price dip more as an opportunity and also raised the fair value of the tech stock. The average price potential of 33 analyses amounts to USD 160.<\/p>\n<p>Micron itself is also looking positively to the future. \"We are excited about the expanding AI-driven opportunities ahead, and are well positioned to deliver a substantial revenue record in fiscal 2025,\" says CEO Mehrotra optimistically. The company has high hopes for the \"High Bandwidth Memory\" of the HBM3e generation. This is a broadband interface for connecting large quantities of dynamic working memory at chip level to graphics or main processors at high transfer rates. The HBM3e components from Micron hold 24 GBytes and transfer around 1.2 TBytes per second at maximum speed.<\/p>\n<p>However, sales in this area are not increasing that quickly. Only around USD 100 million was generated in the last quarter out of a divisional turnover of USD 4.7 billion. That is just 2.1% to date. In the coming year, however, HBM sales are expected to reach the billion mark, with Group sales of around USD 30 billion. The company from the US state of Idaho is aiming to increase its market share in HBM to around 20% by 2025, which is roughly equivalent to its current share of the market for conventional DRAM chips.<\/p>\n<h3>High interest rate, high buffer<\/h3>\n<p>Investors can bridge the current slump in Micron's share price with a yield enhancement product. For the new Softcallable Barrier Reverse Convertibles, it does not matter whether the tech stock rises, stagnates or falls moderately over the next 18 months. This is because the products have a high risk buffer of 41%, which protects the maximum return. Despite the comfortable safety margin, the BRCs are characterized by attractive profit opportunities. The CHF version of the BRCs has a coupon of 12.00% p.a., while the USD version guarantees a payout of 16.00% p.a. In order for the products to achieve the maximum yield in one and a half years at the latest, no price fluctuations are required, only the barrier must remain intact. The term can be shortened to 6 months due to the soft callable function.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1358854334\\&quot;, \\&quot;CH1358854359\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-micron","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/micro_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/micro_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-06-28T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/smi_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Capital protection certificate with cap on the SMI","windowTitle":"SMI: Between racing to catch up and vacillating","category":"investment-themes","title":"Safety first","body":"<h3>Light and shade<\/h3>\n<p>Inflation, interest rate movements, the economy and corporate balance sheets will have a huge impact on the performance of the SMI in the second half of the year. While there is relative clarity with regard to inflation and interest rates \u2013 both are trending downwards \u2013 question marks remain about micro- and macroeconomic growth. Companies at least have made a good start to 2024: three quarters of the stock market elite have managed to exceed or at least meet forecasts, with only one third falling short of estimates. Although disappointing results were clearly in the minority, the SMI experienced a relatively sharp slowdown, because two heavyweights, Nestlé and Roche, failed to meet expectations. These stocks have also significantly underperformed this year. While Roche\u2019s participation certificates have only managed a small gain of 3.5% since the turn of the year, Nestlé is down by the same amount. What is positive, though, is that after the first quarter three members of the SMI, namely ABB, Alcon and Novartis, have already upped their forecasts for the year as a whole.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2024/SMI-between-catchup-vacillating?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<h3>Economic upturn<\/h3>\n<p>VThe curve of the economy as a whole could also point upwards. The latest economic forecast from KOF assumes that Switzerland will enter recovery in the second half of 2024 on the back of rising consumer spending and investment in major European markets, which should in turn help drive exports. Supported by solid GDP growth, the domestic labour market should also stay robust. The State Secretariat for Economic Affairs (SECO) recently raised its forecast for economic growth this year a little from 1.1% to 1.2%. According to the government\u2019s economists, GDP could then climb another 1.7% in 2025.<\/p>\n<div>\n<generic-chart title=\"SMI: Return per annum (in %)\">\n  <x-axis categories=\"2016,2017,2018,2019,2020,2021,2022,2023,2024 (24.06.)\"/>\n      <chart-column title=\"Return\" data=\"-6.8,14.1,-10.1,26,0.8,20.3,-16.7,3.8,7.9\" format=\"number\"/>\n      <chart-line title=\"Average return p.a.\" data=\"4.4,4.4,4.4,4.4,4.4,4.4,4.4,4.4,4.4\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Bloomberg, as of 24.06.2024<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>100% capital protection<\/h3>\n<p>The prospects may not be exhilarating, but the economy and the corporate sector are at least standing on a solid foundation which allows growth. Should this prove to be slower than expected, however, the equity market may suffer repeated setbacks. A capital protection certificate fits perfectly in this scenario, because it allows investors who have a fundamentally positive outlook to participate in price rises without at the same time having to fear corrections in the market. The new capital protection certificate with cap on the SMI offers full protection for the nominal at the end of the term.<\/p>\n<h3>Chance of attractive gains<\/h3>\n<p>Price increases in the SMI are converted entirely into profits up to an upper ceiling of 132%. Although the prospective gains are limited by the cap, the return is impressive, with the possibility of achieving a return of 8% p.a. relative to the maximum repayment amount. That puts the potential return above the average for the SMI over the last few years. Although the index recorded double-digit percentage gains in many years, there were also constant heavy losses. The average return achieved since 2016 has been 4.4% p.a.<\/p>\n<h3>Capital Protection Certificate with Participation<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1358852163\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;DESC&quot;}],&quot;displayColumns&quot;:[&quot;capitalProtection&quot;,&quot;underlying&quot;,&quot;participation&quot;,&quot;capLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2024/SMI-between-catchup-vacillating?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"SMI-between-catchup-vacillating","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/smi_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/smi_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-06-26T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/baloise_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"In the sights of investors","windowTitle":"Baloise","category":"underlying-in-focus","title":"Baloise","body":"<p>Activist investors are currently increasingly at work again. For example, Sachem Head Capital recently bought into Delivery Hero and Starboard Value invested USD 500 million in the software company Autodesk. This type of investor is not known for simply watching, but rather wants to influence the company in order to steer it in what they consider to be a more profitable direction. Ultimately, the aim is to boost the share price. The Swiss company Baloise has already achieved this with its investment. Since Cevian Capital bought a 3% stake in the insurer a month ago, the share price has risen sharply. The Swedes have just increased their stake even further - which has set the rumor mills buzzing about the future development of Baloise.<\/p>\n<div>\n<generic-chart title=\"Baloise: Share price (in CHF)\">\n      <chart-line title=\"Baloise\" path=\"chart_baloise.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Refinitiv, as at 25.06.2024<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<div>\n<p>Baloise shares are currently up by around a fifth since the start of the year. However, the initial impetus for the rise did not come from Cevian Capital's investment in mid-May, but from the Annual General Meeting at the end of April. At the shareholders' meeting, 78.2% voted in favor of the proposal by investor zCapital to abolish the existing 2% restriction on voting rights and registration. This regulation has prevented unwelcome advances by investors in recent years. Chairman of the Board of Directors Thomas von Planta was combative after this vote and claimed that hostile takeovers were \"not an issue\".<\/p>\n<h3>Many options<\/h3>\n<p>If only he was not mistaken, as Cevian Capital's current aggressive approach speaks a different language. Just a few weeks after taking a stake, the Scandinavians, who also have a holding in UBS, increased their stake to around 5%. According to reports, the activist financial investor now wants to assert its influence through its status as a major shareholder and is aiming to become a member of the Board of Directors. According to observers, however, an imminent sale of the insurance group to a foreign counterparty is also a conceivable option. \"Last but not least\", it cannot be ruled out that other hedge funds will position themselves at Baloise.<\/p>\n<p>All this speculation is currently driving the mid-cap and has just catapulted the share to a fresh 2-year high. What sounds like a strong performance is put into perspective on closer inspection. On the one hand, the shares are still in the red on a 5-year horizon despite the rise, and on the other, Baloise is lagging far behind competitors such as Swiss Life and Zurich Insurance.<\/p>\n<generic-chart title=\"Baloise: Earnings per share (in CHF)\">\n      <x-axis categories=\"2017,20218,2019,2020,2021,2022,2023,2024e,2025e,2026e\"/>\n      <chart-column title=\"Earnings per share\" data=\"11.50,11.14,15.02,9.65,13.06,12.13,5.29,9.74,10.24,11.20\" format=\"number\"/>\n    <\/generic-chart>\n<\/div>\n<footer>Source: Baloise, Refinitiv; e = expected<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Operational weaknesses<\/h3>\n<p>Baloise is not only lagging behind on the capital market, it is also struggling operationally. While Zurich, for example, reported rising premium income and the highest profit in the company's history in 2023, Baloise's balance sheet was spoiled by higher-than-expected claims expenses for natural disasters such as hailstorms. Profit fell by 3.3% and premium income was also down due to the strength of the Swiss franc. <\/p>\n<p>In order to get the Group back on the road to success, CEO Michael Müller has announced a change in strategy. In future, the focus is to be placed more on the traditional insurance business. The \"ecosystem strategy\" propagated around 6 years ago, in which customers are also offered other services from a single source along with insurance, will therefore be scaled back. \"I am convinced that we will generate added value in our core business,\" said the CEO when presenting the figures. Müller is sticking to the goal of generating a total of CHF 2 billion in cash between 2022 and 2025. However, the manager backed away from the forecast of acquiring 1.5 million new customers in this period. New targets are to be presented at an investor event on September 12. The analyst consensus is already confident and believes that the Group will see rising profits over the next three years.<\/p>\n<h3>Lucrative combination of security and leverage<\/h3>\n<p>A lot of time will pass before the new targets are made public, during which a lot can happen - especially with regard to the shareholder structure. In addition, demands from financial investor Cevian Capital could gradually come to the table. The Swedes already demonstrated their power at ABB in 2021 when they worked towards a far-reaching restructuring, including company sales and a change of management. So there is plenty of (share price) fantasy at Baloise. However, as the future is also characterized by uncertainties, partial protection cannot hurt when investing in the insurance stock. Leonteq has combined security with the chance of outperformance in a new bonus certificate. The financial product is designed to generate an attractive profit even if prices rise moderately.<\/p>\n<p>In detail, the certificate works as follows: Holders of the certificate participate in rising prices of the underlying security from the bonus level at 100% of the starting level with a leveraged participation rate of 125% up to the cap. This is called in at 130% of the starting level, resulting in a maximum redemption amount of 137.5% of the nominal value. If Baloise ends up trading below the initial level, the investment does not automatically end with a loss. This is ensured by the barrier, which is set at 69% of the starting value. Only if this threshold is breached during the 2-year term can there be a discount. <\/p>\n<h3>Capped Bonus Outperformance Certificate<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1358850506\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;bonusLevel&quot;,&quot;underlying&quot;,&quot;participation&quot;,&quot;barrierPercentage&quot;,&quot;capLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-baloise","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/baloise_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/baloise_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-06-19T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/abercrombie_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Fully in fashion","windowTitle":"Abercrombie & Fitch","category":"coupon-giant","title":"Abercrombie & Fitch","body":"<p>Former US presidents Theodore Roosevelt, Dwight D. Eisenhower and John F. Kennedy have something in common: they wore Abercrombie clothing. In contrast, the current ruler in the White House, Joe Biden, is no longer part of the target group of the traditional clothing retailer. Today, the company focuses on children and the millennial generation. Abercrombie &amp; Fitch is courting this target group worldwide with four brands: In addition to Abercrombie &amp; Fitch, these include Abercrombie Kids, Hollister and Gilly Hicks Active. The Group operates a total of 750 stores in North America, Europe, Asia and the Middle East. The various collections can also be purchased online. Business is booming: Abercrombie &amp; Fitch increased sales by 16% to USD 4.3 billion in 2023. With an operating result of just under USD 0.5 billion, the fashion house generated a double-digit percentage margin.<\/p>\n<h3>Strong start to the year<\/h3>\n<p>The upturn continued in the first three months of 2024. Abercrombie &amp; Fitch increased sales by more than a fifth year-on-year to USD 1.0 billion - more than ever before in an opening quarter. The operating margin shot up by 860 basis points to 12.7%. According to the company, all labels and regions contributed to growth. The core brand Abercrombie stood out with a 31% increase in sales. \"Following a strong performance in the first quarter, we are raising our full-year guidance for sales and operating margin,\" explained CEO Fran Horowitz. He now expects revenue to grow by around a tenth. The company had previously forecast an increase of between 4% and 6%. The CEO raised the target for the operating margin by 2 percentage points to around 14%. \"We will continue to make strategic investments in stores, digital and technology to strengthen the company and pursue our long-term ambitions,\" he announced. <\/p>\n\n\n<div><generic-chart title=\"Abercrombie & Fitch: Revenue and operating margin\"> \n<x-axis categories=\"2017,2018,2019,2020,2021,2022,2023,2024p\"> \n<chart-column title=\"Revenue (in USD billion)\" data=\"3.5,3.6,3.6,3.1,3.7,3.7,4.3,4.7\" format=\"number\"><\/chart-column> \n<chart-line title=\"Operating margin (in %)\" data=\"2,4,2,-1,9,3,11,14\" format=\"number\" yAxisRight=\"true\"/><\/chart-line>\n    <\/generic-chart>\n<\/div>\n<footer>p = company forecast, source: Abercrombie &amp; Fitch<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n\n<h3>High-speed course<\/h3>\n<p>In addition to new collections, the management is focusing on digital customer acquisition with the help of influencers and social media. The managers are also taking a technological approach to customer analysis and store openings. New locations are selected with the help of extensive data analysis. Abercrombie &amp; Fitch has recently been using the power of McLaren to drive global awareness. At the beginning of February, an official partnership with the Formula 1 racing team was announced in a store on New York's Fifth Avenue. The first T-shirts, hoodies and sweaters in the look of the fast-paced sport and the legendary team were sold last year. In keeping with this, Abercrombie &amp; Fitch has increased its share price considerably: Over a 12-month period, the shares, which have been listed in New York since 1996, are up more than 400%. <\/p>\n<div><generic-chart title=\"Abercrombie & Fitch: Share price (in USD)\"> <chart-line title=\"Abercrombie & Fitch\" path=\"chart_abercrombie.csv\" format=\"date, number\" color=\"#f7a824\"><\/chart-line> <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Reuters, as at 17.06.2024<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Promising investment<\/h3>\n<p>Even in the event that the second-line stock goes out of fashion again, an attractive return would be possible with a soft callable barrier reverse convertible. Leonteq is issuing two variants of this popular structure based on Abercrombie &amp; Fitch. In the product currency CHF, the guaranteed coupon is 14.88% p.a. The USD-denominated counterpart even yields a quarterly distribution of 19.18%. Irrespective of the value date, the barrier is fixed at 55% of the initial level. As long as the fashion share does not fall to or below this level, the issuer will repay the nominal value in full on the maturity date. If, on the other hand, the barrier is breached, the partial protection expires. In this case, the investment would be exposed to the full price risk of Abercrombie &amp; Fitch. Please also note: Due to the soft callable function, early termination and redemption of this issue is possible.<\/p>\n\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1349989959\\&quot;,\\&quot;CH1349989967\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-abercrombie","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/abercrombie_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/abercrombie_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-06-14T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/copper_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Bonus certificate with cap on copper","windowTitle":"Copper: The raw material of the hour","category":"investment-themes","title":"Smart raw materials investment","body":"<h3>Record price with high volume<\/h3>\n<p>The London Metal Exchange is one of the hot spots of the global metal trade. Among the most important products at the LME is copper, with futures on the red metal (grade A) traded alongside options. The lot size of a futures contract is 25 tonnes, while the pricing refers to one tonne. Volumes for the most vital industrial metal have picked up sharply in recent times: in May 2024 the LME handled just under 180,000 copper futures on average every day of trading, nearly 30% more than in the same month the previous year. At its peak daily turnover even exceeded a quarter of a million contracts. The brisk trade is being accompanied by a marked spike in prices. On 20 May 2024, one tonne of copper cost more than USD 11,000 for the first time. That meant the three-month future had become nearly 30% more expensive compared with the level at the end of 2023.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2024/copper-bonus-certificate?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<h3>A scarce commodity<\/h3>\n<p>The situation has calmed down since then, with the price of copper falling significantly as trading volumes declined. Since the raw material had increasingly been overbought, the correction is only healthy. From a fundamental viewpoint, reports suggesting that the copper market was oversupplied at the start of the year put the brakes on prices. This does not in any way change the central argument for rising prices: structural growth in demand for copper alongside a range of problems in mining. The metal could therefore remain a scarce commodity. Demand for refined copper had exceeded supply in every single year since the financial crisis in 2009. It remains to be seen, however, whether the current correction has run its course. The new bonus certificate with cap could be of interest to investors who are grappling with this question. Leonteq offers a partially protected position in the raw material of the hour.<\/p>\n<div>\n<generic-chart title=\"LME Copper: Price (in USD per tonne)\">\n      <chart-line title=\"Copper\" path=\"biweekly_chart_copper.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Bloomberg, as at 13.06.2024<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Participation and partial protection<\/h3>\n<p>The product is based on the LME Copper Future mentioned above. Should the futures contract gain in value over the next two years, the certificate would share in the price increase. The participation rate is 100% of the positive movement, but the gain is limited to the cap. The maximum amount has been fixed at 130% of the initial level of the underlying, which means that investors can take advantage of a rise in the price of copper to just under the USD 13,000 per tonne mark. This opportunity comes with a high security level in the form of a barrier at 75% of the initial level. The European option integrated into the structure ensures that this threshold will only be activated at the end of the term \u2013 changes in the price until then will be irrelevant. As long as copper is trading above the barrier level on the valuation date, the bonus mechanism kicks in, with investors receiving a 100% repayment.<\/p>\n<h3>No opportunity without risk<\/h3>\n<p>Should the raw material cheapen by 25% or more within two years, the protection falls away. In this scenario repayment of the product would be linked directly to the underlying \u2013 so investors would have to absorb losses. Please also note that the modalities outlined do not come about until maturity. A variety of parameters will have an effect on the price level during the term. The price on the secondary market may therefore fall well below the 100% threshold even though copper is trading above the barrier. This notwithstanding, the bonus certificate with cap offers the opportunity to benefit from a continuation of the upward movement of the red metal. In addition to the long-term demand drivers, the performance of the economy in the short term also has a significant bearing on the underlying. To that extent the issue is also and especially interesting for investors with a positive macroeconomic scenario.<\/p>\n<h3>Capped Bonus Certificate<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1349988811\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.calendar.subscription_end_date.value&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;bonusLevel&quot;,&quot;underlying&quot;,&quot;participation&quot;,&quot;barrierPercentage&quot;,&quot;barrierType&quot;,&quot;capLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2024/copper-bonus-certificate?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"copper-bonus-certificate","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/copper_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/copper_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-06-12T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/birkenstock_product-homepage-banner.jpg","subTitle":"Smart returns with hip shoes","windowTitle":"Birkenstock","category":"underlying-in-focus","title":"Birkenstock","body":"<p>\"Give a girl the right shoes and she can conquer the world,\" Marilyn Monroe once said. While the Hollywood icon was alluding to high heels, the German shoemaker Birkenstock has been conquering the world with ergonomically shaped sandals since the 18th century. Since last October, the traditional company has been trying to convince the stock market of its shoes. Initially, however, the debut on Wall Street was anything but successful, with the shares slipping on the first day of trading and dipping well below the issue price of USD 46. In the meantime, however, investors seem to be taking an increasing liking to the stock. At the end of May, the newcomer finally cracked the IPO price and is now even trading above the USD 50 mark.<\/p>\n<div>\n<generic-chart title=\"Birkenstock: Share price (in USD)\">\n      <chart-line title=\"Birkenstock\" path=\"chart_birkenstock.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Reuters, as at 11.06.2024<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Where does the shoe pinch?<\/h3>\n<p>Initially, investors did not find the stock market story surrounding the \"eco sandals\" particularly \"sexy\". There were also doubts about the company's growth opportunities. However, Birkenstock, founded in 1774, proved the market participants wrong. The first quarter as a listed company was already concluded with a strong increase in revenue of 22% to just under EUR 303 million, whereas analysts had only expected around USD 290 million. The operating result was a minor weak point. The adjusted EBITDA margin fell from 29.1% to 26.9%. However, this decline was due to investments in a high-growth future, such as the expansion of production capacities.<\/p>\n<h3>Sustained momentum...<\/h3>\n<p>Greater diversification of its product range in the colder months ensures that Birkenstock is now also particularly buoyant in winter. In the period from October to December of the 2023/24 financial year (September 30), closed shoes, from clogs and sneakers to boots, even generated a higher share of sales than classic sandals for the first time. This strategy also bore fruit in the second quarter. From January to March, sales increased by 21.6% to EUR 481.2 million and once again exceeded estimates. Adjusted earnings per share of EUR 0.41 were also almost 14% above expectations.<\/p>\n<h3>...higher targets<\/h3>\n<p>But that's not all: the strong demand for the new closed shoes and the traditional cork sandals also makes Birkenstock more optimistic about the future. When presenting its interim report, the group raised its forecast for annual sales and profit slightly. The company is now forecasting sales of between EUR 1.77 and 1.78 billion, compared with EUR 1.74 to 1.76 billion previously. Adjusted EBITDA is expected to land in a range of EUR 535 to 545 million, compared with the previous forecast of EUR 520 to 530 million.<\/p>\n<div>\n<generic-chart title=\"Birkenstock: Sales development\">\n      <x-axis categories=\"2014,2015,2016,2017,2018,2019,2020,2021,2022,2023,Q2/2024 (LTM)\"/>\n      <chart-column title=\"Sales in EUR million\" data=\"292,364,452,570,648,722,728,962,1243,1492,1632\" format=\"number\"/>\n    <\/generic-chart>\n<\/div>\n<footer>Source: Birkenstock; LTM = Last Twelve Months<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Clever strategies<\/h3>\n<p>CEO Oliver Reichert, who took the helm in 2013, is encouraged by the fact that the company has been able to increase shelf space at its wholesale partners and that important retailers have bought more and brought forward volumes to an earlier delivery date. Sales through the company's own stores are also flourishing, with direct sales even increasing by more than 30% in the second quarter. The positive aspect here is that shoes can be sold well above the average retail price compared to wholesalers. According to industry experts, the Barbie boom - the sandals made an appearance in last year's hit movie - is not yet abating. According to Susannah Streeter, Head of Money and Markets at Hargreaves Lansdown, the brand is still a favorite of influencers.<\/p>\n<p>In addition to focusing on its own stores, which also reduces the volatility of the business traditionally associated with wholesale, Birkenstock pursues a scarcity supply model. In order to maximize the profit margin per pair of shoes sold, demand is always at least 20% higher than the company's sales planning. This is intended to support brand health and sustainable growth. In addition, Birkenstock now caters to all consumer groups. Exclusive models such as jazzed-up versions of the Uji with the legendary cork-latex footbed cost more than EUR 400.<\/p>\n<h3>Chic sandals for high returns<\/h3>\n<p>Leonteq has also structured two new soft-callable barrier reverse convertibles for all types of investors. With these two products, high returns can be achieved even if the stock market newcomer moves sideways. The profit opportunities are even higher than the average upside potential of the share. The analysts' consensus assigns the share a fair value of USD 61.50, which corresponds to an upside potential of 4.9%. Meanwhile, the CHF-denominated BRC on Birkenstock offers a significantly higher yield of 9.00% p.a. with a maximum term of 18 months. On the downside, the BRC leaves plenty of room for the underlying. The barrier is fixed at 59% of the starting value. The identical product in USD even promises a coupon payment of 13% p.a. Both BRCs have a soft callable function, which becomes active for the first time after 6 months and can lead to early redemption.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1349987532\\&quot; \\&quot;CH1349987540\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-birkenstock","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/birkenstock_sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/birkenstock_thumbnail.jpg"},{"date":"2024-06-05T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/onholding_leonteq-structured-products-product+homepage+banner.jpg","subTitle":"On hot soles","windowTitle":"On Holding","category":"coupon-giant","title":"On Holding","body":"<p>After 2020, 2022 and 2023, Iga Świątek could win the French Open for the fourth time this year. However, the tennis star's dream almost came to nothing in the second round of the Grand Slam tournament. In the match against Naomi Osaka, the world number one was already trailing 1:4 and 2:5 in the decisive third set. But then Świątek turned the match around and prevailed 7:6 (7:1), 1:6, 7:5 against her strong rival from Japan. The Polish player has now reached the semi-finals. In addition to the fans, those responsible for On Holding are likely to be following the tournament at the Roland Garros stadium with great interest. Iga Świątek has been a figurehead of the Zurich-based shoe manufacturer since she signed a supplier contract with the growth company in March 2023.<\/p>\n<h3>Strong start to the year<\/h3>\n<p>To coincide with the French Open, the On Holding share has made a return. The share, which is listed on the New York Stock Exchange, rose by a good third in May. Compared to the closing price at 2023, the capitalization of the holding company, whose shareholders include tennis ace Roger Federer, has increased by almost 60%. This has enabled the company to shake off the negative headlines. At the beginning of the year, the media criticized the enormous mark-ups on On shoes compared to production costs, among other things. This does not seem to have dampened the run on the Zurich-based company's products. On Holding posted record sales in the first quarter of 2024. At CHF 508.2 million, revenue was a good fifth above the previous year's level. Sales in direct sales grew particularly strongly. The company reported a 39% increase in sales in the direct-to-consumer (DTC) segment. <\/p>\n<div>\n    <generic-chart title=\"On Holding: Share price (in USD)\"> \n        <chart-line title=\"On Holding\" path=\"chart_on-holding.csv\" format=\"date, number\" color=\"#f7a824\"><\/chart-line> \n        <x-axis type=\"datetime\"><\/x-axis> \n    <\/generic-chart>\n<\/div>\n<footer>Source: Reuters, as at 04.06.2024<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Optimistic management<\/h3>\n<p>Co-CEO and CFO Martin Hoffmann sees this development as a sign of the continued strength of the On brand. \"The significant increase in the DTC share also enabled us to achieve a very high gross profit margin in the first quarter,\" explained the top manager. At 59.7%, the ratio was 1.4 percentage points higher than at the beginning of 2023. On balance, On Holding earned an adjusted CHF 0.33 per share in the first three months of the year, compared to CHF 0.15 in the same period of 2023. Analysts had expected earnings per share to be significantly lower at CHF 0.14 on average. Management is therefore optimistic about the future. \"We are very much looking forward to the coming months, filled with ground-breaking innovations, major partnerships and the opportunity to make a tangible impact in Paris this summer,\" enthused Martin Hoffmann.<\/p>\n<div>\n    <generic-chart title=\"Sales (in CHF million) and gross margin (in %)\"> \n    <x-axis categories=\"Q1 22,Q2 22,Q3 22,Q4 22,Q1 23,Q2 23,Q3 23,Q4 23,Q1 24\"> \n    <chart-column title=\"Sales (in CHF million)\" data=\"235.7,291.7,328,366.8,420.2,444.3,480.5,447.1,508.2\" format=\"number\"><\/chart-column>\n     <chart-line title=\"Gross margin (in %)\" data=\"51.8,55.1,57.1,58.5,58.3,59.5,59.9,60.4,59.7\" format=\"number\" yAxisRight=\"true\"/>\n    <\/generic-chart><\/div>\n<footer>Source: On Holding<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Olympic fire<\/h3>\n<p>The Summer Olympics will once again put France's metropolis in the spotlight of the sporting world. Athletes from industry giants Nike, Adidas and Puma will dominate the mega-event starting on August 11. Nevertheless, On has some hot irons in the fire. One of the medal candidates from the small outfitter's team is the Kenyan middle and long-distance runner Hellen Obiri. At the end of May, On presented the \"Swiss Olympic Team Collection\". The Olympic and Paralympic athletes from Switzerland will be wearing this outfit in Paris. The 24-piece collection is also available for fans and amateur athletes. It could therefore contribute to the targeted growth. On Holding is forecasting sales of CHF 2.29 billion or more for 2024. If this target is met, growth at constant exchange rates would reach at least 30%. With a gross margin of around 60%, between 16.0% and 16.5% of sales should remain in the operating result (adjusted EBITDA level) in the current year. By comparison: the EBITDA margin in 2023 was 15.5%.<\/p>\n<h3>Sporty new issue<\/h3>\n<p>Leonteq is launching new soft-callable barrier reverse convertibles (BRC) on On Holding just in time for the start of the 2024 sports summer. These products offer the prospect of attractive returns even if the growth stock is unable to maintain its current form. The coupon is paid regardless of the further performance of the underlying security. It amounts to 12% p.a. in the product currency CHF. With an allocation in USD, the quarterly payment is 400 basis points higher. The return opportunities are partially protected by the barrier of 59% of the initial level. If the cushion is not sufficient, the repayment would be linked to the performance of the On share. Please also note the soft callable feature: it makes early termination and redemption of this issue possible.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1349985817\\&quot;,\\&quot;CH1349985825\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>\n<\/pnach><\/div>","url":"coupon-on-holding","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/onholding_leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/onholding_leonteq-structured-products-thumbnail.jpg"},{"date":"2024-05-31T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/commodities+investments_leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Capital protection certificate with the chance of unlimited gains","windowTitle":"Commodities: A special kind of asset class","category":"investment-themes","title":"Maximum security for commodities investments","body":"<h3>Diversified benchmark<\/h3>\n<p>Diversification, where capital is spread over a range of assets, is regarded as a critical factor for long-term success in financial investment. Someone holding different asset classes such as equities, bonds, cryptos or commodities in their portfolio will already be able to reduce their risk purely due to the lower correlation of the assets with each other. Since commodities are traded on futures exchanges, however, they are often the preserve of professionals. Now, though, structured products allow this exciting asset class to find its way into the portfolios of private investors. One key benchmark in this sector is the Bloomberg Commodity Index. The index was brought into being in 1998 and comprises 24 different futures that are traded on commodity futures exchanges. The barometer is designed so that no commodity makes up more than 15% of the index and no sector can represent more than one third of the barometer. The risk of clustering is reduced by annual reweighting.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2024/commodities-investments?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<h3>Gold dominates<\/h3>\n<p>At the moment it is gold that is setting the tone in the Bloomberg Commodity Index, the heavyweight currently accounting for 15% of the barometer's performance. Thanks to the precious metal and its little brother, silver, the index is steering towards its high for the year. On the other hand, the energy raw materials oil and gas have lately been heading in different directions. While the price of natural gas rose by more than 40% over the month, the 12% decline in the price of a barrel of Brent crude put the brakes on the upward momentum of the index. Overall, energy raw materials make up around 30% of the index\u2019s weight. The benchmark also includes a large number of soft commodities, which account for as much as one third of the barometer's market capitalisation. Soya beans and maize are the \u201cbattleships\u201d of the agricultural commodities.<\/p>\n<div>\n<generic-chart title=\"Bloomberg Commodity Index: Chart (in USD)\">\n      <chart-line title=\"Bloomberg Commodity Index\" path=\"chart_bcom.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Bloomberg, as of 29.05.2024<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Full security \u2026<\/h3>\n<p>The sometimes significant fluctuations in commodity prices are, clearly, not for those of a weak disposition. To enable investors to add this interesting asset class to their portfolio while still being able to sleep peacefully at night, Leonteq has integrated the Bloomberg Commodity Index into a capital protection certificate. This allows direct participation in the global opportunities for growth with 100% protection while at the same time improving the risk/return profile. The returns on commodities are largely independent of those on equities or bonds. What is more, the asset class can be used to hedge against both inflation and currency and geopolitical risks. Gold in particular plays an important role in times of volatile and uncertain markets.<\/p>\n<h3>\u2026 and the chance of unlimited gains<\/h3>\n<p>Issued by EFG International Finance, which has a long-term rating of \u201cA\u201d (Fitch), the capital protection certificate also offers unlimited upward participation alongside full capital protection. No matter how high the price of the Bloomberg Commodity Index rises during the three-year term of the product, holders will participate 1:1 on maturity.<\/p>\n<h3>Capital Protection Certificate with Participation<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1349996681\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;capitalProtection&quot;,&quot;underlying&quot;,&quot;participation&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2024/commodities-investments?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"commodities-investments","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/commodities+investments_leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/commodities+investments_leonteq-structured-products-thumbnail.jpg"},{"date":"2024-05-29T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/xiaomi_product-homepage-banner.jpg","subTitle":"From mobile phones to electric cars","windowTitle":"Xiaomi","category":"underlying-in-focus","title":"Xiaomi","body":"<p>The battle for the smartphone crown is currently hotting up. While Apple was able to topple Korean manufacturer Samsung from the throne in 2023, the latter reclaimed it in the first quarter. However, this is only due to the fact that the sales curve for the Asians fell less steeply than for the Americans. Meanwhile, the number three in the world is catching up. Unlike the leading duo, Xiaomi sold more cell phones. Compared to the previous year, sales increased by a whopping 34% to 40.8 million units. But the Chinese are not only stepping on the gas when it comes to smartphones, demand for their brand new e-car is also so high that the electronics manufacturer raised its sales forecast for this year a few days ago.<\/p>\n<div>\n<generic-chart title=\"Xiaomi: Global market share smartphones\">\n      <x-axis categories=\"Samsung,Apple,Xiaomi,Transsion,OPPO\"/>\n      <chart-column title=\"Market share in %\" data=\"20.8,17.3,14.1,9.9,8.7\" format=\"number\"/>\n    <\/generic-chart>\n<\/div>\n<footer>Source: IDC<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>From 0 to 100<\/h3>\n<p>There has been speculation about smartphone manufacturers building cars for years, most of it centered around Apple. However, the management now seems to have pulled the plug on the project, which according to media reports bears the code name \"Titan\". In February, Bloomberg and the Wall Street Journal both reported the end of the Apple car. Even though many skeptics gave the iCar little chance due to the logistical challenges, long development cycles and lower margins, Xiaomi has proven that a smartphone manufacturer can also build motor vehicles. Company founder Lei Jun presented his first electric car, the SU7, at the motor show in China at the end of April. In the first month, 10,000 units were produced and just over half have already been delivered to customers - a record for the launch of a newly introduced brand.<\/p>\n<p>Demand has recently increased to such an extent that the Group has just had to raise its delivery forecast. This year, 120,000 vehicles are now to be handed over to customers instead of the previously targeted 100,000. In order to achieve this, the industry newcomer will introduce a double shift in production from June. When fully expanded, the highly automated factory in Beijing should be able to produce an SU7 every 76 seconds. Speed is also important to CEO Lei Jun for the sports sedan: the most powerful model accelerates from 0 to 100 km/h in just 2.78 seconds. Xiaomi also promises that it can be recharged for 390 kilometers in just 10 minutes.<\/p>\n<p>Even though 54-year-old Jun is still at the very beginning with his electric car, he has big plans. The aim is to achieve 100% automated processes in production, which in turn will reduce manufacturing costs. In addition, the factory in China's capital should later be able to build up to 300,000 vehicles a year. In the long term, the entrepreneur has even set himself the goal of becoming one of the top 5 car manufacturers in the world. New models such as an SUV, which is expected to be launched next year, will contribute to this.<\/p>\n<h3>Popular smartphones...<\/h3>\n<p>While there is a lot of promise for the future in the car business, the market is initially continuing to focus on smartphone sales, which still account for the majority of revenue. In the first three months of this year, these increased by 27% to CNY 75.5 billion (USD 10.4 billion) thanks to strong sales, whereas analysts had only expected CNY 73.3 billion. Xiaomi also performed better than expected on the earnings side. At CNY 6.49 billion, adjusted net profit exceeded average estimates by just over 30%. According to market researcher IDC, Xiaomi's global market share increased to 14.1%. There was also growth in China, the largest market for the Chinese smartphone business. According to market researcher Counterpoint, deliveries there increased by 8.6%. Xiaomi also recorded dynamic growth in IoT and lifestyle products, its second-largest business segment to date. The segment grew by a good fifth in the first quarter. The gross profit margin soared by 4.1 percentage points to a new record of 19.9%. From the current financial period, Xiaomi will now also report its car business separately.<\/p>\n<div>\n<generic-chart title=\"Xiaomi: Share price (in HKD)\">\n      <chart-line title=\"Xiaomi\" path=\"chart_xiaomi.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Reuters, as of 28.05.2024<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>...valued share<\/h3>\n<p>The latest developments and news from Xiaomi have been well received on the capital market. Market capitalization has increased by 75% in the past 12 months, reaching a new 3-year high. Analysts even see further potential and have given the stock a \"buy\" rating. However, the share recently corrected significantly after the rally. The share has lost around 10% since its interim high in mid-May.<\/p>\n<h3>Partially protected yield hunt<\/h3>\n<p>Such a breather is not surprising after the strong price rally. With the two new soft-callable barrier reverse convertibles on Xiaomi, investors can take advantage of this phase to achieve attractive returns even when prices are stagnating. The details at a glance: Both securities, which are offered in CHF and USD, come with a comfortable risk buffer of 41%. This means that as long as the underlying does not touch the barrier at 59% of the starting value, the BRC achieves the maximum return. This amounts to 8.00% p.a. for the CHF variant, while the USD counterpart even offers the prospect of a quarterly coupon payment of 12.00% p.a.. Due to the soft callable function, the maximum term of the two products can be reduced from one and a half years to a maximum of six months.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1349982368\\&quot; \\&quot;CH1349982376\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-xiaomi","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/xiaomi_sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/xiaomi_thumbnail.jpg"},{"date":"2024-05-22T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/walstreetbets_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Surfing the meme wave","windowTitle":"Robinhood","category":"coupon-giant","title":"Robinhood","body":"<p>The fact that group dynamics, social influences and collective emotions can influence the behavior of the masses is not an uncommon phenomenon on the stock markets. Starting with the tulip mania in the 17th century, mass hysteria arrived in 2021 with the \"meme stocks\". Back then, financial analyst and YouTuber Keith Gill triggered a rally among gambler stocks with his posts about GameStop, which even shook Wall Street. A few days ago, Gill resurfaced and a simple post was enough to prove the \"power of the community\" once again. Stocks such as AMC and GameStop literally exploded. The question of how sustainable the revival of meme stocks is is irrelevant for the Robinhood trading platform. Either way, the neobroker benefits from the increased activity.<\/p>\n<h3>Young player...<\/h3>\n<p>Robinhood was already at the center of the meme frenzy in 2021. More trades mean more transactions and even though the company does not charge direct trading fees, it earns money through payment for order flow. In addition, not only did the customer base expand considerably, but the platform's reach also increased. With the IPO in mid-2021 at the latest, the brand became world-famous and an important player in the online brokerage market.<\/p>\n<div><generic-chart title=\"Robinhood: Quarterly sales (in USDmn)\"> <x-axis categories=\"Q1/20,Q2/20,Q3/20,Q4/20,Q1/21,Q2/21,Q3/21,Q4/21,Q1/22,Q2/22,Q3/22,Q4/22,Q1/23,Q2/23,Q3/23,Q4/23,Q1/24\"> <chart-column title=\"Sales (in USDmn)\" data=\"128,244,270,318,522,565,365,363,299,318,361,380,441,486,467,471,618\" format=\"number\"><\/chart-column> <\/x-axis><\/generic-chart><\/div>\n<footer>Source: Robinhood<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>...volatile business performance<\/h3>\n<p>After the end of the earlier meme rally, however, the company's turnover came under pressure for the first time. The interim low point was reached with revenue of USD 299 million in the first quarter of 2022. The curve then curved upwards again. One year later, it was already USD 441 million and the start-up achieved new record figures at the start of 2024. Net sales rose by 40% to USD 618 million from January to March, while profit was put at USD 157 million or 18 cents per share. By comparison, the company reported a loss of USD 511 million in the same quarter of the previous year. The current result was also three times higher than analysts had expected on average.<\/p>\n<h3>Nervousness peps up conditions<\/h3>\n<p>The main reason for the strong opening quarter was the high demand for cryptocurrencies. Among other things, the approval of the first spot Bitcoin ETFs in the US in January boosted sentiment. Turnover in this asset class more than tripled to USD 126 million in the reporting period. However, trading in equities and options also performed well thanks to hopes of a soft landing for the US economy. In this area, the Californians achieved 59% higher transaction-based revenues. Meanwhile, the number of monthly active users almost reached a two-year high.<\/p>\n<p>According to CFO Jason Warnick, the momentum continued in the second quarter despite some uncertainty about the timing of the first interest rate cut. Subscriber growth for Robinhood Gold, the company's paid service, also continues to be tremendous. \"The 260,000 Gold subscribers we added in Q1 was the fastest in the past three years.,\" enthuses Vlad Tenev, CEO and co-founder of Robinhood. At the end of March, Robinhood even announced a credit card exclusively for Gold subscribers, which will offer several benefits such as 3% cashback. According to the company, over 1 million people have already signed up to the Gold Card waiting list.<\/p>\n<div>\n    <generic-chart title=\"Robinhood: Share price (in USD)\"> \n        <chart-line title=\"Robinhood\" path=\"chart_robinhood.csv\" format=\"date, number\" color=\"#f7a824\"><\/chart-line> \n        <x-axis type=\"datetime\"><\/x-axis> \n    <\/generic-chart>\n<\/div>\n<footer>Source: Reuters, as at 21.05.2024<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<p>Robinhood's share price initially rose dynamically following the positive news, then reversed course before heading upwards again shortly afterwards. This high volatility could be related to the ongoing SEC investigation into the company's crypto business, which threatens to cloud the future prospects of this source of income. However, the valuation generally does not seem to leave much room for upward movement either. After a share price increase of more than 40% this year, the consensus rating is \"hold\" with an average price target of USD 19.50. This corresponds to a downside potential of around 6%.<\/p>\n<h3>High yields, low barriers<\/h3>\n<p>By contrast, a high positive return is possible with the new soft-callable barrier reverse convertibles on Robinhood. With a maximum term of 18 months - the first soft call observation date takes place after six months - the BRC on a CHF basis offers a guaranteed coupon of an attractive 15% p.a. With the USD version, a maximum interest rate of 19% p.a. is even possible. Unlike a direct investment, which only yields a profit if the share price rises, the Robinhood share may even fall with the two BRCs. It is important that the underlying does not touch the barrier. In both cases, this is set at a low 49% of the initial level.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;CH1349980776,CH1349980784&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>\n<\/pnach><\/div>","url":"coupon-robinhood","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/walstreetbets_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/walstreetbets_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-05-17T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/longevity_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"ETP on Longevity Index","windowTitle":"Longevity","category":"etp","title":"Age offers opportunities","body":"<h3>Pop classic and mega-trend<\/h3>\n<p>\u201cForever young\u201d was one of the great pop classics of the 1980s. While this song by the German band Alphaville was less about the desire for eternal youth than the threat posed at the time by the Cold War, when they hear the hit published 40 years ago many listeners are likely to reminisce about their youth and long for a return to those days. \u201cForever young\u201d \u2013 these words go far beyond the music and the daydreams associated with it. An entire sector of industry is now addressing the question of how to achieve a life that is as long and healthy as possible. Longevity is increasingly emerging as a global mega-trend. Part of the sector is devoted to products and services aimed at increasing the chances of reaching a great age through the early adoption of a healthy lifestyle. Another segment contains companies whose strategies are targeted directly at improving life expectancy.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2024/longevity?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<h3>New themed index<\/h3>\n<p>The second of these is the focus of the new Solactive Longevity Index. This stock market barometer represents companies that are among the potential beneficiaries of a world that is populated by more and more older people. The index\u2019s selection universe includes the economic sectors of genomics, medical technology & robotic surgery, telemedicine & accessible healthcare, medical imaging and age-related diseases. From a regional perspective, only companies from developed economies are eligible for inclusion. They must also have a market capitalisation of at least USDmn 100 and an average daily trading volume of at least USDmn 3 over a period of three months.<\/p>\n<div><price-chart isin=\"CH1292088973\"><\/price-chart><\/div>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[&quot;PC_PARTICIPATION&quot;],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[&quot;PT_TRACKER_ETP&quot;],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[&quot;186353430&quot;],&quot;omni&quot;:&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:false,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:true},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>Systematic selection process<\/h3>\n<p>The investment universe is first sifted with ARTIS®, a language-based algorithm. In the next step, every company identified is given a score that reflects its affiliation to the sectors of industry already mentioned. Every single company is then analysed again to ensure that it actually fits the theme of the index. The remaining shares are allocated to the stated sectors and the final selection is made on the basis of the score achieved. Up to 30 shares can be included in the Solactive Longevity Index. Its composition is reviewed every six months, followed ten days later by a rebalancing in which the stocks are given the same weighting.<\/p>\n<h3>A broad mix<\/h3>\n<p>There are 30 companies in the starting line-up of the Solactive Longevity Index. These include both well-known large caps and some smaller listed companies. Among the smaller ones is Crispr Therapeutics. The Zug-based biotech firm specialises in gene editing and has been collaborating with Vertex Pharmaceuticals, an industry heavyweight also featured in the index, for a number of years. Illnesses related to age are among the core areas of expertise of Eli Lilly. At the end of 2023, the pharmaceuticals group entered into a partnership with Fauna Bio worth almost USDmn 500. This company uses artificial intelligence (AI) to analyse data from people and mammals for the development of drugs. Eli Lilly would like to use this method to research preparations to combat obesity, regarded as a key determining factor in longevity, which is why Novo Nordisk has made it into the Solactive Longevity Index. The Scandinavians have a real blockbuster in their armoury with the weight-loss drug Wegovy.<\/p>\n<h3>Robust investment access<\/h3>\n<p>Leonteq has launched an ETP+ to enable investment in the new themed index. The product tracks the underlying without any term limit and can be traded on the SIX Swiss Exchange and the BX Swiss. In addition to direct participation in the Solactive Longevity Index, investors can thus be confident of high liquidity in stock market trading. The structure of the Exchange Traded Product (ETP) also comes with a \u201c+\u201d in benefits, as Leonteq deposits a pledge with SIX SIS AG for every ETP+. The depositary agent ensures that investors have access to these funds in the event of the issuer becoming insolvent. Measures are also taken to ensure that the collateral is sufficiently large: SIX Repo AG undertakes a daily review and valuation of the securities. Despite this robust structure, the ETP+ comes with an administration charge of just 0.50% p.a. Investors can choose between CHF and USD as the trading currency. Please note that there is no currency hedging for either of these options.<\/p>\n<h3>ETP+ on Solactive® Longevity NTR Index: Current Composition<\/h3>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;LANTHEUS HOLDINGS INC&quot;,&quot;weight&quot;:0.03765191},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;GE HEALTHCARE TECHNOLOG-W/I&quot;,&quot;weight&quot;:0.02474662},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ABBOTT LABORATORIES&quot;,&quot;weight&quot;:0.02786217},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;NANOBIOTIX SA&quot;,&quot;weight&quot;:0.04036185},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;MEDTRONIC PLC&quot;,&quot;weight&quot;:0.02693637},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;DEXCOM INC&quot;,&quot;weight&quot;:0.03457125},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;MARAVAI LIFESCIENCES HLDGS-A&quot;,&quot;weight&quot;:0.06552247},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;STRYKER CORP&quot;,&quot;weight&quot;:0.02388728},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;INTUITIVE SURGICAL INC&quot;,&quot;weight&quot;:0.02092697},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;UFP TECHNOLOGIES INC&quot;,&quot;weight&quot;:0.04065362},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;HIMS &amp; HERS HEALTH INC&quot;,&quot;weight&quot;:0.06173975},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;CRISPR THERAPEUTICS AG&quot;,&quot;weight&quot;:0.02719242},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;NOVO NORDISK A/S-B&quot;,&quot;weight&quot;:0.03583384},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;TEMPUS AI INC&quot;,&quot;weight&quot;:0.03521813},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;BIOGEN INC&quot;,&quot;weight&quot;:0.03144237},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;RADNET INC&quot;,&quot;weight&quot;:0.03105566},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;KESTRA MEDICAL TECHNOLOGIES&quot;,&quot;weight&quot;:0.03294797},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;JOHNSON &amp; JOHNSON&quot;,&quot;weight&quot;:0.03040439},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ELI LILLY &amp; CO&quot;,&quot;weight&quot;:0.03335739},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;EDITAS MEDICINE INC&quot;,&quot;weight&quot;:0.03760195},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;OPTIMIZERX CORP&quot;,&quot;weight&quot;:0.0295481},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;PFIZER INC-REG&quot;,&quot;weight&quot;:0.0289536},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;MICROBOT MEDICAL INC&quot;,&quot;weight&quot;:0.01739622},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;LIFEMD INC&quot;,&quot;weight&quot;:0.03456594},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;TELADOC HEALTH INC&quot;,&quot;weight&quot;:0.0347172},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;NANO-X IMAGING LTD&quot;,&quot;weight&quot;:0.01050705},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;BETA BIONICS INC&quot;,&quot;weight&quot;:0.04339816},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;TELIX PHARMACEUTICALS LTD&quot;,&quot;weight&quot;:0.04888241},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;IRHYTHM TECHNOLOGIES INC&quot;,&quot;weight&quot;:0.02692366},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;KONINKLIJKE PHILIPS NV&quot;,&quot;weight&quot;:0.02519329}]\"><\/AmcComposition>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2024/longevity?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"longevity","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/longevity_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/longevity_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-05-15T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/barrick_gold_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"On the trail of the precious metal","windowTitle":"Barrick Gold","category":"underlying-in-focus","title":"Barrick Gold","body":"<p>Jamaica is sitting on a gold treasure. This is supported by the findings of Geophysx Jamaica. The company has been searching for mineral resources on the Caribbean island for six years. After the exploration experts made a find, Geophysx teamed up with Barrick Gold. A joint venture will operate mining operations on a total of 4,000 square kilometres. Provided predefined operational milestones are reached and Barrick meets certain payment obligations, the mining giant will receive a share of up to 80% of the new mining sites. The Canadians are confident of success. They compare the geological conditions in Jamaica with those in the Dominican Republic.<\/p>\n<h3>Ambitious expansion plans<\/h3>\n<p>On the much larger island to the east, Barrick Gold holds a 60% stake in the Pueblo Viejo mine. In 2023, a total of 559,000 ounces of gold were mined there from two open pits. The industry giant wants more and is expanding \"Pueblo Viejo\". The aim is to increase the annual mining volume to more than 800,000 gold ounces. The largest operating site of the group, which is active on 4 continents in 18 countries, is in the USA. Barrick owns 61.5% of Nevada Gold Mines. The company produced more than 3 million ounces there last year in open-cast and underground mines. The capacities of this, the world's largest gold mine in individual terms, are also to be increased. The overarching goal is clear: by the end of the decade, Barrick Gold wants to increase total production - which includes copper as well as gold - by 30% relative to 2023. \"Our focus on exploration has put Barrick in a unique position to more than replace the reserves we mine year after year,\" explained CEO Mark Bristow recently. In fact, the Group's total proven and probable reserves have increased moderately since 2019 to 105 million ounces of gold equivalent recently, despite mining an average of more than 5 million ounces per year during this time.<\/p>\n<div>\n<generic-chart title=\"Barrick Gold: Proven and probable reserves (in million gold equivalent ounces)\">\n      <x-axis categories=\"2019,2020,2021,2022,2023\"/>\n      <chart-column title=\"Reserves\" data=\"102,97,98,104,105\" format=\"number\"/>\n    <\/generic-chart>\n<\/div>\n<footer>Source: Barrick Gold, as at May 2024<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Solid start to the year<\/h3>\n<p>In 2023, Barrick's gold and copper production shrank slightly compared to the previous period. At the same time, the company had to contend with rising costs. All-in sustaining costs (AISC) of USD 1,335 were incurred per ounce of gold. Compared to 2022, this key figure, which is highly regarded in the sector, has therefore risen by a good 9%. The rising gold price was not enough to offset cost inflation. On average, Barrick generated USD 1,986 per troy ounce sold, \"only\" 3% more than in the previous year. Consequently, operating profit (Ebidta level) stagnated at just over USD 1 bn in 2023. In the first quarter of 2024, the record hunt for precious metals increasingly played into the company's hands. At USD 2,075, the average realized price for an ounce of gold was 9.1% higher than at the start of 2023. AISC rose by 7.6%. Thanks to this discrepancy, the North Americans were able to increase their operating result by 6.6% to USD 907 million.<\/p>\n<div>\n<generic-chart title=\"Barrick Gold: Share price (in USD)\">\n      <chart-line title=\"Barrick Gold\" path=\"chart_barrick.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Reuters, as at 14.05.2024<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Yield in a sideways trend<\/h3>\n<p>CEO Mark Bristow maintained the forecast for 2024. Among other things, the manager, who has been at the helm of the Group for five years, expects to produce up to 4.3 million ounces of gold. Bristow estimates the AISC at a range of USD 1,320 to USD 1,420 per gold ounce. Investments of between USD 2.5 and USD 2.9 billion are planned for the maintenance and expansion of gold and copper production. By way of comparison, capital expenditure in 2023 amounted to USD 2.36 bn. Neither the rising gold price nor better-than-expected quarterly figures were able to change the technical chart constellation of the Barrick share. The mining stock has been in an overarching sideways trend since mid-2022. With a new soft-callable Barrier Reverse Convertible (BRC), investors can bet that Barrick will continue to tread water. This new issue pays a coupon of 8.00% p.a. in the product currency CHF. The allocation in USD results in the quarterly distribution rising to 12.00% p.a. Irrespective of the BRC currency, the barrier is 69% of the initial fixing. This means that the underlying would have to fall to less than USD 12 in New York trading in order to jeopardize the full repayment of the nominal. Barrick has not traded below this level for five years. Leonteq is the issuer of the new BRCs. Please note the soft callable feature. It enables early termination and redemption of the product presented.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1505579750\\&quot;\\&quot;CH1505579800\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1349978390\\&quot; \\&quot;CH1349978382\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-barrick-gold","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/barrick_gold_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/barrick_gold_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-05-08T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/kakao_leonteq-structured-products_corporate+homepage.jpg","subTitle":"Chocolate raw material in turbulence","windowTitle":"Cocoa","category":"coupon-giant","title":"Cocoa","body":"<p>Chocolate is a popular luxury food that is produced in a wide variety of recipes and forms. In view of the recent price trend for the raw material for chocolate, the impression could arise that this treat is mutating into a luxury item. Since the turn of the year, the price of a tonne of cocoa has more than doubled. At one point, the next futures contract on the Intercontinental Exchange (ICE) was trading at almost three times the closing price in 2023. After the contract reached an all-time high of USD 12,261 per tonne in mid-April, the price turned downwards. The setback comes as no surprise given the previous rally. However, little has changed in terms of the fundamental drivers of the rally: The bean filled with the seeds used to make cocoa butter is in danger of running out.<\/p>\n<div>\n<generic-chart title=\"Kakao: Production vs. Grindings (in 1'000t); Storage/ Grindings Ratio (in %)\">\n      <x-axis categories=\"2013/14,2014/15,2015/16,2016/17,2017/18,2018/19,2019/20,2020/21,2021/22,2022/23,2023/24e\"/>\n      <chart-column title=\"Production\" data=\"4370,4252,3994,4768,4647,4811,4752,5245,4826,4996,4449\" format=\"number\"/>\n      <chart-column title=\"Grindings\" data=\"4335,4152,4133,4391,4576,4742,4685,4949,4994,5020,4779\" format=\"number\"/>\n      <chart-line title=\"Storage/ Grindings Ratio\" data=\"35.6,38.5,34.4,39.9,38.8,37.9,38.7,41.6,36.9,35.2,29.2\" format=\"number\" yAxisRight=\"true\"/>\n    <\/generic-chart>\n<\/div>\n<footer>e = expected, source: ICCO Quarterly Bulletin of Cocoa Statistics, Vol. L, No. 1, Cocoa year 2022/23, as at: 29.02.2024<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Marked undersupply<\/h3>\n<p>In a forecast presented at the end of February, the International Cocoa Organization (ICCO) assumes that 4,449 tonnes of cocoa beans will be harvested worldwide in the 2023/24 cocoa year (as at 30 September). This means that a good tenth less of the chocolate raw material will be available to the market than in the previous period. Although the organization also expects a 4.8% decline in grinding, the amount of cocoa processed is likely to significantly exceed supply at just under 4.8 million tonnes. The deficit could therefore increase by around 300,000 tonnes to 374,000 tonnes compared to 2022/23. At the same time, less than 30% of the cocoa milled within 12 months would be available as stocks at the end of the current marketing year (see chart). As with other agricultural commodities, the El Niño weather phenomenon is wreaking havoc on cocoa plantations. The trees are also affected by diseases. The oval bean is grown in regions around 15 degrees north and south of the equator. This is where the optimal tropical conditions for this plant prevail - actually. In the wake of El Niño, there was no rain.<\/p>\n<h3>Uncertain outlook<\/h3>\n<p>No factor can reduce the cocoa yield as much as a lack of water. The two most important suppliers, Côte d'Ivoire and Ghana, in particular, had to contend with drought. As a result, harvest volumes in West Africa are declining. While the ICCO anticipates a decline of a good 11% for Ghana in the 2023/24 cultivation period, it expects yields in Côte d'Ivoire to be almost a fifth lower. This outlook is unlikely to change much, as the main harvest has already been harvested. Farmers, analysts and chocolate manufacturers are already looking ahead. Whether the supply situation improves in the 2024/25 marketing year depends crucially on the weather. It should not rain too heavily during the current flowering phase. The pods then form, where drought can have a particularly negative impact. As soon as the cocoa beans ripen, excessive rain is harmful. It can trigger diseases. But it should not be too dry either.<\/p>\n<div>\n<generic-chart title=\"Cocoa: Price (in USD/t)\">\n      <chart-line title=\"Cocoa\" path=\"chart_cocoa.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Reuters, as at: 07.05.2024<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Nervousness peppers the conditions<\/h3>\n<p>The ICCO will present its revised outlook at the end of May. The picture for the current cultivation period should then become clearer. What is certain is that the recent fluctuations in the cocoa price have led to a significant increase in volatility. On a one-month horizon, the price fluctuation margin of the next futures contract due is more than 70%. By comparison, the historical volatility of Brent North Sea oil for this period is less than 20%. Investors can take advantage of the nervousness on the cocoa market with a \"writer strategy\". They act as de facto sellers of volatility. This approach can be implemented with the help of a soft callable barrier reverse convertible. The USD-denominated structured product pays a coupon of 12.40% p.a. regardless of the further performance of the cocoa futures. The barrier is a low 55% of the initial fixing. As the BRC is structured with a European option, the protection threshold is not tested until the expiry date. It is then important for the underlying to be above the barrier. What the commodity price does until then is irrelevant. Important: The strong price fluctuations are accompanied by a correspondingly increased risk of the barrier being breached. This risk is compensated for by the particularly attractive conditions. Please also note that early termination and redemption of this issue is possible due to the soft callable feature.<\/p>\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1336246181\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;barrierType&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-cocoa","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/kakao_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/kakao_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-05-06T14:04","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/cryptocurrencies_render_leonteq-structured-products_product+website.jpg","subTitle":"34 crypto assets tradable via Leonteq","windowTitle":"Render","category":"crypto-assets","title":"About Render","body":"<p><strong>The Render network offers rendering services through blockchain, granting access to high-performance rendering for graphics and animations. It allows users to render complex graphics or animations cost-effectively. It utilizes RNDR tokens for transactions and incentivizes users to contribute computing power, rewarding them accordingly.<\/strong><\/p>\n<h3>Investment solution on Render - not listed<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[&quot;PC_PARTICIPATION&quot;],&quot;productGroups&quot;:[&quot;PG_TRACKER_CERTIFICATE&quot;],&quot;productTypes&quot;:[&quot;PT_TRACKER_CERTIFICATE&quot;],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[&quot;187409798&quot;],&quot;omni&quot;:&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:false,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:true},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;conversionRatio&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Conversion Ratio: 1<\/li>    \n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/investment-themes/crypto-expansion?language_id=1\" label=\"Click here to access the full product range on cryptocurrencies.\"> <\/ltq-button><\/div>\n<h5>Risk disclosure<\/h5>\n<p>Investments in products referencing one or more cryptocurrencies or indices of cryptocurrencies are subject to increased volatility compared to investments in traditional assets and to specific risks which can negatively impact the value, tradability,liquidity and/or security of such investments. Potential Investors are encouraged to inform themselves about these specific risks when considering an investment in products referencing one or more cryptocurrencies or indices of cryptocurrencies. A summary of key risks relating to products referencing one or more cryptocurrencies or indices of cryptocurrencies can be found <strong> <a href=\"https://structuredproducts-ch.leonteq.com/crypto-disclaimer\">here<\/a><\/strong>.<\/p>","url":"render","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/cryptocurrencies_render_leonteq-structured-products_sidenav.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/cryptocurrencies_render_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-05-06T14:28","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/cryptocurrencies_lido_dao_leonteq-structured-products_product+website.jpg","subTitle":"34 crypto assets tradable via Leonteq","windowTitle":"Lido DAO","category":"crypto-assets","title":"About Lido DAO","body":"<p><strong>Lido.fi is a leading provider of liquid staking solutions, offering a platform that allows users to stake their assets while maintaining liquidity. The Lido DAO, functioning as a decentralized autonomous organization, plays a pivotal role in determining crucial upgrades and parameters for liquid staking protocols. This decision-making process relies on the governance token, LDO, with holders exercising voting power to influence the platform's direction and functionality.<\/strong><\/p>\n<h3>Investment solution on Lido DAO - not listed<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[&quot;PC_PARTICIPATION&quot;],&quot;productGroups&quot;:[&quot;PG_TRACKER_CERTIFICATE&quot;],&quot;productTypes&quot;:[&quot;PT_TRACKER_CERTIFICATE&quot;],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[&quot;187408864&quot;],&quot;omni&quot;:&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:false,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:true},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;conversionRatio&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Conversion Ratio: 10<\/li>    \n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/investment-themes/crypto-expansion?language_id=1\" label=\"Click here to access the full product range on cryptocurrencies.\"> <\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>\n<h5>Risk disclosure<\/h5>\n<p>Investments in products referencing one or more cryptocurrencies or indices of cryptocurrencies are subject to increased volatility compared to investments in traditional assets and to specific risks which can negatively impact the value, tradability,liquidity and/or security of such investments. Potential Investors are encouraged to inform themselves about these specific risks when considering an investment in products referencing one or more cryptocurrencies or indices of cryptocurrencies. A summary of key risks relating to products referencing one or more cryptocurrencies or indices of cryptocurrencies can be found <strong> <a href=\"https://structuredproducts-ch.leonteq.com/crypto-disclaimer\">here<\/a><\/strong>.<\/p>","url":"lido-dao","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/cryptocurrencies_lido_dao_leonteq-structured-products_sidenav.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/cryptocurrencies_lido_dao_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-05-06T14:52","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/cryptocurrencies_the_graph_leonteq-structured-products_product+website.jpg","subTitle":"34 crypto assets tradable via Leonteq","windowTitle":"The Graph","category":"crypto-assets","title":"About The Graph","body":"<p><strong>The Graph token serves as the backbone of The Graph network, enabling decentralized indexing and querying of blockchain data for efficient data retrieval. GRT holders participate in decision-making for network upgrades and protocol adjustments. Additionally, they contribute to the network's security by staking tokens, thereby ensuring the integrity and reliability of indexed data, while also earning rewards for their contributions to data validation and indexing efforts.<\/strong><\/p>\n<h3>Investment solution on The Graph - tradable on BX Swiss<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[&quot;PC_PARTICIPATION&quot;],&quot;productGroups&quot;:[&quot;PG_TRACKER_CERTIFICATE&quot;],&quot;productTypes&quot;:[&quot;PT_TRACKER_CERTIFICATE&quot;],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[&quot;187409343&quot;],&quot;omni&quot;:&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:false,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:true},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;conversionRatio&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Conversion Ratio: 100<\/li>    \n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/investment-themes/crypto-expansion?language_id=1\" label=\"Click here to access the full product range on cryptocurrencies.\"> <\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>\n<h5>Risk disclosure<\/h5>\n<p>Investments in products referencing one or more cryptocurrencies or indices of cryptocurrencies are subject to increased volatility compared to investments in traditional assets and to specific risks which can negatively impact the value, tradability,liquidity and/or security of such investments. Potential Investors are encouraged to inform themselves about these specific risks when considering an investment in products referencing one or more cryptocurrencies or indices of cryptocurrencies. A summary of key risks relating to products referencing one or more cryptocurrencies or indices of cryptocurrencies can be found <strong> <a href=\"https://structuredproducts-ch.leonteq.com/crypto-disclaimer\">here<\/a><\/strong>.<\/p>","url":"the-graph","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/cryptocurrencies_the_graph_leonteq-structured-products_sidenav.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/cryptocurrencies_the_graph_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-05-06T14:39","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/cryptocurrencies_immutable_leonteq-structured-products_product+website.jpg","subTitle":"34 crypto assets tradable via Leonteq","windowTitle":"Immutable","category":"crypto-assets","title":"About Immutable","body":"<p><strong>The Immutable X protocol is a scaling solution built on Ethereum, specializing in non-fungible tokens (NFTs). It offers fast, gas-efficient transactions while maintaining the security and decentralization of the Ethereum blockchain. IMX is mainly used for transaction fees (costs associated with minting, trading, and transferring NFTs) and governance purposes.<\/strong><\/p>\n<h3>Investment solution on Immutable - not listed<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[&quot;PC_PARTICIPATION&quot;],&quot;productGroups&quot;:[&quot;PG_TRACKER_CERTIFICATE&quot;],&quot;productTypes&quot;:[&quot;PT_TRACKER_CERTIFICATE&quot;],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[&quot;187409810&quot;],&quot;omni&quot;:&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:false,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:true},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;conversionRatio&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Conversion Ratio: 10<\/li>    \n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/investment-themes/crypto-expansion?language_id=1\" label=\"Click here to access the full product range on cryptocurrencies.\"> <\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>\n<h5>Risk disclosure<\/h5>\n<p>Investments in products referencing one or more cryptocurrencies or indices of cryptocurrencies are subject to increased volatility compared to investments in traditional assets and to specific risks which can negatively impact the value, tradability,liquidity and/or security of such investments. Potential Investors are encouraged to inform themselves about these specific risks when considering an investment in products referencing one or more cryptocurrencies or indices of cryptocurrencies. A summary of key risks relating to products referencing one or more cryptocurrencies or indices of cryptocurrencies can be found <strong> <a href=\"https://structuredproducts-ch.leonteq.com/crypto-disclaimer\">here<\/a><\/strong>.<\/p>","url":"immutable","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/cryptocurrencies_immutable_leonteq-structured-products_sidenav.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/cryptocurrencies_immutable_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-05-03T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rebalancing_fuw50_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"ETP+ on the FuW Swiss 50 Index","windowTitle":"FuW Swiss 50 Index: Time for a spring-clean","category":"etp","title":"Diversification and a \"+\" in securitiy","body":"<h3>Uncomfortable month<\/h3>\n<p>In 2024 April certainly lived up to its meteorological reputation, with considerable temperature fluctuations as well as showers of rain, snow and sleet. On the stock market too, it was an uncomfortable month following a strong first quarter. Geopolitical tensions along with doubts about the turnaround in interest rates dampened the markets, while profit-taking in technology stocks, which had previously performed especially well, did the rest. This correction was also felt by the FUW Swiss 50 Index. Designed by \"Finanz und Wirtschaft\" magazine (FuW), this benchmark contains the 50 biggest listed companies in Switzerland as measured by their free-float capitalisation. \"FuW developed this index because the SMI published by the stock exchange is not a good indicator of the Swiss economy from the point of view of an investor,\" said the editors when explaining the idea behind this barometer.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2024/fuw-swiss-50-rebalancing?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<h3>Dividend on début<\/h3>\n<p>The FUW Swiss 50 Net Total Return Index went live on 18 August 2022. In the good 20 months that have elapsed since then, the select 50 have performed about 400 basis points better than the SMI in its total return variant. Almost a third of the 12.3% increase in value achieved since the launch can be attributed to the dividends of the companies included. The deadline for receiving this year's profit share from Sandoz is 3 May. The generics manufacturer is returning to the FuW Swiss 50 Index one day beforehand \u2013 just in time, then, for the distribution to be reinvested in this position. The Novartis spin-off brings plenty of momentum to go with the dividend: Sandoz recently received EU approval for the biosimilar Pyzchiva (ustekinumab). The generic drug can now be used as a biological therapy in the fields of gastroenterology, dermatology and rheumatology. Sandoz described the approval as an important step in driving its growth strategy. Investors appear to take the same view, with the share climbing to an all-time high following the announcement.<\/p>\n<div><price-chart isin=\"CH1171791820\"><\/price-chart><\/div>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1171791820\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>Modest start, positive outlook<\/h3>\n<p>In March Comet reached its highest level since the start of 2022, when the mid cap was riding the wave of AI enthusiasm. As a supplier to the semiconductor industry, the industrial group is regarded as a potential beneficiary of the growing importance of artificial intelligence. The hype at the turn of the year has not yet been reflected in the figures, after Comet reported a 24.8% drop in revenue for the first quarter to CHFmn 80.9. Its management has spotted signs of improvement, though, with the book-to-bill ratio, for instance, standing at 1.09 in the first quarter. This means that orders were higher than sales. Comet also sees the increased utilisation of existing production capacities, falling inventories and rising selling prices for semiconductors as indicators of a recovery in the sector. Although the x-ray line is weakening, the Freiburg company is standing by its forecast: while sales are expected to reach between CHFmn 440 and 480, the board is targeting an EBITDA margin of 15% to 17% for the year as a whole. To compare, in 2023 income came to just under CHFmn 400, of which 11.3% remained in the operating result.<\/p>\n<div><generic-chart title=\"Chart: Fuw Swiss 50 TR Index vs. SMI TR Index (Performance, indexed to 100)\">\n <chart-line title=\"FuW Swiss 50 TR\" path=\"chart_fuw50_0524.csv\" format=\"date, number\"><\/chart-line> \n <chart-line title=\"SMI TR\" path=\"chart_smic_0524.csv\" format=\"date, number\"><\/chart-line> \n <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as of 02.05.2024<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Solid investment vehicle<\/h3>\n<p>One order is sufficient to add the FuW Swiss 50 Net Total Return Index in its entirety to a portfolio. Leonteq is enabling investment in the diversified benchmark for the Swiss equity market with an ETP+. This allows investors to take a position in a particularly robust product wrapper, a pledge being deposited with SIX SIS AG for the ETP+. The depositary agent gives investors access to these funds in the event of the issuer becoming insolvent. Measures are also taken to ensure that the collateral is sufficiently large: SIX Repo AG undertakes a daily review and valuation of the securities. Leonteq's balance sheet suggests there will be no need for the mechanism just outlined. At the end of 2023 the capital base \u2013 equity and deferred income \u2013 totalled almost CHFmn 840. Leonteq Securities also boasts an investment grade rating (BBB, stable outlook) from the agency Fitch and is regulated by FINMA. Another \"+\" point of the ETP presented is Leonteq's long track record as an issuer of structured products.<\/p>\n<h3>Now also in the savings plan<\/h3>\n<p>As of now there is another ETP+ on the FuW Swiss 50 Net Total Return Index. Leonteq has joined forces with neon, a challenger of traditional Swiss banking, to launch the product in a smaller denomination. Whereas the original ETP+ is trading at approximately CHF 30, the price for the new issue is around CHF 6. It is important to bear in mind that this does not make the index itself any cheaper. Rather, the conversion ratio has been adjusted in order to push down the absolute price. Leonteq and neon are taking this step in order to make the FuW Swiss 50 Index eligible for savings plans. Investors can pay the desired sum in at regular intervals. In return they receive a certain number of ETP+s, depending on the price at the time. If the index is trading at a high level, relatively few are added to the portfolio. By the same token, savers buy a larger number when they are trading lower. Known as the cost-average effect, this allows the creation of an anticyclical portfolio where market timing plays a subordinate role. The new ETP+ on the FuW Swiss 50 Net Return Index is quoted on the BX Swiss.<\/p>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1292088809\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.calendar.issue_date.value&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>ETP+ auf den FuW Swiss 50 Index NTR: Current composition<\/h3>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SONOVA HOLDING AG-REG&quot;,&quot;weight&quot;:0.01725288},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;BARRY CALLEBAUT AG-REG&quot;,&quot;weight&quot;:0.01045188},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWATCH GROUP AG/THE-BR&quot;,&quot;weight&quot;:0.01303032},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;PSP SWISS PROPERTY AG-REG&quot;,&quot;weight&quot;:0.01153724},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;GALDERMA GROUP AG&quot;,&quot;weight&quot;:0.02719737},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;LINDT &amp; SPRUENGLI AG-PC&quot;,&quot;weight&quot;:0.0106363},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;CEMBRA MONEY BANK AG&quot;,&quot;weight&quot;:0.01075512},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;LONZA GROUP AG-REG&quot;,&quot;weight&quot;:0.02941942},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;FISCHER (GEORG)-REG&quot;,&quot;weight&quot;:0.01561733},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SGS SA-REG&quot;,&quot;weight&quot;:0.02763983},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWISSQUOTE GROUP HOLDING-REG&quot;,&quot;weight&quot;:0.01235295},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;UBS GROUP AG-REG&quot;,&quot;weight&quot;:0.03322193},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SANDOZ GROUP AG&quot;,&quot;weight&quot;:0.02852134},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ADECCO GROUP AG-REG&quot;,&quot;weight&quot;:0.01609506},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ALLREAL HOLDING AG-REG&quot;,&quot;weight&quot;:0.01129459},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;JULIUS BAER GROUP LTD&quot;,&quot;weight&quot;:0.03064488},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ALCON INC&quot;,&quot;weight&quot;:0.02449351},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;EMS-CHEMIE HOLDING AG-REG&quot;,&quot;weight&quot;:0.01500875},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;FLUGHAFEN ZUERICH AG-REG&quot;,&quot;weight&quot;:0.01125507},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWISS PRIME SITE-REG&quot;,&quot;weight&quot;:0.02328229},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWISS RE AG&quot;,&quot;weight&quot;:0.02604212},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;STRAUMANN HOLDING AG-REG&quot;,&quot;weight&quot;:0.01446048},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SIG COMBIBLOC GROUP&quot;,&quot;weight&quot;:0.01382773},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;TEMENOS GROUP AG-REG&quot;,&quot;weight&quot;:0.01337294},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;GEBERIT AG-REG&quot;,&quot;weight&quot;:0.02623217},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;HELVETIA BALOISE HOLDING AG&quot;,&quot;weight&quot;:0.02492086},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ROCHE HOLDING AG-GENUSSSCHEIN&quot;,&quot;weight&quot;:0.02958925},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SULZER AG-REG&quot;,&quot;weight&quot;:0.01100454},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;GIVAUDAN-REG&quot;,&quot;weight&quot;:0.02945157},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;NOVARTIS AG-REG&quot;,&quot;weight&quot;:0.02606234},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;AVOLTA AG&quot;,&quot;weight&quot;:0.01201636},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;MOBIMO HOLDING AG-REG&quot;,&quot;weight&quot;:0.01132193},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;HOLCIM LTD&quot;,&quot;weight&quot;:0.02584732},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ZURICH INSURANCE GROUP AG-REG&quot;,&quot;weight&quot;:0.02583185},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWISS LIFE HOLDING AG-REG&quot;,&quot;weight&quot;:0.0260574},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;GALENICA SANTE LTD&quot;,&quot;weight&quot;:0.01142755},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;KUEHNE &amp; NAGEL INTL AG-REG&quot;,&quot;weight&quot;:0.01503076},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;BANQUE CANTONALE VAUDOIS-REG&quot;,&quot;weight&quot;:0.0115821},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SCHINDLER HOLDING-PART CERT&quot;,&quot;weight&quot;:0.02404666},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;VAT GROUP AG&quot;,&quot;weight&quot;:0.02854461},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;BKW AG&quot;,&quot;weight&quot;:0.00996811},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ABB LTD-REG&quot;,&quot;weight&quot;:0.0283369},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ACCELLERON INDUSTRIES LTD&quot;,&quot;weight&quot;:0.0118673},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWISSCOM AG-REG&quot;,&quot;weight&quot;:0.02348445},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;BELIMO N ORD&quot;,&quot;weight&quot;:0.01507073},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;PARTNERS GROUP HOLDING AG&quot;,&quot;weight&quot;:0.02166677},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SIKA AG-BR&quot;,&quot;weight&quot;:0.03397808},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;CIE FINANCIERE RICHEMO-A REG&quot;,&quot;weight&quot;:0.03053712},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;NESTLE SA-REG&quot;,&quot;weight&quot;:0.02535105},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;LOGITECH INTERNATIONAL-REG&quot;,&quot;weight&quot;:0.01336087}]\"><\/AmcComposition>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2024/fuw-swiss-50-rebalancing?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"fuw-swiss-50-rebalancing","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rebalancing_fuw50_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rebalancing_fuw50_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-05-02T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/tesla2024_leonteq-structured-products_product+homepage+banner+%282%29.jpg","subTitle":"Reset of a growth story","windowTitle":"Tesla","category":"underlying-in-focus","title":"Tesla","body":"<p>In a cloak-and-dagger operation, Tesla boss Elon Musk visited the Chinese head of government Li Qiang last weekend. The secret meeting was a great success: after Beijing had blocked the company's software for automated driving for the past four years, the local automobile association CAAM has now released it for the Models 3 and Y. This is an important point for Tesla, as it means that the competitiveness of US cars is increasing again and the recently sluggish sales in China could regain momentum.<\/p>\n<h3>Bumpy business development<\/h3>\n<p>The successful trip to the Far East has lifted the dark clouds over the e-car manufacturer. Growth concerns, especially in China, have recently been a major problem for Tesla. Increasing competition combined with generally weakening demand caused global deliveries to shrink by 8.5 percent in the first quarter compared to the same quarter of the previous year. Compared to the final quarter of 2024, there was even a slump of a fifth. But it's not just sales figures that are currently plummeting; the price war, partly instigated by Tesla itself - the company cut prices on the North American market just a few days ago - is also putting the brakes on earnings. While the Group still reported an operating margin of 16.8 percent in 2022, last year it was only in the single-digit range at 9.2 percent. <\/p>\n<div>\n<generic-chart title=\"Tesla: Worldwide vehicle deliveries\">\n      <x-axis categories=\"Q1/21,Q2/21,Q3/21,Q4/21,Q1/22,Q2/22,Q3/22,Q4/22,Q1/23,Q2/23,Q3/23,Q4/23,Q1/24\"/>\n      <chart-column title=\"Worldwide vehicle deliveries\" data=\"184877,201250,241300,308600,310048,254695,343830,405278,422875,466140,435059,484507,386810\" format=\"number\"/>\n    <\/generic-chart>\n<\/div>\n<footer>Source: Statista, as at 29.04.2024<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<p>The start to the new financial year was also bumpy. Sales fell from USD 23.3 billion to USD 21.3 billion, whereas analysts had forecast an average of USD 22.15 billion. At 45 cents, earnings per share were also below market expectations of 51 cents. However, Tesla's gross margin was not quite as bad as forecast. Although this fell from 19 to 17.4 percent, analysts had only forecast 15.2 percent. CEO and founder Musk was not particularly confident about the further course of business this year. Without giving exact figures, the 52-year-old expects a noticeable decline in deliveries.<\/p>\n<h3>Hopeful plans<\/h3>\n<p>The billionaire is in a much better mood when it comes to new projects. On the one hand, the long-awaited robotaxi \"Cybercab\" will finally be presented to the world at the beginning of August, and on the other, Tesla is accelerating the market launch of new models. This applies in particular to the more affordable small cars, which go by the unofficial name \"Model 2\" in the industry. Previously expected to be launched in the second half of 2025, sales are now set to start at the end of this year or early 2025. With these announcements, Musk suddenly wiped away worries of a years-long growth slump and gave the share price a dynamic turnaround.<\/p>\n<p>This was urgently needed, as the tech company's share price dipped to a low of USD 138 this year, losing 44% of its value at its peak. The reporting on the first quarter, in particular the hope of a reset of the growth story, as well as the promising visit to China have now reversed the trend. The share price has now recovered around 40 percent from its low and reduced the loss since New Year's Eve to 21 percent. <\/p>\n<div>\n<generic-chart title=\"Tesla: Share price (in USD)\">\n      <chart-line title=\"Tesla\" path=\"chart_tesla2.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Reuters, as at 29.04.2024<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>High return opportunities in the sideways movement<\/h3>\n<p>While market participants have recently been relieved to buy the share, analysts have relatively mixed views on the future outlook. Out of 52 research reports, 41% result in a buy recommendation and just as many end with a hold rating. The remaining 19 percent recommend a sell. The 12-month target price is USD 177.50, which would correspond to a decline of 8.5 percent.<\/p>\n<p>For the two new soft callable barrier reverse convertibles, such a price loss would have no impact. With these products, high returns can be achieved even with a sideways movement. The CHF-denominated single BRC on Tesla offers an attractive interest rate of 12.00% p.a. with a maximum term of 15 months. On the downside, the product leaves plenty of room for the underlying. The barrier is fixed at 49 percent of the starting value and thus below the low for the year. The identical Barrier Reverse Convertible in USD even promises a coupon payment of 16% p.a. Both BRCs have a soft callable function, which becomes active for the first time after 6 months and can lead to early redemption.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1318756066\\&quot;, \\&quot;CH1318756389\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div><strong>Issuer: Basler Kantonalbank, Basel (Rating: Fitch AAA, S&P AA+)<\/strong><\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-tesla2","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/tesla2024_leonteq-structured-products_sidenav+banner+%282%29.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/tesla2024_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-04-25T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/ch_bonds_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Benefit from higher yields on Swiss government bonds","windowTitle":"Reverse convertible on Swiss government bonds","category":"investment-themes","title":"Reverse convertible on Swiss government bonds","body":"<div>\n<p>Reverse convertibles on bonds are suitable for investors who<\/p>\n<ul>\n<li>are looking for an investment solution with a short-term investment horizon.<\/li>\n<li>want a maximum return above the yield of the corresponding bond.<\/li>\n<li>want to optimize the time of entry into the fixed income market.<\/li>\n<li>want to monetize a sideways movement in interest rates and credit spreads.<\/li>\n<li>are looking for an investment solution that allows them to profit from fixed income volatility.<\/li>\n<\/ul>\n<\/div>\n<h3>Redemption diagram<\/h3>\n<div><a href=\"/pages-resources/charts_23april2024_700x500 EN Product.svg\"><img src=\"/dA/584230a6ad/charts_23april2024_700x500 EN _en.svg?language_id=1\" alt=\"charts_23april2024_700x500 EN _en\" caption=\"false\" width=\"1392\" height=\"1002\" /><\/a><\/div>\n<footer>Source: Leonteq Securities AG<\/footer>\n<h3>Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1336243246\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;strikeLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n   <li>0.5% Swiss Government (05/30/2058) (ISIN: CH0224397338)<\/li>\n   <li>Yield-to-Maturity (YTM): 0.57% p.a.<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Risks<\/h3>\n<ul>\n<li>The product is not capital protected. Investors may lose some or all of the capital invested.<\/li>\n<li>If the underlying closes below the strike level at maturity, the investor will receive less than 100% of the denomination.<\/li>\n<li>Before maturity, the value of the product is influenced by many factors (including volatility and interest rates) and may be less than 100% of the denomination.<\/li>\n<li>The maximum return is limited to the coupon payment.<\/li>\n<li>The investor bears the credit risk of the issuer.<\/li>\n<\/ul>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"reverse-convertible-eidgenosse","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/ch_bonds_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/ch_bonds_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-04-24T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/amd2024__leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Price pause in the AI boom","windowTitle":"AMD","category":"coupon-giant","title":"AMD","body":"<p>What do Lisa Tzwu-Fang Su and Jen-Hsun Huang have in common? To put it briefly, a lot. They are first cousins, both have Taiwanese roots, were born in the 1960s, studied electrical engineering and are now at the top of leading chip companies. Lisa Su is responsible for the strategy of Advanced Micro Devices, or AMD for short, while Huang wields the sceptre at Nvidia. The two technology giants are currently engaged in a fierce battle for the best AI chip.<\/p>\n<h3>Top performance<\/h3>\n<p>Artificial intelligence (AI) is the topic of the day and the most important resource in this megatrend is high-performance chips. The US company Nvidia is still in the lead. According to experts, the Californians dominate 80% of the global market. Nvidia is also a technological leader. The company recently demonstrated this once again with the presentation of its new \"Blackwell B200\" AI chip. The number of transistors in the B200 has more than doubled to 208 billion compared to the previous model.<\/p>\n<p>However, the competition does not want to leave the huge market to Nvidia alone. Goldman Sachs assumes that AI investments in the USA alone will reach 1% of gross domestic product by 2030, which would equate to around USD 287 billion. AMD is hot on Nvidia's heels. At the end of last year, AMD presented the \"MI300\" processor, which is tailored to processing information for generative AI such as ChatGPT. In April of this year, the company went one better and presented a new series of AI semiconductors for business laptops and desktops. These are expected to be available to customers from the second quarter of 2024.<\/p>\n<div>\n<generic-chart title=\"AMD: Revenue development (in USD billion)\">\n  <x-axis categories=\"Q4 22, Q1 23, Q2 23, Q3 23, Q4 23, Q1 24e\"/>\n      <chart-column title=\"Revenue\" data=\"5.6,5.4,5.4,5.8,6.2,5.7\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: AMD, e=expected<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Strong demand<\/h3>\n<p>The AMD CEO already made it clear last year that AI is the biggest and strategically most important long-term growth opportunity for the semiconductor company. This year, Su is targeting sales of AI chips worth USD 3.5 billion. The 54-year-old has thus raised the previous forecast by USD 1.5 billion. \"Demand for our high-performance products for data centers continues to grow,\" said the CEO when presenting the figures for 2023, adding: \"This puts us in a good position to achieve strong growth at a time when AI is transforming virtually every part of the computing market.\"<\/p>\n<h3>Share in correction mode<\/h3>\n<p>Even though this all sounds very positive, dark clouds have recently been gathering over AMD shares on the capital market. While the tech stock reached a fresh record high of USD 227 at the beginning of March, a sharp correction then set in. Since then, the chip giant has lost just over a third of its market value and has clearly slipped behind competitor Nvidia. While AMD has dipped into negative territory since the beginning of the year after a temporary rise of around 40%, Nvidia is still up by around half. <\/p>\n<p>Various reasons currently seem to be spoiling investors' appetite for AMD. Firstly, there is the forecast for this year's AI sales. Even though the Group has raised its targets, market participants had hoped for even more. According to research firm Summit Insights, investors were aiming for a range of USD 4 to 8 billion. In addition, the Group's revenue performance also leaves much to be desired. For the first quarter, AMD is expecting a low figure of USD 5.4 billion plus/minus USD 300 million. The reason for this is a weak economy, which is dampening demand for programmable processors for cars or medical devices. In addition, the gaming business is also developing unevenly, slumping by 17% in the final quarter of 2023. AMD will present its quarterly results on April 30.<\/p>\n<div><generic-chart title=\"AMD: Share price (in USD)\"> \n    <chart-line title=\"AMD\" path=\"coupon_amd.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as at 23.04.2024<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>BRC: The product of the hour<\/h3>\n<p>A lot of disappointment potential could now be priced into AMD shares. This thesis is also in line with consensus expectations. Out of 50 analyst studies, 80% result in a buy recommendation. The average 12-month price target is USD 200, which equates to a buy opportunity of around one third. Even the few sell recommendations see little potential for a setback. The lowest estimate of USD 125 is just under 16% below the current price. <\/p>\n<p>Barrier Reverse Convertibles (BRC) fit perfectly into this scenario, as these products do not require price increases for a return and at the same time offer a downside buffer. Leonteq has launched two new single soft callable BRCs on AMD: the Swiss franc variant offers a maximum yield of 12.00% p.a., while in USD 16.00% p.a. is even possible within the maximum term of 15 months. The double-digit percentage yields are partially protected with comfortable risk buffers of 41%. The AMD share was last at such a low level in May 2023. The first soft callable observation date takes place after 6 months.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1336241414\\&quot;,\\&quot;CH1336241422\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.calendar.subscription_end_date.value&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.calendar.last_trading_date.value&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.features.guaranteed_fixed_rate_coupon.coupon_rate.value&quot;,&quot;sortOrder&quot;:&quot;DESC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-amd3","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/amd2024__leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/amd2024__leonteq-structured-products_thumbnail.jpg"},{"date":"2024-04-19T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/roche_2024_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Recovery solutions with clear benefits","windowTitle":"Roche: Price slump an opportunity","category":"investment-themes","title":"Barrier discount certificates","body":"<h3>Time to act<\/h3>\n<p>Shareholders are not the only ones frustrated by the ongoing price slump at Roche: many holders of partial protection products such as barrier reverse convertibles (BRC) are also faced with realising losses due to breached barriers, because some of them are trading at well below par. Taking as an example a single BRC on Roche with a barrier event and a strike at CHF 280, the underlying will have to appreciate by around 25% if the full nominal is to be paid out at the end of the term. This is a highly ambitious target, which may become even more difficult to achieve depending on the remaining term. Now, however, investors do not necessarily have to wait until the expected loss, because they can actively take steps to prevent it. Leonteq has what are known as recovery solutions for this purpose. These offer the possibility of turning a minus into a plus without exorbitant price premiums.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2024/recovery-roche?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<h3>Clever strategy<\/h3>\n<p>The tactic is as follows: the BRC is sold at the current bid price and the capital generated from the sale is used to purchase a recovery product, the ask price of which is in the region of the selling price of the old product. This allows the term to be extended, and the recovery of the underlying generally does not need to be as great in order to dispose of the investment without a loss or even at a profit. The recovery products are barrier discount certificates with a European barrier where the current price of the underlying is close to the barrier. In the case of Roche's participation certificates, therefore, a stagnation or increase in the price of the underlying above the barrier up to the expiry date will be sufficient to recover the full nominal at the end and thus offset the losses incurred from the BRC. Since this is a European barrier, the structure allows the underlying to move freely during the term. Only on final fixing does the barrier become active.<\/p>\n<h3>Barrier Discount Certificates on Roche<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[&quot;PT_DISCOUNT_CERTIFICATE_WITH_BARRIER&quot;],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[&quot;67108970&quot;],&quot;omni&quot;:&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:false,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:true},&quot;marketVenues&quot;:[&quot;SIX&quot;,&quot;XBRN&quot;],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.calendar.last_trading_date.value&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.dynamic.distance_to_barrier_level.value&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;distanceToBarrierLevel&quot;,&quot;barrierLevel&quot;,&quot;barrierPercentage&quot;,&quot;strikeLevelAbs&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>Did you not find what you were looking for or are you looking for another underlying?<\/h3>\n<div>\n   <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/pages/recovery?language_id=1\" label=\"Find more products here!\"><\/ltq-button>\n<\/div>\n<h3>Offensive \u2026<\/h3>\n<p>Leonteq has a total of over 20 barrier discount certificates, nine of which are on Roche. In February this year, for instance, a product (security number <a title=\"132542169\" href=\"https://structuredproducts-ch.leonteq.com/valor/132542169?language_id=1\" target=\"_blank\" rel=\"noopener\">132542169<\/a>) with a term of 15 months was issued. The barrier was fixed at 101.95% of the then share price, or CHF 234.9948, the exercise price at CHF 325.0050. Should no barrier event occur, i.e. if Roche is trading at more than CHF 234.9948 on final fixing, holders will receive the full nominal. Only around 76% has to be paid at the moment, though, giving a hefty return of a little more than 30% (as at 15.04.2024). In the event that the certificates end up trading at or below the barrier, Roche shares corresponding to the exercise ratio will be delivered.<\/p>\n<div><generic-chart title=\"Chart: Roche GS (in CHF)\">\n <chart-line title=\"Roche GS\" path=\"chart_rog_recovery.csv\" format=\"date, number\"><\/chart-line> \n <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Quelle: Refinitiv, as of 15.04.2024<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>\u2026 and defensive structures<\/h3>\n<p>The recovery solution just presented thus needs the Roche share price to rise slightly for the investment to close with a double-digit percentage return. However, the Leonteq product range also includes rather more cautious structures where an attractive return can be achieved if the price merely treads water. One such example is the barrier discount certificate with the security number <a title=\"132542170\" href=\"https://structuredproducts-ch.leonteq.com/valor/132542170?language_id=1\" target=\"_blank\" rel=\"noopener\">132542170<\/a> launched at the same time. The barrier level for this product is CHF 210.0086, and hence below the current price. The exercise price is CHF 299.9958. Assuming Roche is trading above the barrier on the maturity date of 5 May 2025, the investment will close with an interest rate of a good 16% (as at 15.04.2024).<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2024/recovery-roche?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"recovery-roche","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/roche_2024_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/roche_2024_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-04-16T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/chainlink-leonteq-structured-products-product-homepage-banner.jpg","subTitle":"30 crypto assets tradable via Leonteq","windowTitle":"Chainlink","category":"crypto-assets","title":"About Chainlink","body":"<p><strong>Founded in 2017 by SmartContract, Chainlink is a decentralized network of nodes that provide data and information from off-blockchain sources to onblockchain smart contracts via oracles. An oracle is a software acting as an intermediary (the \u201cmiddle-man\u201d) between smart contracts and the off-blockchain data providers.<\/strong><\/p>\n<p>Connecting outside information sources to smart contracts is vital to the use cases of smart contracts and blockchains. The challenge of getting off-chain information (e.g. financial data) on-chain in a reliable, trust-minimized manner is generally known as the \"oracle problem\" and was largely unsolved until the formation of Chainlink.<\/p>\n<p>Chainlink\u2019s token (often also called Link) is an Ethereum-based ERC-20 token used to pay for the services of Chainlink nodes providing off-blockchain data to smart contracts.<\/p>\n<p>Chainlink allows smart contract to connect to the outside world providing reliable, tamper-proof inputs and outputs for complex smart contracts on any blockchain.<\/p>\n<!--<h3>Investment solutions on Chainlink - tradable on BX Swiss<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0596612066\\&quot; \\&quot;CH0596612074\\&quot; \\&quot;CH0596612082\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Conversion Ratio: 1<\/li>    \n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>-->\n<h3>Tracker certificates on Chainlink - tradable on SIX Swiss Exchange<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0596616141\\&quot;,\\&quot;CH0596616158\\&quot;,\\&quot;CH0596616166\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Conversion Ratio: 1<\/li>    \n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/crypto-assets?language_id=1\" label=\"Click here to access the full product range on cryptocurrencies.\"> <\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>\n<h5>Risk disclosure<\/h5>\n<p>Investments in products referencing one or more cryptocurrencies or indices of cryptocurrencies are subject to increased volatility compared to investments in traditional assets and to specific risks which can negatively impact the value, tradability,liquidity and/or security of such investments. Potential Investors are encouraged to inform themselves about these specific risks when considering an investment in products referencing one or more cryptocurrencies or indices of cryptocurrencies. A summary of key risks relating to products referencing one or more cryptocurrencies or indices of cryptocurrencies can be found <strong> <a href=\"https://structuredproducts-ch.leonteq.com/crypto-disclaimer\">here<\/a><\/strong>.<\/p>","url":"chainlink","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/chainlink-leonteq-structured-products-sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/chainlink-leonteq-structured-products-thumbnail.jpg"},{"date":"2024-04-16T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/uniswap-leonteq-structured-products-product-homepage-banner.jpg","subTitle":"30 crypto assets tradable via Leonteq","windowTitle":"Uniswap","category":"crypto-assets","title":"About Uniswap","body":"<p><strong>Uniswap, established in 2018 and running on the Ethereum blockchain, is a popular decentralized trading protocol designed to facilitating automated trading of ERC-20 tokens (tokens hosted on the Ethereum blockchain).<\/strong><\/p>\n<p>Traders directly interact with a smart contract that dictates the trade price between tokens removing the need for a central entity to help facilitate the trade. Liquidity providers add funds to the liquidity pool for each trading pair by depositing an equivalent value of the two tokens (e.g. AAVE and ETH). In the simplest way, when a trader draws from a liquidity pool, the mathematical formula will set the price so that the balance of ETH and AAVE remains in balance. Each trade generates a fee for liquidity providers.<\/p>\n<p>In 2020, Uniswap introduced the UNI token to enable community ownership over the protocol \u2013furthering decentralization \u2013by allowing stakeholders to vote on key protocol changes and development initiatives.<\/p>\n<p>Uniswap is one of the first and one of the largest decentralized exchange (or DEX). It allows users worldwide to trade crypto without an intermediary.<\/p>\n<h3>Tracker certificates on Uniswap - tradable on SIX Swiss Exchange<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[&quot;PC_PARTICIPATION&quot;],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[&quot;153480020&quot;],&quot;omni&quot;:&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:false,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:true},&quot;marketVenues&quot;:[&quot;SIX&quot;],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Conversion Ratio: 1<\/li>    \n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/all/crypto-expansion?language_id=1\" label=\"Click here to access the full product range on cryptocurrencies.\"> <\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>\n<h5>Risk disclosure<\/h5>\n<p>Investments in products referencing one or more cryptocurrencies or indices of cryptocurrencies are subject to increased volatility compared to investments in traditional assets and to specific risks which can negatively impact the value, tradability,liquidity and/or security of such investments. Potential Investors are encouraged to inform themselves about these specific risks when considering an investment in products referencing one or more cryptocurrencies or indices of cryptocurrencies. A summary of key risks relating to products referencing one or more cryptocurrencies or indices of cryptocurrencies can be found <strong> <a href=\"https://structuredproducts-ch.leonteq.com/crypto-disclaimer\">here<\/a><\/strong>.<\/p>","url":"uniswap","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/uniswap-leonteq-structured-products-sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/uniswap-leonteq-structured-products-thumbnail.jpg"},{"date":"2024-04-12T08:31","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/swiss-derivative-awards-2022-corporate+homepage.jpg","subTitle":"We are delighted to be recognised as best in three categories at the Swiss Derivative Awards 2024","windowTitle":"Swiss Derivative Awards 2024","category":"investment-themes","title":"Swiss Derivative Awards 2024","body":"<h3>Swiss Derivative Awards 2024<\/h3>\n<p>Leonteq Securities was recognised as best in three categories at the Swiss Derivative Awards 2024.<\/p>\n<p>We are delighted with this recognition and would like to take this opportunity to thank you for your vote and support.<\/p>\n<h3>Category: Best Precious Metal/Currency/Interest Product<\/h3>\n<p>Outperformance Certificate on iShares 20+ Year Treasury Bond ETF (ISIN <a href=\"https://structuredproducts-ch.leonteq.com/isin/CH1290295604?language_id=1\" target=\"_blank\" rel=\"noopener\" title=\"CH1290295604\"> CH1290295604<\/a>)<\/p>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1290295604\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;participation&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>Category: Best Product on Alternative Underlying<\/h3>\n<p>ETP on the Risk-Adjusted Bitcoin & USD Overnight Interest Index (ISIN <a href=\"https://structuredproducts-ch.leonteq.com/isin/CH1300961203?language_id=1\" target=\"_blank\" rel=\"noopener\" title=\"CH1300961203\"> CH1300961203<\/a>, Symbol <a href=\"https://structuredproducts-ch.leonteq.com/isin/CH1300961203?language_id=1\" target=\"_blank\" rel=\"noopener\" title=\"XBTO\"> XBTO<\/a>)<\/p>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1300961203\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>Award: \"Top Service\" rating<\/h3>\n<p>The issuers with the best investor service are awarded. Leonteq Securities receives this award for the 14th time in a row. This award is based on the following criteria:<\/p>\n<ul>\n<li>Quality of termsheets<\/li>\n<li>Quality of brochures and client magazines<\/li>\n<li>Quality of the derivatives website<\/li>\n<li>Quality of market making<\/li>\n<li>Pricing of products<\/li>\n<li>Investor survey/voting<\/li>\n<\/ul>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"awards24","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/swiss-derivative-awards-2022-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/swiss-derivative-awards-2022-thumbnail.jpg"},{"date":"2024-04-12T08:31","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/swiss-derivative-awards-2022-corporate+homepage.jpg","subTitle":"We are delighted to be recognised as best in three categories at the Swiss Derivative Awards 2024","windowTitle":"Swiss Derivative Awards 2024","category":"investment-themes","title":"Swiss Derivative Awards 2024","body":"<h3>Swiss Derivative Awards 2024<\/h3>\n<p>Leonteq Securities was recognised as best in three categories at the Swiss Derivative Awards 2024.<\/p>\n<p>We are delighted with this recognition and would like to take this opportunity to thank you for your vote and support.<\/p>\n<h3>Category: Best Precious Metal/Currency/Interest Product<\/h3>\n<p>Outperformance Certificate on iShares 20+ Year Treasury Bond ETF (ISIN <a href=\"https://structuredproducts-ch.leonteq.com/isin/CH1290295604?language_id=1\" target=\"_blank\" rel=\"noopener\" title=\"CH1290295604\"> CH1290295604<\/a>)<\/p>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1290295604\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;participation&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>Category: Best Product on Alternative Underlying<\/h3>\n<p>ETP on the Risk-Adjusted Bitcoin & USD Overnight Interest Index (ISIN <a href=\"https://structuredproducts-ch.leonteq.com/isin/CH1300961203?language_id=1\" target=\"_blank\" rel=\"noopener\" title=\"CH1300961203\"> CH1300961203<\/a>, Symbol <a href=\"https://structuredproducts-ch.leonteq.com/isin/CH1300961203?language_id=1\" target=\"_blank\" rel=\"noopener\" title=\"XBTO\"> XBTO<\/a>)<\/p>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1300961203\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>Award: \"Top Service\" rating<\/h3>\n<p>The issuers with the best investor service are awarded. Leonteq Securities receives this award for the 14th time in a row. This award is based on the following criteria:<\/p>\n<ul>\n<li>Quality of termsheets<\/li>\n<li>Quality of brochures and client magazines<\/li>\n<li>Quality of the derivatives website<\/li>\n<li>Quality of market making<\/li>\n<li>Pricing of products<\/li>\n<li>Investor survey/voting<\/li>\n<\/ul>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"awards24","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/swiss-derivative-awards-2022-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/swiss-derivative-awards-2022-thumbnail.jpg"},{"date":"2024-04-10T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/reddit_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Reddit sprints onto the trading floor","windowTitle":"Reddit","category":"coupon-giant","title":"Reddit","body":"<p>\"In gambling the many must lose in order that the few may win,\" the British playwright and Nobel Prize winner George Bernard Shaw once said. This sentence not only applies to the classic casino, it can also be applied to the stock market. Around three years ago, private investors wanted to stand up to these \"few winners\" and agreed on the Reddit forum \"Wallstreetbets\" to buy shares in companies whose share prices hedge funds had bet on falling. The concerted actions, the most prominent example being GameStop, led to losses worth billions for some institutional investors. Reddit, on the other hand, saw a billion-euro valuation. The online forum recently made the leap to the stock market.<\/p>\n<h3>Immense reach<\/h3>\n<p>Reddit was founded in 2005 and has become extremely popular over the years. In the final quarter of 2023, an average of around 73 million people were active on the platform every day. However, the company is not just made up of Wallstreetbets; users discuss all kinds of topics in many forums. According to co-founder and CEO Steve Huffman, the more than 100,000 online forums, known as \"subreddits\", enable conversations on topics ranging from the \"sublime to the ridiculous, the trivial to the existential, the comical to the serious\".<\/p>\n<p>The San Francisco-based company currently generates most of its revenue from advertising. Revenues amounted to USD 804 million last year, an increase of one fifth. It is expected to continue at this pace. According to the news agency Bloomberg, the company gave indications at a roadshow that revenue is set to increase by a further 20% in 2024. In addition, the break-even point on the basis of adjusted EBITDA is expected in the current year.<\/p>\n<div>\n<generic-chart title=\"Reddit: Sales and profit development (in USD Mio.)\">\n  <x-axis categories=\"Q1 23, Q2 23, Q3 23, Q4 23\"/>\n      <chart-column title=\"Sales\" data=\"163.7,183.0,207.5,249.8\" format=\"number\"/>\n      <chart-column title=\"Profit\" data=\"-60.9,-41.1,-7.4,18.5\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: CNN Business<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Many growth opportunities<\/h3>\n<p>In addition to the upcoming break-even, Reddit also exudes fantasy with regard to artificial intelligence (AI). The technology was touted as a growth area at the IPO marketing roadshow. Reddit's content is already being offered as input for training and fine-tuning AI language models. Now the plan is to monetize this usage, meaning developers who want to access the company's data will have to pay a fee. According to Reuters, Reddit recently signed a data license agreement with Google worth around USD 60 million per year.<\/p>\n<p>\"Fundamentally, we are a growth company. In order to fulfill our mission, we want to increase the number of users and the community,\" COO Jen Wong recently stated as a guideline. However, Reddit is not only aiming for a large number of users, but also for quality. The company offers a premium membership for USD 6 per month, which allows users to remove advertisements from their feed, among other things. The more users choose this function, the higher the ARPU, i.e. the revenue per monthly user. This increased from USD 0.81 in 2021 to around USD 1.19 in 2022.<\/p>\n<p>In general, Reddit is in a growth market. According to data specialist Statista, more than 4.59 billion people worldwide used social media in 2022, and this figure is expected to rise to almost 6 billion by 2027. The social media advertising market is moving upwards in sync with this. The global advertising volume is estimated at EUR 214 billion this year and is forecast to increase to EUR 317 billion by 2029, which corresponds to an expected annual growth rate of 8.2%.<\/p>\n<div><generic-chart title=\"Reddit: Share price since IPO (in USD)\"> \n    <chart-line title=\"Reddit\" path=\"chart_reddit.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Reuters, as at 09.04.2024<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Successful debut<\/h3>\n<p>Given these growth prospects, it comes as no surprise that the IPO on March 21 was a resounding success. The allotment took place at the upper end of the price range at USD 34 per share and valued the internet platform at USD 6.4 billion. However, this did not exhaust the potential of the 22 million shares on offer; the newcomer ended its first day of trading in New York up 48% at USD 50.44. Reddit also welcomed a prominent investor, ARK Invest, which snapped up almost 10,000 Reddit shares on its debut. A few days later, the stock even reached an all-time high of USD 63.75 on an intraday basis, which is almost double the IPO price.<\/p>\n<p>Subsequently, however, a consolidation set in and the share price returned to the levels of the first trading day. Experts are also uncertain about the further development of the newcomer to the stock market. Initial assessments were made by the two US brokers Bernstein and Baird. The former took a skeptical view of Reddit's ability to become profitable and rated the stock as \"underperform\" with a price target of USD 40. Baird is slightly more optimistic and started with a \"neutral\" rating and a fair value of USD 50 due to the healthy user base and the potential for margin growth. The major banks Morgan Stanley, Goldman Sachs, JPMorgan and Bank of America, which accompanied the issue, will have to wait until mid-April for their initial assessment.<\/p>\n<h3>Strike partially protected, earn disproportionately high returns<\/h3>\n<p>However, the big banks will not be the only ones to decide the future of Reddit shares. Traders on the social media platform could also have a say in the stock and include it in the club of \"meme stocks\", for example. However, while this is still a long way off and subject to uncertainty, it is already possible to hunt for profits with partial protection using yield optimization products. Basler Kantonalbank (rating: Fitch AAA, S&amp;P AA+) has launched two new soft-callable barrier reverse convertibles with first-class conditions: the product denominated in Swiss francs offers the prospect of a high coupon of 20% p.a. with a maximum term of one year. The USD-denominated product yields an even higher return. This BRC yields an impressive 24% p.a. The barriers for both products are at 49% of the starting values, which in turn corresponds to a risk buffer of 51%. This means that the barrier is well below the IPO price. Due to the soft callable function, the maximum term can be reduced from one year to a maximum of 6 months.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1318754327\\&quot;\\&quot;CH1318754350\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div><strong>Issuer: Basler Kantonalbank, Basel (Rating: Fitch AAA, S&P AA+)<\/strong><\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-reddit","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/reddit_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/reddit_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-04-08T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/etp_themarket_leonteq-structured-products_product+homepage+banner2.jpg","subTitle":"High quality pays off","windowTitle":"The Market Best Ideas Portfolio Index","category":"investment-themes","title":"The Market Best Ideas Portfolio Index","body":"<h3>Philosophy<\/h3>\n<p>The portfolio is suitable for investors with a long investment horizon. The individual stocks are picked for their high quality. The portfolio consists of equities from two categories, blue chips and risk positions, with the risk positions making up no more than 30% of the portfolio as a whole. The stocks are selected through fundamental analysis alongside a quantitative screening of three primary quality criteria:<\/p>\n<ul>\n   <li>steady capital returns and margins<\/li>\n   <li>sustainable dividend growth<\/li>\n   <li>sound balance sheets without excessive debt<\/li>\n<\/ul>\n<p>Further criteria such as the quality of the management and the board of directors and the market position of the company are examined in a qualitative process. In the risk position group, the companies may not necessarily meet the set quality criteria, but The Market editors believe they will improve. This is the case, for instance, if a new management team has come in or a company finds itself in a turnaround situation.<\/p>\n<h3>Highlights<\/h3>\n<ul>\n   <li>Trust in the knowledge of prominent financial experts<\/li>\n   <li>Sound investment<\/li>\n   <li>Combines the most promising investment themes<\/li>\n   <li>Can be traded on the stock market (SIX)<\/li>\n<\/ul>\n<h3>Composition<\/h3>\n<p>As a general guide, 70% of The Market Best Ideas Portfolio consists of blue chips, not more than 30% of risk positions. For tactical reasons the portfolio may hold an exposure to cash. The portfolio consists of at least 20 and no more than 40 stocks. Geographically it is oriented to Switzerland, but is complemented with international shares. This allows sectors which have little or no representation in Switzerland \u2013 such as technology or commodities \u2013 to be covered. As a rule of thumb, 70% of the portfolio consists of equities from Switzerland, 30% of equities from other countries.<\/p>\n<h3>ETP+ on The Market Best Ideas Portfolio Index - tradable on the SIX Swiss Exchange<\/h3>\n<div><price-chart isin=\"CH1171795128\"><\/price-chart><\/div>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1171795128\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>Composition of The Market Best Ideas Portfolio Index NTR<\/h3>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;CANADIAN DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:-5.8E-6,&quot;currency&quot;:&quot;CAD&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;SWISS FRANC&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.03360013,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;DANISH KRONE&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00874861,&quot;currency&quot;:&quot;DKK&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;EURO&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00598598,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;BRITISH POUND&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00251798,&quot;currency&quot;:&quot;GBP&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;US DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00322982,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ACCELLERON INDUSTRIES LTD&quot;,&quot;sophisInternalId&quot;:168462331,&quot;currentPrice&quot;:68.8,&quot;weight&quot;:0.04220555,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;AGNICO-EAGLE MINES LTD&quot;,&quot;sophisInternalId&quot;:67375333,&quot;currentPrice&quot;:266.18,&quot;weight&quot;:0.03803919,&quot;currency&quot;:&quot;CAD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ALPHABET INC-CL A&quot;,&quot;sophisInternalId&quot;:67114265,&quot;currentPrice&quot;:349.22,&quot;weight&quot;:0.05926916,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;AMRIZE LTD&quot;,&quot;sophisInternalId&quot;:208105951,&quot;currentPrice&quot;:30.84,&quot;weight&quot;:0.01189617,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BARRY CALLEBAUT AG-REG&quot;,&quot;sophisInternalId&quot;:67109020,&quot;currentPrice&quot;:1130,&quot;weight&quot;:0.01359242,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BASF SE&quot;,&quot;sophisInternalId&quot;:67108926,&quot;currentPrice&quot;:52.62,&quot;weight&quot;:0.0105888,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BELIMO N ORD&quot;,&quot;sophisInternalId&quot;:67109076,&quot;currentPrice&quot;:775.5,&quot;weight&quot;:0.03134795,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BERKSHIRE HATHAWAY INC-CL B&quot;,&quot;sophisInternalId&quot;:67559294,&quot;currentPrice&quot;:525.68,&quot;weight&quot;:0.03325577,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BHP GROUP LTD&quot;,&quot;sophisInternalId&quot;:67109557,&quot;currentPrice&quot;:3113,&quot;weight&quot;:0.02066346,&quot;currency&quot;:&quot;GBP&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BOSSARD HOLDING AG-BR&quot;,&quot;sophisInternalId&quot;:67109024,&quot;currentPrice&quot;:267,&quot;weight&quot;:0.02704654,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CLARIANT AG-REG&quot;,&quot;sophisInternalId&quot;:67108964,&quot;currentPrice&quot;:10.65,&quot;weight&quot;:1.579E-5,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;DKSH HOLDING LTD&quot;,&quot;sophisInternalId&quot;:75696273,&quot;currentPrice&quot;:71.3,&quot;weight&quot;:0.02124706,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;EMS-CHEMIE HOLDING AG-REG&quot;,&quot;sophisInternalId&quot;:67109071,&quot;currentPrice&quot;:884.5,&quot;weight&quot;:0.01642075,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;FORBO HOLDING AG-REG&quot;,&quot;sophisInternalId&quot;:67109033,&quot;currentPrice&quot;:936,&quot;weight&quot;:0.02676402,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;FRESENIUS SE &amp; CO KGAA&quot;,&quot;sophisInternalId&quot;:67118821,&quot;currentPrice&quot;:43.855,&quot;weight&quot;:0.01656212,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;GEBERIT AG-REG&quot;,&quot;sophisInternalId&quot;:67109066,&quot;currentPrice&quot;:552.6,&quot;weight&quot;:0.02086741,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;HELVETIA BALOISE HOLDING AG&quot;,&quot;sophisInternalId&quot;:67109061,&quot;currentPrice&quot;:208.8,&quot;weight&quot;:0.03457851,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;HOLCIM LTD&quot;,&quot;sophisInternalId&quot;:67108966,&quot;currentPrice&quot;:64.02,&quot;weight&quot;:0.02532324,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;JULIUS BAER GROUP LTD&quot;,&quot;sophisInternalId&quot;:67569299,&quot;currentPrice&quot;:70.52,&quot;weight&quot;:0.02717164,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;KARDEX AG-REG&quot;,&quot;sophisInternalId&quot;:67109084,&quot;currentPrice&quot;:245.5,&quot;weight&quot;:0.01851347,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;KOMAX HOLDING AG-REG&quot;,&quot;sophisInternalId&quot;:67109088,&quot;currentPrice&quot;:80,&quot;weight&quot;:0.00636076,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;LOGITECH INTERNATIONAL-REG&quot;,&quot;sophisInternalId&quot;:67109155,&quot;currentPrice&quot;:86.08,&quot;weight&quot;:0.02365839,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;LONZA GROUP AG-REG&quot;,&quot;sophisInternalId&quot;:67109162,&quot;currentPrice&quot;:603.8,&quot;weight&quot;:0.02276012,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MASTERCARD INC - A&quot;,&quot;sophisInternalId&quot;:67144304,&quot;currentPrice&quot;:616.32,&quot;weight&quot;:0.02649521,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MICROSOFT CORP&quot;,&quot;sophisInternalId&quot;:67114739,&quot;currentPrice&quot;:539.44,&quot;weight&quot;:0.03700003,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NESTLE SA-REG&quot;,&quot;sophisInternalId&quot;:67108967,&quot;currentPrice&quot;:81.07,&quot;weight&quot;:0.02443325,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NEWMONT CORP&quot;,&quot;sophisInternalId&quot;:67318255,&quot;currentPrice&quot;:115.79,&quot;weight&quot;:0.03880223,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NOVO NORDISK A/S-B&quot;,&quot;sophisInternalId&quot;:67519173,&quot;currentPrice&quot;:263.45,&quot;weight&quot;:0.01084867,&quot;currency&quot;:&quot;DKK&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;PAN AMERICAN SILVER CORP&quot;,&quot;sophisInternalId&quot;:141786512,&quot;currentPrice&quot;:62.19,&quot;weight&quot;:0.02167381,&quot;currency&quot;:&quot;CAD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ROCHE HOLDING AG-PARTIZIPATIONSSCHEIN&quot;,&quot;sophisInternalId&quot;:67108970,&quot;currentPrice&quot;:379.7,&quot;weight&quot;:0.02891859,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SANOFI&quot;,&quot;sophisInternalId&quot;:67109411,&quot;currentPrice&quot;:72.16,&quot;weight&quot;:0.01234055,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SCHINDLER HOLDING-PART CERT&quot;,&quot;sophisInternalId&quot;:67109116,&quot;currentPrice&quot;:266.2,&quot;weight&quot;:0.02167471,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SGS SA-REG&quot;,&quot;sophisInternalId&quot;:67109174,&quot;currentPrice&quot;:98.7,&quot;weight&quot;:0.02904915,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SHELL PLC&quot;,&quot;sophisInternalId&quot;:67109617,&quot;currentPrice&quot;:46.375,&quot;weight&quot;:0.02988607,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SIKA AG-BR&quot;,&quot;sophisInternalId&quot;:67109118,&quot;currentPrice&quot;:181.35,&quot;weight&quot;:0.01604513,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;STRAUMANN HOLDING AG-REG&quot;,&quot;sophisInternalId&quot;:67109142,&quot;currentPrice&quot;:94.08,&quot;weight&quot;:0.0112087,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;TEMENOS GROUP AG-REG&quot;,&quot;sophisInternalId&quot;:67109085,&quot;currentPrice&quot;:73.15,&quot;weight&quot;:0.0263781,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;VAT GROUP AG&quot;,&quot;sophisInternalId&quot;:103142035,&quot;currentPrice&quot;:623.6,&quot;weight&quot;:0.03620847,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ZURICH INSURANCE GROUP AG-REG&quot;,&quot;sophisInternalId&quot;:67108978,&quot;currentPrice&quot;:608.2,&quot;weight&quot;:0.02681231,&quot;currency&quot;:&quot;CHF&quot;}]\"><\/AmcComposition>\n  <\/div>\n<!--\n<ltq-table id=\"\" title=\"Composition as at 12.01.2021\">\n   <template v-slot:default>\n      <thead>\n       <tr>\n<th>EQUITY<\/th>\n<th>COUNTRY<\/th>\n<th>SECTOR<\/th>\n<th>WEIGHTING<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Accenture<\/td>\n<td>USA<\/td>\n<td>IT<\/td>\n<td>2.44%<\/td>\n<\/tr>\n<tr>\n<td>Alphabet<\/td>\n<td>USA<\/td>\n<td>Communication services<\/td>\n<td>2.44%<\/td>\n<\/tr>\n<tr>\n<td>Baloise<\/td>\n<td>Switzerland<\/td>\n<td>Finance<\/td>\n<td>2.44%<\/td>\n<\/tr>\n<tr>\n<td>Barry Callebaut<\/td>\n<td>Switzerland<\/td>\n<td>Consumer staples<\/td>\n<td>2.44%<\/td>\n<\/tr>\n<tr>\n<td>Belimo<\/td>\n<td>Switzerland<\/td>\n<td>Industry<\/td>\n<td>2.44%<\/td>\n<\/tr>\n<tr>\n<td>Berkshire Hathaway<\/td>\n<td>USA<\/td>\n<td>Finance<\/td>\n<td>2.44%<\/td>\n<\/tr>\n<tr>\n<td>BHP<\/td>\n<td>Great Britain<\/td>\n<td>Raw materials<\/td>\n<td>2.44%<\/td>\n<\/tr>\n<tr>\n<td>Bossard<\/td>\n<td>Switzerland<\/td>\n<td>Industry<\/td>\n<td>2.44%<\/td>\n<\/tr>\n<tr>\n<td>Cerner<\/td>\n<td>USA<\/td>\n<td>Healthcare<\/td>\n<td>2.44%<\/td>\n<\/tr>\n<tr>\n<td>DKSH<\/td>\n<td>Switzerland<\/td>\n<td>Industry<\/td>\n<td>2.44%<\/td>\n<\/tr>\n<tr>\n<td>Ems-Chemie<\/td>\n<td>Switzerland<\/td>\n<td>Materials<\/td>\n<td>2.44%<\/td>\n<\/tr>\n<tr>\n<td>Geberit<\/td>\n<td>Switzerland<\/td>\n<td>Industry<\/td>\n<td>2.44%<\/td>\n<\/tr>\n<tr>\n<td>Helvetia<\/td>\n<td>Switzerland<\/td>\n<td>Finance<\/td>\n<td>2.44%<\/td>\n<\/tr>\n<tr>\n<td>Julius Bär<\/td>\n<td>Switzerland<\/td>\n<td>Finance<\/td>\n<td>2.44%<\/td>\n<\/tr>\n<tr>\n<td>Kardex<\/td>\n<td>Switzerland<\/td>\n<td>Industry<\/td>\n<td>2.44%<\/td>\n<\/tr>\n<tr>\n<td>Komax<\/td>\n<td>Switzerland<\/td>\n<td>Industry<\/td>\n<td>2.44%<\/td>\n<\/tr>\n<tr>\n<td>LafargeHolcim<\/td>\n<td>Switzerland<\/td>\n<td>Materials<\/td>\n<td>2.44%<\/td>\n<\/tr>\n<tr>\n<td>Logitech<\/td>\n<td>Switzerland<\/td>\n<td>IT<\/td>\n<td>2.44%<\/td>\n<\/tr>\n<tr>\n<td>Lonza<\/td>\n<td>Switzerland<\/td>\n<td>Healthcare<\/td>\n<td>2.44%<\/td>\n<\/tr>\n<tr>\n<td>Mastercard<\/td>\n<td>USA<\/td>\n<td>IT<\/td>\n<td>2.44%<\/td>\n<\/tr>\n<tr>\n<td>Microsoft<\/td>\n<td>USA<\/td>\n<td>IT<\/td>\n<td>2.44%<\/td>\n<\/tr>\n<tr>\n<td>Nestlé<\/td>\n<td>Switzerland<\/td>\n<td>Consumer staples<\/td>\n<td>2.44%<\/td>\n<\/tr>\n<tr>\n<td>Nike<\/td>\n<td>USA<\/td>\n<td>Consumer discretionary<\/td>\n<td>2.44%<\/td>\n<\/tr>\n<tr>\n<td>Novo Nordisk<\/td>\n<td>Denmark<\/td>\n<td>Healthcare<\/td>\n<td>2.44%<\/td>\n<\/tr>\n<tr>\n<td>Roche GS<\/td>\n<td>Switzerland<\/td>\n<td>Health<\/td>\n<td>2.44%<\/td>\n<\/tr>\n<tr>\n<td>Royal Dutch Shell<\/td>\n<td>Netherlands<\/td>\n<td>Energy<\/td>\n<td>2.44%<\/td>\n<\/tr>\n<tr>\n<td>Sanofi<\/td>\n<td>France<\/td>\n<td>Health<\/td>\n<td>2.44%<\/td>\n<\/tr>\n<tr>\n<td>Schindler PS<\/td>\n<td>Switzerland<\/td>\n<td>Industry<\/td>\n<td>2.44%<\/td>\n<\/tr>\n<tr>\n<td>Sika<\/td>\n<td>Switzerland<\/td>\n<td>Materials<\/td>\n<td>2.44%<\/td>\n<\/tr>\n<tr>\n<td>Straumann<\/td>\n<td>Switzerland<\/td>\n<td>Health<\/td>\n<td>2.44%<\/td>\n<\/tr>\n<tr>\n<td>Swatch Group<\/td>\n<td>Switzerland<\/td>\n<td>Consumer discretionary<\/td>\n<td>2.44%<\/td>\n<\/tr>\n<tr>\n<td>Temenos<\/td>\n<td>Switzerland<\/td>\n<td>IT<\/td>\n<td>2.44%<\/td>\n<\/tr>\n<tr>\n<td>VAT<\/td>\n<td>Switzerland<\/td>\n<td>Industry<\/td>\n<td>2.44%<\/td>\n<\/tr>\n<tr>\n<td>Vifor Pharma<\/td>\n<td>Switzerland<\/td>\n<td>Healthcare<\/td>\n<td>2.44%<\/td>\n<\/tr>\n<tr>\n<td>Ypsomed<\/td>\n<td>Switzerland<\/td>\n<td>Health<\/td>\n<td>2.44%<\/td>\n<\/tr>\n<tr>\n<td>Zur Rose<\/td>\n<td>Switzerland<\/td>\n<td>Consumer staples<\/td>\n<td>2.44%<\/td>\n<\/tr>\n<tr>\n<td>Cash quota<\/td>\n<td><\/td>\n<td><\/td>\n<td>12.16%<\/td>\n<\/tr>\n      <\/tbody>\n   <\/template>\n   <template v-slot:below>\n      <LtqCardBody>\n         <footer>Source: Leonteq Securities AG, themarket.ch<\/footer>\n         <footer>Historical data is not a reliable indicator of future performance.<\/footer>\n      <\/LtqCardBody>\n   <\/template>\n<\/ltq-table>\n-->\n<h3>About The Market<\/h3>\n<p>Every day the editorial team of The Market analyses what is happening on global financial markets and in the business world. Their focus is always on the big picture and in-depth research from the point of view of the investor. The founders of The Market are prominent financial journalists and acknowledged experts in investment themes, the financial markets and major economic trends. That is also what their editorial concept represents. As a financial medium directed specifically at investors, The Market offers two to three articles of high analytical quality every day. The editorial team sets itself the goal of identifying and highlighting relevant developments, important trends and exciting investment themes. Rather than fixating on short-term news, they focus instead on what a long-term knowledge advantage brings. The editors have been managing The Market Best Ideas Portfolio, consisting of equities of some 30 companies offering attractive investment prospects, since March 2020.<\/p>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"bestideas","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/etp_themarket_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/etp_themarket_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-04-03T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/arista+networks_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Women's power to the top of the world","windowTitle":"Arista Networks","category":"investment-themes","title":"Arista Networks","body":"<p>Chantelle Breithaupt has been successfully managing the finances of major US companies for more than a quarter of a century. After holding positions at GE and Cisco, she took over as CFO for the first time at the beginning of 2021. Breithaupt recently moved from software company Aspen Technologies to Arista Networks. In terms of the size of her employers, she made another big leap upwards: While Aspen's capitalization is just over USD 13 billion, Arista brings more than USD 90 billion to the stock market scales. In the past 12 months alone, the shares of the specialist for cloud-based network solutions have risen by more than three quarters. The latest addition makes Arista Networks' executive board even more female. Jayshree V. Ullal has been appointed CEO. She has been with the company since it was founded in 2008 and was responsible for the successful IPO of the Silicon Valley company in June 2014.<\/p>\n<h3>\"Networker\" of the AI<\/h3>\n<p>Arista Networks entered its 10th anniversary year on the stock exchange with a strong set of figures. For 2023, the company reported revenue growth of a good third to USD 5.86 billion, while operating profit increased by almost half to USD 2.3 billion. Within five years, Arista has more than doubled its revenue and increased its earnings by a factor of 2.8. As a result, the operating margin expanded by around 5 percentage points to 44.9%. This success was made possible by the early specialization in high-speed Ethernet ports. In addition to the general digital transformation, the megatrend of artificial intelligence (AI) is also driving business forward. The associated applications require the fastest possible handling of particularly large volumes of data. This requires scalable and loss-free networks with enormous bandwidth. Arista ensures the smooth connection of processors, computers and storage devices with switch devices, among other things. <\/p>\n<div>\n<generic-chart title=\"Arista Networks: Revenue and operating result (both in USD million)\">\n  <x-axis categories=\"2019,2020,2021,2022,2023\"/>\n      <chart-column title=\"Revenue\" data=\"2021,1831,2378,3716,5029\" format=\"number\"/>\n      <chart-line title=\"Operating result\" data=\"806,700,925,1527,2257\" format=\"number\" yAxisRight=\"true\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Arista Networks, as at February 2024<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Wide range of customers<\/h3>\n<p>The Californian company's technology is used by cloud service providers, internet providers, financial service providers and public authorities. In recent years, the company has expanded its business with companies from sectors such as media, healthcare, oil and the manufacturing industry. In its latest annual report, Arista cites Meta Platforms and Microsoft as important customers from the cloud segment. In 2022 and 2023, the Facebook parent company and the software giant were each responsible for more than 10% of Group revenue. Although Arista Networks exceeded expectations with its latest figures, Wall Street initially reacted negatively. In the days following the publication, the NASDAQ share fell by up to almost a tenth. In addition to profit-taking, the setback was probably partly due to the outlook. The new CFO is forecasting a gross margin for the first quarter of 2024 that is slightly below expectations. Whether she was too cautious will become clear on April 29. Arista Networks will then publish its interim report for the first three months of the year. <\/p>\n<div><generic-chart title=\"Arista Networks: share price (in USD)\"> \n    <chart-line title=\"Arista Networks\" path=\"chart_anet.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Reuters, as at 01.04.2024<br />Historical data is not a reliable indicator of future perofrmance.<\/footer>\n<h3>Attractive conditions<\/h3>\n<p>In the meantime, Arista has more than made up for the share price loss outlined above. In March, the share price climbed above the USD 300 mark for the first time. For investors for whom the chart is too steep, Leonteq has launched an alternative - the Softcallable Barrier Reverse Convertibles (BRC) on Arista Networks. In the product currency CHF, the guaranteed coupon is 10% p.a. For an allocation in USD, the distribution is 400 basis points p.a. higher. The barrier is 60% of the initial level. As long as the underlying does not fall to or below this level, product holders receive the nominal in full on the redemption date. Otherwise, the partial protection expires and the product is exposed to the price risk of Arista Networks. Please also note the soft callable function. It makes early termination and redemption possible. The issuer is Basler Kantonalbank. In addition to the attractive conditions, this ensures a high level of security for the promised payments. Standard &amp; Poor's currently gives BKB an AA+ rating with a stable outlook and Fitch even gives it an AAA rating.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1318754103\\&quot;,\\&quot;CH1318754129\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div><strong>Issuer: Basler Kantonalbank, Basel (Rating: Fitch AAA, S&P AA+)<\/strong><\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-arista-networks","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/arista+networks_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/arista+networks_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-03-27T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/besi_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Fast-growing packaging artist","windowTitle":"Besi","category":"coupon-giant","title":"Besi","body":"<p>For months, high-tech in general and artificial intelligence (AI) in particular have been generating enthusiasm on the stock markets. However, this also shows that no rally, no matter how intense, is immune to setbacks. The shareholders of BE Semiconductor Industries, or Besi for short, recently came to realize this. On February 22, the shares of the Dutch semiconductor equipment manufacturer reached an all-time high of just under EUR 183 in response to the technology company's strong figures. Around two weeks later, the specialty stock plummeted by around a quarter within two trading sessions. The downturn was triggered by reports from the USA, according to which the Jedec industry association there has lowered certain standards for the production of semiconductors. According to analysts, this move could have an impact on a new Besi technology - more on this later.<\/p>\n<h3>Long-term growth story<\/h3>\n<p>What is certain is that the Dutch company is at the cutting edge with its systems. In 2003, the company generated annual sales of EUR 85.5 million, with a gross margin of just over a quarter. For 2023, Besi reported revenue of EUR 578.9 million, of which almost two thirds remained in the gross profit. The Group has focused on advanced packaging. This technology combines various semiconductors in a single housing using a substrate. Besi has gradually been able to convince more and more customers of its systems. Today, its customers include well-known technology groups such as Samsung, Infineon Technologies, Dell and Nvidia. In addition to technological progress, acquisitions have also contributed to growth. In Switzerland, Besi took over the Oerlikon unit essec around 15 years ago.<\/p>\n<div>\n<generic-chart title=\"Besi: Sales and gross margin\">\n  <x-axis categories=\"Q1 22, Q2 22, Q3 22, Q4 22, Q1 23, Q2 23, Q3 23, Q4 23, Q1 24*\"/>\n      <chart-column title=\"Sales (in Mio. EUR)\" data=\"202.4,214.0,168.8,137.7,133.4,162.5,123.3,159.6,143.6\" format=\"number\"/>\n      <chart-line title=\"Gross margin (in %)\" data=\"60.1,61.0,62.3,62.3,64.2,65.6,64.6,65.1,65.0\" format=\"number\" yAxisRight=\"true\"/>\n<\/generic-chart> \n<\/div>\n<footer>*Midpoint of the forecast range; source: Besi, as at March 2024<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>New technology<\/h3>\n<p>Nevertheless, the equipment supplier is not immune to cyclical downturns in the semiconductor market. Turnover fell in 2022 and 2023. At the most recent presentation of figures, CEO Richard Blickman cautiously gave the all-clear: \"We believe we are in the early stages of a new assembly upturn.\" In fact, Besi's turnover in Q4 2023 was significantly higher than in the previous year. Blickmann also expects an improvement for the first three months of the current year at the start of the 2024 financial year. Besi was able to maintain its gross margin at a high level throughout the recent downturn (see chart). Looking ahead, the CEO is focusing on hybrid bonding. This innovative technology enables even faster and more complex semiconductors in a particularly precise assembly structure. According to the top manager, such components are essential for the further development of megatrends such as AI, supercomputing and autonomous driving. Besi has already installed more than 40 hybrid bonding systems at customers in North America, Europe, Taiwan and Korea since its launch around a year ago.<\/p>\n<div><generic-chart title=\"Besi: Share price (in EUR)\"> \n    <chart-line title=\"Besi\" path=\"chart_besi.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Reuters, as at 26.03.2024<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Strong conditions, strong issuer<\/h3>\n<p>And yet the reports from the US mentioned at the beginning of this article concerned precisely this technology - the potential relief could make semiconductor manufacturers hesitant to introduce hybrid bonding. Against this backdrop and in view of the relatively high volatility of Besi, new Softcallabe Barrier Reverse Convertibles (BRC) offer an interesting investment alternative: in the product currency CHF, the guaranteed distribution is 11.40% p.a. The coupon on the EUR-denominated BRC is 200 basis points higher. The barrier is a uniform 59% of the initial level - as long as Besi does not fall to or below this level during the term, investors receive the nominal back in full on the redemption date. If the barrier is breached, the partial protection expires. The term of the CHF product is 15 months, while the EUR variant matures three months later. The issuer is Basler Kantonalbank.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1318753659\\&quot;\\&quot;CH1318753634\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div><strong>Issuer: Basler Kantonalbank, Basel (Rating: Fitch AAA, S&P AA+)<\/strong><\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-besi","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/besi_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/besi_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-03-22T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/robots+and+ai_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Swissquote Robotics & Artificial Intelligence Index combines two mega-trends","windowTitle":"Digitalisation as the recipe for success","category":"investment-themes","title":"Digitalisation as the recipe for success","body":"<h3>Acquisitions and innovations<\/h3>\n<p>Many companies are looking to share in the paradigm shift brought about in the technology world by AI and robotics. Among them is Amazon, for instance. The online giant first put its faith in robot technology with the purchase of Kiva Systems back in 2012. Amazon, however, would like not only to automate its own business, but also provide its customers with digital assistants. To that end the group recently sought to acquire robot vacuum cleaner manufacturer iRobot, but could not get over the regulatory hurdles. It remains to be seen which target Amazon will look to acquire next in this segment. ABB, the world\u2019s second largest manufacturer of industrial robots, has already found a candidate: a few weeks ago the group acquired AI firm Sevensense with a view to equipping its entire mobile robot fleet with artificial intelligence in order to drive future growth. In the medical robot sector, Intuitive Surgical is currently the focus of attention. Recently the company submitted an application to the US health authorities, the FDA, for approval for the next generation of its world-famous \u201cda Vinci\u201d robot system. The four-armed surgical machine is said to have \u201chundreds\u201d of design changes and 10,000 times the computing power.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2024/swissquote-robotics-and-artificial-intelligence-index-update?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<h3>Booming chip market<\/h3>\n<p>Robot manufacturers are not the only ones profiting from the digital mega-trends, though, with suppliers, too \u2013 particularly in the chip sector \u2013 enjoying a boom in business. A prime example of this is Nvidia, the US semiconductor group, which in February reached a market capitalisation of more than USDtn 2 for the first time. Nvidia is regarded as a major beneficiary in the AI sector for good reason: with its high-performance chips, the Californian company controls around 80% of the global market. Its customer base includes well-known names such as Microsoft, Meta Platforms and even ChatGPT developer OpenAI. One competitor that Nvidia needs to take seriously is AMD. At the turn of the year the group positioned itself in the race for the USD 400bn AI chip market with the launch of new products. According to the company\u2019s press release, the processors are \u201cthe most advanced AI accelerators in the industry\u201d. The MI300X alone is expected to bring in revenue of USDbn 0.5 by the middle of the year. Over the year as a whole, sales of AI special chips are set to exceed the USDbn 2 mark by some distance.<\/p>\n<h3>Considerable track record<\/h3>\n<p>The booming prospects for robots and artificial intelligence have led to a sharp rise in the share prices of many protagonists in the industries. Over the last year ABB\u2019s share has climbed 37% in value, that of Intuitive Surgical by almost two thirds, while AMD and Nvidia stock has more than doubled and tripled respectively. The positive trend is also clearly reflected in the Swissquote Robotics & Artificial Intelligence Index, the broadly diversified benchmark having appreciated by rather more than a fifth over the last twelve months. The index includes a total of 30 companies \u2013 including the stocks mentioned in this text \u2013 from the promising sectors. In terms of region, companies from the USA lead the way. At the moment the total 23 stocks from elsewhere make up 64% of the barometer\u2019s price movement. The absolute index heavyweight, however, is the Japanese Obic, which accounts for a 6% share. There are another 3 stocks from the Far East in the selection alongside the software group, including Fanuc, the world\u2019s largest robot manufacturer. In August 2023 the company passed the record mark of 1 million industrial robots delivered in total.<\/p>\n<h3>Tracker certificate on the Swissquote Robotics & Artificial Intelligence Index<\/h3>\n<div><price-chart isin=\"CH0467720428\"><\/price-chart><\/div>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;resultsPerPage&quot;:20,&quot;pageNumber&quot;:1,&quot;omni&quot;:&quot;CH0467720428&quot;,&quot;sortFields&quot;:[],&quot;sortingEnabled&quot;:true,&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <p><strong>Management fee: 0.70%<\/strong><\/p>\n<p><strong>Index Sponsor: Swissquote Bank SA<\/strong><\/p>\n<p><strong>Issuer: Leonteq Securities AG<\/strong><\/p>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<footer>Source: Leonteq Securities<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Three letters for success: AMC<\/h3>\n<p>In May 2019 Leonteq issued an actively managed certificate (AMC) on the Swissquote Robotics & Artificial Intelligence Index. This actively managed tracker enables investors to participate 1:1 in Swissquote Bank\u2019s carefully designed barometer. The professionally managed portfolio only includes stocks that meet strictly regulated qualitative and quantitative requirements. Despite this complex process, the annual management fee is a modest 0.7%. In return, holders of the certificate get a certificate that offers a convincing combination of transparency and liquidity alongside a 30-member-strong index. The certificate allows skilful participation in the next quantum leap forward in technological development.<\/p>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;SWISS FRANC&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:-1.08E-6,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;JAPANESE YEN&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00142365,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;TAIWAN DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:2.9E-7,&quot;currency&quot;:&quot;TWD&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;US DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:-0.0039854,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ABB LTD-REG&quot;,&quot;sophisInternalId&quot;:67108959,&quot;currentPrice&quot;:76.2,&quot;weight&quot;:0.02718056,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ADVANCED MICRO DEVICES&quot;,&quot;sophisInternalId&quot;:67114691,&quot;currentPrice&quot;:562.23,&quot;weight&quot;:0.02248621,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ALPHABET INC-CL A&quot;,&quot;sophisInternalId&quot;:67114265,&quot;currentPrice&quot;:349.22,&quot;weight&quot;:0.04625861,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;AMAZON.COM INC&quot;,&quot;sophisInternalId&quot;:67114480,&quot;currentPrice&quot;:254.76,&quot;weight&quot;:0.05391148,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ARISTA NETWORKS INC&quot;,&quot;sophisInternalId&quot;:91071110,&quot;currentPrice&quot;:185.58,&quot;weight&quot;:0.03151762,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CELESTICA INC&quot;,&quot;sophisInternalId&quot;:180428559,&quot;currentPrice&quot;:315.25,&quot;weight&quot;:0.01876746,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;COGNEX CORP&quot;,&quot;sophisInternalId&quot;:71208718,&quot;currentPrice&quot;:55.67,&quot;weight&quot;:0.02603366,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;COHERENT CORP&quot;,&quot;sophisInternalId&quot;:71209583,&quot;currentPrice&quot;:250.6,&quot;weight&quot;:0.01390207,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;DELTA ELECTRONICS INC&quot;,&quot;sophisInternalId&quot;:70822083,&quot;currentPrice&quot;:1630,&quot;weight&quot;:0.02039089,&quot;currency&quot;:&quot;TWD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;FANUC LTD&quot;,&quot;sophisInternalId&quot;:67122080,&quot;currentPrice&quot;:5907,&quot;weight&quot;:0.02384826,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;FUJI CORP/AICHI&quot;,&quot;sophisInternalId&quot;:138682698,&quot;currentPrice&quot;:7090,&quot;weight&quot;:0.02844984,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;HARMONIC DRIVE SYSTEMS INC&quot;,&quot;sophisInternalId&quot;:158247152,&quot;currentPrice&quot;:5160,&quot;weight&quot;:0.01629998,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;INTUITIVE SURGICAL INC&quot;,&quot;sophisInternalId&quot;:67569465,&quot;currentPrice&quot;:427.86,&quot;weight&quot;:0.07367216,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;KARDEX AG-REG&quot;,&quot;sophisInternalId&quot;:67109084,&quot;currentPrice&quot;:245.5,&quot;weight&quot;:0.03583941,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;KEYENCE CORP&quot;,&quot;sophisInternalId&quot;:71207636,&quot;currentPrice&quot;:78970,&quot;weight&quot;:0.03204756,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;KLA-TENCOR CORPORATION&quot;,&quot;sophisInternalId&quot;:67114511,&quot;currentPrice&quot;:174.46,&quot;weight&quot;:0.02060611,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MICRON TECHNOLOGY INC&quot;,&quot;sophisInternalId&quot;:67114697,&quot;currentPrice&quot;:931.24,&quot;weight&quot;:0.0257675,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MICROSOFT CORP&quot;,&quot;sophisInternalId&quot;:67114739,&quot;currentPrice&quot;:539.44,&quot;weight&quot;:0.09053818,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NVIDIA CORP&quot;,&quot;sophisInternalId&quot;:67114699,&quot;currentPrice&quot;:217.23,&quot;weight&quot;:0.03812519,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;PALANTIR TECHNOLOGIES INC-A&quot;,&quot;sophisInternalId&quot;:143060346,&quot;currentPrice&quot;:200.5,&quot;weight&quot;:0.05588121,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ROCKWELL AUTOMATION INC&quot;,&quot;sophisInternalId&quot;:67114212,&quot;currentPrice&quot;:422.03,&quot;weight&quot;:0.03721099,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SMC CORPORATION&quot;,&quot;sophisInternalId&quot;:71050427,&quot;currentPrice&quot;:66780,&quot;weight&quot;:0.03210701,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SYMBOTIC INC&quot;,&quot;sophisInternalId&quot;:175662973,&quot;currentPrice&quot;:39.76,&quot;weight&quot;:0.01900976,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SYNOPSYS INC&quot;,&quot;sophisInternalId&quot;:71327687,&quot;currentPrice&quot;:468.11,&quot;weight&quot;:0.03053899,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;TAIWAN SEMICONDUCTOR-SP ADR&quot;,&quot;sophisInternalId&quot;:67810153,&quot;currentPrice&quot;:422.25,&quot;weight&quot;:0.02951678,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;TERADYNE INC&quot;,&quot;sophisInternalId&quot;:67114513,&quot;currentPrice&quot;:343.21,&quot;weight&quot;:0.01873182,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;TESLA INC&quot;,&quot;sophisInternalId&quot;:70498762,&quot;currentPrice&quot;:362.44,&quot;weight&quot;:0.03005964,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;THK CO LTD&quot;,&quot;sophisInternalId&quot;:71207569,&quot;currentPrice&quot;:6167,&quot;weight&quot;:0.02579917,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;UIPATH INC - CLASS A&quot;,&quot;sophisInternalId&quot;:149925402,&quot;currentPrice&quot;:13.71,&quot;weight&quot;:0.06195335,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;YASKAWA ELECTRIC CORP&quot;,&quot;sophisInternalId&quot;:71327401,&quot;currentPrice&quot;:4274,&quot;weight&quot;:0.01611104,&quot;currency&quot;:&quot;JPY&quot;}]\"><\/AmcComposition>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2024/swissquote-robotics-and-artificial-intelligence-index-update?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"swissquote-robotics-and-artificial-intelligence-index-update","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/robots+and+ai_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/robots+and+ai_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-03-20T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/hermes_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"On the road at a gallop","windowTitle":"Hermès","category":"underlying-in-focus","title":"Hermès","body":"<p>Horses and riders were out and about in the heart of Paris last weekend. The 14th edition of the \"Saut Hermès\" took place not far from the Eiffel Tower. In addition to the global elite of show jumping, promising talents competed at the Grand Palais Éphémère. The supporting program included an outdoor paddock where children could try their hand at riding Shetland ponies. The event is of great importance to Hermès. In the presentation of its 2023 figures, the luxury group listed the \"Saut Hermès\" among the highlights of the new year. And for good reason: the company's long history began in 1837 with a harness and later saddle manufactory. Leather goods still dominate the business today: in 2023, the \"Leather Goods and Saddlery\" division accounted for 41% of Group sales. <\/p>\n<h3>Expensive and in high demand<\/h3>\n<p>The product range is dominated less by equestrian sports and more by high-priced bags and shoes. The handmade natural leather bags from Birkin are particularly popular with affluent customers. The label, named after the US actress Jane Birkin, is celebrating its 40th anniversary this year. Hermès also offers designer fashion, jewelry, watches, furniture and countless other accessories in its 300 stores. In addition to the luxury stores spread across 45 countries, the Group uses the Internet as a sales channel. Regardless of the sales channel, the French are benefiting from increasing prosperity and the resulting run on exclusive consumer goods. Over the past ten years, the average growth rate in sales has been 13.60%. Over the same period, profit per year has even risen by an average of almost 19% (see chart). In 2023, Hermès successfully countered cost inflation with price increases. CEO Axel Dumas is sticking to this policy and wants to raise prices by a further 8% to 9% this year.<\/p>\n<div>\n<generic-chart title=\"Hermès: Sales und Profit\">\n  <x-axis categories=\"2013,2014,2015,2016,2027,2018,2019,2020,2021,2022,2023\"/>\n      <chart-column title=\"Sales (in million EUR)\" data=\"3755,4119,4841,5202,5549,5966,6883,6389,8982,11602,13427\" format=\"number\"/>\n      <chart-line title=\"Profit (in million EUR)\" data=\"790,859,973,1100,1221,1405,1528,1385,2445,3367,4311\" format=\"number\" yAxisRight=\"true\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Hermès, as at February 2024<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Loyal customers, enthusiastic investors<\/h3>\n<p>As is usual in the sector, China plays an important role in the luxury group's success. Hermès opened new stores in Tianjin and Chengdu in 2023. In addition, the exclusive store in the \"Peninsula\", a 5-star hotel in Beijing, was renovated. Despite a sluggish economy, business in China has developed \"dynamically\" according to the company. \"The trend is unbroken,\" said CEO Duma at the latest presentation of figures. In any case, Hermès had started the year full of confidence. In this context, the boss referred to the balanced distribution network and the loyalty of customers. In fact, the economic environment plays a rather subordinate role for consumers who can afford bags costing USD 10,000 and more. Hermès is also generating enthusiasm among investors: Since the turn of the year alone, the share price has risen by almost a quarter.<\/p>\n<div><generic-chart title=\"Hermès: Share price (in EUR)\"> \n    <chart-line title=\"Hermès\" path=\"chart_rms.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Reuters, as at 18.03.2024<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Investment with partial protection<\/h3>\n<p>However, the valuation premium of the large cap has widened along with the share price. Reuters estimates the price/earnings ratio (P/E ratio) of Hermès at almost 50 based on the results expected for the next 12 months. This figure is only around half as high for industry giant LVMH. In this respect and due to the steeply upward pointing chart, a partially protected position could make sense. The protection threshold for a new soft callable barrier reverse convertible is 69% of the initial level. As long as Hermès does not fall to or below this level, which is in the region of the 52-week low, during the 18-month term, the product will yield the maximum return. The highest possible return corresponds to the coupon. In the product currency CHF, the coupon payment is 6.00% p.a. If you opt for the EUR variant, you can expect a fixed quarterly coupon of 8.00% p.a.. In the event that the underlying touches or falls below the barrier, the partial protection expires. The investment would then be directly linked to the price performance of Hermès. Please also note the soft callable function. It makes early termination and redemption possible. The issuer is the particularly solvent Basler Kantonalbank.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1318753105\\&quot;\\&quot;CH1318753147\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div><strong>Issuer: Basler Kantonalbank, Basel (Rating: Fitch AAA, S&P AA+)<\/strong><\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-hermes","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/hermes_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/hermes_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-03-13T01:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/coinbase__leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Back to the start","windowTitle":"Coinbase","category":"coupon-giant","title":"Coinbase","body":"<p>\"Never give up\" is a song by Brian Armstrong, released as an NFT in 2021, which he composed together with DJ DAVI. The line also aptly describes the life motto of the amateur musician, entrepreneur, investor, managing director and co-founder of Coinbase. After the IPO of the largest trading platform for crypto-assets in the USA almost exactly three years ago, the share price took a steep dive. The share price fell by a tenth within around 12 months. But capitulating was not an option for the 41-year-old. Armstrong, one of the pioneers in this sector, was unwavering in his belief in the future of cryptos and, as things stand today, he was proved right: the price rose exponentially in the course of the recent Bitcoin rally.<\/p>\n<div><generic-chart title=\"Coinbase: Share price since IPO (in USD)\"> <chart-line title=\"Coinbase\" path=\"chart_coinbase.csv\" format=\"date, number\"><\/chart-line> <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as of 12.03.2024<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>From \"winter\" to \"summer\"<\/h3>\n<p>The so-called crypto winter, i.e. the phase in which Bitcoin &amp; Co. bobbed along far below their highs, ended in October last year at the latest. Above all, the anticipation of the first spot Bitcoin ETFs, which were ultimately approved in January 2024, prompted investors to buy into the digital coins again. A look at the price performance of the oldest cyber currency shows that it was not so much a spring awakening as a heated summer rally that followed. Bitcoin rose by 163% over a five-month period, while Coinbase shares more than tripled in value during this period.<\/p>\n<p>However, the crypto trading platform has not only benefited from the boom in digital currencies recently, but has also managed to impress with its operating business. The company managed to break even in the final quarter, its first positive quarter since the end of 2021, reporting a net profit of USD 273 million from October to December, compared to a loss of USD 557 million in the previous year. The good result is based, among other things, on radical cost reductions, the headcount was reduced by more than 30%, and higher revenues. Sales climbed by 51% to USD 953 million, significantly exceeding expectations of USD 826 million. Transaction income, which accounts for the largest share of revenue, almost doubled compared to the previous quarter to USD 529 million. The lion's share of trading is now accounted for by the two largest cyber currencies Bitcoin and Ethereum (see chart). The remaining revenue was generated from subscription and service income.<\/p>\n<h3>Profitable growth<\/h3>\n<p>With the figures presented, Coinbase says it has achieved its self-imposed target for 2023 of positive adjusted earnings before interest, taxes, depreciation and amortization (EBITDA): \"We have achieved a net profit of USD 95 million in all 4 quarters and positive adjusted EBITDA of almost USD 1 billion in total,\" is the message from the company. Growth is expected to continue. CFO Alesia Haas is planning a \"modest increase\" in the number of employees this year in order to support product growth. In addition, the manager also sees a positive impact of Bitcoin ETFs on the industry as a whole through \"increased engagement\". In addition, Coinbase acts as custodian for 8 of the 10 spot Bitcoin ETFs and should benefit from increasing custody fee income as inflows into the fund increase. Coinbase is targeting a positive adjusted EBITDA for the first quarter.<\/p>\n<div><generic-chart title=\"Coinbase: Share of transaction revenue by crypto asset (in %)\"> \n<x-axis categories=\"2020,2021,2022,2023\"><\/x-axis> <chart-column title=\"Bitcoin\" data=\"41,24,29,34\" format=\"number\"><\/chart-column> <chart-column title=\"Ethereum\" data=\"15,21,25,20\" format=\"number\"><\/chart-column> <chart-column title=\"sonstige\" data=\"44,55,46,46\" format=\"number\"><\/chart-column> <\/generic-chart><\/div>\n<footer>Source: Coinbase<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Minor flaw<\/h3>\n<p>The current positive sentiment cannot be dampened by an ongoing SEC lawsuit. The US Securities and Exchange Commission is accusing Coinbase of failing to register with the regulator. According to the SEC, disclosure requirements to protect investors have been circumvented since at least 2019. However, the company is not aware of any culpability and sees the solution in long overdue legislation that allows fair rules to be established transparently and applied evenly. Ultimately, it is now up to the US Congress to impose clear rules on the crypto market.<\/p>\n<h3>Low strike, high profit opportunity<\/h3>\n<p>April marks the third anniversary of Coinbase's stock market listing. In retrospect, there have been strong ups and downs. After the sharp price slump described at the beginning, the share has just returned to its starting position - the IPO price was USD 250. After the figurative V-shape, investors will undoubtedly find it difficult to jump directly onto the bull bandwagon. However, this is not necessary in order to achieve attractive returns with the crypto stock. The high price fluctuations of the share ensure excellent conditions for yield-optimization products such as the reverse convertible. Leonteq's new soft-callable reverse convertibles are proof of this. The strike level is set at a low 50% of the initial value, so that the structure of the Coinbase share allows for setbacks of just under half without reducing the profit opportunity. The decisive factor for the maximum return is that the underlying asset is quoted above the strike at maturity. If this is at or below the low strike price at the final fixing, the investment may end in negative territory. However, the guaranteed coupon will be paid out in any case. The CHF-denominated product offers the prospect of an interest payment of a high 13.00% p.a.. Even more can be achieved with the USD variant. This even offers a coupon of 17.00% p.a. with otherwise identical features. Both instruments have a maximum term of 18 months and the first observation date is after 6 months.<\/p>\n<h3>Callable Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1325433675\\&quot; \\&quot;CH1325433683\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;strikeLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1129854100\\&quot; \\&quot;CH1158660535\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-coinbase","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/coinbase_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/coinbase_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-03-08T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/btc-etp_product+homepage+banner.jpg","subTitle":"First ETP+ on the Bitcoin ETF Index","windowTitle":"Bitcoin \u2013 the asset of the hour","category":"investment-themes","title":"A special kind of crypto investment","body":"<h3>Increasing acceptance<\/h3>\n<p>The licensing of the first ETFs was the ultimate accolade for Bitcoin and the like, and another step towards going mainstream. It is not only private investors who are reaching for the token now, though \u2013 companies are also parking more of their money in digital currencies. Just recently, for instance, social media platform Reddit, which applied in the middle of February for a listing on the New York stock exchange, invested a small portion of its excess cash reserves in Bitcoin, Ether and Matic. MicroStrategy, the well-known crypto investor and software manufacturer, also made further purchases lately. The US company increased its existing billion-dollar holdings by USDmn 155, or around 3,000 bitcoins. In the view of Ben Zhou, co-founder and CEO of Bybit, the world\u2019s third largest crypto exchange, the Bitcoin ETF heralds a new epoch of institutional and wider crypto adoption. \u201cIt\u2019s a clear indicator that crypto's inherent value as a global transaction system with near instant finality and total transparency is being realised,\u201d Zhou states.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2024/bitcoin-etf-index-etpplus?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<h3>Outrageous price targets<\/h3>\n<p>If star investor Cathie Wood of investment company ARK Invest is to be believed, the token is set for a brilliant few years. In her annual \u201cBig Ideas\u201d study, published recently, she reckons that the decentralisation and transparency of the Bitcoin network in particular could drive Bitcoin higher. \u201cWe believe that the long-term opportunities of Bitcoin will get better,\u201d the ARK experts write in their report, citing three possible scenarios for the crypto giant. In the best-case scenario, the ARK Invest team thinks Bitcoin could climb to USDmn 1.48 by 2030. This corresponds to a potential rise of more than 2,000% from today. Even in the base and the bear scenarios, investors can expect huge increases, in the first case USD 682,800 and in the bear case a still respectable USD 258,500. Reto Stiffler from Crypto Consulting is also confident: he thinks that the Bitcoin price could reach USD 100,000 to 120,000 by the end of this year.<\/p>\n<div>\n<generic-chart title=\"Leonteq Bitcoin ETF Index: Annual Performance (in %)\">\n  <x-axis categories=\"2019,2020,2021,2022,2023,2024 (until 01. March)\"/>\n      <chart-column title=\"Annual Performance (in %)\" data=\"94.40,304.27,59.47,-64.29,152.44,46.28\" format=\"number\"/>\n<\/generic-chart> <\/div>\n<footer>Source: Leonteq, as of 01.03.2024.<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Investing made easy<\/h3>\n<p>In light of these prospects, it could be worthwhile for private investors also to add Bitcoin to their portfolio. One suitable product is the newly issued ETP+ on the Leonteq Bitcoin ETF Index, which participates one-to-one in the price movement of the underlying asset. The underlying is in turn composed of four ETFs: the iShares Bitcoin, the Fidelity Physical Bitcoin, the ARK 21 Shares Bitcoin and the Bitwise Bitcoin ETF. The quartet is equally weighted and has a handsome track record: calculating back, this selection finished four of the last five years in positive territory, with the best performance to date, 304%, being achieved in 2020 (see graph). Overall, the Bitcoin ETF Index posted an average annual gain of more than 50% in the back test.<\/p>\n<h3>ETP+ on Leonteq Bitcoin ETF Index<\/h3>\n<div><price-chart isin=\"CH1292088817\"><\/price-chart><\/div>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[&quot;PT_TRACKER_ETP&quot;],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[&quot;183647104&quot;],&quot;omni&quot;:&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:false,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:true},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.calendar.issue_date.value&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<footer>Source: Leonteq Securities<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>A bundle of benefits<\/h3>\n<p>The new ETP comes with plenty of other benefits, first and foremost of which is that the product can be graced with a \u201c+\u201d. Since the ETFs used can be deposited as a pledge with the SIX, Leonteq has been able to launch an ETP+ on an index consisting of four of the best-known spot Bitcoin ETFs. That means the product offers a protective function through an explicit collateralisation: a pledge is deposited with SIX SIS AG for every exchange traded product. If the price of the certificate rises, Leonteq increases the pledge \u2013 and vice versa. If Leonteq were to enter into payment difficulties, the pledge would be liquidated and the equivalent of the investment product would be distributed to the holders of the ETPs. Another advantage of the ETP+ is that the direct possession of Bitcoin is not entirely without risk: hacker attacks or even the loss of the storage medium could become a problem. That is not the case with the ETP+, which has a secure place in the custody account. Last but not least, the Bitcoin ETF Index is spread over four ETFs, all from issuers enjoying a high reputation: iShares, Fidelity, ARK and Bitwise.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2024/bitcoin-etf-index-etpplus?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"bitcoin-etf-index-etpplus","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/btc-etp_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/btc-etp_thumbnail.jpg"},{"date":"2024-03-06T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/temenos_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Simultaneously long and short","windowTitle":"Temenos","category":"underlying-in-focus","title":"Temenos","body":"<p>Companies actually do a lot to be in the headlines. This allows them to stand out from the crowd, differentiate themselves from the competition and, at best, strengthen their image. The complete opposite is currently the case at Temenos. The management could certainly do without the latest news. The activist investor Hindenburg Reserach, a feared short seller from the USA, accuses the banking software manufacturer of accounting tricks in a multi-page report. As a result, the share recorded a daily loss of almost 30%. <\/p>\n<h3>On the test bench<\/h3>\n<p>Following the share price debacle, the share is moving sideways. Investors currently appear to be awaiting Temenos' efforts to clear up the serious allegations made by the short seller. Chairman of the Board of Directors Thibault de Tersant of course immediately rejected the accusations of manipulation and commissioned three external auditors. Specifically, these are the consultants from Alvarez &amp; Marsal, who specialize in forensic accounting and investigations, as well as the law firms Schellenberg Wittmer from Switzerland and Sullivan &amp; Cromwell from the USA. \"The trust of all stakeholders in our company is of utmost importance and it is our fiduciary duty to thoroughly and robustly investigate all allegations made,\" commented de Tersant on this step.<\/p>\n<div><generic-chart title=\"Temenos: Share price (in CHF)\"> \n    <chart-line title=\"Temenos\" path=\"temenos-twin-win.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as of: 06.03.2024<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<p>However, the CEO succession is still unclear. Following the sudden departure of CEO Max Chuard at the beginning of 2023, former Chairman of the Board of Directors Andreas Andreades took his place on an interim basis. This is still the case today, and no new boss has yet been found. Hindenburg is exerting pressure in this regard and is calling for Andreades to be dismissed with immediate effect. The activist shareholder Petrus Advisers is blowing the same horn. In a letter to the Board of Directors, it criticizes the fact that under Andreades' leadership, a climate of short-term profits has prevailed over longer-term success.<\/p>\n<h3>Solid business development<\/h3>\n<p>Speaking of profits: Temenos closed the 2023 financial year with growth. In the fourth quarter, adjusted earnings (EBIT) increased by 4%, with the corresponding margin improving slightly to 34% from 33.8% in the previous year. The EBIT growth rate for the year as a whole was as high as 13%. Revenues increased by 5% to USD 1 billion. The Group's figures exceeded consensus expectations. Temenos exceeded estimates by 6% for the important license sales and 4% for total sales. \"I was particularly pleased with the strong growth in free cash flow of 26% in the 2023 financial year,\" commented \"still\" CEO Andreades on the results, while at the same time looking ahead with confidence: \"And now that we have overcome the headwinds from the switch to the subscription business, I expect our free cash flow to continue to grow strongly in the coming years.\"<\/p>\n<p>For the current year, the planning envisages an increase in software licenses of 7% to 10%, in EBIT of 7% to 9% and in earnings per share of 6% to 8%. Free cash flow (FCF) is again expected to increase by at least 16%. Temenos is also sticking to its medium-term growth plans. EBIT is expected to reach at least USD 570 million and FCF at least USD 700 million. By comparison, an operating result of USD 313 million and FCF of USD 242.6 million were reported for 2023.<\/p>\n<p>However, the operating prospects are currently only playing a minor role on the capital market. The focal point is the exchange of blows between Temenos and Hindenburg. This is not surprising, as investors are reacting particularly sensitively to allegations of manipulation following the German Wirecard scandal. In the coming weeks, the consulting firm Alvarez &amp; Marsal will bring clarity to this with its inspection of the books. The outcome is open, as the short seller has already attacked several companies in recent years without a major bombshell bursting in the end. Around a year ago, Hindenburg targeted the Indian Adani Group, causing its stock market value to halve. In the meantime, the Indian authorities have refused to extend the investigation and Adani's share price has recovered.<\/p>\n<div>\n<generic-chart title=\"Temenos: Free Cash Flow (in million USD)\">\n  <x-axis categories=\"2022,2023,2024e,2030e\"/>\n      <chart-column title=\"Free Cash Flow (in million USD)\" data=\"193,243,282,700\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Temenos, e = expected<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Long and short at the same time<\/h3>\n<p>Given the current tense situation, investing in Temenos is certainly not an easy undertaking. However, Leonteq offers the perfect investment solution with a Twin-Win Autocall certificate. The product structure enables positive returns both in the event of price gains and price losses. In detail, the certificate behaves as follows: Above the starting level, the certificate benefits 100% from rising prices. This applies up to the autocall trigger level at 120%. If this level is reached on one of the semi-annual observation days, the product is redeemed early and investors also receive the coupon of 20.00% p.a. at the nominal value. The Coupon Trigger Level is at the same level as the Autocall Trigger Level. In the event that there is no early maturity, the high coupon payments are not lost. On the contrary: they are added up and credited when the coupon trigger level is reached. <\/p>\n<p>In the event that the share goes into reverse again, the product converts the falling prices into positive returns up to the barrier at 60% of the initial fixing. Consequently, holders can profit from both directions, i.e. long and short. In the event that Temenos breaches the barrier, the twin-win mechanism switches off and the certificate behaves like a direct investment. In the event of a negative performance of the underlying, it would cause a corresponding loss at maturity. However, if the underlying asset is trading at or above the starting level on the expiry date, the investment would not end in the red despite the breach of the barrier. <\/p>\n<h3>Autocallable twin-win certificate<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1325434277\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.calendar.subscription_end_date.value&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.calendar.last_trading_date.value&quot;,&quot;sortOrder&quot;:&quot;DESC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.features.guaranteed_fixed_rate_coupon.coupon_rate.value&quot;,&quot;sortOrder&quot;:&quot;DESC&quot;}],&quot;displayColumns&quot;:[&quot;conditionalCoupon&quot;,&quot;underlying&quot;,&quot;participation&quot;,&quot;barrierPercentage&quot;,&quot;autocallTriggerLevel&quot;,&quot;currency&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n              <template v-slot:headerTitle>\n          <p><strong>Issuer: Leonteq Securities AG&nbsp;(Rating: Fitch BBB)<\/strong><\/p>\n        <\/template>\n                    <template v-slot:footer>\n          <p><strong>Coupon Trigger Level: 120%<\/strong><\/p>\n<p><strong>Memory Coupon<\/strong><\/p>\n<p><strong>Autocall Frequency: Semi-anually<\/strong><\/p>\n<p><strong>Participation: 100% in the absolute performance (if no barrier event)<\/strong><\/p>\n        <\/template>\n          <\/SavedSearch>\n  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1216488895\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.calendar.subscription_end_date.value&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.calendar.last_trading_date.value&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.features.guaranteed_fixed_rate_coupon.coupon_rate.value&quot;,&quot;sortOrder&quot;:&quot;DESC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-temenos-twin-win","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/temenos_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/temenos_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-02-28T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/snap_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"In the shadow of the \"Magnificent 7\"","windowTitle":"Snap","category":"coupon-giant","title":"Snap","body":"<p>Snap made a spectacular stock market debut on March 2, 2017. At USD 24, the initial share price exceeded the IPO price by more than 40%. At that time, the parent company of the photo app Snapchat had a capitalization of around USD 30 billion. In September 2021, the share price reached an all-time high of USD 83.33 and the market value peaked at USD 116 billion. On the 7th anniversary of its IPO, the social media stock is trading more than a third below its IPO price. Until recently, it looked as if Snap could turn upwards from a bottoming out. However, the Californians caused a shock at the beginning of February.<\/p>\n<div>\n<generic-chart title=\"Snap: Share price (in USD)\">\n  <chart-line title=\"Snap\" path=\"chart_snap.csv\" format=\"date, number\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Refinitiv, as at 26.02.2024<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Tough competition<\/h3>\n<p>Snap reported revenue growth of 5% to USD 1.36 billion for Q4 2023. Although the social media company only missed analysts' expectations by just under USD 20 million, it was still brutally punished on Wall Street. Within one day, the share price plummeted by almost 35%. The faltering growth - revenue stagnated in 2023 as a whole - reinforces a fear among investors: competitors now often offer similar photo functions to Snapchat. In this respect, advertisers could give preference to other applications. It is fitting that Meta Platforms, the holding company behind Facebook and Instagram, has reported advertising revenue growth of 25% for the fourth quarter of 2023.<\/p>\n<h3>Focus on the core markets<\/h3>\n<p>However, CEO and Snap co-founder Evan Spiegel will certainly not leave the field without a fight. He is firmly convinced of the potential for further growth. \"Of course we would like to be faster, but we are working as hard as we can,\" Spiegel said at an analyst conference. Reach should not be a problem. In the fourth quarter of 2024, an average of 414 million users were active on Snapchat per day. Analysts had only expected 411.6 million. The app is particularly popular with young people. In more than 25 countries, the app known for its special and funny picture messages reaches 90% of 13 to 24-year-olds. In 2024, the CEO wants to further expand the user base and invest in markets where Snap already earns the most money. These include North America and Europe. Recently, however, the community on these two continents has hardly expanded at all. Growth came from other regions (see chart).<\/p>\n<div>\n<generic-chart title=\"Snap: Daily active users of Snapchat (average, by region, in millions)\">\n      <x-axis categories=\"Q4/21, Q1/22, Q2/22, Q3/22, Q4/22, Q1/23, Q2/23, Q3/23, Q4/23\"/>\n      <chart-column title=\"North America\" data=\"97,98,99,100,100,100,101,101,100\" format=\"number\"  />\n      <chart-column title=\"Europe\" data=\"82,84,86,88,92,93,94,95,96\" format=\"number\"  />\n      <chart-column title=\"Rest of the world\" data=\"140,150,162,175,183,190,202,211,218\" format=\"number\"  />\n      <chart-column title=\"Total\" data=\"319,332,347,363,375,383,397,407,414\" format=\"number\"  />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Snap, as at February 2024<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Portfolio shifts<\/h3>\n<p>Many hedge fund managers have probably already outgrown the Snapchat community. And yet one or two investment professionals are still taking a liking to the stock. Goldman Sachs took a close look at the portfolio movements of more than 700 hedge funds. This revealed that positions in Snap were built up in the fourth quarter - i.e. before the latest figures were published. Meanwhile, managers turned away from the \"Magnificent 7\". With Apple, Microsoft, Nvidia, Alphabet, Meta Platforms and Tesla, six stocks from this group recorded net sales. The only exception was Amazon. The \"Magnificent 7\" played a major role in the recent Wall Street rally. The concentration of the US market on these growth stocks is now correspondingly high.<\/p>\n<h3>Impressive coupons, low barrier<\/h3>\n<p>With a market capitalization of around USD 17 billion, Snap is tiny compared to the \"Magnificent 7\". Despite this, the share makes \"glorious\" coupons possible as an underlying for barrier reverse convertibles (BRCs). Leonteq has launched two variants on Snap. In the product currency CHF, the guaranteed distribution is 17% p.a. The USD variant even pays a coupon of 21% p.a. Irrespective of the value date, the barrier is a low 49% of the initial level. Snap would therefore have to fall by a good half or fall out of the overriding sideways trend for the partial protection to expire. Should this worst-case scenario occur, the BRC would be exposed to the full risk of the underlying. Please also note the softcallable function. It makes early termination and redemption possible. The issuer of the BRCs is Basler Kantonalbank - its strong rating (Fitch AAA, S&amp;P AA+) gives the products presented a particularly solid foundation.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1261619204\\&quot; \\&quot;CH1261619246\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.calendar.subscription_end_date.value&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div><strong>Issuer: Basler Kantonalbank, Basel (Rating: Fitch AAA, S&P AA+)<\/strong><\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-snap","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/snap_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/snap_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-02-23T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/market_outlook_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Capital Protection + Conditional Coupon from Long/Short Strategy","windowTitle":"GOLD VS. S&P 500","category":"investment-themes","title":"GOLD VS. S&P 500","body":"<h3>Wall Street in rally mode<\/h3>\n<p>On 5 November Americans will elect their president. It looks as if there will be a repeat of the 2020 duel: Biden vs. Trump. Although the latter candidate is mired in numerous court cases, Republicans seem to want to put him back in the race. One way or another, the United States is in for a few turbulent months in domestic politics. Until then Wall Street will not let either that prospect or high interest rates or stubborn inflation put it off course. The S&P 500 index has gained just under 5% in value since the turn of the year. One of the drivers, alongside hopes for an imminent loosening of monetary policy, is the latest reporting season. By the middle of February more than three quarters of groups from the S&P 500 had presented their results. For the 4th quarter of 2023, according to J.P. Morgan, they reported average earnings growth of 5%. That puts the results 8 percentage points higher than the markets had expected.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2024/long-short-strategy?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<h3>Significant clustering<\/h3>\n<p>This surprise can be attributed solely to the \u201cMagnificent 7\u201d, a group comprising Apple, Microsoft, Alphabet, Amazon.com, Nvidia, Meta Platforms and Tesla. If their results were ignored, the cumulative profit in the leading US index would have shrunk by 4% at the end of 2023. These tech, communications and e-commerce giants now account for almost 30% of the capitalisation of the S&P 500. They are thus driving valuations upwards alongside the overall performance. In addition to election campaigns, inflation and high interest rates, then, Wall Street is also feeling the impact of clustering. In view of the imponderables associated with such an uncertain picture, the time may have come to consider an alternative positioning. <\/p>\n<div><generic-chart title=\"S&P 500®\"> \n    <chart-line title=\"S&P 500®\" path=\"chart_spx.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Bloomberg, as of: 21.02.2024<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Explosive duel<\/h3>\n<p>This is where a new capital protection certificate with a conditional coupon comes in. The structured product is based on a long/short strategy. While it bets on falling prices for the S&P 500, it also brings rising prices for gold into the calculation. Although both USD yields and the dollar itself have recently been trending upwards, the troy ounce is hovering around the USD 2,000 mark. Alongside the prospect for a turnaround in interest rates, one of the reasons for its relative strength is the tight monetary policy. The gap between the US benchmark index and gold does not have to widen too far for the conditional coupon to become payable. For gold, a distribution requires the price to rise by 5% or more during the one-year term. For the S&P 500, the condition is a decline of at least 5%. If the long/short approach pays off, investors receive the coupon of 15%. This repayment profile is made possible by what is known as a dual digital warrant.<\/p>\n<div><generic-chart title=\"Gold: Price (in USD)\"> \n    <chart-line title=\"Gold (in USD)\" path=\"chart_xau.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Bloomberg, as of: 21.02.2024<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>High protection level<\/h3>\n<p>Even if the strategy on gold and US equities fails and the option becomes worthless, investors will not go away empty-handed. The capital protection amounts to 101%. Thanks to the minimum repayment, the yield in the event of success climbs to 16%. Please note that the conditions set out here do not kick in until the maturity date. During the term the value of the structured product can fall below the guarantee level. In addition to the performance of the two underlyings, the further development of USD yields in particular will also have an impact on pricing in the secondary market. By the way, the capital protection certificate chimes well with J.P. Morgan\u2019s assessment of the market. The renowned research department of the US bank sees the price of gold reaching USD 2,175 at the end of the year. J.P. Morgan is reckoning on a correction on Wall Street, though. The analysts put their target for the S&P 500 in December 2024 at 4,200 points. That would mean the index finishing almost a fifth below its current level.<\/p>\n<h3>Capital Protection Certificate with Conditional Coupon<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1369849281\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;capitalProtection&quot;,&quot;underlying&quot;,&quot;participation&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1325429772\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;capitalProtection&quot;,&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n   <li>Gold Barrier: 105%<\/li>\n   <li>S&P 500® Barrier: 95%<\/li>\n   <li>The conditional coupon amounting to 15.00% is paid if gold quotes above and the S&P 500® below the specific barrier at maturity.<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2024/long-short-strategy?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"long-short-strategy","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/market_outlook_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/market_outlook_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-02-21T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/pdd+holdings__leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Online shop on course for expansion","windowTitle":"PDD Holdings","category":"underlying-in-focus","title":"PDD Holdings","body":"<p>The Super Bowl 2024 shattered records. More than 124 million TV viewers tuned in in the USA. They not only got to see the Kansas City Chiefs' victory over the San Francisco 49ers or the player's wife and pop icon Taylor Swift. Temu also attracted attention with several commercials. According to experts, the online shopping platform has raised more than USD 30 million for this. An additional USD 15 million was spent on discount coupons and Givaways. Under the slogan \"Shop like a billionaire\", rows of bargains pop up in the animated films - including clothing, kitchen appliances, furniture and tools. The expensive presentation as part of the biggest TV event in US history is made possible by a powerful mother. Launched in 2022, the Temu app is the international offshoot of the Chinese e-commerce platform Pinduoduo. This in turn is the core of PDD Holdings. The investment company with Chinese roots and a legal domicile in Dublin has been listed on the US technology exchange Nasdaq since 2018. <\/p>\n<h3>Tough competition<\/h3>\n<p>Almost six years after its IPO, PDD is almost on a par with Alibaba. At the beginning of December, the challenger was briefly ahead of China's e-commerce top dog with a capitalization of just under USD 200 billion. PDD Holdings is courting bargain hunters with particularly low prices and cheap or even free shipping. On Temu, for example, you can find wireless headphones or hoodies for less than CHF 10. In times of high inflation and an uncertain economic outlook, this strategy is proving popular. PDD Holdings is growing strongly: in the third quarter of 2023, sales increased by more than 90% to the equivalent of USD 9.4 billion. Earnings were unable to keep pace, not least due to high advertising expenditure. From July to September 2023, the holding company earned USD 2.3 billion in operating income, \"only\" just under 60% more than in the prior-year period.<\/p>\n<div>\n<generic-chart title=\"PDD Holdings: Sales and operating margin\">\n  <x-axis categories=\"Q1 22,Q2 22,Q3 22,Q4 22,Q1 23,Q2 23,Q3 23\"/>\n      <chart-column title=\"Sales (in billion RMB)\" data=\"23.8,31.4,35.5,39.8,37.6,52.3,68.8\" format=\"number\"/>\n      <chart-line title=\"Operating margin (in %)\" data=\"9,28,29,23,18,24,24\" format=\"number\" yAxisRight=\"true\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: PDD Holdings, as of February 2024<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Successful market entry<\/h3>\n<p>\"We have continued to invest resolutely,\" explained co-CEO and PDD co-founder Lei Chen when presenting the figures. In addition to research and development capacities, capital has been invested in supply chain and agricultural technology. Pinduoduo offers smaller farmers the opportunity to market fruit and vegetables directly. Analysts regard Temu as a key growth driver. The Boston-based platform is now active in 48 countries. In 2023 as a whole, Temu could have contributed more than USD 16 billion to the holding company's sales. According to experts, Pinduoduo grew significantly faster than rivals Alibaba and JD.com in China in the third quarter. On March 18, investors will find out how business went at Christmas. PDD Holdings will then present its results for the fourth quarter and the full year 2023.<\/p>\n<div><generic-chart title=\"PDD Holdings: Share price (in USD)\"> \n    <chart-line title=\"PDD Holdings\" path=\"chart_pdd.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart>\n    <\/div>\n<footer>Source: Reuters, as of 19.02.2024<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Strong issuer, strong conditions<\/h3>\n<p>The company has recently lost some momentum on the stock market. PDD Holdings has fallen by 7.6% since the turn of the year. At the same time, the Nasdaq stock has shown relatively high volatility. In the first seven trading weeks of 2024, the price fluctuation range was more than 30%. By comparison, Reuters puts the figure for the Nasdaq as a whole at less than 14% for this period. The combination of declining upward momentum and impressive volatility makes PDD Holdings an interesting underlying for yield optimization products. Leonteq has launched Softcallable Barrier Reverse Convertibles on the internet stock. The guaranteed coupon is 12% p.a. in the product currency CHF. Investors who invest in USD receive a 300 basis point higher payout. The barrier is 49% of the initial level. As long as PDD Holdings does not fall to or below this level, investors will receive the nominal amount back in full after 15 months. Otherwise, the partial protection would expire and the investment would be exposed to the full risk of the underlying asset. The issuer is the particularly solvent Basler Kantonalbank. It has the right to call the BRCs early (soft callable).<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1261618586\\&quot; \\&quot;CH1261618644\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div><strong>Issuer: Basler Kantonalbank, Basel (Rating: Fitch AAA, S&P AA+)<\/strong><\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-pdd","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/pdd+holdings__leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/pdd+holdings__leonteq-structured-products_thumbnail.jpg"},{"date":"2024-02-20T13:42","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/cryptocurrencies_hedera+hashgraph_product+website.png","subTitle":"30 crypto assets tradable via Leonteq","windowTitle":"Hedera","category":"crypto-assets","title":"About Hedera","body":"<p><strong>Hedera Hashgraph, often simply called \"Hedera\", represents a distributed ledger technology (DLT) that seeks to transform the landscape of digital assets and decentralized applications (dApps). It operates on a Directed Acyclic Graph (DAG) consensus mechanism known as Hashgraph, offering numerous advantages in scalability, security, and efficiency. Founded in 2017, Hedera emerged after its creator and former chief scientist, Leemon Baird, devised the Hashgraph consensus algorithm in 2015.<\/strong><\/p>\n<p>One of the standout features of Hedera is its governance model, designed to foster stability. The governance council comprises esteemed global organizations from diverse sectors and include Deutsche Telekom, Nomura, Boeing, DBS, Dell, and IBM, among others.<\/p>\n<p>HBAR is the native cryptocurrency token of the Hedera Hashgraph network.<\/p>\n<p>Hedera enables faster transaction processing and higher throughput, making it more feasible to create and manage digital assets at scale.<\/p>\n<h3>Investment solution on Hedera - tradable on BX Swiss<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[&quot;PC_PARTICIPATION&quot;],&quot;productGroups&quot;:[&quot;PG_TRACKER_CERTIFICATE&quot;],&quot;productTypes&quot;:[&quot;PT_TRACKER_CERTIFICATE&quot;],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[&quot;184390839&quot;],&quot;omni&quot;:&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:false,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:true},&quot;marketVenues&quot;:[&quot;XBRN&quot;],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Conversion Ratio: 1'000<\/li>    \n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/investment-themes/crypto-expansion?language_id=1\" label=\"Click here to access the full product range on cryptocurrencies.\"> <\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>\n<h5>Risk disclosure<\/h5>\n<p>Investments in products referencing one or more cryptocurrencies or indices of cryptocurrencies are subject to increased volatility compared to investments in traditional assets and to specific risks which can negatively impact the value, tradability,liquidity and/or security of such investments. Potential Investors are encouraged to inform themselves about these specific risks when considering an investment in products referencing one or more cryptocurrencies or indices of cryptocurrencies. A summary of key risks relating to products referencing one or more cryptocurrencies or indices of cryptocurrencies can be found <strong> <a href=\"https://structuredproducts-ch.leonteq.com/crypto-disclaimer\">here<\/a><\/strong>.<\/p>","url":"hedera","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/cryptocurrencies_hedera+hashgraph_sidenav.png","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/cryptocurrencies_hedera+hashgraph_thumbnail.png"},{"date":"2024-02-14T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/nordex_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"The wind has turned","windowTitle":"Nordex","category":"coupon-giant","title":"Nordex","body":"<p>Nordex has recently had to battle through gusty phases in the truest sense of the word. In the wake of rising costs, an economic slowdown and rising interest rates, the wind turbine manufacturer's earnings have gone into reverse in recent years. And that's not all: in 2022, the Group even reported a loss of EUR 244 million on an EBITDA basis. It therefore comes as no surprise that the share price also slumped in line with the operating business performance. Over the past three years, Nordex's market capitalization has more than halved.<\/p>\n<h3>New momentum<\/h3>\n<p>Recently, however, the share price has regained momentum and at least managed to return to the double-digit range. This recovery goes hand in hand with improved general conditions on the one hand and good figures for the past financial year on the other. Nordex was even able to exceed its forecasts in part with the fresh 2023 results presented at the beginning of the week. Sales climbed to just under EUR 6.5 billion, an increase of 14%, exceeding the upper end of the forecast range of EUR 5.6 to 6.1 billion. On the earnings side, the wind turbine specialist achieved the hoped-for break-even on a full-year basis. The company generated a small operating profit before interest, taxes, depreciation and amortization (EBITDA) of EUR 2 million, putting the EBITDA margin almost in the middle of the expected corridor of minus 2% to plus 3%. \"2023 was a year of transition with a step in the right direction,\" commented CEO José Luis Blanco on the figures.<\/p>\n<div>\n<generic-chart title=\"Sales and earnings\">\n  <x-axis categories=\"2018,2019,2020,2021,2022,2023\"/>\n      <chart-column title=\"Sales (in EUR billion)\" data=\"2.46,3.28,4.65,5.44,5.69,6.5\" format=\"number\"/>\n      <chart-line title=\"Ebitda (in EUR million)\" data=\"101.7,123.8,94,52.7,-244.3,2\" format=\"number\" yAxisRight=\"true\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Nordex<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<p>A glance at the order book reveals that the growth curve could continue to point upwards in the new year. At constant prices, Nordex recorded an order intake of 7.4 gigawatts (GW) with simultaneously rising market shares. Overall, the increase amounted to 16%, with the period from October to December again proving to be the growth driver. In the last three months of the year, the increase in orders amounted to almost 30% with a total output of around 2.5 GW. However, it is not just the sheer volume of orders that gives cause for optimism; prices and therefore margins are also pointing upwards again. The average sales price per MW increased to EUR 0.84 million in the fourth quarter from EUR 0.79 million in the previous quarter due to the improved regional mix. <\/p>\n<h3>On course for a turnaround<\/h3>\n<p>Investors will find out exactly what will happen in the new year when the final figures are presented on February 29. However, according to the CEO, the company has already laid a \"good foundation for future business development\" by reaching the break-even point. Analyst consensus currently expects Nordex to achieve a turnaround on a net basis in 2024 and then take off in 2025. Based on the estimate of 62 cents per share, this results in an attractive 2025 P/E ratio of 15, while the competition in the form of Vestas and Siemens Energy are valued at over 20 and 30 respectively.<\/p>\n<p>Speaking of Siemens Energy, its struggling Spanish wind subsidiary Siemens Gamesa recently withdrew from onshore wind energy generation due to problems with its onshore platforms. A decision on when the business can be resumed will not be made until later this year. This in turn plays into Nordex's hands as a purely onshore wind power company and could further increase the Hamburg-based company's market presence. <\/p>\n<p>Following the latest developments, analysts have become more confident about the Nordex share. As recently as mid-January, analysts at Goldman Sachs upgraded the MDAX stock from \"Neutral\" to \"Buy\". Looking at all 13 research studies listed by Refinitiv, the buy recommendations predominate. The average price target is currently EUR 14, which corresponds to a 12-month potential of exactly one third. <\/p>\n<div><generic-chart title=\"Nordex: Share price (in EUR)\"> \n    <chart-line title=\"Nordex\" path=\"chart_ndx1.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as of 13.02.2024<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>With a gentle breeze to returns<\/h3>\n<p>However, the Nordex share does not need a tailwind for the new barrier reverse convertibles to yield high profits. The products promise double-digit percentage returns even with stagnating or moderately falling share prices. Two single soft-callable BRCs have been launched: the CHF variant offers the prospect of a maximum return of 12.00% p.a., while in EUR 14.00% p.a. is even possible within the maximum term of 18 months. The attractive potential returns are combined with extremely high risk buffers of 51% in each case. This means that the barrier is at a level that is significantly below the share's previous low of EUR 6.40. The term can be shortened to a maximum of 6 months due to the soft callable function. Thereafter, the observation days take place quarterly.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1261616903\\&quot;\\&quot;CH1261616960\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div>\n    <strong>Issuer: Basler Kantonalbank, Basel (Rating: Fitch AAA, S&amp;P AA+)<\/strong>\n<\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-nordex","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/nordex_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/nordex_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-02-09T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/tesla-2_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Inverse BRC on Tesla","windowTitle":"Inverse BRC on Tesla","category":"investment-themes","title":"Making money in a downturn","body":"<h3>Leading position lost<\/h3>\n<p>With Tesla, there\u2019s a fine line between love and hate. While fans unwaveringly follow the visions of Tesla CEO and founder Elon Musk, critics bemoan the boss\u2019s often grandiose forecasts. And rightly so, given that Musk has frequently had to row back in the past, most recently regarding the highly praised cybertruck. The first models of the futuristic vehicle were delivered at the end of 2023, a full two years late. The target revealed previously \u2013 reaching an average annual growth rate of 50% over several years \u2013 also now seems to be off the agenda. Indeed, it was not even mentioned when the most recent figures were presented. On the contrary, the company warned that the growth rate for sales could turn out \u201cmuch lower\u201d in 2024 than in 2023. This could see the brand lose even more of its sheen. In the fourth quarter, Tesla had to cede its leading position in the e-car market to the Chinese company BYD, which has a diverse and low-cost range of models.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2024/inverse-brc-tesla?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<h3>Busy product development<\/h3>\n<p>Nevertheless, Tesla is not standing idly by \u2013 it is pepping up its cars in order to attract new customers. The group is currently working on the next generation of vehicles. According to news agency Bloomberg, the changes to the Model Y should be similar in extent to those of the Model 3, which was modified in the form of a visual and technical facelift last year. Production of the first revamped Y models, to be developed as part of \u201cProject Juniper\u201d, is to begin in the gigafactory in Shanghai around the middle of the year and enter the Chinese market. And that's not the whole story: insiders reckon that Tesla is also about to launch an affordable electric car. The new model is to go into production under the code name \u201cRedwood\u201d in mid-2025. If rumours are to be believed, it will be a compact crossover. Tesla is said to have told suppliers it expects a production to reach 10,000 vehicles a week. Musk himself had stated at the shareholders\u2019 meeting in May last year that the group was working on two new products with the potential for total sales of 5 million vehicles a year. It remains to be seen whether the billionaire will provide further details at this year's meeting.<\/p>\n<div><generic-chart title=\"Tesla: Share price (in USD)\"> \n    <chart-line title=\"Tesla\" path=\"chart_biweekly_tsla.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Reuters, as of 06.02.2024.<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>The right product at the right time<\/h3>\n<p>Since so much is still up in the air, the current tumble in demand is unlikely to be overcome any time soon, especially as the electric car market seems to remain mired in crisis. This is evident from the latest figures from GM, which pointed to surprisingly robust demand for conventional vehicles. \u201cThe combustion engine continues to do well,\u201d say the analysts at investment consultancy Evercore ISI. In light of this outlook, then, the Tesla share could continue on its way with the handbrake on or even go into reverse over the next few months. A new autocallable barrier reverse convertible with an inverse structure fits perfectly into this scenario.<\/p>\n<h3>Opportunity for high returns<\/h3>\n<p>The inverse autocallable BRC permits a partially protected short strategy. The structure is just as effective and easy to understand as that of a classic BRC. Payment of the coupon, for instance, is guaranteed, meaning that investors can look forward to a dividend every three months. The product is offered in two currencies: the Swiss franc version comes with a coupon of 14.50% p.a., while the US dollar one delivers as much as 17.50% p.a. The critical difference is in the barrier, which is above the current price of the underlying. This means that the nominal, and hence the maximum achievable gain, would only be at risk if the Tesla share were to accelerate too sharply. The threshold is 150%, a comfortable distance away from the current quotation. The autocallable function also makes early repayment a possibility. This occurs if the underlying is below the autocall trigger level of 100% on one of the quarterly review dates, the first of which comes after 6 months. Should Tesla hit the barrier, the repayment would depend on the performance of the share.<\/p>\n<h3>Autocallable Inverse Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1325425085\\&quot;\\&quot;CH1325425077\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;DESC&quot;}],&quot;displayColumns&quot;:[&quot;valor&quot;,&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2024/inverse-brc-tesla?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"inverse-brc-tesla","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/tesla-2_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/tesla-2_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-02-06T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/mercedes__leonteq-structured-products_product+homepage+banner.jpg","subTitle":"In transition and awakening","windowTitle":"Mercedes-Benz","category":"underlying-in-focus","title":"Mercedes-Benz","body":"<p>A few days ago, Lewis Hamilton caused a sensation in both motorsport and the automotive industry. The most successful Formula 1 driver of our time is moving from Mercedes-Benz to Ferrari next year. Even if the departure of the seven-time champion comes as something of a surprise, the shareholders of the German car manufacturer in particular need not be sad about it. According to media rumors, the British driver's salary expectations were too high for the thrifty Swabians.<\/p>\n<h3>High profitability<\/h3>\n<p>Strict cost discipline has long been at the top of the agenda for the brand with the three-pointed star. Together with the focus on luxury cars, the strategy ensures rising returns - much to the delight of investors. The Board of Management is expecting 12% to 14% in the dominant car division in 2023. After nine months, the operating margin of 13.6% was not only already at the upper end of the range, but also exceeded that of arch-rival BMW by a whopping 3.3 percentage points. According to an analysis by the auditing and consulting firm Ernst &amp; Young, Mercedes-Benz was even the most profitable car company in the world in the third quarter.<\/p>\n<p>Investors will find out how much the Group earned for the year as a whole on February 22 when it presents its balance sheet. However, a few facts about the course of business are already known. Mercedes-Benz sold 2.04 million cars last year, which was roughly the same as in the previous year. The fact that there was not enough growth is due to the final quarter. Between October and December, sales fell by 4%. In addition to the model change for the important E-Class, supply bottlenecks for 48-volt batteries also had a negative impact. Speaking of batteries, the e-car division performed above average last year. Sales of fully electric vehicles (BEV) increased by 61% to 240,600 units. As a result, the BEV share of total sales rose from 7% to just under 12%. The Stuttgart-based company's delivery vans were also well received. Mercedes-Benz set a sales record in this segment with an increase of 8% to 447,800 vans, meaning that a total of almost 2.5 million vehicles were sold. On a positive note, the van segment is particularly profitable with an operating margin of 15.6% at the end of September.<\/p>\n<p>As with passenger cars, models equipped with a combustion engine continue to predominate in the van segment. Currently, this even appears to be an advantage, as while the market for electric vehicles has recently seen a flattening growth curve, conventional engines are once again enjoying great popularity. This is shown by the latest figures from US car manufacturer GM, which has seen surprisingly robust demand for conventional drives. \"The combustion engine is running smoothly again,\" commented analysts from investment consultants Evercore ISI on the development. <\/p>\n<div>\n<generic-chart title=\"Sales (in million cars)\">\n  <x-axis categories=\"2017,2018,2019,2020,2021,2022,2023\"/>\n      <chart-column title=\"Sales (in million cars)\" data=\"3.27,3.35,3.34,2.84,2.33,2.45,2.49\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Statista, as of February 2024<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Focus on the electric car<\/h3>\n<p>Despite the current drop in momentum in e-mobility, there will be no way around electric cars in the long term. This is why Mercedes is also gradually converting its portfolio to all-electric vehicles. From next year, there will only be new electric platforms. More electric cars also means more batteries. To meet the demand, Mercedes is currently developing a new, standardized battery generation that will be used in 90% of future vehicles. The battery cells will be manufactured in the eight gigafactories worldwide that the Stuttgart-based company is planning to set up together with partners. While this is still a long way off, new models are already in the starting blocks. To keep the model range fresh, the EQA and EQB models, among others, are getting a facelift this year and the CLE series is being expanded to include a convertible. <\/p>\n<p>Mercedes-Benz needs a lot of capital to be able to afford the journey into the future of the automobile. This makes the latest development in free cash flow all the more pleasing. According to preliminary calculations, free cash flow, which is regarded as an indicator of a company's current financial strength, rose to EUR 11.3 billion last year. The cash inflow not only exceeded the company's own target, which envisaged a slight increase on the previous year's figure of EUR 8.1 billion, but also exceeded market estimates. The average forecast was EUR 9.9 billion. This money will also support the high dividend payment from Mercedes-Benz. With a recent payout ratio of 40%, the Group has been one of the top dividend payers in the DAX for years. If Mercedes were to pay out an unchanged dividend of EUR 5.20 per share this year, this would equate to a dividend yield of around 8% at the current share price level.<\/p>\n<div><generic-chart title=\"Mercedes-Benz: Share price (in EUR)\"> \n    <chart-line title=\"Mercedes-Benz\" path=\"chart_mbg.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Reuters, as of 05.02.2024<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>High coupons, strong airbags<\/h3>\n<p>At first glance, the generous dividend yield could tempt you to buy the share. But be careful: on the day of payment, the share price is adjusted for the distribution. The new Softcallable Barrier Reverse Convertibles promise an even higher return - without the share price having to recover after the dividend discount. The product structure gives Mercedes-Benz shares even more downside potential. The products, which are offered in CHF and EUR, each have a risk buffer of 31%. If the DAX member does not breach the barrier during the maximum term of 18 months, the maximum return is achieved. The coupons amount to 8.80% p.a. for the CHF variant and as much as 10.20% p.a. for the EUR security. For both products, the issuer's soft callable function allows early termination after six months at the earliest.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1261616549\\&quot;,\\&quot;CH1261616598\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-mercedes-benz","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/mercedes__leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/mercedes__leonteq-structured-products_thumbnail.jpg"},{"date":"2024-01-31T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/albemarle_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Raw material for the drive transition","windowTitle":"Albemarle","category":"coupon-giant","title":"Albemarle","body":"<p>The upheaval in the automotive industry is in full swing. After more than 100 years of combustion engines literally setting the pace, electric cars are now in the fast lane. According to calculations by the Center of Automotive Management (CAM), around 9 million all-electric cars were sold in 2023, an increase of 29% compared to the previous year. This means that the market for e-vehicles is growing significantly faster than the overall market, which only grew by around 3% worldwide. The revolution towards the e-car is also being driven forward politically. Last year, for example, the European Parliament announced that only zero-emission cars will be registered in the EU from 2035. <\/p>\n<h3>Light metal in demand<\/h3>\n<p>The increasing popularity of electric cars also means rising demand for batteries, the heart of every electric car. This can be seen in global sales of lithium-ion batteries. According to estimates by the Fraunhofer Institute, the one terawatt hour mark was probably exceeded for the first time last year. By 2030, demand is expected to more than triple to over three terawatt hours. This development plays into the hands of the specialty chemicals company Albemarle. The world's largest lithium producer counts car manufacturers such as Tesla and Ford among its customers. They are constantly striving to secure their lithium supply in order to have enough batteries to equip their vehicles. Albemarle has a production capacity of 250,000 tons of the light metal, which is set to roughly triple by 2030.<\/p>\n<h3>Price declines<\/h3>\n<p>With these prospects, you would think that Albemarle shares would be booming. But far from it: over the past 12 months, the share price has fallen by more than half and recently even hit a three-year low. The share price performance is closely linked to the price of lithium. These fell by almost 80% in 2023 and have thus almost completely given back their rapid rise between mid-2021 and the end of 2022. In addition to a supply glut of the raw material, the declining growth rates in e-car sales are primarily responsible for this development. The CAM expects global e-car sales to reach around 11 million cars in 2024, driven by China, the largest electric vehicle market with a 57% share. This corresponds to an increase of 22%, 7 percentage points less than last year. In addition to economic risks, uncertainties are also being caused by the expiry of government support measures, for example in Germany.<\/p>\n<div><generic-chart title=\"Albemarle: Share price (in USD)\"> \n    <chart-line title=\"Albemarle\" path=\"chart_alb.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Reuters, as of 29.01.2024<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Positive scenario<\/h3>\n<p>However, this is not the end of the drive revolution; in the long term, there is no way around electromobility and therefore also the lithium industry. According to forecasts by the British information service Benchmark Minerals Intelligence (BMI), there could be a supply deficit for battery-grade lithium as early as 2025. The German Federal Institute for Geosciences and Natural Resources (BGR) also sees supply bottlenecks and assumes that demand could result in a shortfall of up to 300,000 tons of lithium by 2030. In the best-case scenario, the shortfall is \"only\" 90,000 tons. In view of these scenarios, the price of lithium is likely to rise rather than fall in the coming years.<\/p>\n<div>\n<generic-chart title=\"Global EV sales in millions\">\n  <x-axis categories=\"2021,2022,2023,2024\"/>\n      <chart-column title=\"Global EV sales in millions\" data=\"4.3,7,9,11\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: CAM<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<p>A fact that plays into Albemarle's hands. However, 2024 still appears to be a transition year. The Charlotte, North Carolina-based company has therefore announced job cuts for this year, which alone will save at least USD 50 million. In addition, capital expenditure will be reduced from USD 2.1 billion last year to USD 1.6 to 1.8 billion. The company will provide a detailed outlook on February 15 when it presents its financial statements. To date, the consensus among analysts expects sales and profits to stagnate in 2024. However, analysts are more optimistic when it comes to the share price. An analysis of 26 studies reveals an average 12-month price forecast of USD 172.50, which would correspond to an increase of 44 %.<\/p>\n<h3>Perfect time for yield optimization<\/h3>\n<p>It is difficult to predict whether and when the Albermale share will start a pullback after the current bottoming out. A direct investment therefore seems too risky at present. With yield optimization products, however, attractive returns can be achieved even in the event of price stagnation or moderate setbacks. The two new soft callable barrier reverse convertibles, for which the solid and creditworthy Basler Kantonalbank acts as issuer, promise double-digit percentage coupons. The CHF variant has a handsome interest payment of 14.00% p.a., the USD product even yields 18.00% p.a. The two BRCs also offer a comfortable downward buffer. The barrier is set at 59% of the starting value, a level at which the underlying was last quoted in mid-2020. If the barrier remains intact during the maximum term of 15 months, the maximum return is achieved. The issuer has the right to terminate the Barrier Reverse Convertibles prematurely after six months at the earliest.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1261618065\\&quot;\\&quot;CH1261618081\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-albemarle","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/albemarle_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/albemarle_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-01-26T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/oil_market_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"ETP+ on the Leonteq Brent Crude Oil Futures Total Return Index","windowTitle":"Oil investment in a solid wrapper","category":"etp","title":"Oil investment in a solid wrapper","body":"<h3>Driver of the global economy<\/h3>\n<p>More than 100 million barrels of oil are consumed across the world every day. This figure alone shows just how important \u2013 despite all the decarbonisation initiatives \u2013 the fossil fuel is for the global economy. For businesses and consumers, a glance at the financial section of the newspaper or the relevant websites is enough to gain a picture of the current value of oil. The price of a barrel of Brent, the North Sea crude, is a firm fixture in many media. Different prices are quoted, though. Alongside the spot price, these include options and the forward contracts known as futures. These confer the right (options) to have a specified quantity of a commodity supplied in a defined quality on a fixed date for a specified price or the obligation (futures) to procure a specified quantity of a commodity in a defined quality on a fixed date and pay for it. Investors usually have no interest in the actual delivery, which is why they are reliant on replacing an expiring future with a equivalent having a later maturity date.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2024/oil-investment-etp-plus?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<h3>An inclination with consequences<\/h3>\n<p>The Leonteq Brent Crude Oil Futures Total Return Index also follows this pattern. The benchmark offers access to the Brent crude futures contract traded on the Intercontinental Exchange, or ICE for short. There is a periodic rollover process in which the underlying future is replaced by one with the next due date. Given the different prices being quoted for the relevant futures contracts, this procedure can typically influence the value of the index regardless of the actual movement in the price of Brent. As soon as the targeted future exceeds the value of the one that is expiring, rollover losses are incurred because the released capital is not sufficient for a complete replacement. This is known in the jargon as being in \u201ccontango\u201d. The opposite is \u201cbackwardation\u201d, where the price of the commodity falls the further in the future the maturity of the contract or the delivery date is.<\/p>\n<div><generic-chart title=\"Brent futures curve (in USD per barrel)\"> \n    <chart-line title=\"Brent futures curve\" path=\"brent_futurescurve.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Reuters, as of 22.01.2024.<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Positive effect<\/h3>\n<p>Brent has found itself in backwardation for a long time because of the latent concerns that the energy source will become scarcer. In such a situation market players are willing to pay a premium for the short-term availability of the commodity. Although the Leonteq Brent Crude Oil Futures Total Return Index has only been calculated for two months, this backwardation has already had an impact, with the new underlying having performed some 1.4 percentage points better than the price of the commodity itself. The total return approach also played a part in this: alongside the daily movement of the prevailing futures, interest in the form of the United States Secured Overnight Financing Rate (SOFR) also flows into the calculation. Investors should not assume that this rate will remain at its current high level of over 5%. The same applies when it comes to the futures curve, which can at any time move into a contango that would be disadvantageous for the index calculation.<\/p>\n<h3>Leonteq Brent Crude Oil Futures Total Return Index (in USD)<\/h3>\n<div><price-chart isin=\"CH1292086696\"><\/price-chart><\/div>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1292086696\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;couponFrequencies&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1292086696\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.calendar.issue_date.value&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<footer>Source: Leonteq Securities<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Real quality features<\/h3>\n<p>On the other hand, investors can rely on a robust product structure. Leonteq tracks the Brent Index in an ETP wrapper. A pledge is deposited with SIX SIS AG for this exchange-traded product. The depositary agent ensures that investors have access to these funds in the event of the issuer becoming insolvent. Measures are also taken to ensure that the collateral is sufficiently large: SIX Repo AG undertakes a daily review and valuation of the securities. In addition to the reduced issuer risk, Leonteq scores points thanks to its solid equity base, an investment grade rating from Fitch, regulation by FINMA and a long track record: the Zurich finance boutique has been issuing structured products successfully for more than 15 years. Despite these quality features, the ETP+ on the Leonteq Brent Crude Oil Futures Total Return Index comes with a management fee of just 0.45% p.a.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2024/oil-investment-etp-plus?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"oil-investment-etp-plus","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/oil_market_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/oil_market_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-01-24T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/swissquote_2024_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"One level up","windowTitle":"Swissquote","category":"underlying-in-focus","title":"Swissquote","body":"<p>Swissquote received a special gift just before Christmas. The building permit for the new company headquarters in Gland was officially signed. The \"La Crétaux\" project had caused quite a stir in recent years. Critics objected to the planned 60-metre-high office tower. Now that voters have already given the green light in May 2022, nothing stands in the way of construction. With the modern 15 level building and green campus, Swissquote wants to expand its workforce and attract young talent in particular. The digital money house is already advancing to a new level on the stock exchange. Immediately after the turn of the year, the mid-cap managed to break through a striking horizontal resistance. Swissquote left the round mark of CHF 200 behind it.<\/p>\n<h3>Strong growth<\/h3>\n<p>The initial spark for the upward breakout turned out to be less the building permit from Gland than the first figures for 2023. Swissquote posted a record year. The management team led by CEO Marc Bürki is expecting net income of around CHF 530 million. \"Pre-tax profit is expected to be at least CHF 255 million,\" the managers write in a press release. They estimate client assets at CHF 58 billion as at New Year's Eve 2023. The fintech company has grown strongly compared to the previous period. While income increased by just under 30%, earnings before taxes rose disproportionately by 37%. \"The pre-tax profit, which exceeded expectations, was achieved in a difficult market environment,\" the company emphasizes. Meanwhile, client assets increased by 11% in 2023. Swissquote recorded a net inflow of new assets worth the equivalent of CHF 5 bn.<\/p>\n<div>\n<generic-chart title=\"Key figures (net income and pre-tax profit in CHF million)\">\n  <x-axis categories=\"2017,2018,2019,2020,2021,2022,2023\"/>\n      <chart-column title=\"Net income (in CHFm)\" data=\"188,215,231,317,472,408,530\" format=\"number\"/>\n      <chart-column title=\"Pre-tax profit (in CHFm)\" data=\"46,54,51,106,223,186,255\" format=\"number\"/>\n      <chart-line title=\"Pre-tax margin (in %)\" data=\"24,25,22,22,33,47,46,48\" format=\"number\" yAxisRight=\"true\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Swissquote, as of January 2024<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Shifted sources of revenue<\/h3>\n<p>The digital financial services provider had already collected CHF 3 billion of this from customers in the first half of the year. These funds were spread across more than 555,000 accounts - the highest level since the platform was founded in 1996. On the revenue side, the business has recently undergone significant changes. For years, the majority of net income came from traditional brokerage. In 2021, 80% was still attributable to transactions. Here, Swissquote lives primarily from brokerage fees. After the ratio shrank to 60% in 2022, non-transaction-based income exceeded that from transactions for the first time from January to June 2023. Swissquote generated 57% of its revenue from sources such as custody fees and net interest income. The financial group will present further key figures for the past financial year and the dividend proposal on March 14. The CEO is then also expected to present an outlook for the current year.<\/p>\n<div><generic-chart title=\"Swissquote: Share price (in CHF)\"> \n    <chart-line title=\"Swissquote\" path=\"chart_sqn.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Reuters, as of 23.01.2024<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Interesting risk/reward profile<\/h3>\n<p>Holders of the new Softcallable Barrier Reverse Convertible can look forward to the presentation of the full year results with confidence. Irrespective of the further performance of the Swissquote share price, they can expect a fixed coupon payment of 8.80% p.a. There is partial protection for the nominal: as long as the underlying does not fall to or below the barrier of 69% of the initial level, full redemption takes place on the redemption date. If this calculation does not work out, the partial protection expires. In this case, Swissquote would have to return to or above the strike by the final fixing in order to avoid discounts. Please also note the soft callable function. It gives the issuer the option to terminate the BRC early. If Leonteq makes use of this on one of the dates documented in the termsheet, product holders will receive the pro rata coupon in addition to the full nominal within a few days.<\/p>\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1314028338\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.calendar.subscription_end_date.value&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-swissquote","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/swissquote_2024_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/swissquote_2024_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-01-17T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/docmorris_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"E-prescription shows effect","windowTitle":"DocMorris","category":"coupon-giant","title":"DocMorris","body":"<p>There is no doubt that 2023 was an eventful year for Zur Rose AG. March marked the 30th anniversary of the company's founding. In March 1993, Walter Oberhänsli founded the medicines wholesaler together with a group of doctors. Shortly before the anniversary, a profound change took place. In February 2023, Zur Rose announced the sale of its Swiss business to the Mirgros healthcare subsidiary Medbase. This transaction is expected to generate up to CHF 360 million. By the middle of the year, almost CHF 300 million of this had already been realized. With the strengthened balance sheet, the company is focusing on its international business, particularly in Germany. The management also took account of the realignment by changing the company's name. Zur Rose became DocMorris. The Frauenfeld-based company had acquired the online pharmacy with the same name in 2012.<\/p>\n<h3>Year of the comeback<\/h3>\n<p>The small cap's stock market year was anything but boring. Starting from a record low, the Medbase/Migros transaction gave the share a strong boost. There were repeated setbacks in the meantime, but by the end of 2023 DocMorris was trading almost 190% higher compared to the previous year-end. In addition to the spin-off of the Swiss activities, the introduction of e-prescriptions (eRx) in Germany proved to be a share price driver. After a long planning and test phase, it has been mandatory for prescription drugs since January 1, 2024. Patients can obtain the required preparation in this way from both stationary and online pharmacies. Accordingly, there are high hopes that DocMorris will be one of the beneficiaries of this digitization step. The potential is enormous: the German market for prescription drugs is worth around EUR 52 billion. Sweden is a role model for the potential penetration of digital prescriptions. In the Scandinavian country, the eRx share has climbed to 13% within just a few years.<\/p>\n<div><generic-chart title=\"DocMorris: share price (in CHF)\"> \n    <chart-line title=\"DocMorris\" path=\"chart_docm.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Reuters, as of 16.01.2024<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Advertising and initial figures<\/h3>\n<p>\"We see the same potential for the large German market in the medium term,\" DocMorris explains online. The company believes it can achieve eRx sales of more than EUR 1 billion with its almost 10 million existing customers alone. To ensure that this happens as quickly as possible and that many new users also make use of the app and Internet offering, the company is beating the advertising drum. At the beginning of the week, DocMorris launched an advertising campaign on TV and social media. On Tuesday, the company published initial information on the past financial year. In 2023, DocMorris' sales shrank by 7.4% in local currencies to CHF 1.038 billion. The Group thus achieved its own target well. In the 4th quarter, sales increased by 14.3% compared to the same period of the previous year. Compared to the previous quarter, the growth rate was 11.5%. \"This development confirms the turnaround towards sustainable, profitable growth,\" writes DocMorris in a press release. The eRx also got off to a good start. According to DocMorris, more than 60% of all prescriptions in Germany were issued electronically in the past seven days. \"A further sharp increase is expected in the course of 2024,\" the company explains. Investors will find out how the result has developed on March 21. At operating level, CEO Walter Hess continues to forecast a loss of between CHF 30 million and CHF 40 million. In the current year, he aims to break even in terms of adjusted EBITDA, excluding eRX.<\/p>\n<div>\n<generic-chart title=\"DocMorris earnings before interest, taxes, depreciation and amortization (adjusted, in CHF million)\">\n  <x-axis categories=\"2020,2021,2022,2023e,2024e\"/>\n      <chart-column title=\"Ebitda (adjusted, in CHF million)\" data=\"-31,-129,-70,-40,0\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>e=expected (company forecast); source: DocMorris, as of 16.01.2024<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Preparation for higher returns<\/h3>\n<p>What is certain is that the coupon on the new Softcallable Barrier Reverse Convertible on DocMorris is well above the zero line. The quarterly distribution is 14.60% p.a. This yield opportunity is partially protected by the barrier of 55% of the initial level. As long as the underlying does not fall to or below this threshold in the next 15 months, investors receive the nominal back in full. Otherwise, the partial protection expires and the investment is exposed to the full risk of DocMorris. If the share turns upwards after a barrier breach and ends the term at or above the strike price, the maximum return is retained. The issuer of this BRC is Basler Kantonalbank (rating: Fitch AAA, S&amp;P AA+). It has the right to terminate this product prematurely. In this case, investors would receive a pro rata coupon payment in addition to the full nominal value. BKB can make use of the soft callable function for the first time after six months and quarterly thereafter.<\/p>\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1261616192\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-docmorris","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/docmorris_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/docmorris_leonteq-structured-products_thumbnail.jpg"},{"date":"2024-01-12T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/fuw_swiss50-leonteq-structured-products_product+homepage+banner.jpg","subTitle":"A profitable alternative to the SMI","windowTitle":"ETP+ on the FuW Swiss 50 Index","category":"etp","title":"ETP+ on the FuW Swiss 50 Index","body":"<h3>Light on the horizon<\/h3>\n<p>At the start of each year, stock market observers like to peer into their crystal balls to find out where prices could go next. As regards 2024, macroeconomic conditions could lead to considerable uncertainty in the first half of the year especially. It was only in December that the State Secretariat for Economic Affairs (SECO) revised its forecast for the growth of the Swiss economy in 2024 from 1.2 down to 1.1 per cent. That would mean the economy performing below average on a historical perspective for two years in succession. Among its reasons, the expert group cites the lack of great dynamism in the eurozone, which is threatening to put a brake on exports. Nevertheless, the situation could brighten over the course of the year. For one thing, domestic consumption is expected to have a supporting effect, while the second term should also see a return to some sort of normality. This should in turn provide a tailwind for the economic sector next year, driven by a recovery in the global economy. The SECO is forecasting GDP growth of 1.7 per cent for 2025. Meanwhile, inflation is on the downward slope, having now remained within the zero to two per cent bandwidth targeted by the Swiss National Bank (SNB) since June. The SECO anticipates inflation to reach 1.9 per cent for the current year. This will in turn raise hopes of cuts in interest rates.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2024/fuw-swiss-50-etp-plus?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<h3>Rule-based index<\/h3>\n<p>To ensure they do not get their fingers burned in the \u201cstock market game\u201d, investors should never put all their eggs in one basket. The purchase of a single share is risky and really not a good strategy when it comes to generating wealth the conventional way. With one accord, experts advise having a broadly spread exposure to the equity markets in order to share in the potential dividend and earnings income without running the risk of total loss. The FuW Swiss 50 Index of business magazine Finanz und Wirtschaft offers a clever way of diversifying investment in the Swiss equity market. This barometer contains the 50 largest companies listed on the SIX Swiss Exchange. Its members are divided into two segments and weighted equally within each segment. This emphatically counteracts the clustering effect that can be seen in the SMI. The SMI heavyweights Nestlé, Novartis and Roche, for instance, are not even in the top 10 of the FuW Swiss 50 Index, but UBS, the top performer in 2023, is there. The rule-based index is reviewed twice a year, in May and again in November, and adjusted where necessary. The weightings are also recalculated in a rebalancing process.<\/p>\n<div><price-chart isin=\"CH1171791820\"><\/price-chart><\/div>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1171791820\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>1:1 participation<\/h3>\n<p>An exchange traded product (ETP) on the FuW Swiss 50 Index is a convenient way of adding the index to a portfolio. The participation instrument reflects the development of the broadly diversified barometer, allowing investors to share fully in the upside potential of the Swiss equity market. The ETP+ on the FuW Swiss 50 Index is not only an effective investment product, though, but also a low-cost one, coming with a fee of just 0.72 per cent p.a. To compensate for this, the dividends paid flow into the calculation of the index on a net basis. The product has no term limit and can be bought and sold on any stock market day.<\/p>\n<h3>Extraordinary protection<\/h3>\n<p>The ETP+ offers not only 1:1 access, but also an additional protective function thanks to specific collateralisation: a pledge is deposited with SIX SIS AG for every exchange traded product. If the price of the certificate rises, Leonteq increases the pledge \u2013 and vice versa.<\/p>\n<h3>ETP+ on the FuW Swiss 50 Index NTR: Current composition<\/h3>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SONOVA HOLDING AG-REG&quot;,&quot;weight&quot;:0.01725288},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;BARRY CALLEBAUT AG-REG&quot;,&quot;weight&quot;:0.01045188},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWATCH GROUP AG/THE-BR&quot;,&quot;weight&quot;:0.01303032},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;PSP SWISS PROPERTY AG-REG&quot;,&quot;weight&quot;:0.01153724},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;GALDERMA GROUP AG&quot;,&quot;weight&quot;:0.02719737},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;LINDT &amp; SPRUENGLI AG-PC&quot;,&quot;weight&quot;:0.0106363},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;CEMBRA MONEY BANK AG&quot;,&quot;weight&quot;:0.01075512},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;LONZA GROUP AG-REG&quot;,&quot;weight&quot;:0.02941942},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;FISCHER (GEORG)-REG&quot;,&quot;weight&quot;:0.01561733},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SGS SA-REG&quot;,&quot;weight&quot;:0.02763983},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWISSQUOTE GROUP HOLDING-REG&quot;,&quot;weight&quot;:0.01235295},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;UBS GROUP AG-REG&quot;,&quot;weight&quot;:0.03322193},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SANDOZ GROUP AG&quot;,&quot;weight&quot;:0.02852134},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ADECCO GROUP AG-REG&quot;,&quot;weight&quot;:0.01609506},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ALLREAL HOLDING AG-REG&quot;,&quot;weight&quot;:0.01129459},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;JULIUS BAER GROUP LTD&quot;,&quot;weight&quot;:0.03064488},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ALCON INC&quot;,&quot;weight&quot;:0.02449351},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;EMS-CHEMIE HOLDING AG-REG&quot;,&quot;weight&quot;:0.01500875},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;FLUGHAFEN ZUERICH AG-REG&quot;,&quot;weight&quot;:0.01125507},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWISS PRIME SITE-REG&quot;,&quot;weight&quot;:0.02328229},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWISS RE AG&quot;,&quot;weight&quot;:0.02604212},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;STRAUMANN HOLDING AG-REG&quot;,&quot;weight&quot;:0.01446048},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SIG COMBIBLOC GROUP&quot;,&quot;weight&quot;:0.01382773},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;TEMENOS GROUP AG-REG&quot;,&quot;weight&quot;:0.01337294},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;GEBERIT AG-REG&quot;,&quot;weight&quot;:0.02623217},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;HELVETIA BALOISE HOLDING AG&quot;,&quot;weight&quot;:0.02492086},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ROCHE HOLDING AG-GENUSSSCHEIN&quot;,&quot;weight&quot;:0.02958925},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SULZER AG-REG&quot;,&quot;weight&quot;:0.01100454},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;GIVAUDAN-REG&quot;,&quot;weight&quot;:0.02945157},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;NOVARTIS AG-REG&quot;,&quot;weight&quot;:0.02606234},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;AVOLTA AG&quot;,&quot;weight&quot;:0.01201636},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;MOBIMO HOLDING AG-REG&quot;,&quot;weight&quot;:0.01132193},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;HOLCIM LTD&quot;,&quot;weight&quot;:0.02584732},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ZURICH INSURANCE GROUP AG-REG&quot;,&quot;weight&quot;:0.02583185},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWISS LIFE HOLDING AG-REG&quot;,&quot;weight&quot;:0.0260574},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;GALENICA SANTE LTD&quot;,&quot;weight&quot;:0.01142755},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;KUEHNE &amp; NAGEL INTL AG-REG&quot;,&quot;weight&quot;:0.01503076},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;BANQUE CANTONALE VAUDOIS-REG&quot;,&quot;weight&quot;:0.0115821},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SCHINDLER HOLDING-PART CERT&quot;,&quot;weight&quot;:0.02404666},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;VAT GROUP AG&quot;,&quot;weight&quot;:0.02854461},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;BKW AG&quot;,&quot;weight&quot;:0.00996811},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ABB LTD-REG&quot;,&quot;weight&quot;:0.0283369},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ACCELLERON INDUSTRIES LTD&quot;,&quot;weight&quot;:0.0118673},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWISSCOM AG-REG&quot;,&quot;weight&quot;:0.02348445},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;BELIMO N ORD&quot;,&quot;weight&quot;:0.01507073},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;PARTNERS GROUP HOLDING AG&quot;,&quot;weight&quot;:0.02166677},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SIKA AG-BR&quot;,&quot;weight&quot;:0.03397808},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;CIE FINANCIERE RICHEMO-A REG&quot;,&quot;weight&quot;:0.03053712},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;NESTLE SA-REG&quot;,&quot;weight&quot;:0.02535105},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;LOGITECH INTERNATIONAL-REG&quot;,&quot;weight&quot;:0.01336087}]\"><\/AmcComposition>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2024/fuw-swiss-50-etp-plus?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"fuw-swiss-50-etp-plus","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/fuw_swiss50-leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/fuw_swiss50-leonteq-structured-products_thumbnail.jpg"},{"date":"2024-01-10T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/byd__leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Spectacular overtaking maneuver","windowTitle":"BYD","category":"underlying-in-focus","title":"BYD","body":"<p>The company name Tesla and the adjective \"world's largest\" have gone hand in hand for years. For a long time, the US manufacturer led by Elon Musk dominated the market for electric vehicles. But now the Californians could lose their supremacy. A spectacular overtaking process took place in the fourth quarter of 2023: BYD delivered 526,409 battery-powered vehicles in this period. The Chinese company thus surpassed Tesla's sales by more than 40,000 units. Although both companies posted a record quarter, the Chinese company grew significantly faster. BYD increased sales by 60% in the fourth quarter, while Tesla's delivery figures were a fifth higher than at the end of 2022. For the year as a whole, the US company is still ahead in terms of vehicle sales. Tesla sold a total of 1.8 million electric vehicles in 2023, a good 200,000 more than BYD.<\/p>\n<h3>In for a penny, in for a pound<\/h3>\n<p>On the stock market, the race between the two rivals was even clearer. Boosted by the general enthusiasm for US technology stocks, Tesla's share price roughly doubled last year. Meanwhile, BYD, which is listed in Hong Kong, only rose by around a tenth. The industrial giant felt the effects of doubts about the recovery of the Chinese economy. In 2022, BYD generated more than three quarters of its sales in the People's Republic - in addition to its dominant vehicle division, the Group is also active in the smartphone and photovoltaic business and as an industrial service provider. In the automotive segment, China even accounts for around 90%. Despite the current macroeconomic headwinds, BYD is benefiting from its \"home advantage\". China is now the largest market for new vehicles. At the same time, the share of electric cars is particularly high.<\/p>\n<div>\n<generic-chart title=\"BYD: Sales of electric vehicles with battery\">\n  <x-axis categories=\"2019,2020,2021,2022,2023\"/>\n      <chart-column title=\"Sales of electric vehicles with battery (in millions)\" data=\"0.15,0.13,0.32,0.91,1.57\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: BYD, as of 09.01.2024<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Tricky expansion course<\/h3>\n<p>Globally, only just over one in ten cars delivered is an \"electric car\". The low penetration offers growth opportunities for Tesla and BYD. However, neither the North American industry pioneer nor the up-and-coming rival from the Far East is immune to the trade disputes between the USA and China. International expansion is also a major challenge for BYD. The Chinese have long been beating the advertising drum. For example, BYD was very present at the recent IAA Mobility 2023 in Munich. Among other things, the SEAL U, an SUV offshoot of the Seal electric saloon, was presented on the old continent for the first time. The luxury sub-brand Denza also made its European debut. In this joint venture with Mercedes Benz, BYD is pushing into the premium segment, for example with the D9 MPV.<\/p>\n<div><generic-chart title=\"BYD: share price (in CNY)\"> \n    <chart-line title=\"BYD\" path=\"chart_byd2.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Reuters, as of 09.01.2024<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Investment with a \"safety belt\"<\/h3>\n<p>The BYD share lacks a clear direction after the zigzag course of recent months. Soft callable barrier reverse convertibles therefore offer an interesting alternative. Leonteq has launched two new variants on BYD. The guaranteed coupon is 8.00% p.a. in the product currency CHF. This yield opportunity is offset by a barrier of 65% of the initial level. The risk buffer is the same for the USD-denominated variant. There is a striking difference in the quarterly distribution: the coupon is 11.00% per annum. Both BRCs have a term of 12 months. However, Leonteq has the option of calling the issue prematurely for the first time after 6 months and then quarterly. If the provider makes use of the soft callable function, product holders will receive the pro rata coupon in addition to the full nominal within a few days. Important: As soon as the barrier is breached, the partial protection expires.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1314022745\\&quot;\\&quot;CH1314022802\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-byd","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/byd__leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/byd__leonteq-structured-products_thumbnail.jpg"},{"date":"2023-12-20T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/affirm_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"In the middle of Christmas shopping","windowTitle":"Affirm Holdings","category":"coupon-giant","title":"Affirm Holdings","body":"<p>The pressure is slowly mounting for all late bloomers. There are only a few days left to get the presents. The pre-Christmas shopping frenzy is not only affecting consumers as well as online and retail businesses. Payment service providers are also busier than at any other time of year. In addition to traditional credit and debit card providers, such as Visa or Mastercard, digital providers are trying to get as many transactions as possible. While PayPal and Apple are among the globally known top dogs here, Affirm is probably only familiar to very few consumers in our part of the world. The US company, which was founded in 2012, also offers its services in Australia, Poland and Spain. However, this expansion has had no impact on sales. In 2022, Affirm generated almost all of its revenue in its home market.<\/p>\n<h3>Wide range of payment options<\/h3>\n<p>A good three quarters of the payments processed by the Californians originate at the point of sale (PoS). This means that the service is used directly when making a purchase. The remaining payments are made via the app, the shopping portal or the company's virtual payment card. Affirm generates revenue in different ways. The company receives a transaction fee from the connected merchants, which depends on the purchase price. Consumers have to pay interest on loans that are granted either by Affirm itself or by third-party banks. In addition, the company resells its financing. Various credit services are offered to investors involved here.<\/p>\n<div>\n<generic-chart title=\"Affirm Holdings: Active users (in millions) and transactions per active user\">\n  <x-axis categories=\"Q1/22, Q2/22, Q3/22, Q4/22, Q1/23, Q2/23, Q3/23, Q4/23, Q1/24\"/>\n      <chart-column title=\"Active users (in millions)\" data=\"8.7,11.2,12.7,14.0,14.7,15.6,16.0,16.5,16.9\" format=\"number\"/>\n      <chart-line title=\"Transactions per active user\" data=\"2.3,2.5,2.7,3.0,3.3,3.5,3.6,3.9,4.1\" format=\"number\"  yAxisRight=\"true\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Affirm Holdings, as of 08.11.2023<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>On course for breakeven<\/h3>\n<p>This business model has not yet yielded any profits. On the contrary: for the 2023 financial year, Affirm Holdings posted a bottom-line loss of almost one billion US dollars, an increase of more than a third. Nevertheless, the company is about to break even in terms of adjusted operating profit. Having already posted a positive figure in the first three months, CEO Max Levchin is also forecasting black figures for the full 2024 period. Specifically, the adjusted operating margin is expected to exceed 5%. Christmas business plays a key role here. Just in time for the festive season, Affirm announced a partnership with Blackhawk Network, one of the largest providers of gift cards in the US retail sector. True to the motto \"Buy now, pay later\" (BNPL), consumers can shop with these vouchers - and pay later in installments. <\/p>\n<h3>Considerable rebound<\/h3>\n<p>The latest collaboration will enable Affirm to bring its BNPL service to bricks-and-mortar retailers. In this way, the CEO wants to escape the \"e-commerce cage\" to some extent. Affirm Holdings has also recently been attracting bargain hunters on the stock market. After reaching an all-time high in November 2021, the Nasdaq-listed stock, which has been listed for almost three years, plummeted abruptly. Starting from a bottom in the USD 10 range, Affirm recently turned sharply upwards. The share is now approaching the IPO price of USD 49. The sharp ups and downs are accompanied by exceptionally high volatility. To date, there has been a historic price fluctuation range of around 80% for 2023. By comparison, the figure for the Nasdaq-100 Index is 15%.<\/p>\n<div><generic-chart title=\"Affirm Holdings: Share price (in USD)\"> \n    <chart-line title=\"Affirm Holdings\" path=\"chart_afrm.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Reuters, as of 18.12.2023<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Investment solutions<\/h3>\n<p>The shaky share price has a direct impact on the conditions of yield optimization products. Investors can act as sellers of volatility. Leonteq has issued new soft callable reverse convertibles on Affirm Holdings. The CHF-denominated variant has a guaranteed coupon of 13.00% p.a. The USD-denominated counterpart pays a quarterly distribution of 15.00% p.a. The strike is as low as 50% of the initial level. This means that as long as Affirm Holdings does not fall by more than 50% by the end of the term in one year, investors will receive the denomination back in full. At Christmas 2024, they can then look forward to the maximum return corresponding to the respective coupon. If, on the other hand, Affirm trades below the strike at the final fixing, Leonteq would deliver the share at the strike price. Please also note the soft callable function. It makes early termination and redemption of these issues possible. <\/p>\n<h3>Callable Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1292086191\\&quot;CH1300967382\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;strikeLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-affirm","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/affirm_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/affirm_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-12-15T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/bitcoin_mass_market__leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Tracker certificates on Bitcoin and Ethereum in focus","windowTitle":"Participation 1:1 in the crypto market","category":"investment-themes","title":"Participation 1:1 in the crypto market","body":"<h3>Falling supply, rising demand<\/h3>\n<p>The key factors that are currently driving the crypto market can be summarised briefly as increasing acceptance in the wake of the licensing of BTC and ETH spot ETFs, falling interest rates and rising risk tolerance on the part of investors. There will also be something very different on the calendar for 2024, though: the halving. This event, which takes place every four years and in which the reward for mining new blocks is halved, is scheduled for April 2024. The payment per block will be reduced from 6.5 to 3.25 bitcoins. This reduction in supply alongside possibly the same or even heightened demand could provide for additional upside potential. A look in the rear-view mirror, at any rate, shows that the price of Bitcoin has risen tangibly in the years after a halving.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2023/bitcoin-ethereum-participation?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<h3>Astronomical price targets<\/h3>\n<p>The rise in the price level after a halving is certainly remarkable. Whereas BTC stood at below USD 16 in 2012, the token was moving between USD 256 and 1,024 at the time of the next halving in 2016. In 2020 the range was already as wide as USD 4,000 to 16,000. That leads \u201cPlanB\u201d, a Bitcoin analyst highly regarded on social media, to predict the token will hit new all-time highs. According to his \u201cStock-to-Flow\u201d model, a fundamental approach based on scarcity, the price range for Bitcoin in the next four years is calculated to go from USD 65,000 to over 500,000. PlanB is not alone in predicting this huge price potential: British crypto fan Adam Back, founder of the blockchain company Blockstream, reckons the digital asset could rise to USD 700,000 within the next halving cycle. Probably the highest estimates come from star investor Cathie Wood of investment company ARK Invest. In her \u201cBig Ideas\u201d study this year, the expert writes: \u201cThe price of a single Bitcoin could rise above USDmn 1 in the next ten years.\u201d In the best case the crypto asset could even hit USDmn 1.48 by the end of the decade, but even in the worst case Bitcoin is still expected to reach USD 258,500, an almost sixfold increase on its level today.<\/p>\n<div>\n<generic-chart title=\"Chart comparison Bitcoin vs. Ethereum (3 years)\">\n  <chart-line title=\"BTC/USD\" path=\"chart_btcusd.csv\" format=\"date, number\"/>\n  <chart-line title=\"ETH/USD\" path=\"chart_ethusd.csv\" format=\"date, number\" yAxisRight=\"true\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Bloomberg, as of 11.12.2023<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Full participation in Bitcoin ...<\/h3>\n<p>While the investment world waits for the first Bitcoin and Ethereum ETFs, Leonteq has long had products based on the crypto assets with a comparable payout profile in its portfolio. The movements of the digital assets can be followed 1:1 with the corresponding tracker certificates. Not only do the structured products enable full participation, but thanks to a cleverly selected ratio they have also been put within easy reach, as it were, consequently allowing investment with smaller amounts. The tracker (<a href=\"https://structuredproducts-ch.leonteq.com/isin/CH0587307023\" target=\"_blank\" rel=\"noopener\">ISIN CH0587307023<\/a>) on Bitcoin, for instance, is offered at a ratio of 0.001, meaning that only USD 42 has to be paid for BTC rather than USD 42,000. The product is also offered at this ratio in the CHF (<a href=\"https://structuredproducts-ch.leonteq.com/isin/CH0587307015\" target=\"_blank\" rel=\"noopener\">ISIN CH0587307015<\/a>) and EUR (<a href=\"https://structuredproducts-ch.leonteq.com/isin/CH0596609245\" target=\"_blank\" rel=\"noopener\">ISIN CH0596609245<\/a>) currency tranches. The fees for each tranche come to 1.50% p.a.<\/p>\n<h3>... and Ethereum<\/h3>\n<p>Leonteq had also launched the corresponding tracker certificates on the world's second-largest virtual currency, Ethereum, long before the first ETF was ever discussed. The USD-denominated participation instrument (<a href=\"https://structuredproducts-ch.leonteq.com/isin/CH1143298599\" target=\"_blank\" rel=\"noopener\">ISIN CH1143298599<\/a>) was issued more than two years ago along with a CHF (<a href=\"https://structuredproducts-ch.leonteq.com/isin/CH1143298573\" target=\"_blank\" rel=\"noopener\">ISIN CH1143298573<\/a>) and EUR (<a href=\"https://structuredproducts-ch.leonteq.com/isin/CH1143298581\" target=\"_blank\" rel=\"noopener\">ISIN CH1143298581<\/a>) variant. The ratio for these products is 0.01, while the administration fees for each are 1.50% p.a. Not only do all the above trackers offer convenient access to the crypto assets, but the open-ended structure allows investors to select the investment period that suits them.<\/h3>\n<h3>Tracker certificates on Bitcoin and Ethereum<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0587307023\\&quot;\\&quot;CH0587307015\\&quot;\\&quot;CH0596609245\\&quot;\\&quot;CH1143298599\\&quot;\\&quot;CH1143298573\\&quot;\\&quot;CH1143298581\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.underlyings_list_i18n.en.keyword&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2023/bitcoin-ethereum-participation?language_id=3\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"bitcoin-ethereum-participation","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/bitcoin_mass_market__leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/bitcoin_mass_market__leonteq-structured-products_thumbnail.jpg"},{"date":"2023-12-13T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/meta_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"An open exchange of blows","windowTitle":"Meta Platforms","category":"underlying-in-focus","title":"Meta Platforms","body":"<p>The 2024 sporting year is packed with highlights. In football, the European Championship and Copa America are scheduled from mid-June. The Summer Olympics will begin in Paris at the end of July. In addition to these top events, the sporting world could experience a spectacular premiere. US billionaires Elon Musk and Mark Zuckerberg have agreed to a cage fight. When and where the two will compete in the full-contact sport of mixed martial arts (MMA) remains to be seen. After a verbal exchange of blows at the beginning of August, the potential \"Musk vs. Zuckerberg\" fight became quieter. Meanwhile, the battle between the duo's social media platforms is entering the next round. At the beginning of July, Zuckerberg's digital company Meta Platforms launched Threads. This created a direct competitor for the discussion platform X (formerly Twitter) operated by Musk. The new service was initially not available in the European Union - apparently due to unresolved regulatory issues.<\/p>\n<h3>First interim results<\/h3>\n<p>This is now set to change: According to unconfirmed media reports, Threads will go online in the EU on December 14. The expansion of the microblogging service to the old continent is also supported by a countdown that is currently running down on the European Threads page. However, at the end of October, Mark Zuckerberg gave an initial assessment of the launch of the X counterpart in 100 countries. \"There are now almost 100 million monthly active users,\" explained the Meta boss. He believes Threads can do much more: \"I've long been of the opinion that there should be an app for public conversations for a billion people.\" He would like to see a \"slightly more positive\" application. Here, Zuckerberg was probably aiming at X, which is characterized by heated political debates, without directly mentioning his rival. All statements can be found in the minutes of the conference call to present the results for Q3 2023.<\/p>\n<div>\n<generic-chart title=\"Meta Platforms: Revenue and Operating Margin\">\n  <x-axis categories=\"Q3/21, Q4/21, Q1/22, Q2/22, Q3/22, Q4/22, Q1/23, Q2/23, Q3/23\"/>\n      <chart-column title=\"Revenue (in USD billion)\" data=\"29.0,33.7,27.9,28.8,27.7,32.2,28.6,32.0,34.1\" format=\"number\"/>\n      <chart-line title=\"Operating margin\" data=\"36, 37, 31, 29, 20, 20, 25, 29, 40\" format=\"number\"  yAxisRight=\"true\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Meta Platforms, as of 25.10.2023<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>AI as an investment priority<\/h3>\n<p>In the period from July to September, the Group exceeded Wall Street expectations in terms of both revenue and earnings. At the same time, Meta Platforms made a leap in its operating margin. At 40%, it was higher in the quarter under review than it has been for more than two years. While Meta benefited from rising advertising revenue on the revenue side, falling costs also helped profitability. Consequently, the management lowered its planned expenditure for the year as a whole to between USD 87 billion and USD 89 billion. Previously, the target range was USD 88 billion to USD 91 billion. However, the CEO expects costs to rise in 2024. Total expenditure should then be between USD 94 billion and USD 99 billion. \"AI will be our biggest area of investment in 2024,\" explained Zuckerberg. The company, whose Facebook, Instragram, Messenger and WhatsApp portals have more than 3 billion active users every day, is already relying heavily on artificial intelligence. Several corresponding software and hardware solutions were launched in 2023.<\/p>\n<div><generic-chart title=\"Meta Platforms: Share price (in USD)\"> \n    <chart-line title=\"Meta Platforms\" path=\"chart_meta.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Reuters, as of 11.12.2023<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Interesting investment alternative<\/h3>\n<p>Meta Platforms has benefited from the general AI hype on Wall Street. Shortly before the end of the trading year, the share price was up 168%. In the Nasdaq-100 Index, only the chip manufacturer Nvidia, which was also boosted by the AI fantasy, performed better. In view of the steeply rising price chart and the expected cost increases, soft callable barrier reverse convertibles are an investment alternative. Leonteq now offers two variants of this structure on Meta Platforms. The guaranteed coupon on a CHF-denominated BRC is 9% p.a.. This opportunity is partially protected by a barrier of 59% of the initial level. The USD-denominated counterpart yields a quarterly distribution of 12% p.a.. Here, too, the full repayment of the nominal is fixed as long as Meta does not use up the 41% cushion. If the barrier is breached, the investment would be linked to the performance of the underlying asset. Due to the integrated soft callable function, early termination and redemption of both BRCs is possible. <\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1292085953\\&quot;\\&quot;CH1300963175\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-meta","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/meta_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/meta_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-12-06T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/microstrategy_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"In the wake of Bitcoin","windowTitle":"MicroStrategy","category":"investment-themes","title":"MicroStrategy","body":"<p>Bitcoin has been relatively quiet since the collapse of the FTX crypto exchange last year. While FTX founder Bankman-Fried is facing decades in prison, the digital currency has quietly and secretly recovered significantly. Even if it is still some way off its record high of around USD 69,000 from November 2021, the world's largest and best-known crypto asset has already risen by more than 150% this year and passed the USD 40,000 mark again a few days ago for the first time in a year and a half. This in turn pleases the software manufacturer MicroStrategy. The US group has been investing heavily in the digital asset since its initial investment of USD 250 million in 2020.<\/p>\n<h3>Bitcoin and no end in sight<\/h3>\n<p>In November 2023 alone, MicroStrategy bought 16,130 bitcoins at an average price of USD 36,785. The costs, including fees, amounted to USD 593 million. The total number of bitcoins held by the US company now stands at 174,530 at an average price of USD 30,252. At a current price of around USD 42,000, this equates to a profit of just under 39%. However, the business intelligence company has by no means reached the end of its holdings. Together with the brokerage firms Cowen and Company, Canaccord Genuity and BTIG, up to USD 750 million in new shares are to be issued in the near future. The proceeds from this capital increase will in turn be used primarily for further Bitcoin purchases. During the recent quarterly results presentation, CEO Phong Le reiterated that MicroStrategy will continue its Bitcoin purchases to capitalize on the long-term benefits of the cryptocurrency.<\/p>\n<div>\n<generic-chart title=\"Bitcoin Inventory\">\n  <x-axis categories=\"Q4/20,Q1/21,Q2/21,Q3/21,Q4/21,Q1/22,Q2/22,Q3/22,Q4/22,Q1/23,Q2/23,Q4/23, Nov 23\"/>\n      <chart-column title=\"Bitcoin Inventory\" data=\"70469,91326,105085,114042,124391,129218,129699,130000,132500,140000,152333,158245,174530\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: MicroStrategy<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<p>Speaking of the quarter, the company also made progress at an operational level from July to September. Sales from the software business increased by around 3% to USD 129.5 million, exceeding the average forecast of USD 125.8 million. The continued growth in the cloud and high license sales in particular contributed to the good performance. Although the net loss of the Virginia-based company increased from USD 27 million to USD 143.4 million, this was mainly due to depreciation and amortization. Investors paid no attention to this loss, focusing instead mainly on the Bitcoin investment, as the share price performance shows. This year alone, the S&amp;P 500 share has recorded a remarkable increase of more than 260%, reaching a new all-time high of USD 577 at the beginning of December.<\/p>\n<h3>Double growth opportunities<\/h3>\n<p>Despite the rally, the current market capitalization of USD 7 bn is around 4% below the total value of the Bitcoin investment. This means that the Group's operating division has virtually no value of its own. MicroStrategy is at the forefront of the business intelligence sector. According to the Group, it was the first provider to launch AI software that uses Microsoft Azure OpenAI in the third quarter. \"We believe MicroStrategy is well positioned to benefit from both the Bitcoin tailwind and the growth of our BI business,\" says CEO Phong Le confidently.<\/p>\n<div>\n<generic-chart title=\"MicroStrategy: Share price (in USD)\">\n  <chart-line title=\"MicroStrategy\" path=\"chart_microstrategy.csv\" format=\"date, number\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Reuters, as of 04.12.2023<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<p>The recent increase in confidence in the crypto asset can be attributed, among other things, to the prospect of the first Bitcoin-based ETF being approved in the US in the near future. According to experts, the US Securities and Exchange Commission could give the green light in early 2024. However, MicroStrategy co-founder Michael Saylor pointed out the benefits of investing in MicroStrategy shares instead of a Bitcoin ETF on a conference call. \"There are fees for investing in a spot ETF,\" Saylor said, continuing, \"The ability to get bitcoin exposure without being charged a fee is another plus for us.\" Even though the analyst consensus also uniformly advises buying the stock, the upside seems to be gradually thinning out. The 12-month price forecast envisages a median target of USD 557.00, which is even lower than the current level.<\/p>\n<h3>Extraordinary coupons, extended risk buffers<\/h3>\n<p>The new Softcallable Barrier Reverse Convertibles offer an attractive return with a reduced risk compared to a direct investment. The CHF variant offers an attractive interest rate of 13.00% p.a. with a maximum term of 15 months, while the USD-denominated product even has a quarterly coupon payment of 17.00% p.a.. In addition, both products have a European barrier at 51%. As a result, the MicroStrategy share can decline below the barrier during the term without immediately reducing the potential return. Only if the barrier is breached could discounts occur. The closing price will then determine whether the investment is profitable or not. Otherwise, the repayment is based on the performance of the MicroStrategy share.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1292085748\\&quot;\\&quot;CH1300962326\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1143302953\\&quot; \\&quot;CH1143302961\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;valor&quot;,&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;subscriptionEndDate&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-microstrategy2","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/microstrategy_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/microstrategy_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-12-04T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/etp_themarket_leonteq-structured-products_product+homepage+banner1.jpg","subTitle":"ETP+ on The Market Best Ideas Portfolio","windowTitle":"ETP+ The Market Best Ideas Portfolio","category":"etp","title":"Special Underlying in a Special Package","body":"<h3>Innovative Zurich strength<\/h3>\n<p>Leonteq brought the ETP+ label into life around six months ago. In the \u201c+\u201d, the Zurich-based financial boutique seeks to express its aspiration of developing the market for exchange traded products (ETP) further. At the core is improved protection for investors. To date many ETP issuers have been special-purpose vehicles with no rating and under no regulatory supervision. What is more, these providers are frequently backed by only the bare minimum of financial resources. Leonteq, by contrast, comes with a capital base of around CHFmn 930 as at the end of 2022, while it also offers a 15-year track record as a successful issuer of structured products. The company was the first ETP provider in Switzerland to be licensed and monitored by FINMA as a securities firm. It also enjoys an investment grade rating from Fitch Ratings Ltd. and an \u201cA\u201d ESG rating given by MSCI.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2023/etp-best-ideas?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<h3>Added security<\/h3>\n<p>A second advantage of ETP+ lies in the type of collateralisation. Here Leonteq is cooperating with the SIX Group, with a pledge being deposited with SIX SIS AG for every product. The depositary agent ensures that investors have access to these funds in the event of the issuer becoming insolvent. Measures are also taken to ensure that the collateral is sufficiently large: SIX Repo AG undertakes a daily review and valuation of the securities. The system just outlined is not new \u2013 in fact, banks, insurers and pension funds have been using the interplay of depositary (SIX SIS AG) and collateral agent (SIX Repo AG) in a collateral management service offered by SIX since as far back as 2012.<\/p>\n<div><img src=\"/dA/1153525192/charts_etp_EN DE_700x500 EN Funcionalities2.svg?language_id=1\" alt=\"charts_etp_EN DE_700x500 EN Funcionalities2\" width=\"1190\" height=\"469\" caption=\"false\" /><\/div>\n<footer>Source: Leonteq<\/footer>\n<h3>Bundled stock market know-how<\/h3>\n<p>It is not only for collateralisation that Leonteq is relying on strong partnerships \u2013 the issuer is also bringing expert support on board in terms of content. The existing cooperation with The Market has just been stepped up, with Leonteq having launched an ETP+ based on The Market Best Ideas Portfolio Index NTR. When it comes to valuation and analysis of the capital markets, The Market is a real powerhouse. Every day a team of experienced financial journalists analyses what is happening on global financial markets and in the business world. Their focus is always on the big picture and in-depth research from the point of view of the investor. Shutting out daily stock market chatter, the financial medium pursues the goal of identifying and highlighting relevant developments, important trends and exciting investment themes.<\/p>\n<h3>Quality and substance<\/h3>\n<p>This expertise is bundled in The Market Best Ideas Portfolio. The editorial team has been systematically hunting for promising shares since March 2020. Some 70% of the Best Ideas Portfolio comprises blue chips, with managers able to invest the remaining 30% in riskier stocks. That enables the team to bet on turnarounds, for instance. The 70% blue-chip shares are made up of Swiss companies, while the remaining 30% is composed of international stocks. These more risky positions also number representatives of sectors that are normally under-represented in Switzerland. Current examples include the technology giant Microsoft and oil multinational Shell. These two instances alone show just how demanding the selection process for The Market Best Ideas Portfolios is: even the supposedly riskier components are notable large caps.<\/p>\n<h3>ETP+ on The Market Best Ideas Portfolio Index - tradable on the SIX Swiss Exchange<\/h3>\n<div><price-chart isin=\"CH1171795128\"><\/price-chart><\/div>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1171795128\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>Composition of The Market Best Ideas Portfolio Index<\/h3>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;CANADIAN DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:-5.8E-6,&quot;currency&quot;:&quot;CAD&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;SWISS FRANC&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.03360013,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;DANISH KRONE&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00874861,&quot;currency&quot;:&quot;DKK&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;EURO&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00598598,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;BRITISH POUND&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00251798,&quot;currency&quot;:&quot;GBP&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;US DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00322982,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ACCELLERON INDUSTRIES LTD&quot;,&quot;sophisInternalId&quot;:168462331,&quot;currentPrice&quot;:68.8,&quot;weight&quot;:0.04220555,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;AGNICO-EAGLE MINES LTD&quot;,&quot;sophisInternalId&quot;:67375333,&quot;currentPrice&quot;:266.18,&quot;weight&quot;:0.03803919,&quot;currency&quot;:&quot;CAD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ALPHABET INC-CL A&quot;,&quot;sophisInternalId&quot;:67114265,&quot;currentPrice&quot;:349.22,&quot;weight&quot;:0.05926916,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;AMRIZE LTD&quot;,&quot;sophisInternalId&quot;:208105951,&quot;currentPrice&quot;:30.84,&quot;weight&quot;:0.01189617,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BARRY CALLEBAUT AG-REG&quot;,&quot;sophisInternalId&quot;:67109020,&quot;currentPrice&quot;:1130,&quot;weight&quot;:0.01359242,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BASF SE&quot;,&quot;sophisInternalId&quot;:67108926,&quot;currentPrice&quot;:52.62,&quot;weight&quot;:0.0105888,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BELIMO N ORD&quot;,&quot;sophisInternalId&quot;:67109076,&quot;currentPrice&quot;:775.5,&quot;weight&quot;:0.03134795,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BERKSHIRE HATHAWAY INC-CL B&quot;,&quot;sophisInternalId&quot;:67559294,&quot;currentPrice&quot;:525.68,&quot;weight&quot;:0.03325577,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BHP GROUP LTD&quot;,&quot;sophisInternalId&quot;:67109557,&quot;currentPrice&quot;:3113,&quot;weight&quot;:0.02066346,&quot;currency&quot;:&quot;GBP&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BOSSARD HOLDING AG-BR&quot;,&quot;sophisInternalId&quot;:67109024,&quot;currentPrice&quot;:267,&quot;weight&quot;:0.02704654,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CLARIANT AG-REG&quot;,&quot;sophisInternalId&quot;:67108964,&quot;currentPrice&quot;:10.65,&quot;weight&quot;:1.579E-5,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;DKSH HOLDING LTD&quot;,&quot;sophisInternalId&quot;:75696273,&quot;currentPrice&quot;:71.3,&quot;weight&quot;:0.02124706,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;EMS-CHEMIE HOLDING AG-REG&quot;,&quot;sophisInternalId&quot;:67109071,&quot;currentPrice&quot;:884.5,&quot;weight&quot;:0.01642075,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;FORBO HOLDING AG-REG&quot;,&quot;sophisInternalId&quot;:67109033,&quot;currentPrice&quot;:936,&quot;weight&quot;:0.02676402,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;FRESENIUS SE &amp; CO KGAA&quot;,&quot;sophisInternalId&quot;:67118821,&quot;currentPrice&quot;:43.855,&quot;weight&quot;:0.01656212,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;GEBERIT AG-REG&quot;,&quot;sophisInternalId&quot;:67109066,&quot;currentPrice&quot;:552.6,&quot;weight&quot;:0.02086741,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;HELVETIA BALOISE HOLDING AG&quot;,&quot;sophisInternalId&quot;:67109061,&quot;currentPrice&quot;:208.8,&quot;weight&quot;:0.03457851,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;HOLCIM LTD&quot;,&quot;sophisInternalId&quot;:67108966,&quot;currentPrice&quot;:64.02,&quot;weight&quot;:0.02532324,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;JULIUS BAER GROUP LTD&quot;,&quot;sophisInternalId&quot;:67569299,&quot;currentPrice&quot;:70.52,&quot;weight&quot;:0.02717164,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;KARDEX AG-REG&quot;,&quot;sophisInternalId&quot;:67109084,&quot;currentPrice&quot;:245.5,&quot;weight&quot;:0.01851347,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;KOMAX HOLDING AG-REG&quot;,&quot;sophisInternalId&quot;:67109088,&quot;currentPrice&quot;:80,&quot;weight&quot;:0.00636076,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;LOGITECH INTERNATIONAL-REG&quot;,&quot;sophisInternalId&quot;:67109155,&quot;currentPrice&quot;:86.08,&quot;weight&quot;:0.02365839,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;LONZA GROUP AG-REG&quot;,&quot;sophisInternalId&quot;:67109162,&quot;currentPrice&quot;:603.8,&quot;weight&quot;:0.02276012,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MASTERCARD INC - A&quot;,&quot;sophisInternalId&quot;:67144304,&quot;currentPrice&quot;:616.32,&quot;weight&quot;:0.02649521,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MICROSOFT CORP&quot;,&quot;sophisInternalId&quot;:67114739,&quot;currentPrice&quot;:539.44,&quot;weight&quot;:0.03700003,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NESTLE SA-REG&quot;,&quot;sophisInternalId&quot;:67108967,&quot;currentPrice&quot;:81.07,&quot;weight&quot;:0.02443325,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NEWMONT CORP&quot;,&quot;sophisInternalId&quot;:67318255,&quot;currentPrice&quot;:115.79,&quot;weight&quot;:0.03880223,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NOVO NORDISK A/S-B&quot;,&quot;sophisInternalId&quot;:67519173,&quot;currentPrice&quot;:263.45,&quot;weight&quot;:0.01084867,&quot;currency&quot;:&quot;DKK&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;PAN AMERICAN SILVER CORP&quot;,&quot;sophisInternalId&quot;:141786512,&quot;currentPrice&quot;:62.19,&quot;weight&quot;:0.02167381,&quot;currency&quot;:&quot;CAD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ROCHE HOLDING AG-PARTIZIPATIONSSCHEIN&quot;,&quot;sophisInternalId&quot;:67108970,&quot;currentPrice&quot;:379.7,&quot;weight&quot;:0.02891859,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SANOFI&quot;,&quot;sophisInternalId&quot;:67109411,&quot;currentPrice&quot;:72.16,&quot;weight&quot;:0.01234055,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SCHINDLER HOLDING-PART CERT&quot;,&quot;sophisInternalId&quot;:67109116,&quot;currentPrice&quot;:266.2,&quot;weight&quot;:0.02167471,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SGS SA-REG&quot;,&quot;sophisInternalId&quot;:67109174,&quot;currentPrice&quot;:98.7,&quot;weight&quot;:0.02904915,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SHELL PLC&quot;,&quot;sophisInternalId&quot;:67109617,&quot;currentPrice&quot;:46.375,&quot;weight&quot;:0.02988607,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SIKA AG-BR&quot;,&quot;sophisInternalId&quot;:67109118,&quot;currentPrice&quot;:181.35,&quot;weight&quot;:0.01604513,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;STRAUMANN HOLDING AG-REG&quot;,&quot;sophisInternalId&quot;:67109142,&quot;currentPrice&quot;:94.08,&quot;weight&quot;:0.0112087,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;TEMENOS GROUP AG-REG&quot;,&quot;sophisInternalId&quot;:67109085,&quot;currentPrice&quot;:73.15,&quot;weight&quot;:0.0263781,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;VAT GROUP AG&quot;,&quot;sophisInternalId&quot;:103142035,&quot;currentPrice&quot;:623.6,&quot;weight&quot;:0.03620847,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ZURICH INSURANCE GROUP AG-REG&quot;,&quot;sophisInternalId&quot;:67108978,&quot;currentPrice&quot;:608.2,&quot;weight&quot;:0.02681231,&quot;currency&quot;:&quot;CHF&quot;}]\"><\/AmcComposition>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2023/etp-best-ideas?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"etp-best-ideas","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/etp_themarket_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/etp_themarket_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-11-29T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/microsoft_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Battle for the AI crown","windowTitle":"Microsoft","category":"underlying-in-focus","title":"Microsoft","body":"<p>There has recently been a great deal of excitement in the still young artificial intelligence (AI) sector. The focus was on Sam Altman, the head of OpenAI, probably the world's best-known AI company. The Board of Directors surprisingly gave the 38-year-old the boot due to communication problems. OpenAI partner and financial backer Microsoft seized the opportunity and offered Altman a job at the software giant. A few days later, however, the potential job change was a thing of the past. Altman reached an agreement with OpenAI to return and the company is now once again led by the \"new\" old founding CEO.<\/p>\n<p>The chaotic days at the development company show how important the topic of artificial intelligence is to Microsoft. And regardless of how the personnel rochade would have ended, the company would have emerged as a winner either way. Microsoft benefits on the one hand from access to OpenAI's large language models and on the other from the expertise of programmer Altmann. As the reinstated CEO, Altmann has now promised to \"build on the strong partnership\" with Microsoft.<\/p>\n<div>\n<generic-chart title=\"Microsoft: Share price (in USD)\">\n  <chart-line title=\"Microsoft\" path=\"chart_msft.csv\" format=\"date, number\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Thomson Reuters, as of 28.11.2023<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Two trump cards<\/h3>\n<p>For Microsoft CEO Satya Nadella, who publicly welcomes Altmann's return to OpenAI, there are currently two overarching themes: Cloud and AI. The two technologies are also the major growth drivers within the Group, as the hype surrounding AI is fueling demand for high-performance computing and cloud services. Cloud growth jumped to 29% in the most recent quarter thanks to sustained demand for chatbot-like services such as ChatGPT. In the fall, Microsoft presented its new AI assistant \"Copilot\". \"When I started 30 years ago, we wanted to bring computers into every home. Today, we want to bring Copilot to every device,\" says CEO Nadella. The software was launched in the Windows 11 system at the end of September, and the AI assistant, which can, for example, summarize a day's emails in a quick update, then moved into Microsoft's Office suite at the beginning of November.<\/p>\n<p>Microsoft is investing heavily in data centers in order to spread the AI software quickly. Expenditure in the opening period of 2023/24 rose from USD 10.7 billion in the previous quarter to USD 11.2 billion. This is the highest level of investment since the 2016 financial year, and management expects this to increase further each quarter and ultimately amount to more than USD 44 billion for the year as a whole. The efforts are already paying off. According to Bob O'Donnell, principal analyst at TECHnalysis Research, the Azure cloud service has recently gained market share: \"It could be that Microsoft's very strong messaging on its AI technology is causing companies to consider it more seriously.\"<\/p>\n<div>\n<generic-chart title=\"Microsoft: Sales breakdown and growth Q1/2024 (in billion USD)\">\n      <x-axis categories=\"Productivity and Business Process, Intelligent Cloud, More Personal Computing\"/>\n      <chart-column title=\"Q1 22/23\" data=\"16.46,20.32,13.33\" format=\"number\"  />\n      <chart-column title=\"Q1 23/24\" data=\"18.59,24.25,13.66\" format=\"number\"  />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Microsoft, as of 24.10.2023<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>New high-performance chip<\/h3>\n<p>The Redmond-based company doesn't just want to earn money with AI-related services. Microsoft has also recently been putting out feelers in the direction of hardware. At the Ignite developer conference in mid-November, the company pulled its own AI chip out of the hat to the surprise of the specialist audience. With the secretly developed \"Maia 100 Accelerator\", which is set to be launched on the market as early as next year, Microsoft is not only directly attacking market leader Nvidia, but is also ensuring that the global shortage of high-performance processors is counteracted. Maia 100 will initially only be used for its own offerings such as Copilot and other Azure Open AI services.<\/p>\n<p>The billion-dollar AI efforts are also reflected in the balance sheet. Microsoft was able to exceed analysts' expectations in terms of both revenue and profit in the most recent period from July to September. \"The results showed that AI products are boosting sales and are already contributing to revenue and profit growth,\" states Jesse Cohen, analyst at Investing.com. Microsoft also surprised positively with its outlook: Azure growth of 26% to 27% is forecast for the current second quarter, compared to the expert average of 25.1%.<\/p>\n<h3>Turning a breather into returns<\/h3>\n<p>The hype surrounding AI has also long since taken hold of the shares, causing Microsoft shares to increase by more than 50% this year alone. Due to the \"flagpole\" in the chart, it might not hurt to transfer some of the profits into a less risky investment in the software giant. Leonteq's new soft callable barrier reverse convertibles fit perfectly into this strategy. The product structure, which is also ideal for new entrants, leaves Microsoft shares with significant correction potential after the rally without jeopardizing the attractive earnings opportunity. The BRCs, which are offered in CHF and USD, each have a risk buffer of 25%. If Microsoft leaves the barrier intact during the maximum term of 15 months, the maximum yield will be achieved. The coupons amount to 7.00% p.a. for the CHF variant and 10.00% p.a. for the USD-denominated paper. For both products, the issuer's soft callable function allows early termination after six months at the earliest.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1292085540\\&quot;\\&quot;CH1300960304\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-microsoft","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/microsoft_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/microsoft_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-11-27T09:59","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-know-how-product+homepage+banner.jpg","subTitle":"Tracker certificates: on a par with the markets","windowTitle":"Leonteq Know-How","category":"know-how","title":"Leonteq Know-How 10","body":"<p>And the winner is...ETP! Leonteq shined in two categories at the Swiss ETF Awards 2023, including \"ETP Provider of the Year\". The jury was won over by the in-house innovation \"ETP+\". This clever extension of the classic ETP provides greater investor protection, making the financial product even more attractive to investors.<\/p>\n<iframe src=https://www.linkedin.com/embed/feed/update/urn:li:ugcPost:7140729055171010560?compact=1 height=\"399\" width=\"710\" frameborder=\"0\" allowfullscreen=\"\" title=\"Embedded post\"><\/iframe>\n<h3>Exchange Traded Products<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[&quot;PT_TRACKER_ETP&quot;],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.underlyings_list_i18n.de.keyword&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>Wide range of applications<\/h3>\n<p>ETP stands for Exchange Traded Products and is classified as a participation product. These allow a wide variety of asset classes such as commodities, currencies and even entire sectors and regions to be easily and conveniently added to your portfolio. However, the best-known participation product in the structured products world is probably the tracker certificate. Without taking fees into account, the certificate also tracks the movements of the underlying asset on a one-to-one basis. Theoretically, trackers have an unlimited profit potential. But be careful: If the underlying asset falls, there is a corresponding risk of loss. Anyone choosing this type of participation product must therefore have positive expectations regarding the target market.<\/p>\n<h3>Tracker Certificates<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[&quot;PC_PARTICIPATION&quot;],&quot;productGroups&quot;:[&quot;PG_TRACKER_CERTIFICATE&quot;],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;CH0524354906, CH0511106400, CH0562385291, CH0542381006, CH0372703725, CH0372703717, CH0317274808, CH0317274816, CH0122850198, CH0127998315&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:false,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:true},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.underlyings_list_i18n.de.keyword&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<p>Speaking of target markets, tracker certificates, like ETPs, can be used to transparently include entire stock markets or a wide variety of themes in the portfolio. Megatrends such as disruptive technologies and hydrogen are just as accessible to private investors as special themes such as dividends or the exciting cryptocurrency market. At Leonteq, investors have access to a huge selection of around 270 different participation products.<\/p>\n<h3>Pay attention to the details<\/h3>\n<p>Back to the function of the tracker. As already mentioned, the certificate behaves in the same way as the underlying asset. If the underlying rises or falls, the product also rises or falls. Consequently, the underlying and the certificate have the same risk/reward ratio. The underlying index variant and the currency must be taken into account. In the case of trackers on shares or stock markets that are based on a price index, the dividends of the members are not taken into account. This is not the case with performance indices. With this type of indices, distributions of the components are automatically included in the calculation. If the currency of the index differs from that of the underlying assets, there is an exchange rate risk. However, there is a solution for this: \"Quanto\". Products with this addition are protected against currency fluctuations, which can have a risk-reducing effect in the case of an equity index or basket comprising international securities.<\/p>\n<p>Tracker certificates on commodities have a special feature. As these assets relate to futures contracts that have an expiry date, the certificate switches to the next date in good time before the futures expire. In technical jargon, this is referred to as \"rolling\". Futures are generally quoted above the current price due to an interest component, i.e. the longer the contract runs, the more expensive it is. If a certificate with a so-called \"contango\" now rolls onto the future that matures later, this is more expensive and therefore associated with costs and a corresponding loss of yield. The situation is different if the underlying asset is in \"backwardation\", in which case the subsequent futures are cheaper, which in turn has a positive effect on the performance of the certificate.<\/p>\n<h3>Beware of risk concentration<\/h3>\n<p>Another key factor of trackers is the composition of the underlying. Equity baskets are usually static and cannot be adjusted over time. This harbors two risks: Firstly, the weightings can shift significantly, resulting in a cluster risk. Secondly, there is a risk that the underlying may not adequately reflect the investment theme over time. If the certificate is based on an index, the index operator generally carries out recurring reviews and adjustments with regard to allocation and weighting.<\/p>\n<p>Actively Managed Certificates, or AMCs for short, are special tracker certificates that always keep the underlying asset up to date. In this case, the index sponsor defines the strategy, which can be applied to almost any asset class, and actively implements it. For this purpose, it has a predefined investment universe at its disposal, from which the components are selected and the index adjustments are made at regular intervals. Holders of an AMC then participate fully in the performance of the selected strategy. However, the active process incurs costs, which are usually passed on to certificate holders in the form of a management fee and a transaction fee.<\/p>\n<h3>Actively Managed Certificates<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;CH1292086670, CH1171792851, CH1210542895, CH1194698945, CH1129857517, CH1163993186, CH1163993145, CH1129852609, CH1129852559, CH1129844648, CH1129844630, CH0596607769, CH0596611464, CH0596608205, CH0587306991, CH0596608510, CH0596608015, CH0587306116, CH0587306967, CH0587304764, CH0587304749, CH0562388162, CH0562388360, CH0562387776, CH0572904743, CH0542379968, CH0542378622, CH0521605466, CH0521605003, CH0521604923, CH0513599479, CH0513599461, CH0489280914, CH0372704566, CH0467720428, CH0467720410, CH0434700248, CH0434695034, CH0434695026, CH0434695042, CH0372704574, CH0434695018&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.underlyings_list_i18n.de.keyword&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<p>While basket certificates usually have a final maturity, index certificates have an open-end structure. This means that the investment horizon can be freely selected, which is an important factor, especially for long-term themes. Conclusion: Trackers are a transparent and cost-effective way of keeping up with the chosen market at all times.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/know-how/know-how-bonus?language_id=1\" label=\"Leonteq Know-How 9\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"know-how-tracker","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-know-how-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-know-how-thumbnail.jpg"},{"date":"2023-11-22T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/vf_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"The winter can come","windowTitle":"VF Corporation","category":"coupon-giant","title":"VF Corporation","body":"<p>Wind, rain, sleet, ice - in many parts of Europe, the weather is showing its uncomfortable side. Yet winter has by no means begun. According to the meteorological calendar, the coldest season does not start until December 1. But whatever the weather conditions, the right clothing is ultimately crucial. This is where the VF Corporation comes into play. The US textile company, which is rather unknown by name, is anything but unfamiliar when it comes to its brands. For example, the group's largest brand, \"The North Face\", has just been named the winner among the five dominant outdoor brands in the UK in an analysis by Salience Search Marketing.<\/p>\n<h3>Volume growth vs. profit decline<\/h3>\n<p>Around 4 years ago, the more than 100-year-old US company completely switched its focus to outdoor. In addition to \"The North Face\", the portfolio includes renowned names such as \"Timberland\", \"Napapijri\", \"Eastpak\" and \"Vans\". With its outdoor and active products, VF generates annual sales of more than USD 11 billion. The Group also operates in a growth market. According to Research And Markets, the global market for winter apparel will grow from USD 306.5 billion in 2022 to USD 432.5 billion in 2030, expanding at an annual rate of 4.4%.<\/p>\n<div>\n    <generic-chart title=\"VF Corporation: Breakdown of sales by brand for the first half of 2023/24\"> <pie-chart path=\"pie_vfc_en.csv\" format=\"string, number\"><\/pie-chart> <\/generic-chart>\n<\/div>\n<footer>Source: VF Corp., as of 30.10.2023<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<p>With a few exceptions, the revenue curve at VF is also pointing steadily upwards. However, there have recently been significant fluctuations on the profit side. High costs, weakening sales in the core US market and problems with the Vans brand meant that the Group even dipped into the red at times. Operating profit returned to positive territory in the second quarter at USD 362.9 million, following a loss of USD 90.8 million in the previous year. However, higher taxes caused the net loss to swell from USD 118.4 million to USD 450.7 million.<\/p>\n<h3>A breath of fresh air<\/h3>\n<p>In order to get back on track for growth, Bracken Darrell, who took over as CEO on July 17 and was previously in charge of Logitech in Switzerland, announced far-reaching reforms. Among other things, the \"Reinvent\" restructuring programme aims to reduce costs and get the US market going with the help of a new organizational unit. In addition, Vans Chairman Kevin Bailey had to vacate his post. The problem child was made a top priority. CEO Darrell wants to take a \"more active role in managing the brand and implementing its turnaround strategy.\" However, the Harvard graduate cautions against excessive euphoria. In the second half of the year, no improvement in business is expected for the iconic street and skatewear brand.<\/p>\n<p>On the other hand, the pressure from more and more activist investors is growing. According to media reports, Legion Partners Asset Management acquired a stake in the clothing company at the end of October. According to the news agency Bloomberg, Legion is urging VF to sell some brands such as Timberland. However, Engaged Capital, which has been on board for some time, recently made a public presentation urging the board to cut costs, not to make any further acquisitions in the near future and to hire consultants to review non-core assets.<\/p>\n<h3>Possible bottoming out<\/h3>\n<p>The appointment of former Nike executive Trevor Edwards to the board in October, a man experienced in footwear and apparel, retail and design, may be the first step. Nevertheless, investor dissatisfaction clearly characterizes the share price. This year alone, the share has lost more than a third. However, the downward trend has been ongoing since the beginning of 2021. During this period, the company's value decreased by 80%. However, the latest announcements have brought some calm to the stock market. The S&amp;P 500 member is currently trying to form a bottom in the USD 15/18 range. The 100-day moving average also runs through this zone. If the analysts' consensus is correct, the time of major setbacks should be over. The 12-month price target of USD 17.50 is at the current level and the rating is \"hold\".<\/p>\n<div><generic-chart title=\"Price chart: VF Corporation (in USD)\"> \n    <chart-line title=\"VF Corporation\" path=\"chart_vfc1.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as of: 21.11.2023<br />Historical data is not a reliable indicator of future perormance.<\/footer>\n<h3>Highly attractive source of returns<\/h3>\n<p>Perfect prospects for a barrier reverse convertible, because even a bottoming out or sideways movement leads to maximum returns for this product class. The structure even allows for setbacks without immediately reducing the earnings potential. The new soft callable BRCs on VF Corporation give the US blue chip a comfortable 45% downside leeway. However, the products are not only equipped with above-average risk buffers, the coupons are also exceptionally attractive for a single product. The CHF variant, for example, yields an interest rate of 15.00% p.a. with a maximum term of 15 months, while the USD-denominated product even offers a return of 18.00% p.a..<\/p>\n<p>If the risk buffer is not sufficient and the barrier is touched, the closing price determines the return on the investment. However, if the underlying manages to return to the starting level by the end of the term, the full nominal is paid out in addition to the guaranteed coupon. Otherwise, the repayment is based on the performance of the VF share. Due to the soft callable feature, the term of the products can be shortened to a maximum of six months.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1292085342\\&quot;\\&quot;CH1300958456\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-vfc","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/vf_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/vf_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-11-17T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/usd+interest+rates_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Outperformance Certificate on the iShares $ Treasury Bond 20+ YR ETF","windowTitle":"USD Rates","category":"investment-themes","title":"New fixed-income investment","body":"<h3>US government bonds under pressure<\/h3>\n<p>In terms of prices, there was not much to be gained in the fixed-income asset class in 2023, with quotations softening across a broad front. Given monetary policy, this weakness is generally unsurprising: the majority of central banks have been raising interest rates vigorously to ward off the spectre of inflation. Furthermore, bond markets have recently also been generating some momentum of their own. This is particularly true for the USA, because it is known that the Fed suspended the series of interest rate hikes in September. Despite the pause, however, yields continued to rise while US government bonds declined sharply. That also and especially applied for the longer terms. This thesis can be illustrated by the ICE U.S. Treasury 20+ Year Bond Index: from 20 September, the date of the Fed meeting, this benchmark lost more than a tenth of its value within the space of a month.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2023/fixed-income-investment?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<h3>Possible turnaround in interest rates<\/h3>\n<p>It is possible that even the US monetary authorities were not entirely comfortable with the rise in yields associated with this price trend. At any rate, a rumour that the Fed could intervene in the market for US government bonds has since done the rounds. What is certain is that prices have recovered somewhat, with the ICE U.S. Treasury 20+ Year Bond Index climbing by up to 8% from its recent low. One reason for the rebound could be the strengthening consensus on a possible turnaround in interest rates next year. Futures markets are now pricing in a reduction of 75 basis points in the Fed target rate for 2024. This expectation naturally depends first and foremost on the further course of inflation and the general economic climate. Another factor is the national budget: the parties in Washington D.C. have until 17 November to amend the \u201cstopgap bill\u201d. If the House of Representatives and the Senate are unable to agree on interim financing, a shutdown looms. Government coming to a halt, and the unforeseeable consequences for the world's largest economy, could in turn undermine the scenario of falling interest rates.<\/p>\n<div>\n<generic-chart title=\"iShares $ Treasury Bond 20+ YR ETF: price (in USD)\">\n  <chart-line title=\"iShares $ Treasury Bond 20+ YR ETF\" path=\"Chart_TLT.csv\" format=\"date, number\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Bloomberg, as of 16.11.2023<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Bond ETF as an underlying<\/h3>\n<p>Leonteq has launched an interesting new issue for investors who are thinking about taking a position in US government bonds in light of this background: the outperformance certificate on the iShares $ Treasury Bond 20+yr UCITS ETF. The underlying of this structured product is an exchange traded fund (ETF) on the bond index already mentioned. This currently contains 40 US government bonds with a duration of 20 years or more. A good half of the fund portfolio is allocated to US Treasuries due in 2050 or later. iShares launched this ETF at the start of 2015. The assets under management now amount to USDbn 7.42. The new outperformance certificate offers the prospect of participating disproportionately in rising quotations for the underlying.<\/p>\n<h3>Opportunity for outperformance<\/h3>\n<p>The certificate has a two-year term. Should the countermovement of the longer-dated Treasuries prove to be sustainable, the structured product would share in this with an outperformance rate of 140%. Assuming that the underlying appreciates by a fifth over a 24-month period, the certificate would repay 128% of the denomination. Please note that the participation does not kick in fully until the maturity date. Other factors will have an effect on the pricing during the term, including and especially how interest rates in the USA develop. There is no partial or capital protection, so the structured product would participate fully in any downward movement of the ETF. To conclude, the new outperformance certificate offers a good opportunity to take a punt on the interest rate turnaround in the USA and rising prices for long-dated Treasuries with diversification and leverage.<\/p>\n<h3>Outperformance-Zertifikat<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1300957540\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2023/fixed-income-investment?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"fixed-income-investment","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/usd+interest+rates_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/usd+interest+rates_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-11-15T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/avolta__leonteq-structured-products_product+homepage+banner.jpg","subTitle":"A new name for the future","windowTitle":"Avolta","category":"underlying-in-focus","title":"Avolta","body":"<p>On November 9, a new name appeared on the Swiss stock exchange. However, this was neither an IPO nor an initial listing. Instead, Dufry changed its name to \"Avolta\". A few days earlier, the shareholders of the travel retailer had approved the name change by a large majority at an extraordinary general meeting in Basel. In this way, the company took account of the takeover of the Italian service station operator Autogrill. \"Avolta translates our strategy into a common brand identity that reflects the needs of our travelers and places them at the center of our focus and initiatives,\" CEO Xavier Rossinyol explained when the move was announced at the beginning of October. The management sees the new company name as a vehicle on the way to \"Destination 2027\". Under this slogan, the company has set its sights on nothing less than a revolution in the travel experience.<\/p>\n<div><generic-chart title=\"Avolta: Breakdown of sales by region (in %)\"> <pie-chart path=\"pie_avolta_geo_en2.csv\" format=\"string, number\"><\/pie-chart> <\/generic-chart><\/div>\n<footer>Source: Avolta, as of 02.11.2023<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Airports, rest stops and more<\/h3>\n<p>What is certain is that the latest merger has created an industry giant: Avolta has more than 1,200 locations at airports, seaports, freeways, cruise ships and other tourist hotspots. Through this network, the company reaches around 2.3 billion travelers in more than 75 countries. According to the management, Avolta is not dependent on a specific region, sales channel or type of passenger. In terms of turnover, the business is split almost equally between the three lines \"Duty-free\", \"Duty-paid\" and \"Food &amp; Beverage\". Geographically, the EMEA region with Europe, the Middle East and Africa sets the tone (see charts). So far, neither the broad positioning nor the new name has really caught on on the stock market. In fact, the Avolta share fell below the CHF 30 mark for the first time in more than a year immediately after the introduction of the \"AVOL\" ticker. In view of high inflation and tense geopolitics, the entire industry is not having an easy time with investors at the moment. However, the new forged travel retailer has performed significantly weaker than the European sector to date in 2023.<\/p>\n<div><generic-chart title=\"Avolta: Breakdown of sales by business line(in %)\"> <pie-chart path=\"pie_avolta_business2.csv\" format=\"string, number\"><\/pie-chart> <\/generic-chart><\/div>\n<footer>Source: Avolta, as of 02.11.2023<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Ahead of schedule<\/h3>\n<p>Even the latest interim report was unable to change the underperformance. The upturn in travel gave a strong boost to business over the summer months. In the third quarter of 2023, Avolta increased sales (core, net excluding fuels) organically by 16% to CHF 3.7 billion. The operating result (core Ebitda level) reached CHF 401.7 million in the reporting period, resulting in a margin of 11.0%. For the current final quarter, the CEO announced the prospect of continued solid development. According to Rossinyol, the cost synergies resulting from the integration of Autogrill are materializing faster than expected. The targeted CHF 85 million should be realized in 2024, one year earlier than planned. In view of the substantial debt capital, any relief should be good for the balance sheet. In the third quarter of 2023, net debt amounted to just over 2.6 times core EBITDA. Leverage is set to fall to 1.5 to 2.0 as part of the strategy. In addition to the issue of debt capital, the dilution of shareholders could be a stumbling block on the stock market. Dufry financed the takeover of Autogrill largely by issuing new shares.<\/p>\n<div>\n<generic-chart title=\"Avolta: Share price (in CHF)\">\n  <chart-line title=\"Avolta\" path=\"avolta_chart.csv\" format=\"date, number\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Reuters, as of 13.11.2023<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Double-digit return opportunity<\/h3>\n<p>The management is currently trying to convince investors of its plans and \"Destination 2027\". This week, those responsible are taking part in conferences in Miami and Paris. A roadshow is also planned in the French capital. Even if the promotional tour cannot give the mid-cap any new momentum, a double-digit percentage return is possible with the soft-callable barrier reverse convertible (BRC). The coupon on the new issue is 10% p.a. There is partial protection for this opportunity: as long as Avolta does not fall to or below the barrier of 59% of the initial level during the term, the issuer will repay the nominal in full. Otherwise, the investment would be linked to the performance of the underlying security. Due to the integrated soft callable function, early termination and repayment of the BRC is possible.<\/p>\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1171801173\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-avolta","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/avolta__leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/avolta__leonteq-structured-products_thumbnail.jpg"},{"date":"2023-11-08T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/sqm_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Jumping on the lithium train with a buffer","windowTitle":"SQM","category":"coupon-giant","title":"SQM","body":"<p>Electric cars are on the rise worldwide. According to forecasts, around 116 million electric cars will be on the roads by 2030. This would mean that the electric fleet would increase more than tenfold within a decade. To achieve this growth, tens of thousands of tons of rare metals such as lithium are needed, which is at the heart of every electric car, the battery. A classic battery with 90 kilowatt hours requires a whopping 13.5 kilograms of the silvery-white light metal.<\/p>\n<h3>Big player<\/h3>\n<p>An important player in this area is the Chilean Sociedad Química y Minera, or SQM for short. The company describes itself as the global leader in the lithium market. The South Americans also play a leading role in other materials such as potassium nitrate, iodine and thermosolar salts. However, lithium is the company's most important material, accounting for almost three quarters of sales. This is hardly surprising given the company's geographical location, as the US Geological Survey estimates that Chile is the second largest lithium producer in the world after Australia.<\/p>\n<div>\n<generic-chart title=\"SQM: Quarterly Sales Volumes (kMT) & AveragePrice (USD/kg) of lithium\">\n  <x-axis categories=\"Q1/21, Q2/21, Q3/21, Q4/21, Q1/22, Q2/22, Q3/22, Q4/22, Q1/23, Q2/23\"/>\n      <chart-column title=\"QuarterlySales Volumes (kMT)\" data=\"24,22,31,38,34,42,43,32,43\" format=\"number\"/>\n      <chart-line title=\"AveragePrice (USD/kg)\" data=\"7,8,15,38,54,56,59,51,34\" format=\"number\"  yAxisRight=\"true\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: SQM<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Skid mark<\/h3>\n<p>However, even if the demand for electric cars remains high, and with it the demand for lithium, the chemical giant is currently in reverse gear. Sales fell by 6.6% in the first half of the year, and operating profit even slumped by more than a fifth. Falling average selling prices for the raw material were the main reason for the negative impact on business development. The second quarter, in particular, was marked by a major slowdown. In the period from April to June, the price of lithium fell by almost 37% compared to the previous year and by a third compared to the first quarter.<\/p>\n<p>One reason for the fall in prices is lower demand from the e-car mecca of China. The People's Republic accounts for more than 60% of new registrations worldwide. However, SQM assumes that the low point has now been reached. After the first half of the year, CEO Ricardo Ramos predicted a relatively similar price for the third quarter as in the second quarter. Investors will find out how things actually went in the period from July to September when the figures are presented on November 15. The analyst consensus expects sales to have increased by around 4% and earnings per share to have improved by just over a third to USD 2.77 compared to the previous quarter. Nevertheless, the average estimates predict a decline in earnings for the year as a whole and also for 2024.<\/p>\n<h3>Takeover down under<\/h3>\n<p>Although SQM does not publish any medium-term targets itself, it is clearly setting its sights on growth. The Chileans want to invest USD 2.2 billion in capacity expansion in the coming years, thereby increasing production capacity by 14% per year. Inorganic expansion, i.e. acquisitions, are also part of the company's strategic plan. As recently as October, the Australian lithium mining group Azure Minerals was acquired in full for USD 900 million. SQM previously held a one-fifth stake in Azure. Among other things, the Australians have a 60% stake in the Andover Lithium Project in West Pilbara, which, according to the company, has the potential to be one of the largest lithium projects in the world. The downside is that the project is associated with considerable time, cost and risk.<\/p>\n<div><generic-chart title=\"Aktienkurs: SQM (in USD)\"> \n    <chart-line title=\"SQM\" path=\"SQM_Chart.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as of 07.11.2023<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>High fluctuations...<\/h3>\n<p>The stock market is not without risk. This is impressively demonstrated by SQM's chart. From May 2021 to May 2022, the share price more than doubled. This was followed by months of sideways movement, with seismographic swings of the highest order. The share price fluctuated wildly between USD 80 and USD 115, followed by a downward trend that has since taken the share price below the USD 50 mark. As a result, the share is now back at roughly the same level as before the rally. The analysts have now found this too much, with 11 out of 16 research studies resulting in a buy recommendation.<\/p>\n<h3>...enable top conditions<\/h3>\n<p>However, investors do not have to enter into a risky direct investment; instead, the high volatility can be used to structure highly attractive barrier reverse convertibles on SQM. This investment solution is also less nerve-wracking as it has a risk buffer and thus gives the underlying a predefined scope for movement. Leonteq has launched two new BRCs on the lithium giant, which are offered in CHF and USD. Both have a comfortable risk buffer of 35%. If the barrier remains intact during the maximum term of 15 months, the maximum profit is achieved. The coupons amount to an above-average 14.4% p.a. for the CHF variant and even 18.6% p.a. for the USD product. The issuer has the right to call the BRCs prematurely after six months at the earliest due to the soft callable function.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1292084865\\&quot; \\&quot;CH1300954034\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-sqm","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/sqm_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/sqm_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-11-02T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rebalancing_fuw50_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Intelligent diversification, better performance and sensible protection","windowTitle":"ETP+ on the FuW Swiss 50 Index","category":"etp","title":"ETP+ on the FuW Swiss 50 Index","body":"<h3>Representative barometer<\/h3>\n<p>Last year the editorial team of leading business paper \u201cFinanz und Wirtschaft\u201d created an index to represent the domestic equity market: the FuW Swiss 50 Index. It contains the 50 largest companies listed on the SIX Swiss Exchange according to the stock market value of the free-float stock. The members are divided into two segments and weighted equally, so that no preference is shown to large caps over smaller companies. This removes the possibility of clumping such as occurs on the SMI, for instance, where just three groups (Nestlé, Novartis, Roche) make up more than 50% of the weight. The rule-based barometer is reviewed twice a year, in May and again in November, when the weightings are recalculated to ensure balance and the components can also be replaced. <\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2023/fuw-swiss-50-index-rebalancing?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<h3>Shuffling the pack<\/h3>\n<p>This week it was time once again to freshen up the FuW Swiss 50 Index. Alongside resetting the weightings to their nominal proportions, two replacements were made. Generics subsidiary Sandoz, a spin-off from Novartis, was briefly represented in the index with a small weighting following its IPO at the beginning of October, but now has to leave it again. The same fate was suffered by crisis-hit Meyer Burger, the solar company having lost more than half its market capitalisation in the last six months alone. The two free spaces have been taken up by Accelleron and Swissquote. The share price of the provider of turbochargers for heavy-duty applications recently bucked the negative trend with multiple highs, while Swissquote is also one of this year\u2019s outperformers thanks to strong price gains. Following the takeover of Credit Suisse, its shares were added to the UBS stock in the FuW Swiss 50 Index, which meant that the weighting of the big bank jumped sharply. This was corrected in the rebalancing.<\/p>\n<h3>Participation product \u2026<\/h3>\n<p>Leonteq offers an exchange traded product (ETP+) on the FuW Swiss 50 Index NTR. This allows full participation in the price opportunities presented by the Swiss equity market. The product reflects the performance of the broadly diversified barometer 1:1, adjusting for an annual fee of 0.72%. In return, the dividends paid flow into the calculation on a net basis. The product has no term limit and can be traded daily on the market.<\/p>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1171791820\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>\u2026 with certain traits<\/h3>\n<p>The ETP+ on the FuW Swiss 50 Index not only represents an effective and low-cost investment product, but also offers an additional protective function thanks to specific collateralisation: a pledge is deposited with SIX SIS AG for every exchange traded product. If the price of the certificate rises, Leonteq increases the pledge \u2013 and vice versa. In the worst-case scenario, i.e. if Leonteq were to enter into payment difficulties, the trustee SIX Repo would sell the pledge and distribute the equivalent of the investment product to the holders of the ETP. Investors do not need to worry about the liquidity of Leonteq at the moment, though: on the contrary, a few days ago the respected ratings agency Fitch raised the long-term issuer default rating for Leonteq to \u201cBBB\u201d with a stable outlook.<\/p>\n<h3>ETP+ on the FuW Swiss 50 Index NTR<\/h3>\n<div><price-chart isin=\"CH1171791820\"><\/price-chart><\/div>\n<h3>ETP+ on the FuW Swiss 50 Index NTR: Current composition<\/h3>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SONOVA HOLDING AG-REG&quot;,&quot;weight&quot;:0.01725288},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;BARRY CALLEBAUT AG-REG&quot;,&quot;weight&quot;:0.01045188},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWATCH GROUP AG/THE-BR&quot;,&quot;weight&quot;:0.01303032},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;PSP SWISS PROPERTY AG-REG&quot;,&quot;weight&quot;:0.01153724},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;GALDERMA GROUP AG&quot;,&quot;weight&quot;:0.02719737},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;LINDT &amp; SPRUENGLI AG-PC&quot;,&quot;weight&quot;:0.0106363},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;CEMBRA MONEY BANK AG&quot;,&quot;weight&quot;:0.01075512},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;LONZA GROUP AG-REG&quot;,&quot;weight&quot;:0.02941942},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;FISCHER (GEORG)-REG&quot;,&quot;weight&quot;:0.01561733},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SGS SA-REG&quot;,&quot;weight&quot;:0.02763983},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWISSQUOTE GROUP HOLDING-REG&quot;,&quot;weight&quot;:0.01235295},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;UBS GROUP AG-REG&quot;,&quot;weight&quot;:0.03322193},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SANDOZ GROUP AG&quot;,&quot;weight&quot;:0.02852134},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ADECCO GROUP AG-REG&quot;,&quot;weight&quot;:0.01609506},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ALLREAL HOLDING AG-REG&quot;,&quot;weight&quot;:0.01129459},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;JULIUS BAER GROUP LTD&quot;,&quot;weight&quot;:0.03064488},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ALCON INC&quot;,&quot;weight&quot;:0.02449351},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;EMS-CHEMIE HOLDING AG-REG&quot;,&quot;weight&quot;:0.01500875},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;FLUGHAFEN ZUERICH AG-REG&quot;,&quot;weight&quot;:0.01125507},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWISS PRIME SITE-REG&quot;,&quot;weight&quot;:0.02328229},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWISS RE AG&quot;,&quot;weight&quot;:0.02604212},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;STRAUMANN HOLDING AG-REG&quot;,&quot;weight&quot;:0.01446048},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SIG COMBIBLOC GROUP&quot;,&quot;weight&quot;:0.01382773},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;TEMENOS GROUP AG-REG&quot;,&quot;weight&quot;:0.01337294},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;GEBERIT AG-REG&quot;,&quot;weight&quot;:0.02623217},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;HELVETIA BALOISE HOLDING AG&quot;,&quot;weight&quot;:0.02492086},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ROCHE HOLDING AG-GENUSSSCHEIN&quot;,&quot;weight&quot;:0.02958925},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SULZER AG-REG&quot;,&quot;weight&quot;:0.01100454},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;GIVAUDAN-REG&quot;,&quot;weight&quot;:0.02945157},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;NOVARTIS AG-REG&quot;,&quot;weight&quot;:0.02606234},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;AVOLTA AG&quot;,&quot;weight&quot;:0.01201636},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;MOBIMO HOLDING AG-REG&quot;,&quot;weight&quot;:0.01132193},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;HOLCIM LTD&quot;,&quot;weight&quot;:0.02584732},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ZURICH INSURANCE GROUP AG-REG&quot;,&quot;weight&quot;:0.02583185},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWISS LIFE HOLDING AG-REG&quot;,&quot;weight&quot;:0.0260574},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;GALENICA SANTE LTD&quot;,&quot;weight&quot;:0.01142755},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;KUEHNE &amp; NAGEL INTL AG-REG&quot;,&quot;weight&quot;:0.01503076},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;BANQUE CANTONALE VAUDOIS-REG&quot;,&quot;weight&quot;:0.0115821},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SCHINDLER HOLDING-PART CERT&quot;,&quot;weight&quot;:0.02404666},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;VAT GROUP AG&quot;,&quot;weight&quot;:0.02854461},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;BKW AG&quot;,&quot;weight&quot;:0.00996811},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ABB LTD-REG&quot;,&quot;weight&quot;:0.0283369},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ACCELLERON INDUSTRIES LTD&quot;,&quot;weight&quot;:0.0118673},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWISSCOM AG-REG&quot;,&quot;weight&quot;:0.02348445},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;BELIMO N ORD&quot;,&quot;weight&quot;:0.01507073},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;PARTNERS GROUP HOLDING AG&quot;,&quot;weight&quot;:0.02166677},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SIKA AG-BR&quot;,&quot;weight&quot;:0.03397808},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;CIE FINANCIERE RICHEMO-A REG&quot;,&quot;weight&quot;:0.03053712},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;NESTLE SA-REG&quot;,&quot;weight&quot;:0.02535105},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;LOGITECH INTERNATIONAL-REG&quot;,&quot;weight&quot;:0.01336087}]\"><\/AmcComposition>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2023/fuw-swiss-50-index-rebalancing?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"fuw-swiss-50-index-rebalancing","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rebalancing_fuw50_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rebalancing_fuw50_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-11-01T01:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/ubs_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Tension before the earnings report","windowTitle":"UBS","category":"underlying-in-focus","title":"UBS","body":"<p>To date, the reporting season in the SMI has been rather slow. Roche and Nestlé disappointed the markets almost simultaneously in mid-October. A few days later, Novartis exceeded expectations and raised its earnings forecast for 2023. Nevertheless, the reaction of investors was rather subdued. Missed sales expectations for two cancer drugs were cited as a downer of the interim report. After the SMI heavyweight trio, the company with the fourth-largest share in the leading index will speak out next week. On November 7, UBS will publish its results for the third quarter of 2023, when the strong share price performance of the big bank in recent months will come under scrutiny. With a plus of 24%, the UBS share leads the 2023 performance ranking for the SMI to date.<\/p>\n<div>\n<generic-chart title=\"UBS: chart (in CHF)\">\n  <chart-line title=\"UBS\" path=\"chart_ubs.csv\" format=\"date, number\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Reuters, as of 30.10.2023<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Substantial book profit<\/h3>\n<p>With this development, the domestic institution also outperforms the European sector by a long way. The outperformance is directly related to the banking quake that hit Switzerland at the beginning of the year. Credit Suisse was pretty much faltered by it. Supported by the government and the SNB, UBS \"had\" to take over its stumbling competitor. Just how favorably it got its way became clear in the balance sheet for the second quarter of 2023. UBS posted a record operating profit (pre-tax profit level) of USD 29.239 billion, of which USD 28.925 billion was attributable to a book gain or \"badwill\" from the CS acquisition. During the presentation of the figures, CEO Sergio Ermotti, who has returned to the top of the Group, described the bank merger as one of the largest and most complex in history. \"We are wasting no time in delivering value for all stakeholders,\" he said in late August. <\/p>\n<h3>Turnaround for the better<\/h3>\n<p>Reducing costs, leveraging economies of scale and regaining trust - those are the top banker's priorities. Before its near-collapse, clients had been withdrawing their capital from Credit Suisse on a grand scale. In the fourth quarter of 2022 alone, Wealth Management recorded outflows of close to USD 100 billion. Since then, the situation has gradually improved. In the first two months of the third quarter of 2023, the CS division was able to stop the outflow of funds (see chart). As far as the operating result of the entire Group is concerned, Sergio Ermotti is aiming for roughly break-even for the past quarter. In the entire second half of 2023, pre-tax profit is expected to be positive. In addition to the latest results and the outlook, investors and analysts are likely to take a close look at the status of the planned integration of Credit Suisse during the presentation of the new month's results.<\/p>\n<div>\n<generic-chart title=\"UBS/ Credit Suisse: Inflows and outflows in wealth management (net new assets/investments)\">\n      <x-axis categories=\"Q4 2022,Q1 2023,Q2 2023,Q3 2023*\"/>\n      <chart-column title=\"UBS (in billion USD)\" data=\"9,28,16,7\" format=\"number\"  />\n      <chart-column title=\"Credit Suisse (in billion USD)\" data=\"-95,-51,-30,1\" format=\"number\"  />\n    <\/generic-chart>\n<\/div>\n<footer>* up to and including 28.08.2023<br /> Source: UBS, as of 31.08.2023<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Interesting conditions<\/h3>\n<p>UBS shares have been somewhat out of step with the broader market in recent weeks - down more than 6% on a one-month basis. Even if the interim report and accompanying commentary fail to propel the large cap anew, the softcallable barrier reverse convertible (BRC) offers an attractive yield. Quarterly, this CHF denominated new issue counts a coupon of 9% p.a.. The barrier is a low 59% of the initial level. As long as UBS does not reach or fall below this level during the term, the issuer will repay the nominal in full. Otherwise, the investment would be exposed to the price risk of the underlying. Please note the soft callable feature. It allows an early termination and redemption of the BRC. Leonteq Securities can make use of this option for the first time after six months and thereafter quarterly.<\/p>\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1171801397\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-ubs","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/ubs_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/ubs_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-10-31T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-know-how-product+homepage+banner.jpg","subTitle":"Participation products - Bonus in the portfolio","windowTitle":"Leonteq Know-How","category":"know-how","title":"Leonteq Know-How 9","body":"<p>In the last issue of \"Leonteq Know-how\", we got into participation products by taking a close look at outperformance certificates and looking in detail at the construction and payout profile of these products. In the current Knowledge Newsletter, we now take a detailed look at another sought-after form of this product category.<\/p>\n<h3>Bonus certificates: Opportunities upwards, partial protection downwards<\/h3>\n<p>One of the best-known representatives of participation products is the bonus certificate. The special feature of this structure is that it allows attractive returns even in the case of sideways trending or even moderately declining prices. The bonus is responsible for this. If the underlying does not touch or fall below a predefined barrier during the term, the issuer pays a minimum repayment equal to the bonus level. And that's not all: if the underlying security exceeds the bonus level at maturity, the certificate participates in the gains. However, as soon as the barrier is breached, the partial protection expires and the investment is directly linked to the performance of the underlying.<\/p>\n<p>The zero strike call option is also the foundation for the bonus certificate. As a further component, a down and out put is added, the strike of which corresponds to the bonus level. This option expires worthless as soon as the underlying asset is quoted at or below the barrier during the term. The issuers use the expected dividends from the underlying to finance the option. The higher the dividends, the more capital is available for the purchase of the required options. In this context, the down an out put represents a kind of adjusting screw for the repayment profile. If its strike (bonus level) is set higher, this is at the expense of the risk buffer. If, on the other hand, the issuer wants to achieve the lowest possible barrier, the minimum repayment is reduced.<\/p>\n<!-- <iframe src=\"https://www.linkedin.com/embed/feed/update/urn:li:ugcPost:7121057496676343808?compact=1\" height=\"399\" width=\"710\" frameborder=\"0\" allowfullscreen=\"\" title=\"Embedded post\"><\/iframe> -->\n<h3>Two new issues with attractive conditions<\/h3>\n<p>In practice: Leonteq has launched a bonus certificate on the Roche (Valor: <a href=\"https://structuredproducts-ch.leonteq.com/valor/117180141\" target=\"_blank\" rel=\"noopener\" title=\"117180141\"> 117180141)<\/a>. The barrier is 69% of the initial fixing. As long as the large cap does not fall to or below this level, the minimum redemption of 112% of the denomination is due in any case at maturity in three years. The bonus is chosen to roughly correspond to Roche's expected dividends during the term. On the share price side, the underlying has recently been one of the weaker performers in the SMI. Should Roche manage an upward turnaround, the bonus certificate would also participate in this beyond the bonus level. A look at the payout diagram illustrates the outlined modalities.<\/p>\n<div><generic-chart title=\"Bonus Certificate on Roche - Payoff diagram at expiry\"> \n    <chart-line title=\"Roche\" path=\"Roche_Beispiel1.csv\" format=\"number, number\"><\/chart-line> \n    <chart-line title=\"Bonus certificate without cap\" path=\"Roche_Beispiel_Bonus1.csv\" format=\"number, number\"><\/chart-line>  \n    <x-axis type=\"number\"><\/x-axis> <\/generic-chart><\/div>\n    <footer>Source: Leonteq Securities<\/footer>\n<p>The bonus opportunity of 12% is partially protected by a barrier at 69% of the initial fixing. If Roche starts an upward movement and exceeds the bonus level at maturity, the certificate benefits. The redemption goes up in line with the price increase of the underlying. If, on the other hand, Roche falls by 31% or more and does not recover within 3 years, the investment ends with a loss.<\/p>\n<h3>Bonus Outperformance Certificate: An interesting combination<\/h3>\n<p>The option-based design makes it possible to combine bonus and outperformance certificates. For this purpose, the issuer uses further options in addition to zero strike call and down and out put. If the product is to contain a cap, call options are written whose strike corresponds to the maximum amount. A bonus outperformance certificate on Roche with cap (Valor: <a href=\"https://structuredproducts-ch.leonteq.com/valor/117180142\" target=\"_blank\" rel=\"noopener\" title=\"117180142\"> 117180142)<\/a> completes the product series launched especially for this know-how article. Bonus level (12%) and barrier (69%) correspond to the classic bonus certificate. In addition, the product participates at the end of the three-year term with a rate of 200% in a price increase of Roche exceeding the bonus level. This feature applies up to the cap of 130%, resulting in a maximum redemption of 148% of the denomination.<\/p>\n<div><generic-chart title=\"Bonus Outperformance Certificate on Roche with Cap \u2013 Payoff diagram at expiry\"> \n    <chart-line title=\"Roche\" path=\"Roche_Beispiel1.csv\" format=\"number, number\"><\/chart-line> \n    <chart-line title=\"Bonus outperformance certificate with cap\" path=\"Roche_Beispiel_CappedOutperformanceBonus1.csv\" format=\"number, number\"><\/chart-line>  \n    <x-axis type=\"number\"><\/x-axis> <\/generic-chart><\/div>\n    <footer>Source: Leonteq Securities<\/footer>\n<p>The Bonus Outperformance Certificate with Cap is particularly versatile. In addition to the partially protected minimum redemption, the product offers the chance of a disproportionate participation up to the cap. Of course, this is not without risk: If Roche breaks the barrier, the investment is exposed to the full setback potential of the underlying.<\/p>\n<p>With all bonus certificates, a deviation from the intrinsic value may occur during the term. In the secondary market, the price of the underlying, the implied volatility and the dividend expectations have an influence on the pricing.<\/p>\n<p>Bonus certificates can be based on several equities or indices, in which case they are referred to as multi bonus certificates. The type of certificate investors choose depends on their personal market expectations and their assessment of the underlying. At the same time, it is important to weigh up one's own risk appetite.<\/p>\n<h3>Bonus certificates<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1171801421\\&quot;\\&quot;CH1171801413\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;bonusLevel&quot;,&quot;underlying&quot;,&quot;participation&quot;,&quot;barrierPercentage&quot;,&quot;capLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<<div class=\"ltq-row\" style=\"flex-direction: row;\"> <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/know-how/know-how-participation?language_id=1\" label=\"Leonteq Know-how 8\"><\/ltq-button>\n<ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/know-how/know-how-tracker?language_id=1\" label=\"Leonteq Know-how 10\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"know-how-bonus","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-know-how-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-know-how-thumbnail.jpg"},{"date":"2023-10-25T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/tesla2_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Reduced growth rate, maximised coupon","windowTitle":"Tesla","category":"coupon-giant","title":"Tesla","body":"<p>The dream of green growth in e-mobility has long given the industry pioneer Tesla a stormy tailwind on the capital market. However, doubts about the current strategy of the company from sunny California have increased in recent months. The worries are well-founded: sales growth is losing momentum and, much worse, margins are on the decline. However, with the strategy of prioritizing vehicle sales over profitability, company CEO Elon Musk himself has started the downward spiral. Numerous rounds of price cuts in the U.S. at the beginning of the year caused the gross margin to plummet from 32.9% in the previous year to 19.3% in the first quarter. And the negative trend continues to this day: In the third quarter, Tesla achieved a value of only 17.9%, analysts expected on average at least 18.25%.<\/p>\n<h3>Sales and...<\/h3>\n<p>Sales growth from July to September was also weaker than expected at 9%. The reported USD 23.35 billion was slightly more than 3% below consensus estimates. Meanwhile, the curve for shipments is pointing down. In the third quarter, 435,059 were handed over to customers, compared with 7% more in the previous quarter. The Group blames this in particular on downtime for plant modernization. For the year as a whole, however, Tesla is still sticking to its delivery target of 1.8 million units. This means that 476,000 of the four models \"S\", \"3\", \"X\" and \"Y\" must be sold in the fourth quarter, an increase of 17.5% compared to the same period last year.<\/p>\n<div>\n<generic-chart title=\"Tesla: Development of sales and operating margin\">\n  <x-axis categories=\"Q3/22, Q4/22, Q1/23, Q2/23, Q3/23\"/>\n      <chart-column title=\"Deliveries\" data=\"343830,405278,422875,466140,435059\" format=\"number\"/>\n      <chart-line title=\"Operating margin (in %)\" data=\"17.2,16.0,11.4,9.6,7.6\" format=\"number\"  yAxisRight=\"true\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Tesla<br />Historical data is not a reliable indicator for future performance.<\/footer>\n<h3>...diminishing returns<\/h3>\n<p>In general, a flattening sales curve can be observed for the e-car specialist over the past years. The positive effect following the pandemic in 2021 has long since faded away. The full-year target for 2023 means growth of 35.9%, which is only the rate of change from 2020, which was heavily slowed by Corona. Meanwhile, the operating return is clearly declining. If the car company achieved a margin of 17.2% a year ago, it was only 7.6% in the past third quarter. This means that Tesla has clearly fallen behind premium suppliers BMW and Mercedes, which are also pressing hard on the gas pedal in the e-sector in order to increase the pressure on market leader Tesla. However, as far as valuation is concerned, the picture continues to be a mirror image. The Tesla share has a 2024 P/E ratio of 57, while the ratio for the two Germans is in the low single digits.<\/p>\n<h3>Partially protected yield opportunity<\/h3>\n<p>It is probably the great growth fantasies that have led the market to grant the U.S. stock such an ambitious valuation. In addition to its claim to leadership in electric cars, Tesla is also at the forefront of autonomous driving technology. Several million miles have already been successfully completed with the AI-based full self-driving beta version of Autopilot. In addition, a new segment is to be conquered with the Cybertruck. Delivery was once planned for the third quarter, however, Musk admitted during the most recent presentation of figures that there are enormous challenges in achieving mass production with the Cybertruck and then generating a positive cash flow with it. Nevertheless, the tech billionaire is sticking to the ambitious project. Starting November 30, the e-pickup is to be sold, and Musk would even like to deliver a quarter of a million Cybertrucks annually starting in 2025.<\/p>\n<div><generic-chart title=\"Chart: Tesla (in USD)\"> \n    <chart-line title=\"Tesla\" path=\"chart_tesla.csv\" format=\"date, number\"><\/chart-line> \n    <chart-line title=\"100-day-average\" path=\"chart_tesla_ma100.csv\" format=\"date, number\"><\/chart-line>  \n    <chart-line title=\"200-day-average\" path=\"chart_tesla_ma200.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as of 24.10.2023<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Neutral rating prevails<\/h3>\n<p>Full-blooded entrepreneurs are known for full-bodied promises. But as the recent sell-off on the stock market shows, confidence in the company's fundamental prospects currently seems to be waning. To now write off Tesla completely is certainly the wrong approach. The company is indispensable when it comes to e-mobility, and after all, Musk has proven in the past, albeit often with a delay, that many of his visions have become reality. This could be one reason why the majority of analysts have not given the high-tech carmaker the thumbs down. Of a total of 45 research reports, 20 resulted in a hold recommendation, 19 saw a buy opportunity and only a minority of half a dozen rated the S&amp;P 500 stock as sell. This results in an average target price of USD 257, which corresponds to a theoretical upside potential of around one fifth. <\/p>\n<h3>High yield opportunities in a standstill<\/h3>\n<p>The large number of uncertainties coupled with a deteriorating chart picture - the 200-day-average line has just been crossed to the downside - do not necessarily speak in favor of a direct investment in Tesla at present. The high volatility, however, provides the best conditions for a barrier reverse convertible (BRC). Leonteq has launched two new single softcallable BRCs with extraordinary coupons and low barriers. The CHF version offers a maximum yield of 13.00% p.a., while in USD 17.00% p.a. is possible within the maximum term of one year and three months. The first soft callable observation day, which could provide for an early redemption, takes place for both products after half a year. The double-digit percentage returns are well protected with high risk buffers of 51% each. <\/p>\n<p>However, the safety function of the product due to the barrier is only one side of the coin. As Barrier Reverse Convertibles are securitised bonds, the solvency of the issuer is also of crucial importance for certificate holders in a worst-case scenario. In this respect, investors are in good hands with Leonteq. The renowned rating agency Fitch has just raised the long-term issuer default rating to \"BBB\" with a stable outlook.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1171801090\\&quot;\\&quot;CH1290294938\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-tesla2","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/tesla2_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/tesla2_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-10-25T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/leonteq-structured-products-recovery-product+homepage+banner.jpg","subTitle":"The concept of recovery products","windowTitle":"The barrier was touched, what next?","category":"know-how","title":"The barrier was touched, what next?","body":"<h3>The barrier of my Barrier Reverse Convertible was touched, what can I do now?<\/h3>\n<p>In recent weeks, the prices of some popular underlyings have fallen sharply and certain products may have touched the barrier. When the barrier is touched, the products now refer to the worst performing underlying (worst-of). The only way to avoid losses for the customer is for the worst performing  underlying to recover significantly above the initial fixing. But is this really all investors can do? Wait and hope for a strong recovery?<\/p>\n<h3>The alternative to wait and see: recovery products<\/h3>\n<p>The concept of recovery products is simple but efficient. The recovery product replaces the existing position and is perfectly adapted to the current market conditions. At the same time, we reduce the risk of the product, as we focus on only one underlying for the recovery product. By lowering the barrier, the probability of a full redemption of the nominal at maturity is significantly increased.<\/p>\n<h3>The investment concept in detail<\/h3>\n<ul>\n   <li>The barrier of your existing product was touched. A recovery of the worst performing underlying asset above the initial fixing is considered very unlikely. The existing position is sold at the current bid price.<\/li>\n   <li>The capital received is invested in a recovery product with an ask price close to the selling price of the old product, so that no additional capital is required.<\/li>\n   <li>In the recovery product, a rise in the underlying beyond the barrier at maturity is sufficient to recover the full nominal (100%).<\/li>\n<\/ul>\n<h3>Recovery products<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[&quot;PT_DISCOUNT_CERTIFICATE_WITH_BARRIER&quot;],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;-snapshot.product.identifiers.isin:(\\&quot;CH1348494514\\&quot; \\&quot;CH1348494506\\&quot; \\&quot;CH1348493888\\&quot; \\&quot;CH1381827414\\&quot; \\&quot;CH1400319880\\&quot; \\&quot;CH1400319898\\&quot; \\&quot;CH1391394132\\&quot; \\&quot;CH1400319872\\&quot; \\&quot;CH1400319799\\&quot; \\&quot;CH1400319815\\&quot; \\&quot;CH1400318155\\&quot; \\&quot;CH1400319666\\&quot; \\&quot;CH1400320292\\&quot; \\&quot;CH1400319831\\&quot; \\&quot;CH1400319856\\&quot;)&quot;,&quot;conditions&quot;:{&quot;&quot;:true},&quot;marketVenues&quot;:[&quot;SIX&quot;,&quot;XBRN&quot;],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;resultsPerPage&quot;:20,&quot;pageNumber&quot;:1,&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.underlyings_list_i18n.en.keyword&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.dynamic.distance_to_barrier_level.value&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;sortingEnabled&quot;:true,&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;listed&quot;,&quot;barrierLevel&quot;,&quot;strikeLevelAbs&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div>\n\t<p><strong>European barrier: observation at maturity only<br /><\/strong><strong>Issuer: see product details<\/strong><\/p>\n<\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Repayment scenarios of the recovery products<\/h3>\n<ul>\n   <li>If the closing price of the underlying is above the barrier at final fixing, the investor will receive 100% of the nominal value repaid. In other words, a smaller increase in the underlying is enough for an investor to get back the full amount of capital invested initially.<\/li>\n   <li>If the closing level of the underlying is at or below the barrier level at the final fixing date, the investor will receive a number of shares per product according to the conversion ratio.<\/li>\n<\/ul>\n<h3>Did you not find what you were looking for or are you looking for another underlying?<\/h3>\n<div>\n   <ltq-button color=\"primary\" url=\"/contact\" label=\"Contact us!\"><\/ltq-button>\n<\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"recovery","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/leonteq-structured-products-recovery-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/leonteq-structured-products-recovery-thumbnail.jpg"},{"date":"2023-10-24T09:04","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/fitch-rating-upgrade-leonteq-securities-ag-product+homepage+banner.jpg","windowTitle":"Fitch upgrades Leonteq to \"BBB\"","category":"investment-themes","title":"Fitch upgrades Leonteq to \"BBB\" with a stable outlook","body":"<p><strong>Leonteq AG (SIX: LEON) announced today that Fitch upgraded Leonteq\u2019s investment grade rating to \u201cBBB\u201d with a stable outlook.<\/strong><\/p>\n<p>The rating agency Fitch Ratings Ltd. has upgraded the long-term issuer default rating (IDR) to \u201cBBB\u201d from \u201cBBB-\u201d for Leonteq AG, Leonteq Securities AG and Leonteq Securities AG (Guernsey Branch) with a stable outlook.<\/p>\n<p>According to Fitch, the upgrade of the long-term IDRs assigned to Leonteq reflects the material progress made to grow the franchise and diversify the business by increasing the number of issuance partners as well as increasing Leonteq\u2019s own issuances. It also reflects progress made on new business initiatives which include plans to reduce the level of market risk adopted by Leonteq through its balance sheet-light business activities.<\/p>\n<p>Leonteq\u2019s IDR further reflects its increasingly diversified franchise which includes a well-established and scalable structured-product issuance platform. This is weighed against inherent market risk, both direct and indirect, as lower appetite for structured products in unfavourable market conditions can give rise to earnings volatility. Fitch views risk management, capitalization, and liquidity as adequate.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://www.leonteq.com/news-and-media/news/corporate-news/2023/fitch-upgrades-leonteq-to-BBB?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"fitch-upgrades-leonteq-to-BBB","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/fitch-rating-upgrade-leonteq-securities-ag-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/fitch-rating-upgrade-leonteq-securities-ag-thumbnail.jpg"},{"date":"2023-10-20T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/precious_gold_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Interesting investment solutions with different structures","windowTitle":"Safe haven gold","category":"investment-themes","title":"Safe haven gold","body":"<h3>Fast and typical reaction<\/h3>\n<p>Geopolitics remains a significant factor in the stock markets in the third quarter of 2023. While the war in Ukraine continues to rage without let-up, the situation in the Middle East recently came to a head dramatically when the radical Islamists of Hamas attacked Israel on 7 October. Since then a military conflict has caught fire both in the Gaza Strip and on Israel's border with Lebanon, with many victims on both sides. Amid the huge international alarm, it was not long before the capital markets, too, reacted. Not only did the price of oil turn sharply upwards, but gold also became more expensive in the first half of October. The troy ounce put on just under 6% on the low of USD 1,809.50 posted as recently as 6 October, once again demonstrating the status of the most important precious metal as a safe haven.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2023/safe-haven-gold?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<h3>Enduring interest rate debate<\/h3>\n<p>Regardless of the general geopolitical climate, there is another reason to take a look at gold: the cycle of interest rate hikes in the USA could gradually be drawing to a close. The central bank did of course hit the pause button in September, leaving the base rate unchanged at a range of 5.25% to 5.50%. After Fed chairman Jerome Powell adopted a rather hawkish tone, USD yields continued their upward trend. At the beginning of the month the 10-year Treasury was returning more than 4.80% for the first time since 2007. Leading FED representatives regarded this jump as an indication that there might not be any need for further interest rate rises given that financing conditions had tightened recently without any involvement from the central bank. Such a prospect would be good news for the precious metal, which does not give any income itself. For investors who reckon prices will continue to rise but would like to minimise the risk even so, Leonteq has an interesting solution ready: a recently launched capital protection certificate with participation on gold. Repayment of the nominal at the end of the three-year term is 100% guaranteed, while the structure would at the same time participate to a certain extent in any rise in the price of gold.<\/p>\n<h3>Shark Notes on Gold<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1292086613\\&quot;\\&quot;CH1292086621\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;capitalProtection&quot;,&quot;underlying&quot;,&quot;participation&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>The shape of a shark\u2019s fin<\/h3>\n<p>Investors can optionally take a position in CHF or USD. Both variants come with full capital protection, a strike price reflective of the initial level and a participation level of 100%. The differences arise in the knock-out barrier and the possible rebate that is paid. As soon as the underlying reaches or exceeds the barrier, the participation mechanism switches off. In this case the product pays the knock-out rebate as a sort of \u201ccompensation\u201d for the lost returns. The barrier for the CHF-denominated product is 115% of the initial level, while the rebate is 6% of the denomination. Much more attractive terms are available for the USD version, where the participation only ends when gold moves up by 30% or more. In this case a generous payment of 30% of the nominal is due. Since the repayment profile of the capital protection certificate resembles a shark\u2019s fin, the product is also known as a shark note.<\/p>\n<div><generic-chart title=\"Shark Note on Gold in CHF \u2013 Payoff diagram at redemption\"> \n    <chart-line title=\"Gold\" path=\"chart_gold.csv\" format=\"number, number\"><\/chart-line> \n    <chart-line title=\"Shark Note\" path=\"chart_shark_note_gold_chf.csv\" format=\"number, number\"><\/chart-line>  \n    <x-axis type=\"number\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Leonteq Securities AG<\/footer>\n<div><generic-chart title=\"Shark Note on Gold in USD \u2013 Payoff diagram at redemption\"> \n    <chart-line title=\"Gold\" path=\"chart_gold.csv\" format=\"number, number\"><\/chart-line> \n    <chart-line title=\"Shark Note\" path=\"chart_shark_note_gold_usd.csv\" format=\"number, number\"><\/chart-line>  \n    <x-axis type=\"number\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Leonteq Securities AG<\/footer>\n<h3>Systematic stockpicking<\/h3>\n<p>Shares of mining companies are regarded as a popular, albeit much riskier alternative to exposure to the gold market. The Leonteq Junior Gold Miners Quality & Momentum Index contains 20 comparatively small and mid-sized representatives of the sector. Launched a good three years ago, the benchmark is founded on a systematic stockpicking process: in July every year experts select the 20 junior gold miner shares based on momentum and quality criteria. The candidates must first make it through a quantitative preselection. The index universe only comprises companies which are listed on the stock markets in Toronto, Australia, New York or Hong Kong, and the average daily turnover over the last six months must be not less than USDmn 5. When it comes to quality, the ratio of debt to market capitalisation, or enterprise value, gross profit growth and the trailing profit margin are scrutinised. The prevailing momentum criterion is the price trend over one, two and three years. The first 20 stocks from the subsequent ranking are included in the index.<\/p>\n<h3>Simple access<\/h3>\n<p>An open-end tracker <a href=\"https://structuredproducts-ch.leonteq.com/isin/CH0542381006?language_id=1\" target=\"_blank\" rel=\"noopener\">(ISIN CH0542381006, SIX-Symbol JXAUTQ)<\/a> offers investors simple and low-cost access to the Leonteq Junior Gold Miners Quality & Momentum NTR Index. Other advantages of the certificate are its broad diversification and the fact that the index composition is reviewed regularly, as well as high transparency, plenty of liquidity and low costs. The management fee for the CHF-issued tracker is 0.60% p.a. As already mentioned, this investment \u2013 in contrast to the capital protection certificate \u2013 entails certain risks. Alongside a weakening gold price, operational problems such as rising extraction costs or setbacks in exploration could put the brakes on the sector.<\/p>\n<h3>Tracker Certificate on the Leonteq Junior Gold Miners Quality &amp; Momentum Index<\/h3>\n<div><price-chart isin=\"CH0542381006\"><\/price-chart><\/div>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0542381006\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.listed:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div><strong>Issuer: Leonteq Securities AG (Rating: Fitch BBB-)<\/strong><\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Leonteq Junior Gold Miners Quality &amp; Momentum Index: Current composition<\/h3>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;EQ.DRCPT&quot;,&quot;name&quot;:&quot;CIA DE MINAS BUENAVENTUR-ADR&quot;,&quot;weight&quot;:0.04251276},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;CATALYST METALS LTD&quot;,&quot;weight&quot;:0.04386435},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;COEUR D'ALENE MINES CORP&quot;,&quot;weight&quot;:0.05399164},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;GENESIS MINERALS LTD&quot;,&quot;weight&quot;:0.05195081},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;WANGUO GOLD GROUP LTD&quot;,&quot;weight&quot;:0.04789444},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;OSISKO GOLD ROYALTIES LTD&quot;,&quot;weight&quot;:0.04746358},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;PERSEUS MINING LTD&quot;,&quot;weight&quot;:0.04843487},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;G MINING VENTURE CORP&quot;,&quot;weight&quot;:0.04594875},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;IDAHO STRATEGIC RESOURCES IN&quot;,&quot;weight&quot;:0.04211825},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SOUTHERN CROSS GOLD CONSOLID&quot;,&quot;weight&quot;:0.05365649},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;EMERALD RESOURCES NL&quot;,&quot;weight&quot;:0.05051889},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;AVINO SILVER &amp; GOLD MINES&quot;,&quot;weight&quot;:0.05217829},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ALAMOS GOLD INC&quot;,&quot;weight&quot;:0.04867648},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;LUNDIN GOLD INC&quot;,&quot;weight&quot;:0.04994522},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;RAMELIUS RESOURCES LTD&quot;,&quot;weight&quot;:0.04940002},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;DPM METALS INC&quot;,&quot;weight&quot;:0.05284268},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;CAPRICORN METALS LTD&quot;,&quot;weight&quot;:0.05528628},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;AYA GOLD &amp; SILVER INC&quot;,&quot;weight&quot;:0.05266785},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;WESDOME GOLD MINES LTD&quot;,&quot;weight&quot;:0.05274134},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ORA BANDA MINING LTD&quot;,&quot;weight&quot;:0.05790698}]\"><\/AmcComposition>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2023/safe-haven-gold?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"safe-haven-gold","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/precious_gold_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/precious_gold_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-10-18T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/sandoz_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Debut with delayed effect","windowTitle":"Sandoz","category":"underlying-in-focus","title":"Sandoz","body":"<p>In international comparison, the Swiss stock market is not doing particularly well at the moment. With a total return of just under 5% in 2023, the SMI lags well behind other benchmarks such as the DAX, EURO STOXX 50 and S&amp;P 500. It is therefore all the more gratifying that the Zurich trading venue has recently attracted attention with a debut. On October 4, Sandoz shares were traded for the first time. With an initial valuation of CHF 11 billion, the 2023 generics company is one of the largest IPOs in Europe to date. Previously, pharmaceutical company Novartis had spun off 100% of the division. At first, investors weren't exactly clamoring for the spin-off. After opening at CHF 24.00, the newcomer slid to CHF 22.70. But then Sandoz turned upwards. In the meantime, the newcomer to the stock market is heading for the CHF 30 mark and is thus trading more than a fifth above its initial price.<\/p>\n<h3>Bulging medicine cabinet<\/h3>\n<p>The strong performance in a relatively weak market environment suggests that many Novartis shareholders have held on to their Sandoz shares. For every five shares they held in the pharmaceutical giant, they were allotted one share in the spin-off. Fundamentally, the newcomer, which is already included in the SMIM, can score with various quality features. In terms of gross sales, Sandoz is the world's largest supplier of drugs with expired patent protection. The Basel-based company generates more than three-quarters of its sales in the USD 185 billion global generics market. The second mainstay of the company, which has a history stretching back almost 140 years, is the production of imitation biopharmaceuticals, known as biosimilars. In total, the Group sells around 1,500 products that are taken by 500 million patients in more than 100 countries. The most important sales region is Europe. In 2022, Sandoz generated more than half of its sales totaling USD 9.2 billion on the old continent (see chart).<\/p>\n<div><generic-chart title=\"Sandoz: Sales 2022 by sales region (in %)\"> <pie-chart path=\"pie_sdz_en.csv\" format=\"string, number\"><\/pie-chart> <\/generic-chart><\/div>\n<footer>Source: Novartis, as of October 2023<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Warm reception<\/h3>\n<p>The broad positioning cannot hide the fact that the industry giant is considered to have rather low margins. In 2022, 20.6% of sales remained in core operating income. The Novartis Group achieved a margin of 33%. The Sandoz management around CEO Richard Saynor has firmly resolved to do better here. In addition to growing sales volumes, prices and a shift in the product mix toward higher-value preparations should help. The topic of margins also plays an important role in the first analyses of Sandoz shares. Berenberg cites possible improvements in profitability as an argument for the stock market newcomer. In general, the stock market underestimates the leading market position, the stable balance sheet and a promising biosimilar pipeline, according to the private bank. In addition to the North Germans, who rate the stock market newcomer as a \"Buy\", J.P. Morgan and Morgan Stanley, for example, join the camp of the bulls. Both US brokers have given Sandoz an \"overweight\" rating.<\/p>\n<h4>Sandoz: chart (in CHF)<\/h4>\n<div><img src=\"/dA/4000e98e6b/charts_sandoz_700x500 EN Product_700x500 EN Product_700x500 EN Product.svg?language_id=1\" alt=\"charts_sandoz_700x500 EN Product_700x500 EN Product_700x500 EN Product\" width=\"1941\" height=\"827\" caption=\"false\" /><\/div>\n<footer>Source: Reuters, as of 17.10.2023<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>A special preparation<\/h3>\n<p>Regardless, Sandoz cuts a good figure as an underlying for structured products. Leonteq has launched a Softcallable Barrier Reverse Convertible (BRC) on the SIX debutant. Investors can expect a fixed quarterly coupon payment of 7% p.a. here. The redemption is partially protected: As long as Sandoz does not fall to or below the barrier of 69% of the initial level, investors will get back the CHF 1,000 nominal in full. If this calculation does not work out, the outlined return opportunity still remains. However, in this case the underlying would have to turn upwards and end the term at or above the strike to avoid markdowns. Please also note the soft callable feature. It allows the issuer to call and redeem this issue early. Incidentally, on October 24, Sandoz will release its interim report for the first nine months of 2023. Holders of the BRC can be relatively relaxed about the standalone company's debut as a participant in the reporting season.<\/p>\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1171797926\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-sandoz","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/sandoz_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/sandoz_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-10-11T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/petrobras_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Oil multinational with big plans","windowTitle":"Petrobras","category":"coupon-giant","title":"Petrobras","body":"<p>One of Brazil's largest companies celebrates a round anniversary in 2023. It is the 70th anniversary of the founding of Petroleo Brasileiro, or Petrobras for short. In 1953, the then President of the Republic, Getulio Vargas, signed Law No. 2,004. Under the motto \"Oil is ours\" a state-controlled multinational was created: Petrobras was given a monopoly over all stages of the oil industry, with the exception of distribution. Seventy years later, the company claims to be one of the world's largest oil and gas producers. Petrobras has also been active offshore since the 1970s. Among other things, the company pumps oil and gas off the Brazilian coast from the Campos Basin, which is up to 2,400 meters deep. In 2022 alone, Petrobras commissioned 14 new drilling sites in the area. This is one of the reasons why the Brazilian company's proven reserves have grown to 10.5 billion barrels of oil equivalent (BOE). In purely mathematical terms, this would mean production capacity utilization for more than twelve years.<\/p>\n<h3>Full in the wind<\/h3>\n<p>CEO Jean Paul Prates is not satisfied with this. In the period 2023 to 2027, he plans to spend a total of USD 78 billion on capital, 83% of which will go into the exploration and production of oil and gas (see chart). Of course, Petrobras cannot escape the global energy transition or the fight against climate change. USD 4.4 billion or 6% of the planned capital expenditure is directly linked to the group's decarbonization initiatives, according to management. Already, Petrobras is embracing comparatively climate-friendly oil production. Thanks to its focus on deepwater production, its per barrel greenhouse gas emissions are 70% below the global average. Similar to many of its competitors, Petrobras is also investing in renewable energy sources. In September, the company submitted an application to the environmental authority to license ten offshore wind farms. The plants planned along the coast of the South American country would add up to a total of 23 gigawatts (GW) of electricity production capacity. \"We are preparing the company to become the largest developer of wind energy projects in Brazil,\" the CEO enthused. <\/p>\n<div>\n<generic-chart title=\"Petrobras: Planned capital expenditure 2023 to 2027 (in %)\">\n      <pie-chart path=\"pie_pbr_percent_en.csv\" format=\"string, number\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Petrobras, as of March 2023<br />Historical data is not a reliable indicator of future perfromance.<\/footer>\n<h3>Enormous cash inflows<\/h3>\n<p>Shortly before, Petrobras had already announced that it would enter into the development of the most powerful wind turbine ever built in Brazil. For this purpose, the company entered into a partnership with engine builder WEG. The oil multinational wants to invest the equivalent of USD 26.8 million in the seven-megawatt onshore wind turbine over a period of 25 months. Series production for the 220-meter-high turbines is scheduled to start in 2025. The company's recent growth is helping it to make the huge investments in its core business and new technology fields. In 2022, the Group increased its operating profit (adjusted Ebitda level) by more than half to USD 66.2 billion. Petrobras generated a cash inflow of almost USD 50 billion from its operating business, which meant that cash flow was almost a third higher than in 2021. In addition to the higher oil price, improved margins in the refinery business paid off. Investors will find out how the business has developed recently on November 10. That's when CEO Prates presents the interim report for the third quarter of 2023.<\/p>\n<div>\n<generic-chart title=\"Petrobras: Chart ADR (in USD)\">\n  <chart-line title=\"Petrobras\" path=\"chart_pbr.csv\" format=\"date, number\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Reuters, as of 09.10.2023<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Partially protected yield opportunity<\/h3>\n<p>In any case, on the stock market Petrobras has been one of the outperformers so far this year. The ADR, which is listed in New York, has risen in price by more than a third compared with its level at the end of 2022. Most recently, however, the share has once again bounced off the horizontal resistance in the area of USD 15/16. Even if Petrobras still fails to clear this hurdle, the new Softcallable Barrier Reverse Convertible (BRC) offers an interesting yield opportunity. Leonteq is launching two variants of the popular structure: In the product currency CHF, the Petrobras-based BRC pays a coupon of 12% p.a. every three months. In the USD-denominated counterpart, the payout is 300 basis points p.a. higher. Otherwise, the terms and conditions are identical. The barrier is 59% of the initial level. As long as the Petrobras ADR does not fall to or below this level during the maximum term of 18 months, nothing stands in the way of the maximum return. If, on the other hand, the barrier is breached, the partial protection expires. The underlying would then have to turn sharply upward and end the term at or above the strike in order to avoid markdowns. Otherwise, there will be a physical delivery of the underlying. Please also note the soft callable feature. It allows the issuer to call and redeem the BRC early. <\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1171797637\\&quot;\\&quot;CH1290292221\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-petrobras","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/petrobras_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/petrobras_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-10-06T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/demanding_times_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Minimum return combined with the chance of unlimited gains","windowTitle":"Bonus certificate with capital protection","category":"investment-themes","title":"Bonus certificate with capital protection","body":"<h3>The best of two worlds<\/h3>\n<p>One thing is clear: every investor wants their portfolio to go forwards, not backwards. In view of the large number of imponderables and the latest price corrections, that is far from a simple task at the moment. This is precisely where a new product from Leonteq comes into play. A well thought-out structure allows attractive returns to be achieved in an environment that is characterised by high inflation, a weak economy and geopolitical risks. We are talking of a bonus certificate with capital protection. This investment skilfully brings two asset classes together: on the one side a guaranteed return, as is the case with bonds, and on the other the theoretically unlimited upside potential of shares.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2023/bonus-capital-protection-nestle-novartis-roche?language_id=1\" label=\"Find out more!\"><\/ltq-button><\/div>\n<h3>Guaranteed minimum interest rate<\/h3>\n<p>The structure of the product is as simple as it is effective. As usual, the bonus level defined at the time of issue holds out the prospect of a particular return. Provided no barrier is breached, this minimum interest rate is also guaranteed. A bonus certificate with capital protection, though, also has a second relevant element, namely the capital protection level. This means that the investment does not end in negative territory even in the case of a barrier event. If the capital protection level is actually above 100%, as in this scenario, a positive return is guaranteed. Whatever the case, the repayment corresponds to the capital protection level. For the new issue this is 103%, while the bonus level is fixed at 106%.<\/p>\n<div><generic-chart title=\"Chart comparison: Nestlé vs. Novartis vs. Roche (3 years)\"> \n    <chart-line title=\"Nestlé\" path=\"chart_nesn_capbonus.csv\" format=\"date, number\"><\/chart-line> \n    <chart-line title=\"Novartis\" path=\"chart_novn_capbonus.csv\" format=\"date, number\"><\/chart-line>  \n    <chart-line title=\"Roche\" path=\"chart_rog_capbonus.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as of: 02.10.2023<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Chance of unlimited gains<\/h3>\n<p>The domestic SMI heavyweight trio Nestlé, Novartis and Roche were selected as the basis for the new issue. Should this high-carat basket of shares perform well, even more than the bonus level is achievable. If the weakest member of the trio climbs above the bonus level, the product enjoys a participation rate of 100% \u2013 based on the bonus level of 106% \u2013 in the performance of this stock, and with no limit.<\/p>\n<h3>Ideal position<\/h3>\n<p>To sum up, the bonus certificate with capital protection guarantees a positive return in every eventuality. If the basket of shares rises modestly - the weakest underlying is above the barrier (100%) but below the bonus bonus level (106%) - the nominal attracts an interest rate of 6%. Should the three SMI giants not perform particularly well and the weakest underlying is below the barrier (100%), the capital protection level is activated, so that the product ends 3 years with a return of 3%. If, on the other hand, the equity environment picks up again in the next few months and the three appreciate tangibly, the product has unlimited upside potential. That means the bonus certificate with capital protection on Nestlé, Novartis and Roche puts investors in the ideal position to capitalise on every conceivable development.<\/p>\n<h3>Bonus-Zertifikat mit Kapitalschutz auf Nestlé, Novartis und Roche<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1292086605\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;bonusLevel&quot;,&quot;capitalProtection&quot;,&quot;underlying&quot;,&quot;participation&quot;,&quot;strikeLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2023/bonus-capital-protection-nestle-novartis-roche?language_id=1\" label=\"Find out more!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"bonus-capital-protection-nestle-novartis-roche","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/demanding_times_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/demanding_times_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-10-04T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/bmw_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Retreaded traditional company","windowTitle":"BMW","category":"underlying-in-focus","title":"BMW","body":"<p>There has recently been a great deal of excitement surrounding BMW CEO Oliver Zipse. The 59-year-old manager, who has been in charge of the group's fortunes since August 2019, will reach BMW's internal age limit next year. Zipse's good performance, however, made the board of directors merciful, and a few days ago the board extended the manager's contract until 2026. \"Oliver Zipse has steered the company very successfully through an extremely volatile environment in recent years,\" said Norbert Reithofer, chairman of the board of directors, explaining the decision. This also caused a sigh of relief on the stock market.<\/p>\n<div>\n<generic-chart title=\"BMW: chart (in EUR)\">\n  <chart-line title=\"BMW\" path=\"chart_bmw.csv\" format=\"date, number\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Refinitiv, as of: 03.10.2023<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>In the fast lane<\/h3>\n<p>Zipse's success can be expressed in figures: During his tenure so far, BMW's enterprise value has increased by a whopping 60%. This rise has been accompanied by significant operational progress. While the group generated a return before interest and taxes of only 4.9% in its core automotive segment in 2019, this figure had already risen to 8.6% by the full year 2022. In the first half of 2023, the Munich-based company even made the leap into the double-digit range and reported an EBIT margin of 10.6%. In addition, the manager, who began his career at BMW as a trainee in 1991, is stepping on the gas in the promising e-mobility business. Since Zipse ascended the throne, the share of electrified cars has risen from 5.8% to 18.1% by the end of 2022. In order to further expand this share, the group is currently spending a lot of money. The \"white-blue\" company has just announced that it will invest more than 600 million pounds in England to build the two new all-electric models Mini Cooper and Mini Aceman there from 2026, in addition to the current production in Germany and China.<\/p>\n<h3>Turning the tide<\/h3>\n<p>However, the original British small car is only one of the screws on which BMW is turning in order to jet into a successful future. The Bavarians are currently playing their biggest growth option with the so-called \"New Class\". These vision cars, which were presented for the first time this year at the IAA motor show, herald a new era comparable to that under the legendary group head Eberhard von Kuenheim in the previous millennium. During his tenure from 1970 to 1993, the now 95-year-old BMW veteran had transformed the company from a medium-sized automaker into a global corporation with the introduction of the 3 Series, 5 Series and 7 Series. Now the next stage of transformation is upon us. \"The New Class is by far the biggest investment in our history,\" is how Frank Weber, Member of the Board of Management for Development, describes the upheaval. And BMW chief designer Adrian van Hooydonk confidently adds: \"We want to make this generation of vehicles so modern that it looks like we've skipped a generation.\"<\/p>\n<p>With this own platform for electric cars, the Germans are primarily trying to steal a march on market leader Tesla. This is not only true in terms of sales figures, but also in terms of returns BMW wants to keep the margin high despite high research and development costs, in the first semester the company spent about a tenth more at EUR 3.2 billion. According to Zipse, the vehicles of the New Class, which will roll over the roads from 2025, will be \"very profitable.\" For the next decade, the manager has set himself the target of generating a return of 8% to 10% in the car business, and this in every single quarter.<\/p>\n<h3>Forecast increase<\/h3>\n<p>Targets for the current year were raised at the half-year mark. Thanks to the success of the electric cars and strong demand in the USA, sales are expected to rise by 5% to 10%, compared with an increase of less than 5% previously expected. The current large order backlog, which the company says ensures delivery times of up to 7 months, backs up the forecast. Profitability is also expected to be higher than previously thought. The group is now targeting a return of 9% to 10.5%; previously, the margin target was limited to the long-standing range of 8% to 10%. The optimism on the earnings side is due in part to BMW's strong pricing discipline. Zipse gave a clear rejection to the price war instigated by e-car pioneer Tesla. <\/p>\n<div>\n<generic-chart title=\"Margin development BMW\">\n  <x-axis categories=\"2018,2019,2020,2021,2022,H1/2023\"/>\n      <chart-line title=\"Operating margin in the Automotive segment\" data=\"7.2,4.9,2.7,10.3,8.6,10.6\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: BMW<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>High yield opportunity in sideways movement<\/h3>\n<p>On the stock market, BMW shares have taken off strongly this year and have already sniffed the record high of EUR 123.75 from 2015. However, the DAX stock recently swung into a consolidation phase, which is currently taking place just below the EUR 100 mark. Investors can turn this sideways movement into attractive gains with two new softcallable barrier reverse convertibles. With a maximum maturity of 15 months and a risk buffer of a comfortable 35%, the CHF-denominated version offers an interest rate of 8.00% p.a. The EUR-denominated product even offers a coupon of 10.00% p.a. For both products, a soft call occurs for the first time after 6 months.<\/p>\n<\/div>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1171799336\\&quot;\\&quot;CH1290290225\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-bmw","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/bmw_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/bmw_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-09-27T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/paramount_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Slight sigh of relief in Hollywood","windowTitle":"Paramount Global","category":"coupon-giant","title":"Paramount Global","body":"<p>Over the summer, Hollywood played out a drama worthy of a movie. At the beginning of May, screenwriters went on strike, joined by actors and stuntmen around two months later. At the core, the U.S. filmmakers are seeking higher revenues, especially from streaming services, as well as better working conditions. At the same time, they see their existence threatened by the use of artificial intelligence (AI). The first joint labor dispute by authors and actors since 1960 has serious consequences for the media industry: The corporations vying for content in the fiercely competitive streaming business in particular must fear for their programming. Consequently, the sector was sidelined on Wall Street. This also applies to Paramount Global: Since the beginning of May, the group has lost almost half of its stock market value.<\/p>\n<div>\n<generic-chart title=\"Paramount Global: chart (in USD)\">\n  <chart-line title=\"Paramount Global\" path=\"chart_paramount.csv\" format=\"date, number\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Reuters, as of 25.09.2023<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<p>Most recently, those responsible at Paramount's headquarters, located on New York's Broadway, were able to breathe a slight sigh of relief. Last weekend, the screenwriters reached a preliminary agreement with the film and television studios. Their union, the WGA, called it an extraordinary result with \"significant gains and protections for writers.\" However, the deal is not yet in the bag. In addition to the union's executive board, the 11,500 WGA members must approve the agreement. Popular TV formats such as \"Jimmy Kimmel Live\" and \"The Tonight Show with Jimmy Fallon\" could quickly return to the air as soon as writers return to work. For movies and series, fans will continue to need patience. The 160,000-member SAG-AFTRA did congratulate the WGA on the agreement. At the same time, however, the actors' union announced the continuation of its strike and called on labor and management to return to the negotiating table.<\/p>\n<h3>Serene CEO<\/h3>\n<p>This appeal is probably also directed at Bob Bakish, the influential CEO of Paramount Global. Be it the streaming service Paramount+, TV channels like CBS and Showtime or the legendary Paramount Film Studios - the company is affected by the labor dispute right across its segments. When presenting the figures for the second quarter of 2023, the CEO was still relatively relaxed. \"The strikes do present some challenges for marketing, but the film slate for the rest of the year is full,\" he said in early August. Any potential impact on 2024 could not be quantified at this time, according to Bakish.<\/p>\n<div>\n<generic-chart title=\"Number of Paramount+ subscribers (in million)\">\n  <x-axis categories=\"Q1 22, Q2 22, Q3 22, Q4 22, Q1 23, Q2 23\"/>\n      <chart-column title=\"Subscribers (in million)\" data=\"39.6,43.3,46.0,55.9,60.0,60.7\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Paramount Global, as of 07.08.2023<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Focus on streaming<\/h3>\n<p>The situation in Hollywood is likely to be all the more of a topic when Paramount Global presents its third quarter results soon. Another focus at the event, the date of which has not yet been set, will be on the development of the streaming division. Despite fierce competition from other providers such as Disney+ or Netflix, Paramount+ has grown strongly. In the second quarter, the portal counted a good 60 million users, 40% more than in the same period last year. The segment is still deep in the red. Management would like to lead the segment, which is known as \"direct-to-consumer\" (DTC), towards breakeven with further growth and higher prices.<\/p>\n<h3>Script for double-digit returns<\/h3>\n<p>The Paramount share could certainly use some positive news. The media stock, which is listed on the NASDAQ technology exchange, is still in a downward trend. To a certain extent, even the continuation of this chart constellation could not harm the Softcallable Barrier Reverse Convertible. The new issue starts with a low barrier of 49% of the initial fixing. As long as the underlying does not fall to or below this threshold, the maximum yield is fixed. In the product currency CHF, the coupon amounts to 13% p.a. The USD variant pays out 300 basis points p.a. more. If Paramount were to use up the risk buffer, the partial protection would expire. Then the investment would be directly linked to the performance of the underlying. Please also note: Due to the soft callable feature, Leonteq may call this issue early.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1171799047\\&quot;,\\&quot;CH1290286801\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-paramount","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/paramount_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/paramount_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-09-26T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-know-how-product+homepage+banner.jpg","subTitle":"Participation products - the simple way to participate in price developments","windowTitle":"Leonteq Know-How","category":"know-how","title":"Leonteq Know-How 8","body":"<p>According to the Duden dictionary, the word \"participation\" stands for \"taking part, being involved\". It can refer to the most diverse areas of life: Society and politics are among them, as are sports and business. The noun, which goes back to the Latin \"participatio\", has always had a firm place in the market for structured products. Here, participation represents a category of its own. It comprises products that allow investors to participate in the performance of a wide range of underlyings. In addition to individual shares, broadly diversified indices and baskets of shares can be used for this purpose. In the same way, participation products open the door to the asset classes of commodities, bonds or cryptocurrencies even with a small capital investment.<\/p>\n<p>A central component of participation products is the Low Excercise Price Option, also called Zero Strike Call. This is a call option with a strike price close to zero. Since the zero-strike call is therefore quoted deep in the money, it tracks the performance of the underlying instrument almost one-to-one. However, in the case of equities, the investor forgoes accruing dividends - in contrast to direct investment. The distributions are used to finance this structure. In this respect, equities with attractive dividends are particularly interesting as underlyings. By combining the zero strike call with further options, issuers create the different variants of participation products. In addition to the tracker certificate (more on this in the next issue of Leonteq Know-how), outperformance and bonus certificates are among the classic representatives.<\/p>\n<iframe src=\"https://www.linkedin.com/embed/feed/update/urn:li:ugcPost:7121057586749005824?compact=1\" height=\"399\" width=\"710\" frameborder=\"0\" allowfullscreen=\"\" title=\"Embedded post\"><\/iframe>\n<h3>Outperformance certificates: In the fast lane<\/h3>\n<p>The outperformance certificate offers disproportionate participation in the underlying asset. As soon as the underlying asset - usually shares or indices - ends the term above the strike, the outperformance is fixed. If, on the other hand, the underlying asset goes into reverse, the product participates fully in the losses. In this respect, the investor should only go for the outperformance certificate if he expects rising prices for the underlying.<\/p>\n<p>The extent of the possible outperformance depends on the second component of the product. Issuers combine the zero strike call with a call option whose strike corresponds to the current price of the underlying. With an additional at-the-money (ATM) call, the participation doubles to 200%. A half option leads to a participation rate of 150%.<\/p>\n<p>In addition to the expected dividends, volatility plays an important role for the conditions. Reason: The implied price fluctuation range is a central factor in options trading. The lower the volatility of an underlying, the more favorable the purchase of the call option(s) is in principle. Since more options can be purchased in such a constellation, a higher outperformance rate can also be realized.<\/p>\n<h3>Underlying Roche: A high-dividend large cap<\/h3>\n<p>There are a number of companies listed on the Swiss stock market that carry the title of \"dividend stocks\". Roche is one of them. At the recent Annual General Meeting of the Basel-based pharmaceutical group, shareholders voted in favor of the 36th consecutive increase in profit sharing. Within the SMI, Roche is also one of the stocks with the lowest volatility. The large cap is therefore predestined as the underlying for an outperformance certificate. Leonteq is taking advantage of this for a new issue. At maturity in three years, the outperformance certificate (Valor:<a href=\"https://structuredproducts-ch.leonteq.com/valor/129028689\" target=\"_blank\" rel=\"noopener\" title=\"129028689\"> 129028689)<\/a> participates with 180% in rising Roche prices. If the profit participation certificate remains in the current downtrend, there is no hedge. At maturity, the product would yield a loss corresponding to the negative price trend. The following diagram illustrates how this works.<\/p>\n<div><generic-chart title=\"Outperformance Certificate on Roche without Cap \u2013 Payoff diagram at expiry\"> \n    <chart-line title=\"Roche Participation Certificates\" path=\"KnowHow_Beispiel.csv\" format=\"number, number\"><\/chart-line> \n    <chart-line title=\"Outperformance Certificate without Cap\" path=\"KnowHow_ParticipationNoCap.csv\" format=\"number, number\"><\/chart-line>  \n    <x-axis type=\"number\"><\/x-axis> <\/generic-chart><\/div>\n<p>Starting from the strike, the outperformance certificate stands out from the underlying. Assuming that the Roche non-voting equity security increases in price by 40% over the next three years. The redemption would then amount to 172% of the denomination, so the product would yield a profit of 72%. There is no protection against losses. As soon as Roche ends the term in the red, the balance of the outperformance certificate will also be negative.<\/p>\n<p>At the same time as the product described above, Leonteq has issued an Outperformance Certificate on Roche with Cap (Valor: <a href=\"https://structuredproducts-ch.leonteq.com/valor/129028690\" target=\"_blank\" rel=\"noopener\" title=\"129028690\"> 129028690)<\/a>. In this variant, the participation is limited upwards. Specifically, the certificate participates in rising prices of the underlying up to the cap level of 130%. In return for this \"waiver\", a higher participation rate is possible. It amounts to stately 250% with the new issue. In addition to the purchase of the zero strike call and 1.5 calls, the issuer is writing 2.5 call options on Roche, whose strike corresponds to the cap level. The resulting proceeds will be used to finance the structure.<\/p>\n<div><generic-chart title=\"Outperformance Certificate on Roche with Cap \u2013 Payoff diagram at expiry\"> \n    <chart-line title=\"Roche Participation Certificates\" path=\"KnowHow_Beispiel.csv\" format=\"number, number\"><\/chart-line> \n    <chart-line title=\"Outperformance Certificate with Cap\" path=\"KnowHow_ParticipationCap.csv\" format=\"number, number\"><\/chart-line>  \n    <x-axis type=\"number\"><\/x-axis> <\/generic-chart><\/div>\n<p>Due to the high participation rate, the payout increases particularly strongly relative to the underlying. Let's assume that the Roche non-voting equity security increases in price by one tenth over the next three years. In this case, the redemption would amount to 125% of the denomination, i.e. the product would yield a profit of one quarter. If the share price rises by 30% or more, the mechanism switches off. The outperformance certificate would then achieve the maximum return of 75%. There is no protection against losses even with this variant.<\/p>\n<!-- <p><iframe src=\"https://www.linkedin.com/embed/feed/update/urn:li:ugcPost:7069578333956489216?compact=1\" allowfullscreen=\"\" title=\"Embedded post\" width=\"100%\" style=\"aspect-ratio: 16/9\" frameborder=\"0\"><\/iframe><\/p> -->\n<p>The construction of outperformance certificates with cap also makes sense for underlyings that pay comparatively low dividends. Due to the cap, a reasonable participation rate is also possible with such shares.<\/p>\n<h3>Important to know<\/h3>\n<p>The outlined mode of operation only take effect at expiration. During the term, various factors influence the value of outperformance certificates. In addition to the price of the underlying, these include its implied volatility and the expected dividends. In principle, if the underlying share price rises, the value of the structured product also increases. However, the certificate with cap shows a specific pattern here. The closer the underlying is to the cap, the weaker the product gains in value. If the underlying clearly moves away from the cap, there is hardly any reaction in the certificate with cap.<\/p>\n<p>A discrepancy is also evident in the sensitivity to implied volatility. The outperformance certificate without cap gains in value as soon as the expected price swings go up. For the variant with cap, this only applies in the area of the strike. If the underlying price approaches the maximum amount, the sold (short) call option makes itself felt. Then a rising volatility can even result in a price decline of the certificate at a constant underlying price.<\/p>\n<h3>Outperformance Certificates<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1290286892\\&quot;, \\&quot;CH1290286900\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;participation&quot;,&quot;strikeLevel&quot;,&quot;capLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div class=\"ltq-row\" style=\"flex-direction: row;\"> <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/know-how/know-how-capital-protection-coupon?language_id=1\" label=\"Leonteq Know-how 7\"><\/ltq-button>\n<ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/know-how/know-how-bonus?language_id=1\" label=\"Leonteq Know-how 9\"><\/ltq-button><\/div>\n\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"know-how-participation","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-know-how-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-know-how-thumbnail.jpg"},{"date":"2023-09-21T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/interest-rates_leonteq-structured-products_products_product-homepage-banner.jpg","subTitle":"The clever way to collect interest on the money market","windowTitle":"Profitable times","category":"etp","title":"Profitable times","body":"<h3>Original index<\/h3>\n<p>\u201cOne man's meat is another man\u2019s poison\u201d is an old folk saying that can be applied to many situations in life, and also to the current interest rate landscape. While banks have demonstrably profited from high base rates in the last few months, savers have had to content themselves with much lower income. Interest rates on savings accounts, which are the most popular interest-bearing instrument in Switzerland, may have risen somewhat following the shift in monetary policy, but in many cases they are still below 1%. Investors do not have to be satisfied with these sometimes measly offerings, however: Leonteq has an array of much more profitable solutions. These include the ETP+ on the Leonteq CHF Overnight Return Index that has just come onto the market. The underlying is based on the closely watched reference interest rate for overnight transactions in Swiss francs, the Swiss Average Rate Overnight (SARON).<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2023/etp-plus-leonteq-chf-overnight-return-index?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>\n<generic-chart title=\"Swiss Average Rate Overnight (SARON) in % (1 year)\">\n  <chart-line title=\"CHF SARON 1Y\" path=\"chart_saron.csv\" format=\"date, number\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Quelle: Bloomberg, as of 18.09.2023<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Lucrative interest rate<\/h3>\n<p>The Swiss Average Rate Overnight, an overnight rate that is based on the Swiss franc repo market and is used as a short-term refinancing and investment instrument for cash flow management, has recently trended sharply upwards. In the middle of September the interest rate stood at 1.70%, just below the base rate. A year ago SARON was still in negative territory. The Leonteq CHF Overnight Return Index collects the interest of the money market rate, i.e. the index rises by 1/360th of the reference rate each calendar day. The rise in the CHF Overnight Return Index based on SARON is thus about 0.47 base points per day.<\/p>\n<h3>ETP+ on the Leonteq CHF Overnight Return Index<\/h3>\n<div><price-chart isin=\"CH1283546716\"><\/price-chart><\/div>\n<h3>Security the priority<\/h3>\n<p>The ETP+ on the Leonteq CHF Overnight Return Index gives investors a convenient and low-cost way of earning consistent returns. Since security is always prized highly on the money market, Leonteq also focused on minimising risk when selecting the participation product. The recently launched ETP+ comes with particular collateralisation: a pledge is deposited with SIX SIS AG for every outstanding ETP+. The depositary agent ensures that investors have access to these funds in the event of the issuer becoming insolvent. Measures are also taken to ensure that the pledge is sufficiently large. SIX Repo AG undertakes a daily review and valuation of the securities. This sophisticated process \u201cmade in Switzerland\u201d does not come free, but the modest management fee of 0.10% p.a. makes only a marginal difference given the returns listed above.<\/p>\n<h3>Advantageous product<\/h3>\n<p>The high degree of security offered by the product structure is just one of many advantages of the new ETP+ on the Leonteq CHF Overnight Return Index, however. In contrast to many classic money market investments, there is neither a minimum holding period nor a minimum investment amount for this sophisticated investment solution. The issuing price when the product was launched on 15 September was CHF 95.548. The participation paper has nothing to fear from a comparison with a bond investment either. That is because, unlike a classic bond portfolio, the Leonteq CHF Overnight Return Index does not have a duration risk. This is the risk of a change in interest rates, when the price of a bond falls as the corresponding market rate rises \u2013 and vice versa. With the innovative \u201ccash collector index\u201d from Leonteq, on the other hand, the interest simply adds up, whether rates rise or fall.<\/p>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1261327568\\&quot;\\&quot;CH1271357720\\&quot;\\&quot;CH1283546716\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div><strong>Administration fee: 0.10% p.a.<\/strong><\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2023/etp-plus-leonteq-chf-overnight-return-index?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"etp-plus-leonteq-chf-overnight-return-index","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/interest-rates_leonteq-structured-products_sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/interest-rates_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-09-20T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/lonza_leonteq-structured-products_product-homepage-banner.jpg","subTitle":"Crisis as an opportunity","windowTitle":"Lonza","category":"underlying-in-focus","title":"Lonza","body":"<p>Pierre-Alain Ruffieux has had to endure tremendous ups and downs as Chief Executive Officer (CEO) at Lonza since he took office in November 2020. Initially, the manager successfully floated on the Corona wave. The production of the active ingredient for the vaccine by the US biotech company Moderna not only boosted sales and profits, but also catapulted the share price to an all-time high. With the end of the pandemic, however, the company's \"highs\" turned into \"lows\". Hand in hand, the operating business and the share price went into reverse. The share price is now even below the level of three years ago, when Ruffieux took the helm.<\/p>\n<div>\n<generic-chart title=\"Lonza: Stock price (in CHF)\">\n  <chart-line title=\"Lonza\" path=\"chart_lonza.csv\" format=\"date, number\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Refinitiv, as of 18.09.2023<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Personnel carousel<\/h3>\n<p>The surprising separation of Ruffieux at the beginning of this week caused another strong downward thrust in the share price. The press release mentions a \"mutual agreement\", but does not give exact reasons. That the departure may have been relatively spontaneous is shown by the wording that the search for a new CEO is yet to begin. Until then, Chairman of the Board of Directors Albert Baehny will steer the fortunes of the company, which is headquartered in Basel. A déjà vu, as the 71-year-old had already taken over on an interim basis in 2019/20, when there were also surprising changes of bosses. Ruffieux's departure is already the third in four years. <\/p>\n<p>The continuing personnel carousel was preceded by a sales and profit warning in July. Sluggish demand in the dietary supplements market and lower-than-hoped growth in early-stage drug services and cell and gene therapy mean 2023 revenues are expected to grow by only a mid- to high-single-digit percentage in constant currency. Previously, Lonza had forecast high single-digit revenue growth. In addition, the full-year operating profit margin adjusted for special items is expected to reach a value between 28% and 29%, and not 30% to 31% as previously assumed. That's not all: even in the medium term, the company cannot keep its old promise of a margin range of 33% to 35%; the new target corridor is 31% to 33%.<\/p>\n<h3>Weak semester<\/h3>\n<p>The more cautious targets of the contract manufacturer for the pharmaceutical industry are accompanied by a weak first semester. From January to June, sales increased by only 3.2% to CHF 3.08 billion, whereas in the two previous years, double-digit percentage growth rates graced the balance sheet. Core EBITDA adjusted for impairment and restructuring costs actually declined by 6.6% to CHF 922 million. Consequently, the margin decreased by 3.1 percentage points to 30.0%. As the recently revised full-year guidance shows, the margin will shrink even further in the second half of the year.<\/p>\n<div>\n<generic-chart title=\"Lonza: Revenue and earnings expectations\">\n  <x-axis categories=\"2022,2023e,2024e,2025e\"/>\n      <chart-column title=\"Revenue (in CHF billion)\" data=\"6.22,6.41,7.11,7.98\" format=\"number\"/>\n      <chart-line title=\"Core EBITDA margin (in %)\" data=\"32.1,28.6,30.7,31.8\" format=\"number\"  yAxisRight=\"true\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Lonza; e = expected<br />Historical data are not a reliable indicator of future performance.<\/footer>\n<h3>New start<\/h3>\n<p>The significant share price declines around the recent bad news show the disappointment of investors. Lonza interim CEO Baehny tries to reassure: \"The last few months have undoubtedly been challenging, but our company is a global industry leader and has many opportunities for further growth in all business areas.\" The Group CEO now wants to ensure that Lonza is optimally positioned to take advantage of these opportunities. Baehny will present a fresh outlook as well as the medium-term strategy at the upcoming Investor Day on October 17. To date, the analyst guild expects sales growth to accelerate in 2024 and 2025, with margins then rising again (see chart).<\/p>\n<\/div>\n<h3>Attractive sideways opportunities<\/h3>\n<p>While the Lonza Board of Directors is on the lookout for a new chief executive, the stock is looking for a bottom. Investors can create returns from this situation with a barrier reverse convertible. Leonteq is taking advantage of the current high volatility and issuing a softcallable BRC with top conditions. Thus, the new product leaves plenty of room for the SMI member on the downside. The barrier is fixed at 69% of the starting level. Consequently, the threshold is in a price range that the Lonza share last saw at the turn of the year 2018/2019. In addition, the BRC offers an attractive coupon of 8.00% p.a. with a maximum term of 15 months. The soft callable feature, which becomes active for the first time after 6 months, may lead to an early redemption.<\/p>\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1171798676\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-lonza","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/lonza_leonteq-structured-products_sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/lonza_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-09-13T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/hellofresh_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Delicious yield tidbit","windowTitle":"HelloFresh","category":"coupon-giant","title":"HelloFresh","body":"<p>The company was one of the big Corona winners in 2020/21: HelloFresh. The share price of the German cooking box mail order company increased almost fivefold during this period. The start-up, which was founded in Berlin in 2011, even made it into the DAX. But as the pandemic drew to a close, investors also visibly lost their appetite. From a high of almost EUR 100, the share price fell to EUR 15. This meant that the stock not only returned to its pre-Corona level, but also had to vacate its place in the top stock market league. Currently, the HelloFresh share is trying to make a comeback.<\/p>\n<h3>On course for expansion<\/h3>\n<p>While the stock has been going up and down, the operating business - at least in terms of business volume - has been steadily moving upwards. Meals delivered, for example, nearly quadrupled to more than a trillion between 2019 and 2022. Sales shot up from EUR 1.8 billion to EUR 7.6 billion during this period. The stock price is also pointing north in the current fiscal year, even if the pace of growth is no longer comparable with earlier years. The number of meal deliveries increased by a moderate 4.5% in the first half of the year, while the average order value rose by 8.1%. As a result, revenues from January to June increased slightly by 1.6% to EUR 3.93 billion.<\/p>\n<p>On the earnings side, however, the past two years have seen a downward trend. However, after an equally disappointing start to 2023, the second quarter showed a significant improvement. With the help of a savings program, among other things, operating profit increased by 31.5% to EUR 191.9 million. HelloFresh thus reported the best quarterly result in the company's history. The number of active customers, however, is still declining. After the first customer loss in 2022, the number of active customers decreased by another 1.5% to 7.1 million in the past quarter. <\/p>\n<div>\n<generic-chart title=\"HelloFresh: Share price (in EUR)\">\n  <chart-line title=\"HelloFresh\" path=\"chart_hfg.csv\" format=\"date, number\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Refinitiv, as of 12.09.2023<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Short-term skepticism...,<\/h3>\n<p>The development in the first half of the year was not sufficient to maintain the original full-year targets. In mid-July, company co-founder Dominik Richter backed away from these and is now projecting revenue growth of 2% to 8% in 2023; previously, the range was 2% to 10%. Adjusted operating profit is now expected at EUR 470 to 540 million, corresponding to a narrowing on the downside. Previously, the Group had targeted a corridor of EUR 460 to 540 million. Richter is combative: \"Profitable growth will remain our top priority in 2024, and we will take advantage of all opportunities that present themselves to achieve this.\"<\/p>\n<h3>...medium-term confidence <\/h3>\n<p>One of the hopefuls for the future is ready-to-eat meals, which saw triple-digit percentage growth in 2022 while breaking even on an operational basis. In order to meet the high demand, HelloFresh recently even expanded production capacities in this area. The meals sold under the Factor brand are expected to show the highest growth in the group between 2025 and 2030, together with other newly launched brands. In the current year, management expects revenues in this segment to exceed EUR 1 billion.<\/p>\n<p>The medium-term targets for the Group as a whole envisage average annual sales growth of 11% to EUR 10 billion by 2025. Operating profit is expected to grow disproportionately by then and roughly double to EUR 1 billion. Consequently, the margin will increase from currently around 6% to 10%. As far as the development of net income is concerned, the company is keeping a low profile, but analysts are optimistic. After a one-third increase in the current year, earnings per share (EPS) are expected to rise by almost 61% in 2024 and by 35.6% in 2025. This compares with a relatively moderate P/E ratio of 14.2 based on estimates for 2025.<\/p>\n<div>\n<generic-chart title=\"HelloFresh: Earnings per share (in EUR)\">\n  <x-axis categories=\"2020,2021,2022,2023e,2024e,2025e\"/>\n      <chart-column title=\"Earnings per share\" data=\"2.07,1.31,0.7,0.94,1.51,2.06\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Refinitiv, e = expected<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Time for yield enhancement<\/h3>\n<p>In recent weeks, the HelloFresh share has been able to break free from its sideways trend to the upside and marked a new high for the year at EUR 31.20. Starting from the low of EUR 15.40, this corresponds to a doubling. However, the further potential now seems extremely limited. The average price target of the analyst consensus is EUR 31.42. A direct investment therefore does not sound very attractive with hardly any upside potential at full downside risk. In contrast, the new Softcallable Barrier Reverse Convertibles promise double-digit percentage returns even in the event of price stagnation or even moderate setbacks. The coupons amount to 12.00% p.a. for the CHF variant and even 15.00% p.a. for the EUR product. In addition, the two BRCs offer a comfortable downside buffer. The barrier is set at 49% of the starting value, which means that the threshold will still be below the 52-week low despite the recent rapid price increase. If the barrier remains intact during the maximum term of 15 months, the maximum yield will be achieved. After six months at the earliest, the issuer has the right to terminate the barrier reverse convertibles prematurely.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1171798296\\&quot;\\&quot;CH1290282560\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-hellofresh","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/hellofresh_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/hellofresh_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-09-08T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/value_rockstars_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"With a tracker on the Swissquote Value Rockstars Index","windowTitle":"\"Rock\u201d the market","category":"investment-themes","title":"\u201cRock\u201d the market","body":"<h3>An oldie but a goldie<\/h3>\n<p>When it comes to the rock stars of the stock market, there is of course one name that cannot be ignored: Warren Buffett. There is nothing that could possibly be written about the \u201cOracle of Omaha\u201d, the pioneer of value investing, that has not already been written, so why waste space even trying? Nevertheless, the man has already been in the business with his investment firm, Berkshire Hathaway, for more than 60 years, over which time he has delivered an average annual return of almost 20% to his investors. Nothing more needs to be said.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2023/swissquote-value-rockstars-index?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<h3>What value investors are looking for<\/h3>\n<p>Anyone wanting to know what shares investment companies such as Buffet\u2019s Berkshire Hathaway or Burry\u2019s Scion Asset Management have in their portfolios, or what holdings they have bought and sold, does not need to turn detective or spy. That's because institutional investment managers in the USA whose assets under management exceed USDmn 100 are obliged to submit a quarterly report to the US supervisory authorities, the SEC (Securities and Exchange Commission). This \u201cSEC Form F13\u201d, which is accessible to the public, lists all holdings in the portfolio along with the number of shares and the volume. It can, for instance, reveal that the largest holding in Berkshire Hathaway\u2019s portfolio on 30 June 2023 was Apple, in which it held 91,600 shares with a volume of almost USDbn 178. A comparison with the F13 reports of the previous quarter thus indicates where holdings are built up or reduced, opened or closed or left unchanged.<\/p>\n<h3>Let the show begin<\/h3>\n<p>The two financial professionals, Leonteq and Swissquote, see this duty of disclosure as an exciting opportunity to profit from the know-how and talent of well-known value investors, which is why they are issuing a participation certificate in the Swissquote Value Rockstars Index. The F13 reports of the investment managers play a central role in the selection process for the index. Seen overall, they give an indication of which stocks are particularly strongly represented in the portfolios of the value investors. This information is used as a basis for determining the 30 shares that go to make up the index as well as their relative weighting.<\/p>\n<h3>Tracker Certificate on the Swissquote Value Rockstars Index<\/h3>\n<div><price-chart isin=\"CH1236313198\"><\/price-chart><\/div>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1236313198\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div><strong>Management Fee: 0.75% p.a.<\/strong><\/div>\n<div><strong>Index Sponsor: Swissquote Bank SA<\/strong><\/div>\n<div><strong>Issuer: Swissquote Bank SA<\/strong><strong><\/strong><\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Always up-to-date<\/h3>\n<p>This process is actively controlled, which means that the index is reviewed on a regular basis and adjusted where necessary, ensuring that the composition of the most in-demand value stocks is always up-to-date. The participation certificate participates one-to-one in the performance of the index. The certificate has no fixed term either, an important aspect given that the benefits of value strategies generally only come to the fore over the long term.<\/p>\n<h3>Swissquote Value Rockstars Index: Current composition<\/h3>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;SWISS FRANC&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:8.1779E-4,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;US DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:1.9583E-4,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ALLY FINANCIAL INC&quot;,&quot;sophisInternalId&quot;:92643454,&quot;currentPrice&quot;:37.73,&quot;weight&quot;:0.0234916,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ALPHABET INC-CL A&quot;,&quot;sophisInternalId&quot;:67114265,&quot;currentPrice&quot;:349.22,&quot;weight&quot;:0.08045501,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;AMERICAN EXPRESS CO&quot;,&quot;sophisInternalId&quot;:67114173,&quot;currentPrice&quot;:313.87,&quot;weight&quot;:0.02483971,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;APPLE INC-REG&quot;,&quot;sophisInternalId&quot;:67141301,&quot;currentPrice&quot;:342,&quot;weight&quot;:0.02846096,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BANK OF AMERICA CORP&quot;,&quot;sophisInternalId&quot;:67114677,&quot;currentPrice&quot;:51.7,&quot;weight&quot;:0.00718773,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BITDEER TECHNOLOGIES GROUP-A&quot;,&quot;sophisInternalId&quot;:180417618,&quot;currentPrice&quot;:8.395,&quot;weight&quot;:0.06385754,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BOOKING HOLDINGS INC&quot;,&quot;sophisInternalId&quot;:69413242,&quot;currentPrice&quot;:165.8,&quot;weight&quot;:0.04930671,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BROWN &amp; BROWN INC&quot;,&quot;sophisInternalId&quot;:71208564,&quot;currentPrice&quot;:67.98,&quot;weight&quot;:0.05999813,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CAPITAL ONE FINANCIAL CORP&quot;,&quot;sophisInternalId&quot;:67114174,&quot;currentPrice&quot;:198.86,&quot;weight&quot;:0.00817058,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CDW CORP/DE&quot;,&quot;sophisInternalId&quot;:92676799,&quot;currentPrice&quot;:154.33,&quot;weight&quot;:0.10693103,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CHEVRON CORP&quot;,&quot;sophisInternalId&quot;:67138099,&quot;currentPrice&quot;:219.32,&quot;weight&quot;:0.00933519,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CHUBB LTD&quot;,&quot;sophisInternalId&quot;:67114624,&quot;currentPrice&quot;:352.79,&quot;weight&quot;:0.009077,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;COCA-COLA CO/THE&quot;,&quot;sophisInternalId&quot;:67144888,&quot;currentPrice&quot;:92,&quot;weight&quot;:0.02679602,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;DAVITA INC&quot;,&quot;sophisInternalId&quot;:69288051,&quot;currentPrice&quot;:189.16,&quot;weight&quot;:0.00955318,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;DELTA AIR LINES INC&quot;,&quot;sophisInternalId&quot;:67375515,&quot;currentPrice&quot;:78.08,&quot;weight&quot;:0.04144309,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;FOX CORP - CLASS A - W/I&quot;,&quot;sophisInternalId&quot;:127466399,&quot;currentPrice&quot;:63.98,&quot;weight&quot;:0.09179904,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;INSMED INC&quot;,&quot;sophisInternalId&quot;:93499851,&quot;currentPrice&quot;:99.21,&quot;weight&quot;:0.06029728,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;KROGER CO&quot;,&quot;sophisInternalId&quot;:67114331,&quot;currentPrice&quot;:62.71,&quot;weight&quot;:0.00990995,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;LENNAR CORP-CL A&quot;,&quot;sophisInternalId&quot;:67114567,&quot;currentPrice&quot;:77.69,&quot;weight&quot;:0.00794742,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;LIBERTY LIVE HOLDINGS-A&quot;,&quot;sophisInternalId&quot;:204882034,&quot;currentPrice&quot;:96.44,&quot;weight&quot;:0.02466626,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MACY'S INC&quot;,&quot;sophisInternalId&quot;:68277049,&quot;currentPrice&quot;:24.22,&quot;weight&quot;:0.083225,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MOODY'S CORP&quot;,&quot;sophisInternalId&quot;:67114534,&quot;currentPrice&quot;:483.69,&quot;weight&quot;:0.00855166,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NEW YORK TIMES CO-A&quot;,&quot;sophisInternalId&quot;:67114306,&quot;currentPrice&quot;:68.94,&quot;weight&quot;:0.00760479,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;OCCIDENTAL PETROLEUM CORP&quot;,&quot;sophisInternalId&quot;:67114716,&quot;currentPrice&quot;:60.67,&quot;weight&quot;:0.00862892,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SIRIUS XM HOLDINGS INC&quot;,&quot;sophisInternalId&quot;:71210655,&quot;currentPrice&quot;:27.15,&quot;weight&quot;:0.00835778,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;STMICROELECTRONICS NV-NY SHS&quot;,&quot;sophisInternalId&quot;:149287226,&quot;currentPrice&quot;:46.6,&quot;weight&quot;:0.02479431,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;THE KRAFT HEINZ CO&quot;,&quot;sophisInternalId&quot;:83416876,&quot;currentPrice&quot;:23.28,&quot;weight&quot;:0.00800748,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;UNITED AIRLINES HOLDINGS INC&quot;,&quot;sophisInternalId&quot;:70918174,&quot;currentPrice&quot;:101.31,&quot;weight&quot;:0.07102734,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;VERISIGN INC&quot;,&quot;sophisInternalId&quot;:67114309,&quot;currentPrice&quot;:304.09,&quot;weight&quot;:0.00983754,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;YPF S.A.-SPONSORED ADR&quot;,&quot;sophisInternalId&quot;:72662788,&quot;currentPrice&quot;:51.11,&quot;weight&quot;:0.02542815,&quot;currency&quot;:&quot;USD&quot;}]\"><\/AmcComposition>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2023/swissquote-value-rockstars-index?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"swissquote-value-rockstars","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/value_rockstars_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/value_rockstars_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-09-06T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/idexx_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"A heart for animals","windowTitle":"IDEXX Laboratories","category":"underlying-in-focus","title":"IDEXX Laboratories","body":"<p>At IDEXX Laboratories, everything revolves around animal welfare. In other words, if a rabbit, dog or horse has a problem, the company's diagnostic and software products provide the veterinarian with clarity. The Westbrook, USA-based company offers everything from practice management software, benchtop laboratory systems and consulting services to diagnostic tests and herd monitoring systems. IDEXX has now been on the market for exactly 30 years and now employs over 9,000 people in more than 175 countries.<\/p>\n<h3>From a surprise start...<\/h3>\n<p>Like many other industries, IDEXX was hit by the Corona virus. Staffing shortages, as well as reduced visits to veterinary clinics due to the pandemic-related lockdowns, have tugged at the animal health services provider's growth. But that's all over now; so far this year, the company is showing strong operating performance. To start the year, revenues increased 8% to USD 900 million, beating expectations by 1.5%. Diagnostics and software were the main contributors to the increase. Earnings progressed even faster. Earnings per share (EPS) improved by 12.3%, beating forecasts by as much as 7.1%.<\/p>\n<div>\n<generic-chart title=\"IDEXX Laboratories: Earnings per share and price-to-earnings ratio\">\n  <x-axis categories=\"2022,2023e,2024e,2025e\"/>\n      <chart-column title=\"EPS\" data=\"8.02,9.83,11.14,12.99\" format=\"number\"/>\n      <chart-line title=\"P/E\" data=\"62.9,50.8,44.8,38.4\" format=\"number\"  yAxisRight=\"true\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Refinitiv; e = expected<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<div>\n<h3>...to the double \"repeat offender\"<\/h3>\n<p>In the second quarter, the positive trend continued and IDEXX once again outperformed analysts' estimates. Sales increased by 9.7% to USD 943.6 million, experts had  on average only expected USD 934.42 million. Revenues in IDEXX's largest pet division, through which the company provides veterinary clinics with diagnostic and IT services for pets, grew disproportionately by 10.5%. On the earnings side, the upward trend was even more dynamic. For the three months to June 30, the company reported a profit of USD 224.2 million, up a whopping 70%.<\/p>\n<p>Not only did the company, founded in 1983, once again beat expectations, but management also raised its 2023 targets for the second time this year. The lower end of the forecast for organic sales growth was raised from 7.5% to 8.5%, while the upper end was left at 10%. In addition, the company expects recurring pet sales to increase 10% to 11% in the current fiscal year, compared with a previous estimate of 9% to 11%.<\/p>\n<p>EPS guidance, which was raised in early May, was maintained. It is expected to be between USD 9.33 and  USD 9.75, an increase of 16% to 21%. The consensus estimate for full-year EPS is currently USD 9.83, above the target range.<\/p>\n<h3>Extended consolidation<\/h3>\n<p>With two sprints, one in January and one in July, IDEXX shares moved strongly higher this year. In the meantime, a gain of almost 39% was recorded. However, the short-term rallies were followed by an extended consolidation. The first phase lasted about 6 months, and the S&amp;P 500 member is currently in the middle of the second. The correction even led the stock back into the sideways trend channel of the first half of the year. The 10 analysts covering IDEXX Laboratories give an average 12-month price target of USD 595, which corresponds to a price increase of about one fifth.<\/p>\n<generic-chart title=\"IDEXX Laboratories: Share price (in USD)\">\n  <chart-line title=\"IDEXX Laboratories\" path=\"chart_idexx.csv\" format=\"date, number\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Bloomberg, as of 05.09.2023<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>High return opportunities in the transition year<\/h3>\n<p>However, the positive analyst assessments are not yet a guarantee that IDEXX shares will quickly resume their upward trajectory. Especially since the 2024 P/E ratio is more than twice as high as the average growth rates until then. A prolonged consolidation can be cleverly countered with the new Softcallable Barrier Reverse Convertibles. The yield enhancement products on the US blue chip, which are offered in CHF and USD, each have a risk buffer of a solid 35%. This means that even a setback towards the low for the year would not pose a problem. If the bluechip leaves the barrier intact during the maximum term of 15 months, the maximum return will be achieved. The product listed in CHF has a coupon of 9.00% p.a., while in USD the maximum yield is as high as 12.00% p.a. For both BRCs, the issuer's softcallable function allows early termination after half a year at the earliest.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1171798007\\&quot;\\&quot;CH1283547268\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying_idexx","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/idexx_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/idexx_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-08-30T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/uber_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"The company rides into the profit zone","windowTitle":"Uber","category":"coupon-giant","title":"Uber","body":"<p>The battle for the passenger has always existed. However, since the U.S. ride-sharing platform Uber began operations in 2009, the market for passenger transportation has changed fundamentally. Furthermore, the company, which once started as a limousine ride service, has expanded more broadly. Along with the online brokerage services for passenger transportation, a meal delivery service was added with Uber Eats. In addition, the company also acts as an intermediary between freight forwarders and transport companies in the freight industry or takes on deliveries of medicines. In general, Uber sees itself as a technology company that helps people to connect and get around in more than 70 countries and 10,000 cities worldwide.<\/p>\n<h3>Bumpy ride<\/h3>\n<p>What sounds like a success story doesn't feel that way to everyone. That's primarily true for shareholders. In May 2019, the start-up went public at USD 45, but was initially unable to defend this level. Subsequently, the stock fluctuated jauntily up and down, marking a high at USD 64 and a low again at USD 13.71. A short-term upward trend since the middle of the year now ensures that the stock is back in the range of the issue price, which should be at least a small consolation for first-time subscribers.<\/p>\n<div>\n<generic-chart title=\"Uber: Share price since IPO (in USD)\">\n  <chart-line title=\"Uber\" path=\"chart_uber.csv\" format=\"date, number\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Reuters, as of August 29, 2023<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<p>The upward movement is accompanied by an improved operating performance. Already at the beginning of the year, the San Francisco-based service provider presented a positive interim report. The cab rival increased its revenues by a whopping 29% to USD 8.8 billion year-on-year, which was stronger than expected. Although the bottom line still showed a loss of USD 157 million, this was significantly less than the almost USD 6 billion in the same period of the previous year.  \n<\/p>\n<h3>Black figures<\/h3>\n<p>In the second quarter, Uber now went one better. In the wake of a comprehensive cost-cutting program combined with growing demand for its services, the Californian company turned a profit for the first time. The surplus amounted to USD 394 million between April and June, compared with a shortfall of USD 2.60 billion a year earlier. \"Robust demand, new growth initiatives and continued cost discipline led to an excellent quarter with a 22% increase in rides and the first profit in the company's history,\" said group chief executive Dara Khosrowshahi, explaining the strong performance. According to the 54-year-old executive, rides in the U.S. and Canada returned to pre-pandemic levels, rising to an average of 25 million rides per day across all Uber markets in the quarter.<\/p>\n<p>Khosrowshahi, who has been CEO since 2017, is also optimistic about the current third quarter. He expects adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) of between USD 975 million and USD 1,030 million. According to Refinitiv data, analysts had only USD 925.9 million on tap for the widely watched earnings figure.<\/p>\n<div>\n<generic-chart title=\"Uber: Earnings per share (in USD)\">\n  <x-axis categories=\"2020,2021,2022,2023e,2024e,2025e\"/>\n      <chart-column title=\"Earnings per share\" data=\"-3.86,-0.26,-4.62,0.33,1.04,1.76\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Refinitive, e = expected<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>The hair in the soup<\/h3>\n<p>However, the interim results are not free of blemishes. Although sales increased by 14% to USD 9.2 billion, they were slightly below the estimates of USD 9.33 billion. In the previous quarter, as described above, it was still 29%, and in the third and fourth business quarters of 2022, values of 72% and 49% respectively were achieved. However, it is not only the declining pace of sales that is currently preoccupying market participants, but also the recent announcement by Lyft, the second largest player in the U.S. market, to cut prices in order to gain market share. Indeed, the competitor's aggressive pricing could gnaw away at Uber's profits. <\/p>\n<h3>Sideways ride as yield booster<\/h3>\n<p>From a valuation perspective, Lyft currently appears cheaper than Uber with a 2024 P/E of 43 compared to 21, but Lyft is expected to grow at a much slower pace. Still, analysts disagree on how much potential remains in Uber's stock. The highest estimate of 39 research reports is USD 75, the lowest USD 32.50. On average, all studies calculate a price target of USD 58.<\/p>\n<p>The new Softcallable Barrier Reverse Convertibles achive yield without any further price upside. The product, which is denominated in Swiss francs, offers a coupon of an attractive 12.00% p.a. for a maximum term of one year. An even bigger yield booster is built into the USD-denominated product. This BRC offers an interest rate of 15.00% p.a. The barriers for both products are at 59% of the starting values, which in turn corresponds to a risk buffer of 41%. Due to the soft callable feature, the maximum term of 15 months can be reduced to a maximum of six months.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1171795557\\&quot;\\&quot;CH1290278675\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-uber","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/uber_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/uber_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-08-29T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-know-how-product+homepage+banner.jpg","subTitle":"Security and yield cleverly combined","windowTitle":"Leonteq Know-How","category":"know-how","title":"Leonteq Know-How 7","body":"<p>In the last issue of \"Leonteq Know-how\", we took a close look at capital protection certificates and dealt in detail with the construction and payout profile of the variant with participation. In the current Knowledge Newsletter, we now take a detailed look at other popular forms of this product category.<\/p>\n<p>The time to deal with capital protection certificates seems favorable. The recent rough stock market phases have increased the need for security among many investors. And this class represents the lowest-risk version of structured products and is thus suitable for investors with very low risk tolerance. At the same time, with a satisfactory return at minimal risk, capital protection certificates offer a real alternative to bonds or cash.<\/p>\n<h3>A coupon for all cases<\/h3>\n<p>One extremely popular product category is capital protection certificates with a coupon. Here, the participation rate is replaced by a regular coupon payment. The coupon payment can be guaranteed or, in the form of a conditional coupon, depending on the price performance of an underlying asset. The underlying asset can be shares, indices or other assets. Important for the structure of a capital protection certificate is the general interest rate level, because its central component is a zero coupon bond. In the case of such a bond, there are no ongoing distributions, and the debtor passes on the interest to the buyer in the form of a price discount at the time of issue. The difference between the nominal and cost price is used by the issuer to finance an option component of the capital protection certificate to generate yield. This in turn explains why the attractiveness of capital protection certificates also increases with rising interest rates, as more money is available for the option. For products with a 100% guarantee, the risk is limited solely to the default of an issuer and a changing interest rate landscape. If interest rate changes occur in the market during the term, they affect the prices of the capital protection product. Rising interest rates cause prices to fall - and vice versa. However, this problem only arises during the term of the capital protection certificate; during the final fixing, only the amount of the predefined repayment guarantee plays a role.<\/p>\n<h3>Worthwhile structures<\/h3>\n<p>We would like to use practical examples to illustrate the interesting investment opportunities offered by capital protection certificates with coupon. Recently, Leonteq issued a corresponding product (Valor: <a href=\"https://structuredproducts-ch.leonteq.com/valor/128354666\" target=\"_blank\" rel=\"noopener\" title=\"128354666\">128354666<\/a>) on the SMI trio Novartis, Roche and Swiss Re. This certificate offers a guaranteed interest payment of 1.75% p.a. during the 3-year term and additionally a \"magnet coupon\" of 2.25% p.a. The \"magnet coupon\" is paid out under the condition that all underlyings close above their starting level on the annual observation date. If this should not work out on a date, this is not a big deal. Due to a memory function, the coupon is not lost, so the payout can be made up at a later date. At maturity, the nominal amount is 100% guaranteed.<\/p>\n<p>With a built-in callable function, the interest rate can be increased even further. This is because the risk for the investor that the investment period will be shortened is usually compensated with better conditions.<\/p>\n<!-- <p><iframe src=\"https://www.linkedin.com/embed/feed/update/urn:li:ugcPost:7069578333956489216?compact=1\" allowfullscreen=\"\" title=\"Embedded post\" width=\"100%\" style=\"aspect-ratio: 16/9\" frameborder=\"0\"><\/iframe><\/p> -->\n<p>In addition, the coupons of capital protection certificates are not always entirely linked to the performance of an underlying instrument. The Callable Fixed Coupon Note (Valor: <a href=\"https://structuredproducts-ch.leonteq.com/valor/117179735\" target=\"_blank\" rel=\"noopener\" title=\"117179735\">117179735<\/a>) has fixed coupons of 2.25% p.a. and is paid out annually. Consequently, a minimum interest rate is guaranteed with this option. Shortly before the coupon is paid out, the observation date for early redemption also takes place. Should the issuer call the product, holders of the note will receive 100% of the nominal back in addition to the coupon payment. This structure shows that it has clear advantages over fixed-term and term deposits or even bonds, as the latter yield significantly less. For example, the yield on Bundesobligationen Eidgenossenschaft for a term of ten years is only around 1% p.a. (as of 28.08.2023).<\/p>\n<h3>New and used: Both ways lead to success<\/h3>\n<p>The latter example shows that capital protection certificates can not only ensure a calmer sleep in turbulent market phases, but also provide risk-free and at the same time lucrative access with regard to less familiar markets such as the money market. While with a fixed coupon note the payout remains the same, with a floored floater the coupons are variable. Here, too, an interesting and also highly profitable product can be found in Leonteq's \"used product range\". The Floored Floater on the CHF SARON 3M (Valor: <a href=\"https://structuredproducts-ch.leonteq.com/valor/127765860\" target=\"_blank\" rel=\"noopener\" title=\"&laquo;Finanz und Wirtschaft&raquo;\">127765860<\/a>) issued last year with a term of three years participates in the \"Swiss Average Rate Overnight\" as soon as it crosses the 2.00% line. Every three months on the observation date, the interest rate is determined and the coupon payment is calculated. If the SARON 3M is above the floor level of 2.00% p.a. on the observation date, the actually determined value for the calculation period is paid out, otherwise the floor level. At the end of the term, the nominal amount of CHF 1,000 is fully guaranteed.<\/p>\n<p>For those who prefer to participate from the very beginning, the current subscription offer (as of 29.08.2023) includes an attractive Floored Floater with a Floor Level of 2.25% p.a.<\/p>\n<h3>Floored Floater<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1171799880\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;capitalProtection&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div class=\"ltq-row\" style=\"flex-direction: row;\"> <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/know-how/know-how-capital-protection?language_id=1\" label=\"Leonteq Know-how 6\"><\/ltq-button>\n<ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/know-how/know-how-participation?language_id=1\" label=\"Leonteq Know-how 8\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"know-how-capital-protection-coupon","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-know-how-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-know-how-thumbnail.jpg"},{"date":"2023-08-25T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/oil_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Investing in the \u201cblack gold\u201d with full capital protection","windowTitle":"Oil as an investment goal","category":"investment-themes","title":"Oil as an investment goal","body":"<h3>Three-digit prices?<\/h3>\n<p>Oil markets seem to have hit the doldrums at the moment, with supply cutbacks encountering weak demand. Following a tangible rise, the two grades of crude oil \u2013 Brent from the North Sea and WTI from the USA \u2013 are consolidating at around the USD 80 level. Where the journey goes from there will depend in particular on China. Should the Beijing government\u2019s economic stimulus packages take effect, the oil demand of the world's largest importer of black gold will also recover. This in turn will come up against a level of supply that has been intentionally reduced by the producing countries, which could drive the price further up towards the USD 100 mark. Brent last traded in the three-digit price range exactly one year ago.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2023/oil-capital-protection-certificate?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<h3>A considered investment<\/h3>\n<p>Take care, though \u2013 a recovery in the Middle Kingdom's economy is no more set in stone than a soft landing in Europe. In the view of Claudio Galimberti, research director at Rystad Energy, the prospects for oil in the fourth quarter will \u201cdepend on the macroeconomic situation in China primarily, albeit it looks like Saudi will continue to address that via their cuts, if needed.\u201d Investors can now deftly counter the possible further price increases associated with the supply shortage thanks to two new capital protection certificates with participation. The instruments protect against price swings, but at the same time participate in price rises.<\/p>\n<div>\n<generic-chart title=\"Brent vs. WTI (1 year): Price chart (normalised to 100%)\">\n  <chart-line title=\"Brent\" path=\"chart_brent.csv\" format=\"date, number\"/>\n  <chart-line title=\"WTI\" path=\"chart_wti.csv\" format=\"date, number\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Refinitiv, as of August 22, 2023<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Full participation, full security<\/h3>\n<p>The capital protection certificate quoted in Swiss francs covers the two oil grades, Brent and WTI, and participates 100% on the upside in the equally weighted commodities basket. This participation does not end until the cap level at 130%. This means that holders of the certificate benefit 1:1 from the performance of the basket up to that level. On the other hand, there is no threat of losses, because at the end of the three-year term the nominal is 100% protected. The product consequently allows a fully-protected long investment in the two crude oil grades.<\/p>\n<h3>Double participation, full security<\/h3>\n<p>The capital protection certificate with participation denominated in US dollars offers even more pep. Like the franc version, the product covers the two oil grades, Brent and WTI, which make up an equal share of the basket. However, holders of the certificate do not profit 1:1 from the price movement, but actually enjoy a leveraged benefit. The participation level is a hefty 200%, which means that price rises of the commodities basket are doubled. Although there is also a cap in the structure, this is only located at 140% of the initial level. Given the multiplier function, this makes it possible to realise a profit of 80% of the nominal. On the subject of the nominal, in the USD product this is also fully protected at the end of the term. Caution is required, though, because prices in the capital protection certificates can fall below the starting level within the three-year term.<\/p>\n<h3>Capital protection certificates<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1171795524\\&quot;\\&quot; CH1290278030\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;capitalProtection&quot;,&quot;underlying&quot;,&quot;participation&quot;,&quot;barrierPercentage&quot;,&quot;capLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2023/oil-capital-protection-certificate?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"oil-capital-protection-certificate","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/oil_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/oil_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-08-23T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/ing-group_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"The lion among Europe's banks","windowTitle":"ING","category":"underlying-in-focus","title":"ING","body":"<p>In spring, when the banking sector was still in crisis and Credit Suisse almost slid into insolvency, the markets were abuzz with speculation about which institution might be hit next. Among the banks that were above suspicion was ING Groep. And quite rightly so. The bank with the orange lion in its logo has a strong capital base, high profitability and an extremely solid business model with a focus on retail banking. Many analysts therefore rank the Dutch financial group among the top picks among European banks. This assessment was confirmed by the strong business figures for the second quarter of 2023. With a net profit of EUR 2.16 billion, the financial institution not only exceeded the previous year's result by far (EUR 1.18 billion), but also easily topped the market's expectations of EUR 1.64 billion.<\/p>\n<div>\n<generic-chart title=\"ING: Development of net interest income (in EUR billion)\">\n<x-axis categories=\"Q3/22,Q4/22,Q1/23,Q2/23\"/>\n<chart-column title=\"Net interest income in EUR billion\" data=\"3.33,3.54,4.01,4.06\" format=\"number\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: ING Groep NV<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Interest rate hike as earnings catalyst<\/h3>\n<p>Net interest income in particular proved to be a profit turbo, increasing by almost one fifth to EUR 4.1 billion. The interest margin increased from 1.36% to 1.56%. Like other financial groups, ING also benefited from the significant rise in interest rates. However, this effect is more pronounced for institutions which, like ING, are mainly active in the retail and corporate customer segment than for institutions which focus on investment banking and asset management. Another highlight of the quarter was the sharp decline in risk provisioning for impending loan defaults. At just 98 million euros, this expense item was well below the market estimate in the past quarter.<\/p>\n<h3>Exceptional customer growth<\/h3>\n<p>The Dutch top dog gained 227,000 new customers in the second quarter. This brought their total number to 14.9 million. Customer deposits rose by a good EUR 17 billion to a total of EUR 678 billion in the same period. These are remarkable results. On the one hand, because banking is a saturated market. On the other hand, because traditional institutions are facing strong competition from FinTechs. So customer and deposit growth are anything but a matter of course for big banks like ING.<\/p>\n<p>One reason for the high customer popularity is probably that the Dutch have a smart, modern image and are among the pioneers in digital banking. For example, 60% of ING's active customers now conduct their banking transactions exclusively via the mobile app. On the other hand, the bank is highly recommended by its customers. This is evidenced by the top positions in the so-called NPS in numerous core markets. The Net Promoter Score is an indicator that provides information about the level of customer satisfaction. ING's goal is to achieve an NPS in all retail markets that is at least 10 points higher than that of its main competitors. This is already the case in five markets.<\/p>\n<h3>Has the stock run out of steam?<\/h3>\n<p>Despite the good business figures, the question arises as to what potential the share still has. Following the quarterly results, the Euro Stoxx 50 share gained ground, but failed to make a sustained upward break towards a 5-year high. Somehow, the fantasy seems to be gone after the rally in the previous months. On the one hand, this could be due to the fact that the interest margin seems to have peaked. On the other hand, commission income is not developing as ING would like. They increased by only 2% in the second quarter; the 2025 growth program envisages a higher rate of between 5% and 10%.<\/p>\n<div>\n<generic-chart title=\"ING: Share price (in EUR)\">\n  <chart-line title=\"ING\" path=\"chart_inga.csv\" format=\"date, number\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Thomson Reuters, as of August 22, 2023<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<p>With two new softcallable barrier reverse convertibles on the shares of the \"Oranjes\", attractive returns can be achieved even if the price of the underlying is flat. These products not only offer a guaranteed coupon, but also provide a certain degree of protection against falling prices in the form of a barrier. In detail: the Softcallable BRC denominated in CHF has a maturity of 18 months and comes with a guaranteed quarterly coupon payment of 8.00% p.a.. The trading currency of the second product is EUR. Here, with the same maturity, the coupon payment even amounts to 10.00% p.a. So much for the earnings opportunities. As far as the barrier is concerned, it is fixed at 59% of the starting value for both products. The safety buffer amounts thus in each case to comfortable 41%. After all, the barrier is an important aspect for the redemption. This takes place at the end of the term at 100% of the nominal value, provided that the ING Groep share never quotes at or below the barrier during the term. If it does, redemption is made by delivery of shares in the underlying. It should be noted that the soft call feature may shorten the term.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1171795268\\&quot;\\&quot;CH1283546385\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-ing","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/ing-group_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/ing-group_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-08-18T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/chf_eur_usd_overnight_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"ETP+ on CHF, EUR & USD Overnight Return Index","windowTitle":"ETP+ CHF, EUR & USD Overnight","category":"etp","title":"Attractive returns on your cash holdings","body":"<h3>Is the interest rate turnaround also bypassing your cash holdings?<\/h3>\n<p>The reference interest rate for overnight transactions in Switzerland, the Swiss Average Rate Overnight (SARON), has climbed above the 1.7% mark. The corresponding reference rates in the Euro area, the Euro Short-Term Rate (ESTR), and in the United States, the Secured Overnight Financing Rate (SOFR), are now 3.6%, respectively 5.3%. Reference rates have awakened from years of lethargy with the turnaround in monetary policy. Leonteq is now using the much-noted reference rates to build a new underlying: the Leonteq Overnight Return Index. This benchmark \"accumulates\" the interest rate of the SARON, the ESTR and the US-SOFR, respectively. Specifically, the Overnight Return Index increases by 1/360 of the reference rate per calendar day. Currently, the daily increase of the Leonteq CHF Overnight Return Index is around 0.48 basis points, the Leonteq EUR Overnight Return Index increases about 1 basis point, while the Leonteq USD Overnight Return Index rises around 1.4 basis points.<\/p>\n<h3>ETP+ on Leonteq CHF, EUR &amp; USD Overnight Return Index - tradable on SIX Swiss Exchange and BX Swiss<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1261327568\\&quot;\\&quot;CH1271357720\\&quot;\\&quot;CH1283546716\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div><strong>Administration fee: 0.10% p.a.<\/strong><\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Underlying of a special kind<\/h3>\n<p>The idea behind this formula is to generate a steady return on CHF, EUR or USD cash holdings. The Leonteq Overnight Return Index can be invested in with the help of an ETP+. The SIX and BX  listed products track this specific underlying without any maturity restrictions. Investors can thus generate an attractive return on their CHF, EUR and USD cash holdings. They do not have to adhere to a minimum holding period as with traditional fixed-term deposits.<\/p>\n<h3>Robust product structure<\/h3>\n<p>Of course, security plays an important role, especially with this type of investment. Leonteq is the first ETP provider in Switzerland to be licensed and supervised by FINMA as a securities firm. In addition, the company has a capital base of around CHF 880 million (as of the first half of 2023). In addition, there is a special collateralization: For each ETP+, a pledge is deposited with SIX SIS AG. The custodian ensures that investors can access these funds if the issuer becomes insolvent. At the same time, it is guaranteed that the pledge is sufficiently large: for this purpose, SIX Repo AG carries out a daily review and valuation of the collateral. Of course, this process entails costs. The management fee for the ETP+ on the Leonteq CHF, EURO and USD Overnight Return Index is 0.10% p.a.. This fee is at the expense of the ongoing cash return. Nevertheless, the current yield of around 1.40% p.a. in Swiss Francs, 3.30% p.a. in Euros and 5.00% p.a. in US Dollars do not need to fear comparison with daily callable money market investments.<\/p>\n<h3>ETP+ on the Leonteq CHF Overnight Return Index<\/h3>\n<div><price-chart isin=\"CH1283546716\"><\/price-chart><\/div>\n<h3>ETP+ on the Leonteq EUR Overnight Return Index<\/h3>\n<div><price-chart isin=\"CH1271357720\"><\/price-chart><\/div>\n<h3>ETP+ on the Leonteq USD Overnight Return Index<\/h3>\n<div><price-chart isin=\"CH1261327568\"><\/price-chart><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"overnight-return-index","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/chf_eur_usd_overnight_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/chf_eur_usd_overnight_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-08-16T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/supermicro_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Megatrends in sight","windowTitle":"Super Micro Computer","category":"coupon-giant","title":"Super Micro Computer","body":"<p>Happy Birthday! Super Micro Computer, based in Silicon Valley, is celebrating its 30th birthday this year. Recent developments show that Supermicro, as the company likes to call itself, is by no means old news. The server system architectures and technologies manufacturer has completed an extensive transformation into a provider of total IT solutions. The focus is essentially on the megatrends cloud, artificial intelligence (AI) and 5G.<\/p>\n<h3>On the road to success<\/h3>\n<p>Supermicro was founded three decades ago by Charles Liang in San Jose, California. In the meantime, the former start-up has developed into a global player that not only has more than 4,000 employees worldwide, but also has production and operating sites in Asia and Europe. Liang, who has a degree in electrical engineering, still directs the fortunes of the Group today as President and CEO - and continues to do so with great success. The best proof of this is the share price. In 2007, the shares were issued at USD 8.00 at the time of the IPO on Nasdaq; today, the papers are listed at USD 254.<\/p>\n<div>\n<generic-chart title=\"Super Micro Computer: Share price (in USD)\">\n  <chart-line title=\"Super Micro Computer\" path=\"chart_supermicro.csv\" format=\"date, number\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Reuters, as of August 15, 2023<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<p>Supermicro has seen particularly large price surges this year in the wake of the emerging AI hype. However, the rally - the stock market value has tripled to USD 13.3 billion since New Year's Eve alone - is not just about fantasy but about operational progress. For example, the company posted high growth rates in the 2022/23 fiscal year just ended (June 30). Revenue increased by USD 1.9 billion to USD 7.12 billion, with significant acceleration in the fourth quarter in particular. Supermicro's January-March revenues jumped to USD 1.28 billion in the final quarter ending June, reaching USD 2.2 billion. \"Supermicro's record revenue and 37% year-over-year growth for fiscal 2023 validate our global leadership position in AI-accelerated computing platforms,\" CEO Liang commented.<\/p>\n<p>On the earnings side, things went up even a beat faster. Net income added up to USD 640 million, which is 2.2 times the previous year's figure. Here, too, the Group set the main growth accents in the fourth quarter. Earnings per share (EPS) soared from USD 1.63 in the third quarter to USD 3.51 in the final quarter. This virtually pulverized the analysts' estimates, which averaged USD 2.96. A look at the company's history shows that this was a significant achievement. A look at the history shows that this is no flash in the pan. In the four quarters of fiscal 2022/23, expectations were exceeded three times. Meanwhile, the operating margin improved by 0.3 percentage points to 11%.<\/p>\n<h3>AI as a growth engine<\/h3>\n<p>The outlook for the future is also positive, although the pace of growth will initially slow somewhat. For the current quarter, the company expects sales of between USD 1.9 and 2.2 billion, which corresponds to an increase of 7.8% in the middle of the range. EPS is expected in the range of USD 2.75 and 3.50, a USD 3.42 was generated in the comparable period. Even if the start is somewhat slow, business is expected to gradually accelerate. Full-year sales are estimated at USD 9.5 to 10.5 billion, representing an average increase of 40%. Meanwhile, the company did not publish a profit estimate for 2023/24. The analyst consensus assumes an EPS value of USD 16.58, which would also correspond to an increase of 40%.<\/p>\n<div>\n<generic-chart title=\"Operating margin (in %)\">\n  <x-axis categories=\"Q4/22,Q1/23,Q2/23,Q3/23e,Q4/23e\"/>\n      <chart-column title=\"Operating margin\" data=\"10.7, 12.5, 12.8, 8.7, 11.0\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Super Micro Computer, e = expected<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<p>CEO Liang sees growth opportunities especially in the area of artificial intelligence: \"We continue to see unprecedented demand for AI and other advanced applications that require optimized rack-scale solutions. The already broad range of high-performance AI solutions was further expanded in early August with the addition of an E3.S storage solution. This is a technology that addresses the needs of large AI training clusters, where huge amounts of unstructured data need to be transferred to GPUs and CPUs to achieve faster results. This solution offer maximum performance, according to Liang, and is now shipping in large quantities worldwide.<\/p>\n<h3>High return, high security<\/h3>\n<p>The announcement doesn't change the fact that Supermicro stock has just gone into correction mode. In the wake of the somewhat weaker overall market, the stock fell sharply, while vola hopped into triple digits. This increased volatility can be cleverly converted into double-digit percentage returns with the new Softcallable Barrier Reverse Convertibles. The CHF version offers an attractive interest rate of 14.00% p.a. with a maximum term of one year, while the USD-denominated product even comes with a coupon of 17.00% p.a., which is paid out quarterly. In addition, the products are equipped with comfortable risk buffers of 45%. However, the safety mechanism is even higher: as it is a European barrier, it is only active at the final fixing. Consequently, the structure gives the share free rein during the term.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1171796944\\&quot;\\&quot;CH1283543317\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-supermicro","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/supermicro_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/supermicro_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-08-09T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/mattel_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"The future is \"pink\"","windowTitle":"Mattel","category":"underlying-in-focus","title":"Mattel","body":"<p>Striking screenwriters and actors are currently threatening Hollywood with a film slump. According to the industry publication Variety, Sony has already postponed the release dates for upcoming blockbusters such as Spider-Man: Beyond the Spider-Verse until 2024. In the midst of all the bad news, one strip is currently ensuring that the world of glitz &amp; glamour continues to shine. And it even comes in the color pink. Director Greta Gerwig succeeded in making a real box-office hit with Margot Robbie as Barbie and Ryan Gosling as her boyfriend Ken.<\/p>\n<h3>\"Billion\" surprise<\/h3>\n<p>According to data from media analytics firm Comscore, the fantasy comedy has grossed USD 459 million in the U.S. and Canada since its July 21 theatrical release, and another USD 572.1 million overseas, for a total of USD 1.03 billion. This means that this magic mark was reached faster than any other film in Warner Bros.' 100-year history. \"Barbillion has exceeded even our most optimistic predictions,\" it said in a statement. But it's not just the movie studio's coffers that are ringing; toy maker Mattel is too. Founder Ruth Handler, who has since died, brought Barbie to life in the 1950s and has been delighting generations with the doll ever since.<\/p>\n<p>Barbie is one of Mattel's top brands, along with Hot Wheels and Matchbox. According to CEO Ynon Kreiz, the toymaker performed strongly in July in the wake of the huge buzz surrounding the feature film. Toys and products related to the Barbie flick will even be expanded in the second half of the year due to strong demand. The aim is not only to refresh the nostalgic appeal of the doll, but also to integrate the brand in the minds of a new generation at the same time.<\/p>\n<h3>Better than expected<\/h3>\n<p>But even without the hype surrounding one of the best-known and best-selling dolls in the world, business at the U.S. company has recently been better again. After Mattel had to accept a loss at the beginning of the year due to a general slowdown in the toy industry and an inventory adjustment by retailers after the gloomy Christmas season, the turnaround followed in the second quarter. The company reported adjusted earnings of USD 0.10 per share, compared with analysts' average estimate of a loss of USD 0.02 per share. Sales declined 13% in constant currency to USD 1.09 billion, but still beat estimates of USD 1 billion. While demand for Disney Princess, Disney Frozen as well as Monster High dolls picked up, Barbie saw a decline in the April to June period, before the release of the hit movie.<\/p>\n<div>\n<generic-chart title=\"Mattel: Adjusted Earnings per share (in USD)\">\n<x-axis categories=\"2021,2022,2023e,2024e,2025e\"/>\n<chart-column title=\"Adjusted EPS (in USD)\" data=\"2.53,1.10,1.15,1.44,1.68\" format=\"number\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: CNN Business, Refinitiv, e = expected<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Thumbs up<\/h3>\n<p>Mattel maintained its sales and profit forecast for the current full year. On the revenue side, the group expects stagnation, while EPS is expected to be between USD 1.10 and 1.20. In the previous year, EPS of USD 1.10 was achieved. Free cash flow is expected to exceed USD 400 million, significantly more free cash than in the same period last year (USD 256 million). Analysts forecast full-year earnings per share of USD 1.15, exactly in the middle of the company's target range. In the coming fiscal year, however, profits are expected to increase significantly again. Currently, the consensus assumes USD 1.44, which would correspond to an increase of a quarter. The professionals are also optimistic about the share price. In the 10 research reports evaluated by CNN Business, the 12-month targets are between USD 21 and USD 26. In the \"worst case\", this means a small gain of 2.6%, and in the best case, a gain of 27.1%.<\/p>\n<div>\n<generic-chart title=\"Mattel: Share price (in USD)\">\n  <chart-line title=\"Mattel\" path=\"chart_mattel.csv\" format=\"date, number\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Thomson Reuters, as of 08.08.2023<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Partially protected earnings opportunity<\/h3>\n<p>However, investors do not necessarily have to expose themselves to full price risk in order to achieve an attractive return with the \"Barbie mother\" over the next 15 months. With the two new Softcallable Barrier Reverse Convertibles on Mattel, an appealing yield opportunity is cleverly combined with conditional partial protection. The details at a glance: The new products, which are offered in CHF and USD, come with a risk buffer of 35%. This means that as long as the underlying does not touch the barrier at 65% of the starting value, the BRC achieves the maximum return. This amounts to 9.00% for the CHF variant, the USD counterpart even offers the prospect of a quarterly coupon payment of 13.00% p.a.. Due to the softcallable function, the maximum term of both products can be reduced to a maximum of six months.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1171796670\\&quot;\\&quot;CH1283541246\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-mattel","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/mattel_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/mattel_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-08-02T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/carnivalcorp_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Cruise to happiness","windowTitle":"Carnival Corporation","category":"coupon-giant","title":"Carnival Corporation","body":"<p>Bigger, higher, wider - that's the motto in the cruise industry. The eagerly awaited premiere of the world's largest cruise ship, the \"Icon of the Seas\" from Royal Caribbean, fits in with this. It will have room for 5,610 passengers and is scheduled to set sail in January 2024. Only slightly smaller is the \"Carnival Jubilee\", which has just been launched. The cruiser, which is around 345 meters long, can accommodate around 5,400 guests. The ocean liner of the US shipping company Carnival Cruise Line will set off from Texas on its first voyage as early as the end of 2023.<\/p>\n<div>\n<generic-chart title=\"Global market for cruise ships (in USDbn)\">\n  <x-axis categories=\"2021, 2031\"/>\n      <chart-column title=\"Market volume (in USDbn)\" data=\"8.0, 16.7\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Allied Market Research<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Booming demand...<\/h3>\n<p>However, the industry is already on the upswing again, even without the two new giants of the seas. After the near collapse during the pandemic, demand has recently returned to normal. According to credit card data, almost 19% more was even spent on cruises in June than in 2019, before the emergence of the Corona virus. Also having a positive impact on bookings is the growing shift in consumption from goods to experiences. According to an analysis by Allied Market Research, a rosy future lies ahead for cruise ships. The market is forecast to double from USD 8.0 billion in 2021 to USD 16.7 billion in 2031. This corresponds to an average annual growth rate of 7.9% within this period.<\/p>\n<h3>...galloping share prices<\/h3>\n<p>The revival of the sector has not gone unnoticed on the stock market. With price jumps of more than 100% since New Year's Eve, numerous shares of cruise operators are among the biggest winners this year. Despite the rally, however, the share prices are still well below previous highs. Take Carnival, for example: while the British-American group is currently one of the strongest performers in the sector, up 125%, it is trading at only a quarter of its record high in 2017.<\/p>\n<div>\n<generic-chart title=\"Carnival Corporation: Share price (in USD)\">\n  <chart-line title=\"Carnival Corporation\" path=\"chart_carnival_2023.csv\" format=\"date, number\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Reuters, as of 31.07.2023<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Higher targets<\/h3>\n<p>The strong performance is based on an operational growth trajectory. Indeed, the world's largest cruise operator, which includes Carnival Cruise Line as well as AIDA and P&amp;O Cruises, is seeing bookings fluttering in. \"Occupancy for the full year 2023 is expected to be 100% or higher,\" Chief Financial Officer David Bernstein enthused when presenting the second quarter report. But not only the outlook is dazzling, the interim results themselves were also convincing. Adjusted loss per share of 31 cents was better than the consensus estimate of 34 cents. Meanwhile, sales doubled to more than USD 4.9 billion, also exceeding expectations. In addition to rising demand, Carnival was helped by higher ticket prices. The trend seems to be continuing, as the cruise giant raised its forecasts. An adjusted annual loss of between 8 and 20 cents per share is now expected; previously, a range of minus 28 to minus 44 cents was targeted. For the third quarter just underway, earnings per share are even forecast to be positive, between USD 0.70 and 0.77.<\/p>\n<p>The company has also set itself various long-term targets that appear quite ambitious. For example, CO2 emissions are to be reduced by more than a fifth by 2026 compared to 2019. In addition, management sees great potential on the earnings side. The plan is to increase Ebitda by 50% over the next 3 years. Not only should margins continue to improve thanks to its industry-leading cost base and fuel efficiency, but adjusted free cash flow is also expected to increase, which the company believes will enable further debt reduction over time. Carnival is already busy reducing debt. As a result, total debt is expected to be reduced from a peak of USD 35 billion to less than USD 33 billion by the end of 2023. In addition, excess liquidity is being used to repay loans early and reduce interest expenses.<\/p>\n<h3>High buffer, high earnings opportunity<\/h3>\n<p>The industry's recovery has put Carnival's stock into speed mode. After the triple-digit percentage gain, it would not be surprising if the stock shifts down a gear soon. Products with conditional partial protection could therefore currently be a good alternative. For example, the new Softcallable Barrier Reverse Convertbiles convert a leisurely ride of the share into double-digit percentage returns. The CHF version offers an attractive interest rate of 16.00% p.a. with a maximum term of one year, the USD-denominated product even comes with a coupon of 19.00% p.a., which is paid out quarterly. Furthermore, the products are equipped with comfortable risk buffers of 41%. Consequently, the Carnival share may reset without the yield opportunity being diminished. Only if the barrier is breached could there be markdowns. Then the closing price decides on profit or loss of the investment. If the underlying returns to the starting level by the final fixing, the full nominal value is paid out in addition to the secure coupon. Otherwise, the redemption is based on the performance of the Carnival share.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1171796415\\&quot; \\&quot;CH1283538481\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-carnival-2023","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/carnivalcorp_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/carnivalcorp_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-07-28T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/luxurycars_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Bonus certificate on luxury car trio Ferrari, Mercedes-Benz and Porsche","windowTitle":"Bonus certificate on luxury car trio","category":"investment-themes","title":"High-carat features","body":"<h3>Sharp price acceleration<\/h3>\n<p>The shares of luxury carmakers are riding high on the stock market at the moment \u2013 in the truest sense of the word. Ferrari stock has risen to USD 329 this year, marking a new all-time high. When it was listed in New York in 2015, each share cost only USD 52. This year alone the share price with the ticker symbol \u201cRACE\u201d has appreciated more than 40%. Porsche has still risen in price by almost a fifth since New Year\u2019s Eve, while Mercedes-Benz is just behind it at 17%. All three stocks performed much better in 2023 than the market as a whole, then. If the analysts at UBS are to be believed, they have not yet reached their peak. In the car universe, the big bank gives the luxury and high-end marques the edge over volume-oriented manufacturers because of their pricing power and their strong market positioning.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2023/luxury-car-trio?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<h3>Potential outperfomers<\/h3>\n<p>Ferrari, Porsche and Mercedes-Benz are also on the \u201cMost Preferred\u201d list of UBS. In the view of the experts, the Italian motor racing specialist offers a unique business model which enhances its price clout and attractiveness. In view of the strong results in the opening quarter and the further upward potential of the financial forecast for the year as a whole, the experts see scope for the share to outperform. It's a similar story with Porsche. Alongside solid earnings and cashflow growth, UBS also likes the route being taken towards electrification. For Mercedes-Benz, the research team emphasises the dividend increase and a share buyback programme to the value of EURbn 4, among other factors. Since the order book continues to be well filled and the company looks set to post further sequential growth over 2023, this could probably help the share outperform.<\/p>\n<div><generic-chart title=\"Performance comparison: Ferrari vs. Porsche vs. Mercedes-Benz (since the Porsche IPO)\"> \n    <chart-line title=\"Ferrari\" path=\"chart_ferrari.csv\" format=\"date, number\"><\/chart-line> \n    <chart-line title=\"Porsche\" path=\"chart_porsche.csv\" format=\"date, number\"><\/chart-line>  \n    <chart-line title=\"Mercedes\" path=\"chart_mercedes.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Bloomberg, as of July 24, 2023<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Turbo-boosted investment with partial protection<\/h3>\n<p>The brand-new bonus certificate from Leonteq allows an ideal exposure to the three luxury carmakers, Ferrari, Mercedes-Benz and Porsche. The high-carat features concern not only the underlying stocks, but also the product terms. With a term of three years, the certificate offers a \u201cturbo boost\u201d if prices climb, alongside a comfortable risk buffer of 41%. The upside participation is 250%, which means that the product leverages possible price rises of the car trio \u2013 without any limit.<\/p>\n<h3>Repayment examples<\/h3>\n<p>The bonus certificate, which is counted as a participation product, thus shares disproportionately in rising prices of the underlyings, yet has a lower risk than a direct investment. That is because possible corrections are skilfully cushioned with the safety barrier at 59% of the initial fixing. If, for example, the trio has plunged 20% by the end of the term but without ever breaching the barrier, holders will still get back the full nominal amount. Conversely, if the three shares have gained 20% by the final fixing the investment actually finishes with a 50% profit thanks to the upside participation of 250%. Only if a barrier event occurs can losses arise, because then the bonus mechanism switches off. In this scenario investors will participate directly in the performance of the weakest stock in the basket \u2013 both downwards and upwards.<\/p>\n<h3>Bonus Outperformance Certificate on Luxury Car trio Ferrari, Mercedes-Benz and Porsche<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1283537384\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2023/luxury-car-trio?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"luxury-car-trio","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/luxurycars_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/luxurycars_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-07-26T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/encavis_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Lucrative ride on the \"green\" wave","windowTitle":"Encavis","category":"underlying-in-focus","title":"Encavis","body":"<p>Europe is getting plenty of sunshine this summer. There is also no lack of wind, so that the natural energy sources for power generation are achieving consistently good results. 117.04 billion kWh has been supplied by solar energy alone since the beginning of the year in Europe, which is around 17% more than last year. In contrast, solar and wind farm operator Encavis seems to be stuck in the summer slump, at least as far as its stock is concerned. The stock, which is listed on Germany's MDAX, has been stuck for months.<\/p>\n<p>However, the company, which is perhaps less well-known in this country, is not a no-name in the industry. On the contrary: Encavis is even part of the renowned FuW Eco Portfolio Index. Only companies that meet ecological and financial criteria make it into the barometer. These include not only a low debt-equity ratio and attractive profitability, but also an attractive valuation. The <a href=\"https://structuredproducts-ch.leonteq.com/isin/CH1171797256\">ETP+ (Valor 117179725)<\/a> allows 1:1 participation in FuW's \"green\" selection.<\/p>\n<h3>Natural energy sources in demand<\/h3>\n<p>But back to Encavis: In contrast to the stock market, the Hamburg-based company is doing very well operationally. In the past fiscal year, installed capacity from renewable energy sources increased to 1.4 gigawatts (GW). \"This success is based on commissioning of wind and solar farms in Ireland, Germany and the Netherlands,\" Encavis announced. At the same time, electricity production climbed by about 17% to just over 2.1 million kWh, setting a new record.<\/p>\n<p>In general, green energy sources are on the rise. According to estimates by the International Energy Agency (IEA), investments in clean energy will increase by 24% to a total of USD 1.7 trillion in 2023 compared to 2021. And for the first time ever, more capital will be invested in solar energy this year than in oil production.<\/p>\n<div>\n<generic-chart title=\"Encavis: Revenue and Ebitda\">\n      <x-axis categories=\"2016,2017,2018,2019,2020,2021,2022,,2027e\"/>\n      <chart-column title=\"Revenue (in EURm)\" data=\"141.8,222.4,248.8,273.8,292.3,332.7,462.5,,800\" format=\"number\"  />\n      <chart-column title=\"Ebitda (in EURm)\" data=\"106.1,166.8,186.9,217.6,224.8,256.4,350.0,,520\" format=\"number\"  />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Encavis, e = expected<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Medium-term growth targets<\/h3>\n<p>Encavis is also riding this green wave full of beans. For example, the Group wants to noticeably expand its business with sun and wind in the coming years. For this reason, Encavis is not paying a dividend for the past year. In order to achieve the capacity and sales forecasts targeted up to 2027 under its own steam, the full amount of last year's profit is to be kept in-house. The targets sound ambitious: By 2027, power capacity is to increase to 5.6 GW, sales by 80% to EUR 800 million and Ebitda to EUR 520 million. Consequently, Encavis would report an operating margin of 65% in 2027.<\/p>\n<p>However, this growth will not be achieved entirely by the company's own efforts. Therefore, the business is also to be expanded through targeted acquisitions. \"Our most important growth driver is the planned capacity expansion of our wind and solar park portfolio. Here, with the acquisition of the two Italian solar park projects in Montalto di Castro and Montefiascone and the successful issuance of the EUR 210 million Green Schuldschein in the first quarter, we have taken two important steps towards achieving our goals for the current fiscal year,\" explains Encavis CEO Christoph Husmann.<\/p>\n<h3>Full-year forecast confirmed<\/h3>\n<p>The year also got off to a successful start, even if growth slowed somewhat. Due to falling electricity prices and less wind, Group sales increased by only 9% to EUR 98.8 million, but the company still managed to keep the operating result at the previous year's level of EUR 64.3 million. The full-year target of revenues of slightly more than EUR 460 million and an operating profit of over EUR 310 million was also confirmed by the Management Board.<\/p>\n<p>Speaking of the Executive Board, there have been repeated insider purchases at Encavis this year. Most recently, Abacon Capital, which is close to board member Albert Düll, reported the purchase of treasury shares worth EUR 140,000. Shortly before, board member Christoph Husmann also bought at prices around EUR 14. Whether these purchases signal a positive news flow can of course only be speculated, but they certainly create confidence. This mystery will be solved by August 14 at the latest, when the Germans present their half-year results.<\/p>\n<div>\n<generic-chart title=\"Encavis: Share price (in EUR)\">\n  <chart-line title=\"Encavis\" path=\"chart_encavis.csv\" format=\"date, number\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Thomson Reuters, as of 25.07.2023<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Sunny returns<\/h3>\n<p>The majority of analysts currently recommend Encavis shares as a buy. However, due to the rather difficult chart situation, a yield-optimizing product seems to be the wiser choice. With the new Softcallable Barrier Reverse Convertible on the German mid-cap, a \"sunny\" yield of 11% p.a. can be achieved without the need for a tailwind on the stock. The product, which is denominated in Swiss francs, has a correspondingly high coupon. The profit opportunity is hedged by a risk buffer of 41%. The EUR-denominated counterpart also has an identical barrier distance. The coupon level for this BRC is as high as 13% p.a. If the MDAX member leaves the barrier intact during the maximum term of 18 months, the maximum yield will be achieved in both cases.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1283536311\\&quot; \\&quot;CH1283536345\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-encavis","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/encavis_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/encavis_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-07-25T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-know-how-product+homepage+banner.jpg","subTitle":"Capital Protection Products - safety first","windowTitle":"Leonteq Know-How","category":"know-how","title":"Leonteq Know-How 6","body":"<p>Opportunity and risk are considered the \"Siamese twins\" of investment. One parameter cannot do without the other. In plain language, the more opportunities an investor wants to exploit, the greater the risk he must take. Structured products make it possible to deviate from this norm. This also and especially applies to the capital protection certificate. Simply put, this product allows the risk of loss to be largely or even completely eliminated. And yet there is the possibility of participating in rising prices - at least to a certain extent.<\/p>\n<p>At the moment, the capital protection certificate is experiencing a small renaissance. The background is the interest rate turnaround. As is well known, important central banks have vehemently raised their key rates in the fight against inflation. The interest rate level is one of the main factors influencing the conditions of capital protection certificates. In general, the higher the bond yields in the respective product currency, the more interesting risk-reward profiles are possible - more on this later.<\/p>\n<p>Not only structurally, but also in terms of investment tactics, the capital protection certificate fits well into the current environment. In times of high inflation, many investors focus on preserving value or trying to compensate for inflation. The capital guarantee helps here; the product holder can count on a fixed minimum repayment at maturity. The income opportunity comes on top and holds the potential for an attractive return.<\/p>\n<h3>Different forms<\/h3>\n<p>There are different variants of capital protection certificates. A common form is the capital protection certificate with participation. Here, the issuer provides a repayment guarantee for a certain percentage of the nominal value. As a rule, this amount, known as the \"floor\" in technical jargon, ranges between 90% and 100%. The underlying is usually one or more individual shares. Alternatively, indices, exchange rates or commodities can be used as underlyings. The product participates in a positive performance of the underlying asset. However, due to the costs associated with this structure, full or unrestricted participation is not normally possible. The issuers have various options for taking the \"obolus\" into account. One option is a disproportionately low participation rate. Here is an example:<\/p>\n<p><p><iframe src=\"https://www.linkedin.com/embed/feed/update/urn:li:ugcPost:7089937929120149508?compact=1\" allowfullscreen=\"\" title=\"Embedded post\" width=\"100%\" style=\"aspect-ratio: 16/9\" frameborder=\"0\"><\/iframe><\/p>\n<h3>Example 1: Capital Protection Certificate with Participation<\/h3>\n<p>Term: 3 years<\/p>\n<p>Denomination: CHF 1'000<\/p>\n<p>Issue price: 100%.<\/p>\n<p>Underlying: Example Ltd. (initial fixing CHF 100)<\/p>\n<p>Strike price: CHF 100<\/p>\n<p>Settlement type: cash<\/p>\n<p>Capital protection: 100%<\/p>\n<p>Participation rate: 60%<\/p>\n<h4>Scenario 1: Underlying ends term above the strike<\/h4>\n<p>The price of Example Ltd. at the final fixing is CHF 140. Due to the participation rate of 60%, the redemption of the capital protection certificate amounts to CHF 1'240. The investment would thus yield a return of 24%.<\/p>\n<p style=\"text-align: center;\"><strong>Calculation: Denomination x (Capital Protection + Participation Rate x Positive Underlying Price Development)<\/strong><\/p>\n<p style=\"text-align: center;\"><strong>= CHF 1'000 x (100% + 60% x 40%) = CHF 1'240<\/strong><\/p>\n<h4>Scenario 2: Underlying ends term below the strike<\/h4>\n<p>The price of Example Ltd. is at CHF 80 at the final fixing. In this case, the participation component does not apply. Instead, the capital protection takes effect, whereby the certificate is redeemed at CHF 1'000.<\/p>\n<div><generic-chart title=\"Capital Protection Certificate with Participation \u2013 Payoff diagram at expiry\"> \n    <chart-line title=\"Example Ltd.\" path=\"KnowHow_Beispiel.csv\" format=\"number, number\"><\/chart-line> \n    <chart-line title=\"Capital Protection Certificate with Participation\" path=\"KnowHow_Parti.csv\" format=\"number, number\"><\/chart-line>  \n    <x-axis type=\"number\"><\/x-axis> <\/generic-chart><\/div>\n<p>A stronger or full participation in rising prices is also possible. For this, however, the opportunity must usually be capped. This is how the capital protection certificate with participation and cap is created.<\/p>\n<h3>Example 2: Capital Protection Certificate with Participation and Cap<\/h3>\n<p>Maturity: 3 years<\/p>\n<p>Denomination: CHF 1'000<\/p>\n<p>Issue price: 100%.<\/p>\n<p>Underlying: Example Ltd. (initial fixing CHF 100)<\/p>\n<p>Strike price: CHF 100<\/p>\n<p>Settlement type: cash<\/p>\n<p>Capital protection: 100%<\/p>\n<p>Maximum amount (cap): 120<\/p>\n<p>Participation rate: 100%<\/p>\n<h4>Scenario 1: Underlying ends term between capital protection and cap<\/h4>\n<p>The share price of Example Ltd. at the final fixing is CHF 115. Due to the participation rate of 100%, the redemption of the capital protection certificate amounts to CHF 1'150. The investment would thus yield a return of 15%.<\/p>\n<p style=\"text-align: center;\"><strong>Calculation: Denomination x (Capital Protection + Participation Rate x Positive Underlying Performance)<\/strong><\/p>\n<p style=\"text-align: center;\"><strong>= CHF 1'000 x (100% + 100% x 15%) = CHF 1'150<\/strong><\/p>\n<h4>Scenario 2: Underlying ends term above cap<\/h4>\n<p>The price of Example Ltd. at the final fixing is CHF 130. In this case, the participation component and the cap come into effect. The repayment corresponds to the maximum amount and amounts to CHF 1'200.<\/p>\n<h4>Scenario 3: Underlying ends term below the strike<\/h4>\n<p>The price of Example Ltd. is at CHF 80 at the final fixing. In this case, the participation component and cap do not apply. Instead, the capital protection takes effect, whereby the certificate is redeemed at CHF 1'000.<\/p>\n<div><generic-chart title=\"Capital Protection Certificate with Participation and Cap \u2013 Payoff diagram at expiry\"> \n    <chart-line title=\"Example Ltd.\" path=\"KnowHow_Beispiel.csv\" format=\"number, number\"><\/chart-line> \n    <chart-line title=\"Capital Protection Certificate with Participation and Cap\" path=\"KnowHow_Cap.csv\" format=\"number, number\"><\/chart-line>  \n    <x-axis type=\"number\"><\/x-axis> <\/generic-chart><\/div>\n<h3>View into the engine room - structure of the capital protection certificate<\/h3>\n<p>Capital protection certificates are structured by combining bonds with option transactions. The capital guarantee comes from a zero bond. Since this debt instrument pays no coupon, it is also known as a \"zero coupon bond\". Instead of a regular distribution, the bond is issued at prices below 100%. For the difference, the issuer acquires one or more call options for participation in the underlying. At this point, the buzzword \"interest rate turnaround\" comes into play again: Thanks to the increased yields, more capital is available in principle for the option component or the chance to participate as extensively as possible in rising quotations.<\/p>\n<h3>Wide variety - and two special forms<\/h3>\n<p>There are other forms of this product category. In the case of the capital protection certificate with coupon, the investor receives the participation via a distribution. Meanwhile, the participation in the capital protection certificate with barrier is linked to the fact that the underlying does not reach a certain price threshold. A kind of balancing act is made possible by the twin-win certificate. Here, the investor participates to a certain extent in both rising and falling prices.<\/p>\n<p>One of the special forms of capital protection products is the money market certificate. Here, too, the issuer provides a guarantee at the expiration date. At the same time, the product yields an ongoing return. The coupon is usually based on current money market conditions and goes up a little with each distribution day. Conditional capital protection is provided by the reference debtor certificate. In principle, the issuer also provides a guarantee here. However, the redemption is at the same time linked to the creditworthiness of a reference debtor. As soon as a credit event occurs, the capital protection expires. The structured product is then settled for the liquidation amount. This can be significantly lower than the denomination. As a kind of compensation for this risk, a more pronounced participation or higher coupons are possible.<\/p>\n<h3>Important to know<\/h3>\n<p>Capital protection and participation only take effect at maturity. During the term, various factors influence the value of the capital protection certificate. In addition to the underlying and its volatility, these include in particular the interest rate level and the creditworthiness of the issuer or a reference debtor. The capital protection certificate may therefore be quoted below the guarantee level (floor) during its term.<\/p>\n<p>As is usual with structured products, the capital protection certificate is also subject to issuer risk. If the issuer defaults, the investor may lose his entire investment.<\/p>\n<h3>Important terms<\/h3>\n<div><ltq-table id=\"Important terms\" title=\"\"> <template v-slot:default=\"\">\n<tbody>\n<tr>\n<td>Capital protection level (floor)<\/td>\n<td>Share of the nominal in %, the repayment of which is guaranteed by the issuer at maturity.<\/td>\n<\/tr>\n<tr>\n<td>Maximum amount (cap)<\/td>\n<td>Maximum repayment level - by capping the participation, a capital protection level of 100% can be achieved.<\/td>\n<\/tr>\n<tr>\n<td>Participation rate<\/td>\n<td>Extent of participation in the price gain of the underlying security at maturity.<\/td>\n<\/tr>\n<tr>\n<td>Zero coupon bond<\/td>\n<td>Bond that pays no coupon. Interest is paid by means of a discount on the nominal value. The amount of the discount depends on the interest rate level and the probability of default by the debtor.<\/td>\n<\/tr>\n<tr>\n<td>Reference debtor<\/td>\n<td>Debtor of the reference bond. The addition of the reference bond creates an additional credit risk in the form of the reference debtor's default risk. This in turn allows for a more attractive payout profile.<\/td>\n<\/tr>\n<\/tbody>\n<\/template> <\/ltq-table><\/div>\n<div class=\"ltq-row\" style=\"flex-direction: row;\"> <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/know-how/know-how-maturity-redemption?language_id=1\" label=\"Leonteq Know-how 5\"><\/ltq-button>\n<ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/know-how/know-how-capital-protection-coupon?language_id=1\" label=\"Leonteq Know-how 7\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"know-how-capital-protection","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-know-how-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-know-how-thumbnail.jpg"},{"date":"2023-07-19T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rivian_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"An electrified comeback","windowTitle":"Rivian","category":"coupon-giant","title":"Rivian","body":"<p>The mood was euphoric when Rivian Automotive took to the stock exchange floor in November 2021. At its Nasdaq debut, the shares of the manufacturer of electric vehicles rose by a whopping 50%, bringing the market valuation to more than USD 100 billion. In the meantime, disillusionment has set in and the stock market value has quartered in the wake of delivery problems. And yet this is not the end of the growth story, because recently the share price turned sharply upwards again after a sideways movement lasting several months.<\/p>\n<div>\n<generic-chart title=\"Rivian: Share price (in USD)\">\n  <chart-line title=\"Rivian\" path=\"chart_rivian.csv\" format=\"date, number\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Reuters, as of 18.07.2023<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Rip-roaring sales<\/h3>\n<p>There are tangible reasons for the comeback: The auto startup, which produces R1T pickups and R1S SUVs, delivered 12,640 vehicles in the second quarter. This significantly beat average estimates of 11,000 units. The company also produced 13,992 bodies at its Normal, Illinois, plant, up 4,597, or 59%, from the start of the year. Needham analyst Chris Pierce then drew a positive conclusion: \"Rivian seems to be turning the corner, and its production target of 50,000 units for this year seems quite achievable after the quarterly numbers.\" Unlike its two competitors Lucid and Fisker, for example, which had to lower their targets after the first quarter, Rivian's management is in fact still sticking to its original forecast.<\/p>\n<p>Compared to top dog Tesla, the fledgling e-car provider has also not had to boost sales with price cuts. The company is still confident that the high-quality equipment as well as the powerful batteries justify the chosen price structure. The latest sales figures support this view. In addition, the group stands out by developing its own drive unit. On the one hand, this reduces dependence on suppliers, and on the other, it lowers production costs.<\/p>\n<h3>Major customer Amazon<\/h3>\n<p>In addition to the R1T pickup already mentioned and the R1S SUV, Rivian has another trump up its sleeve: an electric delivery truck. This e-truck, built exclusively for Amazon, has already been cruising the streets of the U.S. since last summer. According to the company, more than 3,000 vehicles are already in use. \"Together, Amazon and Rivian have designed and produced a state-of-the-art electric vehicle from the ground up. It's unlike anything currently on the road,\" explains Neil Emery, Director Global Fleet &amp; Product at Amazon. Now Rivian is bringing the delivery truck to Europe in a shorter and narrower version. Germany will be the first. More than 300 of the electrically powered delivery trucks will be launched in the coming weeks. In the long term, there should be many more. The e-commerce giant, which also holds a stake in Rivian, has ordered up to 100,000 e-vans by 2030.<\/p>\n<h3>Positive review, mixed outlook<\/h3>\n<p>Recently, the company's first-quarter revenue and earnings reports also gave cause for celebration. For the quarter ending March 31, revenues of USD 661 million were reported; Wall Street analysts had expected only USD 652.1 million. The quarterly net loss narrowed from USD 1.59 billion to USD 1.35 billion, or USD 1.25 per share. Investors will find out how the second quarter just ended on August 8. Earnings estimates in this regard vary widely. They range from USD -0.98 to USD -1.91 with a consensus of USD -1.42. Sales are expected to increase to USD 986 million according to the average forecasts. This would be a 49% increase over the previous quarter and as much as a 170% increase over the same period last year.<\/p>\n<div>\n<generic-chart title=\"Rivian: Quarterly Sales (in USDm) und Earnings per share (in USD)\">\n  <x-axis categories=\"Q2 2022, Q3 2022, Q4 2022, Q1 2023, Q2 2023e, Q3 2023e\"/>\n      <chart-column title=\"Sales (in USDm)\" data=\"364, 536, 663, 661, 986, 1300\" format=\"number\"/>\n      <chart-line title=\"Earnings per share (in USD)\" data=\"-1.62, -1.57, -1.73, -1.25, -1.42, -1.38\" format=\"percent\"  yAxisRight=\"true\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: CNN Business, e = expected<br />Historical data is not a reliable indicator of future developments.<\/footer>\n<h3>Attractive investment solutions<\/h3>\n<p>Now that it seems that the e-car manufacturer has mastered the production and supply chain challenges, several analysts have recently raised their price targets. In addition, the stock is among the most talked about stocks on the social media website stocktwits.com, where investors, traders and entrepreneurs exchange views. As far as Rivian's further price potential is concerned, however, the air seems to be getting thinner for the time being after the rally - the price shot up by two-thirds on a monthly basis alone. The mean price target of the analysts amounts to USD 25.50, which corresponds approximately to the current level.<\/p>\n<p>A possible pause in the steep upward trend is best converted into profits with yield-optimization products. For this purpose, Leonteq has launched two new softcallable BRCs. With these products, above-average returns are possible even in the event of a sideways movement or a moderate decline in prices. With a maximum term of 12 months and an \"airbag\" of a comfortable 51%, a highly attractive return of 19.00% p.a. is possible with the CHF version. The USD-denominated product even offers a coupon of 23.00% p.a. with otherwise identical features.<\/p>\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1277659285\\&quot; \\&quot;CH1277659319\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-rivian","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rivian_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rivian_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-07-14T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/bitcoin_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Actively managed strategy delivers outperformance","windowTitle":"Bitcoin Active 2.0","category":"investment-themes","title":"Promising Bitcoin investment","body":"<h3>Return without the adrenalin rush<\/h3>\n<p>If it came about, the licensing of a BTC spot ETF would obviously be a huge accolade for Bitcoin and the like and bring crypto assets a step closer to the mass market. Whether the astronomical targets of up to USDmn 1 that Ark Invest CEO Cathie Wood, for instance, reckons will be reached by 2030 will actually be hit remains uncertain. Nevertheless, rising demand for Bitcoin could certainly have a positive impact on its price. With a sophisticated strategy, it might even be possible to surpass the performance of the crypto heavyweight. The Swissquote Bitcoin Active 2.0 Index developed by Swissquote Bank has left Bitcoin trailing in its wake since it was launched in July 2020. Having risen 247%, the cryptocurrency strategy outperformed the digital coin by 17 percentage points. That is far from all, however: at the heart of the strategy is the reduction in volatility. Anyone who has followed Bitcoin over the last few years will know how quickly price trends can turn and how high the fluctuations can be. Swissquote\u2019s more conservative management ensures that the adrenalin rush for investors remains within limits. This is achieved by stocking up cash holdings in uncertain phases and downward trends. Ultimately, the aim is to achieve more consistent potential returns over the long term.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2023/bitcoin-active-index?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<h3>Elaborate concept at a favourable price<\/h3>\n<p>The clever concept is based on artificial intelligence \u2013 or machine learning, to be more precise. In this process data from a variety of sources are captured in order to form quality indicators. These are made of up the average of the changes, the actual volatility, the buy-side and sell-side pressure and a social index for the market mood. The algorithm compiles and interprets this wealth of data, identifies the development of future returns at an early stage and then structures the portfolio based on this comprehensive analysis. To limit volatility, Bitcoin accounts for at least 60% and not more than 100% of the holdings, while US dollars make up the remaining 40% to 0%. The corresponding tracker certificate (ISN CH0542378622) on the Swissquote Bitcoin Active 2.0 enables prospective investors to bring this promising strategy into their portfolio at low cost. Despite the elaborate process, the product comes with an annual fee of just 1.5%. The tracker also has an open-ended structure, allowing holders to choose their investment period to suit.<\/p>\n<div><generic-chart title=\"Performance comparison: Swissquote Bitcoin Active 2.0 vs. Bitcoin\"> \n    <chart-line title=\"Bitcoin\" path=\"chart_BTC_maxi.csv\" format=\"date, number\"><\/chart-line> \n    <chart-line title=\"Bitcoin Active 2.0\" path=\"chart_BTC2_maxi.csv\" format=\"date, number\"><\/chart-line>  \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Bloomberg, as of July 3, 2023<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Active management in \u201cmini\u201d format<\/h3>\n<p>Alongside the Swissquote Bitcoin Active 2.0 Index, Leonteq also has a \u201csmaller\u201d version to offer: the Bitcoin Active 2.0 Mini certificate (ISIN CH0596607769). This likewise aims at mitigating volatility while at the same time profiting from the short upticks in the sector, which it does by boosting cash holdings in times of uncertainty and downturns so that more consistent earnings can be achieved in the long term. The only risks are in Bitcoin and cash: between 60% and 100% of the portfolio is invested in Bitcoin, depending on the market conditions and confidence, with the rest of the capital being held in Swiss francs. Although the product has been in negative territory since it was issued almost exactly two years ago, the loss is not as great as that suffered by the most valuable virtual currency in the world. While Bitcoin has dropped by a little more than a fifth, the Bitcoin Active 2.0 Mini certificate has shed only around 13% of its value. The product also has an unlimited term, and the fees for active management (1.00% p.a.), calculation of the index (0.35% p.a.) and rebalancing (0.15% p.a.) correspond to those of the maxi version.<\/p>\n<div><generic-chart title=\"Performance comparison: Swissquote Bitcoin Active 2.0 Mini vs. Bitcoin\"> \n    <chart-line title=\"Bitcoin\" path=\"chart_BTC_mini.csv\" format=\"date, number\"><\/chart-line> \n    <chart-line title=\"Bitcoin Active 2.0 Mini\" path=\"chart_BTC2_mini.csv\" format=\"date, number\"><\/chart-line>  \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Bloomberg, as of July 3, 2023<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Advantageous certificates<\/h3>\n<p>The trackers combine a number of advantages. For one thing, investors have the best protection against theft, a key consideration given that holders of Bitcoin often fall victim to cyber criminals. The certificates, though, offer protected and convenient access to the crypto asset because the security is held securely in the portfolio of your house bank as usual. Furthermore, the two Bitcoin indices brought into being by Swissquote are better protected against fluctuation, which will continue to be an important factor going forward. That is because current regulatory efforts could have a considerable impact on both the value of digital currencies and the operation of crypto exchanges.<\/p>\n<h3>Tracker Certificate on Swissquote Bitcoin Active Index - Tradable on exchange<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0542378622\\&quot; \\&quot;CH0596607769\\&quot;&quot;,&quot;conditions&quot;:{&quot;&quot;:true},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;resultsPerPage&quot;:20,&quot;pageNumber&quot;:1,&quot;sortFields&quot;:[],&quot;sortingEnabled&quot;:true,&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Actively Managed Certificate<\/li>\n<li>Index Sponsor: Swissquote Bank SA, Gland, Switzerland<\/li>\n<li>Management fee: 1.35% p.a.<\/li>\n<li>Issuer:&nbsp;Leonteq Securities AG,&nbsp;Zurich<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2023/bitcoin-active-index?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"bitcoin-active-index","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/bitcoin_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/bitcoin_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-07-12T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/novonordisk_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"A worthwhile prick","windowTitle":"Novo Nordisk","category":"underlying-in-focus","title":"Novo Nordisk","body":"<p>\"Are you injecting or are you still starving?\" could be Novo Nordisk's advertising slogan for its \"Wegovy\" weight loss injection. The Danes have triggered a real hype worldwide with their anti-obesity injection. Support came from celebrities such as billionaire Elon Musk and reality starlet Kim Kardashian, who spoke highly of the product on social media.<\/p>\n<h3>\"Epidemic proportions\"<\/h3>\n<p>A look at the \"World Obesity Atlas 2023\" shows that dieting is a big issue around the globe. According to the study, more than half of the world's population could suffer from obesity by 2034. According to the WHO, obesity has already reached \"epidemic proportions. In fact, more than 5 million people die each year as a result of the chronic disease, according to the data. <\/p>\n<div>\n<generic-chart title=\"Weight loss after 68 weeks (in %)\">\n      <x-axis categories=\"≥5%,≥10%,≥15%,≥20%\"/>\n      <chart-column title=\"Weight loss after 68 weeks\" data=\"95.40,74.80,54.80,34.80\" format=\"number\"  />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Novo Nordisk<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<p>The drug from the Danish pharmaceutical giant Novo Nordisk is therefore right on target. The active ingredient \"semaglutide,\" which is actually used for the metabolic disease diabetes, not only ensures weight loss, but according to studies can also counteract the so-called yo-yo effect. Three quarters of the patients who were injected with one dose of semaglutide per week as an adjunct to lifestyle changes reduced their body mass by more than 10% after 68 weeks, and almost 35% even lost more than a fifth of their weight (see graph). With these results, it is not surprising that demand is so high that there have been repeated supply problems in recent months. Now a new market is being added - and it is by no means an insignificant one. In the EU, Novo Nordisk had already received approval for semaglutide as a pure obesity drug in January 2022, and the drug is now to be launched in Germany at the end of July. The potential in the neighboring country seems enormous; according to the RKI, around one fifth of adults and around 15% of children and adolescents aged between 3 and 17 are considered obese.<\/p>\n<h3>A pill for the desired weight<\/h3>\n<p>But the northerners are not satisfied with what they have achieved; after all, many overweight people shy away from repeated injections into their stomachs. That's why the Danes are currently developing a diet pill with the same effect. Research is already well advanced and the capsule is already in Phase III, i.e. in the final clinical development stage. Before the end of this year, Novo Nordisk intends to submit applications for approval to the health authorities in the U.S. and Europe, and a decision will then be made on whether to launch the product on the market. <\/p>\n<p>For the pharmaceutical industry, the diet trend is a billion-dollar business. Analysts at Barclays, for example, expect the global market for obesity drugs to expand from USD 2.9 billion in 2022 to more than USD 60 billion by the end of the decade. Novo Nordisk is already doing well, with revenues in its obesity division more than doubling to the equivalent of EUR 2.26 billion last year alone.<\/p>\n<div>\n<generic-chart title=\"Novo Nordisk: price chart (in DKK)\">\n  <chart-line title=\"Novo Nordisk\" path=\"chart_novonordisk.csv\" format=\"date, number\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Thomson Reuters, as of June 11, 2023<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Light and shadow<\/h3>\n<p>The sum of good news caused the Novo Nordisk share to literally go through the roof recently. The share price rose by around 30% on a one-year horizon alone, peaking at a plus of 46%. However, there have been repeated setbacks in recent weeks. The consolidation could have various reasons. On the one hand, the Danes have to contend with weighty competition in the race for the weight loss tablet. The renowned US pharmaceutical companies Eli Lilly and Pfizer are also researching an anti-obesity pill. On the other hand, the market launch of the injection is proceeding more slowly than planned in many European nations due to the boom in the USA. In addition, numerous health insurers are hotly debating whether to pay for the expensive treatment - $1300 per month. Finally, possible side effects emerged this week. After reports of suicidal thoughts in patients, the European Medicines Agency EMA is investigating the two obesity drugs \"Ozempic\" and \"Saxenda\".<\/p>\n<h3>\"Spikey\" yield opportunity<\/h3>\n<p>The hype surrounding Wegovy also ensured that the stock no longer appears cheap. The 2023 P/E ratio is over 30, and based on expected earnings for 2024, it works out to 26. By comparison, earnings growth until then is estimated at 16% p.a. on average. Although the analyst consensus still recommends a buy, the rating has increasingly approached the hold range in recent weeks. <\/p>\n<p>Possibly the right moment to act with conditional partial protection in the high-flyer Novo Nordisk. The new Softcallable Barrier Reverse Convertible has an excellent risk/reward ratio: the coupon is 7.00% p.a., the risk buffer is a comfortable 31%. The CHF-denominated security has a maximum maturity of 15 months. Due to the soft callable feature, the maturity may be reduced to a minimum of six months.<\/p>\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1277656307\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-novonordisk","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/novonordisk_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/novonordisk_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-07-05T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/amsosram_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"In a new light","windowTitle":"ams-OSRAM","category":"coupon-giant","title":"ams-OSRAM","body":"<p>Artificial intelligence (AI) was one of the defining stock market themes in the first half of 2023. Positive forecasts, especially from the semiconductor market, boosted the share prices of supposed beneficiaries of this megatrend. However, there are also technology stocks that have missed out on the hype. This group includes ams-OSRAM. The shares of the SIX-listed semiconductor company from Austria fell by more than 4% from January to June. In the meantime, the mid cap even slipped below the CHF 5 mark for the first time since the beginning of 2012. However, ams-OSRAM is certainly playing a role in the field of AI. For example, the company manufactures particularly small and energy-efficient image sensors that are installed in robots. This could do little to change the recent operational slump at the high-tech company. In the first quarter of 2023, ams-OSRAM's revenue shrank by more than a quarter year-on-year to EUR 927 million. At 5%, the operating margin (adjusted Ebit level) was only half of what it had been at the beginning of 2022 (see chart).<\/p>\n<div>\n<generic-chart title=\"ams-OSRAM: Sales (in EURm) and operating margin (in %)\">\n      <x-axis categories=\"Q1 2022, Q2 2022, Q3 2022, Q4 2022, Q1 2023\" />\n      <chart-column title=\"Sales (in EURm)\" data=\"1246, 1183, 1213, 1177, 927\" format=\"number\"/>\n      <chart-line title=\"Operating margin (adjusted Ebit, in %)\" data=\"10, 9, 8, 7, 5\" format=\"percent\"  yAxisRight=\"true\"/>\n<\/generic-chart>\n<\/div>\n<footer>Source: ams-OSRAM, as of July 03, 2023<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Weakening business<\/h3>\n<p>The weakening smartphone market had a negative impact at the start of the year. Here, ams-OSRAM can be found on the supplier list of iPhone manufacturer Apple, among others. In the automotive segment, where the company supplies lighting systems or sensors for autonomous driving, for example, management reported a moderate sequential decline. However, this would have been in line with planning. Officials also spoke of \"unfavorable results in line with expectations\" in the third division, \"Industrial &amp; Medical.\" In addition to medical imaging, this division's large spectrum includes the aforementioned robotics components. \"Our markets remain challenging, and unfavorable demand trends are having a negative impact on our business,\" commented CEO Aldo Kamper on the interim report. Admittedly, he only took over as Group CEO in April. But Kamper knows the company very well. This is true at least for OSRAM; in 1994, the Dutchman had started his career at the Bavarian lighting specialist. When OSRAM was acquired by ams for more than EUR 4 billion in 2020, he was working at automotive supplier Leoni.<\/p>\n<h3>Cautious optimism<\/h3>\n<p>Kamper now wants to turn the tide as quickly as possible and comprehensively tap the company's potential. \"Our strong technological expertise combined with a highly motivated team is an excellent basis for innovation and further market penetration,\" the CEO explained during the latest reporting. He expressed \"cautious optimism\" for the second half of the year. In the quarter just ended, however, business is likely to have shrunk once again. Kamper forecast group sales of EUR 800 to 900 million, with the sale of OSRAM business units having a braking effect of around EUR 80 million. In the meantime, the deconsolidation, which generated EUR 600 million, has been completed. For the margin, the new group leader forecast a range of 3% to 6%. By comparison, 9% of revenues had still remained in adjusted earnings before interest and taxes (Ebit) in the second quarter of 2022. On July 28, ams-OSRAM will publish its interim report for the past quarter and the first half of the year, respectively.<\/p>\n<div>\n<generic-chart title=\"ams-OSRAM: Chart (in CHF)\">\n  <chart-line title=\"ams-OSRAM\" path=\"chart_ams.csv\" format=\"date, number\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Reuters, as of July 03, 2023<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Interesting risk-reward profile<\/h3>\n<p>Holders of the new Softcallable Barrier Reverse Convertible can look forward to the payment date with relative calm. The structured product pays a high coupon of 19% p.a. regardless of ams-OSRAM's share price performance. The distribution is made quarterly. The nominal value (CHF 1,000) is partially protected: As long as the underlying does not fall to or below the barrier of 49% of the initial level, full redemption takes place. If, on the other hand, the SMIM security uses up the risk buffer, the partial protection expires. In this case, the investment would be directly linked to the performance of ams-OSRAM. However, even in this scenario, losses do not necessarily have to be incurred. If the underlying is quoted at or above the strike again at the final fixing, the maximum return is maintained. Otherwise, the guaranteed coupon cushions the loss to a certain extent. Please note: Due to the soft callable feature Leonteq may call this issue early.<\/p>\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1277653379\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-amsosram","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/amsosram_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/amsosram_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-06-30T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/ai_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Lock-in function: the clever way to secure profits","windowTitle":"Step by step","category":"investment-themes","title":"Step by step","body":"<h3>High valuation, high growth<\/h3>\n<p>Shares associated with artificial intelligence are experiencing real hype on stock markets at the moment. AMD, for instance, has appreciated some 70% since the turn of the year, Palantir 120%, while Nvidia has actually seen its market value almost triple. The recent strong business trends &ndash; results for the first quarter and estimates for the second quarter came in well ahead of expectations &ndash; have delivered an extra boost for the front-runners. Nvidia&rsquo;s figures, however, are also evidence that AI is real and that there is money to be made from it. On the other hand, the share price rally also means that Nvidia has since been trading at around 60 times the expected earnings per share for this year. According to data from Refinitiv, that puts it nearly at the peak of 68 times expected earnings reached in 2021. With price-earnings ratios (PER) of 42 for AMD and as much as 77 for Palantir, the two comrades-in-arms are certainly not bargains at first glance. Nevertheless, the potential for expansion is huge: for all three companies, the consensus of analysts at present is for a three-figure percentage increase in earnings per share this year. These growth prospects at least put the high PER figures in some sort of context.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2023/ai-bonus-lock-in?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<h3>Investing in &ldquo;the next big thing&rdquo;<\/h3>\n<p>Chart images resembling a flagpole and valuations at levels where the air appears to be getting thin are not exactly invitations to a direct investment. That does not mean, however, that the rally is necessarily over. AI is driving technological breakthroughs and changing the way we live, work and even go shopping. Ultimately, it also gives the companies high sales and profits, which is why the technology is also being traded on the stock market as the &ldquo;next big thing&rdquo;. An exposure to the sector can accordingly certainly pay off for investors. Leonteq has added a particularly sophisticated product to its range that allows several birds to be killed with one stone. The Bonus Lock-In certificate combines partial protection with an especially attractive yield profile, which is in turn rounded off with a hugely on-trend, promising trio of underlying stocks comprising AMD, Nvidia and Palantir.<\/p>\n<div><generic-chart title=\"Chart: AMD vs. Nvidia vs. Palantir (1 year)\"> <chart-line title=\"AMD\" path=\"chart_lockin_amd.csv\" format=\"date, number\"><\/chart-line> <chart-line title=\"Nividia\" path=\"chart_lockin_nvda.csv\" format=\"date, number\"><\/chart-line> <chart-line title=\"Palantir\" path=\"chart_lockin_pltr.csv\" format=\"date, number\"><\/chart-line> <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Ingenious structure<\/h3>\n<p>The Bonus Lock-In certificate offers investors the opportunity to profit from rising prices of the AI trio while also cashing in on this movement with the clever lock-in function even during the term. This applies even for the case that the underlyings experience a correction at the end. Taking one thing at a time, though, the prices of the three underlying stocks are reviewed every three months. Should the weakest underlying be above a lock-in level, this level is locked in, i.e. secured. Repayment at the end of the product term is then governed by the highest lock-in level achieved. The first threshold is located at the initial fixing, i.e. 100%. Every further level is 2% higher, until the final step of 130% is reached. The opportunity of a profit is not limited to this level, however: should the weakest underlying be trading at more than 130% at the end of the term, the holder of the certificate will profit 100% from this movement &ndash; with no limit. If the weakest member of the trio finishes the term at 140%, for instance, investors can enjoy a return of 40%.<\/p>\n<div><img src=\"/dA/2b206ffb27/charts_20230626_700x500 EN.png?language_id=1\" alt=\"charts_20230626_700x500 EN\" width=\"1942\" height=\"1982\" caption=\"false\" /><\/div>\n<footer>Source: Leonteq<\/footer>\n<h3>The final fixing is decisive<\/h3>\n<p>The worst case is that a lock-in level is not reached on any review date. This scenario can be compared with the repayment of a barrier reverse convertible with a European barrier. It is immaterial how the underlyings have performed during the term: only the final fixing is decisive. If the worst performer is above the barrier, which is set at 65% of the initial fixing, the investor receives 100% of the nominal back again. Should the weakest stock trade at or below the barrier, however, the repayment is governed by the price of this underlying. In this case holders of the certificate will get the underlying in their portfolio. That means a loss will not be realised immediately, because there is a chance that the share will make up ground again.<\/p>\n<h3>Bonus Lock-In Certificate<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1171799740\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;valor&quot;,&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2023/ai-bonus-lock-in?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"ai-bonus-lock-in","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/ai_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/ai_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-06-28T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/sonova2_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"It sounds good","windowTitle":"Sonova","category":"underlying-in-focus","title":"Sonova","body":"<p>Just under a year ago, US President Joe Biden issued the \"Executive Order to Promote Competition in the American Economy\". The package of measures included a total of 72 initiatives aimed at lowering prices for families, increasing workers' wages, driving innovation and ultimately boosting growth in the world's largest economy. With his directive adopted on July 9, 2022, the President also focused on the 48 million Americans who suffer from hearing loss. To them, Biden promised lower-cost hearing aids. Meanwhile, the U.S. Food and Drug Administration (FDA) has implemented his directive and introduced a category for over-the-counter (OTC) hearing aids. Consumers with mild to moderate hearing impairment can purchase the comparatively inexpensive devices on their own and do not need to consult a doctor or hearing care professional.<\/p>\n<div>\n<generic-chart title=\"Sonova: Share price (in CHF)\">\n  <chart-line title=\"Sonova\" path=\"chart_sonova.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Reuters, as of 27.06.2023<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Significant slowdown in growth<\/h3>\n<p>The world's largest hearing aid manufacturer was hit by the political push at a time when business was weakening anyway. In mid-August 2022, Sonova had to revise its forecast for the financial year 2022/23 (as of the end of March 2023) downward. Management justified this step with a restrained market development and higher procurement costs. To make matters worse, the Group also lost an important customer in the USA last year. Sonova is not naming the customer. However, analysts agree that the Costco wholesale chain has removed the Swiss company's hearing aids from its product range. Whatever the case, Sonova lost considerable momentum last year. Only thanks to acquisitions did the Group still manage double-digit percentage sales growth. Organically, revenues advanced by only 2.3%. Sonova even posted a decline in operating profit (Ebit level) (see chart). For the current period, CEO Arnd Kaldowski expects - assuming constant exchange rates - an increase in sales of 3% to 7%. Adjusted Ebit is expected to advance by 6% to 10%. According to the chief, it will take time for Sonova to return to \"normal growth rates\" due to weak demand and the loss of the U.S. client.<\/p>\n<div>\n<generic-chart title=\"Sonova: Turnover and operating profits (in Mio. CHF)\">\n      <x-axis categories=\"2018/19,2019/20,2020/21,2021/22,2022/23\"/>\n      <chart-column title=\"Turnover\" data=\"2763,2917,2602,3364,3738\" format=\"number\"  />\n      <chart-line title=\"Operating profit (Ebit)\" data=\"594,621,603,844,840\" format=\"number\" yAxisRight=\"true\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Sonova, as of June 2023<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Important initiative<\/h3>\n<p>He is not idly watching the development in the States. With the Sennheiser All-Day Clear, the Group has just ventured into the new OTC market. The multifunctional hearing aid can be controlled via a smartphone app and used to stream music. \"A little more than a year after the acquisition of the Sennheiser Consumer Division, we have now achieved an important strategic goal: to offer Sennheiser-branded hearing solutions that accompany people on their journey to good hearing right from the start,\" Arnd Kaldowski commented on the product launch. According to industry insiders, the OTC segment could shake up the market for hearing aids. It's not there yet. Accordingly, most analysts are rather cautious about Sonova. J.P. Morgan, for example, has just downgraded the SMI stock from \"Overweight\" to \"Neutral\". The U.S. bank does not see any short-term drivers that could push up multiples or earnings expectations for Sonova. J.P. Morgan is not alone with this verdict. On Reuters, the analyst consensus for the share is currently \"Hold\".<\/p>\n<h3>Alternative to direct investment<\/h3>\n<p>A new soft-callable barrier reverse convertible (BRC) could fit well with this verdict. Irrespective of Sonova's further share price performance, Leonteq pays out the coupon of 9% p.a. here on a quarterly basis. This opportunity is partially protected: As long as the underlying does not fall to or below the barrier of 69% of the initial level, investors receive the CHF 1,000 nominal back in full. If this calculation does not work out, Sonova would have to turn upwards and end the term at or above the strike again to avoid markdowns. Please also note the soft callable feature. It allows the issuer to terminate and redeem the BRC early. All in all, this structured product offers an interesting alternative to direct investment. A price consolidation in the Sonova share would be enough to generate an attractive CHF return.<\/p>\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1171795839\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-sonova","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/sonova2_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/sonova2_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-06-27T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-know-how-product+homepage+banner.jpg","subTitle":"Maturity and redemption - an unavoidable \"fate\"","windowTitle":"Leonteq Know-How","category":"know-how","title":"Leonteq Know-How 5","body":"<p>With every investment, the day of truth comes at some point. Whereas with a direct investment, for example in a share, the holder is free to choose the time of sale, structured products are largely designed for a fixed term. Although they can also be sold on the secondary market at any time, most structures only develop their true earnings potential at the end of their term. The final fixing then determines whether the investment ends with a profit or loss.<\/p>\n<p>To avoid any unplanned surprises at the end of the investment, it is essential to take a look at the term sheet when buying a structured product. The terms of repayment are described in detail in the termsheet. In order to familiarize you with the relevant technical terms and possible scenarios, in the current issue of \"Leonteq Know-how\" we take a look at the redemptions of Switzerland's favorite child: the Barrier Reverse Convertible (BRC).<\/p>\n<h3>All's well that ends well?<\/h3>\n<p>The definitive end of a structured product is determined by the maturity date. On this date, which is fixed before the issue date, the final fixing takes place. Redemption usually takes place a few days later. Investors then receive the respective amount plus coupon credited to their settlement account.<\/p>\n<p>The amount of the redemption depends on the performance of the underlying instrument. Two scenarios are possible with a BRC. First, the barrier remained intact or second, the threshold was touched. In the first case, the redemption is relatively simple: If no barrier event occurred, the issuer pays back 100 percent of the denomination in cash. This ends the investment with the maximum return, which is determined by the amount of the coupon. However, if the barrier is breached, scenario two occurs. In the event that the underlying closes above the strike price at the end, the issuer again pays back the full nominal amount. Holders therefore achieve the maximum return despite the barrier breach.<\/p>\n<iframe src=\"https://www.linkedin.com/embed/feed/update/urn:li:ugcPost:7079442957245763585?compact=1\" allowfullscreen=\"\" title=\"Embedded post\" width=\"100%\" style=\"aspect-ratio: 16/9\" frameborder=\"0\"><\/iframe>\n<p>However, if the underlying does not make it back to the strike price, the partial protection no longer applies. In this case, 100 percent of the nominal can no longer be paid and the underlying is physically delivered in accordance with the conversion ratio. A note: In the case of indices and commodities as underlyings, corresponding ETFs can be delivered as an alternative to cash settlement.<\/p>\n<p>Example: Redemption scenarios for a single BRC<\/p>\n<div><ltq-table id=xxx title=\"Redemption BRC\">\n<template v-slot:default>\n<tbody>\n<tr>\n<td>Scenario 1<\/td>\n<td>Barrier: not breached<\/td>\n<td>Redemption: denomination + coupon<br>\n→ Maximum yield<\/td>\n<\/tr>\n<tr>\n<td>Scenario 2<\/td>\n<td>Barrier: violated<br>\na) Final fixing of the underlying above the strike<br>\n<br>\n<br>\nb) Final fixing of the underlying at/below the strike<\/td>\n<td><br>\n<br>\na) Repayment: denomination + coupon<br>\n→ Maximum yield<br>\n<br>\n<br>\nb) Redemption: delivery of the underlying according to conversion ratio + coupon<br>\n→ Denomination is not repaid at 100%<\/td>\n<\/tr>\n<\/tbody>\n<\/template>\n<\/ltq-table><\/div>\n<h3>Multi = Worst-of principle<\/h3>\n<p>In the case of multi-structures, the so-called \"worst-of\" principle is applied in the event of a threshold violation. Accordingly, the weakest security of the basket decides on the repayment. Caution: The worst performer does not necessarily have to be the underlying that caused the barrier event. For the determination of the redemption, the only decisive factor is which has the worst performance at the final fixing.<\/p>\n<p>The calculation of the underlying with the weakest performance is relatively simple. The current stock market price or closing price on the maturity date is set in relation to the initial fixing and the percentage result is the price performance. While distributions such as dividends do not play a role in the performance calculation, events such as stock splits must be taken into account.<\/p>\n<p>Example: Repayment scenarios for a Multi BRC<\/p>\n<div><ltq-table id=xxx title=\"Redemption Multi BRC\">\n<template v-slot:default>\n<tbody>\n<tr>\n<td>Scenario 1<\/td>\n<td>Barrier: not breached<\/td>\n<td>Repayment: denomination + coupon<br>\n→ Maximum return<\/td>\n<\/tr>\n<tr>\n<td>Scenario 2<\/td>\n<td>Barrier: violated<br>\na) Final fixing of all underlyings above the strike price<br>\n<br>\n<br>\nb) Final fixing of one underlying at/below the strike<\/td>\n<td><br>\n<br>\na) Repayment: denomination + coupon<br>\n→ Maximum yield<br>\n<br>\n<br>\nb) Redemption: Delivery of the underlying with the weakest price performance (worst-of) according to conversion ratio + coupon<br>\n→ Denomination is not repaid at 100%<\/td>\n<\/tr>\n<\/tbody>\n<\/template>\n<\/ltq-table><\/div>\n<h3>Influence factor currency<\/h3>\n<p>With regard to the redemption modalities, it is also important to keep an eye on the currencies. If the denomination and the underlying are quoted in the same currency, the conversion ratio is the quotient of the denomination and the strike price of the respective underlying. If different currencies are involved, the conversion ratio is calculated by dividing the denomination (currency A) by the strike price of the respective underlying (currency B) multiplied by the exchange rate on the maturity date (exchange rate B/A). This is the so-called quanto mechanism, which describes that the product is a currency-hedged product. This is because the conversion on the expiration date means that the performance of the underlying is reflected 1:1 in the redemption. Therefore, no conversion ratio can be given for underlyings that are quoted in a currency other than the product currency at issuance.<\/p>\n<h3>Important terms<\/h3>\n<div><ltq-table id=\"Important terms\" title=\"\"> <template v-slot:default=\"\">\n    <tbody>    \n        <tr>\n            <td>Initial level<\/td>\n            <td>The official price of the underlying on the relevant reference exchange at fixing, determined by the calculation agent.<\/td>\n        <\/tr>\n        <tr>\n            <td>Conversion ratio<\/td>\n            <td>Denomination divided by the strike price.<\/td>\n        <\/tr>\n        <tr>\n            <td>Cash settlement<\/td>\n            <td>The transfer of a cash amount upon redemption of a structured product.<\/td>\n        <\/tr>\n        <tr>\n            <td>Physical settlement<\/td>\n            <td>The physical delivery of securities to settle the structured product.<\/td>\n        <\/tr>       \n        <tr>\n            <td>Quanto<\/td>\n            <td>Designation for currency-hedged products.<\/td>\n        <\/tr>\n        <tr>\n            <td>Closing Fixing<\/td>\n            <td>The official closing price of the underlying on the reference exchange at the end of the term. <\/td>\n        <\/tr>\n        <tr>\n            <td>Worst performer<\/td>\n            <td>To calculate the performance of the underlyings, the value at the final fixing is divided by the corresponding initial level. The underlying with the lowest value, is called worst performer.<\/td>\n        <\/tr>\n    <\/tbody>\n<\/template>\n<\/ltq-table>\n<\/div>\n<div class=\"ltq-row\" style=\"flex-direction: row;\"> <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/know-how/know-how-transparent-pricing?language_id=1\" label=\"Leonteq Know-how 4\"><\/ltq-button>\n<ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/know-how/know-how-capital-protection?language_id=1\" label=\"Leonteq Know-How 6\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"know-how-maturity-redemption","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-know-how-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-know-how-thumbnail.jpg"},{"date":"2023-06-21T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/avis_budget_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"A fleet of vehicles","windowTitle":"Avis Budget","category":"coupon-giant","title":"Avis Budget","body":"<p>Whether on vacation, on a business trip, or for a jaunt in between, rental cars are currently selling like hot cakes. After the Corona slump in 2020, the curve is pointing steeply upwards. According to estimates, global car rental sales will break the EUR 100 billion mark for the first time this year. According to data specialist Statista, the market will then grow to just under EUR 114 billion by 2027, corresponding to an expected annual growth rate of just under 3%.<\/p>\n<p>According to market researcher Morder Intelligence, growth drivers include an increase in business travel and tourism, as well as the greater availability of top-of-the-range luxury and economy vehicles. In addition, the increasing acceptance of electric cars is supporting demand for rental cars. The U.S. group Avis Budget has long recognized the signs of the times and even introduced its own booking group for such vehicles in Germany a few days ago. A pool of 14 e-models is offered.<\/p>\n<h3>Boom in demand<\/h3>\n<p>With more than 7,000 locations in 179 countries, Avis is one of the largest car rental companies in the world. The U.S. is the company's most important region, accounting for 78.8% of sales. The fact that Avis, which is headquartered in Parsippany in the US state of New Jersey, has an attractive fleet is best reflected in its books. Revenue grew 29% year-over-year in 2022 and 31% over pre-Corona year 2019 to USD 12.0 billion. As a result, Avis grew significantly faster than the market. On the earnings side, the company set new records on both an EBITDA and net basis.<\/p>\n<div>\n<generic-chart title=\"Global car rental turnover (in billion EUR)\">\n      <x-axis categories=\"2017,2018,2019,2020,2021,2022,2023,2024e,2025e,2026e,2027e\"/>\n      <chart-column title=\"Global turnover (in billion EUR)\" data=\"76.06,74.87,79.79,49.62,59.75,76.38,101.50,105.20,108.30,111.20,113.90\" format=\"number\"  />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Statista, e = expected<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<p>The start to the new year has also been successful. Supported by strong demand and higher prices, sales increased by 5.1% to USD 2.56 billion, beating consensus estimates by 2.2%. Adjusted earnings per share of USD 7.72 beat expectations by more than 100%. And Avis set another record, with rental transactions reaching the highest level in a first quarter in the company's 77-year history. \"Despite this growth in activity, we managed to improve utilization and tightly control costs to continue to deliver strong earnings,\" CEO Joe Ferraro was pleased to say in presenting the interim report.<\/p>\n<h3>Laggards<\/h3>\n<p>On the capital market, on the other hand, the shares with the meaningful stock exchange abbreviation \"CAR\" are presenting themselves less strongly. For more than a year, Avis Budget Group's share price has been making no headway on the bottom line. The S&amp;P 400 MidCap member recently jetted up and down in a wide range between USD 150 and USD 250 and is currently hovering around the USD 200 mark. The stock has also significantly underperformed comparable stocks in the travel and leisure sectors since the beginning of the year. According to Deutsche Bank analysts, however, the stock was \"left behind for no reason.\" Due to the favorable valuation, the experts recently upgraded Avis from \"Hold\" to \"Buy\" and raised the price target from USD 239 to USD 263. This puts Deutsche Bank exactly in line with the consensus price forecast of 5 analyst firms, whose fair value estimates range from USD 327 to USD 182.<\/p>\n<div>\n<generic-chart title=\"Avis Budget Group: Share price (in USD)\">\n  <chart-line title=\"Avis Budget\" path=\"chart_avis.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Thomson Reuters, as of 20.06.2023<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>High coupons, low barriers<\/h3>\n<p>In order to achieve attractive returns with the new Softcallable Barrier Reverse Convertibles on Avis Budget Group, the share may even be oriented towards the lowest price target of the analysts. The two single products, which are offered in CHF and USD, each have a risk buffer of a comfortable 51%. If the barrier remains intact during the maximum term of 18 months, the maximum yield will be achieved. The coupons amount to an above-average 14.00% p.a. for the CHF variant and even 17.00% p.a. for the USD product. After half a year at the earliest, the issuer has the right to terminate the Barrier Reverse Convertibles prematurely. This also applies to the new multi-BRC on the two car rental specialists Avis and Uber. The CHF-denominated product also has a low barrier of 49% of the initial level, and the coupon amounts to an attractive 17.00% p.a.  <\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1171792588\\&quot;\\&quot;CH1271358215\\&quot;\\&quot;CH1171792703\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-avisbudget","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/avis_budget_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/avis_budget_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-06-16T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/japan_product-homepage-banner.jpg","subTitle":"Capital protection certificate on Japanese retailers","category":"investment-themes","title":"Buffett\u2019s favourites in one package","body":"<h3>A special quintet<\/h3>\n<p>Whether Apple, Coca-Cola, HP or Kraft Heinz, Warren Buffett has a weakness for US brands that are successful across the world. Alongside such prominent stocks, the portfolio of Berkshire Hathaway, the star investor\u2019s holding company, has always included shares that enjoy less focus in the global economy and stock markets. They include a quintet from Japan that Buffett discovered for himself just under three years ago. On his 90th birthday in August 2020, he invested in Itochu, Mitsubishi, Mitsui, Sumitomo and Marubeni for the first time. These are the largest trading houses in Japan. By travelling to the Far East in April, Buffett leant weight to his convictions about the \u201cSōgō Shōsha\u201d companies. It was announced at practically the same time that Berkshire Hathaway had increased its stake in each of the five stocks to 7.4%.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2023/japan-equity-capital-protection?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<h3>A true giant<\/h3>\n<p>In taking this step, the legendary value investor gave wings to the Tokyo stock market in general and its local equities in particular. The same applies for Mitsubishi Corporation (MC): over the course of a month, the capitalisation of Japan\u2019s largest retail company increased by 18%. Founded in 1954, the company is a model example of Japan's \u201cSōgō Shōsha\u201d. \u201cMC has ten business groups that operate across virtually every industry,\u201d says the group\u2019s website. The spectrum of activities extends from natural gas and industrial metals through chemicals, infrastructure and mobility to foodstuffs, power stations and urban development. At the end of 2022, the conglomerate numbered more than 1,700 subsidiaries and equity investments. Almost 80,000 people in total work for MC.<\/p>\n<h3>In constant change<\/h3>\n<p>In May CEO Katsuya Nakanishi set out medium-term goals. Under the \u201cMidterm Corporate Strategy 2024\u201d, he is aiming for a double-digit percentage return on equity (ROE) and \u2013 regardless of market fluctuations \u2013 would like net earnings to increase constantly. \u201cThis is to be achieved by maintaining a sound profit base while investing in energy transformation, digital transformation and other growth areas,\u201d Nakanishi stated. The focus of investment is on the energy transition, with MC looking to put the equivalent of some USDbn 8.6 into this sector in the 2022 to 2024 planning period. Among other areas, the company is investing in the raw materials for batteries. The \u201crenewables\u201d sector already accounts for around 30% of the business portfolio. The CEO wants to see this share rise to 40% by the 2024 fiscal year. Going forward, he sees half of MC as a specialist in regenerative energy sources.<\/p>\n<div><ltq-table id=\"dividenden-adel-table\" title=\"A strong quintet: Facts and figures of the Japanese retail companies\"> <template v-slot:default=\"\">\n<thead>\n<tr>\n<th>Name<\/th>\n<th>Year formed<\/th>\n<th>Stock market value (in USD billion)<\/th>\n<th>Share price performance 1 month<\/th>\n<th>Share price performance 12 months<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Mitsubishi<\/td>\n<td>1954<\/td>\n<td>64.9<\/td>\n<td>18%<\/td>\n<td>37%<\/td>\n<\/tr>\n<tr>\n<td>Itochu<\/td>\n<td>1858<\/td>\n<td>61.1<\/td>\n<td>15%<\/td>\n<td>45%<\/td>\n<\/tr>\n<tr>\n<td>Mitsui<\/td>\n<td>1947<\/td>\n<td>55.9<\/td>\n<td>16%<\/td>\n<td>43%<\/td>\n<\/tr>\n<tr>\n<td>Marubeni<\/td>\n<td>1858<\/td>\n<td>26.2<\/td>\n<td>20%<\/td>\n<td>50%<\/td>\n<\/tr>\n<tr>\n<td>Sumitomo<\/td>\n<td>1919<\/td>\n<td>25.4<\/td>\n<td>13%<\/td>\n<td>51%<\/td>\n<\/tr>\n<tr><\/tr>\n<\/tbody>\n<\/template> <template v-slot:below=\"\"> <LtqCardBody><footer>Source: Reuters, companies, as af: 12.06.2023.<\/footer><footer>Historical data is not a reliable indicator of future performance.<\/footer><\/LtqCardBody> <\/template> <\/ltq-table><\/div>\n<h3>Participation and security<\/h3>\n<p>Leonteq is seizing the momentum of the \u201cSōgō Shōsha\u201d for a special new issue. A capital protection certificate enables investors to take a punt on the further growth of the five stocks. They can also sleep soundly, though: the issuer offers a full capital guarantee for when the term ends in three years. The equally weighted price movement of Itochu, Mitsubishi, Mitsui, Sumitomo and Marubeni will determine the repayment of the product. The certificate participates in a positive performance by this basket of shares up to the cap level of 124% of the initial price. Should the quintet improve on that, there would be no further increase in the amount repaid. On the other hand, though, holders of the product will not have to fear losses should the five companies perform badly. It should be borne in mind that the above modalities apply at maturity. A range of parameters alongside price performance, such as the interest rate level, will affect the price of the certificate in the course of the term. The price can therefore slide well below the guarantee level of 100%.<\/p>\n<h3>Capital protection certificate with participation<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1171792083\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2023/japan-equity-capital-protection?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"japan-equity-capital-protection","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/japan_sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/japan_thumbnail.jpg"},{"date":"2023-06-14T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/vat_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"In the slipstream of the AI Rally","windowTitle":"VAT Group","category":"underlying-in-focus","title":"VAT Group","body":"<p>Actually, Liverpool is best known for its legendary football club, the \"Reds\". But the city and its region in the northwest of Great Britain have much more to offer. This is also true in terms of science. For more than 60 years, the Daresbury Laboratory has been driving research in a variety of fields, ranging from nuclear physics to supercomputers. This week, this internationally recognized facility is hosting the 12th \"Vacuum Symposium UK.\" In addition to technical meetings, training courses and poster sessions, the program of the two-day event (June 13 and 14) includes an exhibition. Of course, the VAT Group cannot be missing at such an event. The Swiss company describes itself as the world's \"leading developer and producer of high-performance vacuum valves, multi-valve assemblies, vacuum modules and metal diaphragm bellows.\" It is less the anticipation of the industry symposium than the rally in the chip sector that is likely to have boosted VAT shares recently. Over the course of a month, the mid cap has risen in price by 22%. This makes VAT Group one of the top 5 performers in the 216-strong Swiss Performance Index.<\/p>\n<div>\n<generic-chart title=\"VAT Group: Share price (in CHF)\">\n  <chart-line title=\"VAT Group\" path=\"chart_vat.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Reuters, as of 13.06.2023<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Semiconductors as core segment<\/h3>\n<p>The Haag-based company's vacuum valves are used in the research and production of a wide variety of electronic components. In addition to LEDs, solar cells and displays, these include semiconductors in particular. In 2022, the \"Semiconductor\" division contributed 63% of Group sales (see chart). As much as three quarters of the business was related to the chip industry, according to the company. Against this background, it is not surprising that the latest news from this technology field has rubbed off on the domestic equipment supplier. In May, several chipmakers commented positively on the outlook for artificial intelligence (AI). Among them was Nvidia. The U.S. industry player literally pulverized Wall Street's expectations with its forecast for the current second quarter. Nvidia supplies semiconductors that help process the enormous volumes of data generated by AI applications such as ChatGPT.<\/p>\n<div>\n<generic-chart title=\"VAT Group: Turnover by segments 2022 (shares in %)\">\n      <pie-chart path=\"chart_pie_VAT.csv\" format=\"string, number\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: VAT Group, as of June 2023<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Cyclical downturn<\/h3>\n<p>A potential AI boom would come just in time for VAT. After all, just a few weeks before the positive news from overseas, the technology company had reported a \"cyclical downturn in semiconductors.\" This had burdened the order intake in the first quarter of 2023. Specifically, VAT Group received orders with a volume of CHF 136 million - 54% less than in the first three months of 2022. Since the order book is bulging after the boom of recent years, net sales declined less sharply. At CHF 233 million, revenues in the first quarter were 12% below the level of the previous year. VAT Group thus exceeded its own forecast (CHF 210 to 230 million). The company was particularly affected by weakening demand for memory chips used in smartphones, tablets and PCs. Here, the consequences of inflation, rising interest rates and the resulting economic uncertainties are becoming apparent. In contrast, the AI boom already seems to be having a positive impact on business. \"Investments in state-of-the-art logic chips for data processing remained at a solid level,\" VAT wrote in a media release. This circumstance could help the group get back on track for growth next year after a decline in sales and earnings in 2023. At least, that's how the management plans it.<\/p>\n<h3>Prepared for consolidation<\/h3>\n<p>Even if the mid cap were to suffer setbacks - operationally or on the stock market - an attractive return would be possible with the Softcallable Barrier Reverse Convertible (BRC). The product, which is denominated in CHF, pays a coupon of 11.50% p.a. regardless of the further development of the VAT Group share price. The nominal is partially protected: As long as the underlying does not fall to or below the barrier of 59% of the initial level, investors receive the nominal amount back in full at maturity. If the cushion is not sufficient, the investment would be exposed to the full risk of VAT Group. To avoid markdowns in this scenario, the underlying would have to climb back up to or above the strike by the final fixing. Please also note: Leonteq may call this issue in advance. It is possible to exercise the soft callable feature for the first time after half a year and then every three months. If the issuer makes use of this, the BRC will be redeemed early together with the accrued coupon.<\/p>\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1171792679\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-vat","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/vat_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/vat_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-06-07T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/palantir_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"A remarkable rebound","windowTitle":"Palantir","category":"coupon-giant","title":"Palantir","body":"<p>Inflation and rising interest rates - this mix hit technology stocks particularly hard last year. Gradually, the inflationary pressure is easing and the central banks - above all the US Fed - may now be pursuing a somewhat less rigorous course. This mix of factors is just one reason why the technology sector is currently making a spectacular comeback on the stock market. The emerging boom in generative artificial intelligence (AI) is seen as another driver. In recent weeks, several companies have really electrified investors with figures and forecasts on this megatrend. In addition to the semiconductor specialists Nvidia and Marvell Technology, the software developer Palantir Technologies is among this group. The Denver-based group equips companies and security agencies with operating systems for the integration, analysis and use of complex data sets.<\/p>\n<div>\n<generic-chart title=\"Palantir: Earnings per share (GAAP, in USD)\">\n      <x-axis categories=\"Q1 22,Q2 22,Q3 22,Q4 22, Q1 23\"/>\n      <chart-column title=\"EPS (in USD)\" data=\"-0.05,-0.09,-0.06,0.01,0.01\" format=\"number\"  />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Palantir, as of 08.05.2023<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Leap over the breakeven point<\/h3>\n<p>In early May, Palantir released its interim report for the first quarter of 2023. The very first bullet point on a 29-page presentation shows key progress for the company. The group was able to end its second consecutive quarter with GAAP net income. \"We achieved GAAP operating profitability for the first time in our company's history,\" the bullet point reads. Palantir was launched in 2004 by its current CEO, Alex Karp. Its four partners included well-known German-American technology investor Peter Thiel. Palantir made the leap over the breakeven line thanks to strong demand. For the first quarter of 2023, the group posted revenue growth of 18% to $525 million, with nearly 44% of revenue coming from the U.S. government. The business, which includes Palantir's work for the CIA, expanded 22% in the first three months of the year. In the commercial sector, revenues in the home market actually grew by more than a quarter.<\/p>\n<h3>New AI platform<\/h3>\n<p>Palantir surprised positively not only with revenue and profit, but also with its outlook. Management slightly raised its forecast for the full year. CEO Karp now expects sales of USD 2,185 billion to USD 2.235 billion. Previously, the target range was USD 2.180 billion to USD 2.230 billion. In operational terms, the top manager is targeting adjusted earnings of between USD 506 million and USD 556 million. Here, USD 481 million to USD 531 million was previously on the plan. After starting the year in the black, the CEO is also aiming for a GAAP surplus in all further quarters. He has high hopes for AI. The Group recently developed the \"Artificial Intelligence Platform\", or AIP for short. It is based on the same technology as the well-known ChatGPT application and can be used for military purposes as well as by business customers. In presenting the figures, Alex Karp described the interest and demand for AIP as \"unprecedented\". The company can continue to rely on the Pentagon: earlier this week, Palantir was awarded a multi-year contract with the US Special Operations Command (USSOCOM). Under this contract, worth up to USD 463 million, the service provider will support the U.S. armed forces - with the help of AI, among other things - in the integration and use of real-time information.<\/p>\n<div>\n<generic-chart title=\"Palantir: Share price (in USD)\">\n  <chart-line title=\"Palantir\" path=\"chart_palantir.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Reuters, as of 06.06.2023<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Stately volatility, high coupons<\/h3>\n<p>Following this news, Palantir shares, listed on the New York Stock Exchange, gained close to 5%. Not only in terms of performance, but also in terms of volatility, the software stock stands out from the crowd right now. The historical price fluctuation range for the period of one month is more than 90%. The Nasdaq-100 Index shows a value of a good 16% here. With new Softcallable Barrier Reverse Convertibles, yields can be created from the relatively strong price swings of Palantir. The reason: volatility is a key parameter for the terms of this popular product structure. Specifically, a BRC based on Palantir and denominated in CHF yields a guaranteed coupon of 15% p.a., the barrier is 49% of the initial level. A BRC denominated in USD has an identical protection threshold. Here, the payout amounts to 18% p.a. Of course, the high volatility has a downside: it entails a relatively pronounced risk of threshold violation, which is compensated via the product conditions. Please also note the soft callable feature: The issuer can call and redeem both BRCs early.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1271351863\\&quot; \\&quot;CH1271351913\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-palantir","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/palantir_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/palantir_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-06-02T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/fuw_invest_etp+_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"The Risk-, Value- and Eco-Portfolios as ETP+","windowTitle":"New ETP+ with Finanz und Wirtschaft","category":"etp","title":"Proven portfolios in a new label","body":"<p>Leonteq and <a href=\"https://www.fuw.ch/\" target=\"_blank\" rel=\"noopener\" title=\"Tamedia Finanz und Wirtschaft AG\">Tamedia Finanz und Wirtschaft AG<\/a> are further expanding their successful collaboration following the successful launch of a series of investment products which recorded solid interest among investors and are now launching the renowned portfolios: Risk, Value and Eco as Exchange Traded Products (ETP) on the SIX Swiss Exchange (ETP Segment) under the new label ETP+.<\/p>\n<h3>The FuW-Risk-Portfolio<\/h3>\n<p>\u201cFinanz und Wirtschaft\u201d has been offering direct investment recommendations within the Swiss equity universe and publishing them regularly in the FuW Risk Portfolio since as long ago as March 1995. The FuW Risk Portfolio Index replicates the performance of the underlying equities. When selecting the portfolio components, FuW\u2019s editorial team focuses largely on undervalued Swiss equities (large, mid and small caps) with a short to medium investment horizon. Allocation decisions are made by the FuW team based on a combination of fundamental and technical analysis. The aim of the investment in high-risk equities is to achieve a better return profile than the Swiss Performance Index®.<\/p>\n<h3>Highlights<\/h3>\n<ul>\n   <li>Best-known portfolio of the editors of \u201cFinanz und Wirtschaft\u201d<\/li>\n   <li>Swiss equity portfolio with track record of many year<\/li>\n<\/ul>\n<h3>The FuW-Value-Portfolio<\/h3>\n<p>The FuW-Value-Portfolio-Index tracks the model FuW-Value-Portfolio launched in 2008. The index replicates investment in global value stocks (focusing on North America and Europe) from all sectors and with a medium to long-term investment horizon. The composition of the index is reviewed quarterly by the Index Committee created specifically for that purpose. The Index Committee comprises the FuW editor-in-chief, the heads of department and the relevant editors. The allocation decisions are taken by the index sponsor using a proprietary model that is based on fundamental analysis and aims to achieve a better risk and return profile than the S&P 500, the STOXX EUROPE 50 and the Swiss Market Index. <\/p>\n<h3>Highlights<\/h3>\n<ul>\n   <li>Known portfolio of the editors of \u201cFinanz und Wirtschaft\u201d<\/li>\n   <li>International equity portfolio with a focus on Europe and North America<\/li>\n<\/ul>\n<h3>The FuW-Eco-Portfolio<\/h3>\n<p>The Eco-Portfolio is the third model portfolio launched and managed since 2020 by FuW after the Risk and Value Portfolios. The focus is on companies that pursue a CO2 reduction strategy. In addition to ecological criteria, new acquisitions must also meet financial criteria. These include an attractive valuation and solidity in the form of a low debt ratio and attractive profitability. The portfolio was launched at the beginning of June 2020 with a selection of twenty equally weighted stocks. Swiss and European names are currently overrepresented, but in principle there is no regional restriction.<\/p>\n<h3>Highlights<\/h3>\n<ul>\n<li>An ingenious and sustainable investment: the Eco-Portfolio from \u201cFinanz und Wirtschaft\u201d<\/li>\n<li>International equity portfolio with a sustainability strategy<\/li>\n<\/ul>\n<h3>ETP+ on the Risk-, Value- and Eco-Portoflio-Index NTR<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;CH1171797231 CH1171797249 CH1171797256&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <footer><left>\n<p><li>Invest like the experts from CHF 25<\/li>\n<p><li>Net dividends are reinvested in the index<\/li>\n<p><li>Daily tradable on the SIX Swiss Exchange<\/li>\n<p><li>ETP+ - Collateralisation powered by SIX<\/li>\n<\/left><right> <\/right><\/footer>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/Articles/etp-exchange-traded-product?language_id=1\" label=\"Find out more about ETP+\"><\/ltq-button><\/div>\n\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"etp-fuw-risk-value-eco","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/fuw_invest_etp+_leonteq-structured-products_sidenav+banner2.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/fuw_invest_etp+_leonteq-structured-products_thumbnail2.jpg"},{"date":"2023-05-31T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/etp+_usd_overnight_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"ETP+ on the Leonteq USD Overnight Return Index","windowTitle":"Leonteq USD Overnight Return Index","category":"etp","title":"Flexible and secure management of USD cash","body":"<h3>\"Cash is king\"<\/h3>\n<p>In mid-May J.P. Morgan organised a \u201cGlobal Markets Conference\u201d in Paris. 740 investors accepted the invitation from the US big bank, taking part in a total of 20 sessions. Some 50 experts discussed the situation of the global economy and the outlook for capital markets. J.P. Morgan also used the occasion to ask the delegates for their assessment and the current orientation of their portfolios. Around 250 guests responded to the survey. \u201cInvestors are defensively positioned, they are keeping cash as their biggest exposure,\u201d says the Global Research team at J.P. Morgan, summarising the results. For 28% of those questioned, cash holdings in the respective portfolio currency are their most overweight positions. This allocation reveals both a certain caution and uncertainty as to how the monetary and geopolitical situation and the economic outlook will develop. At the same time, cash has regained some of its attraction as an investment after many lean years.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2023/etp-plus-leonteq-usd-overnight-return-index?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<h3>Highly regarded reference rate<\/h3>\n<p>This theory is underpinned by the recent history of the Secured Overnight Financing Rate (SOFR). The reference rate for overnight transactions in the US dollar repo market has climbed above the 5% barrier (see graph). With the turnaround in US monetary policy, the SOFR has awoken from years-long lethargy. The Fed has hiked interest rates a total of ten times since March 2022, and the reference rate has moved up in just as many steps. After a slight delay, the volume of overnight transactions in cash holdings secured by US government bonds also rose. Daily turnover recently came to just under USDbn 1,500, around half as much again as a year ago. The SOFR is calculated as a volume-weighted median from repo transaction data collected by the Bank of New York Mellon. The New York Fed is responsible for its publication each business day.<\/p>\n<div>\n<generic-chart title=\"Staggered rise US SOFR\">\n  <chart-line title=\"USD Secured Overnight Financing Rate (in %)\" path=\"chart_sofr.csv\" format=\"date, number\"/>\n  <chart-line yAxisRight=\"true\" title=\"Volume (in USD billion)\" path=\"chart_vol_sofr.csv\" format=\"date,number\" />\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n\n<footer>Source: Reuters, as at: May 2023.<br/>Past performance is not a reliable indicator of future performance.<\/footer>\n<h3>A special kind of underlying<\/h3>\n<p>Leonteq is now using this highly regarded reference rate to construct a new underlying, the Leonteq USD Overnight Return Index. This barometer \u201ccollects\u201d the interest on the US SOFR. The USD Overnight Return Index climbs by 1/360th of the reference rate each calendar day. With the SOFR currently standing at 5.05%, the daily rise in the new benchmark amounts to a purely arithmetical and rounded 0.014% or index points. The idea behind this formula is to be able to realise a steady return on USD cash holdings. The Leonteq USD Overnight Return Index can be added to a portfolio by means of an ETP+. The SIX-quoted product maps this special underlying with no term limit, allowing investors to generate an attractive interest rate on their USD cash without having to hold them for a minimum period of time, as is the case with classic fixed deposits.<\/p>\n<h3>Robust product structure<\/h3>\n<p>With such a form of investment, of course, security has an important role to play. Leonteq was the first ETP provider in Switzerland to be licensed and monitored by FINMA as a securities firm. The company also has a capital base of some CHFmn 930 (as at the end of 2022). There is a special form of collateral, too, a pledge being deposited with SIX SIS AG for every ETP+. The depositary agent ensures that investors have access to these funds in the event of the issuer becoming insolvent. Measures are also taken to ensure that the collateral is sufficiently large: SIX Repo AG undertakes a daily review and valuation of the securities. It goes without saying that this process costs money. The management fee for the ETP+ on the Leonteq USD Overnight Return Index is 0.10% p.a. Although this small contribution is taken from the ongoing cash returns, the income of around 4.45% p.a. at the moment stands up well by comparison with USD money market investments callable daily.<\/p>\n<h3>ETP+ on the Leonteq USD Overnight Return Index - tradeable SIX Swiss Exchange<\/h3>\n<div><price-chart isin=\"CH1261327568\"><\/price-chart><\/div>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1261327568\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2023/etp-plus-leonteq-usd-overnight-return-index?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"etp-plus-leonteq-usd-overnight-return-index","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/etp+_usd_overnight_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/etp+_usd_overnight_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-05-31T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/marvell_technology_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"With AI into new dimensions","windowTitle":"Marvell Technology","category":"underlying-in-focus","title":"Marvell Technology","body":"<p>The topic of artificial intelligence (AI) is omnipresent. Scientists discuss the possibilities of this field of technology just as much as politicians, entrepreneurs and investors. ChatGPT is at the center of the debates. The generatively pre-trained (GPT) language model was developed by OpenAI, a subsidiary of the US technology giant Microsoft. New applications are constantly being introduced - ChatGPT delivers analyses and essays, simulates human interaction or writes poems and songs. Despite all the criticism - among other things, there are warnings of a loss of control - generative AI is increasingly turning out to be a branch of industry with enormous growth opportunities. The potential profiteers include not only the developers of the corresponding software. The use of ChatGPT and comparable applications requires the processing of enormous amounts of data. The mainframe computers used for this purpose contain ultra-modern and super-fast semiconductors.<\/p>\n<div>\n<generic-chart title=\"Marvell Technology: Share price (in USD)\">\n  <chart-line title=\"Marvell Technology\" path=\"chart_marvell.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Refinitiv, as of 30.05.2023<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>\"Hammer\" news<\/h3>\n<p>Shortly before Whitsun, two chip manufacturers made people sit up and take notice with offensive forecasts for the AI business. Nvidia announced sales of around USD 11 billion for the current quarter - about 50% more than analysts had previously expected. According to its own statements, the US company now prefers to sell complete AI supercomputers instead of individual semiconductors. The Nvidia share reacted to the interim report with a price jump of up to 29%. Marvell Technology, which is also listed on the Nasdaq, even rose by almost 42% within two days. Initially, this share benefited from the Nvidia news. The next day, Marvell itself took the floor. With the sales for the first quarter of the fiscal period 2024 (as of the end of January 2024), the chip manufacturer was able to just exceed expectations. The real \"hammer\" here was also the outlook: CEO Matt Murphy expects revenues in the AI segment to double this year. \"Generative AI is rapidly driving new applications and changing the investment priorities of cloud customers,\" the top executive said.<\/p>\n<h3>Technological diversity<\/h3>\n<p>In 2024, the boom is expected to continue. Murphy expects Marvell Technology's AI revenues to at least double again then \"and continue to grow strongly in the years ahead.\" For the current second quarter, the CEO is forecasting a one-tenth year-over-year revenue increase in the cloud segment. Marvell has assigned the business for semiconductor solutions used in the \"data cloud\" to the \"Data Center\" division. Consequently, this segment also includes the AI solutions of the technology company based in the US state of Delaware. In fiscal year 2023, the segment contributed 41% of total revenue. In total, the group is active in five end markets (see chart). Marvell's components can be found in corporate networks, broadband infrastructure, game consoles and autonomous driving cars.<\/p>\n<div>\n<generic-chart title=\"Marvell Technology: Sales by segment fiscal year 2023\">\n      <pie-chart path=\"chart_marvell_pie_en_II.csv\" format=\"string, number\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Marvell Technology, as of 26.05.2023<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Interesting investment alternatives<\/h3>\n<p>Despite all the euphoria: After the recent price advances, the Marvell Technology share looks quite overbought. In this respect, a consolidation could now be imminent. In such a scenario, the new Softcallable Barrier Reverse Convertible (BRC) would offer an interesting investment alternative. As issuer of the CHF-denominated structured product, Leonteq guarantees a quarterly coupon payment of 9.00% p.a.. Those who wish to allocate the capital in USD can even expect a 300 basis points higher payout extrapolated over the year. Regardless of the value date of the BRC, Marvell enters the twelve-month term with a barrier of 55% of the initial fixing. As long as the underlying does not fall to or below this level, investors will receive the nominal amount in full at maturity. If this calculation does not work out, the partial protection expires. The same principle applies to another BRC. Here Marvell comes together with the industry giant Intel. The CHF-denominated multi-product pays a coupon of 13% p.a., while the barrier is 55% of the starting prices. Leonteq may call each of the featured BRCs at specified dates. If the issuer makes use of the soft callable feature, the respective product, with accrued coupon, will be redeemed early.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1265333620\\&quot; \\&quot;CH1265333646\\&quot; \\&quot;CH1265333653\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-marvell","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/marvell_technology_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/marvell_technology_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-05-30T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-know-how-product+homepage+banner.jpg","subTitle":"Transparent pricing","windowTitle":"Leonteq Know-How","category":"know-how","title":"Leonteq Know-How 4","body":"<p>Cost transparency is an important touchstone when buying structured products. This is because the costs provide information on what a certificate actually costs and thus serve to protect investors. Moreover, the expected return can only be determined with certainty if all the facts are on the table. In the last issue of \"Leonteq Know-how\", we already looked at the factors influencing the conditions when structuring. In the current issue, we now take a closer look at the effects of various variables from the issuance to the secondary market price.<\/p>\n<h3>The birth of a product<\/h3>\n<p>Basically, there are different ways when and how investors acquire a structured product. Yield enhancement products are often purchased or subscribed to immediately upon issuance. Two cost points can arise in the process: Firstly, possible sales commissions of the issuer, and secondly, potential entry and exit costs. However, both factors are listed separately in the respective issue terms and conditions, so that first-time subscribers need not fear any negative surprises.<\/p>\n<p>Even before the issue is launched, the initial fixing takes place. Two types can be distinguished here: Firstly, live fixing, and secondly, closing. In practice, the latter is the most common. Usually, the subscription period (primary market) ends during the day and the fixing for the product then takes place at the closing price of the underlying. In the case of a barrier reverse convertible, for example, the strike price, the barrier and, if applicable, the coupon trigger and autocall trigger levels are derived from this initial fixing. <\/p>\n<p><iframe src=\"https://www.linkedin.com/embed/feed/update/urn:li:ugcPost:7069578115823411201?compact=1\" allowfullscreen=\"\" title=\"Embedded post\" width=\"100%\" style=\"aspect-ratio: 16/9\" frameborder=\"0\"><\/iframe><\/p>\n<h3>Trading starts<\/h3>\n<p>Before the first official trading day, it is possible in individual cases to trade the new product directly with the issuer in advance in the gray market. The product then enters the secondary market. This is where most of the capital exchange of products in circulation takes place. This may be an exchange such as the SIX Swiss Exchange or BX Swiss. However, direct trading with the issuer is also possible without a listing on an exchange. In both cases, pricing is usually carried out by the issuer as market maker. The issuer provides bid and ask prices on each trading day and also sufficient liquidity. Caution: In the event of market disruptions or extraordinary events, trading may be suspended by the market maker. These can be technical malfunctions, the suspension of the underlying as well as extraordinary market movements.<\/p>\n<h3>\"Clean\" or \"dirty\".<\/h3>\n<p>Pricing, in turn, can be \"clean\" or \"dirty\" for products that have a coupon, such as barrier reverse convertibles. The question of \"clean\" or \"dirty\" is whether or not the bid and ask prices quoted include accrued interest. This is the interest that has accrued since the last coupon date. For example, if a BRC pays a coupon of 5.00% on a nominal of 1,000 Swiss francs every January 1, the accrued interest in the middle of the year on July 1 is approximately 25 francs.<\/p>\n<p>If the price of the BRC is now quoted \"clean\", this does not include any accrued interest. In this case, investors must find out for themselves how much it is. It is much easier with so-called dirty pricing, where the interest is already included in the price. At first glance, a BRC with \"clean\" pricing costs less on the stock exchange than with dirty pricing. However, if accrued interest is included, the two securities are of equal value. Investors wishing to compare different products must therefore find out in advance about the method of pricing. Classic BRCs are usually priced \"clean\", whereas the price of callable variants is often quoted \"dirty\".<\/p>\n<p>We went into detail about the influence of the individual parameters on the design of a yield enhancement product in the primary market in the last issue \"Leonteq Know-how\"-Part 3. Below is a brief review: In addition to the level of volatility, i.e. the fluctuation intensity of the underlyings, interest rate development, dividend expectations as well as the term play an important role in determining the conditions. Speaking of maturity: In principle, a decreasing remaining term in the secondary market has a positive effect on a barrier reverse convertible, i.e. in the form of rising prices, as long as the barrier is intact. The reason for this is the decreasing probability of a breach of the safety threshold. In the event of a barrier breach, however, this positive time value effect is hardly evident in the final weeks of the term. If the underlying approaches the barrier, the probability of contact increases again and this has a negative effect on the product price.<\/p>\n<h3>Important terms<\/h3>\n<div><ltq-table id=\"Important terms\" title=\"\"> <template v-slot:default=\"\">\n    <tbody>    \n        <tr>\n            <td>Initial fixing<\/td>\n            <td>The value of the underlying at the time the structured product is fixed. <\/td>\n        <\/tr>\n        <tr>\n            <td>\"Clean\" and \"Dirty\".<\/td>\n            <td>In a \"Clean Pricing\", the accrued accrued interest up to the time of purchase or sale is not included in the price quoted. In the \"dirty\" method, on the other hand, they are included in the price.<\/td>\n        <\/tr>\n        <tr>\n            <td>Accrued interest<\/td>\n            <td>This is the interest accrued since the last coupon date on a bond, for example a barrier reverse convertible, which is paid by the buyer to the seller on sale.<\/td>\n        <\/tr>\n        <tr>\n            <td>Market maker<\/td>\n            <td>Market makers guarantee the permanent tradability of structured products. Their ongoing willingness to act as counterparties in trading not only ensures the smooth functioning of the financial markets, but also provides prices in line with the market.<\/td>\n        <\/tr>\n        <tr>\n            <td>Primary market<\/td>\n            <td>Financial market for the initial issue of securities, e.g. a new issue.<\/td>\n        <\/tr>\n        <tr>\n            <td>Secondary market<\/td>\n            <td>Once structured products are on the market, investors can trade the securities on an ongoing basis on the secondary market, e.g. an exchange.<\/td>\n        <\/tr>\n    <\/tbody>\n<\/template>\n<\/ltq-table>\n<\/div>\n<div class=\"ltq-row\" style=\"flex-direction: row;\"> <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/know-how/know-how-impacting-factors?language_id=1\" label=\"Leonteq Know-how 3\"><\/ltq-button>\n<ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/know-how/know-how-maturity-redemption?language_id=1\" label=\"Leonteq Know-How 5\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"know-how-transparent-pricing","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-know-how-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-know-how-thumbnail.jpg"},{"date":"2023-05-24T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/celsius_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Sparkling energiser for the portfolio","windowTitle":"Celsius","category":"coupon-giant","title":"Celsius","body":"<p>Drinking is a basic human need. At the same time, however, increasing hip beverages ensure that individuality is also in demand in this area. The pioneer in this field, Red Bull founder Dietrich Mateschitz, opened up a completely new product category in 1987 with the first energy drink. Since then, many companies such as Monster Beverage, Campbell Soup Company, PepsiCo, and, since 2004, Celsius Holding have jumped on the trend.<\/p>\n<h3>Acquiring a taste for it<\/h3>\n<p>The fact that the \"Who's Who\" of the beverage industry is involved in energy and fitness drinks is not particularly surprising; after all, this is a large and fast-growing market. According to a study by Grand View Research, the global volume in 2021 was a whopping USD 86.3 billion. The analysts predict that functional drinks, which typically increase alertness and provide a physical boost, will likely grow at a compound annual growth rate (CAGR) of 8.3% between 2022 and 2030. In fact, in the U.S., which accounts for nearly a quarter of global revenues, energy drinks are the most popular dietary supplement for teens and young adults. In general, energy drinks are one of the fastest-growing categories in non-alcoholic beverages.<\/p>\n<p>The fledgling Celsius Holdings also wants a big slice of this huge pie. To get the community excited about its eponymous brand, the Florida-based company focuses on different flavours and promising health benefits. The drinks are GMO-free and contain no dubious food additives such as aspartame or corn syrup. In contrast, the sparkling and non-carbonated flavours contain healthy ingredients such as ginger. In addition, according to the company, they accelerate the metabolism and the burning of body fat during workouts.<\/p>\n<h3>\"Up to Date.\"<\/h3>\n<p>Business trends show that Celsius is hitting a nerve with these products. In the past three years alone, sales skyrocketed from USD 130.7 to USD 653.6 million in 2022, an increase averaging 124% p.a.. The excessive growth continued in the first quarter of 2023. Sales increased by 94.9% year-on-year to USD 259.94 million; analysts had only budgeted USD 218.81 million. The North American segment boosted the business, which grew by 101%. This means the now matured \"newcomer\" is catching up mightily in the industry. Competitor Monster Beverage grew by only 6.2% in 2022 and 11.9% at the start of the year in 2023.<\/p>\n<div>\n<generic-chart title=\"Celsius: Development of quarterly turnover (in million USD)\">\n      <x-axis categories=\"Q2/2021,Q3/2021,Q4/2021,Q1/2022,Q2/2022,Q3/2022,Q4/2022,Q1/2023\"/>\n      <chart-column title=\"Quarterly turnover\" data=\"65.1,94.9,104.3,133.4,154,188.2,178,259.9\" format=\"number\"  />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Celsius<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<p>On the earnings side, Celsius also performed better than market participants' forecasts. The company reported adjusted earnings of 40 cents per share for the quarter ending in March, compared with the average expectation of 11 analysts for earnings of 20 cents per share. The operating margin improved to 17.3% from 7.5% in the year-ago period. However, it is still short of competitor Monster, which posted a 28.5% return.<\/p>\n<h3>Promising teamwork<\/h3>\n<p>The beverage giant PepsiCo is partially involved in the good operating performance. The group invested USD 550 million in Celsius last August and has since held an 8.5% stake in the company. In the course of this, a long-term strategic distribution agreement was also reached. As a result, PepsiCo, which had already completely acquired competitor Rockstar in 2020, is Celsius' preferred global distribution partner. But even without the world's second-largest beverage company, the brand is well received. On Amazon in the U.S., Celsius ranks second in the energy drinks segment with a share of 19.1%, behind Monster (22.3%) and even ahead of the old stalwart Red Bull (12.8%).<\/p>\n<p>However, Celsius is not only reviving the spirits of its customers with its energy drinks, the pick-me-ups are also providing plenty of momentum on the stock market. On a monthly basis alone, the share price has risen by more than 40%, and over the course of a whole year, the US small cap has even recorded more than double. During the steep upward trend, the analysts' median price target of USD 130 has now been reached. <\/p>\n<div>\n<generic-chart title=\"Celsius: Historical share price performance (in USD)\">\n  <chart-line title=\"Celsius\" path=\"chart_celsius.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Thomson Reuters, as of May 22, 2023<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Coupons with a tidy peppercorn<\/h3>\n<p>It is the perfect time to get the upcoming beverage producer into your portfolio with a yield enhancement product. The new Softcallable Barrier Reverse Convertibles do not care whether the share price rises, stagnates or moderately declines. The products have a high risk buffer of 50%. Despite this comfortable safety margin, the profit opportunity is addressed. The CHF version of the BRC comes with an attractive coupon of 13.50% p.a., while the USD version even guarantees a payout of 17.00% p.a. For the products to generate the maximum return in 15 months at the latest, there is no need for price increases. Only the barrier must remain intact. The term can be shortened to up to 6 months due to the soft callable function.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1265331152\\&quot;\\&quot;CH1265331186\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-celsius","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/celsius_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/celsius_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-05-17T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/straumann_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"The smile is back","windowTitle":"Straumann","category":"underlying-in-focus","title":"Straumann","body":"<p>Giving patients a smile - this is Straumann's goal. As a specialist in dental implants and orthodontics, the medical technology company is virtually predestined for this. However, the management does not leave it at the mere formulation. Rather, a formula has been defined to measure progress on this strategic priority. Two implants sold or the start of treatment with a clear aligner to correct malocclusions counts as one smile. In 2022, Straumann achieved 4.4 million \"Smiles\" in this way - almost 19% more than in the previous year. CEO Guillaume Daniellot is far from satisfied with this figure. In 2024, he would like to achieve 5 million smiles. From this level, the annual figure should double again by the end of the decade. Regardless of their dental care, the faces of many Straumann shareholders may have brightened recently. Since the turn of the year, the mid cap is up by more than a third.<\/p>\n<div>\n<generic-chart title=\"Straumann: Share price (in CHF)\">\n  <chart-line title=\"Straumann\" path=\"chart_stmn1.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Refinitiv, as of 16.05.2023<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Solid start to the year<\/h3>\n<p>After a small dip, the company was able to restart the rally with its first quarter sales figures. From January to March 2023, the Straumann Group increased its revenues organically by 3.4% to CHF 596 million, with Asia-Pacific being the only region where sales declined. Here, the Corona pandemic kept patients from visiting the dentist at the beginning of the year. In addition, in the Middle Kingdom, the switch to volume-based procurement pushed by Beijing weighed on sales prices. \"An exciting first quarter is behind us,\" the CEO commented on the figures. At the same time, Daniellot emphasized that the implant business has grown in both the premium and value segments. The Frenchman was also very satisfied with the initial feedback on the newly presented digital solutions. These include \"Smilecloud,\" a centralized collaboration platform for interdisciplinary treatment planning.<\/p>\n<h3>Cautious outlook<\/h3>\n<p>\"Against this backdrop, we confirm our full-year outlook despite the uncertainty surrounding potential economic and geopolitical developments,\" the CEO said. Daniellot is targeting high single-digit organic sales growth for the current period and aims to achieve profitability of around 25%. Compared with 2022, this would see the group slow its pace while shrinking its margin. With organic revenue growth of 15.7%, Straumann had posted profitability (core EBIT level) of 26% for 2022. Nevertheless, the latest news was well received on the stock market. Analysts at Jefferies highlighted that Straumann had performed slightly better than expected in the first quarter - despite headwinds in China and a high comparison base.<\/p>\n<div>\n<generic-chart title=\"Straumann: Turnover and operating profits (in Mio. CHF)\">\n      <x-axis categories=\"2018,2019,2020,2021,2022\"/>\n      <chart-column title=\"Turnover\" data=\"1.364,1.596,1.426,2.022,2.321\" format=\"number\"  />\n      <chart-line title=\"Operating profit (Ebit)\" data=\"343,387,157,543,535\" format=\"number\" yAxisRight=\"true\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Straumann Group<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Interesting analysis<\/h3>\n<p>Bernstein looks at the longer-term prospects of the dental and hearing aid industry in a recent study. Because of limited reimbursement and easily postponed treatments, the analysts compare the two medical technology sectors to consumer goods. The penetration of these technologies is still quite low. Theoretically, Bernstein therefore sees an untapped market potential of USD 30 billion in the hearing aid segment, while this sum is more than USD 100 billion in the dental business. From a structural point of view, the Wall Street house gives preference to the dental specialists. Fittingly, Bernstein initiates coverage of Straumann with an \"outperform\" rating. In contrast, the broker rates Sonova's outlook as more challenging.<\/p>\n<h3>Attractive coupons, low barriers<\/h3>\n<p>As one of three underlyings for a new softcallable barrier reverse convertible (BRC), Swiss hearing system maker Sonova nevertheless makes for interesting terms. Leonteq brings the SMI stock together with the two mid caps Straumann and Ems-Chemie. With a guaranteed coupon of 13% p.a., the trio enters the term with barriers of 65% of the respective initial level. As long as none of the three shares falls below this threshold, the structured product will yield the maximum return at maturity. Another new product on the market is a softcallable BRC based solely on Straumann. Here, investors can expect a fixed quarterly coupon payment of 10% p.a.. Similar to the multi-BRC, the risk buffer is 35%. Both new issues include a quarterly call option. For the first time, Leonteq can make use of this after six months. In the event of termination, the BRCs will be redeemed early together with the pro-rata coupon.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1265327465\\&quot; \\&quot;CH1265327499\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.calendar.subscription_end_date.value&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.calendar.last_trading_date.value&quot;,&quot;sortOrder&quot;:&quot;DESC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-straumann","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/straumann_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/straumann_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-05-12T12:19","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/leonteq-structured-products-sqgii-product+homepage+banner.jpg","category":"investment-themes","title":"Newsletter confirmation","body":"<h2>{{ $t('Thank you for subscribing!') }}<\/h2>\n<div class=\"subscribe__subscribed-img\"><\/div>\n      \n<h3>Latest Products in Subscription<\/h3>\n<p>Find the right investment product for your needs. You can choose from a wide range of products in subscription. We are constantly expanding our offering.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/?language_id=1\" label=\"Products in subscription\"><\/ltq-button><\/div>\n\n<h3>Leonteq Know-How<\/h3>\n<p>With our new knowledge newsletter \"Leonteq Know-how\", we would like to open the door to the world of structured products for you. We outline in a comprehensible way how the different product types work and highlight their advantages and risks.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/all/know-how-basics?language_id=1\" label=\"To the Leonteq Know-How 1\"><\/ltq-button><\/div>\n\n<h3>Crypto Products<\/h3>\n<div>Are you looking for a broad selection of investment opportunities in the still-young crypto sector? Our universe comprises around 30 crypto assets in which you can participate one-to-one with tracker certificates.<\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/crypto-assets?language_id=1\" label=\"To the crypto universe\"><\/ltq-button><\/div>\n\n\n<h3>Current Investment Themes<\/h3>\n<p>Find out more about Leonteq's investment solutions for current trending topics. ETP+, FuW Swiss 50 Index, robotics or electromobility - you will find what you are looking for here!<\/p>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/all?language_id=1\" label=\"More information here!\"><\/ltq-button><\/div>","url":"newsletter-test","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/leonteq-structured-products-sqgii-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/leonteq-structured-products-sqgii-thumbnail.jpg"},{"date":"2023-05-10T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/tui_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Book more yield","windowTitle":"TUI","category":"coupon-giant","title":"TUI","body":"<p>The term \"last minute\" is one of those anglicisms that are firmly anchored in German usage. It is used primarily in tourism. Here, the buzzword describes the possibility of booking a cheap trip at short notice. Looking ahead to the coming vacation months, the head of a major industry representative is likely to have just disillusioned many bargain hunters. \"There will be no 'last-minute summer' in 2023, as there used to be,\" said TUI CEO Sebastian Ebel in an interview with \"Bild am Sonntag.\" Rather, he expects the opposite: \"Prices will be higher rather than cheaper shortly before departure, because hoteliers and airlines also know that a lot is still booked at short notice. Spontaneous bargains will be the absolute exception.\" At TUI, demand is exceptionally high in the first summer after the pandemic, he said. \"Greece is the best booked,\" the group executive explained.<\/p>\n<h3>Marked underperformance<\/h3>\n<p>His statements fit into the general mood of optimism in the global tourism sector. Be it the monthly traffic figures from Zurich Airport and other airports, the latest quarterly reports from hotel groups and booking portals, or simply the Easter traffic jams at the Gotthard: the collective desire to travel is showing up in various places. Nevertheless, TUI - unlike many of its competitors - is having a hard time on the stock market. After a strong start to the year, the share turned south and continued its long-term downward trend. The relative weakness - the STOXX Europe 600 Travel &amp; Leisure Index has gained almost a quarter so far this year - is likely to be directly related to TUI's extensive financing measures. In mid-April, the Hanover-based group completed another capital increase. In the process, it collected EUR 1.8 billion from investors.<\/p>\n<div>\n<generic-chart title=\"TUI: Historical share price development (in EUR)\">\n  <chart-line title=\"TUI\" path=\"chart_tui.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Reuters, as of 08.05.2023<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Looking ahead<\/h3>\n<p>Ten days later, TUI was able to say goodbye to a prominent backer. The travel group repaid the remaining state aid to the Federal Republic of Germany. When the Corona pandemic caused tourism to collapse in spring 2020, Berlin had saved the group from collapse with a total of EUR 4.3 billion. Four capital increases enabled TUI to repay the debt quickly. Naturally, these measures caused a veritable flood of shares and a corresponding dilution of existing shareholders. The CEO nevertheless stood up after the recent transfer to the Economic Stabilization Fund (WSF) and spoke of a very important day for the company. \"TUI is strengthened and on course, now the focus is on the future, the focus is on profitable growth,\" Ebel made clear. Indeed, the Group's broad positioning makes it predestined to seize opportunities in the sector. With 16 cruise ships, around 400 hotels, a fleet of 130 vacation airlines and around 1200 travel agencies, TUI is a true vacation giant.<\/p>\n<h3>Remarkable turnaround<\/h3>\n<p>The start to the 2023 financial year (as of September 30, 2022) was successful: 3.3 million vacationers traveled with TUI from October to December 2022 - 1 million more than in the first quarter of the previous period. The number of customers thus reached 93% of the level of 2019, the year before the pandemic. With revenue growth of almost 60% to EUR 3.75 billion, TUI almost halved its operating loss (adjusted Ebit level) to EUR 153 million. Thanks to a strong summer business, TUI had posted a remarkable turnaround here last year (see chart). For the current period, management forecasts a significant improvement in adjusted EBIT. The markets will find out today, Wednesday, whether this outlook will continue to apply or whether the CEO will adjust it. TUI published its interim report for the second quarter of 2023 after this issue went to press.<\/p>\n<div>\n<generic-chart title=\"TUI: Turnover and adjusted EBIT (in EUR million)\">\n      <x-axis categories=\"2019,2020,2021,2022\"/>\n      <chart-column title=\"Turnover\" data=\"18928,7944,4732,16545\" format=\"number\"  />\n      <chart-line title=\"EBIT (adjusted)\" data=\"894,-2997,-2076,409\" format=\"number\" yAxisRight=\"true\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: TUI, as of 08.05.2023<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Vacation feelings in the portfolio<\/h3>\n<p>Just in time for the earnings date, Leonteq launches new Softcallable Barrier Reverse Convertibles (BRCs) on Mid Cap. The yield enhancement product is available in CHF and EUR. In Swiss Franks, the guaranteed coupon amounts to 16% p.a.. The counterpart denominated in the single currency yields 200 basis points more per annum. The barrier is 49% of the initial level in each case. As long as the TUI share does not fall to or below this level, the respective maximum return is fixed. If the cushion is not sufficient, the partial protection expires. The investment would then be directly linked to the progress of the volatile underlying. Please also note the softcallable function. Leonteq can terminate the BRCs prematurely. If the issuer makes use of this option, investors would receive the full nominal and the pro-rata coupon.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1265326327\\&quot; \\&quot;CH1265326335\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.calendar.subscription_end_date.value&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.calendar.last_trading_date.value&quot;,&quot;sortOrder&quot;:&quot;DESC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.features.guaranteed_fixed_rate_coupon.coupon_rate.value&quot;,&quot;sortOrder&quot;:&quot;DESC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0587308666\\&quot; \\&quot;CH1117914155\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-tui1","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/tui_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/tui_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-05-05T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/granolas_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Invest in Europe's top 11 with capital protection","windowTitle":"GRANOLAS: It\u2019s all about the mix","category":"investment-themes","title":"Quality is key","body":"<h3>Growth trajectory today ...<\/h3>\n<p>Not only are the companies behind the acronym GRANOLAS showing their quality now, but they can also look forward to a rosy future. Analysts reckon all eleven blue chips will, without exception, grow over the next few years. Indeed, the consensus for this year is actually for consistent double-digit or even three-digit percentage growth rates in earnings per share. As things stand, AstraZeneca, Novartis and SAP are considered to have the potential to increase profits by more than 100%. Novartis and SAP have already turned heads in the first quarter: the Swiss pharmaceuticals giant, for instance, put in a surprisingly strong start to the year thanks to new drugs and is now more optimistic about the year as a whole. Meanwhile, SAP is also back on track for growth with a flourishing cloud division. Its board has not only raised the targets for this year, but recently also held out the prospect of a double-digit percentage growth in sales from 2024.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2023/granolas?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<h3>\u2026 and tomorrow<\/h3>\n<p>All the signals are pointing to growth in the following years too. Refinitiv has indicated that the consensus among analysts is for profits of the eleven companies to increase by an average 12% in 2024. The exact same figure is also calculated for 2025. The highest average growth rates across all three years have been delivered by Novartis, AstraZeneca and SAP. After adjusting for base effects, Novo Nordisk heads the ranking with mean growth of 23.3%. The Danish insulin manufacturer even managed to be the only stock within the GRANOLAS to increase its profits consistently throughout the coronavirus crisis. It has already enjoyed a great start to the year thanks to its bestseller Wegovy, a diet medication. This has led the management team to raise its targets for the year by a considerable margin: instead of 13% to 19%, sales are expected to climb by 24% to 30%, the operating result by as much as 28% to 34%.<\/p>\n<div>\n<generic-chart :options=\"{ chart: { inverted: true } }\" title=\"GRANOLAS: Expected average earnings growth between 2023 and 2025\">\n  <x-axis categories=\"L'Oréal,LVMH,Roche,Sanofi,GSK,Nestlé,ASML,Novo Nordisk,Novartis,SAP,AstraZeneca\"/>\n      <chart-column title=\"Expected average earnings growth between 2023 and 2025 (in %)\" data=\"9.8,12.3,14.0,14.7,19.1,20.8,21.2,23.3,41.2,68.8,93.5\" format=\"number\"  />\n    <\/generic-chart>\n<\/generic-chart>\n<\/div>\n<footer>Source: Refinitiv<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>High price gains<\/h3>\n<p>The picture for the providers of high-end brands L\u2019Oréal and LVMH is just as positive, with the latter world market leader in the highly profitable luxury segment having benefited from the recent reopening of the Chinese market after Beijing ended its zero-Covid policy in December. This is being well received on the stock market: along with L\u2019Oréal, the LVMH share has been the best performer of the GRANOLAS stocks so far this year, rising some 28%. The luxury goods group is actually the first European company to have cracked the USDbn 500 barrier in stock market value. That puts the French on a par with Wall Street giants such as Meta and Tesla.<\/p>\n<h3>Full expertise, full capital protection<\/h3>\n<p>Leonteq is giving investors the opportunity to bring the strategy devised by Goldman Sachs into their portfolio for the first time with a new capital protection certificate. The eleven major European groups carefully selected by the experts form the basis of the Swiss franc-denominated product. All members start off with an equal weighting. The product tracks rising prices one to one up to the cap of 130%, which also corresponds to the maximum repayment amount. The term is 5 years, and the nominal is fully protected at final fixing.<\/p>\n<h3>Capital Protection with Participation<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1265326772\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.calendar.subscription_end_date.value&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.calendar.last_trading_date.value&quot;,&quot;sortOrder&quot;:&quot;DESC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;participation&quot;,&quot;barrierPercentage&quot;,&quot;capLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2023/granolas?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"granolas","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/granolas_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/granolas_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-05-03T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/carrier_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"A mega deal for a green future","windowTitle":"Carrier Global","category":"underlying-in-focus","title":"Carrier Global","body":"<p>The German Federal Minister of Economics, Robert Habeck, is stirring things up these days. Gas and oil heating systems are to be banned from next year, and climate-friendly energy is to be promoted in their place. For critics, the costs are too high; for supporters, on the other hand, it can't happen fast enough. While some are still debating, the U.S. company Carrier Global is creating facts: The air conditioning technology group, which has also been active in the heat pump market for years, is taking over large parts of the German industry leader Viessmann for EUR 12 billion. This is a clever move, as the market for heat pumps in Europe is forecast to triple to EUR 15 billion by 2027.<\/p>\n<h3>Moving into a new league<\/h3>\n<p>With the acquisition, Carrier Global rises to become a leader in the promising segment. The sunny Florida-based company is no stranger to Europe. For example, Carrier acquired the refrigeration division of Germany's Linde AG in 2004. And with this latest acquisition, the company is continuing to live up to its \"Global\" name. \"The acquisition of Viessmann is a groundbreaking opportunity,\" CEO David Gitlin says of the deal, adding, \"Climate change, sustainability requirements and geopolitical factors are driving an unprecedented energy transition in Europe.\"<\/p>\n<p>But the deal is also in full swing in the United States. According to climate change researcher Alexander Gard Murray, the share of heat pumps in new construction increased from less than a quarter at the start of the millennium to 40% now overseas. Supported by government incentives for a new energy future, the trend is likely to continue. \"If you look at the Inflation Reduction Act, you can see in it a huge opportunity for both companies to combine their strengths,\" Max Viessmann explained the outlook in an interview with CNBC. Viessmann's business is expected to grow at a double-digit percentage rate through 2030. As a result, Carrier's revenue growth is also expected to increase by more than 100 basis points.<\/p>\n<h3>Portfolio restructuring...<\/h3>\n<p>The acquisition is part of Carrier Global's new strategy to realign its portfolio.  For example, the company plans to divest its Fire &amp; Security and Commercial Refrigeration businesses in the coming year. The money from the planned sales is to be used to reduce debt on the one hand and to buy back the corresponding shares issued to the Viessmann family on the other.<\/p>\n<h3>...and solid growth<\/h3>\n<p>Even without the Germans, Carrier has recently been in good shape. In the first quarter, sales increased by 13% to USD 5.3 billion. Net income declined, but there was a special effect in the year-ago quarter. With earnings per share of USD 0.52, analysts' expectations were exceeded by almost a tenth. For the full year, the company expects to achieve a profit of between USD 2.50 and 2.60. In the middle range, this would correspond to an increase of 9%.  The adjusted operating margin is still seen at 14%. Analyst consensus expects average annual profit growth of about one-tenth through 2024.<\/p>\n<div>\n<generic-chart title=\"Carrier Global: Revenue and earnings development\">\n      <x-axis categories=\"2020,2021,2022,2023e,2024e\"/>\n      <chart-column title=\"Revenue (in Billion USD)\" data=\"17.5,20.6,20.4,22.2,23.0\" format=\"number\"  />\n      <chart-line title=\"Earnings per share (in USD)\" data=\"1.66,2.27,2.34,2.58,2.82\" format=\"number\" yAxisRight=\"true\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Carrier Global, CNN Business; e = expected<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>No progress<\/h3>\n<p>On the capital market, Carrier is in a pronounced sideways trend. Although the stock has posted a proud 145% gain over a 3-year period, the upward trend is a long time ago. For more than 12 months, the share has been trading in the USD 40 range. The latest quarterly report and the announcement of the Viessmann takeover did nothing to change this. Investors are waiting for the time being, especially as the deal is not yet completely in the bag. Economics Minister Habeck has announced his intention to scrutinize the purchase.<\/p>\n<div>\n<generic-chart title=\"Carrier Global: Chart (in USD)\">\n  <chart-line title=\"Carrier Global\" path=\"chart_carrier.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Reuters, as of 02.05.2023<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>High yield in sideways movement<\/h3>\n<p>The new Softcallable Barrier Reverse Convertibles are perfectly suited to the current situation. They enable attractive returns even when prices are stagnating. And this despite the fact that the products come with conditional partial protection. With a maximum term of 15 months - the first softcall observation day takes place after half a year - the BRC on CHF basis holds a coupon of 9.00% p.a. With the USD version, a maximum interest rate of 12% p.a. is possible. In order to achieve the maximum yield, the carrier share may even reset moderately. It is important that the underlying does not touch the barrier at 65% of the initial level. This threshold is roughly at the mid-2020 price level.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1261327345\\&quot;, \\&quot;CH1261327329\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-carrier-global","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/carrier_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/carrier_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-04-26T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/renault_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"«Electrically» charged coupons","windowTitle":"Renault","category":"coupon-giant","title":"Renault","body":"<p>The car market is currently under a lot of pressure. In the first quarter, new registrations in the EU rose by a whopping 17.9%. March was particularly dynamic, with a plus of 28.8%. The growth was driven primarily by battery electric vehicles (BEVs), which rose by 58%, increasing their market share by 2.5 percentage points year-on-year to 13.9%.<\/p>\n<h3>Ambitious roadmap<\/h3>\n<p>The growing interest in electric cars plays into Renault's hands; after all, the company has placed particular emphasis on electric roadmaps in its ongoing \"Renaulution\" strategic plan. This includes, among other things, an IPO of the \"Ampere\" e-car division, which is planned for the second half of the year. According to the plans, Ampere will already offer six electrified models by the end of the decade and will then produce around 1 million e-vehicles for the Renault brand. This high volume will be made possible by Renault's \"ElectriCity\" production network in northern France and its numerous battery partners. In this regard, the carmaker recently announced another success with a new long-term cooperation with Verkor. The battery start-up is to supply twelve gigawatt hours of batteries annually from the planned Gigafactory in Dunkirk, France, starting in 2025.<\/p>\n<div>\n<generic-chart title=\"Operating margin Renault\">\n      <x-axis categories=\"2018,2019,2020,2021,2022,2023e\"/>\n      <chart-column title=\"Operating margin (in %)\" data=\"6.30,4.80,-0.80,3.60,5.60,6.0\" format=\"number\"  />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Renault, e = expected<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<p>Moreover, long-time companion Nissan has a 15% stake in Ampere, in which Renault will continue to hold a majority after the planned IPO. This deal was concluded as part of the reorganization of shareholdings between Renault and Nissan. The third member of the alliance, Mitsubishi, is also considering joining Ampere in order to work more closely with its partners on electromobility. The three-way alliance of Renault, Niassan and Mitsubishi is expected to not only create additional growth opportunities, but also increase efficiency among carmakers. The cost benefits are estimated to be several billion by 2030.<\/p>\n<h3>\"Back in the game\"<\/h3>\n<p>Operationally, Renault 2022 has turned the corner. Thanks to the sales launch of several new models such as the electric version of the Megane, sales increased by 30% to EUR 11.5 billion; analysts had only EUR 11.08 billion on the cards. Profit before special items even tripled and shareholders will receive a dividend for the first time in 4 years. \"We have left the emergency room and are back in the game,\" says Renault CEO Luca de Meo confidently. The operating return doubled to 5.6% and is expected to improve to at least 6% in 2023. To further increase profitability, Renault does not want to get involved in the price war instigated by Tesla. \"There is not much incentive to lower prices and get into a spiral that some of our competitors are following,\" said Renault CFO Thierry Pieton.<\/p>\n<div>\n<generic-chart title=\"Chart Renault (in EUR)\">\n  <chart-line title=\"Renault\" path=\"chart_renault.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <chart-line title=\"200-day moving average\" path=\"chart_renault_200ma.csv\" format=\"date, number\" color=\"#191c22\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Refinitiv, as of 24.04.2023<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Idling towards a return<\/h3>\n<p>On the stock market, on the other hand, Renault has barely been able to get off the ground lately. The most recent breakout attempt at the beginning of this year above the upper limit of the sideways trend in the EUR 37 range failed. The price then retraced to the 200-day moving average, which now acts as potential support. On a two-year horizon, the price engine of the CAC 40 member thus virtually idled.<\/p>\n<p>The overriding sideways trend combined with high volatility creates the best conditions for a barrier reverse convertible (BRC). This product type promises a return even in the event of stagnating or moderately falling prices. Leonteq has launched two new single softcallable BRCs with \"electrifying\" coupons and low barriers. The CHF variant offers a maximum yield of 14.00% p.a., in EUR even 15.00% p.a. are possible within the maximum term of 15 months. The percentage double-digit returns are secured with comfortable risk buffers in the amount of 41% each. <\/p>\n<p>The profit chance can be increased with a multi-structure: If one adds the two competitors Stellantis and VW to Renault, a coupon of 17.00% p.a. is possible with an identical risk buffer of 41%. The term of the CHF-denominated product also ends after 15 months at the latest. The first soft callable observation date takes place after half a year for all products presented.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;CH1261324722, CH1261324680, CH1261324706&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-renault","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/renault_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/renault_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-04-25T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-know-how-product+homepage+banner.jpg","subTitle":"Yield enhancement products: Managing terms professionally","windowTitle":"Leonteq Know-How","category":"know-how","title":"Leonteq Know-How 3","body":"<p>Unlike almost any other financial instrument, structured products allow you to position yourself on the capital market in perfect harmony with your risk profile and market expectations. To ensure this flexibility, a highly qualified team at Leonteq works every day on products with the best possible risk/reward profile.<\/p>\n<p>It is important to know that structured products are basically made up of various components. At the forefront are options of various types, which make a significant contribution to determining the price of a structured product. But there are further relevant factors, such as the money market interest rate, the currency and term, the barrier or strike price, and the implied volatility of the underlying. In the third issue of our knowledge newsletter, we present the factors influencing pricing in the primary market, using yield enhancement products as an example.<\/p>\n<p><iframe src=\"https://www.linkedin.com/embed/feed/update/urn:li:ugcPost:7056556017437798400?compact=1\" allowfullscreen=\"\" title=\"Embedded post\" width=\"100%\" style=\"aspect-ratio: 16/9\" frameborder=\"0\"><\/iframe><\/p>\n<h3>Fluctuations bring returns<\/h3>\n<p>Let's put the cart before the horse: Implied volatility, i.e. the expected range of fluctuation of an underlying asset, plays a key role in pricing. This derived variable has a direct impact on the option price. Low implied volatility values mean that a relatively stable development of the underlying is forecast, high values, on the other hand, indicate high expected fluctuations, from which in turn greater uncertainty can be derived. Attention: Volatility says nothing about the price direction, but only describes the extent of the changes.<\/p>\n<p>What does this mean for the product conditions? In yield enhancement products, the options usually form the yield element. For example, in a BRC, a put option on the underlying asset is sold. The income from the option premium increases the higher the volatility of the underlying, thereby improving the conditions of the product. However, it is also important to know that the higher the volatility, the riskier the investment. This is because it increases the probability that the underlying will touch or break through a predefined barrier. As a rule of thumb, the higher the interest rate, the lower the security level - and vice versa.<\/p>\n<h3>The premium is what counts<\/h3>\n<p>Another factor plays a key role in options: the strike price. Depending on the level at which the strike price is selected, the option is either \"at the money (ATM)\" or \"out of the money (OTM)\". If the strike price is at the current price of the underlying, i.e. \"at the money\", it is a neutral strategy. Consequently, a reverse convertible would achieve the maximum return if prices remain unchanged. The product can be designed much more defensively - and at the same time with lower returns - if the strike price is chosen below the price of the underlying. The lower opportunity goes hand in hand with the OTM option, which offers a lower premium, which in turn influences the level of the coupon. However, the risk also decreases at the same time, because the underlying must first fall to the strike price in order to enter the loss zone. Basically, it can be said: By choosing the strike price, the issuer directly influences the pricing of the product. Investors, in turn, can use the selected strike price to influence whether they wish to enter into an opportunity-oriented (ATM) or conservative (OTM) investment.<\/p>\n<h3>Other parameters<\/h3>\n<p>As already mentioned, the money market interest rate and the term are also important parameters in structuring. If, for example, the money market interest rate increases, better conditions can be shown. In the case of a BRC, for example, the zero bond purchased promises a greater return if interest rates rise, because this increases the price discount of the bond to the nominal. A high reference interest rate for the currency in which the product is denominated and a lavish dividend on the underlying also have a positive effect. The issuer benefits from the interest rates and the planned distributions of the companies, which allows the issuer to present higher coupons, for example. This also applies with regard to correlations, i.e. when several underlyings are used as in multi-structures. A low correlation between the underlyings has a positive effect on the product terms, because this increases the probability of a negative outlier, which can violate the barrier. The maturity, in turn, has a significant influence on the price of the put option sold and thus on the amount of the coupon or the distance of the barrier.<\/p>\n<h3>A question of type<\/h3>\n<p>Speaking of barriers, there are two types of barriers: European and American. Investors who are looking for greater security will find what they are looking for in the EU barrier. With this type, the barrier is only active at the final fixing of the product; during the term, the underlying has free rein. Important: The increased level of security is not free of charge, but is usually at the expense of the yield opportunity. However, those who expect increased volatility in the short term are well advised to use the European barrier. With the U.S. version, on the other hand, the barrier is \"in operation\", so to speak, during the entire term, i.e. the price performance of the underlying is continuously monitored. Although this represents a higher risk compared to monitoring by expiration, it also increases the potential return.<\/p>\n<h3>Important terms<\/h3>\n<div><ltq-table id=\"Important Terms\" title=\"\"> <template v-slot:default=\"\">\n<tbody>\n<tr>\n<td>Strike price<\/td>\n<td>The strike price is the price at which the holder of the option can buy or sell the underlying security.<\/td>\n<\/tr>\n<tr>\n<td>Conversion Ratio<\/td>\n<td>The number of shares of the underlying the investor receives if the predefined criteria for a physical redemption are met. The conversion ratio is calculated as follows: Nominal/Strike Price of the underlying.<\/td>\n<\/tr>\n<tr>\n<td>Coupon<\/td>\n<td>The coupon refers to the interest rate on a security, usually a bond. The amount stated as a percentage refers to the nominal value. In the case of reverse convertibles, the coupon guarantees recurring payments as well as a maximum yield that is easy to forecast.<\/td>\n<\/tr>\n<tr>\n<td>Dividend<\/td>\n<td>Dividends correspond to the part of the profit of a corporation that is distributed to the shareholders. The amount is decided by the General Meeting. The dividend attributable to an individual share is calculated on the basis of the denomination of the share capital in shares.<\/td>\n<\/tr>\n<tr>\n<td>Correlation<\/td>\n<td>Correlation measures the relationship between different underlyings. Correlation is an important factor when designing products with several underlyings. The lower the correlation among the selected underlyings, the better the conditions.<\/td>\n<\/tr>\n<tr>\n<td>Nominal<\/td>\n<td>The nominal value or par value is the fixed and imprinted amount for securities. It is the basis for calculating interest and repayment for a bond.<\/td>\n<\/tr>\n<tr>\n<td>Put option<\/td>\n<td>A put option gives the buyer the right to sell a certain asset within a specified period (American) or at the end of the term of the contract (European) at a specified price. The seller agrees to sell the underlying asset at a pre-agreed price, known as the strike price, if the option is exercised by the buyer. The seller receives a premium for this.<\/td>\n<\/tr>\n<tr>\n<td>Worst-of<\/td>\n<td>Structured products that refer to several underlyings, of which only the underlying with the worst performance (worst-of) is decisive for the redemption.<\/td>\n<\/tr>\n<tr>\n<td>Volatility<\/td>\n<td>Volatility describes the level of price fluctuation of securities and provides information about risk. What can be a disadvantage in equity investment helps in the design of structured products. Higher volatility makes option contracts more expensive and increases the scope for design. For example, with higher volatility, BRCs offer greater return potential through more lavish coupons and/or improved risk protection through a lower barrier.<\/td>\n<\/tr>\n<\/tbody>\n<\/template> <\/ltq-table><\/div>\n<div class=\"ltq-row\" style=\"flex-direction: row;\"> <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/know-how/know-how-reverse-convertibles?language_id=1\" label=\"Leonteq Know-how 2\"><\/ltq-button>\n<ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/know-how/know-how-transparent-pricing?language_id=1\" label=\"Leonteq Know-How 4\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"know-how-impacting-factors","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-know-how-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-know-how-thumbnail.jpg"},{"date":"2023-04-24T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/etp_themarket_leonteq-structured-products_product+homepage+banner1.jpg","subTitle":"ETP+ on the The Market Best Ideas Portfolio Index","windowTitle":"ETP+ on the The Market Best Ideas Portfolio Index","category":"etp","title":"High quality pays off","body":"<h3>Secure, low-cost, popular<\/h3>\n<p>Exchange Traded Products (ETPs) open the door to a wide range of investment classes. The spectrum of these passive financial products includes raw materials, bonds and currencies alongside entire equity markets, sectors and regions. Structurally an ETP is a debt instrument in the form of a securitised bearer bond. To reduce the issuer risk, ETPs are secured by the depositing of a pledge, known as the collateral. As well as securities, this can take the form of precious metals or deposit money. Combined with liquid and transparent stock market trading, the flexible possibilities have led to the increasing availability of such products, with the number of ETPs quoted on the SIX Swiss Exchange passing the 100 mark for the first time last year. There are now more than 160 vehicles of this kind on the list of stocks. While the segment was initially dominated by raw materials, cryptocurrencies are now the drivers of growth &ndash; a particularly large number of ETPs track a digital means of payment such as Bitcoin, for instance.<\/p>\n<h3>A new kind of issuer<\/h3>\n<p>Leonteq, the Zurich-based fintech company, is now engaged in refining this market both structurally and also with regard to the universe of underlying assets by bringing the ETP+ label into being. At the core of this innovation is improved protection for investors. To date many ETP issuers have been special-purpose vehicles with no rating and under no regulatory supervision. What is more, these providers are frequently backed by only the bare minimum of financial resources. Leonteq, by contrast, comes with an equity base of around CHFmn 930, while it also offers a 15-year track record as a successful issuer of structured products. As the first ETP provider in Switzerland, the company is licensed and monitored as a securities firm by FINMA and enjoys an investment grade rating from the agency Fitch.<\/p>\n<div><img src=\"/dA/360557271b/charts_etp_EN DE_700x500 EN Emitent2.svg?language_id=1\" alt=\"charts_etp_EN DE_700x500 EN Emitent2\" width=\"1334\" height=\"808\" caption=\"false\" /><\/div>\n<footer>Source: Leonteq<\/footer>\n<h3>A strong partnership<\/h3>\n<p>A second advantage of ETP+ lies in the type of collateralisation. Here Leonteq is cooperating with the SIX Group, with a pledge being deposited with SIX SIS AG for every product. The depositary agent ensures that investors have access to these funds in the event of the issuer becoming insolvent. Measures are also taken to ensure that the collateral is sufficiently large: SIX Repo AG undertakes a daily review and valuation of the securities. The system just outlined is not new &ndash; in fact, banks, insurers and pension funds have been using the interplay of depositary (SIX SIS AG) and collateral agent (SIX Repo AG) in a collateral management service offered by SIX since as long ago as 2012.<\/p>\n<div><img src=\"/dA/1153525192/charts_etp_EN DE_700x500 EN Funcionalities2.svg?language_id=1\" alt=\"charts_etp_EN DE_700x500 EN Funcionalities2\" width=\"1190\" height=\"469\" caption=\"false\" /><\/div>\n<footer>Source: Leonteq<\/footer>\n<h3>About The Market<\/h3>\n<p>The editorial team at The Market analyzes what is happening on the global financial markets and in the corporate world on a daily basis. The focus is always on the big picture and in-depth research from an investor's perspective. The founders of The Market are distinguished financial journalists and recognized experts in investment topics, the financial markets and the big economic picture. Their editorial concept also stands for this. As a financial medium aimed specifically at investors, The Market offers two to three analytically high-quality articles every day. The editorial team seeks to identify and highlight relevant developments, important trends and exciting investment topics without any short-term news but with a focus on what provides a long-term knowledge advantage. Since March 2020, the editorial team has managed The Market Best Ideas Portfolio, consisting of the shares of around 35 companies offering attractive investment prospects.<\/p>\n<h3>Great opportunities at fair conditions<\/h3>\n<p>The portfolio is suitable for investors with a long investment horizon. In the selection of individual positions, attention is paid to high quality. The portfolio consists of stocks from two categories: Quality stocks and risk positions, with risk positions not exceeding 30% of the total portfolio. Positions are selected through fundamental analysis, with quantitative screening of three primary quality criteria:<\/p>\n<p>\u2022  Stable high returns on capital and margins<br/>\u2022  Sustainable dividend development<br/>\u2022  Solid balance sheets<\/p>\n<p>In a qualitative process, other criteria, such as the quality of management, the board of directors, and the company's market position, are examined. In the risk positions, some companies do not meet the set quality criteria, but the editors of The Market trust them to improve. This is the case, for example, when new management has taken over, or a company is in a turnaround situation.<\/p>\n<h3>ETP+ on The Market Best Ideas Portfolio Index NTR - tradable on the SIX Swiss Exchange<\/h3>\n<div><price-chart isin=\"CH1171795128\"><\/price-chart><\/div>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1171795128\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>Composition of The Market Best Ideas Portfolio Index NTR<\/h3>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;CANADIAN DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:-5.8E-6,&quot;currency&quot;:&quot;CAD&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;SWISS FRANC&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.03360013,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;DANISH KRONE&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00874861,&quot;currency&quot;:&quot;DKK&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;EURO&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00598598,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;BRITISH POUND&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00251798,&quot;currency&quot;:&quot;GBP&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;US DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00322982,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ACCELLERON INDUSTRIES LTD&quot;,&quot;sophisInternalId&quot;:168462331,&quot;currentPrice&quot;:68.8,&quot;weight&quot;:0.04220555,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;AGNICO-EAGLE MINES LTD&quot;,&quot;sophisInternalId&quot;:67375333,&quot;currentPrice&quot;:266.18,&quot;weight&quot;:0.03803919,&quot;currency&quot;:&quot;CAD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ALPHABET INC-CL A&quot;,&quot;sophisInternalId&quot;:67114265,&quot;currentPrice&quot;:349.22,&quot;weight&quot;:0.05926916,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;AMRIZE LTD&quot;,&quot;sophisInternalId&quot;:208105951,&quot;currentPrice&quot;:30.84,&quot;weight&quot;:0.01189617,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BARRY CALLEBAUT AG-REG&quot;,&quot;sophisInternalId&quot;:67109020,&quot;currentPrice&quot;:1130,&quot;weight&quot;:0.01359242,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BASF SE&quot;,&quot;sophisInternalId&quot;:67108926,&quot;currentPrice&quot;:52.62,&quot;weight&quot;:0.0105888,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BELIMO N ORD&quot;,&quot;sophisInternalId&quot;:67109076,&quot;currentPrice&quot;:775.5,&quot;weight&quot;:0.03134795,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BERKSHIRE HATHAWAY INC-CL B&quot;,&quot;sophisInternalId&quot;:67559294,&quot;currentPrice&quot;:525.68,&quot;weight&quot;:0.03325577,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BHP GROUP LTD&quot;,&quot;sophisInternalId&quot;:67109557,&quot;currentPrice&quot;:3113,&quot;weight&quot;:0.02066346,&quot;currency&quot;:&quot;GBP&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BOSSARD HOLDING AG-BR&quot;,&quot;sophisInternalId&quot;:67109024,&quot;currentPrice&quot;:267,&quot;weight&quot;:0.02704654,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CLARIANT AG-REG&quot;,&quot;sophisInternalId&quot;:67108964,&quot;currentPrice&quot;:10.65,&quot;weight&quot;:1.579E-5,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;DKSH HOLDING LTD&quot;,&quot;sophisInternalId&quot;:75696273,&quot;currentPrice&quot;:71.3,&quot;weight&quot;:0.02124706,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;EMS-CHEMIE HOLDING AG-REG&quot;,&quot;sophisInternalId&quot;:67109071,&quot;currentPrice&quot;:884.5,&quot;weight&quot;:0.01642075,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;FORBO HOLDING AG-REG&quot;,&quot;sophisInternalId&quot;:67109033,&quot;currentPrice&quot;:936,&quot;weight&quot;:0.02676402,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;FRESENIUS SE &amp; CO KGAA&quot;,&quot;sophisInternalId&quot;:67118821,&quot;currentPrice&quot;:43.855,&quot;weight&quot;:0.01656212,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;GEBERIT AG-REG&quot;,&quot;sophisInternalId&quot;:67109066,&quot;currentPrice&quot;:552.6,&quot;weight&quot;:0.02086741,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;HELVETIA BALOISE HOLDING AG&quot;,&quot;sophisInternalId&quot;:67109061,&quot;currentPrice&quot;:208.8,&quot;weight&quot;:0.03457851,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;HOLCIM LTD&quot;,&quot;sophisInternalId&quot;:67108966,&quot;currentPrice&quot;:64.02,&quot;weight&quot;:0.02532324,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;JULIUS BAER GROUP LTD&quot;,&quot;sophisInternalId&quot;:67569299,&quot;currentPrice&quot;:70.52,&quot;weight&quot;:0.02717164,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;KARDEX AG-REG&quot;,&quot;sophisInternalId&quot;:67109084,&quot;currentPrice&quot;:245.5,&quot;weight&quot;:0.01851347,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;KOMAX HOLDING AG-REG&quot;,&quot;sophisInternalId&quot;:67109088,&quot;currentPrice&quot;:80,&quot;weight&quot;:0.00636076,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;LOGITECH INTERNATIONAL-REG&quot;,&quot;sophisInternalId&quot;:67109155,&quot;currentPrice&quot;:86.08,&quot;weight&quot;:0.02365839,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;LONZA GROUP AG-REG&quot;,&quot;sophisInternalId&quot;:67109162,&quot;currentPrice&quot;:603.8,&quot;weight&quot;:0.02276012,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MASTERCARD INC - A&quot;,&quot;sophisInternalId&quot;:67144304,&quot;currentPrice&quot;:616.32,&quot;weight&quot;:0.02649521,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MICROSOFT CORP&quot;,&quot;sophisInternalId&quot;:67114739,&quot;currentPrice&quot;:539.44,&quot;weight&quot;:0.03700003,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NESTLE SA-REG&quot;,&quot;sophisInternalId&quot;:67108967,&quot;currentPrice&quot;:81.07,&quot;weight&quot;:0.02443325,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NEWMONT CORP&quot;,&quot;sophisInternalId&quot;:67318255,&quot;currentPrice&quot;:115.79,&quot;weight&quot;:0.03880223,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NOVO NORDISK A/S-B&quot;,&quot;sophisInternalId&quot;:67519173,&quot;currentPrice&quot;:263.45,&quot;weight&quot;:0.01084867,&quot;currency&quot;:&quot;DKK&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;PAN AMERICAN SILVER CORP&quot;,&quot;sophisInternalId&quot;:141786512,&quot;currentPrice&quot;:62.19,&quot;weight&quot;:0.02167381,&quot;currency&quot;:&quot;CAD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ROCHE HOLDING AG-PARTIZIPATIONSSCHEIN&quot;,&quot;sophisInternalId&quot;:67108970,&quot;currentPrice&quot;:379.7,&quot;weight&quot;:0.02891859,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SANOFI&quot;,&quot;sophisInternalId&quot;:67109411,&quot;currentPrice&quot;:72.16,&quot;weight&quot;:0.01234055,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SCHINDLER HOLDING-PART CERT&quot;,&quot;sophisInternalId&quot;:67109116,&quot;currentPrice&quot;:266.2,&quot;weight&quot;:0.02167471,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SGS SA-REG&quot;,&quot;sophisInternalId&quot;:67109174,&quot;currentPrice&quot;:98.7,&quot;weight&quot;:0.02904915,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SHELL PLC&quot;,&quot;sophisInternalId&quot;:67109617,&quot;currentPrice&quot;:46.375,&quot;weight&quot;:0.02988607,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SIKA AG-BR&quot;,&quot;sophisInternalId&quot;:67109118,&quot;currentPrice&quot;:181.35,&quot;weight&quot;:0.01604513,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;STRAUMANN HOLDING AG-REG&quot;,&quot;sophisInternalId&quot;:67109142,&quot;currentPrice&quot;:94.08,&quot;weight&quot;:0.0112087,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;TEMENOS GROUP AG-REG&quot;,&quot;sophisInternalId&quot;:67109085,&quot;currentPrice&quot;:73.15,&quot;weight&quot;:0.0263781,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;VAT GROUP AG&quot;,&quot;sophisInternalId&quot;:103142035,&quot;currentPrice&quot;:623.6,&quot;weight&quot;:0.03620847,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ZURICH INSURANCE GROUP AG-REG&quot;,&quot;sophisInternalId&quot;:67108978,&quot;currentPrice&quot;:608.2,&quot;weight&quot;:0.02681231,&quot;currency&quot;:&quot;CHF&quot;}]\"><\/AmcComposition>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"introducing-etp-best-ideas","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/etp_themarket_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/etp_themarket_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-04-21T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/greenaback_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Inverse capital protected note on a foreign exchange quintet","windowTitle":"\u201cAll against one\u201d","category":"investment-themes","title":"\u201cAll against one\u201d","body":"<h3>Race to be the world\u2019s reserve currency<\/h3>\n<p>Finance minister John Connally achieved global fame in 1971 with the comment that \u201cThe US dollar is our currency but your problem\u201d. The then member of the Nixon government is still quoted frequently today. The dominance of the US dollar, however, is increasingly being called into question. The BRICS states especially, an economic grouping made of Brazil, Russia, India, China and South Africa, would like to form a counterbalance. This quintet, which accounts for some 40% of the world's population, has long been demanding reform of the international currency and financial order. At the 14th BRICS summit last year, the five member states announced they were working on a \u201cnew global reserve currency\u201d.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2023/usd-world-reserve?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<h3>EM carry trades<\/h3>\n<p>It is not only efforts such as these that could impair the US dollar\u2019s dominance: the emerging countries also enjoy an interest rate advantage over the USA as well as brighter economic prospects. According to the forecasts published by the International Monetary Fund (IMF) in January, US growth will slow to 1.4% this year and then to 1.0% in 2024. By comparison, the IMF reckons emerging markets will expand by 4.% in 2023 and 4.2% in 2024. Market players see these trends as fertile ground for EM carry trades. In a carry trade, capital is raised in regions with low interest rates and invested in higher interest-bearing securities in a different currency in another market.<\/p>\n<h3>EM currencies in demand<\/h3>\n<p>LAccording to Jon Harrison, managing director for emerging market macro strategy at TS Lombard, the Brazilian real and the Mexican peso have recently been the top targets for EM carry trades as they are supported by proactive central banks and relatively high real interest rates. This is reflected by movements in exchange rates: the real has appreciated 7.0% against the US dollar this year alone, while the figure for the MXN/USD FX duo is as high as 7.5%. This is a trend that is being seen across the board in emerging markets, with the Emerging Market Currency Index, the MSCI EM FX, for instance, in which the Chinese renminbi is the heavyweight with a 30% share, climbing just under 3% this year.<\/p>\n<div>\n<generic-chart title=\"USD/MXN (1 year)\">\n  <chart-line title=\"USD/MXN\" path=\"chart_usdmxn.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Refinitiv, as of 14.04.2023<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Capital protection combined with leverage<\/h3>\n<p>Leonteq has taken the latest developments on the foreign exchange markets as an opportunity to put together an interesting basket in which five EM currencies compete against the US dollar: the Chinese renminbi, the Indian rupee, the Brazilian real, the Mexican peso and the South African rand. The new \u201cInverse Capital Protected Note\u201d enables investors to take advantage of a further appreciation of the five EM currencies against the US dollar while protecting their capital. The product has a term of 18 months and participates at a high rate of 250% in the equally weighted basket comprising USD/BRL, USD/MXN, USD/ZAR, USD/INR and USD/CNH. The capital protection level is 100%, which means that the nominal is fully protected at the end of the term.<\/p>\n<h3>Capital protection note on emerging markets currency basket<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1261325604\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2023/usd-world-reserve?language_id=1\" label=\"Find out more\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"usd-world-reserve","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/greenaback_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/greenaback_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-04-19T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/airbnb_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"The summer can come","windowTitle":"Airbnb","category":"underlying-in-focus","title":"Airbnb","body":"<p>Whether it's the Kulturmühle Lützelflüh in the canton of Bern, a manor house built in 1785 in Aargau, or Montreux Castle on Lake Geneva: throughout Switzerland, buildings steeped in history offer themselves as vacation domiciles. Airbnb has now introduced the \"Historic\" category here in the country. In doing so, the U.S. room broker is responding to the trend toward cultural tourism - one of the fastest-growing segments in global tourism, according to UNESCO. It is not only in these special hostels that the rush is likely to be great in the upcoming summer vacation season. In general, tourism is booming now that the last Corona shackles have fallen worldwide. Already at Easter, important traffic routes and airports were bustling with activity, and popular vacation destinations were fully booked. Whether and to what extent Airbnb has benefited from the recent travel wave will soon become clear - on May 1, the company will present its figures for the first quarter of 2023.<\/p>\n<div>\n<generic-chart title=\"Airbnb: price chart (in USD)\">\n  <chart-line title=\"Airbnb\" path=\"chart_aribnb.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Reuters, as of 17.04.2023<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<div>\n<h3>Strong figures<\/h3>\n<p>On the stock market, the tourism service provider, which has been listed since December 2020, experienced a strong start to the year. In the first seven weeks of trading, the share price increased by more than two-thirds. The top of USD 144.63 marked Airbnb two days after the presentation of the 2022 balance sheet. For the past year, the Californians were able to announce record figures. In total, nearly 394 million overnight stays were booked through the portal - 31% more than in the same period last year. With revenue growth of 40% to USD 8.4 billion, operating profit (adjusted Ebitda level) shot up by more than 80% to USD 2.9 billion. Supply also expanded sharply: by the end of 2022, 6.6 million destinations could be booked on Airbnb worldwide. Excluding China, that was 900,000 more so-called listings than at the start of the fiscal period. <\/p>\n<generic-chart title=\"Airbnb: Turnover and operating result\">\n      <x-axis categories=\"2019,2020,2021,2022\"/>\n      <chart-column title=\"Turnover (in Mio. USD)\" data=\"4805,3378,5992,8399\" format=\"number\"  />\n      <chart-line title=\"Operating result (in Mio. USD)\" data=\"-253,-251,1600,2900\" format=\"number\" yAxisRight=\"true\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Airbnb, as of 17.04.2023<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Optimistic outlook<\/h3>\n<p>CEO and company co-founder Brian Chesky is also optimistic about the current year. \"We are seeing strong demand in the first quarter,\" he wrote in a letter to investors. This, he said, shows that consumer confidence remains high when it comes to travel. \"It is particularly encouraging that European guests are booking their summer travel earlier this year,\" the company said. At the same time, Airbnb would benefit from market share gains in Latin America as well as the continued recovery of business in Asia Pacific. Fittingly, despite all the economic uncertainties, the top executive presented an ambitious target. For the first quarter, Chesky forecast revenues in a range of USD 1.75 billion to USD 1.82 billion, which would have seen Airbnb grow by at least 16.7% and up to more than a fifth from January to March 2023. Analysts had expected quarterly revenue of USD 1.69 billion on average before the earnings report. To be sure, management expects lodging prices to fall slightly. Nevertheless, management would like to maintain last year's profitability in 2023. Based on adjusted Ebitda, Airbnb had reported a margin of 35% for 2022 - the highest figure since its IPO. <\/p>\n<h3>Three base values, three variants<\/h3>\n<p>After the financial statement presentation, some analysts commented positively on Airbnb and set their price target upwards. Nevertheless, the share rally from the beginning of the year has stalled. Most recently, a report of negative experiences by guests who booked their accommodation through Airbnb weighed on the Nasdaq stock. Investors can take a partially protected position with a new issue from Leonteq. The Zurich-based financial boutique has launched three softcallable barrier reverse convertibles (BRCs) on the prominent underlying. The barrier is uniformly set at a low 50% of the initial fixing level. In the single version, where Airbnb is the only underlying, the CHF-denominated BRC pays a coupon of 13% per annum. In the USD version, the annual payout is 300 basis points higher. For a multi-BRC, Leonteq brings Airbnb together with two other online travel portals: Booking Holding and Tripadvisor. The trio makes it possible to pay a guaranteed coupon of 16% per annum in Swiss Francs. The term ends after 18 months at the latest for each product. Due to the softcallable feature, early termination and repayment is possible. Please also note: As soon as an underlying reaches or falls below the barrier, the partial protection expires.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1261322445\\&quot;\\&quot;CH1261322494\\&quot;\\&quot;CH1261322502\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-airbnb","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/airbnb_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/airbnb_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-04-12T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/freyr-battery_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Energy charged investment","windowTitle":"FREYR Battery","category":"coupon-giant","title":"FREYR Battery","body":"<p>Sustainability, climate protection and decarbonization are currently among the most important topics in politics and business. Batteries can make an important contribution to this. It is therefore not surprising that demand for batteries is increasing worldwide, partly due to the need to reduce climate change through electrification of mobility and the broader energy transition. This is where FREYR Battery, which is relatively new to the market, comes in. Founded in 2018, the Luxembourg-based company specializes in the development of next-generation clean battery cells for future energy storage systems, e-mobility and e-vehicles.<\/p>\n<h3>Stronger together<\/h3>\n<p>FREYR is not a lone wolf in this endeavor. To make the world greener, the company has recently been trying its hand as a team player. A few days ago, the start-up forged strategic partnerships with four international giants. The quartet includes Glencore, Caterpillar, Siemens and Nidec Corporation. \"Ultimately, the vision for this coalition is to accelerate the energy transition in key sectors by expanding the production of clean batteries from FREYR's gigafactories under development and jointly incubating and developing innovative technology solutions,\" CEO Tom Einar Jensen explains the strategy.<\/p>\n<p>The fact that these renowned companies are getting involved with FREYR is a statement by itself, since the company is only at the beginning of its entrepreneurial development. To date, the company has only started building a factory in Norway. In addition, the company has announced its intention to start the development of battery cell production on an industrial scale in the USA and Finland. The goals sound ambitious: FREYR wants to achieve a battery cell capacity of 50 GWh by 2025 and an annual capacity of 100 GWh by 2028. By the end of the decade, the annual capacity should then already amount to 200 GWh.<\/p>\n<h3>Potential worth billions<\/h3>\n<p>A look at the potential market growth shows that FREYR certainly seems to be on the right track with its plans. The market researchers at McKinsey forecast that the entire lithium-ion (Li-ion) battery chain, from mining to recycling, could grow by more than 30% annually between 2022 and 2030. They put the market value at USD 400 billion by then, and the market size at 4.7 TWh of batteries for mobility applications such as e-vehicles, which will account for the largest share of demand at around 4,300 GWh by the end of the decade. Drivers include the European \"Fit for 55\" program and also the \"Inflation Reduction Act\" (IRA) in the USA.<\/p>\n<h3>Chart: Global demand for Li-ion batteries by sector (in GWh)<\/h3>\n<div><img src=\"/dA/ad3f34c57e/charts_freyr_700x500 EN Bar chart.svg?language_id=1\" alt=\"charts_freyr_700x500 EN Bar chart\" caption=\"false\" width=\"1245\" height=\"751\" /><\/div>\n<footer>Historical data is not a reliable indicator of future performance.<\/footer>\n<p>Speaking of the IRA, to take advantage of the new law's tax credits, FREYR CEO Tom Jensen is accelerating his investment overseas. \"The IRA incentives make production in the United States three times more profitable than in Norway, which increases pressure from investors to build where the returns are greatest,\" Jensen told Reuters in a recent interview. The tax credits amount to USD 37 million per GWh of capacity installed in the U.S., according to the company. Already planned by FREYR on the drawing board, the \"Giga America\" factory is expected to produce 34 GWh of battery capacity per year and could be operational by 2025.<\/p>\n<h3>Business model goes live<\/h3>\n<p>FREYR is still barely generating any revenue, but at the same time faces immense expenses. That makes a look at cash on hand all the more important. As of Dec. 31, 2022, the startup had cash and cash equivalents of USD 563 million, roughly maintaining the previous year's level, thanks in part to share issues. Expenses amounted to about USD 270 million last year. \"We ended the year with cash levels nearly identical to those at the start of 2022, and have made great progress across our value chain in the interim,\" CEO Tom Jensen was pleased to say in presenting the figures, adding, \"We expect 2023 to be a truly exciting and transformative year for FREYR and our 24M licensing partners as we move into live battery production.\"<\/p>\n<div><generic-chart title=\"FREYR Battery (since IPO in USD)\"> <chart-line title=\"FREYR Battery\" path=\"chart_freyr.csv\" format=\"date, number\"><\/chart-line> <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as of 06.04.2023<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<p>On the stock market, the newcomer has ridden a roller coaster in recent months. In the middle of last year, the share started a rally that catapulted the price from around USD 6 to almost USD 17 in a very short time. Afterwards, the share price dropped almost as steeply. The share price recently regained its footing in the area of the starting level and is currently attempting to bottom out. With a 1-month volatility of 65%, this is also very volatile.<\/p>\n<h3>Best protected yield opportunities<\/h3>\n<p>From these dynamic price movements, double-digit percentage returns can be achieved with new softcallable barrier reverse convertibles. The CHF version offers an attractive interest rate of 13.00% p.a. with a maximum term of one year, while the USD-denominated product even comes with a coupon of 15.00% p.a., which are paid out quarterly. Furthermore, the products are equipped with comfortable risk buffers of 41%. The security level is still significantly increased due to the selected European barrier type. This means that the threshold is only active at the end of the term.<\/p>\n<p>Even higher gains are possible if the battery specialist Varta from Germany is added to FREYR. The Softcallable Multi Barrier Reverse Convertbile on the energy charged duo comes with a coupon of 18.00% p.a.. In this case the European barrier offers an increased 51% cushion of protection.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1261318146\\&quot; \\&quot;CH1261318138\\&quot; \\&quot;CH1261318112\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-freyr","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/freyr-battery_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/freyr-battery_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-04-06T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/impact_investing_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Tracker Certificate on the Swissquote Impact Index","windowTitle":"Impact investing: A simple way of improving the world","category":"investment-themes","title":"Symbiosis of financial and social return","body":"<h3>A roof in Kenya<\/h3>\n<p>Some young people from Kenya delivered a real coup in 2009 when, ahead of a global climate conference, they installed a solar system on the roof of the home of Sarah Obama, the since deceased grandmother of the then US president Barack Obama. By this action, which was accompanied by a letter from the houseowner to her famous grandson, Greenpeace sought to direct attention towards the issue of renewable energy. Looking back, it is difficult to say whether and to what extent US climate policy was influenced. What is certain is that Solafrica had its beginnings on the roof of that house in Kenya. Spurred on by the events of that time, this independent Swiss non-profit organisation is still dedicated to promoting solar energy today. Solafrica seeks to enable access to clean energy and promote climate protection in economically disadvantaged regions. Among the current projects run by the organisation is Sant&eacute; Solaire, the aim of which is to install solar systems in several villages of Burkina Faso.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2023/swissquote-impact-investing?language_id=1\" label=\"Find our more here\"><\/ltq-button><\/div>\n<h3>Principle of dividend-sharing<\/h3>\n<p>Solafrica has just received support for the project to the tune of CHF 30,000. The money comes from funds of the new tracker certificate on the Swissquote Impact Index. With this underlying the direct broker has added a global investment trend to its &ldquo;Themes Trading&rdquo; series. Impact investing stands for a symbiosis of financial and social return. &ldquo;With the impact certificate from Swissquote, investors are donating to projects that help individuals and local communities directly,&rdquo; say the initiators. To generate as much money as possible, the new index follows a dividend strategy. The focus is therefore placed on companies that offer consistently above-average dividend yields. The distributions received are then split, with half flowing back to investors through reinvestment and the other 50% of dividends going directly into the financing of sustainable development projects.<\/p>\n<h3>Diversified and high-yielding<\/h3>\n<p>Alongside the dividend approach, shares are also selected according to strict ESG criteria. This means that only companies which lead by example in terms of environmental protection, social matters and governance are considered. If a company realises income directly from coal or oil, is involved in controversial environmental activities, is associated with weapons and tobacco or does not follow the principles of the United Nations Global Compact, it is excluded from consideration. Twenty shares from Europe, North America and Asia have made it through the stringent selection process, which also includes quantitative criteria. These are all classic dividend-bearing stocks. Take Deutsche Post as an example: since 2008 the letter and logistics group has paid out a total of EURbn 23.6 to its shareholders in the form of dividends and share buybacks. The next dividend payment is scheduled for May. Based on the proposed distribution of EUR 1.85 per share, Deutsche Post is currently offering a high dividend yield of 4.3%.<\/p>\n<h3>Swissquote Impact Index &ndash; the principles<\/h3>\n<div><img src=\"/dA/ba18569477/charts_SQ_Impact_Investing_700x500 EN.svg?language_id=1\" alt=\"charts_SQ_Impact_Investing_700x500 EN\" width=\"1377\" height=\"653\" caption=\"false\" /><\/div>\n<h3>Transparency at all levels<\/h3>\n<p>As has already been mentioned, half of this and other distributions in the Swissquote Impact Index go into social projects. The focus at present is on Sant&eacute; Solaire in Burkina Faso. Swissquote works with certain investors to select this and other funding projects. As soon as the financial goal of a project is achieved, a new one is launched, ensuring a continuous positive cycle. Transparency plays a key role here, with constant updates to the information provided on the Swissquote website. The initiators are aware of the hot-button issue of greenwashing, which can dilute the good intentions of an investor. &ldquo;We are realistic about our ability to change the world, but we know that we can have a real impact on local communities in need,&rdquo; the Swissquote team emphasises. The tracker on the Impact Index is fully transparent also. While Swissquote acts as the issuer, Leonteq is responsible for both calculating the index for this actively managed certificate and its smooth trade on the SIX Swiss Exchange.<\/p>\n<h3>Tracker Certificate on the Swissquote Impact Index<\/h3>\n<div><price-chart isin=\"CH1236309501\"><\/price-chart><\/div>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1236309501\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.calendar.issue_date.value&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>Swissquote Impact Index: current composition<\/h3>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;AUSTRALIAN DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:4.432E-4,&quot;currency&quot;:&quot;AUD&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;SWISS FRANC&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:3.6344E-4,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;EURO&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00288458,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;BRITISH POUND&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00122817,&quot;currency&quot;:&quot;GBP&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;JAPANESE YEN&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;NORWEGIAN KRONE&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:6.1555E-4,&quot;currency&quot;:&quot;NOK&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;US DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00125334,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ALLIANZ SE-REG&quot;,&quot;sophisInternalId&quot;:67108925,&quot;currentPrice&quot;:429.8,&quot;weight&quot;:0.03817232,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;AMCOR PLC&quot;,&quot;sophisInternalId&quot;:134061732,&quot;currentPrice&quot;:43.74,&quot;weight&quot;:0.0256659,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;AMUNDI SA&quot;,&quot;sophisInternalId&quot;:111033246,&quot;currentPrice&quot;:88.2,&quot;weight&quot;:0.02929075,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;AXA SA&quot;,&quot;sophisInternalId&quot;:67109410,&quot;currentPrice&quot;:42.85,&quot;weight&quot;:0.03398747,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BANCO BILBAO VIZCAYA ARGENTA&quot;,&quot;sophisInternalId&quot;:67109703,&quot;currentPrice&quot;:22.99,&quot;weight&quot;:0.02370682,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BAYERISCHE MOTOREN WERKE AG&quot;,&quot;sophisInternalId&quot;:67108928,&quot;currentPrice&quot;:55.12,&quot;weight&quot;:0.020203,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CAIXABANK SA&quot;,&quot;sophisInternalId&quot;:70543535,&quot;currentPrice&quot;:11.905,&quot;weight&quot;:0.0252664,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;DAIMLER TRUCK HOLDING AG&quot;,&quot;sophisInternalId&quot;:157849262,&quot;currentPrice&quot;:41.07,&quot;weight&quot;:0.02219371,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;EDP SA&quot;,&quot;sophisInternalId&quot;:67120344,&quot;currentPrice&quot;:4.831,&quot;weight&quot;:0.04321643,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ENGIE SA&quot;,&quot;sophisInternalId&quot;:67198574,&quot;currentPrice&quot;:23.21,&quot;weight&quot;:0.02966886,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;HOST HOTELS &amp; RESORTS INC&quot;,&quot;sophisInternalId&quot;:67114379,&quot;currentPrice&quot;:23.85,&quot;weight&quot;:0.03826989,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;INFRASTRUTTURE WIRELESS ITAL&quot;,&quot;sophisInternalId&quot;:103701447,&quot;currentPrice&quot;:7.075,&quot;weight&quot;:0.02711513,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;INTERTEK GROUP PLC&quot;,&quot;sophisInternalId&quot;:69456051,&quot;currentPrice&quot;:5920,&quot;weight&quot;:0.02239919,&quot;currency&quot;:&quot;GBP&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;INTESA SANPAOLO&quot;,&quot;sophisInternalId&quot;:67109669,&quot;currentPrice&quot;:6.091,&quot;weight&quot;:0.02324395,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;KONINKLIJKE AHOLD DELHAIZE NV&quot;,&quot;sophisInternalId&quot;:67109610,&quot;currentPrice&quot;:32.22,&quot;weight&quot;:0.0436452,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;LEGAL &amp; GENERAL GROUP PLC&quot;,&quot;sophisInternalId&quot;:67109527,&quot;currentPrice&quot;:294.5,&quot;weight&quot;:0.03007593,&quot;currency&quot;:&quot;GBP&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NN GROUP NV&quot;,&quot;sophisInternalId&quot;:92248463,&quot;currentPrice&quot;:75.76,&quot;weight&quot;:0.03775225,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;OMNICOM GROUP&quot;,&quot;sophisInternalId&quot;:67114206,&quot;currentPrice&quot;:80.72,&quot;weight&quot;:0.03976456,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ORANGE&quot;,&quot;sophisInternalId&quot;:67109442,&quot;currentPrice&quot;:14.44,&quot;weight&quot;:0.04259017,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;POSTE ITALIANE SPA&quot;,&quot;sophisInternalId&quot;:97161295,&quot;currentPrice&quot;:24.28,&quot;weight&quot;:0.03499977,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;PUBLICIS GROUPE&quot;,&quot;sophisInternalId&quot;:67120554,&quot;currentPrice&quot;:103.75,&quot;weight&quot;:0.04646237,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;RECKITT BENCKISER GROUP PLC&quot;,&quot;sophisInternalId&quot;:67109562,&quot;currentPrice&quot;:5486,&quot;weight&quot;:0.04407668,&quot;currency&quot;:&quot;GBP&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SANOFI&quot;,&quot;sophisInternalId&quot;:67109411,&quot;currentPrice&quot;:72.16,&quot;weight&quot;:0.04055819,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SCENTRE GROUP&quot;,&quot;sophisInternalId&quot;:93517691,&quot;currentPrice&quot;:3.46,&quot;weight&quot;:0.04093536,&quot;currency&quot;:&quot;AUD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SEGRO PLC&quot;,&quot;sophisInternalId&quot;:71327764,&quot;currentPrice&quot;:923.4,&quot;weight&quot;:0.02759345,&quot;currency&quot;:&quot;GBP&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;TELENOR ASA&quot;,&quot;sophisInternalId&quot;:69527464,&quot;currentPrice&quot;:125.4,&quot;weight&quot;:0.04379852,&quot;currency&quot;:&quot;NOK&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;UNICREDIT SPA&quot;,&quot;sophisInternalId&quot;:67109683,&quot;currentPrice&quot;:75.14,&quot;weight&quot;:0.02034045,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;UNITED PARCEL SERVICE-CL B&quot;,&quot;sophisInternalId&quot;:67114327,&quot;currentPrice&quot;:97.83,&quot;weight&quot;:0.02810374,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;UNITED UTILITIES GROUP PLC&quot;,&quot;sophisInternalId&quot;:67109558,&quot;currentPrice&quot;:1483,&quot;weight&quot;:0.03408294,&quot;currency&quot;:&quot;GBP&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;UPM-KYMMENE OYJ&quot;,&quot;sophisInternalId&quot;:67110851,&quot;currentPrice&quot;:24.97,&quot;weight&quot;:0.03603231,&quot;currency&quot;:&quot;EUR&quot;}]\"><\/AmcComposition>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2023/swissquote-impact-investing?language_id=1\" label=\"Find our more here\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"swissquote-impact-investing","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/impact_investing_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/impact_investing_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-04-06T08:38","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/swiss-derivative-awards-2022-corporate+homepage.jpg","subTitle":"We are delighted to be recognised as best in 3 categories at the Swiss Derivative Awards 2023","windowTitle":"Swiss Derivative Awards 2023","category":"investment-themes","title":"Swiss Derivative Awards 2023","body":"<h3>Swiss Derivative Awards 2023<\/h3>\n<p>Leonteq Securities was recognised as best in 3 categories at the Swiss Derivative Awards 2023.<\/p>\n<p>We are delighted with this recognition and would like to take this opportunity to thank you for your vote and support.<\/p>\n<h3>Category: Best Precious Metal/Currency/Interest Product<\/h3>\n<p>15.00% p.a. Barrier Reverse Convertible on 10Y CHF SARON Swap Rate (Symbol <a href=\"https://structuredproducts-ch.leonteq.com/isin/CH1171792869?language_id=1\" target=\"_blank\" rel=\"noopener\" title=\"VPGLTQ\"> VPGLTQ<\/a>)<\/p>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1171792869\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>Category: Best product in the field of climate protection<\/h3>\n<p>Tracker Certificate on the Globalance Low Carbon Index (Symbol <a href=\"https://structuredproducts-ch.leonteq.com/isin/CH1210542895?language_id=1\" target=\"_blank\" rel=\"noopener\" title=\"GLCLTQ\"> GLCLTQ<\/a>)<\/p>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1210542895\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>Award: \"Top Service\" rating<\/h3>\n<p>The issuers with the best investor service are awarded. Leonteq Securities receives this award for the thirteenth time in a row. This award is based on the following criteria:<\/p>\n<ul>\n<li>Quality of termsheets<\/li>\n<li>Quality of brochures and client magazines<\/li>\n<li>Quality of the derivatives website<\/li>\n<li>Quality of market making<\/li>\n<li>Pricing of products<\/li>\n<li>Investor survey/voting<\/li>\n<\/ul>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"awards23","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/swiss-derivative-awards-2022-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/swiss-derivative-awards-2022-thumbnail.jpg"},{"date":"2023-03-29T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/metaplatforms_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Profiteer of the Tiktok scepticism","windowTitle":"Meta Platforms","category":"coupon-giant","title":"Meta Platforms","body":"<p>Shou Zi Chew has already experienced a lot. Born in Singapore, the 40-year-old graduated from an elite national school and went on to study at University College London and Harvard University in the United States. After two years at Goldman Sachs, his professional career took the high-flyer to the Chinese technology sector. Chew has been at the helm of Tiktok since May 2021. Most recently, the CEO of the short video platform probably experienced one of his toughest days. For more than five hours, he was grilled by the Energy and Commerce Committee of the House of Representatives in the US Congress. The U.S. parliamentarians accused Tiktok of data espionage, manipulation and endangering the health of young people in sometimes heated tirades. Now more than ever, a ban on the social media portal or the forced sale of its U.S. activities with around 150 million users is on the cards. However, the legal hurdles for such a step are still high.<\/p>\n<div>\n    <generic-chart title=\"Meta Platforms: Share price (in USD)\">\n  <chart-line title=\"Meta Platforms\" path=\"coupon_meta_chart.csv\" format=\"date, number\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Refinitiv, as of 27.03.2023<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Reels as growth drivers<\/h3>\n<p>Either way, sanctions of any kind would play into the hands of the competition. \"For Meta and CEO Mark Zuckerberg, as well as Snapchat and Google, today's hearing was like a good movie complete with popcorn,\" Wedbush analyst Dan Ives wrote in a commentary. He called Shou Zi Chew's statements a disaster moment. The analyst would assess restrictions on Tiktok as positive for Meta and Snap. The positive price performance of the two companies on the day of the hearing speaks for this thesis. Meta Platforms, in particular, has been hard at work with investors for some time. So far this year, the stock market value of the social media giant has expanded by more than 70%. Already, the company is mimicking Tiktok to some extent on its Facebook and Instagram platforms. Meta invests heavily in the creation and distribution of short videos (reels). At the recent financials presentation, Mark Zuckerberg cited advances in these services, as well as in the field of artificial intelligence, as growth drivers.<\/p>\n<h3>Investors are hitting \"like\"<\/h3>\n<p>In terms of reach, Meta Platforms is the measure of all things anyway. In its quarterly report, the group reports, among other things, the \"Family Daily Active People\", or DAP for short. This is the number of users who visit at least one of the following portals on a given day: Facebook, Instagram, Messenger, WhatsApp. By the end of 2022, DAP was approaching the 3 billion mark (see chart). The digital omnipresence could not change the fact that Meta felt the restraint of many advertising customers last year and at the same time had to struggle with rising costs. This mix caused the group's 2022 profit to plunge 41% to USD 23.2 billion. Nevertheless, many investors pressed the \"Like\" button on the most recent number day. Mark Zuckerberg provided enthusiasm with an optimistic outlook. He expects a recovery in the advertising business and at the same time plans stricter cost control. The announcement of additional share buybacks in the volume of USD 40 billion rounded off the positive news.<\/p>\n<div>\n<generic-chart title=\"Meta Platforms: Family Daily Active People (in billion)\">\n      <x-axis categories=\"Q4 20,Q1 21,Q2 21,Q3 21,Q4 21,Q1 22,Q2 22, Q3 22, Q4 22\"/>\n      <chart-column title=\"DAP in bn.\" data=\"2.60,2.72,2.76,2.81,2.82,2.87,2.88,2.93,2.96\" format=\"number\"  />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Meta Platforms, Earnings Presentation Q4 2022, February 2023<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>New BRC on the social media giants<\/h3>\n<p>Not only in terms of performance, but also in terms of volatility, Meta Platforms currently stands out from the broad Wall Street crowd. In the first quarter of 2023 that is coming to an end, the stock's price volatility has reached more than 50%. This means the large cap has moved up and down more than twice compared to the Nasdaq Composite Index. Softcallable barrier reverse convertibles allow investors to translate handsome volatility into attractive risk-reward profiles. A Meta Platforms based new issue in USD pays a coupon of 17% p.a. In the product currency CHF, the guaranteed payout is 14% annually. Also new to the market is a multi-variant: here Meta comes together with Google and YouTube parent Alphabet as well as Snap. The social media trio enables a coupon payment of 22% p.a. Each of the three BRCs enters the term of maximum 15 months with a barrier of 59% of the initial fixing. As long as no underlying falls to or below this level, the respective maximum return is fixed. If the cushion is not sufficient, the partial protection expires. Then the investment would be directly linked to the progress of Meta Platforms respectively in the case of the multi-product of the weakest underlying. Please also note the soft callable feature. Leonteq can terminate the BRC prematurely. If the issuer makes use of this option, investors would receive the full nominal and the pro-rata coupon.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1257339460\\&quot; \\&quot;CH1257339411\\&quot; \\&quot;CH1257339478\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-meta","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/metaplatforms_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/metaplatforms_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-03-28T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-know-how-product+homepage+banner.jpg","subTitle":"Reverse Convertibles: Diverse structures, lucrative returns","windowTitle":"Leonteq Know-How","category":"know-how","title":"Leonteq Know-How 2","body":"<p>The days when financial markets moved consistently in only one direction are long gone. The increasingly rapid movements, such as those seen recently in the Corona pandemic or the change in the interest rate cycle, demand maximum flexibility from investors. Timing, targeted stock selection and hedging instruments are therefore becoming more important. But there is a simpler way: With yield enhancement products, promising investment solutions are available that offer real added value in sideways-trending market phases. In the often tough price trends, they succeed in getting the best out of the situation. The strategy can be implemented effortlessly with the different variants of the reverse convertible, which is popular in this country.<\/p>\n<p>Interest rate hunters beware: Reverse convertibles offer a fixed coupon that is usually far above the level of classic bonds or even the interest rate on the money market. However, the risk is somewhat higher, because the repayment of the nominal is not guaranteed but linked to a condition. It depends on the price performance of the underlying asset. At maturity, for example, the underlying may be delivered instead of the nominal being repaid if the price of the underlying closes below the strike price. The coupon, on the other hand, is certain to be paid out.<\/p>\n<p><\/p>\n<p><iframe src=\"https://www.linkedin.com/embed/feed/update/urn:li:ugcPost:7049353740788604929?compact=1\" allowfullscreen=\"\" title=\"Embedded post\" width=\"100%\" style=\"aspect-ratio: 16/9\" frameborder=\"0\"><\/iframe><\/p>\n<p><\/p>\n<h3>A look behind the scenes<\/h3>\n<p>Before we go into the intricacies of the reverse convertible and its cousin, the barrier reverse convertible (BRC), the largest product type on SIX in terms of numbers, let's first take a look behind the scenes of the products. The basic structure of a reverse convertible consists of a bond and the sale of a put option (short put) on the underlying asset. In the case of a BRC, a bond is also acquired, but at the same time a down-and-in put option is implicitly sold to the issuer. The knock-in threshold of the put represents the barrier of the BRC. The proceeds from the respective sale of the option are in turn largely passed on to the investor in the form of a coupon. At the same time, the guaranteed coupon also indicates the maximum yield to be achieved at issue. The risk can be dosed by selecting the barrier for activating the put option, i.e. the option is only activated when the underlying touches the barrier (down-and-in). Otherwise, the put option expires worthless. The barrier also has an influence on the potential return. For example, if the barrier distance is reduced, the guaranteed coupon is higher - and vice versa.<\/p>\n<p>However, the level of the coupons also depends on other factors. For example, they can vary depending on the choice of maturity and also the underlying assets. Implied volatility and dividend expectations are particularly important. In the case of so-called multi-structures, i.e. products that refer to several underlyings, their correlation with each other is an additional factor. But first things first: The fluctuation range expected by the market determines the premium of the put option. As a rule of thumb, the higher the implied volatility of the underlying, the higher the proceeds. Or to put it another way: the more lavish the coupon. Therefore, the conditions for offensive underlyings are more attractive than for defensive underlyings.<\/p>\n<p>The forecast profit distributions of companies also play a role in the design of yield enhancement products. The more generous the corporations are, the more attractive the structure of the BRCs. And as already mentioned, in the case of multi-structures, the correlation between the underlyings is an additional factor. If this is lower, the product conditions are more attractive than for underlyings with a high correlation. The reason is relatively simple: if the correlation between the underlyings is lower, the probability of a negative outlier is higher than if the underlyings are quasi-same.<\/p>\n<h3>\"Variable\" end<\/h3>\n<p>To make the products even more attractive, the function of an \"early redemption\", known as a \"callable\" in technical jargon, can also be integrated into the structure. In this case, the issuer has the right, but not the obligation, to redeem the product early on predefined dates (usually quarterly or semi-annually). The situation is somewhat different with the \"Autocallable\" product supplement. In this case, the product is redeemed early if the predefined condition (autocall trigger level) occurs on the observation date. In both cases, the pro rata coupon is paid out in addition to the full denomination. On an annual basis, the investor has then achieved the maximum return despite early maturity.<\/p>\n<p>Despite all the advantages, the risks must not be disregarded. For example, before buying, investors should bear in mind that they are taking on an equity risk and that under certain circumstances the underlying may be delivered to their securities account. This is the case if the underlying touches the barrier during the term and is quoted below the strike on the valuation date. In the case of multi-structures, the \"worst of\" approach generally applies. If the barrier is breached, the redemption is based on the weakest underlying or the worst performer is booked to the investor's securities account.<\/p>\n<h3>Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1257339213\\&quot;, \\&quot;CH1257339221\\&quot;, \\&quot;CH1257339247\\&quot;, \\&quot;CH1257339254\\&quot;, \\&quot;CH1257339262\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;productType&quot;,&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;autocallTriggerLevel&quot;,&quot;strikeLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>New on the market<\/h3>\n<p>The following new issues from Leonteq allow us to transfer the knowledge we have now acquired in theory into practice. First we look at the Reverse Convertibles. A single RC on Nestl&eacute; and a multi RC on Nestl&eacute;, Novartis and Roche are in subscription. Maturity (3 years), currency (CHF) and strike price (100%) are the same for both products. The difference is noticeable in the coupon. While the Single RC provides a quarterly interest payment of 5.40% p.a., the Multi brings 8.00% p.a.. This clearly shows that higher coupons are possible with more underlyings, as several equity risks are bundled here.<\/p>\n<p>Furthermore, Leonteq has three Barrier Reverse Convertibles on the three SMI heavyweights Nestl&eacute;, Novartis and Roche. For this trio, too, the parameters of the basic features are identical: maturity (3 years), currency (CHF), strike price (100%), barrier (75%) and a worst-of principle. However, there are clear differences in the amount of the coupons. The classic Multi BRC has a coupon of 6.8% p.a., while the one with the autocallable function offers a maximum profit opportunity of 7.2% p.a.. With the second version, investors are compensated for the uncertainty about the actual end of the product's term with a higher interest rate, so to speak. The likelihood of early redemption increases with callable structures if the underlyings increase sharply or volatility decreases sustainably. The coupon on the soft callable BRC on Nestl&eacute;, Novartis and Roche is even higher at 7.5% p.a., because here the issuer has the right to choose whether the product actually expires before maturity on one of the observation days.<\/p>\n<h3>Important terms<\/h3>\n<div><ltq-table id=\"Important Terms\" title=\"\"> <template v-slot:default=\"\">\n<tbody>\n<tr>\n<td>Strike price<\/td>\n<td>The strike price is the price at which the holder of the option can buy or sell the underlying security.<\/td>\n<\/tr>\n<tr>\n<td>Conversion Ratio<\/td>\n<td>The number of shares of the underlying the investor receives if the predefined criteria for a physical redemption are met. The conversion ratio is calculated as follows: Nominal/Strike Price of the underlying.<\/td>\n<\/tr>\n<tr>\n<td>Coupon<\/td>\n<td>The coupon refers to the interest rate on a security, usually a bond. The amount stated as a percentage refers to the nominal value. In the case of reverse convertibles, the coupon guarantees recurring payments as well as a maximum yield that is easy to forecast.<\/td>\n<\/tr>\n<tr>\n<td>Dividend<\/td>\n<td>Dividends correspond to the part of the profit of a corporation that is distributed to the shareholders. The amount is decided by the General Meeting. The dividend attributable to an individual share is calculated on the basis of the denomination of the share capital in shares.<\/td>\n<\/tr>\n<tr>\n<td>Correlation<\/td>\n<td>Correlation measures the relationship between different underlyings. Correlation is an important factor when designing products with several underlyings. The lower the correlation among the selected underlyings, the better the conditions.<\/td>\n<\/tr>\n<tr>\n<td>Nominal<\/td>\n<td>The nominal value or par value is the fixed and imprinted amount for securities. It is the basis for calculating interest and repayment for a bond.<\/td>\n<\/tr>\n<tr>\n<td>Put option<\/td>\n<td>A put option gives the buyer the right to sell a certain asset within a specified period (American) or at the end of the term of the contract (European) at a specified price. The seller agrees to sell the underlying asset at a pre-agreed price, known as the strike price, if the option is exercised by the buyer. The seller receives a premium for this.<\/td>\n<\/tr>\n<tr>\n<td>Worst-of<\/td>\n<td>Structured products that refer to several underlyings, of which only the underlying with the worst performance (worst-of) is decisive for the redemption.<\/td>\n<\/tr>\n<tr>\n<td>Volatility<\/td>\n<td>Volatility describes the level of price fluctuation of securities and provides information about risk. What can be a disadvantage in equity investment helps in the design of structured products. Higher volatility makes option contracts more expensive and increases the scope for design. For example, with higher volatility, BRCs offer greater return potential through more lavish coupons and/or improved risk protection through a lower barrier.<\/td>\n<\/tr>\n<\/tbody>\n<\/template> <\/ltq-table><\/div>\n<div class=\"ltq-row\" style=\"flex-direction: row;\"> <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/know-how/know-how-basics?language_id=1\" label=\"Leonteq Know-How 1\"><\/ltq-button>\n<ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/know-how/know-how-impacting-factors?language_id=1\" label=\"Leonteq Know-How 3\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"know-how-reverse-convertibles","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-know-how-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-know-how-thumbnail.jpg"},{"date":"2023-03-24T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/gold_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Shark Note on gold","windowTitle":"Gold: Rush to the safe haven","category":"investment-themes","title":"A special investment","body":"<h3>Tumultuous days<\/h3>\n<p>Whether in the Fed&rsquo;s Washington headquarters, the ECB&rsquo;s Frankfurt base or the SNB&rsquo;s offices in Berne and Zurich, it must have been absolutely hectic in the central banks in mid-March. The monetary authorities did, after all, need to avert a new financial crisis. Following the closure of Silicon Valley Bank (SVB), further US institutions had begun to falter. On this side of the Atlantic, Credit Suisse provoked considerable anxiety. After a dramatic collapse in its share price, it ended up in the arms of its competitor UBS. The turnaround in interest rates is regarded as one trigger of the turbulence just outlined. It is well known that the currency authorities have been trying for some time to dampen rampant inflation by tightening monetary policy sharply. Until recently it had looked as if they would still be able to maintain this course for some months to come.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/de/news-and-media/news/investment-themes/2023/gold-shark-note?language_id=1\" label=\"Find out more here\"><\/ltq-button><\/div>\n<h3>Uncertain outlook<\/h3>\n<p>In the wake of the current banking crisis, however, interest rate expectations have once again shifted significantly. This particularly true for the USA, with futures markets as late as mid-February pricing in a hike in interest rates at the Fed&rsquo;s June meeting to a spread of 5.25% to 5.50%. If the CME Fed Watch Tool is anything to go by, the US central bank could actually signal a reversal of policy at this meeting and lower their key rate. The changing expectations have combined with the most recent turbulence on the stock markets to boost the price of gold. Having trended downwards in February, the troy ounce then experienced a dynamic rebound. Commerzbank Commodity Research sees considerable uncertainty going forward. &ldquo;The further development of the precious metal depends heavily on whether and how quickly the market turmoil subsides and the Fed is able to raise its interest rates further,&rdquo; the analysts conclude.<\/p>\n<h3>Capital protection and participation<\/h3>\n<p>Should interest rate expectations head downwards again, the troy ounce could continue its ascent. For the case that the situation calms down, with authorities, central banks and politicians having succeeded in dispelling the worries on the markets, the Fed would probably increase rates further. &ldquo;In this case, the gold price would likely give up its recent gains,&rdquo; the Commerzbank experts write. In keeping with the decidedly mixed picture, Leonteq has now launched an interesting new issue on gold. The capital protection certificate with participation enables investors to bank on further rises in the price of the precious metal while at the same time protecting themselves from losses, because Leonteq offers a full repayment guarantee for the USD 1,000 denomination at the end of the three-year term. For as long as gold does not reach or pass the barrier, however, investors only participate in further price gains. The prevailing threshold stands at 150% of the initial fixing.<\/p>\n<h3>Shark note repayment diagram: The shape of a shark's fin<\/h3>\n<div><img src=\"/dA/6a444d1842/charts_goldEN_700x500 EN Bar chart.svg?language_id=1\" alt=\"charts_goldEN_700x500 EN Bar chart\" width=\"1942\" height=\"727\" caption=\"false\" /><\/div>\n<footer>Source: Leonteq, as of March 2023<\/footer>\n<h3>The modalities<\/h3>\n<p>The capital protection means that the repayment cannot be less than 100%. If gold appreciates in the next three months, the amount returned rises. Assuming that at final fixing the underlying is a tenth above the starting level, investors would enjoy a return of 10%. If a barrier event occurs, the participation mechanism lapses. In this case Leonteq will redeem the issue at 120% as a sort of &ldquo;compensation&rdquo; for any profits lost thereby. Since the repayment profile resembles a shark&rsquo;s fin, this product is also known as a shark note. It is important to bear in mind that the modalities as outlined, including capital protection, only apply on maturity. A range of parameters, such as the interest rate level, will affect the value of the investment over the term. In that regard the certificate can fall below the guarantee level. Not least for this reason, investors have an opportunity to tap into the most recent momentum of gold and take a position in the special metal with a strong protective element.<\/p>\n<h3>Shark Note on Gold<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1257341417\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;capitalProtection&quot;,&quot;underlying&quot;,&quot;participation&quot;,&quot;barrierLevel&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/de/news-and-media/news/investment-themes/2023/gold-shark-note?language_id=1\" label=\"Find out more here\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"gold-shark-note","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/gold_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/gold_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-03-22T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/euro+stoxx+banks_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Trust on trial","windowTitle":"EURO STOXX® Banks Index: Trust on trial","category":"underlying-in-focus","title":"EURO STOXX® Banks Index","body":"<p>Do you still remember Lehman Brothers? The U.S. investment bank filed for insolvency on September 15, 2008, marking the peak of the 2008/2009 financial crisis. As a result, there was a veritable sell-off on the financial markets, which dragged down bank shares in particular. The EURO STOXX Banks index lost almost three quarters of its value within six months. Compared with its peak in June 2007, the index even lost more than 80%. Despite a subsequent recovery, the 22-member barometer has not yet managed to return to its former level.<\/p>\n<div>\n<generic-chart title=\"EURO STOXX® Banks Index: Price (in EUR)\">\n  <chart-line title=\"EURO STOXX® Banks Index\" path=\"underlying_sx7e_price.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <chart-line title=\"100 day average\" path=\"underlying_sx7e_100d.csv\" format=\"date, number\" color=\"#191c22\"/>\n  <chart-line title=\"200 day average\" path=\"underlying_sx7e_200d.csv\" format=\"date, number\" color=\"#b92b49\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Refinitiv, as of 21.03.2023<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Déjà vu<\/h3>\n<p>History repeats itself, one might assume in view of current events. For example, just a few days ago in the U.S., U.S. start-up financier Silicon Valley Bank and other regional banks ran into trouble in the wake of liquidity concerns. Often, speculation about the insolvency of a bank is enough for the bear market virus to spread abruptly. In this case, however, there were even tangible facts on the table, so that the ensuing panic reaction on the markets came as little surprise.<\/p>\n<p>Fears of loan defaults in the US banking sector also spilled over the pond and caused uncertainty among European financial stocks - above all among Credit Suisse, which was already in crisis. CS is one of the world's largest asset managers and is also considered systemically important. To prevent the shock waves from spreading further, the Swiss National Bank (SNB) took the reins a few days ago and engineered a merger of the 167-year-old bank with UBS. But that wasn't all the central banks did recently. It was quickly followed by a coordinated effort by the SNB, along with the ECB and monetary watchdogs from the U.S., Japan, the U.K. and Canada, to bolster liquidity in the markets. The daily measures are expected to continue until at least the end of April.<\/p>\n<h3>Shadow...<\/h3>\n<p>However, this is unlikely to completely dispel the concerns surrounding the financial sector. According to a report by Reuters, for example, two executives of European banks fear that the crisis of confidence will spread to other lenders, even if the sector is well capitalized and liquidity is strong. Others are bringing reforms into play. For example, the civic movement \"Finanzwende,\" founded in Germany in 2018, is calling for much higher capital buffers at banks, a European resolution and deposit insurance authority with more powers, and a separation of commercial banks and investment banking. The British financial firm Barclays is already assuming increased regulatory control and lowered its assessment of European banks from \"positive\" to \"neutral.\"<\/p>\n<h3>...but also light<\/h3>\n<p>On the other hand, the ECB banking supervisory authority, the EU authority for the resolution of ailing institutions, the Single Resolution Board (SRB), and the EU banking authority EBA are sending a glimmer of hope. The three institutions continue to see the European financial sector as stable after the bailout of CS. \"The European banking sector is resilient and has a solid capital and liquidity position,\" they said. In the U.S., reassurance is also being sought from the highest levels. Fed Chairman Jerome Powell and U.S. Treasury Secretary Janet Yellen jointly made clear that the U.S. banking system's capital and liquidity positions are strong and that the U.S. financial system is robust.<\/p>\n<p>Speaking of central banks: Amid the biggest banking quake since the financial crisis, the Federal Reserve, as well as the SNB, is deciding this week on its future interest rate path. The question is whether the monetary guardians will continue the tightening series or keep their fingers still due to the turbulence on the stock markets. In the U.S., three quarters of economists currently expect a 25 basis point hike, while one quarter expect a pause. The development of interest rates, in turn, is a decisive criterion for the profits of financial institutions. Should the central banks decide to end the interest rate hike cycle significantly earlier due to concerns about market turbulence, this would put pressure on margins just as much as an increase in deposit rates from the banks' side in order to prevent a withdrawal of customer deposits as a preventive measure.<\/p>\n<h3>Double-digit percentage coupons<\/h3>\n<p>In the short term, investors should therefore expect further fluctuations in bank shares. In the longer term, however, the sector is anything but ambitiously valued in terms of the price/earnings ratio on the EURO STOXX Banks Index. With an expected P/E ratio of 6.4, the index is now close to past crisis levels again. This is despite the fact that the sector is in better shape today in terms of capitalization, profitability and liquidity. In addition, the barometer, in which BNP Paribas, Banco Santander and ING Group form the heavyweights with an index share of more than one third, is convincing in terms of dividend yield with around 6%. The EURO STOXX 50 does not even yield half that.<\/p>\n<p>Two new softcallable barrier reverse convertibles on the EURO STOXX Banks offer the prospect of an even higher yield. For these to achieve their yield target, the index does not need to rebound. In fact, the product structure gives European banks much more downside scope without jeopardizing the profit opportunity. The BRCs, which are offered in CHF and EUR, each have a solid risk buffer of 40%. If the EURO STOXX Banks leaves the barrier intact during the maximum term of 15 months, the maximum return will be achieved. The coupon on the CHF variant is an attractive 10.00% p.a., while the EUR-denominated certificate guarantees an even more attractive 11.00% p.a. The term can end after 6 months at the earliest due to the softcallable function.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1254836971\\&quot; \\&quot;CH1254837003\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-euro-stoxx-banks","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/euro+stoxx+banks_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/euro+stoxx+banks_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-03-16T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq_ggxindex_product+homepage+banner.jpg","subTitle":"GGX Sustainable Dynamic Leaders Europe Index NTR","windowTitle":"GGX Sustainable Dynamic Leaders Europe Index NTR","category":"etp","title":"Ecology and economy smartly combined in an index","body":"<p>For businesses and investors alike, sustainability and the responsible use of resources remain key issues just as much as the returns on their investments. In this context there is a need for approaches that combine the two elements of ecology and economy. As an innovative player in the ESG ratings and data sector, Switzerland-based Global Green Xchange AG offers not only solutions relating to ESG ratings and raw data, but also practical index and portfolio solutions linked to sustainability for asset managers, family offices and institutional investors. The GGX research team has launched the GGX Sustainable Dynamic Leaders Index family as a high-performance showcase combining ESG parameters and economic factors in a single index.<\/p>\n<div>\n   <ltq-button color=\"primary\" url=\"https://www.leonteq.com/news-and-media/news/investment-themes/2023/global-green-xchange?language_id=1\" label=\"Find out more here\"><\/ltq-button>\n<\/div>\n<h3>ESG rating as a criterion for inclusion<\/h3>\n<p>The stocks for this index are initially selected on the basis of the GGX ESG rating, an innovative rating that allows the sustainability of companies to be quantified transparently and verifiably. The effective achievements of a company in individual reporting periods are compared and their dynamic development (improved, the same, worse) is scored from 0 to 10. To make it into the selection for the index, a rating of 4.0 or better is essential. The score boundaries are also clearly labelled, giving investors the greatest possible precision in interpretation. GGX also rates companies proactively, without receiving any payment or sponsorship from the company being rated. This, too, underlines the neutrality of GGX\u2019s ESG ratings.<\/p>\n<h3>ETP+ on GGX Sustainable Dynamic Leaders Europe Index NTR - tradable on SIX Swiss Exchange<\/h3>\n<div><price-chart isin=\"CH1171793453\"><\/price-chart><\/div> \n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1171793453\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.calendar.issue_date.value&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li><a href=\"/isin/CH1171793453\" target=\"_blank\" rel=\"noopener\" title=\"Index members and weightings\">Index members and weightings<\/a><\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Equally weighted and inclusive dividends<\/h3>\n<p>The companies qualifying for the European variant, the GGX Sustainable Dynamic Leaders Europe Index, must have a primary listing in Switzerland, the EU, Great Britain or the other EFTA states (Liechtenstein, Iceland and Norway). The minimum market capitalisation must be one billion euros (or the equivalent). The two sectors of armaments and mining/coal are barred from inclusion in the index. The index members are weighted equally and the net dividend payments are considered in the index performance, favouring investors.<\/p>\n<h3>20 sustainable leaders in one go<\/h3>\n<p>The next step is the qualitative selection. Here the experts at GGX take account of the balance sheet strength, the future prospects and the overall attractiveness for investors. The index as it stands at the moment contains the 20 leading companies based in Europe which have made good progress in terms of sustainability while also representing a sound, attractive investment opportunity. The current selection includes, for instance, the leading wind turbine producer Vestas and the wind and hydro power manufacturer Ørsted, as well as the Mercedes-Benz Group, the Stellantis Group and Porsche Holding, the European driving forces behind e-mobility. ABB, Lonza and SwissRe have likewise qualified for the Sustainable Dynamic Leaders Europe Index. This means investors have the best possible marriage of two elements: ESG performance and financial attractiveness.<\/p>\n<div>\n<generic-chart title=\"GGX Sustainable Dynamic Leaders Europe Index vs. Peers (all in CHF, indexed to 100)\">\n  <chart-line title=\"GGX Sustainable Dynamic Leaders Europe Index\" path=\"chart_ggx_ggx.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <chart-line title=\"MSCI World ESG Leaders Index\" path=\"chart_ggx_world.csv\" format=\"date, number\" color=\"#191c22\"/>\n  <chart-line title=\"EURO STOXX ESG Leaders 50 Index\" path=\"chart_ggx_eu.csv\" format=\"date, number\" color=\"#b92b49\"/>\n  <chart-line title=\"SXI Switzerland Sustainability 25 Index\" path=\"chart_ggx_ch.csv\" format=\"date, number\" color=\"#898c92\"/>\n  <chart-line title=\"DAX 50 ESG Index\" path=\"chart_ggx_dax.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <chart-line title=\"FTSE UK 100 ESG Select Index\" path=\"chart_ggx_uk.csv\" format=\"date, number\" color=\"#f5f5f5\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Refinitiv, as of 10.03.2023<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Attractive investment<\/h3>\n<p>A retrospective view of the last five years shows that the GGX Sustainable Dynamic Leaders Europe Index has not only sparkled with an absolute improvement of around 58% in value, but also achieved a significant outperformance by comparison with similarly themed indices (see chart). It is well known that past performance is no guarantee for the future, but the index concept promises to be well suited going forward as well. Investors have an immediate opportunity to include both ecology and the prospect of attractive returns in their portfolio with Switzerland's first ETP+ on a sustainable index. All the information required for purchasing or trading in the listed financial product (symbol ESGEU) can be found <a href=\"https://structuredproducts-ch.leonteq.com/isin/CH1171793453?language_id=1\" target=\"_blank\" rel=\"noopener\" title=\"ETP\">here.<\/a><\/p>\n<div>\n   <ltq-button color=\"primary\" url=\"https://www.leonteq.com/news-and-media/news/investment-themes/2023/global-green-xchange?language_id=1\" label=\"Find out more here\"><\/ltq-button>\n<\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"global-green-xchange","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq_ggxindex_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq_ggxindex_thumbnail.jpg"},{"date":"2023-03-15T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/warnerbros_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Media giant with new script","windowTitle":"Warner Bros. Discovery","category":"coupon-giant","title":"Warner Bros. Discovery","body":"<p>A small independent studio caused a big surprise at the 95th Academy Awards. The US production company A24 Films won nine of the coveted gold trophies. Seven of them went to \"Everything Everywhere All at Once\" - among others, the science fiction adventure was named \"Best Film\". Two more Oscars went to the A24 drama \"The Whale.\" Although the young company from New York pretty much outshone the competition with this, the traditional Hollywood majors were also allowed to enjoy the spotlight on Oscar night. So the event took time to wish Warner Bros. a happy birthday. April 4 marks the 100th anniversary of the legendary studio's founding. Warner Bros. has made and released some 12,500 films. These include many legendary blockbusters, such as \"Casablanca,\" \"Batman,\" \"The Lord of the Rings\" and \"Harry Potter.\"<\/p>\n<div>\n<generic-chart \n        title=\"Warner Bros. Discovery: Turnover 2022 by divisions\">\n        <pie-chart path=\"coupon_wbd_pie_en.csv\" format=\"string, number\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Warner Bros. Discovery, as of February 2023<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Film, television and streaming<\/h3>\n<p>On the stock market, the movie company script is being rewritten right now. In April 2022, U.S. telecom giant AT&amp;T spun off WarnerMedia to merge the division with Discovery. In this way, a global entertainment giant has been created. For 2022, Warner Bros. Discovery posted revenues of USD 33.8 billion. The majority of this was attributable to the \"Networks\" segment, which operates 30 TV stations in the U.S. alone. Internationally, the division operates, for example, the news channel CNN or Eurosport. The second largest business segment is \"Studios\" for the production of films, series and TV formats. Warner Bros. Discovery also operates the Direct-to-Consumer segment, or \"DTC\" for short. This includes streaming services such as HBO Max or Discovery+, as well as classic pay TV channels, first and foremost HBO. Despite its immense wealth, the company quickly experienced a \"movie bust\" on the stock market. From April 11 - the date on which the newly formed Warner Bros. Discovery was traded for the first time - the stock plummeted by around 60% by the end of 2022.<\/p>\n<h3>Optimistic CEO<\/h3>\n<p>In the new year, the Nasdaq stock made a remarkable comeback. Since New Year's Eve, Warner Bros. Discovery is up close to 50%. CEO David Zaslav has backed the rally with plenty of optimism. According to him, most of the restructuring has been done. The costs incurred in the process left the group with a loss of USD 2.1 billion in the fourth quarter of 2022. \"This year, we are focused on building and growing our business for the future,\" Zaslav said in presenting the figures. The start, he said, has been great. Among other things, the CEO referred to the success of the HBO series \"The Last of Us,\" record sales of the video game \"Hogwarts Legacy\" or the plans of DC Studios. The franchise had announced ten new film and TV projects in January. \"This is one of our biggest opportunities for value creation,\" enthused David Zaslav. Despite the big ambitions, management is keeping capital discipline high. Since last April, USD 7 billion in debt has been repaid. CFO Gunnar Wiedenfels also sees the company on track to realize USD 4 billion in cost savings by 2024.<\/p>\n<div>\n    <generic-chart title=\"Warner Bros. Discovery: Share price (in USD)\">\n  <chart-line title=\"Warner Bros. Discovery\" path=\"coupon_wbd.csv\" format=\"date, number\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Refinitiv, as of 13.03.2023<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>A real \"coupon giant\"<\/h3>\n<p>What is certain is that Warner Bros. Discovery's stock is very volatile. Year to date, the realized volatility is more than 50%. By comparison, the Nasdaq Composite Index shows a value of just under 22% here. The high volatility makes the media stock a real \"coupon giant\". Leonteq has therefore launched two Softcallable Barrier Reverse Convertibles on Warner Bros. Discovery. In the product currency USD, the new issue brings a guaranteed payout of 18% p.a.. In CHF, the coupon amounts to 14% p.a.. The barrier is 59% of the initial fixing in each case. As long as the underlying does not fall to or below this level, the maximum return is fixed. If the cushion is not sufficient, the partial protection expires. Then the investment would be directly linked to the progress of Warner Bros. Discovery. Please also note the soft callable feature. Leonteq can call the BRC for the first time after six months and then quarterly. If the issuer makes use of this option, investors would receive the full nominal and the pro-rata coupon.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;CH1254833424, CH1254833473&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-warner-bros-discovery","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/warnerbros_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/warnerbros_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-03-10T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/reverseconvertible_product+homepage+banner.jpg","subTitle":"Exciting coupons with Idorsia & Co.","windowTitle":"Call overwriting vs. RC","category":"investment-themes","title":"Full dose of yield","body":"<h3>Simple and effective<\/h3>\n<p>Reverse convertibles are true classics in the world of structured products, and enjoy enormous popularity here. There are good reasons for this: not only is the structure easy to understand, it also offers plenty of opportunity. RCs come with coupons that are usually well above the market level and are also guaranteed to be paid out. The risk of the product type lies in the repayment at the end of the term, which depends on the price of the underlying on the valuation date. If the underlying is trading at least at or above the strike price, the investment delivers the maximum return. If, on the other hand, it is trading below the strike, investors generally get the underlying.<\/p>\n<div>\n   <ltq-button color=\"primary\" url=\"https://www.leonteq.com/news-and-media/news/investment-themes/2023/reverse-convertibles?language_id=1\" label=\"Find out more here\"><\/ltq-button>\n<\/div>\n<h3>Broad selection<\/h3>\n<p>Leonteq recently issued 15 reverse convertibles on domestic stocks listed on the BX Swiss. The selection extends from second-line stocks such as Idorsia through mid-caps like ams OSRAM to blue chips such as Roche or Zurich Insurance. Four of the 15 products come with double-digit percentage p.a. coupons. These are the underlyings ams OSRAM, Credit Suisse, Idorsia and Zur Rose. The front-runner in terms of interest rates is online pharmacist Zur Rose, which offers 14.96% p.a. Even the less volatile SMI heavyweights Nestlé and Roche, though, still bring coupons in excess of 5%. While there may be differences in the interest rates paid, the 15 new reverse convertibles have the same features: the strike for all products stands at 100%, and there is a term of 3 years.<\/p>\n<h3>Reverse Convertible - tradable on BX Swiss<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;CH1248692167, CH1248692175, CH1248692183, CH1248692191, CH1248692209, CH1248692100, CH1248692118, CH1248692134, CH1248692126, CH1248692159, CH1248692142, CH1248692217, CH1248692225, CH1248692233, CH1248692241&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.features.guaranteed_fixed_rate_coupon.coupon_rate.value&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;strikeLevel&quot;,&quot;distanceStrikeLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>High volatility, high chance of a profit<\/h3>\n<p>As Zur Rose is currently trading slightly under par, the maximum chance of a profit is actually somewhat above the coupon level. That is because the share price of the online pharmacist is consolidating after a surge at the start of February, when some CHFmn 360 was raised from the sale of its Swiss arm. Investors were both delighted that it enabled the company to tackle its considerable debt mountain and excited by the prospects afforded by the associated concentration on the German market, with the neighbouring country about to see the rollout of the highly promising e-prescription. If Zur Rose is trading at least at the strike price of CH 48.92 when the term ends on 10 February 2026, the investment will deliver the maximum return of 44.15%. The above-average volatility of the Zur Rose share is also experienced by Idorsia and ams OSRAM, which means that the reverse convertibles improve the potential for profits when markets are treading water. The upward price potential of the pair is rather limited in any case: the first, a biotech firm, saw its 2022 losses worsen from CHFmn 635 to CHFmn 828 and expects to post a negative operating result of around CHFmn 750 this year. Meanwhile, the sensor manufacturer is anticipating a slowdown in business at the start of the year. \u201cWe are currently observing characteristics of a market correction and expect the prevailing macro-economic and sector situation to continue during the first half of 2023,\u201d says the forecast from the group\u2019s head office. The perfect environment, then, for RCs.<\/p>\n<div>\n<generic-chart title=\"Zurich Insurance: Share price (in CHF)\">\n      <chart-line title=\"Zurich Insurance\" path=\"biweekly_chart_zurn.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Refinitiv, as of 06.03.2023<br/Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Reverse convertibles vs. dividends<\/h3>\n<p>In uncertain market phases, investors also like keeping an eye on the dividends paid out by companies with a view to generating continuing income even when prices are moving sideways. Reverse convertibles have nothing to be ashamed of even when compared with the dividend strategy, however. On the contrary: Zurich Insurance is among the dividend stars of the SMI, returning 5.4%. The corresponding reverse convertible from Leonteq on BX Swiss promises an even better interest rate, though, with a comparable risk. The product guarantees a coupon of 6.98% p.a., which is distributed quarterly. Only if Zurich Insurance is trading below the strike price on the valuation date would holders of the RCs have the share added to their portfolio, so that they would then be direct investors. The nominal will otherwise be repaid 100%, and any further price risk will be eliminated. For dividend aristocrat and pharmaceuticals giant Roche, which this year will increase the profits distributed among shareholders for the 36th year in succession, the gap between the dividend yield (3.48%) and the coupon (5.87%) of the reverse convertible is even greater. The examples show that the classic among structured products has its nose in front of the similarly traditional dividend strategy.<\/p>\n<div>\n   <ltq-button color=\"primary\" url=\"https://www.leonteq.com/news-and-media/news/investment-themes/2023/reverse-convertibles?language_id=1\" label=\"Find out more here\"><\/ltq-button>\n<\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"reverse-convertibles","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/reverseconvertible_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/reverseconvertible_thumbnail.jpg"},{"date":"2023-03-08T07:03","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/logistics-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Good News from the city","windowTitle":"Kühne+Nagel: Good news from the city","category":"underlying-in-focus","title":"Kühne+Nagel","body":"<p>Kühne+Nagel has chosen the financial metropolis of London as the venue for its latest Capital Markets Day. In the middle of the City, the top management around CEO Stefan Paul presented the \"Roadmap 2026\" on March 1. The plans were very well received on the London Stock Exchange, which is only about 15 minutes' walk from the presentation room: Kühne+Nagel gained up to 9% in trading on the LSE. On the SIX Swiss Exchange, the company's home exchange, the share price rose by as much as 9.3% at its high for the day on March 1. Even before the first prices were quoted here in Switzerland and in the UK, Kühne+Nagel had published its balance sheet for 2022. \"The company achieved a new record in terms of both net sales and profit,\" the Schindellegi-based group announced.<\/p>\n<div>\n<generic-chart title=\"Kühne+Nagel: Share price (in CHF)\">\n      <chart-line title=\"Kühne+Nagel\" path=\"knin_chart.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Refinitiv, as of 06.03.2023<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Strong result<\/h3>\n<p>At CHF 39.4 billion, revenues were one-fifth higher than in 2021, while Kühne+Nagel's bottom line of CHF 2.81 billion was even 30% higher than in the previous period. All four business units contributed significantly to the success, according to the company. Ocean freight - where Kühne+Nagel describes itself as the global number 1 - grew particularly strongly. In 2022, the division's revenues increased by 37% to almost CHF 18.8 billion. The operating result (Ebit level) climbed by almost a third to a good CHF 2.0 billion. In the second largest business segment, air freight, Kühne+Nagel also claims the position as world market leader. With sales growth of 8% to CHF 11.7 billion, EBIT in this segment increased disproportionately by 21% to CHF 1.4 billion in 2022. The strong results cannot hide the fact that the logistics giant has felt the economic slowdown. In the fourth quarter of 2022, sales and Ebit shrank significantly compared to the same period last year.<\/p>\n<h3>Looking ahead<\/h3>\n<p>Citing geopolitics and inflation, management continues to see a challenging environment. \"However, we expect the positive growth and earnings development that has been sustained for many years to continue this year,\" explain those responsible. In this context, however, it is important to exclude the volumes and results achieved in 2021 and 2022 as part of the Corona special stimulus. In any case, the CEO is already thinking beyond the current period. \"Now is the right time to launch our new strategic roadmap 2026,\" Stefan Paul said at the Capital Markets Day. With a focus on quality, customer satisfaction and employee motivation, he wants to ensure the sustainable corporate success of Kühne+Nagel.<\/p>\n<h3>Far beyond expectations<\/h3>\n<p>In a presentation of almost 150 pages, the CEO, together with CFO Markus Blanka-Graff, explained the plans for the future. Analysts and investors were particularly interested in the financial targets. Among other things, Ebit is to increase by an average of between 17% and 19% per year until 2026 compared to the 2019 level. \"At group level, Kühne+Nagel is targeting a conversion rate of 25% to 30% by 2026,\" the speakers explained. This ratio stands for ratio of Ebit to gross profit. The plan presented means that the Group aims to roughly maintain the top level of the past two years (see chart). With the current outlook, Kühne+Nagel clearly exceeds previous market expectations. The analysts at J.P. Morgan see an upward deviation of more than 50% for Ebit.<\/p>\n<div>\n<generic-chart title=\"Kühne+Nagel: Conversion Rate\">\n      <x-axis categories=\"2017,2018,2019,2020,2021,2022,2026e\"/>\n      <chart-column title=\"Conversion Rate in %\" data=\"13,13,13,14,30,34,30\" format=\"number\"  />\n    <\/generic-chart>\n<\/div>\n<footer>e=expected (company forecast), Source: Kühne+Nagel<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Chance of participation and coupon<\/h3>\n<p>Leonteq uses the momentum of Kühne+Nagel for a special new issue. With the Conditional Coupon Barrier Reverse Convertible (BRC), investors can participate in further rising prices with partial protection. In addition, the coupon payment typical for the BRC is possible. One after the other: For the first time after 18 months and then semi-annually, the Mid Cap is put to the test. If Kühne+Nagel quotes above the autocall trigger level of 100% of the initial fixing on the observation date, the product matures early. The further the underlying is above the initial level, the higher the redemption. From the strike, the BRC participates 100% in rising prices.<\/p>\n<h3>A calculation example<\/h3>\n<p>Assume that the underlying increases by one tenth by the first observation date (September 16, 2024). The early redemption coupon would then be 10% or CHF 100. At the same time, a \"Conditional Coupon\" of 6% (CHF 60) would be due. The investment would thus be redeemed early with a total return of 16%. If Kühne+Nagel does not make progress or declines in the next 18 months, the product will continue to run. However, the coupon lost at the first cut-off date would not be lost. Thanks to the memory function, the payout is made up as soon as the condition is met at a later date. This also applies in the event of expiry. If there is no early termination and redemption and the SMIM member is also at or below the initial value at the final fixing date, the barrier comes into play. As long as Kühne+Nagel then exceeds the threshold of 79% of the initial fixing, Leonteq will pay back the full nominal. Otherwise, the issuer would deliver the underlying at the corresponding subscription ratio. Investors would therefore have to expect a loss. <\/p>\n<h3>Autocallable Single BRC with participation<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1254833127\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;conditionalCoupon&quot;,&quot;underlying&quot;,&quot;participation&quot;,&quot;barrierPercentage&quot;,&quot;barrierType&quot;,&quot;currency&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-kuehne+nagel","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/logistics-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/logistics-leonteq-structured-products-thumbnail.jpg"},{"date":"2023-03-03T07:40","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/geldpolitik-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Description and redemption table","windowTitle":"7.92% p.a. Reverse Convertible on CHF SARON 1Y","category":"investment-themes","title":"7.92% p.a. Reverse Convertible on CHF SARON 1Y","body":"<h3>What is the SARON?<\/h3>\n<p>The Swiss Average Rate Overnight, or SARON, is the reference interest rate for the Swiss franc. It reflects conditions on the secured money market and is thereby a reference for both concluded transactions and binding pricing. The SARON resulted from a reform process undertaken by the SNB together with the private sector starting in 2013. The clearing of SARON swaps began over five years ago. These are interest rate swaps between financial institutions Also in October 2017, the SARON was recommended by the National Working Group on Reference Rates in Swiss Francs, or NAG, as an alternative to CHF LIBOR. Finally, on December 31, 2021, after LIBOR was fixed for the last time, the era of SARON began.<\/p>\n<h3>Redemption at maturity:<\/h3>\n<div><ltq-table id=\"\" title=\"\"> <template v-slot:default=\"\">\n<thead>\n<tr>\n<th>Final Fixing:<\/br> <strong>CHF 1Y Saron<\/strong><\/th>\n<th>Redemption<\/br> <strong>excl. coupon<\/strong><\/th>\n<th>Redemption<\/br> <strong>incl.<\/strong> Coupon<\/th>\n<th>Comment<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>2.50%<\/td>\n<td>100.00%<\/td>\n<td>111.88%<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>2.25%<\/td>\n<td>100.00%<\/td>\n<td>111.88%<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>2.00%<\/td>\n<td>100.00%<\/td>\n<td>111.88%<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>1.90%<\/td>\n<td>100.00%<\/td>\n<td>111.88%<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>1.80%<\/td>\n<td>100.00%<\/td>\n<td>111.88%<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>1.7865%<\/td>\n<td>100.00%<\/td>\n<td>111.88%<\/td>\n<td>Current level<\/td>\n<\/tr>\n<tr>\n<td>1.78%<\/td>\n<td>100.00%<\/td>\n<td>111.88%<\/td>\n<td>Initial fixing<\/td>\n<\/tr>\n<tr>\n<td>1.70%<\/td>\n<td>100.00%<\/td>\n<td>111.88%<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>1.60%<\/td>\n<td>100.00%<\/td>\n<td>111.88%<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>1.50%<\/td>\n<td>100.00%<\/td>\n<td>111.88%<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>1.40%<\/td>\n<td>100.00%<\/td>\n<td>111.88%<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>1.30%<\/td>\n<td>100.00%<\/td>\n<td>111.88%<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>1.20%<\/td>\n<td>100.00%<\/td>\n<td>111.88%<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>1.10%<\/td>\n<td>100.00%<\/td>\n<td>111.88%<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>1.00%<\/td>\n<td>100.00%<\/td>\n<td>111.88%<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>0.90%<\/td>\n<td>100.00%<\/td>\n<td>111.88%<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>0.89%<\/td>\n<td>100.00%<\/td>\n<td>111.88%<\/td>\n<td>Strike price<\/td>\n<\/tr>\n<tr>\n<td>0.80%<\/td>\n<td>89.89%<\/td>\n<td>101.77%<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><strong>0.7943%<\/strong><\/td>\n<td><strong>88.12%<\/strong><\/td>\n<td><strong>100.00%<\/strong><\/td>\n<td><strong>Break-Even<\/strong><\/td>\n<\/tr>\n<tr>\n<td>0.70%<\/td>\n<td>78.65%<\/td>\n<td>90.53%<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>0.60%<\/td>\n<td>67.42%<\/td>\n<td>79.30%<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>0.50%<\/td>\n<td>56.18%<\/td>\n<td>68.06%<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>0.40%<\/td>\n<td>44.94%<\/td>\n<td>56.82%<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>0.30%<\/td>\n<td>33.71%<\/td>\n<td>45.59%<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>0.20%<\/td>\n<td>22.47%<\/td>\n<td>34.35%<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>0.10%<\/td>\n<td>11.24%<\/td>\n<td>23.12%<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>0.00%<\/td>\n<td>0.00%<\/td>\n<td>11.88%<\/td>\n<td><\/td>\n<\/tr>\n<\/tbody>\n<\/template> <template v-slot:below=\"\"> <LtqCardBody><footer>Source: Leonteq<\/footer><footer>Historical data is not a reliable indicator of future performance.<\/footer><\/LtqCardBody> <\/template> <\/ltq-table><\/div>\n<h3>Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1251798075\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;strikeLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n              <template v-slot:headerTitle>\n          <div>\n    <strong>Issuer: Leonteq Securities AG<\/strong><br />\n    <strong><a href=\"https://structuredproducts-ch.leonteq.com/services/know-how?language_id=3#tcm\">TCM-collateralized<\/a><\/strong>\n<\/div>\n        <\/template>\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"CHF-1Y-saron","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/geldpolitik-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/geldpolitik-leonteq-structured-products-thumbnail.jpg"},{"date":"2023-03-01T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/adyen_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Please pay!","windowTitle":"Adyen","category":"coupon-giant","title":"Adyen","body":"<p>Paying for a new pair of jeans in a boutique with a credit card, paying for a burger at the counter with a smartphone or using PayPal to make an online purchase - Adyen has a hand in all these processes. The Dutch software company is active in the background with its solutions both in the e-commerce sector and at the store checkout and collects a fee for this. Adyen counts world-renowned companies such as Uber, Zalando, Netflix and, more recently, FC Bayern Munich among its wide-ranging customer base.<\/p>\n<h3>Immense transactions<\/h3>\n<p>The fact that payment services are in demand is most easily seen in the development of Adyen's transaction volume. In 2021, this increased by 70% to EUR 516 billion, driven by the Corona pandemic. However, the company also remained on a growth course in 2022 - albeit no longer quite as dynamically. The volume climbed by 49% to EUR 767.5 bn. Ayden has recently been particularly successful in store checkout processing, which grew disproportionately and now accounts for around 16% of total business.<\/p>\n<div>\n<generic-chart title=\"Diagram: Net revenue and earnings performance \">\n      <x-axis categories=\"H1/2021,H2/2021,H1/2022,H2/2022\"/>\n      <chart-column title=\"Net revenue (in EUR million)\" data=\"445,565.5,608.5,721.7\" format=\"number\"  />\n      <chart-line title=\"Ebitda (in EUR million)\" data=\"272.7,357.3,356.3,372\" format=\"number\" yAxisRight=\"true\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Adyen<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Slowed growth<\/h3>\n<p>Although the growth curve continues to point upwards, the former high-flyer was punished on the stock market for its latest business figures. The stock slumped by around 15% on the day of the announcement. The Adyen share thus continues its volatile sideways course, which has now lasted for around a year. The reason for the share price slump is primarily the flattening growth rates. While the Dutch company was still able to increase its sales by 36% in the first half of 2022, the figure for the six months from July to December 2022 was \"only\" just under 30%. On the earnings side, the skid marks were even deeper. Ebitda improved in the second half of the year by a mere 4% to just under EUR 372 million. This figure was well short of the EUR 464 million expected by analysts. The below-average profit trend also caused the operating margin to fall from 64% in the previous year to 52%.<\/p>\n<p>According to the company, there are various reasons for the comparatively weak performance. For one, high inflation and geopolitical instability made for a difficult time in the retail sector last year, and for another, the online payment provider is currently spending heavily on expansion. \"Ayden is in investment mode,\" is the message from the Amsterdam headquarters. Among other things, personnel is being built up for this purpose. To increase efficiency in the executive suite, former CFO Ingo Uytdehaage has just been appointed co-CEO of the company alongside Pieter van der Does.<\/p>\n<div>\n    <generic-chart title=\"Adyen: Share price (in EUR)\">\n  <chart-line title=\"Adyen\" path=\"chart_adyen.csv\" format=\"date, number\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Refinitiv, as of Feb. 28, 2023<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Stable outlook<\/h3>\n<p>The new duo at the top remains true to Adyen's old habits of not providing an outlook for the coming quarters. Nevertheless, the company is still programmed for growth, as the recently confirmed medium-term outlook shows. The Dutch company is targeting a compound annual growth rate (CAGR) in sales of between 25% and 34% in the medium term. The Ebitda margin is expected to improve to more than 65% in the long term. From a regional perspective, the USA remains the growth area in the short term and will be complemented by expansion in the Asia-Pacific region in the medium term. The strategy is in line with current business performance: In the second half of 2022, North America generated revenues of almost EUR 191 billion, a whopping 45% increase. Asia-Pacific grew by 44% to EUR 78 billion. The core region continues to be Europe, Middle East and Africa contributing to more than half of the company's revenue.<\/p>\n<p>The analyst guild was divided following the latest news from the company. While Goldman Sachs, for example, left the Adyen share on its highly regarded \"Conviction Buy List\" with a price target of EUR 2,300 after the figures, DZ Bank lowered its thumb to \"Sell\" and its fair value from EUR 1,500 to EUR 1,100. When looking at all 32 research studies listed by Refinitiv, however, the gleeful ones predominate. The average price target is currently EUR 1,625, which corresponds to a 12-month potential of one fifth.<\/p>\n<h3>Stagnation = return<\/h3>\n<p>However, the share price of the European blue chip does not have to be on the way up for the new Barrier Reverse Convertibles on Adyen to yield high profits. The products already promise double-digit percentage returns in the event of stagnating or moderately falling prices. Two Single Softcallable BRCs have been launched: The CHF variant offers the prospect of a maximum return of 13.50% p.a.; in EUR, even 15.50% p.a. is possible within the maximum term of 12 months. The attractive yield opportunities are combined with comfortable risk buffers of 41% each. The last time the Adyen share was at such a low level was in the Corona crash in spring 2020. The term can be shortened due to the soft callable function. The observation dates for this take place quarterly.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1251795451\\&quot;,\\&quot;CH1251795477\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-adyen","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/adyen_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/adyen_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-02-28T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-know-how-product+homepage+banner.jpg","subTitle":"Structured Products: Variety is the future","windowTitle":"Leonteq Know-how","category":"know-how","title":"Leonteq Know-how 1","body":"<p>Structured products are true all-rounders. On the one hand, they pave the way to asset classes that would otherwise be inaccessible or very difficult to access for private investors. On the other hand, the investment form also enables earnings opportunities in all conceivable price directions. Whether prices are rising, falling or trending sideways, there is a suitable product for every assumption. Structured products therefore allow the \"Siamese twins\" of investment, opportunity and risk, to be individually matched.<\/p>\n<h3>A look behind the scenes<\/h3>\n<p>With our new knowledge newsletter \"Leonteq Know-how\", we would like to open the door to the world of structured products for you. We outline in a comprehensible way how the different product types work and highlight their advantages. But the risks are not concealed either.<\/p>\n<p>Since the times in which the capital markets know only one direction are rather the exception, it always comes down to the best suitable solution. With structured products, investors are always in the best position, because flexibility is a central feature of these securities. The Swiss Structured Products Association (SSPA) classifies structured products into two main categories: Investment Products and Leverage Products. The investment products are in turn subdivided into the three categories \"capital protection\", \"yield enhancement\" and \"participation\". In the first issues of the new knowledge newsletter, we focus on yield enhancement. Among the instruments in this class, SSPA includes discount certificates and the various forms of reverse convertibles.<\/p>\n<h3>Sideways to success<\/h3>\n<p>The breadth of their possible applications makes yield enhancement products an almost indispensable component of asset management. However, anyone wishing to act here should first familiarize themselves with important features and terms (see glossary). We will continuously expand the product-related glossary in the coming issues.<\/p>\n<p>Basically, yield enhancement products have a predefined maximum return. In addition, partial protection also plays an essential role. The structure shows its full superiority when the underlying asset moves only marginally during the term. Then a higher return can be achieved than with a direct investment. While in the case of the discount certificate the discount granted on the price of the underlying asset can provide the profit, in the case of the reverse convertibles it is the coupon, which is usually guaranteed in advance. In the next issue of \"Leonteq Know-how\", we will present you in detail with the different types of reverse convertibles up to the multi-barrier reverse convertible and also test them for their practicality.<\/p>\n<h3>Important terms<\/h3>\n<div><ltq-table id=\"important terms\" title=\"\"> <template v-slot:default=\"\">\n<tr>\n<td>Strike price<\/td>\n<td>The strike price is the price at which an investor can buy or sell the underlying security.<\/td>\n<\/tr>\n<tr>\n<td>Barrier<\/td>\n<td>The barrier is a predefined price level that may not be touched or breached. If this barrier is breached, this has consequences for the payout profile. Two types of exercise styles can be distinguished: In the \"American\" variant, the barrier is active over the entire term; in the \"European\" variant, it is only active at the final fixing.<\/td>\n<\/tr>\n<tr>\n<td>Underlying<\/td>\n<td>The underlying is the underlying asset, e.g. shares, indices or commodities, to which the investment product relates. Its price performance is the most important factor influencing the performance of the structured product.<\/td>\n<\/tr>\n<tr>\n<td>Conversion ratio<\/td>\n<td>The conversion ratio indicates the number of units of the underlying asset to which a financial instrument relates.<\/td>\n<\/tr>\n<tr>\n<td>Coupon<\/td>\n<td>The coupon is the predefined nominal interest rate of a bond. Reverse convertibles, which have a limited term, pay out regular, fixed payments. The coupon payment can be guaranteed or conditional. In the latter case, the payment depends on a predefined condition (e.g. the underlying must be quoted at a certain price level on the observation date).<\/td>\n<\/tr>\n<tr>\n<td>Issuer<\/td>\n<td>The issuer is an institution that issues the structured product. Since structured products are debt instruments, the issuer risk is important: this is the risk that the issuer will not be able to meet its financial obligations. The issuer's rating, i.e. its creditworthiness, provides an indication of its solvency. Leonteq Securities AG has a solid BBB- rating (as of 10.02.2023).<\/td>\n<\/tr>\n<tr>\n<td>Maturity<\/td>\n<td>Term refers to the period of time between the issuance of the structured product and its maturity date.<\/td>\n<\/tr>\n<tr>\n<td>Repayment<\/td>\n<td>Repayment takes place at the end of the term on a predefined date. However, early redemption may also occur in certain cases. If an autocall function is included in the structure, the product will automatically mature upon the fulfillment of a certain event. With the softcall variant, the issuer has the right, but not the obligation, to decide from a certain point in time whether the product will expire early. In both cases, the term of the product may be significantly shortened.<\/td>\n<\/tr>\n<tr>\n<td>Currency<\/td>\n<td>If the product currency and the investor's domestic currency differ, this may have a positive as well as a negative impact on the return due to the exchange rate. Exchange rate is the exchange ratio of two currencies.<\/td>\n<\/tr>\n<\/tbody>\n<\/template>\n<\/ltq-table>\n<\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/know-how/know-how-reverse-convertibles?language_id=1\" label=\"Leonteq Know-how 2\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"know-how-basics","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-know-how-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-know-how-thumbnail.jpg"},{"date":"2023-02-24T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/disruptive_technologies_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Investing in 5 ARK ETFs with just one index","category":"investment-themes","title":"Bundled future opportunities:","body":"<h3>«The Big 5»<\/h3>\n<p>The now 67-year-old Cathie Wood founded investment company ARK Invest in 2014. The economist\u2019s intention was, firstly, to focus solely on disruptive innovation, primarily in the public equity markets, and, secondly, to open up research and become a \u2018sharing economy\u2019 company in the asset management space. \u201cWe're all about finding the next big thing,\u201d is one of Wood\u2019s core statements. The global company has six ETFs under active management: ARK Innovation, ARK Autonomous Technology & Robotics, ARK Next Generation Internet, ARK Genomic Revolution, ARK Fintech Innovation and, since March 2021, the ARK Space Exploration & Innovation ETF as well. Other products offered include the 3D-Printing and Israel Innovative Technology index ETFs. In total, the firm currently manages some USDbn 11. The five biggest ETFs \u2013 ARK Innovation, ARK Autonomous Technology & Robotics, ARK Next Generation Internet, ARK Genomic Revolution and ARK Fintech Innovation \u2013 feature in the Disruptive Innovation Index launched at the end of 2020.<\/p>\n<div>\n   <ltq-button color=\"primary\" url=\"https://www.leonteq.com/news-and-media/news/investment-themes/2023/disruptive-innovation-index?language_id=1\" label=\"Find out more here\"><\/ltq-button>\n<\/div>\n<h3>Corrections in the upward trend<\/h3>\n<p>Although the ARK specialists can look back on more than 40 years of experience in investment in technologies, they are not immune to setbacks. Soaring inflation coupled with hefty rises in interest rates have had a tangible impact on tech stocks \u2013 and thus ARK ETFs \u2013 over the past year. The flagship, the ARK Innovation ETF, for instance, lost around two thirds of its value in 2022. Genomic Revolution and Autonomous Technology & Robotics performed rather better, shedding \u201conly\u201d around half their value. Although Cathie Wood has recently made several adjustments in her portfolio, such as selling the stake in Nvidia and buying Tesla shares, she is still essentially following a clear strategy of investing in companies that own world-changing products. Satisfying the needs of investors focused on the short term, however, is not on her agenda. The funds are still ahead on a long-term view, with the biggest ETF, ARK Innovation, boasting a return of 10.00% p.a. since its launch. Even better were the performances of the two portfolios based on Genomic Revolution (12.20% p.a.) and Autonomous Technology & Robotics (14.40% p.a.).<\/p>\n<h3>Tracker Certificate on the Disruptive Innovation Index<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0562388329\\&quot; \\&quot;CH0562388337\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>Price chart (CHF tranche)<\/h3>\n<div><price-chart isin=\"CH0562388329\"><\/price-chart><\/div>\n<footer>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>«Buy the dip»<\/h3>\n<p>The Genomic Revolution ETF is dominated by molecular diagnostics, which accounts for just under a quarter. It is hardly surprising, then, that industry representative Exact Sciences leads the top 10 components in the portfolio. The company has specialised in the detection of cancer at an early stage, bringing the first stool DNA test for bowel cancer onto the market in 2014. Operationally, things are going well at Exact just now: at the beginning of January, the group issued a sales forecast above analysts\u2019 estimates. The heavyweights of what has been the strongest ETF since its launch, Autonomous Technology & Robotics, are Trimble, Kratos Defense & Security Solutions and Tesla. Cathie Wood has been particularly fortunate with Tesla of late: at the turn of the year investors reached eagerly for the e-car pioneer, true to the motto \u201cbuy the dip\u201d. They were right to do so \u2013 Tesla\u2019s share price has almost doubled so far this year.<\/p>\n<div>\n   <ltq-button color=\"primary\" url=\"https://www.leonteq.com/news-and-media/news/investment-themes/2023/disruptive-innovation-index?language_id=1\" label=\"Find out more here\"><\/ltq-button>\n<\/div>\n<h3>Five winners in one package<\/h3>\n<p>The ARK Invest ETFs have delivered an impressive turnaround in what is still a relatively young stock market year. The ARK quintet in the Disruptive Innovation Index have posted double-digit percentage growth overall. The front runner so far is the ARK Next Generation Internet ETF, which is up 29.60%. As a consequence, the tracker on the Disruptive Innovation Index that was brought into being by Leonteq in November 2020 also turned sharply upwards again. The CHF version of the participation instrument has appreciated by a fifth since New Year, while the USD-denominated instrument has advanced by as much as 22%. The index, in which the five actively managed ARK ETFs have equal weighting, also considers the dividends, which are reinvested in the respective ETFs. The tracker gives investors access to a broad range of technology mega-trends in a single trade. There is a fee of 0.75% p.a. An annual rebalancing ensures that the five underlyings always start the year with equal weightings.<\/p>\n<div>\n<generic-chart title=\"ARK-ETFs-Performance 2023\">\n      <x-axis categories=\"ARK Innovation,ARK Next Generation Internet,ARK Genomic Revolution,ARK Autonomus Tech & Robotics,ARK Fintech Innovation\"/>\n      <chart-column title=\"2023 Performance in %\" data=\"27.9,29.6,19.4,18.4,28.7\" format=\"number\"/>\n    <\/generic-chart>\n<\/div>\n<footer>Source: ARK Invest<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"disruptive-innovation-index","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/disruptive_technologies_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/disruptive_technologies_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-02-22T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/roche_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Win twice","windowTitle":"Roche: Win twice","category":"underlying-in-focus","title":"Roche","body":"<p>Roche's participation certificates are actually known as a \"rock of stability\", offering stability even in times of crisis. However, the pharmaceutical stock did not live up to its reputation last year. The Group lost almost one-fifth of its market value, more than the market as a whole. And in the new year 2023, the shares are also down by around 3%, while the SMI has gained. <\/p>\n<h3>Unsatisfactory business performance<\/h3>\n<p>A major reason for the current underperformance is likely to be found in the recently weakening operating performance. After years of good business with its Covid 19 products, Roche started to show signs of slowing down in 2022. Although currency-adjusted sales increased slightly by 2% to CHF 63.28 billion, the bottom line was already 9% lower at CHF 13.53 billion. On the earnings side, the Group also missed analysts' expectations. Nevertheless, Roche had a small consolation for its shareholders: the dividend will be raised for the 36th time in a row. However, the outlook for 2023 made investors uneasy, as the pharmaceutical and diagnostics giant is preparing for a decline in revenues and profits due to further declining sales of Corona products. Adjusted for currency effects, sales are expected to shrink by a low single-digit percentage and earnings per participation certificate adjusted for special items are expected to decline in line with this.<\/p>\n<div>\n<generic-chart title=\"Roche (5 Years): Share price (in CHF)\">\n      <chart-line title=\"Roche\" path=\"chart_basiswert-rog.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Refinitiv, as of Feb. 17, 2023<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Fresh products...<\/h3>\n<p>Adjusted for the Covid 19 funds, however, things look better for Roche. \"For the current year, we expect solid underlying growth in both divisions,\" CEO Severin Schwan said optimistically when presenting the figures at the beginning of February. And this even against the backdrop that generic drugs for key sales drivers will reduce revenues by around CHF 1.6 billion. To get back on the growth track, Roche is investing tens of billions of euros annually in research. A total of around 160 drugs are currently in the pipeline, 48 of which are in late clinical phase III alone. One of Roche's major hobbyhorses in the pharmaceuticals sector, which accounts for almost three quarters of Group sales, is oncology. In fact, the company is the world market leader in this field.<\/p>\n<p>One blockbuster drug is \"Tecentriq,\" which belongs to the first generation of innovative cancer immunotherapies. Immunotherapies have great potential: Verified Market Research estimates the global immunotherapy market for cancer to be worth USD 306 billion by 2030, which would correspond to an average annual growth rate of 13.7%. Roche wants a slice of this gigantic pie and is currently researching more than 50 combination therapies that target different parts of the cancer immune cell cycle. Most recently, the company celebrated another success: the \"cocktail\" of the drugs \"Tecentriq\" and \"Avastin\" showed efficacy in a late-stage Phase III trial in a specific form of liver cancer, thus achieving its main goal. <\/p>\n<h3>...and new minds<\/h3>\n<p>Teresa Graham, who previously headed the Global Product Strategy unit of the Pharmaceuticals business, is now responsible for the continued success of the Pharmaceuticals Division. Her predecessor Bill Anderson left the company at the end of the year and is now under contract to competitor Bayer. But this is not the only personnel change at Roche. After 15 years at the helm, Group CEO Severin Schwan will hand over the reigns in March to Thomas Schinecker, who currently still heads Roche's second mainstay, the Diagnostics Division.<\/p>\n<h3>Profiting from all sides<\/h3>\n<p>The decline in the price of Roche participation certificates recently caused the price targets to move south as well. In addition, the consensus rating was reduced from \"buy\" to \"hold\". However, the 12-month price target of CHF 335 is still 19% above the current level. For investors, the question now is: bet on rising or falling prices?<\/p>\n<p>Leonteq has the right answer with the Twin-Win Autocall Certificate. The function of the product allows positive returns on both price gains and losses. If Roche rises above the starting level, the certificate profits 100% - and indefinitely. If, on the other hand, the non-voting equity securities go into reverse, the product converts the falling prices into positive returns up to a certain limit. Consequently, investors can profit from both directions. The new Twin-Win Certificate also includes an autocallable function. Every semester, an observation day takes place which decides on an early redemption. If, for example, the Roche share price is already quoted at least at the autocall trigger level, which is at the start level at 100%, on the first observation date, the product will mature immediately. In addition to a possible positive performance, holders of the certificate can then also look forward to a coupon of 4% (8% p.a.). In the event that there is no early maturity, the attractive coupon payments are not lost. On the contrary, they are added up. If Roche is quoted above the starting level at the final fixing in one and a half years, holders of the Twin-Win Certificate will receive all memory coupons - regardless of whether a barrier event has occurred. Thus, the coupon opportunity at maturity amounts to 12%. <\/p>\n<p>In addition, there is the positive performance of the underlying asset, in which the certificate participates 1:1. Falling prices can also result in a positive return on the nominal. In order for price losses on the underlying to be converted into gains on the certificate, the barrier level fixed at 80% of the starting value must not be touched. If Roche breaches the barrier, the twin-win mechanism is deactivated. At maturity, the certificate would then yield a loss corresponding to the minus of the underlying. To escape losses in the event of a barrier breach, Roche would have to at least recover to the initial level by expiration. In the event of a barrier breach, the risk profile would therefore be comparable to a direct investment in the underlying.<\/p>\n<h3>Twin-Win Certificate<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;125179413\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;conditionalCoupon&quot;,&quot;underlying&quot;,&quot;participation&quot;,&quot;barrierPercentage&quot;,&quot;autocallTriggerLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div><strong>Conditional Memory Coupon: 8.00% p.a.<\/strong><\/div>\n<div><strong>Participation: 100% in the absolute performance (if no barrier event)<\/strong><\/div>\n<div><strong>Autocall / Coupon Trigger Level: 100%<\/strong><\/div>\n<div><strong>Coupon at maturity<\/strong><\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-roche","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/roche_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/roche_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-02-15T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/enphase-energy-leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Electrified by US politics","windowTitle":"Enphase Energy","category":"coupon-giant","title":"Enphase Energy","body":"<p>In mid-August 2022, US President Joe Biden signed the Inflation Reduction Act (IRA) into law. Prior to this, the probably most important legislative project of the current administration had passed the Senate and the House of Representatives with the votes of the Democrats. Although the name IRA suggests otherwise: At the heart of the approximately USD 433 billion investment package is the fight against climate change and the immunization of the US economy against its consequences. One of the immediate beneficiaries of the mega-initiative is the US photovoltaic industry. In addition to generous tax credits for the installation of solar power systems, the IRA provides direct subsidies for the production of solar components. The President's signature has also literally electrified Wall Street. Photovoltaic (PV) stocks experienced a rally last year. This also applies to Enphase Energy: In a weak stock market environment, the shares of the industry giant listed on the Nasdaq technology exchange increased in price by almost 50% in 2022. <\/p>\n<div>\n    <generic-chart title=\"Enphase Energy: Share price (in USD)\">\n  <chart-line title=\"Enphase Energy\" path=\"chart_enphase.csv\" format=\"date, number\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Reuters, as of Feb. 13, 2023<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Above expectations<\/h3>\n<p>Enphase's specialty is inverters. Since its founding in 2006, the California-based company has installed more than 52 million systems worldwide that convert direct current, generated in a PV cell, to alternating current. The repertoire of the group, which is active in more than 145 countries, also includes battery systems for storing solar power. On the stock market, Enphase recently experienced a small \"short circuit\": the share price is more than a third below the top set in December. The short-term downward trend has persisted, although the PV specialist was able to present strong figures a few days ago. In the fourth quarter of 2022, Enphase posted record sales of USD 724.7 million. Compared to the same period last year, the company grew by more than three quarters. Analysts had expected a lower rate of increase. Enphase also made significant progress in terms of profitability: at 31.7%, the operating margin exceeded the end of 2021 level by eight percentage points. At the bottom line, the Californian company generated adjusted earnings per share of USD 1.51 in the fourth quarter of 2022, compared to analysts' consensus of USD 1.25.<\/p>\n<div>\n<generic-chart title=\"Enphase Energy: Revenue (in USD million) and operating margin\">\n      <x-axis categories=\"Q4 20,Q1 21,Q2 21,Q3 21,Q4 21,Q1 22,Q2 22,Q3 22,Q4 22\" />\n      <chart-column title=\"Revenue (in USD million)\" data=\"264.8,301.8,316.1,351.5,412.7,441.3,530.2,634.7,724.7\" format=\"number\"  />\n      <chart-line title=\"Operating margin in %\" data=\"27.3,26.6,24.4,24.4,23.7,26,28.7,30.6,31.7\" format=\"number\" yAxisRight=\"true\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Enphase Energy, IR presentation, February 2023<br />Historical data is not a reliable indicator of future developments.<\/footer>\n<h3>Optimistic outlook<\/h3>\n<p>To cope with strong demand, Enphase is expanding production capacity in the US. CEO Badri Kothandaraman is already drawing on government grants from the IRA for this investment. The top manager also made people sit up and take notice when he came to the outlook. For the current first quarter of 2023, he forecasts sales in a range of USD 700 million to USD 740 million, which would mean that Enphase would grow by up to two-thirds compared to the first three months of 2022. Wall Street had expected revenues of less than USD 600 million until the forecast presentation. Despite the strong growth, the CEO is targeting a high gross margin (non-GAAP) of 41% to 44%. By comparison, this ratio was 41% in the first three months of 2022. It will be interesting to see whether analysts now adjust their earnings estimates upwards again. In recent months, they had made a moderate downward revision. The majority of ratings for the Enphase share continue to be positive. While 22 research houses rate the Nasdaq stock as a \"buy\", eleven are in favor of a \"hold\". Currently, Reuters does not document a sell recommendation for the inverter manufacturer.<\/p>\n<h3>Energy-charged new issue<\/h3>\n<p>For investors who nevertheless shy away from a direct investment in the volatile Nasdaq stock, a new issue from Leonteq could be interesting. The Zurich-based financial boutique has launched two softcallable barrier reverse convertibles on Enphase. In the product currency CHF, the guaranteed coupon is 17% p.a.. In the case of the USD-denominated counterpart, the issuer even pays out 20% p.a.. The barrier in each case is as low as 49% of the initial fixing. Alternatively, a multi BRC on Enphase and SolarEdge in CHF offers a coupon of 20% p.a., while the barriers are also 49% of the respective initial fixing. As long as the underlying does not fall to or below the barrier during the 15-month term, investors get back the full nominal. Otherwise, the partial protection expires. The investment would then be exposed to the price risk of the underlying asset with the weakest price performance. Please also note the soft callable feature: Leonteq can call and redeem the BRC early.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1248692720\\&quot;\\&quot;CH1248693140\\&quot;\\&quot;CH1248693249\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-enphase","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/enphase-energy-leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/enphase-energy-leonteq-structured-products_thumbnail.jpg"},{"date":"2023-02-10T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/ai-leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Tracker on the Swissquote Robotics & Artificial Intelligence Index","windowTitle":"Swissquote Robotics & Artificial Intelligence Index","category":"investment-themes","title":"Two mega-trends in one package","body":"<h3>AI and robotics in harmony<\/h3>\n<p>Artificial intelligence and robots form a perfect marriage of convenience that should intensify further in the future. Thanks to the many different possible applications, the robot market is already growing rapidly today: 517,385 new industrial robots were installed in factories across the world in 2021, a rise of 31% and an all-time high for the industry, while the stock of ready-to-use robots worldwide reached a new peak at some 3.5 million units. According to MarketsandMarkets, the market for industrial robotics will climb from USD bn. 15.7 in 2022 to USD bn. 30.8 in 2027. That is equivalent to a CAGR of 14.3%. The experts reckon that the escalating introduction of industry 4.0 is one of the growth drivers here.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2023/swissquote-robotics-and-artificial-intelligence-index?language_id=1\" label=\"Find our more here\"><\/ltq-button><\/div>\n<h3>Winners of the mega-trends<\/h3>\n<p>Switzerland\u2019s ABB is one of those to profit from the ascent of robots. The Zurich-based group has now sold more than 250,000 intelligent machines to customers right across the world and considers itself a market and technology leader for robot technology. The robots pack foodstuffs, paint laptops and assemble solar collectors. Meanwhile, the US chip manufacturer Qualcomm is providing the computing power that is needed for fully automated actions in the first place. The company offers solutions for combining hardware and software elements that enable AI tasks to be executed faster and more effectively.<\/p>\n<h3>Tracker Certificate on the Swissquote Robotics & Artificial Intelligence Index<\/h3>\n<div><price-chart isin=\"CH0467720428\"><\/price-chart><\/div>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0467720428\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li><strong>Management Fee: 0.70% p.a.<\/strong><\/li>\n<li><strong>Index Sponser: Swissquote Bank SA<\/strong><\/li>\n<li><strong>Issuer: Leonteq Securities AG<\/strong><\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Trusting the professionals<\/h3>\n<p>The themes of artificial intelligence and robotics open up highly promising investment opportunities. Filtering out the most propitious companies from the two mega-trends demands enormous expertise. For the Swissquote Robotics & Artificial Intelligence Index, this role is played by long-standing financial experts. To be included in the actively managed portfolio, the groups run through Swissquote Bank\u2019s strictly regulated qualitative and quantitative selection process. The top companies from the huge investment universe are chosen, which means the barometer enables diversified investment. In terms of geography, companies from the USA and Japan currently lead the way. The two heavyweights are HollySys Automation from China and Keyence from Japan, which account for a share of over 7% between them. A quarterly review of the composition ensures that the index always takes account of current market circumstances.<\/p>\n<h3>Low-cost tracker<\/h3>\n<p>In the actively managed certificate on the Swissquote Robotics & Artificial Intelligence Index, Leonteq offers investors simple and low-cost access to two technology mega-trends. The tracker certificate mirrors the performance of the underlying one to one, less an annual management fee of 0.7%. The product is also open-ended, reflecting the long-term theme. The track record to date speaks for itself: issued in May 2019, the instrument has posted a rise of one fifth despite the intervening coronavirus pandemic, war in Ukraine and rising money market interest rates.<\/p>\n<h3>Swissquote Robotics & Artificial Intelligence Index: current composition<\/h3>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;SWISS FRANC&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:-1.08E-6,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;JAPANESE YEN&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00142365,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;TAIWAN DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:2.9E-7,&quot;currency&quot;:&quot;TWD&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;US DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:-0.0039854,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ABB LTD-REG&quot;,&quot;sophisInternalId&quot;:67108959,&quot;currentPrice&quot;:76.2,&quot;weight&quot;:0.02718056,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ADVANCED MICRO DEVICES&quot;,&quot;sophisInternalId&quot;:67114691,&quot;currentPrice&quot;:562.23,&quot;weight&quot;:0.02248621,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ALPHABET INC-CL A&quot;,&quot;sophisInternalId&quot;:67114265,&quot;currentPrice&quot;:349.22,&quot;weight&quot;:0.04625861,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;AMAZON.COM INC&quot;,&quot;sophisInternalId&quot;:67114480,&quot;currentPrice&quot;:254.76,&quot;weight&quot;:0.05391148,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ARISTA NETWORKS INC&quot;,&quot;sophisInternalId&quot;:91071110,&quot;currentPrice&quot;:185.58,&quot;weight&quot;:0.03151762,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CELESTICA INC&quot;,&quot;sophisInternalId&quot;:180428559,&quot;currentPrice&quot;:315.25,&quot;weight&quot;:0.01876746,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;COGNEX CORP&quot;,&quot;sophisInternalId&quot;:71208718,&quot;currentPrice&quot;:55.67,&quot;weight&quot;:0.02603366,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;COHERENT CORP&quot;,&quot;sophisInternalId&quot;:71209583,&quot;currentPrice&quot;:250.6,&quot;weight&quot;:0.01390207,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;DELTA ELECTRONICS INC&quot;,&quot;sophisInternalId&quot;:70822083,&quot;currentPrice&quot;:1630,&quot;weight&quot;:0.02039089,&quot;currency&quot;:&quot;TWD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;FANUC LTD&quot;,&quot;sophisInternalId&quot;:67122080,&quot;currentPrice&quot;:5907,&quot;weight&quot;:0.02384826,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;FUJI CORP/AICHI&quot;,&quot;sophisInternalId&quot;:138682698,&quot;currentPrice&quot;:7090,&quot;weight&quot;:0.02844984,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;HARMONIC DRIVE SYSTEMS INC&quot;,&quot;sophisInternalId&quot;:158247152,&quot;currentPrice&quot;:5160,&quot;weight&quot;:0.01629998,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;INTUITIVE SURGICAL INC&quot;,&quot;sophisInternalId&quot;:67569465,&quot;currentPrice&quot;:427.86,&quot;weight&quot;:0.07367216,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;KARDEX AG-REG&quot;,&quot;sophisInternalId&quot;:67109084,&quot;currentPrice&quot;:245.5,&quot;weight&quot;:0.03583941,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;KEYENCE CORP&quot;,&quot;sophisInternalId&quot;:71207636,&quot;currentPrice&quot;:78970,&quot;weight&quot;:0.03204756,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;KLA-TENCOR CORPORATION&quot;,&quot;sophisInternalId&quot;:67114511,&quot;currentPrice&quot;:174.46,&quot;weight&quot;:0.02060611,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MICRON TECHNOLOGY INC&quot;,&quot;sophisInternalId&quot;:67114697,&quot;currentPrice&quot;:931.24,&quot;weight&quot;:0.0257675,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MICROSOFT CORP&quot;,&quot;sophisInternalId&quot;:67114739,&quot;currentPrice&quot;:539.44,&quot;weight&quot;:0.09053818,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NVIDIA CORP&quot;,&quot;sophisInternalId&quot;:67114699,&quot;currentPrice&quot;:217.23,&quot;weight&quot;:0.03812519,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;PALANTIR TECHNOLOGIES INC-A&quot;,&quot;sophisInternalId&quot;:143060346,&quot;currentPrice&quot;:200.5,&quot;weight&quot;:0.05588121,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ROCKWELL AUTOMATION INC&quot;,&quot;sophisInternalId&quot;:67114212,&quot;currentPrice&quot;:422.03,&quot;weight&quot;:0.03721099,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SMC CORPORATION&quot;,&quot;sophisInternalId&quot;:71050427,&quot;currentPrice&quot;:66780,&quot;weight&quot;:0.03210701,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SYMBOTIC INC&quot;,&quot;sophisInternalId&quot;:175662973,&quot;currentPrice&quot;:39.76,&quot;weight&quot;:0.01900976,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SYNOPSYS INC&quot;,&quot;sophisInternalId&quot;:71327687,&quot;currentPrice&quot;:468.11,&quot;weight&quot;:0.03053899,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;TAIWAN SEMICONDUCTOR-SP ADR&quot;,&quot;sophisInternalId&quot;:67810153,&quot;currentPrice&quot;:422.25,&quot;weight&quot;:0.02951678,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;TERADYNE INC&quot;,&quot;sophisInternalId&quot;:67114513,&quot;currentPrice&quot;:343.21,&quot;weight&quot;:0.01873182,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;TESLA INC&quot;,&quot;sophisInternalId&quot;:70498762,&quot;currentPrice&quot;:362.44,&quot;weight&quot;:0.03005964,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;THK CO LTD&quot;,&quot;sophisInternalId&quot;:71207569,&quot;currentPrice&quot;:6167,&quot;weight&quot;:0.02579917,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;UIPATH INC - CLASS A&quot;,&quot;sophisInternalId&quot;:149925402,&quot;currentPrice&quot;:13.71,&quot;weight&quot;:0.06195335,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;YASKAWA ELECTRIC CORP&quot;,&quot;sophisInternalId&quot;:71327401,&quot;currentPrice&quot;:4274,&quot;weight&quot;:0.01611104,&quot;currency&quot;:&quot;JPY&quot;}]\"><\/AmcComposition>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2023/swissquote-robotics-and-artificial-intelligence-index?language_id=1\" label=\"Find our more here\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"swissquote-robotics-and-artificial-intelligence-index","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/ai-leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/ai-leonteq-structured-products_thumbnail.jpg"},{"date":"2023-02-08T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/swatch_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"A new era","windowTitle":"Swatch","category":"underlying-in-focus","title":"Swatch Group","body":"<p>Be it the tropical beaches of Hainan Island, the ancient villages in the mountainous province of Yunnan or the world-famous Terracotta Army of Xian - many Chinese tourist attractions were bustling with activity in January. The Middle Kingdom experienced a large wave of travelers for the traditional New Year holiday. According to state media, 226 million domestic travelers were on the road during the week-long vacation. Compared with the level of 2022, this represents an increase of almost three quarters. The new bustle was made possible by a political change of course: Shortly before this year's New Year's holiday, Beijing put an end to its strict zero-covid policy and lifted all travel restrictions. Many Western companies have high hopes for the reopenings in China. Swatch is one of them. In its just published outlook for 2023, the watch group explicitly and extensively addresses the situation in the Far East.<\/p>\n<h3>Optimism in the boardroom<\/h3>\n<p>\"Following the end of the Covid measures, consumption has recovered quickly not only in China, but also in the surrounding markets of Hong Kong SAR and Macau,\" management writes. The end of travel restrictions is also expected to revive business in tourist destinations. \"The sales increases in China in January further strengthen the group's expectation that 2023 can become a record year,\" Swatch says, summing up the optimism emanating from the Middle Kingdom. For 2022, the company had reported a 4.6% growth in net sales at constant exchange rates to CHF 7.5 billion. Swatch was able to improve its operating margin by 140 basis points to 15.4%. Excluding the China business, which was battered by Covid, the group posted 25% growth in local currencies in all sales regions. \"The MoonSwatch is a best-seller with over 1 000 000 units sold,\" Swatch announced. In the 180 stores through which the company exclusively distributes this watch model, demand remained high in January, it said.<\/p>\n<div>\n<generic-chart title=\"Swatch Group: Sales (in CHF mio.) and operating margin\">\n      <x-axis categories=\"2018, 2019, 2020, 2021, 2022\" />\n      <chart-column title=\"Sales (in CHF mio.)\" data=\"8475,8243,5595,7313,7499\" format=\"number\"  />\n      <chart-line title=\"Operating margin in %\" data=\"13.6,12.4,0.9,14.0,15.4\" format=\"number\" yAxisRight=\"true\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Swatch Group, as of Feb. 06, 2023<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>More dividend<\/h3>\n<p>Shareholders are to get something out of the success or the increased profit. For 2022, the Board of Directors of the Swatch Group proposes a dividend of CHF 6.00 per bearer share and CHF 1.20 per registered share. If the Annual General Meeting scheduled for May 10 approves this agenda item, the payout would increase by a good 9% compared to the previous year. The recent recovery in Swatch's share price is already having a positive impact on shareholders' portfolios. Within three months, the mid cap has risen in price by almost a third. It has thus succeeded in overcoming the downward trend already launched in June 2021. Not only Swatch, but the entire luxury goods sector has made an impressive comeback.<\/p>\n<div>\n<generic-chart title=\"Swatch: Share price (in CHF)\">\n      <chart-line title=\"Swatch\" path=\"chart_uhr.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Reuters, as of February 06, 2023<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Strong rebound<\/h3>\n<p>For its domestic rival Richemont, the share price rose 35% in the past three months. At the same time, the manufacturer of Cartier jewelry and A. Lange &amp; Söhne and IWC watches missed expectations with its latest figures. In the third quarter of the 2022 fiscal period (ending March 31, 2023), Richemont increased sales at constant exchange rates by 5% to EUR 5.4 billion. Analysts had expected an average of EUR 5.7 billion. By its own account, Richemont once again felt the full force of the Covid restrictions in China. However, retail sales in the Middle Kingdom would have recovered strongly in the run-up to the New Year after the reopenings.<\/p>\n<h3>Two variants, one target<\/h3>\n<p>Even if the sector's high hopes are not fulfilled or the equity rally loses momentum, attractive returns would be possible with two new barrier reverse convertibles from Leonteq. One product on Swatch comes with a guaranteed quarterly coupon payment of 8% p.a.. This opportunity is partially protected by a risk buffer of 41%. In another new issue, Leonteq packs the two domestic luxury stocks together. The BRC on Swatch and Richemont, also denominated in CHF, offers a coupon payment of 11% p.a., while the barriers here are also 59% of the respective initial fixing. Both variants have a maximum maturity of 18 months. Due to the soft callable feature, both versions may be subject to early termination and redemption. Please also note: As soon as a share uses up the risk buffer, the partial protection expires. The investment would then be exposed to the full price risk of Swatch respectively the weaker share of the duo.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1248689387\\&quot;,\\&quot;CH1248689452\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-uhr","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/swatch_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/swatch_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-02-01T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/nio_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Electrifying chase for yield","windowTitle":"NIO","category":"coupon-giant","title":"NIO","body":"<p>The electric car sector has been hyped for a long time and showed deep signs of braking last year. Pioneer Tesla, for example, lost around two-thirds of its company value, dropping from 6th to 20th place in the world's most valuable companies ranking. Fellow competitors Lucid Motors and NIO also fell at roughly the same rate. However, it would be premature to doom the industry. There have just been positive surprises that have heralded a turnaround in the financial market.<\/p>\n<div>\n    <generic-chart title=\"NIO: Share price (in USD)\">\n  <chart-line title=\"NIO\" path=\"chart_nio.csv\" format=\"date, number\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Thomson Reuters, as of Jan. 31, 2023<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Major shareholder seizes the opportunity<\/h3>\n<p>Tesla kicked things off last week with strong quarterly results that saw the stock accelerate by double digits in percentage terms. Two days later, takeover speculation arose at Lucid and catapulted the share price by almost 100%. The NIO share also benefited from the change in sentiment, with a weekly increase of 14%. Thus the Chinese car title listed on the Nasdaq continues its bottom consolidation formation that began in November. The e-car maker, founded in 2014, is getting additional backing from its major shareholder. The Scottish investment firm Baillie Gifford &amp; Co recently increased its position by 24 million shares and thus held just under 8% in the Chinese. While Baillie Gifford &amp; Co added to its stake in the electric startup, it liquidated its position in Li Auto and continued its five-quarter-long sell-off in Tesla.<\/p>\n<h3>Slowed growth<\/h3>\n<p>Operationally, however, NIO is currently on a bumpy ride. Due to the recurring lockdowns in the Middle Kingdom, the group has recently been unable to increase its sales as expected. Even though the Chinese managed to set a record in December with 15,815 vehicles delivered, the original forecast of more than 26,000 units was missed. Nevertheless, there were unmistakable signs of recovery in the final quarter of 2022. Compared to the previous month, sales continued to increase sequentially, resulting in a 60% year-on-year increase in the three months to December. For 2022, a total of 122,486 vehicles were handed over to their new owners, an increase of just over a third.<\/p>\n<div>\n<generic-chart title=\"NIO car sales\">\n      <x-axis categories=\"Q4/2020,Q1/2021,Q2/2021,Q3/2021,Q4/2021,Q1/2022,Q2/2022,Q3/2022,Q4/2022\"/>\n      <chart-column title=\"Car sales\" data=\"17353,20060,21896,24439,25034,25768,25059,31607,40052\n\" format=\"number\"/>\n    <\/generic-chart>\n<\/div>\n<footer>Source: NIO<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Ambitious targets<\/h3>\n<p>To further accelerate its growth trajectory, NIO is focusing on fresh models. These include, for example, the new mid-size coupé SUV \"EC7\", which is expected to be in showrooms in May. The latest edition of the \"ES8\" will follow a month later. A total of five new bodies are to be launched by the summer. But NIO also wants to expand its presence further regionally. Last fall, the Chinese celebrated the European market launch with the trio of models \"ET7,\" \"EL7\" and \"ET5.\" By 2025, the car newcomer intends to be present in 25 countries on the old continent. The premium brand from Shanghai is already on the road here. To this end, NIO Switzerland GmbH was founded in Zurich in October.<\/p>\n<p>NIO is not only targeting customers with its intelligent and powerful chassis but also with its unique battery management system. Unlike the growing competition, co-founder Lihong Qin is not focusing on the range of his batteries but on a unique swap strategy. In the power swap stations, or PSS for short, the empty batteries are replaced within just around five minutes. To make its system palatable to Europeans, the premium e-vehicle manufacturer is currently expanding its infrastructure. For example, in Germany, seven more PSSs are planned for the first quarter. For the current year, NIO has once again set ambitious targets and aims to double its sales figures. On the earnings side, however, NIO is still in the red. And that will not change anytime soon: Analysts do not expect the company to break even until 2025 at the earliest.<\/p>\n<h3>First-class coupons and low barriers<\/h3>\n<p>For the new Softcallable Barrier Reverse Convertibles on NIO, the share may continue to work on the bottoming-out process shown at the beginning. Even moderate setbacks do not immediately jeopardize the promised double-digit percentage return. The two products, which are offered in CHF and USD, each have a risk buffer of a comfortable 51%. If the barrier remains intact during the maximum term of one year, the maximum return will be achieved. The coupons amount to an above-average 20.00% p.a. for the CHF variant and even 24.00% p.a. for the USD product. After half a year at the earliest, the issuer has the right to call the Barrier Reverse Convertibles early.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1246017821\\&quot; \\&quot;CH1246017789\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-nio","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/nio_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/nio_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-01-27T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/chinese_year_rabbit_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Tracker certificate on the Swissquote China\u2019s Dragons Index","windowTitle":"New opportunities in the Middle Kingdom","category":"investment-themes","title":"New opportunities in the Middle Kingdom","body":"<h3>Impressive outperformance<\/h3>\n<p>Swissquote launched \u201cThemes Trading\u201d in autumn 2015, since when this platform has become a true ideas forge. The analysts of the online broker have by now opened up more than 50 themes for investment, applying their considerable expertise to actively managed indices. Among the longer-term trends that the Swissquote team reckons have great potential are what are known as Chinese dragons. The 1st of February will mark the fourth anniversary of the payment under subscription of the tracker certificate on the Swissquote China´s Dragons Index. In this case the strategy of taking a targeted position in particularly promising shares of a country has paid off, with the tracker certificate trading at more than 40% above its issuing price. To compare, the broad-based MSCI China Index actually lost value in this period. The impressive outperformance is probably directly linked to the initial idea behind this themed investment, when the Swissquote analysts took \u201cMade in China 2025\u201d as cause to take a much closer look at the corporate landscape of the Middle Kingdom.<\/p>\n<h3>Tracker Certificate on the Swissquote China\u2019s Dragons Index<\/h3>\n<div><price-chart isin=\"CH0434700248\"><\/price-chart><\/div>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0434700248\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Management Fee: 0.70% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>On the hunt for \u201cdragons\u201d<\/h3>\n<p>In launching this initiative, Beijing is seeking to encourage domestic innovation in pioneering sectors. The aim is to expand the country\u2019s expertise in high-tech industries and enable Chinese products to achieve a higher value added. Specifically, the country's leadership has undertaken to lift the share of core components and materials developed in the country from 40% in 2020 to 70% in 2025. In particular, China is to stop being dependent on imports. At the same time, Beijing would like to build internationally leading companies that can compete with the West\u2019s technology giants. This presents an enormous opportunity for investors. Nevertheless, it is anything but easy to track down the most promising stocks. The heavy regulation in the People\u2019s Republic alone acts as a stumbling block. Swissquote offers the expertise needed to discover the \u201cChinese dragons\u201d. In conceiving the index, the managers concentrated on the structural changes China is undergoing. Among others, a key role here is played by sectors such as robotics, aviation, renewable energies, IT, pharmaceuticals, agriculture and vehicles with new drive forms.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2023/swissquote-chinas-dragons-index?language_id=1\" label=\"Find out more here\"><\/ltq-button><\/div>\n<h3>Systematic stockpicking<\/h3>\n<p>To even be considered for inclusion, the shares must first meet quantitative criteria. Alongside a market capitalisation of at least USDmn 100, these include an average daily trading volume of around USD 100,000 and up. In qualitative terms, preference is given to companies from the above sectors whose business strategy is geared to China and which accordingly realise the majority of their revenue on the domestic market. Swissquote also uses quantitative calculations for the composition and ongoing review of the benchmark. These include portfolio optimisation according to the mean variance approach, for instance. The index is not allowed any short exposures. Swissquote can review the selection up to twelve times a year and adjust it where necessary (rebalancing).<\/p>\n<h3>Direct investment access<\/h3>\n<p>The current composition includes both internationally known large caps from the Middle Kingdom and a raft of Far Eastern speciality stocks. Among the first group is BYD. Founded in 1956, the group is tracking the mega-trend of e-mobility through its vehicle division. BYD also supplies components and high-tech materials to manufacturers of smartphones and other mobile devices. The third pillar of the Shenzhen-based company is a battery and photovoltaics segment. Compared with this huge group, China Rare Earth is a stock market lightweight. As the name suggests, the holding company from Hong Kong is actively involved in the rare earths sector. The index covers the health sector with CSPC Pharmaceutical, among others. This company supplies the Chinese market with finished medicinal products, which are also sold in large containers (bulkware). CSPC is active in the therapeutic fields of diseases of the nervous system, oncology, infections and cardiovascular diseases. The tracker certificate from Leonteq gives investors a simple way of brining the diversified and actively managed selection into their portfolio. The management fee is 0.70% p.a. A transaction fee is also charged in the event of changes to the index composition \u2013 more details on this can be found on the termsheet. Holders of the product will not only profit from possible price increases, but also share in the dividends. Distributions from the companies included in the index will result in a corresponding adjustment of the underlying.<\/p>\n<h3>Swissquote China´s Dragons Index: current composition<\/h3>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;CHINESE RENMINBI&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:6.6974E-4,&quot;currency&quot;:&quot;CNY&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;HONG KONG DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.01749851,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;US DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:1.4489E-4,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;AIA GROUP LTD&quot;,&quot;sophisInternalId&quot;:70455702,&quot;currentPrice&quot;:72.45,&quot;weight&quot;:0.02844026,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ALIBABA GROUP HOLDING LTD&quot;,&quot;sophisInternalId&quot;:133681933,&quot;currentPrice&quot;:106.4,&quot;weight&quot;:0.02390615,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BAIDU INC-CLASS A&quot;,&quot;sophisInternalId&quot;:148730320,&quot;currentPrice&quot;:78.35,&quot;weight&quot;:0.0187608,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BANK OF CHINA LTD - H&quot;,&quot;sophisInternalId&quot;:67310879,&quot;currentPrice&quot;:6.16,&quot;weight&quot;:0.08166615,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BYD CO LTD-H&quot;,&quot;sophisInternalId&quot;:67513043,&quot;currentPrice&quot;:72.95,&quot;weight&quot;:0.02912858,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CHINA CONSTRUCTION BANK-H&quot;,&quot;sophisInternalId&quot;:67310881,&quot;currentPrice&quot;:9.975,&quot;weight&quot;:0.07045382,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CHINA HONGQIAO GROUP LTD&quot;,&quot;sophisInternalId&quot;:88937396,&quot;currentPrice&quot;:19.51,&quot;weight&quot;:0.01993829,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CHINA LIFE INSURANCE CO-H&quot;,&quot;sophisInternalId&quot;:67304855,&quot;currentPrice&quot;:24.32,&quot;weight&quot;:0.02412695,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CITIC PACIFIC LTD&quot;,&quot;sophisInternalId&quot;:69560184,&quot;currentPrice&quot;:12.7,&quot;weight&quot;:0.04592339,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CMOC GROUP LTD-H&quot;,&quot;sophisInternalId&quot;:67453725,&quot;currentPrice&quot;:14.19,&quot;weight&quot;:0.01716703,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CONTEMPORARY AMPEREX TECHN-H&quot;,&quot;sophisInternalId&quot;:206035546,&quot;currentPrice&quot;:448.6,&quot;weight&quot;:0.01903984,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CSPC PHARMACEUTICAL GROUP LT&quot;,&quot;sophisInternalId&quot;:67469327,&quot;currentPrice&quot;:8.865,&quot;weight&quot;:0.02975562,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;GEELY AUTOMOBILE HOLDINGS LT&quot;,&quot;sophisInternalId&quot;:67810073,&quot;currentPrice&quot;:15.03,&quot;weight&quot;:0.03277938,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;HONG KONG EXCHANGES &amp; CLEAR&quot;,&quot;sophisInternalId&quot;:67288111,&quot;currentPrice&quot;:371.4,&quot;weight&quot;:0.04695185,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;LENOVO GROUP LTD&quot;,&quot;sophisInternalId&quot;:67310867,&quot;currentPrice&quot;:25.98,&quot;weight&quot;:0.03057729,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MIDEA GROUP CO LTD&quot;,&quot;sophisInternalId&quot;:194898389,&quot;currentPrice&quot;:93.65,&quot;weight&quot;:0.07158031,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;PINDUODUO INC-ADR&quot;,&quot;sophisInternalId&quot;:123413298,&quot;currentPrice&quot;:82.42,&quot;weight&quot;:0.06903421,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;PING AN INSURANCE GROUP CO-H&quot;,&quot;sophisInternalId&quot;:67304857,&quot;currentPrice&quot;:50.4,&quot;weight&quot;:0.029187,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SUN HUNG KAI PROPERTIES&quot;,&quot;sophisInternalId&quot;:67310359,&quot;currentPrice&quot;:106.3,&quot;weight&quot;:0.02995914,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;TENCENT HOLDINGS LTD&quot;,&quot;sophisInternalId&quot;:67392342,&quot;currentPrice&quot;:417.8,&quot;weight&quot;:0.03785922,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;TSINGTAO BREWERY CO LTD&quot;,&quot;sophisInternalId&quot;:69334048,&quot;currentPrice&quot;:41.5,&quot;weight&quot;:0.05364325,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;WUXI APPTEC CO LTD-H&quot;,&quot;sophisInternalId&quot;:139130818,&quot;currentPrice&quot;:200.6,&quot;weight&quot;:0.05201336,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;XIAOMI CORP-CLASS B&quot;,&quot;sophisInternalId&quot;:120340346,&quot;currentPrice&quot;:27.08,&quot;weight&quot;:0.03893295,&quot;currency&quot;:&quot;HKD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;YUM CHINA HOLDINGS INC&quot;,&quot;sophisInternalId&quot;:145159581,&quot;currentPrice&quot;:344.2,&quot;weight&quot;:0.08086201,&quot;currency&quot;:&quot;HKD&quot;}]\"><\/AmcComposition>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2023/swissquote-chinas-dragons-index?language_id=1\" label=\"Find out more here\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"swissquote-chinas-dragons-index","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/chinese_year_rabbit_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/chinese_year_rabbit_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-01-25T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/bayer_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Between the fronts","windowTitle":"Bayer","category":"underlying-in-focus","title":"Underlying in focus: Bayer","body":"<p>Things are heating up at the German Bayer Group at the moment. While a new lawsuit has been filed against the company in the U.S. in the legal dispute over the weed killer Roundup, fund companies and activist investors are criticizing the agricultural and pharmaceutical group's unwillingness to make changes. A look at the share price performance makes the dissatisfaction clear: Bayer currently weighs in at a stock market value of EUR 55 billion, around 12% less than the price paid in 2018 for U.S. seed giant Monsanto. The blue-chip also clearly lags behind the overall market. Over the past five years, Bayer's share price has slid by almost half, while the DAX has risen by a tenth.<\/p>\n<div>\n<generic-chart title=\"Bayer: Share price (in EUR)\">\n      <chart-line title=\"Bayer\" path=\"chart_bayn.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Refinitv, as of Jan. 23, 2023<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>New directions<\/h3>\n<p>For investors and hedge funds, the solution is obvious: split up. According to media reports, for example, the activist investor Bluebell is pushing for a sale of the \"Consumer Health\" over-the-counter health products business. The fund company Union Investment, which holds a 1.4% stake in Bayer, shares this opinion. \"It would have been a matter for the Supervisory Board to initiate a spin-off of Consumer Health,\" said fund manager Markus Manns, criticizing Bayer Supervisory Board Chairman Norbert Winkeljohann in a recent interview. He points to other boards of directors, such as Novartis, who are much more active in creating value for their shareholders.<\/p>\n<p>Since Bayer has always rejected all demands in the past, investors' hopes are currently pinned on a new boss. In this regard, there could be news before the end of the year. The contract of CEO Werner Baumann, who did not exactly cover himself with glory with the acquisition of Monsanto and its highly controversial active ingredient glyphosate, expires in April 2024. Suppose the group were to decide in favour of an external successor. In that case, market participants believe this would increase the chance that the successor would actively review the group's structure in their own hands. Prominent examples such as Daimler show that industrial conglomerates are discontinued models. At the end of 2021, the group split into two independent business units.<\/p>\n<h3>Hidden values<\/h3>\n<p>The goal of divisional spin-offs is to increase value as a whole. At Bayer, there would be numerous options in this regard. The sale of the Consumer Health business described at the beginning of this article would not be the only way to disentangle the Group and reduce the immense mountain of debt of around EUR 36 billion. Even a split of Pharmaceuticals and Agriculture could be on the table under new management. Speaking of pharmaceuticals, Bayer strengthened its healthcare business a few days ago with an acquisition in the promising field of radiology. The Leverkusen-based company borrowed the provider of an artificial intelligence platform technology Blackford Analysis. \"Radiology is now strongly anchored in Pharma's strategy,\" says division head Gerd Krüger, explaining the deal, adding, \"We are one of the big growth drivers within Pharma.\" Currently, the radiology business accounts for about one-tenth of the Pharmaceuticals Division. By 2030, Bayer aims to exceed the radiology market's average annual growth rate of 5% in the business.<\/p>\n<h3>Bayer divisional revenues and profitability<\/h3>\n<div>\n<generic-chart\n    title=\"Ebitda-Margin first 9 months 2022\">\n    <pie-chart path=\"pie_bayn_en2.csv\" format=\"string, number\" />\n  <\/generic-chart> \n<\/div>\n<footer>Source: Bayer <br />Historical data are not a reliable indicator of future performance.<\/footer>\n<p>Current business performance shows that the individual divisions are performing well. In the first nine months of last year, Crop Science grew by 26.3%, Consumer Health by 17.2% and Pharmaceuticals by 7.5%. This led to an overall increase in sales of 17.5% to EUR 38.7 billion, with profits growing faster than sales. Earnings before interest, taxes, depreciation and amortization more than doubled. As a result, the company reaffirmed its guidance for the year, which had already been raised. However, Bayer CEO Baumann is somewhat more cautious for the current fiscal year. As a result of high inflation, the manager expects higher costs, but without being more specific. Market participants are taking the uncertainties into account: After a jump in earnings in 2022, the analyst consensus for this year assumes stagnating profits. In 2024, Bayer is expected to return to its growth path and increase earnings per share by around 7%.<\/p>\n<h3>High return opportunities in the transition year<\/h3>\n<p>So 2023 could be a year of transition in many respects. Bayer is taking a breather in its operating business, the search for a successor to CEO Baumann is gradually getting underway, and investors remain on guard in the background. So it may take some time to make final decisions about Bayer's future. This time is best bridged with sideways products. The new Softcallable Barrier Reverse Convertibles on the DAX, which are offered in CHF and EUR, each have a risk buffer of 35%. If the German blue-chip leaves the barrier intact during the maximum term of 18 months, the maximum yield will be achieved. The product listed in CHF has a coupon of 8.00% p.a., in EUR the maximum yield is even 9.50% p.a.. For both BRCs, the issuer's soft callable feature allows for early redemption after half a year at the earliest.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1243095622\\&quot;\\&quot;CH1243095655\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-bayer","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/bayer_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/bayer_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-01-18T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/idorsia_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Setting off for a profitable future","windowTitle":"Idorsia","category":"coupon-giant","title":"Idorsia","body":"<p>With biotech companies, there is almost always a fine line between success and failure. In this respect, domestic Idorsia is no exception. The company has suffered research setbacks with two potential candidates in the past two years. On the other hand, 2022 also marked a turning point for the company. The company, which was only founded in 2017, launched its first two drugs. These were \"Pivlaz\" for the treatment of patients with brain hemorrhages and the sleeping pill \"Quviviq\". \"Quviviq is well on its way to becoming the world's leading brand in insomnia\", Jean-Paul Clozel expressed confidence at the J.P. Morgan Healthcare Conference earlier this year.<\/p>\n<h3>Number three about to launch<\/h3>\n<p>The Allschwil-based biotech start-up is not resting on its laurels. On the contrary: shortly before the end of 2022, the company, which has more than 1,200 employees, submitted an application for approval of \"Aprocitentan\" in the USA. This is an active ingredient used to treat high blood pressure that is difficult to control. Idorsia developed the drug together with a subsidiary of Johnson &amp; Johnson, which also holds the sole marketing rights. Of course, Idorsia does not go away empty-handed: Depending on the revenues generated, royalties of between 20 and 35 percent flow into the canton of Basel-Landschaft. CEO Clozel expects the FDA's decision before the end of the year and is also targeting applications for approval in other countries in the coming months.<\/p>\n<h3>On the way to profitability<\/h3>\n<p>The potential of the two drugs already approved is also far from exhausted. The market launch of the insomnia active ingredient Quviviq is planned for mid-year in Switzerland and the UK. In Japan, the insomnia drug is still in Phase III, but NDA approval is expected in the second half of the year. Based on the hoped-for success of the drug duo Quviviq and Pivlaz, Idorsia expects to reach profitability in 2025. By then, the company aims to generate sales of more than CHF 1 billion. Overall, Idorsia even aims to create a drug pipeline with revenue potential of at least CHF 5 billion.<\/p>\n<div><ltq-table id=xxx title=\"Major drug events in 2023\">\n<template v-slot:default>\n<thead>\n<tr>\n<th><\/th>\n<th>Drug<\/th>\n<th>Event<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>1st half year<\/td>\n<td>Clazosentan<\/td>\n<td>Phase III results<\/td>\n<\/tr>\n<tr>\n<td>1st half year<\/td>\n<td>Aprocitentan<\/td>\n<td>Regulatory filings in Europe<\/td>\n<\/tr>\n<tr>\n<td>1st half-year<\/td>\n<td>Quviviq<\/td>\n<td>Decision in Canada<\/td>\n<\/tr>\n<tr>\n<td>1st half-year<\/td>\n<td>Lucerastat<\/td>\n<td>Final decision on future<\/td>\n<\/tr>\n<tr>\n<td>Mid-year<\/td>\n<td>Quviviq<\/td>\n<td>Launch Switzerland<\/td>\n<\/tr>\n<tr>\n<td>2nd half year<\/td>\n<td>Quviviq<\/td>\n<td>Launch UK<\/td>\n<\/tr>\n<tr>\n<td>2nd half year<\/td>\n<td>Quviviq<\/td>\n<td>Regulatory filing Japan<\/td>\n<\/tr>\n<tr>\n<td>End of year<\/td>\n<td>Aprocitentan<\/td>\n<td>FDA decision<\/td>\n<\/tr>\n<\/tbody>\n<\/template> \n    <template v-slot:below> \n        <LtqCardBody>\n            <footer>Source: Idorsia<\/footer>\n        <\/LtqCardBody> \n    <\/template> \n<\/ltq-table><\/div>\n<h3>Full pipeline<\/h3>\n<p>One step closer to this goal could bring the biotech forge the active ingredient \"Cenerimod\" against the rare autoimmune disease Systemic Lupus Erythematosus (SLE). The Phase III program to investigate efficacy and safety recently started. The study is classified by the U.S. Food and Drug Administration (FDA) as a \"fast-track\" program, which should facilitate the development and accelerate the testing of this therapy. In addition, another promising candidate, \"Selatogrel\" for the treatment of acute myocardial infarction, is in Phase III, while Idorsia's remaining five drug candidates are currently in Phase I and II clinical trials. A decision on the future of the initially failed drug \"Lucerastat\" for the treatment of the metabolic disorder Fabry disease is also expected to be made this year.<\/p>\n<h3>Turnaround<\/h3>\n<p>Idorsia shares plummeted in the first half of last year. The low point was marked in July 2022 at CHF 10.83. Subsequently, the second-tier stock formed a bottom, which was used for a dynamic comeback. Most recently, the share even managed to cross the 100- and 200-day moving average. Measured against the low, the Idorsia share price has meanwhile climbed by about 60 percent, which means that the recovery phase should gradually come to an end for the majority of analysts. The average recommendation of twelve research studies is \"hold\" with a 12-month price target of CHF 15.40. The share is currently trading at around this level.<\/p>\n<div>\n    <generic-chart title=\"Idorsia: Share price (in CHF)\">\n  <chart-line title=\"Idorsia\" path=\"chart_idia.csv\" format=\"date, number\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Thomson Reuters, as of 01/17/2023<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Promising risk/reward profile<\/h3>\n<p>Barrier Reverse Convertibles are a perfect investment solution in an expected sideways trend. The high volatility in the Swiss small cap also creates the best conditions for a promising risk7reward profile. The new product on Idorsia already grants a double-digit percentage return in the event of price stagnation or even moderate setbacks. The BRC with autocallable function has an above-average coupon of 21.00 percent p.a.. The risk buffer of 51% is also extraordinarily generous. If the barrier remains intact during the maximum term of 12 months, the maximum amount will be reached. The first soft call observation day takes place after six months.<\/p>\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1243092389\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.calendar.subscription_end_date.value&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-idorsia","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/idorsia_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/idorsia_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-01-16T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq_the_market_dividend_portfolio_product+homepage+banner.jpg","subTitle":"The most attractive Swiss dividend stocks","windowTitle":"The Market Dividend Opportunities Portfolio Index","category":"investment-themes","title":"The Market Dividend Opportunities Portfolio Index","body":"<h3>Philosophy<\/h3>\n<p>The portfolio is addessed to investors with a long investment horizon looking for Swiss dividend stocks from all sectors. The dividend stocks are selected on the basis of a fundamental analysis focusing on three quality criteria in particular: The companies are to<\/p>\n<ul>\n   <li>offer sustainable dividend growth<\/li>\n   <li>have a reliable cashflow and a sound balance sheet<\/li>\n   <li>issue reasonable payouts relative to profits<\/li>\n<\/ul>\n<p>The portfolio is supplemented by equities that may not necessarily meet these quality criteria, but are thought to have above-average potential with regard to future dividends or special payouts.<\/p>\n<h3>Highlights<\/h3>\n<ul>\n   <li>Focus on above-average returns allied to high payout reliability<\/li>\n   <li>Active, professional management<\/li>\n   <li>Brings together the best dividend-payers from the Swiss equity universe<\/li>\n   <li>Traded daily on the Swiss exchange (SIX)<\/li>\n<\/ul>\n<h3>Composition:<\/h3>\n<p>The Market Dividend Portfolio comprises a mix of 20 to 25 Swiss stocks selected in response to the market situation at the time. For tactical reasons the portfolio may hold an exposure to cash.<\/p>\n<h3>Tracker Certificate on The Market Dividend Opportunities Portfolio Index<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0596608205\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div>\n<p><strong>Management fee: 0.75% p.a.<\/strong><\/p>\n<p><strong>Index Sponsor: The Market Media AG<\/strong><\/p>\n<p><strong>Issuer: Leonteq Securities AG<\/strong><\/p>\n<\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Composition The Market Dividend Opportunities Portfolio Index<\/h3>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;SWISS FRANC&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.12663289,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;US DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:2.6084E-4,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ABB LTD-REG&quot;,&quot;sophisInternalId&quot;:67108959,&quot;currentPrice&quot;:76.2,&quot;weight&quot;:0.03659137,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ADECCO GROUP AG-REG&quot;,&quot;sophisInternalId&quot;:67108960,&quot;currentPrice&quot;:21.04,&quot;weight&quot;:0.00921398,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;AMRIZE LTD&quot;,&quot;sophisInternalId&quot;:208105951,&quot;currentPrice&quot;:30.84,&quot;weight&quot;:0.01481582,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CEMBRA MONEY BANK AG&quot;,&quot;sophisInternalId&quot;:88856135,&quot;currentPrice&quot;:87.6,&quot;weight&quot;:0.03652842,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;DKSH HOLDING LTD&quot;,&quot;sophisInternalId&quot;:75696273,&quot;currentPrice&quot;:71.3,&quot;weight&quot;:0.02708122,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;EFG INTERNATIONAL AG&quot;,&quot;sophisInternalId&quot;:67109047,&quot;currentPrice&quot;:15.96,&quot;weight&quot;:0.03181386,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;EMS-CHEMIE HOLDING AG-REG&quot;,&quot;sophisInternalId&quot;:67109071,&quot;currentPrice&quot;:884.5,&quot;weight&quot;:0.0283341,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;FLUGHAFEN ZUERICH AG-REG&quot;,&quot;sophisInternalId&quot;:67109157,&quot;currentPrice&quot;:194.6,&quot;weight&quot;:0.03172756,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;HELVETIA BALOISE HOLDING AG&quot;,&quot;sophisInternalId&quot;:67109061,&quot;currentPrice&quot;:208.8,&quot;weight&quot;:0.045728,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;HOLCIM LTD&quot;,&quot;sophisInternalId&quot;:67108966,&quot;currentPrice&quot;:64.02,&quot;weight&quot;:0.03078048,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;JULIUS BAER GROUP LTD&quot;,&quot;sophisInternalId&quot;:67569299,&quot;currentPrice&quot;:70.52,&quot;weight&quot;:0.04298192,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;LANDIS+GYR GROUP AG&quot;,&quot;sophisInternalId&quot;:111912382,&quot;currentPrice&quot;:51.2,&quot;weight&quot;:0.02198469,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MOBILEZONE HOLDING AG-BR&quot;,&quot;sophisInternalId&quot;:67109165,&quot;currentPrice&quot;:11.96,&quot;weight&quot;:0.0284015,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MOBIMO HOLDING AG-REG&quot;,&quot;sophisInternalId&quot;:67109172,&quot;currentPrice&quot;:333.5,&quot;weight&quot;:0.03145975,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NESTLE SA-REG&quot;,&quot;sophisInternalId&quot;:67108967,&quot;currentPrice&quot;:81.07,&quot;weight&quot;:0.04226988,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NOVARTIS AG-REG&quot;,&quot;sophisInternalId&quot;:67108969,&quot;currentPrice&quot;:125.9,&quot;weight&quot;:0.04376556,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;PARTNERS GROUP HOLDING AG&quot;,&quot;sophisInternalId&quot;:67109101,&quot;currentPrice&quot;:600.2,&quot;weight&quot;:0.01718235,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ROCHE HOLDING AG-PARTIZIPATIONSSCHEIN&quot;,&quot;sophisInternalId&quot;:67108970,&quot;currentPrice&quot;:379.7,&quot;weight&quot;:0.03436948,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SGS SA-REG&quot;,&quot;sophisInternalId&quot;:67109174,&quot;currentPrice&quot;:98.7,&quot;weight&quot;:0.04066519,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ST GALLER KANTONALBANK A-REG&quot;,&quot;sophisInternalId&quot;:67109160,&quot;currentPrice&quot;:711,&quot;weight&quot;:0.04463617,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SUNRISE COMMUNICATIONS AG-A&quot;,&quot;sophisInternalId&quot;:196979014,&quot;currentPrice&quot;:41.76,&quot;weight&quot;:0.0391769,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SWATCH GROUP AG/THE-BR&quot;,&quot;sophisInternalId&quot;:67108977,&quot;currentPrice&quot;:183.9,&quot;weight&quot;:0.01779017,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SWISS LIFE HOLDING AG-REG&quot;,&quot;sophisInternalId&quot;:67108973,&quot;currentPrice&quot;:918.6,&quot;weight&quot;:0.05598376,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SWISSCOM AG-REG&quot;,&quot;sophisInternalId&quot;:67108972,&quot;currentPrice&quot;:659.5,&quot;weight&quot;:0.03623808,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;VALIANT HOLDING AG-REG&quot;,&quot;sophisInternalId&quot;:67109178,&quot;currentPrice&quot;:147.8,&quot;weight&quot;:0.03972724,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ZURICH INSURANCE GROUP AG-REG&quot;,&quot;sophisInternalId&quot;:67108978,&quot;currentPrice&quot;:608.2,&quot;weight&quot;:0.04385881,&quot;currency&quot;:&quot;CHF&quot;}]\"><\/AmcComposition>\n  <\/div>\n<!--\n<ltq-table id=\"\" title=\"Composition as at 03.05.2021\">\n   <template v-slot:default>\n      <thead>\n  <tr>\n<th>NAME<\/th>\n<th>SECTOR<\/th>\n<th>WEIGHTING<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>ABB<\/td>\n<td>Industry<\/td>\n<td>3.86%<\/td>\n<\/tr>\n<tr>\n<td>Adecco<\/td>\n<td>Industry<\/td>\n<td>3.86%<\/td>\n<\/tr>\n<tr>\n<td>Bystronic<\/td>\n<td>Industry<\/td>\n<td>3.86%<\/td>\n<\/tr>\n<tr>\n<td>Cembra Money Bank<\/td>\n<td>Finance<\/td>\n<td>3.86%<\/td>\n<\/tr>\n<tr>\n<td>DKSH<\/td>\n<td>Industry<\/td>\n<td>3.86%<\/td>\n<\/tr>\n<tr>\n<td>EFG International<\/td>\n<td>Finance<\/td>\n<td>3.86%<\/td>\n<\/tr>\n<tr>\n<td>Ems-Chemie<\/td>\n<td>Raw Materials<\/td>\n<td>3.86%<\/td>\n<\/tr>\n<tr>\n<td>Flughafen Zürich<\/td>\n<td>Industry<\/td>\n<td>3.86%<\/td>\n<\/tr>\n<tr>\n<td>Helvetia<\/td>\n<td>Finance<\/td>\n<td>3.86%<\/td>\n<\/tr>\n<tr>\n<td>LafargeHolcim<\/td>\n<td>Raw Materials<\/td>\n<td>3.86%<\/td>\n<\/tr>\n<tr>\n<td>Landis+Gyr<\/td>\n<td>Industry<\/td>\n<td>3.86%<\/td>\n<\/tr>\n<tr>\n<td>Mobilezone<\/td>\n<td>Consumer Discretionary<\/td>\n<td>3.86%<\/td>\n<\/tr>\n<tr>\n<td>Mobimo<\/td>\n<td>Real Estate<\/td>\n<td>3.86%<\/td>\n<\/tr>\n<tr>\n<td>Novartis<\/td>\n<td>Health Care<\/td>\n<td>3.86%<\/td>\n<\/tr>\n<tr>\n<td>Roche<\/td>\n<td>Health Care<\/td>\n<td>3.86%<\/td>\n<\/tr>\n<tr>\n<td>SGS<\/td>\n<td>Industry<\/td>\n<td>3.86%<\/td>\n<\/tr>\n<tr>\n<td>St. Galler KB<\/td>\n<td>Finance<\/td>\n<td>3.86%<\/td>\n<\/tr>\n<tr>\n<td>Swatch Group<\/td>\n<td>Consumer Discretionary<\/td>\n<td>3.86%<\/td>\n<\/tr>\n<tr>\n<td>Swiss Life<\/td>\n<td>Finance<\/td>\n<td>3.86%<\/td>\n<\/tr>\n<tr>\n<td>Swisscom<\/td>\n<td>Communication Services<\/td>\n<td>3.86%<\/td>\n<\/tr>\n<tr>\n<td>Valiant<\/td>\n<td>Finance<\/td>\n<td>3.86%<\/td>\n<\/tr>\n<tr>\n<td>Zurich Insurance<\/td>\n<td>Finance<\/td>\n<td>3.86%<\/td>\n<\/tr>\n<tr>\n<td>Cash quota<\/td>\n<td><\/td>\n<td>15%<\/td>\n<\/tr>\n      <\/tbody>\n   <\/template>\n   <template v-slot:below>\n      <LtqCardBody>\n         <footer>Source: Leonteq Securities AG, themarket.ch<\/footer>\n         <footer>Historical data is not a reliable indicator of future performance.<\/footer>\n      <\/LtqCardBody>\n   <\/template>\n<\/ltq-table>\n-->\n<h3>About The Market<\/h3>\n<p>Every day the editorial team of The Market analyses what is happening on global financial markets and in the business world. Their focus is always on the big picture and in-depth research from the point of view of the investor. The founders of The Market are prominent financial journalists and acknowledged experts in investment themes, the financial markets and major economic trends. That is also what their editorial concept stands for. As a financial medium directed specifically at investors, The Market offers two to three articles of high analytical quality every day. The editorial team sets itself the goal of identifying and highlighting relevant developments, important trends and exciting investment themes. Rather than fixating on short-term news, they focus instead on what a long-term knowledge advantage brings. The editors have been managing The Market Dividend Opportunities Portfolio, consisting of equities of 20 to 25 Swiss companies offering attractive investment prospects, since March 2020.<\/p>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"dividend","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq_the_market_dividend_portfolio_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq_the_market_dividend_portfolio_thumbnail.jpg"},{"date":"2023-01-13T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/inflation_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Bonus certificate with coupon on SMI heavyweight trio","windowTitle":"Bonus certificate with coupon on SMI heavyweight trio","category":"investment-themes","title":"Product structure of the day:","body":"<h3>Start-of-year rally<\/h3>\n<p>The Swiss equity market welcomed the new year 2023 in a much more positive frame of mind than it ended the previous one. The leading SMI index appreciated tangibly in the first two days of trading, hurdling the psychologically important 11,000 barrier again for the first time in three weeks. The start-of-year rally was driven by hopes that inflation would weaken and enable central banks to engage a lower gear. It could be a little too early for a general all-clear, however. Latvia\u2019s central bank boss Martins Kazaks, for instance, reckons monetary policy will initially be even more restrictive. \u201cCurrently I would see that at the February and March meetings we will have significant rate increases,\u201d the ECB Governing Council member said to news agency Bloomberg at the start of the year.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2023/bonus-nestle-novartis-roche?language_id=1\" label=\"Find out more here\"><\/ltq-button><\/div>\n<h3>Participation with partial protection<\/h3>\n<p>The uncertainties regarding interest rates, inflation, economic growth and geopolitical developments will likely dominate the new stock market year as well. Although the majority of experts are hopeful that equity markets will see a return to better times in 2023, it can't do any harm to take out some partial protection. The most popular yield optimisation products in Switzerland are barrier reverse convertibles, which are instruments that enable returns to be made on shares that are treading water. Should the markets actually head upwards in the coming months, though, this structure does not allow any participation. A remedy is provided by bonus certificates which on the one hand protect owners from losses thanks to a risk buffer, and on the other enable them to profit on a 1:1 basis from price increases above the bonus level.<\/p>\n<div>\n    <generic-chart title=\"Chart: Nestlé vs. Novartis vs. Roche\">\n <chart-line title=\"Nestlé\" path=\"chart_nesn.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <chart-line title=\"Novartis\" path=\"chart_novn.csv\" format=\"date, number\" color=\"#4a525c\"/>\n  <chart-line title=\"Roche\" path=\"chart_rog.csv\" format=\"date, number\" color=\"#898c92\"/>\n  /&gt;\n <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Refinitiv<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Two birds with one stone<\/h3>\n<p>Leonteq has combined the best of both structures to design a bonus certificate with a secure coupon payment. That means investors receive a guaranteed coupon however the share prices of the underlyings perform. This comes to 4% p.a. and is distributed on a pro rata basis every three months within the 2.5-year term. The certificate participates fully when prices of the equally weighted basket of shares, which consists of Nestlé, Novartis and Roche, rise above the bonus level of 100%. There is no cap in the structure, so the upside potential is unlimited. The product is thus perfectly in keeping with the times: if the situation on the markets remains tight, the coupon payments ensure regular interest at a rate above market level. If the shares pick up again, investors enjoy the full upside benefits.<\/p>\n<h3>Bonus certificate with guaranteed coupon<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1237089532\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>\"Worst-of\" principle<\/h3>\n<p>The barrier, which is fixed at 69% of the starting values, protects investors from temporary setbacks. Should the hopes of higher shares prices be dashed, the guaranteed coupon means that the bonus certificate still comes out better than a direct investment in the trio. What is more, even if a stock falls below its barrier, this does not automatically mean a loss \u2013 in that case the classic \u201cworst of\u201d principle applies, and the repayment is governed by the performance of the underlying with the weakest showing. if this makes it back to at least its starting level by the end of the term, the investment can deliver a profit despite having breached the barrier. Take care, however: should the barrier be reached, investors will receive the weakest stock of the three, even if it is trading above the initial fixing at the end of the term.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2023/bonus-nestle-novartis-roche?language_id=1\" label=\"Find our more here\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"bonus-nestle-novartis-roche","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/inflation_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/inflation_leonteq-structured-products_thumbnail.jpg"},{"date":"2023-01-11T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/tesla_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Investment with a safety belt","windowTitle":"Tesla","category":"underlying-in-focus","title":"Underlying in focus: Tesla","body":"<p>New year, old problems: After a disastrous 2022, the Tesla share has returned from the New Year break with a pitch-black trading day. On January 3, the price of the electric car pioneer plummeted by more than 12%. As a result, Tesla lost close to USD 50 billion in stock market value, which is roughly equal to the entire capitalization of rival Ford Motor. Before the sell-off, Tesla had published its latest sales figures: The company delivered 405,728 vehicles in Q4 2022. Tesla thus missed the average analyst estimates of 431,117 cars by a wide margin. For the full year, more than 1 million vehicles were delivered for the first time (see chart). However, at 40%, growth fell well short of the 50% target set by CEO Elon Musk. In 2021, Tesla had still been able to grow by almost 90%. The e-car manufacturer, which has long been spoiled by success, is therefore not immune to the general problems of the sector. In addition to various supply bottlenecks, the difficult macroeconomic environment and, in particular, declining demand from China are slowing down car producers.<\/p>\n<div>\n<generic-chart title=\"Tesla: Share price (in USD)\">\n      <chart-line title=\"Tesla\" path=\"chart_tsla.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Reuters, as of 09.01.2023<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>CEO on the wrong track<\/h3>\n<p>The CEO's \"sideline activities\" are also a factor for the Californians. The focus is on his involvement with Twitter. Since Elon Musk completed the USD 44 billion acquisition of the short message service at the end of October alone, Tesla's stock market value has shrunk by around USD 370 billion. On the one hand, share sales by the top manager are weighing on the listing. To finance the Twitter transaction, Musk has shed Tesla shares. In addition, Wall Street is concerned that the purchase could distract the CEO from his duties at the automaker. There is unlikely to be a shortage of challenges at Tesla in the new year. At the moment, the company is trying to boost demand with price cuts. On Epiphany, Tesla announced its second reduction in less than three months for the Chinese market. In addition, the automaker is granting discounts on the best-selling Model Y and Model 3 in Japan, South Korea and Australia.<\/p>\n<h3>Positive analyst consensus<\/h3>\n<p>In December, Elon Musk had mentioned such a step. He explained at the time that the sharp rise in interest rates had affected the affordability of all vehicles - new and used. In any case, the company's latest move is likely to further fuel the price war in China, the world's largest car market - and put pressure on its own margins. In this respect, it is not surprising that several research houses reduced their price target for the NASDAQ stock at the beginning of the year. Nevertheless, the majority of analysts continue to give the thumbs up. Reuters has compiled a total of 42 ratings for Tesla. Of these, 25 are \"Strong Buy\" or \"Buy.\" While 13 experts see the volatile stock as a hold, four others advise selling. What is certain is that the valuation of Tesla has come back in the course of the correction: currently, the price-earnings ratio based on the profit expected for 2023 is around 22. Last year, the large cap still started with a triple-digit P/E ratio.<\/p>\n<div>\n<generic-chart title=\"Tesla: Vehicle deliveries (in units per year)\">\n      <x-axis categories=\"2017,2018,2019,2020,2021,2022\"/>\n      <chart-column title=\"Number of vehicle deliveries\" data=\"103184,245506,367656,499550,936172,1313851\" format=\"number\"/>\n    <\/generic-chart>\n<\/div>\n<footer>Source: Statista, as of 07.01.2023<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Capital protection and participation<\/h3>\n<p>In view of a steep downward price trend, many investors are nevertheless likely to shy away from an entry. The new capital protection certificate with participation could offer an interesting investment alternative. At maturity after twelve months, Leonteq provides a full guarantee for the USD 1,000 denomination. Should Tesla turn upwards by then, holders of the product would profit from the price increase. The participation rate is 100%. However, this mechanism switches off as soon as the underlying reaches or exceeds the barrier at 150% of the initial fixing on a closing price basis during the term. Even in this case, investors do not go away empty-handed. In fact, Leonteq would transfer the rebate coupon of 5% in addition to the full denomination. In short, with the product, also called \"Shark Note\" in reference to the payout profile, investors can bet on a rebound in Tesla while literally wearing their seatbelts. Please note, however, that the outlined mode of operation only takes effect upon expiration. During the term, various factors influence the value of the certificate and it may well come to prices below the capital protection level.<\/p>\n<h3>Shark Note<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1237090597\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-tesla","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/tesla_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/tesla_leonteq-structured-products_thumbnail.jpg"},{"date":"2022-12-16T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/underwriting_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Tracker certificate on the AST Re-Insurance Index","windowTitle":"AST Re-Insurance Index","category":"investment-themes","title":"\"Excellently insured\"","body":"<h3>High yields ...<\/h3>\n<p>The insurance groups are experiencing tailwinds at the moment, which is actually doubly good for their shareholders: firstly, because rapid growth in profits generally has a positive impact on share prices and secondly, because dividends are then even more generous. Although the Munich Re share has appreciated sharply this year, the dividend yield currently remains at a respectable 3.6%. The yield for its competitor Hannover Re is 3.1%, still above the average when compared with the market as a whole. Looking at the whole sector as measured by the STOXX Europe 600 Insurance Index, the jump in yields is particularly stark. The industry barometer reveals an average dividend yield of 4.9% compared with 2.7% for the broad-based STOXX Europe 600 Index.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/reinsurance?language_id=1\" label=\"Get more information here!\"><\/ltq-button><\/div>\n<h3>\u2026 rising premiums<\/h3>\n<p>That the earnings and dividend outlooks remain positive is due in part to higher prices. In light of the recent jumps in inflation allied to high losses from catastrophes, Munich Re, for instance, is seeking to turn the price screw significantly at the start of the year. At the \u201cRendezvous de Septembre\u201d industry meeting in Monte Carlo, both Hannover Re and Munich Re, along with Swiss Re, called for higher prices for new contracts concluded from 1 January 2023. The experts at Standard & Poor's anticipate a price increase in the middle single-digit percentage range for the year ahead. According to assessments by Bain & Company, the premium income of insurers will continue rising in the medium term. In their analysis, the management consultants reckon that premiums in global insurance business will climb to USDtn 10 by 2030. This means they are increasing by around 80% in the current decade, roughly twice as fast as in the 2010s. One of the reasons given by the experts is that risks will accumulate in the future, with only 5% of cyber risks globally, for instance, being protected by policies.<\/p>\n<h3>Actively managed benchmark<\/h3>\n<p>The AST Re-Insurance Index allows direct and focused participation in the insurance industry\u2019s prospects of success. It is an actively managed benchmark that always seeks to keep track with the latest changes in the markets. \u201cWe have bundled what our internal research suggests are the most promising reinsurers and primary insurers in a basket in which we are committed as the lead investor,\u201d explains co-CEO Martin Raab of Asset Security Trust (AST). The industry insider cites as the dominant motivation for developing the index the unanimous feedback received at this year\u2019s Monte Carlo meeting, the low pricing of risks and the successive uptick in premiums. \u201cNatural disasters such as Hurricane Ian indicate that premiums will likely continue to rise across the board, leading to increased earnings for reinsurers,\u201d Raab is convinced. While the prospects for the industry are expected to remain positive, however, there will be some volatility as well. \u201cAny deviation from risk models caused by unforeseen influences can put significant dampers on the share prices of reinsurers and primary insurers,\u201d the expert warns, adding: \u201cThat makes it important to keep an eye on balance sheet quality at all times and be aware of the risks.\u201d<\/p>\n<h3>Composition of the AST Re-Insurance Index<\/h3>\n<div>  <\/div>\n<h3>Convenient investment thanks to a tracker certificate<\/h3>\n<p>Anyone wishing to tap into AST\u2019s know-how can do so through the tracker certificate on the AST Re-Insurance Index, which is listed on the SIX Swiss Exchange (ISIN CH1171792851). \u201cThe tracker\u2019s pure play approach with a focus on reinsurers can serve as an attractive addition to a portfolio,\u201d says Michael Däppen, co-CEO of AST, citing a practical consideration. \u201cSo far this has paid off,\u201d adds Däppen, an investment expert. Only fixed at USD 100 on 10 October 2022, the product already has a considerable track record: the certificate has climbed 19% in the last two months alone, beating the MSCI World by around 7 percentage points. The servicing of a portfolio actively managed by professionals does not come free, of course, but the costs are within a manageable range. The management fee is 0.75% p.a., while another 0.30% p.a. is charged for calculating the index and 0.10% is levied for every component adjustment within the barometer.<\/p>\n<h3>Tracker certificate on the AST Re-Insurance Index<\/h3>\n<div><price-chart isin=\"CH1171792851\"><\/price-chart><\/div>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1171792851\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Administration Fee: 1.05% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/reinsurance?language_id=1\" label=\"Get more information here!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"reinsurance","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/underwriting_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/underwriting_leonteq-structured-products_thumbnail.jpg"},{"date":"2022-12-14T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rwe_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"The wind is blowing from behind","windowTitle":"RWE","category":"underlying-in-focus","title":"Underlying in focus: RWE","body":"<p>Electricity shortages, climate-friendly energy generation, gas price caps or even windfall tax, the list of issues currently occupying utilities is long. In some cases, however, the all-clear can be given. In mid-November, for example, the Federal Network Agency announced that the total storage level in Germany is 100%. In addition, an energy price brake is to take effect from next year to counter price increases. On the other hand, uncertainty still prevails with regard to the windfall tax. The state would like to skim off the extra profits with taxes, but numerous companies are resisting this. The energy company RWE is also critical of the plans. According to CFO Michael Müller, companies must also make a contribution during the crisis, but the levies must be \"appropriately structured\".<\/p>\n<div>\n<generic-chart title=\"RWE: Share price (in EUR)\">\n      <chart-line title=\"RWE\" path=\"chart_rwe.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Reuters, as of 13.12.2022<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Make do, not spill<\/h3>\n<p>When it comes to transformation in energy generation, on the other hand, there is a consensus. Companies and politicians alike are gearing up for a sustainable future. RWE already gave its business model a green makeover a few years ago and is making rapid progress in the switch to wind power, photovoltaics and hydrogen. Last year, the company already generated 32 terawatt hours of electricity from eco-sources, making RWE one of the world's largest suppliers of renewable energy. The Group is not resting on its laurels, however, but is continuing to pursue an ambitious plan. Total output is to increase by an average of 2.5 gigawatts (GW) per year and installed capacity is to rise to 50 GW by 2030. The fastest growth is expected in the offshore wind and solar sectors (see chart). To achieve the goal, RWE is putting a lot of money in its hands: a whopping EUR 50 billion is to flow into the strategy by the end of the decade.<\/p>\n<p>\"We are ideally positioned to actively shape the key decade of the energy transition,\" says CEO Markus Krebber confidently. His so-called \"Growing Green\" plan is also aimed at higher profits. The CEO expects adjusted Ebitda (earnings before interest, taxes, depreciation and amortization) in the new core business to improve by 9% a year on average and swell to EUR 5 billion by 2023. By way of comparison, RWE only generated Ebitda of just under EUR 2 billion with renewables in 2016. The rising profits will also directly benefit shareholders. 50% to 60% of adjusted net income is to be distributed annually as a dividend.<\/p>\n<div>\n<generic-chart title=\"Graph: Installed capacities (in GW)\">\n      <x-axis categories=\"Offshore wind, Onshore wind, Solar\" />\n      <chart-column title=\"2020\" data=\"2.4,7,1\" format=\"number\"  />\n      <chart-column title=\"2027e\" data=\"5,10,6\" format=\"number\"  />\n      <chart-column title=\"2030e\" data=\"8,12,8\" format=\"number\"  />\n    <\/generic-chart>\n<\/div>\n<footer>Source: RWE, November 2022<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>USA in its sights<\/h3>\n<p>RWE's green agenda is supported by the long-initiated reform of the European energy system, which is even gaining pace due to the conflict with Russia. The EU Commission's \"RePowerEU Plan\" previously set a target of 32% for the share of renewable energies by 2030, but this has now been increased to 45%. But it is not only on the continent that sun and wind are the focus of attention. In the USA, too, US President Biden is pushing the issue and plans to invest USD 386 billion in eco-technologies, more than any country ever before. Good for RWE, the Essen-based company is also very active overseas. A few days ago, the German utility strengthened its position in the country with another purchase of a lease area for the development of an offshore wind farm with up to 1.6 GW. This gives the now fourth-largest renewable energy provider an offshore wind portfolio in the U.S. of around 4.6 GW. \"We have a clear objective to establish RWE as a major player in offshore wind in the United States, one of the most important strategic markets for the expansion of our portfolio,\" Sven Utermöhlen, head of the offshore unit of the Renewables Division, commented on the deal.<\/p>\n<h3>On a sideways trajectory in terms of returns<\/h3>\n<p>RWE's eco-strategy is well received on the stock market. With a plus of 18%, the share is in second place in this year's DAX ranking. Even if the analysts' guild still sees further upside potential - the average 12-month price target is EUR 51 - RWE does not need to gain any further at all for investors to achieve a graceful yield of 11% p.a. with the stock. The new euro-denominated Softcallable Barrier Reverse Convertible has a correspondingly high coupon. The profit opportunity is hedged by a risk buffer of 35%. The counterpart offered in CHF also has an identical barrier distance. The coupon rate for this product is an attractive 9% p.a. If the DAX member does not breach the barrier during the maximum term of 18 months, the maximum yield will be achieved in both cases.<\/p>\n<p>An even higher yield is possible if three more energy suppliers are added to RWE. Thus the new Multi-BRC on RWE, E.ON, Enel and Engie holds out the prospect of a return of 13% p.a.. The product also gives the underlyings more leeway on the downside. The risk buffer amounts to a comfortable 45%. In all three products, the issuer's soft callable feature allows early termination after half a year at the earliest.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1233011803\\&quot;\\&quot;CH1233011845\\&quot;\\&quot;CH1233011878\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-rwe","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rwe_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rwe_leonteq-structured-products_thumbnail.jpg"},{"date":"2022-12-07T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/credit+suisse--leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Course counterattack with the national football team partner","windowTitle":"Credit Suisse","category":"coupon-giant","title":"Credit Suisse","body":"<p>There was no shortage of \"bad news\" at Credit Suisse in the past year. In recent months, the major domestic bank has been plunged into a veritable crisis with high losses. For Q4 2022 alone, CEO Ulrich Körner expects a pre-tax loss of up to CHF 1.5 bn. The share price has developed correspondingly negatively. Barely four weeks before the end of the 2022 stock market year, Credit Suisse is carrying the red lantern in the SMI with a share price discount of almost two-thirds. Indeed, the financial stock will hardly be able to get rid of the inglorious title of \"bottom of the league\". At the same time, the main partner of the soccer team recently provided positive news again. Investors were particularly relieved by a statement from Axel Lehmann, Chairman of the Board of Directors. In an interview with \"Bloomberg TV\", he was able to give a cautious all-clear regarding the outflow of funds.<\/p>\n<h3>Ambitious savings plans<\/h3>\n<p>Lehmann explained that the withdrawal of client funds had practically come to a standstill. To him, clients have even promised new funds, he said. \"In some cases, we are already seeing that,\" the manager said. The enormous uncertainty about the state of Credit Suisse had recently caused a veritable exodus of capital. Between the beginning of October and mid-November alone, a net of CHF 84 billion - 6% of total client assets - had flowed out. Axel Lehmann is convinced that the company will regain trust. To this end, the company would actively approach its customers. At the same time, he reaffirmed the restructuring course in the interview. Savings efforts are even to be stepped up. \"By the end of next year, we will save more than 1.2 billion,\" Lehmann said. As part of the restructuring plans unveiled at the end of October, Credit Suisse had set an interim target of reducing costs by CHF 1.2 billion by 2023. While the group will not be profitable next year, the business is \"definitely stable,\" according to the board chairman.\"<\/p>\n<div>\n<generic-chart title=\"Credit Suisse: Profit before tax (in CHF Mio.) \">\n      <x-axis categories=\"Q3 21,Q4 21,Q1 22,Q2 22,Q3 22,Q4 22*\"/>\n      <chart-column title=\"Profit before tax\" data=\"1008,-1664,-428,-1173,-342,-1500\" format=\"number\"  />\n    <\/generic-chart>\n<\/div>\n<footer>*Company forecast<br/>Source: Credit Suisse Group, as of 27.10.2022<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Potential investor interest<\/h3>\n<p>CS shares reacted to the interview with significant gains last Friday. However, the bank stock had hit an all-time low of CHF 2.65 the day before. However, at the start of the new trading week, the bank again led the SMI with a gain of almost 3%. A report in the Wall Street Journal provided an additional boost. According to the well-known publication, Saudi Arabia's Crown Prince Mohammed bin Salman is said to be considering an investment in Credit Suisse's new investment bank, Credit Suisse First Boston (CSFB). The paper, citing people familiar with the matter, also reported interest on the part of an American private equity firm investing a similar amount in CSFB. This is yet to be the case. Credit Suisse's priority is to get the current capital increase through subscription rights into the bag. The exercise period for the transaction, expected to raise CHF 2.24 billion gross, ends on December 8. Credit Suisse is raising a further CHF 1.8 billion through a private placement with qualified investors, including Saudi National Bank.<\/p>\n<div>\n    <generic-chart title=\"Credit Suisse: Share price (in CHF)\">\n  <chart-line title=\"Credit Suisse\" path=\"chart_creditsuisse.csv\" format=\"date, number\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Reuters, as of 05.12.2022<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Low strike, high coupon<\/h3>\n<p>The new Softcallable Reverse Convertible offers an interesting alternative to the direct purchase of shares. Irrespective of the further performance of Credit Suisse's share price, investors receive a quarterly coupon payment of 11% p.a.. The strike price at a low 55% of the initial fixing is decisive for the redemption. As long as the underlying quotes above this level at maturity, the issuer repays the nominal value in full. Otherwise, the Credit Suisse share will be delivered at the strike price. In this case, an entry would therefore be at a discount of 45% compared with the current price of the underlying. In short, an attractive return is possible with the Reverse Convertible, even in the event of further bad news. The low strike ensures that the opportunity outlined only comes into danger in the event of a correction of more than 45%. Of course, even such a setback cannot be ruled out, given the explosive situation of the major bank. Please also note the soft callable feature. It makes this issue's early termination and redemption - after six months at the earliest - possible.<\/p>\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1233009658\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;strikeLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-creditsuisse","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/credit+suisse--leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/credit+suisse--leonteq-structured-products_thumbnail.jpg"},{"date":"2022-12-02T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/fuw_swiss50-leonteq-structured-products_product+homepage+banner.jpg","subTitle":"ETP+ On the FUW Swiss 50 Index","windowTitle":"ETP+ On the FUW Swiss 50 Index","category":"etp","title":"New label, proven underlyings","body":"<h3>Passive, low-cost, popular<\/h3>\n<p>Exchange Traded Products (ETPs) open the door to a wide range of investment classes. The spectrum of these passive financial products includes raw materials, bonds and currencies alongside entire equity markets, sectors and regions. Structurally an ETP is a debt instrument in the form of a securitised bearer bond. To reduce the issuer risk, ETPs are secured by the depositing of a pledge, known as the collateral. As well as securities, this can take the form of precious metals or deposit money. Combined with liquid and transparent stock market trading, the flexible possibilities have led to the increasing availability of such products, with the number of ETPs quoted on the SIX Swiss Exchange passing the 100 mark for the first time last year. There are now more than 180 vehicles of this kind on the list of stocks. While the segment was initially dominated by raw materials, cryptocurrencies are now the drivers of growth &ndash; a particularly large number of ETPs track a digital means of payment such as Bitcoin, for instance.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/introducing-etp-plus?language_id=1\" label=\"Get more information here!\"><\/ltq-button><\/div>\n<h3>A new kind of issuer<\/h3>\n<p>Leonteq, the Zurich-based fintech company, is now engaged in refining this market both structurally and also with regard to the universe of underlying assets by bringing the ETP+ label into being. At the core of this innovation is improved protection for investors. To date many ETP issuers have been special-purpose vehicles with no rating and under no regulatory supervision. What is more, these providers are frequently backed by only the bare minimum of financial resources. Leonteq, by contrast, comes with an equity base of around CHFmn 930, while it also offers a 15-year track record as a successful issuer of structured products. As the first ETP provider in Switzerland, the company is licensed and monitored as a securities firm by FINMA and enjoys an investment grade rating from the agency Fitch.<\/p>\n<div><img src=\"/dA/360557271b/charts_etp_EN DE_700x500 EN Emitent2.svg?language_id=1\" alt=\"charts_etp_EN DE_700x500 EN Emitent2\" width=\"1334\" height=\"808\" caption=\"false\" /><\/div>\n<footer>Source: Leonteq<\/footer>\n<h3>A strong partnership<\/h3>\n<p>A second advantage of ETP+ lies in the type of collateralisation. Here Leonteq is cooperating with the SIX Group, with a pledge being deposited with SIX SIS AG for every product. The depositary agent ensures that investors have access to these funds in the event of the issuer becoming insolvent. Measures are also taken to ensure that the collateral is sufficiently large: SIX Repo AG undertakes a daily review and valuation of the securities. The system just outlined is not new &ndash; in fact, banks, insurers and pension funds have been using the interplay of depositary (SIX SIS AG) and collateral agent (SIX Repo AG) in a collateral management service offered by SIX since as long ago as 2012.<\/p>\n<div><img src=\"/dA/1153525192/charts_etp_EN DE_700x500 EN Funcionalities2.svg?language_id=1\" alt=\"charts_etp_EN DE_700x500 EN Funcionalities2\" width=\"1190\" height=\"469\" caption=\"false\" /><\/div>\n<footer>Source: Leonteq<\/footer>\n<h3>Diversity and quality<\/h3>\n<p>The very first ETP+ is also innovative when it comes to the underlying asset, as the investment product tracks the FuW Swiss 50 Index. This is as yet the only ETP listed on the SIX which offers access to equities as an asset class. The idea and concept behind the underlying come from FuW, the editorial team behind the respected financial publication having developed the FuW Swiss 50 Index in the first place. As the name suggests, the benchmark contains the 50 largest listed companies in Switzerland. That makes it representative of the diversity and quality of the domestic equity market. The index is reviewed and, where necessary, adjusted every six months. Alongside certain minimum requirements on share liquidity, a freely fungible market capitalisation is an essential criterion for selection.<\/p>\n<h3>Huge opportunities on attractive terms<\/h3>\n<p>The 25 largest components are double weighted, the remaining 25 single weighted. This ensures that the index has a broader diversification compared with a benchmark determined purely on the basis of market value. At any rate, the FuW Swiss 50 Index is a veritable &ldquo;who&rsquo;s who&rdquo; of the Swiss economy. This applies for the absolute heavyweights Nestl&eacute;, Novartis and Roche just as much as for leading companies from the second tier of the market. The mid-cap spectrum, for instance, is represented by Galenica, Georg Fischer and K&uuml;hne &amp; Nagel. Since the underlying asset is a net total return (NTR) index, holders of the ETP+ also share in the dividends of the companies tracked. The net distributions are reinvested automatically. This full, flexible and time-unlimited participation in the Swiss equity market with the aid of an innovative and particularly secure product structure comes at an annual fee of just 0.72%.<\/p>\n<h3>ETP+ on FuW Swiss 50 Index NTR - tradable on SIX Swiss Exchange<\/h3>\n<div><price-chart isin=\"CH1171791820\"><\/price-chart><\/div>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1171791820\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>Composition of the FuW Swiss 50 Index NTR<\/h3>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SONOVA HOLDING AG-REG&quot;,&quot;weight&quot;:0.01725288},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;BARRY CALLEBAUT AG-REG&quot;,&quot;weight&quot;:0.01045188},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWATCH GROUP AG/THE-BR&quot;,&quot;weight&quot;:0.01303032},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;PSP SWISS PROPERTY AG-REG&quot;,&quot;weight&quot;:0.01153724},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;GALDERMA GROUP AG&quot;,&quot;weight&quot;:0.02719737},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;LINDT &amp; SPRUENGLI AG-PC&quot;,&quot;weight&quot;:0.0106363},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;CEMBRA MONEY BANK AG&quot;,&quot;weight&quot;:0.01075512},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;LONZA GROUP AG-REG&quot;,&quot;weight&quot;:0.02941942},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;FISCHER (GEORG)-REG&quot;,&quot;weight&quot;:0.01561733},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SGS SA-REG&quot;,&quot;weight&quot;:0.02763983},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWISSQUOTE GROUP HOLDING-REG&quot;,&quot;weight&quot;:0.01235295},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;UBS GROUP AG-REG&quot;,&quot;weight&quot;:0.03322193},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SANDOZ GROUP AG&quot;,&quot;weight&quot;:0.02852134},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ADECCO GROUP AG-REG&quot;,&quot;weight&quot;:0.01609506},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ALLREAL HOLDING AG-REG&quot;,&quot;weight&quot;:0.01129459},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;JULIUS BAER GROUP LTD&quot;,&quot;weight&quot;:0.03064488},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ALCON INC&quot;,&quot;weight&quot;:0.02449351},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;EMS-CHEMIE HOLDING AG-REG&quot;,&quot;weight&quot;:0.01500875},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;FLUGHAFEN ZUERICH AG-REG&quot;,&quot;weight&quot;:0.01125507},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWISS PRIME SITE-REG&quot;,&quot;weight&quot;:0.02328229},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWISS RE AG&quot;,&quot;weight&quot;:0.02604212},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;STRAUMANN HOLDING AG-REG&quot;,&quot;weight&quot;:0.01446048},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SIG COMBIBLOC GROUP&quot;,&quot;weight&quot;:0.01382773},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;TEMENOS GROUP AG-REG&quot;,&quot;weight&quot;:0.01337294},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;GEBERIT AG-REG&quot;,&quot;weight&quot;:0.02623217},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;HELVETIA BALOISE HOLDING AG&quot;,&quot;weight&quot;:0.02492086},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ROCHE HOLDING AG-GENUSSSCHEIN&quot;,&quot;weight&quot;:0.02958925},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SULZER AG-REG&quot;,&quot;weight&quot;:0.01100454},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;GIVAUDAN-REG&quot;,&quot;weight&quot;:0.02945157},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;NOVARTIS AG-REG&quot;,&quot;weight&quot;:0.02606234},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;AVOLTA AG&quot;,&quot;weight&quot;:0.01201636},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;MOBIMO HOLDING AG-REG&quot;,&quot;weight&quot;:0.01132193},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;HOLCIM LTD&quot;,&quot;weight&quot;:0.02584732},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ZURICH INSURANCE GROUP AG-REG&quot;,&quot;weight&quot;:0.02583185},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWISS LIFE HOLDING AG-REG&quot;,&quot;weight&quot;:0.0260574},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;GALENICA SANTE LTD&quot;,&quot;weight&quot;:0.01142755},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;KUEHNE &amp; NAGEL INTL AG-REG&quot;,&quot;weight&quot;:0.01503076},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;BANQUE CANTONALE VAUDOIS-REG&quot;,&quot;weight&quot;:0.0115821},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SCHINDLER HOLDING-PART CERT&quot;,&quot;weight&quot;:0.02404666},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;VAT GROUP AG&quot;,&quot;weight&quot;:0.02854461},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;BKW AG&quot;,&quot;weight&quot;:0.00996811},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ABB LTD-REG&quot;,&quot;weight&quot;:0.0283369},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ACCELLERON INDUSTRIES LTD&quot;,&quot;weight&quot;:0.0118673},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWISSCOM AG-REG&quot;,&quot;weight&quot;:0.02348445},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;BELIMO N ORD&quot;,&quot;weight&quot;:0.01507073},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;PARTNERS GROUP HOLDING AG&quot;,&quot;weight&quot;:0.02166677},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SIKA AG-BR&quot;,&quot;weight&quot;:0.03397808},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;CIE FINANCIERE RICHEMO-A REG&quot;,&quot;weight&quot;:0.03053712},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;NESTLE SA-REG&quot;,&quot;weight&quot;:0.02535105},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;LOGITECH INTERNATIONAL-REG&quot;,&quot;weight&quot;:0.01336087}]\"><\/AmcComposition>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/introducing-etp-plus?language_id=1\" label=\"Get more information here!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"introducing-etp-plus","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/fuw_swiss50-leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/fuw_swiss50-leonteq-structured-products_thumbnail.jpg"},{"date":"2022-11-29T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/fuw_swiss50-leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Leonteq launches its first ETP in cooperation with Tamedia Finanz und Wirtschaft AG","windowTitle":"Leonteq launches its first ETP in cooperation with Tamedia Finanz und Wirtschaft AG","category":"etp","title":"ETP on FuW Swiss 50 Index NTR","body":"<div>\n<p>Leonteq launched its first exchange traded product (ETP) on SIX Swiss Exchange (ETP segment) under the label ETP+ together with <a href=\"https://www.fuw.ch/\" target=\"_blank\" rel=\"noopener\" title=\"Tamedia Finanz und Wirtschaft AG\">Tamedia Finanz und Wirtschaft AG<\/a>. The ETP is linked to the newly created <strong>FuW Swiss 50 Index NTR<\/strong> (Bloomberg: FUW50N Index).<\/p>\n<p>The FuW Swiss 50 Index NTR was created to offer greater representation of the Swiss equity market &ndash; with the inclusion of the top 50 tradable Swiss companies &ndash; as compared to the Swiss Market Index. The largest 25 companies are weighted twice, the remaining 25 are weighted once. Net dividends are automatically reinvested in the index.<\/p>\n<p>Further information regarding the FuW Swiss 50 Index NTR: <a href=\"/pages-resources/FUW50INDEX.pdf\" target=\"_blank\" rel=\"noopener\" title=\"FuW Index Description\">index description<\/a> (German only)<\/p>\n<\/div>\n<h3>Exchange Traded Product<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;fuw50&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>\n<p>Leonteq adopted a novel strategy when it comes to collateralizing its first ETP. Leonteq has partnered with the <a href=\"https://www.six-group.com/en/home.html\" title=\"SIX Group\" target=\"_blank\" rel=\"noopener\">SIX Group<\/a> to utilize an existing collateralization setup that has been in operation since 2012. Under this system, collateral is held at <a href=\"https://www.six-group.com/en/products-services/securities-services/settlement-and-custody/info-center/about-six-sis-ag.html\" target=\"_blank\" rel=\"noopener\" title=\"SIX SIS AG\">SIX SIS AG<\/a> with collateral checks taking place daily by <a href=\"https://www.six-group.com/en/products-services/securities-services/securities-finance/repo.html\" target=\"_blank\" rel=\"noopener\" title=\"SIX Repo AG\">SIX Repo AG<\/a>, acting as collateral agent, to ensure ETP liabilities are fully covered. Both, SIX SIS AG and SIX Repo AG are Swiss-based and as SIX Swiss Exchange belong to the SIX Group.<\/p>\n<\/div>\n<div><ltq-table id=\"\" title=\"Comparison: Leonteq ETP+ vs Other Swiss ETP providers\"> <template v-slot:default=\"\">\n<thead>\n<tr>\n<th><\/th>\n<th><strong>Leonteq ETP+<\/strong><\/th>\n<th><strong>Other Swiss ETP providers<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>Issuer<\/strong><\/td>\n<td>Leonteq Securities AG<\/td>\n<td>ETP specific<\/td>\n<\/tr>\n<tr>\n<td><strong>Regulated<\/strong><\/td>\n<td>FINMA-regulated<\/td>\n<td>No<\/td>\n<\/tr>\n<tr>\n<td><strong>Rated<\/strong><\/td>\n<td>Investment-grade<\/td>\n<td>No<\/td>\n<\/tr>\n<tr>\n<td><strong>Equity Base<\/strong><\/td>\n<td>Approx. CHF 930m<sup>1<\/sup><\/td>\n<td>Low<\/td>\n<\/tr>\n<tr>\n<td><strong>Track Record<\/strong><\/td>\n<td>Extensive<\/td>\n<td>Little<\/td>\n<\/tr>\n<\/tbody>\n<\/template> \n    <template v-slot:below> \n        <LtqCardBody>\n            <footer>Source: Leonteq Securities AG<\/footer>\n            <footer>Other Swiss ETP Providers&rdquo; refers to a standard exchange traded product setup. Individual ETP providers may exhibit varying properties.<\/footer>\n            <footer><sup>1<\/sup> FY 2022<\/footer>\n        <\/LtqCardBody> \n    <\/template> \n<\/ltq-table><\/div>\n<div>\n<p>The label ETP+ from Leonteq is an authentic \"made in Switzerland\" product. The ETP is an alternative investment product for accessing the Swiss equity market, and all functions relating to collateral management, which are crucial to the protection of Swiss investors, are performed in Switzerland.<\/p>\n<\/div>\n<div><ltq-table id=\"\" title=\"Comparison: Leonteq ETP+ vs Other Swiss ETP providers\"> <template v-slot:default=\"\">\n<thead>\n<tr>\n<th><\/th>\n<th><strong>Leonteq ETP+<\/strong><\/th>\n<th><strong>Other Swiss ETP Providers<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>Collateral Requirement<\/strong><\/td>\n<td>Yes (100%)<\/td>\n<td>Yes (100%)<\/td>\n<\/tr>\n<tr>\n<td><strong>Custodian<\/strong><\/td>\n<td>SIX SIS AG<\/td>\n<td>Issuer-dependent, no minimum requirements<\/td>\n<\/tr>\n<tr>\n<td><strong>Collateral Agent<\/strong><\/td>\n<td>SIX Repo AG<\/td>\n<td>Issuer-dependent, no minimum requirements<\/td>\n<\/tr>\n<tr>\n<td><strong>Monitoring<\/strong><\/td>\n<td>Daily through SIX Repo AG<\/td>\n<td>Issuer-dependent, no minimum requirements<\/td>\n<\/tr>\n<tr>\n<td><strong>Jurisdictions<\/strong><\/td>\n<td>Switzerland<\/td>\n<td>Potentially mixed<\/td>\n<\/tr>\n<\/tbody>\n<\/template> \n    <template v-slot:below>\n        <LtqCardBody>\n            <footer>Source: Leonteq Securities AG<\/footer>\n            <footer>Other Swiss ETP Provider&rdquo; refers to the typical exchange traded product setup. Individual ETP providers may exhibit varying properties.<\/footer>\n        <\/LtqCardBody> \n    <\/template>\n<\/ltq-table><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"fuw-swiss-50","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/fuw_swiss50-leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/fuw_swiss50-leonteq-structured-products_thumbnail.jpg"},{"date":"2022-11-28T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/o+reilly+automotive-leonteq-structured-products_product+homepage+banner.jpg","subTitle":"The right parts in stock","windowTitle":"O'Reilly Automotive","category":"underlying-in-focus","title":"Underlying in focus: O'Reilly Automotive","body":"<p>In just over four weeks, the stock market year 2022 will be history. A lot can still happen during this time. But it would take a spectacular year-end rally to turn the balance into positive territory. This applies to the technology segment in particular. The NASDAQ-100 index is heading into the home stretch with a 29% discount relative to the 2021 year-end. As always, there are stocks that have managed to escape the negative environment. Among the top 10 of the annual ranking for the U.S. technology benchmark, O'Reilly Automotive makes it with a price gain of 21% to date. The name alone shows that this is not a typical NASDAQ stock. Founded 55 years ago, the company describes itself as a leading distributor of automotive aftermarket parts in the US. At the end of 1992, the O'Reilly family made the decision to go public on NASDAQ. On April 22 of the following year, the stock made its debut on the technology exchange.<\/p>\n<div>\n<generic-chart title=\"O'Reilly Automotive: Share price (in USD)\">\n      <chart-line title=\"O'Reilly Automotive\" path=\"chart_oreilly.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Reuters, as of 28.11.2022<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Business is booming<\/h3>\n<p>What started with a small store in Missouri has grown into a network of more than 5,900 U.S. stores. In Mexico, the group operates a further 28 outlets under the ORMA brand. Private and commercial customers can obtain everything they need to repair and maintain a car there - the range extends from batteries and alternators to body parts and engine oils. Business is booming: in 2021, O'Reilly posted record sales of a good USD 13.3 billion. The company also achieved a record operating profit of around USD 2.9 billion (see chart). The management team around CEO Greg Johnson describes traffic volumes as a long-term growth driver. After the Corona-related slump, Americans were back on the roads and highways in 2021. Total miles traveled increased by 11.2%. Despite rising fuel costs, total miles traveled was up slightly again in the first eight months of 2022.<\/p>\n<h3>The margin is shrinking<\/h3>\n<p>Speaking of inflation, general cost pressures are not stopping at O'Reilly Automotive. As a result, the company is unable to maintain the top level of profitability it achieved last year, although the CEO recently adjusted the forecast upward: Sales are expected to grow between 4.5% and 5.5% on a comparable basis in 2022. At the same time, Johnson expects an operating margin of between 20.3% and 20.6%. At the upper end of this range, the ratio would shrink by 1.3 percentage points year-on-year. The outlook presented together with the quarterly report at the end of October was nevertheless well received on the stock market: Since then, the O'Reilly share has gained a good tenth in value. With these advances, the stock was able to further extend its outperformance both against the broad market and relative to the automotive sector. O'Reilly also shows a clear lead over Continental. The German automotive supplier has a strong presence in the parts market. A search of O'Reilly's online store using the keyword \"Continental\" results in 884 items.<\/p>\n<div>\n<generic-chart title=\"O'Reilly Automotive: Turnover (in million USD) and operating margin (in %)\">\n      <x-axis categories=\"2017, 2018, 2019, 2020, 2021, 2022*\" />\n      <chart-column title=\"Turnover in million USD\" data=\"8.978,9.563,10.150,11.604,13.328,14.300\" format=\"number\"  />\n      <chart-line title=\"Operating margin in %\" data=\"19.2,19.0,18.9,20.8,21.9,20.6\" format=\"number\" yAxisRight=\"true\" />\n    <\/generic-chart>\n<\/div>\n<footer>*Company forecast, source: O'Reilly Automative, as of 26.10.2022<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Interesting product conditions<\/h3>\n<p>The two companies are also a good fit as underlyings for a softcallable multi barrier reverse convertible (BRC). The CHF-denominated new issuance comes with a guaranteed coupon of 14% p.a.. Continental and O'Reilly start the one-year term with a barrier of 55% of the respective starting level. As long as no share falls to or below this level, Leonteq will transfer the full nominal amount on the redemption date. Also new to the market are two softcallable BRCs based on O'Reilly Automotive alone. In the product currency CHF, investors can expect a fixed coupon payment of 7% p.a. here. In the USD-denominated counterpart, the quarterly payout is 10% p.a.. The barrier is fixed at 69% of the initial share price for both single BRCs. Early termination and redemption is possible for all products presented due to the soft callable feature. Please also note: As soon as a barrier violation occurs, the partial protection expires. In this case, investors bear the price risk of O'Reilly or Continental, respectively, if the DAX share should turn out to be the weaker stock in the multi BRC. <\/p>\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1233007116\\&quot; \\&quot;CH1233007140\\&quot; \\&quot;CH1233007157\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-oreilly","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/o+reilly+automotive-leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/o+reilly+automotive-leonteq-structured-products_thumbnail.jpg"},{"date":"2022-11-23T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/meyer+burger-leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Out of the shadow","windowTitle":"Meyer Burger Technology","category":"coupon-giant","title":"Meyer Burger Technology","body":"<p>The 27th UN Climate Change Conference (COP27) is history. In the end, the event in Sharm el-Sheikh, Egypt, produced a rather meager result. In essence, the roughly 200 participating countries were only able to agree on the establishment of a fund to support poorer countries that are particularly hard hit by global warming. Although the final declaration was quite criticized: The expansion of renewable energy sources, which is crucial in the fight against climate change, will continue - the COP27 left no doubt about that. Several countries had already stepped up their ambitions before the conference. The USA in particular caused a stir: On August 6, 2022, President Joe Biden signed the Inflation Reduction Act. Among other things, this legislative initiative provides financial support for manufacturers of photovoltaic modules. In this respect, it is not surprising that the Meyer Burger Technology share climbed to its highest level since mid-2018 two days after Biden's signature.<\/p>\n<h3>Lucrative contract<\/h3>\n<p>The company with a history of almost 70 years is currently reinventing itself: in 2020, Meyer Burger initiated the transformation from a supplier to the photovoltaic industry to a manufacturer of solar cells and modules. The company has been supplying the US market since Q2 2022. In mid-August, Meyer Burger was able to secure a lucrative contract in the States. D. E. Shaw Renewable Investments (DESRI) will purchase solar modules with a capacity of at least 3.75 GW from the manufacturer over a five-year period starting in 2024. The developer, owner and operator of renewable energy projects can increase the order up to 5 GW. \"DESRI will make a substantial annual down payment to enable Meyer Burger to procure and finance materials and raw materials for solar module production,\" the company said. The modules will be produced at the U.S. site in Goodyear, Arizona.<\/p>\n<div>\n<generic-chart title=\"Meyer Burger Technology: Planned production capacity (nominal capacity in GW)\">\n      <x-axis categories=\"2022,2023,2024\"/>\n      <chart-column title=\"Nominal capacity in GW\" data=\"1.0,1.4,3.0\" format=\"number\"  />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Meyer Burger Technology, as of 18.08.2022<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Borrowing for expansion<\/h3>\n<p>With demand already outstripping supply, Meyer Burger is investing in manufacturing. \"The company plans to expand its production capacities in the immediate future to reach a nominal capacity of around 3 GW by mid-2024,\" explain the Thun-based company. This would smoothly triple the manufacturing potential compared to the level planned for the current year (see chart). Expansion costs money. Meyer Burger has just raised a gross CHF 250 million from investors via a capital increase. A total of 927 million new shares were placed, mainly through the exercise of subscription rights. This step was also necessary because the business itself is not generating any funds. In fact, the operating cash flow in the first half of 2022 was clearly negative at just under CHF 46 million. Inventories built up in the wake of strained supply chains also played a role. Nevertheless, Meyer Burger was able to reduce the operating loss (Ebidta level) by almost CHF 6.5 million to CHF 24.4 million.<\/p>\n<div>\n    <generic-chart title=\"Meyer Burger Technology: Share price (in CHF)\">\n  <chart-line title=\"Meyer Burger Technology\" path=\"chart_mayerburger.csv\" format=\"date, number\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Reuters, as of 22.11.2022<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Attractive conditions - alone and in duet<\/h3>\n<p>The direction is also right on the stock market, although the small cap was unable to hold the top outlined at the beginning. In the year to date, Meyer Burger has gained more than one fifth. This makes the share one of the top 15 performers in the Swiss Performance Index, which comprises more than 200 stocks. Barrier Reverse Convertibles (BRCs) offer an interesting alternative to direct investment in the volatile specialty stock. Leonteq has launched two variants of the yield enhancement structure on Meyer Burger Technology. As a single underlying, the photovoltaic specialist offers a coupon of 14% p.a. in the product currency CHF. This opportunity is partially protected by a barrier of 49% of the initial fixing. The protection threshold for a multi-BRC based on Meyer Burger and its US competitor First Solar is at the same level. Here, the coupon is 17% p.a.. Both variants generally expire after one year. However, due to the soft callable feature, early termination and redemption is possible. Please also note: As soon as there is a barrier breach, the partial protection expires. The redemption is then linked to the Meyer Burger share or - in case of the Multi-BRC - the weaker of the two underlyings.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1227059412\\&quot; \\&quot;CH1227058836\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-meyerburger","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/meyer+burger-leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/meyer+burger-leonteq-structured-products_thumbnail.jpg"},{"date":"2022-11-18T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/cryptomarket-leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Broad crypto product range allows focused investment","windowTitle":"Crypto assets: endurance test for investors","category":"investment-themes","title":"Contrarian trading","body":"<h3>For and against<\/h3>\n<p>\u201cBuy when the cannons roar\u201d, goes an often quoted stock market rule first expressed by the banker Carl Mayer von Rothschild back at the start of the 19th century. In other words, investors should go against the tide, investing when the bulk of stock market players are fleeing the trading floor in panic and prices are falling. It is precisely such panicked sell-offs that are the order of the day on the crypto market at the moment. Dogecoin, for instance, recently lost around a third of its value within the space of a single week, while Solana, regarded as the pioneer in the verification of transactions using the Proof-of-Stake method, even fell by almost a half. Although such price ups and downs highlight the fragility of the crypto market, they do not diminish the significance of digital assets. Blockchain is a mature technology on which the next stage of the internet \u2013 think web3 \u2013 is being built, among others. Indeed, central banks have already leapt onto the crypto bandwagon. According to the latest statements from ECB president Christine Lagarde, the ECB is already at a relatively advanced stage in its search for a central bank-supported digital currency.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/leonteq-crypto-index-update?language_id=1\" label=\"Get more information here!\"><\/ltq-button><\/div>\n<h3>Regulatory efforts<\/h3>\n<p>That cryptos remain in demand is demonstrated by a new study entitled \u201cCrypto and Established Financial Institutions\u201d produced by Crealogix, a Swiss fintech 100 company. This comes to the conclusion that demand for crypto services will continue to grow. Another factor in favour of the digital currencies is that \u2013 unlike the situation a couple of years ago \u2013 they have shaken off their \u201cWild West\u201d status thanks to much tighter regulation. At the beginning of July, for instance, the European Union was the first major economic region to agree on regulations for cyber currencies. In light of the recent upheavals, the global Financial Stability Board (FSB) has proposed worldwide rules for crypto assets. The FSB has put forward nine recommendations in total. These require crypto firms to hold capital, just like banks, when they conduct similar business to financial institutions. The new proposed regulations are to be finalised by the middle of next year before being rapidly implemented by the FSB member states. Similar noises can even be heard from the industry, too. \u201cWe do need some regulations, we do need to do this properly, we do need to do this in a stable way,\u201d said Changpeng Zhao, the boss of crypto exchange Binance, at the G20 meeting in Bali. The industry collectively had a role to protect investors, he added.<\/p>\n<h3>Broad product range<\/h3>\n<p>Despite the progress in regulation, investors must always be aware of the risks associated with crypto assets. The opportunities are also enormous, though. Since the launch of Bitcoin in 2009, the crypto market has already survived several \u201ccrypto winters\u201d and come through plenty of bull markets. Leonteq gives prospective buyers a broad array of options for investing in the still young sector. The universe comprises a total of 30 crypto assets in which tracker certificates enable one-to-one participation. Half of them are listed on the SIX Swiss Exchange and five on the BX Swiss, with the rest available over the counter. The market-leading product range extends from 0x through Chainlink and Polkadot to Solana and Yearn.Finance. The management fee for each certificate is 1.50% p.a.<\/p>\n<h3>Diversified investment<\/h3>\n<p>The Leonteq Crypto Index gives investors an opportunity to \u201ckill 11 birds with one stone\u201d or, to put it better, \u201cbuy 11 cryptos in one go\u201d. The actively managed barometer is designed to allow in as many as 25 crypto assets. Their inclusion, though, is tied to certain selection criteria, such as sufficient fungibility, along with minimum requirements on liquidity and market capitalisation. The index is reviewed every quarter and adjusted where necessary. As already mentioned, the barometer currently consists of 11 members. These are dominated by Bitcoin and Ethereum, which together account for almost two thirds of the index's weight. The professional approach means that the management fee of 1.95% p.a. is slightly higher than that for trackers on individual cyber currencies, but these costs are actually relative modest given that this is an actively managed index. The trackers are offered in CHF, EUR and USD denominations. The comprehensive Leonteq crypto platform ultimately makes it hard to choose from the many different alternatives. In light of the considerable fluctuation on the market, however, the chosen capital commitment should always be consistent with the investor\u2019s own risk profile and their overall portfolio.<\/p>\n<h3>Tracker Certificate on the Leonteq Crypto Market Index - tradable on SIX Swiss Exchange<\/h3>\n<div><price-chart isin=\"CH1129855198\"><\/price-chart><\/div>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1129855198\\&quot; \\&quot;CH1129857533\\&quot; \\&quot;CH1129857525\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Administration Fee: 1.95% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Composition of the Leonteq Crypto Market Index<\/h3>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;ER.CRYPTO&quot;,&quot;name&quot;:&quot;Dogecoin&quot;,&quot;weight&quot;:0.0398},{&quot;sectionName&quot;:&quot;ER.CRYPTO&quot;,&quot;name&quot;:&quot;ChainLink&quot;,&quot;weight&quot;:0.0262},{&quot;sectionName&quot;:&quot;ER.CRYPTO&quot;,&quot;name&quot;:&quot;Ethereum/US Dollar FX Spot Rate&quot;,&quot;weight&quot;:0.2147},{&quot;sectionName&quot;:&quot;ER.CRYPTO&quot;,&quot;name&quot;:&quot;Cardano&quot;,&quot;weight&quot;:0.0453},{&quot;sectionName&quot;:&quot;ER.CRYPTO&quot;,&quot;name&quot;:&quot;Polkadot&quot;,&quot;weight&quot;:0.0278},{&quot;sectionName&quot;:&quot;ER.CRYPTO&quot;,&quot;name&quot;:&quot;Solana&quot;,&quot;weight&quot;:0.0699},{&quot;sectionName&quot;:&quot;ER.CRYPTO&quot;,&quot;name&quot;:&quot;Avalanche&quot;,&quot;weight&quot;:0.0337},{&quot;sectionName&quot;:&quot;ER.CRYPTO&quot;,&quot;name&quot;:&quot;XRP/US Dollar FX Spot Rate&quot;,&quot;weight&quot;:0.0468},{&quot;sectionName&quot;:&quot;ER.CRYPTO&quot;,&quot;name&quot;:&quot;POL&quot;,&quot;weight&quot;:0.0266},{&quot;sectionName&quot;:&quot;ER.CRYPTO&quot;,&quot;name&quot;:&quot;Bitcoin Cash&quot;,&quot;weight&quot;:0.02},{&quot;sectionName&quot;:&quot;ER.CRYPTO&quot;,&quot;name&quot;:&quot;Bitcoin&quot;,&quot;weight&quot;:0.4306},{&quot;sectionName&quot;:&quot;ER.CRYPTO&quot;,&quot;name&quot;:&quot;Litecoin/US Dollar FX Spot Rate&quot;,&quot;weight&quot;:0.0186}]\"><\/AmcComposition>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/leonteq-crypto-index-update?language_id=1\" label=\"Get more information here!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>\n<h5>Risk disclosure<\/h5>\n<p>Investments in products referencing one or more cryptocurrencies or indices of cryptocurrencies are subject to increased volatility compared to investments in traditional assets and to specific risks which can negatively impact the value, tradability,liquidity and/or security of such investments. Potential Investors are encouraged to inform themselves about these specific risks when considering an investment in products referencing one or more cryptocurrencies or indices of cryptocurrencies. A summary of key risks relating to products referencing one or more cryptocurrencies or indices of cryptocurrencies can be found <strong> <a href=\"https://structuredproducts-ch.leonteq.com/crypto-disclaimer\">here<\/a><\/strong>.<\/p>","url":"leonteq-crypto-index-update","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/cryptomarket-leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/cryptomarket-leonteq-structured-products_thumbnail.jpg"},{"date":"2022-11-17T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/underlying-leonteq-structured-products_product+homepage+banner.jpg","subTitle":"The Leonteq underlying universe","windowTitle":"The Leonteq underlying universe","category":"investment-themes","title":"New Service","body":"<p><strong>The portal with information on more than 1,700 companies is online. In addition to a targeted selection, the service offers share price charts, company portraits, fundamental data and events.<\/strong><\/p>\n<p>Leonteq continues to expand its information offering. To this end, the issuer of structured products has launched its own underlying universe online. The new service offers investors the opportunity to specifically search for promising underlyings and the matching investment solutions. At launch, the portal already includes more than 1,700 underlyings. Users can filter this enormous pool using a large variety of parameters. The selection criteria include country, currency, (super)sector, industry and index membership. When looking at the different filters, it becomes clear which regions and currencies dominate the underlying universe. Analogous to the comparatively large American economy, most individual stocks listed in the United States. With regard to the sectors, however, there is a greater geographical balance. Here, service companies and technology stocks dominate with a roughly equal share of the total universe.<\/p>\n<div>\n   <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/underlyings?language_id=1\" label=\"Discover the underyling universe here\"><\/ltq-button>\n<\/div>\n<h3>Everything at a glance<\/h3>\n<p>Once a filter is set, the system displays all the underlying stocks that match it. Of course, users can also fix several parameters at the same time. The search result is displayed in list form and contains important key data such as country of origin or market capitalization in addition to the company measures. Clicking on an individual stock opens the portrait page. Here, investors will find an immense wealth of information. The spectrum ranges from the current share price and a description of the company to an interactive chart. In addition, fundamental data such as earnings per share and dividends as well as the valuation ratios price-earnings ratio (P/E ratio), dividend yield and price-book ratio (P/B ratio) is available. News about the company and important dates round off the portrait. <\/p>\n<h3>Targeted to the right investment solution<\/h3>\n<p>Of course, a direct link to Leonteq's large product universe is established. Basically, the system displays the offers for a selected underlying according to relevance. In this respect, new issues appear at the top. In addition, investors have the option of sorting the products according to other criteria, such as the coupon p.a. or the barrier distance. In short, the new underlying universe offers real added value. Investors can obtain a comprehensive picture of individual companies, specific sectors or even entire countries without much effort. The search for the most promising structured products is thus systematic and simplified.<\/p>\n<div>\n   <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/underlyings?language_id=1\" label=\"Discover the underyling universe here\"><\/ltq-button>\n<\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlyings","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/underlying-leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/underlying-leonteq-structured-products_thumbnail.jpg"},{"date":"2022-11-16T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/tmobile-leonteq-structured-products_product+homepage+banner.jpg","subTitle":"In high speed mode","windowTitle":"T-Mobile US","category":"underlying-in-focus","title":"Underlying in Focus: T-Mobile US","body":"<p>For years, Deutsche Telekom's overseas activities were ridiculed as a problem. Many experts thought the subsidiary T-Mobile US had little chance of holding its own against the top dogs Verizon and AT&amp;T. But the company became a powerful player on the U.S. market at the latest with the acquisition of its competitor Sprint in 2020. Suddenly, T-Mobile US had around 140 million customers, and with an aggregate of around 300 MHz of nationwide spectrum across all bandwidths, the company had almost twice as much as the two big mobile competitors AT&amp;T and Verizon. <\/p>\n<p>Deutsche Telekom CEO Tim Höttges brimmed with confidence at the April 1, 2020 launch: \"The future starts now.\" And he was to be proven right, because while the market capitalization at the start of the merger was around USD 110 billion, today it is just under USD 180 billion. Things went up in sync with the operating business. In the second quarter alone, the number of contract customers grew by 1.7 million, more than at Verizon and AT&amp;T combined. The Handelsblatt then described the good performance at the end of the first half of the year as a \"surprising comeback story\" and called the group a \"stock market darling\".<\/p>\n<div>\n<generic-chart title=\"Historical share price: T-Mobile US (in USD)\">\n      <chart-line title=\"T-Mobile US\" path=\"chart_tmus.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Reuters, as of 15.11.2022<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Strong customer influx<\/h3>\n<p>T-Mobile did not disappoint its fans in the third quarter. From July to September, the group added 854,000 users, over 100,000 more than expected. Above all, the strategy of keeping prices stable paid off. By comparison, AT&amp;T was only able to win over 708,000 new subscribers, and Verizon, the largest U.S. provider, added just 8,000 customers in the same period. Unlike T-Mobile, the duo had opted for price increases and had to foot the bill. The German Telekom subsidiary, which is once again looking ahead with greater confidence in the wake of the figures, is quite different. Instead of 6.0 to 6.3 million, new customers are now expected to total 6.2 to 6.4 million for the full year.<\/p>\n<p>According to analysts at DZ Bank, T-Mobile US is benefiting not only from price increases by its main competitors, but also from the attractiveness of a well-developed 5G mobile network. As a result, the institute expects robust customer growth in the coming quarters as well. The bank could be on the right track with this, as T-Mobile has just announced its 5G Internet rollout in the U.S. Midwest. In 70 cities and towns in Illinois, Michigan and Wisconsin, where millions still lack access to high-speed internet, more than 6 million households can now enjoy a 5G network.<\/p>\n<h3>Solid profit growth<\/h3>\n<p>Back to the numbers, which also have a small blemish. Third-quarter revenue, for example, fell slightly short of expectations at USD 19.5 billion. By contrast, earnings before interest, taxes, depreciation and amortization excluding leasing revenues (core Ebitda), adjusted for special effects, increased noticeably by around 11% to USD 6.7 billion. The good performance also encouraged T-Mobile CEO Mike Sievert to raise the Ebitda target for the full year. The manager is now expecting USD 26.2 to 26.4 billion; previously, he had targeted a range of USD 26.0 to 26.3 billion. This means that T-Mobile US also performed better than its competitors on the earnings side. AT&amp;T's operating profit declined by 3%, while Verizon's was as much as 11% lower.<\/p>\n<div>\n    <generic-chart title=\"T-Mobile US vs. AT&T vs. Verizon (1 year)\">\n <chart-line title=\"T-Mobile US\" path=\"chart_tmus2.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <chart-line title=\"AT&T\" path=\"chart_atat.csv\" format=\"date, number\" color=\"#4a525c\"/>\n  <chart-line title=\"Verizon\" path=\"chart_verizon.csv\" format=\"date, number\" color=\"#898c92\"/>\n  /&gt;\n <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Reuters, as of 15.11.2022<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Different price targets<\/h3>\n<p>On the capital market, the differences on the operational side result in different price targets. While T-Mobile US marked a new record high after its interim report, Verizon dipped to an 11-year low. There are also clear differences on a one-year view. T-Mobile US shares are up 25% over this period, while Verizon is a quarter in the red. AT&amp;T shares, meanwhile, turned in a zero performance over the past 12 months.<\/p>\n<p>Despite the outperformance, the analyst consensus still sees the greatest potential in T-Mobile US stock. Among the \"buy\" rated stocks, the price target is USD 175, a potential of around one fifth. AT&amp;T and Verizon are currently rated \"hold\" by the experts. The 12-month target for the former is 4.5% above the current price, and for Verizon it is 11%. However, T-Mobile US is not only receiving support from analysts, the company itself is also making a determined effort to buy its own shares. In September, the mobile communications giant announced a share buyback worth USD 14 billion, which is to run until September 2023.<\/p>\n<h3>High yield opportunities in sideways trading<\/h3>\n<p>Leonteq has two new softcallable barrier reverse convertibles on the market that can generate high yields even in a sideways move. The CHF-denominated single product on T-Mobile US offers an attractive yield of 7.00% p.a. with a maximum maturity of 18 months. On the downside, the BRC leaves plenty of room for the underlying. The barrier is fixed at 59% of the starting value. The identical product in the currency USD promises even a coupon payment of 11% p.a..<\/p>\n<p>The Multi-BRC on AT&amp;T, T-Mobile US and Verzion Communications also has a risk buffer of 41%. The yield opportunity, on the other hand, is higher. The quarterly coupon paid out on the CHF-denominated BRC amounts to 12% p.a.. All three products have a softcallable feature which becomes active for the first time after 6 months and can lead to an early redemption.<\/p>\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1227056814\\&quot;,\\&quot;CH1227056855\\&quot;,\\&quot;CH1227056863\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-tmus","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/tmobile-leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/tmobile-leonteq-structured-products_thumbnail.jpg"},{"date":"2022-11-09T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/amd-leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Chip industry takes a deep breath","windowTitle":"AMD","category":"coupon-giant","title":"AMD","body":"<p>\"Rejoicing to the heavens, saddened to death\", this quote from Goethe's tragedy \"Egmont\" is probably the best description of the current situation in the semiconductor industry. Initially, the wave of digitization triggered by Corona created a veritable chip boom. However, disrupted supply chains and sharply rising raw material and logistics prices subsequently put the brakes on the sector. On top of this, demand for PCs and smartphones collapsed due to the sharp rise in inflation. This mix of factors is causing a real hangover among chip manufacturers.<\/p>\n<h3>Growth stutters<\/h3>\n<p>This chagrin is reflected in the books of the leading semiconductor manufacturers. For example, sales of industry leader Intel fell by a fifth last quarter, and profits by as much as 85%. In wise foresight, the group had already conceded its annual forecast at the end of the first half of the year. Arch-rival AMD is not faring much better. Due to a weakening growth dynamic, Advanced Micro Devices also retreated from its targets. Instead of a revenue increase of 60% in 2022, 43% is now estimated. The Californian chip designer sees the gross margin at around 52%, after previously assuming 54%. AMD also fell short of estimates with its forecast for the final quarter. Sales are expected to reach USD 5.5 billion, give or take USD 300 million, while analysts had previously had USD 5.85 billion on the cards.<\/p>\n<div>\n<generic-chart title=\"Earnings per share (in USD)\">\n      <x-axis categories=\"2021-Q4,2022-Q1,2022-Q2,2022-Q3,2022-Q4e,2023-Q1e\"/>\n      <chart-column title=\"EPS\" data=\"0.92,1.13,1.05,0.67,0.71,0.71\" format=\"number\"  />\n    <\/generic-chart>\n<\/div>\n<footer>Source: CNN Business, e = expected, as of 08.11.2022<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<p>The fact that growth has already stalled was evident from July to September. In this quarter, AMD generated revenues of USD 5.56 billion. Although this is an increase of 29% compared to the same period of the previous year, the rate is significantly lower than in the previous quarters. In addition, the comparison with the second business period even shows a minus of USD 1 billion. The processor manufacturer also had to make cuts in profitability. The gross margin fell from 48% in the previous year and 46% in the previous quarter to currently 42%. On the earnings side, AMD even slipped into the red with an operating loss of USD 64 million. \"The third quarter results fell short of our expectations due to the weakening PC market and the extensive measures to reduce inventories throughout the PC supply chain,\" admitted CEO Lisa Su. The AMD CEO does not expect a quick turnaround. In her view, the PC market will shrink by another tenth in 2023.<\/p>\n<h3>Spark of hope<\/h3>\n<p>However, the chip manufacturer can also come up with positive news. In the third quarter, for example, the group took market share from its competitor Intel in the lucrative data center business. The rising demand for semiconductors for server processors also cushioned the slump in the PC business somewhat. AMD remains positive for this data center segment. In the fourth quarter, the company expects sales growth of 14%, while Intel anticipates declining business. However, not all is sunshine in this area either. Customers Alphabet and Microsoft, for example, have recently warned of a slowdown in demand for their cloud and data center products due to rising inflation.<\/p>\n<p>\"Although the chip shortage is easing, the global semiconductor market is entering a period of weakness that will last until 2023\", says Richard Gordon of market researcher Gartner. The expert expects that global semiconductor sales will probably decline by 2.50%. However, ups and downs in the chip industry are basically nothing new; the sector has already experienced numerous boom and bust cycles in the past decades. And not all segments are equally affected. For example, the data center market is expected to remain robust for a longer period of time due to continued investment in cloud infrastructure. The consultancy is also optimistic about the automotive electronics sector and expects continued double-digit growth over the next three years. The reason: chip content will increase from USD 712 in 2022 to USD 931 in 2025 per vehicle, given the shift to electric and autonomous vehicles.<\/p>\n<h3>Bottoming out<\/h3>\n<p>AMD's stock has already lost more than half of its market value this year, so it may have already priced in the bulk of the bad news. This is supported by the fact that the stock is currently attempting to bottom out in the USD 60 range. Analysts even see an entry opportunity at the current price level. With a 12-month price target of USD 85, which corresponds to a potential of 35%, the consensus rating of 39 studies is \"buy\".<\/p>\n<div>\n    <generic-chart title=\"AMD: Historic Price Development (in USD)\">\n  <chart-line title=\"AMD\" path=\"chart_coupon_amd.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Reuters, as of 08.11.2022<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>High coupons, low barriers<\/h3>\n<p>However, investors don't have to go full risk in order to make profits worth watching with AMD stock. The new Softcallable Barrier Reverse Convertibles promise double-digit percentage returns even in the event of price stagnation or even moderate setbacks. The two products, which are offered in CHF and USD, each have a risk buffer of a comfortable 45%. If the barrier remains intact during the maximum term of 15 months, the maximum yield is achieved. The coupons amount to an above-average 15.00% p.a. for the CHF variant and even 19.00% p.a. for the USD product. After half a year at the earliest, the issuer has the right to call the Barrier Reverse Convertibles prematurely.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1227053878\\&quot;,\\&quot;CH1227053928\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0572905799\\&quot; \\&quot;CH0572905815\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-amd2","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/amd-leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/amd-leonteq-structured-products_thumbnail.jpg"},{"date":"2022-11-04T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/cloud-leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Tracker certificate on the Solactive Cloud Computing Index","windowTitle":"Cloud Computing","category":"investment-themes","title":"Investing in a mega-trend","body":"<h3>Setbacks...<\/h3>\n<p>Shares given the \u201ccloud\u201d label have been stock market favourites for years. However, they have been unable to escape the volatile mixture of rising interest rates, a weakening economy and a declining aversion to risk on the part of investors. Shares of former high fliers such as Salesforce, Shopify and Snowflake, for instance, have lost more than half their value this year. Even industry behemoth Amazon saw its share price fall over 30%. There are positive exceptions, though. \u201cBig Blue\u201d IBM and network engineer Arista bucked the generally negative trend over the same period, growing around 8%. All these companies together form the basis of the Solactive Cloud Computing Performance Index along with another nine components.<\/p>\n<div>\n   <ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/cloud-computing?language_id=1\" label=\"Get more information here\"><\/ltq-button>\n<\/div>\n<h3>\u2026 unable to stop outperformance<\/h3>\n<p>The sophisticated index selection and the above-average growth potential of the cloud sector are ultimately sufficient to ensure that the strategy barometer continues to assert itself against the broad technology field in both the short and medium term. Taking a six-month view, the index made up of 15 international cloud specialists outperformed the Nasdaq 100 by about 6% \u2013 and by as much as 17% over a three-year period. The benchmark, which is dominated by US components (87%), can also boast a strong track record since it was launched in April 2011. Since then the index has climbed 467.5%, or 16.2% p.a. Here too, the Solactive Cloud Computing Performance Index performed much better than the well-known Nasdaq 100: 100 percentage points better, to be exact.<\/p>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0213874925\\&quot; \\&quot;CH0127998315\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>\n   <price-chart isin=\"CH0213874925\"><\/price-chart>\n<\/div>\n<h3>Double-digit share price potential<\/h3>\n<p>The current price weakness of cloud shares could offer contrarian investors an attractive way in, particularly as the consensus of analysts is that the companies have upside potential across the board. Within the Solactive Cloud Computing Performance Index, the 12-month price targets range from 3.9% for IBM to 50.3% for Atlassian. The average for all 15 members is a highly respectable 28.7%. The positive outlook for prices is accompanied by positive expectations for profits. After adjusting for base effects at Amazon and Shopify, the estimated average earnings growth for the 15 components of the Solactive Cloud Computing Performance Index from 2023 to 2024 is just under 30%. If the current year is included, the adjusted rate of increase even rises by more than half.<\/p>\n<h3>Full participation<\/h3>\n<p>Leonteq spotted the potential of the data cloud at an early stage, launching a tracker certificate on the Solactive Cloud Computing Performance Index back in 2013. Denominated in Swiss francs, the product tracks the barometer one to one and runs until the middle of next year. Since the underlying is a performance index, the dividend payments of the index members flow into the price calculation until the final fixing. The process is also an active one. which means that the barometer is reviewed at regular intervals and adjusted as required. This ensures that the composition is always up to date and prevents any clumping. In return, holders of the certificate have to factor in an annual fee of 1.2% p.a.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/cloud-computing?language_id=1\" label=\"Get more information here\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"cloud-computing","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/cloud-leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/cloud-leonteq-structured-products_thumbnail.jpg"},{"date":"2022-11-02T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/basf-leonteq-structured-products_product+homepage+banner.jpg","subTitle":"On the road with the chancellor","windowTitle":"BASF","category":"underlying-in-focus","title":"Underlying in focus: BASF","body":"<p>On November 4, German Chancellor Olaf Scholz will travel to China. On his inaugural visit to the Middle Kingdom, the head of government will be accompanied by high-ranking business representatives. Among others, the CEO of BASF, Martin Brudermüller, is part of the travel group. Shortly before the trip, the manager spoke positively about the prospects for the chemical company in China. He expects growth to continue in the most important emerging market. \"We are not worried about long-term development,\" Brudermüller explained. Among other things, the Group is currently building a new Verbund site in Zhanjiang in Guangdong province. BASF plans to invest between EUR 8 billion and EUR 10 billion by the time this expansion measure is scheduled for completion in 2030. \"The site would be the third largest BASF site worldwide after Ludwigshafen (Germany) and Antwerp (Belgium),\" the company writes on its website.<\/p>\n<div>\n<generic-chart title=\"BASF: Profit (EBIT before special items, in EURm)\">\n      <x-axis categories=\"2017, 2018, 2019, 2020, 2021, 2022*\" />\n      <chart-column title=\"Profit in EURm\" data=\"7645, 6281, 4643, 3560, 7768, 7200\" format=\"number\"  />\n    <\/generic-chart>\n<\/div>\n<footer><br>* Company forecast (EUR 6800 - 7200 million)<\/br>Source: BASF; as of Oct. 26, 2022<br/>Historical data is not a reliable indicator of future developments.<\/footer>\n<h3>More sales, less profit<\/h3>\n<p>China is interesting not only because of demand - in the first three quarters of 2022, the chemical giant generated more than 13% of sales in this market (Greater China). With the relocation of production, the company is also bracing itself against rising costs on the old continent. In particular, price increases for energy have weighed on the DAX member in the first nine months of 2022. According to the company, many European sites incurred additional costs of around EUR 2.2 billion for natural gas alone compared to the previous year. For the third quarter, BASF reported a double-digit percentage increase in sales to just under EUR 22 billion, thanks in part to price increases, but the company had to accept a significant drop in earnings. Adjusted for special items, earnings before interest and taxes (Ebit) came to EUR 1.35 billion - 27.7% less than in the same period last year.<\/p>\n<h3>Heavy step on the cost brakes<\/h3>\n<p>Nevertheless, the CEO is sticking to his forecast for 2022. Among other things, Martin Brudermüller is targeting sales of between EUR 86 billion and EUR 89 billion for the full year. Even at the lower end of this range, he is assuming growth of more than 9%. In terms of EBIT before special items, however, the CEO expects a significant decline. By way of comparison, the earnings figure for 2021 was EUR 7.8 billion. In order to return to this level as soon as possible, the Group has announced a cost-cutting program. The focus here is on Europe and Germany - in its home market, BASF posted a negative result in the third quarter. In 2023 and 2024, management wants to implement measures that should reduce non-production costs by EUR 500 million annually. More than half of the savings are planned for the Ludwigshafen site. It will probably not stop at this program. \"Further measures for the medium- and long-term structural adjustment of BASF's production Verbund in Europe are currently being developed and are expected to be communicated in the first quarter of 2023,\" the company said in mid-October.<\/p>\n<div>\n    <generic-chart title=\"BASF: Share price (in EUR)\">\n  <chart-line title=\"BASF\" path=\"Chart_BASF.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Refinitiv, as of Oct. 31, 2022<br />Historical data is not a reliable indicator of future developments.<\/footer>\n<h3>High coupon, low barrier<\/h3>\n<p>Even before this announcement, BASF shares had been able to halt their slide. The general recovery on the stock markets gave the cyclical large cap a price gain of almost 15% in October. Even if the dividend stock does not manage a sustained upward turn, an attractive return is possible with Autocallable Barrier Reverse Convertible. The product pays out a quarterly coupon of 10.67% p.a. irrespective of BASF's further share price performance. The German blue chip starts the twelve-month term with a risk buffer of 50%. As long as BASF does not fall to or below this level, the nominal will be repaid in full at maturity. If the barrier is breached, the partial protection expires and the redemption is linked to the performance of BASF shares. The autocallable function must also be taken into account: it can lead to early termination and redemption of this issue.<\/p>\n<h3>Autocallable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1227052177\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-basf","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/basf-leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/basf-leonteq-structured-products_thumbnail.jpg"},{"date":"2022-10-26T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/netflix2-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Coupon in subscription","windowTitle":"Netflix","category":"coupon-giant","title":"Back on air","body":"<h3>Back on air<\/h3>\n<p>On November 9, the wait for fans of \"The Crown\" will come to an end. Then the 5th season of the Netflix success series about the British royal family will start. For weeks, the streaming provider's production has been making headlines. Among other things, the alleged thematization of an alleged affair of the Queen's husband Prince Philip, who died in 2021, is stirring things up. The extent to which the makers of the series have reacted to the criticism and deleted scenes or toned them down remains to be seen. What is certain is that \"The Crown\" will once again attract the masses. In any case, the series is one of the program contents that Netflix is using to justify the outlook for the fourth quarter that it has just presented. CEO Reed Hastings wants to attract 4.5 million net new users. Wall Street had previously expected 300,000 fewer signups.<\/p>\n<div>\n    <generic-chart title=\"Netflix: Price (in USD)\">\n  <chart-line title=\"Netflix\" path=\"Chart_Coupon_Netflix.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Refinitiv, as of 10/24/2022<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Strong set of numbers<\/h3>\n<p>\"We believe we can reaccelerate growth after a challenging first half,\" Netflix wrote in its latest letter to shareholders. In the first two quarters of 2022, the community of the industry giant had shrunk. For the period from July to September, the company was able to announce an increase in subscriber numbers again. By its own account, Netflix launched some of the most successful series and films in the company's history to date in the third quarter. As examples, executives cite \"Monster: The Jeffrey Dahmer Story,\" the latest season of \"Stranger Things\" or \"Purple Hearts.\" The company's key financials also exceeded expectations. Netflix posted third-quarter revenue of USD 7.926 billion, up 5.9% from the same period last year. Analysts had expected an average of USD 7.84 billion. Although earnings per share decreased by USc 9 to USD 3.10. Nevertheless, the Californians were able to beat the consensus at this point as well.<\/p>\n<h3>Key to success<\/h3>\n<p>As usual, Reed Hastings also used the presentation of figures to address the fierce competition in the streaming market. Netflix, he said, has a much stronger presence among media users than any other provider. For example, in the U.S., 7.6% of total TV time would be allocated to the Californian's programming. This means that Netflix exceeds the quota of rival Amazon by a factor of 2.6, according to the company's own figures. Hastings derives the room for further growth from the still relatively small share of total TV usage. He cites user satisfaction as the key to success. \"That's why we've always focused on winning the competition for viewers every day,\" says the CEO. In addition to new productions, he is now focusing on an additional offering: In November, Netflix will launch a cheaper, ad-supported subscription in twelve countries. In the U.S., \"Basic with Ads\" is to cost USD 6.99, USD 3 less than the previous basic package.<\/p>\n\n<div>\n<generic-chart title=\"Netflix: Worldwide subscription numbers (in Mio.)\">\n      <x-axis categories=\"2021-Q3,2021-Q4,2022-Q1,2022-Q2,2022-Q3,2022-Q4*\"/>\n      <chart-column title=\"Number of subscriptions\" data=\"213.56, 221.84, 221.64, 220.67, 223.09, 227.59\" format=\"number\"  />\n    <\/generic-chart>\n<\/div>\n<footer>Source: company forecast; Source: Netflix, \"Letter to Shareholders\" Q3 2022, as of 10/18/2022<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Coupon in subscription<\/h3>\n<p>On Wall Street, Netflix was able to advertise on its own behalf with the interim report. Since publication, the stock gained almost a fifth in value. Despite the rebound, Netflix is still among the 14 members of the NASDAQ-100 Index that have seen their share price fall by more than half year to date in 2022. In terms of historical volatility for the past twelve months, the stock ranks in the top 10 of the technology benchmark. The high price volatility is directly reflected in the terms of the new softcallable barrier reverse convertibles (BRC). Leonteq has launched two Netflix-based variants of the yield enhancement structure. In the product currency CHF, the guaranteed coupon is 16.6% p.a.. Those who wish to allocate the capital in USD can even expect a quarterly payout of 20.2% p.a.. The barrier is a uniform 55% of the initial fixing. As long as Netflix does not fall to or below this level during the term, the issuer will repay the nominal in full. If, on the other hand, the cushion of 45% is not sufficient, the partial protection expires. The investment would then be linked to the performance of the underlying. Please also note the soft callable feature: Leonteq can call and redeem the BRC early. <\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1216490776\\&quot; \\&quot;CH1216490701\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;valor&quot;,&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;subscriptionEndDate&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-netflix","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/netflix2-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/netflix2-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-10-21T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/recycling-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Tracker certificate on the Swissquote Global Recycling 2.0 Index","windowTitle":"Recycling industry","category":"investment-themes","title":"Defensive qualities, offensive opportunities","body":"<h3>Nondescript interface<\/h3>\n<p>In most households the rubbish bin has something of a shadow existence. Standing in the corner or integrated into a kitchenette, in many cases this utensil is only noticed once it is full. Yet the unspectacular household device is the interface to a sector of the economy that is of immense importance: the waste industry. Mountains of rubbish are growing with the world's population. \u201cFrom 2.01 billion metric tons in 2016, waste volumes are on track to reach 3.4 billion in the coming 30 years,\u201d the Swissquote strategists report. This trend gives rise to enormous ecological challenges. \u201cTo preserve the quality of life and the earth\u2019s natural resources, immediate investment is needed in solid, reliable infrastructure and supply chains across the globe to support efficient recycling,\u201d the experts state. That was reason enough to add this sector to the online broker\u2019s \u201cThemes Trading\u201d series, with the Swissquote Global Recycling 2.0 Index being launched in March. Leonteq issued a tracker certificate on this benchmark at the same time. To underpin the defensive character of the theme, the issue was additionally protected with a PostFinance guarantee.<\/p>\n<div>\n   <ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/recycling-swissquote?language_id=1\" label=\"Get more information here\"><\/ltq-button>\n<\/div>\n<h3>Defensive investment theme<\/h3>\n<p>The defensive character of this investment theme is another factor alongside its ecological and economic significance. Waste disposal and recycling are key services. \u201cThe waste management business is known to be highly regulated and capital intensive,\u201d the Swissquote strategists explain. The various providers can frequently rely on long-term contracts with local authorities and are not exposed to permanent competitive pressure. This defensive character has already come to bear in the first few months after the launch of the Swissquote Global Recycling 2.0 Index. While the benchmark has lost 4.3% in value since it started early in the year, the MSCI World Index has dropped more than 15% over this period. Waste companies have thus emerged relatively stable from a stock market summer dominated by galloping inflation, rising interest rates, the war in Ukraine and increasing fears of recession.<\/p>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1163993186&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div>\n<p><strong>Management Fee: 1.10% p.a.<\/strong><\/p>\n<p><strong>Index Sponsor: Swissquote Bank SA<\/strong><strong><\/strong><\/p>\n<p><strong>Issuer: Leonteq Securities AG,&nbsp;Guernsey<\/strong><\/p>\n<p><strong>Guarantor: PostFinance AG, Bern, Switzerland<\/strong><\/p>\n<\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div>\n   <price-chart isin=\"CH1163993186\"><\/price-chart>\n<\/div>\n<h3>\u201cMega refuse collector\u201d from Texas<\/h3>\n<p>17 companies have currently made it through the stringent selection process. To be considered for inclusion in the Swissquote Global Recycling 2.0 Index, the share must meet certain trading criteria. From a qualitative aspect, the benchmark covers the entire value chain of the sector: in addition to recycling, waste management and treatment as well as other associated environmental services are included. Companies from the USA set the tone, making up more than half the capitalisation of the index. Among the Wall-Street stocks is Waste Management. Based in Houston, it describes itself as the largest service provider for the waste management industry in North America. Alongside the transport and disposal of garbage, the large cap's spectrum also includes recycling and a renewable energy line. This broad base enables the company to achieve the typically defensive qualities of the sector: not only has Waste Management successively improved its operating results and margins over recent years, but the group has also delivered a steady rise in dividends. In 2022 the board hopes to increase the dividend for the 19th year in a row.<\/p>\n<h3>Index stock as a takeover target<\/h3>\n<p>Among the six European representatives in the Swissquote Global Recycling 2.0 Index is Veolia. The French company has a similarly very broad base: in 2021 the group, which also operates 2,750 sewage treatment plants, supplied drinking water to 79 million people. In the waste sector Veolia collected rubbish from 40 million households last year, while it also had over 435,000 business customers. These produced 48 million tons of waste for processing in the almost 700 plants of the group. The third pillar is the energy division, where the French generated 48 million megawatt hours of electricity in 2021. Whereas Veolia has recently had something of a hard time on the stock market, Biffa is trading at a record high. This can be attributed to a takeover offer from Energy Capital Partners (ECP), a private equity company which is looking to buy the British waste disposal specialist for the equivalent of USDbn 1.41. Biffa\u2019s board gave its backing to the deal at the end of September. Not only has the acquisition contributed to the temporary outperformance of the Swissquote Global Recycling 2.0 Index, it also underlines the huge interest shown by institutional investors in the global waste and recycling industry.<\/p>\n<h3>Current com Swissquote Global Recycling Index 2.0<\/h3>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;AUSTRALIAN DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:2.3675E-4,&quot;currency&quot;:&quot;AUD&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;SWISS FRANC&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00185842,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;EURO&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00321497,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;JAPANESE YEN&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00151438,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;NORWEGIAN KRONE&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:1.477E-5,&quot;currency&quot;:&quot;NOK&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;US DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.001332,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;A2A ORD&quot;,&quot;sophisInternalId&quot;:67109655,&quot;currentPrice&quot;:2.357,&quot;weight&quot;:0.0577861,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BEFESA SA&quot;,&quot;sophisInternalId&quot;:129874971,&quot;currentPrice&quot;:34,&quot;weight&quot;:0.03871829,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CASELLA WASTE SYSTEMS INC-A&quot;,&quot;sophisInternalId&quot;:122297138,&quot;currentPrice&quot;:86.5,&quot;weight&quot;:0.0246011,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CLEAN HARBORS INC&quot;,&quot;sophisInternalId&quot;:71208766,&quot;currentPrice&quot;:319.78,&quot;weight&quot;:0.03836335,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;DAISEKI CO LTD&quot;,&quot;sophisInternalId&quot;:71208092,&quot;currentPrice&quot;:3530,&quot;weight&quot;:0.06823275,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;DARLING INGREDIENTS INC&quot;,&quot;sophisInternalId&quot;:71208959,&quot;currentPrice&quot;:60.87,&quot;weight&quot;:0.04169101,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;DONALDSON CO INC&quot;,&quot;sophisInternalId&quot;:86244915,&quot;currentPrice&quot;:87.77,&quot;weight&quot;:0.05579164,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ECOLAB INC&quot;,&quot;sophisInternalId&quot;:67114341,&quot;currentPrice&quot;:290.81,&quot;weight&quot;:0.06799269,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;GFL ENVIRONMENTAL INC-SUB VT&quot;,&quot;sophisInternalId&quot;:156181946,&quot;currentPrice&quot;:43.55,&quot;weight&quot;:0.03448034,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;HERA SPA&quot;,&quot;sophisInternalId&quot;:89186615,&quot;currentPrice&quot;:3.52,&quot;weight&quot;:0.06680433,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;KANADEVIA CORP&quot;,&quot;sophisInternalId&quot;:67122236,&quot;currentPrice&quot;:1069,&quot;weight&quot;:0.03526196,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;KURITA WATER INDUSTRIES LTD&quot;,&quot;sophisInternalId&quot;:67132000,&quot;currentPrice&quot;:7268,&quot;weight&quot;:0.04157134,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NGK INSULATORS LTD&quot;,&quot;sophisInternalId&quot;:67122211,&quot;currentPrice&quot;:5165,&quot;weight&quot;:0.04267272,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ORGANO CORP&quot;,&quot;sophisInternalId&quot;:71207541,&quot;currentPrice&quot;:2472,&quot;weight&quot;:0.02356622,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;REPUBLIC SERVICES INC&quot;,&quot;sophisInternalId&quot;:69425072,&quot;currentPrice&quot;:229.65,&quot;weight&quot;:0.04885738,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SIMS LTD&quot;,&quot;sophisInternalId&quot;:71365506,&quot;currentPrice&quot;:20.61,&quot;weight&quot;:0.03485646,&quot;currency&quot;:&quot;AUD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;STEEL DYNAMICS INC&quot;,&quot;sophisInternalId&quot;:67148641,&quot;currentPrice&quot;:240.76,&quot;weight&quot;:0.0354837,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;TETRA TECH INC&quot;,&quot;sophisInternalId&quot;:71210951,&quot;currentPrice&quot;:34.78,&quot;weight&quot;:0.03718515,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;VEOLIA ENVIRONNEMENT&quot;,&quot;sophisInternalId&quot;:67109439,&quot;currentPrice&quot;:32.38,&quot;weight&quot;:0.062151,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;VERALTO CORP&quot;,&quot;sophisInternalId&quot;:179775865,&quot;currentPrice&quot;:100.96,&quot;weight&quot;:0.05664038,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;WASTE CONNECTIONS INC&quot;,&quot;sophisInternalId&quot;:71211114,&quot;currentPrice&quot;:165.51,&quot;weight&quot;:0.0346074,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;WASTE MANAGEMENT INC&quot;,&quot;sophisInternalId&quot;:67114763,&quot;currentPrice&quot;:224.19,&quot;weight&quot;:0.04451338,&quot;currency&quot;:&quot;USD&quot;}]\"><\/AmcComposition>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/recycling-swissquote?language_id=1\" label=\"Get more information here\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"recycling-swissquote","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/recycling-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/recycling-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-10-19T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/temenos-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Mid Cap in turmoil","windowTitle":"Temenos","category":"underlying-in-focus","title":"Underlying in focus: Temenos","body":"<p>Max Chuard is a true Temenos veteran. He had his first day at work at the Geneva-based banking software specialist back in 2002. In February 2019, the finance graduate from HEC Lausanne took over as CEO. In the year of his 20th anniversary, of all things, this storybook career has suffered deep scratches. At the end of September, Temenos shocked the markets with a massive profit warning. Max Chuard recently forecast a 25% decline in earnings before interest and taxes (Ebit) for 2022. Previously, he had held out the prospect of growth of around one-tenth. The CEO expects software license revenues to stagnate. Here, the previous guidance was for an increase of between 16% and 18%. In terms of Ebit, Temenos is now in danger of falling back to the level of 2018. In terms of stock market value, the Group has already plunged to the level last seen in summer 2016. On the day of the profit warning alone, the mid cap slumped by up to almost 24%.<\/p>\n<div>\n<generic-chart title=\"Temenos: Profit (Ebit Non IFRS, in USDm)\">\n      <x-axis categories=\"2017, 2018, 2019, 2022, 2021, 2022*\" />\n      <chart-column title=\"Profit in USDm\" data=\"224, 265, 318, 323, 357, 268\" format=\"number\"  />\n    <\/generic-chart>\n<\/div>\n<footer><br>* Company forecast<\/br>Source: Temenos; as of 13.10.2022<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>SaaS as a ray of hope<\/h3>\n<p>The drastic reduction in targets was necessitated by a weak business performance in Q3 2022. Temenos' license revenues shrank by 19% to USD 76.3 million compared to the same period last year. While total sales slipped 8% to USD 212.8m, Ebit slumped by more than half to USD 40.8m. Management points to longer sales cycles. In general, banks had become more cautious in their investment decisions in view of the uncertain macroeconomic outlook. Max Chuard made no secret of his disappointment with the quarterly results. At the same time, however, the CEO tried to spread optimism: \"We have a strong and resilient business model.\" The group leader singled out the Software-as-a-Service (Saas) segment as the \"bright spot\" of Q3. Chuard sees growth in this segment as a foundation for strong recurring revenue (ARR) performance in the years ahead.<\/p>\n<h3>Pressure from London<\/h3>\n<p>The CEO was obviously unable to score points with Petrus Advisers with this. Rather, the activist investor from London has once again taken aim at management. \"The adjustment of the 2022 targets by Temenos has confirmed our doubts about the ambitious targets and the opaque communication by the company's management,\" Petrus announced. At the same time, in light of the drastic profit warning, the investment firm suggests that Temenos management may have withheld negative news for some time. In principle, Petrus Advisers is convinced of the potential of the technology group. \"We will increase our stake in the company on favorable days to further accelerate Temenos' catharsis,\" the Brits said. Already, they would like to get in touch with other investors to discuss the company's positioning and the future of its management. Specifically, Petrus named Martin Ebner in this context, who holds a good 10% stake in Temenos, according to Refinitiv. Petrus Advisers itself is reported to have entered less than 3% in the share register.<\/p>\n<div>\n    <generic-chart title=\"Temenos: Share price (in CHF)\">\n  <chart-line title=\"Temenos\" path=\"Chart_Temenos.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Refinitiv, as of 18.10.2022<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Partially protected investment alternative<\/h3>\n<p>What is certain is that things are likely to be anything but quiet for Max Chuard, even on the home stretch in the year of his 20th anniversary of service. In addition to the operational problems, the rumblings among the shareholders will probably continue to occupy him. Investors can accompany the Mid Cap into what may be a trend-setting phase with a new Softcallable Barrier Reverse Convertible. The product comes with a 45% risk buffer. As long as Temenos does not use up this cushion, the BRC will yield the maximum return of 14% p.a. at maturity in one year - this value is derived from the guaranteed coupon. If the underlying instrument falls to or below the barrier, the partial protection expires. The product would then be linked to the performance of Temenos. In this case, the coupon would cushion the impending loss somewhat. Please note the soft callable feature: Leonteq can call the issue early and redeem it.<\/p>\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1325434277\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.calendar.subscription_end_date.value&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.calendar.last_trading_date.value&quot;,&quot;sortOrder&quot;:&quot;DESC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.features.guaranteed_fixed_rate_coupon.coupon_rate.value&quot;,&quot;sortOrder&quot;:&quot;DESC&quot;}],&quot;displayColumns&quot;:[&quot;conditionalCoupon&quot;,&quot;underlying&quot;,&quot;participation&quot;,&quot;barrierPercentage&quot;,&quot;autocallTriggerLevel&quot;,&quot;currency&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n              <template v-slot:headerTitle>\n          <p><strong>Issuer: Leonteq Securities AG&nbsp;(Rating: Fitch BBB)<\/strong><\/p>\n        <\/template>\n                    <template v-slot:footer>\n          <p><strong>Coupon Trigger Level: 120%<\/strong><\/p>\n<p><strong>Memory Coupon<\/strong><\/p>\n<p><strong>Autocall Frequency: Semi-anually<\/strong><\/p>\n<p><strong>Participation: 100% in the absolute performance (if no barrier event)<\/strong><\/p>\n        <\/template>\n          <\/SavedSearch>\n  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1216488895\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.calendar.subscription_end_date.value&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.calendar.last_trading_date.value&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.features.guaranteed_fixed_rate_coupon.coupon_rate.value&quot;,&quot;sortOrder&quot;:&quot;DESC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-temenos","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/temenos-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/temenos-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-10-12T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/oil-market-2022-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"The cartel gets serious","windowTitle":"WTI","category":"coupon-giant","title":"Oil market","body":"<h3>The cartel gets serious<\/h3>\n<p>For the first time since the outbreak of the Corona pandemic in spring 2020, so-called OPEC+ met in person at ministerial level last week. In addition to ten members of the Organization of Petroleum Exporting Countries, representatives of ten other oil-producing countries, led by Russia, sat at the negotiating table in Vienna. Together, the participants account for more than 40% of global oil production. At the OPEC headquarters, the cartel once again played out its market power: OPEC+ agreed to cut daily production by 2 million barrels starting in November. The group is thus curbing the output of its oil pumps more sharply than at any time since 2020. At that time, the group had braced itself against the collapse in demand in the wake of the Corona pandemic with massive cuts. The latest move is OPEC+'s response to falling commodity prices. A mix of emerging recession concerns, a strong U.S. dollar and rising interest rates have weighed on prices in recent months. In March, for example, a barrel of Western Texas Intermediate (WTI) cost more than USD 130 for the first time since 2008. By the end of September, the price of U.S. crude oil had fallen by more than 40% compared with this high.<\/p>\n<div>\n    <generic-chart title=\"WTI Crude Oil: Price (in USD)\">\n  <chart-line title=\"WTI\" path=\"Chart_Coupon_WTI.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Refinitiv, as of 11.10.2022<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Marked rebound<\/h3>\n<p>Rumors of a market intervention by OPEC+ had already boosted the price before the meeting. After the actual decision, the rebound gained strength. In the meantime, WTI is trading almost one fifth above the low of September 27 (see chart). With the latest decision, the cartel is also sending a political signal. According to unconfirmed reports, Russia in particular had been pushing for a production cut. Moscow is said to have proposed a cut in daily oil output of 1 million barrels. The even more extensive intervention now planned is completely contrary to U.S. interests. Washington was opposed to the cuts because a low oil price reduces Russia's revenues and could also alleviate inflationary pressures. In fact, OPEC+ is unlikely to achieve the planned cut. The baseline for the latest decision represents the output agreed for August 2022. However, the group had significantly undercut this target - in part because of Western sanctions against Russia. The analysts at Goldman Sachs therefore assume that OPEC+ will de facto only reduce their production by 0.4 to 0.6 million barrels per day.<\/p>\n<h3>Exciting market outlook<\/h3>\n<p>For the further development of the oil price, it is crucial how the global market balance develops. As is well known, the pandemic initially triggered a surge in inventories. The tightening of supply, together with the end of the lockdowns and a gradual normalization of economic performance, ensured that the tide turned: starting in Q3 2020, demand exceeded supply in every quarter until early 2022. According to U.S. Energy Information Administration (EIA) figures and forecasts, there was once again a global surplus during the summer months - despite the travel season (see chart). Today, the U.S. Energy Information Administration publishes its next short-term market outlook. It will be interesting to see whether and to what extent the EIA experts react to the latest OPEC+ decision. On December 4, the cartel meets again. It is possible that the U.S. will react to the Vienna decision by then. \"A policy response from the Biden administration is likely,\" J.P. Morgan analysts write. Specifically, they believe an accelerated release of strategic oil reserves is possible.<\/p>\n<div>\n<generic-chart title=\"Global oil market: Supply and demand (in million barrels/day)\">\n      <x-axis categories=\"2017-Q1,2017-Q2,2017-Q3,2017-Q4,2018-Q1,2018-Q2,2018-Q3,2018-Q4,2019-Q1,2019-Q2,2019-Q3,2019-Q4,2020-Q1,2020-Q2,2020-Q3,2020-Q4,2021-Q1,2021-Q2,2021-Q3,2021-Q4,2022-Q1,2022-Q2,2022-Q3,2022-Q4e,2023-Q1e,2023-Q2e,2023-Q3e,2023-Q4e\"/>\n        <chart-line title=\"Supply\" path=\"Bar_Coupon_WTI_Produktion.csv\" format=\"number\" />\n        <chart-line title=\"Demand\" path=\"Bar_Coupon_WTI_Verbrauch.csv\" format=\"number\" />\n      <chart-column title=\"Changes in inventory\" path=\"Bar_Coupon_WTI_Veränderung.csv\" format=\"number\" yAxisRight=\"true\"/>\n  <\/generic-chart>\n<\/div>\n<footer>Source: U.S Energy Information Administration, Short Term Energy Outlook, as of 07.09.2022; e=expected<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>High-energy issuance<\/h3>\n<p>What is certain is that the correction as well as the recent rebound have left their mark on the volatility of oil prices. The next-maturity futures contract on WTI, starting from the beginning of the year, shows a price fluctuation range of close to 50%. On the U.S. equity market (S&amp;P 500 Index), the historical volatility is only about half, despite various turbulences. With new barrier reverse convertibles, the zigzag price of black gold can be turned into an interesting investment profile. Based on WTI, the issuance in the product currency USD comes with a high coupon of 20% p.a.. In the CHF counterpart, the guaranteed quarterly payout is 17% p.a.. The barrier in each case is a low 55% of the initial fixing. In a third variant, Leonteq combines the two oil classes WTI and Brent as underlyings. Here, the coupon amounts to 19% p.a. with an identical barrier and in the product currency CHF. The following applies to each BRC: As soon as an underlying uses up the risk buffer, the partial protection expires. In this case, the redemption is linked to the continuation of WTI or the weaker future in the case of the Multi-BRC. Please also note the issuer's right of termination (softcallable).<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1216487673\\&quot; \\&quot;CH1216487624\\&quot; \\&quot;CH1216487590\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.calendar.subscription_end_date.value&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.calendar.last_trading_date.value&quot;,&quot;sortOrder&quot;:&quot;DESC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.features.guaranteed_fixed_rate_coupon.coupon_rate.value&quot;,&quot;sortOrder&quot;:&quot;DESC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-wti","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/oil-market-2022-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/oil-market-2022-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-10-07T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/geldpolitik-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Barrier Reverse Convertible on the 10Y CHF SARON Swap Rate","windowTitle":"Monetary policy","category":"investment-themes","title":"A special underlying","body":"<h3>Dawn of a new era<\/h3>\n<p>The first three quarters of the 2022 stock market year are now over, with the interim balance sheet on equity markets deep in the red. On 30 September, for instance, the SMI was trading at more than a fifth below its closing rate for 2021. Domestic large caps had actually started the year at an all-time high. It would not be long, though, before the Russian invasion of Ukraine especially heralded a new era. Above all else is the great suffering of the people affected by the war. On the economic front, the steep rise in energy and raw material prices in particular has left deep scars. This has weighed heavily on the economy, already suffering from existing bottlenecks in supply chains. At the same time, high inflation has forced central banks to change track sharply, with interest rates thus now hovering at levels not seen for a long time.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/monetary-policy-saron?language_id=1\" label=\"Get more information here\"><\/ltq-button><\/div>\n<h3>Changing of the guard on the money markets<\/h3>\n<p>The same applies for SARON, the Swiss Average Rate Overnight, which is regarded as a reference interest rate for the Swiss franc. It reflects the terms on the secured money market, serving as a reference both for completed transactions and for binding price setting. SARON is the result of a process of reform that the SNB undertook together with the private sector from 2013. SARON swaps, which are interest rate swaps between financial institutions, first began to be cleared pretty much exactly five years ago. Also in October 2017, the national working group for reference interest rates in Swiss francs, or NAG for short, recommended SARON as an alternative to CHF LIBOR. On 31 December 2021, the change was finally made: after LIBOR had been fixed for the last time, the age of SARON began.<\/p>\n<div>\n    <generic-chart title=\"10Y CHF SARON Swap Rate\">\n  <chart-line title=\"10Y CHF SARON Swap Rate\" path=\"Chart_10YSARON.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Bloomberg, as of: 29.09.2022<br />Past performance is not a reliable indicator of future performance.<br /><\/footer>\n<h3>Attractive payout<\/h3>\n<p>Among the broad spectrum of money market rates is the 10Y CHF SARON Swap Rate. The last few months have seen a huge rise in the rate, which banks use when refinancing mortgages over ten years, for instance. Whereas it stood close to zero twelve months ago, the swap rate has now climbed above the 2% mark for the first time since early 2010 (see chart). Leonteq is once more utilising this highly regarded reference rate as an underlying for a new issue. Denominated in CHF, the barrier reverse convertible on the 10Y CHF SARON Swap Rate comes with an attractive coupon. The payout of 15% p.a. is made regardless of the further movement of the underlying. By contrast, redemption of the nominal is dependent on the 10Y CHF SARON Swap Rate. However, the repayment is partially protected: the BRC has a low barrier of 50% of the initial fixing.<\/p>\n<h3>European barrier<\/h3>\n<p>Leonteq is structuring this new issue using a European option. In other words, the product is not monitored continuously from the start. Instead, it is reviewed on the maturity date in a year. If the underlying is above the barrier at that time, repayment is made in full and the investment delivers the maximum return. Should the 10Y CHF SARON Swap Rate drop by half or more, however, the partial protection lapses. The redemption would then be reduced in line with the fall in the underlying. In this case, the high coupon cushions the losses somewhat. To conclude, the rapid climb in yields is once more allowing attractive product terms to be realised in this investment class too. It may be hard to image a further turnaround in interest rates, this time downwards, at the moment. Nevertheless, the turbulence of the first three quarters of the 2022 stock market year has demonstrated once again how quickly the mood can change. To that extent there would be no harm in having proper risk buffers. In addition, the European barrier gives the underlying plenty of room for manoeuvre in the next twelve months.<\/p>\n<h3>Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1171792869\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/monetary-policy-saron?language_id=1\" label=\"Get more information here\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"monetary-policy-saron","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/geldpolitik-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/geldpolitik-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-10-05T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/swissquote+inflation+index-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Stable through the stock market storm","windowTitle":"Swissquote Inflation Index","category":"underlying-in-focus","title":"Underlying in focus: Swissquote Inflation Index","body":"<p>The major central banks are largely in agreement on the definition of price stability. As long as consumer prices do not rise by more than 2% year on year, the central banks can live with that. During the Corona pandemic, the specter of inflation took flight anyway: In the fall of 2020, prices in Switzerland and the euro zone actually fell. Meanwhile, inflation in the US was less than 1.5% (see chart). Two years later, the SNB, ECB and Fed can only dream of such values. On both sides of the Atlantic, prices are soaring. According to initial estimates, consumer prices in the euro zone could have risen by a double-digit percentage for the first time in September 2022. For Switzerland, the Federal Statistical Office reported an inflation rate of more than 3% for the fourth month in a row. In the U.S., the U.S. Bureau of Labor Statistics will publish September price data on October 13. Over the summer, inflation in the States had stubbornly held at more than 8%. All the more reason for investors to hope that the rigorous interest rate hikes will gradually take effect and inflationary pressure will ease.<\/p>\n<div>\n<generic-chart title=\"Consumer Prices Euro zone, Switzerland and USA (Change vs. previous year in %)\">\n      <x-axis categories=\"Jan-20, Feb-20, Mar-20, Apr-20, May-20, Jun-20, Jul-20, Aug-20, Sep-20, Oct-20, Nov-20, Dec-20, Jan-21, Feb-21, Mar-21, Apr-21, May-21, Jun-21, Jul-21, Aug-21, Sep-21, Oct-21, Nov-21, Dec-21, Jan-22, Feb-22, Mar-22, Apr-22, May-22, Jun-22, Jul-22, Aug-22, Sep-22*\" />\n      <chart-column title=\"Consumer Prices Euro zone\" path=\"Chart_CPI_Eurozone.csv\" format=\"number\"  />\n      <chart-column title=\"Consumer Prices Switzerland\" path=\"Chart_CPI_Schweiz.csv\" format=\"number\"  />\n      <chart-column title=\"Consumer Prices USA\" path=\"Chart_CPI_USA.csv\" format=\"number\"  />\n      <chart-line title=\"Consumer Prices Target\" path=\"Chart_CPI_Ziel.csv\" format=\"number\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Statista, German Federal Statistical Office; as of 04.10.2022; *Sep-22 USA = forecast<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Clear outperformance<\/h3>\n<p>Concerns that the Fed will continue to tighten the reins sharply still have a firm grip on the stock markets, together with an extremely tense geopolitical mix. The MSCI World Index fell by more than a quarter in the first three quarters of 2022. By contrast, the tracker certificate on the Swissquote Inflation Index is only down by a moderate 2%. The central idea behind this benchmark - to effectively counteract sustained inflation - has worked from the outset: Compared with the issue in February 2021, the tracker has increased in price by a good tenth, while the globally diversified MSCI World has fallen by around 13% in this period (see chart). This outperformance is made possible by a special composition. The experts at Swissquote use assets in the Inflation Index that are at best positively correlated with inflation. To realize this strategy, the index can invest in equities, exchange traded funds (ETFs), exchange traded commodities (ETCs) and cash components.<\/p>\n<h3>Broad diversification<\/h3>\n<p>The focus is on commodities. Energy sources, in particular, have emerged as the key driver of the current surge in inflation. WTI crude oil was already included in the index's starting lineup. The methodology draws on other individual commodities. For example, the index is also positioned in the commodity segments of industrial metals and agricultural commodities, as well as a diversified commodity ETF. Gold and silver are not to be missed, although the strong U.S. dollar has recently overshadowed the precious metals' status as a hedge against inflation. With real estate, other real assets represent an important building block for the Swissquote Inflation Index. Here, the managers rely on the iShares Global REIT ETF, among others. The passive fund launched in summer 2014 currently contains 350 individual positions. One focus is on U.S. real estate. From the outset, the index has focused on inflation-protected bonds. The reason: Treasury Inflation-Protected Securities, or TIPS for short, are a direct way to protect the portfolio from strong inflation. The Schwab U.S. TIPS ETF, a classic and heavyweight from this ETF segment, is one of the components of the benchmark.<\/p>\n<div>\n    <generic-chart title=\"Tracker Certificate on Swissquote Inflation Index vs. MSCI World Index (indexed to 100)\">\n  <chart-line title=\"Swissquote Inflation Index\" path=\"Chart_SQInflation.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <chart-line title=\"MSCI World\" path=\"Chart_SQInflation_MSCIW.csv\" format=\"date, number\" color=\"#898c92\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Refinitiv, as of 04.10.2022<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Wall Street as core investment<\/h3>\n<p>From the asset class equities, the Swissquote Inflation Index contains, among others, several stock exchange operators. The increasing hectic pace on the markets in phases of inflation and the associated increase in trading volumes should play into their hands. Wall Street also has a firm place in the selection. Both the US leading index S&amp;P 500 and the technology barometer Nasdaq 100 are included via ETF. Although the Ukraine war, the interest rate turnaround and the worsening economic outlook have slowed down US equities recently, Wall Street could be one of the immediate beneficiaries if the situation eases and the Fed no longer acts quite so tightly. Conclusion: The Swissquote Inflation Index offers investors the opportunity to systematically and permanently defy the specter of inflation. In addition to the sophisticated methodology, the broad diversification and of course the outperformance achieved speak for this underlying. Leonteq's tracker certificate enables direct, cost-effective and flexible participation in the actively managed strategy.<\/p>\n<h3>Tracker Certificate<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0587306967\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div><strong>Management Fee: 0.80% p.a.<\/strong><\/div>\n<div><strong>Index Sponsor: Swissquote Bank SA<\/strong><\/div>\n<div><strong>Issuer: Leonteq Securities AG<\/strong><strong><\/strong><\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-swissquote-inflation","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/swissquote+inflation+index-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/swissquote+inflation+index-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-09-28T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/porsche-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"A bit of cult for everyone","windowTitle":"Porsche IPO","category":"investment-themes","title":"Porsche IPO","body":"<h3>A bit of cult for everyone<\/h3>\n<p>The Porsche automaker is not only a piece of industrial history, it is an icon of German engineering and the brand has been a cult object for decades. Back in 1931, Ferdinand Porsche, who later designed the VW Beetle, laid the foundation for the eponymous sports car manufacturer that sets the pulse of car enthusiasts around the globe racing. But it is not only horsepower enthusiasts who are visually and acoustically enthralled by the luxury cars from Stuttgart; the unique Porsche sound is also heard on the capital market. The sports car maker is hitting the stock market at full throttle.<\/p>\n<h3>Complex network<\/h3>\n<p>But wait, why go public? Porsche shares have already been listed for a long time and were even promoted to the DAX 40 last year. A perfectly legitimate question that requires an explanation. Porsche, which is included in the German share index, is a holding company. This company, which is controlled by the Porsche and Piech families, holds the main shareholdings. At the very top is Volkswagen. Porsche Holding is the largest single shareholder, holding 53.3% of Volkswagen AG's ordinary shares and 31.9% of its subscribed capital. VW, in turn, controls more than half of the shares in Porsche AG, i.e. the car division.<\/p>\n<p>This complex corporate web dates back to the years 2007 to 2009, when Porsche, true to the motto \"David against Goliath\" attempted to take over Volkswagen. First, the Zuffenhausen-based company crossed the 30% threshold at VW in 2007 and submitted a mandatory offer. In the course of this, Porsche Automobil Holding was founded, in which in turn the Porsche and Piech families involved bundled their shareholdings in the Porsche sports car manufacturer and the VW car group. After Porsche Holding had already acquired more than half of VW's shares in 2009, the company lost its way: Porsche, which was heavily indebted at the time, had to abandon its takeover plans in the wake of the financial crisis, whereupon VW in turn launched a \"counterattack\". Europe's largest automaker initially secured just under half of the sports car manufacturer, and since 2012 the Swabians have now belonged entirely to Volkswagen.<\/p>\n<h3>Highly profitable cars<\/h3>\n<p>With the IPO now on the horizon, the Wolfsburg-based company wants to sell off its pearl of profit within the group. With an operating return in the region of 15%, the sports car manufacturer is not only the most profitable division of the total of nine car brands within VW, but the 911 manufacturer also regularly comes out on top in international comparisons. However, the management around Porsche CEO Oliver Blume is not satisfied with this. In the medium term, the carmaker is looking at a return target in a range between 17 and 19%, and in the long term it is even aiming to exceed the 20% mark. The first half of the year showed that such high returns are possible in the automotive sector: Porsche increased its operating margin by two and a half percentage points to 19.4%, thus already exceeding its medium-term target.<\/p>\n<h3>Historic IPO<\/h3>\n<p>Turbo-charged growth and increasing profitability go down well with investors. It is therefore not surprising that the enthusiasm for an IPO of the luxury car manufacturer was great right from the start. After just a few hours, the issuance was oversubscribed several times, and this despite the fact that Porsche almost completely exhausted the valuation of 60 to 80 billion euros that investors had previously considered appropriate. This was no problem for major investors such as Qatar, a Norwegian oil fund, the U.S. asset manager T. Rowe Price, and the Abu Dhabi sovereign wealth fund, who had already made commitments in advance for around 40% of the total volume. The price range for the new shares was fixed at 76.50 to 82.50 euros, which corresponds to a company value of 70 to 75 billion euros. This makes Porsche's IPO the largest in Europe in five years and in Germany even in more than a quarter of a century.<\/p>\n<p>But even though the sports car manufacturer is traded on the stock exchange, shareholders have no influence on the company's fortunes or strategy. Indeed, only non-voting preferred shares will be issued. As the 820-page stock exchange prospectus shows, Porsche Holding, on the other hand, will acquire 25% plus one of the voting common shares in the newly listed Porsche AG in two tranches. The remaining shares will remain in the VW Group, giving the owning families Porsche and Piech control of the group. This is a clever move, as important decisions will require the approval of Porsche Holding in the future. In general, there is a lot of potential in the automaker. For example, Porsche has already set the course towards the \"car of the future\". Instead of turbo-charged horsepower, the focus is now on kilowatts as a unit of measurement. By 2030, 80% of new sales are to be e-cars. By way of comparison, last year the figure was just under 14%. Porsche currently has only one fully electric model in its range, the Taycan, but the next model series, the SUV Macan, is soon to be electrified. A large electric SUV is also planned.<\/p>\n<h3>Pros &amp; Cons<\/h3>\n<p>Not everything is all sunshine and roses at Porsche. For example, some investors are bothered by Oliver Blume's dual role as CEO. After the IPO, he will head both Porsche and VW. It is certainly no easy task to synchronize the success of two such complex companies in a rapidly changing automotive world. Moreover, the IPO is taking place in the midst of geopolitical conflicts, an energy crisis and the threat of recession. This explosive mixture has already been throwing the financial markets out of sync for months. On top of that, as shown above, the capital market is only a financier for Porsche; there is no right of co-determination due to the sole issue of preferred shares.<\/p>\n<p>On the other hand, Porsche should certainly enrich the share price. The premium car brand is highly profitable, growing dynamically and pursuing a forward-looking strategy. According to its listing in Frankfurt, the new Porsche share could even soon be included in the DAX, based on the expected free float market capitalization of 8.7 to 9.4 billion euros. With the so-called fast-entry rule, it would be possible to promote the stock market fresher to the blue-chip index as early as December. This in turn could have a positive effect on the share price, as it would not only increase the attention of international investors, but also the demand for the shares of passive funds. Leonteq will allow investors to invest in the debutant right from the first trading day on September 29, 2022 with various structured products.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1216485032\\&quot; \\&quot;CH1216485040\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.calendar.subscription_end_date.value&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.features.guaranteed_fixed_rate_coupon.coupon_rate.value&quot;,&quot;sortOrder&quot;:&quot;DESC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;DESC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"porsche-ipo","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/porsche-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/porsche-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-09-28T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/covestro-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Under the spell of the energy crisis","windowTitle":"Covestro","category":"coupon-giant","title":"Covestro","body":"<h3>Under the spell of the energy crisis<\/h3>\n<p>In purely formal terms, Covestro AG is a very young company. On September 1, 2015, the Bayer Group, whose roots go back to 1863, spun off its MaterialScience division. Just over a month later, Covestro made its stock market debut on October 6, 2015. In its first seven years as an independent company, the plastics group has experienced ups and downs. In 2017, Covestro posted record results, with operating margins landing at close to a quarter on sales of more than EUR 14 billion. It is true that Covestro was able to make further gains on the revenue side in 2018. In terms of profitability, however, the 2017 figure remains the benchmark to date. In the current year, analysts even expect the Ebitda margin to shrink to 10.5% (see chart). Which shows how strongly the gloomy macroeconomic environment is impacting the polymer materials manufacturer.<\/p>\n<div>\n<generic-chart title=\"Covestro: Turnover (in EUR bn) und Ebitda margin (in %)\">\n      <x-axis categories=\"2017, 2018, 2019, 2020, 2021, 2022e\" />\n      <chart-column title=\"Turnover in EUR bn\" path=\"1COV_Umsatz_2.csv\" format=\"number\"  />\n      <chart-line title=\"Ebitda margin in %\" path=\"1COV_Ebitda_1.csv\" format=\"number\" yAxisRight=\"true\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Covestro; e=expected, analyst consensus<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Double profit warning<\/h3>\n<p>Back in May, CEO Markus Steilemann had to lower the earnings forecast for 2022. In addition to the corona lockdown in China, he justified this step with the sharp rise in energy and raw material costs as well as weakening economic growth. While the pandemic situation in the Middle Kingdom has eased in the meantime, the situation on the cost side came to a head once again. As the global economy continued to lose momentum at the same time, Steilemann was forced to issue another profit warning at the end of July. He now only expects an operating result (Ebidta level) of between EUR 1.7 billion and EUR 2.2 billion. Originally, Covestro had expected an operating result of up to EUR 3 billion in 2022. A few days after the new forecast adjustment, the company presented its interim report: In the second quarter of 2022, management succeeded in passing on a considerable portion of the cost increase to customers via price increases. However, sales volumes declined moderately, particularly in the automotive as well as electrical industries. All in all, Covestro reported an Ebitda decline of one-third on sales that increased by almost 18%.<\/p>\n<h3>Regenerative into the future<\/h3>\n<p>Although earnings shrank less than analysts expected, the DAX share continued Although earnings shrank less than analysts expected, the DAX share continued its downward trend following the presentation of the figures. In addition to general recessionary concerns, the cyclical chemicals stock is being hampered by the threat of energy bottlenecks. Particularly at its German sites, which account for around a quarter of global production capacity, Covestro can no longer rely on a secure gas supply. Management is trying to reduce consumption in the short term. For example, steam generation is being switched to oil-based generators. However, according to the company, this can only replace a single-digit percentage of total gas demand. \"If gas supply rationing occurs later in the year, this could result in partial load operation or a complete shutdown of individual Covestro production plants, depending on the level of the cut,\" the group explains in a media release. All the more reason for the CEO to focus on renewable energy sources in the long term. \"The transformation to a sustainable and fossil-free industrial landscape is inevitable,\" Markus Steilemann emphasized in the context of the latest reporting.<\/p>\n<div>\n    <generic-chart title=\"Covestro: share price (in EUR)\">\n  <chart-line title=\"Covestro\" path=\"1COV_Chart.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Refinitiv, as of 27.09.2022<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Double-digit coupons, low barrier<\/h3>\n<p>Covestro shares have been trying to bottom out in the area of just under EUR 30 for several weeks. Despite the hesitant stabilization, the German large cap shows comparatively high volatility. The combination of chart consolidation and a handsome price volatility makes Covestro an interesting underlying for yield enhancement products. Leonteq has launched several softcallable barrier reverse convertibles, each with a maturity of one year. As a single-underlying, Covestro comes with a guaranteed coupon payment of 15% p.a. in the product currency CHF. In the EUR-denominated counterpart, the quarterly payout is 100 basis points p.a. higher. Both variants have a barrier of 55% of the initial fixing. Leonteq also places the protection threshold at this price level for a new multi-BRC. Covestro forms the underlying together with the Swiss chemical stocks Clariant and EMS. The coupon on this CHF-denominated new issue is 18% p.a.. The following applies to all BRCs: As long as a share falls to or below the barrier, the partial protection expires. In this case, investors are exposed to the full price risk of Covestro (single BRC) or the weakest underlying. Please also note the soft callable feature: Leonteq may call the products quarterly - for the first time after six months - and thereupon redeem them early.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1216486394\\&quot; \\&quot;CH1216486576\\&quot; \\&quot;CH1216486840\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-covestro","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/covestro-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/covestro-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-09-23T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/globalance-low-carbon-index-product+homepage+banner.jpg","subTitle":"Tracker Certificate on the Globalance Low Carbon Index","windowTitle":"Globalance - Decarbonisation","category":"investment-themes","title":"Sustainable and climate friendly","body":"<h3>Green light for Roche<\/h3>\n<p>Going by Globalance, Roche is right on track when it comes to climate protection. The experts of the Zurich private bank put the \u201cwarming potential\u201d of the pharmaceuticals group at 1.7 degrees. That means the company is acting in harmony with the 2-degree target anchored in the Paris Climate Agreement. Globalance\u2019s positive verdict on Roche also extends to what is called its footprint. The experts analysed how the group\u2019s investment impacts the economy, society and the environment. According to Globalance, the Basel company also achieves 100% of its sales in the mega-trends sector. \u201cRoche enables the greatest possible breadth of people to access its drugs, even in developing countries,\u201d the analysts explain. In its report it cites André Hoffmann, vice-chairman of Roche\u2019s board of directors: \u201cCompanies need to operate and grow in harmony with nature and society, not at their expense.\u201d<\/p>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/decarbonisation?language_id=1\" label=\"Get more information here\"><\/ltq-button><\/div>\n<h3>Strict selection process<\/h3>\n<p>Given the characteristics outlined above, it is only logical that Roche is among the members of the Globalance Low Carbon Index. Only companies whose warming potential is as low as possible, which leave a better than averagely positive footprint and which also realise a very high proportion of their sales in one of nine global mega-trends come into consideration for this new benchmark. Alongside these parameters, the selection process examines strict financial criteria. The index looks at both blue chip and growth stocks. Roche belongs to the former group: the company can score with a steady earnings trajectory, attractive dividends and comparatively low share price volatility, among other factors. For growth stocks, the key is to offer an expected increase in sales of more than 10% p.a. Alternatively, the consensus among analysts must be for projected annual growth of 15% or more in profits. It goes without saying that all shares must meet certain trading criteria. These include a market capitalisation of at least USDmn 100 and an average daily trading volume of around USD 100,000.<\/p>\n<h3>Enormous stock diversity<\/h3>\n<p>Thirty companies have made it into the starting line-up of the Globalance Low Carbon Index. Alongside Roche there are five other groups from Europe. One of them is Legrand: the world's leading supplier of low-voltage products for housing and grid systems offers a warming potential of 1.6 degrees. It also ticks Globalance's boxes for the sustainability score (footprint) and the mega-trend share, while the French company is one of the growth stocks in the index. Although Asian companies are also found in the selection, Wall Street stocks clearly set the tone. Technology giants Alphabet and Microsoft are among the US representatives, as are utility company American Water Works.<\/p>\n<h3>Leonteq product, PostFinance guarantee<\/h3>\n<p>Globalance reweights the benchmark every three months. The index sponsor can also adjust the composition at the same time in response to news or recent listings. A tracker certificate from Leonteq enables investors to bring the Globalance Low Carbon Index into their portfolio. Quoted on the SIX Swiss Exchange, the open-end product comes with a management fee of 0.30% p.a. There is also an annual 0.85% charge for the calculation agent. In return for this small contribution, investors get a direct participation in a broadly diversified investment strategy that is actively managed with enormous expertise. What is more, all dividend payments of the index members are reinvested net in the underlying. This new issue is rounded off by a PostFinance AG guarantee. The guarantor currently has a Standard & Poor\u2019s rating of AA.<\/p>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1210542895\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>\n    <generic-chart title=\"Globalance Low Carbon Index \u2013 Simulation vs. MSCI World\">\n  <chart-line title=\"Low Carbon Index\" path=\"chart_globalance.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <chart-line title=\"MSCI World\" path=\"chart_mxwo1.csv\" format=\"date, number\" color=\"#898c92\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Leonteq<br />Historical data is not a reliable indicator of future performance.<br /> Information about the portfolio simulation<br /> The historical calculation is based on the performance of the equity portfolio used. The asset allocation at the start of the calculation period corresponds to the weighting of the equity portfolio initially used and was calculated over the period of five years with semi-annual reweighting. The return is stated before costs and includes foreign currency impacts.<\/footer>\n<h3>Globalance Low Carbon Index: Current Composition<\/h3>\n<div>  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/decarbonisation?language_id=1\" label=\"Get more information here\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"decarbonisation","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/globalance-low-carbon-index-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/globalance-low-carbon-index-thumbnail.jpg"},{"date":"2022-09-21T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/bachem-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Transition year 2022","windowTitle":"Bachem","category":"underlying-in-focus","title":"Underlying in focus: Bachem","body":"<p>Due to the increasing risk aversion on the capital markets, biotech shares have not fared well recently. The Nasdaq Biotechnology Index, the world's most renowned sector barometer, fell by around a quarter over a twelve-month period. The performance of Bachem, the company's home market, was even weaker. The technology company, which is active in the field of biochemistry and offers products and services for the pharmaceutical and biotechnology industries, lost almost two thirds, or around CHF 8.6 billion, of its market value during this period.<\/p>\n<p>However, the last major downward push was weeks ago. Since July, the SMIM member has been consolidating between CHF 70 and 50, and the current anxious sentiment on the market about a global recession has ensured that the share price is currently moving rather on the lower side of the corridor. On the other hand, the share has digested the last operational failures well. On August 25, the specialist in the production of peptides, which are used, for example, to treat cancer, diabetes or obesity, presented a weaker-than-expected half-year report.<\/p>\n<div>\n    <generic-chart title=\"Bachem: share price (in CHF)\" timeSeries=\"true\">\n        <chart-line title=\"Bachem\" path=\"Chart_Bachem.csv\" format=\"date, number\" />\n        <x-axis type=\"datetime\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Thomson Reuters, as of 20.09.2022<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Disappointing semester<\/h3>\n<p>The balance sheet at a glance: In terms of sales, the company, which was founded in 1971, was not quite able to maintain the previous year's level. In the first six months, revenues fell by 1.8% to CHF 234.9 million. This was due to weakness in the core segment \"Commercial Active Ingredients\", which recorded a decline of 11.7%. CEO Thomas Meier attributes the decline to lower order volumes in the commercial product portfolio, partly due to delayed market launches of customer products. By contrast, the smaller business units \"Clinical Active Ingredients\" (16.2%) and \"Research Chemicals and Specialties\" (8.9%) posted significant gains.<\/p>\n<p>The lack of growth on the revenue side was not without impact on profits. Earnings before interest and taxes dipped by almost 17% to CHF 51.6 million, while the corresponding margin fell by 3.9 percentage points to 22.0%. According to CEO Meier, this was due to the many costly development projects. Even though Bachem failed to meet market forecasts at all levels, there was nevertheless some relief on the market following the presentation of the financial statements, and the share price even rose.\nDue to the previously very negative news from industry representative Polypeptide, concerns about Bachem had been secretly high.<\/p>\n<h3>Hopeful outlook<\/h3>\n<p>The outlook for the current semester exudes confidence. \"The order situation for the second half of the year is very positive,\" CEO Meier said at the presentation of the figures, adding: \"We expect to significantly improve sales and earnings for the full year 2022 compared to the first half.\" Specifically, full-year 2022 revenues are expected to increase by a mid- to high-single-digit percentage, and the Ebit margin is expected to remain stable compared to the previous year. Bachem also confirmed its medium-term targets due to a sustained strong demand trend for peptides and oligonucleotides. These envisage sales of CHF 1 billion by 2026 and an Ebitda margin of more than 30%. By way of comparison, in 2021 the company generated revenues of CHF 503 million and an operating return on sales of 31.2%. Two new orders for peptides with a volume of CHF 25 million in 2023 and CHF 150 million in 2024 show that the company is on the right track. Bachem is also negotiating further orders with the unnamed customer for subsequent years. However, the relatively new oligonucleotide active ingredients are also expected to contribute to the growth. These are molecules that are used to treat genetic diseases. Bachem only entered the market about three years ago, but this area is already expected to generate sales of CHF 100 million in the coming year.<\/p>\n<h3>Cautious expert rating<\/h3>\n<p>After two years of rapid growth, analysts expect net profit to stagnate in the current year. In 2023 and 2024, earnings per share are then expected to rise again by just under one fifth in each case. The forecast rate of increase is thus roughly on a par with the price/earnings ratio for 2024 of 23.5. As a result, the consensus currently rates Bachem shares as \"hold\". However, the average price target of CHF 69 is still well above the current quotation and thus at the upper end of the movement range of the stock outlined at the beginning.<\/p>\n<h3>Double-digit percentage earnings potential<\/h3>\n<p>In order to generate a remarkable yield of 12.00% p.a. with the new Softcallable Barrier Reverse Convertible on Bachem, the share does not have to make such big jumps. On the contrary, the mid cap may even decline moderately without the promised maximum gain in 15 months coming under pressure. The risk buffer amounts to 40%. From the current perspective, this means that the underlying price may fall to just below the level of the Corona crash in 2020. The issuer has the right to terminate the barrier reverse convertible prematurely after six months at the earliest.<\/p>\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1210546771\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-bachem","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/bachem-leonteq-structured-products-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/bachem-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-09-14T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/twitter-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Takeover chaos on the home stretch","windowTitle":"Twitter","category":"coupon-giant","title":"Twitter","body":"<h3>Takeover chaos on the home stretch<\/h3>\n<p>The name Elon Musk has been closely associated with the short message service Twitter for years. Whenever the Tesla founder and self-made billionaire is overcome by his pronounced need to communicate, he opens the app. Not infrequently, his curious Twitter escapades lacked any basis. The tweet from 2018, when Musk announced that he would take the e-car company Tesla off the stock exchange if its share price reaches certain levels, is memorable. Or also his zigzag tweets on cryptocurrencies, which always result in price capers.<\/p>\n<h3>From initial euphoria...<\/h3>\n<p>Apparently, the 51-year-old, who himself counts more than 100 million followers, has enjoyed the app so much in recent years that he began investing in Twitter earlier this year. First it was a financial investment, shortly after Musk was offered a seat on the board of directors, followed in turn by a takeover bid, which after brief squabbles with the Twitter board resulted in an amicable offer of USD 54.20 per share at the end of April. But Musk would not be Musk if that were the end of the story. The real adventure began only afterwards and continues to this day. At the beginning of July, Musk surprisingly canceled the transaction with a total value of around USD 44 billion.<\/p>\n<p>The reason for the cancellation of the agreement was that, in Musk's opinion, the social media platform had broken the takeover agreement in several points. The accusation is of \"false and misleading\" statements, referring in particular to the information on spam or fake accounts on Twitter. Therefore, the SpaceX founder exercised his right to abandon the purchase project. In doing so, however, Musk did the math without the host, i.e. Twitter. The company's management immediately announced legal means to pressure the eccentric multi-billionaire to complete the purchase.<\/p>\n<h3>...all the way to the judge's bench<\/h3>\n<p>Meanwhile, the two parties have reached the point where they are suing each other. Twitter is seeking to have a court in the U.S. state of Delaware force Musk into the deal. Musk, in turn, wants to cancel the purchase, and to do so without having to pay a USD 1 billion penalty. Musk is currently getting backing from two sides: on the one hand, former Disney CEO Bob Iger has disclosed that in 2016, when the entertainment company was considering an acquisition of Twitter, it was determined that a \"significant portion\" of Twitter users were \"not genuine.\" On the other hand, the former head of security of the short messaging service Peiter Zatko, who accused the company of having a disastrous security culture, received USD 7 million after leaving Twitter. With that, Zatko has agreed not to speak publicly about his work. Musk cites this as another reason not to consummate the purchase, saying Twitter violated the acquisition agreement by doing so. Be that as it may, clarity could soon prevail: The court case is scheduled to begin on October 17.<\/p>\n<div>\n<generic-chart title=\"Twitter: Earnings (in USD)\">\n  <chart-column\n    title=\"Earnings per share\"\n    data=\"1.87,-1.44,-0.28,1.12,0.61,1.09\"\n    color=\"#f9a533\"\n  />\n  <x-axis categories=\"2019,2020,2021,2022e,2023e,2024e\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Refinitiv, e=expected<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Operating business suffers<\/h3>\n<p>The back-and-forth between Musk and Twitter is not without impact on the ongoing business. In the already weakening digital advertising market, uncertainty about the deal worried advertisers. This led Twitter to report a net loss of USD 270 million for the second quarter. This compares with a profit of USD 65.6 million a year earlier. Quarterly revenue fell slightly from USD 1.19 billion to USD 1.18 billion. With its figures, Twitter clearly missed analysts' expectations.<\/p>\n<h3>At a standstill to the return<\/h3>\n<p>The stock has recently been on a recovery course after the price slide in the wake of the merger cancellation. After a short but significant countermovement, the share price has now been oscillating up and down between USD 38 and USD 45 since the end of July. In addition to the volatile earnings development of the company, in which no clear trend can be identified for years (see chart), this standstill also fits in very well with the analysts' assessment. Thus, the consensus rating is currently \"Hold\" with a price target of USD 41, i.e. the current level. This could be a perfect scenario for a Barrier Reverse Convertible (BRC), as this product already promises a return in the event of stagnating or moderately falling prices. Leonteq has launched two new Single Softacallable BRCs: The Swiss franc version offers a maximum return of 14.00% p.a., in USD even 17.00% p.a. are possible within the maximum term of 12 months. The double-digit percentage returns are hedged with comfortable risk buffers of 45% each. Twitter shares were last at such a low level in the Corona crash in 2020.<\/p>\n<div>\n    <generic-chart title=\"Twitter: Share price (in USD)\">\n  <chart-line title=\"Twitter\" path=\"Chart_Twitter.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <chart-line title=\"200 days average\" path=\"Chart_Twitter_200.csv\" format=\"date, number\" color=\"#898c92\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Refinitiv, as of 13.09.2022<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<p>The chance of winning can still be increased: If one adds the social media platform Meta to Twitter, a coupon of 19.00% p.a. is possible with an identical risk buffer of 45%. The term of the CHF-denominated product also ends after one year at the latest. The first soft callable observation date takes place after 6 months.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1210545138\\&quot; \\&quot;CH1210545229\\&quot; \\&quot;CH1210545245\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-twitter","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/twitter-leonteq-structured-products-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/twitter-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-09-09T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/interest-rates-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Attractive interest rate with capital-protected step-up note","windowTitle":"Step-up note","category":"investment-themes","title":"Tapping the money markets","body":"<h3>Calling all savers<\/h3>\n<p>The sometimes hefty interest rate rises implemented by central banks are not without consequences for the stock markets, as rising base rates are known to be a difficult environment for equities. This is best illustrated by the SMI and the EURO STOXX 50, which have slipped around 6% over the last three months. Since the turn of the year the percentage losses of these indices have actually hit double figures. It\u2019s an ill wind that blows nobody any good, though: while share prices have trended southwards, the money markets are delighted with higher yields. The ten-year German government bond, for instance, has climbed from 0.82% in mid-July to 1.59% now. Across the sea, US ten-year treasuries are actually trading above the 3% mark. And positive returns are now possible even here in Switzerland, albeit on a much smaller scale. The interest rate on Swiss Confederation bonds with a ten-year term currently stands at 0.8%. For the shorter terms of three years, however, savers are having to make do with rather less, the yield here being only around 0.6%.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/step-up-note?language_id=1\" label=\"Get more information here\"><\/ltq-button><\/div>\n<h3>The dilemma of central banks<\/h3>\n<p>How long, though, will the upward cycle on interest rate markets last? It\u2019s a legitimate question, because many investors are already concerned that the central banks could trigger a recession if they take too aggressive an approach. Even now, economic weakness is evident across a broad front. To give an example, the most recent eurozone purchase managers\u2019 index (PMI) for the private sector, which encompasses both industry and services, fell 0.7 points to 49.2. The barometer thus dipped to an 18-month low, putting it well below the growth threshold of 50 points. In the view of many experts, this means that a downturn in the winter half-year appears ever more likely. Risks of recession or even stagflation could force the monetary watchdogs to rethink, given that they have a duty to keep the economy going rather than focusing on price stability alone. Just a few weeks ago, reports that inflation had passed its zenith \u2013 in July prices rose 8.5% after 9.1% in June \u2013 triggered speculation about interest rate cuts in the USA for 2023. These assumptions in turn promptly depressed market interest rates. Whereas the ten-year US bond stood at just under 3.5% in the middle of June, higher than at any point in the last eleven years, by the start of August it was trading at just around 2.5%. The level of interest rates in Switzerland also fell noticeably in parallel (see graph).<\/p>\n<div><generic-chart title=\"Yield on Swiss Confederation bonds (in %)\"> <chart-line title=\"Yield in %\" path=\"Chart_Bond.csv?language_id=1\" format=\"date, number\"> <x-axis type=\"datetime\"><\/x-axis> <\/chart-line><\/generic-chart><\/div>\n<footer>Source: SNB; as of 05.09.2022<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Investing in a crisis environment: new step-up note<\/h3>\n<p>In view of the uncertain environment, then, investors are facing huge challenges. Share prices are fluctuating unpredictably up and down, the same is true on bond markets and cash is suffering real-terms depreciation due to high inflation. With a new step-up note, however, Leonteq is providing an opportunity for investment that meets the many challenges. This is a structured product with a stepped interest rate and a term of three years. What this means is that, in contrast to classic bonds, for instance, the guaranteed coupon payment changes over the investment period \u2013 and actually goes up: in the first year the interest rate is 1.0% p.a., the next year it rises to 1.5% p.a. and in the third year holders of the step-up note are even paid a coupon of 2.0% p.a. on the nominal. The product thus delivers a higher return than comparable government bonds right from the start.<\/p>\n<h3>Full capital protection at the end of the term<\/h3>\n<p>The attractive interest rate is only one side of the step-up note, though: the product also offers full capital protection at the end of the term, which means that 100% of the nominal is repaid. That makes the Swiss franc-denominated money market certificate also suitable for conservative investors who want to avoid the current price turbulence while at the same time having the confidence of knowing that they will get their committed capital back again at the end. The repayment is not linked to an underlying, unlike the case with a barrier reverse convertible, for instance.<\/p>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1210545757\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;conditionalCoupon&quot;,&quot;capitalProtection&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <p>Capital Protection: 100%<\/p>\n<p>Coupon Payments<\/p>\n<ul>\n<li>Year 1: 1.0%<\/li>    \n<li>Year 2: 1.5%<\/li>\n<li>Year 3: 2.0%<\/li>\n<\/ul>\n<p>Issuer: Leonteq Securities AG<\/p>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/step-up-note?language_id=1\" label=\"Get more information here\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"step-up-note","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/interest-rates-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/interest-rates-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-09-07T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/nvidia-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Price decline as an opportunity","windowTitle":"Nvidia","category":"underlying-in-focus","title":"Underlying in focus: Nvidia","body":"<p>The former high-flyer Nvidia was literally hit to the core by the crash in tech stocks. From a high of USD 346 in November 2021, it has fallen to USD 136 today. In other words, more than half a trillion in market capitalization was wiped out. And as if the general headwinds in the tech sector were not enough, additional pressure is now coming from the company's own government. A few days ago, for example, Washington restricted the export of two of Nvidia's best computer chips for artificial intelligence - H100 and A100 - to the Middle Kingdom.<\/p>\n<div>\n    <generic-chart title=\"Nvidia: share price (in USD)\" timeSeries=\"true\">\n        <chart-line title=\"Nvidia\" path=\"Chart_Nvidia.csv\" format=\"date, number\" />\n        <x-axis type=\"datetime\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Thomson Reuters, as of 06.09.2022<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<p>This news alone cost Nvidia USD 40 billion in stock market value. At the current level, however, the question arises whether all the negative news has not gradually been sufficiently priced into the share price? To find an answer, we need to take a closer look at the operating business and an assessment of further growth prospects.<\/p>\n<h3>Business on the wane<\/h3>\n<p>As far as the current development is concerned, Nvidia is clearly in reverse gear. In particular, the weakening market for computer games and also the crypto crash are causing lower demand for the high-end processors. Thus, the world's largest manufacturer of graphics and AI chips achieved a turnover of USD 6.7 billion in the three months from May to July. Although this still means a small plus of 3% compared to the previous year, this corresponds to a fat minus of 19% compared to the previous quarter. The company was also unable to convince on the profit side. Due to a billion-dollar write-down because of the slump in graphics card sales, Nvidia reported a profit of less than USD 1 billion for the first time since mid-2020. Earnings dived 72% year-over-year to USD 656 million. The outlook for the current third quarter of fiscal 2022/23 (Jan. 31) also disappointed. Nvidia expects sales of USD 5.9 billion, while analysts had just under USD 7 billion on the cards. By comparison, the group had generated USD 7.1 billion in the third quarter of the previous year.<\/p>\n<div>\n<generic-chart title=\"Nvidia: sales performance\">\n  <chart-column\n    title=\"sales in USD bn\"\n    data=\"4.726,5.003,5.661,6.507,7.103,7.643,8.288,6.704\"\n    color=\"#f9a533\"\n  />\n  <x-axis categories=\"Q3 21,Q4 21,Q1 22,Q2 22,Q3 22,Q4 22,Q1 23,Q2 23\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Nvidia<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Subsidies for the industry<\/h3>\n<p>So high inflation, which is putting the brakes on consumption, the consequences of the Ukraine war, and recurring corona lockdowns in key Chinese manufacturing centers are currently putting a damper on Nvidia's growth. However, there are also hopeful signs. Against the backdrop of a chip shortage, the European Union and the USA, among others, have announced major subsidy plans. At the end of July, the U.S. Congress passed a package worth billions of dollars to promote the domestic chip industry. In the short term, around USD 52 billion will be pumped into the sector, with a further USD 200 billion to flow into research over a period of ten years in order to ultimately be able to compete with China.<\/p>\n<h3>Partial successes<\/h3>\n<p>Furthermore, things are not going badly in every division at Nvidia at the moment. In the data center segment, the group is benefiting from the high level of investment by data center operators and cloud companies. Despite supply interruptions in the segment, sales increased by almost two thirds in the second quarter compared to the previous year. This means that this segment now accounts for slightly more than half of the group's revenues. Nvidia can also hope for good business here in the future. According to analysts at Technavio, the data center market will grow by an average of 22% annually between 2021 and 2026. North America will account for 35% of this growth.<\/p>\n<p>Nvidia also continues to show itself to be strong in innovation. According to media reports, the next GPU generation \"RTX 4000\" alias \"Ada Lovelace\" could be presented this fall. Due to the expected 5 nm manufacturing process, the high-end GPUs should be able to achieve more than double the performance of the current Ampere graphics cards.<\/p>\n<h3>Positive verdict<\/h3>\n<p>Conclusion: even if Nvidia's long-term growth phase is currently slowed down by many external factors, the technologically high-end company plays a crucial role in the trend towards digitalization, just like its competitors AMD and Intel. Without the powerful chips, the mega trends of the 21st century such as networking, artificial intelligence, autonomous driving or the metaverse would not be possible. The analysts also know this, and so the majority of the guild currently comes to a clear verdict after the sharp drop in the share price: \"Buy\". According to Bloomberg, 72% of 50 research reports result in a Buy rating and 26% in a Hold recommendation. The average price target is around USD 200.<\/p>\n<h3>High yields in lateral movement<\/h3>\n<p>So while the majority of analysts recommend buying the stock, prominent investors are already piling in. The ARK ETFs of the respected fund manager Cathie Woods, for example, have taken advantage of the sharp sell-off in the wake of the export ban to China to acquire shares worth USD 41.5 million. Investors don't have to go full risk right away, however: Leonteq now also offers conservative natures the opportunity to invest in the high-tech powerhouse. The new Softcallable Barrier Reverse Convertible allows for an above-average return even in a sideways movement. With a maximum term of 15 months - the first softcall observation day takes place after 6 months - the BRC in the CHF variant offers an attractive coupon of 13.00% p.a.. The USD-denominated counterpart even offers an interest rate of 16%. It is important that the barrier at 49% of the initial level is not touched, which in turn equates to a generous risk buffer of 51%. The barrier level is in a range which has not been reached since shortly after the Corona Crash at the end of March/beginning of April 2020.<\/p>\n<p>Even a bit more yield is possible with a US chip basket. The new multi-BRC on Nvidia, AMD and Intel has a coupon of 18% p.a. with the same maturity. The barriers are also 51% away from the current price level of the trio.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1210543588\\&quot; \\&quot;CH1210543646\\&quot; \\&quot;CH1210543661\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-nvidia","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/nvidia-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/nvidia-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-08-31T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/mp-materials-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Metals with a promising future","windowTitle":"MP Materials","category":"coupon-giant","title":"MP Materials","body":"<h3>Metals with a promising future<\/h3>\n<p>When people talk about raw materials at the moment, it is usually about oil and gas. The exploding energy prices are a hot topic of discussion for politicians, business and end consumers alike. In this tense situation, metals such as scandium, yttrium and lanthanum are almost forgotten. Wrongly so, because the substances known as \"rare earths\" can be found in numerous everyday products such as smartphones, lasers, LEDs or even in the batteries of electric vehicles.<\/p>\n<div>\n    <generic-chart title=\"MP Materials: Share price (in USD)\" timeSeries=\"true\">\n        <chart-line title=\"MP Materials\" path=\"Chart_MP.csv?language_id=1\" format=\"date, number\" />\n        <x-axis type=\"datetime\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Thomson Reuters, as of 30.08.2022<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Metals in demand<\/h3>\n<p>The \"building blocks of the future\" are also, or rather especially, interesting for investors. Because where there is growth, there are usually price gains lurking. This is best illustrated by the example of the US group MP Materials. Over the past two years, the share price has risen by around 180%. This impressive performance was accompanied by an equally good operating performance. For example, the group, which operates the only active rare earth production facility in North America, sold a record 42,158 tons of metals last year, generating record sales of USD 332 million, an increase of 147% over the previous year. Adjusted Ebitda even shot up by 414% to USD 219 million, resulting in a net profit of USD 135 million. By comparison, in 2020 the bottom line was still a loss of just under USD 22 million.<\/p>\n<p>The trend curve continues to point upwards in the current fiscal year. The Las Vegas-based company reported a 96% increase in revenue in the second quarter. However, the mining group did not even have to mine any more to achieve this; MP produced 10,300 tons, roughly the same as in the same period of the previous year. Rising prices had a decisive influence on this growth. Due to rising demand, the price per ton increased by more than 90% to USD 13,918. This resulted in a net income of USD 73.3 million or 38 cents per share, compared to USD 27.2 million or 15 cents per share in the same quarter of the previous year. The company once again exceeded expectations in terms of sales as well as earnings.<\/p>\n<h3>Structural demand boom<\/h3>\n<p>\"We benefited from higher prices and tightly controlled costs while adding new talent to the team,\" CEO James Litinsky commented on the interim report. However, price increases will not continue indefinitely. On the contrary, the board even expects lower prices in the current third quarter. But the growth story of MP Materials is far from over. The increasing electrification of the global infrastructure continues to play into the company's hands. According to its own figures, MP currently supplies around 15% of the world's rare earths. The long-term focus is on neodymium-praseodymium (NdPr), a crucial material for powering electric vehicles, wind turbines, drones and robots. The e-car sector, in particular, is generating fantasy. Adamas Intelligence estimates that demand for NdPr will increase 34-fold by 2035, when only e-cars will be allowed on the market.<\/p>\n<p>Given these bright prospects, MP is also getting into magnet production itself. The plant under construction in Texas is expected to produce enough magnets per year to power around 500,000 electric vehicle engines. The company already has a supply agreement with General Motors, which will begin in late 2023. \"Our first Stage III magnet plant in Texas is quickly taking shape,\" CEO Litinsky enthuses. But back to the present: as far as the current fiscal year is concerned, analysts currently expect, on average, an increase in earnings per share to USD 1.53, as well as sales of USD 545 million. On the earnings side, this corresponds to an increase of 115%, and on the revenue side of slightly more than two-thirds. The majority of experts also agree on the price trend of the MP share. The average 12-month target is currently USD 60, which equates to an upside potential of 37%.<\/p>\n<div>\n<generic-chart title=\"MP Materials: Earnings per share\">\n  <chart-column\n    title=\"Earnings per share in USD\"\n    data=\"-0.27,0.71,1.53,1.54,1.91\"\n    color=\"#f9a533\"\n  />\n  <x-axis categories=\"2020,2021,2022e,2023e,2024e\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Refinitiv, e = expected<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Buffered investment solutions<\/h3>\n<p>However, a look at the chart of the MP share reveals that a direct investment requires a very tough nerve. This year alone, the historical volatility is an above-average 69.3%. These high fluctuations can be converted into targeted returns with a barrier reverse convertible, giving conservative investors access to the interesting rare earth specialist from the USA. In addition, Leonteq has launched two new softcallable BRCs. With these products, above-average returns are possible even in a sideways trend or with moderately declining prices. With a maximum term of 15 months and a risk buffer of a comfortable 51%, an interest rate of 15.00% p.a. is possible with the CHF version. The USD-denominated counterpart even offers a coupon of 18.00% p.a. - with otherwise identical features. The first soft call observation day takes place after six months and then quarterly from that point on.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1210539784\\&quot; \\&quot;CH1210539743\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-mpmaterials","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/mp-materials-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/mp-materials-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-08-26T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/oil-tankers-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Tracker Certificate on the Leonteq Select Tankers Index","windowTitle":"Leonteq Select Tankers Index","category":"investment-themes","title":"Casting off","body":"<h3>Switzerland taps into reserves<\/h3>\n<p>For the second time within the space of a few weeks, the Swiss Federal Office for National Economic Supply (BWL) has sounded the alarm: after first doing so on 25 July, the organisation again reduced its compulsory stockpile of mineral oil products on 18 August. This means that the mandatory level of mineral oil stocks held in Switzerland may be undercut by 12.8%, or 490,000 cubic metres, by the end of September. The BWL is having to tap into the emergency reserve because practically no more petrol, diesel or heating oil was being delivered to Switzerland. \u201cThe long-lasting drought is causing the Rhine to fall to record levels, resulting in drastic reductions having to be made in cargo volumes,\u201d the agency explains. The report shows just how important a functioning logistics system is in the energy market This is true not only on a national scale, but also and especially in the global context. Shipping tankers for the distribution of oil, gas and refined products play a central role alongside pipelines.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/leonteq-select-tankers-index?language_id=1\" label=\"Get more information here\"><\/ltq-button><\/div>\n<h3>A special selection<\/h3>\n<p>Fleet operators are correspondingly in demand on the stock market at the moment. The Leonteq Select Tankers Index has gained more than 90% in value over the course of the year to date (see chart). This benchmark includes companies which are actively involved in the global shipping industry. It is a fixed basket of seven stocks, all of which are listed on Wall Street. When it comes to performance, Scorpio Tankers stands out: the share price of the Monaco-based company has more than tripled so far in 2022. On its website, Scorpio Tankers describes itself as a \u201cleading international provider in the transportation of refined petroleum products\u201d. The fleet comprises 131 vessels, which are either wholly owned, leased or chartered. Scorpio made its début on the New York Stock Exchange less than one year after being founded in the Marshall Islands. The company has been able to underpin its most recent ascent with strong numbers: in the second quarter of 2022, turnover more than doubled on the first three months of the year to reach USDmn 405.07. Scorpio Tankers posted a bottom line of USDmn 191.1, after recording a loss in the first quarter.<\/p>\n<div><generic-chart title=\"Leonteq Select Tankers Net Return Index (in USD)\"> <chart-line title=\"Leonteq Select Tankers Net Return Index\" path=\"Chart_tankers.csv?language_id=1\" format=\"date, number\"> <x-axis type=\"datetime\"><\/x-axis> <\/chart-line><\/generic-chart><\/div>\n<footer>Source: Leonteq, as of 19.08.2022<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Billion-dollar supertankers<\/h3>\n<p>The sharp rise in freight rates is what made the higher than expected interim figures possible. Scorpio, for instance, earned on average just under USD 42,000 a day on its tankers of the Handymax class. This compares with a TCE rate, as it is known, of less than USD 16,000 in the first quarter. The price recovery on the world's oceans runs like a red thread through the latest interim reports of the companies included in the Leonteq Select Tankers Index. DHT Holdings beat expectations for both sales and net earnings by a considerable margin. The Bermuda-based transport company posted a profit in the second quarter of 2022, for instance, despite the consensus from analysts that it would go into the red. DHT operates a fleet of 24 vessels of the VLCC category. On 30 June 2022, these supertankers accounted for a total USDbn 1.35 on the balance sheet.<\/p>\n<h3>Leonteq Select Tankers Index: Current Composition<\/h3>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;DHT HOLDINGS INC&quot;,&quot;weight&quot;:0.15410187},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;TNK UN Equity&quot;,&quot;weight&quot;:0.08438295},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;NORDIC AMERICAN TANKER SHIPPING&quot;,&quot;weight&quot;:0.04982386},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;INTERNATIONAL SEAWAYS INC&quot;,&quot;weight&quot;:0.139208},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SCORPIO TANKERS INC&quot;,&quot;weight&quot;:0.1470418},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;FRONTLINE LTD&quot;,&quot;weight&quot;:0.42544153}]\"><\/AmcComposition>\n  <\/div>\n<h3>Direct access to the tanker selection for the first time<\/h3>\n<p>Two members of the Leonteq Select Tankers Index are just in the process of merging to create an industry giant. In July, Frontline and Euronav reached agreement on the terms of a merger by exchange of shares. The group, which in the future will trade as Frontline, will operate 146 ships, just under half of which are large VLCC tankers. The owners expect the amalgamation to deliver synergies of at least USDmn 60 a year. Although the Euronav share is set to disappear from listings sooner or later, the Leonteq Select Tankers Index will continue to reflect the full operational strength of the two companies. A tracker certificate allows investors to bring this selection into their portfolio with immediate effect. Quoted on the SIX Swiss Exchange, the open-end product comes with an administration fee of 1.00% p.a. The underlying is calculated to include any dividend payments of the associated companies on a net basis.<\/p>\n<div><price-chart isin=\"CH1210542424\"><\/price-chart><\/div>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1210542424\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;conversionRatio&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Administration Fee: 1.00% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/leonteq-select-tankers-index?language_id=1\" label=\"Get more information here\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"leonteq-select-tankers-index","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/oil-tankers-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/oil-tankers-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-08-24T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/eli-lilly-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Effective quality features","windowTitle":"Eli Lilly","category":"underlying-in-focus","title":"Underlying in focus: Eli Lilly","body":"<p>Next year will mark the 100th anniversary of the introduction of a groundbreaking drug. In 1923, the first active ingredient for the treatment of diabetes, \"Iletin,\" was launched on the market. Until then, there had been no treatment for diabetes. Based on the discovery of two Canadian researchers, the Lilly company started mass production of bovine and calf insulin, the hormone that lowers blood sugar. The drug would turn out to be a milestone in the company's rise to become a global pharmaceutical leader. By the end of 2005, the company now known as Eli Lilly - the name of its founder - was producing \"Iletin.\" The Indianapolis-based company employs more than 36,000 people around the globe. Nearly one in four of them works in research and development. In 2021, Eli Lilly achieved consolidated sales of more than USD 28 billion - 15% more than the year before. Covid-19 antibodies contributed 5 percentage points to this growth rate.<\/p>\n<div><generic-chart title=\"Revenues 2021 (in billion USD)\"> <pie-chart path=\"lly_pie_en.csv\" format=\"string, number\"><\/pie-chart> <\/generic-chart><\/div>\n<footer>Eli Lilly, as of Aug. 22, 2022<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Growth market China<\/h3>\n<p>Which shows that Eli Lilly is not only dedicated to diabetes. Oncology, immunology, neuroscience as well as other therapeutic areas give the Group a broad foundation. Blockbusters include Trulicity, an active ingredient for the treatment of type 2 diabetes, as well as the gastric cancer drug Cyramza and Taltz, which is administered to patients with psoriatic arthritis. Eli Lilly generated just under 60% of Group sales in its home market in 2021 (see chart). While Europe is the second largest sales region, China is becoming increasingly important. Within two years, the pharmaceutical company has increased sales in the Middle Kingdom by more than three quarters. In terms of profit, however, the Group has recently had to make concessions. The bottom line in 2021 was a surplus of USD 5.6 billion, a tenth less than in the previous period. Nevertheless, Eli Lilly has remained true to its dividend policy. In 2021, a profit share was distributed for the 136th consecutive year.<\/p>\n<h3>Political headwinds<\/h3>\n<p>On Wall Street, the outlined quality characteristics are very well received. The share price has been pointing upward for years. In 2022, Eli Lilly is up just under 13% to date. This makes the large cap one of the 50 strongest stocks in an S&amp;P 500 index battered by geopolitics, inflation and the interest rate turnaround. Even the recent profit warning did little to hurt the stock. Eli Lilly had to adjust its earnings forecast for 2022 downward for the second time. CEO David A. Ricks now expects adjusted earnings per share of USD 7.90 to USD 8.05. He had previously set the forecast range USc 25 higher. In addition to competition for cancer drug Alimta, lower insulin prices slowed the company in Q2. In its diabetes division, Eli Lilly is feeling political headwinds. Recently, the US Congress passed a climate and social package. Among other things, it provides for a reduction in the price of insulin to a maximum of USD 35 from next year. The fact that analysts and investors nevertheless remain loyal to the industry giant also has to do with its research work. The pharmaceutical company has a pipeline with several promising product candidates.<\/p>\n<div><generic-chart title=\"Eli Lilly: Share price (in USD)\" timeseries=\"true\"> <chart-line title=\"Eli Lilly\" path=\"chart_elililly.csv\" format=\"date, number\"><\/chart-line> <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Thomson Reuters, as of Aug. 22, 2022<br />Historical data is not a reliable indicator of future developments.<\/footer>\n<h3>A healthy mix<\/h3>\n<p>Despite its strong performance and a market capitalization of more than USD 300 billion, Eli Lilly does not play too big a role in the Swiss structured products market. A new issue from Leonteq shows that attractive conditions can be presented with this underlying. Three softcallable barrier reverse convertibles (BRCs) are available. As a single-underlying, Eli Lilly offers a coupon of 10% p.a. in the product currency CHF. Those who wish to invest in USD can expect a 300 basis points higher annual payout. For another alternative, Eli Lilly forms the basis together with its competitors Abbvie and Bristol-Myers Squibb. The coupon on this CHF-denominated issue is 14% per annum. A barrier of 69% of the initial level is fixed for all three BRCs. As long as no underlying falls to or below this level, investors will get the nominal back in full at maturity. Otherwise, the partial protection expires. Due to the soft callable feature, early termination and redemption of the presented BRC is possible.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1210538430\\&quot; \\&quot;CH1210538489\\&quot; \\&quot;CH1210538497\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-elililly","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/eli-lilly-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/eli-lilly-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-08-19T11:44","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/new_crypto_index_family-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Tailored risk control for everyone","windowTitle":"Leonteq Bitcoin Lock-In 80% Index","category":"crypto-assets","title":"Bitcoin","body":"<h3>Tailored risk control for everyone<\/h3>\n<p>Dark clouds are hovering over the crypto market: instead of dream returns, there are only long faces to be seen in the striving community at the moment. Prices of crypto stocks have plummeted in the wake of rampant inflation and the resulting turnaround in interest rates.<\/p>\n<div style=\"text-align: center;\"><strong><a title=\"Crypto Webpage\" href=\"/crypto-assets?language_id=1\" target=\"_blank\" rel=\"noopener\">Get more information about our products on the Leonteq Crypto webpage<\/a><\/strong><\/div>\n<h3>Fluctuations the order of the day<\/h3>\n<p>A glance at the price history of Bitcoin, the oldest and currently largest crypto stock, shows that a protective mechanism against high losses can make absolute sense. The value of Bitcoin has now more than halved since the high for the year of around USD 48,200 reached in March. It is not only Bitcoin, though: the entire global crypto market has been on a downward spiral since November 2021. While the total market value of all crypto stocks stood at around USDtn 3.2 at its highest, now the figure is not even a third of that.<\/p>\n<p>Significant fluctuations in crypto stocks are actually nothing new in the still young crypto market, volatility having also been exceptionally high in the past. At the turn of 2017/18, for instance, Bitcoin plunged from about USD 17,000 to 7,000. From April to June 2021 it again suffered a collapse of more than 50 per cent. Looking back from 2013 to today, there have been 220 days on which Bitcoin closed the day down 5% or more \u2013 equivalent to almost a whole trading year with negative returns. This contrasts, though, with 292 days when the daily closing price was at least 5% higher. Ultimately, a look in the rear-view mirror shows that investors who have been able to withstand hefty setbacks have usually been rewarded with high profits shortly afterwards. Between 2013 and today, after all, Bitcoin has generated an impressive return of around 120% per annum. The crux is that probably only a very few investors have nerves resilient enough to profit from such price jumps.<\/p>\n<div><price-chart isin=\"CH1129860503\"><\/price-chart><\/div>\n<h3>Clever investment concept<\/h3>\n<p>With a view to optimising the risk/return ratio, the crypto and product experts at Leonteq have gone to work and developed a particularly innovative and so far unique index solution for Bitcoin.<\/p>\n<p>The key to success lies first and foremost in limiting the loss potential of Bitcoin. The concept is based around the idea of keeping some 80% of the 1-year index peak in a cash reserve while investing the rest in Bitcoin. As the index peak can change from day to day, however, the allocation is monitored on a daily basis and adjusted accordingly.<\/p>\n<p>To avoid excessive trading and the associated costs, the cash reserve is only adjusted if the necessary restructuring exceeds one per cent of the current index level.<\/p>\n<p>The index is designed so that the maximum possible loss of value on a 1-year basis is limited to about 20 per cent (although there can be several successive 1-year loss periods, so that index losses of more than 20 per cent over several years are possible). The Leonteq experts have implemented the index concept described above in the \u201cLeonteq Bitcoin Lock-in 80% Index\u201d.<\/p>\n<div style=\"text-align: center;\"><strong><a title=\"Crypto Webpage\" href=\"/crypto-assets?language_id=1\" target=\"_blank\" rel=\"noopener\">Get more information about our products on the Leonteq Crypto webpage<\/a><\/strong><\/div>\n<h3>Offensive assets, defensive solution<\/h3>\n<p>The allocation mechanism as described means that there is in principle a complete transformation of Bitcoin. The Leonteq Bitcoin Lock-In 80% Index cannot therefore be compared with a direct investment in Bitcoin. Rather, it is a product with tailored risk control.<\/p>\n<p>The concept is more than just an index, however. Leonteq has created a sort of toolbox which allows any asset manager to craft an individual strategy for their clients. In this Leonteq Bitcoin Lock-In 80% Index, 80% of the 1-year index peak is held in the cash reserve. Asset managers can also define the level and time periods for their own solutions, though (such as a conservative variant where 90% of the 2-year index peak is kept invested in the cash reserve, or an aggressive variant where only 60% of the 6-month index peak is kept invested in the cash reserve). What is more, the concept can also be employed for a huge variety of crypto stocks.<\/p>\n<p>And that's not all: other asset classes such as equities also function as the underlying. That the underlying must trade at a high volatility is of central relevance for the concept. It is important that asset managers can select freely from the toolbox and that Leonteq packages the resulting strategy in a viable investment solution. <\/p>\n<p>The advantage is that this gives even defensive investors an opportunity to invest in speculative instruments.<\/p>\n<p>To conclude, the Leonteq Bitcoin Lock-In 80% Index is a conservative index concept that leads to lower volatility and a much better risk/return ratio overall despite the underlying having an above-average degree of fluctuation.<\/p>\n<p>Investors can bring this promising concept into their portfolio conveniently and at low cost through a tracker certificate on the Leonteq Bitcoin Lock-In 80% Index. Quoted on the SIX Swiss Exchange, the open-end product comes with a management fee of 1.00% p.a. and a transaction fee at index level of 0.5% despite the sophisticated process.<\/p>\n<h3>Tracker Certificate on the Leonteq Bitcoin Lock-In 80% Index - tradable on SIX Swiss Exchange<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1129860503\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Administration Fee: 1.00% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Current Bitcoin allocation Leonteq Bitcoin Lock-In 80% Index<\/h3>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;ER.CRYPTO&quot;,&quot;name&quot;:&quot;Bitcoin&quot;,&quot;weight&quot;:0.1781},{&quot;sectionName&quot;:&quot;RF.CASH&quot;,&quot;name&quot;:&quot;CASH_USD_LTQ&quot;,&quot;weight&quot;:0.8219}]\"><\/AmcComposition>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>\n<h5>Risk disclosure<\/h5>\n<p>Investments in products referencing one or more cryptocurrencies or indices of cryptocurrencies are subject to increased volatility compared to investments in traditional assets and to specific risks which can negatively impact the value, tradability,liquidity and/or security of such investments. Potential Investors are encouraged to inform themselves about these specific risks when considering an investment in products referencing one or more cryptocurrencies or indices of cryptocurrencies. A summary of key risks relating to products referencing one or more cryptocurrencies or indices of cryptocurrencies can be found <strong> <a href=\"https://structuredproducts-ch.leonteq.com/crypto-disclaimer\">here<\/a><\/strong>.<\/p>","url":"bitcoin-lockin","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/new_crypto_index_family-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/new_crypto_index_family-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-08-17T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/daqo+new+energy-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Asian underlying, European barrier","windowTitle":"Daqo New Energy","category":"coupon-giant","title":"Daqo New Energy","body":"<h3>Asian underlying, European barrier<\/h3>\n<p>On the first weekend in August, the US Senate experienced a real marathon session. The Inflation Reduction Act was hotly debated for 27 hours. In the end, the Democratic initiative won by a narrow margin of 51 to 50 votes, with Vice President Kamala Harris casting the deciding vote. A few days later, the second chamber of Congress, the House of Representatives, also voted in favor. President Joe Biden can now begin to implement some of his most important election promises. In addition to relief for citizens, the Act includes the closing of tax loopholes and a major climate package. USD 369 billion is to be channeled into the fight against global warming. Among other things, the states are focusing even more on renewable energy sources. In this respect, it is not surprising that shares from this sector were in demand after the decision.<\/p>\n<div>\n    <generic-chart title=\"Daqo New Energy: Share price (in USD)\" timeSeries=\"true\">\n        <chart-line title=\"Daqo New Energy\" path=\"Chart_Daqo.csv?language_id=1\" format=\"date, number\" />\n        <x-axis type=\"datetime\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Thomson Reuters, as of 15.08.2022<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>At the beginning of the value chain<\/h3>\n<p>Among the potential beneficiaries of the U.S. initiative is Daqo New Energy. Founded in 2008, the Chinese company is a leading global polysilicon producer. As a supplier of the basic material for photovoltaic modules, the group is at the beginning of the value chain for solar energy. Daqo has been listed on the New York Stock Exchange for almost 12 years. The general boom in green energy stocks had lifted the stock to an all-time high at the beginning of 2021. Daqo New Energy then corrected along with the sector, only to enter a sideways movement that continues to this day. Operationally, the trend is up. \"We are very proud to present an excellent quarter with record high production volumes and profits,\" CEO Longgen Zhang reported in early August. The experienced manager backed up this statement with a strong set of figures.<\/p>\n<h3>Rising production, falling costs<\/h3>\n<p>In the April-June 2022 period, Daqo nearly tripled sales to USD 1.244 billion compared to the same quarter last year. Operationally (Ebdita level), the company earned USD 955.4 million, up from USD 311.7 million in the second quarter of 2021, resulting in an increase in Ebitda margin of more than 6 percentage points to a handsome 76.8%. \"Our sequential improvements in gross profit and margin were primarily due to a 28% reduction in polysilicon production costs,\" the CEO said. Despite the inflationary environment, he aims to keep the cost structure stable or even improve it further. A new mining site in Inner Mongolia should also ensure progress in this regard. Production is already running at full speed. \"In the quarter under review, we operated at full capacity and produced 35,326 tons of polysilicon,\" Zhang said. This exceeded the previous quarter's output by 12.6% (see chart).<\/p>\n<div>\n<generic-chart title=\"Daqo New Energy: Polysilicon production volume (in tonnes)\">\n  <chart-column\n    title=\"Polysilicon production volume (in tonnes)\"\n    data=\"19777,18097,18406,21008,20185,21102,21684,23616,31383,35326\"\n    color=\"#f9a533\"\n  />\n  <x-axis categories=\"Q1 20,Q2 20,Q3 20,Q4 20,Q1 21,Q2 21,Q3 21,Q4 21,Q1 22,Q2 22\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Daqo New Energy, as of 03.08.2022<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Partial protection and high coupons<\/h3>\n<p>Neither the presentation of figures nor the U.S. climate package passed a few days later were able to change anything about the overriding sideways movement of the Daqo share. The political tensions between Washington D.C. and Beijing are seen as a general burdening factor for Chinese papers. Softcallable barrier reverse convertibles make partially protected positioning possible. Leonteq has issued three variants of this popular structure on Daqo New Energy. As a single underlying, the share in the product currency CHF makes a coupon of 15% p.a. possible. In the USD product, the quarterly payout amounts to 18% p.a.. For another issuance, Leonteq brings Daqo together with the Chinese solar module manufacturer JinkoSolar. The CHF-denominated multi-BRC pays a guaranteed coupon of 17% p.a.. All three products come with a 51% risk buffer. This is a European barrier, which is only activated at the final fixing. During the term, the underlyings have full \"freedom of movement\". Should a stock be found at or below the barrier on the record date in 12 months, the partial protection expires. In this case, the redemption would be linked to the performance of Daqo or, in the case of the multi BRC, the weaker of the two underlyings. Please also note the soft callable feature. It makes early termination and redemption of these BRCs possible.<\/p>\n<h3>Callable Barrier Reverse Convertibles with European barrier<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;CH1201285454, CH1201285389, CH1201285447&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-daqo","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/daqo+new+energy-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/daqo+new+energy-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-08-12T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/eur-usd-rate-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Double No Touch Note on EUR/USD","windowTitle":"EUR/USD","category":"investment-themes","title":"Bottoming out as an opportunity","body":"<h3>A highly regarded survey<\/h3>\n<p>Reuters takes regular soundings from strategists and analysts, where the press agency asks the experts for their assessment of various assets. The \u201cFX Poll\u201d offers a snapshot of opinion on the current markets. Another one came at the start of August, when 56 strategists expressed their views on the US dollar, among others. It is well known that the greenback has surfed a veritable wave of appreciation over recent months. For the EUR/USD currency pair this has been expressed in a striking downward movement: the single European currency has shed around a tenth of its value against the US dollar since the turn of the year. Of those who took part in the survey, 28% believe that the dollar\u2019s strength has now gone as high as it will go. While another quarter of those asked reckon it will reach a peak within three months, 34% expect the top in six months at the latest.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/inflation-double-no-touch-note?language_id=1\" label=\"Get more information here\"><\/ltq-button><\/div>\n<h3>Bottoming out close<\/h3>\n<p>Chart technology continues to come out against the euro. Since spring 2021, the single currency has trended consistently down against the US dollar. Last February a further straight line leading even more steeply downwards emerged from this constellation. In mid-July, it took the EUR/USD rate to below parity for the first time in almost two decades. Even so, the euro traded at below USD 1 for a short time only, and in the last few weeks the exchange rate has stabilised at above USD 1.01 (see chart). A recent new issue by Leonteq fits in with the possible bottoming out. The Zurich fintech company has launched a Double No Touch Note on EUR/USD. This product marries the safety features of a capital protection certification with the high-potential payout modalities of the inline warrant.<\/p>\n<div><generic-chart title=\"EUR/USD (figures in USD per EUR)\"> <chart-line title=\"EUR/USD\" path=\"Chart_eurusd.csv?language_id=1\" format=\"date, number\"> <x-axis type=\"datetime\"><\/x-axis> <\/chart-line><\/generic-chart><\/div>\n<footer>Source: Leonteq; as of 08.08.2022<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Limited risk, attractive opportunity<\/h3>\n<p>At the end of the one-year term the capital is 90% protected. That means investors can limit their loss risk from this exposure to one tenth. At the same time, they are bringing the opportunity of a profit of 25% into their portfolio. The key to this is two barriers: Leonteq fixes the higher barrier level at USD 1.10, while the lower barrier level stands at USD 0.90. The Double No Touch Note is structured with an American option, which means the barriers are active across the entire term. As long as the EUR/USD rate does not touch either of the barriers, 125% of the product will be paid back, delivering the maximum return. Should a barrier be touched, on the other hand, the capital protection kicks in. The payout is then 90%, regardless of how the underlying goes on to perform.<\/p>\n<h3>Double No Touch Note: Auszahlungsdiagramm<\/h3>\n<div><img src=\"/dA/0e843935cd/charts_eurusd-rate_700x500 DE Payout chart.svg?language_id=1\" alt=\"charts_eurusd-rate_700x500 DE Payout chart\" caption=\"false\" width=\"1235\" height=\"814\" /><\/div>\n<footer>Source: Reuters; as of 08.08.2022<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Room for manoeuvre for the single currency<\/h3>\n<p>The euro can thus move within a range of just under USc 20 over the next twelve months without endangering the opportunity of a return as outlined above. The FX duo last traded below the lower barrier more than 20 years ago, in May 2002. On the other hand, the 1.10 threshold was last touched just a few months back. The exchange rate fell through this level at the start of April 2022, continuing the downward trend mentioned above. Our conclusion is that this new issue allows safety-conscious investors to bet that the single currency will stabilise as far as possible over a one-year horizon. If this calculation pays off, they can pull in a high return. Please note that the capital protection does not kick in until the maturity date, whereas the product is exposed to various market influences over its term and could even fall below the 90% level.<\/p>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1201283350\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;conditionalCoupon&quot;,&quot;capitalProtection&quot;,&quot;underlying&quot;,&quot;barrierLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div>Lower Barrier Level: USD 0.90<\/div>\n<div>Upper Barrier Level: USD 1.10<\/div>\n<div>Rebate Coupon: 35%<\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/inflation-double-no-touch-note?language_id=1\" label=\"Get more information here\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"inflation-double-no-touch-note","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/eur-usd-rate-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/eur-usd-rate-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-08-10T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/clariant-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Specialty chemicals mid cap","windowTitle":"Clariant","category":"underlying-in-focus","title":"Underlying in focus: Clariant","body":"<p>It is not known whether and, if so, when Conrad Keijzer will be going on vacation. The CEO of Clariant certainly deserves a breather. The second year at the helm of the specialty chemicals group has taken a lot out of the Dutchman so far. The company experienced a veritable \"Black Monday\" on February 14, when Clariant had to postpone the presentation of its financial statements for 2021. Internal whistleblowers had previously sounded the alarm and pointed out possible manipulations. The share, which is represented in the SMIM, plunged by 16% within one day after this news. In the following 3 weeks, Clariant plunged a further 17% to its lowest level since March 2020. Although the Baselbiet-based company was able to present audited financial statements in May, the stock has yet to close the gap. The direction is right: In the meantime, Clariant is trading just under a third above the outlined low.<\/p>\n<div>\n<generic-chart title=\"Clariant: Price impact on turnover (compared to same quarter last year)\">\n  <chart-column\n    title=\"Price impact on turnover in %\"\n    data=\"2,5,9,14,16,20\"\n    color=\"#f9a533\"\n  />\n  <x-axis categories=\"1Q 21,2Q 21,3Q 21,4Q 21,1Q 22,2Q 22\"/>\n<\/generic-chart>\n<\/div>\n<footer>Source: Clariant, as of 18.07.2022<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Successful pricing policy<\/h3>\n<p>The review of the books is not the only thing that has kept the management at the Group's headquarters in Muttenz on its toes. Operationally, the company is also going through a turbulent phase. On the one hand, the war in Ukraine is calling into question the business prospects of the cyclical chemicals sector, while at the same time rising costs for raw materials, energy and logistics are weighing on the profit and loss accounts. Clariant has so far coped surprisingly well with this environment. At the end of July, the company reported 2Q2022 sales growth of 29% in local currencies to CHF 1.301 billion. While volume growth contributed 9 percentage points to the rate of increase, price increases had a 20% impact. Currency effects, on the other hand, had a negative impact of 3%. Clariant was once again successful in passing on inflation to customers around the world. Since the end of 2021, the Group has managed to push through double-digit percentage price effects in every quarter (see chart).<\/p>\n<h3>Optimistic outlook<\/h3>\n<p>In the division, \"Care Chemicals\" Clariant is growing particularly strongly. High demand for specialty chemicals for personal care products or crop protection products, as well as for coatings, gave the segment a 46% increase in sales in local currency terms in the 2nd quarter. While the catalysts business expanded by 8%, Clariant posted growth of almost a quarter in the \"Natural Resources\" division. The Group also made significant progress in profitability: at 16.6%, the operating margin (Ebitda level) reached a peak in the first half of 2022, exceeding the previous year's figure by 80 basis points. Clariant also aims to operate more profitably in the current 3rd quarter than a year ago. At the same time, management expects \"continued strong year-on-year sales growth in local currencies.\" The target of significantly higher revenues and margin also applies to the full year. However, the company emphasizes the uncertainties associated with the outlook, such as the Ukraine war or COVID-19.<\/p>\n<div>\n    <generic-chart title=\"Clariant: Share price (in CHF)\" timeSeries=\"true\">\n        <chart-line title=\"Clariant\" path=\"chart_clariant.csv\" format=\"date, number\" />\n        <x-axis type=\"datetime\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Thomson Reuters, as of 09.08.2022<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Alternatives to direct investment<\/h3>\n<p>Regardless of business performance, Clariant's ownership structure is likely to remain an issue. After an agreement the company had with major Saudi shareholder Sabic expired in June, takeover rumors once again made the rounds. In a newspaper interview, Conrad Keijzer now stated that there were no indications that Sabic would increase its stake. The Saudis continue to hold 31.5% of Clariant shares. Whatever the case, the top manager is unlikely to be bored for the time being. Holders of the new softcallable barrier reverse convertibles can follow the performance of the specialty chemicals group with relative calm. Leonteq has launched two variants: In the case of the single BRC on Clariant, the guaranteed coupon is 10% p.a., while the barrier is a low 59% of the initial level. With an identical risk buffer, a multi-structure on Clariant, Covestro and Sika enters the term of a maximum of one year. The payout here is a high 17% p.a.. Both BRCs are denominated in Swiss francs and have a soft callable feature. This means that Leonteq can call and redeem the issues on a quarterly basis. The first time this step is possible is after six months. Please also note that there is no capital protection. As soon as an underlying reaches or falls below the barrier, the investment is exposed to the full price risk of Clariant or the weakest security in the Multi-BRC.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1201282063\\&quot; \\&quot;CH1201282097\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-clariant","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/clariant-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/clariant-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-08-03T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/freeport_mcmoran-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"In the same boat as \"Dr. Copper\"","windowTitle":"Freeport-McMoRan","category":"coupon-giant","title":"Freeport-McMoRan","body":"<h3>In the same boat as \"Dr. Copper\"<\/h3>\n<p>Whether in the news, in macroeconomic analyses or in exchanges among investors, the \"R\" word has been making the rounds frequently of late. The concern about a recession is not only perceptible on the various communication channels. The price of copper also speaks a clear language: within three months, the front month futures contract has fallen by almost one fifth. Due to its diverse fields of application - ranging from the automotive sector and construction to the electrical industry and the production of renewable energy - the industrial metal is strongly linked to the general economic climate. Copper is therefore also referred to as \"Dr. Copper\". As the world's largest publicly traded copper producer, Freeport-McMoRan felt the full impact of the global economy's recent coughing. In the three-month period, the share price of the U.S. mining group fell by a good quarter (see chart).<\/p>\n<div>\n    <generic-chart title=\"Freeport-McMoRan: Share price (in USD)\" timeSeries=\"true\">\n        <chart-line title=\"Fraport\" path=\"chart_freeport.csv\" format=\"date, number\" />\n        <x-axis type=\"datetime\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Thomson Reuters, as of 02.08.2022<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>An astonished CEO<\/h3>\n<p>The correction in the copper price has also left its mark on the company's figures. For Q2 2022, Freeport-McMoRan posted a more than one-fifth drop in earnings to an adjusted USc 58 per share. Analysts on average had expected USc 3 more. Sales also shrank more than expected. At USD 5.42 billion, revenues were 5.8% below the level of Q2 2021. Per pound of copper sold, the Phoenix, Arizona-based group took in USD 4.03, down from USD 4.34 in the year-ago period. CEO Richard Adkerson expressed surprise at the sudden change in sentiment in the copper market. He says demand for the red metal has proven robust. \"Today's market is tight,\" the CEO said July 21. While inventories are already tight, he said, the global energy transition, among other factors, would ensure a sustained increase in demand. But at current copper prices, developing new mining sites is of little interest, according to Adkerson. As a result, the shortage of this important raw material could worsen.<\/p>\n<h3>Rising copper sales<\/h3>\n<p>Freeport-McMoRan operates mines in North and South America as well as in Indonesia. In the Southeast Asian country, the group owns just under half of the Grasberg mine. The site, located on the western half of the island of New Guinea, contains one of the largest mineable copper reserves and the most exploitable gold deposit in the world. A good third of the copper mined by the Group comes from the Grasberg mine. Although Freeport-McMoRan has had to scale back its plans moderately due to various problems in Indonesia and at other locations, copper sales are expected to increase by a good tenth to 4.2 billion pounds in 2022. For the coming year, the CEO is targeting a further increase before the industry giant is expected to slow the pace somewhat in 2024 (see chart). How much the company earns with the planned production volumes depends heavily on the further price development for copper.<\/p>\n<div>\n<generic-chart title=\"Freeport-McMoRan: Copper sales (in billion pounds)\">\n  <chart-column\n    title=\"Copper sales Freeport-McMoRan (in billion pounds)\"\n    data=\"3.29,3.20,3.80,4.20,4.45,4.20\"\n    color=\"#f9a533\"\n  />\n  <x-axis categories=\"2019, 2020, 2021, 2022e, 2023e, 2024e\"/>\n<\/generic-chart>\n<\/div>\n<footer>e=expected, source: Freeport-McMoRan, as of 07/21/2022<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>A real coupon giant<\/h3>\n<p>Consequently, Freeport-McMoRan's stock turned upward in the second half of July along with the red metal's quotation. The double rebound was probably due less to renewed economic optimism than to weak production data from Chile, declining inventories in China, a falling dollar exchange rate and a technical counter-reaction. What is certain is that Freeport-McMoRan is showing relatively high volatility. So far this year, the price fluctuation range is more than 50%. By comparison, the historical volatility of the S&amp;P 500 Index, of which the mining giant is a member, is less than half. It is not least this discrepancy that makes Freeport-McMoRan an interesting underlying for barrier reverse convertibles (BRCs). Leonteq has launched three new variants of the popular product structure. As a single-underlying, the mining share yields a high coupon of 16% p.a. in the product currency CHF. In USD, the quarterly payout is another 200 basis points p.a. higher. The barriers are set at 59% of the initial level in each case. This also applies to the multi-BRC on Freeport-McMoRan, Barrick Gold and Newmont. Based on the mining trio, the guaranteed coupon amounts to 19% p.a. No opportunity without risk: As soon as a share touches or falls below the barrier, the partial protection expires. In this case, the Single products would be exposed to the full price risk of Freeport-McMoRan. With the Multi variant, the \"worst of\" principle applies. Due to the integrated softcallable function, all issues can be called and, if necessary, redeemed on a quarterly basis. For the first time, the issuer has this right after six months.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1201280596\\&quot; \\&quot;CH1201280539\\&quot; \\&quot;CH1201280604\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-freeport","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/freeport_mcmoran-leonteq-structured-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/freeport_mcmoran-leonteq-structured-thumbnail.jpg"},{"date":"2022-07-27T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/fraport-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"The fight against chaos","windowTitle":"Fraport","category":"underlying-in-focus","title":"Underlying in focus: Fraport","body":"<p>In recent months, international air traffic has recovered strongly. In the regions around major airports in particular, a look at the sky is enough to get this impression - there are clearly more jets and their vapor trails in the sky. This new desire to travel can also be seen in the traffic figures of the major airports. Take Zurich, for example: In June, the airport with the international abbreviation \"ZRH\" handled around 2.1 million passengers. This was 248% more than in the same month last year. However, passenger traffic was still a quarter below the level of June 2019. Frankfurt Airport is separated by a similarly large gap from the pre-Corona period. Nevertheless, the hustle and bustle is also increasing enormously at Germany's largest airport. With almost 5 million passengers, \"FRA\" handled 181% more guests in June than in the same month last year (see chart). The international business of the Fraport operating group is also recovering strongly. At Greek regional airports, passenger traffic in June even exceeded 2019 levels for the first time.<\/p>\n<div>\n<generic-chart title=\"Passenger figures Frankfurt Airport (in millions)\">\n      <x-axis categories=\"January, February, March, April, May, June\" />\n      <chart-column title=\"2021\" path=\"fraport_2021.csv\" format=\"number\" />\n      <chart-column title=\"2022\" path=\"fraport_2022.csv\" format=\"number\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Fraport<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>A fatal miscalculation<\/h3>\n<p>On the stock market, Fraport is nevertheless in a downward spiral. Since the turn of the year, the airport operator's share price has fallen by more than a quarter (see chart). On the one hand, the war in Ukraine has slowed down the mid cap. In addition to this conflict, a notorious shortage of personnel is causing major problems for the aviation sector and a stomachache for many passengers. Fraport had cut around 4,000 jobs during the pandemic. The 1,000 new jobs that have since been created in ground services are not enough to resolve the chaos in the form of delays and flight cancellations. \"The problem will not get smaller in the future, even though we are hiring,\" CEO Stefan Schulte said in early July. At the same time, he made no secret of the fact that the strength of travel demand has exceeded even the group's optimistic expectations. \"That's where I openly admit that we were wrong,\" the top manager said. To make matters worse, the Verdi union called on Lufthansa ground staff to strike this week Wednesday. As the largest location of the crane line, FRA would also be affected should the strike actually take place.<\/p>\n<div>\n    <generic-chart title=\"Fraport: share price (in EUR)\" timeSeries=\"true\">\n        <chart-line title=\"Fraport\" path=\"fraport_chart.csv\" format=\"date, number\" />\n        <x-axis type=\"datetime\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Thomson Reuters, as of 26.07.2022<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Conservative outlook<\/h3>\n<p>Despite all the turmoil, the CEO has not touched the forecast to date. The fact that Stefan Schulte has drawn up a cautious and broadly based outlook is likely to pay off here. For 2022, he expects consolidated sales of around EUR 3 billion, compared with EUR 2.14 billion in the previous period. Operating profit (Ebidta level) is expected to reach a range between around EUR 760 million and EUR 880 million. By comparison, the Group earned EUR 757 million here in 2021. At the bottom line, Fraport is targeting a profit of at least EUR 50 million and up to EUR 150 million. After deep red figures in the first Corona year, the Group achieved a turnaround in 2021 with just under EUR 92 million. According to Kepler Cheuvreux, the forecast is conservative. Due to the unexpectedly strong recovery in passenger numbers, the research house even considers an increase in guidance possible. The time could come as early as August 9, when Fraport publishes its half-year figures.<\/p>\n<h3>Alone and in duet<\/h3>\n<p>Shortly before the payment date, Leonteq launched several softcallable barrier reverse convertibles (BRC) on the airport share. As a single underlying, Fraport yields a coupon payment of 10.00% p.a. in the product currency CHF. In the EUR variant, the guaranteed quarterly payout is 10.60% p.a.. For both products, the underlying enters the term of 15 months with a barrier of 59% of the initial level. As long as Fraport does not use up the cushion, the issuer will repay the nominal value in full at the maturity date. The barrier for a new BRC on Fraport and Zurich Airport is also 59%. The multi-product pays a guaranteed coupon of 11.60% p.a.. Here, it is important for both shares not to fall to or below the barrier. Otherwise, the investment would be linked to the performance of the weakest stock at maturity. Each of the three new BRCs carries the soft callable feature, which allows early termination and redemption.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1201277980\\&quot; \\&quot;CH1201277949\\&quot; \\&quot;CH1201277964\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-fraport","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/fraport-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/fraport-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-07-20T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/boeing-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Optimism from the cockpit","windowTitle":"Boeing","category":"coupon-giant","title":"Boeing","body":"<h3>Optimism from the cockpit<\/h3>\n<p>The current heat wave is not stopping in the south of England. At the beginning of the week, the mercury in Farnborough reached 35 degrees Celsius. Hardly anyone outside the county of Hempshire would actually take notice of this news, but at the airfield of the town of 60,000 inhabitants, the Farnborough International Airshow 2022 began on Monday. More than 1,200 exhibitors from the aerospace and defense industries are taking part in this high-profile showcase. After the Corona pandemic plunged the sector into a deep crisis, a signal of optimism is now to emanate from the event. The two leading aircraft manufacturers, Boeing and Airbus, are receiving a particularly high level of attention at Farnborough. They are presenting their latest models and innovations at the show and at the same time concluding prestigious orders. Right at the beginning, the US airline Delta ordered 100 aircraft of the 737 MAX 10 series from Boeing, worth USD 13.5 billion.<\/p>\n<div>\n    <generic-chart title=\"Boeing: order volume by segment (share in %)\">\n        <pie-chart path=\"pie_boeing1_en.csv\" format=\"string, number\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Boeing, as of 31.03.2022<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Several problem aircraft<\/h3>\n<p>As a result, the Group's order book continues to swell. As of the end of March 2022, Boeing's commercial aviation order book totaled close to 4,200 aircraft with a combined value of nearly USD 291 billion, meaning the division represented more than three-quarters of the group's order backlog (see chart). \"Right now, I'm enjoying the robust demand we're seeing,\" commented CEO Dave Calhoun ahead of the Farnborough International Airshow. Looking ahead, the top executive doesn't seem to be worried either: \"I think we'll regain the glory of the old days - and then some.\" However, the CEO, who has been in office since the beginning of 2020, still has a few problems to solve. Three models at once are causing Boeing difficulties. After the 737 MAX was practically not allowed to take off worldwide for more than one and a half years after two crashes, the certification of the long-haul 777X has meanwhile also been delayed. In addition, U.S. regulators halted delivery of the 787 \"Dreamliner\" last year. Previously, hairline cracks had been discovered on parts of the twin-engine jet.<\/p>\n<h3>Rising delivery figures<\/h3>\n<p>The various problems entail enormous costs. In the first quarter of 2022 alone, Boeing's bottom line was a loss of more than USD 1.2 billion. Meanwhile, Airbus posted a surplus of around EUR 1.2 billion in the same period. Unsurprisingly, there is also a clear discrepancy between the two arch-rivals on the stock market. The Europeans are clearly ahead of their US competitors (see chart). At least Boeing participated in the recent recovery of the sector. The latest delivery figures from the company's headquarters in Chicago also helped. In June, Boeing delivered more than 50 aircraft for the first time since March 2019. With the 51 jets handed over to customers during the reporting month, the delivery figure for the first half of 2022 increased to 216 aircraft. Compared to the January-June 2021 period, this represented 38% growth. Investors will find out what the income statement looks like on July 27, when the U.S. company presents its second-quarter figures.<\/p>\n<div>\n    <generic-chart title=\"Boeing vs. Airbus (indexed to 100)\">\n  <chart-line title=\"Boeing\" path=\"chart_boeing.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <chart-line title=\"Airbus\" path=\"chart_airbus.csv\" format=\"date, number\" color=\"#898c92\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Thomson Reuters, as of 18.07.2022<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Various investment solutions<\/h3>\n<p>What is certain is that Boeing is one of the members of the Dow Jones Industrial Average Index with the highest volatility. This makes the stock an interesting underlying for barrier reverse convertibles, as the implied price fluctuation range is one of the key price parameters of this structure. Basically, the stronger the expected volatility, the higher coupons and/or lower barriers are possible. This interplay comes to the fore in the case of three new issues from Leonteq. As a single underlying, Boeing offers a guaranteed coupon of 15% p.a. in the product currency CHF. In the USD variant, the payout is even three percentage points p.a. higher. For another BRC, Leonteq has brought together Boeing and Airbus. This CHF issue has a coupon of 17% p.a. All versions have a barrier of 55% of the initial level. As long as no underlying falls at or below this level, Leonteq will repay the nominal in full. Otherwise, the partial protection expires and the investment is exposed to the full price risk of the underlyings - the \"worst of\" principle applies to the Multi-BRC. The maximum term is 15 months. Due to the integrated softcallable function, early termination and redemption may occur.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1194705286\\&quot;, \\&quot;CH1194705328\\&quot;, \\&quot;CH1194705336\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-boeing","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/boeing-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/boeing-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-07-14T17:28","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/stockmarket-crossroads-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Tracker Certificate on the Swissquote Global Inverse 2.0 Index","windowTitle":"Swissquote Global Inverse 2.0 Index","category":"investment-themes","title":"Returns in a bear market","body":"<h3>Sharp change of direction<\/h3>\n<p>Comparisons and historic classifications are part of everyday life on stock markets. Positive superlatives have tended to dominate over the last few years, with many markets reaching new highs following sell-offs due to the coronavirus pandemic. That is now in the past. In the first half of the year, equities as an asset class went through a historically significant correction. Take Wall Street, for example: on the New York stock market, the S&P 500 Index ended the half down a good fifth. That represents the biggest first-half drop in barometer stocks since 1970. On the US technology stock market, the Nasdaq, 30 June saw the end of what was actually the weakest first six months of a year since it was founded in 1971. For investors recently accustomed to success, then, 2022 brought the bitter discovery that things do not necessarily go in only one direction.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/swissquote-global-inverse-index?language_id=1\" label=\"Get more information here\"><\/ltq-button><\/div>\n<h3>A simple principle<\/h3>\n<p>\u201cDownward movements are unavoidable on the financial markets\u201d \u2013 this was the advice given by the strategists at Swissquote back in early 2021. Although the SMI and its like were then still in the middle of the bull market, the experts emphasised the risk of a correction and the sleepless nights that this would cost many an investor. To avoid these, Swissquote expanded its \u201cThemes Trading\u201d platform with the Global Inverse 2.0 Index around 15 months ago. \u201cWith a little financial understanding and know-how, investors can make drops on the market work for them and strengthen their portfolio effectively in troubled times rather than decimating it,\u201d is how the initiators summarise the point behind this benchmark. What this requires is short positioning. This concept describes the possibility of selling equities short. In this process, the investor first sells a borrowed security. If the price falls as expected, the position is closed out again at a lower level, a corresponding profit is generated and the share is returned to the lender.<\/p>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0596608510\\&quot;&quot;,&quot;conditions&quot;:{&quot;&quot;:true},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;resultsPerPage&quot;:20,&quot;pageNumber&quot;:1,&quot;inSubscription&quot;:false,&quot;sortFields&quot;:[],&quot;sortingEnabled&quot;:true,&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div>\n<p><strong>Management fee: 0.70% <\/strong><\/p>\n<p><strong>Index Sponsor: Swissquote Bank SA<\/strong><\/p>\n<p><strong>Issuer: Leonteq Securities AG<\/strong><\/p>\n<\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><price-chart isin=\"CH0596608510\"><\/price-chart><\/div>\n<h3>Diversified short investment<\/h3>\n<p>Although Swissquote does not take individual short exposures for the Global Inverse 2.0 Index, the strategy bets on falling prices for thousands of international stocks. It can do so thanks to what are known as short ETFs. Passive funds of this type follow a particular stock market barometer \u2013 but in reverse. Indeed, the inverse participation even acts as a lever. To give an example, a short ETF with a factor of 2 becomes 2% more expensive as soon as the underlying market slips 1%. This interaction is seen as common on a day-to-day basis. At the moment the Swissquote Global Inverse 2.0 Index consists of nine passive funds (see table). Behind these ETFs is a whole array of individual stocks. The Emerging Markets Index, for instance, contains almost 1400 companies. On Wall Street, the Global Inverse 2.0 Index has a short position on both the S&P 500 and the Russell 2000 small cap index.<\/p>\n<div>\n    <generic-chart title=\"Swissquote Global Inverse 2.0 Index vs. MSCI World Index (indexed to 100)\">\n  <chart-line title=\"MSCI World Index\" path=\"Chart_msciw.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <chart-line title=\"Swissquote Global Inverse 2.0 Index\" path=\"Chart_sqgi.csv\" format=\"date, number\" color=\"#191c22\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n <footer>Source: Thomson Reuters, as of 08.07.2022<br />Historical data are not a reliable indicator of future performance.<\/footer>\n<h3>Risks and opportunities<\/h3>\n<p>Leonteq is allowing an investment in this special stock market barometer through a tracker certificate. When global equity markets lost ground in the first half of the year, the time for this product had come: the Global Inverse 2.0 Index appreciated by almost a fifth from January to June. Of course, this investment strategy is not without its risks. It should be noted, firstly, that the underlying functions with the aid of derivatives, which makes tracking errors possible. Performance can therefore deviate from the intended inverse course of the markets involved. Furthermore, there is a risk that the bear market will come to an end again and prices will head back up. In this scenario the inverse strategy would come under pressure. While global equity markets were able to make up some ground at the start of the second half, it is probably much too early to call a real turnaround. In short, this product could be interesting if only with a view to a good night's sleep.<\/h3>\n<h3>Swissquote Global Inverse 2.0 Index: Current Composition<\/h3>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;SWISS FRANC&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:5.241E-4,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;EURO&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:1.068E-5,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;BRITISH POUND&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:1.44E-6,&quot;currency&quot;:&quot;GBP&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;JAPANESE YEN&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:-1.0E-8,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;US DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00930461,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - FUND&quot;,&quot;name&quot;:&quot;DBX EURO STOXX 50 SHORT 1C&quot;,&quot;sophisInternalId&quot;:90977690,&quot;currentPrice&quot;:5.346,&quot;weight&quot;:0.143652,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - FUND&quot;,&quot;name&quot;:&quot;DIREXION DLY S&amp;P 500 BEAR 1X&quot;,&quot;sophisInternalId&quot;:159484136,&quot;currentPrice&quot;:8.41,&quot;weight&quot;:0.24233265,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - FUND&quot;,&quot;name&quot;:&quot;NEXT FUNDS NKY225 INVERS ETF&quot;,&quot;sophisInternalId&quot;:90395055,&quot;currentPrice&quot;:299,&quot;weight&quot;:0.0484809,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - FUND&quot;,&quot;name&quot;:&quot;PROSHARES SHORT MSCI EMR MKT&quot;,&quot;sophisInternalId&quot;:67124095,&quot;currentPrice&quot;:16.4,&quot;weight&quot;:0.1032137,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - FUND&quot;,&quot;name&quot;:&quot;PROSHARES SHORT RUSSELL2000&quot;,&quot;sophisInternalId&quot;:123054112,&quot;currentPrice&quot;:14.57,&quot;weight&quot;:0.20980422,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - FUND&quot;,&quot;name&quot;:&quot;PROSHARES SHORT S&amp;P500&quot;,&quot;sophisInternalId&quot;:84393058,&quot;currentPrice&quot;:32.09,&quot;weight&quot;:0.24267571,&quot;currency&quot;:&quot;USD&quot;}]\"><\/AmcComposition>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/swissquote-global-inverse-index?language_id=1\" label=\"Get more information here\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"swissquote-global-inverse-index","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/stockmarket-crossroads-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/stockmarket-crossroads-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-07-13T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/cembra-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"With new cards to old spheres","windowTitle":"Cembra Money Bank","category":"underlying-in-focus","title":"Underlying im Fokus: Cembra Money Bank","body":"<p>On August 23, 2021, the shareholders of Cembra Money Bank experienced a \"Black Monday\". The Mid Cap slumped by a good 30% within one trading session. Prior to this, the Zurich-based company had announced the end of its cooperation with Migros. After 15 years, the cooperation agreement for the Cumulus Mastercard was to expire. The retailer planned to enter this business together with the in-house Migros Bank. Although Cembra Money Bank's management maintained the outlook for 2021 as well as the medium-term targets, the end of the cooperation with Migros was expected to \"temporarily\" reduce net profit by 10% to 15% from 2022 onwards. In the meantime, the separation has been completed, and since July 1, the long-standing partners have been going their separate ways. At the same time, an intense battle for the \"Cumulus community\" has broken out. According to Cembra Money Bank, more than 850,000 of this popular credit card were in circulation last August.<\/p>\n<h3>Alternative offers<\/h3>\n<p>With \"Certo!\", a new credit card family, Cembra wants to keep these users in line. The service provider has launched two variants of this, one \"for everyone\" and another \"for existing users of the Cumulus Mastercard,\" according to the company. The first Cumulus holders are expected to receive their new cards in the coming weeks. The data, including PIN, will remain unchanged. In addition, the new offer provides a cashback of 1% for purchases at Migros, Coop and SBB. \"All other transactions are rewarded with a cashback of 0.33%,\" Cembra states in a media release. Of course, Migros Bank also wants to keep as many customers as possible. It has launched a new Cumulus credit card at the same time as its competitor. In addition to worldwide purchases free of charge, the provider highlights, among other things, the waiver of the annual fee and a free cash withdrawal at Migros checkouts as plus points.<\/p>\n<div>\n<generic-chart title=\"Profit Cembra Money Bank (in CHFm)\">\n  <chart-column\n    title=\"Profit Cembra (in CHFm)\"\n    data=\"144.5,154.1,159.2,152.9,161.5\"\n    color=\"#f9a533\"\n  />\n  <x-axis categories=\"2017, 2018, 2019, 2020, 2021\"/>\n<\/generic-chart>\n<\/div>\n<footer>Source: Cembra Money Bank<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>A new growth area<\/h3>\n<p>Cembra is not relying solely on the recently launched credit card family. As part of a strategy issued at the end of 2021, CEO Holger Laubenthal also wants to seize new growth opportunities. He has his eye on the \"Buy Now Pay Later\" (BNPL) segment in particular. The financial institution offers invoice financing through its subsidiary Swissbilling, which was founded in 2011. Customers here include the furniture store Ikea Switzerland and the sports retailer Ochsner. In 2021, Swissbilling said it processed 1 million invoices and increased fee income by 23% to CHF 11 million. Investors will find out how this young business and the entire group have fared so far this year on July 21. That's when Cembra Money Bank presents its results for the first half of 2022. At the same time, analyst consensus for the SMIM member comes under scrutiny. So far, the experts trust the company - despite the Migros separation and the profit losses announced in the wake of it - to achieve a stable surplus in 2022. Last year, Money Cembra Money Bank posted a record bottom line of CHF 161.5 million (see chart).<\/p>\n<div>\n    <generic-chart title=\"Cembra Money Bank: share price (in CHF)\" timeSeries=\"true\">\n        <chart-line title=\"Cembra\" path=\"chart_cembra.csv\" format=\"date, number\" />\n        <x-axis type=\"datetime\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Thomson Reuters, as of 11.07.2022<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Yield in sideways trend<\/h3>\n<p>On the stock market, a decent chunk separates the credit specialist from its historical peaks. After the sell-off last summer, the Cembra share has entered a sideways trend. A continuation of this chart constellation would be made for the new Softcallable Barrier Reverse Convertible (BRC). Irrespective of the further share price development, investors will receive a quarterly coupon payment of 7% p.a.. Cembra Money Bank starts the maximum term of 18 months with a barrier of 65% of the initial level. As long as the underlying does not fall to or below this price level, the issuer repays the nominal in full. If, on the other hand, the cushion is not sufficient, the partial protection expires. The investment would then be linked to the performance of the stock. Please also note: Due to the soft callable feature, early termination and redemption of this CHF issue may occur.<\/p>\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1194703513\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-cembra","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/cembra-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/cembra-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-07-06T12:28","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/chiliz-leonteq-structured-products-product-homepage-banner.jpg","subTitle":"30 crypto assets tradable via Leonteq","windowTitle":"Chiliz","category":"crypto-assets","title":"About Chiliz","body":"<p><strong>Chiliz is based on the idea that blockchain technology can be used to provide fans around the world with a new way to engage with their favorite sports teams and likewise the teams with a new way to monetize their global fanbases.<\/strong><\/p>\n<p>Chiliz raised just over USD 66m through private placement in 2018 and operates the sport platform Socios (socios.com). Socios providing sport fans with the chance to connect with their favorite sporting organizations through fan tokens. Fan tokens can be used by fans for voting on decisions that directly impact their favorite teams, VIP rewards, exclusive promotions, AR-enabled features, chat forums, games etc.<\/p>\n<p>The CHZ token is used to purchase fan tokens and acts as the platform\u2019s internal currency. Every sporting organization utilizing Chiliz technology has its own limited supply of fan tokens, and each time a new sporting organization joins Socios, they must decide the initial sale price of their fan tokens \u2014which are denominated in CHZ. Fans can exchange their fan tokens on the Chiliz Exchange (https://www.chiliz.net/).<\/p>\n<p>CHZ started out as an Ethereum ERC-20 token, Fan tokens however are minted on a complete separate blockchain.<\/p>\n<p>Chiliz is redefining the way sports fans can engage and interact with their favorite teams.<\/p>\n<h3>Investment solution on Chiliz - not listed<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[&quot;PC_PARTICIPATION&quot;],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[&quot;PT_TRACKER_CERTIFICATE&quot;],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[&quot;164558818&quot;],&quot;omni&quot;:&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:false,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:true},&quot;underlyingSearchString&quot;:&quot;chili&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Conversion Ratio: 100<\/li>    \n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/investment-themes/crypto-expansion?language_id=1\" label=\"Click here to access the full product range on cryptocurrencies.\"> <\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>\n<h5>Risk disclosure<\/h5>\n<p>Investments in products referencing one or more cryptocurrencies or indices of cryptocurrencies are subject to increased volatility compared to investments in traditional assets and to specific risks which can negatively impact the value, tradability,liquidity and/or security of such investments. Potential Investors are encouraged to inform themselves about these specific risks when considering an investment in products referencing one or more cryptocurrencies or indices of cryptocurrencies. A summary of key risks relating to products referencing one or more cryptocurrencies or indices of cryptocurrencies can be found <strong> <a href=\"https://structuredproducts-ch.leonteq.com/crypto-disclaimer\">here<\/a><\/strong>.<\/p>","url":"chiliz","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/chiliz-leonteq-structured-products-sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/chiliz-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-07-06T12:06","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/mana-leonteq-structured-products-product-homepage-banner.jpg","subTitle":"30 crypto assets tradable via Leonteq","windowTitle":"Decentraland","category":"crypto-assets","title":"About Decentraland","body":"<p><strong>Decentraland is a virtual reality platform powered by the Ethereum blockchain where users can play, explore, and interact with games and activities. Users can also purchase parcels of land (approx. 90,000 are available for sale) on which they can build their own environments, marketplaces, and applications. Decentraland was opened to the public in 2020 (a USD 24m ICO took place in 2017).<\/strong><\/p>\n<p>Decentraland features a diverse assortment of experiences for participants, such as games, casinos, galleries and concerts and companies increasingly use Decentraland to offer brand-sponsored content.<\/p>\n<p>Today, Decentraland uses three tokens: MANA, LAND and ESTATE. MANA is an ERC-20 token that serves as Decentraland's currency e.g. when purchasing a parcel of land. MANA tokens can also be used to pay for a range of avatars, wearables, names, and more on the Decentraland marketplace and as a voting share for the DAO (decentralized autonomous organization). LAND is an ERC-721 token that represents parcels of digital land and ESTATE is an ERC-721 token that represents merged parcels of digital land.<\/p>\n<p>Decentraland is the earliest pioneer in the metaverse space offering a virtual world in which users can create, experience, and monetize their content and applications.<\/p>\n<h3>Investment solution on Decentraland - tradable on BX Swiss<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[&quot;PC_PARTICIPATION&quot;],&quot;productGroups&quot;:[&quot;PG_TRACKER_CERTIFICATE&quot;],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[&quot;164558835&quot;],&quot;omni&quot;:&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:false,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:true},&quot;underlyingSearchString&quot;:&quot;dece&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Conversion Ratio: 10<\/li>    \n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/investment-themes/crypto-expansion?language_id=1\" label=\"Click here to access the full product range on cryptocurrencies.\"> <\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>\n<h5>Risk disclosure<\/h5>\n<p>Investments in products referencing one or more cryptocurrencies or indices of cryptocurrencies are subject to increased volatility compared to investments in traditional assets and to specific risks which can negatively impact the value, tradability,liquidity and/or security of such investments. Potential Investors are encouraged to inform themselves about these specific risks when considering an investment in products referencing one or more cryptocurrencies or indices of cryptocurrencies. A summary of key risks relating to products referencing one or more cryptocurrencies or indices of cryptocurrencies can be found <strong> <a href=\"https://structuredproducts-ch.leonteq.com/crypto-disclaimer\">here<\/a><\/strong>.<\/p>","url":"decentraland","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/mana-leonteq-structured-products-sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/mana-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-07-06T11:51","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/ape-leonteq-structured-products-product-homepage-banner.jpg","subTitle":"30 crypto assets tradable via Leonteq","windowTitle":"ApeCoin","category":"crypto-assets","title":"About ApeCoin","body":"<p><strong>Launched in March 2022, ApeCoin (APE) is an ERC-20 governance and utility token allowing APE holders to participate in the ApeCoin DAO (decentralized autonomous organization). The ApeCoin DAO aims to build and maintain the APE ecosystem. APE holders can vote on governance proposals of the ApeCoin DAO and access exclusive features of the APE ecosystem, such as games, events, and services.<\/strong><\/p>\n<p>ApeCoin DAO's wants to \"support what's next, controlled and built on by the community\". It will serve as a decentralized protocol layer for community-led initiatives \u201cthat drive culture forward into the metaverse\u201d.<\/p>\n<p>Yuga Labs, the creator of the popular Bored Ape Yacht Club (BAYC) NFT collections, has also adopted APE as the primary token for all its new products and services. Yuga Labs, a community member of ApeCoin DAO, recently raised USD 450m and plans to launch several new metaverse initiatives (with a big focus on the gaming sector).<\/p>\n<p>Yuga Labs has big ambitions for integrating APE into its future plans and make it the currency of an entire metaverse economy<\/p>\n<h3>Investment solution on ApeCoin - tradable on BX Swiss<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[&quot;164558841&quot;],&quot;omni&quot;:&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:false,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:true},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[&quot;XBRN&quot;],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Conversion Ratio: 1<\/li>    \n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/investment-themes/crypto-expansion?language_id=1\" label=\"Click here to access the full product range on cryptocurrencies.\"> <\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>\n<h5>Risk disclosure<\/h5>\n<p>Investments in products referencing one or more cryptocurrencies or indices of cryptocurrencies are subject to increased volatility compared to investments in traditional assets and to specific risks which can negatively impact the value, tradability,liquidity and/or security of such investments. Potential Investors are encouraged to inform themselves about these specific risks when considering an investment in products referencing one or more cryptocurrencies or indices of cryptocurrencies. A summary of key risks relating to products referencing one or more cryptocurrencies or indices of cryptocurrencies can be found <strong> <a href=\"https://structuredproducts-ch.leonteq.com/crypto-disclaimer\">here<\/a><\/strong>.<\/p>","url":"apecoin","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/ape-leonteq-structured-products-sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/ape-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-07-06T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/valeo-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"On the way to Car 4.0","windowTitle":"Valeo","category":"coupon-giant","title":"Valeo","body":"<h3>On the way to Car 4.0<\/h3>\n<p>A profound change is currently sweeping through the automotive industry. While the switch from combustion engines to electric vehicles is already a foregone conclusion, autonomous driving is also making progress. More and more Advanced Driver Assistance Systems (ADAS) are being used. These form the basis for highly automated driving.<\/p>\n<h3>Innovative partnership<\/h3>\n<p>One important company in this field is Valeo. More than three decades ago, the automotive supplier launched Park Distance Control (PDC) as a world first with its partner BMW. The French company also launched the multi-camera view in the Munich car around 15 years ago. Now the two companies want to further intensify their cooperation. For BMW's \"New Class\" platform, which is being designed specifically for electric cars and is scheduled for launch in 2025, Valeo will supply the ADAS domain controller, sensors and software for parking and maneuvering.<\/p>\n<p>Valeo's ADAS domain controller will house all the driving assistance functions, as well as BMW and Qualcomm's software for driving automation. The system can thus sense the environment in real time. However, the controller's potential is far from exhausted with this, and new functions are to be added continuously. According to estimates, the total ADAS market will increase eightfold from the current EUR 15 billion to EUR 120 billion by 2035.<\/p>\n<div>\n<generic-chart title=\"ADAS market (in EUR bn)\">\n  <chart-column\n    title=\"ADAS market\"\n    data=\"15, 25, 60, 120\"\n    color=\"#f9a533\"\n  />\n  <x-axis categories=\"2021, 2025e, 2030e, 2035e\"/>\n<\/generic-chart>\n<\/div>\n<footer>Source: Valeo<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>New growth plan<\/h3>\n<p>With BMW, Valeo has a strong partner at its side. The German premium supplier is currently stepping on the gas on its way to a new automotive future. In the first quarter, BMW sold almost two and a half times as many e-cars as in the same period last year. For the year as a whole, the company aims to sell well over 200,000. By the end of 2025, BMW would even like to have put more than two million fully electric vehicles on the road. According to CEO Oliver Zipse, BMW's \"New Class\" architecture could then already account for 50% of sales in 2030.<\/p>\n<p>This means that Valeo will have its work cut out for it. This should be to the liking of Christophe Périllat, who took over as Group CEO in February this year. The 56-year-old wants to grow at least 5 percentage points faster than car production between 2022 and 2025. Ultimately, the aim is to achieve sales of more than EUR 27 billion by the middle of the decade. That compares with around EUR 17 billion in 2021, a 5% increase over 2020, which was enough to jet back into the black. In the Corona year 2020, Valeo lost a good billion.<\/p>\n<p>For the current fiscal year, Périllat's plan calls for sales of between EUR 19.2 billion and 20.0 billion, which would represent growth of 11% to 16%. However, geopolitical tensions as well as inflationary pressure will cause profitability to decline. The target is an Ebitda margin of 11.8% to 12.3%, compared with 13.4% in 2021.<\/p>\n<div>\n    <generic-chart title=\"Valeo: share price (in EUR)\">\n        <chart-line title=\"Valeo\" path=\"valeo_chart.csv\" format=\"date, number\" />\n        <x-axis type=\"datetime\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Thomson Reuters, as of 05.07.2022<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<p>The weaker outlook put a heavy damper on Valeo shares. Within a few trading days, the share price plummeted by almost half between the end of February and the beginning of March. After a brief consolidation phase in the EUR 15 range, however, the stock regained significant ground and is now back in the region of the 20 mark. Analysts have recently issued positive ratings. JPMorgan, for example, assumes that the supplier will confirm its annual targets when it presents its half-year figures and that business will pick up in the second half of the year. An evaluation of currently 23 research studies results in an average Hold rating with a price target of 22 euros.<\/p>\n<h3>High coupons combined with partial protection<\/h3>\n<p>Strictly speaking, Valeo shares do not need to gain a cent to achieve high returns with the new barrier reverse convertibles. Leonteq has structured two new softcallable BRCs that offer double-digit percentage coupons with risk buffers of 40%. The CHF product offers a potential return of 14.00% p.a., while the second variant based on EUR even yields a maximum of 14.40% p.a.. There is even more to be gained with a combination of BMW and Valeo. The multi-BRC on the car duo has an identical risk buffer and a coupon of 16.00% p.a.. All three products have a soft callable feature. The first observation day takes place after six months and is then repeated quarterly.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1194701871\\&quot; \\&quot;CH1194701848\\&quot; \\&quot;CH1194701905\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon_valeo","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/valeo-leonteq-structured-productssidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/valeo-leonteq-structured-productsthumbnail.jpg"},{"date":"2022-07-01T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/technological-blockbusters-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Tracker Certificate on the Morningstar Big Data & Robotics Index","windowTitle":"Big Data & Robotics","category":"investment-themes","title":"Investing in mega-trends:","body":"<h3>Reshuffling the pack<\/h3>\n<p>Big data, AI, even robotics \u2013 technological mega-trends are ensuring that increasingly disruptive innovations are having a lasting impact on the market. They are also fast becoming an economically important factor in production and competition, allowing companies which recognise the signs of the times to tap into previously undreamed-of potential. And an edge on the competition frequently goes hand in hand with higher share prices. Reason enough, then, for investors to take a look at this sector. The experts at Morningstar have done this on a professional scale, identifying nine technology themes which they expect to generate exponential economic benefits. These are big data and analytics, nanotechnology, networks and computer systems, energy and environmental systems, medicine and neurosciences, robotics, 3D printing, bioinformatics and innovation in financial services.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/morningstar-data-robotics?language_id=1\" label=\"Get more information here\"><\/ltq-button><\/div>\n<h3>New strategy index<\/h3>\n<p>The Morningstar Big Data & Robotics Index was developed on the basis of these forward-looking themes. It only considers companies which operate in the big data, analytics and robotics sectors. Within big data and analytics, the businesses in question are those which have such large and complex data sets that they can no longer be processed using standard methods. Among the related sub-themes are the Internet of Things, machine learning and artificial intelligence. Strict rules are also applied for the robotics segment: only companies which are involved in the design, construction, operation and application of robots make it into the index. All of them must also meet minimum criteria for liquidity and market capitalisation. Finally, a top 50 is selected from the qualifying equity pool. From an industry perspective, the information technology sector starts as the heavyweight in the pack with a 45.8% share, followed by healthcare at 26.6%.<\/p>\n<div>\n    <generic-chart title=\"Industry weighting in the Morningstar Big Data & Robotics Index\">\n        <pie-chart path=\"pie_morningstar_data_robotics_en2.csv\" format=\"string, number\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Morningstar<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Broad selection<\/h3>\n<p>In addition to the concerns already mentioned, Amazon, Fanuc and Intuitive Surgical, the two big players Meta Platforms and Nvidia are also on board, for instance. While the former will be putting out feelers in the direction of virtual reality in the future, digital progress would be much slower without Nvidia's high-performance processors. The company manufactures what are known as GPUs, which are much more powerful than conventional CPUs. According to Nvidia, GPUs are set to accelerate a thousandfold by 2025. From Switzerland, ABB is another to have made it onto the Morningstar Big Data & Robotics Index. The group counts among the world's leading suppliers of industrial robots and robot software alongside Fanuc and Yaskawa. In the first quarter of 2022 the number of orders in this business line increased by 60 per cent. At present, healthcare company Merck is refining \u201cElenoide\u201d, the humanoid robot built in Japan in 2018, in order to conduct research into how humans react to this human-robot interaction. Palantir, meanwhile, is a true data specialist. The US group helps government agencies and institutions, for example, analyse huge volumes of data in order to combat criminality, among other uses. The company is also active in business, however: Palantir recently announced a partnership with a world-leading automotive group, for instance.<\/p>\n<div>\n   <ltq-table id=\"\" title=\"Morningstar Big Data & Robotics Index composition June 2022\">\n      <template v-slot:default=\"\">\n         <thead>\n<tr>\n<th>Company Name<\/th>\n<th>Percent Weight<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Schlumberger NV<\/td>\n<td>3.51%<\/td>\n<\/tr>\n<tr>\n<td>International Business Machines Corp<\/td>\n<td>3.27%<\/td>\n<\/tr>\n<tr>\n<td>Berkshire Hathaway Inc<\/td>\n<td>2.82%<\/td>\n<\/tr>\n<tr>\n<td>Waters Corp<\/td>\n<td>2.67%<\/td>\n<\/tr>\n<tr>\n<td>Nabtesco Corp<\/td>\n<td>2.47%<\/td>\n<\/tr>\n<tr>\n<td>Cognizant Technology Solutions Corp<\/td>\n<td>2.44%<\/td>\n<\/tr>\n<tr>\n<td>Synopsys Inc<\/td>\n<td>2.42%<\/td>\n<\/tr>\n<tr>\n<td>Zimmer Biomet Holdings Inc<\/td>\n<td>2.42%<\/td>\n<\/tr>\n<tr>\n<td>QIAGEN NV<\/td>\n<td>2.35%<\/td>\n<\/tr>\n<tr>\n<td>Thermo Fisher Scientific Inc<\/td>\n<td>2.34%<\/td>\n<\/tr>\n<tr>\n<td>Cadence Design Systems Inc<\/td>\n<td>2.31%<\/td>\n<\/tr>\n<tr>\n<td>Capgemini SE<\/td>\n<td>2.25%<\/td>\n<\/tr>\n<tr>\n<td>Danaher Corp<\/td>\n<td>2.23%<\/td>\n<\/tr>\n<tr>\n<td>Splunk Inc<\/td>\n<td>2.21%<\/td>\n<\/tr>\n<tr>\n<td>Accenture PLC<\/td>\n<td>2.19%<\/td>\n<\/tr>\n<tr>\n<td>SoftBank Group Corp<\/td>\n<td>2.19%<\/td>\n<\/tr>\n<tr>\n<td>ABB Ltd<\/td>\n<td>2.18%<\/td>\n<\/tr>\n<tr>\n<td>Alphabet Inc<\/td>\n<td>2.15%<\/td>\n<\/tr>\n<tr>\n<td>Agilent Technologies Inc<\/td>\n<td>2.15%<\/td>\n<\/tr>\n<tr>\n<td>Intel Corp<\/td>\n<td>2.13%<\/td>\n<\/tr>\n<tr>\n<td>PerkinElmer Inc<\/td>\n<td>2.11%<\/td>\n<\/tr>\n<tr>\n<td>FANUC Corp<\/td>\n<td>2.10%<\/td>\n<\/tr>\n<tr>\n<td>SAP SE<\/td>\n<td>2.07%<\/td>\n<\/tr>\n<tr>\n<td>Bio-Techne Corp<\/td>\n<td>2.03%<\/td>\n<\/tr>\n<tr>\n<td>STMicroelectronics NV<\/td>\n<td>2.02%<\/td>\n<\/tr>\n<tr>\n<td>Sandvik AB<\/td>\n<td>2.00%<\/td>\n<\/tr>\n<tr>\n<td>ServiceNow Inc<\/td>\n<td>1.99%<\/td>\n<\/tr>\n<tr>\n<td>QUALCOMM Inc<\/td>\n<td>1.97%<\/td>\n<\/tr>\n<tr>\n<td>Merck KGaA<\/td>\n<td>1.97%<\/td>\n<\/tr>\n<tr>\n<td>Microchip Technology Inc<\/td>\n<td>1.97%<\/td>\n<\/tr>\n<tr>\n<td>Micron Technology Inc<\/td>\n<td>1.93%<\/td>\n<\/tr>\n<tr>\n<td>Yaskawa Electric Corp<\/td>\n<td>1.87%<\/td>\n<\/tr>\n<tr>\n<td>Autodesk Inc<\/td>\n<td>1.81%<\/td>\n<\/tr>\n<tr>\n<td>Amazon.com Inc<\/td>\n<td>1.80%<\/td>\n<\/tr>\n<tr>\n<td>Dassault Systemes SE<\/td>\n<td>1.73%<\/td>\n<\/tr>\n<tr>\n<td>ANSYS Inc<\/td>\n<td>1.71%<\/td>\n<\/tr>\n<tr>\n<td>Harmonic Drive Systems Inc<\/td>\n<td>1.69%<\/td>\n<\/tr>\n<tr>\n<td>Intuitive Surgical Inc<\/td>\n<td>1.68%<\/td>\n<\/tr>\n<tr>\n<td>Sartorius Stedim Biotech<\/td>\n<td>1.65%<\/td>\n<\/tr>\n<tr>\n<td>Intuit Inc<\/td>\n<td>1.64%<\/td>\n<\/tr>\n<tr>\n<td>NVIDIA Corp<\/td>\n<td>1.49%<\/td>\n<\/tr>\n<tr>\n<td>Illumina Inc<\/td>\n<td>1.48%<\/td>\n<\/tr>\n<tr>\n<td>Sartorius AG<\/td>\n<td>1.48%<\/td>\n<\/tr>\n<tr>\n<td>Meta Platforms Inc<\/td>\n<td>1.48%<\/td>\n<\/tr>\n<tr>\n<td>Omron Corp<\/td>\n<td>1.41%<\/td>\n<\/tr>\n<tr>\n<td>MongoDB Inc<\/td>\n<td>1.40%<\/td>\n<\/tr>\n<tr>\n<td>Ocado Group PLC<\/td>\n<td>1.40%<\/td>\n<\/tr>\n<tr>\n<td>Palantir Technologies Inc<\/td>\n<td>1.24%<\/td>\n<\/tr>\n<tr>\n<td>Pegasystems Inc<\/td>\n<td>1.20%<\/td>\n<\/tr>\n<tr>\n<td>Snowflake Inc<\/td>\n<td>0.96%<\/td>\n<\/tr>\n         <\/tbody>\n      <\/template>\n      <template v-slot:below=\"\">\n         <LtqCardBody>\n            <footer>Source: Morningstar<\/footer>\n            <footer>Historical data are not a reliable indicator of future performance.<\/footer>\n         <\/LtqCardBody>\n      <\/template>\n   <\/ltq-table>\n<\/div>\n<h3>Participation made easy<\/h3>\n<p>Investors can now bring all these highly promising future themes into their portfolio with a single investment thanks to the newly issued tracker on the Morningstar Big Data & Robotics Index. Denominated in Swiss francs, the participation product follows the performance of the underlying on a 1:1 basis. Only a management fee of 1.10% p.a. is deducted. In return, Morningstar ensures that the index is always kept up-to-date, reviewing the composition annually and adjusting it as required. In addition, all index components are weighted equally in the rebalancing. The open-ended structure of the tracker reflects the long-term approach that the mega-trends demand. Another plus point is that PostFinance is the guarantor of the certificate, which is issued by Leonteq. The leading position of the financial group makes it a system-relevant bank, and it enjoys a respectable AA rating from ratings agency Standard & Poor\u2019s.<\/p>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1194698838\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;valor&quot;,&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div>\n<p><strong>Management Fee: 1.10% p.a.<\/strong><\/p>\n<p><strong>Index Sponsor: Morningstar Inc.<\/strong><strong><\/strong><\/p>\n<p><strong>Issuer: Leonteq Securities AG,&nbsp;Guernsey<\/strong><\/p>\n<p><strong>Guarantor: PostFinance AG, Bern, Switzerland<\/strong><\/p>\n<\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><price-chart isin=\"CH1194698838\"><\/price-chart><\/div>  \n<br/>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/morningstar-data-robotics?language_id=1\" label=\"Get more information here\"><\/ltq-button><\/div>\n\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"morningstar-data-robotics","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/technological-blockbusters-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/technological-blockbusters-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-06-29T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/polestar-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"E-Startup blows to catch up","windowTitle":"Polestar","category":"investment-themes","title":"Underlying in focus: Polestar","body":"<p>Events in the e-mobility sector are currently overflowing. The EU recently surprised us with its proposal to ban the sale of combustion cars from 2035. The sports car icon Ferrari presented its electric plans at almost the same time, and the e-startup Polestar hit the stock market just a few days later. The latter in the truest sense of the word: Shares in the company, which was launched in 2017 as a joint venture between Swedish carmaker Volvo and China's Geely, started June 24 at a price of USD 12.98, up 15.5% from the SPAC company's closing price before the merger. By way of background, Polestar slipped into the shell company \"Gores Guggenheim\" and is now listed on the Nasdaq in New York under the ticker symbol \"PSNY\".<\/p>\n<div>\n    <generic-chart title=\"Polestar: share price (in USD)\" timeSeries=\"true\">\n        <chart-line title=\"Polestar\" path=\"polestar_chart2.csv\" format=\"date, number\" />\n        <x-axis type=\"datetime\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Thomson Reuters, as of 06/27/2022<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<p>Polestar is not the first electric startup to achieve a listing via SPAC deal. Lucid, Fisker and Nikola, as well as Rivian most recently, have already taken this fast route to the capital market. After initial price successes, however, the stocks began to show signs of slowing down. Currently, the young companies are trading below their respective initial public offerings. However, this is probably due less to the potential of the startups than to the decreasing risk aversion of investors in the wake of the weakening stock markets.<\/p>\n<h3>New models on the run<\/h3>\n<p>The fact that Polestar is daring to enter the stock market despite the recent price capriciousness can certainly be seen as a sign of strength. The Swedes benefit from the fact that they have an experienced and financially strong duo in the background. Volvo Cars and its owner Geely still own 48% of the shares. At the operational level, Polestar is currently stepping on the gas. Last week at the Goodwood Festival of Speed 2022, the Swedes unveiled the new Polestar 5. This is a four-door GT with an 800-volt architecture that can produce over 650 kW (884 hp). The plan is to bring the vehicle to market in 2024. Along with the two Polestar 3 and Polestar 4 models, it is the third e-car the company will launch in the next three years. Polestar 3, which will be produced in the U.S. and China, is the group's first SUV and will make its world debut this October. Number 4, in turn, is a crossover SUV and coupe that is expected not only to electrify the roads in 2023 but also to heat up the competition.<\/p>\n<h3>Steep sales curve<\/h3>\n<p>So CEO Thomas Ingenlath's motto is a new model every year. So far, there are two electric cars in the range that are enjoying high demand. The Swedes delivered 29,000 vehicles worldwide last year, an increase of 185% over the previous year. Expansion into new countries contributed to this. In 2021, the company expanded its global presence from ten to 19 markets. Six additional regions have already been added in the first half of the current year. This brings Polestar rapidly closer to its goal of being active in at least 30 markets by the end of 2023. \"More than 55,000 Polestar vehicles are on the road worldwide today, and we are launching a portfolio of three new models in just three years,\" says a satisfied Ingenlath. <\/p>\n<div>\n<generic-chart title=\"Polestar sales (in number of vehicles)\">\n  <chart-column\n    title=\"Polestar sales\"\n    data=\"15600, 29000, 50000,290000\"\n    color=\"#f9a533\"\n  />\n  <x-axis categories=\"2020, 2021, 2022e,2025e\"/>\n<\/generic-chart>\n<footer>Source: Polestar; e = expected<br />Historical data are not a reliable indicator of future performance.<\/footer>\n<\/div>\n<h3>On the road to profitability<\/h3>\n<p>The 58-year-old manager can also be happy about the current order backlog. This amounts to a record level of more than 75,000 vehicles per year. By the end of 2025, Polestar plans to increase annual sales to around 290,000. The earnings outlook is particularly impressive in this context. The Gothenburg-based company aims to be profitable before the middle of the decade.\nThe current business trend is already pointing in the right direction: in the first half of the year, the carmaker received more than 32,000 orders for the Polestar 2, an increase of 290% over the previous year. The company is also benefiting from a recent large order from Hertz. The car rental company ordered 65,000 vehicles for the next five years. The first cars were already delivered at the beginning of June.<\/p>\n<h3>Sideways drive to happy returns<\/h3>\n<p>Even though Polestar's share price suffered the same fate as its competitors shortly after the IPO and fell below its initial value, it is by no means the end of the day. However, the fluctuations show that investments in e-car startups are definitely risky. Investors can participate in the opportunities of the newcomer with conditional partial protection. For this purpose, Leonteq has structured two barrier reverse convertibles on Polestar, with which above-average returns can already be achieved in a sideways movement. With a maximum term of one year and a risk buffer of a comfortable 45%, a return of 12.00% p.a. is possible with the CHF version. The USD-denominated product even offers a coupon of 15.00% p.a. \nThe Multi-BRC on Geely, Polestar and Volvo promises even higher returns. The product, which is denominated in Swiss francs and combines the entire Polestar family, has a coupon of 17.00% p.a.. As with the single BRCs, the barrier is fixed at 55% of the initial levels. For all three products, a soft call occurs for the first time after 6 months.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1194700212\\&quot;\\&quot;CH1194700253\\&quot;\\&quot;CH1194700261\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;valor&quot;,&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-polestar","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/polestar-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/polestar-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-06-22T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/byd-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"On the fast lane","windowTitle":"BYD","category":"coupon-giant","title":"BYD","body":"<h3>On the fast lane<\/h3>\n<p>Tesla has started to slip. At least, this is true for the shares of the electric car pioneer. Over a period of three months, the NASDAQ stock has lost more than a quarter of its value. In the same period, BYD's share price has risen by 42%. Elon Musk's activity could be one reason for the enormous discrepancy between the two e-mobility stocks. The CEO of Tesla may have scared off investors, not least with his billion-dollar takeover of the short message service Twitter - Wall Street is worried that Musk could finance this deal by selling Tesla shares. Meanwhile, rival BYD is making headlines, especially operationally. Earlier this month, the company reported strong production and sales figures: From January to May 2022, BYD sold more than half a million electric vehicles (electric cars and hybrids). Their passenger car sales increased by almost 350% compared to last year's period.<\/p>\n<div>\n    <generic-chart title=\"BYD: Historical share price (in USD)\">\n        <chart-line title=\"BYD\" path=\"chart_byd.csv\" format=\"date, number\" />\n        <x-axis type=\"datetime\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Thomson Reuters, as of June 21, 2022<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Three mainstays with a future<\/h3>\n<p>Vehicle manufacturing - the group also supplies buses and trains - is the largest of three segments for the company, which was founded in 1995. In 2003, BYD committed itself to e-mobility, true to its namesake motto \"Build your dreams.\" Last year, the car division contributed slightly more than half of total sales. The second largest pillar is the electronics segment. Here, the Shenzhen-based company supplied components and high-tech materials to manufacturers of smartphones and other mobile devices. 7.3% of group sales in 2021 were attributable to the batteries and photovoltaics business (see chart). BYD describes itself as one of the world's leading producers of rechargeable batteries. Customers for its batteries include leading consumer electronics manufacturers such as Samsung and Dell. With its \"Blade Battery\", BYD is now also pushing into the car segment. According to the Chinese, the battery, which is equipped with lithium iron phosphate (LFP) cells, is particularly safe, powerful and durable. The technology is seen as a cheaper alternative to the lithium-ion cells that dominate Western markets.<\/p>\n<div>\n    <generic-chart title=\"BYD: Revenue 2021 by segments (shares in %)\">\n        <pie-chart path=\"pie_byden.csv\" format=\"string, number\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: BYD, as of June 21, 2022<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>New \"battery friendship<\/h3>\n<p>Apparently, such arguments are well received by Tesla - the Texans could soon install the \"Blade Battery\" in their models. Lian Yubo, executive vice president of BYD, made an announcement to that effect in an interview with Chinese state broadcaster CGTN. \"We are now good friends with Elon Musk because we are preparing to supply batteries to Tesla very soon,\" the top executive said. So far, the U.S. industry giant has been exclusively using LFP batteries made by Chinese manufacturer CATL. Since 2020, the corresponding batteries have been assembled at the Shanghai plant. According to Tesla, just under half of all vehicles received LFP energy storage in the first quarter of 2022. The battery innovation could be one reason why analysts expect strong growth at BYD. On average, they expect earnings per share of CNY 2.47 in 2022, which would represent a 133% increase in profit over the previous period. By 2024, the ratio is expected to rise to CNY 5.63.<\/p>\n<h3>High coupons, low barriers<\/h3>\n<p>BYD also shows strong values as an underlying for new softcallable barrier reverse convertibles. As a single-underlying, the Hong Kong-listed share in the product currency CHF makes it possible to pay a guaranteed coupon of 12% p.a.. Those wishing to invest in USD can expect a fixed quarterly payout of 15% p.a.. Uniformly, the barrier is set at 59% of the initial level. The coupon rises to 26% p.a. when the BRC is based on Tesla shares in addition to BYD. In the case of the multi-product, the barrier is fixed at 55% of the high price. The following applies to all variants: As soon as a share uses up the cushion or touches or falls below the respective threshold, the partial protection expires. Please also note: Due to the softcallable function, early termination and redemption of these issues may occur.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1194698226\\&quot;\\&quot;CH1194698275\\&quot;\\&quot;CH1194698283\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;valor&quot;,&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0562386265\\&quot; \\&quot;CH0579774040\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-byd2","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/byd-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/byd-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-06-17T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/saron-capital+protection-product+homepage+banner.jpg","subTitle":"Investing on the money market with leverage and capital protection","windowTitle":"CHF SARON 3M","category":"investment-themes","title":"Floored floater on the CHF SARON 3M","body":"<h3>100% guarantee<\/h3>\n<p>In view of the latest central bank decisions, the years-long shortage of investment opportunities for Swiss savers could be about to dissipate. However, investors do not necessarily have to look just to government bonds, which are usually considered very safe: rising interests have another positive influence as well, specifically on structured products. After years of abstinence, issuers are now again able to launch capital protection certificates in Swiss francs on the market \u2013 and even with a 100% guarantee. The instruments aim to retain the full capital at maturity and are therefore targeted at investors who shy away from risk, yet at the same time definitely feel the need for a decent yield. In simple terms, capital protection certificates allow participation in the price increase of an underlying asset from a predetermined starting point, known as the strike price, by a factor set previously.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/saron?language_id=1\" label=\"Get more information here\"><\/ltq-button><\/div>\n<h3>Original underlying<\/h3>\n<p>There is a very wide choice of underlyings, with many options ranging from equities through commodities to the money market. It is the latter which is the focus of the latest issue from Leonteq. The issuer has a floored floater on the CHF SARON 3M under subscription. SARON stands for \u201cSwiss Average Rate Overnight\u201d, an overnight rate based on the Swiss franc repo market. Transactions on the repo market are used as a short-term refinancing and investment instrument for liquidity management, so they are an important pillar of the money market. The SNB, too, strikes deals here to implement its monetary policy. Billions of Swiss francs are traded each day on the repo markets, which are commonly regarded as the backbone of the financial industry and central bank activities. The benchmark administrator of SARON is SIX.<\/p>\n<h3>Floored Floater on CHF SARON 3M<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1194698606\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;capitalProtection&quot;,&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div>Capital Protection: 100%<\/div>\n<div>Floor: 0.00%<\/div>\n<div>Leverage: 1.25<\/div>\n<div>Coupon frequency: Quarterly<\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Target zero<\/h3>\n<p>Unlike the yields on bonds with a term of at least one year as mentioned above, the CHF SARON 3M is still just about in negative territory. Nevertheless, the trend is likewise heading upwards, with the reference rate posting a noticeable rise over the last six or so weeks especially. While it was still a little above the minus 0.7% mark at the beginning of May, the current figure is only minus 0.56%. This corresponds to an increase of around one fifth. If this pace continues, the CHF SARON 3M would reach positive territory as early as some four months from now. Should the SNB realign its monetary policy sooner than previously expected, however, the zero mark could even be reached in the summer.<\/p>\n<div>\n    <generic-chart title=\"CHF SARON 3M: Historical prices\">\n        <chart-line title=\"CHF SARON 3M\" path=\"3MSaron.csv?language_id=1\" format=\"date, number\" />\n        <x-axis type=\"datetime\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Bloomberg, as of 17.06.2022<br />Historical data is not a reliable indicator of future performance..<\/footer>\n<h3>Participating with leverage<\/h3>\n<p>The zero line is a critical limit for the capital protection certificate with coupon on the CHF SARON 3M and a term of five years, as the product enjoys a leveraged participation in the yield curve from this point. The interest rate is determined on the observation date every three months and multiplied by 1.25. A quarter of this value is then distributed to owners of the certificate as the coupon for the previous three months. That means investors can leverage their profit from rising interest rates while protecting their capital at the same time. The nominal of CHF 1,000 is fully guaranteed at the end of the term.<\/h3>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/saron?language_id=1\" label=\"Get more information here\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"saron","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/saron-capital+protection-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/saron-capital+protection-thumbnail.jpg"},{"date":"2022-06-15T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/hannoverre-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Successfully positioned","windowTitle":"Hannover Rück","category":"investment-themes","title":"Underlying in Focus: Hannover Rück","body":"<p>When it comes to reinsurance groups, the names of the two market leaders Munich Re and Swiss Re usually come up immediately. However, this may be too short-sighted. With a gross premium volume of more than EUR 27 billion, Hannover Rück, the world's third-largest reinsurer, actually outperformed its counterparts on the stock market recently. Over the course of a year, the Hannover Rück share has fallen slightly by around four percent, while Munich Re has lost almost twice as much and Swiss Re has even recorded double-digit percentage losses.<\/p>\n<h3>Mixed developments<\/h3>\n<p>The subsidiary of the German insurance group Talanx is active in all lines of property/casualty and life/health reinsurance. Hannover Rück has recently scored particularly well in non-life reinsurance. Due to significantly improved prices and conditions, gross written premiums - from a regional perspective, North America sets the tone - increased by 14.8% to EUR 19.2 billion in the financial year 2021. Despite several major losses such as hurricane \"Ida\", the operating result (Ebit) soared by 84% to EUR 1.5 billion. In the area of life and health reinsurance, however, the pandemic struck again, resulting in charges of around half a billion. As a result, EBIT fell by 43% to EUR 223 million. However, Corona was not able to stop the growth in the Group: Net income improved by 39% to EUR 1.23 billion, reaching the upper end of the forecast range of EUR 1.15 billion to 1.25 billion.<\/p>\n<p>Hannover Rück was unable to carry the positive trend over into the new year. In addition to burdens from natural catastrophes, the company was hit above all by the war in Ukraine. This caused the net profit of the world's third-largest reinsurer to fall by 13.8% to EUR 263.6 million in the first quarter. Compared to Swiss Re, however, the Germans are in a better position. At the domestic insurance group, provisions for the effects of war, natural catastrophes and Covid actually caused the earnings curve to turn into the red. <\/p>\n<div>\n<generic-chart title=\"Development of net profit and return on equity\">\n  <chart-column\n    title=\"Net income (in EUR bn)\"\n    data=\"1.059,1.284,0.883,1.231,0.264\"\n    color=\"#f9a533\"\n  />\n  <chart-line\n    title=\"Return on equity (in %)\"\n    data=\"12.2,13.3,8.2,10.8,9.3\"\n    color=\"#4a525c\"\n    yAxisRight=\"true\"\n  />\n   <x-axis categories=\"2018, 2019, 2020, 2021, Q1/2022\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Hannover Rück<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Growth forecast stands<\/h3>\n<p>Since the losses Hannover Rück suffered in connection with the crises were limited, CEO Jean-Jacques Henchoz confirmed the annual forecast. For 2022, the Swiss-born CEO, who moved to the Lower Saxony-based capital from Swiss Re in 2019, expects a surplus of EUR 1.4 billion to 1.5 billion, or a growth of one-fifth in the middle of the range. Gross premiums are expected to grow by at least 5% at constant exchange rates. Here Hannover Rück is already well ahead of its target: growth from January to March was 12.4%. In addition, the company is receiving tailwind from the capital markets. Thanks in particular to positive earnings contributions from inflation-linked bonds. Income from self-managed investments improved from EUR 311 million in the previous year to EUR 429 million. This translates into an annualized return on investment of 3.1%, which would clearly exceed the full-year target of \"at least 2.3%\". At 9.3%, the annualized return on equity at the end of March also remained above the forecast which predicted it at 900 basis points above the risk-free interest rate.<\/p>\n<h3>Valuable trio<\/h3>\n<p>The analyst guild has confidence in CEO Henchoz's positive statements and expects the reinsurer to maintain its growth trajectory in 2022. For the current year, the consensus expects a further increase in earnings per share of 17.9%; in 2023, the pace of growth should then accelerate to a fifth. This compares with a single-digit price/earnings ratio (P/E). The current favorable valuation is underlined by an above-average dividend yield of 4.2%. The valuation ratios of Swiss Re and Munich Re are also impressive. The leading reinsurance duo also has single-digit P/E ratios. And the dividend yields are even slightly higher than those of Hannover Rück.<\/p>\n<div>\n    <generic-chart title=\"Hannover Rück: share price (in EUR)\">\n        <chart-line title=\"Hannover Rück\" path=\"HannoverRueck_chart.csv?language_id=1\" format=\"date, number\" />\n        <x-axis type=\"datetime\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Reuters, as of June 13, 2022<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Partially protected yield chase<\/h3>\n<p>While dividend chasers are exposed to a price risk that can have a strong impact on the yield, investors with structured products have a clear advantage. With the two new Softcallable Barrier Reverse Convertibles on Hannover Rück, firstly a higher yield is possible and secondly the securities have partial protection. The details at a glance: Both securities, which are offered in CHF and EUR, come with a risk buffer of 35%. This means that as long as the underlying does not touch the barrier at 65% of the initial fixing level, the BRC achieves the maximum return. This amounts to 6.00% with the CHF variant, the EUR counterpart even offers the prospect of a quarterly coupon payment of 6.60% p.a.. Even more profit is possible with the triple combination of Hannover Rück, Munich Re and Swiss Re. The new multi-BRC on the insurance trio has a coupon of 10.00% and a comfortable barrier distance of 41%. Due to the soft callable feature, the products can be redeemed early on the coupon payment dates, however earliest after six months.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1186552530\\&quot; \\&quot;CH1186552571\\&quot; \\&quot;CH1186552613\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;valor&quot;,&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;subscriptionEndDate&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-hannoverrueck","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/hannoverre-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/hannoverre-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-06-08T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/on-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Out of step","windowTitle":"On Holding","category":"coupon-giant","title":"On Holding","body":"<h3>Out of step<\/h3>\n<p>\"Back on track\" is the motto on the capital market at the moment for On Holding. The domestic running shoe specialist, in which tennis star Roger Federer also holds a stake, issued its shares last September at USD 24. After that, the stock market newcomer set off a veritable price firework. On the very first day of trading, the share price rose by almost 46%, and a few weeks later, the lucky subscribers were even able to enjoy more than a double. However, the euphoria has now given way to frustration on the trading floor, with the On share currently trading just below the issue price.<\/p>\n<h3>What happened?<\/h3>\n<p>It is mainly the concern about supply chain and production problems, as well as returning corona lockdowns in Asia, which have recently spooked investors. But from an operational point of view, there are hardly any weaknesses that would explain such a share price disaster. On the contrary, a look at the company's books shows that On is delivering on the growth promises it made at the IPO in New York. The sporting goods supplier closed the year 2021 with surprisingly good results. Sales jumped by more than 70% to CHF 724.6 million. The group felt an increase in demand in all regions, but the largest increase was achieved in North America with 96.8% to CHF 409.5 million. While overseas is the largest sales region, footwear is by far the company's most important product category, accounting for 94% of total revenues.<\/p>\n<p>On the earnings side, On was also able to score. Earnings before interest, taxes, depreciation and amortization (Ebitda), adjusted for special effects, soared by more than 90% to CHF 96.4 million. The company thus improved its margin by 1.6 percentage points to 13.3%. As expected, the bottom line showed a higher loss due to IPO costs and share-based compensation.<\/p>\n<div>\n    <generic-chart title=\"On Holding: Historical share price (in USD)\">\n        <chart-line title=\"On Holding\" path=\"chart_on.csv?language_id=1\" format=\"date, number\" />\n        <x-axis type=\"datetime\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Thomson Reuters, as of 07.06.2022<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Positive momentum<\/h3>\n<p>The group continued to demonstrate its sprinting qualities at the start of 2022. From January to March, sales increased by around two-thirds to CHF 236 million. As a result, On's confidence increased and the Board of Directors raised the revenue target for the current fiscal year. For the first time in the history of the company, which was founded in 2010, the CHF 1 billion mark is to be broken.<\/p>\n<p>On the other hand, the weakening profit growth leaves a slightly bitter taste in the mouth. The adjusted Ebitda margin fell from 14.3% to 6.7% between January and March. This was due in particular to higher transport expenses; On had to switch from ship to air freight without further ado. \"Without these additional costs, we would have ended up within the range of our margin target and above the previous year,\" explains CFO Martin Hoffmann. The CFO assumes that it will be possible to deliver by sea again from the third quarter. Furthermore, Hoffmann does not see any slowdown in consumer spending due to rising inflation. This in turn makes On optimistic about achieving a margin of 13.2% for the year as a whole.<\/p>\n<p>On a net basis, the Zurich-based company has already achieved the turnaround in the first quarter. After a loss of CHF 10.5 million in the same period last year, the company now reported a positive result of CHF 14.3 million. The analyst consensus also expects the company to be in the black for the year as a whole. Earnings per share of CHF 0.129 are expected. In the subsequent years 2023 and 2024, the market forecasts are then for triple-digit percentage growth in each case.<\/p>\n<div>\n<generic-chart title=\"On Holding: Earnings per share (in CHF)\">\n  <chart-column\n    title=\"Earnings per share (in CHF)\"\n    data=\"-0.09, -0.59, 0.129, 0.327, 0.491\"\n    color=\"#f9a533\"\n  />\n  <x-axis categories=\"2020, 2021, 2022e, 2023e, 2024e\"/>\n<\/generic-chart>\n<footer>e = expected; source: Thomson Reuters<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<\/div>\n<h3>High yield opportunity in a sideways trend<\/h3>\n<p>So while operationally things continue to look up, the sneaker specialist's share price, as mentioned at the outset, is out of step. Currently, the share price is stumbling around the USD 20 mark. For the new Softcallable Barrier Reverse Convertibles, this trend is no problem. The product structure even tolerates setbacks in the On share price without jeopardizing the promised double-digit percentage return. The two BRCs, which are offered in CHF and USD, each have a risk buffer of a solid 51%. If the barrier remains intact during the maximum term of one year, the maximum prospective profit will be achieved. The coupons amount to an above-average 22% p.a. for the CHF variant and even 24% p.a. for the USD product. After half a year at the earliest, the issuer has the right to call the Barrier Reverse Convertibles prematurely.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1129858366\\&quot; \\&quot;CH1186550047\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-on","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/on-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/on-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-06-03T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/digital-payment-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Tracker certificate on the Swissquote Digital Payments Index","windowTitle":"Digital Payment","category":"investment-themes","title":"Investing in a mega-trend","body":"<h3>Digital financial world<\/h3>\n<p>Digital currency and cashless payment systems are being traded as the \u201cmoney of the future\u201d. While cashpoints have probably already had their day, the acceptance of digital payments is increasing markedly thanks to the younger, more technology-minded generations. According to a survey by Expert Market UK, 41% of millennials would prefer making payments to friends using an app than with cash - a development that the financial industry is following with great interest. In recent years many companies have put themselves into a position where they can profit from the \u201cdigital wallet\u201d mega-trend. These include credit card bedrocks Mastercard and Visa as well as the technology specialist Fiserv and even Block, the mobile payment provider which only came into being in 2009. Founded by Jack Dorsey, not only is Block active in the classic e-payment sector, but it has also specialised in the \u201cdigital assets\u201d segment. The company offers payment services for cryptocurrencies, for instance.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/swissquote-digital-payments?language_id=1\" label=\"Get more information here\"><\/ltq-button><\/div>\n<h3>Different price movements<\/h3>\n<p>Despite the dynamic growth of the digital payments sector, some industry representatives have not fared so well on the stock market recently. Payment services provider Adyen, for instance, lost a fifth of its value on a one-year view, Block shrank by around a fifth and PayPal actually forfeited more than 60% of its market capitalisation. There are many layers to the reasons for this. For one thing, some of the stocks had previously posted huge gains that invited them to take profits. For another, the risk aversion that is increasingly being seen on the markets had led to money being pulled out of fintechs. Nevertheless, the industry cannot all be lumped together. The share price of the US financial services provider Discover Financial Services grew by 6%, for instance, while Mastercard appreciated 12% and payment services provider Jack Henry & Associates actually climbed more than a third over the last twelve months. A look in the rear-view mirror shows once again how important it is to adopt a diversified approach to a burgeoning market.<\/p>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1186543729\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;valor&quot;,&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div>\n<p><strong>Management Fee: 1.10% p.a.<\/strong><\/p>\n<p><strong>Index Sponsor: Swissquote Bank SA<\/strong><strong><\/strong><\/p>\n<p><strong>Issuer: Leonteq Securities AG,&nbsp;Guernsey<\/strong><\/p>\n<p><strong>Guarantor: PostFinance AG, Bern, Switzerland<\/strong><\/p>\n<\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><price-chart isin=\"CH1186543729\"><\/price-chart><\/div>\n<h3>Actively managed investment<\/h3>\n<p>Investors have been able to invest in the digital payments sector on a broad basis through a tracker certificate from Leonteq on the Swissquote Digital Payments Index (Valor 43469503) since as long ago as 2019. The actively managed strategy barometer currently contains a total of 19 shares of leading companies around the globe. Many different sectors of business are covered, including payment systems, financial services and providers of electronic payment solutions. The index components must meet quantitative requirements alongside qualitative criteria. Only companies with a market capitalisation of at least USDmn 100 and a daily trading volume of USD 100,000 make it through the selection. The maximum number of members is limited to 25. Accounting for around 73% of the index, the USA currently leads the way in terms of regions.<\/p>\n<h3>New \u2013 now also in Swiss francs<\/h3>\n<p>As already mentioned, investors have been able to take a position in the Swissquote Digital Payments Index since February 2019. Denominated in US dollars, the tracker was issued at a price of USD 100. Leonteq is now adding to this by issuing a Swiss franc tranche. The product launched at a price of CHF 25. The management and administration fees together come to 1.10% p.a. They are joined by a transaction fee of 0.10% for every component adjustment within the index, which is identical to the USD variant. There is a difference in terms of the guarantee: while Leonteq is the issuer, PostFinance is the guarantor. It is certainly a solvent one - its robust capitalisation and cash flow position and its healthy earnings and financial situation mean that PostFinance AG currently enjoys a respectable AA+ rating from ratings agency Standard & Poor\u2019s.<\/h3>\n<h3>Swissquote Digital Payments Index: Current composition<\/h3>\n<div>  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/swissquote-digital-payments?language_id=1\" label=\"Get more information here\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"swissquote-digital-payments","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/digital-payment-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/digital-payment-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-06-01T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/siemens-energy-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Full wind","windowTitle":"Siemens Energy","category":"underlying-in-focus","title":"Underlying in Focus: Siemens Energy","body":"<p>Whether on the Iberian Peninsula, in the Canadian province of Alberta, on the west coast of Peru or along the Danube in Serbia: New wind turbines are currently being installed around the globe. This renewable energy source plays a central role in the fight against climate change. According to figures from the International Renewable Energy Agency, newly installed capacity reached 93 gigawatts (GW) last year. Within five years, the capacity of wind turbines installed worldwide has increased by more than three quarters to a total of 824.8 GW. Despite these impressive figures, stocks in the sector are in the doldrums. The share prices of the leading wind power specialists are under enormous pressure. This also applies to Siemens Energy - on a one-year horizon, the German turbine giant has lost more than 30% of its capitalization.<\/p>\n<h3>Notorious problems<\/h3>\n<p>A side effect of the correction was that the share only experienced a brief interlude in the DAX. In March 2021, half a year after the spin-off from the Siemens parent company including the stock exchange listing, Siemens Energy had moved into the German leading index. Twelve months later, the industrial stock was relegated to the MDAX. The downgrade to the mid-cap benchmark is likely to be one of CEO Christian Bruch's minor problems. The mechanical engineer with an ETH doctorate has been at the helm of the tradition-rich company for a good two years. Since then, the core division \"Gas and Power\" has developed according to plan: Its profitability has increased by 35% in the year and a half since the spin-off from Siemens. Bruch has to contend with almost notorious difficulties in the wind power sector. It is true that the subsidiary Siemens Gamesa has a bulging order book. At the end of fiscal year 2021 (as of September 30), the order volume amounted to more than EUR 32 billion (see chart). But the Spanish company is not managing to make a proper and, above all, lasting profit from the boom.<\/p>\n<div>\n<generic-chart title=\"Siemens Gamesa: Order book (in EURbn)\">\n  <chart-column\n    title=\"Order book (in EURbn)\"\n    data=\"20.7, 22.8, 25.5, 30.2, 32.5\"\n    color=\"#f9a533\"\n  />\n  <x-axis categories=\"2017, 2018, 2019, 2020, 2021\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Siemens Gamesa<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Hard cut<\/h3>\n<p>On the contrary, Siemens Gamesa has had to cut its earnings targets three times in less than a year. In the first half of fiscal 2022 alone, the company posted a loss of EUR 377 million. A few weeks after the interim report was presented, the parent company pulled the ripcord. Siemens Energy wants to take over the Spanish subsidiary completely and delist it from the stock exchange. The group plans to make a takeover bid worth a good EUR4 billion for the 33% of shares outstanding. \"An integration allows us to access a common infrastructure,\" the CEO said, explaining the move. He hopes to achieve synergies of around EUR 300 million per year - especially in purchasing and logistics. Nevertheless, Christian Bruch expects the restructuring to take years. On the one hand, Siemens Gamesa, like its competitors, is struggling with rising raw material costs. At the same time, there are start-up difficulties with the new 5.X wind turbine generation.<\/p>\n<div>\n    <generic-chart title=\"Siemens Energy: share price (in EUR)\">\n        <chart-line title=\"Siemens Energy\" path=\"SiemensEnergy_Chart.csv?language_id=1\" format=\"date, number\" />\n        <x-axis type=\"datetime\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Reuters, as of May 31, 2022<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Fewer executives, more transparency<\/h3>\n<p>In addition to the crackdown in Spain, Siemens Energy as a whole is to be made leaner. At its recent Capital Markets Day, the company announced plans to eliminate nearly one in three managerial positions. In addition, the segment for gas and power plants will be divided into three business units. In addition to the largest segment, gas turbines and their maintenance, there will be a segment for power transmission and storage as well as the business area \"Transformation of Industry\" - where Siemens Energy is primarily dedicated to reducing energy consumption and CO2 emissions in industrial processes. With the new structure, which is to take effect from the coming fiscal year, the Group aims to offer the capital markets greater transparency. Regardless of these measures, stock market players are likely to pay particular attention to whether and how quickly management makes progress in the wind power sector.<\/p>\n<h3>Multi- and single-variant<\/h3>\n<p>A largely stable price performance would be enough for the new barrier reverse convertibles (BRCs) to play to their strengths. Leonteq has launched several variants of this popular yield enhancement structure. As a single underlying, Siemens Energy makes coupon payments of 10% p.a. each in the product currencies CHF and EUR. The barriers are uniformly set at 59% of the initial level. A multi-BRC also offers interesting conditions. Besides Siemens Energy and the Danish industry giant Vestas, ABB is the underlying. The Zurich-based group is involved in the wind power segment with various components. The coupon on this CHF product is 14% p.a.. This opportunity is partially protected by a risk buffer of 41%. For all three BRCs, the term ends after 15 months. Please note: As soon as there is a barrier breach, the partial protection expires. In addition, early termination and redemption is possible due to the soft callable feature.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1186547571\\&quot; \\&quot;CH1186547589\\&quot; \\&quot;CH1186547639\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.features.guaranteed_fixed_rate_coupon.coupon_rate.value&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-siemensenergy","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/siemens-energy-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/siemens-energy-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-05-25T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/livent-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Energetic lithium stock","windowTitle":"Livent","category":"coupon-giant","title":"Livent","body":"<h3>Energetic lithium stock<\/h3>\n<p>On paper, Livent is a very young company. In October 2018, the stock started trading on the New York Stock Exchange with the symbol \"LTHM.\" However, Livent's roots actually go back to the 1940s. Back then, Lithium Corporation of America worked closely with the U.S. government to develop fields of application for lithium as a raw material. In 1985, this company was acquired by FMC. The chemical company spun off its lithium division in 2018 as part of a restructuring and finalized the Livent spin-off five months after the IPO by selling all shares. Livent's stock has performed strongly: At the end of November 2021, it reached an all-time high of USD 33.01 - at which point the price was close to double the IPO price of USD 17.00. In the months that followed, the stock experienced a correction along with the entire lithium sector.<\/p>\n<h3>Strong figures<\/h3>\n<p>Most recently, Livent has returned to the USD 30 mark. The company itself provided new momentum with its figures for the first quarter of 2022. From January to March, Livent increased sales by 56% year-on-year to USD 143.5m. The bottom line was that the company managed a turnaround: after a small loss in the same period last year, it now posted a surplus of USD 53.2m. \"The strong growth in lithium demand has continued in 2022,\" CEO Paul Graves said. Rising prices for the metal are meeting a very tight market, according to the report. \"Livent was able to realize higher prices across its product portfolio,\" the CEO reported. The Philadelphia-based company supplies battery-grade lithium hydroxide and is currently expanding capacity in the Chinese market here. The second core product is lithium carbonate, where Livent is currently expanding in Argentina. From the beginning of 2023, capacity there is expected to increase by 10,000 tons of lithium carbonate.<\/p>\n<div>\n<generic-chart title=\"Livent: Sales (in USDm)\">\n  <chart-column\n    title=\"Sales (in USDm)\"\n    data=\"388, 288, 420, 755\"\n    color=\"#f9a533\"\n  />\n  <x-axis categories=\"2019, 2020, 2021, 2022e\" />\n<\/generic-chart>\n<\/div>\n<footer>e = expected; source: Livent, as of 03.05.2022<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Many desires<\/h3>\n<p>Already, Paul Graves has increased the forecast for 2022. He recently expects sales between USD 755m to USD 835m. In the middle of this range, Livent would capture growth of almost 90% year-on-year. Originally, the outlook was for revenues between USD 540m and USD 600m. Profitability is expected to increase even faster than sales. The CEO predicts adjusted earnings before interest, taxes, depreciation and amortization (Ebidta) of between USD 290m and USD 350m. Previously, he had expected USD 200m at best. In 2021, adjusted Ebitda was USD 70m. The higher-than-expected figures as well as the upwardly revised outlook also and especially reflect booming e-mobility. The manufacturers of electrically powered vehicles and batteries are really greedy for lithium. Tesla CEO Elon Musk recently even described the metal as a limiting factor for the growth of the sector. He is urging entrepreneurs to get into the lithium business. Musk himself, meanwhile, is thinking out loud about investing in a mining company with Tesla.<\/p>\n<div><price-chart isin=\"CH1129860263\"><\/price-chart><\/div>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1129860263\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>Tracker with lightning start<\/h3>\n<p>This statement may well have played a role in the recent rebound of Livent shares. The raw materials company is already on Tesla's supplier list. The Californian group obtains lithium materials from Livent's mines in Argentina and refineries in China and the USA. Elon Musk's foray into mining was a reason for Leonteq to launch the <a href=\"https://structuredproducts-ch.leonteq.com/news/all/battery-supply-chain?language_id=1\" target=\"_blank\" rel=\"noopener\">Tracker Certificate on the \"Battery Supply Chain Basket\"<\/a>. This participation product has had a lightning start: Since the fixing on May 11, the tracker has increased in price by almost one tenth compared to the issue price. Since the tracker was issued, Livent's share price has risen by as much as 27%, making it the best performer of the six stocks included in the basket.<\/p>\n<div>\n    <generic-chart title=\"Livent: share price (in USD)\">\n        <chart-line title=\"Livent\" path=\"Livent_Chart.csv?language_id=1\" format=\"date, number\" />\n        <x-axis type=\"datetime\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Thomson Reuters, as of 24.05.2022<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>New BRCs - Single and Multi<\/h3>\n<p>Leonteq is now following suit. The Zurich-based expert for structured investment products has issued several softcallable barrier reverse convertibles on Livent. In addition to two single structures, these include a multi BRC. Here, Leonteq brings the lithium share together with Tesla. The duo provides a high coupon of 25% p.a. with a barrier of 55% of the initial level. With an identical risk buffer, the issue based solely on Livent pays a coupon of 19% p.a. in the product currency USD. Investors wishing to invest in CHF can expect a coupon of 16% p.a.. While the term of the multi product ends after one year, the two single BRCs expire after 15 months. The following applies to all versions: As soon as there is a barrier breach, the partial protection expires. In addition, termination and early redemption are possible due to the soft callable feature.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1186545922\\&quot; \\&quot;CH1186545864\\&quot; \\&quot;CH1186545914\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.calendar.last_trading_date.value&quot;,&quot;sortOrder&quot;:&quot;DESC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon_livent","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/livent-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/livent-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-05-20T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/emobility-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Tracker certificate on the Battery Supply Chain Basket","windowTitle":"E-mobility","category":"investment-themes","title":"Fully charged","body":"<h3>Treasure from down under<\/h3>\n<p>The \u201cEastern Goldfields\u201d in Western Australia cover an area that is roughly as large as Greece. Gold has been mined in the region for more than a century. The typically red soil hides many other treasures too, though, including cobalt and nickel, two raw materials which are of central importance for e-mobility. These are needed for the production of batteries. This is where Glencore comes into play: the raw materials giant operates the Murrin Murrin mine in the northeast of the Eastern Goldfields. It has been extracting nickel and cobalt ore in the open-pit method since 1998. Just how coveted the briquettes obtained in this process are is evident from the announcement by Glencore in mid-April of a multi-year cobalt supply agreement with General Motors. The US carmaker will use the raw material from the Australian mine in batteries that supply power to the Chevrolet Silverado EV, GMC HUMMER EV and Cadillac LYRIQ models. The deal brings General Motors closer to the goal of creating capacity for the construction of 1 million electric vehicles in North America by the end of 2025.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/battery-supply-chain?language_id=1\" label=\"Get more information here\"><\/ltq-button><\/div>\n<h3>On the supplier list<\/h3>\n<p>Among its reasons for the agreement Glencore also cited the commitment of both companies to create sustainable and resilient supply chains. That makes the deal an exemplar of the greater collaboration between the motor industry and the mining sector. This is exactly where a new tracker certificate from Leonteq fits in. The issuer has been on the hunt for companies which are successfully positioned on the supply chain for batteries. This has led to a basket containing six shares. Glencore has made it in, and not just because of the recent agreement with General Motors: based in Zug canton, the raw materials group is also on Tesla\u2019s supplier list. The electric car pioneer sources nickel from the Murrin Murrin mine. Tesla revealed the battery supply chain in its \u201cImpact Report 2021\u201d.<\/p>\n<h3>Ambitious goals<\/h3>\n<p>How important a secure supply of nickel, cobalt and lithium is to the Texan group can be seen from a number of statements from CEO Elon Musk. The consummate businessman can now even conceive of taking a stake in a raw materials company. While this is still under consideration, Tesla has just struck another long-term supply agreement. The mining group Vale will supply the company in the USA with high-grade nickel (class 1) obtained from mines in Canada. \u201cWe are pleased to have the leading electric vehicle manufacturer Tesla among our customers,\u201d said Deshnee Naidoo, Executive Vice President of Base Metals at Vale, commenting on the deal. The Brazilian industry giant has set itself the goal of generating 30% to 40% of its turnover in the nickel sector from the fast-growing electric vehicle industry.<\/p>\n<div><price-chart isin=\"CH1129860263\"><\/price-chart><\/div>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1129860263\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>Direct participation<\/h3>\n<p>Of course, lithium suppliers should not be left out of the basket. Among the companies included from this segment is Albemarle. The specialty chemicals group considers itself a leading provider of lithium and its derivatives. \u201cWe maintain the strongest vertical position in the industry, from raw material extraction to specialty product manufacturing,\u201d the US company writes on its website. Albemarle supplies lithium bars, foils, rods and anodes in a huge range of sizes. The examples outlined indicate that while the basket only contains six companies, it offers enormous diversity. The tracker certificate on the Battery Supply Chain Basket allows investors to add the selection directly to their portfolio. The term is five years, which means there is sufficient time for this investment to unleash its full potential.<\/p>\n<h3>A strong sextet<\/h3>\n<div><ltq-table id=xxx title=\"Composition of the Battery Supply Chain Basket\">\n<thead>\n<tr>\n<th>Company<\/th>\n<th>Country<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Albemarle<\/td>\n<td>USA<\/td>\n<\/tr>\n<tr>\n<td>BHP<\/td>\n<td>Australia<\/td>\n<\/tr>\n<tr>\n<td>Ganfeng<\/td>\n<td>China<\/td>\n<\/tr>\n<tr>\n<td>Glencore<\/td>\n<td>Switzerland<\/td>\n<\/tr>\n<tr>\n<td>Livent<\/td>\n<td>USA<\/td>\n<\/tr>\n<tr>\n<td>Vale<\/td>\n<td>Brazil<\/td>\n<\/tr>\n<\/tbody>\n<\/template> <template v-slot:below=\"\"> <LtqCardBody><footer>Source: Leonteq<\/footer><footer>Past performance is not a reliable indicator of future performance.<\/footer><\/LtqCardBody> <\/template> <\/ltq-table><\/div>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/battery-supply-chain?language_id=1\" label=\"Get more information here\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"battery-supply-chain","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/emobility-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/emobility-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-05-18T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/qualcomm-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"A good connection","windowTitle":"Qualcomm","category":"underlying-in-focus","title":"Underlying in focus: Qualcomm","body":"<p>The word \"chip crisis\" has frequently made it into the headlines in recent months. It stands for a semiconductor shortage that also and especially affects the automotive industry. The bottleneck shows how important the small components are for the economy in general and mobility in particular. For almost four decades, Qualcomm has been involved in the successive rise in importance of the chip industry. Founded in 1985 in San Diego, California, the company specializes in wireless technology. Whether it's the new mobile communications standard 5G, the Internet of Things (IoT) or autonomous driving - countless wireless applications come to life with the help of chips developed by Qualcomm. The increased emergence of these and other megatrends has given the Qualcomm stock a strong boost in recent years (see chart).<\/p>\n<div>\n    <generic-chart title=\"Qualcomm: share price (in USD)\">\n        <chart-line title=\"Qualcomm\" path=\"chart_qualcomm.csv\" format=\"date, number\" />\n        <x-axis type=\"datetime\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Reuters, as of 17.05.2022<br /> Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Strong figures, solid outlook<\/h3>\n<p>Recently, however, the Nasdaq 100 stock had to lose ground with the broad technology sector. Even a strong interim report could not stop the short-term downward trend. In the second quarter of fiscal year 2022 (as of the end of September), Qualcomm posted revenue growth of 41% to USD 11.2 billion. At USD 3.21, earnings per share were 69% higher than in the same period last year. Qualcomm exceeded expectations on both metrics. The same applies to the outlook. Among other things, CEO Cristiano Amon expects sales for the current quarter to be between USD 10.5 billion and USD 11.3 billion. Until the earnings release, Wall Street had expected less than USD 10 billion. Despite the Ukraine war and lockdowns in China, Qualcomm's core business has performed strongly. The company reported 56% growth for its handsets division. The CEO attributes the relative strength to the company's focus on the premium segment in the smartphone market.<\/p>\n<h3>Autonomous on the road<\/h3>\n<p>However, the industry giant is in danger of losing a prominent customer right here. Apple is now developing its own chips and could sooner or later do without Qualcomm's modem semiconductors. On the other hand, the company can apparently rely on Samsung. According to Cristiano Amon, around three quarters of the high-end chips installed in the new Galaxy S22 smartphone are Qualcomm components. According to the CEO, this ratio was only around 40% for the predecessor model. Regardless of this, the top manager is working on reducing the dependence on the core business. He has high hopes for the currently smallest segment, \"Automotive\". Qualcomm has developed chips for autonomous driving under the \"Snapdragon Digital Chassis\" label. <\/p>\n<div><generic-chart title=\"Qualcomm: turnover 2021 by segments (shares in %)\">\n  <pie-chart path=\"pie_qualcomm_1.csv\" format=\"string, number\" />\n<\/generic-chart><\/div>\n<footer>Source: Qualcomm, as of May 2022<br /> Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Prominent cooperation partners<\/h3>\n<p>This innovative platform is catching on: The Group has now received orders from carmakers and their suppliers, resulting in a sales volume of more than USD 16 billion. The latest coup in the pipeline is a deal with Volkswagen. The German carmaker is fully committed to Qualcomm technology in the development of autonomous driving. From the middle of the decade, so-called system-on-chips (SoCs) from the U.S. company are to be installed in all vehicle brands of the VW Group. BMW had already announced its alliance with Qualcomm in March. The automotive group concluded a long-term cooperation agreement with the chip developer and the software company Arriver for the development of solutions for automated driving. The partnership will see the further development of a software toolkit that was already introduced in the all-electric BMW iX model last year.<\/p>\n<h3>Double-digit return opportunity, low barrier<\/h3>\n<p>The combination of BMW, Qualcomm and Volkswagen also makes for an attractive underlying for a new softcallable barrier reverse convertible (BRC). In the product currency CHF, this trio leads to a guaranteed coupon of 17.00% p.a. for a term of 15 months. This opportunity is partially protected by the risk buffer of 41%. A barrier of 59% of the initial fixing is also provided by two new softcallable BRCs based exclusively on Qualcomm. Here, investors have the choice between the trading currencies CHF and USD. In the domestic currency, the coupon amounts to 10.00% p.a., while the USD variant pays out 250 basis points p.a. more. Each of the three new BRCs is equipped with a softcallable feature. Leonteq therefore has the right - for the first time after half a year and then every three months - to call the respective issue and redeem it early.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1180759271\\&quot;, \\&quot;CH1186543992\\&quot;, \\&quot;CH1186544016\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.features.guaranteed_fixed_rate_coupon.coupon_rate.value&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;valor&quot;,&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-qualcomm","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/qualcomm-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/qualcomm-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-05-16T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/26-crypto-currencies-leonteq-structured-products-product-homepage-banner.jpg","subTitle":"30 crypto assets tradable","windowTitle":"Crypto Assets","category":"crypto-assets","title":"Leonteq expands its crypto asset offering","body":"<p>Leonteq today is adding four new crypto assets to its platform. Tracker certificates with Solana, Compound, 0x and Yearn.Finance as underlyings are now available. At the same time, Leonteq launched products based on Filecoin, EOS, Aave, Algorand and Cosmos as listed tracker certificates on BX Swiss.<\/p>\n<p>With this expansion, Leonteq further strengthens its market leading position in offering crypto assets in a securitised format. Today, institutional and retail investors select products from the largest available universe with a total of 26 crypto assets which include: 0x, Aave, Algorand, Avalanche, Axie Infinity, Bitcoin, Bitcoin Cash, Cardano, Chainlink, Compound, Cosmos, Dogecoin, EOS, Ethereum, Ethereum Classic, Filecoin, Litecoin, Maker, Polkadot, Polygon, Ripple, Solana, Stellar, Tezos, Uniswap, Yearn.Finance<\/p>\n<div style=\"text-align: center;\"><a title=\"Factsheet Crypto EN\" href=\"/pages-resources/Crypto_Universe_Factsheet_EN.pdf?language_id=1\" target=\"_blank\" rel=\"noopener\">Click here for the complete offering as PDF file.<\/a><\/div>\n<div style=\"text-align: center;\"><a title=\"Crypto Webpage\" href=\"/crypto-assets\" target=\"_blank\" rel=\"noopener\">Link to Leonteq's Crypto Webpage<\/a><\/div>\n<h3>Tracker Certificates on crypto assets - tradable on SIX Swiss Exchange<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;CH0596616380, CH0596616398, CH0596616406, CH1129854308, CH1129854316, CH1129854324, CH1129854332, CH1129854340, CH1129854357, CH1129854563, CH1129854571, CH1129854589, CH0596616356, CH0596616364, CH0596616372, CH1143298573, CH1143298581, CH1143298599, CH0596616513, CH0596616521, CH0596616539, CH0596609419, CH0596609427, CH0596609435, CH0596612124, CH0596612132, CH0596612140, CH0596612165, CH0596612173, CH0596612181, CH0596612199, CH0596612207, CH0596612215, CH0596609245, CH0587307015, CH0587307023, CH0513599487, CH0513599503, CH0513599511, CH0481488010, CH0481488028, CH0481488036, CH0481488044, CH0481488051, CH0481488069&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.underlyings_list_i18n.en.keyword&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;conversionRatio&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Tracker Certificates on crypto assets - tradable on BX Swiss<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;CH1129859067, CH1129859075, CH1129859083, CH1129859034, CH1129859042, CH1129859059, CH1129854423, CH1129854431, CH1129854449, CH0596616687, CH0596616695, CH0596616703, CH0596616711, CH0596616729, CH0596616737, CH0596616745, CH0596616752, CH0596616760, CH0596612066, CH0596612074, CH0596612082, CH0596612090, CH0596612108, CH0596612116, CH1129860388, CH11298601420, CH1129860370, CH1129860396, CH1129860404, CH1129860412&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.underlyings_list_i18n.en.keyword&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Tracker Certificates on crypto assets - not listed<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;CH0596616588, CH0596616570, CH0596616596, CH1129860446, CH1129860438&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.underlyings_list_i18n.en.keyword&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Tracker Certificates on actively managed strategies - tradable on SIX Swiss Exchange<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;CH0542378622 CH0521604923 CH0596607769 CH0596608015 CH0596611464&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.underlyings_list_i18n.en.keyword&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Actively Managed Certificates<\/li>\n<li>Index Sponsor: Swissquote Bank SA, Gland, Switzerland<\/li>\n<li>Management fee: 1.35% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Tracker Certificates on passive crypto strategies - tradable on SIX Swiss Exchange<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1129855198\\&quot; \\&quot;CH1129857533\\&quot; \\&quot;CH1129857525\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Administration Fee: 1.95% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3><a name=\"Vorteile\"><\/a>Leonteq&rsquo;s crypto asset offering brings several advantages for both institutional and retail investors:<\/h3>\n<ul>\n<li>The issuer Leonteq is supervised by Swiss Financial Market Supervisory Authority (FINMA) with a strong capital base of more than CHF 850 million and an investment grade rating assigned by the renowned rating agency Fitch Ratings;<\/li>\n<li>Certificates allow to invest in crypto assets as easy and safe as stocks or bonds via a traditional custodian, conveniently accessible via a regulated exchange such as SIX, BX Swiss or B&ouml;rse Frankfurt;<\/li>\n<li>Investors are not required to manage public and private keys or wallets.<\/li>\n<\/ul>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>\n<h5>Risk disclosure<\/h5>\n<p>Investments in products referencing one or more cryptocurrencies or indices of cryptocurrencies are subject to increased volatility compared to investments in traditional assets and to specific risks which can negatively impact the value, tradability,liquidity and/or security of such investments. Potential Investors are encouraged to inform themselves about these specific risks when considering an investment in products referencing one or more cryptocurrencies or indices of cryptocurrencies. A summary of key risks relating to products referencing one or more cryptocurrencies or indices of cryptocurrencies can be found <strong> <a href=\"https://structuredproducts-ch.leonteq.com/crypto-disclaimer\">here<\/a><\/strong>.<\/p>","url":"crypto-expansion","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/26-crypto-currencies-leonteq-structured-products-sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/26-crypto-currencies-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-05-16T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/axie-infinity-product-homepage-banner.jpg","subTitle":"30 crypto assets tradable via Leonteq","windowTitle":"Axie Infinity","category":"crypto-assets","title":"About Axie Infinity","body":"<p><strong>Axie Infinity is a blockchain-based trading and battling game developed by Vietnamese studio Sky Mavis and influenced by classics such as Pokemon and Tamagotchi.<\/strong><\/p>\n<p>Players can collect, raise, battle and trade digital pets, called Axies. Axies are ERC-721 non-fungible token (NFT) and each Axie comes with different features influence the Axie\u2019s capabilities in battle.<\/p>\n<p>There are two tokens used in the Axie Infinity ecosystem: Axie Infinity Shards (AXS) and Smooth Love Potions (SLP). AXS is the governance token and SLP is earned by playing the game and can be used to breed new Axies.<\/p>\n<p>The game primarily operates on the Ethereum blockchain, but the team behind the game built a side-chain solution known as Ronin with the aim to improve to increase speed and eliminate gas fees.<\/p>\n<h3>Investment solution on Axie infinity - tradable on BX Swiss<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[&quot;PG_TRACKER_CERTIFICATE&quot;],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[&quot;161314050&quot;],&quot;omni&quot;:&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:false,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:true},&quot;underlyingSearchString&quot;:&quot;axie&quot;,&quot;marketVenues&quot;:[&quot;XBRN&quot;],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Conversion Ratio: 1<\/li>    \n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/investment-themes/crypto-expansion?language_id=1\" label=\"Click here to access the full product range on cryptocurrencies.\"> <\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>\n<h5>Risk disclosure<\/h5>\n<p>Investments in products referencing one or more cryptocurrencies or indices of cryptocurrencies are subject to increased volatility compared to investments in traditional assets and to specific risks which can negatively impact the value, tradability,liquidity and/or security of such investments. Potential Investors are encouraged to inform themselves about these specific risks when considering an investment in products referencing one or more cryptocurrencies or indices of cryptocurrencies. A summary of key risks relating to products referencing one or more cryptocurrencies or indices of cryptocurrencies can be found <strong> <a href=\"https://structuredproducts-ch.leonteq.com/crypto-disclaimer\">here<\/a><\/strong>.<\/p>","url":"axie-infinity","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/axie-infinity-sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/axie-infinity-thumbnail.jpg"},{"date":"2022-05-11T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/galaxy-digital-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Crypto all-rounder","windowTitle":"Galaxy Digital","category":"coupon-giant","title":"Galaxy Digital","body":"<h3>Crypto all-rounder<\/h3>\n<p>The crypto world is on the verge of a turning point: The industry is currently eagerly awaiting the comprehensive software update of Ethereum. This digital asset is not only used as a means of payment, but is also a kind of platform through which business processes can be mapped. The developers promise ETH 2.0 more speed with lower energy consumption at the same time. According to experts, this would increase the attractiveness of the second-ranked cyber currency in terms of market capitalization and provide even greater competition for the top dog, Bitcoin.<\/p>\n<h3>Broad positioning<\/h3>\n<p>Whichever of the more than 10,000 cyber currencies will dominate the overall USD 1.5 trillion crypto market doesn't matter to Galaxy Digital. The U.S. company offers a wide range of financial solutions in the digital assets space. The New York-based company divides its business into five divisions: Trading, Asset Management, Investment Banking, Mining and Principal Investments. The company not only has numerous partnerships in asset management and investment banking, all of which operate around and within the blockchain ecosystem. Companies that build digital networks, for example, are also among the company's broad clientele. The goal is to identify companies and networks that will shape the crypto economy in the future.<\/p>\n<p>The fact that the company, which is hardly known in this country, already enjoys a great deal of trust is demonstrated by the latest deal with Goldman Sachs. The investment bank is cooperating with Galaxy, which was only founded in 2018, to give its customers access to the digital asset Ether via the Galaxy Digital Ethereum Fund. With a minimum investment of a quarter of a million dollars, this is an attractive deal. If Robert Bogucki, co-head of global trading at Galaxy Digital, has his way, the flow of capital from the institutional space will continue to increase: \"More and more funds are looking at crypto as a fifth asset class.\"<\/p>\n<div>\n<generic-chart title=\"Galaxy Digital: Earnings per share (in USD)\">\n  <chart-column\n    title=\"Earnings per share (in USD)\"\n    data=\"-1.99, 1.28, 3.81, 0.23\"\n    color=\"#f9a533\"\n  />\n  <x-axis categories=\"2019, 2020, 2021, 2022e\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Thomson Reuters<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Between records and losses<\/h3>\n<p>As of the end of the first quarter, Galaxy had USD 2.7 trillion in assets under management. This was a slight decline of 5% from the previous quarter. Meanwhile, advisory and management fees shot up from USD 1.9 million to USD 11.9 million in the first quarter. On the earnings side, however, the crypto firm suffered losses from January to March. The net loss piled up to USD 111.7 million, compared to a profit of USD 858.2 million a year earlier. However, this decline was mainly due to unrealized losses on digital assets. \"Galaxy showed another strong quarter against the backdrop of declining digital asset prices,\" commented founder and CEO Michael Novogratz on the interim report, adding, \"I am proud to see the durability and sustained profitability of our operating businesses, including record contributions from our Investment Banking and Mining segments.\" In Mining, Galaxy set a new record for revenue of USD 9.8 million, generating a surplus of USD 5.0 million. As a result, a proud net margin of almost 50% was calculated. An even higher return of 72.5% was achieved in Investment Banking.<\/p>\n<p>Even if individual business areas are currently shining with top performances, the high loss due to the consolidation on the crypto market - bitcoin alone lost more than half of its value compared to its record high in November 2021 - turned into a bitter pill to swallow for investors. The title dived by about a quarter on the same day.<\/p>\n<div>\n    <generic-chart title=\"Galaxy Digital: Share price (in CAD)\">\n        <chart-line title=\"Galaxy Digital\" path=\"chart_galaxy_test.csv?language_id=1\" format=\"date, number\" />\n        <x-axis type=\"datetime\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Thomson Reuters, as of 10.05.2022<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>High buffer, high yield opportunity<\/h3>\n<p>With the recent price slide, Galaxy Digital may have priced in the current uncertainty in the crypto market by now. However, volatility is likely to remain high in the coming months, which currently argues against a direct investment. Products with conditional partial protection may now be the better alternative. The new Softcallable Barrier Reverse Convertibles, for example, turn fluctuations into double-digit percentage returns. The CHF version offers an attractive interest rate of 15.00% p.a. with a maximum term of one year, the USD-denominated product even comes with a coupon of 17.00% p.a., which is paid out quarterly. Furthermore, the products are equipped with comfortable risk buffers of 51%. As a result, Galaxy Digital's share can reset even further without diminishing the return opportunity. Only if the barrier is breached could there be markdowns. Then the closing price decides about profit or loss of the investment. If the underlying instrument returns to the starting level, the full nominal value is paid out in addition to the secure coupon. Otherwise, the redemption is based on the performance of the Galaxy Digital share.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1180757895\\&quot; \\&quot;CH1180757846\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-galaxydigital","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/galaxy-digital-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/galaxy-digital-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-05-06T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/inflation_us+consumer+price+index-leonteq-structured-products-product+product+homepage+banner.jpg","subTitle":"Capital protection certificate on the US Consumer Price Index Urban Consumers NSA","windowTitle":"Inflation","category":"investment-themes","title":"Inflation as an investment goal","body":"<h3>First-class investment<\/h3>\n<p>Structured products have many advantages. One of them is that they allow investment in an almost unlimited range of underlying stocks, another that the risk management spectrum extends from \u201chigh risk\u201d all the way to \u201czero risk\u201d. The latter is also called capital protection and is now possible again after a long period of abstinence. The reason? Rising interest rates. If an issuer is to be able to offer a 100% guarantee, after all, the bonds need to achieve a positive return. In an age of galloping inflation and the associated increases in base rates, returns have now climbed sharply again. Whereas, for instance, the yield on the ten-year Swiss government bond has been back in positive territory since the turn of the year after a long drought and currently stands at 0.82%, the 10Y US Treasury Note is already returning 2.94%. If we now combine inflation as an investment goal with capital protection as a product structure, the result is an extremely attractive investment.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/inflation-us-consumer-price-index?language_id=1\" label=\"Get more information here\"><\/ltq-button><\/div>\n<h3>Inflation index climbing higher<\/h3>\n<p>Leonteq is once again proving to be something of an innovator, launching a 100% capital protection certificate on the US Consumer Price Index Urban Consumers NSA. Not only is the nominal of USD 1,000 fully protected at the end of the three-year term, the product also participates 100% in any rise in the consumer price index. The underlying reflects the average change in prices that urban consumers are paying for a fixed basket of goods and services, such as food, clothing, accommodation, fuel, medicines and transport costs. The index also includes the taxes associated directly with the purchase and consumption of articles. That devaluation is gathering pace is demonstrated by the most recent inflation data: in March the US consumer price index climbed 1.2% on the previous month to reach 287.50, putting it as much as 8.5% higher than the previous year. The upward trend is continuing, then. Since December 2020 the barometer has been rising steadily month on month, appreciating by a good tenth over this period. Taking a three-year view, the increase is as great as 13%.<\/p>\n<div>\n <generic-chart title=\"US Consumer Price Index Urban Consumers NSA\">\n  <chart-line title=\"CPI\" path=\"us_cpi.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n <footer>Source: U.S. Bureau of Labor Stastics<br /> Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>High point not yet reached<\/h3>\n<p>The most recent statements by the Fed that it is contemplating raising interest rates more quickly than thought due to huge price increases reveal that inflation is still probably a long way from peaking. The reasons for a further increase in the cost of living lie predominantly in factors such as supply bottlenecks and rising prices for energy and raw materials. The war in Ukraine is a key driver here, and causing prices to explode across the world. This is in turn leading to measures such as those taken recently in Indonesia, the world's largest supplier of palm oil, which is stopping exports in order to support its domestic population. As the raw material is contained in many foodstuffs such as such as spreads containing cocoa, pizzas and other ready-made products, and even in cosmetics, further price increases are to be expected for many goods.<\/p>\n<h3>Security for portfolios and cash<\/h3>\n<p>The new capital protection certificate allows investors to counteract the general devaluation. With a strike at 2.5%, for instance, if the rate of inflation is 4% the product will deliver a return of 4.8% when the term ends on 25.04.2025. If inflation is taken into account, the theoretical gain over cash would then be more than 8%. Should inflation remain at its current level, the certificate will even generate a profit of over 18% at the end of the term. The product cannot slip into negative territory at maturity; the 100% capital guarantee ensures that at least the nominal value is repaid in three years.<\/p>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1180759321\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;valor&quot;,&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;subscriptionEndDate&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/inflation-us-consumer-price-index?language_id=1\" label=\"Get more information here\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"inflation-us-consumer-price-index","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/inflation_us+consumer+price+index-leonteq-structured-products-product+sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/inflation_us+consumer+price+index-leonteq-structured-products-product+thumbnail.jpg"},{"date":"2022-05-04T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/daimler+truck-product+homepage+banner.jpg","subTitle":"Stock market debut under heavy load","windowTitle":"Daimler Truck","category":"underlying-in-focus","title":"Underlying in focus: Daimler Truck","body":"<p>At the end of March, the future of logistics was on the road in Berlin. The \"Mercedes-Benz GenH2 Truck\" stopped at Potsdamer Platz and in front of the Reichstag building. However, the tour of the fuel cell prototype through the German capital did not serve to transport goods. Rather, Daimler Truck promoted the rapid development of a hydrogen refueling infrastructure in Germany. By 2039, the company wants to offer only new vehicles in its global core markets that are CO2-neutral in driving operation. In electrifying its fleet, management is relying on both batteries and H2 powertrains. While such PR appointments have long been routine for the company, it has only recently been beating the promotional drum with equity investors. On December 10, 2021, Daimler Truck was listed on the stock exchange - completing the spin-off from Daimler AG, which now operates as Mercedes-Benz.<\/p>\n<h3>Shrinking truck market in Europe<\/h3>\n<p>Initially, the newcomer presented a strong performance: Compared to the first price of EUR 28.00, Daimler Truck increased in price by more than a quarter by mid-January. But then the stock market novice went into reverse gear. Although Daimler Truck was recently able to regain ground, the share, which is now included in the DAX, is trading well below its initial value (see chart). Like many other industrial stocks, the truck manufacturer was slowed down by a gloomy business environment. In this respect, the latest figures on the European commercial vehicle market speak a clear language: In March, sales declined for the ninth month in a row. For the first quarter of 2022, the industry association ACEA reported a decline of 18.1% to 411,097 commercial vehicles sold. In addition to the difficult economic environment, the sector is struggling with supply chain issues.<\/p>\n<div>\n    <generic-chart title=\"Daimler Truck: Historical share price development (in EUR)\">\n        <chart-line title=\"Daimler Truck\" path=\"Daimler_Chart_030522.csv\" format=\"date, number\" />\n        <x-axis type=\"datetime\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Reuters, as of 02.05.2022<br /> Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Ambitious forecast<\/h3>\n<p>Despite all the turmoil, Daimler Truck has presented a bold forecast for 2022. The industry giant is targeting revenue of between EUR 45.5 billion and EUR 47.5 billion, up from EUR 39.8 billion last year. At the same time, the operating result is to increase significantly. The \"Trucks North America\" division is particularly profitable. Here, CEO Martin Daum aims to sell between 175,000 and 195,000 vehicles in the current year. At the upper end of the planning corridor, the segment would achieve growth of a good fifth. Daimler Truck is represented on the highways of the USA and Canada with its \"Western Star\" and \"Freightliner\" truck brands. In addition, the division includes the subsidiary \"Thomas Built Buses,\" known for its yellow school buses, which contributed 38% of the Group's revenue last year (see chart). Investors will find out how business developed in all four industrial segments in the first three months of 2022 on May 17. That is when Daimler Truck will present its interim report. The day after, management will launch a six-day roadshow.<\/p>\n<h3>Daimler Truck: Revenue 2021 by segment (shares in %)<\/h3>\n<div><img src=\"/dA/e0df23d7c0/charts_daimler truck_700x400 DE Pie chart.png?language_id=1\" alt=\"charts_daimler truck_700x400 DE Pie chart\" caption=\"false\" width=\"1730\" height=\"1668\" /><\/div>\n<footer>Source: Daimler Truck, as of March 2022<br /> Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>New issue in three variants<\/h3>\n<p>Leonteq is already using the newcomer to the stock exchange as the underlying for an interesting new issue. On May 10, the initial fixing for three different softcallable barrier reverse convertibles will take place. As a single-underlying, Daimler Truck in the product currency CHF offers a coupon of 9% p.a. with a maturity of 18 months. In the EUR version, the quarterly payout is 40 basis points p.a. higher. The barrier will be 59% of the initial fixing in each case. A multi-product on Daimler Truck and the former parent company and current major shareholder Mercedes-Benz will be launched with an identical protection threshold. The coupon on the multi-structure is 12% p.a.. The following applies to all products: As soon as there is a threshold violation, the partial protection expires. In addition, the softcallable function must be taken into account. It makes an early termination and redemption of the respective issues possible.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1180754108\\&quot;\\&quot;CH1180754157\\&quot;\\&quot;CH1180754199\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;valor&quot;,&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-daimlertruck","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/daimler+truck-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/daimler+truck-leonteq-structured-products-product+homepage+banner.jpg"},{"date":"2022-04-27T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/eramet-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Setting the strategic course","windowTitle":"Eramet","category":"coupon-giant","title":"Eramet","body":"<h3>Setting the strategic course<\/h3>\n<p>Over the past few days, all of Europe has been looking to France in the wake of the presidential elections. The victory of the incumbent, Emanuel Macron, was applauded by the EU, as it secures the viability of the community of states and the euro and thus ensures calmness on the capital market. Meanwhile, the French mining and metallurgy company Eramet is much less in the spotlight. Unjustifiably: While the overall market is clearly in the red zone in the current year, the share price has almost doubled.<\/p>\n<h3>Significant growth...<\/h3>\n<p>It is a combination of strong business performance and a new strategic direction that is currently convincing market participants. For example, the Paris-based mining group achieved an annual profit before interest, taxes, depreciation and amortization (Ebitda) of EUR 1.05 billion in 2021, more than double the previous year's figure. This also exceeded the group's own targets, as it had \"only\" aimed for an Ebitda of just under EUR 1 billion. The bottom line was also sufficient for a profit of EUR 298 million, after a loss of EUR 426 million in 2020 due to discontinued operations. These include, the spin-off of Aubert &amp; Duval, a supplier of parts and materials to the aerospace, defense and nuclear industries.<\/p>\n<div>\n<generic-chart title=\"Eramet revenue and profit development (in billion \u20ac)\">\n  <chart-column\n    title=\"Revenue\"\n    data=\"2.98, 3.65, 3.83, 3.67, 2.79, 3.67\"\n    color=\"#f9a533\"\n  />\n  <chart-line\n    title=\"operating Profit\"\n    data=\"0.38, 0.87, 0.84, 0.63, 0.51, 1.05\"\n    color=\"#4a525c\"\n    yAxisRight=\"true\"\n  />\n  <x-axis pointStart=\"2016\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Eramet<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>...and a new direction<\/h3>\n<p>The producer of nickel and manganese for the steel sector is currently realigning itself. In the coming years, for example, the Group intends to increasingly focus on materials for electric vehicles. Just recently, as part of an extended partnership with environmental services provider Suez, Eramet announced plans to explore industrial-scale recycling solutions this year with a view to setting up a recycling plant for lithium-ion batteries in France by 2024. Recycling could meet one-fifth of the European Union's nickel and lithium needs by 2030, as well as 12% of cobalt demand for EV batteries. The company is also exploring with chemical company BASF the possibility of processing nickel and cobalt into battery materials in Indonesia.<\/p>\n<p>In general, Eramet is committed to developing critical metals - lithium, nickel/cobalt salts, battery recycling - for the energy transition. \"Our goal is to continuously drive value creation in all our businesses by being more agile and efficient and focusing on the areas where we can make a difference,\" says CEO Christel Bories, describing the new strategy. Ultimately, the CEO wants to restore competitiveness in a changing environment and create sustainable value for shareholders.<\/p>\n<h3>Confident forecast<\/h3>\n<p>The outlook is already impressive: Increased production of nickel in Indonesia and manganese in Gabon have recently helped the company benefit from rising market prices. Investors will find out how this has affected the business figures on April 28. That is when Eramet will present its figures for the first quarter. For the year as a whole, management expects further growth in mine production and also assumes that metal prices will continue to rise. In terms of figures, a full-year Ebitda of around EUR 1.2 billion is on the agenda for 2022, which corresponds to an increase of slightly more than 14%. The forecast already takes into account the current high energy and freight prices.<\/p>\n<div>\n    <generic-chart title=\"Eramet: historic price development (in EUR)\">\n        <chart-line title=\"Eramet\" path=\"Eramet_Chart_260422.csv\" format=\"date, number\" />\n        <x-axis type=\"datetime\" />\n    <\/generic-chart>\n<\/div>\n<footer>Source: Reuters, as of 16.04.2022<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Phenomenal coupons, deep barriers<\/h3>\n<p>On the stock market, Eramet's price curve has been pointing steeply upward this year. Although there was a consolidation after cracking the EUR 160 mark, a gain of 82% occured since New Year's Eve. The current breather offers the opportunity to reap attractive returns with conditional partial protection. With the new Softcallable Barrier Reverse Convertibles, an additonal rally is not necessary to generate double-digit percentage gains. The CHF version offers an extraordinary interest rate of 18.00% p.a. with a maximum term of 12 months, the first time the product can be redeemed early is after 6 months. The EUR-denominated product even comes with a coupon of 18.50% p.a. On the downside, the BRCs give the French underlying a decent amount of room. The barrier is fixed at 55% of the starting value.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1180754827\\&quot; \\&quot;CH1180754843\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-eramet","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/eramet-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/eramet-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-04-26T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/crypto-market-index-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Quarterly index adjustment","windowTitle":"Leonteq Crypto Market Index","category":"crypto-assets","title":"Rebalancing of the Leonteq Crypto Market Index","body":"<p>The Leonteq Crypto Market Index tracks the performance of the largest cryptocurrencies. The weighting of the individual crypto assets is calculated based on their market capitalization. A mechanism is used that prevents concentration on individual components. The weighting of the components of the Leonteq Crypto Market Index is reviewed every three months in accordance with the index regulations. On 21.04.2022, the first rebalancing since the launch in January took place.<\/p>\n<div>\n<generic-chart title=\"Performance of the index components\">\n<chart-column\n    title=\"Performance in %\"\n    data=\"-0.27, -0.74, -3.37, -10.26, -16.92, -23.70, -25.49, -26.50, -37.07, -37.11, -44.95\"\n    format=\"number\"\n    color=\"#f9a533\"\n  />\n  <x-axis categories=\"Bitcoin, XRP, Ethereum, Avalanche, Dogecoin, Solana, Litecoin, Polkadot, Polygon, Cardano, Algorand\" />   \n<\/div>\n<p>The strongest decline in the index was observed in ALGO, the coin of the smart contracts platform Algorand, with -44.95%. In the difficult first quarter, Bitcoin, the largest cryptocurrency by market capitalization, held up best with a price decline of only -0.27%. The price changes of the individual cryptocurrencies since launch can be seen in the chart above.<\/p>\n<div>\n<generic-chart title=\"Contribution of index components to index performance\">\n<chart-column\n    title=\"Performance contribution in percentage\"\n    data=\"-0.04, -0.1, -0.44, -0.66, -0.71, -0.79, -1.14, -1.23, -1.31, -1.54, -2.3\"\n    format=\"number\"\n    color=\"#f9a533\"\n  />\n  <x-axis categories=\"XRP, Bitcoin, Avalanche, Litecoin, Dogecoin, Ethereum, Algorand, Polkadot, Polygon, Solana, Cardano\" />   \n<\/div>\n<p>Due to the generally difficult environment in the crypto market, the performance of the index since launch is -10.26%. Although Algorand is the biggest loser in the index with a loss of over 40%, it has cost the certificate a performance of only -1.14% due to the comparatively low weighting in the index. XRP, the currency of the Ripple network, with an almost unchanged price leads to an index performance of -0.04 percentage points, as can be seen in the preceding chart.<\/p>\n<h3>Composition of the Leonteq Crypto Market Index<\/h3>\n<div><ltq-table id=\"\" title=\"Composition as at 21.04.2022\">\n<template v-slot:default>\n<thead>\n<tr>\n<th>Crypto asset<\/th>\n<th>Weight<\/th>\n<th>Sector<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Bitcoin<\/td>\n<td>37.05%<\/td>\n<td>Currency<\/td>\n<\/tr>\n<tr>\n<td>Ethereum<\/td>\n<td>24.10%<\/td>\n<td>Smart Contract Platfrom<\/td>\n<\/tr>\n<tr>\n<td>XRP<\/td>\n<td>6.22%<\/td>\n<td>Currency<\/td>\n<\/tr>\n<tr>\n<td>Solana<\/td>\n<td>6.06%<\/td>\n<td>Smart Contract Platfrom<\/td>\n<\/tr>\n<tr>\n<td>Cardano<\/td>\n<td>5.88%<\/td>\n<td>Smart Contract Platfrom<\/td>\n<\/tr>\n<tr>\n<td>Avalanche<\/td>\n<td>4.57%<\/td>\n<td>Smart Contract Platfrom<\/td>\n<\/tr>\n<tr>\n<td>Dogecoin<\/td>\n<td>4.30%<\/td>\n<td>Currency<\/td>\n<\/tr>\n<tr>\n<td>Polkadot<\/td>\n<td>4.18%<\/td>\n<td>Smart Contract Platfrom<\/td>\n<\/tr>\n<tr>\n<td>Polygon<\/td>\n<td>3.11%<\/td>\n<td>Smart Contract Platfrom<\/td>\n<\/tr>\n<tr>\n<td>Litecoin<\/td>\n<td>2.54%<\/td>\n<td>Smart Contract Platfrom<\/td>\n<\/tr>\n<tr>\n<td>Algorand<\/td>\n<td>1.97%<\/td>\n<td>Currency<\/td>\n<\/tr>\n<\/tbody>\n<\/template> <template v-slot:below=\"\"> <LtqCardBody><footer>Source: Leonteq Securities, LIXX GmbH<\/footer><footer>Historical data is not a reliable indicator of future performance.<\/footer><\/LtqCardBody> <\/template> <\/ltq-table><\/div>\n<p>Looking at the components of the index, Bitcoin remains the currency with the highest weighting. The bitcoin dominance, and thus the index weighting, has increased slightly since launch. This also led to the largest absolute increase in weighting in the index of 0.74%. The largest absolute decrease in weighting occurred in Algorand (ALGO): -0.58%.<\/p>\n<div><price-chart isin=\"CH1129855198\"><\/price-chart><\/div>\n<p>Leonteq makes this innovative index concept available to investors via tracker certificates in the product currencies CHF, EUR and USD, which can be traded on the SIX Swiss Exchange.<\/p>\n<h3>Tracker Zertifikat on the Leonteq Crypto Market Index - tradeable on the SIX Swiss Exchange<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1129855198\\&quot; \\&quot;CH1129857533\\&quot; \\&quot;CH1129857525\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Administration Fee: 1.95% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>\n<h5>Risk disclosure<\/h5>\n<p>Investments in products referencing one or more cryptocurrencies or indices of cryptocurrencies are subject to increased volatility compared to investments in traditional assets and to specific risks which can negatively impact the value, tradability,liquidity and/or security of such investments. Potential Investors are encouraged to inform themselves about these specific risks when considering an investment in products referencing one or more cryptocurrencies or indices of cryptocurrencies. A summary of key risks relating to products referencing one or more cryptocurrencies or indices of cryptocurrencies can be found <strong> <a href=\"https://structuredproducts-ch.leonteq.com/crypto-disclaimer\">here<\/a><\/strong>.<\/p>","url":"leonteq-crypto-market-index-rebalancing","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/crypto-market-index-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/crypto-market-index-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-04-22T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/markets-turmoil-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Capital protection certificate with conditional coupon on Swiss blue chips","windowTitle":"Turnaround","category":"investment-themes","title":"Safety first","body":"<h3>Comeback of a classic<\/h3>\n<p>The zero bond is a particular type of investment. Unlike traditional bonds, this debt instrument does not pay out current interest. Instead, the bond, also called a zero coupon bond, is quoted below par at the time of issue and is repaid in full at the end of the term. The initial discount depends on the yield level. Here the principle is that the higher the interest rate, the lower the issuing price of the zero bond. As is well known, investors on bond markets have been living off scraps over the last few years, with the steady interest rate more or less disappearing in the wake of ultra-loose monetary policy. Zero bonds were correspondingly unattractive. Now, though, a sea-change is occurring: having for years hovered along the zero line or even fallen below it, the yield on the ten-year Swiss government bond is now 0.87%. Not only is this trend bringing the zero coupon bond back onto the menu for investors, it is also opening up new possibilities for investors in structured products.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/interest-rates-turnaround?language_id=1\" label=\"Get more information here\"><\/ltq-button><\/div>\n<h3>Guarantee and earnings opportunity<\/h3>\n<p>Zero bonds are a central pillar of capital protection certificates. The issuers use the initial interest charge to finance the option component of this class of derivatives. This made it difficult to enable a form of participation alongside the capital protection during the phase of low or even negative yields. The rise in medium to long-term interest rates has changed the picture, however, as a recent new issue from Leonteq demonstrates. On the one hand, the issuer is guaranteeing full repayment of the nominal at the end of the five-year term. On the other, there is also the opportunity for a coupon. Whether there will eventually be any payout depends on the performance of the underlyings. Leonteq has put together five Swiss large caps for this purpose: Nestlé, Novartis, Roche, Swiss Re and Zurich Insurance. The quintet jointly account for more than 60% of the SMI\u2019s capitalisation.<\/p>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1180755543\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;conditionalCoupon&quot;,&quot;capitalProtection&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n              <template v-slot:headerTitle>\n          <div><strong>Issuer: Leonteq Securities AG (Rating: Fitch BBB-)<\/strong><\/div>\n        <\/template>\n                    <template v-slot:footer>\n          <div><p>Coupon Trigger Level 1: 110%  -  Coupon Amount 1: CHF 100 - Total Coupon Recieved: CHF 100<\/p>\n<p>Coupon Trigger Level 2: 120%  -  Coupon Amount 2: CHF 100 - Total Coupon Recieved: CHF 200<\/p>\n<p>Coupon Trigger Level 3: 140%  -  Coupon Amount 3: CHF 200 - Total Coupon Recieved: CHF 400<\/p><\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/search/VS8?language_id=1\" label=\"Capital Protection Certificates in subscription\"><\/ltq-button><\/div>\n<h3>Climbing up the ladder<\/h3>\n<p>In simple terms, the underlyings must climb a ladder if a payout is to be achieved. The first \u201crung\u201d is located at 110% of the initial fixing. If all five stocks finish above coupon level 1 at the end of the term, the investor receives a repayment of 110% of the investment, which is denominated in CHF 1,000. The second rung is at 120%. If it is passed by every underlying on maturity, Leonteq will pay a premium of CHF 200 on the nominal amount. The coupon is even twice as high if the quintet finishes more than 40% up on the starting level in five years. Coupon level 3, then, triggers a payout of 40%, which would simultaneously be the maximum yield of this issue.<\/p>\n<h3>A prominent quintet<\/h3>\n<p>Having recently appreciated in value, all five underlyings are travelling in the right direction. The rise in yields already mentioned is playing into the hands of the financial stocks, Swiss Re and Zurich. Meanwhile, Roche and Novartis are model examples of the momentum in the pharmaceuticals sector. The \u201cpillmakers\u201d are tempting investors with growth prospects that are relatively insensitive to economic conditions alongside attractive dividends. Next week Roche (25 April) and Novartis (26 April) will be presenting their figures for the first quarter of 2022. Nestlé published its sales figures for the January to March period on 21 April (after we went to press). These were set to reveal the extent to which the food group has been able to pass on the rising cost of raw materials to consumers across the world through price adjustments. Holders of the new capital protection certificate should be able to take a pretty relaxed view not only of the current reporting season: this product puts them on the safe side \u2013 regardless of what the next five years on the stock market will bring. Should quotations head up, an attractive payout is even possible.<\/p>\n<div>\n <generic-chart title=\"Travelling in the right direction: Underlyings (5 years, indexed to 100)\">\n  <chart-line title=\"Nestlé\" path=\"Chart_Nestle.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <chart-line title=\"Novartis\" path=\"Chart_Novartis.csv\" format=\"date, number\" color=\"#191c22\"/>\n  <chart-line title=\"Roche\" path=\"Chart_Roche.csv\" format=\"date, number\" color=\"#b92b49\"/>\n  <chart-line title=\"Swiss Re\" path=\"Chart_SwissRe.csv\" format=\"date, number\" color=\"#898c92\"/>\n  <chart-line title=\"Zurich Insurance\" path=\"Chart_ZurichInsurance.csv\" format=\"date, number\" color=\"#a8c813\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n <footer>Source: Thomson Reuters, as of 19.04.2022<br /> Historical data is not a reliable indicator of future performance.<\/footer>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/interest-rates-turnaround?language_id=1\" label=\"Get more information here\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"interest-rates-turnaround","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/markets-turmoil-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/markets-turmoil-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-04-20T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/junior_gold-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"On the comeback trail","windowTitle":"Leonteq Junior Gold Miners Quality & Momentum Index","category":"underlying-in-focus","title":"Underlying in focus: Leonteq Junior Gold Miners Quality & Momentum Index","body":"<p>Timing plays a decisive role on the stock exchange. In this respect, the tracker certificate on the Leonteq Junior Gold Miners Quality &amp; Momentum Index did not have a happy start. The structured product was launched at the end of August 2020. Shortly before, the gold price had reached an all-time high. A short time later, the precious metal turned downward. Successively rising interest rates and hopes of an end to the Corona pandemic put the brakes on the crisis currency. Consequently, the shares of the gold mining sector were also sidelined. The index, which contains 20 \"juniors\", i.e. relatively small sector representatives, was unable to escape the correction. But now the selection has come back together with the gold price. So far this year, the Leonteq Junior Gold Miners Quality &amp; Momentum Index has gained almost one fifth. The benchmark was thus able to break out of the downward trend to the upside (see chart).<\/p>\n<div><price-chart isin=\"CH0542381006\"><\/price-chart><\/div>\n<h3>Safe haven rush<\/h3>\n<p>Once again, the most important precious metal is in demand as a crisis currency. When Russia invaded Ukraine at the end of February, the price rose sharply. In addition to geopolitics, inflation is also a factor in favor of gold. It is well known that inflation in many places is at historically high levels. While the U.S. Federal Reserve has already heralded the turnaround in interest rates against this backdrop, the ECB and SNB remained true to the expansionary course for the time being. Nevertheless, yields have also risen sharply in the EUR and CHF areas. Since gold itself does not yield any current income, this development actually speaks against the precious metal. Apparently, investors are currently giving higher weight to the attributes \"inflation protection\" and \"crisis currency\". This is supported not only by the price increase but also by the inflow of funds into physically backed investment products. According to figures from the World Gold Council (WGC), assets under management of global gold ETFs increased by USD 16.6 billion or close to 270 tons of the precious metal in the first quarter of 2022.<\/p>\n<h3>Systematic selection process<\/h3>\n<p>So the core product of companies included in the Leonteq Junior Gold Miners Quality &amp; Momentum Index is more in demand than ever. This benchmark deliberately avoids sector heavyweights such as Barrick Gold or Newmont. Instead, the concept focuses on the special dynamics of small caps from this segment. At the same time, the selection process focuses not only on quantitative criteria but also on momentum and quality. For this purpose, the ratio of debt to market capitalization, among other things, is scrutinized. In addition, gross profit growth as well as normalized and trailing profit margins, i.e. those of the last four quarters, are included in the assessment. With regard to momentum, the expert panel responsible for the composition analyzes the share price development over one, two and three years. Once a year, the sophisticated process is completed and the index is adjusted if necessary. The 20 selected stocks are initially equally weighted.<\/p>\n<h3>From Vancouver to Down Under<\/h3>\n<p>More than half of the current index members come from Canada. This includes B2Gold. Operationally, the Vancouver-based mining group is internationally active with projects in Mali, the Philippines, Namibia and Colombia. B2Gold has just presented key operating data for the first quarter of 2022: Gold production totaled 209,365 ounces, 5% above budget. The company generated quarterly revenue of USD 360 million from the sale of 195,000 ounces of the yellow metal at an average price of USD 1,874 per ounce. Australian index members include Gold Road. The Perth-based mining company discovered the \"Gruyere\" deposit in the west of the continent in 2013. It is considered one of Australia's largest and lowest-cost mining sites. Production has been underway since 2019 as part of a joint venture with Gold Fields. Over a ten-year period, the partners aim to bring to the surface an average of 350,000 ounces per year. These two examples show that the members of the Leonteq Junior Gold Miners Quality &amp; Momentum Index have the potential to benefit from a new \"gold rush\".<\/p>\n<h3>Leonteq Junior Gold Miners Quality &amp; Momentum Index: Current composition<\/h3>\n<div><ltq-table id=xxx title=\"Composition as at 19.04.2022\">\n<thead>\n<tr>\n<th>Company<\/th>\n<th>Country<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Alamos Gold<\/td>\n<td>Canada<\/td>\n<\/tr>\n<tr>\n<td>B2Gold<\/td>\n<td>Canada<\/td>\n<\/tr>\n<tr>\n<td>Centamin<\/td>\n<td>United Kingdom<\/td>\n<\/tr>\n<tr>\n<td>Centerra Gold<\/td>\n<td>Canada<\/td>\n<\/tr>\n<tr>\n<td>De Grey Mining<\/td>\n<td>Australia<\/td>\n<\/tr>\n<tr>\n<td>Dundee Precious Metals<\/td>\n<td>Canada<\/td>\n<\/tr>\n<tr>\n<td>Endeavour Silver<\/td>\n<td>Canada<\/td>\n<\/tr>\n<tr>\n<td>Evolution Mining<\/td>\n<td>Australia<\/td>\n<\/tr>\n<tr>\n<td>First Majestic Silver<\/td>\n<td>Canada<\/td>\n<\/tr>\n<tr>\n<td>Gold Road Resources<\/td>\n<td>Australia<\/td>\n<\/tr>\n<tr>\n<td>Hecla Mining<\/td>\n<td>USA<\/td>\n<\/tr>\n<tr>\n<td>K92 Mining<\/td>\n<td>Canada<\/td>\n<\/tr>\n<tr>\n<td>Mag Silver<\/td>\n<td>Canada<\/td>\n<\/tr>\n<tr>\n<td>Pan American Silver<\/td>\n<td>Canada<\/td>\n<\/tr>\n<tr>\n<td>Perseus Mining<\/td>\n<td>Australia<\/td>\n<\/tr>\n<tr>\n<td>Ramelius Resources <\/td>\n<td>Australia<\/td>\n<\/tr>\n<tr>\n<td>Silver Lake Resources<\/td>\n<td>Australia<\/td>\n<\/tr>\n<tr>\n<td>Silvercorp Metals<\/td>\n<td>Canada<\/td>\n<\/tr>\n<tr>\n<td>Victoria Gold<\/td>\n<td>Canada<\/td>\n<\/tr>\n<tr>\n<td>Wesdome Gold<\/td>\n<td>Canada<\/td>\n<\/tr>\n<\/tbody>\n <\/template> <template v-slot:below=\"\"> <LtqCardBody><footer>Source: Solactive<\/footer><footer>Historical data is not a reliable indicator for future performance.<\/footer><\/LtqCardBody> <\/template> <\/ltq-table><\/div>\n<h3>Tracker Certificate on the Leonteq Junior Gold Miners Quality &amp; Momentum Index<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0542381006\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.listed:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div><strong>Issuer: Leonteq Securities AG (Rating: Fitch BBB-)<\/strong><\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-juniorminers","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/junior_gold-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/junior_gold-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-04-13T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/societe-generale-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"End of the story in Russia","windowTitle":"Société Générale","category":"coupon-giant","title":"Société Générale","body":"<h3>End of the story in Russia<\/h3>\n<p>On February 10, shareholders of Société Générale (SocGen) were still basking in sunshine. At EUR 37.68, the bank stock reached its highest level since the fall of 2018. The French large cap was pushed to the top by the annual figures published on the same day. CEO Frédéric Oudéa presented a record profit for 2021 and, at the same time, looked optimistically into the future. At this point, the experienced manager - Oudéa has been with the company since 1995 - could hardly have expected Russia to invade Ukraine two weeks later. However, SocGen shares turned downward the very day after the figures were published. But with the escalation, selling pressure increased massively - compared to the outlined top, the share slumped by more than half. The sell-off is probably also due to the French company's involvement in Russia. The balance sheet for 2021 includes the Moscow-based Rosbank with a book value of EUR 3.2 billion.<\/p>\n<h3>Transaction with consequences<\/h3>\n<p>SocGen acquired a stake in the bank in 2006 and merged its Russian activities with Rosbank four years later. This chapter in the company's more than 160-year history is ending. On Monday, SocGen announced an orderly withdrawal from Russia. In addition to Rosbank, the French are selling its insurance subsidiaries to Interros Capital. The holding company belongs to the Russian billionaire Vladimir Potanin, the largest shareholder of the nickel group Norilsk Nickel. SocGen expects the transaction to occur in the coming weeks, and Rosbank will return to its original owner. Unsurprisingly, the trade is not without financial consequences for the French. In addition to a EUR 2 billion write-down on Rosbank's book value, this includes reducing the Common Equity Tier 1 ratio (CET 1 ratio) by around 0.2 percentage points.<\/p>\n<div>\n<generic-chart title=\"Société Générale: CET 1 Ratio (in %)\">\n  <chart-column\n    title=\"CET 1 Ratio\"\n    path=\"CET_SocGen.csv\"\n    format=\"number\"\n    color=\"#f9a533\"\n  />\n  <x-axis pointStart=\"2018\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Société Générale, as of 12.04.2022<br /> Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Relieved investors<\/h3>\n<p>Nevertheless, the stock market reacted positively to this announcement. The SocGen share started the trading week before Easter with a price increase of almost 5%. Quite a few investors are likely to be relieved that the bank is now escaping a difficult risk to calculate. At the end of 2021, SocGen's exposure to Russia totalled more than EUR 15 billion. According to the company, despite the charges from the sale, the CET 1 ratio will continue to exceed plans. As of 2021, this highly regarded ratio stood at 13.7%. According to the financial group, it was 470 basis points above the minimum regulatory requirement. France's third-largest listed bank has successively increased its hardcore capital (see chart). The Rosbank sale has no impact on the distribution policy for fiscal 2021. The Annual General Meeting on May 17 is to vote on a cash dividend of EUR 1.65 per share certificate. In addition, management is maintaining its share buyback program with around EUR 915 million.<\/p>\n<div>\n<generic-chart title=\"Société Générale: Historical share price development (in EUR)\">\n<chart-line title=\"Société Générale\" path=\"SocGen_Chart2.csv\" format=\"date, number\" />\n<x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Reuters, as of 12.04.2022<br /> Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>High coupons, low barriers<\/h3>\n<p>Investors can also achieve attractive yields with Barrier Reverse Convertibles on SocGen. In addition, this structured product has a partial protection mechanism. Leonteq has relaunched two variants. In the product currency CHF the guaranteed coupon is 15.00% p.a., in EUR 15.20% p.a.. The barriers are uniformly set at 59% of the initial level. As long as the SocGen share does not fall to or below this level, the investment is redeemed after 15 months with the maximum return corresponding to the coupon. If, on the other hand, the underlying uses up the risk buffer, the partial protection expires. In this case, repayment would be linked to the performance of the SocGen share price. Please note: Due to the soft callable feature, early termination and redemption of this Barrier Reverse Convertible may occur.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1129857723\\&quot;\\&quot;CH1180750312\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;valor&quot;,&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-socgen","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/societe-generale-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/societe-generale-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-04-12T12:34","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/smart-contracts-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Test Charts","windowTitle":"Test","category":"investment-themes","title":"Test","body":"<div>\n<generic-chart title=\"Polysilizium-Produktionsvolumen (in Tonnen)\">\n  <chart-column\n    title=\"Polysilizium-Produktionsvolumen (in Tonnen)\"\n    data=\"19777,18097,18406,21008,20185,21102,21684,23616,31383,35326\"\n    color=\"#f9a533\"\n  />\n  <x-axis categories=\"Q1 20,Q2 20,Q3 20,Q4 20,Q1 21,Q2 21,Q3 21,Q4 21,Q1 22,Q2 22\" />\n<\/generic-chart>\n<\/div>\n<footer>Source: Siemens Gamesa<br/>Historical data is not a reliable indicator of future performance.<\/footer>\n\n\n<div>\n    <generic-chart title=\"Société Générale: Historische Kursentwicklung (in EUR)\">\n        <chart-line title=\"Société Générale\" path=\"Leonteq_Bi-Weekly_190422_Elemente.csv\" format=\"date, number\" />\n        <x-axis type=\"datetime\" />\n    <\/generic-chart>\n<\/div>\n<div>\n    <generic-chart title=\"Travelling in the right direction: Nestlé vs. Novartis vs. Roche vs. Swiss Re vs. Zurich Insurance (5 years, indexed to 100)\">\n  <chart-line title=\"Nestlé\" path=\"Chart_Nestle.csv\" format=\"date, number\" color=\"#f7a824\"/>\n  <chart-line title=\"Novartis\" path=\"Chart_Novartis.csv\" format=\"date, number\" color=\"#191c22\"/>\n  <chart-line title=\"Roche\" path=\"Chart_Roche.csv\" format=\"date, number\" color=\"#b92b49\"/>\n  <chart-line title=\"Swiss Re\" path=\"Chart_SwissRe.csv\" format=\"date, number\" color=\"#898c92\"/>\n  <chart-line title=\"Zurich Insurance\" path=\"Chart_ZurichInsurance.csv\" format=\"date, number\" color=\"#a8c813\"/>\n  <x-axis type=\"datetime\" />\n<\/generic-chart>\n<\/div>\n<div>\n<generic-chart title=\"Revenue (left scale) in USD billion, operating profit (right scale) in USD million\">\n<chart-column\n    title=\"Performance in %\"\n    data=\"-0.27, -0.74, -3.37, -10.26, -16.92, -23.70, -25.49, -26.50, -37.07, -37.11, -44.95\"\n    format=\"number\"\n    color=\"#f9a533\"\n  />\n  <x-axis categories=\" BTC , XRP , ETH , AVAX , DOGE , SOL , LTC , DOT , MATIC , ADA , ALGO\" />   \n<\/div>\n<div>\n<generic-chart title=\"Revenue (left scale) in USD billion, operating profit (right scale) in USD million\">\n<chart-column\n    title=\"Performance in %\"\n    data=\"-0.04, -0.1, -0.44, -0.66, -0.71, -0.79, -1.14, -1.23, -1.31, -1.54, -2.3\"\n    format=\"number\"\n    color=\"#f9a533\"\n  />\n  <x-axis categories=\"XRP,  BTC,  AVAX,  LTC,  DOGE,  ETH,  ALGO,  DOT,  MATIC,  SOL,  ADA\" />   \n<\/div>","url":"test-charts","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/smart-contracts-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/smart-contracts-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-04-08T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/smart-contracts-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Tracker certificate on the Smart Contract Platforms Index","windowTitle":"Smart contracts","category":"crypto-assets","title":"The next crypto revolution","body":"<h3>A billion-euro business<\/h3>\n<p>Smart contracts are the new stars on the blockchain. This technology allows classic legal contracts such as a purchase or a loan transaction to be relocated to the digital world. Smart contracts do not require any human participation, as they are based purely on certain smart contract protocols such as Ethereum or Polkadot. The more the smart contract ecosystem is used, the greater is the demand for the coins. The digital agreements are particularly popular in the art world, for instance, in the form of non-fungible tokens (NFTs). These enable artists to sell their forgery-proof digital videos or works of art. Demand for them is enormous: figures from DappRadar show that the volume of NFT sales in 2021 totalled USDbn 24.9, compared with just USDmn 94.9 the year before. According to the platform NonFungible.com, the most popular category was NFTs for collecting, followed by art. NFT sales for land in metaverse environments also attracted attention. In November, for instance, virtual property investor Republic Realm acquired \u201cThe Sandbox\u201d in the virtual world for USDbn 4.3.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/smart-contracts?language_id=1\" label=\"Get more information here\"><\/ltq-button><\/div>\n<h3>Innovative coins<\/h3>\n<p>NFTs are most frequently purchased using Ethereum. NonFungible.com puts daily turnover of the second largest cyber currency in the world at an estimated USDbn 15-20. The blockchain project most used for smart contracts is about to undergo an important upgrade to Ethereum 2.0. This is set to change the network from the classic proof-of-work (PoW), such as Bitcoin uses, to proof-of-stake (PoS). It is an energy-efficient and easily scalable algorithm that is based on consensus as to which participants are allowed to generate the next block. This consensus mechanism is used with Polkadot as well as Ethereum 2.0. To remain efficient and guarantee speedy transactions, Polkadot also uses sharding, a technology which allows many transactions to be processed in parallel on different parts of a blockchain. As regards the value of the crypto assets, Ethereum has its nose in front. Not only does Ethereum bring a much higher capitalisation to the table, but the coin has appreciated by 54% in value over the last year, whereas Polkadot posted a loss in value.<\/p>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1129857517\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;valor&quot;,&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div>\n<p><strong>Management Fee: 1.35% p.a.<\/strong><\/p>\n<p><strong>Index Sponsor: Swissquote Bank SA<\/strong><strong><\/strong><\/p>\n<p><strong>Issuer: Leonteq Securities AG,&nbsp;Guernsey<\/strong><\/p>\n<\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><price-chart isin=\"CH1129857517\"><\/price-chart><\/div>\n<h3>Six smart contract platforms in one index<\/h3>\n<p>The recently launched Smart Contract Platforms Index combines a total of six digital coins targeting the trend towards smart contracts: Avalanche, Cardano, Ether, Polkadot, Polygon and Solana. At just under 39 per cent, Ether has by far the highest weighting. When ranked with the other almost 10,000 cyber currencies currently available on the market, the half dozen speak for themselves, with all six among the 20 largest cyber currencies in the world. Solana recently attracted particular attention, the coin appreciating by more than 500 per cent on a one-year view. In the interim the world\u2019s sixth most valuable digital currency even rose fourteenfold. Founded by Anatoly Yakovenko, the network is characterised by a very high speed of 50,000 transactions per second as well as extremely low transaction costs of less than USD 0.01. The Solana network currently has more than 400 projects, which are concentrated on the DeFi, NFTs and Web3 sectors.<\/p>\n<h3>Digital mega-trend in one certificate<\/h3>\n<p>With the new, actively managed tracker certificate on the Swissquote Smart Contract Platforms Index, Leonteq is offering investors an opportunity to participate in the key players of the smart contract revolution. The structured product reflects the development of the index almost completely. Only trading and management fees of no more than 1.50% p.a. are charged. The open-end certificate is denominated in Swiss francs and can be traded daily on the SIX.<\/p>\n<h3>Current composition: Smart Contract Platforms Index<\/h3>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;SWISS FRANC&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00109351,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;US DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:-4.1393E-4,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - OTHER&quot;,&quot;name&quot;:&quot;Avalanche&quot;,&quot;sophisInternalId&quot;:158038547,&quot;currentPrice&quot;:10.043,&quot;weight&quot;:0.02998554,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - OTHER&quot;,&quot;name&quot;:&quot;Cardano&quot;,&quot;sophisInternalId&quot;:150663173,&quot;currentPrice&quot;:0.231,&quot;weight&quot;:0.06583501,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - OTHER&quot;,&quot;name&quot;:&quot;Ether&quot;,&quot;sophisInternalId&quot;:116558271,&quot;currentPrice&quot;:2458.835,&quot;weight&quot;:0.44708374,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - OTHER&quot;,&quot;name&quot;:&quot;POL&quot;,&quot;sophisInternalId&quot;:158038589,&quot;currentPrice&quot;:0.096,&quot;weight&quot;:0.00591632,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - OTHER&quot;,&quot;name&quot;:&quot;Polkadot&quot;,&quot;sophisInternalId&quot;:153479991,&quot;currentPrice&quot;:1.1323,&quot;weight&quot;:0.01175061,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - OTHER&quot;,&quot;name&quot;:&quot;Solana&quot;,&quot;sophisInternalId&quot;:154964193,&quot;currentPrice&quot;:105.895,&quot;weight&quot;:0.4387492,&quot;currency&quot;:&quot;USD&quot;}]\"><\/AmcComposition>\n  <\/div>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/smart-contracts?language_id=1\" label=\"Get more information here\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"smart-contracts","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/smart-contracts-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/smart-contracts-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-04-06T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/linde-hydrogen-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Large cap with hydrogen fantasy","windowTitle":"Linde","category":"underlying-in-focus","title":"Underlying in focus: Linde","body":"<p>The Public Limited Company (PLC) is found primarily in Anglo-Saxon countries. Since October 2018, this type of company has also enriched the DAX. Linde PLC made its debut in the German share index at that time. The new corporate form for the industrial gases group, which previously operated as a \"Aktiengesellschaft\" (AG), resulted from a merger worth billions of euros. Linde merged with its U.S. competitor Praxair almost three and a half years ago. The PLC is one of the top performers in the DAX. At the end of 2021, Linde traded at more than EUR 300 for the first time, followed by the stock reset with the broad market. In March, the large-cap dynamically broke through the short-term downward trend to the upside. Thus, the new CEO of the industry giant experienced a perfect debut.<\/p>\n<h3>Linde PLC: Chart (in EUR)<\/h3>\n<div><img src=\"/dA/d1d5954191/charts_linde_700x500 EN Product.svg?language_id=1\" alt=\"charts_linde_700x500 EN Product\" caption=\"false\" width=\"1729\" height=\"838\" /><\/div>\n<footer>Source: Reuters; as of 05.04.2022<br /> Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Nice inaugural gift<\/h3>\n<p>Since March 1, Sanjiv Lamba, a Linde veteran, has been at the helm of the group. The finance expert began his career in 1989 in the company's India business. After being appointed CEO, Lamba promptly gave shareholders a kind of inaugural gift: Linde announced a USD 0.11 increase in the quarterly dividend to USD 1.17. At the same time, the Group announced a new share issue. At the same time, the Group announced a new share buyback program. Linde intends to invest up to USD 10 bn in its own share by the end of July 2024. Only recently, the company had completed a USD 5 bn buyback program. According to the new CEO, the high cash flows make a generous dividend policy possible. Linde has been able to increase its cash inflow in recent years successively. In 2021, operating cash flow approached USD 10 bn (see chart).<\/p>\n<h3>Linde: Operating cash flow (in USD million)<\/h3>\n<div><img src=\"/dA/277ccddc75/charts_linde_700x500 EN Bar chart.svg?language_id=1\" alt=\"charts_linde_700x500 EN Bar chart\" caption=\"false\" width=\"1689\" height=\"795\" /><\/div>\n<footer>Source: Linde PLC, Reuters; as of 05.04.2022<br /> Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Broad business model<\/h3>\n<p>From his predecessor, Steve Angel, the new CEO has not only inherited a well-filled cash box. Sanjiv Lamba can also build on a thick order book. By the end of 2021, Linde had a record order volume of more than USD 13 billion. The forecast is positive: Lamba is targeting growth of between 8% and 11% in adjusted earnings per share for the current year. The group's broad customer base makes it relatively crisis-resistant. For example, Linde supplies hospitals with oxygen, equips metalworking companies with welding and cutting gases, and sells isotopes to the semiconductor industry. The company also builds turnkey gas liquefaction and processing plants located in chemical plants, among other places.<\/p>\n<h3>Big hydrogen ambitions<\/h3>\n<p>In addition to the dividend increase, the share buyback and the forecast, Linde has probably been helped on the stock market in recent weeks by the general comeback of hydrogen shares. The company plays a leading role in this market of the future and covers the entire value chain according to its statements. Consequently, management has launched an initiative to consider the importance of this energy carrier in the fight against climate change. Among other things, Linde is currently building the world's largest PEM electrolysis plant in Leuna, Germany. It will supply industrial customers with green hydrogen via the company's pipeline network. Linde plans to ramp up the 24-megawatt plant in the second half of the year. The company has already installed almost 200 hydrogen filling stations worldwide.<\/p>\n<h3>Single and multi - new issuances with attractive conditions<\/h3>\n<p>Leonteq is now responding to the momentum of the large-cap with a new issuance. The Zurich-based fintech company has launched three softcallable barrier reverse convertibles (BRCs). Exclusively Linde-based products provide - in both EUR and CHF - a guaranteed coupon payment of 7% p.a.. The DAX share starts the 18-month term with a risk buffer of 31%. As long as Linde does not use this cushion, the maximum return corresponding to the coupon is fixed. A multi-BRC is also new to the market. In addition to Linde, its competitors Air Liquide and Air Products & Chemicals act as underlyings. The trio leads to a coupon of 10% p.a. in CHF, with a barrier at 66% of the initial fixing level. The \"worst of\" principle applies: as soon as a share touches or falls below the barrier, the partial protection expires. The investment would then be linked to the performance of the weakest stock at maturity. All products are so called \"Softcallables\". Therefore, early termination and redemption may occur.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1129857251\\&quot; \\&quot;CH1171820256\\&quot; \\&quot;CH1129857590\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-linde","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/linde-hydrogen-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/linde-hydrogen-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-03-30T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/occidental-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Buffett favorite runs like a clockwork","windowTitle":"Occidental Petroleum","category":"coupon-giant","title":"Occidental Petroleum","body":"<h3>Buffett favorite runs like a clockwork<\/h3>\n<p>There is actually no shortage of price drivers for oil stocks at the moment. Rising commodity prices are giving the sector a strong boost. Occidental Petroleum recently enjoyed an additional \"energy boost\": Berkshire Hathaway increased its stake in the US industry representative. The holding company of investor legend Warren Buffett bought Occidental stock for close to USD 1 billion, giving it a 14.6% stake. Berkshire has already held USD 10 billion of the company's preferred shares since 2019, a class the conglomerate had resorted to in order to help Occidental finance its acquisition of rival Anadarko Petroleum. With some delay, this Buffett investment seems to be paying off. In the first phase of the pandemic, Occidental Petroleum had still dipped into the single-digit price range. Meanwhile, the stock, with the abbreviation \"Oxy,\" is trading at more than 6 times its 2020 low (see chart).<\/p>\n<h3>Occidental Petroleum: Historical share price performance (in USD)<\/h3>\n<div>\n    <generic-chart title=\"Occidental Petroleum: Historical share price performance (in USD)\">\n        <chart-line title=\"Occidental Petroleum\" path=\"Leonteq_Coupon-Gigant_290322_Elemente.csv\" format=\"date, number\" />\n        <x-axis type=\"datetime\" />\n    <\/generic-chart>\n<\/div>\n<div><img src=\"/dA/05f4cbccb4/charts_occidental_700x500 EN Product.svg?language_id=1\" alt=\"charts_occidental_700x500 EN Product\" caption=\"false\" width=\"1246\" height=\"826\" /><\/div>\n<footer>Source: Reuters, as of 03/29/2022<br /> Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>A remarkable turnaround<\/h3>\n<p>The stock market comeback has been accompanied by strong operational performance. Two years ago, the Covid-related oil price collapse and high impairment charges had left the Texas-based company with a bottom-line loss approaching USD 15 billion. In 2021, Occidental achieved a remarkable turnaround and earned around USD 2.3 billion, of which USD 800 million went directly to Berkshire Hathaway as dividends. Last but not least, the record inflow of funds made it possible for the Group to reduce net debt by almost one fifth to below USD 30 billion in 2021. CEO Vicki Hollub is targeting a value of USD 20 billion as the next milestone here. Nevertheless, investors are not to be shortchanged: In addition to debt repayment, increasing dividends and share buybacks are priorities for the top manager.<\/p>\n<h3>More than oil and gas<\/h3>\n<p>In its core business, Occidental significantly increased drilling activities again after the lull in 2020. As a result, oil and gas reserves increased by 600 million in 2021 to a total of around 3.5 billion barrels of oil equivalent (Boe) (see chart). The majority of this is attributable to U.S. fracking activities in the Permian Basin as well as the DJ Basin. The company also has oil fields in the Gulf of Mexico, the Middle East and North Africa. Occidental also operates a chemicals division and a midstream segment with the processing, transportation, storage and marketing of oil and gas. The management sees great potential in the storage of CO2. The subsidiary \"Oxy Low Carbon Ventures\" has just concluded a cooperation agreement with the forest owner Weyerhaeuser. It provides for the planning and development of an underground carbon capture and sequestration facility in the U.S. state of Louisiana.<\/p>\n<h3>Occidental Petroleum: Oil and gas reserves (in million Boe)<\/h3>\n<div>\n    <generic-chart title=\"Occidental Petroleum: Oil and gas reserves (in million Boe)\">\n      <chart-column\n        title=\"Oil and gas reserves (in million Boe)\"\n        data=\"2598,2752,3904,2911,3512\"\n      />        \n      <x-axis categories=\"2017,2018,2019,2020,2021\" />      \n    <\/generic-chart>    \n<\/div>\n<div><img src=\"/dA/c5c739bf27/charts_occidental_700x500 EN Bar chart.svg?language_id=1\" alt=\"charts_occidental_700x500 EN Bar chart\" caption=\"false\" width=\"1215\" height=\"784\" /><\/div>\n<footer>Source: Occidental Petroleum, as of 31.12.2021<br /> Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Energy-rich new issue<\/h3>\n<p>Despite this positive news, Oxy shares have failed for now to break out above the round USD 60 level. Given the steep price increase and visibly overbought chart, a consolidation would not come as a surprise. Given this background and due to the relatively high volatility, Occidental Petroleum offers itself as an underlying for a Barrier Reverse Convertible. Leonteq has launched two variants of this popular structure: Investors can choose between an allocation in CHF and USD. The coupons amount to a high 16% p.a.. (CHF variant) and 18% p.a. respectively. (USD). Occidental Petroleum enters the maximum term of one year with a barrier of 59% of the initial fixing in each case. As long as the oil stock does not go to or below this mark, the maximum return is guaranteed. Otherwise, the partial protection expires and the investment would be exposed to the risk of the underlying. Please note: Due to the soft callable features, early termination and redemption of this Barrier Reverse Convertible may occur.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1129857079\\&quot; \\&quot;CH1171817302\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-occidentalpetroleum","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/occidental-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/occidental-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-03-23T17:47","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-bitcoin-2020-product+homepage+banner.jpg","subTitle":"Capital Protection Certificate with participation on Bitcoin","windowTitle":"Capital Protection Certificate on Bitcoin","category":"crypto-assets","title":"First time in subscription","body":"<h3>Capital Protection Certificate with participation on Bitcoin<\/h3>\n<p>The product is designed in such a way that the investor already achieves the maximum return of 10% (13.33% p.a.) with stagnating Bitcoin prices. Should Bitcoin nevertheless fall slightly to 95% of the initial fixing, the investor is refunded his initial investment. At the same time, the minimum repayment of 90% of the denomination protects against stronger price declines of Bitcoin.<\/p>\n<h3>The functioning of the capital protection certificate on Bitcoin is explained using the following example:<\/h3>\n<h4>The final fixing is below the capital protection level<\/h4>\n<p>If Bitcoin is then quoted at 50% of the initial fixing, for example, the investor receives a repayment amounting to 90% of the denomination.<\/p>\n<h4>The final fixing is above the capital protection level but below the cap level<\/h4>\n<p>If Bitcoin is quoted at 96% of the initial fixing, for example, the investor receives a redemption amounting to 102% of the denomination. \n<\/p>\n<h4>The final fixing is above the cap level<\/h4>\n<p>If Bitcoin is quoted above the initial fixing level at maturity, which also serves as the cap level here, the investor receives a redemption of 110% of the denomination.<\/p>\n<h3>Capital protection certificate with paritcipation on Bitcoin<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1171818771\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;capitalProtection&quot;,&quot;underlying&quot;,&quot;participation&quot;,&quot;barrierPercentage&quot;,&quot;strikeLevel&quot;,&quot;capLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>Redemption at maturity<\/h3>\n<div><ltq-table id=\"\" title=\"\"> <template v-slot:default=\"\">\n<thead>\n<th>Final fixing Bitcoin<\/th>\n<th>Redemption<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>120%<\/td>\n<td>110%<\/td>\n<\/tr>\n<tr>\n<td>110%<\/td>\n<td>110%<\/td>\n<\/tr>\n<tr>\n<td>105%<\/td>\n<td>110%<\/td>\n<\/tr>\n<tr>\n<td>101%<\/td>\n<td>110%<\/td>\n<\/tr>\n<tr>\n<td>100%<\/td>\n<td>110%<\/td>\n<\/tr>\n<tr>\n<td>99%<\/td>\n<td>108%<\/td>\n<\/tr>\n<tr>\n<td>98%<\/td>\n<td>106%<\/td>\n<\/tr>\n<tr>\n<td>97%<\/td>\n<td>104%<\/td>\n<\/tr>\n<tr>\n<td>96%<\/td>\n<td>102%<\/td>\n<\/tr>\n<tr>\n<td><strong>95%<\/strong><\/td>\n<td><strong>100%<\/strong><\/td>\n<\/tr>\n<tr>\n<td>94%<\/td>\n<td>98%<\/td>\n<\/tr>\n<tr>\n<td>93%<\/td>\n<td>96%<\/td>\n<\/tr>\n<tr>\n<td>92%<\/td>\n<td>94%<\/td>\n<\/tr>\n<tr>\n<td>91%<\/td>\n<td>92%<\/td>\n<\/tr>\n<tr>\n<td>90%<\/td>\n<td>90%<\/td>\n<\/tr>\n<tr>\n<td>80%<\/td>\n<td>90%<\/td>\n<\/tr>\n<tr>\n<td>70%<\/td>\n<td>90%<\/td>\n<\/tr>\n<tr>\n<td>60%<\/td>\n<td>90%<\/td>\n<\/tr>\n<tr>\n<td>50%<\/td>\n<td>90%<\/td>\n<\/tr>\n<tr>\n<td>40%<\/td>\n<td>90%<\/td>\n<\/tr>\n<tr>\n<td>30%<\/td>\n<td>90%<\/td>\n<\/tr>\n<tr>\n<td>20%<\/td>\n<td>90%<\/td>\n<\/tr>\n<tr>\n<td>10%<\/td>\n<td>90%<\/td>\n<\/tr>\n<tr>\n<td>0%<\/td>\n<td>90%<\/td>\n<\/tr>\n<\/tbody>\n<\/template> <template v-slot:below=\"\"> <LtqCardBody><footer>Source: Leonteq Securities<\/footer><footer>Maximum redemption: 110%, corresponding to a return of 10% (13.33% p.a.)<\/footer><footer>Minimum redemption: 90%<\/footer><\/LtqCardBody> <\/template> <\/ltq-table><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>\n<h5>Risk disclosure<\/h5>\n<p>Investments in products referencing one or more cryptocurrencies or indices of cryptocurrencies are subject to increased volatility compared to investments in traditional assets and to specific risks which can negatively impact the value, tradability,liquidity and/or security of such investments. Potential Investors are encouraged to inform themselves about these specific risks when considering an investment in products referencing one or more cryptocurrencies or indices of cryptocurrencies. A summary of key risks relating to products referencing one or more cryptocurrencies or indices of cryptocurrencies can be found <strong> <a href=\"https://structuredproducts-ch.leonteq.com/crypto-disclaimer\">here<\/a><\/strong>.<\/p>","url":"capitalprotection-xbt","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-bitcoin-2020-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-bitcoin-2020-thumbnail.jpg"},{"date":"2022-03-23T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/porsche-currencies-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"A high-powered holding company","windowTitle":"Porsche Automobil Holding","category":"underlying-in-focus","title":"Underlying in focus: Porsche Automobil Holding","body":"<p>The European stock market could soon experience a superlative Initial Public Offering (IPO). Despite the gloomy stock market environment, Volkswagen is sticking to its plan to put Porsche AG on the stock market. In the investment banking scene, the sports car manufacturer is said to have a valuation of between EUR 60 and EUR 80 billion. Some analysts even consider EUR 100 billion to be realistic. If Volkswagen were to sell off a quarter of the subsidiary, the IPO volume could therefore amount to as much as EUR 25 billion. This would put the debut almost on a par with Saudi Aramco. In 2019, the oil and gas group had pulled off the largest IPO in history to date. At VW's headquarters in Wolfsburg, preparations are in full swing. If everything goes smoothly, Porsche AG should mutate into an exchange-listed company before the end of this year.<\/p>\n<h3>Chart: Porsche Automobil Holding (in EUR)<\/h3>\n<div><img src=\"/dA/5cb96ebf87/charts_porsche_700x500 EN Product.svg?language_id=1\" alt=\"charts_porsche_700x500 EN Product\" caption=\"false\" width=\"1264\" height=\"1175\" /><\/div>\n<footer>Source: Reuters; as of 22.03.2022<br /> Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Double benefit<\/h3>\n<p>Porsche Automobil Holding is literally in the passenger seat in the plans outlined. Then the core investment of this holding company is a 53.3% package of Volkswagen ordinary shares. In turn, the Porsche and Pi&euml;ch families set the tone among the shareholders of Automobil Holding. They hold 100% of the ordinary shares, which carry voting rights but are not listed on the stock exchange. The IPO could give the generation of heirs direct access to Porsche AG again. Automobil Holding would like to acquire 25% plus one voting preferred share in the sports car maker directly from Volkswagen. The company could offset the price of this package with the planned special dividends from Volkswagen. The industry giant would like to distribute 49% of the total IPO gross proceeds as a special dividend.<\/p>\n<h3>Warm cash flow<\/h3>\n<p>There are still some question marks behind this scenario. In particular, a further deterioration in the stock market environment could throw a spanner in the works of VW's management. By contrast, Porsche Automobil Holding can firmly count on the regular profit share for 2021. Provided Volkswagen's annual general meeting approves the management's proposal at the annual general meeting on May 12, a transfer of more than EUR 1 billion is on the cards. The significant increase in the distribution is made possible by strong earnings growth at Volkswagen. This in turn is also likely to have given Porsche Automobil Holding a jump in profits last year. Analysts on average assume that the DAX member increased its earnings per share by more than half (see chart). Investors will find out to what extent the consensus is right on March 29. That is when Porsche Automobil Holding will present its financial statements for the past year at a media and analysts' conference.<\/p>\n<h3>Chart: Earnings per Porsche Automobil Holding preferred share (in EUR)<\/h3>\n<div><img src=\"/dA/a806d2c7c1/charts_porsche_700x500 EN Bar chart.svg?language_id=1\" alt=\"charts_porsche_700x500 EN Bar chart\" caption=\"false\" width=\"1234\" height=\"1114\" /><\/div>\n<footer>Source: Porsche Automobil Holding, Reuters; as of 22.03.2022<br /> Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Attractive risk/return profile<\/h3>\n<p>Shortly before this important event, Leonteq launched two softcallable barrier reverse convertibles on the investee company. The CHF-denominated version comes with a guaranteed coupon of 10% p.a.. For the EUR-denominated alternative, the quarterly payout is half a percentage point p.a. more. The barriers are fixed uniformly at 65% of the initial price. As long as the underlying does not fall to or below this level, nothing stands in the way of the maximum return corresponding to the coupon. If the barrier is breached, the partial protection expires. The investment would then be exposed to the full risk of Porsche Automobil Holding. Please also note the soft call feature. It allows early termination and redemption of this issue. Conclusion: A continuation of the sideways movement that has been going on for a good year is enough to achieve an attractive return with these barrier reverse convertibles. Even if Porsche Automobil Holding leaves the chart trend to the downside, this opportunity would not necessarily be pass&eacute;.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1129856832\\&quot; \\&quot;CH1171814606\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-porsche","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/porsche-currencies-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/porsche-currencies-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-03-23T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/inflation-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Tracker certificate on the Swissquote Inflation Index","windowTitle":"Inflation","category":"investment-themes","title":"Exorcising the spectre","body":"<h3>New inflation target<\/h3>\n<p>In July last year the European Central Bank, headed by Christine Lagarde, embarked on a new monetary policy course. Instead of striving for an inflation rate of \"below but close to 2%\", the central bank is now targeting exactly 2%. While this may at first glance appear to be only a marginal change on the previous policy, the new plan now allows inflation to exceed the target value \"moderately\" even for a while without having to lay a hand on the interest-rate tiller. Although this may be positive for equity markets,a high level of inflation is counterproductive for consumers because it causes money to lose its purchasing power.<\/p>\n<div>\n   <ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/swissquote-inflation-new?language_id=1\" label=\"Get more information here!\"> <\/ltq-button>\n<\/div>\n<h3>Safe havens<\/h3>\n<p>To counteract ongoing devaluation effectively, Swissquote launched the Inflation Index at the start of this year. The barometer follows a very broad-based approach. The components in question are assets which are associated positively with rising prices. This is particularly the case for precious metals, which have always been considered solid as a rock in times of crisis. Real estate, too, represents a solid hedge for those wanting to keep an unavoidable loss of purchasing power in check as inflation increases. The prices of raw materials also generally correlate positively with price hikes. Last but not least, inflation-proofed US government bonds likewise offer investment opportunities for exorcising the spectre of inflation. According to the experts at Swissquote, inflation-linked bonds such as Treasury Inflation-Protected Securities, or TIPS for short, are one of the most direct ways of protecting a portfolio from the consequences of surging prices. The volatility asset class also serves as an effective instrument for hedging risk, performing particularly well in the early stages of rising inflation.<\/p>\n<h3>Professional selection process<\/h3>\n<p>The examples show that investors are not exposed to high inflation for better or for worse, but can actually take steps against it. With that in mind, the Swissquote Inflation Index offers a promising mix of equities, funds, exchange-traded funds (ETFs) and even bonds. This very wide range of underlyings makes for a broadly diversified investment. Only securities which fulfil certain trading criteria come into consideration. The sophisticated investment process also utilises the know-how of the Swissquote experts as well as quantitative requirements such as mean value variance for optimisation of the portfolio. To ensure the composition always stays fresh, the individual components are subjected to quarterly review and adapted where necessary. Should it be necessary to trade outside the defined checks as a result of a sudden change in the news situation, for instance, Swissquote is entitled to perform a quantitative optimisation or rebalancing at any time.<\/p>\n<div>\n   <price-chart isin=\"CH0587306967\"><\/price-chart>\n<\/div>\n<h3>Tracker certificate on the Swissquote Inflation Index<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0587306967\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div><strong>Management Fee: 0.80% p.a.<\/strong><\/div>\n<div><strong>Index Sponsor: Swissquote Bank SA<\/strong><\/div>\n<div><strong>Issuer: Leonteq Securities AG<\/strong><strong><\/strong><\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>18 in one go<\/h3>\n<p>There are 18 positions in the Swissquote Inflation Index at present, the performance of which is certainly impressive. Since the Leonteq tracker was launched in February this year, it has grown by more than 26%, putting it ahead even of the MSCI World index. Raw materials as an asset class continue to have a decisive influence on the price movement. As it was at the start, the iShares Diversified Commodity ETF is still the heavyweight today, making up more than 23%. The passive fund has had a good run. The two US stock exchanges S&P 500 and Nasdaq 100 are also playing their part in increasing the barometer's price. All in all, the participation product is an appropriate way of protecting against high inflation through a diversified exposure to tangible and intangible assets.<\/p>\n<h3>Composition of the Swissquote Inflation Index<\/h3>\n<div>\n   <div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;SWISS FRANC&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00109477,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;US DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.01007015,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - FUND&quot;,&quot;name&quot;:&quot;ISH DIVERS COMMOD SWAP ETF&quot;,&quot;sophisInternalId&quot;:147374469,&quot;currentPrice&quot;:10.78,&quot;weight&quot;:0.12738356,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - FUND&quot;,&quot;name&quot;:&quot;ISHARES GLOBAL REIT ETF&quot;,&quot;sophisInternalId&quot;:111955863,&quot;currentPrice&quot;:25.89,&quot;weight&quot;:0.1574573,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - FUND&quot;,&quot;name&quot;:&quot;ISHARES GOLD TRUST MICRO&quot;,&quot;sophisInternalId&quot;:171628684,&quot;currentPrice&quot;:41.6,&quot;weight&quot;:0.08271465,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - FUND&quot;,&quot;name&quot;:&quot;QUADRATIC INT RTE VOL INFL H&quot;,&quot;sophisInternalId&quot;:147374471,&quot;currentPrice&quot;:16.9,&quot;weight&quot;:0.21121695,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - FUND&quot;,&quot;name&quot;:&quot;SCHWAB U.S. TIPS ETF&quot;,&quot;sophisInternalId&quot;:92759049,&quot;currentPrice&quot;:25.39,&quot;weight&quot;:0.2072573,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - FUND&quot;,&quot;name&quot;:&quot;VANG FTSE HDY USDD&quot;,&quot;sophisInternalId&quot;:183048269,&quot;currentPrice&quot;:76.01,&quot;weight&quot;:0.20280533,&quot;currency&quot;:&quot;CHF&quot;}]\"><\/AmcComposition>\n  <\/div>\n<\/div>\n<div>\n   <ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/swissquote-inflation-new?language_id=1\" label=\"Get more information here!\"> <\/ltq-button>\n<\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"swissquote-inflation","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/inflation-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/inflation-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-03-16T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/volkswagen-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Carmaker with big plans","windowTitle":"Volkswagen","category":"coupon-giant","title":"Volkswagen","body":"<h3>Carmaker with big plans<\/h3>\n<p>Volkswagen is without doubt a global corporation. The company's twelve brands can be found on the roads around the globe. Volkswagen's operational presence is correspondingly international. 120 production sites are spread over four continents. On an average working day, almost 35,000 vehicles roll off the production lines. For the past two years or so, this complex network has been subjected to a real acid test: The Corona pandemic and the associated contact restrictions initially weighed on both production and sales. Later, the group had to contend with shortages of components, especially semiconductor chips. Just as the chip shortage was beginning to ease, the war in Ukraine upset the supply chains again. And now Covid-19 threatens to catch up with the group: The worst outbreak in two years in China forced Volkswagen to temporarily halt production in the city of Changchun.<\/p>\n<h3>Learned crisis resistance<\/h3>\n<p>In view of the situation outlined above, it is not surprising that the VW share is in reverse gear. Over a period of one year, it has lost a good fifth of its value. By comparison, the DAX® fell by only 4% in the same period. At least the selling pressure on the car stock has eased at the support zone in the area of EUR 130 (see chart). The large cap was helped by the latest figures from Volkswagen. Despite all the turmoil, the group doubled its operating profit in 2021 to EUR 19.3 bn. At the same time, the industry giant earned significantly more than in 2019, the fiscal period before the outbreak of the pandemic (see chart). \"Over the past two years, we have learned to better manage the impact of crises on our business,\" CFO Arno Antlitz commented on the results. In addition to improvements in the product mix and cost savings, higher prices helped the group to jump in profits.<\/p>\n<h3>Volkswagen VZ: Historical share price development (in EUR)<\/h3>\n<div><img src=\"/dA/b49264b3bb/charts_Volkswagen_700x500 DE Product .svg?language_id=1\" alt=\"charts_Volkswagen_700x500 DE Product \" caption=\"false\" width=\"1245\" height=\"751\" /><\/div>\n<footer>Source: Reuters; as of 15.03.2022<br /> Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Volkswagen: Operating result (in billion \u20ac)<\/h3>\n<div><img src=\"/dA/29c110e798/charts_Volkswagen_700x500 DE Bar chart.svg?language_id=1\" alt=\"charts_Volkswagen_700x500 DE Bar chart\" caption=\"false\" width=\"1245\" height=\"730\" /><\/div>\n<footer>Source: Volkswagen; as of 15.03.2022<br /> Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Porsche IPO planned<\/h3>\n<p>After the decline in sales last year, Wolfsburg wants to sell more vehicles again in 2022. Specifically, CEO Herbert Diess expects an increase in deliveries of 5% to 10%. With planned sales growth of 8% to 13%, he is targeting an operating return in the range of 7% to 8.5%. In 2021, this ratio was 7.7%. The top manager is thinking far beyond the current year in terms of the company's transformation. \"Last July we presented the NEW AUTO strategy, with which we want to develop into a sustainable and software-driven mobility provider by 2030,\" Diess explained at the presentation of the financial statements. Technologically, he is fully committed to the MEB electric platform. Here Volkswagen has just expanded its cooperation with Ford. On the costly road to the electric future, Volkswagen could strengthen itself financially with an IPO of Porsche. Despite the current capital market turbulence, management is pushing ahead with the sports car maker's IPO. \"We are convinced that a potential separate listing of Porsche AG is a logical next step and would create great value,\" explains CFO Arno Antlitz.<\/p>\n<h3>Volatility as a yield driver<\/h3>\n<p>It is clear that the Volkswagen preference share is currently one of the most volatile shares in the DAX. This fact alone makes barrier reverse convertibles (BRCs) an interesting form of investment. The reason: implied volatility has a direct influence on the conditions of this yield-optimising structure. Leonteq has issued two BRCs on Volkswagen with a short maturity of 9 months. While the guaranteed coupon in the product currency CHF amounts to 14.12% p.a., it is 8 basis points higher for the EUR counterpart. The barrier is fixed at a low 55% of the initial price. Should the VW share fall to this threshold, the partial protection expires. The structured product would then be exposed to the full price risk of the underlying. Please note the soft callable function, which allows for early termination and redemption of this issue..<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1171811917\\&quot; \\&quot;CH1171811925\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;valor&quot;,&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;subscriptionEndDate&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-vow","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/volkswagen-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/volkswagen-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-03-11T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/recycling-industry-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Tracker certificate on the Swissquote Global Recycling 2.0 Index","windowTitle":"Recycling industry","category":"investment-themes","title":"The recycling industry: tackling rubbish tips together","body":"<h3>A successful idea \u2013 with one minor shortcoming<\/h3>\n<p>In the middle of 2019 Swissquote expanded its \"Themes Trading\" series with an interesting benchmark when the broker launched the Swissquote Global Recycling Index. At the same time, Leonteq made it possible to invest in the new index with a tracker certificate (SIX symbol: RECYTQ). A good two and a half years later, it can safely be said that the idea of the Swissquote equity experts has paid off, with the structured product trading at well over 50% above the issue price. That means the index can boast an outperformance of almost 20 percentage points on the global equity market as measured by the MSCI® World Index. One minor shortcoming of the issue at the time was its term, the tracker certificate maturing in June 2023. As this future theme is likely to have lost little of its relevance since then, Leonteq and Swissquote have decided on a \"reinforcement\" at an early stage.<\/p>\n<div>\n   <ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/swissquote-recycling?language_id=1\" label=\"Get more information here\"><\/ltq-button>\n<\/div>\n<h3>New index, proven concept<\/h3>\n<p>A tracker certificate on the Swissquote Global Recycling Index 2.0 was listed on the SIX a short while ago. This new issue is an open-end product. Nothing has changed as regards the investment calculation. \"The opportunities associated with global waste management are unparalleled,\" the experts at Swissquote are convinced. They point to the increase in waste quantities that goes hand in hand with population growth. In the recycling industry especially, many businesses are investing in innovative technologies that will enhance recycling solutions. \"As an investment, global recycling can be considered an essential service,\" the analysts add. The shares of the sector could therefore ride out periods of market volatility relatively unscathed. This is also a genuine investment in sustainability With an exposure to global recycling, according to the initiators, investors are taking a socially responsible decision that they can feel great about.<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1163993186&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div>\n<p><strong>Management Fee: 1.10% p.a.<\/strong><\/p>\n<p><strong>Index Sponsor: Swissquote Bank SA<\/strong><strong><\/strong><\/p>\n<p><strong>Issuer: Leonteq Securities AG,&nbsp;Guernsey<\/strong><\/p>\n<p><strong>Guarantor: PostFinance AG, Bern, Switzerland<\/strong><\/p>\n<\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div>\n   <price-chart isin=\"CH1163993186\"><\/price-chart>\n<\/div>\n<h3>Stringent selection process<\/h3>\n<p>Like the original benchmark, the Swissquote Global Recycling Index 2.0 also concentrates on the big players within the sector. The entire value chain is covered: in addition to recycling, waste management and treatment as well as other associated environmental services are included. At present 17 companies have made it through the selection process, in which the shares also have to meet minimum trading criteria. US industry representatives set the tone. Headquartered in Houston, Waste Management characterises itself as the largest service provider for the waste management industry in North America. Alongside the transport and disposal of garbage, the large cap's spectrum also includes recycling and a renewable energy line. In addition to this all-rounder, the index also contains a raft of US service providers specialising in certain materials. Schnitzer Steel handles the recycling of scrap and vehicles. Founded in 1906, the company supplies the scrap metal obtained to foundries and rolling mills across the world or uses it to manufacture new steel products itself. In the USA and Canada Schnitzer also trades in used car parts.<\/p>\n<h3>Diversification \u2013 both geographically and operationally<\/h3>\n<p>The six European members of the Swissquote Global Recycling Index 2.0 also include a Swiss company. Vetropack Holding is a leading manufacturer of glass packaging in Europe. The Bülach-based company has been actively engaged in recycling since as far back as the 1970s, when Vetropack built a recycling system for waste glass in Switzerland. \"Glass is a natural substance and 100% recyclable without suffering any loss of quality,\" the company states on its website. Waste glass has consequently become the most important raw material in the production of new packaging, with an average share of 60%. The Vetropack share price came under intense pressure in the most recent stock market sell-off. One possible reason could be the company's Ukrainian plant. These tragic events do not change the fact that the Swiss small cap fits perfectly into the Swissquote Global Recycling Index 2.0. And, thanks to the broad base of this benchmark, other components are more than able to cushion the impact of the downward movement of such outliers.<\/p>\n<h3>Composition Swissquote Global Recycling Index 2.0<\/h3>\n<div>\n   <ltq-table id=\"\" title=\"As at 07.03.2022\">\n      <template v-slot:default>\n         <thead>\n            <tr>\n               <th>Company<\/th>\n               <th>Country<\/th>\n               <th>Index weighting<\/th>\n            <\/tr>\n         <\/thead>\n         <tbody>\n            <tr>\n<td>Befesa<\/td>\n<td>Luxembourg<\/td>\n<td>4.86%<\/td>\n<\/tr>\n<tr>\n<td>Biffa<\/td>\n<td>Great Britain<\/td>\n<td>5.27%<\/td>\n<\/tr>\n<tr>\n<td>Casella Waste Systems<\/td>\n<td>USA<\/td>\n<td>5.84%<\/td>\n<\/tr>\n<tr>\n<td>Clean Harbors<\/td>\n<td>USA<\/td>\n<td>4.78%<\/td>\n<\/tr>\n<tr>\n<td>Daiseki<\/td>\n<td>Japan<\/td>\n<td>11.69%<\/td>\n<\/tr>\n<tr>\n<td>GFL Environmental<\/td>\n<td>USA<\/td>\n<td>5.23%<\/td>\n<\/tr>\n<tr>\n<td>PureCycle Technologies<\/td>\n<td>USA<\/td>\n<td>7.29%<\/td>\n<\/tr>\n<tr>\n<td>Republic Services<\/td>\n<td>USA<\/td>\n<td>5.40%<\/td>\n<\/tr>\n<tr>\n<td>Schnitzer Steel<\/td>\n<td>USA<\/td>\n<td>5.96%<\/td>\n<\/tr>\n<tr>\n<td>Sims Metal Management<\/td>\n<td>Australia<\/td>\n<td>6.22%<\/td>\n<\/tr>\n<tr>\n<td>Steel Dynamics<\/td>\n<td>USA<\/td>\n<td>6.45%<\/td>\n<\/tr>\n<tr>\n<td>Tomra Systems<\/td>\n<td>Norway<\/td>\n<td>4.97%<\/td>\n<\/tr>\n<tr>\n<td>Umicore<\/td>\n<td>Belgium<\/td>\n<td>5.18%<\/td>\n<\/tr>\n<tr>\n<td>Veolia Environnement<\/td>\n<td>France<\/td>\n<td>4.93%<\/td>\n<\/tr>\n<tr>\n<td>Vetropack <\/td>\n<td>Switzerland<\/td>\n<td>5.73%<\/td>\n<\/tr>\n<tr>\n<td>Waste Connections<\/td>\n<td>USA<\/td>\n<td>4.78%<\/td>\n<\/tr>\n<tr>\n<td>Waste Management<\/td>\n<td>USA<\/td>\n<td>5.21%<\/td>\n<\/tr>\n<tr>\n         <\/tbody>\n      <\/template>\n      <template v-slot:below>\n         <LtqCardBody>\n            <footer>Source: Swissquote<\/footer>\n            <footer>Historical data is not a reliable indicator of future performance.<\/footer>\n         <\/LtqCardBody>\n      <\/template>\n   <\/ltq-table>\n<\/div>\n<div>\n  <ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/swissquote-recycling?language_id=1\" label=\"Get more information here\"><\/ltq-button>\n<\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"swissquote-recycling","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/recycling-industry-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/recycling-industry-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-03-09T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/clean-energy-sunny-prospects--leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Bright Forecasts","windowTitle":"Clean Energy","category":"underlying-in-focus","title":"Underlying in focus: Clean Energy Index","body":"<p>A rethinking regarding power generation has been taking place around the globe for years. As the effects of climate change become clear, more and more countries are switching to wind, solar and geothermal energy. With the war in Ukraine causing oil prices to skyrocket, the issue of clean energy gains even more importance. The current developments could lead European countries to intensify their efforts around green power generation. The Greens in the EU Parliament are already calling for drastic measures such as an EU fund for renewable energies to accelerate the energy turnaround. For example, Germany plans to achieve a full supply of green electricity by 2035.<\/p>\n<p><\/p>\n<p>Even before Russia's military aggression, the International Energy Agency (IEA) was positive about the future. In their \"Renewables 2021\" report, the experts assume that the growth of global power generation from solar, wind turbines as well as other renewable technologies will accelerate in the coming years. In numbers, global renewable capacity is expected to increase by an average of just over 300 GW per year through 2026. This means green energy would likely account for nearly 95% of the increase in global power capacity by 2026, with solar alone accounting for more than half.<\/p>\n<h3>Stock market anticipates the future<\/h3>\n<p>Not only would renewable energy producers benefit from even higher investment in light of the war, but those companies that manufacture wind turbines, solar cells or electrolysers can hope for more business. This hope has already reached the trading floor. At various industry representatives such as Vesta Wind Systems or the hydrogen specialist Nel, the confidence is already reflected in the share prices. The shares have posted double-digit percentage gains in the past four weeks.<\/p>\n<p><\/p>\n<p>However, not all companies can be lumped together. For example, the share price of energy giant RWE, which has consistently improved its business to become greener, is only treading water in the short term. On the one hand, RWE is focusing on green electricity and is also currently participating in a new liquefied natural gas terminal to obtain natural gas from all regions of the world in the future, independently of gas pipelines. On the other hand, the Germans are involved in the Ukraine conflict due to a long-term gas contract with a Russian supplier.<\/p>\n<h3>Graphic: Annual capacity additions for electricity from renewable sources (in GW).<\/h3>\n<div><img src=\"/dA/59df41b3b2/charts_clean-energy_700x500 EN Bar chart.svg?language_id=1\" alt=\"charts_clean-energy_700x500 EN Bar chart\" caption=\"false\" width=\"1236\" height=\"778\" /><\/div>\n<footer>Source: IEA; as of 11/30/2021<br /> Historical data is not a reliable indicator of future developments.<\/footer>\n<h3>Good numbers...<\/h3>\n<p>However, the renewable energy sector is not only at the center of attention because of the current tense geopolitical situation; recently, there has been positive news from the sector. For example, in the solar industry, which has been battered by shrinking margins and supply bottlenecks. First Solar caused a surprise with its figures for the fourth quarter. The company earned USD 1.23 per share in the final quarter of 2021, which was not only almost 14% more than in the previous year, but also significantly exceeded the average estimate of analysts of USD 1.05 per share. On the sales side, the upward trend was just as dynamic: Revenues soared by 48.9% to USD 907.3 million. The First Solar share may now have found a bottom in the USD 70 range after the sharp decline since October last year.<\/p>\n<h3>...and billion dollar takeover<\/h3>\n<p>The Renewable Energy Group, on the other hand, has not bottomed out. On the contrary, the U.S. group recently recorded strong increases. The reason: oil multinational Chevron put a USD 3.15 billion takeover offer on the table for the producer of biodiesel and renewable diesel. The USD 61.5 per share offered corresponds to around double the price before the announcement. One reason for the deal is likely to be that Renewable Energy Group is active in a very attractive market. According to the Energy Information Administration, renewable diesel production capacity in the U.S. is expected to grow from the current 1 billion gallons to more than 5 billion per year by 2024.<\/p>\n<div><price-chart isin=\"CH0587304749\"><\/price-chart><\/div>\n<h3>Active investment approach<\/h3>\n<p>As shown, there is a lot of music playing in the renewable energy theme right now. If you want to get involved in the sector, the <a href=\"https://structuredproducts-ch.leonteq.com/isin/CH0587304749\" target=\"_blank\" rel=\"noopener\">Migros Bank Clean Energy Index<\/a> is the best way to profit from further price increases in the sector, containing 25 members currently. Further, the barometer does not only offers a diversified, but also an active approach. Migros Bank reviews the index components every six months, ensuring that the Clean Energy trend is reflected in the best possible way at all times. The selected companies must, on the one hand, generate substantial sales in the Clean Energy sector and, on the other hand, fulfill a number of qualitative and quantitative criteria. The tracker on the Migros Bank Clean Energy Index, which was launched a good year ago, is managed with a moderate annual fee of 0.95% despite active management. In addition to the companies already listed in the text, the index also includes stocks from Asia and Canada. Currently, the Landis+Gyr Group is a domestic company in the selection.<\/p>\n<h3>Tracker Certificate on the Migros Bank Clean Energy Index<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0587304749\\&quot;&quot;,&quot;conditions&quot;:{&quot;&quot;:true},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;resultsPerPage&quot;:20,&quot;pageNumber&quot;:1,&quot;inSubscription&quot;:false,&quot;sortFields&quot;:[],&quot;sortingEnabled&quot;:true,&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div>\n<p><strong>Management fee: 1.00% p.a.<\/strong><\/p>\n<p><strong>Index Sponsor: Migros Bank AG<\/strong><\/p>\n<p><strong>Issuer: Leonteq Securities AG<\/strong><\/p>\n<\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-cleanenergy","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/clean-energy-sunny-prospects--leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/dividenden-adel/clean-energy-sunny-prospects--leonteq-structured-products-thumbnail.jpg"},{"date":"2022-03-07T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/cash-partnership-product+homepage+banner.jpg","subTitle":"Invest in the Swiss stock market favorites","windowTitle":"cash Insider Stock Favorites","category":"investment-themes","title":"cash Insider Stock Favorites Portfolio Index","body":"<h3>Invest in the Swiss stock market favorites<\/h3>\n<p>cash Insider has been commenting on day-to-day events on the Swiss equity market for cash.ch, the largest business and finance platform in Switzerland, since 2006. He has been managing a portfolio containing his Swiss stock market favorites successfully since 2013. This portfolio comprises up to 20 individual stocks or exchange-traded equity funds. cash Insider strongly favors shares of companies with highly capable management personalities and those going through transformation processes. Geographically the portfolio is oriented to Switzerland. It is suitable for investors with a long investment horizon.<\/p>\n<!--<div>\n   <ltq-button color=\"primary\" url=\"https://ch.leonteq.com/de/news-and-media/news/investment-themes/2019/fuw?language_id=3\" label=\"Jetzt mehr erfahren!\"><\/ltq-button>\n   <\/div>-->\n<h3>Highlights<\/h3>\n<ul>\n   <li>Focus on companies in transformation<\/li>\n   <li>Active and professional management<\/li>\n   <li>Many years of expertise and experience of cash Insider<\/li>\n   <li>Traded daily on the SIX Swiss stock market<\/li>\n<\/ul>\n<h3>About cash Insider<\/h3>\n<p>cash Insider has been an active player on the stock market since 1991.\n   He has been commenting on day-to-day events on the Swiss equity market for cash.ch, the largest business and finance platform in Switzerland, since 2006. cash Insider been managing a portfolio containing his Swiss stock market favorites successfully since 2013.\n<\/p>\n<h3>Tracker certificate on the cash Insider Stock Favorites Portfolio Index <\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0587306116\\&quot;&quot;,&quot;conditions&quot;:{&quot;&quot;:true},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;resultsPerPage&quot;:20,&quot;pageNumber&quot;:1,&quot;inSubscription&quot;:false,&quot;sortFields&quot;:[],&quot;sortingEnabled&quot;:true,&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div>\n<p><strong>Management fee: 0.85% p.a.<\/strong><\/p>\n<p><strong>Index Sponsor: Ringier Axel Springer Schweiz AG<\/strong><\/p>\n<p><strong>Issuer: Leonteq Securities AG<\/strong><\/p>\n<\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Composition of the cash Insider Stock Favorites Portfolio Index <\/h3>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;SWISS FRANC&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.08441126,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;US DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:2.2959E-4,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;AMRIZE LTD&quot;,&quot;sophisInternalId&quot;:208105951,&quot;currentPrice&quot;:30.07,&quot;weight&quot;:0.07564926,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BELIMO N ORD&quot;,&quot;sophisInternalId&quot;:67109076,&quot;currentPrice&quot;:783,&quot;weight&quot;:0.04562443,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;DAETWYLER HOLDING AG-BR&quot;,&quot;sophisInternalId&quot;:67109068,&quot;currentPrice&quot;:129.2,&quot;weight&quot;:0.04446779,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;JULIUS BAER GROUP LTD&quot;,&quot;sophisInternalId&quot;:67569299,&quot;currentPrice&quot;:70.84,&quot;weight&quot;:0.05430709,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;LONZA GROUP AG-REG&quot;,&quot;sophisInternalId&quot;:67109162,&quot;currentPrice&quot;:572.2,&quot;weight&quot;:0.13179047,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NESTLE SA-REG&quot;,&quot;sophisInternalId&quot;:67108967,&quot;currentPrice&quot;:76.04,&quot;weight&quot;:0.11802914,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;PARTNERS GROUP HOLDING AG&quot;,&quot;sophisInternalId&quot;:67109101,&quot;currentPrice&quot;:594.6,&quot;weight&quot;:0.06569663,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;R&amp;S GROUP HOLDING AG&quot;,&quot;sophisInternalId&quot;:188744387,&quot;currentPrice&quot;:16.77,&quot;weight&quot;:0.03248264,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SANDOZ GROUP AG&quot;,&quot;sophisInternalId&quot;:179767537,&quot;currentPrice&quot;:69.72,&quot;weight&quot;:0.10244051,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SGS SA-REG&quot;,&quot;sophisInternalId&quot;:67109174,&quot;currentPrice&quot;:96.44,&quot;weight&quot;:0.11034008,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SIKA AG-BR&quot;,&quot;sophisInternalId&quot;:67109118,&quot;currentPrice&quot;:173.8,&quot;weight&quot;:0.0665608,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SKAN GROUP AG&quot;,&quot;sophisInternalId&quot;:157015780,&quot;currentPrice&quot;:70.7,&quot;weight&quot;:0.06797031,&quot;currency&quot;:&quot;CHF&quot;}]\"><\/AmcComposition>\n  <\/div>\n<h3>Investment strategy<\/h3>\n<p>The portfolio of Swiss stock market favorites comprises up to 20 individual stocks or exchange-traded equity funds. cash Insider gives the largest weighting to representatives from the Swiss Leader Index (SLI), the blue chip barometer, supplementing them with promising small caps. He strongly favors shares of companies with highly capable management personalities and those going through transformation processes. cash Insider understands a transformation process to be a strategic realignment or emerging changes in the corporate portfolio, in other words disinvestments or complementary acquisitions. The dominant sectors in the portfolio are food/pharmaceuticals, industry and finance. Cash may be held for tactical reasons, depending on the assessment of the short-term market situation. Stock adjustments are made quarterly at the beginning of each new quarter. Dividends are reinvested.<\/p>\n<!--<div>\n   <ltq-button color=\"primary\" url=\"https://ch.leonteq.com/de/news-and-media/news/investment-themes/2019/fuw?language_id=3\" label=\"Jetzt mehr erfahren!\"><\/ltq-button>-->\n<\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"cash-insider","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/cash-partnership-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/cash-partnership-thumbnail.jpg"},{"date":"2022-03-02T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/bedbathbeyond-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Down to earth","windowTitle":"Bed Bath & Beyond","category":"coupon-giant","title":"Bed Bath & Beyond","body":"<h3>Down to earth<\/h3>\n<p>It was just over a year ago that the so-called meme stocks caused a stir on the stock market. This label was given to securities at the beginning of 2021 that suddenly went through the roof. The price rally was triggered by Internet forums, in particular the platform Reddit. Bed Bath &amp; Beyond was one of the companies hyped up there. The viral hype surrounding the US retailer peaked at the end of January 2021 at a price of USD 53.90. At this point, the stock market value of the provider of a wide range of household articles had surged by 150% within three weeks. Although the share was repeatedly caught up in meme speculation in the meantime, it has come down to earth one year later. At around USD 16, the Nasdaq stock is even trading below its early 2021 level (see chart).<\/p>\n<h3>Bed Bath &amp; Beyond: Chart (in USD)<\/h3>\n<div><img src=\"/dA/d46045c3d1/charts_bbb_700x500 EN Product.svg?language_id=1\" alt=\"charts_bbb_700x500 EN Product\" caption=\"false\" width=\"1236\" height=\"470\" /><\/div>\n<footer>Source: Thomson Reuters; as of 01.03.2022<br /> Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>New coat of paint - analog and digital<\/h3>\n<p>The focus is now once again on the operational development of the company, which was founded in 1971. In the year of its 50th anniversary, management has kicked off the transformation of Bed Bath &amp; Beyond. On the one hand, the team around CEO Mark Tritton started working on their stores interior. Whereas the stores previously gave the impression of being more of a general store, they are now to be much tidier and more modern. In the recently completed fiscal year 2021 (as of February 28, 2022), the company planned to remodel around 130 stores in the USA and Canada. At the same time, the CEO is focusing on digitization. Among other things, he pushed this sales channel with more modern and user-friendly websites or an item search supported by artificial intelligence. Bed Bath &amp; Beyond already generates a good third of its revenues digitally (see chart). In the baby products business, the online share is more than half.<\/p>\n<h3>Bed Bath &amp; Beyond: Digital business (share of sales in %)<\/h3>\n<div><img src=\"/dA/522d9d6940/charts_bbb_700x500 DE Bar chart.svg?language_id=1\" alt=\"charts_bbb_700x500 DE Bar chart\" caption=\"false\" width=\"1945\" height=\"815\" /><\/div>\n<footer>Source: Bed Bath &amp; Beyond; as of 06.01.2022<br /> Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>With a profit warning in the year<\/h3>\n<p>At this point, the cooperation with Kroger should help the company. Bed Bath &amp; Beyond is allowed to offer popular items on the online platform of the largest grocery retailer in the USA and also to set up its own stores in selected Kroger stores. The strategic successes could not change the fact that the CEO had to reduce the forecast for 2021 in January. Instead of the previously targeted USD 8.1 to 8.3 billion, revenues are expected to reach USD 7.9 billion. Tritton pointed to supply chain issues. Inventory bottlenecks reduced sales by USD 100 million in the third quarter alone. The top manager also had to row back on the earnings side. Whereas he had previously held out the prospect of a tidy surplus, the CEO now expects a black zero at best for the past fiscal period. Despite the profit warning, the Bed Bath &amp; Beyond share has continued its consolidation in recent weeks.<\/p>\n<h3>Ample coupons, low barriers<\/h3>\n<p>If the sideways trend remains, softcallable barrier reverse convertibles could play to their strengths. Leonteq has launched two variants of the yield-optimizing structure based on the US retailer. The comparatively high volatility of the underlying is clearly reflected in the terms of the new issue: In the product currency CHF, investors can expect a fixed coupon payment of 16% p.a.. In the USD-denominated counterpart, the guaranteed payout is 200 basis points p.a. higher. Bed Bath &amp; Beyond enters the one-year term for both versions with a barrier at 55% of the initial level. The thick cushion should not hide the fact that the share is not likely to be immune to strong fluctuations in the future. Should the barrier be breached, the partial protection will expire and the redemption of the nominal value would be linked to the performance of the underlying. Please also note the soft callable feature which may lead to early termination and redemption of the Barrier Reverse Convertible.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1163997765\\&quot; \\&quot;CH1129857327\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-bbby","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/bedbathbeyond-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/bedbathbeyond-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-03-01T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/crypto-market-index-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Their integration to the center of society","windowTitle":"Crypto assets","category":"crypto-assets","title":"Crypto assets","body":"<p><strong>Initially ridiculed, crypto-assets are gaining more and more importance. In the process, companies are increasingly moving to the center of attention in the context of crypto adoption. In addition, a comparison of cryptos with the development of the internet reveals interesting parallels that could ultimately turn into great opportunities.<\/strong><\/p>\n<p>Fifty-five years ago, the first ATM revolutionized money transactions. Suddenly, everyone had access to cash 24/7. Admittedly, as is so often the case with innovation, this one also took time to establish itself. Initially, more ATMs were added only slowly. Today, however, there are around 7,000 machines in Switzerland alone. Since 2014, a new generation has grown alongside the \"old school\" machines: the Bitcoin Teller Machines (BTM). In this country, 141 crypto ATMs were already counted in 2021. Worldwide, their number more than doubled last year to around 34,000 machines - and according to Coin ATM Radar, 50 crypto machines are added every day.<\/p>\n<h3>Merging digital and real<\/h3>\n<p>Even if BTMs represent only a vanishingly small share compared to ATMs to date, the new machines are sending an important signal. Their presence is a key contributor to the adaptation of crypto-assets. After all, many consumers have no idea what crypto currencies are. With the help of BTMs, the actual virtual existence of cryptos is now being integrated into everyday life, thereby creating trust.<\/p>\n<p>One of the pioneers in this field is Walmart. The U.S. retail giant, which missed the internet as an opportunity two decades ago, does not want to make the same mistake again and has therefore joined the crypto adoption. In a pilot project, 200 BTMs were already set up last year to bring the less tech-savvy closer to bitcoin. The group aims to host up to 8,000 crypto ATMs in its stores in the long term.<\/p>\n<div style=\"text-align: center;\"><strong><a title=\"Factsheet Crypto DE\" href=\"/pages-resources/crypto_jan_en.pdf?language_id=1\" target=\"_blank\" rel=\"noopener\">Here you can find a PDF file with our entire offering in the crypto space<\/a><\/strong><\/div>\n<div style=\"text-align: center;\"><strong><a title=\"Crypto Webpage\" href=\"/crypto-assets?language_id=1\" target=\"_blank\" rel=\"noopener\">Get more information about our products on the Leonteq Crypto webpage<\/a><\/strong><\/div>\n<h3>The Metaverse calls<\/h3>\n<p>But that's far from all, the expansion of trading into the Metaverse is also set to intensify. Walmart's recent patent filings indicate that the company is working on its own cryptocurrency. In addition, the group is rumored to be working on a digital product offering via so-called \"non-fungible tokens\" (NTFs). According to CNBC, the retailer has filed several tokens that \"indicate its intention to manufacture and sell virtual goods, including electronics, decoration, toys, sporting goods, and personal care products.\" And the group is not alone in the retail space: sporting goods giant Nike has already entered the Metaverse with its digital store on the gaming platform Roblox. The fashion label H&amp;M, in turn, has secured its island in the classic game Animal Crossing.<\/p>\n<p>As more renowned companies join the virtual worlds, a positive impact will spread even to non-specialists, synchronously increasing faith and confidence in crypto assets. Bank of America analysts are already expressing their conviction that the Metaverse will drive the adaptation of cryptos. According to experts, cryptos will not only receive a significant boost in demand as a result. However, they will also become increasingly accepted as a means of payment.<\/p>\n<p>Established payment providers such as PayPal are also ensuring increasing acceptance. With the U.S. group, the purchase, sale as well as the storage of cryptos on the account have already been possible since October 2020. In addition, customers can pay with the cyber currencies at around 26 million merchants in the PayPal network. Currently, the company is reportedly even thinking about launching its own US dollar-backed coin. Credit card giant Visa also wants to bring the crypto world closer to people and has already put millions of crypto credit cards into circulation worldwide for this purpose. Now the group is aiming to integrate stable coins, i.e. digital currencies that are linked to a value such as the US dollar or gold, in order to build a bridge between the real and digital worlds.<\/p>\n<h3>Adoption rate as a percentage of the world's population - cryptocurrencies vs. internet<\/h3>\n<div><img src=\"/dA/a2462717f1/charts_20220225_700x500 EN Product.svg?language_id=1\" alt=\"charts_20220225_700x500 EN Product\" width=\"1236\" height=\"841\" caption=\"false\" /><\/div>\n<footer>Note: In the x-axis labels, the first year represents technology and the second represents cryptocurrencies, reflecting the 23-year gap between the two.<\/footer><footer>Source: www.internetworldstats.com, crypto.com, Standard Chartered Research<br /> Historical data is not a reliable indicator of future trends.<\/footer>\n<h3>Interesting parallels: Formerly internet, now crypto<\/h3>\n<p>These examples show that companies play an increasingly important role in crypto adoption. Admittedly, cyber currencies are not entirely without risks. A look at the price trend of cryptos shows a significantly more volatile movement than traditional currencies. However, the emergence of blockchain technology, on which crypto assets are based, compares well with the emergence of the internet in the 1990s. At first, the World Wide Web was barely taken not of, then at the turn of the millennium, there was a real hype in the New Economy at the time, only to come to a supposed end a short time later in the bursting of the dotcom bubble. But this was not the case: Like a phoenix from the ashes rose today's Internet giants Amazon &amp; Co..<\/p>\n<p>Like the internet, which was underestimated for a long time, cryptos are doing the same today. So history could repeat itself - and with all the opportunities that entail. An advocate of this theory is the Standard Chartered Bank. The analysts compare cryptos in 2022 to tech stocks in the early stages, mainly because an increasing correlation between crypto and technology can currently be seen. This, of course, includes setbacks. However, after the recent sharp sell-off - the total crypto market capitalization has shrunk from USD 3.1 trillion to USD 1.6 trillion between November 2021 and today - the financial firm believes that digital assets have now found a bottom. In addition, the Federal Reserve's expected interest rate hike in March should also be gradually priced in. For Bitcoin, Standard Chartered Bank forecasts prices in the range of USD 100,000 in the second half of 2022. Meanwhile, Ethereum should be able to reach the USD 10,000 mark. Regarding Ethereum, the planned switch from a proof-of-work to a proof-of-stake model in June 2022 is even considered a turning point for crypto assets in the industry. Especially since politicians in the EU are currently thinking about banning cryptos which are based on \"proof-of-work\" (such as Bitcoin) due to their increased energy consumption.<\/p>\n<p>However the prices will develop this year, one thing is already certain given the increasing acceptance of Bitcoin &amp; Co. worldwide: The adaptation is in full swing and the crypto project, which was started years ago by a few computer freaks, is increasingly reaching the middle of society.<\/p>\n<h3>Tracker certificate on the Leonteq Crypto Market Index - tradable on SIX Swiss Exchange<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1129855198\\&quot; \\&quot;CH1129857533\\&quot; \\&quot;CH1129857525\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Administration Fee: 1.95% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div style=\"text-align: center;\"><strong><a title=\"Factsheet Crypto DE\" href=\"/pages-resources/crypto_jan_en.pdf?language_id=1\" target=\"_blank\" rel=\"noopener\">Here you can find a PDF file with our entire offering in the crypto space<\/a><\/strong><\/div>\n<div style=\"text-align: center;\"><strong><a title=\"Crypto Webpage\" href=\"/crypto-assets?language_id=1\" target=\"_blank\" rel=\"noopener\">Get more information about our products on the Leonteq Crypto webpage<\/a><\/strong><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>\n<h5>Risk disclosure<\/h5>\n<p>Investments in products referencing one or more cryptocurrencies or indices of cryptocurrencies are subject to increased volatility compared to investments in traditional assets and to specific risks which can negatively impact the value, tradability,liquidity and/or security of such investments. Potential Investors are encouraged to inform themselves about these specific risks when considering an investment in products referencing one or more cryptocurrencies or indices of cryptocurrencies. A summary of key risks relating to products referencing one or more cryptocurrencies or indices of cryptocurrencies can be found <strong> <a href=\"https://structuredproducts-ch.leonteq.com/crypto-disclaimer\">here<\/a><\/strong>.<\/p>","url":"crypto-adoption","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/crypto-market-index-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/crypto-market-index-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-02-25T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/fredoom-day-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Tracker on the Swissquote Recovery Index","windowTitle":"\"Freedom Day\": opportunities for returns thanks to reopening","category":"investment-themes","title":"The product of the hour","body":"<h3>An index for the post-pandemic recovery<\/h3>\n<p>Never before in the last two years has the world been so close to moving from pandemic to endemic as it does today. Spain, for instance, wants to treat Covid-19 as a normal illness in the future. The more countries dare to take such a step, the stronger the post-pandemic recovery in their economies should be. It was precisely for this case that Swissquote brought the Swissquote Recovery Index into being a good year ago. Its selection focuses especially on companies which were particularly affected by coronavirus measures. They come from the hospitality, tourism and even aviation sectors, for example. The index has posted a rise of around 14 per cent since it was issued, roughly in line with the market as a whole. Intervening coronavirus variants such as Delta and Omicron have prevented any outperformance so far, but the progress in vaccination appears to have eliminated the greatest danger, and a return to normality is within reach. This could in turn serve as a catalyst for outperformance in the weeks and months to come.<\/p>\n<div>\n   <ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/freedom-day?language_id=1\" label=\"Get more information here\"><\/ltq-button>\n<\/div>\n<h3>Lift-off for aviation<\/h3>\n<p>This can already be seen with some companies, Airbus being the primary example: while the EURO STOXX 50 plunged 6% in the last three months, the share price of the aircraft manufacturer jumped by the same amount, giving an outperformance of a cool 12 percentage points. The rally did not come about by chance, but was instead underpinned by fundamentals. Following record profits in 2021, the company can face the future with confidence. Results are set to continue climbing, and Airbus is also looking to supply 720 aircraft to its customers before the end of the year, an increase of one fifth. On the subject of new machines, arch-rival Boeing celebrated a success just recently, when the US aircraft manufacturer landed a huge order from Qatar Airways for the cargo version of its 777X passenger jet. Boeing, and its comrade-in-arms Lockheed Martin, could also profit from the new plans of the US president. According to media reports, Joe Biden is expected to ask Congress to approve a US defence budget in excess of USDbn 770 in order to modernise the military.<\/p>\n<h3>Tracker certificate on the Swissquote Recovery Index<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0562388360\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div><strong>Management Fee: 0.85% p.a.<\/strong><\/div>\n<div><strong>Index Sponsor: Swissquote Bank SA<\/strong><\/div>\n<div><strong>Issuer: Leonteq Securities AG<\/strong><strong><\/strong><\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div>\n   <price-chart isin=\"CH0562388360\"><\/price-chart>\n<\/div>\n<h3>Strong sector diversification<\/h3>\n<p>A comeback for the aviation industry is important for the Swissquote Recovery Index because, with a weighting of just under a third, it is the sector that sets the tone. The barometer will also profit from a recovery in the tourism industry too, however. Hotel chains such as Hilton and Marriott, cruise operators like Norwegian Cruise Line and even leisure companies such as Seaworld are responsible for more than a quarter of the price performance. At some 15%, hospitality forms the third largest group. It includes Starbucks and Yum! Brands, among others. Fast-food restaurants should, on the one hand, now be able to welcome more guests and earnings again. On the other, though, the companies are still suffering higher costs due to galloping inflation. To counteract this, some restaurant chains have already indicated that they will turn the price screw. Starbucks, for instance, had already increased menu prices in October and January and is planning further rises.<\/p>\n<h3>Recovery for the securities portfolio<\/h3>\n<p>The broadly diversified Swissquote Recovery Index offers investors access to a large number of international companies which will profit from a reopening. The actively managed certificate from Leonteq tracks the price movement of the index fully, less total annual costs of 0.85%. The barometer currently has 33 companies. To ensure the selection always reflects the latest developments on the market, the index is put under the microscope quarterly. That the experts are doing a good job is clear from a glance at the price movement: quoted in USD, the product has appreciated by around 14% since its launch on 8 December 2020.<\/p>\n<h3>TOP-10 companies in the Swissquote Recovery Index<\/h3>\n<div>\n   <ltq-table id=\"\" title=\"Composition as at 24.02.2022\">\n      <template v-slot:default>\n         <thead>\n            <tr>\n               <th>Company<\/th>\n               <th>Index weighting<\/th>\n            <\/tr>\n         <\/thead>\n         <tbody>\n            <tr>\n <td>Open Door<\/td>\n<td>6.69%<\/td>\n<\/tr>\n<tr>\n<td>Air China<\/td>\n<td>6.20%<\/td>\n<\/tr>\n<tr>\n<td>Lockheed Martin<\/td>\n<td>5.87%<\/td>\n<\/tr>\n<tr>\n<td>Singapore Airlines<\/td>\n<td>5.24%<\/td>\n<\/tr>\n<tr>\n<td>Strayer Education<\/td>\n<td>3.68%<\/td>\n<\/tr>\n<tr>\n<td>Newell Brands<\/td>\n<td>3.56%<\/td>\n<\/tr>\n<tr>\n<td>Yum! Brands<\/td>\n<td>3.39%<\/td>\n<\/tr>\n<tr>\n<td>TotalEnergies<\/td>\n<td>3.33%<\/td>\n<\/tr>\n<tr>\n<td>Graham Holdings<\/td>\n<td>3.29%<\/td>\n<\/tr>\n<tr>\n<td>BP<\/td>\n<td>3.21%<\/td>\n<\/tr>\n         <\/tbody>\n      <\/template>\n      <template v-slot:below>\n         <LtqCardBody>\n            <footer>Source: Swissquote<\/footer>\n            <footer>Historical data is not a reliable indicator of future performance.<\/footer>\n         <\/LtqCardBody>\n      <\/template>\n   <\/ltq-table>\n<\/div>\n<div>\n   <ltq-button color=\"primary\" url=\"https://www.leonteq.com/news-and-media/news/investment-themes/2022/freedom-day\" label=\"Get more information here\"><\/ltq-button>\n<\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"freedom-day","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/fredoom-day-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/fredoom-day-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-02-23T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/prosus-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Weighty inner values","windowTitle":"Underlying in focus: Prosus","category":"underlying-in-focus","title":"Underlying in focus: Prosus","body":"<p>Have you ever heard of Tencent or Delivery Hero? This question is likely to bring an affirmative grin to most people's faces. That's not surprising, after all, the Chinese Internet company and the German food delivery company are a thoroughly discussed topic at the stock exchange. The question of Prosus, on the other hand, is much more differentiated; only real market experts are likely to know what to make of this name. Yet the investment company holds large shares in the duo mentioned at the beginning and is itself even a member of the renowned EURO STOXX 50.<\/p>\n<p>The \"secret\" Internet giant goes back to a spin-off of the South African Naspers Group. The latter had founded Prosus in the Netherlands in 2019 with the purpose of spinning off its Internet holdings into a separate company. The IPO then followed in September of the same year. With the listing in Amsterdam, Naspers hopes to gain recognition among international investors, among others.<\/p>\n<h3>Investments worth billions<\/h3>\n<p>With a market capitalization of around EUR 132 billion, Prosus is one of the largest companies in the Netherlands. But the current stock market value by no means reflects the intrinsic value of the company. The shares in Tencent alone - Prosus still holds 29% in the Internet giant after a partial sale in 2021 - exceed the market capitalization with EUR 135 billion. We can add around EUR 3 billion from Delivery Hero and just under EUR 2 billion from seven other listed holdings. As if that were not enough, Prosus also has stakes in unlisted companies. These are valued at EUR 37.8 billion as of September 30, 2021. All in all, this results in a net asset value (NAV), i.e. the sum of all assets, totaling EUR 174 billion. Consequently, Prosus shares are currently trading around one-third below their intrinsic value.<\/p>\n<p>The high discount cannot be explained by weak operating results. On the contrary: at the half-year point of fiscal 2021/22 (March 31), the group reported strong growth. For example, commerce revenues accelerated by 53% to USD 4.2 billion and trading profit increased by 8% to USD 2.9 billion. In addition, Prosus increased its capital expenditure by USD 5.2 billion in the first six months to further accelerate growth. The majority of the money went into its core segments of food delivery, edtech, payments and fintech. \"Prosus companies now serve more than two billion customers and we continue to build innovative products that change people's lives,\" CEO Bob van Dijk said proudly at the financial presentation.<\/p>\n<h3>Prosus: Chart in EUR<\/h3>\n<div><img src=\"/dA/7aa31da8d0/charts_prosus_700x500 EN Product.svg?language_id=1\" alt=\"charts_prosus_700x500 EN Product\" width=\"1353\" height=\"848\" caption=\"false\" /><\/div>\n<footer>Source: Thomson Reuters, as of 22.02.2022<br /> Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>On a buying spree<\/h3>\n<p>In order to be able to enter into further deals, the Dutch company raised USD 5.25 billion via a bond issue at the beginning of the year. This means that the company now has significantly more financial scope for acquisitions. In recent weeks, for example, USD 20 million has already been invested in the Egyptian startup Thndr. In addition, Prosus secured shares in the Philippine fintech Tonik and the Indian B2B e-commerce platform ElasticRun for the first time. In total, the Dutch currently hold stakes in 80 companies operating around the globe.<\/p>\n<p>Deutsche Bank analysts give Prosus' strategy a good report card in a recent study: \"The focus of the investment company is on business models that rely on large consumer trends,\" and they therefore recommend the stock as a buy with a price target of EUR 125. The Frankfurt-based financial institution is not alone with its&rsquo; positive verdict, with local banking houses Credit Suisse and UBS also giving Prosus shares the thumbs up. According to Thomson Reuters data, 17 of a total of 21 research reports currently result in a buy recommendation. The average price target is EUR 108, which corresponds to a potential of 80%. From a chart perspective, however, there is (still) no sign of an upward trend. The title lost 17% since New Year's Eve alone, on a twelve-month horizon it is even 44%. Currently, the Prosus share is at least trying to bottom out in the range between EUR 60 and EUR 70.<\/p>\n<h3>High coupons, low barriers<\/h3>\n<p>In order for the new Softcallable Barrier Reverse Convertible to achieve its return target, the investment company does not need to succeed in a rebound. In fact, the product structure gives Prosus much more downside room to maneuver without jeopardizing the yield opportunity. The products, which are offered in CHF and EUR, each have a risk buffer of 41%. If the EURO STOXX 50 member leaves the barrier intact during the maximum term of 18 months, the maximum yield will be achieved. The coupons in both cases amount to 9.00% p.a. in CHF and 9.40% p.a. in EUR.<\/p>\n<p>If you are aiming for an even higher yield and are willing to increase the risk by another underlying, you will find an adequate investment vehicle in the new Multi-BRC on Prosus and Tencent. It offers the prospect of an interest rate of 11.00% p.a.. The risk buffer amounts to a comfortable 41%, just as in the case of the aforementioned Singe-BRCs. For all three products, the issuer's soft callable feature allows early termination after half a year at the earliest.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1163994838\\&quot; \\&quot;CH1129856089\\&quot; \\&quot;CH1129856154\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.calendar.subscription_end_date.value&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.calendar.last_trading_date.value&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.features.guaranteed_fixed_rate_coupon.coupon_rate.value&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-prosus","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/prosus-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/prosus-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-02-16T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/block-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"The turnaround is in sight","windowTitle":"Block","category":"coupon-giant","title":"Block","body":"<h3>The turnaround is in sight<\/h3>\n<p>On December 10, 2021, the name change from Square to Block became legally effective. The change of name is, among other things, an allusion to the blockchain, which in the course of the hype surrounding cryptocurrencies is being traded as one of the big megatrends in the technology world. As yet, however, the new name does not seem to be bringing the company any luck: The group has lost more than 40% or USD 34 billion in stock market value since then. That is significantly more than the Nasdaq or the Bitcoin had to give up in this period. So it's time to take a look behind the scenes.<\/p>\n<h3>Block: Chart (in USD)<\/h3>\n<div><img src=\"/dA/13d6038942/charts_block_700x500 EN Product.svg?language_id=1\" alt=\"charts_block_700x500 EN Product\" caption=\"false\" width=\"1942\" height=\"839\" /><\/div>\n<footer>Source: Thomson Reuters, as of 15.02.2022<br /> Historical data is not a reliable indicator of future performace.<\/footer>\n<h3>Bitcoin in focus<\/h3>\n<p>The fact that the Block share is relatively susceptible to fluctuations is partly due to the fact that the online and mobile payment provider is closely linked to cryptos. On the one hand, this applies to its operating business, where the company's digital peer-to-peer banking app also allows bitcoin transactions. In the third quarter, the Cash app already generated bitcoin revenue of USD 1.82 billion, an increase of more than one-tenth year-on-year. The gross payment volume, i.e. all processed transactions together, even increased by 27% to USD 3.7 billion in the same period. Gross profit improved disproportionately by almost 60%. On the other hand, CEO and founder Jack Dorsey is a self-confessed crypto supporter. Therefore, the group itself is also on the buying side when it comes to digital assets. Block has now invested more than USD 200 million directly in bitcoin.<\/p>\n<p>As if that were not enough, Dorsey wants to invest in new technologies beyond his payment business, especially in the blockchain. One project is already known: a bitcoin mining system that is open worldwide. The goal is to make mining more efficient, from purchase to setup, maintenance to operation. The company expects mining to go far beyond creating new bitcoins. \"We see it as a long-term need for a fully decentralized and permission-free future,\" explains block manager Thomas Templeton.<\/p>\n<h3>Broad setup<\/h3>\n<p>Currently, the fintech powerhouse's business model is based on five divisions. These include the core Square brand with its software solutions, the Cash app, the Spiral division specializing in open-source bitcoin projects, the artist-focused TIDAL, and the open developer platform TBD54566975. The competition, however, is not sleeping, as a recent push by Apple shows. The tech giant wants to launch a new service this year that will allow small businesses to accept payments directly on their iPhones without having to use additional hardware like Block's Square terminals. Block isn't letting that get in its way, however. With its Cash app and Square products, the company is in the process of expanding toward the Old Continent. According to media reports, a European CEO was appointed at the beginning of February.<\/p>\n<h3>Block: Revenue (left scale) in USD billion, operating profit (right scale) in USD million.<\/h3>\n<div><img src=\"/dA/2d9d611e38/charts_block_700x500 EN Bar chart.svg?language_id=1\" alt=\"charts_block_700x500 EN Bar chart\" caption=\"false\" width=\"1899\" height=\"796\" /><\/div>\n<footer>Source: Block<br /> Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Volatile business performance<\/h3>\n<p>In recent years, Jack Dorsey has proven that he has visionary potential and is also successful at it. Block's revenue, for example, has grown steadily since the first quarter of 2018 and has now increased more than fivefold. While the revenue development is in a constant upward trend, the earnings side shows high fluctuations. Operating profit moves volatile up and down between the black and the red. On the positive side, Block has been operating in the positive zone for five quarters and this trend should have continued in the final quarter of 2021. The analyst consensus projects earnings per share of USD 0.23. Block will report its 2021 financial statements on Feb. 24.<\/p>\n<h3>Attractive investment solutions<\/h3>\n<p>In view of the positive outlook and the meanwhile strongly reduced valuation, there is definitely a chance for the block share to gradually find a bottom. From a chart perspective, this is currently emerging at USD 100. The psychologically important mark represents a strong support. However, investors do not have to take full risk to get the innovative tech company into their portfolio. Leonteq offers several interesting alternatives in this regard: Block is part of the Swissquote Digital Payments Index. In the barometer, which has a total of 20 components, the company can be found among the top 5 with a weighting of 6.05%. The <strong> <a href=\"https://structuredproducts-ch.leonteq.com/valor/43469503\">Tracker Certificate (Valor 43469503)<\/a><\/strong> reflects the performance of the strategy index 1:1. Block also has a weighting of around 3.25% in the Swissquote Blockchain Index, which brings together promising companies from the blockchain environment and is investable via a PostFinance-guaranteed <strong> <a href=\"https://structuredproducts-ch.leonteq.com/valor/112984464\">Tracker Certificate (Valor 112984464)<\/a><\/strong>.<\/p>\n<p>In addition, it is also possible to invest in Block with conditional partial protection. For this purpose, Leonteq has launched two new softcallable BRCs. With these products, above-average returns are possible even in a sideways trend or with moderately declining prices. With a maximum term of 12 months and a risk buffer of a comfortable 45.00%, an interest rate of 20.00% p.a. is possible with the CHF variant. The USD-denominated variant even offers a coupon of 22.00% p.a. with otherwise identical features.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1129855883\\&quot; \\&quot;CH1163991958\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-block","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/block-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/block-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-02-11T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/monetary_policy-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Bonus Outperformance Certificate on bank, energy and insurance stocks","windowTitle":"Change of track in monetary policy","category":"investment-themes","title":"Profiting from the turnaround in interest rates","body":"<h3>A new era<\/h3>\n<p>In recent years the term \"negative interest rates\" has seared itself into general linguistic usage. For a long time it looked as if returns on classic forms of investment with a repayment promise were on the way out. Now, though, the period in which savers, investors and businesses sometimes even had to accept discounts on their capital could be drawing slowly to a close. Even the yield from the 10-year Swiss government bond, which had notoriously remained stubbornly below the zero line, recently reached clearly positive terrain. The trailblazer is the USA, where the central bank is planning to increase interest rates in March, for the first time since the end of 2018, in the fight against rampant inflation. The focus is consequently turning to those stock market players which will profit from the sea-change in monetary policy. Alongside banks and insurers, they include shares from the energy sector.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/interest-rates?language_id=1\" label=\"Get more information here\"> <\/ltq-button><\/div>\n<h3>Diversified underlying<\/h3>\n<p>Leonteq is seizing the momentum in these three sectors for an interesting new issue. The fintech company is using three sector benchmarks as the underlyings for a bonus certificate. In addition to the EURO STOXX Banks Index, they are the STOXX Europe 600 Oil &amp; Gas Index and the STOXX Europe 600 Insurance Index. Breaking the underlying down by the individual stocks, the structured product is based on a total of 72 shares. These represent a European \"who's who\" of the relevant sector. In the EURO STOXX Banks, BNP Paribas, Banco Santander and ING Groep set the tone, the trio together accounting for more than a third of the benchmark. When it comes to performance, Banco Sabadell has recently come to the fore, with the share price of the Spanish big bank appreciating by more than 40% over the year to date. Sabadell attracted buyers with better-than-expected figures for 2021. High demand for mortgages in Great Britain helped the financial institution to a jump in profits. The management are now looking to achieve the target &ndash; actually set for 2023 &ndash; of an over 6% return on equity before the end of this year.<\/p>\n<h3>Chart: EURO STOXX Banks Index vs. STOXX Europe 600 Insurance Index vs. STOXX Europe 600 Oil &amp; Gas Index (indexed to 100)<\/h3>\n<div><img src=\"/dA/3d635d7bf5/charts_monetary policy_700x500 EN Product.svg?language_id=1\" alt=\"charts_monetary policy_700x500 EN Product\" width=\"1353\" height=\"893\" caption=\"false\" /><\/div>\n<footer>Source: Thomson Reuters, as of 07.02.2022<br />Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>In a \"sweet\" spot<\/h3>\n<p>Zurich Insurance is also well on track. According to CEO Mario Greco, the insurance group could even exceed the targets announced for 2022. He believes strong growth is particularly possible in commercial business, thanks to rising premium rates and greater demand. Zurich Insurance published its figures for 2021 on 10 February (after this issue went to press). The Swiss insurance share was performing relatively strongly ahead of this date. Up 9.5% on the closing figure for the previous year, it was one of the top performers in the STOXX Europe 600 Insurance Index. Analysts continue to give the thumbs up to both Zurich Insurance and the sector as a whole. Looking at 2022, HSBC sees insurers being in a sweet spot. The experts attribute this positioning to a mix of strong solvency levels, growth in profits of 5% to 7% and attractive dividend yields. Traditionally, the energy sector can also score from high payouts. At present it is also profiting from the inflationary environment and rising oil prices. The STOXX Europe 600 Oil &amp; Gas Index has consequently continued its upward trend over the last few weeks (see chart).<\/p>\n<h3>Lever up, buffer down<\/h3>\n<p>The new bonus certificate gives investors an opportunity to take a partially protected stake in the three sectors. The structured product would even benefit disproportionately from rising share prices. The participation factor is 200%. Performance is calculated on the basis of an equally weighted basket consisting of the EURO STOXX Banks, STOXX Europe 600 Oil &amp; Gas and STOXX Europe 600 Insurance. On the other hand, the three underlyings are considered separately when it comes to the barrier. As long as no index falls to or below the threshold of 69% of the respective initial level, the certificate will repay at least a bonus level of 100% at the end of the term. The redemption increases as soon as the basket posts a gain at the final fixing. Should at least one underlying turn downwards and touch or fall below the barrier, however, the partial protection expires and the \"worst of\" principle applies. In this scenario the repayment would be determined by the sector index having the weakest price performance.<\/p>\n<h3>Bonus Outperformance Certificat<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1163990919\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;bonusLevel&quot;,&quot;underlying&quot;,&quot;participation&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/interest-rates?language_id=1\" label=\"Get more information here\"> <\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"interest-rates","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/monetary_policy-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/monetary_policy-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-02-09T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/abb-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Moving towards the future","windowTitle":"Underlying in focus: ABB","category":"underlying-in-focus","title":"Underlying in focus: ABB","body":"<p>So much for \"big is beautiful\", it is not the sheer size that is decisive for a company these days, but rather the specialization in high-growth and highly profitable segments. This is a maxim that Bj&ouml;rn Rosengren imposed on ABB when he took office almost two years ago. On the one hand, the electronics group is to shrink healthily and divest peripheral areas. On the other hand, promising divisions such as the robotics business, in which ABB is the world's number two, are to be strengthened further with acquisitions. Ultimately, Rosengren, a former navy officer, wants to concentrate on the areas of electrification and automation in order to be at the forefront of as many megatrends as possible in the future.<\/p>\n<h3>Outperformer<\/h3>\n<p>The financial market has confidence in the native Swede: Since taking the scepter in March 2020, ABB shares have risen by two-thirds, more than twice as much as the overall market. The latest business figures for 2021 underline the positive stock market trend. Despite the well-known material bottlenecks and logistics difficulties, the group managed to increase sales by 11% to USD 28.95 billion. Progress was also made on the earnings side: the operating margin increased markedly from 11.1% to 14.2%. However, Rosengren, who is known as a reorganizer, is not yet satisfied with this. In the course of efficiency increases, the return on investment is to improve further this year and then reach at least 15% from 2023.<\/p>\n<p>A glance at ABB's order book alone shows that the signs point to further growth in the coming months. Order intake soared by a fifth to USD 31.87 billion. \"We see demand continuing at this tremendous level, and we see a strong year ahead,\" Rosengren enthused at the recent presentation of the 2021 financial statements. However, turning the many orders into sales will require an end to the bottlenecks in the supply chains. In this regard, the CEO is also confident: \"In the second half of the year, this problem should then be solved.\"<\/p>\n<h3>Exciting divisional IPO<\/h3>\n<p>In addition to its day-to-day business, ABB is also continuing to press ahead with restructuring in the current year. While the turbocharger business has been put in the shop window, the turbo charging unit is to be taken public in the second quarter. However, the company intends to retain a majority stake in the promising business. The proceeds from the transaction, estimated at around a quarter of a billion dollars, will be used to further strengthen this area through acquisitions. ABB already expanded its division with charging technology for electric cars with an acquisition a few weeks ago. To this end, the stake in InCharge Energy was increased to 60% from one-tenth.<\/p>\n<p>The US company, which was only founded in 2018, specializes in charging infrastructure, services and software for commercial e-fleets. The deal is a smart move by ABB, as the business is getting government support. USD 7.5 billion is to be injected into the expansion of the charging network as part of President Joe Biden's infrastructure program.<\/p>\n<h3>ABB: Chart<\/h3>\n<div><img src=\"/dA/ce9bed31c3/charts_ABB_700x500 DE Product .svg?language_id=1\" alt=\"charts_ABB_700x500 DE Product \" width=\"1353\" height=\"640\" caption=\"false\" /><\/div>\n<footer>Source: Thomson Reuters, as of 08.02.2022<br /> Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Advanced valuation<\/h3>\n<p>Due to the strong increase in the share price in recent months - compared to its competitor Siemens, ABB shares outperformed by more than 20 percentage points over a one-year period - the valuation of the SMI stock has also become more expensive. With a price-earnings ratio of around 20, the value - at similar growth rates - is about 5 points higher than that of its German competitor. It is therefore not surprising that analysts see only limited upside potential for ABB, with an average price target of CHF 35.47.<\/p>\n<h3>High yield in sideways movement<\/h3>\n<p>The new Softcallable Barrier Reverse Convertible already allows for an attractive yield in a sideways movement. And this despite the fact that the product comes with conditional partial protection. With a maximum term of one and a half years - the first softcall observation day takes place after 6 months - the BRC holds an attractive coupon of 6.60% p.a.. In order to achieve the maximum return, the ABB share may take it more leisurely in the future. It is important that the underlying does not touch the barrier at 69% of the initial level.<\/p>\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1129855636\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying_abb","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/abb-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/abb-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-02-02T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/coinbase-2022-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Volatility in the crypto market, gigantic coupons","windowTitle":"Coinbase","category":"coupon-giant","title":"Coinbase","body":"<h3>Volatility in the crypto market, gigantic coupons<\/h3>\n<p>In the gazettes, you can often read about the so-called \"crypto winter\" at the moment. This does not mean a new low pressure area, but the frosty mood on the capital markets towards digital currencies. This comes as no surprise, as Bitcoin &amp; Co. have suffered some severe price setbacks in recent months. The market capitalization of all listed cryptocurrencies has almost halved since its peak in November.<\/p>\n<p>In the wake of the cryptos, companies closely associated with the sector, such as Coinbase, are also being dragged down. In the past three months alone, the trading venue for cyber currencies lost more than a third of its capitalization. As a result, the stock is also trading well below its benchmark price of USD 250 when it went public last April.<\/p>\n<h3>Crypto pioneer<\/h3>\n<p>Now to write off the crypto sector in general and Coinbase in particular would be hasty. After all, blockchain is a disruptive technology whose revolutionary potential is far from exhausted. Coinbase recognized this early on: In 2012, the company was founded with the aim of enabling everyone in the world to send and receive digital assets such as Bitcoin in a simple and secure manner. Today, ten years later, the platform has around 73 million verified users in more than 100 countries. Quarterly trading volume most recently exceeded USD 300 billion.<\/p>\n<h3>Coinbase: Earnings per share and revenue<\/h3>\n<div><img src=\"/dA/1ba5fa6cf1/charts_coinbase_700x500 EN Bar chart.svg?language_id=1\" alt=\"charts_coinbase_700x500 EN Bar chart\" caption=\"false\" width=\"1367\" height=\"1251\" /><\/div>\n<footer>Source: CNN Business; e = expected<br /> Historical data is not a reliable indicator of future performance.<\/footer>\n<p>However, as Coinbase's business figures are closely correlated with crypto market prices, they can fluctuate significantly. This was most recently evident in the third quarter of 2021. For example, trading revenue plummeted by almost 30% from July to September. This, in turn, led to a decline in total revenues from USD 2.23 billion in the previous quarter to USD 1.31 billion, while net income attributable to common shareholders decreased from USD 6.42 to USD 1.62 per share. The analyst consensus is now for growth to resume in the final quarter. The average estimate for sales is USD 1.9 billion, while earnings per share are expected to increase slightly to USD 1.90.<\/p>\n<h3>Sights set on new business areas<\/h3>\n<p>In order to sustainably boost growth, Coinbase is also embarking on an expansion course. For example, the company acquired derivatives trading venue FairX earlier this year. The goal of the acquisition is to bring crypto derivatives to the market, which will ultimately be offered to all Coinbase customers in the US. In addition, Coinbase gave the go-ahead for its own NFT marketplace last fall. The so-called non-fungible tokens are a type of digital asset that can be used, for example, to authenticate virtual property. A look at NFT sales in the third quarter, where they surpassed the USD 10 billion mark for the first time, shows how the business is booming. The potential of NFTs continues to be enormous. For example, social platforms such as Roblox or Twitter are already using blockchain technology, and with the Metaverse, the next future market is already waiting in the wings.<\/p>\n<h3>Coinbase: Chart (in USD)<\/h3>\n<div><img src=\"/dA/033eb3b161/charts_coinbase_700x500 EN Product.svg?language_id=1\" alt=\"charts_coinbase_700x500 EN Product\" caption=\"false\" width=\"1401\" height=\"1320\" /><\/div>\n<footer>Source: Thomson Reuters; as of 01.02.2022<br /> Historical data is not a reliable indicator of future performance.<\/footer>\n<p>Diversifying revenue beyond traditional cryptocurrency trading could prove to be a catalyst for the stock. Bank of America is positive in this regard and raised its rating on Coinbase stock from \"Neutral\" to \"Buy\" earlier this year for this reason. The experts forecast that revenues from subscriptions and services will grow from 12% in the third quarter of 2021 to 16% of total revenues in 2023. But it's not just BoA that sees potential in the company; the overall analyst consensus is bullish on Coinbase. The 12-month price forecasts of 20 studies range from USD 220 and USD 600, resulting in a median target of USD 346, which represents a potential of 81%. However, even though there is much to suggest that crypto assets will become increasingly successful in the mainstream of the financial world, uncertainties remain, such as the regulation of crypto markets, which has been discussed in many places.<\/p>\n<h3>Immense profit opportunity, comfortable buffer<\/h3>\n<p>The current high volatility in the crypto sector shows that money invested quickly can also be gone again quickly. On the other hand, the high price fluctuations allow for extraordinary conditions in structured products. The proof of this is provided by the new Softcallable Barrier Reverse Convertibles on Coinbase. The BRCs allow the underlying to experience setbacks of almost 45% without compromising the profit opportunity. The yield is also more than respectable: The CHF-denominated product holds out the prospect of a coupon of 19.00%, which is almost \"gigantic\" for a single BRC. Such yields are usually only possible with multi-products. The USD variant yields an even somewhat higher interest rate. With otherwise identical features, it even offers a coupon of 21.00% p.a.. The term of both securities is a maximum of 12 months, the first observation day takes place after 6 months.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1325433675\\&quot; \\&quot;CH1325433683\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;strikeLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1129854100\\&quot; \\&quot;CH1158660535\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-coinbaise","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/coinbase-2022-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/coinbase-2022-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-02-01T15:34","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/crypto-market-index-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Crypto assets can enrich any portfolio","windowTitle":"Cryptos in the portfolio context","category":"crypto-assets","title":"Cryptos in the portfolio context","body":"<p><strong>The high number of crypto assets provides immense investment opportunities. With an intelligent index solution, diversified participation in the opportunities is possible.<\/strong><\/p>\n<p>The year 2008 made financial history - in two senses. While the real estate crisis in the USA was putting the lights out on the US investment bank Lehman Brothers, Bitcoin was sending out its first sign of life. The pseudonym Satoshi Nakamoto - he is considered the inventor of Bitcoin - created an alternative to the crisis-prone and inflationary credit money systems with his technology and opened the door to a completely new industry.<\/p>\n<p>Bitcoin, which is also often referred to as \"digital gold\" because of its digital scarcity, did not remain alone for long, however. Thousands of competing projects developed in its wake. The industry service CoinMarketCap currently counts more than 8600 crypto assets, which together have a market capitalisation of more than $2 trillion. Bitcoin accounts for about 40% of this, making it by far the most important crypto asset. One thing is certain: the idea that emerged about a decade ago has come of age. Proof of this is not only the high market capitalisation, but also the rise of decentralised finance (DeFi) and the increasing interest of institutional investors and governments.<\/p>\n<p>In 2021, El Salvador became the first country in the world to introduce bitcoin as legal tender. In addition, individual cantons in Switzerland such as Zug already allow bitcoin transfers for government services. For capital market participants, the crypto industry has also become too big to ignore or to label it as a mere speculation object. Crypto assets have formed into an independent asset class. In Germany, for example, special funds can invest up to 20% of their assets in crypto assets.<\/p>\n<div style=\"text-align: center;\"><strong><a title=\"Factsheet Crypto DE\" href=\"/pages-resources/crypto_jan_en.pdf?language_id=1\" target=\"_blank\" rel=\"noopener\">Here you can find a PDF file with our entire offering in the crypto space<\/a><\/strong><\/div>\n<div style=\"text-align: center;\"><strong><a title=\"Crypto Webpage\" href=\"/crypto-assets?language_id=1\" target=\"_blank\" rel=\"noopener\">Get more information about our products on the Leonteq Crypto webpage<\/a><\/strong><\/div>\n<h3>Institutional interest<\/h3>\n<p>Increased institutional interest can also be seen in the area of acquisitions and direct investments. While financial service providers such as PayPal and Mastercard have recently acquired start-ups, companies such as Square, MicroStrategy and Tesla are investing directly in crypto-assets and integrating them into their business model. Even central banks are now looking into introducing central bank digital currencies.<\/p>\n<p>Private investors who want to get involved in crypto assets are spoilt for choice. To navigate the crypto jungle, adaptable solutions such as an index offer great advantages. They ensure a quick reaction to market changes, and new, relevant crypto assets can be taken into account promptly. In addition, the developments of the individual cryptos sometimes diverge significantly from each other.<\/p>\n<p>For example, Solana, which has meanwhile moved up to fifth place in the crypto ranking, increased more than a hundredfold in 2021, Ethereum rose by more than 400%, while Bitcoin only increased in price by around two-thirds.<\/p>\n<h3>Diversification is the trump card<\/h3>\n<p>These examples show that investors should not put all their eggs in one basket, even in the crypto sector. In this case, broad-based market indices can help. These diversified investment solutions spread the risk over several crypto assets. In order to minimise the cluster risk, an excessive concentration on a single crypto asset is often excluded with a limit.<\/p>\n<h3>Tracker certificate on the Leonteq Crypto Market Index - tradable on SIX Swiss Exchange<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1129855198\\&quot; \\&quot;CH1129857533\\&quot; \\&quot;CH1129857525\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Administration Fee: 1.95% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<p>Backtesting shows the positive effect that crypto assets can have in a portfolio context. Two variants are shown below for this purpose. In the first case, a portfolio consisting of 95% equities and 5% Bitcoin competes against the internationally renowned MSCI Daily TR Net World Index. The result is clear: In the time frame from the beginning of 2015 to 30 September 2021, the index yielded an annual gain of 10.7%, while the portfolio enriched with Bitcoin returned a proud 16.4%.<\/p>\n<p>In order to achieve this excess return, however, investors hardly had to take a higher risk; for both risk measures, volatility and maximum drawdown, the portfolios are almost exactly on par. A comparable picture emerges when adding a 5% share of Bitcoin to a multi-asset portfolio. Over the same period, this strategy generated an outperformance of 5.8 percentage points with a return of 13.6% per year. And here, too, the Sharpe ratio, i.e. risk-adjusted return, is convincing in the portfolio context. While it had a value of 0.94 for the pure multi-asset portfolio, it was significantly higher at 1.44 for the strategy. Basically, the higher the Sharpe ratio, the better.<\/p>\n<p>Admittedly, historical developments cannot simply be extrapolated into the future. Nevertheless, the examples show that crypto assets have what it takes to enrich a portfolio. Another argument in favour of this type of investment is that cryptos are playing an increasingly important role in everyday (financial) life, as shown above.<\/p>\n<p>In the long term, therefore, cryptos are likely to become widely accepted. In view of their active and diversified structure, market indices are a suitable financial vehicle for participating in the long-term opportunities of the innovation-laden crypto assets.<\/p>\n<div style=\"text-align: center;\"><strong><a title=\"Factsheet Crypto DE\" href=\"/pages-resources/crypto_jan_en.pdf?language_id=1\" target=\"_blank\" rel=\"noopener\">Here you can find a PDF file with our entire offering in the crypto space<\/a><\/strong><\/div>\n<div style=\"text-align: center;\"><strong><a title=\"Crypto Webpage\" href=\"/crypto-assets?language_id=1\" target=\"_blank\" rel=\"noopener\">Get more information about our products on the Leonteq Crypto webpage<\/a><\/strong><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>\n<h5>Risk disclosure<\/h5>\n<p>Investments in products referencing one or more cryptocurrencies or indices of cryptocurrencies are subject to increased volatility compared to investments in traditional assets and to specific risks which can negatively impact the value, tradability,liquidity and/or security of such investments. Potential Investors are encouraged to inform themselves about these specific risks when considering an investment in products referencing one or more cryptocurrencies or indices of cryptocurrencies. A summary of key risks relating to products referencing one or more cryptocurrencies or indices of cryptocurrencies can be found <strong> <a href=\"https://structuredproducts-ch.leonteq.com/crypto-disclaimer\">here<\/a><\/strong>.<\/p>","url":"crypto-portfolio","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/crypto-market-index-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/crypto-market-index-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-01-28T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/crypto-market-index-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Tracker certificate on the Leonteq Crypto Market Index","windowTitle":"Crypto assets","category":"investment-themes","title":"Professional strategy","body":"<h3>Increasing popularity<\/h3>\n<p>Anyone who, ten years ago, thought that Bitcoin was just a flash in the pan made a massive mistake. The digital coin has kept on attracting more fans year after year. In 2021 the small Central American state of El Salvador was the first country in the world to actually introduce Bitcoin as a legal means of payment. More and more businesses are putting their trust in the crypto asset, and doing so in the direct sense. Leading companies such as Square, MicroStrategy and Tesla have already built up their own Bitcoin holdings. Tesla boss Elon Musk, however, has also taken a shine to Dogecoin: for the last few days customers have been able to use \"DOGE\" to pay for Tesla merchandise. The peer-to-peer cryptocurrency, which originally started off as a joke currency, jumped sharply following the announcement.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/leonteq-crypto-market-index?language_id=1\" label=\"Get more information here!\"> <\/ltq-button><\/div>\n<h3>Investment solution in an emergent asset class<\/h3>\n<p>In view of the huge range of digital assets \u2013 industry service CoinMarketCap counts more than 9,000 cryptos at present \u2013 it is not easy for investors to always have the right coin in their portfolio. A professionally managed index would offer a remedy in this regard. No sooner said than done: Leonteq brought the Leonteq Crypto Market Index into being for precisely this purpose. The index represents 11 crypto assets, which currently account for 73% of the total capitalisation of the crypto market. That makes it the most broadly diversified passive crypto index on the Swiss stock market. At the moment Bitcoin and Ether are the heavyweights in the benchmark. To avoid excessive clumping, though, the weighting of each index component is determined on the basis of their market capitalisation using a sophisticated mechanism.<\/p>\n<div><price-chart isin=\"CH1129855198\"><\/price-chart><\/div>\n<h3>Always up to date<\/h3>\n<p>The diversification of the index can even increase over the course of time. Inclusion is decided by a mix of selection criteria, some of which were required by SIX and others specified by Leonteq. Among those that play a role are negotiability by Leonteq as well as minimum requirements on liquidity and market capitalisation. Only those coins which meet all the requirements are considered as components of the index. At present there are 11 crypto assets, but the benchmark has room for 25 in total. The selection criteria are applied quarterly, ensuring that the index is always up to date with the market.<\/p>\n<h3>Composition of the Leonteq Crypto Market Index<\/h3>\n<div><ltq-table id=\"\" title=\"Composition as at 21.04.2022\">\n<template v-slot:default>\n<thead>\n<tr>\n<th>Crypto asset<\/th>\n<th>Weight<\/th>\n<th>Sector<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Bitcoin<\/td>\n<td>37.05%<\/td>\n<td>Currency<\/td>\n<\/tr>\n<tr>\n<td>Ethereum<\/td>\n<td>24.10%<\/td>\n<td>Smart Contract Platfrom<\/td>\n<\/tr>\n<tr>\n<td>XRP<\/td>\n<td>6.22%<\/td>\n<td>Currency<\/td>\n<\/tr>\n<tr>\n<td>Solana<\/td>\n<td>6.06%<\/td>\n<td>Smart Contract Platfrom<\/td>\n<\/tr>\n<tr>\n<td>Cardano<\/td>\n<td>5.88%<\/td>\n<td>Smart Contract Platfrom<\/td>\n<\/tr>\n<tr>\n<td>Avalanche<\/td>\n<td>4.57%<\/td>\n<td>Smart Contract Platfrom<\/td>\n<\/tr>\n<tr>\n<td>Dogecoin<\/td>\n<td>4.30%<\/td>\n<td>Currency<\/td>\n<\/tr>\n<tr>\n<td>Polkadot<\/td>\n<td>4.18%<\/td>\n<td>Smart Contract Platfrom<\/td>\n<\/tr>\n<tr>\n<td>Polygon<\/td>\n<td>3.11%<\/td>\n<td>Smart Contract Platfrom<\/td>\n<\/tr>\n<tr>\n<td>Litecoin<\/td>\n<td>2.54%<\/td>\n<td>Smart Contract Platfrom<\/td>\n<\/tr>\n<tr>\n<td>Algorand<\/td>\n<td>1.97%<\/td>\n<td>Currency<\/td>\n<\/tr>\n<\/tbody>\n<\/template> <template v-slot:below=\"\"> <LtqCardBody><footer>Source: Leonteq Securities, LIXX GmbH<\/footer><footer>Historical data is not a reliable indicator of future performance.<\/footer><\/LtqCardBody> <\/template> <\/ltq-table><\/div>\n<h3>Invest like the professionals<\/h3>\n<p>Looking back, it is clear that every security holding should now include cryptos as a new asset class. In a retrospective test, a portfolio consisting of 95% equities and 5% Bitcoin was compared with the MSCI Daily TR Net World Index. In the period under analysis from the start of 2015 to 30 September 2021, the holding enriched with crypto assets achieved a proud annual return of 16.4%, putting it just under 6 percentage points ahead of the international share index. What is more, this outperformance comes at very little increase in risk, with the portfolios almost identical in terms of the two risk barometers of volatility and maximum drawdown. The new tracker certificate from Leonteq offers a convenient way of bringing the highly promising crypto strategy into a securities account. Issued in USD, the participation product tracks the Crypto Market Index completely 1:1, less a management fee of 1.95% p.a. Rebalancing is performed quarterly, and for the first time on 14 April 2022.<\/p>\n<h3>Tracker Certificate on the Leonteq Crypto Market Index - tradable on SIX Swiss Exchange<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1129855198\\&quot; \\&quot;CH1129857533\\&quot; \\&quot;CH1129857525\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Administration Fee: 1.95% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/leonteq-crypto-market-index?language_id=1\" label=\"Get more information here!\"> <\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"leonteq-crypto-market-index","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/crypto-market-index-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/crypto-market-index-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-01-26T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/metaverse-next-big-thing--leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Virtual worlds as a new source of income","windowTitle":"Underlying in focus: Leonteq Metaverse 5% Decrement Index","category":"underlying-in-focus","title":"Underlying in focus: Leonteq Metaverse 5% Decrement Index","body":"<h3>The Metaverse is traded as the \"Next Big Thing\". Investors can invest in the broadly diversified Leonteq Metaverse 5% Decrement Index with increased partial protection with a new bonus certificate.<\/h3>\n<p>Hardly any other segment of the population knows how to market itself better than the celebrities of our time. Now the stars and starlets have discovered a new industry for themselves: the Metaverse. One of the pioneers is Paris Hilton. The billionaire It-girl recently launched her own digital business on the online gaming platform Roblox. The launch of \"Paris World,\" where users can purchase a range of virtual experiences, is another step towards making the metaverse socially acceptable.<\/p>\n<h3>Billion-dollar business<\/h3>\n<p>The Metaverse is an imaginary, fully developed 3D virtual world that contains all kinds of content. Gaming platforms like Roblox, where anyone with their own avatar can connect online with friends from anywhere in the world, are the first step in this direction. But there are already more applications such as virtual concerts or real estate deals via NFTs (non-fungible tokens). The latter can be used to purchase virtual property, for example. Already, several hundred million dollars worth of NFT land sales have been transacted on platforms such as The Sandbox, Decentraland, CryptoVoxels and Somnium Space.<\/p>\n<p>According to Bloomberg Intelligence, the metaverse market is already worth billions. While the market was already worth around USD 500 bn in 2020, the cyberspace business is expected to grow to almost USD 800 bn by 2024, which corresponds to an average annual growth rate of 13.1%. According to forecasts, the total size of the metaverse market could even reach 2.7 times the pure gaming software, services and advertising revenues.<\/p>\n<h3>Big Techs get in on the action<\/h3>\n<p>Many companies have their sights set on this big pie, but they are also taking different approaches. Microsoft, for example, recently launched Mesh, a communications platform that allows users to virtually connect with each other and interact with holograms in space thanks to mixed reality features. Chip specialist Nvidia, in turn, supplies the important GPU chips to give the Metaverse the necessary speed. The US company also has its own Metaverse called Omniverse, which is used as a simulation platform for engineers. Meta Platforms, formerly Facebook, on the other hand, dreams of people equipped with virtual reality goggles from its own Oculus brand meeting and exchanging ideas as 3D avatars in its virtual worlds. In doing so, the company hopes to take social technologies to a new level. Meta has set itself no less a goal than to reach one billion users in the long term.<\/p>\n<h3>Leonteq Metaverse 5% Decrement Index: Chart<\/h3>\n<div><img src=\"/dA/1e5c99c0e4/charts_metaverse _700x500 EN Product.svg?language_id=1\" alt=\"charts_metaverse _700x500 EN Product\" width=\"1188\" height=\"1320\" caption=\"false\" /><\/div>\n<footer>Source: Bloomberg, as of 25.01.2022<br /> Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Pure Play Index<\/h3>\n<p>All the companies mentioned are part of the Solactive Developed Markets Metaverse Index. But that's far from enough; in total, the barometer includes 51 international corporations that may benefit from the adoption and use of technologies around the Metaverse. These include industries such as augmented and virtual reality, digital infrastructures, gaming, and digital payments. From a regional perspective, the U.S. is the heavyweight with an index share of nearly 83%. The top 3 ranks are currently occupied by Apple, Microsoft and Amazon. Since its inception in December 2016, the USD-denominated barometer has advanced by a respectable 228.3%, which corresponds to an annual average return of 26.1%. As the index is the net total return variant, the net dividends of the companies are included in the price calculation.<\/p>\n<h3>High-quality partial protection<\/h3>\n<p>The index calculated by Solactive forms the basis for the Leonteq Metaverse 5% Decrement Index. Leonteq's underlying still contains an embedded synthetic dividend of 5%, which is used to partially offset the costs of the structured products. The performance of the index is impressive: Over the past five years, the strategy barometer performed significantly better than a benchmark portfolio of global large caps. Only last year did the Metaverse selection lose out. However, when added up over the entire period, it outperformed by more than 50 percentage points.<\/p>\n<h3>Leonteq Metaverse 5% Decrement Index vs. Global Large Cap Stocks<\/h3>\n<div><img src=\"/dA/1ea6012981/charts_metaverse _700x500 EN Bar chart.svg?language_id=1\" alt=\"charts_metaverse _700x500 EN Bar chart\" width=\"1159\" height=\"1251\" caption=\"false\" /><\/div>\n<footer>Source: Bloomberg, as of 25.01.2022<br /> Historical data is not a reliable indicator of future performance.<\/footer>\n<p>For conservative investors, Leonteq has launched a bonus certificate on the Leonteq Metaverse 5% Decrement Index. The product offers full participation in the underlying at the end of the term - and for an unlimited period. While upwards no cap is built, on the bottom side a low barrier at 55% of the starting value was drawn into the structure. The comfortable risk buffer protects against losses to a greater extent, which is definitely an advantage in view of the current correction phases on the stock markets. During the term, the bonus certificate allows the underlying to run freely, i.e. the barrier is not active. It will only be activated at the final fixing in three years. If the Leonteq Metaverse 5% Decrement Index is then at least at or above the threshold, no losses are to be feared. Only if the underlying price closes below the barrier, the investment ends in negative territory.<\/p>\n<h3>Bonus Certificate<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1158658257\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;bonusLevel&quot;,&quot;underlying&quot;,&quot;participation&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-metaverse","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/metaverse-next-big-thing--leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/metaverse-next-big-thing--leonteq-structured-products-thumbnail.jpg"},{"date":"2022-01-20T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/polygon-leonteq-structured-products_product+website.jpg","subTitle":"30 crypto assets tradable via Leonteq","windowTitle":"Polygon","category":"crypto-assets","title":"About Polygon","body":"<p><strongPolygon (formerly Matic Network) was launched in October 2017 and is backed by Binance and Coinbase. It is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development.<\/strong><\/p>\n<p>Polygon aims to provide faster and cheaper transactions on Ethereum using Layer 2 sidechains, which are blockchains that run alongside the Ethereum main chain with pretty much the same functionality such as smart contract support. Users can deposit Ether to a Polygon smart contract, interact with them within Polygon, and then later withdraw them back to the Ethereum blockchain.<\/p>\n<p>MATIC, the native tokens of Polygon, is an ERC-20 token running on the Ethereum blockchain. The tokens are used for payment services on Polygon and as a settlement currency between users who operate within the Polygon ecosystem. The transaction fees on Polygon sidechains are also paid in MATIC tokens.<\/p>\n<p>Polygon transforms Ethereum into a full-fledged multi-chain system akin to other networks such as Polkadot, Cosmos or Avalanche while benefiting from Ethereum\u2019s security, ecosystem and openness.<\/p>\n<h3>Investment solution on Polygon - tradable on SIX Swiss Exchange<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1129854332\\&quot; \\&quot;CH1129854357\\&quot; \\&quot;CH1129854340\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Conversion Ratio: 10<\/li>    \n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/all/crypto-expansion?language_id=1\" label=\"Click here to access the full product range on cryptocurrencies.\"> <\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>\n<h5>Risk disclosure<\/h5>\n<p>Investments in products referencing one or more cryptocurrencies or indices of cryptocurrencies are subject to increased volatility compared to investments in traditional assets and to specific risks which can negatively impact the value, tradability,liquidity and/or security of such investments. Potential Investors are encouraged to inform themselves about these specific risks when considering an investment in products referencing one or more cryptocurrencies or indices of cryptocurrencies. A summary of key risks relating to products referencing one or more cryptocurrencies or indices of cryptocurrencies can be found <strong> <a href=\"https://structuredproducts-ch.leonteq.com/crypto-disclaimer\">here<\/a><\/strong>.<\/p>","url":"polygon","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/polygon-leonteq-structured-products_sidenav.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/polygon-leonteq-structured-products_thumbnail.jpg"},{"date":"2022-01-19T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/lithium-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Energetic commodity stock","windowTitle":"Lithium Americas","category":"coupon-giant","title":"Lithium Americas","body":"<h3>Energetic commodity stock<\/h3>\n<p>In the mid-1970s, a real treasure was discovered in the north of the U.S. state of Nevada. In the rocks of McDermitt crater, Chevron initially set out to find uranium. Lithium was also discovered in the process. Today, the \"Thacker Pass\" mine is considered the largest known deposit of this raw material, which is central to electric mobility, in the USA. A total of 3.1 million tons of battery-grade lithium carbonate lie in the mine. Over a period of 46 years, 60,000 tons of the coveted material are to be extracted annually - and make the cash register of Lithium Americas ring strongly. As the sole owner of the \"Thacker Pass\" mine, the Canadian company estimates the net present value (NPV) of the mining site at USD 2.6 billion.<\/p>\n<h3>Share price rally falters<\/h3>\n<p>If management has its way, all permits for operations should be in place before the end of the first quarter of 2022. Later in the year, Lithium Americas aims to start production in Nevada and benefit from the rapidly growing demand for this essential element of battery technology. Given this outlook, it's no surprise that the company's stock was \"energized\" last year. 2021, Lithium Americas shares have gained 130% in value. At the end of November, the balance looked much better. The commodity stock was trading at more than three times last year's price before turning lower. In addition to profit-taking, the placement of a convertible bond worth a total of USD 258.75 million probably played a role in the setback.<\/p>\n<h3>Lithium Americas: Chart (in USD)<\/h3>\n<div><img src=\"/dA/c53ac4cb63/charts_Lithium_700x500 EN Product.svg?language_id=1\" alt=\"charts_Lithium_700x500 EN Product\" caption=\"false\" width=\"1943\" height=\"1831\" /><\/div>\n<footer>Source: Thomson Reuters; as of 17.01.2022<br /> Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Additional purchase in Argentina<\/h3>\n<p>However, CEO Jon Evans has no shortage of uses for the freshly raised capital. In addition to a strengthened balance sheet and the reduced interest burden, he was able to liquidate a collateralization encumbering the \"Thacker Pass\" mine. Meanwhile, the top executive wants to finance the ongoing acquisition of Millennial Lithium mostly with treasury shares. Lithium Americas had made the roughly USD 400 million offer for the competitor in early November. Millennial holds the \"Pastos Grandes\" lithium brine project. This deposit in Argentina's Salta province is only about 100 kilometers away from the \"Cauchar&iacute;-Olaroz\" mine, Lithium Americas' second major project. In the course of the year, the CEO would like to start production there. Over 40 years, 40,000 tons of lithium per year are to be produced. In the medium term, another 24,000 tons per year could be added from the mining site currently in the takeover process.<\/p>\n<h3>Ripe for consolidation<\/h3>\n<p>While Lithium Americas is operationally in the starting blocks, the company might still need some time on the stock market to process the ups and downs of the past months. Two new softcallable barrier reverse convertibles offer the right investment solution for a longer consolidation phase. In the product currency CHF, the product comes with a guaranteed coupon of 14% p.a.. In the USD version, the payout is 100 basis points higher. The barriers are uniformly set at 59% of the initial level, while the maximum term is one year. After six and nine months, respectively, the issuer can make use of a soft callable feature. In case of early termination, investors would receive the full nominal as well as the pro-rata coupon. Should Lithium Americas fall to or below the barrier, the partial protection would expire. The investment would then be exposed to the full price risk of the underlying.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1129853649\\&quot;, \\&quot;CH1158655097\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-lithiumamericas","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/lithium-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/lithium-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-01-14T07:51","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/dogecoin-leonteq-structured-products_product+website.jpg","subTitle":"30 crypto assets tradable via Leonteq","windowTitle":"Dogecoin","category":"crypto-assets","title":"About Dogecoin","body":"<p><strong>Dogecoin is an open source peer-to-peer cryptocurrency forked from Litecoin in December 2013 and originally developed by Billy Markus, an IBM programmer, and Jackson Palmer, an Adobe programmer. Although intended as a fun cryptocurrency and a parody of Bitcoin it has attracted a large following.<\/strong><\/p>\n<p>In contrast to Bitcoin (and Litecoin), whose basic concept envisages a shortage of supply, Dogecoin is deliberately in abundance. Every minute, 10,000 new coins are generated and there is no upper limit. Dogecoin therefore is clearly inflationary (albeit with a decreasing inflation rate).<\/p>\n<p>In 2014, the Dogecoin Foundation was incorporate but was largely inactive until its relaunch in 2021. Prominent advisors to the foundation include Vitalik Buterin (co-founder of Ethereum) and an Elon Musk\u2019s family office representative. The foundation recently published its first-ever road map focusing on Dogecoin utility and ecosystem.<\/p>\n<p>The name Dogecoin and the logo depicting a Shiba Inu are based on a meme but for now Dogecoin succeeded as a peer-to-peer cryptocurrency.<\/p>\n<h3>Investment solution on Dogecoin - tradable on SIX Swiss Exchange<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1129854563\\&quot; \\&quot;CH1129854589\\&quot; \\&quot;CH1129854571\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Conversion Ratio: 100<\/li>    \n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/all/crypto-expansion?language_id=1\" label=\"Click here to access the full product range on cryptocurrencies.\"> <\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>\n<h5>Risk disclosure<\/h5>\n<p>Investments in products referencing one or more cryptocurrencies or indices of cryptocurrencies are subject to increased volatility compared to investments in traditional assets and to specific risks which can negatively impact the value, tradability,liquidity and/or security of such investments. Potential Investors are encouraged to inform themselves about these specific risks when considering an investment in products referencing one or more cryptocurrencies or indices of cryptocurrencies. A summary of key risks relating to products referencing one or more cryptocurrencies or indices of cryptocurrencies can be found <strong> <a href=\"https://structuredproducts-ch.leonteq.com/crypto-disclaimer\">here<\/a><\/strong>.<\/p>","url":"dogecoin","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/dogecoin-leonteq-structured-products_sidenav.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/dogecoin-leonteq-structured-products_thumbnail.jpg"},{"date":"2022-01-14T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rare-earths-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Tracker Certificate on the Swissquote Rare Earth Index","windowTitle":"Rare Earths","category":"investment-themes","title":"Strong Interim Balance Sheet","body":"<h3>Flying high after a bumpy start<\/h3>\n<p>The 1st of February will mark the third anniversary of the introduction (payment under subscription) of the tracker certificate on the Swissquote Rare Earth Index. It was to take some time before this investment idea ignited the Swissquote equity strategists. Following the outbreak of the coronavirus pandemic the index initially dropped sharply &ndash; in March 2020 it was trading at less than half the starting level. As was the case in many other sectors, though, the Covid-19 crash also proved to be an opportunity to jump on board: shortly before its third birthday, the tracker certificate is trading at almost three quarters above the issue price (see chart). That means the structured product has beaten the global equity market by some distance. The MSCI&reg; World Index &ndash; based on a start date of 1 February 2019 &ndash; has posted a gain of 60%. The outperformance is not without reason: the pandemic has, after all, given the central demand driver of rare earths a turbocharged boost.<\/p>\n<h3>Swissquote Rare Earth Index: Chart<\/h3>\n<div><img src=\"/dA/b6da81969a/charts_rare-earths_700x500 EN Product.svg?language_id=1\" alt=\"charts_rare-earths_700x500 EN Product\" width=\"1949\" height=\"809\" caption=\"false\" /><\/div>\n<footer>Quelle: Thomson Reuters, as of 10.01.2022<br />Past performance is not a reliable indicator of future performance.<\/footer>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/rare-earths?language_id=1\" label=\"Get more information here!\"> <\/ltq-button><\/div>\n<h3>Positive outlook<\/h3>\n<p>\"Rare earth metals are used as components in high technology devices such as smartphones, flat screen televisions, computer monitors and electronic displays,\" say the Swissquote experts. During the coronavirus-induced restrictions on contact &ndash; think home office &ndash; sales in this sector rose sharply. Use of the lustrous silvery-white materials extends well beyond the IT segment, however, with rare earths being found not only in electric vehicles, but also in satellites, wind turbines and jet engines. According to Swissquote, there are as yet no viable alternatives to these raw materials. At the same time, they are difficult and costly to mine and process. \"Some are running out, which will push their value even higher,\" the strategists add. Effective recycling, in their view, is de facto not possible. Here the experts refer to Apple: the technology giant uses rare earth metals for speakers, cameras and 'haptic' motors that make its smartphones vibrate, but the metals are used in such small quantities that they are difficult to recover.<\/p>\n<h3>Systematic selection<\/h3>\n<p>In the view of the Swissquote analysts, demand for these materials should grow by 15% over the next few years. This is where the Rare Earth Index comes into its own. It targets companies which are best placed to benefit from the growth of the market for rare earths and their increasing scarcity, Swissquote has chosen to realise this investment approach through a stringent selection process. \"We have scrutinised companies that are part of the production value chain, including exploration, mining and processing,\" the managers explain. It goes without saying that the shares must also meet quantitative requirements in order to be considered for the barometer. Alongside a market capitalisation of at least USDmn 100, this includes an average daily trading volume of around USD 100,000. The index sponsor carries out a rebalancing operation every three months. Extraordinary adjustment is possible in certain circumstances, such as in the case of new listings.<\/p>\n<h3>Swissquote Rare Earth Index: Current composition<\/h3>\n<ltq-table id=\"\" title=\"Composition as of 03.01.2022\"> <template v-slot:default>\n<thead>\n<tr>\n<th>Company<\/th>\n<th>Country<\/th>\n<th>Weighting<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Osaka Titanium Technologies<\/td>\n<td>Japan<\/td>\n<td>8.70%<\/td>\n<\/tr>\n<tr>\n<td>Toho Titanium<\/td>\n<td>Japan<\/td>\n<td>8.19%<\/td>\n<\/tr>\n<tr>\n<td>Pilbara Minerals<\/td>\n<td>Australia<\/td>\n<td>8.06%<\/td>\n<\/tr>\n<tr>\n<td>Jinchuan Group International<\/td>\n<td>Hong Kong<\/td>\n<td>7.92%<\/td>\n<\/tr>\n<tr>\n<td>Neo Performance Materials<\/td>\n<td>Canada<\/td>\n<td>7.85%<\/td>\n<\/tr>\n<tr>\n<td>Tronox<\/td>\n<td>USA<\/td>\n<td>7.46%<\/td>\n<\/tr>\n<tr>\n<td>Lynas<\/td>\n<td>Australia<\/td>\n<td>7.39%<\/td>\n<\/tr>\n<tr>\n<td>Iluka Resources<\/td>\n<td>Australia<\/td>\n<td>6.79%<\/td>\n<\/tr>\n<tr>\n<td>Allkem<\/td>\n<td>Australia<\/td>\n<td>6.04%<\/td>\n<\/tr>\n<tr>\n<td>Boliden<\/td>\n<td>Sweden<\/td>\n<td>5.78%<\/td>\n<\/tr>\n<tr>\n<td>AMG Advanced Metallurgical<\/td>\n<td>Netherlands<\/td>\n<td>5.64%<\/td>\n<\/tr>\n<tr>\n<td>Haynes International<\/td>\n<td>USA<\/td>\n<td>5.36%<\/td>\n<\/tr>\n<tr>\n<td>Lundin Mining<\/td>\n<td>Canada<\/td>\n<td>5.30%<\/td>\n<\/tr>\n<tr>\n<td>Eramet<\/td>\n<td>France<\/td>\n<td>5.03%<\/td>\n<\/tr>\n<tr>\n<td>China Molybdenum<\/td>\n<td>Hong Kong<\/td>\n<td>4.76%<\/td>\n<\/tr>\n<\/tbody>\n<\/template> \n<template v-slot:below> \n<LtqCardBody>\n    <footer>Source: Leonteq Securities AG<\/footer>\n    <footer>Past performance is not a reliable indicator of future performance.<\/footer>\n<\/LtqCardBody> \n<\/template> \n<\/ltq-table>\n<h3>Top picks from down under<\/h3>\n<p>The Swissquote Rare Earth Index currently contains 15 companies. With a total weighting of 28.3%, Australian shares set the tone. Among the 15 founding members of the selection is Lynas, which has a mining facility for rare earths in Western Australia. According to its own figures, the \"Mt Weld\" mine has some of the highest value deposits of these metals. In Malaysia Lynas operates the world's largest processing plant for rare earths, from where the group ships its end-products to Asia, Europe and the USA. Analysts expect Lynas to grow strongly in the years ahead. Earnings per share are forecast to triple to AUD 0.54 in 2024 from AUF 0.18 last year (as at 30.06). In view of this outlook, Lynas' strong performance is not without reason, the share having gained almost 600% in value since 1 February 2019. The \"rare earth all-rounder\" has thus made a key contribution to the vigorous track record of the Swissquote Rare Earth Index.<\/p>\n<h3>Tracker Certificate<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;resultsPerPage&quot;:20,&quot;pageNumber&quot;:1,&quot;omni&quot;:&quot;CH0434695042&quot;,&quot;sortFields&quot;:[],&quot;sortingEnabled&quot;:true,&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div>\n<p><strong>Management fee: 0.70%<\/strong><\/p>\n<p><strong>Index Sponsor: Swissquote Bank SA<\/strong><\/p>\n<p><strong>Issuer: Leonteq Securities AG<\/strong><\/p>\n<\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2022/rare-earths?language_id=1\" label=\"Get more information here!\"> <\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"rare-earths","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rare-earths-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rare-earths-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-01-13T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/avalanche-leonteq-structured-products_product+website.jpg","subTitle":"30 crypto assets tradable via Leonteq","windowTitle":"Avalanche","category":"crypto-assets","title":"About Avalanche","body":"<p><strong>Avalanche was launched in 2020 by Ava Labs. The network is made up of three interlocked chains that offer near-instant transaction finality. Each chain has a distinct purpose - (1) C-Chain: executes smart contracts, (2) X-Chain: handles the creation and exchange of assets, (3) P-Chain: coordinates validators.<\/strong><\/p>\n<p>The official language for writing smart contracts on the Avalanche blockchain is Solidity, the same as used on the Ethereum blockchain (this helped Avalanche to quickly grow in popularity as Ethereum dApps can be ported easily). In addition, Ethereum\u2019s network congestion problems and high gas fees hugely benefited Avalanche.<\/p>\n<p>Its proof-of-stake protocol, has a few unique characteristics which makes attacking the network extremely difficult (80% of the network would need to be controlled to enable an attack).<\/p>\n<p>Avalanche was developed to address scaling concerns with Ethereum.\n<\/p>\n<h3>Investment solution on Avalanche - tradable on SIX Swiss Exchange<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1129854316\\&quot; \\&quot;CH1129854308\\&quot; \\&quot;CH1129854324\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Conversion Ratio: 0.1<\/li>    \n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/all/crypto-expansion?language_id=1\" label=\"Click here to access the full product range on cryptocurrencies.\"> <\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>\n<h5>Risk disclosure<\/h5>\n<p>Investments in products referencing one or more cryptocurrencies or indices of cryptocurrencies are subject to increased volatility compared to investments in traditional assets and to specific risks which can negatively impact the value, tradability,liquidity and/or security of such investments. Potential Investors are encouraged to inform themselves about these specific risks when considering an investment in products referencing one or more cryptocurrencies or indices of cryptocurrencies. A summary of key risks relating to products referencing one or more cryptocurrencies or indices of cryptocurrencies can be found <strong> <a href=\"https://structuredproducts-ch.leonteq.com/crypto-disclaimer\">here<\/a><\/strong>.<\/p>","url":"avalanche","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/avalanche-leonteq-structured-products_sidenav.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/avalanche-leonteq-structured-products_thumbnail.jpg"},{"date":"2022-01-12T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/it-sicherheit-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Red alert: IT security becomes a megatrend","windowTitle":"Underlying in focus: Solactive® Online Security \u2013 Performance Index","category":"underlying-in-focus","title":"Underlying in focus: Solactive® Online Security \u2013 Performance Index","body":"<h3>The increasing number of cyber attacks is leading to a greater need for IT security. As a result, the topic is also becoming increasingly interesting for investors.<\/h3>\n<p>Cyber security is now high on the agenda of companies. Not least, the pandemic with the trend toward home offices has accelerated this trend. A look at cyber attacks shows that the threat is growing exponentially. In Switzerland alone, the number of cases reported to the National Cyber Security Center (NCSC) roughly doubled to 10,234 in the first half of 2021. Above all, extortion attempts and phishing, i.e. the illegal acquisition of personal data, are booming.<\/p>\n<h3>Fast-growing market worth billions<\/h3>\n<p>The damage caused by cyber criminals is enormous. According to estimates by the UN organization International Telecommunication Union (ITU), it totaled USD 6 trillion worldwide last year. No wonder, then, that the business community is upgrading to strengthen its security infrastructure. Grand View Research projects that the global cybersecurity market, which was worth USD 167.13 billion in 2020, is expected to grow at a compound annual rate (CAGR) of 10.9% through 2028.<\/p>\n<p>This shows that the mobilization of tightened cybersecurity strategies by enterprises and governments is by no means a short-term phenomenon. On the contrary, defenses against online threats are gaining long-term importance as the digital landscape continues to change. For example, with the advent of the Internet of Things (IoT), companies are increasingly relying on massive amounts of data, with large amounts of sensitive information to be processed and stored, which in turn does not allow for vulnerabilities in interfaces. According to research by Kaspersky, there were 1.5 billion IoT attacks worldwide in the first six months of last year alone, representing 100 percent growth compared to 2020. The rise of e-crime is driving disproportionate investment in this area. Markets and Markets estimates that the IoT security market will expand from USD 14.9 billion in 2021 to USD 40.3 billion in 2026 at a CAGR of 22.1%.<\/p>\n<h3>Solactive&reg; Online Security - Performance Index: Chart (5 years)<\/h3>\n<div><img src=\"/dA/fe70549737/charts_IT-Sicherheit _700x500 EN Product.svg?language_id=1\" alt=\"charts_IT-Sicherheit _700x500 EN Product\" width=\"1945\" height=\"807\" caption=\"false\" /><\/div>\n<footer>Source: Thomson Reuters, as of 11.01.2022<br /> Historical data is not a reliable indicator for future performance.<\/footer>\n<h3>\"Pure Play\" Index<\/h3>\n<p>In view of these promising growth prospects, it is also time for investors to turn their attention to the topic of IT security. Especially since industry giants such as NortonLifeLock, Palo Alto Networks and Fortinet are not only enjoying flourishing business, but also rising share prices. While the former gained 36% over a one-year period, Palo Alto, which specializes in firewalls and cloud-based solutions, managed to increase by half. Fortinet, which is also committed to comprehensive network protection, was even able to more than double its enterprise value. The trio is also members of the Solactive Online Security Index. Since its launch in June 2011, the EUR-denominated barometer has advanced by an impressive 752%. This results in an average annual return of 22.5%.<\/p>\n<p>Only companies whose business focus is on data security, in particular online data security, are included in the strategy barometer, more than 80% of which is currently made up of US stocks. In total, the index is populated with 15 international companies, which are weighted according to market capitalization. The current leaders are Palo Alto Networks and Fortinet, each with a weight of more than 12%. To ensure that the composition always remains fresh and that there are no lumps, it is reviewed every six months and adjusted if necessary. An annual management fee of 1.2% is charged for this process, but since the index is a total return variant, the dividends of the companies are included in the price calculation.<\/p>\n<h3>Investing made easy<\/h3>\n<p>Since the topic of IT security is of a long-term nature, the diversified index is ideally suited to get involved in the megatrend. Leonteq offers two options in this regard: On the one hand, a CHF-denominated tracker<a href=\"https://structuredproducts-ch.leonteq.com/isin/CH0122850172\">(ISIN CH0122850172<\/a>), on the other hand, a USD variant<a href=\"https://structuredproducts-ch.leonteq.com/isin/CH0122850198\">(ISIN CH0122850198<\/a>). Both have an open-end structure, so that the products are ideally suited to the required medium to long-term investment horizon.<\/p>\n<h3>Tracker Certificates<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0122850172\\&quot; \\&quot;CH0122850198\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:false,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:true},&quot;underlyingSearchString&quot;:&quot;online&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-onlinesecurity","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/it-sicherheit-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/it-sicherheit-leonteq-structured-products-thumbnail.jpg"},{"date":"2022-01-10T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/cosmos-leonteq-structured-products-product-homepage-banner.jpg","subTitle":"30 crypto assets tradable via Leonteq","windowTitle":"Cosmos","category":"crypto-assets","title":"About Cosmos","body":"<p><strong>Cosmos is a decentralized network of independent blockchains. Instead of connecting each blockchain with other individually (connections would grow exponentially with an increasing number of blockchains), Cosmos runs a modular architecture with two classes of blockchain: \u201cHubs\u201d and \u201cZones\u201d.<\/strong><\/p>\n<p>Zones are regular blockchains built by users for specific use cases and Hubs are designed to connect Zones together. When a Zone creates a connection with a Hub, it can automatically access (i.e. send to and receive from) every other Zone that is connected to it. Therefore, each Zone only needs to establish a limited number of connections with a restricted set of Hubs.<\/p>\n<p>The first Hub launched in the Cosmos network is the Cosmos Hub. The Atom token underpins the Cosmos network and is used to both secure the network through staking and vote on governance decisions.<\/p>\n<p>Cosmos advertises itself as the internet of blockchains, a network of blockchains able to communicate with each other in a decentralized way.<\/p>\n<h3>Investment solution on Cosmos - tradable on SIX Swiss Exchange<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;CH0596616380, CH0596616406, CH0596616398&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Conversion Ratio: 1<\/li>    \n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/all/crypto-expansion?language_id=1\" label=\"Click here to access the full product range on cryptocurrencies.\"> <\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>\n<h5>Risk disclosure<\/h5>\n<p>Investments in products referencing one or more cryptocurrencies or indices of cryptocurrencies are subject to increased volatility compared to investments in traditional assets and to specific risks which can negatively impact the value, tradability,liquidity and/or security of such investments. Potential Investors are encouraged to inform themselves about these specific risks when considering an investment in products referencing one or more cryptocurrencies or indices of cryptocurrencies. A summary of key risks relating to products referencing one or more cryptocurrencies or indices of cryptocurrencies can be found <strong> <a href=\"https://structuredproducts-ch.leonteq.com/crypto-disclaimer\">here<\/a><\/strong>.<\/p>","url":"cosmos","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/cosmos-leonteq-structured-products-sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/cosmos-leonteq-structured-products-thumbnail.jpg"},{"date":"2021-12-17T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/ecommerce-leonteq-structured-products-product+homepage+banner.png","subTitle":"Bonus Outperformance certificate on e-commerce giants","windowTitle":"E-commerce: non-stop shopping spree","category":"investment-themes","title":"Three in one go","body":"<h3>Shopping 2.0<\/h3>\n<p>A look at the naked figures shows that online shopping is one of the most popular internet activities across the world. Last year e-commerce sales in the retail sector came to an astounding USDtn 4.28, representing a jump of more than a fifth. The positive trend should continue in the next few years as well: the experts at eMarketer predict average annual growth of around a tenth until 2024. The ongoing enthusiasm goes hand in hand with increasing innovation, with digital shops turning more and more into experience platforms. It is now just as possible to take a virtual 3D tour through a hotel as it is to try on clothes, for instance. Furthermore, a personal focus on the customer is essential in the fashion industry especially. Anyone viewing a pair of trousers on Zalando, for example, will also be shown the matching shirt and the appropriate shoes \u2013 a digital form of specialist advice, if you like.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2021/ecommerce-giants?language_id=1\" label=\"Get more information here!\"> <\/ltq-button><\/div>\n<h3>Zalando: fast-growing start-up<\/h3>\n<p>The success of the still young start-up from Berlin can be seen from its balance sheet: the growth in sales exceeded the 20% mark every year between 2017 and 2020. This year the pace has been stepped up even further, with Zalando expecting revenue to climb 31% and forecasting an annual increase of between 20% and 25% for the years thereafter as well. The gross volume of goods sold is set to reach EURbn 30 in 2025, which would correspond to a market share of 7% of the total European fashion market. But that's not enough for the company: in the long run it is aiming for a market share of one tenth. To achieve this, the e-commerce specialist is continuing to invest in its logistics network so that it can serve its customers faster. Potential is also offered by the platform strategy, which gives the various fashion brands and retailers easy access to the European fashion market. More than 4,500 brands are already available in Zalando's online shops at the moment. The rapid growth in sales should also have a positive impact on profits, with Zalando striving for a double-digit margin profile in the future. While forecasts suggest that the operating margin will hover between 4% and 5% in 2021, the return is set to rise to 10% to 13% in the long term.<\/p>\n<h3>Golbal e-commerce sales<\/h3>\n<div><img src=\"/dA/8decc6feb7/charts_ecommerce_700x400 EN Bar chart 2.svg?language_id=1\" alt=\"charts_ecommerce_700x400 EN Bar chart 2\" width=\"1944\" height=\"796\" caption=\"false\" /><\/div>\n<footer>Source: Statista, e = expected<br /> Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Amazon and eBay: two e-commerce pioneers<\/h3>\n<p>Despite \u2013 or perhaps precisely because of \u2013 their already long history, the two US giants, Amazon and eBay, remain on track for growth. Analysts expect Amazon to post growth of 21.7% in its sales this year, for instance. The US group has long since ceased to be reliant on its online sales channels alone, though, having become increasingly diversified in recent years. One of its additions is a large entertainment line with its own film studio aimed at pepping up its streaming products. Then there are the cashless \"Amazon Go\" supermarkets, which could have a significant impact on food shopping in the bricks-and-mortar retail sector. Last but not least, Amazon is the market leader in a promising growth market with its cloud division, AWS. Changes are currently under way at eBay, too, with the aim of making the most of the company's potential over the long term. Last year, for instance, the group hived off its \"eBay Classifieds\" arm in order to concentrate on its core expertise in the auction and e-commerce sector. There are currently 19 million sellers on \"eBay Marketplace\", with as many as 154 million active buyers worldwide. The strategy is certainly paying off: analysts expect earnings per share to climb 12.1% for the current year, coming in even a little higher in 2022 with a 13.7% rise.<\/p>\n<h3>Chart: Amazon vs. eBay vs. Zalando (5 years, indexed to 100)<\/h3>\n<div><img src=\"/dA/631cc49d7f/charts_ecommerce_700x500 EN Product.svg?language_id=1\" alt=\"charts_ecommerce_700x500 EN Product\" width=\"1942\" height=\"946\" caption=\"false\" /><\/div>\n<footer>Source: Thomson Reuters, as of 13.12.2021<br /> Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Leveraged investment in a digital shopping trio<\/h3>\n<p>Like their trading figures, the price curves of Amazon, eBay and Zalando are also pointing up. The three e-commerce specialists have each been able to almost double their value over the last two years, for instance. The trio do not have to keep up such a rapid pace in the next 24 months in order to deliver an attractive return with the Bonus Outperformance certificate, as the financial product is designed to generate an attractive return at the end from moderate price gains. In detail, how the certificate works is that investors benefit from rising prices of the basket with a leveraged participation rate of 200% up to the cap. This will be redeemed at 130% of the starting level, resulting in a maximum redemption amount of 160% of the nominal. Should the price of the basket at the end be trading below the starting level, the investment will not automatically finish with a loss: only if the barrier of 69% of the starting value is breached during the 2-year term will there be a hit. In that case the classic \"worst of\" principle applies.<\/p>\n<h3>Capped Bonus Outperformance Certificate<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1150254063\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;bonusLevel&quot;,&quot;underlying&quot;,&quot;participation&quot;,&quot;barrierPercentage&quot;,&quot;capLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2021/ecommerce-giants?language_id=1\" label=\"Get more information here!\"> <\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>\n<\/pder><\/div>","url":"ecommerce-giants","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/ecommerce-leonteq-structured-products-sidenav+banner.png","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/ecommerce-leonteq-structured-products-thumbnail.png"},{"date":"2021-12-08T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/plugpower-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"The stuff (climate) heroes are made of","windowTitle":"Plug Power","category":"coupon-giant","title":"Plug Power","body":"<h3>The stuff (climate) heroes are made of<\/h3>\n<p>H2 is one of the key elements in achieving global climate goals. Green hydrogen, in which water is split with the help of renewable energies, is considered a promising energy storage medium that has many applications in industry and mobility. It is not without reason that more than 30 countries around the globe have now adopted a hydrogen strategy.<\/p>\n<h3>Plug Power: Turnover (in USD million)<\/h3>\n<div><img src=\"/dA/ab69219015/charts_PlugPower_700x500 EN Bar chart.svg?language_id=1\" alt=\"charts_PlugPower_700x500 EN Bar chart\" caption=\"false\" width=\"1367\" height=\"1251\" /><\/div>\n<footer>Source: CNN Business, e = expected<br /> Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>H2 pioneer<\/h3>\n<p>Founded in 1997, Plug Power recognized the potential of the 1st period chemical element early on. The US company develops and manufactures fuel cells for the megatrend of e-mobility, among other things. Already, the company's solutions are being used by major corporations such as Amazon, Walmart and Carrefour to power their industrial electric vehicles. Plug Power now has more than 50,000 fuel cell systems in use in the e-mobility sector, which it claims is more than any other company in the world. Plug Power also builds hydrogen storage systems as well as fuel dispensing systems. The company still has a lot of plans for the future: Plug Power is using its expertise to expand into other key markets, such as zero-emission road vehicles, robotics and data centers.<\/p>\n<p>The expansion of the business should also be reflected in Plug Power's figures. For years now, the revenue curve has been pointing upwards - with the exception of the Corona year 2020. For the current fiscal year, the analyst consensus is that the company will generate revenues of just under $500 million. In the third quarter, sales came in at EUR 143.9m, up 14.6% and right in line with analysts' expectations. The bulk of the business was accounted for by the sale of fuel cell systems and the corresponding infrastructure.<\/p>\n<h3>Green growth strategy<\/h3>\n<p>\"Make do, don't spill\" has always been the motto of Andy Marsh, the company's CEO since April 2008. And that still applies today. The new medium-term plan, for example, envisages revenues of USD 3 bn by 2025, which corresponds to average annual growth of more than 50%. Plug Power also aims to ramp up liquid green hydrogen generation capacity to 500 tonnes per day by the end of 2025 and reach an installed electrolyser capacity of three gigawatts (GW).<\/p>\n<p>The group's expansion strategy also includes geographical spread. Plug Power, for example, recently formed a joint venture with Spanish renewable energy specialist ACCIONA Energ&iacute;a to develop, operate and maintain green hydrogen projects in Spain and Portugal. The new company, called AccionaPlug, aims to launch its first H2 production plants in 2023 and produce more than 100 tonnes of green hydrogen per day by 2030. Plug Power is also opening a headquarters in Germany to make a significant contribution to the European hydrogen strategy. \"Our establishment of a headquarters in the Port of Duisburg supports our ambitious goals to lead the development of a global green hydrogen ecosystem,\" CEO Marsh explains the move.<\/p>\n<h3>Plug Power: Chart (in USD)<\/h3>\n<div><img src=\"/dA/241f178d73/charts_PlugPower_700x500 DE Product .svg?language_id=1\" alt=\"charts_PlugPower_700x500 DE Product \" caption=\"false\" width=\"1401\" height=\"1320\" /><\/div>\n<footer>Source: Thomson Reuters; as of 07.12.2021<br /> Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Not for the faint of heart<\/h3>\n<p>Hydrogen shares are characterised by high opportunities but equally high risks. In this still young sector, company successes and failures often go hand in hand. In addition, an H2 strategy swallows up a lot of money. Analysts do not expect Plug Power to make profits before 2024. It is therefore not surprising that the shares are showing relatively high fluctuations on the stock market. From the beginning of 2020 to the start of the current year, Plug Power shares spurted from around USD 3 to over USD 70, only to dip back below the USD 20 mark in the months that followed. Since then, the stock has fluctuated up and down between USD 20 and 40. The historical volatility since New Year's Eve is over 90%.<\/p>\n<h3>Thick coupons combined with high buffers<\/h3>\n<p>High volatility can be cleverly converted into returns with barrier reverse convertibles. To this end, Leonteq has structured two new soft-callable BRCs with comfortable risk buffers of 41% and high double-digit coupons. The CHF product offers a potential return of 16.00% p.a., while the second version of the Barrier Reverse Convertible, which is based on USD, offers a maximum return of 17.00% p.a.. In both variants, the barrier is fixed at 59% of the starting value. This means that there is room for the underlying to fall just short of the low for the year without jeopardizing the maximum return. In addition, the securities are equipped with a soft callable function. The first observation date takes place after 6 months and is then repeated quarterly.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1129851486\\&quot; \\&quot;CH1148260206\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-plugpower","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/plugpower-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/plugpower-leonteq-structured-products-thumbnail.jpg"},{"date":"2021-12-03T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/versatile-blockchain-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Participate effortlessly in promising crypto trends","windowTitle":"The crypto evolution advances","category":"investment-themes","title":"Three baskets, three opportunities","body":"<h3>Constant refinement<\/h3>\n<p>REntering into legal contracts, handling sales or spreading credit risks decentrally on the blockchain via smart contracts \u2013 these are just some of the applications that crypto currencies already enable. Demand for these possibilities in the business world is rising constantly, and with it the volume of transactions that the network has to handle. That is a critical point, because only if the necessary technical requirements have been met can the blockchain process more transactions within a defined period of time. Ethereum recently made a step towards the future by starting an upgrade to Ethereum 2.0. The new generation contains multiple improvements and is intended to deliver greater speed, efficiency and scalability. That the market for decentralized finance (DeFi) is popular is demonstrated by a look at the Total Value Locked (TVL) across the leading protocols. This is the USD value of the cryptocurrency cash that is currently locked in DeFi. Whereas the volume at the start of the year came to some USDbn 25, according to calculations by Defi Pulse, now it is already more than USDbn 100.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2021/crypto-evolution?language_id=1\" label=\"Get more information here!\"> <\/ltq-button><\/div>\n<div><price-chart isin=\"CH1129854381\"><\/price-chart><\/div>\n<h3>Tracker Certificate on the Data Crypto Basket - tradable on BX Swiss<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1129854381\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Management fee: 1.50% p.a.<\/li>\n<li>Issuer:&nbsp;Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Innovative products<\/h3>\n<p>Not only is this growth being fanned by Ethereum, now the second largest cyber currency in the world, but the market is increasingly being dominated by the less well known DeFi protocols Chainlink or Aave as well. The success can best be measured by the change in market capitalisation. While for Chainlink this reached around USDm 50 on its launch four years ago, the digital coins are currently worth more than USDbn 11. The three credit protocols of Maker, Aave and Compound are likewise enjoying ever greater appeal, the value of the first of these cryptocurrencies having risen fivefold this year. Leonteq gives investors a very easy way of bringing this theme of the future into their portfolio with new and innovative products \u2013 and that's without having to put it all on a credit card. The \"Decentralized Finance (DeFi) Crypto Basket\" reflects the still young trend with a diversified selection of the equally weighted DeFi protocols 0x, Aave, Compound, Maker, Uniuswap and Yearn.Finance. Offered in USD, the tracker (ISIN CH1129854373) is configured for three years and comes with a management fee of 1.50% p.a. Although the product is not quoted on the SIX, it can be bought and sold over the counter at any time. The product has the same conditions and an identical term, but is listed on the BX Swiss and refers exclusively to the initially equally weighted cryptocurrencies Chainlink and Filecoin.<\/p>\n<div><price-chart isin=\"CH1129854373\"><\/price-chart><\/div>\n<h3>Tracker Certificate on the Decentralized Finance (DeFi) Crypto Basket - not listed<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1129854373\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Management fee: 1.50% p.a.<\/li>\n<li>Issuer:&nbsp;Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Seven smart contract platforms in one package<\/h3>\n<p>The new \"Smart Contract Platforms Crypto Basket\" is rather more broadly based, consisting of a total of seven digital coins: Ethereum, Solana, Cardano, Polkadot, Algorand, Tezos and Cosmos. The first four of these are actually among the 10 largest cyber currencies in the world. Solona's development has been remarkable indeed, the cryptocurrency exploding from a price of USD 1.50 at the start of the year to more than USD 200 now. That led to Solona shooting up to fifth position in the ranks of cryptos with the greatest capital base. There are technological as well as speculative reasons for the run on the coin: Solana is already built on a modern version of the Proof-of-Stake (PoS) protocol, enabling it to eliminate the weaknesses of the Proof-of-Work (PoW), which Ethereum is still using. This makes the transaction costs significantly lower while improving transaction speeds considerably. The powers behind Ethereum are not sitting idly by, however, and are looking to switch to the PoS protocol with the upgrade to version 2.0 that is now in progress.<\/p>\n<h3>Composition of the Smart Contract Platforms Crypto Baskets<\/h3>\n<div><ltq-table id=\"\" title=\"As of 29.11.2021\"> <template v-slot:default=\"\">\n<thead>\n<th>Basket member<\/th>\n<th>Market capitalisation (in USDbn)<\/th>\n<th>Performance 2021<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Ethereum<\/td>\n<td>511,5<\/td>\n<td>486.00%<\/td>\n<\/tr>\n<tr>\n<td>Solana<\/td>\n<td>62,2<\/td>\n<td>13'500%<\/td>\n<\/tr>\n<tr>\n<td>Cardano<\/td>\n<td>52,1<\/td>\n<td>767%<\/td>\n<\/tr>\n<tr>\n<td>Polkadot<\/td>\n<td>35,4<\/td>\n<td>286%<\/td>\n<\/tr>\n<tr>\n<td>Algorand<\/td>\n<td>11,3<\/td>\n<td>448%<\/td>\n<\/tr>\n<tr>\n<td>Cosmos<\/td>\n<td>6,0<\/td>\n<td>314%<\/td>\n<\/tr>\n<tr>\n<td>Tezos<\/td>\n<td>4,4<\/td>\n<td>152%<\/td>\n<\/tr>\n<\/tbody>\n<\/template> <template v-slot:below=\"\"> <LtqCardBody><footer>Source: CoinMarketCap<\/footer><footer>Historical data are not a reliable indicator of future performance.<\/footer><\/LtqCardBody> <\/template> <\/ltq-table><\/div>\n<h3>Highly promising mega-trend in one certificate<\/h3>\n<p>With the new tracker certificates on the Smart Contract Platforms Crypto Basket, Leonteq is offering investors the opportunity to bring the \"smart contracts\" mega-trend into their portfolio and share in the growth prospects of the crypto sector. The product reflects the development of the broadly diversified index almost completely, the only deduction being an annual fee of 1.50%. The products, which have a term of three years, are offered in the CHF (ISN CH1129854258), USD (ISIN CH1129854274) and EUR (ISIN CH1129854266) currency tranches and can be traded daily on the BX Swiss.<\/p>\n<div><price-chart isin=\"CH1129854274\"><\/price-chart><\/div>\n<h3>Tracker Certificate on the Smart Contract Platforms Crypto Basket - tradable on BX Swiss<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1129854266\\&quot; \\&quot;CH1129854258\\&quot; \\&quot;CH1129854274\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Management fee: 1.50% p.a.<\/li>\n<li>Issuer:&nbsp;Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2021/crypto-evolution?language_id=1\" label=\"Get more information here!\"> <\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"crypto-evolution","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/versatile-blockchain-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/versatile-blockchain-leonteq-structured-products-thumbnail.jpg"},{"date":"2021-11-24T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/roblox-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Playfully chasing yields","windowTitle":"Roblox","category":"coupon-giant","title":"Roblox","body":"<h3>Playfully chasing yields<\/h3>\n<p>The Roblox share price has been on fire in recent days. Since November 8, the value of the gaming platform provider has increased by an incredible three quarters. Compared to the IPO, when the stock was traded on March 10 at a price of USD 64.50, the price has even doubled.<\/p>\n<h3>Roblox: Chart (in USD)<\/h3>\n<div><img src=\"/dA/017363a8a5/charts_Roblox_700x500 EN Product.svg?language_id=1\" alt=\"charts_Roblox_700x500 EN Product\" caption=\"false\" width=\"1401\" height=\"1068\" /><\/div>\n<footer>Source: Thomson Reuters; as of 23.11.2021<br /> Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Surprisingly good<\/h3>\n<p>The main reason for the recent ride of the stock lies in the latest quarterly figures. For example, the online game specialist posted surprisingly strong customer growth in the third quarter thanks to strong demand for box office hits like \"MeepCity\" and \"Adopt Me.\" Overall, the volume of bookings in the quarter just ended rose by 28% to USD 637.8 million, exceeding expectations.<\/p>\n<p>In addition, the popular children's gaming site saw a significant increase in gamers in the third quarter. Daily active users increased by 31% to 47.3 million, spending a sensational total of 11.2 billion hours on the platform. Even though the company is still in the red, it also showed improvement on the earnings side. On an adjusted basis, Roblox reported a loss of 13 cents per share, compared to estimates of 14 cents per share.<\/p>\n<h3>Fully in line with the trend<\/h3>\n<p>The positive interim report is not the only thing playing into the hands of the San Mateo, California-based group at the moment. Investors are also increasingly looking for \"metaverse\" exposure after Facebook changed its name to Meta Platforms and adjusted its strategy toward virtual reality. To date, Roblox is one of the few that are already successfully operating in the parallel world and generating significant revenue in the process. For example, Roblox sells digital money on the platform, which users can in turn spend on virtual experiences and items for their avatars.<\/p>\n<p>In this regard, Roblox has managed a mega deal in the past few days. The world's largest sporting goods manufacturer Nike is moving in with its virtual headquarters \"Nikeland\" on the video game platform. This makes Nike one of the first big brands to enter the metaverse. On Nikeland, users can put their avatars in sportswear with the Swoosh on it, on the one hand, but also transfer real-life movements with their smartphones to online games. But Roblox isn't just enticing users with more and more shopping options; the company is also hosting virtual concerts featuring artists like Twenty One Pilots and rapper Lil Nas X.<\/p>\n<h3>Roblox: Development of earnings per share (in USD)<\/h3>\n<div><img src=\"/dA/1fe4c4eb20/charts_Roblox_700x500 EN Bar chart.svg?language_id=1\" alt=\"charts_Roblox_700x500 EN Bar chart\" caption=\"false\" width=\"1093\" height=\"902\" /><\/div>\n<footer>Source: CNN Business, e = expected<br /> Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Profits in sight<\/h3>\n<p>Roblox's recent interim report showed that its strategy is bearing fruit. The positive trend could continue: \"Based on our October results, we appear to be off to a good start in the last quarter of the year,\" said Chief Financial Officer Michael Guthrie. The analyst guild also sees black, and in a positive sense. For the final quarter, the forecast range of USD -0.15 to +0.26 cents per share is relatively wide, but the median estimate is a small profit of USD 0.01 cents per share. Sales are expected to rise to just under USD 793 million, which would be a fifth higher than the third quarter.<\/p>\n<p>Despite the bright outlook, the recent jump in Roblox's share price has caught up with or overtaken research firms' price targets. The majority of analysts are still giving the stock a thumbs-up, but the median estimate of USD 123 is only at the current price level.<\/p>\n<h3>High coupons, low barriers<\/h3>\n<p>For the new Softcallable Barrier Reverse Convertibles, stagnation would not be a problem at all. Even possible moderate setbacks in the Roblox share price are taken into account in the product structure, so that the promised double-digit percentage return is not immediately jeopardized. The two products, which are offered in CHF and USD, each have a risk buffer of a comfortable 40%. If the barrier remains intact during the maximum term of 15 months, the maximum profit will be achieved. The coupons amount to an above-average 12.00% p.a. for the CHF version and even 13.60% p.a. for the USD product. The issuer has the right to call the Barrier Reverse Convertibles prematurely after six months at the earliest.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1129852393\\&quot; \\&quot;CH1148258010\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-roblox","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/roblox-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/roblox-leonteq-structured-products-thumbnail.jpg"},{"date":"2021-11-23T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/algorand-leonteq-structured-products-product-homepage-banner.jpg","subTitle":"30 crypto assets tradable via Leonteq","windowTitle":"Algorand","category":"crypto-assets","title":"About Algorand","body":"<p><strong>Algorand is a decentralized network, launched in June 2019 by computer scientist and MIT professor Silvio Micali(recipient of the Turing Award). Algorand is designed for rapid transactions with a strong focus on achieving near-instant finality (i.e. time it takes transactions to be deemed confirmed) while also supporting smart contracts.<\/strong><\/p>\n<p>Algorand tries to solve speed, security and decentralization simultaneously by introducing a new proof of stake concept (called pure proof of stake) \u2013allowing for speedy confirmation of one single block at a time by a group of randomly selected validators.<\/p>\n<p>Since only one block is validated at a time, the Algorand blockchain can also not fork (the splitting of the blockchain into two or more incompatible versions) and finality is achieved instantaneously (approx. 4.5 seconds). The Algo is the cryptocurrency of the Algorand blockchain.<\/p>\n<p>Algorand is a decentralized network built to solve the blockchain trilemma of achieving speed, security, and decentralization simultaneously.<\/p>\n<h3>Investment solution on Algorand - tradable on SIX Swiss Exchange<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0596616356\\&quot;,\\&quot;CH0596616364\\&quot;,\\&quot;CH0596616372\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Conversion Ratio: 10<\/li>    \n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/investment-themes/crypto-expansion?language_id=1\" label=\"Click here to access the full product range on cryptocurrencies.\"> <\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>\n<h5>Risk disclosure<\/h5>\n<p>Investments in products referencing one or more cryptocurrencies or indices of cryptocurrencies are subject to increased volatility compared to investments in traditional assets and to specific risks which can negatively impact the value, tradability,liquidity and/or security of such investments. Potential Investors are encouraged to inform themselves about these specific risks when considering an investment in products referencing one or more cryptocurrencies or indices of cryptocurrencies. A summary of key risks relating to products referencing one or more cryptocurrencies or indices of cryptocurrencies can be found <strong> <a href=\"https://structuredproducts-ch.leonteq.com/crypto-disclaimer\">here<\/a><\/strong>.<\/p>","url":"algorand","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/algorand-leonteq-structured-products-sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/algorand-leonteq-structured-products-thumbnail.jpg"},{"date":"2021-11-19T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/metaverse-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"New Tracker certificate on the Swissquote Metaverse Index","windowTitle":"Metaverse","category":"investment-themes","title":"New, innovative and forward-looking","body":"<h3>Billion-dollar market<\/h3>\n<p>The amalgamation of the real with the virtual world, which should bring benefits for work and leisure, offers huge potential. Meta boss Mark Zuckerberg reckons that a billion people will be operating in the metaverse by the end of the decade, creating online business to the tune of several hundred billion dollars. That's reason enough for hardware and software manufacturers to secure a position for themselves. Leading technology concerns such as Nvidia have been pushing the concept for a long time already and can look back on some considerable successes. The high-performance chip manufacturer, whose graphics cards revolutionised the gaming segment, among others, already has a project on the starting blocks in the form of its \"Omniverse\", launched last year. This is an open platform on which designers, researchers and engineers collaborate virtually. Companies such as BMW and Siemens are already using Omniverse, such as for the virtual planning and design of highly complex manufacturing systems.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2021/metaverse?language_id=1\" label=\"Get more information here\"> <\/ltq-button><\/div>\n<h3>Multilayered profits<\/h3>\n<p>Nvidia is not the only company to have a long history of interest in the metaverse, though: gaming platform Roblox also exhibits such traits. Thus the online game provider has its own economic system in which Robux, the virtual currency, can be used to buy clothing, for instance. While on the subject of currencies, the crypto sector offers huge opportunities here, because Bitcoin and the like can utilise their full potential in a digital environment. The non-fungible token (NFT) in particular is ideally suited for regulating digital identities and digital ownership. The focus could therefore shift towards companies such as Coinbase, the crypto trading platform, or payment specialist Square, which is already posting quarterly sales in excess of USDbn 2 with Bitcoin services of its cash app.<\/p>\n<h3>28 companies in one package<\/h3>\n<p>The development is profiting companies in other sectors too, however, such as semiconductor manufacturers Intel, Samsung and TSMC and the Chinese tech giants Alibaba and Tencent. The latter also has shares in Epic Games and Roblox. As well as gaming, Tencent operates social networks, AR and VR. \"Anything that makes the virtual world more real and the real world more rich with virtual experiences can become part of the metaverse,\" said Tencent CEO Pony Ma when presenting the latest quarterly figures. Sony is likewise bustling about in this market and is now working on a second VR headset for the Playstation. Although not much has yet been heard from Apple with regard to the metaverse, the US tech concern is also engaging with the virtual parallel world. Individual services such as virtual meeting rooms can already be attributed to the new trend. In general, a slower gear at the start of any new hype is not necessarily a bad thing. \"The benefit of Apple&rsquo;s more patient approach to entering new markets is that the chances of success increase with a more informed approach to disruption,\" wrote technology analysts Katy Huberty and Erik Woodring. All the companies mentioned above and more, exactly 28 in total, are included in the Swissquote Metaverse Index, giving investors broadly diversified access to the future trend.<\/p>\n<h3>Composition of Swissquote Metaverse Index<\/h3>\n<div><ltq-table id=\"\" title=\"Composition as of 16.11.2021\"> <template v-slot:default=\"\">\n<thead>\n<tr>\n<th>Company<\/th>\n<th>Weighting<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Roblox<\/td>\n<td>5.50%<\/td>\n<\/tr>\n<tr>\n<td>Sony<\/td>\n<td>5.00%<\/td>\n<\/tr>\n<tr>\n<td>Matterport<\/td>\n<td>5.00%<\/td>\n<\/tr>\n<tr>\n<td>Meta Platforms<\/td>\n<td>4.50%<\/td>\n<\/tr>\n<tr>\n<td>Advanced Micro Devices<\/td>\n<td>4.20%<\/td>\n<\/tr>\n<tr>\n<td>Tencent<\/td>\n<td>4.10%<\/td>\n<\/tr>\n<tr>\n<td>Sea<\/td>\n<td>4.10%<\/td>\n<\/tr>\n<tr>\n<td>Autodesk<\/td>\n<td>4.00%<\/td>\n<\/tr>\n<tr>\n<td>Akamai Technologies<\/td>\n<td>4.00%<\/td>\n<\/tr>\n<tr>\n<td>Walt Disney<\/td>\n<td>4.00%<\/td>\n<\/tr>\n<tr>\n<td>NVIDIA<\/td>\n<td>4.00%<\/td>\n<\/tr>\n<tr>\n<td>Snap<\/td>\n<td>3.90%<\/td>\n<\/tr>\n<tr>\n<td>Intel<\/td>\n<td>3.80%<\/td>\n<\/tr>\n<tr>\n<td>PayPal<\/td>\n<td>3.70%<\/td>\n<\/tr>\n<tr>\n<td>Microsoft<\/td>\n<td>3.40%<\/td>\n<\/tr>\n<tr>\n<td>Apple<\/td>\n<td>3.30%<\/td>\n<\/tr>\n<tr>\n<td>Naver<\/td>\n<td>3.20%<\/td>\n<\/tr>\n<tr>\n<td>Unity Software<\/td>\n<td>3.20%<\/td>\n<\/tr>\n<tr>\n<td>TSMC<\/td>\n<td>3.10%<\/td>\n<\/tr>\n<tr>\n<td>HTC<\/td>\n<td>3.00%<\/td>\n<\/tr>\n<tr>\n<td>Alibaba<\/td>\n<td>3.00%<\/td>\n<\/tr>\n<tr>\n<td>Samsung Electronics<\/td>\n<td>2.90%<\/td>\n<\/tr>\n<tr>\n<td>Activision Blizzard<\/td>\n<td>2.90%<\/td>\n<\/tr>\n<tr>\n<td>Electronic Arts<\/td>\n<td>2.90%<\/td>\n<\/tr>\n<tr>\n<td>Coinbase<\/td>\n<td>2.80%<\/td>\n<\/tr>\n<tr>\n<td>Alphabet<\/td>\n<td>2.30%<\/td>\n<\/tr>\n<tr>\n<td>Square<\/td>\n<td>2.20%<\/td>\n<\/tr>\n<tr>\n<td>Amazon<\/td>\n<td>2.00%<\/td>\n<\/tr>\n<\/tbody>\n<\/template> <template v-slot:below=\"\"> <ltqcardbody><footer>Source: Swissquote Bank SA<\/footer><footer>Historical data are not a reliable indicator of future performance.<\/footer><\/ltqcardbody> <\/template> <\/ltq-table><\/div>\n<h3>Active management brings advantages<\/h3>\n<p>With the tracker on the Swissquote Metaverse Index, Leonteq has just the right financial product to make any portfolio even more forward-looking. The active approach of the index sponsor ensures that the composition is always kept up to date &ndash; a huge advantage over static baskets, because there is plenty of movement in the still young market. Who will turn out to be the real winners of the future trend will probably only become evident in the next few years. The fees for management come to an 0.8% p.a. The structured product is denominated in Swiss francs and has an open-ended design, allowing it to reflect the long-term character of the theme.<\/p>\n<div><price-chart isin=\"CH1129852609\"><\/price-chart><\/div>\n<h3>Tracker Certificate on the Swissquote Metaverse Index<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1129852609\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;valor&quot;,&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;subscriptionEndDate&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2021/metaverse?language_id=1\" label=\"Get more information here!\"> <\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"metaverse","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/metaverse-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/metaverse-leonteq-structured-products-thumbnail.jpg"},{"date":"2021-11-10T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/microstrategy-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"More than just crypto","windowTitle":"MicroStrategy","category":"coupon-giant","title":"MicroStrategy","body":"<h3>More than just crypto<\/h3>\n<p>What do Tesla CEO Elon Musk, Square CEO Jack Dorsey and MicroStrategy head Michael J. Saylor have in common? Quite simply, all three are gifted founders who have launched billion-dollar companies. But they also share another passion: bitcoin.<\/p>\n<div><img src=\"/dA/8822a544c6/charts_MicroStrategy_700x500_EN_Bar_chart[1].svg?language_id=1\" alt=\"charts_MicroStrategy_700x500_EN_Bar_chart[1]\" caption=\"false\" width=\"1248\" height=\"896\" /><\/div>\n<footer>Source: MicroStrategy<br /> Historical data is not a reliable indicator of future trends.<\/footer>\n<h3>Bitcoin, on the one hand, ...<\/h3>\n<p>Corporate leaders' investments in the cyber currency are making waves in the crypto market. Bitcoin, for example, has more than doubled in value this year and just marked a new all-time high. For MicroStrategy's Michael Saylor, however, it seems the oldest coin is nowhere near the end of the line. The business intelligence company he leads has been buying briskly all year. Most recently, MicroStrategy acquired 5,050 BTC in mid-September for around USD 243 million at an average price of USD 48,099 per unit. This brought the tech firm's total holdings to 114,042 BTC, for which Saylor has forked out a total of just under USD 3.2 billion. At the current price, however, they are currently worth far more than USD 7 billion. Saylor isn't done yet, though: \"Today, MicroStrategy is the world's largest publicly traded company that owns Bitcoin, with over 114,000 BTC,\" the 56-year-old shared when presenting its latest interim report, adding: \"We will continue to explore opportunities to raise additional capital to execute our Bitcoin strategy.<\/p>\n<h3>...BI software on the other<\/h3>\n<p>MicroStrategy isn't all crypto, though; in operations, the Vienna, Virginia-based company offers mobile application and business intelligence (BI) software, as well as cloud-based solutions. Revenues are primarily generated through subscription services, product licenses and support services. While these areas are not currently growing as dynamically as bitcoin, MicroStrategy still managed to beat expectations with its latest interim report - even if there is a decline on the earnings side. Net income, adjusted for stock-based compensation, digital asset impairments and interest expense, fell slightly from USD 2.06 to 1.86 per share. However, the consensus estimate was only USD 1.12, so the company beat the forecast by two-thirds. In the second quarter, MicroStrategy actually reported 135.6% better than expected. Revenue for the period advanced 0.5% to USD 128.0 million. \"MicroStrategy delivered strong third quarter results that demonstrated the successful execution of both our operational and digital asset strategies,\" Saylor commented on the latest numbers. He credited increasing adoption of its cloud solutions, as well as fundamentally higher demand for the company's platform, for the success.<\/p>\n<h3>MicroStrategy: Chart (in USD)<\/h3>\n<div><img src=\"/dA/a3540578ed/charts_MicroStrategy_700x500_EN_Product[1].svg?language_id=1\" alt=\"charts_MicroStrategy_700x500_EN_Product[1]\" caption=\"false\" width=\"1248\" height=\"944\" /><\/div>\n<footer>Source: Thomson Reuters; as of 09.11.2021<br /> Historical data is not a reliable indicator of future trends.<\/footer>\n<h3>A question mark behind the valuation<\/h3>\n<p>On the stock market, the success course has recently stuttered somewhat. After a brilliant rise from USD 120 in mid-2020, the price shot up to over USD 1,000 within a few months. This was followed by a consolidation that has continued to this day. Since March 2021, the stock has essentially hovered between USD 600 and 800. Apparently, investors are having a hard time finding the company's fair value. On the one hand, the company is growing slowly operationally, but at the same time has an ambitious P/E ratio of over 100. On the other hand, the current market cap of USD 8.2 billion is only slightly above the current book value of bitcoin investments. This means the operating business is currently valued at only around one billion. Ultimately, it is likely the reliance on the highly volatile cryptocurrency that makes investors hesitant to grant MicroStrategy a higher valuation.<\/p>\n<h3>Double-digit percentage return opportunities<\/h3>\n<p>This investor hesitation can be translated into double-digit percentage returns with the new Callable Barrier Reverse Convertibles. The CHF version offers an attractive interest rate of 14% p.a. with a maximum term of 15 months, while the USD-denominated product even comes with a coupon of 15% p.a., which is paid out quarterly. Furthermore, the products are equipped with comfortable risk buffers of 41%. As a result, MicroStrategy's stock can even decline moderately without diminishing the return opportunity. Only if the barrier is breached could there be downside. Then the closing price decides about profit or loss of the investment. If the underlying makes it back to the starting level, the full nominal is paid out in addition to the secure coupon. Otherwise, the redemption is based on the performance of the MicroStrategy share.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1292085748\\&quot;\\&quot;CH1300962326\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1143302953\\&quot; \\&quot;CH1143302961\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;valor&quot;,&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;subscriptionEndDate&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-microstrategy","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/microstrategy-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/microstrategy-leonteq-structured-products-thumbnail.jpg"},{"date":"2021-11-05T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/food-revolution-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Tracker certificate on the Future of Food Index","windowTitle":"Change as an opportunity","category":"investment-themes","title":"Change as an opportunity","body":"<h3>Unsated hunger for growth<\/h3>\n<p>At the turn of the year Mark Schneider celebrated his 4th anniversary as CEO of Nestl&eacute;. The German-American has been giving the food giant a new face since January 2017, completing more than 50 transactions in the first three years of his reign alone. Some 12% of the group's sales were affected by the sales and acquisitions, with a clear trend towards healthy and sustainable foods becoming apparent. In adjusting its portfolio the industry colossus is responding to the rapid changes in nutritional behaviour by many consumers while at the same time trying to get back on track for growth. Nestl&eacute; has lost significant momentum in recent years (see graph). In that regard the Swiss group exemplifies the entire sector. Despite this development and the enormous structural challenges, the heavyweights are still valued highly by comparison with mid-size and smaller food companies.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2021/food?language_id=1\" label=\"Get more information here!\"><\/ltq-button><\/div>\n<h3>Anomalies as an investment opportunity<\/h3>\n<p>The experts at Tareno AG see this situation as comparable with the pharmaceutical industry. Six to eight years ago, the main pill producers were heading towards the oft-cited patent cliff. At the same time, their research and development pipelines were proving to be not especially productive. The lack of innovation together with ample coffers and favourable financing terms triggered a wave of M&amp;As in the biotech sector. The asset manager reckons that these events could be duplicated in the food industry. To maintain their dominant position, the major groups could exploit their valuations and the chronically low interest rates to push through purchases. Tareno discerns enormous investment opportunities in the \"market anomalies\" outlined. It was against this background that the Basel company designed its Future of Food Index. \"We see the added value for our approach being in mid-size companies which are innovative and flexible enough to help shape present trends around the \"Future of Food\" issue and to profit from significantly higher growth rates,\" the initiators explain.<\/p>\n<h3>Nestlé: Organic sales growth<\/h3>\n<div><img src=\"/dA/dcda8e1ac3/Leonteq-structured-products_food_revolution_EN_DE_620x478 EN Product.jpg?language_id=1\" alt=\"Leonteq-structured-products_food_revolution_EN_DE_620x478 EN Product\" caption=\"false\" width=\"620\" height=\"475\" /><\/div>\n<h3>From the investment idea to the structured product<\/h3>\n<p>When selecting the shares, the experts first filtered out of the entire food sector around 220 companies covering the \"Future of Food\" value chain. The focus is on the agriculture, agritech, food production and food distribution segments. Each company is evaluated on the basis of ESG sustainability criteria, fundamentals and momentum. In addition to the resulting scoring, the managers put further qualitative features under the microscope. \"These factors highlight the relative attractiveness of a company in the particular phase of the economic cycle and have an influence on the weighting of the individual items in the portfolio,\" the index sponsor explains. The allocation process is accompanied and supported by quantitative calculations. In terms of size, the threshold for inclusion in the index is a market capitalisation of CHFmn 100 and an average daily trading volume of around CHF 100,000. Leonteq is offering a way to invest in this new benchmark with a tracker certificate. On board alongside Tareno, which is responsible for the underlying, is PostFinance as the guarantor of this issue. The management fee for the actively managed certificate (AMC) comes to 1.09% p.a.<\/p>\n<h3>Tracker-certificate on the Future of Food Index<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0587328532\\&quot;&quot;,&quot;conditions&quot;:{&quot;&quot;:true},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;resultsPerPage&quot;:20,&quot;pageNumber&quot;:1,&quot;sortFields&quot;:[],&quot;sortingEnabled&quot;:true,&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div><strong>Management Fee: 1.09% p.a.<\/strong><\/div>\n<div><strong>Index Sponsor: Tareno AG <\/strong><\/div>\n<div><strong>Issuer: Leonteq Securities AG, Guernsey<\/strong><\/div>\n<div><strong>Guarantor: PostFinance AG, Bern, Switzerland (Rating: S&amp;P AA)<\/strong><\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><price-chart isin=\"CH0587328532\"><\/price-chart><\/div>\n<h3>Diversified and adaptable<\/h3>\n<p>For this small contribution investors can add the Future of Food Index to their portfolio with no term limit. The starting line-up includes 37 shares, with the USA accounting for 19 of the companies. Among these is Medifast. With its \"OPTAVIA\" programme, among others, the company is geared towards a society that wants to lose weight and is becoming increasingly health-conscious in its diet. Under this programme, coaches support customers by advising them on the subject of healthy eating and slimming while at the same time marketing the corresponding proprietary products. Generally, however, the entire value chain is playing a key role in the transformation of the sector. The index includes, for instance, agritech companies such as Bucher Industries, Deere &amp; Co., which is well known for its John Deere agricultural machinery brand, Swedish probiotics specialist BioGaia, a global supplier, and Genus and Novozymes, which are helping to shape the future of the industry in the biotech sector. To improve its environmental footprint, the industry is also moving towards more sustainable packaging. Stora Enso is seeking to replace plastic with paper-based and compostable boxes, cups and cutlery, for instance, while Sysco is a particularly innovative caterer. To conclude, the new tracker certificate gives investors the opportunity of a diversified investment in the transformation of the food sector. The regular review of the index ensures that this investment always reflects the constant changes in the menu.<\/p>\n<h3>Composition of the Future of Food Index<\/h3>\n<div><ltq-table id=\"\" title=\"Composition as at 04.11.2021\"> <template v-slot:default=\"\">\n<thead>\n<tr>\n<th>Company<\/th>\n<th>Country<\/th>\n<th>Segment<\/th>\n<th>Weighting<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>AarhusKarlshamn<\/td>\n<td>Sweden<\/td>\n<td>Food<\/td>\n<td>1.70%<\/td>\n<\/tr>\n<tr>\n<td>AGCO<\/td>\n<td>USA<\/td>\n<td>Agritech<\/td>\n<td>2.21%<\/td>\n<\/tr>\n<tr>\n<td>Agilent Technologies<\/td>\n<td>USA<\/td>\n<td>Food safety<\/td>\n<td>2.73%<\/td>\n<\/tr>\n<tr>\n<td>Archer-Daniels-Midland<\/td>\n<td>USA<\/td>\n<td>Food<\/td>\n<td>3.17%<\/td>\n<\/tr>\n<tr>\n<td>Bakkafrost<\/td>\n<td>Faroe Islands<\/td>\n<td>Food<\/td>\n<td>2.55%<\/td>\n<\/tr>\n<tr>\n<td>Balchem<\/td>\n<td>USA<\/td>\n<td>Ingredients<\/td>\n<td>2.89%<\/td>\n<\/tr>\n<tr>\n<td>BillerudKorsnäs<\/td>\n<td>Sweden<\/td>\n<td>Packaging<\/td>\n<td>2.53%<\/td>\n<\/tr>\n<tr>\n<td>Brambles<\/td>\n<td>Australia<\/td>\n<td>Food<\/td>\n<td>2.16%<\/td>\n<\/tr>\n<tr>\n<td>Bunge<\/td>\n<td>USA<\/td>\n<td>Food<\/td>\n<td>1.78%<\/td>\n<\/tr>\n<tr>\n<td>CF Industries<\/td>\n<td>USA<\/td>\n<td>Agritech<\/td>\n<td>3.03%<\/td>\n<\/tr>\n<tr>\n<td>CNH Industrial<\/td>\n<td>Great Britain<\/td>\n<td>Agritech<\/td>\n<td>2.14%<\/td>\n<\/tr>\n<tr>\n<td>Deere & Co<\/td>\n<td>USA<\/td>\n<td>Agritech<\/td>\n<td>2.03%<\/td>\n<\/tr>\n<tr>\n<td>GEA Group<\/td>\n<td>Germany<\/td>\n<td>Agritech<\/td>\n<td>3.08%<\/td>\n<\/tr>\n<tr>\n<td>Genus<\/td>\n<td>Great Britain<\/td>\n<td>Biotech<\/td>\n<td>2.58%<\/td>\n<\/tr>\n<tr>\n<td>Givaudan<\/td>\n<td>Switzerland<\/td>\n<td>Agritech<\/td>\n<td>1.98%<\/td>\n<\/tr>\n<tr>\n<td>Graphic Packaging<\/td>\n<td>USA<\/td>\n<td>Packaging<\/td>\n<td>2.60%<\/td>\n<\/tr>\n<tr>\n<td>Halma<\/td>\n<td>Great Britain<\/td>\n<td>Food safety<\/td>\n<td>1.69%<\/td>\n<\/tr>\n<tr>\n<td>Hershey<\/td>\n<td>USA<\/td>\n<td>Food<\/td>\n<td>2.13%<\/td>\n<\/tr>\n<tr>\n<td>John Bean<\/td>\n<td>USA<\/td>\n<td>Agritech<\/td>\n<td>1.99%<\/td>\n<\/tr>\n<tr>\n<td>Koninklijke DSM<\/td>\n<td>Netherlands<\/td>\n<td>Agritech<\/td>\n<td>2.65%<\/td>\n<\/tr>\n<tr>\n<td>Kroger<\/td>\n<td>USA<\/td>\n<td>Food<\/td>\n<td>3.20%<\/td>\n<\/tr>\n<tr>\n<td>Mettler-Toledo International<\/td>\n<td>USA<\/td>\n<td>Food safety<\/td>\n<td>3.46%<\/td>\n<\/tr>\n<tr>\n<td>Middleby<\/td>\n<td>USA<\/td>\n<td>Agritech<\/td>\n<td>2.70%<\/td>\n<\/tr>\n<tr>\n<td>Nestlé<\/td>\n<td>Switzerland<\/td>\n<td>Food<\/td>\n<td>2.05%<\/td>\n<\/tr>\n<tr>\n<td>Nichirei<\/td>\n<td>Japan<\/td>\n<td>Food<\/td>\n<td>0.13%<\/td>\n<\/tr>\n<tr>\n<td>Nomad Foods<\/td>\n<td>USA<\/td>\n<td>Food<\/td>\n<td>1.23%<\/td>\n<\/tr>\n<tr>\n<td>Novozymes<\/td>\n<td>Denmark<\/td>\n<td>Agritech<\/td>\n<td>2.29%<\/td>\n<\/tr>\n<tr>\n<td>Nutrien<\/td>\n<td>USA<\/td>\n<td>Agritech<\/td>\n<td>2.14%<\/td>\n<\/tr>\n<tr>\n<td>Oatly<\/td>\n<td>USA<\/td>\n<td>Food<\/td>\n<td>0.90%<\/td>\n<\/tr>\n<tr>\n<td>Qiagen<\/td>\n<td>Netherlands<\/td>\n<td>Food safety<\/td>\n<td>2.50%<\/td>\n<\/tr>\n<tr>\n<td>Sealed Air<\/td>\n<td>USA<\/td>\n<td>Packaging<\/td>\n<td>1.98%<\/td>\n<\/tr>\n<tr>\n<td>Sensient Technologies<\/td>\n<td>USA<\/td>\n<td>Agritech<\/td>\n<td>1.55%<\/td>\n<\/tr>\n<tr>\n<td>SIG Combibloc<\/td>\n<td>Switzerland<\/td>\n<td>Packaging<\/td>\n<td>2.04%<\/td>\n<\/tr>\n<tr>\n<td>Simply Good Foods<\/td>\n<td>USA<\/td>\n<td>Food<\/td>\n<td>2.54%<\/td>\n<\/tr>\n<tr>\n<td>Smurfit Kappa<\/td>\n<td>Ireland<\/td>\n<td>Packaging<\/td>\n<td>2.97%<\/td>\n<\/tr>\n<tr>\n<td>Sonoco<\/td>\n<td>USA<\/td>\n<td>Packaging<\/td>\n<td>2.12%<\/td>\n<\/tr>\n<tr>\n<td>Stora Enso<\/td>\n<td>Finland<\/td>\n<td>Packaging<\/td>\n<td>1.87%<\/td>\n<\/tr>\n<tr>\n<td>Sysco<\/td>\n<td>USA<\/td>\n<td>Catering<\/td>\n<td>2.16%<\/td>\n<\/tr>\n<tr>\n<td>Thermo Fisher Scientific<\/td>\n<td>USA<\/td>\n<td>Food safety<\/td>\n<td>2.96%<\/td>\n<\/tr>\n<tr>\n<td>Tomra Systems<\/td>\n<td>Norway<\/td>\n<td>Agritech<\/td>\n<td>1.95%<\/td>\n<\/tr>\n<tr>\n<td>Trimble<\/td>\n<td>USA<\/td>\n<td>Agritech<\/td>\n<td>2.76%<\/td>\n<\/tr>\n<tr>\n<td>Tyson Foods<\/td>\n<td>USA<\/td>\n<td>Food<\/td>\n<td>2.42%<\/td>\n<\/tr>\n<tr>\n<td>UPM Kymmene<\/td>\n<td>Finland<\/td>\n<td>Packaging<\/td>\n<td>2.53%<\/td>\n<\/tr>\n<tr>\n<td>Cash quota<\/td>\n<td>-<\/td>\n<td>-<\/td>\n<td>1.93%<\/td>\n<\/tr>\n<\/tbody>\n<\/template> <template v-slot:below=\"\"> <LtqCardBody><footer>Source: Leonteq Securities AG<\/footer><footer>Historical data is not a reliable indicator of future performance.<\/footer><\/LtqCardbBdy> <\/template> <\/ltq-table><\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2021/food?language_id=1\" label=\"Get more information here!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"food","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/food-revolution-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/food-revolution-leonteq-structured-products-thumbnail.jpg"},{"date":"2021-11-05T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/ethereum-leonteq-structured-products_product+website.jpg","subTitle":"New tracker certificates on Ethereum","windowTitle":"Ethereum","category":"investment-themes","title":"Live-cell therapy in the crypto universe","body":"<h3>First mover<\/h3>\n<p>The \"BITO\" symbol has been electrifying investors recently. This is the abbreviation under which the first Bitcoin ETF was launched on the New York Stock Exchange on 19 October. The provider, ProShares, issued it with a view to enabling passive investment in the most important cryptocurrency in the world. It means investors do not need their own wallet or access to a stock exchange specialising in the digital currency in order to back this up-and-coming asset class. Although the launch certainly marks a milestone for the ETF market, cryptos have long been part of the world of structured products. As an innovative and technology-leading issuer, Leonteq committed itself to this segment at an early stage. This has enabled it to build up the largest portfolio of securitised crypto assets in Switzerland.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2021/ether?language_id=1\" label=\"Get more information here!\"> <\/ltq-button><\/div>\n<h3>Strong anniversary record<\/h3>\n<p>It goes without saying that the number 2 in this market, Ethereum, should not be disregarded. Leonteq issued participation products on the cryptocurrency, known as Ether (ETH) for short, a good two years ago. A look at the performance record shows that these tracker certificates have enabled investors to tap into the ascent of the cybercurrency simply, cost-efficiently and, above all, to the fullest extent. The USD-denominated ETH tracker (symbol: UETHTQ) entered SIX trading on 1 November 2019, since when the structured product has appreciated by almost 2300%. On the anniversary date, the CHF-denominated variant (symbol: CETHTQ) launched on the same date had posted growth of around 2150%. The performance gap can be attributed to currency movements, with the Swiss franc having risen against the US dollar in the last two years.<\/p>\n<h3>Chart: Ether (in USD)<\/h3>\n<div><img src=\"/dA/5915a3954a/charts_ethereum_700x500 EN Product copy.svg?language_id=1\" alt=\"charts_ethereum_700x500 EN Product copy\" width=\"1232\" height=\"944\" caption=\"false\" /><\/div>\n<footer>Quelle: Thomson Reuters, Stand: 01.11.2021<br /> Past performance is not a reliable indicator of future performance.<\/footer>\n<h3>New ratio, stable cost rate<\/h3>\n<p>Anyhow, Leonteq has given the product a sort of \"live-cell therapy\" following the surge in prices. Three new trackers on the ETH/USD pair have been trading on the SIX since the end of October. Investors can choose to bet on the cryptocurrency of the moment in USD, CHF or EUR. Naturally, the existing products have become much more expensive in absolute terms. Leonteq is responding by reducing the ratio to 0.01 &ndash; for the older certificates this indicator is 0.1. The new issues map the underlying 1:100, making the products more fungible, which in turn allows them to be dosed finely. When it comes to fees, nothing has changed: whatever the transaction currency, the current cost rate is 1.50% p.a. In return for this small contribution, investors can bet on this highly sought-after underlying with no term limit.<\/p>\n<h3>Technical and fundamental drivers<\/h3>\n<p>Ether has shown enormous momentum in the last few weeks especially &ndash; its price has risen by almost a half within the space of a single month. Not only has the cryptocurrency managed to beat the previous high reached in May, but the ETH/USD pair also surged upwards, breaching the key USD 4,000 barrier. Fundamentally, rampant inflation and the increasing use of the Ethereum platform for financial applications of all kinds are seen as drivers behind the rally alongside the Bitcoin ETF mentioned at the start. These positive factors cannot disguise the fact that this is a relatively young asset class that is also particularly susceptible to fluctuations. For Ether, historic volatility in the year to date has been more than 100%. Investors should be aware of the particular risks, whether they are jumping in for the first time or using the new issue for a product swap. Thanks to current trading, there is nothing to prevent a stop-loss price being set in order to limit the risk of loss.<\/p>\n<h3>Tracker certificates on Ethereum<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1143298573\\&quot; \\&quot;CH1143298581\\&quot; \\&quot;CH1143298599\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Conversion Ratio: 0.01<\/li>    \n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2021/ether?language_id=1\" label=\"Get more information here!\"> <\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"ether","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/ethereum-leonteq-structured-products_sidenav.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/ethereum-leonteq-structured-products_thumbnail.jpg"},{"date":"2021-10-27T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-delivery_hero_product+homepage+banner.jpg","subTitle":"Delivery service on a zigzag course","windowTitle":"Delivery Hero","category":"coupon-giant","title":"Delivery Hero","body":"<h3>Delivery service on a zigzag course<\/h3>\n<p>Delivery Hero is a classic growth stock. The food delivery service founded ten years ago leaves no doubt about this attribute. Already on the fourth page of a recent company presentation, CEO Niklas &Ouml;stberg sums up the top priority: \"Growth\". At the same time, the co-founder of the e-commerce group puts a green tick behind the target of a short- to medium-term growth rate of more than 40% issued at the IPO in mid-2017. Even in the long term, &Ouml;stberg is aiming for more than 30%. At the moment, the Berliners are easily making it over both benchmarks. After the number of orders rose by 93% in 2020, the first half of the current period saw an increase of 83.2%. At EUR 16.2 billion, the gross merchandise value (GMV) from January to June 2021 was almost 80% higher than in the previous year (see chart). In the second quarter of 2021 alone, Delivery Hero counted 730 million orders. In purely arithmetical terms, this means that more than 90 delivery orders were received on the e-commerce group's portals every second.<\/p>\n<h3>Delivery Hero: Number of orders, Gross Merchandise Value (GMV)<\/h3>\n<div><img src=\"/dA/1d3b9d7ac9/charts_deliveryhero_700x500 EN Bar chart.svg?language_id=1\" alt=\"charts_deliveryhero_700x500 EN Bar chart\" caption=\"false\" width=\"1390\" height=\"997\" /><\/div>\n<footer>Source: Delivery Hero; as of September 2021<br /> Historical data are not a reliable indicator of future performance.<\/footer>\n<h3>Profitability as a stumbling block<\/h3>\n<p>Despite its operational superlatives, Delivery Hero has been stuck on the stock market for some time. The DAX share started the year at an all-time high. The high that started in the wake of the Corona pandemic peaked at EUR 145.40 on January 5, 2021. Starting from this top, the share price went into a sideways movement. In the process, the area around the EUR 100 mark crystallized as a chart support. Fundamentally, the rather unanswered question of whether and when Delivery Hero will be able to break even is a stumbling block for the large cap. Management wants to break even with the help of economies of scale and automation. In the long term, the Berliners are targeting an operating margin (adjusted Ebitda level) of between 5% and 8% of GMV.<\/p>\n<h3>Fresh capital for expansion<\/h3>\n<p>The road to this goal is rocky: in the first half of 2021, the operating loss of EUR 323.3 million was even slightly higher than in the same period of the previous year. Increased investments in staff expansion, marketing and the expansion of the logistics network made themselves felt here. Delivery Hero is also expanding in the new \"Q-Commerce\" business segment. In this segment, the premise is to deliver groceries and household goods to best sellers within less than 20 minutes. The company now has almost 700 such warehouses (Dmarts) in 37 countries. In order to be able to satisfy its hunger for growth, Delivery Hero is constantly raising fresh capital. At the beginning of September, the issue of two convertible bonds brought in a gross EUR 1.25 billion. There seems to be no shortage of uses for the money: Delivery Hero reported three transactions in October alone. Most recently, the group invested USD 235m in a minority stake in Gorillas. The Berlin-based start-up delivers food particularly quickly in more than 55 cities spread across nine countries.<\/p>\n<h3>Delivery Hero: Chart (in EUR)<\/h3>\n<div><img src=\"/dA/bfd6fe9836/charts_deliveryhero_700x500 DE Product .svg?language_id=1\" alt=\"charts_deliveryhero_700x500 DE Product \" caption=\"false\" width=\"1248\" height=\"944\" /><\/div>\n<footer>Source: Thomson Reuters; as of 25.10.2021<br /> Historical data are not a reliable indicator of future performance.<\/footer>\n<h3>Double-digit coupons, low barrier<\/h3>\n<p>Despite the recent deals, the EUR 28 bn e-commerce group remained true to its sideways trend. As the stock zig-zags within the outlined corridor, it shows comparatively high volatility. This, in turn, is reflected in the terms of two new softcallable barrier reverse convertibles: In the product currency CHF, the issue comes with a guaranteed coupon of 13% p.a.. The EUR-denominated counterpart pays 20 basis points more. The barriers are uniformly set at 59% of the initial level. The structure matures after one year at the latest. Prior to that, the issuer can pull the softcallable function after six or nine months. In the event of early termination, investors would receive the full nominal together with a pro-rata coupon. Caution: As soon as Delivery Hero breaks out below and touches or falls below the barrier, the partial protection expires. In this scenario, the investment would be directly linked to the Underlying.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1139082130\\&quot; \\&quot;CH0596615952\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-deliveryhero","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-delivery_hero_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-delivery_hero_thumbnail.jpg"},{"date":"2021-10-22T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/oil-market-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Capital protection certificate with participation in WTI and Brent","windowTitle":"Oil market","category":"investment-themes","title":"A special oil investment","body":"<h3>Dependence on fossil fuels<\/h3>\n<p>The energy transition is underway. Around the globe, new wind turbines are coming into operation and photovoltaic modules are being installed. \"In most markets, solar or wind now represents the cheapest available source of new electricity generation,\" the International Energy Agency (IEA) states in its \"World Energy Outlook 2021\". However, the agency reckons that investment in the sustainable transformation of the energy supply is still far too low. The world is, consequently, more reliant on fossil fuels than ever. This dependence is clear from the upturn following the coronavirus recession. \"2021 will see a strong recovery in coal and oil consumption,\" the IEA concludes. Although demand is rising, the producer countries grouped in OPEC+ have so far held back on increasing production, while the sector in the USA was hit hard by the recent hurricane season.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2021/oil-market?language_id=1\" label=\"Get more information here!\"> <\/ltq-button><\/div>\n<h3>Risk-reduced entry<\/h3>\n<p>These conflicting elements have led to a veritable energy crisis \u2013 which in turn is stoking inflation, as it were. An uptick in prices can also and especially be deduced from futures contracts for crude oil. A barrel of North Sea Brent now costs a good USD 85 \u2013 almost two thirds more than at the end of 2020. Although West Texas Intermediate (WTI) traditionally trades at a discount on Brent, the difference is currently around USD 3 per barrel. When it comes to performance, however, the US oil grade is certainly not lagging behind the North Sea variant (see chart). Leonteq is now bringing these two quotations together for an interesting new issue. The capital protection certificate on WTI and Brent offers a risk-reduced entry into the bullish oil market. At the end of the three-year term the capital is 90% protected. At the same time, the product participates in rising quotations. The participation factor is 100%.<\/p>\n<h3>Chart: Brent vs. WTI (in USD per barrel)<\/h3>\n<div><img src=\"/dA/7e188d7ad9/charts_oil-market_700x500 EN Product.svg?language_id=1\" alt=\"charts_oil-market_700x500 EN Product\" width=\"1232\" height=\"944\" caption=\"false\" /><\/div>\n<footer>Source: Thomson Reuters, as at: 18.10.2021<br /> Past performance is not a reliable indicator of future performance.<\/footer>\n<h3>Hedging downwards, ...<\/h3>\n<p>The \"worst of\" principle is applied when calculating the repayment. This means that the underlying with the weaker performance based on the initial fixing is determinative. Given the high correlation of WTI and Brent, it is not expected that there will be any great discrepancy between the two underlyings. Should oil prices fall, the capital protection would kick in anyhow. The 90% mark is always the starting point for calculating the repayment, regardless of how the two energy sources trend. Assuming the weaker commodities contract declines 20% in the next three years, 90% of the certificate would be repaid. The same applies if the worst performer should halve. Whatever the case, the risk of loss is limited to one tenth of the denomination.<\/p>\n<h3>\u2026 participation upwards<\/h3>\n<p>What happens if the weaker underlying ends the term up 20%? While in this case the 90% mark would likewise signify the starting point for the calculation, the strike at 90% of the initial level also comes into play then. The option prevailing for the participation is thus already trading well in the money when the certificate is issued. Given this \"edge\", the structured product participates fully in the gain of the prevailing underlying. In the example outlined \u2013 the worst performer appreciates by a fifth \u2013 a repayment of 120% of the nominal would therefore be due. To conclude, the new capital protection certificate offers the possibility of a somewhat cautious entry into the oil market. If the rally continues, holders of the product will benefit. Should oil suffer an \"energy drop\", however, the risk of loss would be heavily curtailed. Although the market is currently experiencing a sort of \"perfect storm\", there are downside risks. OPEC+ could, for instance, dampen prices by significantly upping production. On the demand side, a weakening of the current economic upturn would probably also put a dent in prices.<\/p>\n<h3>Capital protection certificate with participation <\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1143297989\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;capitalProtection&quot;,&quot;underlying&quot;,&quot;participation&quot;,&quot;barrierPercentage&quot;,&quot;strikeLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2021/oil-market?language_id=1\" label=\"Get more information here!\"> <\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"oil-market","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/oil-market-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/oil-market-leonteq-structured-products-thumbnail.jpg"},{"date":"2021-10-12T17:55","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/biontech-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Correction enables yield \"boost\"","windowTitle":"BioNTech","category":"coupon-giant","title":"BioNTech","body":"<h3>Correction enables yield \"boost\"<\/h3>\n<p>October 10 marked the second anniversary of BioNTech's IPO. The NASDAQ debut of the German biotech company in autumn 2019 was quite spectacular: the Mainz-based company raised a gross USD 150 million from investors via the issue of American Depositary Shares (ADS). At an issue price of USD 15 per share, the immunotherapy company reached an impressive valuation of USD 3.4 billion, making it the third-largest biotech IPO on Wall Street in a decade. After BioNTech initially struggled to get off the ground, the ADS price doubled for the first time around two months after its debut. In particular, the prospect of success in immunotherapy, an innovative form of cancer treatment, boosted the listing.<\/p>\n<h3>Fabulous flight of fancy, ...<\/h3>\n<p>At the time, no one could have guessed that the researchers led by the husband and wife team Ugur Sahin and &Ouml;zlem T&uuml;reci would soon be making medical history. As the coronavirus spread to more and more countries in the early 2020s, BioNTech set to work. In cooperation with the US pharmaceutical company Pfizer, the company developed a vaccine in no time at all. Last December, the Covid-19 vaccine \"BNT162b2\", which is based on mRNA technology, received approvals in the USA, Switzerland and the EU within a few days. At that time, BioNTech shares were already trading at almost nine times the IPO price. And yet the stock was to advance into completely different spheres: On August 10, 2021, the stock peaked at USD 463.67 - at that time, the company had a capitalization of more than USD 112 billion.<\/p>\n<h3>Chart: BioNTech (in USD)<\/h3>\n<div><img src=\"/dA/bfed0ec708/charts_biontech_700x500 EN Product.svg?language_id=1\" alt=\"charts_biontech_700x500 EN Product\" caption=\"false\" width=\"1248\" height=\"944\" /><\/div>\n<footer>Source: Thomson Reuters; as at 11.10.2021<br /> Historical data are not a reliable indicator of future performance.<\/footer>\n<h3>... sharp correction<\/h3>\n<p>After the top, the euphoria was over for the time being. In the meantime, BioNTech is \"only\" trading at just over half of its all-time high. In a way, the ADS came under increasing pressure as the global vaccination campaign progressed. At the same time, the figures for the first half of the year show how much demand there is for the vaccine for the time being. With its interim report, BioNTech presented an increased forecast at the beginning of August. The company aims to deliver a total of 2.2 billion vaccine doses in 2021, generating revenues of EUR 15.9 billion. Previously, management had expected EUR 3.5bn less. As the outlook was based on orders received as of July 21, business could actually be even better. As of the reporting date, the company had also signed supply agreements for more than a billion vaccine doses for 2022 and beyond. \"Backlog is expected to continue to grow,\" BioNTech announced.<\/p>\n<h3>BioNTech: Earnings per share<\/h3>\n<div><img src=\"/dA/6728ed7cd2/charts_biontech_700x500 EN Bar chart.svg?language_id=1\" alt=\"charts_biontech_700x500 EN Bar chart\" caption=\"false\" width=\"1218\" height=\"895\" /><\/div>\n<footer>Source: Reuters, e = expected; as at 11.10.2021<br /> Historical data are not a reliable indicator of future performance.<\/footer>\n<h3>Well-filled research pipeline<\/h3>\n<p>This assessment is also supported by the fact that several countries have now started to provide booster vaccinations. In Israel, more than 40% of the population has been given a \"booster\" dose. That's not pushing BioNTech stock any more than its well-stocked research pipeline is at the moment. In oncology alone, the company has 15 clinical product candidates. Nevertheless, the big question remains whether BioNTech can maintain its growth course beyond the Corona pandemic. Currently, analysts on average expect the earnings engine to lose significant momentum in 2023. Nonetheless, that would still put BioNTech at a level considered utopian at the time of its IPO. In 2019, the bottom line was still in the red (see chart).<\/p>\n<h3>Attractive investment alternative<\/h3>\n<p>Be that as it may, the correction in BioNTech stock has caused a marked increase in volatility. On a three-month horizon, the historical price fluctuation range is close to 90%. By comparison, the market-wide NASDAQ Composite Index has a volatility of 13.5% over the same period. The relatively high volatility of BioNTech gives the Softcallable Barrier Reverse Convertible a kind of yield \"boost\". Leonteq has issued two variants of this popular structure based on the mRNA specialist. In the product currency CHF, the guaranteed coupon amounts to 14% p.a. For the USD denominated alternative, the payout is 100 basis points higher. The barriers are uniformly set at 59% of the initial level. Early termination and redemption of the issue, which has a maximum term of twelve months, is possible for the first time after six months and three months later.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0596615358\\&quot;, \\&quot;CH1139076124\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-biontech","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/biontech-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/biontech-leonteq-structured-products-thumbnail.jpg"},{"date":"2021-10-08T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-dividendenadel-product+homepage+banner.jpg","subTitle":"Tracker certificates on the DividendenAdel indices","windowTitle":"DividendenAdel","category":"investment-themes","title":"A professional strategy implemented easily","body":"<h3>Dividend rebound<\/h3>\n<p>2020, the year of coronavirus, not only brought record-breaking upward and downward movements on equity markets, but also saw the operating business of many companies go on a rollercoaster ride. This could not fail to have an impact on profit distributions. While the proportion of dividend payers in the STOXX Europe 600 had hovered continuously around the 90% mark since 2012, in 2020 the rate plunged to about 75%. The SMI groups showed greater stability, slipping from 100% to 95% in the same period. Following the huge cuts in dividends around the world, there are clear signs of recovery this year. By the second quarter 84% of companies had already increased their payouts or kept them unchanged on the previous year. The British investment company Janus Henderson expects dividends globally to return to their pre-pandemic high of USDtn 1.39 in the next twelve months.<\/p>\n<div>\n   <ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2021/divadel?language_id=1\" label=\"Get more information here!\"> <\/ltq-button>\n<\/div>\n<h3>Businesses in the mood for spending<\/h3>\n<p>Some companies such as Nestlé and Roche, which are among the elite class of dividend aristocrats, even raised their profit shares during the coronavirus crisis. The world's largest food producer has now increased its dividend for 26 years in a row, while for drugs giant Roche the unbroken run is as long as 34 years. It is not only the big groups that are offering persuasively attractive payouts, though: mid-sized players such as Emmi and BKW are also giving shareholders something to cheer. The Lucerne milk processor, for instance, ramped its dividend for the last financial year up by another franc to CHF 13 per share. Although the dividend yield of BKW currently stands at \"only\" around 2.30%, the energy company has delivered convincing dividend growth of 10% p.a. over the last three years.<\/p>\n<h3>DividendenAdel Schweiz Index<\/h3>\n<div>\n   <price-chart isin=\"CH0511106400\"><\/price-chart>\n<\/div>\n<h3>Composition of the DividendenAdel Schweiz Index<\/h3>\n<div>\n   <ltq-table id=\"\" title=\"Composition October 2021\">\n      <template v-slot:default=\"\">\n         <thead>\n            <tr>\n            <th>Index member<\/th>\n<th>Area of activity<\/th>\n<th>Weighting<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Also Holding<\/td>\n<td>Computer hardware<\/td>\n<td>10.00%<\/td>\n<\/tr>\n<tr>\n<td>BKW<\/td>\n<td>Energy supply<\/td>\n<td>10.00%<\/td>\n<\/tr>\n<tr>\n<td>Emmi<\/td>\n<td>Food<\/td>\n<td>10.00%<\/td>\n<\/tr>\n<tr>\n<td>Geberit<\/td>\n<td>Building materials & fixings<\/td>\n<td>10.00%<\/td>\n<\/tr>\n<tr>\n<td>Lindt & Sprüngli<\/td>\n<td>Food<\/td>\n<td>10.00%<\/td>\n<\/tr>\n<tr>\n<td>Nestlé<\/td>\n<td>Food<\/td>\n<td>10.00%<\/td>\n<\/tr>\n<tr>\n<td>Novartis<\/td>\n<td>Pharmaceuticals<\/td>\n<td>10.00%<\/td>\n<\/tr>\n<tr>\n<td>Roche Holding<\/td>\n<td>Pharmaceuticals<\/td>\n<td>10.00%<\/td>\n<\/tr>\n<tr>\n<td>Schindler<\/td>\n<td>Industrial machines<\/td>\n<td>10.00%<\/td>\n<\/tr>\n<tr>\n<td>Swiss Life<\/td>\n<td>Life insurance<\/td>\n<td>10.00%<\/td>\n<\/tr>\n         <\/tbody>\n      <\/template>\n      <template v-slot:below=\"\">\n         <LtqCardBody>\n            <footer>Source: Leonteq Securities, LIXX GmbH<\/footer>\n            <footer>Historical data are not a reliable indicator of future performance.<\/footer>\n         <\/LtqCardBody>\n      <\/template>\n   <\/ltq-table>\n<\/div>\n<h3>Always in tune with the times<\/h3>\n<p>The financial institutions in the two blue-chip SMI and DAX indices are known for their high interest rates, with Credit Suisse, for example, yielding 6.9%. There is even more on offer from the life assurers: at 8.1%, the shares of reinsurer Swiss Re boast the highest dividend yield in the SMI. By comparison, the average interest rate in the SMI is currently 2.7%. Strong performers in the DAX include Allianz and Münchener Rück, with yields on the other side of the 4% mark. As these industries are subject to particularly strong regulation, however, and the SNB and ECB, for instance, urged caution with regard to payouts during the coronavirus crisis, these companies no longer meet the requirements set out by Christian W. Röhl and so are no longer included in the indices. Not only has the strategy of the DividendenAdel Schweiz Index resulted in it outperforming the market as a whole since the start of 2020, but with growth of 10.3% the dividend barometer is also well ahead of the SMI this year too. To keep the DividendenAdel indices always up to date, its selection is put under the microscope at regular intervals, with the effects of coronavirus making their presence felt here as well. At the beginning of October the time came to adjust the indices again. The DividendenAdel Schweiz Index was reduced from 15 members to 10, with those no longer in the line-up including Allreal, Bâloise, Forbo, Helvetia, Partners Group, PSP Swiss Property and Valiant. New on board are Also Holding and BKW. There were changes in the DividendenAdel Deutschland Index, too: Allianz, BASF, Merck, Münchener Rück and Siemens are longer in, while alstria office REIT-AG, Cancom, Deutsche Post, Fresenius Medical Care and TAG Immobilien were added.<\/p>\n<h3>DividendenAdel Deutschland Index<\/h3>\n<div>\n   <price-chart isin=\"CH0511106418\"><\/price-chart>\n<\/div>\n<h3>Composition of the DividendenAdel Deutschland Index<\/h3>\n<div>\n   <ltq-table id=\"\" title=\"Composition October 2021\">\n      <template v-slot:default=\"\">\n         <thead>\n            <tr>\n             <th>Index member<\/th>\n<th>Area of activity<\/th>\n<th>Weighting<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>alstria office REIT-AG<\/td>\n<td>Real estate<\/td>\n<td>10.00%<\/td>\n<\/tr>\n<tr>\n<td>Brenntag<\/td>\n<td>Speciality chemicals<\/td>\n<td>10.00%<\/td>\n<\/tr>\n<tr>\n<td>Cancom<\/td>\n<td>It services<\/td>\n<td>10.00%<\/td>\n<\/tr>\n<tr>\n<td>Deutsche Post<\/td>\n<td>Logistics<\/td>\n<td>10.00%<\/td>\n<\/tr>\n<tr>\n<td>Fresenius Medical Care<\/td>\n<td>Medical technology<\/td>\n<td>10.00%<\/td>\n<\/tr>\n<tr>\n<td>Fuchs Petrolub<\/td>\n<td>Energy supply<\/td>\n<td>10.00%<\/td>\n<\/tr>\n<tr>\n<td>Gerresheimer<\/td>\n<td>Mechanical engineering<\/td>\n<td>10.00%<\/td>\n<\/tr>\n<tr>\n<td>SAP<\/td>\n<td>Software<\/td>\n<td>10.00%<\/td>\n<\/tr>\n<tr>\n<td>Software AG<\/td>\n<td>Software<\/td>\n<td>10.00%<\/td>\n<\/tr>\n<tr>\n<td>TAG Immobilien<\/td>\n<td>Real estate<\/td>\n<td>10.00%<\/td>\n<\/tr>\n         <\/tbody>\n      <\/template>\n      <template v-slot:below=\"\">\n         <LtqCardBody>\n            <footer>Source: Leonteq Securities, LIXX GmbH<\/footer>\n            <footer>Historical data are not a reliable indicator of future performance.<\/footer>\n         <\/LtqCardBody>\n      <\/template>\n   <\/ltq-table>\n<\/div>\n<h3>Invest like the professionals<\/h3>\n<p>As the team of experts around Christian W. Röhl apply decades of stock market experience, clever arithmetic acrobatics and professional know-how to the yearly selection of members, investors can sit back and relax. The tracker certificates from Leonteq offer a quick and low-cost way of bringing the highly promising dividend strategy into a portfolio. Denominated in EUR and CHF, the participation products track the DividendenAdel Schweiz Index completely, less a fee of 0.95% p.a. Since the index is a net total return variant, the payouts of the members flow net back into the benchmark.<\/p>\n<h3>Tracker Certificates on the DividendenAdel Indices<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[&quot;169856975&quot;],&quot;omni&quot;:&quot;Dividendenadel&quot;,&quot;conditions&quot;:{&quot;&quot;:true},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;resultsPerPage&quot;:20,&quot;pageNumber&quot;:1,&quot;secondaryMarket&quot;:false,&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;sortingEnabled&quot;:true,&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Equally-weighted index members<\/li>\n<li>Annual rebalancing dates<\/li>\n<li>Net dividends are reinvested into the index<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div>\n   <ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2021/divadel?language_id=1\" label=\"Get more information here!\"> <\/ltq-button>\n<\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"divadel","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-dividendenadel-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-dividendenadel-thumbnail.jpg"},{"date":"2021-09-29T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/lucid-group-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"\"A star is born\"","windowTitle":"Lucid Group","category":"coupon-giant","title":"Lucid Group","body":"<h3>\"A star is born\"<\/h3>\n<p>Around four weeks ago, Mercedes driver Nyck de Vries celebrated his first world championship title in the electric series at the Formula E finale in Berlin. Swiss Edoardo Mortara finished second overall in his Venturi and rookie Jake Dennis rounded out the top three with BMW power. Unlike for the manufacturers, the order is irrelevant for Lucid Group. The company is the secret winner as supplier to all the teams. The Californians are responsible for the design of the current Gen2 battery for the Formula E bolides.<\/p>\n<h3>Luxury start-up<\/h3>\n<p>Founded in 2007, the company is not content to be a supplier, however, and is flirting with its own team or a partnership with an existing racing team. While no decision has been made in this regard, Lucid is already competing against premium rivals on the road. It was only in 2014 that the company began developing its own e-vehicle, and already they have the first all-electric \"Lucid Air\" model ready to go - and it even comes in four variations.<\/p>\n<p>The 4.97-metre-long and almost 2.2-metre-wide luxury coach not only impresses with its noble design, but also in terms of engine performance and - particularly important for e-cars - range. The current top model, the Air Dream Edition, produces 1,080 hp on the axle and, in the best case, manages an incredible 832 kilometres. This is made possible by batteries developed in-house and electric motors with 900-volt technology. This means that the new star in the e-car sky beats competitors such as BMW and Mercedes, as well as the industry pioneer Tesla, by a long way. But it's not just in terms of battery and motor technology that Lucid is one of the big innovators in the segment, the carmaker has also managed to push the drag coefficient down to 0.21. This makes the Lucid Air the most aerodynamic e-car in the world.<\/p>\n<h3>Market launch<\/h3>\n<p>Air models will start rolling across the tarmac in the US later this year. Already at the half-year mark, the company counted more than 10,000 pre-orders. The sporty sedans will be manufactured in a new factory in Casa Grande in Arizona. Deliveries are scheduled to begin in November. Next year Lucid wants to make the leap across the pond and conquer the European market as well.<\/p>\n<p>In order to build as many cars as possible, CEO Pete Rawlinson has already announced plans to expand production capacity from an initial 30,000 vehicles per year to 53,000 by 2023. Lucid is also looking to expand its model lineup in the coming years. The launch of the \"Gravity\" electric SUV is scheduled for 2023. After launching the high-end cars, Lucid then plans to gradually build more affordable vehicles in higher numbers by 2030 to reach the general population. At the same time, production capacity will increase to 500,000 units by the end of the decade.<\/p>\n<h3>Lucid Group: sales and profit development (in USD billion)<\/h3>\n<div><img src=\"/dA/ae1dc054e6/charts_lucidgroup_700x500 EN Bar chart.svg?language_id=1\" alt=\"charts_lucidgroup_700x500 EN Bar chart\" caption=\"false\" width=\"1213\" height=\"804\" /><\/div>\n<footer>Source: Lucid Group, e = expected<br /> Historical data are not a reliable indicator of future performance.<\/footer>\n<h3>Exponential growth<\/h3>\n<p>The rapid expansion is ultimately expected to generate billions in revenue and profits for the startup - and not just in the distant future. Currently, the plan is to sell around a quarter of a million cars in 2030, generating USD 22.7 billion in revenue. By comparison, Lucid will only generate a tenth of that amount in 2022. The company also forecasts a rapid rise on the profit side. It expects to break even at the operating level as early as 2024, and a year later, the auto group aims to be in the black on the bottom line.<\/p>\n<h3>Stock Market Freshman<\/h3>\n<p>Earlier this year, Lucid announced its merger with SPAC Churchill Capital - effectively an empty shell company - and at the same time secured new financing of around USD 4.4 bn. Along the way, the company made the leap to the stock market in July through the back door, so to speak. Since the announcement, the share price has shown seismographic fluctuations, not least because a lot of speculative money has flowed into the stock via neobrokers such as Robinhood. Recently, however, the stock has calmed down somewhat and is currently \"only\" fluctuating between USD 20 and USD 30. As far as further developments are concerned, analysts' opinions differ widely. The 12-month price target ranges between USD 12 and USD 30, while the median estimate is USD 28, around one tenth above the current price.<\/p>\n<h3>Chart: Lucid Group (in USD)<\/h3>\n<div><img src=\"/dA/4a92f2d5b2/charts_lucidgroup_700x500 DE Product .svg?language_id=1\" alt=\"charts_lucidgroup_700x500 DE Product \" caption=\"false\" width=\"1248\" height=\"852\" /><\/div>\n<footer>Source: Thomson Reuters; as at 28.09.2021<br /> Historical data are not a reliable indicator of future performance.<\/footer>\n<h3>High coupons, low barriers<\/h3>\n<p>If the newcomer to the stock market continues its sideways movement, the new Softcallable Barrier Reverse Convertibles could offer much more. The CHF version offers an attractive yield of 16.00% p.a. with a maximum term of 15 months, while the USD-denominated product even has a coupon of 17.00% p.a.. On the downside, the BRCs leave plenty of room for the underlying. The barrier is fixed at 55% of the starting value.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0596614799\\&quot; \\&quot;CH1134498455\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-lucid","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/lucid-group-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/lucid-group-leonteq-structured-products-thumbnail.jpg"},{"date":"2021-09-28T16:17","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/solana-leonteq-structured-products_product+website.jpg","subTitle":"30 crypto assets tradable via Leonteq","windowTitle":"Solana","category":"crypto-assets","title":"About Solana","body":"<p><strong>Solana was officially launched in March 2020 by the Solana Foundation headquartered in Geneva (Switzerland). Like Ethereum and others, Solana aims to use smart contract technology to create decentralized applications (dApps) \u2013 however defers in its design principles to address common problems with the earlier blockchains such as transaction settlement speed and bandwidth.<\/strong><\/p>\n<p>Among those design principles, Solana utilizes proof of history timing mechanism within a proof of stake protocol structure. This concept allows for greater scalability of Solana, which in turn boosts usability.<\/p>\n<p>The native programming language in Solana is Rust \u2013 emphasizing performance and reliability over ease of use. This means that developing for Solana is harder than Ethereum (which uses Solidity), but also can produce more reliable dApps.<\/p>\n<p>Solana aims positions itself as an incredibly fast, secure, and scalable blockchain network with low transaction costs when executing transaction and smart contract.<\/p>\n<h3>Investment solution on Solana - tradable on SIX Swiss Exchange<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[&quot;154964193&quot;],&quot;omni&quot;:&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[&quot;SIX&quot;],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Conversion Ratio: 0.1<\/li>    \n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/investment-themes/crypto-expansion?language_id=1\" label=\"Click here to access the full product range on cryptocurrencies.\"> <\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>\n<h5>Risk disclosure<\/h5>\n<p>Investments in products referencing one or more cryptocurrencies or indices of cryptocurrencies are subject to increased volatility compared to investments in traditional assets and to specific risks which can negatively impact the value, tradability,liquidity and/or security of such investments. Potential Investors are encouraged to inform themselves about these specific risks when considering an investment in products referencing one or more cryptocurrencies or indices of cryptocurrencies. A summary of key risks relating to products referencing one or more cryptocurrencies or indices of cryptocurrencies can be found <strong> <a href=\"https://structuredproducts-ch.leonteq.com/crypto-disclaimer\">here<\/a><\/strong>.<\/p>","url":"solana","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/solana-leonteq-structured-products_sidenav.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/solana-leonteq-structured-products_thumbnail.jpg"},{"date":"2021-09-28T15:53","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/compound-leonteq-structured-products_product+website.jpg","subTitle":"30 crypto assets tradable via Leonteq","windowTitle":"Compound","category":"crypto-assets","title":"About Compound","body":"<p><strong>Compound is an open-source, decentralized application built atop the Ethereum blockchain providing lending and borrowing services. The interest rate for each market is set algorithmically based on supply and demand. Compound operates as a liquidity pool where users supply crypto assets to liquidity pools to earn interest. On the other side, borrowers take out loans from the liquidity pools and pay interest on their debt.<\/strong><\/p>\n<p>Borrowers need to provide alternative collateral when taking out a loan.<\/p>\n<p>COMP is the native ERC-20 governance token for the Compound protocol. Holders of COMP may debate, propose and vote on all changes to the Compound protocol.<\/p>\n<p>Compound is one of the most successful and popular protocols in the decentralized loans and yield farming space.<\/p>\n<h3>Investment solution on Compound - not listed<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[&quot;154928207&quot;],&quot;omni&quot;:&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;comp&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Conversion Ratio: 0.1<\/li>    \n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/investment-themes/crypto-expansion?language_id=1\" label=\"Click here to access the full product range on cryptocurrencies.\"> <\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>\n<h5>Risk disclosure<\/h5>\n<p>Investments in products referencing one or more cryptocurrencies or indices of cryptocurrencies are subject to increased volatility compared to investments in traditional assets and to specific risks which can negatively impact the value, tradability,liquidity and/or security of such investments. Potential Investors are encouraged to inform themselves about these specific risks when considering an investment in products referencing one or more cryptocurrencies or indices of cryptocurrencies. A summary of key risks relating to products referencing one or more cryptocurrencies or indices of cryptocurrencies can be found <strong> <a href=\"https://structuredproducts-ch.leonteq.com/crypto-disclaimer\">here<\/a><\/strong>.<\/p>","url":"compound","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/compound-leonteq-structured-products_sidenav.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/compound-leonteq-structured-products_thumbnail.jpg"},{"date":"2021-09-15T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/dynavax-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Vaccine specialist from the second row","windowTitle":"Dynavax","category":"coupon-giant","title":"Dynavax","body":"<h3>Vaccine specialist from the second row<\/h3>\n<p>Even if no one wants to hear or read about it anymore, the Corona virus still has a significant impact on the daily lives of people around the world. Although around 30% of the world's population has already been vaccinated, this is still far from enough to feel safe. On the contrary, more than 370,000 people have recently been infected with the virus every day, including a particularly high number in the USA. With a total of 41.8 million infections since the beginning of the pandemic, the country also occupies first place in the global Corona ranking.<\/p>\n<p>As the virus continues to run rampant, the U.S. healthcare industry is scrambling like no other to develop suitable vaccines and drugs. Renowned companies such as Pfizer, Moderna and Novavax are at the top of the list, both from an operational and a stock market perspective. However, it is not only the big names that investors should focus on. A look at lesser-known companies could also be worthwhile.<\/p>\n<h3>Progress<\/h3>\n<p>One of these is Dynavax. Founded in 1996, Dynavax is active in vaccine research and also assists other developers with drug boosters. Dynavax has recently made a lot of headlines. Its active ingredient \"CpG 1018\" is used in the Corona vaccine \"MVC-COV1901\" from partner Medigen, which recently received emergency approval in Taiwan. The French company Valneva also contains CpG 1018. Although this vaccine is still awaiting approval, the only European vaccine candidate using killed corona viruses is already in the testing phase in the UK.<\/p>\n<h3>Chart: Dynavax (in USD)<\/h3>\n<div><img src=\"/dA/45ae735787/charts_dynavax_700x500 DE Product .svg?language_id=1\" alt=\"charts_dynavax_700x500 DE Product \" caption=\"false\" width=\"1242\" height=\"855\" /><\/div>\n<footer>Source: Thomson Reuters, as at 14.09.2021<br /> Historical data are not a reliable indicator of future performance.<\/footer>\n<h3>Regressions<\/h3>\n<p>Even before this is complete, with approval expected by the end of the year, there has been a setback. The UK authorities cancelled a multi-billion dollar supply contract with Valneva. This does not remain without consequences for the supplier Dynavax, which caused a noticeable setback on the stock exchange. The share price fell by a double-digit percentage in response to the news. But all is not lost for the biotech company. According to Dynavax, the company has the right to retain \"a portion of the purchase price for CpG 1018 that was prepaid by Valneva, as well as any CpG 1018 that has been manufactured but not yet delivered.\" In addition, the inventory could be made available to other Covid 19 collaborators. As a result, Dynavax remains positive and continues to believe that the CpG 1018 supply contracts offer a total revenue opportunity of around USD300m to USD400m in 2021.<\/p>\n<h3>Corona &amp; more<\/h3>\n<p>The company is not just concerned with SARS-Cov-2, however; just this spring Dynavax shone with the approval of its hepatitis B vaccine \"Heplisav-B\" by the EU Commission. The first EU nation in which the vaccine is to be marketed will be Germany. Together with its partner Bavarian Nordic, the launch of Heplisav-B is scheduled for the first half of 2022. The U.S. Food and Drug Administration (FDA) has also long since given the green light for the immunization of adults against the pathogen. For the US alone, Dynavax estimates the market potential at USD 600 million per year. About 850,000 people are currently infected with hepatitis overseas, 250 million worldwide - and the number continues to rise. Infections have increased by an average of 18% p.a. over the past four years.<\/p>\n<h3>Earnings per share: Dynavax (in USD)<\/h3>\n<div><img src=\"/dA/04117fd80e/charts_dynavax_700x500 EN Bar chart.svg?language_id=1\" alt=\"charts_dynavax_700x500 EN Bar chart\" caption=\"false\" width=\"1690\" height=\"800\" /><\/div>\n<footer>Source: Thomson Reuters, e = expected; as at 14.09.2021<br /> Historical data are not a reliable indicator of future performance.<\/footer>\n<h3>Optimistic assumptions<\/h3>\n<p>If the analyst consensus goes, the company will turn a profit this year. After the long series of losses, the average expects earnings per share of USD 0.70. This is to be followed by a further doubling of profits in 2022. If the experts are right, Dynavax shares would currently be valued at only ten times the results expected for the coming year, despite the months-long price rally. It's no surprise, then, that analysts' assessments are also consistently positive. The five research reports listed by CNN Business all result in a \"buy\" rating. The price targets range from a minimum of USD 19 to a maximum of USD 23.<\/p>\n<h3>High gains, comfortable buffer<\/h3>\n<p>However, the recent price setback in the wake of the order cancellation shows that an investment in the biotech stock is not without risk. Setbacks are not uncommon in the sector and sometimes cause share price fluctuations. In order to be able to participate in the opportunities offered by this innovative biotech stock and to sleep soundly at night, Leonteq has structured two Callable Barrier Reverse Convertibles on Dynavax. With the new BRCs, above-average returns are possible even in sideways trading. With a maximum term of 15 months and a risk buffer of a comfortable 45%, a return of 14.00% p.a. is possible with the CHF version. The USD-denominated product even offers a coupon of 15.00% p.a. with otherwise identical features.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0596613692\\&quot; \\&quot;CH1134491542\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-dynavax","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/dynavax-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/dynavax-leonteq-structured-products-thumbnail.jpg"},{"date":"2021-09-10T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/future-renewable-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Tracker Certificate on the Swissquote Green Energy Index","windowTitle":"Green Energy","category":"investment-themes","title":"Sustainable investment opportunity","body":"<h3>Surge followed by slump<\/h3>\n<p>Whether the Baltic Eagle wind farm off the Baltic Sea island of R&uuml;gen, the Lappfj&auml;rd project on the west coast of Finland or the Sumita Tono wind farm in the mountains of Japan's Iwate prefecture, Vestas has been reporting a steady stream of orders over the last few months. In the first semester the order book of the world's largest manufacturer of wind turbines grew by EURbn 6.1. That meant new orders, which include maintenance contracts as well as new installations, had almost doubled on the same period the previous year. Even so, the industry giant went through a slump on the stock market, as the Vestas share price turned downwards after reaching an all-time high in January (see chart). The correction experienced by the Danish wind-power specialist is a perfect example of the recent trend for securities from the green energy sector. The euphoria that still prevailed at the start of the year has vanished, with few shares escaping unscathed in the last few months. Alongside profit-taking, two basic disruptive factors are running through the sector like a red thread: firstly, the climb in yields is heightening concerns that the investment boom for \"renewables\" could have come to an end. Secondly, the companies are struggling with problems in their supply chains.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2021/green-energy?language_id=1\" label=\"Get more information here\"> <\/ltq-button><\/div>\n<h3>New benchmark, proven concept<\/h3>\n<p>The orders received by Vestas indicate that the increased financing costs have so far not put a damper on the global energy transition. On the other hand, the increasing expenses for transport and raw materials are definitely causing problems for the Danes. With that in mind, CEO Henrik Andersen recently revised the outlook for 2021 downwards. Nonetheless, the Vestas share is setting out to complete the latest consolidation. The new tracker certificate on the Swissquote Green Energy Index allows investors to bank on the sector as a whole heading upwards again. The underlying of the new participation product focuses on companies which profit from growing demand for renewable energy. In addition to photovoltaics, wind and geothermal power, the benchmark's spectrum extends to bio-fuels and other up-and-coming renewable sources. The composition is the responsibility of the experienced team of experts at Swissquote. A range of factors are applied alongside minimum requirements on share liquidity and capitalisation. Swissquote also supports the selection process with quantitative calculations. These include mean value variance portfolio optimisation.<\/p>\n<h3>Chart: Vestas Wind Systems (in DKK)<\/h3>\n<div><img src=\"/dA/623ed112e9/charts_future_renewable_700x500 DE Product.svg?language_id=1\" alt=\"charts_future_renewable_700x500 DE Product\" width=\"1243\" height=\"606\" caption=\"false\" /><\/div>\n<footer>Source: Thomson Reuters, as at 30.08.2021<br />Historical data are not a reliable indicator of future performance.<\/footer>\n<h3>European wind power meets US solar specialists<\/h3>\n<p>The selection is reviewed regularly every quarter and adjusted where necessary. The index sponsor can also modify the composition ad hoc in the event of stock market listings or major news developments. The Swissquote Green Energy Index currently includes just under 30 companies (see table). It goes without saying that the fore-mentioned Vestas is one of them. As well as the Danes, their direct competitors Siemens Gamesa and Nordex have also made it through the selection process. While wind power is represented by European groups, the specialists for solar electricity are primarily based in North America. Take First Solar as an example: at the end of July, the thin-layer technology-focused module manufacturer exceeded expectations when presenting its quarterly results. Although the management had to adjust the outlook for 2021 down as a result of higher costs, the First Solar share price has risen sharply since the figures were released. The industry giant received support from Washington: according to an energy ministry analysis, photovoltaic technology could be contributing more than 40% of the US power supply by 2035. Its share at present is only just 3%. If this proportion is to be ramped up, Congress would have to give the nod to tax reliefs for renewable energy projects and the corresponding production infrastructure.<\/p>\n<div><price-chart isin=\"CH1129844630\"><\/price-chart><\/div>\n<h3>Tracker Certificate on the Swissquote Green Energy Index<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1129844630\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div>\n<p><strong>Management Fee: 1.10% p.a.<\/strong><\/p>\n<p><strong>Index Sponsor: Swissquote Bank SA<\/strong><strong><\/strong><\/p>\n<p><strong>Issuer: Leonteq Securities AG,&nbsp;Guernsey<\/strong><\/p>\n<p><strong>Guarantor: PostFinance AG, Bern, Switzerland<\/strong><\/p>\n<\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Broad diversification, easy access<\/h3>\n<p>The Swissquote Green Energy Index also reflects the growing importance of hydroelectric technology. The well-known US specialists Ballard Power Systems and Plug Power are as much a part of the starting line-up as Doosan Fuel Cell. The fuel cell of the Korean company was already being used in NASA's Apollo missions. Back on earth, almost 760 stationary Doosan plants are in operation today, most of them on the domestic market. Suppliers naturally play a key role in the global energy transition, so it is no surprise that the index contains sector representatives from across the world. They include China Longyuan Power as well as Verbund AG from Austria, which is particularly active in hydroelectric power generation, and NextEra \u2013 the Palm Beach-based US company reckons it is the world's biggest producer of wind and solar electricity. One order for the <a href=\"https://structuredproducts-ch.leonteq.com/isin/CH1129844630\" target=\"_blank\" rel=\"noopener\" title=\"Tracker Certificate on the Swissquote Green Energy Index\">Tracker Certificate on the Swissquote Green Energy Index<\/a> is sufficient to bring the both geographically and technologically diversified and skilfully composed benchmark into the portfolio. The timing for the actively managed product could be favourable, not least given the recent price correction in this sector. The Climate Change Conference taking place in Glasgow in November should also bring this exciting theme into sharper focus.<\/p>\n<h3>Composition of the Swissquote Green Energy Index<\/h3>\n<div><ltq-table id=\"\" title=\"Initial composition as at 30.08.2021\"> <template v-slot:default=\"\">\n<thead>\n<tr>\n<th>Company<\/th>\n<th>Country<\/th>\n<th>Weighting<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Ballard Power Systems<\/td>\n<td>Canada<\/td>\n<td>2.49%<\/td>\n<\/tr>\n<tr>\n<td>China Longyuan Power<\/td>\n<td>China<\/td>\n<td>2.87%<\/td>\n<\/tr>\n<tr>\n<td>Doosan Fuel Cell<\/td>\n<td>South Korea<\/td>\n<td>8.45%<\/td>\n<\/tr>\n<tr>\n<td>EDP Renov&aacute;veis<\/td>\n<td>Spain<\/td>\n<td>3.20%<\/td>\n<\/tr>\n<tr>\n<td>Enel<\/td>\n<td>Italy<\/td>\n<td>6.22%<\/td>\n<\/tr>\n<tr>\n<td>Enphase Energy<\/td>\n<td>USA<\/td>\n<td>3.62%<\/td>\n<\/tr>\n<tr>\n<td>First Solar<\/td>\n<td>USA<\/td>\n<td>2.56%<\/td>\n<\/tr>\n<tr>\n<td>Ganfeng Lithium<\/td>\n<td>China<\/td>\n<td>3.55%<\/td>\n<\/tr>\n<tr>\n<td>Innergex Renewable Energy<\/td>\n<td>Canada<\/td>\n<td>4.54%<\/td>\n<\/tr>\n<tr>\n<td>MP Materials<\/td>\n<td>USA<\/td>\n<td>2.49%<\/td>\n<\/tr>\n<tr>\n<td>NextEra Energy<\/td>\n<td>USA<\/td>\n<td>6.54%<\/td>\n<\/tr>\n<tr>\n<td>Nordex<\/td>\n<td>Germany<\/td>\n<td>2.30%<\/td>\n<\/tr>\n<tr>\n<td>Northland Power<\/td>\n<td>Canada<\/td>\n<td>6.55%<\/td>\n<\/tr>\n<tr>\n<td>Ormat Technologies<\/td>\n<td>USA<\/td>\n<td>3.71%<\/td>\n<\/tr>\n<tr>\n<td>&Oslash;rsted<\/td>\n<td>Denmark<\/td>\n<td>3.80%<\/td>\n<\/tr>\n<tr>\n<td>Plug Power<\/td>\n<td>USA<\/td>\n<td>1.36%<\/td>\n<\/tr>\n<tr>\n<td>Renova<\/td>\n<td>Japan<\/td>\n<td>4.63%<\/td>\n<\/tr>\n<tr>\n<td>Shoals Technologies Group<\/td>\n<td>USA<\/td>\n<td>2.33%<\/td>\n<\/tr>\n<tr>\n<td>Siemens Gamesa<\/td>\n<td>Spain<\/td>\n<td>2.88%<\/td>\n<\/tr>\n<tr>\n<td>Solaredge Technologies<\/td>\n<td>USA<\/td>\n<td>2.79%<\/td>\n<\/tr>\n<tr>\n<td>Sunnova Energy International<\/td>\n<td>USA<\/td>\n<td>1.46%<\/td>\n<\/tr>\n<tr>\n<td>SunPower<\/td>\n<td>USA<\/td>\n<td>2.56%<\/td>\n<\/tr>\n<tr>\n<td>SunRun<\/td>\n<td>USA<\/td>\n<td>1.39%<\/td>\n<\/tr>\n<tr>\n<td>TPI Composites<\/td>\n<td>USA<\/td>\n<td>1.60%<\/td>\n<\/tr>\n<tr>\n<td>TransAlta Renewables<\/td>\n<td>Canada<\/td>\n<td>5.48%<\/td>\n<\/tr>\n<tr>\n<td>Varta<\/td>\n<td>Germany<\/td>\n<td>3.01%<\/td>\n<\/tr>\n<tr>\n<td>Verbund<\/td>\n<td>Austria<\/td>\n<td>4.55%<\/td>\n<\/tr>\n<tr>\n<td>Vestas Wind Systems<\/td>\n<td>Denmark<\/td>\n<td>2.95%<\/td>\n<\/tr>\n<\/tbody>\n<\/template> <template v-slot:below=\"\"> <LtqCardBody><footer>Source: Swissquote Bank SA<\/footer><footer>Historical data are not a reliable indicator of future performance.<\/footer><\/LtqCardBody> <\/template> <\/ltq-table><\/div>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2021/green-energy?language_id=1\" label=\"Get more information here\"> <\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"green-energy","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/future-renewable-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/future-renewable-leonteq-structured-products-thumbnail.jpg"},{"date":"2021-09-01T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/alcoa-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Traditional company from the \"Steel City\"","windowTitle":"Alcoa","category":"coupon-giant","title":"Alcoa","body":"<h3>Traditional company from the \"Steel City\"<\/h3>\n<p>Aluminium is of immense importance in the modern world. The industrial metal is used in cars, planes and trains as well as in building facades, bicycles, deodorant sprays and food packaging. Consequently, the upswing following the Corona recession has given a strong boost to the price of the pale grey metal. On a one-year horizon, the price of the next due future is up by almost half - more on this later. Unsurprisingly, the price upswing is having a full impact on the shares of metal producers. This also applies to Alcoa in particular: within twelve months, the stock market value of the US group has almost tripled (see chart). The company from the \"Steel City\" of Pittsburgh in the southwest of the US state of Pennsylvania already played a key role in the emergence of the aluminium industry.<\/p>\n<h3>Chart: Alcoa (in USD)<\/h3>\n<div><img src=\"/dA/484f4a21ad/charts_alcoa_700x500 EN Product.svg?language_id=1\" alt=\"charts_alcoa_700x500 EN Product\" caption=\"false\" width=\"1730\" height=\"1659\" /><\/div>\n<footer>Source: Thomson Reuters, as at 30.08.2021<br /> Historical data are not a reliable indicator of future performance.<\/footer>\n<h3>The full programme<\/h3>\n<p>In the 1890s, company founder Charles Martin Hall found a way to produce aluminum using electrolysis. Since the French chemist Paul T. H&eacute;roult made a similar discovery at the same time, the production process still in use today is called the \"Hall-H&eacute;roult process\". Alumina obtained from bauxite ores is first mixed with the mineral cryolite. This mixture is used to produce pure aluminium by means of fused-salt electrolysis. Alcoa covers the entire value chain: According to its own information, the company holds one of the world's largest portfolios of bauxite mines. Alcoa extracts a wide variety of cast products from the red ore through its own refining and smelting operations. The industrial metal is sold in the form of plates and pistons, on rolls or as powder, among other things.<\/p>\n<h3>Upwards with fluctuations<\/h3>\n<p>Business is humming: from April to June 2021, Alcoa earned USD 309m on the bottom line. In the first three months, net income was USD 175m, while the company had actually been in the red in the same quarter of the previous year. According to its own statements, Alcoa benefited from increased demand and rising prices. On average, the group collected USD 2,753 for a tonne of aluminium sold from April to June - 62% more than in the same period last year (see chart). \"Alcoa had an excellent second quarter and first half,\" CEO Roy Harvey was pleased to report. Although the top manager's forecast was also positive, Wall Street initially reacted sniffily to the interim report presented on July 15. In the meantime, the setback has been eradicated and Alcoa shares have defended their overriding upward trend. What remains is a comparatively high price volatility. So far this year, the stock has shown a volatility of more than 60%. By way of comparison, the ratio for the S&amp;P 500 Index is 12.6%.<\/p>\n<h3>Aluminium price (in USD per tonne)<\/h3>\n<div><img src=\"/dA/e9d6d81a25/charts_alcoa_700x500 EN Bar chart.svg?language_id=1\" alt=\"charts_alcoa_700x500 EN Bar chart\" caption=\"false\" width=\"1196\" height=\"1114\" /><\/div>\n<footer>Source: Alcoa, as at 15.07.2021<br /> Historical data are not a reliable indicator of future performance.<\/footer>\n<h3>Two variants, one target<\/h3>\n<p>As is well known, volatility is one of the determining parameters for the conditions of a barrier reverse convertible. As a general rule, the more volatile the prices, the higher the coupons and/or the thicker the risk buffers. Against this background, it is obvious to pursue a yield-optimisation strategy with Alcoa. Leonteq has launched Softcallable Barrier Reverse Convertibles on the Wall Street stock. The new issue is available in two different currencies: If allocated in CHF, the guaranteed coupon is 14% p.a., while the USD variant yields a 100 basis points higher quarterly payout. The barriers are uniformly located at 60% of the initial level. As long as Alcoa does not fall to or below this level during the 15-month term, the maximum return is fixed. In the event of a threshold violation, the partial protection expires. The investment would then be linked to the ups and downs of the underlying. Speaking of risk: The increased volatility has a favorable effect on the terms of the Barrier Reverse Convertible, and not without reason. Increased price swings also entail an increased risk of barrier breakage.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0596612942\\&quot; \\&quot;CH1129847369\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-alcoa","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/alcoa-leonteq-structured-productssidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/alcoa-leonteq-structured-productsthumbnail.jpg"},{"date":"2021-08-27T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/blockchain-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Tracker Certificate on the Swissquote Blockchain Index","windowTitle":"Blockchain","category":"investment-themes","title":"Mega-trend for your portfolio","body":"<h3>Efficient infrastructure...<\/h3>\n<p>For some time, the blockchain has no longer simply been a mega-trend for the tech-loving generation of millennials - it now has the stock market under its spell, too.  And investors are feverishly searching for companies able to turn profits from this highly promising technology. There\u2019s plenty of choice out there! As a result, financial returns can be achieved in the sector through various business models. These include hardware providers like Northern Data, for example. The German company offers modular high-tech data centres which can be installed in the smallest of spaces, at extremely high density. The high-performance computers can be used in all trending sectors, such as bitcoin mining, blockchain and artificial intelligence. The heart of the necessary high computing power, in turn, comes from chip suppliers such as AMD, Intel and Nvidia. The highly innovative Nvidia, for instance, is now offering special \u201ccryptocurrency mining\u201d processors for mining the second most important cybercurrency, Ethereum, alongside its regular GeForce graphics cards.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2021/blockchain?language_id=1\" label=\"Get more information here\"> <\/ltq-button><\/div>\n<h3>...dressed in green<\/h3>\n<p>Speaking of mining, in this era of climate change it is increasingly attracting criticism given the high electricity consumption involved. That said, the companies are already working on solutions. For instance, US payment service Square recently announced that, together with the blockchain technology provider Blockstream Mining, it is setting up a solar-powered Bitcoin mining plant. Square is also one of the most prominent supporters of Bitcoin and has already invested USDmn 220 directly in the cryptocurrency. When it comes to \u201cclean energy\u201d, the Canadian Hive Blockchain Technologies is amongst the trailblazers. According to its own information, the company is the only public crypto-mining company producing Ethereum on an industrial scale using green electricity. Argo Blockchain similarly has a \u201cgreen mining vision\u201d which it is consistently implementing. To switch over to green alternatives and solutions, the company has recently put a lot of its own money on the line. It has purchased an area of land covering 320 hectares in Texas, offering access to 800 megawatts of electrical power, mostly from wind and solar. In addition, Argo also acquired two hydro-powered data centres in Canada in May of this year.<\/p>\n<h3>Actively managed Blockchain Index<\/h3>\n<p>Swissquote has now picked up on the trending theme of \u201cblockchain\u201d and developed an index for it.  The new Swissquote Blockchain Index contains companies from all sectors earning revenues from these digital chains. The components are chosen based on the judgement of the index sponsor, using sophisticated filters.  The starting line-up features 24 companies in the actively managed strategic barometer. In addition to the companies already mentioned, there are also well-known names such as Intel, MicroStrategy and Coinbase. Less well-known stocks also feature in the index, such as the Japanese blockchain investor Digital Garage and Marathon Digital Holdings, which operates data centres. However, the selection is not set in stone: the index sponsor subjects the barometer to constant review in order to keep its composition up to date.<\/p>\n<div><price-chart isin=\"CH1129844648\"><\/price-chart><\/div>\n<h3>Tracker Certificate on the Swissquote Blockchain Index<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1129844648\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div>\n<p><strong>Management Fee: 1.10% p.a.<\/strong><\/p>\n<p><strong>Index Sponsor: Swissquote Bank SA<\/strong><strong><\/strong><\/p>\n<p><strong>Issuer: Leonteq Securities AG,&nbsp;Guernsey<\/strong><\/p>\n<p><strong>Guarantor: PostFinance AG, Bern, Switzerland<\/strong><\/p>\n<\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Investment made easy<\/h3>\n<p>The open-end tracker <a href=\"https://structuredproducts-ch.leonteq.com/isin/CH1129844648\" target=\"_blank\" rel=\"noopener\" title=\"Tracker Certificate on the Swissquote Blockchain Index\">(ISIN CH1129844648, SIX Symbol BLOCTQ)<\/a> on the Swissquote Blockchain Index, exclusively designed by Leonteq, offers investors easy access to the digital mega-trend of the new millennium. With a single investment, it allows them to invest with broad diversification in the blockchain sector. The product participates fully in the movement of the barometer, with deduction of an annual fee of 1.10%. The costs comprise an index calculation fee of 0.85% p.a. plus a management fee of 0.25% p.a. On top of this, there may also be a rebalancing fee of 0.10%. The tracker is ultimately a convincing offer with comprehensible charges, high transparency and broad diversification, along with active management.<\/p>\n<h3>Composition of the Swissquote Blockchain Index<\/h3>\n<div><ltq-table id=\"\" title=\"Initial composition as at 24.08.2021\"> <template v-slot:default=\"\">\n<thead>\n<tr>\n<th>Company<\/th>\n<th>Country <\/th>\n<th>Weighting<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>AMD<\/td>\n<td>USA<\/td>\n<td>4.80%<\/td>\n<\/tr>\n<tr>\n<td>Argo Blockchain<\/td>\n<td>Great Britain<\/td>\n<td>3.40%<\/td>\n<\/tr>\n<tr>\n<td>Bitfarms<\/td>\n<td>Canada<\/td>\n<td>3.50%<\/td>\n<\/tr>\n<tr>\n<td>BOX<\/td>\n<td>USA<\/td>\n<td>7.60%<\/td>\n<\/tr>\n<tr>\n<td>Coinbase Global<\/td>\n<td>USA<\/td>\n<td>2.90%<\/td>\n<\/tr>\n<tr>\n<td>Digital Garage<\/td>\n<td>Japan<\/td>\n<td>8.70%<\/td>\n<\/tr>\n<tr>\n<td>Galaxy Digital<\/td>\n<td>USA<\/td>\n<td>2.50%<\/td>\n<\/tr>\n<tr>\n<td>GMO Internet<\/td>\n<td>Japan<\/td>\n<td>8.20%<\/td>\n<\/tr>\n<tr>\n<td>Hive Blockchain Technologies<\/td>\n<td>Canada<\/td>\n<td>2.20%<\/td>\n<\/tr>\n<tr>\n<td>Huobi Technology<\/td>\n<td>Hong Kong<\/td>\n<td>4.50%<\/td>\n<\/tr>\n<tr>\n<td>Hut 8 Mining<\/td>\n<td>Canada<\/td>\n<td>2.60%<\/td>\n<\/tr>\n<tr>\n<td>Intel<\/td>\n<td>USA<\/td>\n<td>8.40%<\/td>\n<\/tr>\n<tr>\n<td>Marathon Digital<\/td>\n<td>USA<\/td>\n<td>3.20%<\/td>\n<\/tr>\n<tr>\n<td>Micron Technology<\/td>\n<td>USA<\/td>\n<td>5.40%<\/td>\n<\/tr>\n<tr>\n<td>MicroStrategy<\/td>\n<td>USA<\/td>\n<td>3.50%<\/td>\n<\/tr>\n<tr>\n<td>Northern Data<\/td>\n<td>Germany<\/td>\n<td>2.10%<\/td>\n<\/tr>\n<tr>\n<td>Nvidia<\/td>\n<td>USA<\/td>\n<td>4.20%<\/td>\n<\/tr>\n<tr>\n<td>Overstock.com<\/td>\n<td>USA<\/td>\n<td>2.80%<\/td>\n<\/tr>\n<tr>\n<td>Riot Blockchain<\/td>\n<td>USA<\/td>\n<td>3.10%<\/td>\n<\/tr>\n<tr>\n<td>SBI<\/td>\n<td>Japan<\/td>\n<td>7.50%<\/td>\n<\/tr>\n<tr>\n<td>Silvergate Capital<\/td>\n<td>USA<\/td>\n<td>2.90%<\/td>\n<\/tr>\n<tr>\n<td>Square<\/td>\n<td>USA<\/td>\n<td>2.70%<\/td>\n<\/tr>\n<tr>\n<td>Voyager Digital<\/td>\n<td>USA<\/td>\n<td>3.30%<\/td>\n<\/tr>\n<\/tbody>\n<\/template> <template v-slot:below=\"\"> <LtqCardBody><footer>Source: Swissquote Bank SA<\/footer><footer>Historical data are not a reliable indicator of future performance.<\/footer><\/LtqCardBody> <\/template> <\/ltq-table><\/div>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2021/blockchain?language_id=1\" label=\"Get more information here\"> <\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"blockchain","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/blockchain-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/blockchain-leonteq-structured-products-thumbnail.jpg"},{"date":"2021-08-19T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/filecoin-leonteq-structured-products-product-homepage-banner.jpg","subTitle":"30 crypto assets tradable via Leonteq","windowTitle":"Filecoin","category":"crypto-assets","title":"About Filecoin","body":"<p><strong>Filecoin is a decentralized storage and retrieval system is built on top of the IPFS (InterPlanetaryFile System). Compared to other storage solutions such as Dropbox, AWS or iCloud, Filecoin is not a centralized authority \u2013users who wish to store data can bid on available storage offered by other participants in the Filecoin network. Filecoin is backed by a blockchain that records commitments made by the participants for storing data.<\/strong><\/p>\n<p>Participants who store data must submit regular proofs to the network that they are delivering on the terms of their storage deal (so called Proof of Replication and Proof of Spacetime demonstrating that the participant has spent an amount of time keeping the reserved space unaltered).<\/p>\n<p>To ensure that the data being stored in the Filecoin\u2019s network cannot be accessed by malicious actors, Filecoin breaks down the data before storing it. Storage and retrieval of data on the network is paid for with the native token Filecoin (FIL).<\/p>\n<p>Filecoin is often referred to as the Airbnb for cloud storage.<\/p>\n<h3>Investment solution on Filecoin - tradable on BX Swiss<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0596616687\\&quot;,\\&quot;CH0596616695\\&quot;,\\&quot;CH0596616703\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Conversion Ratio: 1<\/li>    \n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/investment-themes/crypto-expansion?language_id=1\" label=\"Click here to access the full product range on cryptocurrencies.\"> <\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>\n<h5>Risk disclosure<\/h5>\n<p>Investments in products referencing one or more cryptocurrencies or indices of cryptocurrencies are subject to increased volatility compared to investments in traditional assets and to specific risks which can negatively impact the value, tradability,liquidity and/or security of such investments. Potential Investors are encouraged to inform themselves about these specific risks when considering an investment in products referencing one or more cryptocurrencies or indices of cryptocurrencies. A summary of key risks relating to products referencing one or more cryptocurrencies or indices of cryptocurrencies can be found <strong> <a href=\"https://structuredproducts-ch.leonteq.com/crypto-disclaimer\">here<\/a><\/strong>.<\/p>","url":"filecoin","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/filecoin-leonteq-structured-products-sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/filecoin-leonteq-structured-products-thumbnail.jpg"},{"date":"2021-08-19T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/stellar-leonteq-structured-products-product-homepage-banner.jpg","subTitle":"30 crypto assets tradable via Leonteq","windowTitle":"Stellar","category":"crypto-assets","title":"About Stellar","body":"<p><strong>The Stellar network launched in 2014. Stellar advertises itself as \u201can open network for storing and moving money\u201d. The Stellar network has a native digital currency, the Lumen, that\u2019s required in small amounts for initializing accounts and making transactions and acts as an intermediary \u201cbridge\u201d currency for cross-border payments.<\/strong><\/p>\n<p>Contrary to Ripple Labs, Inc. (see slide \u201cRipple\u201d), the Stellar Development Foundation is a non-profit organization and does not target large banks but aspires to facilitate transactions for the unbanked and underserved.<\/p>\n<p>In addition (and like Bitcoin), Stellar has a non-Turing-complete scripting language. While not as powerful as the smart contracts that Ethereum and other projects allow, it can be used for fundraising and governance structures that are present in Ethereum, including simple initial coin offerings (ICO) and tokenized assets.<\/p>\n<p>Stellar was built for speed and scale to further financial access and to create financial inclusiveness for all.<\/p>\n<h3>Investment solutions on Stellar - tradable on SIX Swiss Exchange<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;59661216\\&quot; \\&quot;59661217\\&quot; \\&quot;59661218\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Conversion Ratio: 100<\/li>    \n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/investment-themes/crypto-expansion?language_id=1\" label=\"Click here to access the full product range on cryptocurrencies.\"> <\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>\n<h5>Risk disclosure<\/h5>\n<p>Investments in products referencing one or more cryptocurrencies or indices of cryptocurrencies are subject to increased volatility compared to investments in traditional assets and to specific risks which can negatively impact the value, tradability,liquidity and/or security of such investments. Potential Investors are encouraged to inform themselves about these specific risks when considering an investment in products referencing one or more cryptocurrencies or indices of cryptocurrencies. A summary of key risks relating to products referencing one or more cryptocurrencies or indices of cryptocurrencies can be found <strong> <a href=\"https://structuredproducts-ch.leonteq.com/crypto-disclaimer\">here<\/a><\/strong>.<\/p>","url":"stellar","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/stellar-leonteq-structured-products-sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/stellar-leonteq-structured-products-thumbnail.jpg"},{"date":"2021-08-19T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/polkadot-leonteq-structured-products-product-homepage-banner.jpg","subTitle":"30 crypto assets tradable via Leonteq","windowTitle":"Polkadot","category":"crypto-assets","title":"About Polkadot","body":"<p><strong>Polkadot was developed by Gavin Wood, one of the original Ethereum founders and the developer of the Solidity (smart contract) coding language. Polkadot is an open-source multichain protocol aiming to provide interoperability between blockchains. Polkadot is designed to operate two types of blockchains. A main chain (called a relay chain) and user-created blockchains, called parachains. Parachainscan be customized for any number of use cases and feed into the relay chain.<\/strong><\/p>\n<p>Polkadot shares many similarities in design and operation of Ethereum (once the upgrade to Ethereum 2.0 is completed). Both protocols operate a main blockchain where transactions are finalized and will allow for the creation of many smaller blockchains that leverage its resources. In addition, both protocols will use staking instead of mining as a means of keeping the network synchronized and secure.<\/p>\n<p>The Polkadot protocol seamlessly connects public and private blockchains sharing a common security layer -allowing for tokens and transactions to be shared trustlesslybetween these independent blockchains.<\/p>\n<h3>Investment solutions on Polkadot - tradable on SIX Swiss Exchange<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;59661212\\&quot; \\&quot;59661213\\&quot; \\&quot;59661214\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Conversion Ratio: 1<\/li>    \n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/investment-themes/crypto-expansion?language_id=1\" label=\"Click here to access the full product range on cryptocurrencies.\"> <\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>\n<h5>Risk disclosure<\/h5>\n<p>Investments in products referencing one or more cryptocurrencies or indices of cryptocurrencies are subject to increased volatility compared to investments in traditional assets and to specific risks which can negatively impact the value, tradability,liquidity and/or security of such investments. Potential Investors are encouraged to inform themselves about these specific risks when considering an investment in products referencing one or more cryptocurrencies or indices of cryptocurrencies. A summary of key risks relating to products referencing one or more cryptocurrencies or indices of cryptocurrencies can be found <strong> <a href=\"https://structuredproducts-ch.leonteq.com/crypto-disclaimer\">here<\/a><\/strong>.<\/p>","url":"polkadot","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/polkadot-leonteq-structured-products-sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/polkadot-leonteq-structured-products-thumbnail.jpg"},{"date":"2021-08-19T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/aave-leonteq-structured-products-product-homepage-banner.jpg","subTitle":"30 crypto assets tradable via Leonteq","windowTitle":"Aave","category":"crypto-assets","title":"About Aave","body":"<p><strong>Aave is an open source and non-custodial liquidity protocol that allows lending and borrowing of crypto assets without middlemen. <\/strong><\/p>\n<p>Users can participate as depositors or borrowers. Depositors provide liquidity to a liquidity pool earning income, while borrowers are able to borrow crypto assets from the liquidity pool in exchange for paying an interest rate and providing other crypto assets as collateral. Any (crypto asset) deposits are tokenized as Aave interest-bearing aTokens pegged at a 1:1 ratio to the underlying crypto assets. Interest is also paid in aTokens (but converted back to the underlying crypto asset when lenders withdraw their funds).<\/p>\n<p>Aside the aTokens, the Aave token introduced in 2020 to further decentralization of the protocol, is not only the governance token of the Aave protocol but also provides financial incentives to holders when interacting with the Aave protocol (such as cheaper fees).<\/p>\n<p>The Aave team transformed the traditional peer-to-peer lending model into a popular pool-based and decentralized model.<\/p>\n<h3>Investment solution on Aave - tradable on BX Swiss<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0596616745\\&quot;,\\&quot;CH0596616752\\&quot;,\\&quot;CH0596616760\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Conversion Ratio: 0.1<\/li>    \n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/investment-themes/crypto-expansion?language_id=1\" label=\"Click here to access the full product range on cryptocurrencies.\"> <\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>\n<h5>Risk disclosure<\/h5>\n<p>Investments in products referencing one or more cryptocurrencies or indices of cryptocurrencies are subject to increased volatility compared to investments in traditional assets and to specific risks which can negatively impact the value, tradability,liquidity and/or security of such investments. Potential Investors are encouraged to inform themselves about these specific risks when considering an investment in products referencing one or more cryptocurrencies or indices of cryptocurrencies. A summary of key risks relating to products referencing one or more cryptocurrencies or indices of cryptocurrencies can be found <strong> <a href=\"https://structuredproducts-ch.leonteq.com/crypto-disclaimer\">here<\/a><\/strong>.<\/p>","url":"aave","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/aave-leonteq-structured-products-sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/aave-leonteq-structured-products-thumbnail.jpg"},{"date":"2021-08-18T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/bitcoin-ethereum-leonteq-structured-products-product-homepage-banner.jpg","subTitle":"Easy access to the two largest cryptocurrencies","windowTitle":"Bitcoin & Ethereum","category":"investment-themes","title":"Tracker Certificate on Bitcoin & Ethereum","body":"<p><strong>Participate equally in the developments of the two most important cryptocurrencies in one product - with the Tracker Certificate on the equally weighted Bitcoin &amp; Ethereum Basket.<\/strong><\/p>\n\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0596614252\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Conversion Ratio: 0.985<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<p><strong>Your advantages when investing in certificates on cryptocurrencies from Leonteq<\/strong><\/p>\n<ul>\n    <li><strong>Regulated:<\/strong> certificates are issued by an authorised securities house (Wertpapierhaus) supervised by Swiss Financial Market Supervisory Authority (FINMA)<\/li>\n    <li><strong>Rated:<\/strong> Certificates and ETPs are bearer instruments. Leonteq combines the safety of an investmentgrade rating by Fitch with the solid capital base of more than CHF 800m as of June 2021.<\/li>\n    <li><strong>Bankable:<\/strong> certificates allow to trade crypto assets as easy and safe as stocks or bonds via a traditional custodian<\/li>\n    <li><strong>Convenient:<\/strong> No management of public or private access keys or wallets required by the investor<\/li>\n    <li><strong>Large universe:<\/strong> Leonteq offers 18 crypto assets available as underlying for certificates and therefore the largest offering in a securitized format.<\/li>\n    <li><strong>Expertise:<\/strong> Leonteq has been at the forefront of crypto investments since the launch of crypto trackers in 2017 and has been innovating in that area ever since with the following launches:<\/li>\n    <ul>\n        <li>Worlds first Short Tracker Certificate on Bitcoin in November 2017<\/li>\n        <li>Worlds first exchange traded and actively managed crypto strategy in March 2018<\/li>\n        <li>First Reverse Convertible on Bitcoin in September 2019<\/li>\n        <li>First exchange traded products on Chainlink and Ethereum Classic in August 2021<\/li>\n    <\/ul>\n<\/ul>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/investment-themes/crypto-expansion?language_id=1\" label=\"Click here to access the full product range on cryptocurrencies.\"> <\/ltq-button><\/div>\n<a title=\"Factsheet Crypto EN\" href=\"/pages-resources/factsheet_crypto_en.pdf?language_id=1\" target=\"_blank\" rel=\"noopener\">Click here for the complete offering as PDF file.<\/a><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>\n<h5>Risk disclosure<\/h5>\n<p>Investments in products referencing one or more cryptocurrencies or indices of cryptocurrencies are subject to increased volatility compared to investments in traditional assets and to specific risks which can negatively impact the value, tradability,liquidity and/or security of such investments. Potential Investors are encouraged to inform themselves about these specific risks when considering an investment in products referencing one or more cryptocurrencies or indices of cryptocurrencies. A summary of key risks relating to products referencing one or more cryptocurrencies or indices of cryptocurrencies can be found <strong> <a href=\"https://structuredproducts-ch.leonteq.com/cryptocurrencies\">here<\/a><\/strong>.<\/p>","url":"kryptobasket","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/bitcoin-ethereum-leonteq-structured-products-sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/bitcoin-ethereum-leonteq-structured-products-thumbnail.jpg"},{"date":"2021-08-18T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/varta-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Noticeable energy loss","windowTitle":"Varta","category":"coupon-giant","title":"Varta","body":"<h3>Noticeable energy loss<\/h3>\n<p>Opinions have been divided on Varta for some time now. While the stock has been a favorite among private investors since its stock market debut in October 2017, the share is equally popular among short-sellers. The optimists point to the ongoing trend toward wireless electrical devices, which is driving demand for Varta's small lithium-ion button cells. The pessimists, on the other hand, see the high valuation and possible pressure on margins due to Asian competitors as a brake on the share price.<\/p>\n<h3>Varta: Development of earnings per share (in Euro)<\/h3>\n<div><img src=\"/dA/ea9150c091/charts_varta_700x500 EN Bar chart.svg?language_id=1\" alt=\"charts_varta_700x500 EN Bar chart\" caption=\"false\" width=\"1730\" height=\"1573\" /><\/div>\n<footer>Source: Thomson Reuters<br /> Historical data are not a reliable indicator for future performance.<\/footer>\n<h3>Loss-making days<\/h3>\n<p>To justify a price-to-earnings ratio of more than 40 for expected earnings for this year and more than 30 for 2022, no disappointments are needed. And when one does occur, the cold shower promptly follows. What this can look like was shown in the past few days in the course of the presentation of the figures for the second quarter. The MDAX member lost around one fifth of its market capitalization within a very short period of time.<\/p>\n<p>What happened? Although the Apple supplier increased its sales by 1.8% to EUR 397.6 million in the first half of the year, this was less than market participants had expected. In addition, household batteries in particular were responsible for the small increase, while the small cell business was less in demand. However, these account for more than half of the group's sales.<\/p>\n<h3>Targets in danger?<\/h3>\n<p>On top of that, the margin development does not seem to satisfy investors. In the first six months, Varta reported an adjusted operating return of 28.2%, which was somewhat lower than analysts had expected. The margin is also currently quite a bit away from the full-year forecast. For 2021, the company has set its sights on a figure of around 30%. CEO Herbert Schein is sticking to this target thanks to an expected stronger second half of the year.<\/p>\n<p>While the rumor mill was still bubbling with rumors that Varta might raise its targets somewhat after the second quarter, one can be glad today that the company is at least sticking to the old forecast. While CEO Schein is counting on an increasing business development in the field of true wireless stereo headsets, analyst Robert-Jan van der Horst from Warburg Research, for example, assumes that this market will lose momentum and also become increasingly competitive. Investment bank Kepler Cheuvreux is also skeptical and believes that the 2021 targets can only be met if the launch of Apple's AirPods 3 is a success.<\/p>\n<h3>Chart: Varta (in EUR)<\/h3>\n<div><img src=\"/dA/660c85d05d/charts_varta_700x500 EN Product.svg?language_id=1\" alt=\"charts_varta_700x500 EN Product\" caption=\"false\" width=\"1225\" height=\"1175\" /><\/div>\n<footer>Source: Thomson Reuters, as at 17.08.2021<br /> Historical data are not a reliable indicator of future performance.<\/footer>\n<h3>Extended strategy<\/h3>\n<p>So in the short term, the small button cells will decide the weal and woe of Varta. In the long term, it will be important whether the Swabians are currently setting the right course for the future. The company has high hopes for its entry into the automotive business. There is already a first customer from the automotive sector for the newly developed high-performance round cell V4Drive. According to media reports, this customer is none other than Porsche. The battery is said to have a charging time of only six minutes. In addition, the Ellwangen-based company has announced plans to develop other, larger lithium-ion round cells in the future.<\/p>\n<p>However, this is still a pipe dream and Varta will have to continue to hope for good business with the entertainment industry until it is a resounding success in the e-car sector. So it will be no easy task to bring the volatile stock back into an upward trend. Especially since the stock broke the 100-day line to the downside during the recent sell-off and also tested the 200-day moving average. The bottom line is that Varta stock is roughly flat on a one-year horizon.<\/p>\n<h3>High coupons<\/h3>\n<p>If this sideways movement continues, it would be the perfect environment for the new barrier reverse convertibles. In the event of a prolonged consolidation, a double-digit percentage return can be achieved. The CHF product has a coupon of 15.20% p.a., while its EUR-denominated counterpart offers the prospect of an even higher yield of 15.60% p.a.. For both BRCs, the barrier is fixed at 69% of the starting values, and the maximum term is one year. Due to the soft callable function, however, this can be reduced; the first observation date takes place after six months.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0596609740\\&quot; \\&quot;CH1129841669\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-varta","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/varta-leonteq-structured-products-thumbnail.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/varta-leonteq-structured-products-thumbnail.jpg"},{"date":"2021-08-13T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/crypto_launch-leonteq-structured-products-product-homepage-banner.jpg","subTitle":"Palette of investment opportunities continues to grow","windowTitle":"Cryptocurrencies \u2013 a market worth billions","category":"investment-themes","title":"Bitcoin etc.","body":"<h3>Cryptos for everyone<\/h3>\n<p>What began as an experiment around a decade ago is now omnipresent: all the talk is of cryptocurrencies. The latest developments around blockchains show that it is the tech-savvy younger generation especially that is open to new forms of money. The increasing acceptance has since even managed to persuade central banks to work on their own digital currencies. While they fiddle around, though, others have long since been making hay. Payment systems that bypass states and banks have now become socially acceptable, for instance, and more and more government authorities and businesses are accepting Bitcoin etc. as a means of payment. Governments in Latin America, such as those of El Salvador and Uruguay, would even like to introduce Bitcoin as an official means of payment in the country. The cybercurrencies have also become part and parcel of the stock market. No stock market player can now escape cybercurrencies, not least since the billion-dollar IPO of US crypto trading platform Coinbase on the Nasdaq in April.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2021/crypto-market?language_id=1\" label=\"Hier mehr erfahren!\"> <\/ltq-button><\/div>\n<h3>Increasing investment opportunities<\/h3>\n<p>Investors do not need to trade the internet coins directly on the crypto stock market, though: Leonteq began offering a diverse range of trackers on a wide variety of currencies some time ago. These include the actively managed tracker certificates on the Swissquote Multi Crypto Index and its &ldquo;leaner&rdquo; CHF version, the Swissquote Multi Crypto Mini Index. The product range also includes actively managed participation instruments on Bitcoin and Ethereum for a modest annual fee of 1.35% p.a. Direct investment in the cybercurrencies is also possible, however. To that end the range has been expanded significantly over recent days, with 18 cryptocurrencies now available for selection as underlyings. These currently cover some 76% of the total market capitalisation in the sector. The management fee of these trackers is 1.5% p.a.<\/p>\n<h3>Chart: Bitcoin vs. Ethereum (indexed to 100)<\/h3>\n<div><img src=\"/dA/6e3812aedf/charts_crypto_700x500 EN Product.svg?language_id=1\" alt=\"charts_crypto_700x500 EN Product\" width=\"1730\" height=\"2326\" caption=\"false\" /><\/div>\n<footer>Source: Thomson Reuters, as at 10.08.2021<br /> Past performance is not a reliable indicator of future performance.<\/footer>\n<h3>New on the market<\/h3>\n<p>The product range has just been expanded to include the Aave, Algorand, Cardano, Chainlink, Cosmos, EOS, Ethereum Classic, Filecoin, Maker, Polkadot, Stellar, Tezos and Uniswap cryptocurrencies. This also has an effect on the fore-mentioned trackers on the Swissquote Multi Crypto Index and Swissquote Multi Crypto Mini Index. Following the expansion of the crypto-asset universe on the Leonteq platform, index sponsor Swissquote has realigned the two multi-crypto AMCs, with Cardano, Polkadot and Stellar being added to the portfolios and Bitcoin Cash being removed from the line-up.<\/p>\n<h3>Spoiled for choice<\/h3>\n<p>Spoiled for choice Investors are now thus almost spoiled for choice, because a 1:1 participation gives access to a very wide range of cryptos. With the open-end trackers, there are three currencies to choose from: the Swiss franc, the euro and the US dollar. The bulk of the participating instruments are listed on the SIX, Chainlink and Tezos on the BX Swiss. In the case of the actively managed products, the choice is between CHF and USD. Thanks to this large number of potential investments, the world of cryptos can be easily and conveniently accessed by anyone. Caution is required, however: it should be borne in mind that this is a very young and also highly volatile market. The investment volume should, therefore, always be consistent with the investor&rsquo;s own risk profile and overall portfolio.<\/p>\n<h3>Tracker Certificates on crypto assets - tradable on SIX Swiss Exchange<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;CH0596616380, CH0596616398, CH0596616406, CH1129854308, CH1129854316, CH1129854324, CH1129854332, CH1129854340, CH1129854357, CH1129854563, CH1129854571, CH1129854589, CH0596616356, CH0596616364, CH0596616372, CH1143298573, CH1143298581, CH1143298599, CH0596616513, CH0596616521, CH0596616539, CH0596609419, CH0596609427, CH0596609435, CH0596612124, CH0596612132, CH0596612140, CH0596612165, CH0596612173, CH0596612181, CH0596612199, CH0596612207, CH0596612215, CH0596609245, CH0587307015, CH0587307023, CH0513599487, CH0513599503, CH0513599511, CH0481488010, CH0481488028, CH0481488036, CH0481488044, CH0481488051, CH0481488069&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.underlyings_list_i18n.en.keyword&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;conversionRatio&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Tracker Certificates on crypto assets - tradable on BX Swiss<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;CH1129859067, CH1129859075, CH1129859083, CH1129859034, CH1129859042, CH1129859059, CH1129854423, CH1129854431, CH1129854449, CH0596616687, CH0596616695, CH0596616703, CH0596616711, CH0596616729, CH0596616737, CH0596616745, CH0596616752, CH0596616760, CH0596612066, CH0596612074, CH0596612082, CH0596612090, CH0596612108, CH0596612116, CH1129860388, CH11298601420, CH1129860370, CH1129860396, CH1129860404, CH1129860412&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.underlyings_list_i18n.en.keyword&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Tracker Certificates on crypto assets - not listed<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;CH0596616588, CH0596616570, CH0596616596, CH1129860446, CH1129860438&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.underlyings_list_i18n.en.keyword&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Tracker Certificates on actively managed strategies - tradable on SIX Swiss Exchange<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;CH0542378622 CH0521604923 CH0596607769 CH0596608015 CH0596611464&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.underlyings_list_i18n.en.keyword&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Actively Managed Certificates<\/li>\n<li>Index Sponsor: Swissquote Bank SA, Gland, Switzerland<\/li>\n<li>Management fee: 1.35% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2021/crypto-market?language_id=1\" label=\"Hier mehr erfahren!\"> <\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>\n<h5>Risk disclosure<\/h5>\n<p>Investments in products referencing one or more cryptocurrencies or indices of cryptocurrencies are subject to increased volatility compared to investments in traditional assets and to specific risks which can negatively impact the value, tradability,liquidity and/or security of such investments. Potential Investors are encouraged to inform themselves about these specific risks when considering an investment in products referencing one or more cryptocurrencies or indices of cryptocurrencies. A summary of key risks relating to products referencing one or more cryptocurrencies or indices of cryptocurrencies can be found <strong> <a href=\"https://structuredproducts-ch.leonteq.com/cryptocurrencies\">here<\/a><\/strong>.<\/p>","url":"crypto-market","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/crypto_launch-leonteq-structured-products-sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/crypto_launch-leonteq-structured-products-thumbnail.jpg"},{"date":"2021-08-13T10:24","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/tezos-leonteq-structured-products-product-homepage-banner.jpg","subTitle":"30 crypto assets tradable via Leonteq","windowTitle":"Tezos","category":"crypto-assets","title":"About Tezos","body":"<p><strong>Tezos is a self-governing and self-amending smart contracts platform that launched in 2018.<\/strong><\/p>\n<p>The project aims to improve upon Ethereum and other smart contract platforms by implementing on-chain governance. Tezos\u2019 on-chain governance mechanism allows the blockchain to routinely adopt and adapt new features natively and automatically. Tez is the digital currency of Tezos and Tez holders who stake Tez can vote on, as well as determine the voting system used for upgrades.<\/p>\n<p>Tezos is also unique because of how it has started to be used by high-profile businesses. In September 2020, it was announced that the French banking giant Société Générale planned to use Tezos for experimenting with a central bank digital currency and structured products (first structured product launched in April 2021).<\/p>\n<p>Tezos operates a distinct and inclusive governance process democratizing the decision-making process and minimizing the risk of hard forks.<\/p>\n<h3>Investment solutions on Tezos - tradable on BX Swiss<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0596612090\\&quot; \\&quot;CH0596612108\\&quot; \\&quot;CH0596612116\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Conversion Ratio: 10<\/li>    \n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/investment-themes/crypto-expansion?language_id=1\" label=\"Click here to access the full product range on cryptocurrencies.\"> <\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>\n<h5>Risk disclosure<\/h5>\n<p>Investments in products referencing one or more cryptocurrencies or indices of cryptocurrencies are subject to increased volatility compared to investments in traditional assets and to specific risks which can negatively impact the value, tradability,liquidity and/or security of such investments. Potential Investors are encouraged to inform themselves about these specific risks when considering an investment in products referencing one or more cryptocurrencies or indices of cryptocurrencies. A summary of key risks relating to products referencing one or more cryptocurrencies or indices of cryptocurrencies can be found <strong> <a href=\"https://structuredproducts-ch.leonteq.com/crypto-disclaimer\">here<\/a><\/strong>.<\/p>","url":"tezos","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/tezos-leonteq-structured-products-sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/tezos-leonteq-structured-products-thumbnail.jpg"},{"date":"2021-08-13T11:50","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/cardano-leonteq-structured-products-product-homepage-banner.jpg","subTitle":"30 crypto assets tradable via Leonteq","windowTitle":"Cardano","category":"crypto-assets","title":"About Cardano","body":"<p><strong>Cardano is a smart contract platform founded in 2017 by Charles Hoskinson, who was also one of the cofounders of the Ethereum network. Like Ethereum, Cardano aims to use smart contract technology to create decentralized applications, however defers in its design principles. It was one of the first projects to commit to the proof of stake consensus protocol. Today, Cardano is very much a nascent network with a strong research foundation but somewhat slow implementation progress.<\/strong><\/p>\n<p>ADA is the digital currency in the Cardano ecosystem. It can be used as a transfer of value and for staking and voting on proposed protocol changes. In the future, ADA will also be used to power native smart contracts.<\/p>\n<p>The Cardano blockchain consists of two core components to increase efficiency and scalability: (1) a settlement layer acting as a unit of account and where ADA can be sent and received, and (2) a computational layer helping to run smart contracts.<\/p>\n<p>Cardano is the first project \u201cfounded on peerreviewed research and developed through evidence-based methods.\u201d<\/p>\n<h3>Investment solutions on Cardano - tradable on SIX Swiss Exchange<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0596609419\\&quot; \\&quot;CH0596609427\\&quot; \\&quot;CH0596609435\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Conversion Ratio: 10<\/li>    \n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/investment-themes/crypto-expansion?language_id=1\" label=\"Click here to access the full product range on cryptocurrencies.\"> <\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>\n<h5>Risk disclosure<\/h5>\n<p>Investments in products referencing one or more cryptocurrencies or indices of cryptocurrencies are subject to increased volatility compared to investments in traditional assets and to specific risks which can negatively impact the value, tradability,liquidity and/or security of such investments. Potential Investors are encouraged to inform themselves about these specific risks when considering an investment in products referencing one or more cryptocurrencies or indices of cryptocurrencies. A summary of key risks relating to products referencing one or more cryptocurrencies or indices of cryptocurrencies can be found <strong> <a href=\"https://structuredproducts-ch.leonteq.com/crypto-disclaimer\">here<\/a><\/strong>.<\/p>","url":"cardano","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/cardano-leonteq-structured-products-sidenav-banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/cardano-leonteq-structured-products-thumbnail.jpg"},{"date":"2021-08-06T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/litecoin-leonteq-structured-products_product+website.jpg","subTitle":"30 crypto assets tradable via Leonteq","windowTitle":"Litecoin","category":"crypto-assets","title":"About Litecoin","body":"<p><strong>Litecoin is a cryptocurrency that was designed by Charlie Lee in 2011 to provide fast, secure and lowcost payments by leveraging the unique properties of blockchain technology. <\/strong><\/p>\n<p>Litecoin system is implemented almost identically to the Bitcoin system and shares many features and commonalities with Bitcoin. However, Litecoin differentiates itself from Bitcoin through: (1) cheaper transaction fees, (2) a block time of just 2.5 minutes (instead of 10 minutes for Bitcoin) \u2013 resulting in the ability to handle more transactions per second, (3) an increased maximum supply, and (4) a modified proof of-work algorithm with the aim to distribute mining activity more evenly.<\/p>\n<p>Litecoin positions itself as an attractive alternative to facilitate micro-transactions and point-of-sale payments. <\/p>\n<p>Litecoin is often referred to as \u201cdigital silver\u201d and in contrast to Bitcoin\u2019s status as \u201cdigital gold\u201d.<\/p>\n<h3>Investment solutions on Litecoin - tradable on SIX Swiss Exchange<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;48148805\\&quot; \\&quot;51359948\\&quot; \\&quot;48148806\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Conversion Ratio: 0.1<\/li>    \n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/investment-themes/crypto-expansion?language_id=1\" label=\"Click here to access the full product range on cryptocurrencies.\"> <\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>\n<h5>Risk disclosure<\/h5>\n<p>Investments in products referencing one or more cryptocurrencies or indices of cryptocurrencies are subject to increased volatility compared to investments in traditional assets and to specific risks which can negatively impact the value, tradability,liquidity and/or security of such investments. Potential Investors are encouraged to inform themselves about these specific risks when considering an investment in products referencing one or more cryptocurrencies or indices of cryptocurrencies. A summary of key risks relating to products referencing one or more cryptocurrencies or indices of cryptocurrencies can be found <strong> <a href=\"https://structuredproducts-ch.leonteq.com/crypto-disclaimer\">here<\/a><\/strong>.<\/p>","url":"litecoin","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/litecoin-leonteq-structured-products_sidenav.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/litecoin-leonteq-structured-products_thumbnail.jpg"},{"date":"2021-08-06T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/bitcoin-cash-leonteq-structured-products_product+website.jpg","subTitle":"30 crypto assets tradable via Leonteq","windowTitle":"Bitcoin Cash","category":"crypto-assets","title":"About Bitcoin Cash","body":"<p><strong>Bitcoin Cash is the result of a hard fork from the Bitcoin blockchain due to concerns about Bitcoin\u2019s scalability in the Bitcoin community.<\/strong><\/p>\n<p>A hard fork is an event where a cryptocurrency splits or \u201cforks out\u201d into two or more incompatible versions as a result of competing changes to its technology.<\/p>\n<p>The notable difference between Bitcoin and Bitcoin Cash is the block size. At the time of the split in 2017, the Bitcoin Cash block size was increased from 1 MB to 8 MB and currently stands at 32 MB allowing for significantly more transactions per second compared to Bitcoin while keeping fees extremely low.<\/p>\n<p>Bitcoin Cash is the largest and most successful hard fork from Bitcoin to date.<\/p>\n<h3>Investment solutions on Bitcoin Cash - tradable on SIX Swiss Exchange<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;48148803\\&quot; \\&quot;51359951\\&quot; \\&quot;48148804\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Conversion Ratio: 0.1<\/li>    \n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/investment-themes/crypto-expansion?language_id=1\" label=\"Click here to access the full product range on cryptocurrencies.\"> <\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>\n<h5>Risk disclosure<\/h5>\n<p>Investments in products referencing one or more cryptocurrencies or indices of cryptocurrencies are subject to increased volatility compared to investments in traditional assets and to specific risks which can negatively impact the value, tradability,liquidity and/or security of such investments. Potential Investors are encouraged to inform themselves about these specific risks when considering an investment in products referencing one or more cryptocurrencies or indices of cryptocurrencies. A summary of key risks relating to products referencing one or more cryptocurrencies or indices of cryptocurrencies can be found <strong> <a href=\"https://structuredproducts-ch.leonteq.com/crypto-disclaimer\">here<\/a><\/strong>.<\/p>","url":"bitcoincash","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/bitcoin-cash-leonteq-structured-products_sidenav.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/bitcoin-cash-leonteq-structured-products_thumbnail.jpg"},{"date":"2021-08-06T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/bitcoin-leonteq-structured-products_product+website.jpg","subTitle":"30 crypto assets tradable via Leonteq","windowTitle":"Bitcoin","category":"crypto-assets","title":"About Bitcoin","body":"<p><strong>Bitcoin is the first decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto as a \"purely peer-to-peer version of electronic cash\" and was implemented early 2009.<\/strong><\/p>\n<p>Arguably, Bitcoin's narrative has changed over the years from an \"electronic cash\" system to something more closely resembling \"digital gold\" due to its digital scarcity, given its limited supply. However, Bitcoin offers many benefits over gold: it is easily divisible, indestructible, immutable, censorship-resistant, more portable, and harder to seize.<\/p>\n<p>Bitcoin's claim to fame is the creation of a global community and it gave birth to an entirely new industry. The emergence of Bitcoin has created a conceptual and technological basis that subsequently inspired the development of thousands of competing projects.<\/p>\n<p>Bitcoin is not only the world's first implementation of a scarce digital cryptocurrency but also one of the most widely traded digital cryptocurrency to date.<\/p>\n<h3>Investment solutions on Bitcoin - tradable on SIX Swiss Exchange<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;58730701\\&quot; \\&quot;59660924\\&quot; \\&quot;58730702\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Conversion Ratio: 0.001<\/li>    \n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/investment-themes/crypto-expansion?language_id=1\" label=\"Click here to access the full product range on cryptocurrencies.\"> <\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>\n<h5>Risk disclosure<\/h5>\n<p>Investments in products referencing one or more cryptocurrencies or indices of cryptocurrencies are subject to increased volatility compared to investments in traditional assets and to specific risks which can negatively impact the value, tradability,liquidity and/or security of such investments. Potential Investors are encouraged to inform themselves about these specific risks when considering an investment in products referencing one or more cryptocurrencies or indices of cryptocurrencies. A summary of key risks relating to products referencing one or more cryptocurrencies or indices of cryptocurrencies can be found <strong> <a href=\"https://structuredproducts-ch.leonteq.com/crypto-disclaimer\">here<\/a><\/strong>.<\/p>","url":"bitcoin_assets","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/bitcoin-leonteq-structured-products_sidenav.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/bitcoin-leonteq-structured-products_thumbnail.jpg"},{"date":"2021-08-06T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/ethereum-leonteq-structured-products_product+website.jpg","subTitle":"30 crypto assets tradable via Leonteq","windowTitle":"Ethereum","category":"crypto-assets","title":"About Ethereum","body":"<p><strong>The Ethereum blockchain and its native token Ether were first described in a 2013 whitepaper by Vitalik Buterin and the blockchain went officially live in 2015. Ethereum is an open-source blockchain that facilitates decentralized applications (e.g. decentralized borrowing & lending, decentralized exchanges), digital ownership models (e.g. non-fungible tokens) and decentralized autonomous organisations (e.g. online communities with pooled funds) by leveraging smart contract technology.<\/strong><\/p>\n<p>Smart contracts are computer programs residing on the blockchain and that automatically execute in line with predefined rules. The flexibility in designing smart contracts and the interaction between smart contracts allow for the creation of complex decentralized applications. <\/p>\n<p>Ethereum is currently undergoing its largest upgrade to Ethereum 2.0, which will result in a change in the consensus algorithm from proof-of-work to a proof-of-stake and aims to make the Ethereum platform more scalable and efficient.<\/p>\n<p>Ethereum is often referred too as the first \u201cworld computer\u201d.<\/p>\n<h3>Investment solutions on Ethereum - tradable on SIX Swiss Exchange<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;48148799\\&quot; \\&quot;51359949\\&quot; \\&quot;48148800\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Conversion Ratio: 0.1<\/li>    \n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/investment-themes/crypto-expansion?language_id=1\" label=\"Click here to access the full product range on cryptocurrencies.\"> <\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>\n<h5>Risk disclosure<\/h5>\n<p>Investments in products referencing one or more cryptocurrencies or indices of cryptocurrencies are subject to increased volatility compared to investments in traditional assets and to specific risks which can negatively impact the value, tradability,liquidity and/or security of such investments. Potential Investors are encouraged to inform themselves about these specific risks when considering an investment in products referencing one or more cryptocurrencies or indices of cryptocurrencies. A summary of key risks relating to products referencing one or more cryptocurrencies or indices of cryptocurrencies can be found <strong> <a href=\"https://structuredproducts-ch.leonteq.com/crypto-disclaimer\">here<\/a><\/strong>.<\/p>","url":"ethereum","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/ethereum-leonteq-structured-products_sidenav.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/ethereum-leonteq-structured-products_thumbnail.jpg"},{"date":"2021-08-06T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/ripple-leonteq-structured-products_product+website.jpg","subTitle":"30 crypto assets tradable via Leonteq","windowTitle":"Ripple","category":"crypto-assets","title":"About Ripple","body":"<p><strong>The Ripple network is a protocol designed to facilitate fast, cross-border payments with minimal fees. The token XRP is the accounting unit of the blockchain (called XRP Ledger) and serves as a bridge currency between banks.<\/strong><\/p>\n<p>Ripple Labs, Inc. \u2013 a private, for-profit company that sells the closed-source banking software RippleNet \u2013 is involved in the ongoing development of applications for XRP. Ripple Labs, Inc. and XRP are often used interchangeably but are independent; RippleNet is not needed for the working of the Ripple network.<\/p>\n<p>Contrary to Bitcoin and Ether, XRPs are not \u201cmined\u201d. The maximum available amount of 100 billion XRP are included in the genesis block (the first block in the blockchain). However, a portion of XRP is time-locked and progressively released to the market.<\/p>\n<p>The Ripple network was never intended to be censorship-resistant nor was it intended to be used for peer-to-peer payments. Instead, the goal of the Ripple network is to improve international bank payments.<\/p>\n<h3>Investment solutions on Ripple - tradable on SIX Swiss Exchange<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;48148801\\&quot; \\&quot;51359950\\&quot; \\&quot;48148802\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Conversion Ratio: 100<\/li>    \n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/investment-themes/crypto-expansion?language_id=1\" label=\"Click here to access the full product range on cryptocurrencies.\"> <\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>\n<h5>Risk disclosure<\/h5>\n<p>Investments in products referencing one or more cryptocurrencies or indices of cryptocurrencies are subject to increased volatility compared to investments in traditional assets and to specific risks which can negatively impact the value, tradability,liquidity and/or security of such investments. Potential Investors are encouraged to inform themselves about these specific risks when considering an investment in products referencing one or more cryptocurrencies or indices of cryptocurrencies. A summary of key risks relating to products referencing one or more cryptocurrencies or indices of cryptocurrencies can be found <strong> <a href=\"https://structuredproducts-ch.leonteq.com/crypto-disclaimer\">here<\/a><\/strong>.<\/p>","url":"ripple","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/ripple-leonteq-structured-products_sidenav.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/ripple-leonteq-structured-products_thumbnail.jpg"},{"date":"2021-08-04T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/pennnationalgaming+-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"\"Gambling\" as an investment goal","windowTitle":"Penn National Gaming","category":"coupon-giant","title":"Penn National Gaming","body":"<h3>\"Gambling\" as an investment goal<\/h3>\n<p>Looking at the chart of Penn National Gaming, the first thing that comes to mind is the folk festival hit \"Auf und Nieder\" (Up and Down) by the Zillertaler Sch&uuml;rzenj&auml;gern. Between November 2020 and March 2021, the stock price skyrocketed nearly threefold, only to give back nearly all of the increase. Currently, the S&amp;P 500 member has found a bottom and is consolidating in the USD 65/70 range.<\/p>\n<h3>Chart: Penn National Gaming (in USD)<\/h3>\n<div><img src=\"/dA/7d9fea7c40/charts_-PennNationalGaming_700x500 EN Product.svg?language_id=1\" alt=\"charts_-PennNationalGaming_700x500 EN Product\" caption=\"false\" width=\"1225\" height=\"1175\" /><\/div>\n<footer>Source: Thomson Reuters, as at 03.08.2021<br /> Historical data are not a reliable indicator of future performance.<\/footer>\n<h3>Operational bright spots<\/h3>\n<p>Stock market players still seem to be divided as to whether the casino operator has already put the pandemic to bed or whether the virus will once again put the brakes on business in the future. Last year, the Corona restrictions caused the company to slide deep into the red. The bottom line was a loss of USD 669 million, or USD 4.99 per share. On a quarterly basis, however, significant improvements are already evident. Penn National Gaming has been in the black in each of the past three periods and has even exceeded expectations twice. The consensus also expects positive earnings per share of USD 0.93 for the past second quarter. Investors will know more on August 5, when the Wyomissing-based company will publish its financial results.<\/p>\n<p>In the run-up to the balance sheet presentation, Penn National Gaming already has good news for investors: On August 12, the new Hollywood Casino York will open its doors. The gaming paradise covers around 80,000 square feet and offers some 500 slot machines and 24 table games. In addition, sports betting is also available. This is a particularly high-growth area, after all, more and more states are reforming their gambling laws. Most recently, for example, Florida, Arizona and Connecticut have approved sports betting at the state level.<\/p>\n<h3>Diversified business model<\/h3>\n<p>Penn National is diversified: The group operates or owns interests in 42 gaming properties in 20 states. In total, the company's properties have approximately 50,000 slot machines, 1,300 table games and nearly 8,800 hotel rooms. In addition, the company operates iCasinos in Pennsylvania and Michigan through a subsidiary. These are interactive gaming offerings. Online sports betting is also offered in Indiana, Pennsylvania, West Virginia and Iowa via strategic partnerships.<\/p>\n<p>Also promising is the investment in Barstool Sports that Penn National made last year. The company, named after a bar stool, is among the leading digital sports, entertainment, lifestyle and media companies. The potential for engagement is huge: of Barstool's 66 million monthly active users, 44% play weekly, which adds up to just over 29 million weekly sports bettors. The Barstool sports app has since launched in Pennsylvania, Michigan and Illinois.<\/p>\n<h3>Penn National Gaming: earnings per share<\/h3>\n<div><img src=\"/dA/4b2e94af4d/charts_-PennNationalGaming_700x500 EN Bar chart.svg?language_id=1\" alt=\"charts_-PennNationalGaming_700x500 EN Bar chart\" caption=\"false\" width=\"1196\" height=\"1114\" /><\/div>\n<footer>Source: Thomson Reuters, e = expected<br /> Historical data are not a reliable indicator of future performance.<\/footer>\n<h3>Analysts are confident<\/h3>\n<p>How Penn National stock fares in the near term will largely be determined by two events: One is the delta variant of the coronavirus, which may affect business. The other is the interim report mentioned at the outset. Penn National has set its sights on \"sustainable margin improvement\" and will be measured against that. For the second quarter, the company expects to increase operating margin by 220 basis points. Ultimately, it is looking at sales of USD 1.45 billion to USD 1.55 billion and operating profit of USD 540 million to USD 580 million.<\/p>\n<p>After the sharp drop in the share price, the majority of analysts are once again positive about the stock ahead of the figures. Of 13 analyst studies, 9 resulted in a Buy rating. An average 12-month price target of USD 108 can be calculated from the research reports, which corresponds to a potential of more than 50%.<\/p>\n<h3>High Vol = High Yield<\/h3>\n<p>Even though Penn National is a gaming company, investors should by no means view the stock market as a gamble. Those unsure whether the operating rebound will continue in the coming quarters despite the increasingly rampant delta variant of the Corona virus can take advantage of the stock's high vol via new soft-callable barrier reverse convertibles. The products, which are offered in USD and CHF currencies, offer double-digit percentage return opportunities. The CHF product offers a coupon of 14.00% p.a., while the USD version offers an even slightly higher yield of 15% p.a.. Both securities have a buffer of 31%.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0596610417\\&quot; \\&quot;CH1125449962\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-penn","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/pennnationalgaming+-leonteq-structured-productssidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/pennnationalgaming+-leonteq-structured-productsthumbnail.jpg"},{"date":"2021-07-21T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/k+s-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Fertilizer for yields","windowTitle":"K+S","category":"coupon-giant","title":"K+S","body":"<h3>Fertilizer for yields<\/h3>\n<p>Volatility is a constant companion for K+S shareholders. The German mid cap shows an enormous range of price fluctuations: Starting from the beginning of January, Thomson Reuters puts the historical volatility of K+S at 50%. By way of comparison, for the MDAX, of which the share is one of the 60 members, this figure amounts to about 13%. The relatively strong price fluctuations are quite typical for the sector in which the traditional group is active. K+S is a classic commodity stock. The company's main product is the extraction of potassium and magnesium fertilizers in its mines. Accordingly, just under two thirds of revenues come from agriculture. In the second customer segment, the Hessians supply industry, private households and local authorities with various salts - whether for water softening, as a component of injection solutions or for winter road clearance services for de-icing traffic routes.<\/p>\n<h3>K+S: Revenues and Earnings<\/h3>\n<div><img src=\"/dA/5d3d843bbe/charts_KS_700x500 EN Bar chart.svg?language_id=1\" alt=\"charts_KS_700x500 EN Bar chart\" caption=\"false\" width=\"1238\" height=\"805\" /><\/div>\n<footer>Source: K+S, as at 20.07.2021<br /> Historical data are not a reliable indicator of future developments.<\/footer>\n<h3>On the pulse of agriculture<\/h3>\n<p>Two factors that are decisive for the success of the company stand out from this broad base. In addition to prices for agricultural raw materials, these are winter weather conditions. In 2020, both parameters made life difficult for K+S. In both Europe and North America, \"Father Frost\" was very restrained, which is why relatively little de-icing salt was needed. At the same time, the Corona pandemic intensified the downward trend in grain and potash prices. Consequently, K+S posted a significant decline in revenues and earnings for last year (see chart). The tide has now turned. With the rally on the commodity markets - corn has risen in price by just under 70% within 12 months - fertilizer prices have turned upwards. In addition, winter bared its cold teeth again at the beginning of 2021, especially in Europe.<\/p>\n<h3>Strong start, higher targets<\/h3>\n<p>A look at the quarterly report shows that this mixture of factors is having an impact on K+S's business. From January to March 2021, the group increased revenues by 13% to EUR 733 million. Earnings before interest, taxes, depreciation and amortisation (EBITDA) showed disproportionate growth of 27% to EUR 126 million. \"From today's perspective, we are also optimistic for the rest of the year and are therefore raising our forecast,\" commented CEO Burkhard Lohr on the latest results. He now expects EBITDA of between EUR 500 million and EUR 600 million for 2021, compared with a previous range of EUR 440 million to EUR 540 million. By comparison, K+S earned EUR 267 million operationally in 2020. All figures refer to continuing operations. This note is important in that the MDAX company was able to announce the completion of the sale of the Americas salt business at the end of April.<\/p>\n<h3>Chart: K+S (in EUR)<\/h3>\n<div><img src=\"/dA/eea92ec654/charts_KS_700x500 EN Product.svg?language_id=1\" alt=\"charts_KS_700x500 EN Product\" caption=\"false\" width=\"1238\" height=\"850\" /><\/div>\n<footer>Source: Thomson Reuters, as at 20.07.2021<br /> Historical data are not a reliable indicator of future developments.<\/footer>\n<h3>Debt relief<\/h3>\n<p>In addition to activities in Chile, mining sites in the USA as well as Canada are going to Stone Canyon Industries Holdings. At the end of 2019, K+S had put the assets acquired on the American continent after the turn of the millennium up for disposal. \"With the proceeds from the sale of 2.6 billion US dollars, we are taking a huge step towards reducing debt,\" the CEO was pleased to say. Indeed, the group could do with some relief here. Last year, net debt had risen to more than seven times EBITDA. Burkhard Lohr has already taken his announcement seriously. At the end of June, the CEO was able to reduce financial liabilities by EUR 560 million by buying back bonds. The latest news from the company's headquarters in Kassel has been well received on the stock market: since the turn of the year, capitalization has increased by half.<\/p>\n<h3>Attractive risk/reward profile<\/h3>\n<p>This means that K+S has outperformed the MDAX by more than 40 percentage points. However, as already mentioned at the beginning, the share also stands out clearly from the crowd in terms of volatility. This is precisely why barrier reverse convertibles offer themselves as an investment alternative. This is because the implied price volatility literally acts like fertilizer on the terms of this structured product. The higher the volatility, the higher the coupons and/or the lower the barriers. Of course, relatively high volatility increases the risk of threshold breaches. Leonteq has launched two new Softcallable Barrier Reverse Convertibles on K+S. Investors can allocate the capital either in CHF or EUR. While the CHF version offers a coupon of 13.00% p.a., the EUR alternative pays out 40 basis points higher. The barriers are uniformly set at 59% of the initial level. For the first time after half a year and from then on every three months, early termination and redemption of this issue is possible, the keyword being \"soft callable\".<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1125444377\\&quot; \\&quot;CH0596611381\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-k+s","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/k+s-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/k+s-leonteq-structured-products-thumbnail.jpg"},{"date":"2021-07-16T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/pharmaceutical-industry-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Tracker Certificate on the Swissquote Pharma Opportunity Index","windowTitle":"Underlying at an all-time high","category":"investment-themes","title":"Underlying at an all-time high","body":"<h3>Successful virus fighters<\/h3>\n<p>Trends, global drivers and trading strategies &ndash; these are the three central premises forming the basis for Swissquote's activities on its \"Themes Trading\" platform, through which the direct broker has now opened up more than 40 promising themes to investment. In doing so the managers are always keen to respond quickly and effectively to new developments. This intention was also followed in the launch of the Swissquote Pharma Opportunity Index. When the corona crisis began to pick up speed in early 2020, the equity strategies quickly identified that the pandemic represented a perhaps unique challenge and also opportunity for the pharmaceutical sector especially. \"The Swissquote Pharma Opportunity certificate invests in the performance of companies actively working on medicines to combat the coronavirus with development of vaccines and medical equipment to test for the virus and treat symptoms,\" is how the initiators summarise the idea behind this investment product. Just under 15 months since the launch, the results speak for themselves: the index has gained almost three quarters in value since the start. That means the theme selection outperformed the MSCI World Index by nearly 20 percentage points.<\/p>\n<div>\n   <ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2021/swissquote-pharma?language_id=1\" label=\"Get more information here\"> <\/ltq-button>\n<\/div>\n<h3>Vaccine developers as performance drivers<\/h3>\n<p>A comparison with the global equity market benchmark already makes sense just on the basis that the Swissquote Pharma Opportunity Index also has an international flavour. At present 18 companies have made it through the systematic selection process. With a 43% weighting, US firms are setting the tone. The pharmaceutical pair Novartis and Roche together with the investment company BB Biotech ensure that Switzerland occupies second place on the country rankings. They are joined by virus fighters from France, Great Britain and Asia (see graphic). It is hardly surprising that those firms involved in the development of Covid-19 vaccines have pushed the index up sharply. Moderna, BioNTech and Novavax have posted three-digit price gains in percentage terms since their inclusion. However, the weakest share also comes from this corner: CureVac has dropped more than a third since the index managers added the German company. The vaccine developed by the T&uuml;bingen firm has not as yet achieved the hoped-for effectiveness.<\/p>\n<h3>Swissquote Pharma Opportunity Index: Weighting by country<\/h3>\n<div><img src=\"/dA/4f7eba433a/charts_pharmaceutical-industry_700x400 EN Pie chart.svg?language_id=1\" alt=\"charts_pharmaceutical-industry_700x400 EN Pie chart\" width=\"1730\" height=\"1629\" caption=\"false\" /><\/div>\n<footer>Source: Leonteq, as at 12.07.2021<br />Historical data are not a reliable indicator of future performance.<\/footer>\n<h3>Systematic diversification<\/h3>\n<p>The correction of CureVac had little impact on overall performance, which goes to show how sensible it is to have a diversified position in an investment theme that, while highly promising, is not immune to disappointments. What is more, the index does not just cover the vaccination campaign: the benchmark also includes a range of companies which develop and market active agents and instruments for the treatment and diagnosis of coronavirus. While Roche showcases its diagnostic expertise, Novartis is making capacity available for the production of vaccines. At the same time, the group is collaborating with Zurich-based Molecular Partners on an experimental Covid-19 drug. Known as \"Ensovibep\", in recent in-vitro tests the product proved to be effective against all major virus mutations, including the Delta variant. The researchers expect to see the first results from the phase II and phase III clinical trials at the beginning of 2022.<\/p>\n<div>\n   <price-chart isin=\"CH0521605003\"><\/price-chart>\n<\/div>\n<h3>Tracker Certificate on the Swissquote Pharma Opportunity Index<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;regions&quot;:[&quot;CH&quot;],&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0521605003\\&quot;&quot;,&quot;conditions&quot;:{&quot;&quot;:true},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;resultsPerPage&quot;:20,&quot;pageNumber&quot;:1,&quot;inSubscription&quot;:false,&quot;sortFields&quot;:[],&quot;sortingEnabled&quot;:true,&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n              <template v-slot:headerTitle>\n          <div>\n    <strong>Management Fee: 0.85% <\/strong><br>\n    <strong>Index Sponsor: Swissquote Bank SA<\/strong><br>\n    <strong>Issuer: Leonteq Securities AG<\/strong>\n<\/div>\n        <\/template>\n                <\/SavedSearch>\n  <\/div>\n<h3>Experts see \"unique opportunity\"<\/h3>\n<p>The examples outlined demonstrate the enormous diversity of the Swissquote Pharma Opportunity Index. The benchmark brings together innovative biotech firms and strong, high-value representatives of the \"big pharma\" segment. The ever faster-spreading Delta variant in particular shows that the fight against the corona virus is far from won. Looking at the next few months, the key for the pharmaceutical sector will more than ever be to deliver sufficient quantities of vaccines and tests while at the same time driving the search for effective drugs. A further driver could make an appearance in the upcoming reporting season: gradual re-opening should play into the hands of healthcare companies, with treatments cancelled or postponed during the lockdown now able to be provided again. The Swissquote experts, at any rate, continue to be convinced of the potential of this theme. Indeed, given the significance of vaccine business they are even talking of a unique opportunity: \"This is a once-in-a-lifetime opportunity to capitalise on a jump in the market that no one could have predicted,\" the stock market professionals reckon.<\/p>\n<h3>Swissquote Pharma Opportunity Index: Current composition<\/h3>\n<div>\n   <ltq-table id=\"\" title=\"Composition as at 12.07.2021\">\n      <template v-slot:default=\"\">\n         <thead>\n            <tr>\n               <th>Company<\/th>\n               <th>Country<\/th>\n               <th>Weighting<\/th>\n            <\/tr>\n         <\/thead>\n         <tbody>\n            <tr>\n               <td>AstraZeneca<\/td>\n               <td>Great Britain<\/td>\n               <td>4.26%<\/td>\n            <\/tr>\n            <tr>\n               <td>BB Biotech<\/td>\n               <td>Switzerland<\/td>\n               <td>5.03%<\/td>\n            <\/tr>\n            <tr>\n               <td>BioNTech<\/td>\n               <td>Germany<\/td>\n               <td>4.71%<\/td>\n            <\/tr>\n            <tr>\n               <td>CureVac<\/td>\n               <td>Germany<\/td>\n               <td>6.93%<\/td>\n            <\/tr>\n            <tr>\n               <td>Eli Lilly<\/td>\n               <td>USA<\/td>\n               <td>6.78%<\/td>\n            <\/tr>\n            <tr>\n               <td>Gilead Sciences<\/td>\n               <td>USA<\/td>\n               <td>4.63%<\/td>\n            <\/tr>\n            <tr>\n               <td>GlaxoSmithKline<\/td>\n               <td>Great Britain<\/td>\n               <td>4.66%<\/td>\n            <\/tr>\n            <tr>\n               <td>Inovio Pharmaceuticals<\/td>\n               <td>USA<\/td>\n               <td>4.56%<\/td>\n            <\/tr>\n            <tr>\n               <td>Johnson &amp; Johnson<\/td>\n               <td>USA<\/td>\n               <td>6.52%<\/td>\n            <\/tr>\n            <tr>\n               <td>Moderna<\/td>\n               <td>USA<\/td>\n               <td>5.16%<\/td>\n            <\/tr>\n            <tr>\n               <td>Novartis<\/td>\n               <td>Switzerland<\/td>\n               <td>5.65%<\/td>\n            <\/tr>\n            <tr>\n               <td>Novavax<\/td>\n               <td>USA<\/td>\n               <td>6.08%<\/td>\n            <\/tr>\n            <tr>\n               <td>Pfizer<\/td>\n               <td>USA<\/td>\n               <td>4.63%<\/td>\n            <\/tr>\n            <tr>\n               <td>Regeneron Pharmaceuticals<\/td>\n               <td>USA<\/td>\n               <td>4.74%<\/td>\n            <\/tr>\n            <tr>\n               <td>Roche Holding<\/td>\n               <td>Switzerland<\/td>\n               <td>4.29%<\/td>\n            <\/tr>\n            <tr>\n               <td>Sanofi<\/td>\n               <td>France<\/td>\n               <td>4.41%<\/td>\n            <\/tr>\n            <tr>\n               <td>Sinopharm Group<\/td>\n               <td>China<\/td>\n               <td>7.30%<\/td>\n            <\/tr>\n            <tr>\n               <td>Valneva<\/td>\n               <td>France<\/td>\n               <td>9.67%<\/td>\n            <\/tr>\n         <\/tbody>\n      <\/template>\n      <template v-slot:below>\n         <LtqCardBody>\n            <footer>Source: Leonteq<\/footer>\n            <footer>Historical data are not a reliable indicator of future performance.<\/footer>\n         <\/LtqCardBody>\n      <\/template>\n   <\/ltq-table>\n<\/div>\n<div>\n   <ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2021/swissquote-pharma?language_id=1\" label=\"Get more information here\"> <\/ltq-button>\n<\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"swissquote-pharma","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/pharmaceutical-industry-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/pharmaceutical-industry-leonteq-structured-products-thumbnail.jpg"},{"date":"2021-07-07T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/devon-energy-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Merging out of the crisis","windowTitle":"Devon Energy","category":"coupon-giant","title":"Devon Energy","body":"<h3>Merging out of the crisis<\/h3>\n<p>Leading oil producing countries have failed to agree on a new production policy. After the talks of the so-called OPEC+ were postponed indefinitely, the price of a barrel of North Sea Brent crude climbed to its highest level since November 2018. Since the existing production cuts are now likely to remain in force, the supply situation on the oil market threatens to tighten. Wall Street was still closed on Monday for the US national holiday. Therefore, US oil stocks were initially unable to react to the failed OPEC+ negotiations. Nevertheless, the sector is likely to remain energy-rich. This also applies to Devon Energy. On its 50th anniversary, the US industry representative is experiencing a stock market comeback: on a one-year horizon, the stock is up almost 170%. This enabled the share to break out of a multi-year downtrend (see chart).<\/p>\n<h3>Chart: Devon Energy (in USD)<\/h3>\n<div><img src=\"/dA/7e7e4f92ba/charts_devo-energy_700x500 EN Product.svg?language_id=1\" alt=\"charts_devo-energy_700x500 EN Product\" caption=\"false\" width=\"1730\" height=\"2904\" /><\/div>\n<footer>Source: Thomson Reuters, as at 05.07.2021<br /> Historical data are not a reliable indicator of future performance.<\/footer>\n<h3>From a five-man operation to an oil and gas group<\/h3>\n<p>In 1971, Devon Energy started out with five employees and no facilities of its own. Today, the group, which has been listed on the stock exchange since 1988, is one of the leading representatives of the US shale gas industry. At the beginning of its anniversary year, the Oklahoma City-based company significantly strengthened its position. Devon merged with competitor WPX Energy. The resulting company extracts oil and gas from a total of five sites. Management describes the \"Delaware Basin\" as a particularly capital-efficient growth engine. In Q1 2021, Devon is generating a margin of USD 32.07 per barrel of crude oil equivalent in southeastern New Mexico and West Texas - a good 80% more than in the same period last year. Not just this metric, the quarterly report as a whole was well received on Wall Street.<\/p>\n<h3>Strong interim report<\/h3>\n<p>After heavy losses in the first three months of 2020, Devon managed to turn itself around: the company posted adjusted earnings per share of USD 0.45. Analysts had expected USc 12 less on average. Devon Energy also significantly improved its operating cash flow. At just under USD 600 million, it exceeded the year-earlier figure by more than a tenth in the first quarter. Of course, the comeback in oil prices is helping. From January to March 2021, Devon averaged just under USD 57 per barrel shipped. In 2020, the average selling price had collapsed to less than USD 36. Nevertheless, management managed to generate an operating profit of around USD 1.5 bn and a similarly high cash flow in the Corona year (see chart).<\/p>\n<h3>Devon Energy: Key figures<\/h3>\n<div><img src=\"/dA/8993a0040d/charts_devo-energy_700x500 EN Bar chart.svg?language_id=1\" alt=\"charts_devo-energy_700x500 EN Bar chart\" caption=\"false\" width=\"667\" height=\"1114\" /><\/div>\n<footer>Source: Devon Energy, as at 06.07.2021<br /> Historical data are not a reliable indicator of future performance.<\/footer>\n<h3>Distributions are a priority<\/h3>\n<p>Cash inflows play a key role for CEO Rick Muncrief. The former WPX chief uses cash flow to scale back debt while keeping shareholders happy with attractive distributions. Devon has always been known as a loyal dividend payer. For 28 consecutive years, the profit-sharing payment has been increased. On average, the payment has grown more than 10% per year since 1993. The merged company has once again tightened up its dividend policy: the payout now consists of a fixed and a variable component. In the current year, shareholders can expect a fixed payment of USD 0.11 per share per quarter. For the first three months, management has added a further USc 23 as a variable component.<\/p>\n<h3>Energetic investment solution<\/h3>\n<p>Despite all the progress, Devon's shares have been very volatile. Year to date, the historical price volatility is more than 50%. By comparison, the S&amp;P 500 volatility, of which the oil company is a member, is around 13%. This enormous discrepancy makes Devon Energy a \"coupon giant\". Leonteq has reacted by launching two new Barrier Reverse Convertibles on the oil share. In the product currency CHF, the issue pays a quarterly coupon of 13% p.a.. In USD, the guaranteed coupon is 100 basis points higher. The barrier is fixed at a uniform 59% of the initial level. In general, the term ends after 15 months. Before that, the soft-callable function may kick in. Early redemption of the Barrier Reverse Convertible is possible for the first time after six months and then quarterly thereafter.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0596610896\\&quot; \\&quot;CH1121828433\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-devon","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/devon-energy-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/devon-energy-leonteq-structured-products-thumbnail.jpg"},{"date":"2021-06-23T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/virgin-galactic-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Revolution in space","windowTitle":"Virgin Galactic","category":"coupon-giant","title":"Virgin Galactic","body":"<h3>Revolution in space<\/h3>\n<p>Billionaire Richard Branson can look back on an eventful past: Since 1972, the 70-year-old has founded several hundred companies and, over the decades, created the Virgin Group conglomerate. From hotels to the electronics and wine trade to aviation, the conglomerate includes a wide variety of industries. Virgin Galactic, the first private space tourism company, is still relatively new.<\/p>\n<p>This is particularly close to Branson's heart. At regular intervals, the adventurer stresses that his company will be number one in the tourist conquest of space. But although 600 customers have already paid the roughly USD 250,000 for one of the coveted seats, no commercial flight into orbit has yet taken place. However, the latest developments give hope that the launch is imminent.<\/p>\n<h3>Virgin Galactic: Development of earnings per share (in USD)<\/h3>\n<div><img src=\"/dA/ee27bcb77d/charts_virgin_galatic_700x500 EN Bar chart.svg?language_id=1\" alt=\"charts_virgin_galatic_700x500 EN Bar chart\" caption=\"false\" width=\"683\" height=\"1114\" /><\/div>\n<footer>Source: Thomson Reuters<br /> Historical data are not a reliable indicator of future performance.<\/footer>\n<h3>All good things come in threes<\/h3>\n<p>While the first test pilots were catapulted to the frontier of space in December 2018, May this year saw the third trip to near-space on the \"SpaceShipTwo\" rocket aircraft. \"We have now flown seven people into space and continue our mission to make space accessible to all,\" Branson subsequently wrote on Twitter. Virgin Galactic's system is based on the \"VSS Unity\" space capsule, which carries two pilots, and the \"VMS Eve\" carrier aircraft. At an altitude of just under 14 kilometres, the VSS Unity was decoupled and continued its journey to an altitude of 89.2 kilometres using its own rocket engine.<\/p>\n<p>The flight, recently launched in Mexico, was another important step toward the Federal Aviation Administration granting a commercial license for reusable spacecraft. And it was far from the last this year. The company plans three more test flights. As early as the flight after next, founder Branson himself wants to get on board. Then from 2022 Virgin Galactic expects to be able to start commercial operations. There is room for a maximum of six passengers in the 18-metre-long capsule, which equates to a turnover of around USD 1.5 million per flight.<\/p>\n<h3>Wild ups and downs<\/h3>\n<p>On the capital market, the company celebrated its IPO in 2019, people are already eagerly awaiting the start of the \"Space Tourism Flights\". The company is still writing high losses. In the first quarter of 2021 alone, the loss added up to USD 130 million. The share price is therefore still determined by reports on project development. Both successes and failures cause large swings. For example, a failed test flight last December, during which the rocket engine did not function as planned, caused the share price to plunge by around a quarter.<\/p>\n<p>The reaction of the recent successful flight test was the opposite. Since then, Virgin Galactic's share price has risen sharply and has now more than doubled in value. But it's not just tangible data that's causing swings in the stock; Reddit disciples have also discovered the stock for themselves, shooting it up to a galactic USD 62 earlier this year.<\/p>\n<h3>Chart: Virgin Galactic (in USD)<\/h3>\n<div><img src=\"/dA/106bae582f/charts_virgin_galatic_700x500 EN Product.svg?language_id=1\" alt=\"charts_virgin_galatic_700x500 EN Product\" caption=\"false\" width=\"700\" height=\"1175\" /><\/div>\n<footer>Source: Thomson Reuters, as at 22.06.2021<br /> Historical data are not a reliable indicator of future performance.<\/footer>\n<h3>Low barriers and high coupons...<\/h3>\n<p>The high volatility of the stock is best used to structure highly attractive soft callable barrier reverse convertibles. The two new BRCs on Virgin Galactic therefore offer top terms: With a maximum term of 12 months and a risk buffer of 45%, a respectable interest rate of 13.00% p.a. is possible with the CHF-denominated product. The USD version even offers a coupon of 14.00% p.a. with otherwise identical features.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0587307189\\&quot; \\&quot;CH1117920947\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>...or do you prefer a 1:1 participation?<\/h3>\n<p>Those who prefer a longer-term and broadly diversified exposure to the growth sector may consider the tracker on the <strong> <a href=\"https://structuredproducts-ch.leonteq.com/news/all/space\">Swissquote Space Economy Index<\/a><\/strong> (ISIN CH0587306991). The recently launched barometer includes 40 companies whose business models extend into space. In addition to Virgin Galactic, for example, the index also includes manufacturers and operators of rockets and satellites, as well as telecommunications companies. In addition, Airbus and Boeing, the two leading aerospace companies, have also been included in the composition. The certificate reflects the performance of the Strategy Index - less a fee of 0.25% p.a. for the calculation agent and an administration fee of 0.40% p.a. - on a one-to-one basis and without a maturity limit.<\/p>\n<h3>Tracker certificate on the Swissquote Space Economy Index<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0587306991\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div><strong>Management Fee: 0.65% p.a.<\/strong><\/div>\n<div><strong>Index Sponsor: Swissquote Bank SA<\/strong><\/div>\n<div><strong>Issuer: Leonteq Securities AG<\/strong><strong><\/strong><\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-virgingalactic","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/virgin-galactic-leonteq-structured-productssidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/virgin-galactic-leonteq-structured-productsthumbnail.jpg"},{"date":"2021-06-09T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/tui-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Summer, sun, yield","windowTitle":"TUI","category":"coupon-giant","title":"TUI","body":"<h3>Summer, sun, yield<\/h3>\n<p>The summer holiday can come: Wherever you look, incidence rates are falling and more and more countries are opening their borders to tourists. Even if not everyone is immediately ready to travel to foreign countries, the travel industry, which has been hit by the crisis, should gradually be able to breathe again. Data from the Spanish tourist office in Switzerland is encouraging in this respect. According to this, bookings have increased \"explosively\" since the country was removed from the FOPH list of risk countries.<\/p>\n<h3>TUI: Development of earnings per share in EUR<\/h3>\n<div><img src=\"/dA/48f69f8167/charts_tui_700x500 EN Bar chart.svg?language_id=1\" alt=\"charts_tui_700x500 EN Bar chart\" caption=\"false\" width=\"683\" height=\"1114\" /><\/div>\n<footer>Source: Refinitiv<br /> Historical data is not a reliable indicator of future developments.<\/footer>\n<h3>Deep red figures<\/h3>\n<p>Such a development is particularly pleasing for the travel group TUI, after all, it had to accept heavy business losses due to corona. In the 2019/20 financial year (30 September), revenue shrank by 55%, while earnings before interest and taxes (Ebit) turned sharply into the red zone: the operating loss totalled EUR 3 bn. In the first half of 2020/21, the pace of decline in terms of revenue accelerated even further. Revenues slumped by almost 90%. On the earnings side, however, there was a slight improvement. On an Ebit basis, the decline amounted to EUR 1.3 bn in the first half of the year. This was mainly due to greater cost discipline, which helped to reduce the average monthly loss from around EUR 250m to EUR 218m.<\/p>\n<h3>Improvement in sight<\/h3>\n<p>The biggest declines in revenue at the world's leading tourism group are currently being recorded by the airline TUI fly. However, hotels such as Riu and Robinson as well as the cruise division continue to show a downward trend. On the other hand, the outlook for the upcoming holiday season gives hope. The company counts 2.6 million bookings for the 2021 summer season so far. For the peak season, TUI is planning on 75% of the capacity of summer 2019. Due to good vaccination rates and low infections, the focus is mainly on the regions of Greece, Balearic Islands and Canary Islands. Given the increasing interest, TUI could even imagine extending the summer season into autumn. \"We see an enormous pent-up demand for the end of the season, an extension is feasible and this must also be agreed with the destinations,\" TUI CEO Fritz Joussen recently told journalists. The boss also expects the group to return to profitability in the fourth quarter from July to the end of September.<\/p>\n<h3>Fresh money<\/h3>\n<p>In order for TUI to remain able to act after the high losses and to satisfy the increasing demand, the capital market was recently tapped. In April, the Group issued a convertible bond worth EUR 400 million, and in May the cruise subsidiary TUI Cruises issued its first bond with a volume of EUR 300 million and an interest rate of 6.5%. According to CFO Sebastian Ebel, cruise bookings for the second half of the year and for 2022 and 2023 are developing well. The gradual pick-up in tourism is also giving a boost to the Corona-ridden TUI share. But even if the price has already risen by half this year alone, the stock is still trading more than a third below its pre-crisis level. The majority of analysts also remain skeptical: Refinitiv's average rating from 10 analyst studies is 4.1, which translates into a sell rating.<\/p>\n<h3>Chart: TUI (in EUR)<\/h3>\n<div><img src=\"/dA/aa4cca2bea/charts_tui_700x500 EN Product.svg?language_id=1\" alt=\"charts_tui_700x500 EN Product\" caption=\"false\" width=\"1730\" height=\"2904\" /><\/div>\n<footer>Source: Thomson Reuters<br /> Historical data is not a reliable indicator of future developments.<\/footer>\n<h3>Above-average yields<\/h3>\n<p>Caution is indeed called for with highly volatile stocks such as TUI. However, with structured products, even a consolidation at the share price level can be turned into cash. Two new barrier reverse convertibles make this possible. Both have a comfortable risk buffer of 41%, which means that the TUI share could even suffer a setback without the maximum return being at risk. Speaking of yields, the BRCs come with significantly higher coupons than, for example, the TUI Cruises bond described above. The Swiss franc version offers a high yield of 15.00% p.a., while the identical EUR product even has a coupon of 15.40% p.a.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1265326327\\&quot; \\&quot;CH1265326335\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.calendar.subscription_end_date.value&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.calendar.last_trading_date.value&quot;,&quot;sortOrder&quot;:&quot;DESC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.features.guaranteed_fixed_rate_coupon.coupon_rate.value&quot;,&quot;sortOrder&quot;:&quot;DESC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0587308666\\&quot; \\&quot;CH1117914155\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-tui","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/tui-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/tui-leonteq-structured-products-thumbnail.jpg"},{"date":"2021-06-04T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/gold-lustre-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Shark Note on Gold","windowTitle":"Gold","category":"investment-themes","title":"Participation and capital protection","body":"<h3>Lively trade in the yellow metal<\/h3>\n<p>Things are moving in the treasuries of the providers of physical collateralised gold ETFs. Investors have been mostly cashing in for months, with the precious metal inventories of this investment vehicle accordingly tending to decline. This all changed in May, though. According to figures from the World Gold Council (WGC), global gold ETFs posted inflows in the first three weeks of the merry month (see graph). If demand does not collapse after Whitsun, the balance of inflows and outflows in May should be positive for the first time since January. The price trend supports this scenario: on 26 May a fine ounce of gold cost more than USD 1,900 for the first time since the turn of the year. The exemplary rebound for the most important precious metal &ndash; the price reversing the downward trend that began in August 2020 &ndash; is also bringing players on the options market into the action, with traders reporting lively turnover. Contracts with a strike of USD 2,525 per fine ounce maturing in May 2022 experienced particularly high demand, indicating that some traders are confident that the precious metal will climb to more than USD 2,500 over the year ahead. These deals came with a rise in the implicit 1-year volatility.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2021/xau?language_id=1\" label=\"Get more information here\"> <\/ltq-button><\/div>\n<h3>Innovative structure<\/h3>\n<p>Leonteq is utilising the current situation on the options markets for a special new issue: the Zurich financial boutique is launching a Shark Note on gold. This product allows investors who anticipate further price rises but do not rule out significant reversals to take a position in the precious metal. The Shark Note offers capital protection at the end of the 5-year term. Specifically, the issuer is giving a guarantee of 95% of the denomination. At the same time, the product participates in a rising gold price. There is a limitation here, however: on the initial fixing a barrier of 150% of the gold price at the time is set. As soon as the underlying reaches or exceeds it during the term, the participation function switches off. However, even then holders of the product do not leave empty-handed. Instead, they receive the rebate coupon of 15% in addition to the capital protection level of 95% on the repayment date.<\/p>\n<h3><strong>Inflows and outflows of gold ETFs <\/strong>(by calendar week in 2021, in tons)<\/h3>\n<div><img src=\"/dA/021fdf4412/charts_gold_700x500 EN Bar chart.svg?language_id=1\" alt=\"charts_gold_700x500 EN Bar chart\" width=\"700\" height=\"500\" caption=\"false\" /><\/div>\n<footer>Source: World Gold Council, as at: 29.05.2021<br /> Past performance is not a reliable indicator of future performance.<\/footer>\n<h3>The name speaks for itself<\/h3>\n<p>A glance at the repayment diagram (see graph) makes it clear where the Shark Note gets its name from: the progression resembles the fin of a shark. The capital guarantee means that the product's loss risk is limited to 5%. As soon as the price of gold goes beyond the initial fixing at the end of the term, the participation kicks in. The picture changes if a barrier event occurs, in other words the underlying climbs to 150% of the initial fixing. The investment would then end with an income of 10%, or an annual return of 2%. Please note that the modalities described and the capital guarantee apply only on the maturity date. During the term a number of factors will have an influence on the price of the Shark Note. In addition to the gold price, these include in particular the volatility of the precious metal and the general level of interest rates.<\/p>\n<h3><strong>Sharke Note on gold repayment diagram<\/strong><\/h3>\n<div><img src=\"/dA/43cad1d206/charts_gold_700x500 EN payoff diagram.svg?language_id=1\" alt=\"charts_gold_700x500 EN payoff diagram\" width=\"700\" height=\"500\" caption=\"false\" /><\/div>\n<footer>Source: Leonteq, as at: 31.05.2021<br /> Past performance is not a reliable indicator of future performance.<\/footer>\n<h3>Reasonable investment calculation<\/h3>\n<p>Following the latest rebound of gold, investors can count on further price rises with the Shark Note. Should the precious metal sink again, the capital protection limits the loss risk considerably. Gold could, for instance, come under pressure if bond yields were to experience a sharp rise or central banks were to actually embark on a course of tightening monetary policy. In return for the high level of security, holders of the Shark Note relinquish the upward participation from a certain level. Indicatively the barrier (150%) is at a gold price of more than USD 2,850. To that extent the yellow metal would have to far exceed the all-time high of USD 2,072.4951 reached in August 2020 for the structured product to be at a disadvantage compared with a direct purchase of the underlying. Even then, though, investors would not go away empty-handed, as they would get the rebate coupon of 15% in addition to the capital protection level.<\/p>\n<h3>Shark Note on Gold<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1117914940\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;capitalProtection&quot;,&quot;underlying&quot;,&quot;participation&quot;,&quot;barrierLevel&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <p><strong>Rebate Coupon: 15%<\/strong><\/p>\n<p><strong>Issuer: Leonteq Securities AG (Rating: Fitch BBB-)<\/strong><\/p>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2021/xau?language_id=1\" label=\"Get more information here\"> <\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"xau","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/gold-lustre-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/gold-lustre-leonteq-structured-products-thumbnail.jpg"},{"date":"2021-05-26T12:29","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/novavax-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Next generation vaccine","windowTitle":"Novavax","category":"coupon-giant","title":"Novavax","body":"<h3>Next generation vaccine<\/h3>\n<p>The vaccination progress in many countries shows that the vaccines from Biontech &amp; Co. keep their promise. However, the Corona pandemic is far from being defeated, and there are still too few approved vaccines on the market. Fortunately, the next candidates are already in the starting blocks. The vaccines from CureVac, Sanofi and Novavax, for example, are currently at an advanced stage of the approval process.<\/p>\n<h3>Development of earnings per share of Novavax<\/h3>\n<div><img src=\"/dA/5fc7f063b7/charts_novavax_700x500 EN Product.svg?language_id=1\" alt=\"charts_novavax_700x500 EN Product\" caption=\"false\" width=\"700\" height=\"500\" /><\/div>\n<footer>Source: Thomson Reuters<br /> Historical data is not a reliable indicator of future developments.<\/footer>\n<h3>Share price before approval<\/h3>\n<p>The latter is a US biotech company whose active ingredient is based on an inactivated vaccine combined with artificial proteins. In contrast to previously approved vaccines, NVX-CoV2373 is the first protein-based serum. Current interim results of phase III give hope: The vaccine shows an efficacy of 89.3% against all courses of Covid-19 and even a 100% efficacy against severe courses. According to the latest reports, however, there are delays in the approval process. Unlike originally in May, Novavax now does not expect approval in the US until the third quarter. The European Medicines Agency (EMA) is also expected to receive an application for approval by then.<\/p>\n<p>Even if it is still a few months before the vaccine can be used, Brussels appears to be already negotiating with the company behind the scenes. According to media reports, the EU is to be supplied with the vaccines from the end of the year. There is talk of up to 200 million doses, although the majority will not reach mainland Europe until 2022. Japan is also interested in the Novavax product. Together with the local drug manufacturer Takeda Pharmaceutical, around 250 million doses are to be produced each year in the Far East.<\/p>\n<p>In addition, the US company would also like to give low-income countries access to its vaccine. To this end, a contract has been signed with the vaccination alliance \"Gavi\". According to the agreement, countries participating in the COXA vaccination program will receive 350 million doses from the third quarter of this year. \"This is a great opportunity to work with international organizations committed to accelerating equitable access to safe and effective Covid-19 vaccines, especially in countries where vaccination rates are currently low,\" Stanley C. Erck, president and CEO of Novavax, explained the move. In order to make NVX-CoV2373 available in sufficient quantities worldwide, Siegfried, a domestic pharmaceutical supplier, is also playing its part. The Zofingen-based company has signed a manufacturing and supply agreement with Novavax that runs until the end of 2021 and can be extended at any time.<\/p>\n<h3>From deep red to deep black<\/h3>\n<p>As far as the company's income statement is concerned, things are currently looking rather bleak. But even though Novavax is still in the red, the biotech specialist managed to beat expectations in the first quarter of this year. While the consensus was for a loss of USD 3.60 per share, the company actually reported a loss of \"only\" USD 3.05. The company's expected approval of its vaccine is currently looking rather bleak. However, in the wake of the expected approval of the vaccine, the analyst guild is expecting deep black figures soon. Earnings of USD 32.07 per share are expected in the coming year and USD 26.66 in 2023. If this is indeed the case, the stock would currently be valued at a price-earnings ratio of less than 5.<\/p>\n<h3>Chart: Novavax 1 year<\/h3>\n<div><img src=\"/dA/2050243785/charts_novavax_700x500 EN Bar chart.svg?language_id=1\" alt=\"charts_novavax_700x500 EN Bar chart\" caption=\"false\" width=\"700\" height=\"500\" /><\/div>\n<footer>Source: Thomson Reuters<br /> Historical data is not a reliable indicator of future developments.<\/footer>\n<h3>High fluctuations shape the picture<\/h3>\n<p>However, the vaccine has not yet been given the green light by the health authorities, and there is therefore a great deal of uncertainty among investors. This is best reflected in the share price. The recent announcement of the delay in approval caused the share price to fall by double digits. A look at the history shows that this was not the first sharp move. The 12-month volatility shows a value of 115%.<\/p>\n<p>In the world of structured products, high fluctuations can be turned into high profit opportunities. The new Softcallable Barrier Reverse Convertibles take advantage of the current situation. With a maximum term of 12 months and a risk buffer of a comfortable 40%, the CHF version offers an above-average return of 20.77% p.a.. Due to the soft callable function, the term can be shortened - for the first time after 6 months there is the possibility of early termination.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0587308021\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n              <template v-slot:headerTitle>\n          <div><strong>Issuer: Leonteq Securities AG (Rating: Fitch BBB-)<\/strong><\/div>\n        <\/template>\n                <\/SavedSearch>\n  <\/div>\n<h3>Callable Multi Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0587308229\\&quot; \\&quot;CH1111685231\\&quot; \\&quot;CH1111685249\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n              <template v-slot:headerTitle>\n          <div><strong>Issuer: Leonteq Securities AG (Rating: Fitch BBB-)<\/strong><\/div>\n        <\/template>\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-novavax","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/novavax-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/novavax-leonteq-structured-products-thumbnail.jpg"},{"date":"2021-05-21T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/football-uefa-leonteq-structured-products-corporate+homepage.jpg","subTitle":"Callable Multi Barrier Reverse Convertibles on outfitters and sponsors of the European Football Championship","windowTitle":"Always on the ball","category":"investment-themes","title":"Always on the ball","body":"<h3>An event with pulling power<\/h3>\n<p>The whistle to kick off the final of the European Football Championship will be heard in London at 9.00pm on 11 July, when the last two of the 24 teams that originally started the finals play for the Henri Delaunay Cup. Up to 45,000 spectators in the probably half-occupied Wembley Stadium will watch the match in person, while hundreds of millions of others will be following it live via TV, radio and streaming services. Anticipation for the tournament, the opening match of which takes place in Rome on 11 June, is huge. For a long time, after all, it was uncertain whether the event, already postponed from 2020 due to coronavirus, could actually be held. The pandemic has lost a little of its terror since then, thanks in particular to the progress of vaccination. After more than a year of lockdown and games played behind closed doors, all the predictions are that fans will flock back to the stadiums. In that regard the competition could even be the symbolic whistle that starts Europe's return to a new normality. Players, officials and fans are not the only ones looking forward feverishly to the games: some sectors of the economy are also hoping for an extra boost from the tournament, which enjoys worldwide appeal.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2021/uefa?language_id=1\" label=\"Get more information here\"> <\/ltq-button><\/div>\n<h3>A special group<\/h3>\n<p>That is particularly the case for those companies which are directly involved in the Championship. Alongside the official sponsors, it is outfitters especially who are pinning their hopes on the collective enthusiasm for the round leather ball. Right on time before it all kicks off, Leonteq has launched barrier reverse convertibles that are based on equities from this pool. It goes without saying that the biggest sporting goods groups in the world are among the mix. Twenty-one of the 24 teams in the Championship play in kits made by Adidas, Nike and Puma (see graph). Nine of these teams wear the \"Swoosh\" logo of the industry leader on their chests. Nike's stall includes tournament favourites France, England and the Netherlands as well as defending champions Portugal. Spain, Germany and perennial dark horses Belgium, on the other hand, are probably the likeliest of the teams kitted out by Adidas to achieve success. The global number 2 on the sporting goods market has pulled off something of a coup for the duration of the Championship: from 8 June, the German national team will be staying in Herzogenaurach. The team managed by Jogi Löw will be setting up its camp on home ground \u2013 a brand-new building complex at Adidas's group headquarters.<\/p>\n<h3>Outfitters of the European Football Championship (by number of participating teams)<\/h3>\n<div><img src=\"/dA/ffe55398c0/charts_football_700x500 EN Bar Chart 2.svg?language_id=1\" alt=\"charts_football_700x500 EN Bar Chart 2\" width=\"1730\" height=\"2647\" caption=\"false\" /><\/div>\n<footer>Source: Company; as at: 14.05.2021<br /> Past performance is not a reliable indicator of future performance.<\/footer>\n<h3>Our product squad<\/h3>\n<p>In addition to the European Football Championship, the Copa América \u2013 taking place at almost the same time \u2013 could give further impetus to sales of kits, balls and football boots. With the Summer Olympics beginning in Tokyo shortly after the two tournaments, businesses have another major event on the global stage to look forward to. Following their stock market comeback last year, Adidas, Nike and Puma have lost a little speed (see chart). That makes the yield optimisation strategy for the sporting trio all the more interesting. However the prices of the underlyings move, investors in the Barrier Reverse Convertible will receive a quarterly coupon payout of 8.00% p.a. This opportunity is partially protected by a security buffer of 40%. The other two barrier reverse convertibles on \"European Championship shares\" likewise come with barriers, in their case 60% of the initial level. Leonteq is yoking Alibaba together with Fedex. The Chinese internet giant has struck a sponsorship agreement with UEFA through its payment subsidiary, Alipay. Meanwhile, the US group is exploiting the commercial rights and, through its Fedex Express division, serves as the official logistics provider of the European Football Championship. The coupon for this prominent duo comes to 10% p.a.<\/p>\n<h3>Chart: Adidas vs. Nike vs. Puma (indexed to 100)<\/h3>\n<div><img src=\"/dA/0809de80a6/charts_football_700x500 EN Product.svg?language_id=1\" alt=\"charts_football_700x500 EN Product\" width=\"1730\" height=\"2647\" caption=\"false\" /><\/div>\n<footer>Source: Thomson Reuters; as at: 17.05.2021<br /> Past performance is not a reliable indicator of future performance.<\/footer>\n<h3>Balance of offence and defence<\/h3>\n<p>Investors in the new issues based on Booking Holdings and Volkswagen can reckon on payouts of the same amount. Pictures of people travelling around Europe would probably be just what the tourism portal needs. After the lockdown, Booking Holdings has seen its business pick up only very slowly again. The Nasdaq company has just reported a 50% drop in revenue for the first quarter of 2021, putting it into the red. By contrast, assembly lines at Volkswagen have been running at full speed since the start of the year. Having been able to post a fivefold increase in operating results from January to March, the motor manufacturer has raised its outlook for 2021 somewhat. On the stock market, however, the DAX member has shifted down a gear following a tremendous start to the year. That's no problem for the Barrier Reverse Convertible: what is important is that VW and Booking Holdings stay on track over the next 18 months. Please note that the soft callable function in all three new issues means they can be called in and redeemed early four times a year, for the first time after six months.<\/p>\n<h3>Callable Multi Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1111684028\\&quot; \\&quot;CH1111684036\\&quot; \\&quot;CH1111684044\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n              <template v-slot:headerTitle>\n          <div><b>Issuer: Leonteq Securities AG (Rating: Fitch BBB-)<\/b><\/div>\n        <\/template>\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2021/uefa?language_id=1\" label=\"Get more information here\"> <\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"uefa","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/football-uefa-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/football-uefa-leonteq-structured-products-thumbnail.jpg"},{"date":"2021-05-12T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/curevac-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Yield hunt with full ampoule","windowTitle":"CureVac","category":"coupon-giant","title":"CureVac","body":"<h3>Yield hunt with full ampoule<\/h3>\n<p>Anyone looking for particularly volatile stocks at the moment will quickly find what they are looking for in the manufacturers of Covid 19 vaccines. At the beginning of May, Joe Biden ensured that the intensity of the price swings in this segment increased once again. The US President advocated the temporary suspension of patent protection for Corona vaccines. As a result, the prices of the companies affected - above all BioNTech and Moderna - fell significantly. CureVac also came under pressure, although the German biotech company has not yet delivered a single ampoule of its vaccine. However, the Tuebingen-based company is on track to enter the global vaccination campaign soon. In an interview with a news agency, CEO Franz-Werner Haas confirmed plans to file for European Union (EU) approval later this month or in early June. The company has been testing its messenger ribonucleic acid (mRNA)-based vaccine for about five months. More than 37,000 volunteers are now participating in the phase 2b/3 trial in Europe and Latin America.<\/p>\n<h3>CureVac: Historical share price performance (in USD)<\/h3>\n<div><img src=\"/dA/ee61af4e3e/charts_curevac_700x500 EN Product.svg?language_id=1\" alt=\"charts_curevac_700x500 EN Product\" caption=\"false\" width=\"1711\" height=\"1175\" /><\/div>\n<footer>Source: Thomson Reuters, as at 10.05.2021<br /> Historical data are not a reliable indicator of future performance.<\/footer>\n<h3>Brussels and Bern take action<\/h3>\n<p>After CureVac launched a rolling approval process at the European Medicines Agency (EMA) in February, the process is now underway in Switzerland. On 19 April, CureVac's Basel subsidiary submitted an initial data package to Swissmedic. Since then, the regulatory authority for medicinal products and medical devices has been reviewing the vaccine candidate \"CVnCoV\" for quality, safety and efficacy. The rolling approval process can shorten the time to approval. The contract for the purchase of 5 million vaccine doses was signed by the government and CureVac back in February. At the time, Bern accessed the contract on the basis of a supply agreement between the company and the EU. Brussels had secured a total of up to 405 million servings under the deal.<\/p>\n<h3>Powerful partners and financial backers<\/h3>\n<p>In the production of \"CVnCoV\", CureVac works with prominent partners. These include Bayer, GlaxoSmithKline and others as well as Novartis. The Basel-based pharmaceutical company produces the vaccine at a site in Kundl, Austria. In the current year, Novartis wants to produce up to 50 million doses there; in 2022, the volume is to be 4 times higher. CureVac's overall target is similarly ambitious: After 300 million doses in the current year, the company wants to ramp up production to up to 1 billion doses next year. In addition to the partner network, the T&uuml;bingen-based company sees its own development pipeline as the foundation for remaining on a growth course beyond the pandemic. In this context, the CEO also refers to the cash position built up last year: as of the end of 2020, CureVac had cash and cash equivalents totalling EUR 1.32 billion (see chart). The company raised the equivalent of around EUR 200 million via its IPO on the US technology exchange Nasdaq last August. Around two months prior to the IPO, the Federal Republic of Germany had invested EUR 300 million in the biopharmaceutical company.<\/p>\n<h3>CureVac: Development of cash position 2020<\/h3>\n<div><img src=\"/dA/b4ba753606/charts_curevac_700x500 EN Bar chart.svg?language_id=1\" alt=\"charts_curevac_700x500 EN Bar chart\" caption=\"false\" width=\"1630\" height=\"1114\" /><\/div>\n<footer>Source: CureVac, as at 15.04.2021<br /> Historical data are not a reliable indicator of future performance.<\/footer>\n<h3>Two alternatives, one goal<\/h3>\n<p>Apparently, neither the solid cash position nor the prospect of a vaccine approval in the near future can change the fact that CureVac shares are trading well below the highs reached in December. The stock has been zig-zagging for months. Not least the resulting and already mentioned volatility makes CureVac a real \"coupon giant\". In line with this, Leonteq is issuing two new Softcallable Barrier Reverse Convertibles on the Nasdaq stock. In the product currency USD, investors can expect a fixed quarterly payout of 16% p.a.. Those who prefer an allocation in CHF receive a coupon of 15% p.a. In order to realize the corresponding maximum return at the end of the term, there is a clear requirement for both variants: CureVac should not fall to or below the barrier of 55% initial level. If this calculation does not work out, the underlying must return to or above the strike by the final fixing in order to avoid discounts on redemption. Please note: Due to the soft callable feature, early redemption of this issue is possible for the first time after 6 months and at 3-month intervals.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0587307593\\&quot; \\&quot;CH1111679184\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;valor&quot;,&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-curevac","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/curevac-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/curevac-leonteq-structured-products-thumbnail.jpg"},{"date":"2021-05-07T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/copper-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Tracker Certificate on Copper","windowTitle":"Component of mega trends","category":"investment-themes","title":"Component of mega trends","body":"<h3>In tune with the economy<\/h3>\n<p>Dr. Copper\" is once again living up to its reputation. This anglicism reflects the particularly high economic sensitivity of copper. Because of its many different possible applications, demand and price are heavily dependent on the ups and downs of the global economy. Copper has become almost 30% dearer over the first four months of the year (see chart). Indeed, this rise is more than 100% when compared with the multi-year low reached in March 2020, when the Covid-19 pandemic began. The fact is that the value of this important raw material is being driven by the economic recovery. China, the largest buyer of copper, is especially seizing the moment. The mix of state economic programmes and ultraloose monetary policy prevailing across the world is also giving upward momentum to prices. This is all the more so because politicians are pushing a variety of mega-trends with the trillions spent on aid packages. One of the main areas of emphasis is the fight against global warming.<\/p>\n<h3>Chart: COMEX copper future July 2021 (in USD)<\/h3>\n<div><img src=\"/dA/202cd942e4/charts_copper_700x500 EN Product.svg?language_id=1\" alt=\"charts_copper_700x500 EN Product\" width=\"768\" height=\"1175\" caption=\"false\" /><\/div>\n<footer>Source: Thomson Reuters, as at: 03.05.2021<br /> Past performance is not a reliable indicator of future performance.<\/footer>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2021/copper?language_id=1\" label=\"Get more information here!\"> <\/ltq-button><\/div>\n<h3>Innovative fields of application<\/h3>\n<p>In its \"World Copper Factbook 2020\" the International Copper Study Group ICSG lists a total of seven growth fields for copper. These include e-mobility. \"Electric vehicles contain some four time as much copper as conventional cars,\" write the authors of the publication. The red metal is used in batteries, coils and rotors as well as cables, busbars and the charging infrastructure. Along with mobility, energy generation is being transformed. The particular conductive properties of copper make it equally useful in wind turbines and photovoltaic technology. At the same time, the industrial metal is being used in the fast-growing battery segment, which is important for the energy transition. The construction sector has always been a major buyer of copper. According to the ICSG, this branch of industry accounted for 28% of global demand in 2019. With the trend towards smart city infrastructure, the significance of this raw material here is set to climb still further. In this innovative type of urban development copper can be used in the IT network or sustainable heating systems, for instance.<\/p>\n<h3>Tracker Certificate on Copper<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1107643491\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>Bonus Outperformance Certificate on Metals<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1107644242\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;bonusLevel&quot;,&quot;underlying&quot;,&quot;participation&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>Two manufacturing routes<\/h3>\n<p>As is typical of the raw material market, production plays a central role in the price outlook alongside demand. The most important copper supplier is Chile: two of the world's five largest mines are located in the South American country (see chart). Prominent among these is \"Escondida\", with 1.4 million tons of copper buried in this mine situated in the Atacama desert. In addition to copper wire and coils based on mine production, recycling plays a major role in this market. Copper can be reused as often as desired without suffering any loss of quality. It also consumes less energy than is the case with the extraction of ores. The ICSG estimates that in 2018 almost one third of global copper use came from recycled material. Not only does the industry association supply a wealth of information on the origin and use of the industrial metal, but its forecasts in particular are given a lot of weight on the raw materials markets. In the update on the 2021 outlook presented by the ICSG at the beginning of May, the estimate presented last autumn was confirmed. According to this, the situation is expected to ease and a slight surplus is expected on the world market.<\/p>\n<h3>The largest copper mines in the world (2020 capacity in thousands of tons)<\/h3>\n<div><img src=\"/dA/4e22dd3c23/charts_copper_700x500 EN Bar chart copy.svg?language_id=1\" alt=\"charts_copper_700x500 EN Bar chart copy\" width=\"760\" height=\"1186\" caption=\"false\" /><\/div>\n<footer>Source: International Copper Study Group<br /> Past performance is not a reliable indicator of future performance.<\/footer>\n<h3>Direct access for investment<\/h3>\n<p>In response to the enormous momentum of the most important industrial metal, Leonteq has launched a new tracker certificate on copper. The product takes the direct approach: the underlying is the futures contract traded on the COMEX and due in July 2021. The expiring future is swapped out on the adjustment dates. The rollover process typical for such raw materials investments will take place for the first time on 24 June 2021. On that date the product will change to the copper contract due in September 2021. At the moment this future actually costs a little less than the initial underlying, so no rollover losses are expected initially. As time goes on the futures curve for copper trends downwards (see chart), a phenomenon known in the trade as backwardation. This constellation is typical for market phases which are dominated by fears of scarcity. Changes may occur at any time, depending on the price and in particular how the supply and demand situation progresses. What is certain is that the term of the tracker certificate ends in two years. Until then investors participate directly in this key industrial metal.<\/p>\n<h3>Chart: Futures curve of the COMEX copper future (in USD)<\/h3>\n<div><img src=\"/dA/34d09da3c8/charts_copper_700x500 EN Product copy.svg?language_id=1\" alt=\"charts_copper_700x500 EN Product copy\" width=\"768\" height=\"1175\" caption=\"false\" /><\/div>\n<footer>Source: Thomson Reuters, as at: 03.05.2021<br /> Past performance is not a reliable indicator of future performance.<\/footer>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2021/copper?language_id=1\" label=\"Get more information here!\"> <\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"copper","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/copper-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/copper-leonteq-structured-products-thumbnail.jpg"},{"date":"2021-04-28T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/moderna-economy-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"With mRNA into new spheres","windowTitle":"Moderna","category":"coupon-giant","title":"Moderna","body":"<h3>With mRNA into new spheres<\/h3>\n<p>The world is \"poking\" at each other. The aim is to finally stop the pandemic by vaccinating as many people as possible against the coronavirus. Eleven vaccines are now in use worldwide. Two trigger an immune response with the help of messenger ribonucleic acid (mRNA): As soon as the vaccinated person comes into contact with Covid-19, the immune system has a kind of blueprint for the antigen and can fight the infection quickly and specifically. In addition to the transatlantic duo Biontech/Pfizer, Moderna supplies an mRNA vaccine. Within less than nine months, the US biotech company has developed a Covid-19 vaccine. Clinical trials started on March 16, 2020, and Moderna received emergency approval in the US in late November. Ten years after its founding, this success elevated the Cambridge, Massachusetts-based company to entirely new heights.<\/p>\n<h3>Moderna: Historical share price performance (in USD)<\/h3>\n<div><img src=\"/dA/c10c41fa3d/charts_moderna_700x500 EN Product.svg?language_id=1\" alt=\"charts_moderna_700x500 EN Product\" caption=\"false\" width=\"1730\" height=\"1188\" /><\/div>\n<footer>Source: Thomson Reuters, as at 26.04.2021<br /> Historical data are not a reliable indicator of future performance.<\/footer>\n<h3>At the break-even point<\/h3>\n<p>At nearly USD 70 bn, Moderna's market capitalization exceeds the end-April 2020 level by 240% (see chart). In the current fiscal period, the company should break even in impressive fashion. \"I believe that 2021 will be the most important turning point in Moderna's history,\" CEO St&eacute;phane Bancel wrote in the 2020 annual report. On the revenue side, the biotech company has already taken a leap. In 2020, revenues increased by more than a factor of 13 to USD 803.4 million. However, high research and development costs in particular caused the loss to swell by 45% to almost three quarters of a billion USD. This should change in the current period. The CEO holds out the prospect of black figures. In addition, Bancel forecasts a positive cash flow for every single quarter.<\/p>\n<h3>Focus on USA<\/h3>\n<p>The CEO wants to sell up to one billion doses of the Moderna vaccine in the current year. In 2022, the volume should increase to up to 1.4 billion doses. The biggest customer is the USA. Washington has secured 300 million servings of Moderna along with an option for another 200 million cans. In recent months, the company has greatly increased capacity together with its Swiss production partner Lonza. Initially, shipments were mostly to the US (see chart). In Q1 2021, the States received nearly 90m Moderna doses for an average price of USD 15.40. Outside the home market - the EU alone wants 460m servings - the price is higher. Depending on volumes, it ranged between USD 22 and USD 37 per dose in the past quarter. Investors will find out how this mix affects the figures on May 6. That's when Moderna publishes its Q1 2021 interim report.<\/p>\n<h3>Moderna: Monthly vaccine deliveries (in million doses)<\/h3>\n<div><img src=\"/dA/d5502d302d/charts_moderna_700x500 EN Bar chart.svg?language_id=1\" alt=\"charts_moderna_700x500 EN Bar chart\" caption=\"false\" width=\"1730\" height=\"1154\" /><\/div>\n<footer>Source: Moderna, as at 14.04.2021<br /> Historical data are not a reliable indicator of future performance.<\/footer>\n<h3>Promising pipeline<\/h3>\n<p>The CEO may already reveal the first details at the Annual General Meeting on April 28. In any case, the product pipeline is likely to play an important role at the event. Not only are Moderna's researchers currently in the process of developing a vaccine booster that is also intended to treat various Covid 19 mutants. But at the same time, they are working on other active substances. One of the most promising candidates is mRNA-1647, a vaccine against cytomegalovirus (CMV) that is due to enter phase III trials this year. If approved, St&eacute;phane Bancel expects the compound to generate peak annual sales of between USD 2 and USD 5 billion. It's not there yet. In addition to research setbacks, a potential glut of Corona vaccines could slow down Moderna's stock. The CEO himself recently said he thinks oversupply is possible next year.<\/p>\n<h3>Double-digit coupon, low barrier<\/h3>\n<p>Investors shying away from direct investment in the face of a steeply rising share price may be interested in new soft-callable barrier reverse convertibles on Moderna. Leonteq offers the popular structure in two different currencies. In the CHF product currency, the guaranteed coupon is 13.00% p.a.. In the USD version, the payout is 100 basis points higher. The barriers are uniformly set at 59% of the initial fixing. As long as the Nasdaq stock does not fall to or below this level, investors will receive their nominal back in full at maturity. If, on the other hand, the threshold is breached, the partial protection expires. In this case, the product would be exposed to Moderna's full price risk. Please note: Due to the soft callable feature an early redemption of the Barrier Reverse Convertible expiring after 15 months at the latest is possible.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0587303808\\&quot; \\&quot;CH1107640547\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-moderna","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/moderna-economy-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/moderna-economy-leonteq-structured-products-thumbnail.jpg"},{"date":"2021-04-22T16:59","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/space-economy-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Tracker certificate on the Swissquote Space Economy Index","windowTitle":"Profits from the stars","category":"investment-themes","title":"Profits from the stars","body":"<h3>Vision and reality<\/h3>\n<p>Five years ago \"The Martian\" drew many people into the cinema, the science fiction film bringing in some USDmn 630 around the world. In the film, Matt Damon as the main protagonist, Mark Watney, demonstrates that it is possible to survive on Mars. If Elon Musk is to be believed, people will be settling on the red planet for real in the near future. The US billionaire foresees a town on Mars that can be reached via a base on the moon. The Tesla boss is hoping to launch the first manned flight to Mars with his SpaceX company in just four to six years' time. The settlement of planets may still seem as far-fetched as tourist travel into space or the mining of rare earths on asteroids, \"but companies are already integrating the innovations of space travel into their business models now,\" says Peter Rosenstreich, Head of Market Strategy at Swissquote. He quotes as an example vehicle navigation based on GPS satellites.<\/p>\n<div>\n   <ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2021/space?language_id=1\" label=\"Get more information here!\"><\/ltq-button>\n<\/div>\n<h3>Early commercialisation<\/h3>\n<p>According to the expert, it is typical for transformative technologies that they creep unnoticed into everyday life. Sooner or later, though, life without them is no longer conceivable. Rosenstreich recalls the Bessemer process developed in the 1850s for the first mass production of steel and the Advanced Research Projects Agency Network (ARPANET), the prototype of the internet, which was launched in the late 1960s. \"We are convinced that the innovations developed in space will have far-reaching social and economic consequences here on Earth,\" the strategist explains. In his view, investors will not have to wait long before commercialisation and the associated potential for profits become a viable reality for companies. The new 5G mobile phone standard, for instance, is expected to deliver an explosive rise in data volumes. \"The launch of broadband satellites will help to force costs down and increase penetration,\" Rosenstreich adds. He also sees lucrative business from satellites for observation of the Earth.<\/p>\n<h3>Tracker certificate on the Swissquote Space Economy Index<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0587306991\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div><strong>Management Fee: 0.65% p.a.<\/strong><\/div>\n<div><strong>Index Sponsor: Swissquote Bank SA<\/strong><\/div>\n<div><strong>Issuer: Leonteq Securities AG<\/strong><strong><\/strong><\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div>\n   <price-chart isin=\"CH0587306991\"><\/price-chart>\n<\/div>\n<h3>Systematic selection<\/h3>\n<p>With that in mind, it is only logical that the \"Themes Trading\" series is being expanded with the Swissquote Space Economy Index. The actively managed benchmark comprises companies whose technical innovations facilitate the step beyond the Earth's atmosphere. The managers see the providers of satellite-based broadband internet as offering the greatest opportunities in the short term. The investment universe also includes businesses in the aviation and aerospace industry, defence, providers of technology hardware and telecommunications stocks. Portfolio managers are keeping an eye on specialists in reusable rockets as well. These allow smaller payloads to be transported more efficiently and at less cost, making satellite systems more appealing compared with ground-based solutions.<\/p>\n<h3>Diversified access<\/h3>\n<p>Leonteq is once again making it possible to invest in the new theme. Tracker certificates follow the Swissquote Space Economy Index with no term limit. There is a fee of 0.25% p.a. for the calculation agent and a management fee of 0.40% p.a. For this small contribution investors get a dynamic selection of (at present) 40 space shares in their portfolio. Airbus and Boeing, the two leading aviation and aerospace concerns in the world, are also on board. Virgin Galactic likewise made it through the initial selection process. The company from the empire of British billionaire Richard Branson recently presented the latest generation of its aerospace programme. While test flights for the \"VSS Imagine\" are set to commence in the summer, Virgin Atlantic would like to launch the first commercial flights into zero gravity using its existing tried-and-tested machines next year. A product of AeroVironment is already on Mars: the US technology company developed the \"Ingenuity\" helicopter in partnership with NASA. TA few days ago, the high-tech device lifted off the ground of the red planet for the first time. Satellite companies occupy a leading role in the Space Economy Index. Take Eutelsat as an example: the French company sent the first communication satellite into space as long ago as the late 1970s. Today Eutelsat is working with a fleet of 36 Earth satellites for TV and streaming businesses, telecommunications companies and governments.<\/p>\n<h3>Swissquote Space Economy Index: Initial composition<\/h3>\n<div>\n   <ltq-table id=\"\" title=\"Composition as at 19.04.2021\">\n      <template v-slot:default>\n         <thead>\n            <tr>\n               <th>Company<\/th>\n               <th>Country<\/th>\n               <th>Weighting<\/th>\n            <\/tr>\n         <\/thead>\n         <tbody>\n            <tr>\n               <td>Airbus<\/td>\n               <td>NL<\/td>\n               <td>1.93%<\/td>\n            <\/tr>\n            <tr>\n               <td>Aerojet Rocketdyne Holdings<\/td>\n               <td>US<\/td>\n               <td>2.70%<\/td>\n            <\/tr>\n            <tr>\n               <td>Alten<\/td>\n               <td>FR<\/td>\n               <td>3.31%<\/td>\n            <\/tr>\n            <tr>\n               <td>Astronics <\/td>\n               <td>US<\/td>\n               <td>1.35%<\/td>\n            <\/tr>\n            <tr>\n               <td>AeroVironment<\/td>\n               <td>US<\/td>\n               <td>2.89%<\/td>\n            <\/tr>\n            <tr>\n               <td>Avio<\/td>\n               <td>IT<\/td>\n               <td>2.14%<\/td>\n            <\/tr>\n            <tr>\n               <td>Boeing<\/td>\n               <td>US<\/td>\n               <td>1.39%<\/td>\n            <\/tr>\n            <tr>\n               <td>BAE Systems<\/td>\n               <td>GB<\/td>\n               <td>3.71%<\/td>\n            <\/tr>\n            <tr>\n               <td>Ball<\/td>\n               <td>US<\/td>\n               <td>3.91%<\/td>\n            <\/tr>\n            <tr>\n               <td>BWX Technologies<\/td>\n               <td>US<\/td>\n               <td>3.81%<\/td>\n            <\/tr>\n            <tr>\n               <td>CACI International<\/td>\n               <td>US<\/td>\n               <td>2.73%<\/td>\n            <\/tr>\n            <tr>\n               <td>Comtech Telecommunications<\/td>\n               <td>US<\/td>\n               <td>1.93%<\/td>\n            <\/tr>\n            <tr>\n               <td>Dassault Systèmes<\/td>\n               <td>FR<\/td>\n               <td>5.11%<\/td>\n            <\/tr>\n            <tr>\n               <td>EnerSys<\/td>\n               <td>US<\/td>\n               <td>1.85%<\/td>\n            <\/tr>\n            <tr>\n               <td>Elbit Systems<\/td>\n               <td>US<\/td>\n               <td>3.04%<\/td>\n            <\/tr>\n            <tr>\n               <td>Eutelsat Communications<\/td>\n               <td>FR<\/td>\n               <td>2.14%<\/td>\n            <\/tr>\n            <tr>\n               <td>Gilat Satellite Networks<\/td>\n               <td>IL<\/td>\n               <td>2.60%<\/td>\n            <\/tr>\n            <tr>\n               <td>Huntington Ingalls Industries<\/td>\n               <td>US<\/td>\n               <td>3.01%<\/td>\n            <\/tr>\n            <tr>\n               <td>Thales<\/td>\n               <td>FR<\/td>\n               <td>3.33%<\/td>\n            <\/tr>\n            <tr>\n               <td>Honeywell International<\/td>\n               <td>US<\/td>\n               <td>2.49%<\/td>\n            <\/tr>\n            <tr>\n               <td>Hexcel<\/td>\n               <td>US<\/td>\n               <td>1.73%<\/td>\n            <\/tr>\n            <tr>\n               <td>Iridium Communications<\/td>\n               <td>US<\/td>\n               <td>2.13%<\/td>\n            <\/tr>\n            <tr>\n               <td>Kaman<\/td>\n               <td>US<\/td>\n               <td>1.76%<\/td>\n            <\/tr>\n            <tr>\n               <td>Kratos Defense & Security<\/td>\n               <td>US<\/td>\n               <td>2.07%<\/td>\n            <\/tr>\n            <tr>\n               <td>Leonardo<\/td>\n               <td>IT<\/td>\n               <td>2.25%<\/td>\n            <\/tr>\n            <tr>\n               <td>Lockheed Martin<\/td>\n               <td>US<\/td>\n               <td>3.29%<\/td>\n            <\/tr>\n            <tr>\n               <td>Loral Space & Communications<\/td>\n               <td>US<\/td>\n               <td>2.14%<\/td>\n            <\/tr>\n            <tr>\n               <td>Maxar Technologies<\/td>\n               <td>US<\/td>\n               <td>1.47%<\/td>\n            <\/tr>\n            <tr>\n               <td>Mercury Systems<\/td>\n               <td>US<\/td>\n               <td>2.41%<\/td>\n            <\/tr>\n            <tr>\n               <td>Northrop Grumman<\/td>\n               <td>US<\/td>\n               <td>3.80%<\/td>\n            <\/tr>\n            <tr>\n               <td>Orbcomm<\/td>\n               <td>US<\/td>\n               <td>1.45%<\/td>\n            <\/tr>\n            <tr>\n               <td>Raven Industries<\/td>\n               <td>US<\/td>\n               <td>2.09%<\/td>\n            <\/tr>\n            <tr>\n               <td>Raytheon Technologies<\/td>\n               <td>US<\/td>\n               <td>2.1%<\/td>\n            <\/tr>\n            <tr>\n               <td>EchoStar<\/td>\n               <td>US<\/td>\n               <td>2.90%<\/td>\n            <\/tr>\n            <tr>\n               <td>SES<\/td>\n               <td>FR<\/td>\n               <td>3.23%<\/td>\n            <\/tr>\n            <tr>\n               <td>Virgin Galactic<\/td>\n               <td>US<\/td>\n               <td>1.88%<\/td>\n            <\/tr>\n            <tr>\n               <td>Spirit AeroSystems<\/td>\n               <td>US<\/td>\n               <td>1.31%<\/td>\n            <\/tr>\n            <tr>\n               <td>Teledyne Technologies<\/td>\n               <td>US<\/td>\n               <td>2.36%<\/td>\n            <\/tr>\n            <tr>\n               <td>Trimble<\/td>\n               <td>US<\/td>\n               <td>2.34%<\/td>\n            <\/tr>\n            <tr>\n               <td>Viasat<\/td>\n               <td>US<\/td>\n               <td>1.91%<\/td>\n            <\/tr>\n         <\/tbody>\n      <\/template>\n      <template v-slot:below>\n         <LtqCardBody>\n            <footer>Source: Swissquote<\/footer>\n            <footer>Historical data is not a reliable indicator of future developments.<\/footer>\n         <\/LtqCardBody>\n      <\/template>\n   <\/ltq-table>\n<\/div>\n<div>\n   <ltq-button color=\"primary\" url=\"https://www.leonteq.com/news-and-media/news/investment-themes/2021/space\" label=\"Get more information here!\"><\/ltq-button>\n<\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"space","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/space-economy-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/space-economy-leonteq-structured-products-thumbnail.jpg"},{"date":"2021-04-14T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/blinkcharging-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Full charging power","windowTitle":"Blink Charging","category":"coupon-giant","title":"Blink Charging","body":"<h3>Full charging power<\/h3>\n<p>US President Joe Biden's billion-dollar infrastructure plan is currently the talk of the town. Although it has not yet been decided exactly which industry will receive how much money from the pot, the e-mobility industry is also to be given a slice of the cake. According to a media report by Reuters, the Biden administration is proposing USD 174 bn to promote electric vehicles. Of this, USD 100 billion will go towards new consumer rebates and USD 15 billion will go towards building 500,000 new charging stations.<\/p>\n<h3>Growth of EV charging stations in the USA<\/h3>\n<div><img src=\"/dA/6faea0781f/charts_blinkcharging_700x500 EN second chart.svg?language_id=1\" alt=\"charts_blinkcharging_700x500 EN second chart\" caption=\"false\" width=\"1670\" height=\"1114\" /><\/div>\n<footer>Source: Blink Charging<br /> Historical data are not a reliable indicator of future performance.<\/footer>\n<h3>E-mobility all-rounder<\/h3>\n<p>This state of affairs plays into Blink Charging's hands. The full-service provider of charging infrastructure is, by its own account, the market leader in charging stations and services for electric vehicles in the USA. The company offers everything from development and production to the operation of more than 24,000 charging stations from a single source. In addition, the company has a cloud solution for monitoring and operating the charging network. With these innovations, Blink is living up to its mission, proclaimed in 2009, to make an important contribution to slowing climate change by reducing greenhouse gases in transportation.<\/p>\n<p>Even though much has already been achieved, experts still see enormous growth opportunities in the e-sector. In a recent analysis, the investment firm Cowen and Co sees great potential for electric vehicles. In their view, electric vehicles are only at the beginning of the turning point that will usher in a new era of clean mobility. One reason is the advanced battery technology, which increases the acceptance of e-cars among the population and thus also their sales. Cowen predicts that e-drive penetration will grow to 30% of car sales by 2030, and expects a parallel average annual increase in public charging infrastructure of around 37%.<\/p>\n<h3>Network expansion progressing<\/h3>\n<p>Just a few days ago, Blink inked a new deal. The company is working with the Four Brothers Pizza Inn restaurant chain to provide 42 charging ports at 10 locations. These come from 21 of the fast IQ 200 charging points with two connections. \"As electric vehicle use becomes more popular, drivers are looking for convenient and reliable charging options at restaurants and entertainment venues where they can park and charge,\" commented Brendan Jones, president and CEO of Blink Charging, on the collaboration, which is supported by the New York State Energy Research and Development Authority.<\/p>\n<p>This continues the company's growth trajectory in 2021. Already last year, total revenue - boosted by product sales - increased by a whopping 121% to USD 6.2 million. Although the net loss also increased to USD 17.8m, the increased costs are expected to translate into higher future growth, according to Blink's management. The group also has visionary products such as lanterns that serve as charging sources in its quiver, which should further boost demand in the future. Cowen analysts expect Blink to post positive operating income (Ebitda) in 2023. The consensus listed by Refinitv is even a bit more optimistic, expecting a small bottom-line gain in 2023 already.<\/p>\n<h3>Blink Charging: Historical share price performance (in USD)<\/h3>\n<div><img src=\"/dA/082b9138c5/charts_blinkcharging_700x500 EN Product.svg?language_id=1\" alt=\"charts_blinkcharging_700x500 EN Product\" caption=\"false\" width=\"1711\" height=\"1175\" /><\/div>\n<footer>Source: Thomson Reuters, as at 13.04.2021<br /> Historical data are not a reliable indicator of future performances.<\/footer>\n<h3>Electrifying coupons<\/h3>\n<p>There are currently 3 analyst studies on Blink Charging that differ significantly in terms of the stock's upside potential. Estimates range from USD 38 at the low to USD 60 at the high. With the new Softcallable Barrier Reverse Convertibles it does not matter if the stock rises, stagnates and falls back to the lowest price target. The products have a barrier distance of 51%, which from today's perspective leaves room for the underlying to go down into the USD 22 range. Despite the high risk buffer, the profit opportunity is not neglected. The CHF version of the Barrier Reverse Convertible has an attractive coupon of 14.50% p.a., while the USD version even guarantees a payout of 15.50% p.a. The underlying has a high risk buffer. No price increases are required for the products to generate the maximum return in 15 months at the latest; only the barrier must remain intact. The term can be shortened to 6 months due to the soft callable function.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0587304335\\&quot;, \\&quot;CH1107635083\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-blink","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/blinkcharging-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/blinkcharging-leonteq-structured-products-thumbnail.jpg"},{"date":"2021-04-09T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/crypto-world-leonteq-structured-productsproduct+homepage+banner.jpg","subTitle":"Actively managed strategy with a strong track record","windowTitle":"Cyber currencies conquer the world","category":"investment-themes","title":"Cryptocurrencies as the object of speculation","body":"<h3>Physical scarcity<\/h3>\n<p>The law of the free market economy is well-known: the price of any item is controlled by supply and demand. This applies also &ndash; or perhaps especially &ndash; to Bitcoin. With demand for the cyber currency from practically all sides having risen sharply, so its price has also grown exponentially. There is another unique factor at play for BTC, though: supply is limited to no more than 21 million units. There are currently around 18.5 million of them, and the newly mined quantity of the digital currency is \"halved\" every four years. The last halving took place in May 2020. This physical scarcity is among the reasons why some analysts are predicting breathtaking targets for the price of Bitcoin. Citigroup, for instance, sees Bitcoin climbing to as high as USD 318,000 before the end of the year. Singing from the same hymn sheet is hedge fund Off the Chain Capital, which reckons the most important cryptocurrency will close 2021 at USD 288,000.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2021/multi-crypto?language_id=1\" label=\"Get more information here!\"> <\/ltq-button><\/div>\n<h3>Diversified investment<\/h3>\n<p>The boom in BTC and the like is not leaving central banks cold either: they are likewise building their own means of digital payment at the moment. The ECB, for instance, is planning to launch what it calls the e-euro, which is to be issued in parallel with cash. \"We will have a digital euro,\" said President Christine Lagarde at a virtual event held at the start of the year. The SNB is going down a similar route, having recently registered more than a dozen trade marks such as the \"e-franc\" with the Swiss Patent Office. These developments show that cyber currencies are gradually coming out of their infancy and taking an ever more important place in real life. It's high time, then, for private investors to familiarise themselves with this asset class as well. When it comes to the complex issue of \"internet currencies\", prospective buyers are well advised not to put all their eggs in one basket. That is why Leonteq brought an actively managed tracker certificate (ISIN <a href=\"https://structuredproducts-ch.leonteq.com/isin/CH0521604923\">CH0521604923<\/a>) on the Swissquote Multi Crypto Index onto the market almost exactly one year ago. With astonishing success: the price has risen around sevenfold since its launch.<\/p>\n<h3>Tracker Certificate on the Swissquote Multi Crypto Index<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0521604923\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Actively Managed Certificate<\/li>\n<li>The Index Universe consists of cryptocurrencies (Bitcoin, Ethereum, Cardano, Litecoin, Stellar, Polkadot, Solana, Algorand) and a cash instrument<\/li>\n<li>Index Sponsor: Swissquote Bank SA, Gland, Switzerland<\/li>\n<li>Management fee: 1.35% p.a.<\/li>\n<li>Issuer:&nbsp;Leonteq Securities AG,&nbsp;Zurich<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><price-chart isin=\"CH0521604923\"><\/price-chart><\/div>\n<h3>New on the market<\/h3>\n<p>Building on this successful cryptocurrency strategy, at the end of March Leonteq issued another open-ended product on cyber currencies. The tracker follows the Swissquote Multi Crypto Mini Index, which is equivalent to a \"lean\" version of the Swissquote Multi Crypto Index. Unlike the basic model, the structured product is denominated in Swiss francs and comes at a much lower price. The starting level stood at CHF 25, so also appeals to those investors who want to gain diversified access to the crypto market with a lower capital commitment.<\/p>\n<h3>Tracker Certificate on the Swissquote Multi Crypto Mini Index<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0596608015\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Actively Managed Certificate<\/li>\n<li>The Index Universe consists of cryptocurrencies (Bitcoin, Ethereum, Cardano, Litecoin, Stellar, Polkadot, Solana, Algorand) and a cash instrument<\/li>\n<li>Index Sponsor: Swissquote Bank SA, Gland, Switzerland<\/li>\n<li>Management fee: 1.35% p.a.<\/li>\n<li>Issuer:&nbsp;Leonteq Securities AG,&nbsp;Zurich<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><price-chart isin=\"CH0596608015\"><\/price-chart><\/div>\n<h3>A promising crypto sextet<\/h3>\n<p>While the issue price of the Swissquote Multi Crypto Mini Index is lower, the composition of the underlying remains the same. At present the certificate is invested in six different digital currencies: Bitcoin, Ethereum, Cardano, Litecoin, Stellar and Polkadot. The two globally most important cyber currencies, Bitcoin and Ethereum, lead the way with shares of 30.8 and 29.7 per cent respectively. Cardano, the world's third largest cryptocurrency by market capitalisation, makes up around another fifth of the index. The remaining 17 per cent comprises Litecoin, Stellar and Polkadot. The index can contain no more than ten digital currencies. Since this is an actively managed certificate, holders of the certificate must expect charges. A charge of 0.35% p.a. is made for calculation, while the management fee comes to 1.00% p.a. The charges add up to a moderate &ndash; for an actively managed certificate &ndash; total of 1.5% p.a.<\/p>\n<h3>Swissquote Multi Crypto Index: Composition<\/h3>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;SWISS FRANC&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:4.6958E-4,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;US DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:7.44E-6,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - OTHER&quot;,&quot;name&quot;:&quot;Bitcoin&quot;,&quot;sophisInternalId&quot;:115733571,&quot;currentPrice&quot;:82311.985,&quot;weight&quot;:0.63716829,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - OTHER&quot;,&quot;name&quot;:&quot;Ether&quot;,&quot;sophisInternalId&quot;:116558271,&quot;currentPrice&quot;:2458.835,&quot;weight&quot;:0.24525696,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - OTHER&quot;,&quot;name&quot;:&quot;Ripple&quot;,&quot;sophisInternalId&quot;:119467244,&quot;currentPrice&quot;:1.3412,&quot;weight&quot;:0.0683179,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - OTHER&quot;,&quot;name&quot;:&quot;Solana&quot;,&quot;sophisInternalId&quot;:154964193,&quot;currentPrice&quot;:105.895,&quot;weight&quot;:0.04877983,&quot;currency&quot;:&quot;USD&quot;}]\"><\/AmcComposition>\n  <\/div>\n\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2021/multi-crypto?language_id=1\" label=\"Get more information here!\"> <\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"multi-crypto","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/crypto-world-leonteq-structured-productssidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/crypto-world-leonteq-structured-productsthumbnail.jpg"},{"date":"2021-03-31T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/quantumscape-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Battery startup shakes up the market","windowTitle":"QuantumScape","category":"coupon-giant","title":"QuantumScape","body":"<h3>Battery startup shakes up the market<\/h3>\n<p>There are some stocks that literally divide opinion. The shares of QuantumScape (QS) fall into this category. While some believe that the developer of solid-state batteries is already on its way to the next battery revolution, others point to the company's huge cash burn rate combined with zero sales and a valuation in the billions. As is often the case, the truth may lie in the middle. Admittedly, the share prices may have run ahead, but if the Silicon Valley startup succeeds in making a breakthrough with its solid-state batteries, a market worth billions will open up.<\/p>\n<h3>Lithium-Metal: The Next Generation of Battery <\/h3>\n<div><img src=\"/dA/08c725baa6/charts_QuantumScape_700x500 EN Bar chart.svg?language_id=1\" alt=\"charts_QuantumScape_700x500 EN Bar chart\" caption=\"false\" width=\"1178\" height=\"1102\" /><\/div>\n<footer>Source: QuantumScape<br /> Historical data are not a reliable indicator of future performance.<\/footer>\n<h3>Battery 2.0<\/h3>\n<p>Optimism was already high at the time of the company's IPO in the fall of 2020. On the first day of trading on Wall Street, QS stock exited with a gain of about 50 percent. There are several reasons for the enthusiasm for the San Jose, California-based company. QuantumScape, for example, is active in the future market of solid-state batteries. More than 200 scientists and engineers, including Tesla CEO Elon Musk's former right-hand man Jeffrey Brian Straubel, are currently hard at work researching the next generation of vehicle batteries. The solid electrolyte has numerous advantages over current lithium-ion units. For example, the technology enables significantly higher storage capacities with a parallel faster charging process. In addition, they are considered less temperature-sensitive and age more slowly.<\/p>\n<p>New tests conducted by the company underline the superiority: within a quarter of an hour, the QS batteries reach around 80 percent of their maximum charge capacity. That is about twice as fast as the lithium-ion batteries currently used by the automotive industry. As a result, vehicles with the Californians' electricity storage systems can cover a distance that is around 50 percent longer than those with previous battery technology.<\/p>\n<h3>Prominent shareholders<\/h3>\n<p>In view of these prospects, it is not surprising that renowned investors are already on board with QuantumScape. These include Volkswagen, which has already invested hundreds of millions of US dollars in the Stanford University spin-off in recent years. The Germans are the largest QS shareholder from the automotive sector. VW considers solid-state technology to be the most promising approach for the future of electromobility. For example, the group believes that e-cars will achieve ranges equivalent to those of an internal combustion engine with the same battery size. Other investors from the early days of the company, which was founded in 2010, include Bill Gates and the German automotive supplier Continental. George Soros, on the other hand, has newly discovered e-mobility. The famous hedge fund manager invested a three-digit million amount in QuantumScape in mid-February.<\/p>\n<p>Higher energy density, more power and longer ranges are one side of the coin; bringing the technology to mass production is the other. In order to be able to set up large-scale production of solid-state batteries in the medium term, QS is currently asking for cash by issuing 13 million new shares. The expected USD 859m in proceeds will go towards the company's pilot plant, which was announced back in February. The plan is to more than double the capacity of the \"QS-0\" plant. In addition, QuantumScape is putting fresh money into its joint venture with VW. The duo is planning another pilot plant \"QS-1\" with a capacity of 1 GWh, which will later be successively expanded to a total capacity of 21 GWh for series production.<\/p>\n<h3>QuantumScape: Historical share price development (in USD)<\/h3>\n<div><img src=\"/dA/a408750f00/charts_QuantumScape_700x500 EN Product.svg?language_id=1\" alt=\"charts_QuantumScape_700x500 EN Product\" caption=\"false\" width=\"1292\" height=\"1162\" /><\/div>\n<footer>Source: Thomson Reuters, as at 29.03.2021<br /> Historical data are not a reliable indicator of future performance.<\/footer>\n<h3>High profit opportunities combined with partial protection<\/h3>\n<p>Since the IPO last year, QS shares have shown high swings in both directions. The announcement of the recent capital increase caused additional volatility in the stock market newcomer. The high volatility can be converted into returns with Barrier Reverse Convertibles. Leonteq has structured two new softcallable BRCs with high risk buffers of more than 50 percent and double-digit percentage coupons. The CHF product offers a yield potential of 15.00 percent p.a., while the second variant of the barrier reverse convertible based on USD even offers a maximum yield of 16.00 percent p.a.. For both versions, the barrier is fixed at 49 percent of the starting value. In addition, the securities are equipped with a soft callable function. The first observation date takes place after six months and is then repeated quarterly.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0599562318\\&quot; \\&quot;CH0599562342\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-quantumscape","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/quantumscape-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/quantumscape-leonteq-structured-products-thumbnail.jpg"},{"date":"2021-03-19T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-crypto1-product+homepage+banner.jpg","subTitle":"Investment solution based on the most popular cryptocurrencies","category":"investment-themes","title":"Bitcoin, Ethereum & Co.","body":"<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/investment-themes/crypto-expansion?language_id=1\" label=\"Click here to access the full product range on cryptocurrencies.\"> <\/ltq-button><\/div>\n<h3>Megatrend for cryptocurrencies<\/h3>\n<p>Right in the middle of the greatest crisis of confidence in the financial markets in recent decades, a revolutionary technological system was born: bitcoin. The digital currency presented &ndash; once again &ndash; the question as to which was more trustworthy &ndash; humans or mathematics? In bitcoin, its anonymous developers have created a possible alternative to conventional currency systems, which are susceptible to crises and inflation. The bitcoin system is based on blockchain technology. However, bitcoin is not the only cryptocurrency, more and more of these digital currencies have emerged over the last few years. Ethereum&lsquo;s internal cryptocurrency Ether is the second largest cryptocurrency after bitcoin according to market capitalization (as of 28.10.2019). Further well-known cryptocurrencies are Bitcoin Cash, Litecoin and Ripple.<\/p>\n<h3>Bitcoin<\/h3>\n<ul>\n   <li>The first and most famous digital currency in the world<\/li>\n   <li>Inflation-protected as the number of available Bitcoins is capped at 21 million<\/li>\n   <li>Transactions take place decentrally without a regulatory authority<\/li>\n<\/ul>\n<h3>Tracker Certificates on Bitcoin - Tradable on SIX Swiss Exchange<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0587307015\\&quot; \\&quot;CH0587307023\\&quot; \\&quot;CH0596609245\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Conversion Ratio: 0.001<\/li>\n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;58730701\\&quot; \\&quot;59660924\\&quot; \\&quot;58730702\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Conversion Ratio: 0.001<\/li>    \n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Tracker Certificate on Swissquote Bitcoin Active Index - Tradable on SIX Swiss Exchange<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0542378622\\&quot; \\&quot;CH0596607769\\&quot;&quot;,&quot;conditions&quot;:{&quot;&quot;:true},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;resultsPerPage&quot;:20,&quot;pageNumber&quot;:1,&quot;sortFields&quot;:[],&quot;sortingEnabled&quot;:true,&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Actively Managed Certificate<\/li>\n<li>Index Sponsor: Swissquote Bank SA, Gland, Switzerland<\/li>\n<li>Management fee: 1.35% p.a.<\/li>\n<li>Issuer:&nbsp;Leonteq Securities AG,&nbsp;Zurich<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Tracker Certificate on Swissquote Ethereum Active Index - Tradable on SIX Swiss Exchange<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0596611464\\&quot;&quot;,&quot;conditions&quot;:{&quot;&quot;:true},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;resultsPerPage&quot;:20,&quot;pageNumber&quot;:1,&quot;sortFields&quot;:[],&quot;sortingEnabled&quot;:true,&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Actively Managed Certificate<\/li>\n<li>Index Sponsor: Swissquote Bank SA, Gland, Switzerland<\/li>\n<li>Management fee: 1.35% p.a.<\/li>\n<li>Issuer:&nbsp;Leonteq Securities AG,&nbsp;Zurich<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Tracker Certificate on Swissquote Multi Crypto Index - Tradable on SIX Swiss Exchange<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0521604923\\&quot; \\&quot;CH0596608015\\&quot;&quot;,&quot;conditions&quot;:{&quot;&quot;:true},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;resultsPerPage&quot;:20,&quot;pageNumber&quot;:1,&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.calendar.issue_date.value&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;sortingEnabled&quot;:true,&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Actively Managed Certificate<\/li>\n<li>The Index Universe consists of cryptocurrencies (Bitcoin, Ethereum, Cardano, Litecoin, Stellar, Polkadot) and a cash instrument<\/li>\n<li>Index Sponsor: Swissquote Bank SA, Gland, Switzerland<\/li>\n<li>Management fee: 1.35% p.a.<\/li>\n<li>Issuer:&nbsp;Leonteq Securities AG,&nbsp;Zurich<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Ethereum<\/h3>\n<ul>\n   <li>Ethereum is based on blockchain technology but is more than a pure cryptocurrency<\/li>\n   <li>The Ethereum network can be used to run Smart Contracts that can have a variety of applications<\/li>\n   <li>The issuance of new ETH is limited to 18 million ETH per year<\/li>\n   <li>Vitalik Buterin has generally described the Ethereum concept at the end of 2013 and presented it in January 2014<\/li>\n   <li>The Ethereum Foundation is based in Zug<\/li>\n<\/ul>\n<h3>Tracker Certificates on Ether - Tradable on SIX Swiss Exchange<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;48148799\\&quot; \\&quot;51359949\\&quot; \\&quot;48148800\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Conversion Ratio: 0.1<\/li>    \n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Litecoin<\/h3>\n<ul>\n   <li>Litecoin was designed as an alternative cryptocurrency to Bitcoin and launched in October 2011<\/li>\n   <li>Blocks are created every 2.5 minutes (Bitcoin every 10 minutes), which ensures faster transaction times<\/li>\n   <li>The number of Litecoins is limited to 84 million<\/li>\n   <li>Adapted mining algorithm to avoid centralization<\/li>\n<\/ul>\n<h3>Tracker Certificates on Litecoin - Tradable on SIX Swiss Exchange<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;48148805\\&quot; \\&quot;51359948\\&quot; \\&quot;48148806\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Conversion Ratio: 0.1<\/li>    \n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Bitcoin Cash<\/h3>\n<ul>\n   <li>Bitcoin Cash was created by a hard fork from the Bitcoin network on 01.08.2017<\/li>\n   <li>Increased number of transactions per time compared to Bitcoin<\/li>\n   <li>Lower transaction costs in the network<\/li>\n<\/ul>\n<h3>Tracker Certificates on Bitcoin Cash - Tradable on SIX Swiss Exchange<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;resultsPerPage&quot;:20,&quot;pageNumber&quot;:1,&quot;omni&quot;:&quot;CH0481488036 CH0481488044 CH0513599511&quot;,&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;sortingEnabled&quot;:true,&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Conversion Ratio: 0.1<\/li>\n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Ripple<\/h3>\n<ul>\n   <li>Ripple is both a digital currency \"XRP\" and a decentralized, peer-to-peer payment network<\/li>\n   <li>The number of ripple tokens is fixed at around 100 billion<\/li>\n   <li>Transaction costs are close to zero and payments are possible within seconds<\/li>\n<\/ul>\n<h3>Tracker Certificates on Ripple - Tradable on SIX Swiss Exchange<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;48148801\\&quot; \\&quot;51359950\\&quot; \\&quot;48148802\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Conversion Ratio: 100<\/li>    \n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>\n<h5>Risk disclosure<\/h5>\n<p>Investments in products referencing one or more cryptocurrencies or indices of cryptocurrencies are subject to increased volatility compared to investments in traditional assets and to specific risks which can negatively impact the value, tradability,liquidity and/or security of such investments. Potential Investors are encouraged to inform themselves about these specific risks when considering an investment in products referencing one or more cryptocurrencies or indices of cryptocurrencies. A summary of key risks relating to products referencing one or more cryptocurrencies or indices of cryptocurrencies can be found <strong> <a href=\"https://structuredproducts-ch.leonteq.com/cryptocurrencies\">here<\/a><\/strong>.<\/p>","url":"crypto","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-crypto1-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-crypto1-thumbnail.jpg"},{"date":"2021-03-17T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/carnival-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Ship Ahoy!","windowTitle":"Carnival","category":"coupon-giant","title":"Carnival","body":"<h3>Ship Ahoy!<\/h3>\n<p>Sun, sea and all-round princely comfort - cruises have experienced a real boom in recent years. While the industry counted 17.8 million passengers worldwide in 2009, in 2019 it was already two-thirds more. But in 2020 came the Corona virus and with it the virtual standstill of the ocean giants. Gradually, however, hope is spreading again: Equipped with specific hygiene concepts, the first ships are setting sail.<\/p>\n<h3>Worldwide cruise passengers<\/h3>\n<div><img src=\"/dA/648aa1651d/charts_carnival_700x500 EN Bar chart.svg?language_id=1\" alt=\"charts_carnival_700x500 EN Bar chart\" caption=\"false\" width=\"1730\" height=\"1597\" /><\/div>\n<footer>Source: Cruise Lines International Association<br /> Historical data are not a reliable indicator of future performance.<\/footer>\n<h3>Cast off<\/h3>\n<p>Carnival, the world's largest cruise operator, also wants to finally feel water under its keel. Although the re-launch in the USA scheduled for the end of April was recently postponed, the first departures from ports overseas are due to take place in June. In Asia and Europe, on the other hand, a number of luxury liners are already underway. Subsidiary AIDA Cruises, for example, recently extended its cruise season with AIDAperla in the Canary Islands until mid-May 2021.<\/p>\n<p>To meet the pent-up demand for post-pandemic travel, Carnival tapped the capital markets several times in recent months. As long as the bulk of the 107 ships are anchored in port, the Miami-based company is burning a lot of money. In the fourth quarter of the 2019/20 fiscal year, which ended on November 30, the company lost USD 500m every month. For the first quarter of the new year, the board even expects the burn rate to rise to USD 600m.<\/p>\n<p>Ultimately, Carnival ended the 2019/20 financial year with a record loss of USD 10.2bn. Armed with fresh cash, the previous financial year ended with a cash balance of USD 9.5bn, the company assured it could continue to stay afloat. According to Chief Financial Officer David Bernstein, Carnival has enough liquidity to sustain itself in \"the course of 2021, even in a non-revenue environment.\"<\/p>\n<h3>Long transition period<\/h3>\n<p>It's not supposed to get that far, though. Even if the reboot is still a long time coming, CEO Arnold Donald hopes that in the wake of low-cost testing, as well as improved Covid 19 therapies and rapid distribution of vaccines, the entire fleet will be back in service by the end of the current fiscal year. Another ray of hope comes from the UK, which wants to allow cruises in its waters again from May 17. However, the boss does not expect any big leaps in the near future. In his view, the sector is in for at least two more tough years. Not until 2023 does Donald expect the industry to return to the level it was at before the virus crisis.<\/p>\n<p>So the lean period will continue for a while and this is likely to be reflected in Carnival's balance sheet. The analyst consensus expects a loss per share of USD 13.20 in 2019/20 to be followed by minus signs in subsequent years. The median estimate for this year is USD -4.45, in 2021/22 it is expected to be USD -0.07 and only in 2022/23 (USD 1.43) is the company expected to break even. Given these prospects, it is not surprising that the average rating of 19 studies currently results in a \"hold\" recommendation.<\/p>\n<h3>Carnival: Historical share price performance (in GBp)<\/h3>\n<div><img src=\"/dA/253396d54a/charts_carnival_620x478 EN Product.jpg?language_id=1\" alt=\"charts_carnival_620x478 EN Product\" caption=\"false\" width=\"1293\" height=\"1013\" /><\/div>\n<h3>In calm seas to a source of returns<\/h3>\n<p>In the capital market, vaccine hopes drove Carnival &amp; Co. share prices significantly higher recently. Since the beginning of February alone, the share price of competitor Norwegian Cruise Line has risen by 17%, while Carnival's share price has even risen by around a third in this period. In order to achieve a double-digit percentage return with the new Softcallable Barrier Reverse Convertbiles, Carnival's stock may sail around on calm seas. The products are equipped with above-average risk buffers of 45%. Consequently, the underlying would have to fall by just under half to jeopardize the maximum return. The CHF version offers an attractive interest rate of 15.00% p.a. with a maximum term of 15 months, while the product denominated in US dollars even has a coupon of 16.00% p.a., which is one percentage point higher.<\/p>\n<p>The Softcallable BRCs are therefore designed for investors who expect Carnival's shares to move sideways in the coming months. If the high risk buffer is again not sufficient and the barrier is breached, the closing price will determine the outcome of the investment. If the underlying makes a comeback to the starting level by the end of the term, the full nominal amount is paid out in addition to the guaranteed coupon. Otherwise, the redemption is based on the performance of the Carnival share. Due to the soft callable feature, the term of the products can be shortened to a maximum of six months.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0587303089\\&quot; \\&quot;CH0599554752\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-carnival","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/carnival-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/carnival-leonteq-structured-products-thumbnail.jpg"},{"date":"2021-03-12T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/stockmarket-nightmare-leonteq-product+homepage+banner.jpg","subTitle":"Tracker cerificate on the Swissquote Inflation Index","windowTitle":"Inflation","category":"investment-themes","title":"Systematic maintenance of purchasing power","body":"<h3>Inflation in the shadow of the basket of goods<\/h3>\n<p>When calculating inflation, central banks have always relied on the consumer prices indices. These are based on baskets of goods containing the most important consumer items for private households. Food, housing, energy, healthcare and transport are sectors enjoying a relatively high weighting. There has been little change in these goods and services in the recent past. Indeed, annual inflation in Switzerland has been in negative territory for three of the last six years. Even in Switzerland, though, there has been and continues to be upward pressure on prices. This is being felt outside private consumer spending, especially in investments in tangible assets and securities. Nevertheless, what is known as asset price inflation does not attract particularly great attention either in monetary policy or in the public perception. \"The price inflation of assets will continue to tighten,\" say the strategists at Swissquote. They base this assessment on the ultra-loose monetary policy. In the experts' view, the central banks will stick both with the quantitative loosening programs and with their zero interest rate policy. This is the only way they could free the economy from the grip of the coronavirus pandemic.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2021/inflation?language_id=1\" label=\"Get more information here!\"><\/ltq-button><\/div>\n<h3>Addition to the ideas fund<\/h3>\n<p>In line with this assessment and the concerns felt recently on stock markets about rising inflation, Swissquote has expanded its proprietary themes trading series. The Swissquote Inflation Index is now part of the large and successful ideas fund. The new benchmark offers the possibility of maintaining purchasing power systematically. To that end the index holds a diversified exposure to assets that correlate positively with inflation. \"The spotlight is on commodities whose prices generally appreciate as inflation rises,\" the managers explain. The investment universe also includes inflation-protected US government bonds. Known in the trade as TIPS, these bonds utilise the consumer prices index to their advantage. \"They represent one of the most direct opportunities to protect a portfolio from the effects of inflation,\" the Swissquote strategists argue. The asset class of volatility can also be employed, since it is regarded as an effective instrument for hedging risk. According to the experts, volatility is a particular advantage in the early phases of an acceleration in inflation.<\/p>\n<h3>Tracker-certificate on the Swissquote Inflation Index<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0587306967\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div><strong>Management Fee: 0.80% p.a.<\/strong><\/div>\n<div><strong>Index Sponsor: Swissquote Bank SA<\/strong><\/div>\n<div><strong>Issuer: Leonteq Securities AG<\/strong><strong><\/strong><\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><price-chart isin=\"CH0587306967\"><\/price-chart><\/div>\n<h3>Experience and mathematics<\/h3>\n<p>To reflect this multilayered mix, other elements of the index include equities, exchange-traded funds (ETFs) and cash components. Each security must meet certain trading criteria, such as a daily stock market turnover of around CHF 100,000. Alongside the judgment of its own experts, Swissquote also falls back on a raft of quantitative calculations in the selection process. These include portfolio optimisation based on the mean value variance. The new underlying is generally reviewed and where necessary adjusted on a quarterly basis. However, the index sponsor can proceed to a quantitative optimisation or ad hoc rebalancing outside this interval as well. Possible triggers could be new listings or particular news reports.<\/p>\n<h3>A diversified selection<\/h3>\n<p>The starting line-up of the Swissquote Inflation Index comprises 16 items, with commodities the dominant asset class (see graph). The iShares Diversified Commodity ETF alone makes up a good fifth. Coming in at just under USDbn 1.8, the fund replicates the Bloomberg Commodity Index and so encompasses the entire spectrum of goods. Inflation-protected US government bonds also have an important role. The Quadratic Interest Rate Volatility and Inflation Hedge ETF, launched in 2019, covers this bond class, as does the US TIPS ETF from Schwab. It goes without saying that equities, a sort of epicentre of the most recent asset price inflation, are another vital asset class. Here the index assumes that the rise in prices on Wall Street will continue. Two US benchmarks, the S&amp;P 500 and Nasdaq 100, have made it through the initial selection process. By including the shares of several stock exchange operators, the managers are also taking into account the fact that the boom in equities ensures flourishing business for these companies.<\/p>\n<h3>Composition of the Swissquote Inflation Index<\/h3>\n<div><div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;SWISS FRANC&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.00109477,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;US DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0.01007015,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - FUND&quot;,&quot;name&quot;:&quot;ISH DIVERS COMMOD SWAP ETF&quot;,&quot;sophisInternalId&quot;:147374469,&quot;currentPrice&quot;:10.78,&quot;weight&quot;:0.12738356,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - FUND&quot;,&quot;name&quot;:&quot;ISHARES GLOBAL REIT ETF&quot;,&quot;sophisInternalId&quot;:111955863,&quot;currentPrice&quot;:25.89,&quot;weight&quot;:0.1574573,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - FUND&quot;,&quot;name&quot;:&quot;ISHARES GOLD TRUST MICRO&quot;,&quot;sophisInternalId&quot;:171628684,&quot;currentPrice&quot;:41.6,&quot;weight&quot;:0.08271465,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - FUND&quot;,&quot;name&quot;:&quot;QUADRATIC INT RTE VOL INFL H&quot;,&quot;sophisInternalId&quot;:147374471,&quot;currentPrice&quot;:16.9,&quot;weight&quot;:0.21121695,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - FUND&quot;,&quot;name&quot;:&quot;SCHWAB U.S. TIPS ETF&quot;,&quot;sophisInternalId&quot;:92759049,&quot;currentPrice&quot;:25.39,&quot;weight&quot;:0.2072573,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - FUND&quot;,&quot;name&quot;:&quot;VANG FTSE HDY USDD&quot;,&quot;sophisInternalId&quot;:183048269,&quot;currentPrice&quot;:76.01,&quot;weight&quot;:0.20280533,&quot;currency&quot;:&quot;CHF&quot;}]\"><\/AmcComposition>\n  <\/div><\/div>\n<div><ltq-button color=\"primary\" url=\"https://www.leonteq.com/news-and-media/news/investment-themes/2021/inflation\" label=\"Get more information here!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"inflation","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/stockmarket-nightmare-leonteq-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/stockmarket-nightmare-leonteq-thumbnail.jpg"},{"date":"2021-03-05T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-bitcoin-2020-product+homepage+banner.jpg","subTitle":"Tracker Zertifikate auf Bitcoin","windowTitle":"Bitcoin","category":"investment-themes","title":"Bitcoin","body":"<h3>Crypto currency Bitcoin<\/h3>\n<p>In the middle of the 2008 financial crisis, a revolutionary technological system was born: Bitcoin. With the crypto currency Bitcoin, the anonymous developers have created a possible alternative to the traditional crisis-prone and inflationary credit money systems of the central banks. The Bitcoin system is based on block chain technology. Bitcoin has established itself as the most-used crypto currency worldwide.<\/p>\n<ul>\n   <li>The first and most famous digital currency in the world<\/li>\n   <li>Inflation protected by limited number of available bitcoins (21 million)<\/li>\n   <li>Transactions take place decentrally without a regulatory body<\/li>\n<\/ul>\n<h4>The advantages of a tracker certificate on Bitcoin<\/h4>\n<ul>\n   <li>Easy access to the Bitcoin asset class for private and institutional investors<\/li>\n   <li>No \"wallet\" is required<\/li>\n   <li>Efficient and transparent processing thanks to stock exchange listing<\/li>\n   <li>Investment in smaller denominations possible, thanks to the exercise ratio of 0.1<\/li>\n<\/ul>\n<h3>Tracker certificates on Bitcoin - Tradable on the stock exchange<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0587307015\\&quot; \\&quot;CH0587307023\\&quot; \\&quot;CH0596609245\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Conversion Ratio: 0.001<\/li>\n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;58730701\\&quot; \\&quot;59660924\\&quot; \\&quot;58730702\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Conversion Ratio: 0.001<\/li>    \n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div>\n   <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/all/2020/crypto?language_id=3\" label=\"Hier gelangen Sie zu weiteren Anlagelösungen auf verschiedene Kryptowährungen!\"><\/ltq-button>\n<\/div>","url":"bitcoin","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-bitcoin-2020-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-bitcoin-2020-thumbnail.jpg"},{"date":"2021-03-03T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/twilio-leonteq-structured-products-product-homepage-banner.jpg","subTitle":"Contact broker in the e-commerce world","windowTitle":"Twilio","category":"coupon-giant","title":"Twilio","body":"<h3>Contact broker in the e-commerce world<\/h3>\n<p>In an increasingly digital, networked and thus open business world, the maintenance of customer relationships plays an increasingly important role. The technical implementation of \"Customer Relationship Management\", CRM for short, is Twilio's core competence. On a cloud-based platform, the US company makes it possible to establish customer contact in any form. Whether text messages on the smartphone or e-mail, phone calls or video messages - Twilio offers the entire spectrum of interaction. The exchange can take place via fully automated bots or physical advisors. With this service, the company, co-founded in 2008 by current CEO Jeff Lawson, has its finger on the pulse of the times: around 795 billion interactions in more than 100 countries have already been carried out on the platform. In the process, Twilio has processed over 3 billion phone numbers.<\/p>\n<h3>Twilio: Revenue by quarter (in USD million)<\/h3>\n<div><img src=\"/dA/acf475a819/charts_twilio_700x500 EN Bar chart.svg?language_id=1\" alt=\"charts_twilio_700x500 EN Bar chart\" caption=\"false\" width=\"1179\" height=\"1114\" /><\/div>\n<footer>Source: Twilio, as at 17.02.2021 <br /> Historical data is not a reliable indicator of future performance.<\/footer>\n<h3>Enormous growth<\/h3>\n<p>Its customers - as of the end of 2020, the platform had more than 221,000 active accounts - include companies that are at the spearhead of digitalization. Short messaging service Twitter uses Twilio, as do streaming giants Netflix and Spotify, online food delivery company Doordash and e-commerce equipment supplier Shopify. In addition, there are companies from \"old\" industries such as the British retailer Marks &amp; Spencer or the US bank Morgan Stanley. As is well known, the digital economy flourished during the Corona pandemic. Twilio services were in corresponding demand. For Q4 2020, the company reported revenue growth of nearly two-thirds to USD 548 million (see chart). \"These results confirm that we are addressing a generational opportunity,\" the CEO enthused.<\/p>\n<h3>Lush valuation<\/h3>\n<p>Twilio exceeded expectations not only with its revenues for the final quarter. Jeff Lawson also surprised positively with the outlook: In the current first quarter of 2021, he expects sales between USD 526 and USD 536 m. The consensus was previously less than USD 500 m. On the other hand, Lawson was more pessimistic about the loss than Wall Street. He expects a loss per share of between USD 0.09 and USD 0.12 for the current quarter, whereas analysts were expecting a loss of only USD 0.02 per share. Whether this discrepancy changes anything in the timetable for the breakeven remains to be seen. To date, the market has assumed that Twilio will be in the black next year. Even if the company earns the expected USD 0.30 then, the valuation looks lush: The price-to-earnings ratio for 2022 is close to 1,400.<\/p>\n<h3>Twilio: Historical share price performance (in USD)<\/h3>\n<div><img src=\"/dA/5976a50229/charts_twilio_700x500 EN Product.svg?language_id=1\" alt=\"charts_twilio_700x500 EN Product\" caption=\"false\" width=\"1730\" height=\"1573\" /><\/div>\n<footer>Source: Thomson Reuters, as at 01.03.2021 <br /> Historical data are not a reliable indicator of future performance.<\/footer>\n<h3>Double-digit return opportunity<\/h3>\n<p>It is therefore entirely possible that Twilio will take it easy after the rally of the past few months, or even come back a little. Softcallable barrier reverse convertibles offer the right investment solution for such a scenario. Leonteq has launched two variants on the US high-flyer. Even in CHF, the new issue yields a high coupon payment of 14.00% p.a.. 100 basis points more are possible as soon as the value date is USD. The outlined yield opportunities are partially protected by the barrier of 55% of the initial fixing. If the cushion is not sufficient, Twilio must trade at or above the strike again by maturity in order to avoid redemption discounts. Please note the soft callable feature. Should Leonteq make use of the quarterly call right (first observation day after 6 months), investors would receive the transfer of the nominal and pro-rata coupon within a few days.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0562390911\\&quot; \\&quot;CH0594785435\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-twilio","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/twilio-leonteq-structured-productssidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/twilio-leonteq-structured-productsthumbnail.jpg"},{"date":"2021-02-26T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/cannabis-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Active tracker certificate on the Swissquote Cannabis 2.0 Index","seoDescription":"Leonteq hat erneut ein «Actively Managed Certificate» am Start, das 1:1 an dem neuen Cannabis 2.0 Portfolio der Swissquote Bank teilnimmt","windowTitle":"\"All drugged up\"","category":"investment-themes","title":"\"All drugged up\"","seoKeywords":"Leonteq, structured products, derivatives, investment ideas, investment topics, Swissquote, Cannabis 2.0 Portfolio","body":"<h3>Pot shares making a comeback<\/h3>\n<p>Cannabis has also been a hot topic on the stock market for a number of years. Nevertheless, from 2018 the initial high was followed by extensive consolidation. However, pot stocks have been catching the eye of investors again in recent months. Fanned by the electoral success of the Democrats in the USA, and with politicians such as Chuck Schumer having constantly put forward proposals for loosening drugs policy in the past, cannabis stocks began to shoot up. There have also been multiple M&amp;A deals. Canadian industry giants Aphria and Tilray announced a merger at the end of last year, for instance. A few weeks ago GW Pharma, which specialises in cannabis medication, was taken over, triggering a further wave of takeover fantasies. How positive the mood in the sector currently is was also demonstrated by the IPO of Israeli industry representative Kanabo in mid-February. The stock was the first cannabis share to d&eacute;but on the London stock exchange, rocketing more than 230% in the first day of trading.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2021/cannabis2?language_id=1\" label=\"Get more information here!\"><\/ltq-button><\/div>\n<h3>New on the market: Swissquote Cannabis 2.0 Portfolio<\/h3>\n<p>The new momentum in the market has also given wing to the Swissquote Cannabis Portfolio, which was brought into being around three years ago. The corresponding tracker (ISIN CH0372704327) from Leonteq has risen more than 50% since the turn of the year. As the participation product is expiring in a few weeks, though, it makes little sense to get on board here. Instead, prospective investors may like to cast their eye over the successor product on the Cannabis 2.0 Portfolio. Leonteq has again launched an actively managed certificate that reflects the new basket of Swissquote Bank 1:1. The certificate hits two birds with one stone: on the one hand it gives diversified access to this highly promising area, while on the other it is actively managed. This ensures that the composition is always up to date. In a still young market, which the hemp sector undoubtedly is, this is an important criterion. Takeovers, IPOs and political decisions could result in significant movement in the industry. Another advantage of the new tracker is its indefinite term. Cannabis has what it takes to turn from a fashionable theme into a sustainable, fast-growing economic sector as the years go by. As a consequence, a medium to long-term investment approach is certainly to be recommended. The tracker is also suitable for short-term, speculative purposes as well, however, because it can be bought and sold on the stock market daily.<\/p>\n<h3>Broad diversity<\/h3>\n<p>To reflect the current opportunities of the sector as best possible, the Swissquote experts are focusing primarily on companies from the USA and Canada. The current heavyweight, though, is the British GW Pharma, which has a takeover offer worth USDbn 7.2 from Irish pharmaceutical company Jazz Pharmaceuticals on the table. Among the other giants in the portfolio is the Canadian TerrAscend. Only founded in 2017, the company is oriented almost entirely around the \"magic plant\". The product portfolio includes cannabis dispensaries, for instance, as well as treatment centres. TerrAscend was the first cannabis company to do business both in the USA and Canada and also in Europe. Chicago-based Cresco Labs likewise has a particularly broad base. The company covers the entire value added range, from cultivation through to the end product. Cresco Labs is active in 9 US states and operates 15 production facilities.<\/p>\n<h3>Tracker-certificate on the Swissquote Cannabis 2.0 Index<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0587304764\\&quot;&quot;,&quot;conditions&quot;:{&quot;&quot;:true},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;resultsPerPage&quot;:20,&quot;pageNumber&quot;:1,&quot;sortFields&quot;:[],&quot;sortingEnabled&quot;:true,&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div><strong>Management Fee: 0.85% p.a.<\/strong><\/div>\n<div><strong>Index Sponsor: Swissquote Bank SA<\/strong><\/div>\n<div><strong>Issuer: Leonteq Securities AG<\/strong><strong><\/strong><\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><price-chart isin=\"CH0587304764\"><\/price-chart><\/div>\n<h3>On the road to profitability<\/h3>\n<p>Aurora Cannabis and Canopy Growth, companies which are particularly well known to investors, can also be found in the starting line-up of the Cannabis 2.0 Portfolio. The latter recently attracted positive headlines with its results, when Canadian cannabis producer Canopy Growth managed to increase its sales by 23% to CADmn 153 in the third quarter of the 2020/21 financial year. Although Canopy Growth again posted high losses, the management &ndash; unlike many of its competitors &ndash; is now looking to get into the black. It is set to record a profit in the second half of the coming financial year. To that end a range of measures to improve profitability, such as cutting costs, have been taken recently. The company also expects to launch on the US market before the end of the year. In the medium term, i.e. between 2022 and 2024, Canopy Growth is hoping to increase its sales by 40 to 50%.<\/p>\n<h3>Composition of the Swissquote Cannabis 2.0 Index<\/h3>\n<div><ltq-table id=\"\" title=\"Composition as at 12.02.2021\"> <template v-slot:default=\"\">\n<thead>\n<tr>\n<th>Name<\/th>\n<th>Weight<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>GW PHARMACEUTICALS - ADR<\/td>\n<td>8.5%<\/td>\n<\/tr>\n<tr>\n<td>TERRASCEND CORP<\/td>\n<td>8.0%<\/td>\n<\/tr>\n<tr>\n<td>CARA THERAPEUTICS INC<\/td>\n<td>7.3%<\/td>\n<\/tr>\n<tr>\n<td>TRULIEVE CANNABIS CORP<\/td>\n<td>6.6%<\/td>\n<\/tr>\n<tr>\n<td>ALEAFIA HEALTH INC<\/td>\n<td>6.4%<\/td>\n<\/tr>\n<tr>\n<td>22ND CENTURY GROUP INC<\/td>\n<td>6.2%<\/td>\n<\/tr>\n<tr>\n<td>GREEN THUMB INDUSTRIES INC<\/td>\n<td>5.9%<\/td>\n<\/tr>\n<tr>\n<td>CURALEAF HOLDINGS INC<\/td>\n<td>5.5%<\/td>\n<\/tr>\n<tr>\n<td>NEPTUNE WELLNESS SOLUTIONS I<\/td>\n<td>5.3%<\/td>\n<\/tr>\n<tr>\n<td>CRESCO LABS INC-SUBORDINATE<\/td>\n<td>4.9%<\/td>\n<\/tr>\n<tr>\n<td>APHRIA INC<\/td>\n<td>4.6%<\/td>\n<\/tr>\n<tr>\n<td>CRONOS GROUP INC<\/td>\n<td>4.6%<\/td>\n<\/tr>\n<tr>\n<td>CHARLOTTES WEB HOLDINGS INC<\/td>\n<td>4.4%<\/td>\n<\/tr>\n<tr>\n<td>SUPREME CANNABIS CO INC/THE<\/td>\n<td>4.2%<\/td>\n<\/tr>\n<tr>\n<td>CANOPY GROWTH CORP<\/td>\n<td>4.2%<\/td>\n<\/tr>\n<tr>\n<td>ORGANIGRAM HOLDINGS INC<\/td>\n<td>3.9%<\/td>\n<\/tr>\n<tr>\n<td>AURORA CANNABIS INC<\/td>\n<td>3.8%<\/td>\n<\/tr>\n<tr>\n<td>HEXO CORP<\/td>\n<td>3.0%<\/td>\n<\/tr>\n<tr>\n<td>TILRAY INC - CLASS 2 COMMON<\/td>\n<td>2.7%<\/td>\n<\/tr>\n<\/tbody>\n<\/template> <template v-slot:below=\"\"> <ltqcardbody><footer>Source: Leonteq Securities AG<\/footer><footer>Historical data is not a reliable indicator of future developments.<\/footer><\/ltqcardbody> <\/template> <\/ltq-table><\/div>\n<div><ltq-button color=\"primary\" url=\"https://www.leonteq.com/news-and-media/news/investment-themes/2021/cannabis2\" label=\"Get more information here!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"cannabis2","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/cannabis-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/cannabis-leonteq-structured-products-thumbnail.jpg"},{"date":"2021-02-17T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/roku-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"In the heart of the streaming boom","windowTitle":"Roku","category":"coupon-giant","title":"Roku","body":"<h3>In the heart of the streaming boom<\/h3>\n<p>When the Golden Globes are awarded on February 28, the streaming services could win big. This is especially true for Netflix: The industry giant is happy about 20 nominations, including the biopic \"Mank\" by star director David Fincher, which also counts as an Oscar candidate. But Amazon Prime, Disney+ and AppleTV + are also entering the race for the important US film and television award with hot irons. What is certain is that the 78th edition of the Golden Globes will provide further evidence of the huge rise in importance of streaming providers. During the Corona pandemic, more people than ever discovered this form of entertainment around the globe. The \"stay-at-home\" boom has not only hit Netflix &amp; Co. Roku was also among the profiteers. The US company sells set-top boxes, which allow the various services to be brought compactly onto the TV set. In addition, the Californians operate their own streaming channel.<\/p>\n<h3>Roku: Streaming hours<\/h3>\n<div><img src=\"/dA/5dcde4e63e/charts_roku_700x500 EN Bar chart.svg?language_id=1\" alt=\"charts_roku_700x500 EN Bar chart\" caption=\"false\" width=\"1730\" height=\"1597\" /><\/div>\n<footer>Source: Roku, as at 15.02.2021 <br /> Historical data are not a reliable indicator of future performance.<\/footer>\n<h3>Big rush in front of the TV<\/h3>\n<p>In 2020, business was humming in both segments. For Q3, Roku reported 46 million active accounts - up 43% year-over-year. Users accessed the various programs for a whopping 14.8 billion hours. This means that \"streaming hours\" increased by more than half compared to Q3 2019 (see chart). According to management, the platform business also benefited from strong growth in advertising revenue as well as the expansion of its network of content partnerships. Overall, Roku posted revenue growth of 57% to USD 1.13 billion for the first 9 months of 2020, with around 70% of revenue coming from the platform business. In Q4, this ratio should be around two-thirds, according to CEO Anthony Wood. At the same time, the company's founder held out the prospect of revenue growth in the mid-40% range. While Wood predicted a gross margin close to breakeven for the \"player\" segment, he expects a figure between 55% and 60% in the platform segment.<\/p>\n<h3>A classic growth stock<\/h3>\n<p>After deducting development, marketing and administrative costs, Roku is deep in the red. In the first 3 quarters of 2020, the operating loss was USD 85.4 million, almost 80% more than in the previous year. Investors apparently aren't bothered by that. In fact, as a classic growth stock and a major player in the ongoing disruption of the media world, Roku stock is riding high: over 12 months, the Nasdaq stock is up close to 240% (see chart). The rally comes under scrutiny on February 18. That's when the company reports Q4 and full-year 2020 numbers. Netflix delivered a stellar performance in January. The industry behemoth added 8.5 million new users in the final 3 months of last year, beating expectations by more than a third.<\/p>\n<h3>Roku: Historical share price performance (in USD)<\/h3>\n<div><img src=\"/dA/479927cf47/charts_roku_700x500 EN Product.svg?language_id=1\" alt=\"charts_roku_700x500 EN Product\" caption=\"false\" width=\"1292\" height=\"1175\" /><\/div>\n<footer>Source: Thomson Reuters, as at 12.02.2021<br /> Historical data are not a reliable indicator of future performance.<\/footer>\n<h3>Yield hunting with partial protection<\/h3>\n<p>Just in time for the upcoming payment date, Leonteq has issued two Softcallable Barrier Reverse Convertibles on Roku. In both product currencies CHF and USD, this underlying makes high coupon payments of 16.40% p.a. and 17.60% p.a. respectively possible. In both variants, the barrier is fixed at 55% of the initial level. As long as Roku does not fall to or below this level in the next 15 months, investors will receive the full nominal amount back at Final Maturity. If the cushion is not sufficient, the partial protection expires. From that moment on, the Barrier Reverse Convertible would be exposed to the full price risk of the Roku share. Important: Due to the soft callable feature, early termination of this issue is possible. If Leonteq makes use of this option on the quarterly observation days (for the first time after 6 months), product holders will receive a pro-rata coupon payment in addition to the nominal value within a few days.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0590643943\\&quot; \\&quot;CH0590643976\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-roku","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/roku-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/roku-leonteq-structured-products-thumbnail.jpg"},{"date":"2021-02-04T13:10","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/clean-energy-leonteq-structured-products-product+homepage+banner.jpg","subTitle":"Tracker Certificate on the Migros Bank Clean Energy Index","windowTitle":"\"Clean Tech Energy\"","category":"investment-themes","title":"\"Clean Tech Energy\"","body":"<h3>\"Clean energy\" in demand on the stock market<\/h3>\n<p>Not even the coronavirus pandemic could halt the worldwide trend towards regenerative forms of energy &ndash; either in terms of capacity expansion or on the stock market. After setting a new installation record in 2020, clean energy is set to experience even more demand this year. The experts from the IEA estimate that just under 218 GW of power will go on stream in 2021 &ndash; an increase of around one tenth. The share prices of the industry's representatives are also pointing up. <\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2021/clean-energy?language_id=1\" label=\"Get more information here!\"><\/ltq-button><\/div>\n<h3>An index with a future<\/h3>\n<p>Clean energy could be the mega-trend of the 21st century, so it could open up huge opportunities on the capital markets as well. However, investors do not have to comb through the wide array of wind and solar energy specialists and hydroelectric and geothermal power companies for potential winners themselves. Migros Bank has launched the \"Migros Bank Clean Energy Index\" with the aim of enabling participation in the growth associated with the transformation of the energy sector. The barometer includes 25 initially equally weighted groups from the renewables industry. <\/p>\n<h3>International members<\/h3>\n<p>The tone at the launch of the Migros Bank Clean Energy Index is set by companies from overseas, with the USA accounting for a total of eight stocks, Canada six. The rest &ndash; with one exception &ndash; are spread around Europe. <\/p>\n<h3>Tracker Certificate on the Migros Bank Clean Energy Index<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0587304749\\&quot;&quot;,&quot;conditions&quot;:{&quot;&quot;:true},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;resultsPerPage&quot;:20,&quot;pageNumber&quot;:1,&quot;inSubscription&quot;:false,&quot;sortFields&quot;:[],&quot;sortingEnabled&quot;:true,&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div>\n<p><strong>Management fee: 1.00% p.a.<\/strong><\/p>\n<p><strong>Index Sponsor: Migros Bank AG<\/strong><\/p>\n<p><strong>Issuer: Leonteq Securities AG<\/strong><\/p>\n<\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><price-chart isin=\"CH0587304749\"><\/price-chart><\/div>\n<h3>Active approach for little money<\/h3>\n<p>With the new tracker certificate on the Migros Bank Clean Energy Index, Leonteq offers investors the opportunity both to add climate protection to the portfolio and to participate in the potential price movements of the industry. The product tracks almost entirely the development of the broadly diversified index. Holders just have to pay a fee of 1.00% p.a. Three quarters of this is made up of the management fee, while the other quarter is a calculation agent fee that is deducted on a pro rata basis every quarter. Given the active approach, the expense ratio is modest. Migros Bank subjects the index to a six-monthly review and adjusts it where appropriate, taking a raft of qualitative and quantitative criteria into account. The active management ensures that the index optimally reflects the dynamic movement of the clean energy sector on an ongoing basis.<\/p>\n<h3>Composition of the Migros Bank Clean Energy Index<\/h3>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;CANADIAN DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0,&quot;currency&quot;:&quot;CAD&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;SWISS FRANC&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:-3.2018E-4,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;DANISH KRONE&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0,&quot;currency&quot;:&quot;DKK&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;EURO&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;BRITISH POUND&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:0,&quot;currency&quot;:&quot;GBP&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ACCIONA SA&quot;,&quot;sophisInternalId&quot;:67109701,&quot;currentPrice&quot;:208.6,&quot;weight&quot;:0.04029067,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BLOOM ENERGY CORP- A&quot;,&quot;sophisInternalId&quot;:136588609,&quot;currentPrice&quot;:236.3,&quot;weight&quot;:0.03348912,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CONTACT ENERGY LIMITED&quot;,&quot;sophisInternalId&quot;:70767819,&quot;currentPrice&quot;:8.81,&quot;weight&quot;:0.04208099,&quot;currency&quot;:&quot;NZD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CORP ACCIONA ENERGIAS RENOVA&quot;,&quot;sophisInternalId&quot;:159082380,&quot;currentPrice&quot;:21.38,&quot;weight&quot;:0.0395122,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;EATON CORP PLC&quot;,&quot;sophisInternalId&quot;:67114270,&quot;currentPrice&quot;:402.48,&quot;weight&quot;:0.03810553,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;EDP RENOVAVEIS SA&quot;,&quot;sophisInternalId&quot;:70153439,&quot;currentPrice&quot;:12.21,&quot;weight&quot;:0.03860278,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;EDP SA&quot;,&quot;sophisInternalId&quot;:67120344,&quot;currentPrice&quot;:4.831,&quot;weight&quot;:0.0407769,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ELIA GROUP SA/NV&quot;,&quot;sophisInternalId&quot;:70543561,&quot;currentPrice&quot;:121.3,&quot;weight&quot;:0.04124337,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ENEL SPA&quot;,&quot;sophisInternalId&quot;:67109679,&quot;currentPrice&quot;:9.096,&quot;weight&quot;:0.04250843,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ENGIE SA&quot;,&quot;sophisInternalId&quot;:67198574,&quot;currentPrice&quot;:23.21,&quot;weight&quot;:0.04171007,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;FIRST SOLAR INC-REG&quot;,&quot;sophisInternalId&quot;:67348382,&quot;currentPrice&quot;:178.81,&quot;weight&quot;:0.04158671,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;GE VERNOVA INC&quot;,&quot;sophisInternalId&quot;:186414457,&quot;currentPrice&quot;:926.44,&quot;weight&quot;:0.03971898,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;GENERAC HOLDINGS INC&quot;,&quot;sophisInternalId&quot;:71209380,&quot;currentPrice&quot;:198.4,&quot;weight&quot;:0.03858034,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;GRENERGY RENOVABLES&quot;,&quot;sophisInternalId&quot;:146456139,&quot;currentPrice&quot;:66.2,&quot;weight&quot;:0.03699245,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;IBERDROLA SA&quot;,&quot;sophisInternalId&quot;:67109708,&quot;currentPrice&quot;:21.53,&quot;weight&quot;:0.04248671,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MERIDIAN ENERGY LTD&quot;,&quot;sophisInternalId&quot;:151191915,&quot;currentPrice&quot;:5.62,&quot;weight&quot;:0.042176,&quot;currency&quot;:&quot;NZD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NEXTPOWER INC-CL A&quot;,&quot;sophisInternalId&quot;:180585853,&quot;currentPrice&quot;:83.45,&quot;weight&quot;:0.04342399,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NORDEX SE&quot;,&quot;sophisInternalId&quot;:67118843,&quot;currentPrice&quot;:34.86,&quot;weight&quot;:0.03610719,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NORTHLAND POWER INC&quot;,&quot;sophisInternalId&quot;:71210108,&quot;currentPrice&quot;:22.12,&quot;weight&quot;:0.04033373,&quot;currency&quot;:&quot;CAD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ORMAT TECHNOLOGIES INC&quot;,&quot;sophisInternalId&quot;:67458000,&quot;currentPrice&quot;:89.54,&quot;weight&quot;:0.04048968,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;PORTLAND GENERAL ELECTRIC CO&quot;,&quot;sophisInternalId&quot;:71210337,&quot;currentPrice&quot;:43.87,&quot;weight&quot;:0.04069467,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SCHNEIDER ELECTRIC SE&quot;,&quot;sophisInternalId&quot;:67109423,&quot;currentPrice&quot;:258,&quot;weight&quot;:0.03551036,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SEVERN TRENT PLC&quot;,&quot;sophisInternalId&quot;:67109582,&quot;currentPrice&quot;:3216,&quot;weight&quot;:0.0428526,&quot;currency&quot;:&quot;GBP&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;TECHNIP ENERGIES NV&quot;,&quot;sophisInternalId&quot;:147052869,&quot;currentPrice&quot;:29.94,&quot;weight&quot;:0.04272201,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;VESTAS WIND SYSTEMS ORD&quot;,&quot;sophisInternalId&quot;:67122703,&quot;currentPrice&quot;:184,&quot;weight&quot;:0.03832471,&quot;currency&quot;:&quot;DKK&quot;}]\"><\/AmcComposition>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2021/clean-energy?language_id=1\" label=\"Get more information here!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"clean-energy","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/clean-energy-leonteq-structured-products-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/clean-energy-leonteq-structured-products-thumbnail.jpg"},{"date":"2021-02-03T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/irobot3-leonteq-structured-products-product-product+homepage+banner.jpg","subTitle":"Nasdaq stocks in the \"flash mob\" maelstrom","windowTitle":"iRobot","category":"coupon-giant","title":"iRobot","body":"<h3>Nasdaq stocks in the \"flash mob\" maelstrom<\/h3>\n<p>At the end of January, a kind of culture war broke out on the stock exchanges. Countless private investors joined forces in the fight against short-sellers on Internet forums - first and foremost on the \"Reddit\" portal. With concerted actions, they triggered price rises in companies where the proportion of shares sold short is particularly high. At the epicenter of the so-called trader flash mob was GameStop. The video game retailer's stock soared more than 1500% in January. At the same time, the stock reached a historic volatility of a whopping 472%. The turmoil has rocked billion-dollar hedge funds and, with them, the stock market as a whole. Even the White House is alarmed, with a spokesman saying the situation is being closely monitored by the US Treasury.<\/p>\n<h3>iRobot: short interest (open short positions in millions of shares and % of share capital)<\/h3>\n<div><img src=\"/dA/5c6e531926/irobot-Leonteq-Structured-Products_700x500 EN Bar chart.svg?language_id=1\" alt=\"irobot-Leonteq-Structured-Products_700x500 EN Bar chart\" caption=\"false\" width=\"1730\" height=\"1597\" /><\/div>\n<footer>Source: NASDAQ.com, as at 01.02.2021 <br /> Historical data are not a reliable indicator of future performance.<\/footer>\n<h3>Short sellers under pressure<\/h3>\n<p>Among the stocks that got caught in the maelstrom of GameStop's rally was iRobot. In the meantime, the share price of the maker of fully automated vacuum cleaners nearly doubled in the last week of January (see chart). A look at the short interest published by the US technology exchange NASDAQ makes the direct link to the flash mob traders clear. As of mid-January 2021, 10.5 million shares of iRobot had been sold short (see chart). This represented more than one-third of the shares outstanding. According to NASDAQ, iRobot's average daily trading volume is just over half a million shares. It would therefore take more than 20 trading sessions for the short sellers to close out their positions. Against this backdrop, the possibility of a \"short squeeze\" is not out of the question. Nevertheless, it is difficult to say whether the recent price spikes were already (partly) caused by buy orders from short sellers or whether pure speculation was behind the rally.<\/p>\n<h3>Positive outlook<\/h3>\n<p>What is certain is that the company's fundamentals have been pretty much drowned out in the recent turmoil. Investors will find out how iRobot's business fared at the end of 2020 on February 10. In Q3, the Massachusetts-based company had posted revenue growth of 43% to USD 413.1 million. Especially in the States, people wanted to spend less time than ever vacuuming and mopping their floors. In the domestic market, revenues increased by three quarters. At $2.58, non-GAAP net income per share was up 72% from the profit in the year-ago quarter. \"We expect strong results for the full year 2020,\" CEO Colin Angle said in presenting the interim report. Revenue, gross margin, operating profit and earnings per share were expected to exceed initial targets. The CEO also attributed his confidence to recent innovations. In the 3rd quarter, iRobot had introduced, among other things, the Roomba i3 and i3+ models - both take care of vacuuming the floors independently, including automatic emptying, and can be monitored and controlled via smartphone app.<\/p>\n<h3>iRobot: Historical share price development (in USD)<\/h3>\n<div><img src=\"/dA/f54c260a0b/irobot-Leonteq-Structured-Products_700x500 EN Product.svg?language_id=1\" alt=\"irobot-Leonteq-Structured-Products_700x500 EN Product\" caption=\"false\" width=\"1273\" height=\"1175\" /><\/div>\n<footer>Source: Thomson Reuters, as at 01.02.2021<br /> Historical data are not a reliable indicator of future performance.<\/footer>\n<h3>High coupon, low barrier<\/h3>\n<p>It remains to be seen whether Wall Street will actually set its sights on the facts again by the payday or whether the \"flash mob\" will continue to dominate. In this respect and due to iRobot's high volatility, structured products could be an interesting alternative. As the underlying for two new Softcallable Barrier Reverse Convertibles, the stock offers impressive coupons: In the product currency CHF, the guaranteed payout is 17.00% p.a., while the USD version yields 100 basis points p.a. more. The barriers in each case are a low 49% of the initial fixing. As long as iRobot does not fall to or below this level during the 12-month term, the maximum return is fixed. Otherwise, the stock would have to turn upward and reach at least the initial price by the final fixing to avoid discounts on redemption. Please note: Due to the soft callable feature, early redemption of this issue is possible.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0590637986\\&quot; \\&quot;CH0590637994\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-irobot","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/irobot3-leonteq-structured-products-product-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/irobot3-leonteq-structured-products-product-thumbnail.jpg"},{"date":"2021-01-20T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-solaredge-product-homepage-banner.jpg","subTitle":"Towards a bright future","windowTitle":"SolarEdge","category":"coupon-giant","title":"SolarEdge","body":"<h3>Towards a bright future<\/h3>\n<p>From climate denier to climate change activist, the U.S. is making a 90-degree turnaround this week. With Joe Biden taking office on January 20, the country is moving into a new future, a green future. On his very first day in the White House, the newly elected US president wants to rejoin the Paris climate agreement, which was cancelled by his predecessor Donald Trump and is considered a milestone in the fight against global warming. But that's not all: Biden also has a billion-dollar plan for sustainable infrastructure and industry in his pocket.<\/p>\n<h3>SolarEdge: Sales (in USD billion)<\/h3>\n<div><img src=\"/dA/a2e3cac29c/charts_solaredge_620x478 EN Bar chart.jpg?language_id=1\" alt=\"charts_solaredge_620x478 EN Bar chart\" caption=\"false\" width=\"1293\" height=\"997\" /><\/div>\n<h3>\"Green\" framework<\/h3>\n<p>The move away from fossil fuels, coupled with a greater expansion of renewable energies, has recently brought high price gains for stocks in the sector. SolarEdge is one of them. The share price rose by almost 170% in the past 12 months. However, there has recently been some profit-taking. From its record high of USD 377, the stock dipped by around USD 100, or just over a quarter. After the preceding rally, the consolidation can certainly be seen as a healthy breather. However, it does not change anything about the positive long-term conditions. The future plans of governments around the globe are all green. Even China, which has been hesitant for a long time, has now announced its intention to be climate-neutral by 2060 at the latest.<\/p>\n<p>So as a specialist in renewable energies, SolarEdge should have a rosy future ahead of it. The company is known for its smart inverters as well as its innovative solar power monitoring solutions for homes and commercial facilities. Founded in Israel in 2006, the company has sold 21 gigawatts (GW) of power worldwide and 1.75 million energy management platforms. According to IHS, SolarEdge is even ahead of Germany's SMA in first place in the global inverter market. The further growth prospects for the company are enormous. According to McKinsey forecasts, solar energy is expected to grow by a factor of 60 from 2015 to 2050.<\/p>\n<h3>Steady growth<\/h3>\n<p>A look at SolarEdge's books shows that the company is well positioned in the industry. Between 2015 and 2019, revenue grew at an average annual rate of 35.4%, and net income nearly tripled over that period. To be sure, the steep revenue and profit curve gets a damper in Corona's 2020 year. The analyst consensus only expects revenue and earnings expansion rates of around 8%. But already this year, business is expected to pick up again and values are expected to rise again in the double-digit percentage range.<\/p>\n<p>On February 17, SolarEdge will report on the past year. After 9 months, revenue and profit showed small growth despite the global lockdowns in the wake of Covid-19. \"Our solar business outside the U.S. has reached an all-time high and the U.S. market is showing signs of returning to pre-pandemic installation levels,\" CEO Zivi Lando explained during the financial presentation. In addition, the company has also been making progress beyond its solar business of late. For the fourth quarter, Lando announced that the e-mobility division is shipping its first significant batch of full-drive solutions for installation in electric vehicles. In the promising e-mobility space, SolarEdge has even more products, such as a single-phase inverter with an integrated e-charge controller that allows a \"Stromer\" to charge up to 2.5 times faster than with a conventional charger.<\/p>\n<h3>SolarEdge: Historical Share Price Development (in USD)<\/h3>\n<div><img src=\"/dA/7633b492c8/charts_solaredge_620x478 EN Product.jpg?language_id=1\" alt=\"charts_solaredge_620x478 EN Product\" caption=\"false\" width=\"1293\" height=\"998\" /><\/div>\n<h3>Double-digit percentage return opportunity<\/h3>\n<p>The average of 19 analyst reports currently gives SolarEdge stock a \"hold\" rating. The median price target is USD 296.50, which represents a moderate premium of 5% over the current quotation. With the new Softcallable Barrier Reverse Convertibles, there is considerably more to be had, even with conditional partial protection. With a barrier distance of 41%, the CHF version of the product offers the prospect of a return of 15.60% p.a.. The USD version even offers a coupon of 17.00% p.a. with the same risk buffer. In order for the products to generate the maximum return in one year at the latest, no price increases are required; the only thing that must remain intact is the barrier. The term can be shortened to 6 months due to the soft callable function.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0562389103\\&quot; \\&quot;CH0587334134\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>\n<\/h><\/div>","url":"coupon-solaredge","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-solaredge-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-solaredge-thumbnail.jpg"},{"date":"2021-01-15T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-hydrogen_jan2021-product+homepage+banner.jpg","subTitle":"Investing in the future with tracker certificates","windowTitle":"Coveted H\u2082 molecule","category":"investment-themes","title":"Coveted H\u2082 molecule","body":"<h3>Hydrogen boom on the stock market<\/h3>\n<p>The massive subsidy programmes around the globe are also being felt on capital markets. Hydrogen shares, for instance, have long been among the winners on the stock market. Even the coronavirus pandemic has had little impact on the prices of the H\u2082 specialists. Fuel cell manufacturers in particular, such as the Swedish PowerCell and the Canadian Ballard Power, have enjoyed especially high attention on trading floors and seen their share prices more than double and triple respectively over the last twelve months. Fuel cells play an important role in hydrogen-based mobility, among other areas. According to predictions from the Hydrogen Council, as many as 3 to 4 million of the trucks and vans around the world and over 1 million taxis could be operated with fuel cells by 2030. Fuel cells are not just able to drive vehicles, however: they also offer a clean energy source for computers through to complete houses.<\/p>\n<div>\n    <ltq-button color=\"primary\" url=\"https://ch.leonteq.com/de/news-and-media/news/investment-themes/2021/hydrogen?language_id=1\" label=\"Get more information here!\"><\/ltq-button>\n<\/div>\n<h3>\"Pure play\" indices<\/h3>\n<p>If the many different opportunities in the fast-growing hydrogen sector are to be exploited, broadly diversified investment solutions in particular could make sense. This is because there are many players in the still young market, making it difficult to predict which companies will manage to survive in the long term. What is more, some industry representatives are still operating at a loss. Leonteq is offering interested investors two promising investment strategies with tracker certificates on the <strong><a href=\"/news/all/h2\">\"Swissquote Hydrogen Index\"<\/a><\/strong> and the <strong><a href=\"/news/all/h2-tech\">\"H\u2082 Technology Index\"<\/a><\/strong>. The first of these indices currently includes 22 international hydrogen companies, which are reviewed regularly. In addition to the fuel specialists mentioned above, the gas groups Air Liquide and Linde, US commercial vehicle giant Cummins and carmakers such as BMW are also on board. At the moment Toyota is the dominant heavyweight. The Japanese company is regarded as a pioneer of H\u2082 technology. It was the Toyota Mirai that was the world's first saloon car equipped with a fuel cell to go into mass production in 2014. The index also contains a passive fund in the shape of the Aberdeen Standard Physical Palladium Shares ETF. Palladium is an important precious metal in the manufacture of a fuel cell.<\/p>\n<h3>Tracker certificate on the Swissquote Hydrogen Index<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0513599479\\&quot;&quot;,&quot;conditions&quot;:{&quot;&quot;:true},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;resultsPerPage&quot;:20,&quot;pageNumber&quot;:1,&quot;sortFields&quot;:[],&quot;sortingEnabled&quot;:true,&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div><strong>Management Fee: 0.80% p.a.<\/strong><\/div>\n<div><strong>Index Sponsor: Swissquote Bank SA<\/strong><\/div>\n<div><strong>Issuer: Leonteq Securities AG<\/strong><\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><price-chart isin=\"CH0513599479\"><\/price-chart><\/div>\n<h3>High price growth<\/h3>\n<p>The performance speaks for itself: since the actively managed certificate on the <strong><a href=\"/news/all/h2\">Swissquote Hydrogen Index<\/a><\/strong> was launched in mid-February 2020, the product has appreciated more than 150% in price. Issued in USD, the participating instrument comes with an unlimited term, reflecting the long-term character of the investment. The same approach is also used for the <strong><a href=\"/news/all/h2-tech\">H\u2082 Technology Index<\/a><\/strong>. The tracker on the strategy barometer managed by Hamburg asset manager Albrecht, Kitta & Co. likewise has an open-ended structure. This index, too, follows a diversified approach: the 16 members included cover the entire value chain of the hydrogen sector, with industries from H\u2082 generation through storage to distribution all represented.<\/p>\n<h3>Tracker certificate on the H\u2082 Technologie Index<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0562385291\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.listed:true&quot;:false,&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div>\n<p><strong>Management Fee: 1.10% p.a.<\/strong><\/p>\n<p><strong>Index Sponsor: Albrecht, Kitta &amp; Co. Verm&ouml;gensverwaltung GmbH<\/strong><\/p>\n<p><strong>Issuer: Leonteq Securities AG<\/strong><\/p>\n<\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><price-chart isin=\"CH0562385291\"><\/price-chart><\/div>\n<h3>Fair costs<\/h3>\n<p>Although the <strong><a href=\"/news/all/h2-tech\">H\u2082 Technology Index<\/a><\/strong> has a global orientation, companies which are based in the USA are not considered, in contrast to the <strong><a href=\"/news/all/h2\">Swissquote Hydrogen Index<\/a><\/strong>. The individual members are reweighted in the quarterly rebalancing process. Weightings must be at least 2.5% and not more than 10% in order to counteract clustering. The clever investment solution from Hamburg asset manager Albrecht, Kitta & Co. likewise boasts an impressive track record, albeit a relatively short one: launched in September 2020, the tracker has since climbed by a little more than 50%. The product comes with a fair annual management fee of 1.1%. Just 0.8% p.a. is charged for the participating instrument on the Swissquote Hydrogen Index.<\/p>\n<div>    <ltq-button color=\"primary\" url=\"https://ch.leonteq.com/de/news-and-media/news/investment-themes/2021/hydrogen?language_id=1\" label=\"Get more information here!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"hydrogen","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-hydrogen_jan2021-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-hydrogen_jan2021-thumbnail.jpg"},{"date":"2020-12-15T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-ark2-product+homepage+banner.jpg","subTitle":"Promising quintet in one index","seoDescription":"US financial services provider ARK Invest has set itself the goal of enabling methodical investment in the digital revolution.","windowTitle":"Disruptive Innovation Index","category":"investment-themes","title":"Disruptive technologies","seoKeywords":"Leonteq, Structured Products, Certificates, Derivatives, Investment Theme, Leonteq News, Ark, Ark ETF, Innovation Investment","body":"<h3>Profitable ARK family<\/h3>\n<p>US financial services provider ARK Invest has set itself the goal of enabling methodical investment in the digital revolution. To that end it launched five ETFs: ARK Innovation, ARK Autonomous Technology &amp; Robotics, ARK Next Generation Internet, ARK Genomic Revolution and ARK Fintech Innovation. That the investment team is doing a good job is evident not least this year. According to an analysis by the financial platform Seeking Alpha, the ETF quintet from ARK Invest are among the ten best ETFs in 2020. The investment vehicle is not just demonstrating its outperformance qualities in the short term, however: it has been in the fast lane ever since it was launched. This is exemplified by the broadly diversified ARK Innovation ETF, which covers a large range of innovative technologies from cloud computing through the internet of things to gene therapy and blockchain and can boast an annualised growth rate of just under 40% over the last five years. The S&amp;P 500, by contrast, managed to rise by just 14% p.a.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2020/innovation?language_id=1\" label=\"Get more information here!\"><\/ltq-button><\/div>\n<h3>Off to a fast start<\/h3>\n<p>The other ARK ETFs have also pulled away from the market as a whole in recent years. Although the youngster of the ETFs, the ARK Fintech Innovation, has a significantly shorter track record &ndash; the product was only launched in April 2019 &ndash; its performance since then likewise speaks for itself. The ETF put on a proud 86% in value over a 12-month view, beating the S&amp;P 500 by a huge 70 percentage points. The largest holding in the fund at the moment is mobile payment specialist Square, which accounts for rather more than one tenth. The company is enjoying a dynamic growth trajectory and managed to increase its earnings per share to 34 cents in the third quarter of 2020 alone. That was not only 59% more than in the previous year, but twice as much as analysts had expected. \"Cash\", the financial app that enables real-time transfers, among other features, was particularly successful. According to ARK Research, the market for digital wallets in the USA will continue to grow exponentially in the new few years. The experts predict a value of USDbn 800 by 2024, 27 times higher than today.<\/p>\n<h3>ARK Autonomous Technology &amp; Robotics ETF vs. ARK Next Generation Internet ETF vs. ARK Innovation ETF vs. ARK Genomic Revolution ETF vs. ARK Fintech Innovation ETF (price movement in 2020)<\/h3>\n<div><img src=\"/dA/a5acdd6526/ARK2-Leonteq-Structured-Product_700x500 Product.png?language_id=1\" alt=\"ARK2-Leonteq-Structured-Product_700x500 Product\" caption=\"false\" width=\"700\" height=\"500\" /><\/div>\n<footer>\n<p>Source: Thomson Reuters, as at: 08.12.2020<\/p>\n<p>Historical data are not a reliable indicator of future performance.<\/p>\n<\/footer>\n<h3>Autonomous driving in the ascendant<\/h3>\n<p>While the ARK Innovation, Next Generation Internet and Genomic Revolution ETFs managed to as much as double in the last twelve months, the ARK Autonomous Technology &amp; Robotics ETF brings up the rear with a &ndash; still remarkable &ndash; growth rate of 80%. The fund concentrates primarily on technological progress in the transport, automation, energy and manufacturing sectors. Aerospace research also plays a role in the investment approach, currently making up 4.8% of the fund. The largest sector by theme is formed by companies involved in autonomous driving. According to ARK, the market for autonomous carpooling will climb from more than USDtn 1 today to USDtn 5 by 2024, reaching as high as USDtn 9 in 2029. The fund takes this trend into account: the largest single holding is the Californian car-maker Tesla, which is now worth more than all European, American and many Japanese motor manufacturers put together.<\/p>\n<h3>Tracker certificates on the Disruptive Innovation Index<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0562388329\\&quot; \\&quot;CH0562388337\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>Five at a stroke<\/h3>\n<p>Each themed ARK Invest ETF thus covers a wide range of promising sectors of the future. However, buying all funds on the NYSE in the USA would come with very high transaction costs. Leonteq has the perfect solution for future-oriented investors to hand: SIX-listed tracker certificates on the \"Disruptive Innovation Index\". It invests with equal weighting in the five actively managed ARK ETFs. The dividends of the index components are not lost, but are instead reinvested net in the respective ETFs. The annual fee for the tracker is 0.75% p.a. The participation instruments, which reflect the underlying 1:1, are offered in the two currency tranches of CHF and USD. The equal weighting of the five underlying stocks is retained through annual reweighting within the index.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2020/innovation?language_id=1\" label=\"Get more information here!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"innovation","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-ark2-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-ark2-thumbnai.jpg"},{"date":"2020-12-09T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-alliance+data+systems-product+homepage+banner.jpg","subTitle":"A genuine Fintech Laggard","windowTitle":"Alliance Data Systems","category":"coupon-giant","title":"Alliance Data Systems","body":"<h3>A genuine Fintech Laggard<\/h3>\n<p>Fintech is one of the megatrends which the corona crisis has given an extra boost. Whether it is contactless payment in retail, e-commerce bills settled via payment apps or online applications for private loans, many people are likely to have discovered the digitalization of the banking world for themselves by 2020. Accordingly, Fintech shares were very popular on the stock exchange. But there are companies that have fallen by the wayside. Alliance Data Systems turns out to be a real Fintech laggard. The US small cap is quoted at a good quarter below its 2019 close. At least the share is preparing to improve its balance sheet on the home straight of the stock market year (see chart). The Columbus-based company specializes in marketing and loyalty services. In addition to loyalty programs, Alliance Data offers credit card systems to its more than 400 customers, including the Victoria's Secret fashion label and the IKEA furniture store.<\/p>\n<h3>Alliance Data Systems: Sales (in USD million) and EBITDA margin<\/h3>\n<div><img src=\"/dA/13087e54f0/Alliance Data System_Leonteq structured products-700x500 EN Bar chart.png?language_id=1\" alt=\"Alliance Data System_Leonteq structured products-700x500 EN Bar chart\" caption=\"false\" width=\"700\" height=\"500\" /><\/div>\n<footer>Source: Alliance Data, status: December 2020<br /> Historical data are not a reliable indicator of future performance.<\/footer>\n<h3>Transformation and change of leadership<\/h3>\n<p>This strategy has not really taken off in recent years. In 2019, operating earnings (adjusted EBITDA level) slumped by a moderate double-digit percentage decline in sales. The margin shrank accordingly sharply (see chart). Since February 2020 Ralph Andretta has been responsible for getting Alliance Data back on track for growth. Even before the appointment of the CEO previously responsible for Citigroup's US credit card business, Alliance Data had already initiated a restructuring of the group. The sale of Epsilon was completed in mid-2019. The specialist for data management in marketing went to the French advertising agency Publicis for around USD 4.4 billion. Since then, Alliance Data has focused on the two segments \"LoyaltyOne\" and \"Card Services\".<\/p>\n<h3>Acquisition and interim report<\/h3>\n<p>Just a few months after joining the company, Ralph Andretta expanded the digital payment division through a takeover. He put USD 450 million in cash and treasury shares on the table for Lon Inc. This company offers payment services under the brand name Bread. The platform is positioned directly at the point-of-sale - mobile and online shops are just as much a part of this as stationary retail. With Bread, Alliance Data can now offer its customers the \"Buy now, pay later\" payment method in particular. In addition to purchase on account, this includes consumer loans or instalment payments. Almost simultaneously with the announcement of this transaction, which has now been completed, Alliance Data presented its interim report for the third quarter of 2020. This report reflects the recovery of business after the lockdown. In the card segment, credit sales rose 28% over the previous period to USD 6.2 bn. At the same time, \"LoyaltyOne\" increased revenues by more than one fifth. However, compared to Q3 2019, Alliance Data as a whole posted a double-digit percentage decline in revenues and EBITDA.<\/p>\n<h3>Alliance Data Systems: Historical share price development (in USD)<\/h3>\n<div><img src=\"/dA/4096abf037/Alliance Data System_Leonteq structured products-700x500 EN Product.png?language_id=1\" alt=\"Alliance Data System_Leonteq structured products-700x500 EN Product\" caption=\"false\" width=\"700\" height=\"500\" /><\/div>\n<footer>Source: Thomson Reuters, as of 07.12.2020<br /> Historical data are not a reliable indicator of future performance.<\/footer>\n<h3>Coupon and partial protection<\/h3>\n<p>The prospects of the service provider depend to a large extent on how the pandemic develops in the countries and on the course of the world's largest economy. The analysts at Morgan Stanley have their thumbs up. According to them, the prospect of a Covid 19 vaccine provides a high degree of certainty that the recession will end next year. As a result, interest rates at the long end should rise, credit growth should accelerate and unemployment should fall. Within the banking sector, Morgan Stanley considers consumer finance providers to be the biggest beneficiaries of the positive scenario. Alliance Data is one of Morgan Stanley's top picks in this segment. For investors who do not (yet) share the optimism, Leonteq offers an investment alternative in the form of two new Softcallable Barrier Reverse Convertibles. The duo with a uniform term of 15 months brings high coupons: While the guaranteed payout in the product currency is CHF 15% p.a., the USD variant yields 120 basis points more p.a. The barriers are fixed at 55% of the initial level. If this cushion does not hold, the partial protection expires. Investors would then be exposed to the full price risk of the underlying instrument.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0562386711\\&quot; \\&quot;CH0584950015\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-ads","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-alliance+data+systems-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-alliance+data+systems-thumbnail.jpg"},{"date":"2020-12-04T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-solactive+gaming-product+homepage+banner.jpg","subTitle":"Tracker certificate on the Solactive® Electronic Gaming Index","windowTitle":"Gaming","category":"investment-themes","title":"A \"game\" investment idea","body":"<h3>Benchmark at record high<\/h3>\n<p>\"Stay at home\" could well go down in history as the global motto of the year, as the coronavirus pandemic forced people to stay at home for the time being. This development had far-reaching effects not only on society: it had a massive impact on the economy at the same time. Whereas the restrictions brought business in many sectors to a de facto standstill, other industries experienced an absolute boom. Among those to profit in particular have been companies which help the millions \"stuck at home\" pass the time. That also and especially includes the gaming industry. The \"stay at home\" movement has enhanced the attraction of the already very popular video games still further. Less surprisingly, this trend also being felt on the stock market: at the end of November the Solactive&reg; Electronic Gaming Index was trading at around one and half times the closing price in 2019 (see chart).<\/p>\n<h3>Performance of the Solactive&reg; Electronic Gaming NTR Index (in EUR)<\/h3>\n<div><img src=\"/dA/f2c154e9ed/Solactive Gaming-Leonteq-structured products-700x500 EN Product.png?language_id=1\" alt=\"Solactive Gaming-Leonteq-structured products-700x500 EN Product\" caption=\"false\" width=\"562\" height=\"501\" /><\/div>\n<footer>\n   <p>Source: Thomson Reuters, as at: 30.11.2020<\/p>\n   <p>Historical data are not a reliable indicator of future performance.<\/p>\n<\/footer>\n<h3>The whole gaming spectrum &hellip;<\/h3>\n<p>It has been possible to invest in this benchmark through a tracker certificate from Leonteq for just under three years. The experienced service provider Solactive is responsible for the selection, composition and calculation of the underlying stock. Only companies which achieve the majority of their sales in the electronic gaming segment are considered for inclusion. They may be console manufacturers just as much as producers of equipment such as controllers, keyboards or headsets. Developers and marketers of video games are also eligible. As usual, alongside the operating premises outlined above the shares must also meet some quantitative criteria. These include a market capitalisation of at least USDmn 100 and a primary listing on a regulated stock market. From the companies which make it through the selection process, Solactive adds the 20 with the highest market capitalisation to the index with an equal weighting. The selection is reviewed and adjusted where necessary twice a year, in May and November. Extraordinary changes may be made between these dates.<\/p>\n<h3>&hellip; Hardware and software<\/h3>\n<p>The Solactive&reg; Index covers the whole spectrum of the growing electronic gaming market. To that extent the leading console manufacturers certainly deserve a place. With the PlayStation 5 and Xbox Series X|S, Sony and Microsoft have brought the next hardware generation onto the market right on time for this year's Christmas trade. According to a report from Bloomberg News, Nintendo is currently working on an upgrade for the Switch console together with a more extensive games palette. The Japanese group is said to have asked games developers to make their software compatible with a 4k resolution. The publishers themselves play a leading role in the index, which includes both specialists from Japan and leading US service providers. One of the leading games developers listed on the Nasdaq is Activision Blizzard. The group, which is responsible for the \"Call of Duty\" series, among others, tips the scales with a hefty USDbn 60 capitalisation at the moment. The stock market value of Electronic Arts comes to some USDbn 36. The Californian company created blockbusters such as the life simulator \"Sims\" and the racing classic \"Need for Speed\". In \"Fifa\", Electronic Arts also develops and distributes what is probably the best-known sports video game. 35 million users emulated their idols on the 2020 version, giving the product record sales figures.<\/p>\n<div>\n   <ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2020/gaming?language_id=1\" label=\"Get more information here!\"><\/ltq-button>\n<\/div>\n<h3>Sharing in the \"high score\"<\/h3>\n<p>It is not uncommon for controllers, mice or keyboards from Logitech to be included in the party. The Swiss-American group equips gamers with a large range of accessories. Logitech is present in many home offices too, through headsets or cameras, for instance. This has led the company to experience particular demand during the coronavirus pandemic. Whether console manufacturers, games developers or mouse specialists, with Christmas business the gaming industry could have a very strong end to 2020. A few weeks before the festival, the Solactive&reg; Electronic Gaming Index is trading only slightly below its all-time high. The tracker certificate gives investors the confidence of knowing that the selection will achieve a new \"high score\" over the short or long term. Alongside the price movement itself, they also share in the dividends, because distributions from the companies included in the underlying are reinvested net after tax. The tracker is optionally available in USD and CHF and comes with a management fee of 1.35% p.a. in each case.<\/p>\n<h3>Zusammensetzung Solactive&reg; Electronic Gaming Index<\/h3>\n<div>\n   <ltq-table id=\"gaming-table\" title=\"Composition as at 30.11.2020\">\n      <template v-slot:default=\"\">\n         <thead>\n            <tr>\n               <th>Company<\/th>\n               <th>Country<\/th>\n               <th>Segment<\/th>\n            <\/tr>\n         <\/thead>\n         <tbody>\n            <tr>\n               <td>Activision Blizzard<\/td>\n               <th>USA<\/th>\n               <th>Video games<\/th>\n            <\/tr>\n            <tr>\n               <td>Bandai Namco Holdings<\/td>\n               <th>Japan<\/th>\n               <th>Video games<\/th>\n            <\/tr>\n            <tr>\n               <td>Capcom<\/td>\n               <th>Japan<\/th>\n               <th>Video games<\/th>\n            <\/tr>\n            <tr>\n               <td>Electronic Arts<\/td>\n               <th>USA<\/th>\n               <th>Video games<\/th>\n            <\/tr>\n            <tr>\n               <td>Embracer Group<\/td>\n               <th>Sweden<\/th>\n               <th>Video games<\/th>\n            <\/tr>\n            <tr>\n               <td>Koei Tecmo Holdings<\/td>\n               <th>Japan<\/th>\n               <th>Video games<\/th>\n            <\/tr>\n            <tr>\n               <td>Konami Holdings<\/td>\n               <th>Japan<\/th>\n               <th>Video games<\/th>\n            <\/tr>\n            <tr>\n               <td>Logitech International<\/td>\n               <th>USA/Switzerland<\/th>\n               <th>Accessories<\/th>\n            <\/tr>\n            <tr>\n               <td>Microsoft<\/td>\n               <th>USA<\/th>\n               <th>Consoles/accessories/video games<\/th>\n            <\/tr>\n            <tr>\n               <td>Netease<\/td>\n               <th>China<\/th>\n               <th>Video games<\/th>\n            <\/tr>\n            <tr>\n               <td>Nexon<\/td>\n               <th>Japan<\/th>\n               <th>Video games<\/th>\n            <\/tr>\n            <tr>\n               <td>Nintendo<\/td>\n               <th>Japan<\/th>\n               <th>Consoles/accessories/video games<\/th>\n            <\/tr>\n            <tr>\n               <td>Nvidia<\/td>\n               <th>USA<\/th>\n               <th>Graphics processors<\/th>\n            <\/tr>\n            <tr>\n               <td>Sega Sammy Holdings<\/td>\n               <th>Japan<\/th>\n               <th>Video games<\/th>\n            <\/tr>\n            <tr>\n               <td>Sony<\/td>\n               <th>Japan<\/th>\n               <th>Consoles/accessories/video games<\/th>\n            <\/tr>\n            <tr>\n               <td>Square Enix Holdings<\/td>\n               <th>Japan<\/th>\n               <th>Video games<\/th>\n            <\/tr>\n            <tr>\n               <td>Take-Two Interactive Software<\/td>\n               <th>USA<\/th>\n               <th>Video games<\/th>\n            <\/tr>\n            <tr>\n               <td>Tencent Holdings<\/td>\n               <th>China<\/th>\n               <th>Video games<\/th>\n            <\/tr>\n            <tr>\n               <td>Ubisoft Entertainment<\/td>\n               <th>France<\/th>\n               <th>Video games<\/th>\n            <\/tr>\n            <tr>\n               <td>Zynga<\/td>\n               <th>USA<\/th>\n               <th>Video games<\/th>\n            <\/tr>\n         <\/tbody>\n      <\/template>\n      <template v-slot:below>\n         <LtqCardBody>\n            <footer>Source: Solacative<\/footer>\n            <footer>Historical data are not a reliable indicator of future performance.<\/footer>\n         <\/LtqCardBody>\n      <\/template>\n   <\/ltq-table>\n<\/div>\n<h3>Tracker certificates on the Solactive&reg; Electronic Gaming Index<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0372703717\\&quot; \\&quot;CH0372703725\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>\n   <ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2020/gaming?language_id=1\" label=\"Get more information here!\"><\/ltq-button>\n<\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"gaming","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-solactive+gaming-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-solactive+gaming-thumbnail.jpg"},{"date":"2020-11-25T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-byd-product+homepage+banner.jpg","subTitle":"E-Power from the Far East","windowTitle":"BYD","category":"coupon-giant","title":"BYD","body":"<h3>E-Power from the Far East<\/h3>\n<p>Both the majority of car fans and most investors are likely to think of Tesla when they hear the keyword \"electromobility\". With his innovative range of models and the rapidly rising share price, the US industry pioneer is inspiring both groups of people. In comparison, BYD is rather a shadowy existence. But the company from China has nothing to hide. In 2003, the year Tesla was founded, the company from Shenzen dedicated itself to e-mobility. True to the eponymous motto \"Build your dreams\", BYD has since become one of the leading brands for electric and hybrid vehicles in China. Although management's focus is on the domestic market, the all-electric crossover SUV \"Yuan\" was one of the world's best-selling e-cars in 2019 according to Statista (see chart).<\/p>\n<h3>World's best-selling e-car models 2019 (in 1000 units)<\/h3>\n<div><img src=\"/dA/2714304985/BYD-Leonteq-Strukturierte-Produkte_700x500 EN Bar chart.png?language_id=1\" alt=\"BYD-Leonteq-Strukturierte-Produkte_700x500 EN Bar chart\" caption=\"false\" width=\"1459\" height=\"2172\" /><\/div>\n<footer>Source: Statista, as at July 2020<br /> Historical data are not a reliable indicator of future performance.<\/footer>\n<h3>Company anniversary records<\/h3>\n<p>BYD is an international leader with its electric-powered buses. They have recently been used in the public transport system of the Spanish capital Madrid, for example. With the development of the SkyRail suspension railway or innovative storage systems for photovoltaic electricity, BYD underlines its strategy focused on sustainability. The company thus has a proverbial electrifying effect on investors. In the year of the company's 25th anniversary, the BYD share boomed to unprecedented heights. At the end of November, it was trading more than 400% above the 2019 year-end closing price. None other than Warren Buffett is among the shareholders who can be pleased with this impressive performance. Through his holding company Berkshire Hathaway, the star investor has been involved in the Chinese Large Cap since 2008. Buffett is likely to have fallen on BYD's latest quarterly figures: At CNY 44.5 billion, turnover exceeded the previous year's figure by a good 40%. The bottom line is that the company earned a good CNY 1.7 billion from July to September, more than in the entire first half of the year. While BYD also benefited from its rapid entry into the production of face masks, it was mainly its core business that boosted earnings.<\/p>\n<h3>A special vehicle<\/h3>\n<p>After the lockdown, customers returned in droves to the car dealerships, and the carmaker was able to score points with them above all with the new \"Han\" model and a modified version of the \"Tang\". According to BYD, this duo has a large number of orders. Management therefore considers both models to be drivers of the expected volume growth in the e-mobility segment in the current final quarter as well. The Chinese drive for innovation continues unabated: In mid-November, BYD introduced the \"D1\", which was developed in cooperation with the transport service DiDi. In addition to a sliding door on the right-hand side, a particularly comfortable driver's seat and relatively large legroom for the passengers make this van a ridehailing vehicle. The Chinese Uber competitor DiDi has more than 550 million users and employs 31 million drivers. Initially, the \"D1\" will be used in the Chinese city of Changsha, before BYD delivers the model to other regions.<\/p>\n<h3>BYD: Historical share price development (in HKD)<\/h3>\n<div><img src=\"/dA/5315ce4a3e/BYD-Leonteq-Strukturierte-Produkte_700x500 EN Product.png?language_id=1\" alt=\"BYD-Leonteq-Strukturierte-Produkte_700x500 EN Product\" caption=\"false\" width=\"700\" height=\"1043\" /><\/div>\n<footer>Source: Thomson Reuters, as at 24.11.2020<br /> Historical data are not a reliable indicator of future performance.<\/footer>\n<h3>Yield-laden investment alternative<\/h3>\n<p>As a multifaceted industry giant with a focus on the world's largest market for e-cars, BYD cannot be missing from the new <strong><a href=\"/isin/CH0572904743\">Swissquote Global eMobility Index<\/a><\/strong>. Together with Tesla, the Chinese are among the 24 companies included in the benchmark. Softcallable barrier reverse convertibles on BYD offer a possible alternative or supplement to this diversified thematic investment. Leonteq has launched two variants of this yield optimisation structure. With an identical maturity of 15 months and a barrier at 55% of the initial fixing, the product is available in CHF and USD. In the domestic currency, the guaranteed coupon is 13.50% p.a. With an allocation in USD, the payout is 150 basis points higher. Please note that the issuer has a right of termination in both cases.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1194698226\\&quot;\\&quot;CH1194698275\\&quot;\\&quot;CH1194698283\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;valor&quot;,&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0562386265\\&quot; \\&quot;CH0579774040\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-byd","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-byd-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-byd-thumbnail.jpg"},{"date":"2020-11-20T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-emobility-product+homepage+banner.jpg","subTitle":"Tracker certficate on the Swissquote Global eMobilty Index","windowTitle":"E-Mobility","category":"investment-themes","title":"A fast moving megatrend","body":"<h3>Three partners, one sparkling idea<\/h3>\n<p>Leonteq, Swissquote and PostFinance are joining forces, the three financial service providers launching the tracker certificate on the Swissquote Global eMobility Index at the end of October. While Leonteq is acting as issuer and PostFinance has assumed the role of guarantor, the idea behind this structured product originates with Swissquote. The online bank's experts have added this exciting and promising topic to their \"Themes Trading\" series. Increasing numbers of electric vehicles are on the road around the globe. In addition to the government purchase incentives introduced for the purpose of climate protection, the market is being driven in particular by falling prices. A central cost factor for electric cars has always been the battery. So much the better, then, that the cost of battery packs has dropped sharply in recent years. According to Statista, the average price per kilowatt-hour (kWh) in 2010 was still close to USD 1,200, but by 2019 it had shrunk by 87% from that level to stand at USD 156. According to the statistics portal, the price of battery packs is expected to fall sharply again to just USD 100 per kWh by 2023 (see chart).<\/p>\n<h3>Battery packs: Average price (in USD per kWh)<\/h3>\n<div><img src=\"/dA/ed1e914efb/Leonteq-Structured-Products-eMobility_700x500 EN Product.png?language_id=1\" alt=\"Leonteq-Structured-Products-eMobility_700x500 EN Product\" caption=\"false\" width=\"1459\" height=\"2708\" /><\/div>\n<footer>\n<p>Source: Statista, as at: July 2020<\/p>\n<p>Historical data are not a reliable indicator of future performance.<\/p>\n<\/footer>\n<h3>Systematic selection process<\/h3>\n<p>The Swissquote experts reckon that the rapid spread of e-mobility offers great opportunities for investors. \"Everyone wants to be a pioneer in electromobility, as the potential is immense and will continue to grow,\" is their optimistic assessment. The actively managed Swissquote Global eMobility Index gives investors access to companies that focus on electric vehicles and their drive technologies. To be considered for the new benchmark, a share must first meet a number of minimum trading criteria. In addition to the quantitative premises, a direct link to electric mobility is essential. Managers put the entire value-added chain under the microscope. In other words, vehicle manufacturers and battery producers are just as eligible for the index as their suppliers or specialists in charging infrastructure. As usual, the allocation process is supported by quantitative calculations, such as the optimization of portfolio mean value and variance. The index is reviewed on a quarterly basis and rebalancing can take account of new listings or news from the sector.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2020/e-mobility?language_id=1\" label=\"Get more information here!\"><\/ltq-button><\/div>\n<h3>Industry leader on board<\/h3>\n<p>The starting line-up of the Swissquote Global eMobility Index features 24 companies. It goes without saying that the industry pioneer Tesla is among them. Founded in 2003, the company has secured first-mover status with its focus on electric drives. The Californians are now operating at a profit with rapid increases in sales figures. Wall Street is thrilled: the share price has more than quintupled over the year to date. Meanwhile, the 2020 interim balance sheet for the ABB share is now just back in positive territory again after the coronavirus-related slump in spring. The domestic industrial group is keen to take part in the megatrend of e-mobility, whether via the Terra rapid-charging station or plants for the production of electric vehicles. The Zurich-based company has just received an order from VW Nutzfahrzeuge for 800 corresponding high-performance industrial robots. The index also contains lithium producers and numerous automotive suppliers. These include both semiconductor manufacturers such as Infineon and drive specialists. The US group BorgWarner is active in the latter segment.<\/p>\n<h3>Enormous opportunities, low fees<\/h3>\n<p>The new underlying shows a spread that is broad not only in terms of technology &ndash; the index is also geographically broadly based. The spectrum ranges from e-mobility pioneer China to Europe, which is particularly committed to climate protection, and the USA, which is set to experience a sustainability boost following the election victory of Joe Biden. The tracker certificate on the Swissquote Global eMobility Index was launched with corresponding momentum. A good two weeks after the start of trading on the SIX, the product was listed at 16% above the issue price. Although, as already mentioned, three parties are involved in this exciting investment solution, fees have been kept low, with the total expense ratio a mere 0.95% p.a. To conclude, the new investment product offers a simple, effective and also low-cost opportunity to enter the car of the future.<\/p>\n<h3>Composition of the Swissquote Global eMobility Index<\/h3>\n<div><ltq-table id=\"e-mobility-table\" title=\"Composition as at 09.11.2020\"> <template v-slot:default=\"\">\n<thead>\n<tr>\n<th>Company<\/th>\n<th>Country<\/th>\n<th>Segment<\/th>\n<th>Weighting<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Lithium Americas<\/td>\n<td>Canada<\/td>\n<td>Battery technology<\/td>\n<td>2.52%<\/td>\n<\/tr>\n<tr>\n<td>BYD<\/td>\n<td>China<\/td>\n<td>Vehicle construction<\/td>\n<td>5.44%<\/td>\n<\/tr>\n<tr>\n<td>Ganfeng Lithium<\/td>\n<td>China<\/td>\n<td>Battery technology<\/td>\n<td>4.38%<\/td>\n<\/tr>\n<tr>\n<td>Kandi Technologies<\/td>\n<td>China<\/td>\n<td>Suppliers<\/td>\n<td>3.35%<\/td>\n<\/tr>\n<tr>\n<td>Nio ADR<\/td>\n<td>China<\/td>\n<td>Vehicle construction<\/td>\n<td>3.00%<\/td>\n<\/tr>\n<tr>\n<td>Xpeng ADR<\/td>\n<td>China<\/td>\n<td>Vehicle construction<\/td>\n<td>1.20%<\/td>\n<\/tr>\n<tr>\n<td>Faurecia<\/td>\n<td>France<\/td>\n<td>Suppliers<\/td>\n<td>3.61%<\/td>\n<\/tr>\n<tr>\n<td>Valeo<\/td>\n<td>France<\/td>\n<td>Suppliers<\/td>\n<td>3.29%<\/td>\n<\/tr>\n<tr>\n<td>Hella<\/td>\n<td>Germany<\/td>\n<td>Suppliers<\/td>\n<td>3.91%<\/td>\n<\/tr>\n<tr>\n<td>Infineon Technologies<\/td>\n<td>Germany<\/td>\n<td>Suppliers<\/td>\n<td>3.51%<\/td>\n<\/tr>\n<tr>\n<td>Aptiv<\/td>\n<td>Ireland<\/td>\n<td>Suppliers<\/td>\n<td>2.60%<\/td>\n<\/tr>\n<tr>\n<td>Denso<\/td>\n<td>Japan<\/td>\n<td>Suppliers<\/td>\n<td>8.17%<\/td>\n<\/tr>\n<tr>\n<td>Nissan Motor<\/td>\n<td>Japan<\/td>\n<td>Vehicle construction<\/td>\n<td>7.56%<\/td>\n<\/tr>\n<tr>\n<td>NXP Semiconductors<\/td>\n<td>Netherlands<\/td>\n<td>Suppliers<\/td>\n<td>3.26%<\/td>\n<\/tr>\n<tr>\n<td>Samsung SDI<\/td>\n<td>South Korea<\/td>\n<td>Battery technology<\/td>\n<td>5.27%<\/td>\n<\/tr>\n<tr>\n<td>Hanon Systems<\/td>\n<td>South Korea<\/td>\n<td>Suppliers<\/td>\n<td>7.03%<\/td>\n<\/tr>\n<tr>\n<td>ABB<\/td>\n<td>Switzerland<\/td>\n<td>Battery technology / Infrastructure<\/td>\n<td>5.69%<\/td>\n<\/tr>\n<tr>\n<td>Ambarella<\/td>\n<td>USA<\/td>\n<td>Suppliers<\/td>\n<td>4.08%<\/td>\n<\/tr>\n<tr>\n<td>Advanced Micro Devices<\/td>\n<td>USA<\/td>\n<td>Suppliers<\/td>\n<td>4.53%<\/td>\n<\/tr>\n<tr>\n<td>BorgWarner<\/td>\n<td>USA<\/td>\n<td>Suppliers<\/td>\n<td>4.10%<\/td>\n<\/tr>\n<tr>\n<td>Lear<\/td>\n<td>USA<\/td>\n<td>Suppliers<\/td>\n<td>3.37%<\/td>\n<\/tr>\n<tr>\n<td>Plug Power<\/td>\n<td>USA<\/td>\n<td>Suppliers<\/td>\n<td>3.05%<\/td>\n<\/tr>\n<tr>\n<td>Gentherm<\/td>\n<td>USA<\/td>\n<td>Suppliers / Battery technology<\/td>\n<td>4.12%<\/td>\n<\/tr>\n<tr>\n<td>Tesla<\/td>\n<td>USA<\/td>\n<td>Vehicle construction<\/td>\n<td>2.97%<\/td>\n<\/tr>\n<\/tbody>\n<\/template> \n<template v-slot:below> \n<LtqCardBody>\n    <footer>Source: Swissquote, Leonteq Securities<\/footer>\n    <footer>Historical data are not a reliable indicator of future performance.<\/footer>\n    <\/LtqCardBody> \n    <\/template> \n    <\/ltq-table>\n<\/div>\n<h3>Tracker certificate on the Swissquote Global eMobility Index<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0572904743\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.listed:true&quot;:false,&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div>\n<p><strong>Management Fee: 0.95% p.a.<\/strong><\/p>\n<p><strong>Index Sponsor: Swissquote Bank SA<\/strong><strong><\/strong><\/p>\n<p><strong>Issuer: Leonteq Securities AG,&nbsp;Guernsey<\/strong><\/p>\n<p><strong>Guarantor: PostFinance AG, Bern, Switzerland<\/strong><\/p>\n<\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2020/e-mobility?language_id=1\" label=\"Get more information here!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"e-mobility","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-emobility-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-emobility-thumbnail.jpg"},{"date":"2020-11-10T15:31","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-farfetch_product+homepage+banner.jpg","subTitle":"Luxury shopping: Fashion happiness at the click of a mouse","windowTitle":"Farfetch","category":"coupon-giant","title":"Farfetch","body":"<h3>Luxury shopping: Fashion happiness at the click of a mouse<\/h3>\n<p>The individual shopping experience is often the most important thing when shopping. This applies all the more in the luxury segment. Here emotions and empathy play a particularly important role in the decision-making process. Even if these emotions may be most pronounced locally, digitalisation does not stop at this industry. Younger people in particular are changing their \"luxury\" consumption behaviour, because they want to buy more of the finer things online. According to market researcher Bain, online sales are expected to account for around 30% of total industry turnover in 2025, estimated at EUR 330 bn in total. In 2017 the share of online sales was only around 9%.<\/p>\n<h3>First Mover...<\/h3>\n<p>Given these prospects, it comes as no surprise that manufacturers of original luxury goods such as jewellery, branded clothing and accessories are increasingly turning to the internet. José Neves, who founded the Farfetch company in 2008, was quick to recognise this development. The Portuguese man started with the vision of becoming the global platform for luxury fashion, thus connecting fine tailors and consumers. With success, more than 1,200 boutiques in over 190 countries now sell their goods on his virtual marketplace to around 2.5 million active users.<\/p>\n<h3>...makes a bang<\/h3>\n<p>The trend is likely to accelerate in the future, as Farfetch recently caused a bang in the industry with a \"double deal\". The London-based company concluded a global partnership with Alibaba and Richemont last week to accelerate the digitalization of the luxury goods industry. While Alibaba and Richemont already have a joint venture, Farfetch is now joining them. By using the luxury shopping channels of the Chinese, Farfetch will expand its reach to Alibaba's 757 million customers. Joint ventures will also be created and a lot of money invested. \"The USD 1.15 billion investment in Farfetch by Alibaba, Richemont and Artemis is a strong validation of our position as a global luxury goods platform,\" said Farfetch founder and CEO Neves.<\/p>\n<h3>Farfetch: Historical share price development (in USD)<\/h3>\n<div><img src=\"/dA/cba7082b1d/Farfetch-Leonteq-Strukturierte-Produkte-700x500 EN Product.png?language_id=1\" alt=\"Farfetch-Leonteq-Strukturierte-Produkte-700x500 EN Product\" caption=\"false\" width=\"700\" height=\"501\" /><\/div>\n<footer>Source: Thomson Reuters, as of 10.11.2020<br /> Historical data is not a reliable indicator of future developments.<\/footer>\n<h3>Luxury for the new generations<\/h3>\n<p>In China, demand for expensive products is particularly high. By 2025, the Middle Kingdom is expected to account for half of global sales of luxury goods. According to Alibaba CEO Daniel Zhang, the market consists of hundreds of millions of young consumers who are also digital natives. \"By partnering with Farfetch and expanding our existing relationship with Richemont, we will accelerate the digitalization of global luxury retail and transform the luxury shopping experience for consumers,\" Zhang said. Bain predicts that the Millennials and its successor generation, Gen Z, will contribute 150% of the expected growth between 2019 and 2035.<\/p>\n<h3>Chart: Growth in gross value of \"Digital Platform\" goods<\/h3>\n<div><img src=\"/dA/e642f5e535/Farfetch-Leonteq-Strukturierte-Produkte-700x500 EN Bar chart.png?language_id=1\" alt=\"Farfetch-Leonteq-Strukturierte-Produkte-700x500 EN Bar chart\" caption=\"false\" width=\"700\" height=\"501\" /><\/div>\n<footer>Source: Farfetch<br /> Historical data is not a reliable indicator of future developments.<\/footer>\n<h3>Booming business, rising prices<\/h3>\n<p>Investors will find out about the further growth of Farfetch on 12 November. On that date the company will present its interim report for the third quarter. Most recently, the curves for sales and profits have been pointing sharply upwards. Between April and June, revenues increased by 70.3% to USD 308 million, while gross profit rose disproportionately by almost 87%. Consequently, the gross profit margin rose to 43.7% from 40.8% in the previous year. This also had a positive impact on earnings before interest, taxes, depreciation and amortization (EBITDA). The return on EBITDA basis improved from -21% to -8%. For the third quarter, Farfetch expects a further increase in gross merchandise volume on digital platforms of 40% to 45% and an adjusted EBITDA of minus USD 20-25 million.<\/p>\n<p>Farfetch's business strategy is finding favour on the stock market. Over the past 12 months, the share price has risen by an impressive 385%. In the last four weeks alone, the share price has risen by almost two thirds. The analysts were unable to follow the rapid rise in the share price, so the average 12-month target of 14 research reports is USD 36.50. This would correspond to a decline of 16.7%.<\/p>\n<h3>Noble Coupon<\/h3>\n<p>A recovery phase after the recent price explosion would be a realistic scenario. For such a case, Leonteq has an exceptionally well-equipped Softacallable Barrier Reverse Convertible in its portfolio. The product, which is denominated in USD, has a barrier gap of 35 percent, which provides ample room for possible resetting. In addition, the product has an above-average coupon of 14.00 percent p.a. This is guaranteed to be paid out quarterly. The maximum term is one and a half years, but can be shortened by quarterly observations.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0579769388\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n              <template v-slot:headerTitle>\n          <div><strong>Issuer: Leonteq Securities AG (Rating: Fitch BBB-)<\/strong><\/div>\n        <\/template>\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-farfetch","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-farfetch_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-farfetch_thumbnail.jpg"},{"date":"2020-11-06T06:58","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-chinadragons2-product+homepage+banner.jpg","subTitle":"Active tracker certificate on the Swissquote China\u2019s Dragons Index","windowTitle":"China\u2019s Dragon","category":"investment-themes","title":"Investing with a long view","body":"<h3>E-mobility pioneer<\/h3>\n<p>China has already set important milestones on the way to becoming the world industry and technology leader. This is especially the case for electric cars. Beijing identified the potential of alternative drives at an early stage, supporting the industry with enormous financial assistance. Although sales of e-cars by the market leader have declined this year due to coronavirus, the government is sticking by its ambitious target of having one quarter of newly licensed cars in China fitted with alternative drives by 2025. By comparison, in 2019 the figure was around five per cent. The plan is to be delivered with massive subsidies and a far-reaching expansion of charging infrastructure. This will be of particular benefit to the motor industry. Local giant BYD, the world's second largest e-car group after Tesla, is based in China. But the young start-up Nio, headquartered in Shanghai, has also since made a successful appearance on the market with its EC6, ES6 and ES8 models. Nio delivered 26,375 vehicles in the first nine months of the year alone, almost 114% more than in the same period last year. The company is now even planning to launch on the European market in 2021. For its part, domestic competitor Geely introduced its new \"Zero Concept\" car, at the most recent International Motor Show in Beijing. Boasting a formidable range of 700 kilometres, it is to come onto the market next year. Geely would also like to make this architecture available to other manufacturers. While Geely's share price has been treading water this year, BYD and Nio have accelerated strongly. The former has shot up some 350%, Nio more than 800%.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2020/china?language_id=1\" label=\"Get more information here!\"><\/ltq-button><\/div>\n<h3>Ten sectors of the future<\/h3>\n<p>The three Chinese electric car manufacturers make up the Swissquote China&rsquo;s Dragons Index together with 16 other innovative groups. Established around one year ago, the barometer focuses on Chinese companies which record the bulk of their sales in the ten sectors of the \"Made in China 2025\" strategy. This initiative, which came into being back in 2015, is nothing less than the precursor of the government's most recent plans to gain global technology leadership. To that end the country has selected ten key industries that it wants to drive forward: pioneering information technology, automated machine tools and robot technology, aviation and aerospace, maritime engineering and high-tech transport, modern railway equipment, autonomous and renewable energy-driven vehicles, power generation systems, agricultural machinery, new materials, biopharmaceuticals and cutting-edge medical devices. On the subject of health, the index includes CSPC Pharmaceutical Group, one of the leading pharmaceuticals group in China. The company, which concentrates on the research, manufacture and marketing of medicines as well as pharmaceutical products, announced in mid-October that it was also working on a potential drug to combat Covid-19.<\/p>\n<h3>Trailblazing groups<\/h3>\n<p>Digitalisation winners such as the Chinese computer manufacturer Lenovo and Semiconductor Manufacturing, though, are also members of the Swissquote China&rsquo;s Dragons Index. The latest technologies often go hand in hand with particular materials. This is where China Rare Earth Holdings has made a name for itself in recent decades: the group has an annual production capacity of 6,500 metric tons of rare earth products. Examples of the industrial applications of rare earth products include electronic high-tech devices, LCDs, DVDs, magnetic memory chips and many energy-saving, eco-friendly products. Also included in the barometer are trailblazing companies such as automation specialist HollySys. Founded as long ago as 1993, the company has so far delivered more than 30,000 projects for some 17,000 customers across a wide range of sectors. In Tencent, another broadly diversified internet giant is on board. Not only does it boast the largest music streaming platform in China, it also leads the world in the mobile games sector. Tencent is also growing enormously: analysts expect it to post an average annual rise in earnings of rather more than 20% between 2020 and 2022.<\/p>\n<h3>Chart: Sales of electric cars<\/h3>\n<div><img src=\"/dA/4b431bdece/ChinaDragons2-Leonteq-Structured-Products-Eletric-cars-EN-700px.jpg?language_id=1\" alt=\"ChinaDragons2-Leonteq-Structured-Products-Eletric-cars-EN-700px\" caption=\"false\" width=\"700\" height=\"623\" /><\/div>\n<footer>\n<p>Source: CAM, as at October 2020<\/p>\n<p>Historical data are not a reliable indicator of future performance.<\/p>\n<\/footer>\n<h3>Reaching new highs with active management<\/h3>\n<p>The Swissquote China&rsquo;s Dragons Index has always been adequately diversified &ndash; the number of companies per sector is limited to five &ndash; and kept up to date through active management. Launched at the start of 2019, the tracker on the underlying offers investors the opportunity of a long-term investment in the rise of the Chinese sectors of the future. The potential candidates have to meet both quantitative and qualitative criteria. These include, for instance, a market capitalisation of at least USDmn 100 and an average daily trading volume of USD 100,000. The members of the index are reweighted regularly every three months. Denominated in US dollars, the certificate comes with a management fee of 0.7% p.a.. The track record speaks for itself: it has appreciated by around 14% since being launched. The certificate even reached a new record high recently.<\/p>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0434700248\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.listed:true&quot;:false,&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div>\n<p><strong>Management Fee: 0.70% p.a.<\/strong><\/p>\n<p><strong>Index Sponsor: Swissquote Bank SA<\/strong><\/p>\n<p><strong>Issuer: Leonteq Securities AG<\/strong><\/p>\n<\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2020/china?language_id=1\" label=\"Get more information here!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"china","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-chinadragons2-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-chinadragons2-thumbnail.jpg"},{"date":"2020-10-28T11:07","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-amd-product+homepage+banner.jpg","subTitle":"Fast chips and high returns","windowTitle":"AMD","category":"coupon-giant","title":"AMD","body":"<h3>Fast chips and high returns<\/h3>\n<p>That sheer size is no guarantee of success is impressively demonstrated in the semiconductor industry. Intel has dominated the chip market for decades, while AMD is trying to stand up to the giant. A naked look at annual sales reveals the supposed inferiority of the smaller rival. Last year, Intel generated almost USD 72 bn in sales, more than ten times that of AMD.<\/p>\n<h3>Strong growth in the race to catch up<\/h3>\n<p>But in the fight \"David against Goliath\" \"David\" aka AMD seems to gain more and more the upper hand. This is particularly evident in the predicted growth. The consensus estimates are for average annual sales growth of 27% in the next two years, while earnings per share are expected to rise by more than 40% at the same time. At Intel, on the other hand, the analysts expect revenues and earnings to fall in 2021 compared to 2019.<\/p>\n<p>This gap in the operating business was also reflected in the latest interim reports. After the second quarter, AMD raised its annual targets due to stronger demand for semiconductors, which are needed for home office solutions, among other things. The positive trend continued in the third quarter. With sales of USD 2.8 billion - an increase of 56% over the previous year - AMD achieved a new record and operating profit more than doubled again to USD 449 million. This exceeded analysts' expectations. Intel, on the other hand, disappointed with its latest figures as well as its outlook for the rest of the year, triggering the biggest price slide since July.<\/p>\n<p>AMD is heating up its arch-rival in several ways. On the one hand, the company's powerful processor architectures and modern 7-nm production at contract manufacturer TSMC recently helped it increase its market share at the expense of Intel. In desktop CPUs alone, the company, headed by Lisa Tzwu-Fang Su, was able to increase its market share from 12.3% two years ago to almost one fifth by mid-2020. Whether in the PC sector, gaming or data centres, AMD processors are enjoying increasing demand in many places.<\/p>\n<h3>AMD: Historical price development (in USD)<\/h3>\n<div><img src=\"/dA/e4128aed68/AMD-October-2020-Leonteq-Strukturierte-Chart-700.jpg?language_id=1\" alt=\"AMD-October-2020-Leonteq-Strukturierte-Chart-700\" caption=\"false\" width=\"700\" height=\"501\" /><\/div>\n<footer>Source: Thomson Reuters, as of 28.10.2020<br /> Historical data are not a reliable indicator of future performance.<\/footer>\n<h3>Promising coup<\/h3>\n<p>In addition, the chip manufacturer is attempting to expand its product range through takeovers. In this regard, AMD caused a bang at the presentation of the latest quarterly figures. The company announced that it would swallow Xilinx, which is known for programmable logic chips, for USD 35 bn. This is a clever move, as semiconductors are used in many future trends such as 5G. \"Together, the combined company will capitalize on opportunities that span some of the industry's key growth segments, from data centers to games, PCs, communications, automotive, industrial, aerospace and defense.\", CEO Lisa Su commented on the deal.<\/p>\n<p>The most diversified positioning is essential for the sustainable success of the company. This is because semiconductors are very sensitive to economic cycles, which means that they are exposed to cycles and demand is therefore volatile. The last time growth in the chip market slowed down was in 2018. This in turn led to a setback for chip shares. The world's most important industry index, the PHLX Semiconductor Index, fell by just over 8% at that time.<\/p>\n<h3>AMD: Earnings per share (in USD, left axis) and P/E ratio (right axis)<\/h3>\n<div><img src=\"/dA/5b029ce60d/AMD-October-2020-Leonteq-Strukturierte-Produkte-Fahrg&auml;ste-700.jpg?language_id=1\" alt=\"AMD-October-2020-Leonteq-Strukturierte-Produkte-Fahrg&auml;ste-700\" caption=\"false\" width=\"700\" height=\"501\" /><\/div>\n<footer>Source: Thomson Reuters, October 2020<br /> Historical data are not a reliable indicator of future performance.<\/footer>\n<h3>Despite a subdued price outlook...<\/h3>\n<p>The AMD share, on the other hand, could not be stopped recently. Without any significant setbacks, the share price has increased tenfold since the beginning of 2018. However, due to the positive growth prospects, the valuation is simultaneously going down. If the P/E ratio based on the profits expected for this year is 75.6, the value will fall to 38.2 by 2022. According to the forecasts, earnings per share will thus almost double during this period. Nevertheless, the majority of experts are cautious about the further potential following the recent dynamic share price development. The average 12-month price target currently stands at USD 82.25, which is roughly equivalent to stagnation.<\/p>\n<h3>...Chance of double-digit percentage returns<\/h3>\n<p>Significantly higher returns are possible with the new barrier reverse convertibles. Leonteq has come up with two absolute coupon bangers with AMD as the underlying asset: The Softcallable BRC pays 13.00% p.a. on Swiss francs with a maximum maturity of 18 months. The USD variant even guarantees a quarterly payout of 14.30% p.a. with the same maximum term to maturity. The term can be shortened to a maximum of 6 months. From this point on, a soft call monitoring takes place every quarter. The risk buffer in both product structures is a comfortable 41%.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1227053878\\&quot;,\\&quot;CH1227053928\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0572905799\\&quot; \\&quot;CH0572905815\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-amd","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-amd-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-amd-thumbnail.jpg"},{"date":"2020-10-23T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-dividendenadel-product+homepage+banner.jpg","subTitle":"Tracker certificates on DividendenAdel indices","windowTitle":"DividendenAdel","category":"investment-themes","title":"Concentrated substance","body":"<h3>From the investment philosophy to the stock market index<\/h3>\n<p>The starting pistol for two special tracker certificates was fired on 10 January 2020, when Leonteq opened the door to investment in the \"DividendenAdel\". Behind this title is a sophisticated strategy based on the long stock market experience of Christian W. Röhl. The experienced investor and author (\"Cool bleiben und Dividenden kassieren\", roughly translating as \"Stay cool and pocket dividends\") is convinced of the importance of sustainable payout quality for investment success. He has therefore defined four criteria for the systematic selection of equities that have earned the right to be \"ennobled\", as it were. The tried-and-tested approach was applied to an index methodology at the start of the year. To be included in the DividendenAdel indices calculated for Germany and Switzerland, an equity must first meet certain criteria in terms of liquidity and market capitalisation. All the companies that make it past the tradeability filter then go through the actual selection process.<\/p>\n<div>\n   <ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2020/dividendenadel-rebalancing?language_id=1\" label=\"Get more information here!\"><\/ltq-button>\n<\/div>\n<h3>\"Magic square\"<\/h3>\n<p>Alongside continuity, the payout ratio, yield and growth of the dividends are also put on the test bench. The first of these criteria is only considered met if a company has managed at least ten years in a row without cutting its dividend. For the payout, the method stipulates that the distribution (smoothed over three years) is between 25% and 75% of the profit achieved. That means companies should not be parsimonious, but at the same time not overdo the spending sprees either. \"If too much is paid out, there might soon not be any money for investment,\" explains Christian W. Röhl. Equities whose payouts do not attract an average interest rate of 1% (in both historic and indicative terms) are eliminated. Here the innovative thinker has deliberately set a low bar. For Röhl, the long-term total return is more important than the short-term income. The \"magic square\" is rounded off by the dynamism and momentum of profit sharing. There must have been at least three increases in the dividend within ten years. The most recent payout must also be above that of the previous year. \"Anyone paying a higher dividend is looking to the future with optimism, thereby sending a strong signal to the capital markets,\" explains Christian W. Röhl.<\/p>\n<h3>Long-term outperformance<\/h3>\n<p>It is hardly surprising that the coronavirus pandemic is making it anything but easy for companies to remain faithful to a sustainable dividend policy. The new benchmarks were consequently unable to escape the market sell-off that ensued shortly after their launch. Nevertheless, they have since made up some ground on the market as a whole again. The tracker certificate on the DividendenAdel Schweiz Index has almost returned to its CHF issue price. The latest setback was in any case insufficient to change the long-term outperformance of the strategy on a historical simulation (see graph). At the beginning of October, Christian W. Röhl carried out the first scheduled rebalancing process for both indices. Significant changes were made in Germany, with only six companies managing to keep their places. \"At the moment Switzerland is living up to its reputation as a cradle of stability when it comes to dividends as well,\" the responsible expert says.<\/p>\n<h3>Chart: DividendenAdel Schweiz Index vs. SMIC Index (20 years/indexed to 100)<\/h3>\n<div><img src=\"/dA/7d8b30111f/Dividendenadel-Leonteq-Strukturierte-Produkte-Backtest Oct 2020-700-CH.png?language_id=1\" alt=\"Dividendenadel-Leonteq-Strukturierte-Produkte-Backtest Oct 2020-700-CH\" caption=\"false\" width=\"562\" height=\"488\" /><\/div>\n<footer>Source: Leonteq Securities AG, as at: 19.10.2020<\/footer>\n<footer><em>Back tested performance is purely hypothetical and is provided for information purposes only. Back tested\n   data does not represent the actual performance and it is not an indicator of the actual or future performance\n   of the DividendenAdel Deutschland Index. No dividend withholding was considered in the back tested performance\n   (i.e. gross total return performance) whereas dividend withholding will be considered in the DividendenAdel\n   Deutschland Index (i.e. net total return performance) calculated by index administrator LIXX GmbH. Back tested\n   performance was generated by Leonteq Securities AG for illustrative purposes only and the methodology used may\n   differentiate from the methodology employed by index administrator LIXX GmbH when calculating the\n   DividendenAdel Deutschland Index.<\/em>\n<\/footer>\n<h3>Renewal and continuity<\/h3>\n<p>Fourteen of the 18 companies that were previously included in the national index also satisfied all the \"nobility criteria\" with their payouts in 2020. What is more, this was true for the three heavyweights of the domestic market: Nestlé, Novartis and Roche. Several equities from the second and third tiers have also remained in this exclusive club. In Emmi, a small cap heads the Swiss selection list of Christian W. Röhl. The dairy group has not cut its profit share for more than 16 years. In 2020 holders of its shares were even able to enjoy an increase of one third in the dividend. The prospects of this pattern continuing are good: in the first six months, Emmi profited from \"stay at home\" consumption due to coronavirus, the Lucerne company posting organic growth in sales of 3.8% on the home market while coming in significantly ahead of expectations across the group. The initiator of the index can also announce a new addition: \"Swiss Life has for the first time passed the hurdle of ten years without cutting dividends.\" According to Röhl, the insurer also combines \"an almost ideal typical payout with a high yield and remarkable dynamism.\" As all the examples show, with the tracker certificates from Leonteq investors are adding a selection of equities from Switzerland or Germany with strong fundamentals to their portfolio. Following the latest rebalancing, both underlyings are in the optimum position to make the best out of what could be a difficult 2021 dividend season.<\/p>\n<h3>Tracker certificates on DividendenAdel indices<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[&quot;169856975&quot;],&quot;omni&quot;:&quot;Dividendenadel&quot;,&quot;conditions&quot;:{&quot;&quot;:true},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;resultsPerPage&quot;:20,&quot;pageNumber&quot;:1,&quot;secondaryMarket&quot;:false,&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;sortingEnabled&quot;:true,&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Equally-weighted index members<\/li>\n<li>Annual rebalancing dates<\/li>\n<li>Net dividends are reinvested into the index<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Composition of the DividendenAdel Schweiz Index<\/h3>\n<ltq-table id=\"dividenden-adel-table\" title=\"Composition as of 07.10.2020\">\n   <template v-slot:default>\n      <thead>\n         <tr>\n            <th>Company<\/th>\n            <th>Subsector<\/th>\n            <th>Index weighting<\/th>\n         <\/tr>\n      <\/thead>\n      <tbody>\n         <tr>\n            <td>Allreal Holding<\/td>\n            <td>Real Estate Holding & Development<\/td>\n            <td>6.67%<\/td>\n         <\/tr>\n         <tr>\n            <td>Baloise<\/td>\n            <td>Full Line Insurance<\/td>\n            <td>6.67%<\/td>\n         <\/tr>\n         <tr>\n            <td>Emmi<\/td>\n            <td>Food Products<\/td>\n            <td>6.67%<\/td>\n         <\/tr>\n         <tr>\n            <td>Forbo Holding<\/td>\n            <td>Furnishings<\/td>\n            <td>6.67%<\/td>\n         <\/tr>\n         <tr>\n            <td>Geberit<\/td>\n            <td>Building Materials & Fixtures<\/td>\n            <td>6.67%<\/td>\n         <\/tr>\n         <tr>\n            <td>Helvetia Holding<\/td>\n            <td>Full Line Insurance<\/td>\n            <td>6.67%<\/td>\n         <\/tr>\n         <tr>\n            <td>Lindt & Sprüngli<\/td>\n            <td>Food Products<\/td>\n            <td>6.67%<\/td>\n         <\/tr>\n         <tr>\n            <td>Nestlé<\/td>\n            <td>Food Products<\/td>\n            <td>6.67%<\/td>\n         <\/tr>\n         <tr>\n            <td>Novartis<\/td>\n            <td>Pharmaceuticals<\/td>\n            <td>6.67%<\/td>\n         <\/tr>\n         <tr>\n            <td>Partners Group<\/td>\n            <td>Asset Managers<\/td>\n            <td>6.67%<\/td>\n         <\/tr>\n         <tr>\n            <td>PSP Swiss Property<\/td>\n            <td>Real Estate Holding & Development<\/td>\n            <td>6.67%<\/td>\n         <\/tr>\n         <tr>\n            <td>Roche Holding<\/td>\n            <td>Pharmaceuticals<\/td>\n            <td>6.67%<\/td>\n         <\/tr>\n         <tr>\n            <td>Schindler<\/td>\n            <td>Industrial Machinery<\/td>\n            <td>6.67%<\/td>\n         <\/tr>\n         <tr>\n            <td>Swiss Life<\/td>\n            <td>Life Insurance<\/td>\n            <td>6.67%<\/td>\n         <\/tr>\n         <tr>\n            <td>Valiant<\/td>\n            <td>Banks<\/td>\n            <td>6.67%<\/td>\n         <\/tr>\n         <tr>\n      <\/tbody>\n   <\/template>\n   <template v-slot:below>\n   <LtqCardBody>\n   <footer>Source: Leonteq Securities AG, LIXX GmbH<\/footer>\n   <footer>Historical data are not a reliable indicator of future performance.<\/footer>\n   <\/LtqCardBody>\n<\/template>\n<\/ltq-table>\n<\/div>\n<h3>Composition of the DividendenAdel Deutschland Index<\/h3>\n<ltq-table id=\"dividenden-adel-table\" title=\"Composition as of 07.10.2020\">\n   <template v-slot:default>\n      <thead>\n         <tr>\n            <th>Company<\/th>\n            <th>Subsector<\/th>\n            <th>Index weighting<\/th>\n         <\/tr>\n      <\/thead>\n      <tbody>\n         <tr>\n            <td>Allianz<\/td>\n            <td>Full Line Insurance<\/td>\n            <td>10%<\/td>\n         <\/tr>\n         <tr>\n            <td>BASF<\/td>\n            <td>Commodity Chemicals<\/td>\n            <td>10%<\/td>\n         <\/tr>\n         <tr>\n            <td>Brenntag<\/td>\n            <td>Speciality Chemicals<\/td>\n            <td>10%<\/td>\n         <\/tr>\n         <tr>\n            <td>Fuchs Petrolub<\/td>\n            <td>Speciality Chemicals<\/td>\n            <td>10%<\/td>\n         <\/tr>\n         <tr>\n            <td>Gerresheimer<\/td>\n            <td>Medical Supplies<\/td>\n            <td>10%<\/td>\n         <\/tr>\n         <tr>\n            <td>Merck<\/td>\n            <td>Pharmaceuticals<\/td>\n            <td>10%<\/td>\n         <\/tr>\n         <tr>\n            <td>Munich Re<\/td>\n            <td>Reinsurance<\/td>\n            <td>10%<\/td>\n         <\/tr>\n         <tr>\n            <td>SAP<\/td>\n            <td>Software<\/td>\n            <td>10%<\/td>\n         <\/tr>\n         <tr>\n            <td>Siemens<\/td>\n            <td>Diversified Industrials<\/td>\n            <td>10%<\/td>\n         <\/tr>\n         <tr>\n            <td>Software AG<\/td>\n            <td>Software<\/td>\n            <td>10%<\/td>\n         <\/tr>\n         <tr>\n      <\/tbody>\n   <\/template>\n   <template v-slot:below>\n   <LtqCardBody>\n   <footer>Source: Leonteq Securities AG, LIXX GmbH<\/footer>\n   <footer>Historical data are not a reliable indicator of future performance.<\/footer>\n   <\/LtqCardBody>\n<\/template>\n<\/ltq-table>\n<\/div>\n<div>\n   <ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2020/dividendenadel-rebalancing?language_id=1\" label=\"Get more information here!\"><\/ltq-button>\n<\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"dividendenadel-rebalancing","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-dividendenadel-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-dividendenadel-thumbnail.jpg"},{"date":"2020-10-19T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-hydrogen-product+homepage+banner.jpg","subTitle":"Green Megatrend H\u2082","windowTitle":"H\u2082 Technology Index","category":"investment-themes","title":"H\u2082 Technology Index","body":"<h3>Green Megatrend H\u2082<\/h3>\n<p>More than ever before, issues relating to climate change and its effects are shaping the current social debate. All over the world, states and organisations are negotiating new agreements, laws are being adapted or even newly created, and the discussion surrounding the Paris Climate Convention is becoming increasingly important. The energy turnaround, i.e. the change from fossil fuels to CO\u2082 neutral or even free energy sources such as wind and water power, is of central importance. Green hydrogen for variable applications is proving to be particularly efficient and promising. Green hydrogen is characterized by the fact that it is almost 100% CO\u2082 neutral, produced from renewable energies. However, as promising as hydrogen may be, this energy carrier has not yet reached the limit of profitable commercial use. Apart from the still relatively expensive production and complex transport processes, this also depends on the demand and support of the states. However, the EU for example, is planning to increase the capacity for the production of green hydrogen almost ten thousand times from the current 60 megawatts to 500 gigawatts in 2050. Goldman Sachs also sees enormous potential for the major producers of renewable energy through the green electricity required for electrolysis. According to the report, this should result in a global potential of up to EUR 10 trillion by 2050.<\/p>\n<p>However, since the megatrend \"green hydrogen\" is still in an early stage with many challenges, Leonteq is taking a different approach than many other issuers with its listed tracker certificate on the H\u2082 Technology Index and is taking a broader view of the topic. The index, which is managed by the Hamburg-based asset manager Albrecht, Kitta &amp; Co. as index sponsor, covers the entire value chain of the topic \"hydrogen\". The index contains 16 shares. These companies are active in the field of hydrogen production, storage and distribution or are users, for example in the industrial and mobility sectors. In addition, the index also includes energy producers geared to renewable energies. The index is globally oriented, but does not include companies that have their headquarters in the USA. The index sponsor rebalances the index on a quarterly basis, whereby the stocks in the index are weighted according to a ranking. At the time of the rebalancing, the share of individual companies is at least 2.50% but not more than 10%.<\/p>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0562385291\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.listed:true&quot;:false,&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div>\n<p><strong>Management Fee: 1.10% p.a.<\/strong><\/p>\n<p><strong>Index Sponsor: Albrecht, Kitta &amp; Co. Verm&ouml;gensverwaltung GmbH<\/strong><\/p>\n<p><strong>Issuer: Leonteq Securities AG<\/strong><\/p>\n<\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>H\u2082 Technology Index<\/h3>\n<div><ltq-table id=\"\" title=\"Composition as at 15.10.2020\"> <template v-slot:default=\"\">\n<thead>\n<tr>\n<th>Company<\/th>\n<th>Weighting<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Nel<\/td>\n<td>9.25%<\/td>\n<\/tr>\n<tr>\n<td>McPhy Energy<\/td>\n<td>9.15%<\/td>\n<\/tr>\n<tr>\n<td>Hexagon Composites<\/td>\n<td>9.14%<\/td>\n<\/tr>\n<tr>\n<td>Doosan Fuel Cell<\/td>\n<td>8.84%<\/td>\n<\/tr>\n<tr>\n<td>Solaria<\/td>\n<td>7.15%<\/td>\n<\/tr>\n<tr>\n<td>Ørsted<\/td>\n<td>7.10%<\/td>\n<\/tr>\n<tr>\n<td>Vestas<\/td>\n<td>7.00%<\/td>\n<\/tr>\n<tr>\n<td>Siemens Gamesa<\/td>\n<td>6.84%<\/td>\n<\/tr>\n<tr>\n<td>ITM Power<\/td>\n<td>6.65%<\/td>\n<\/tr>\n<tr>\n<td>Neoen<\/td>\n<td>6.33%<\/td>\n<\/tr>\n<tr>\n<td>Hyundai Motor<\/td>\n<td>5.99%<\/td>\n<\/tr>\n<tr>\n<td>Linde<\/td>\n<td>5.37%<\/td>\n<\/tr>\n<tr>\n<td>Ceres Power<\/td>\n<td>3.19%<\/td>\n<\/tr>\n<tr>\n<td>Ballard Power Systems<\/td>\n<td>3.04%<\/td>\n<\/tr>\n<tr>\n<td>Scatec Solar<\/td>\n<td>2.77%<\/td>\n<\/tr>\n<tr>\n<td>Air Liquide<\/td>\n<td>2.19%<\/td>\n<\/tr>\n<tr><\/tr>\n<\/tbody>\n<\/template> \n<template v-slot:below> \n    <LtqCardBody>\n        <footer>Source: LIXX GmbH<\/footer>\n    <\/LtqCardBody> \n<\/template> \n<\/ltq-table><\/div>\n<h3>Tracker Certificate on the H\u2082 Technology Index<\/h3>\n<div><price-chart isin=\"CH0562385291\"><\/price-chart><\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/news/all/h2?language_id=1\" label=\"Get more information related to «Hydrogen» here!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"h2-tech","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-hydrogen-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-hydrogen-thumbnail.jpg"},{"date":"2020-10-14T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-lyft-product+homepage+banner.jpg","subTitle":"On the road with screeching tires","windowTitle":"Lyft","category":"coupon-giant","title":"Lyft","body":"<h3>On the road with screeching tires<\/h3>\n<p>When Lyft drove up on the Nasdaq on 29 March 2019, the attention among investors was huge. After all, the San Francisco-based company made its debut on the US technology exchange as a carpooling service. In this respect, Lyft was also a kind of icebreaker for the IPO of industry giant Uber about two months later. The initial euphoria - the first price was 21% above the issue price of USD 72 - did not last long. Instead, Lyft made a downright \"U-turn\" on the day of the IPO. The downswing was to last almost a year. When the Corona sell-off raged on the stock markets, the share fell to its lowest point so far in mid-March 2020. At USD 14.56, Lyft was only worth around a fifth of the IPO price at that time. Nevertheless, the share was able to make up ground with a bullish Nasdaq in the meantime (see chart).<\/p>\n<h3>Lyft: Historical share price development (in USD)<\/h3>\n<div><img src=\"/dA/63fc389d76/Lyft-Oktober-2020-Leonteq-Strukturierte-Produkte-Chart-700.png?language_id=1\" alt=\"Lyft-Oktober-2020-Leonteq-Strukturierte-Produkte-Chart-700\" caption=\"false\" width=\"699\" height=\"92\" /><\/div>\n<footer>Source: Thomson Reuters, as at 12.10.2020<br />Historical data are not a reliable indicator of future performance.<\/footer>\n<h3>Deep red figures<\/h3>\n<p>Lyft has grown strongly in the year of its IPO: For the 4th quarter of 2019, the company reported almost 23 million so-called Active Riders - 23% more than at the end of 2018. In addition to customers who use the driving service or participate in car sharing, the company also counts users who rent a bicycle or scooter via the Lyft app. At USD 44.40, revenue per customer expanded proportionally in the final quarter (see chart). The newcomer to the stock market is on a roll, especially because of its high losses. With turnover of around USD 3.6 bn, the bottom line for 2019 was a loss of USD 2.6 bn. In view of such deep red figures, analysts and investors are probably right to rack their brains as to whether and to what extent such a business model can be operated profitably.<\/p>\n<h3>Lyft: Development of user numbers<\/h3>\n<div><img src=\"/dA/9f4bf907c5/Lyft-Oktober-2020-Leonteq-Strukturierte-Produkte-Fahrg&auml;ste-700.png?language_id=1\" alt=\"Lyft-Oktober-2020-Leonteq-Strukturierte-Produkte-Fahrg&auml;ste-700\" caption=\"false\" width=\"699\" height=\"498\" /><\/div>\n<footer>Source: Company data, as at October 2020<br />Historical data are not a reliable indicator of future performance.<\/footer>\n<h3>Slow recovery<\/h3>\n<p>Not surprisingly, Covid-19 did not exactly help dispel the doubts. On the contrary: during the lockdown, the service provider, which is active in numerous US cities and parts of Canada, saw its sales plummet. In the 2nd quarter of 2020, only 8.7 million \"riders\" were still using Lyft vehicles. Nevertheless, the company managed to reduce its losses significantly by cutting costs. Despite the crisis, CEO Logan Green is sticking to his goal of breaking even on an adjusted basis by the end of 2021. \"During the second quarter we saw a recovery in demand,\" said the top manager and Lyft co-founder. Although this trend has continued beyond June, the company is still in the midst of a recovery. However, the number of passengers in August was still a good half below the previous year's level. Whether those responsible have managed to stem the loss further, however, will become apparent around the turn of the month. Then the company will publish the figures for the 3rd quarter - the concrete date is not yet known.<\/p>\n<h3>Driver status under scrutiny<\/h3>\n<p>What is certain is that November 3rd could be a landmark date for the Lyft share. When the USA elect the next president, California will also vote on \"Proposition 22\". The bill would explicitly exempt mobility service providers from the legal obligation to hire their drivers as employees. In principle, they act as subcontractors. If this status were to change, the sector could face high additional costs, for example in the form of sick pay. In this respect, it is not surprising that the service providers provide financial support for \"Proposition 22\". Conclusion: The Lyft share is the convergence of megatrends such as sharing economy, autonomous driving, digitalisation or climate protection. Nevertheless, the bumpy ride of the Nasdaq title could continue.<\/p>\n<h3>Structured investment solutions<\/h3>\n<p>Leonteq offers an investment solution that meets these expectations and the already high volatility with two new Softcallable Barrier Reverse Convertibles. The product starts the 15-months term with a risk buffer of 41%. As long as the underlying asset does not deplete this cushion, the products will generate their maximum return. In CHF, the guaranteed coupon is 16.00% p.a., while the USD variant yields a payout of 17.20% p.a. If a barrier is breached, Lyft can save the outlined yield with a \"turnaround\". In concrete terms, the share would have to trade at or above the starting level again in order to avoid discounts in the repayment.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0542380735\\&quot; \\&quot;CH0572900709\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.listed:true&quot;:false,&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-lyft","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-lyft-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-lyft-thumbnail.jpg"},{"date":"2020-10-09T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/pages-resources/leonteq-structured-products-ark-product+homepage+banner.jpg","subTitle":"Three mega-trends in one product","windowTitle":"ARK Invest","category":"investment-themes","title":"Optimising returns for a new age:","body":"<h3>ARK Next Generation Internet<\/h3>\n<p>The US financial services provider ARK Invest offers the appropriate investment solutions for a new technology age. The ARK Next Generation Internet ETF was brought into being in September 2014 with a view to enabling a focused investment in the internet with all its opportunities. It invests in companies that profit from a new technology infrastructure. Key roles are played by sectors such as cloud computing, cyber security, e-commerce, big data, artificial intelligence, blockchain and social platforms. The great potential of new technologies can be demonstrated by taking the example of deep learning. According to figures from ARK Research, this segment has already achieved a market capitalisation of USDtn 1. The experts anticipate another USDtn 30 being added by 2037. Taking a sector view, cloud computer and cyber security account for the highest share, at 21.3%, although the absolute heavyweight in the ETF is the mobility revolutionary Tesla. That the passive investment vehicle hits the sweet spot is evident when looking at performance: since its issue, the ETF has achieved an average annual return of 32.3% &ndash; the S&amp;P 500 managed \"just\" 10.3% over the same period.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2020/ark?language_id=1\" label=\"Get more information here!\"><\/ltq-button><\/div>\n<h3>ARK Innovation<\/h3>\n<p>With a return of 26.7% p.a., the ARK Innovation ETF, which came on the market at almost the same time as the ARK Next Generation Internet ETF, likewise recorded a significant outperformance of the market as a whole. This product is concentrated on \"disruptive innovation\", i.e. technologically new products or services that could change how the world operates. These include companies engaged in the DNA technology, industrial or fintech innovation sectors, for instance. The three largest segments in the fund, each currently enjoying a weighting of around one tenth, are e-commerce, gene therapy and molecular diagnostics. The fund is broadly diversified and generally contains between 35 and 50 companies. Among the top 10 at the moment are the financial services and mobile payment provider Square, 3D specialist Proto Labs and gene technology company Illumina.<\/p>\n<h3>ARK Genomic Revolution<\/h3>\n<p>Health has been one of the most important sectors on the stock market, not least since coronavirus began to grab the world's attention. Launched in 2014, the ARK Genomic Revolution ETF puts the focus on those companies which have dedicated themselves to improving quality of life by including technological and scientific developments allied to progress in genomics in their business. They include technologies such as bioinformatics, molecular diagnostics, stem cells and agrobiology &ndash; all sectors with enormous growth potential. ARK Research anticipates, for instance, that DNA sequencing alone will expand by an average 43% p.a. between 2019 and 2024, rising from USDbn 3.5 to USDbn 21. The current heavyweight in the fund is Invitae, provider of a genetic engineering platform. Its share price has already appreciated by more than 160% this year. That the \"Health Care Meets Technology\" approach pays off on the stock market over the longer term is evident from a look in the mirror. The ARK Genomic Revolution ETF has jumped 19.2% p.a. over the last five years, almost double the rise of the S&amp;P 500.<\/p>\n<h3>Chart: ARK Next Generation Internet ETF vs. ARK Innovation ETF vs. ARK Genomic Revolution ETF (1 year/indexed to 100)<\/h3>\n<div><img src=\"/dA/244e3c8adb/ARK-Leonteq-Strukturierte-Produkte-Chart-700px.png?language_id=1\" alt=\"ARK-Leonteq-Strukturierte-Produkte-Chart-700px\" caption=\"false\" width=\"699\" height=\"607\" /><\/div>\n<footer>Source: Thomson Reuters, as at 05.10.2020<br /> Historical data are not a reliable indicator of future performance.<\/footer>\n<h3>Callable Multi Barrier Reverse Convertibles related to the subject<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0572899885\\&quot; \\&quot;CH0572899877\\&quot; \\&quot;CH0572903406\\&quot; \\&quot;CH0572903414\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.listed:true&quot;:false,&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.calendar.last_trading_date.value&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2020/ark?language_id=1\" label=\"Get more information here!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"ark","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-ark-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-ark-thumbnail.jpg"},{"date":"2020-10-06T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-dividendenadel-product+homepage+banner.jpg","subTitle":"Tried and tested investment stratgy - Swiss dividend aristocrats","windowTitle":"DividendenAdel Schweiz","category":"investment-themes","title":"DividendenAdel Schweiz","body":"<h3>Pamper package for investors<\/h3>\n<p>St. Jakobshalle in Basel normally hosts concerts, sports tournaments or trade fairs. On 28 February, the starting\n   signal for this year's SMI<sup>&reg;<\/sup> dividend season will be given in the historic events venue when Novartis\n   welcomes its shareholders to the AGM in St. Jakobshalle. If everything goes smoothly, they will approve the 23rd\n   dividend increase in a row. A few days later, the pharmaceuticals group should distribute some CHFbn 7 to its\n   shareholders. This will mark the start of a windfall season of a different kind. The amount distributed by the 20\n   SMI<sup>&reg;<\/sup> members could exceed the CHFbn 38 mark this year. According to calculations by the investor\n   magazine B&Ouml;RSE ONLINE, the 30 groups contained in the German DAX<sup>&reg;<\/sup> will together distribute an\n   almost identical EUR amount. When interest rates are low, then, dividends are a greater argument than ever for\n   equities as an investment class.\n   <div>\n      <ltq-button color=\"primary\" url=\"https://ch.leonteq.com/de/news-and-media/news/investment-themes/2020/dividendenadel?language_id=1\" label=\"Get more information here!\"><\/ltq-button>\n<\/div>\n<\/p>\n<h3>The \"DividendenAdel\"-criterias<\/h3>\n<div style=\"height: 125px; width: 130px;\"><img src=\"/dA/6889aa57a7/Kontinuitaet.png?language_id=1\" alt=\"Continuity\" width=\"130\" height=\"125\" caption=\"false\" /><\/div>\n<div><center><br /><strong><br />Continuity<br /><\/strong>At least ten consecutive years without dividend reduction<br /><br /><br /><\/center><\/div>\n<div style=\"height: 106px; width: 130px;\"><img src=\"/dA/4e8393912a/Payout.png?language_id=1\" alt=\"Payout\" width=\"130\" height=\"106\" caption=\"false\" /><\/div>\n<div><center><br /><strong><br />Payout<br /><\/strong>Payout ratio (smoothed over three years) between 25% and 75%<br /><br /><br /><\/center><\/div>\n<div style=\"height: 130px; width: 128px;\"><img src=\"/dA/79e7aa6fc6/Rendite.png?language_id=1\" alt=\"Yield\" width=\"128\" height=\"130\" caption=\"false\" /><\/div>\n<div><center><br /><strong><br />Yield<br /><\/strong>Historical and indicative dividend yield is greater than 1% p.a.<br /><br /><br /><\/center><\/div>\n<div style=\"height: 130px; width: 142px;\"><img src=\"/dA/ed2c5d470a/Wachstum.png?language_id=1\" alt=\"Growth\" width=\"142\" height=\"130\" caption=\"false\" /><\/div>\n<div><center><br /><strong><br />Growth<br /><\/strong>At least three dividend increases in the past ten years\n<br />Last dividend higher than in the previous period (positive momentum)<br /><br /><br /><br /><\/center><\/div>\n<h3>Shares with \"blue blood\"<\/h3>\n<p>\"Stay cool and pocket dividends\" is the credo of investor and bestselling author Christian W. R&ouml;hl. Don't see\n   stocks as quick speculation, but rather like rented properties - which yield current income and increase in value\n   over the long term. A prerequisite for this: Sustainable dividend quality. That is why Christian W. R&ouml;hl does\n   not only look at the dividend yield. Instead, his predicate DividendenAdel is based on four criteria in which shares\n   - true to the motto \"Buy &amp; Hold &amp; Check\" - have to prove themselves anew every year. R&ouml;hl gives this\n   predicate to the dividend aristocracy &ndash; those companies that offer a particularly sustainable distribution\n   quality. His innovative scoring system, published transparently via the internet and social media, fits in very well\n   with Leonteq's corporate philosophy. The Zurich investment product specialist is collaborating with R&ouml;hl as of\n   now. DividendenAdel indices for both Switzerland and Germany have just been launched.\n<\/p>\n<h3>Comparison of DividendenAdel Schweiz Index<\/h3>\n<div><img src=\"/dA/e639588863/Dividendenadel-Leonteq-Strukturierte-Produkte-Backtest-910-CH.png?language_id=1\" alt=\"Dividendenadel-Leonteq-Strukturierte-Produkte-Backtest-910-CH\"/><\/div>\n<footer>Source: Leonteq Securities AG<\/footer>\n<footer>\n   <em>Back tested performance is purely hypothetical and is provided for information purposes only. Back tested data does not represent the actual performance and it is not an indicator of the actual or future performance of the DividendenAdel Schweiz Index. No dividend withholding was considered in the back tested performance (i.e. gross total return performance) whereas dividend withholding will be considered in the DividendenAdel Schweiz Index (i.e. net total return performance) calculated by index administrator LIXX GmbH. Back tested performance was generated by Leonteq Securities AG for illustrative purposes only and the methodology used may differentiate from the methodology employed by index administrator LIXX GmbH when calculating the DividendenAdel Schweiz Index.<\/em>\n<\/footer>\n<h3>Systematic selection process<\/h3>\n<p>\"Stay cool and pocket dividends\" is the credo of investor and bestselling author Christian W. R&ouml;hl. Don't see\n   stocks as quick speculation, but rather like rented properties - which yield current income and increase in value\n   over the long term. A prerequisite for this: Sustainable dividend quality. That is why Christian W. R&ouml;hl does\n   not only look at the dividend yield. Instead, his predicate DividendenAdel is based on four criteria in which shares\n   - true to the motto \"Buy &amp; Hold &amp; Check\" - have to prove themselves anew every year. R&ouml;hl gives this\n   predicate to the dividend aristocracy &ndash; those companies that offer a particularly sustainable distribution\n   quality. His innovative scoring system, published transparently via the internet and social media, fits in very well\n   with Leonteq's corporate philosophy. The Zurich investment product specialist is collaborating with R&ouml;hl as of\n   now. DividendenAdel indices for both Switzerland and Germany have just been launched.\n<\/p>\n<h3>Tracker Certificate on the DividendenAdel Deutschland Index<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;CH0524354906, CH0511106400&quot;,&quot;conditions&quot;:{&quot;&quot;:true},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;resultsPerPage&quot;:20,&quot;pageNumber&quot;:1,&quot;sortFields&quot;:[],&quot;sortingEnabled&quot;:true,&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Equally-weighted index members<\/li>\n<li>Annual rebalancing dates<\/li>\n<li>Dividends will be reinvested into the index<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3> DividendenAdel Schweiz Index composition<\/h3>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;BKW AG&quot;,&quot;weight&quot;:0.0543},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;GEBERIT AG-REG&quot;,&quot;weight&quot;:0.066},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;INTERROLL HOLDING AG-REG&quot;,&quot;weight&quot;:0.0381},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;HOLCIM LTD&quot;,&quot;weight&quot;:0.0787},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;PSP SWISS PROPERTY AG-REG&quot;,&quot;weight&quot;:0.0656},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ABB LTD-REG&quot;,&quot;weight&quot;:0.0672},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;NOVARTIS AG-REG&quot;,&quot;weight&quot;:0.0531},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;EMMI AG-REG&quot;,&quot;weight&quot;:0.047},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;ROCHE HOLDING AG-GENUSSSCHEIN&quot;,&quot;weight&quot;:0.0527},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;DKSH HOLDING LTD&quot;,&quot;weight&quot;:0.0504},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;HELVETIA BALOISE HOLDING AG&quot;,&quot;weight&quot;:0.0764},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;LOGITECH INTERNATIONAL-REG&quot;,&quot;weight&quot;:0.0495},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SIKA AG-BR&quot;,&quot;weight&quot;:0.0446},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;LINDT &amp; SPRUENGLI AG-PC&quot;,&quot;weight&quot;:0.0665},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;BALOISE HOLDING AG - REG&quot;,&quot;weight&quot;:0.0757},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;SWISS LIFE HOLDING AG-REG&quot;,&quot;weight&quot;:0.0714},{&quot;sectionName&quot;:&quot;EQ.STOCK&quot;,&quot;name&quot;:&quot;NESTLE SA-REG&quot;,&quot;weight&quot;:0.0427}]\"><\/AmcComposition>\n  <\/div>\n<h3>Highly promising investment products<\/h3>\n<p>The DividendenAdel Deutschland Index also contains a healthy mix of large, mid and small caps. From the\n   DAX<sup>&reg;<\/sup>,\n   Munich RE is one of those to have made it through the selection process. The reinsurer has not cut its dividend\n   since 1970. Strong growth and continuous distributions are combined in CTS Eventim. The concert promoter and\n   ticket marketer has been distributing half of its profits to shareholders since 2006. The tracker certificate from\n   Leonteq passively maps the new index. Listed in Zurich and Frankfurt respectively, the participation product thus\n   offers investors the opportunity to add a dynamic and highly promising dividend strategy to their portfolio.\n   Fitting the fundamental strategy, the underlying asset is a net total return index. Distributions of the members\n   are reinvested (net) in the benchmark.\n<\/p>\n<div>\n      <ltq-button color=\"primary\" url=\"https://ch.leonteq.com/de/news-and-media/news/investment-themes/2020/dividendenadel?language_id=1\" label=\"Get more information here!\"><\/ltq-button>\n<\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"dividendenadel-schweiz","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-dividendenadel-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-dividendenadel-thumbnail.jpg"},{"date":"2020-10-06T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-dividendenadel-product+homepage+banner.jpg","subTitle":"Tried and tested investment strategy - German dividend aristocrats","windowTitle":"DividendenAdel Deutschland","category":"investment-themes","title":"DividendenAdel Deutschland","body":"<h3>Pamper package for investors<\/h3>\n<p>St. Jakobshalle in Basel normally hosts concerts, sports tournaments or trade fairs. On 28 February, the starting\n   signal for this year's SMI<sup>&reg;<\/sup> dividend season will be given in the historic events venue when Novartis\n   welcomes its shareholders to the AGM in St. Jakobshalle. If everything goes smoothly, they will approve the 23rd\n   dividend increase in a row. A few days later, the pharmaceuticals group should distribute some CHFbn 7 to its\n   shareholders. This will mark the start of a windfall season of a different kind. The amount distributed by the 20\n   SMI<sup>&reg;<\/sup> members could exceed the CHFbn 38 mark this year. According to calculations by the investor\n   magazine B&Ouml;RSE ONLINE, the 30 groups contained in the German DAX<sup>&reg;<\/sup> will together distribute an\n   almost identical EUR amount. When interest rates are low, then, dividends are a greater argument than ever for\n   equities as an investment class.\n<\/p>\n<div>\n      <ltq-button color=\"primary\" url=\"https://ch.leonteq.com/de/news-and-media/news/investment-themes/2020/dividendenadel?language_id=1\" label=\"Get more information here!\"><\/ltq-button>\n<\/div>\n<h3>The \"DividendenAdel\"-criterias<\/h3>\n<div style=\"height: 125px; width: 130px;\"><img src=\"/dA/6889aa57a7/Kontinuitaet.png?language_id=1\" alt=\"Continuity\" width=\"130\" height=\"125\" caption=\"false\" /><\/div>\n<div><center><br /><strong><br />Continuity<br /><\/strong>At least ten consecutive years without dividend reduction<br /><br /><br /><\/center><\/div>\n<div style=\"height: 106px; width: 130px;\"><img src=\"/dA/4e8393912a/Payout.png?language_id=1\" alt=\"Payout\" width=\"130\" height=\"106\" caption=\"false\" /><\/div>\n<div><center><br /><strong><br />Payout<br /><\/strong>Payout ratio (smoothed over three years) between 25% and 75%<br /><br /><br /><\/center><\/div>\n<div style=\"height: 130px; width: 128px;\"><img src=\"/dA/79e7aa6fc6/Rendite.png?language_id=1\" alt=\"Yield\" width=\"128\" height=\"130\" caption=\"false\" /><\/div>\n<div><center><br /><strong><br />Yield<br /><\/strong>Historical and indicative dividend yield is greater than 1% p.a.<br /><br /><br /><\/center><\/div>\n<div style=\"height: 130px; width: 142px;\"><img src=\"/dA/ed2c5d470a/Wachstum.png?language_id=1\" alt=\"Growth\" width=\"142\" height=\"130\" caption=\"false\" /><\/div>\n<div><center><br /><strong><br />Growth<br /><\/strong>At least three dividend increases in the past ten years\n<br />Last dividend higher than in the previous period (positive momentum)<br /><br /><br /><br /><\/center><\/div>\n<h3>Shares with \"blue blood\"<\/h3>\n<p>\"Stay cool and pocket dividends\" is the credo of investor and bestselling author Christian W. R&ouml;hl. Don't see\n   stocks as quick speculation, but rather like rented properties - which yield current income and increase in value\n   over the long term. A prerequisite for this: Sustainable dividend quality. That is why Christian W. R&ouml;hl does\n   not only look at the dividend yield. Instead, his predicate DividendenAdel is based on four criteria in which shares\n   - true to the motto \"Buy &amp; Hold &amp; Check\" - have to prove themselves anew every year. R&ouml;hl gives this\n   predicate to the dividend aristocracy &ndash; those companies that offer a particularly sustainable distribution\n   quality. His innovative scoring system, published transparently via the internet and social media, fits in very well\n   with Leonteq's corporate philosophy. The Zurich investment product specialist is collaborating with R&ouml;hl as of\n   now. DividendenAdel indices for both Switzerland and Germany have just been launched.\n<\/p>\n<h3>Comparison of DividendenAdel Deutschland Index<\/h3>\n<div><img src=\"/dA/7256fd3705/Dividendenadel-Leonteq-Strukturierte-Produkte-Backtest-910-DE.png?language_id=1\"\n   alt=\"Dividendenadel-Leonteq-Strukturierte-Produkte-Backtest-910-DE\"/><\/div>\n<footer>Source: Leonteq Securities AG<\/footer>\n<footer>\n   <em>Back tested performance is purely hypothetical and is provided for information purposes only. Back tested\n   data does not represent the actual performance and it is not an indicator of the actual or future performance\n   of the DividendenAdel Deutschland Index. No dividend withholding was considered in the back tested performance\n   (i.e. gross total return performance) whereas dividend withholding will be considered in the DividendenAdel\n   Deutschland Index (i.e. net total return performance) calculated by index administrator LIXX GmbH. Back tested\n   performance was generated by Leonteq Securities AG for illustrative purposes only and the methodology used may\n   differentiate from the methodology employed by index administrator LIXX GmbH when calculating the\n   DividendenAdel Deutschland Index.<\/em>\n<\/footer>\n<h3>Systematic selection process<\/h3>\n<p>\"Stay cool and pocket dividends\" is the credo of investor and bestselling author Christian W. R&ouml;hl. Don't see\n   stocks as quick speculation, but rather like rented properties - which yield current income and increase in value\n   over the long term. A prerequisite for this: Sustainable dividend quality. That is why Christian W. R&ouml;hl does\n   not only look at the dividend yield. Instead, his predicate DividendenAdel is based on four criteria in which shares\n   - true to the motto \"Buy &amp; Hold &amp; Check\" - have to prove themselves anew every year. R&ouml;hl gives this\n   predicate to the dividend aristocracy &ndash; those companies that offer a particularly sustainable distribution\n   quality. His innovative scoring system, published transparently via the internet and social media, fits in very well\n   with Leonteq's corporate philosophy. The Zurich investment product specialist is collaborating with R&ouml;hl as of\n   now. DividendenAdel indices for both Switzerland and Germany have just been launched.\n<\/p>\n<h3>Tracker Certificate on the DividendenAdel Deutschland Index<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;resultsPerPage&quot;:20,&quot;pageNumber&quot;:1,&quot;omni&quot;:&quot;CH0511106418, CH0524354914&quot;,&quot;sortFields&quot;:[],&quot;sortingEnabled&quot;:true,&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Equally-weighted index members<\/li>\n<li>Annual rebalancing dates<\/li>\n<li>Dividends will be reinvested into the index<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3> DividendenAdel Deutschland Index composition<\/h3>\n<ltq-table id=\"dividenden-adel-table\" title=\"Composition as of 07.10.2020\">\n   <template v-slot:default>\n     <thead>\n<tr>\n<th>Company<\/th>\n<th>Subsector<\/th>\n<th>Index weighting<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Allianz<\/td>\n<td>Full Line Insurance<\/td>\n<td>10%<\/td>\n<\/tr>\n<tr>\n<td>BASF<\/td>\n<td>Commodity Chemicals<\/td>\n<td>10%<\/td>\n<\/tr>\n<tr>\n<td>Brenntag<\/td>\n<td>Speciality Chemicals<\/td>\n<td>10%<\/td>\n<\/tr>\n<tr>\n<td>Fuchs Petrolub<\/td>\n<td>Speciality Chemicals<\/td>\n<td>10%<\/td>\n<\/tr>\n<tr>\n<td>Gerresheimer<\/td>\n<td>Medical Supplies<\/td>\n<td>10%<\/td>\n<\/tr>\n<tr>\n<td>Merck<\/td>\n<td>Pharmaceuticals<\/td>\n<td>10%<\/td>\n<\/tr>\n<tr>\n<td>Munich Re<\/td>\n<td>Reinsurance<\/td>\n<td>10%<\/td>\n<\/tr>\n<tr>\n<td>SAP<\/td>\n<td>Software<\/td>\n<td>10%<\/td>\n<\/tr>\n<tr>\n<td>Siemens<\/td>\n<td>Diversified Industrials<\/td>\n<td>10%<\/td>\n<\/tr>\n<tr>\n<td>Software AG<\/td>\n<td>Software<\/td>\n<td>10%<\/td>\n<\/tr>\n<tr>\n      <\/tbody>\n   <\/template>\n   <template v-slot:below>\n      <LtqCardBody>\n         <footer>Source: Leonteq Securities AG, LIXX GmbH<\/footer>\n         <footer>Historical data are not a reliable indicator of future performance.<\/footer>\n      <\/LtqCardBody>\n   <\/template>\n<\/ltq-table>\n<h3>Highly promising investment products<\/h3>\n<p>The DividendenAdel Deutschland Index also contains a healthy mix of large, mid and small caps. From the\n   DAX<sup>&reg;<\/sup>,\n   Munich RE is one of those to have made it through the selection process. The reinsurer has not cut its dividend\n   since 1970. Strong growth and continuous distributions are combined in CTS Eventim. The concert promoter and\n   ticket marketer has been distributing half of its profits to shareholders since 2006. The tracker certificate from\n   Leonteq passively maps the new index. Listed in Zurich and Frankfurt respectively, the participation product thus\n   offers investors the opportunity to add a dynamic and highly promising dividend strategy to their portfolio.\n   Fitting the fundamental strategy, the underlying asset is a net total return index. Distributions of the members\n   are reinvested (net) in the benchmark.\n   <\/p>\n   <div>\n      <ltq-button color=\"primary\" url=\"https://ch.leonteq.com/de/news-and-media/news/investment-themes/2020/dividendenadel?language_id=1\" label=\"Get more information here!\"><\/ltq-button>\n<\/div>\n      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  ","url":"dividendenadel-deutschland","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-dividendenadel-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-dividendenadel-thumbnail.jpg"},{"date":"2020-09-30T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-peloton-product+homepage+banner.jpg","subTitle":"Fitness training 2.0","windowTitle":"Peloton","category":"coupon-giant","title":"Peloton","body":"<h3>Fitness training 2.0<\/h3>\n<p>Cycling has a long tradition in this country. Legends such as Ferdy K&uuml;bler, who was the first Swiss to win the overall classification of the Tour de France in 1950, fuel the enthusiasm for cycling. With Marc Hirschi, a fellow countryman once again provided the high spirits on this year's tour. The man from Berne won the longest stage of the 107th Tour de France.<\/p>\n<h3>Kicking to success<\/h3>\n<p>But \"cycling enthusiasts\" no longer have to venture out onto the streets in all weathers to unwind their miles. With its products, the US fitness group Peloton ensures that everyone can indulge their biking passion within their own four walls. In 2014, the company launched the first Peloton bike with a touch screen, on which the athlete can select various fitness courses. The success of this idea can best be seen in the development of sales. Over the past six years, consolidated revenues have grown by an average of 100% per year.<\/p>\n<p>But Peloton does not only stand for biking, during this time the company has also developed continuously. From cycling and yoga to dance cardio, which started in March this year, Peloton offers a total of ten fitness variants for the home. The workout with professional dancer Emma Lovewell alone has been completed over one million times by subscribers.<\/p>\n<h3>Peloton: Historical price development (in USD)<\/h3>\n<div><img src=\"/dA/09c0f71337/Peloton-September-2020-Leonteq-Strukturierte-Chart-700.jpg?language_id=1\" alt=\"Peloton-September-2020-Leonteq-Strukturierte-Chart-700\" caption=\"false\" width=\"3792\" height=\"14670\" /><\/div>\n<footer>Source: Thomson Reuters, as at 29.09.2020<br /> Historical data are not a reliable indicator of future performance.<\/footer>\n<h3>Sporty, sporty<\/h3>\n<p>The average monthly workouts per user are rising inexorably. In the fourth quarter of 2019/20 (June 30), the average was 24.7, which is double that of the same period last year. Even though the majority of sports activities still involve pedaling a fitness bike, other leisure sports activities are increasing significantly. The proportion of biking has fallen from 94% to 64% since 2017.<\/p>\n<p>At the same time, the number of people who are motivated by the Peloton media library - which includes courses such as cycling, strength, yoga and stretching - also increases. Fitness subscriptions have increased tenfold since the first quarter of 2018, and workouts have even tripled. The Group's second product, a treadmill, also contributes to this. The Peloton Tread was also introduced in Canada, Great Britain and Germany in the past business year.<\/p>\n<h3>Dynamic growth course<\/h3>\n<p>The high-end home trainer manufacturer is successful with its concept: In the past quarter, sales tripled to USD 485.9 million, while subscriptions rose by 113% to 1.09 million. Estimates suggest that user numbers rose by 120% to 1.13 million between April and June. In the current September, the company expects to break the 1 million followers barrier on Instagram.<\/p>\n<p>Peloton has set itself a long-term goal of 100 million subscriptions. This is to be achieved through product innovations, concentration on the core US market and regional and digital expansion. The company already owns the largest fitness music library, for example. Athletes who don't just want to sweat at home can also visit the 36,000 square metre Peloton studio in New York. In spring 2021, a similar location is to be opened in London. To meet the rapidly growing demand, the Group is also investing in a new production facility. The New Shin Ji Factory has a capacity of 1.5 million products per year and is scheduled to open in December.<\/p>\n<h3>Development Fitness Subscriptions<\/h3>\n<div><img src=\"/dA/bebbc49613/Peloton-September-2020-Leonteq-Strukturierte-Umsatz-Grafik-700_EN.jpg?language_id=1\" alt=\"Peloton-September-2020-Leonteq-Strukturierte-Umsatz-Grafik-700_EN\" caption=\"false\" width=\"3792\" height=\"14897\" /><\/div>\n<footer>Source: Company data<br /> Historical data are not a reliable indicator of future performance.<\/footer>\n<h3>Without sweating to high coupons<\/h3>\n<p>Investors do not have to perspire during cardio training to participate in the success of Peloton. With the new Softcallable Barrier Reverse Convertibles, a double-digit percentage return can be achieved comfortably in idle mode. The fitness stock, which tripled in the current year alone, is therefore welcome to take a breather. The products are equipped with comfortable risk buffers of 45%. The CHF variant offers an attractive interest rate of 17.20% p.a. with a maximum term of one year, and the US dollar-denominated product even has a coupon of 18.40% p.a. Investors would only break into a sweat if the barrier were breached. Then the final fixing of the underlying decides on the profit or loss of the investment. If the underlying asset returns to its starting level, the full nominal value is paid out in addition to the safe coupon. Otherwise, the repayment is based on the performance of the Peloton share.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0570345626\\&quot; \\&quot;CH0542380354\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.listed:true&quot;:false,&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-peloton","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-peloton-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-peloton-thumbnail.jpg"},{"date":"2020-09-25T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-digital+lifestyle-product+homepage+banner.jpg","subTitle":"Diversified investment in a new zeitgeist","windowTitle":"Digital lifestyle","category":"investment-themes","title":"Digital lifestyle","body":"<h3>Contemporary basket<\/h3>\n<p>\"Digital lifestyle\" is a vivid way of describing the new mega-trend. This is the credo under which Swissquote has put together a basket that is packed with companies which profit especially from social distancing. This applies both for changing patterns of behaviour and for the greater demand for applications geared to spatial separation. The experts focus particularly on the high-growth segments of e-commerce, online education, remote office, e-mobility, food deliveries, online pharmacies and contactless technologies.<\/p>\n<div>\n   <ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2020/digitallifestyle?language_id=1\" label=\"Get more information here!\"><\/ltq-button>\n<\/div>\n<h3>E-learning mega-trend<\/h3>\n<p>The most far-reaching consequence of COVID-19 could well be its effects on education. School life has recently moved increasingly onto the internet, for instance, causing huge upheaval in the education system. Almost 1.6 billion schoolchildren in more than 165 countries had to learn how to take part in lessons using digital communication tools. Online education has been common practice for many years already at the Chinese TAL Education Group, for example. Founded in 2003, the education and training company has focused on children from pre-school to school-leaving age and their out-of-school and private tuition. In the USA K12 and 2U are among those ensuring that home schooling is feasible. According to a recent market research report from Technavio, the worldwide market for digital education content \u2013 triggered in part by coronavirus \u2013 will expand by an estimated USDbn 26.3 between 2020 and 2024, corresponding to a CAGR of 9 per cent. The basket takes this trend into account, with the index containing no less than eight companies that have made a name for themselves in online learning.<\/p>\n<h3>High-tech for everyone<\/h3>\n<p>If digital communication is to function smoothly, the very latest technologies are essential. That is why high-tech companies such as Slack or Zoom are key constituents of the \"digital lifestyle\" sector. While Slack facilitates communication within working groups thanks to its web-based instant messaging service, the pandemic has turned the video conferencing service Zoom from a niche player into an established part of everyday life. This is also reflected in the figures: the frequent use of the technology for home offices, religious services or education caused global participation in video conferences to shoot up to a daily 300 million in April. By comparison, that figure was just 10 million in December 2019. Another presence on this market is a Swiss representative in the form of Logitech. Accelerated by the coronavirus crisis, the trend towards the home office has recently caused the tills of the computer accessories manufacturer to ring loudly. The main drivers of this growth have been PC webcams and video conferencing systems.<\/p>\n<h3>Tracker Certificate on the Swissquote New Digital Lifestyle Index<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0542379968\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.listed:true&quot;:false,&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n              <template v-slot:headerTitle>\n          <div>\n    <strong>Management Fee: 0.80% <\/strong><br>\n    <strong>Index Sponsor: Swissquote Bank SA<\/strong><br>\n    <strong>Issuer: Leonteq Securities AG<\/strong>\n<\/footer>\n        <\/template>\n                <\/SavedSearch>\n  <\/div>\n<h3>Low-cost and broad-based<\/h3>\n<p>There are a total of 28 international companies in the innovative Swissquote New Digital Lifestyle Index. Investors gain access through an actively managed certificate from Leonteq. The new tracker reflects the performance of the index 1:1 less an annual fee of 0.8 per cent. The current heavyweight is Zur Rose, the Swiss online pharmacy, which has an index weighting of 6.7 per cent. Competitor Shop-Apotheke is another member of the top 10. On the subject of competition, in a recent interview Zur Rose boss Walter Oberhänsli raised the prospect of a merger with a competitor \u2013 with Shop-Apotheke from the Netherlands among the candidates.<\/p>\n<h3>Swissquote New Digital Lifestyle Index<\/h3>\n<div>\n   <ltq-table id=\"\" title=\"Top 10 companies\">\n      <template v-slot:default>\n<thead>\n<tr>\n<th>Company<\/th>\n<th>Country<\/th>\n<th>Index weighting<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Zur Rose<\/td>\n<td>Switzerland<\/td>\n<td>6.7%<\/td>\n<\/tr>\n<tr>\n<td>K12<\/td>\n<td>USA<\/td>\n<td>6.3%<\/td>\n<\/tr>\n<tr>\n<td>Just Eat Takeaway<\/td>\n<td>Netherlands<\/td>\n<td>5.0%<\/td>\n<\/tr>\n<tr>\n<td>Adyen<\/td>\n<td>Netherlands<\/td>\n<td>5.0%<\/td>\n<\/tr>\n<tr>\n<td>Logitech<\/td>\n<td>Switzerland<\/td>\n<td>4.9%<\/td>\n<\/tr>\n<tr>\n<td>Shop Apotheke<\/td>\n<td>Netherlands<\/td>\n<td>4.6%<\/td>\n<\/tr>\n<tr>\n<td>Zoom Video Communications<\/td>\n<td>USA<\/td>\n<td>4.4%<\/td>\n<\/tr>\n<tr>\n<td>Koolearn<\/td>\n<td>China<\/td>\n<td>4.2%<\/td>\n<\/tr>\n<tr>\n<td>HelloFresh<\/td>\n<td>Germany<\/td>\n<td>3.8%<\/td>\n<\/tr>\n<tr>\n<td>Delivery Hero<\/td>\n<td>Germany<\/td>\n<td>3.8%<\/td>\n<\/tr>\n         <\/tbody>\n      <\/template>\n      <template v-slot:below>\n         <LtqCardBody>\n            <footer>Source: Swissquote, as at: 21.09.2020<\/footer>\n         <\/LtqCardBody>\n      <\/template>\n   <\/ltq-table>\n<\/div>\n<div>\n   <ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2020/digitallifestyle?language_id=1\" label=\"Get more information here!\"><\/ltq-button>\n<\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"digitallifestyle","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-digital+lifestyle-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-digital+lifestyle-thumbnail.jpg"},{"date":"2020-09-11T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-goldminers-product+homepage+banner.jpg","subTitle":"Tracker certificate on the Leonteq Junior Gold Miners Quality & Momentum Index","windowTitle":"Junior Gold Miners","category":"investment-themes","title":"Promising opportunities for gold prospectors","body":"<h3>First-class gold investment<\/h3>\n<p>An investment in precious metals has always exerted a certain fascination, all the more so in uncertain times. There are various ways of investing money in gold. These include the physical purchase of gold coins, for instance. Financial institutions also offer what are known as gold custody accounts, which do not give possession of the metal itself but allow part ownership of physical gold even from very small sums. Investing in gold ETFs are another popular way of profiting from rising prices. The current launch of the Leonteq Junior Gold Miners Quality &amp; Momentum NTR Index now gives investors a unique and very special opportunity to take a position in the precious metals market. The newly created barometer comprises 20 stocks of small and medium-sized gold miners. Of late, many of them have actually been performing better than gold itself. This year the Canadian Alamos Gold, for instance, has posted growth of two thirds, outperforming the price of the precious metal by around 38%.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2020/juniorminers?language_id=1\" label=\"Get more information here!\"><\/ltq-button><\/div>\n<h3>Punching above its weight<\/h3>\n<p>Alamos Gold currently tips the scales at a market capitalisation of just USDbn 5.9, not even one tenth of the value of big player Barrick Gold. Yet it is precisely in this gap that a huge opportunity exists. That is because small companies frequently show much greater dynamism in price movements. Not only does Leonteq put the focus of the Junior Gold Miners Quality &amp; Momentum on second and third-tier stocks, but importance is also attached to the above small cap effect within the index itself. All 20 stocks are thus weighted equally regardless of size, allowing the index to profit from the potential growth of smaller companies.<\/p>\n<h3>Leonteq Junior Gold Miners Quality &amp; Momentum Index vs. VanEck Vectors Junior Gold Miners ETF<\/h3>\n<div><img src=\"/dA/3d41345b64/GoldMining-Leonteq-Strukturierte-Produkte-Chart-700-EN.png?language_id=1\" alt=\"GoldMining-Leonteq-Strukturierte-Produkte-Chart-700-EN\" caption=\"false\" width=\"699\" height=\"499\" /><\/div>\n<h3>Comprehensive selection criteria<\/h3>\n<p>To give the index the best possible structure, a promising investment process was developed. In July each year, experts select the 20 Junior Gold Miner shares based on momentum and quality criteria. The stocks need to go through a sort of pre-selection stage even before these two filters are applied, though. According to the index rules, only those which are listed on the stock markets in Toronto, Australia, New York or Hong Kong make it into the selection universe. In addition, the average daily turnover in the last 6 months must be not less than USDmn 5. Any that meet these requirements are then subjected to the quality and momentum analysis. This process takes a detailed look at the ratio of debt to market capitalisation and the relationship between debt and the value of the company. The growth in gross profits and the normalised and trailing profit margin, i.e. that of the last four quarters, also flow into the valuation. For the momentum yardstick, the committee screens the price movement over one, two and three years. The first 20 stocks from the ranking subsequently created through the two filters make it into the index. This complex process is performed once a year. Many studies show that stocks with strong Quality metrics and strong recent price Momentum will outperform the overall benchmark in the medium to long term. Moreover, Quality stocks tend to exhibit lower drawdowns and volatility than the overall benchmark.<\/p>\n<h3>Tracker Certificate on the Leonteq Junior Gold Miners Quality &amp; Momentum Index<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0542381006\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.listed:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div><strong>Issuer: Leonteq Securities AG (Rating: Fitch BBB-)<\/strong><\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>A certificate with many advantages<\/h3>\n<p>The new open-ended tracker (ISIN CH0542381006, SIX symbol JXAUTQ) offers investors simple and low-cost access to 20 promising gold mining stocks. This product allows a full participation in the barometer. The certificate contains a raft of advantages: alongside the broad diversification and active management, the transparency, liquidity and low costs of the product are also attractive. Issued in CHF, the tracker comes with an annual management fee of just 0.65% p.a. despite the sophisticated investment process.<\/p>\n<h3>Index-composition<\/h3>\n<div><ltq-table id=\"\" title=\"\"> <template v-slot:default=\"\">\n<thead>\n<tr>\n<th>Company<\/th>\n<th>Country<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Alacer Gold<\/td>\n<td>Canada<\/td>\n<\/tr>\n<tr>\n<td>Alamos Gold<\/td>\n<td>Canada<\/td>\n<\/tr>\n<tr>\n<td>B2Gold<\/td>\n<td>Canada<\/td>\n<\/tr>\n<tr>\n<td>Centamin<\/td>\n<td>Jersey<\/td>\n<\/tr>\n<tr>\n<td>Centerra Gold<\/td>\n<td>Canada<\/td>\n<\/tr>\n<tr>\n<td>Dundee Precious Metals<\/td>\n<td>Canada<\/td>\n<\/tr>\n<tr>\n<td>Evolution Mining<\/td>\n<td>Australia<\/td>\n<\/tr>\n<tr>\n<td>Kinross Gold<\/td>\n<td>Canada<\/td>\n<\/tr>\n<tr>\n<td>Northern Star Resources<\/td>\n<td>Australia<\/td>\n<\/tr>\n<tr>\n<td>Pan American Silver<\/td>\n<td>Canada<\/td>\n<\/tr>\n<tr>\n<td>Perseus Mining<\/td>\n<td>Australia<\/td>\n<\/tr>\n<tr>\n<td>Ramelius Resources<\/td>\n<td>Australia<\/td>\n<\/tr>\n<tr>\n<td>Regis Resources<\/td>\n<td>Australia<\/td>\n<\/tr>\n<tr>\n<td>Sandstorm Gold<\/td>\n<td>Canada<\/td>\n<\/tr>\n<tr>\n<td>Saracen Mineral<\/td>\n<td>Australia<\/td>\n<\/tr>\n<tr>\n<td>Silver Lake Resources<\/td>\n<td>Australia<\/td>\n<\/tr>\n<tr>\n<td>Silvercorp Metals<\/td>\n<td>Canada<\/td>\n<\/tr>\n<tr>\n<td>Silvercrest Metals<\/td>\n<td>Canada<\/td>\n<\/tr>\n<tr>\n<td>SSR Mining<\/td>\n<td>Canada<\/td>\n<\/tr>\n<tr>\n<td>Wesdome Gold Mines<\/td>\n<td>Canada<\/td>\n<\/tr>\n<\/tbody>\n<\/template>\n      <template v-slot:below>\n         <LtqCardBody>\n            <footer>Source: Solactive<\/footer>\n         <\/LtqCardBody>\n      <\/template>\n   <\/ltq-table>\n   <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2020/juniorminers?language_id=1\" label=\"Get more information here!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"juniorminers","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-goldminers-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-goldminers-thumbnail.jpg"},{"date":"2020-08-28T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-bitcoin-active-product+homepage+banner.jpg","subTitle":"An actively managed strategy with a proud track record","windowTitle":"Bitcoin \u2013 the most important cyber currency in the world","category":"investment-themes","title":"Bitcoin fans watch out","body":"<h3>A lucrative look in the rear-view mirror<\/h3>\n<p>When it comes to digitalisation, there is no way past \"machine learning\". This is an area of artificial intelligence that generates knowledge from experience, attempting to identify patterns and regularities in huge data pools using a variety of algorithms. It was this innovative technology that Swissquote Bank utilised some three years ago to develop the Swissquote Bitcoin Active Index. This was the first cryptocurrency strategy to be listed on the stock market and has turned in a significant outperformance to date. The matching tracker certificate (ISIN CH0372703436) from Leonteq performed around 29% better than a direct investment in bitcoin &ndash; even after allowing for the charges. The term of the index instrument is ending in November.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2020/bitcoinactive?language_id=1\" label=\"Get more information here!\"><\/ltq-button><\/div>\n<h3>New strategy with tried-and-tested concept<\/h3>\n<p>Bitcoin fans have no need to worry, though, because the profitable strategy is being renewed, with a successor product (ISN CH0542378622) having been launched on the Swissquote Bitcoin Active 2.0 Index recently. Rather than a fixed expiration date, an open-ended structure has been chosen for this tranche, removing the need for portfolio adjustments in the future. As already mentioned at the start, behind the structured product is a machine-learning-based strategy in which data from different sources are gathered in order to form quality indicators. These are made up of an average value of the changes, the volatility achieved, the buy and sell pressure and a social index for the mood on the market. The algorithm compiles and interprets this wealth of data, identifies the short-term development of the future yield and then structures the portfolio on the basis of this comprehensive analysis. To limit volatility, at least 60% and at most 100% of the portfolio comprises bitcoin, with the US dollar accounting for a minimum 0% to maximum 40%.<\/p>\n<h3>Swissquote Bitcoin Active Index vs. Bitcoin: Historical performance (indexed to 100)<\/h3>\n<div><img src=\"/dA/dbf1bbb4e2/Bitcoin-Active-Leonteq-Strukturierte-Produkte-Chart-700-EN.png?language_id=1\" alt=\"Bitcoin-Active-Leonteq-Strukturierte-Produkte-Chart-700-EN\" caption=\"false\" width=\"700\" height=\"623\" /><\/div>\n<h3>Active management at an affordable price<\/h3>\n<p>The tracker certificate offered by Leonteq gives a one-to-one participation in the Swissquote Bitcoin Active 2.0 Index. Quoted in US dollars, the product launched at a price of 1,000 on 27 July 2020, since when the price has risen by more than one fifth. As it is an actively managed certificate, charges are levied. These consist of costs for calculation in the amount of 0.35% p.a. and a management fee of 1.00% p.a. There is also a rebalancing fee of a low 0.15% p.a., giving an ultimate total charge for the holder of the certificate of not more than 1.5% p.a.<\/p>\n<h3>A certificate with clear benefits<\/h3>\n<p>While many investors are now giving serious consideration to buying cryptocurrencies, possessing and trading in them is certainly not without risk. As well as the sometimes high fluctuations in the BTC, hacking attempts can also become a problem. Although attacks on the bitcoin blockchain are relatively unlikely, because this is kept under permanent monitoring, people and websites are certainly in the sights of cyber criminals. The popular crypto exchange Mt.Gox, for instance, was hacked in 2013, leading to the loss of 800,000 BTC. The wallets that are used to store cryptocurrencies are also frequently the target of internet thefts. By contrast, the tracker certificate on the Swissquote Bitcoin Active 2.0 Index offers simple and protected access to bitcoin. The instrument remains securely in your portfolio as usual.<\/p>\n<h3>Tracker Certificate on Swissquote Bitcoin Active Index - Tradable on exchange<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0542378622\\&quot; \\&quot;CH0596607769\\&quot;&quot;,&quot;conditions&quot;:{&quot;&quot;:true},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;resultsPerPage&quot;:20,&quot;pageNumber&quot;:1,&quot;sortFields&quot;:[],&quot;sortingEnabled&quot;:true,&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Actively Managed Certificate<\/li>\n<li>Index Sponsor: Swissquote Bank SA, Gland, Switzerland<\/li>\n<li>Management fee: 1.35% p.a.<\/li>\n<li>Issuer:&nbsp;Leonteq Securities AG,&nbsp;Zurich<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2020/bitcoinactive?language_id=1\" label=\"Get more information here!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"bitcoinactive","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-bitcoin-active-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-bitcoin-active-thumbnail.jpg"},{"date":"2020-08-14T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-usd-product+homepage+banner.jpg","subTitle":"Bonus Certificate on US Equities with high foreign sales","windowTitle":"US-Dollar","category":"investment-themes","title":"Profiting from the dollar","body":"<h3>Rising profit expectations<\/h3>\n<p>On Wall Street the reporting season for the second quarter is now coming to an end, with interim reports for 89% of the companies listed on the S&amp;P 500 having been presented by 7 August. According to FactSet, 83% of them managed to beat analysts' average expectations for earnings per share (EPS). If this rate is maintained, more companies than ever before since the data service provider started this survey in 2008 will have upset the consensus &ndash; although it has to be said that expectations had fallen sharply due to the coronavirus pandemic. Since the middle of the year, analysts have been pitching their estimates a little higher again, says FactSet. Indeed, the average EPS expectation for the S&amp;P 500 index in 2020 has risen 3.5%. In addition to the figures and outlooks presented in the \"earnings season\", the latest developments on the currency markets could also be responsible for the upward revision: over the last few weeks, the US dollar has softened markedly relative to other major currencies.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2020/usd?language_id=1\" label=\"Get more information here!\"><\/ltq-button><\/div>\n<h3>Different foreign ratios<\/h3>\n<p>A raft of US companies can thus enjoy a special \"economic stimulus package\". According to FactSet, the members of the leading index still record 40% of their sales from international business. This ratio is significantly higher in a range of sectors (see graph). For groups in the information technology sector, more than half of their business is generated outside the USA. Along the same lines, Goldman Sachs finds that IT shares in months in which the trade-weighted dollar depreciated by at least 1.25% have in the past been among the top performers on Wall Street. Of course, historical performance is not an indicator of future price movements. Nevertheless, the most recent weakness of the greenback could lend further stimulus to the considerable momentum already enjoyed by the technology sector.<\/p>\n<h3>US sectors: Sales breakdown by region (in %)<\/h3>\n<div><img src=\"/dA/b8414ba8c1/USD-Leonteq-Strukturierte-Produkte-Chart-Sektoren-700-EN.png?language_id=1\" alt=\"USD-Leonteq-Strukturierte-Produkte-Chart-Sektoren-700-EN\" caption=\"false\" width=\"699\" height=\"615\" /><\/div>\n<h3>Disproportionately high participation, low barriers<\/h3>\n<p>Leonteq is therefore now offering investors the opportunity to invest in three possible beneficiaries of the US dollar's weakness while benefiting from partial protection. Alongside the IT stocks Lam Research and Nvidia, the choice of underlyings also fell on Philip Morris International &ndash; the tobacco group pulls in the entirety of its sales outside the USA. The structured product would participate to a disproportionately high extent in the positive performance of the basket of these three equally weighted shares. The upside participation is 150%. At the same time, investors are shielded against falling quotations down to the barrier. As long as no underlying stock falls to or below the protective threshold of 50% of the initial fixing during the term, the repayment will correspond to at least the bonus level of 100%. Should this cushion not suffice, the partial protection will lapse. In that case the investment would be exposed to the full risk of the share with the weakest performance on the expiration date.<\/p>\n<h3>Lam Research vs. Nvidia vs. Philip Morris: Historical performance (indexed to 100)<\/h3>\n<div><img src=\"/dA/b08733a8e8/USD-Leonteq-Strukturierte-Produkte-Chart-Basiswerte-700-EN.png?language_id=1\" alt=\"USD-Leonteq-Strukturierte-Produkte-Chart-Basiswerte-700-EN\" caption=\"false\" width=\"562\" height=\"500\" /><\/div>\n<h3>Tech power and tobacco withdrawal<\/h3>\n<p>The two technology stocks in particular have been moving in only one direction recently, the pair having appreciated markedly in value. Lam Research also caught the eye with strong quarterly figures. The semiconductor manufacturer from California surpassed expectations both in sales and in EPS. In the second quarter Lam Research estimated the share of revenue earned abroad at a hefty 97% of its total business. For Nvidia, the foreign ratio for February to April 2020 came to 84%. That period marked the first quarter of the 2021 fiscal year for the graphics card specialist. It will present the interim report for the second quarter on 19 August. Nvidia caused headlines on the M&amp;A front at the turn of the month, with unconfirmed reports suggesting the Californians were targeting chip developer ARM. Nvidia is said to be in advanced takeover discussions with SoftBank, the owner of ARM. Philip Morris has recently sold much fewer tobacco-based cigarettes, but the group had already announced a \"withdrawal\" in this regard. It would like to put the focus on smoke-free products, or e-cigarettes, in the future.<\/p>\n<h3>Bonus Outperformance Certificate related to the subject<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0562305851\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.listed:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;participation&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2020/usd?language_id=1\" label=\"Get more information here!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"usd","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-usd-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-usd-thumbnail.jpg"},{"date":"2020-07-31T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-momentum-2020-product+homepage+banner.jpg","subTitle":"Tracker certificate on the Leonteq Multi Asset Index","windowTitle":"Momentum Strategy","category":"investment-themes","title":"A prize winning investment","body":"<h3>Anniversary in a special setting<\/h3>\n<p>The Swiss Derivative Awards were recently presented for the 15th time already. This time, though, the ceremony could not be held in public. In light of the coronavirus pandemic, the organisers from Derivative Partners honoured this year's nominees and winners in an online broadcast. This did not have any negative impact on the quality of this industry award, which is known beyond the borders of Switzerland. As ever, an expert jury led by Prof. Dr. Marc Oliver Rieger subjected the applications submitted by the issuers to close analysis and scrutiny. For the tenth time in a row, the committee presented Leonteq with the \"Top Service\" award. As well as this coveted trophy, the issuer was also delighted to win three other prizes, including victory in the \"Best Index Product\" category. Here the experts were particularly impressed by the tracker certificate on the Leonteq Multi Asset Index.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2020/momentumII?language_id=1\" label=\"Get more information here!\"><\/ltq-button><\/div>\n<h3>Efficient and low-cost tools<\/h3>\n<p>Speaking online to the two presenters, Manuel D&uuml;rr, Managing Director and Head of Public Solutions at Leonteq, summarised the idea behind the award-winning strategy succinctly: \"Winners on the stock market often remain winners.\" The Leonteq Multi Asset Index implements a rule-based momentum strategy, with the decisive factors being the price trends in the following five asset classes: property, commodities (gold), equities, bonds and cash. According to D&uuml;rr, within this pool they looked for underlying stocks which were both efficient and available at low cost, making them attractive to investors. \"That's how we arrived at the ETFs,\" he explained. They invest in the five exchange traded funds to be used in a recurring monthly allocation process. Preference is given to the ETFs that show the strongest performance on a historic comparison (twelve months). \"That gives investors the best possible access to the various asset classes,\" D&uuml;rr explained.<\/p>\n<h3>Leonteq Multi Asset Index: Current weighting<\/h3>\n<div><img src=\"/dA/fc79d4422c/Momentum-Leonteq-Strukturierte-Produkte-Gewichtung-700-EN.png?language_id=1\" alt=\"Momentum-Leonteq-Strukturierte-Produkte-Gewichtung-700-EN\" caption=\"false\" width=\"562\" height=\"401\" /><\/div>\n<h3>A finger on the pulse<\/h3>\n<p>Gold is setting the tone in the current index composition &ndash; the corresponding ETF has an 87.4% weighting (see chart). This high proportion is not surprising, given that the go-to currency in a crisis is precisely a sort of \"asset of the hour\". Taking a twelve-month view, gold has increased in value by more than one third. The safe haven reached a new all-time high of USD 1,943.93 on 27 July 2020, passing its previous best mark from autumn 2011. Property and equities are represented in the Leonteq Multi Asset Index at 6.5% and 6.1% respectively. \"This indicates that the concept works and takes account of the coronavirus crisis,\" says Manuel D&uuml;rr of the current composition. The expert in structured products also points to the low costs of 75 basis points a year. \"For that investors get to enjoy great diversification without constantly having to worry about the allocation,\" D&uuml;rr adds. That means the owners of the product are, if you like, on autopilot in the markets.<\/p>\n<h3>Leonteq Multi Asset Total Return Index: Historical performance<\/h3>\n<div><img src=\"/dA/b1aad282dc/Momentum-Leonteq-Strukturierte-Produkte-Chart-700-EN.png?language_id=1\" alt=\"Momentum-Leonteq-Strukturierte-Produkte-Chart-700-EN\" caption=\"false\" width=\"699\" height=\"621\" /><\/div>\n<h3>A convincing performance &ndash; with and without additions<\/h3>\n<p>The performance generated has been impressive so far: the Leonteq Multi Asset Index is trading at around a quarter above the starting value fixed on 3 December 2018 (see chart). A few months later, Leonteq launched the tracker certificate on the momentum strategy that has now been honoured with the Swiss Derivative Award. A further product was added at the start of April 2020. The momentum strategy was expanded with an exposure to bitcoin through an actively managed certificate, or AMC in technical jargon. The basket underlying this tracker certificate dominates the Leonteq Multi Asset Index allocation. It is joined by the leading cryptocurrency, with bitcoin currently accounting for 2.9% of the underlying. The issue date has since proven to be well-timed, the AMC having appreciated by around 23% since the launch. Of course, the historic performance of both products is not a reliable indicator of their performance in the future. This notwithstanding, the momentum approach &ndash; with or without the addition of a cryptocurrency &ndash; offers investors an attractive opportunity to follow the motto of \"The trend is your friend\" systematically.<\/p>\n<h3>Tracker certificates on the Leonteq Multi Asset Index<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0528261172\\&quot; \\&quot;CH0438953025\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.listed:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2020/momentumII?language_id=1\" label=\"Get more information here!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"momentumII","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-momentum-2020-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-momentum-2020-thumbnail.jpg"},{"date":"2020-07-17T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-handelskonzerne-product+homepage+banner.jpg","subTitle":"Our selection of discount calls - now tradable on exchange!","windowTitle":"Discount Call Warrants","category":"investment-themes","title":"Discount Call Warrants","body":"<h3>Discount Call Warrants<\/h3>\n<p>A discount call warrant belongs to the category of exotic warrants. In general, exotic warrants are the securitized combination of various options and thus a further development of classic (\"vanilla\") warrants. This combination allows investors to trade a complex investment strategy quite simple in the form of a security. The investment strategy on which the discount calls are based is a so-called call spread, which means the purchase (long position) of a call option with a lower strike price and the simultaneous sale (short position) of a call option with the same underlying asset, same maturity but with a higher strike price. By selling the call, the issuer collects an option premium, which is used to give the structure its eponymous characteristic, the discount. This benefits the investor, as the price of the discount call is significantly lower than that of a normal call warrant. In return for the discount, the investor gives up an unlimited participation in the price gains of the underlying instrument, since the chance of winning is limited upwards by a cap, in contrast to a classic call. This upper price limit corresponds to the strike price of the call sold. Thus, the maximum pay-out at maturity is the difference between the strike price of the long call and the strike price of the short call. This is because the sold position only has value at maturity if the market value of the underlying is higher than the strike price of this option, thus absorbing 1:1 the income of the long call that exceeds this level.<\/p>\n<p>If the market value of the underlying at maturity is between the two exercise prices, the call sold expires worthless and the repayment is calculated as the difference between the final fixing of the underlying and the exercise price of the long call.<\/p>\n<h3>SIX listed discount call warrants<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[&quot;PC_LEVERAGE&quot;],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[&quot;PT_WARRANT&quot;],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;-snapshot.product.identifiers.isin:(\\&quot;CH0473354568\\&quot; \\&quot;CH0501203977\\&quot;) &quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.listed:true&quot;:true,&quot;&quot;:false,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:true},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.calendar.last_trading_date.value&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.underlyings_list_i18n.de.keyword&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.dynamic.distance_to_barrier_level.value&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;strikeLowerLevelAbs&quot;,&quot;strikeUpperLevelAbs&quot;,&quot;warrantType&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"callspread","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-handelskonzerne-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-handelskonzerne-thumbnail.jpg"},{"date":"2020-07-17T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-gendergap-product+homepage+banner.jpg","subTitle":"Tracker certificate on the SPB Women Impact Europe Index","windowTitle":"Gender Gap","category":"investment-themes","title":"Investment with \"womanpower\"","body":"<h3>Evidence of changing times<\/h3>\n<p>Having women in leading political offices is increasingly becoming the norm. This is demonstrated by both German chancellor Angela Merkel, in office for almost 15 years, and Simonetta Sommaruga &ndash; after 2015, this year she is holding the position of President of the Swiss Confederation for the second time already. In culture, too, the female sex is strongly represented. Statista indicates that US pop icon Taylor Swift leads the ranking of highest-earning musicians and bands in 2018/19. In business as well, the influence of women is growing slowly but surely. In Switzerland more than 100 companies have joined the Advance association, documenting their desire to promote gender equality and have more women on their management boards. According to Advance, gender diversity has been proven to lead to better decisions, reflects the market more appropriately and is a driver of innovation.<\/p>\n<div>\n   <ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2020/gendergap?language_id=1\" label=\"Get more information here!\"><\/ltq-button>\n<\/div>\n<h3>Proportion of women as an investment criterion<\/h3>\n<p>The SPB Women Impact Europe Index transfers the trend towards more \"womanpower\" into financial investments. The selection universe for this benchmark is the STOXX&reg; Europe 600 Index. The most liquid and least volatile members are first filtered out of the diversified barometer for the equity market of the \"old continent\". In the next step, the remaining stocks are analysed using the equality scoring system developed by Leonteq. One of the central criteria is the proportion of women in management positions. Companies with a relatively high percentage receive correspondingly more points. All criteria are weighted equally heavily and are ultimately added together to form a total score. The SPB Women Impact Europe Index includes the 30 companies with the highest scores. To reflect the dynamic development of the gender debate, a review is carried out every three months and the selection adjusted where necessary.<\/p>\n<h3>Scandinavia leading the way<\/h3>\n<p>Companies from Scandinavia are leaving their stamp on the SPB Women Impact Europe Index &ndash; together they contribute a good quarter to the weighting. This shows that women in the far north are particularly strongly represented at board level. Figures from MSCI back up this hypothesis: each of the total of ten Norwegian companies contained in the MSCI&reg; ACWI Index, for instance, has three or more women in its top management. The MSCI analysis indicates that companies in Great Britain also have a high proportion of women in executive positions, which is why it is represented with six stocks in the SPB Women Impact Europe Index. These include GlaxoSmithKline, Emma Walmsley having been at the helm of the pharmaceuticals group since April 2017. Four other women sit alongside her in the 16-strong Corporate Executive Team. The 30 index members in total are not just characterised by a higher proportion of women, though: they also take the ever more important sustainability principles seriously. At least 95% of the companies included in it have been ESG-compliant in the past or are today.<\/p>\n<h3>Tracker Certificate on the SPB Women Impact Europe Index<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0498596904\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.listed:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n              <template v-slot:headerTitle>\n          <div>\n    <strong>Management Fee: 0.75% <\/strong><br>\n    <strong>Index Sponsor: Foxberry Ltd<\/strong><br>\n    <strong>Index Calculation Agent: Solactive AG<\/strong><br>\n    <strong>Issuer: Leonteq Securities AG<\/strong>\n<\/footer>\n        <\/template>\n                <\/SavedSearch>\n  <\/div>\n<h3>Strong performance, easy access<\/h3>\n<p>The relatively high presence of women doesn't just pay off in societal terms &ndash; it is also good for business. According to the WEF, closing the gender gap can lead to an increase in earnings of more than 20%. The companies concerned could also make an impact on the stock market. Over a period of ten years the SPB Women Impact Europe Index has generated a higher return than its benchmark, the broad-based STOXX&reg; Europe 600 (see chart). It has been possible to invest in the innovative barometer via a tracker certificate from Leonteq since the end of 2019. The participation product tracks the SPB Women Impact Europe Net Total Return Index without any term limits. Holders of the derivative also reap the benefit of all dividend payments, with distributions being reinvested net in the underlying stock. An investment in the forward-looking and regularly reviewed Women Impact selection incurs a management fee of 0.75% p.a.<\/p>\n<h3>SPB Women Impact Europe Index vs. STOXX&reg; Europe 600 Index (10 years, indexed to 100)<\/h3>\n<div><img src=\"/dA/4e705f4eac/GenderGap-Leonteq-Strukturierte-Produkte-Chart-700-EN.png?language_id=1\" alt=\"GenderGap-Leonteq-Strukturierte-Produkte-Chart-700-EN\" width=\"829\" height=\"499\" caption=\"false\" /><\/div>\n<h3>SPB Women Impact Europe Index<\/h3>\n<ltq-table id=\"\" title=\"Composition as of 16.07.2020\">\n   <template v-slot:default=\"\">\n      <thead>\n         <tr>\n            <th>Company<\/th>\n            <th>Weighting<\/th>\n            <th>Country<\/th>\n         <\/tr>\n      <\/thead>\n      <tbody>\n         <tr>\n            <td>ASSA ABLOY AB CLASS B<\/td>\n            <td>3.16%<\/td>\n            <td>SE<\/td>\n         <\/tr>\n         <tr>\n            <td>B&amp;M EUROPEAN VALUE RETAIL SA<\/td>\n            <td>3.5%<\/td>\n            <td>LU<\/td>\n         <\/tr>\n         <tr>\n            <td>CHR HANSEN HOLDING AS<\/td>\n            <td>3.78%<\/td>\n            <td>DK<\/td>\n         <\/tr>\n         <tr>\n            <td>CLARIANT AG<\/td>\n            <td>3.23%<\/td>\n            <td>CH<\/td>\n         <\/tr>\n         <tr>\n            <td>COFINIMMO SA<\/td>\n            <td>3.28%<\/td>\n            <td>BE<\/td>\n         <\/tr>\n         <tr>\n            <td>CONVATEC GROUP PLC<\/td>\n            <td>3.44%<\/td>\n            <td>UK<\/td>\n         <\/tr>\n         <tr>\n            <td>DANONE SA<\/td>\n            <td>3.34%<\/td>\n            <td>FR<\/td>\n         <\/tr>\n         <tr>\n            <td>DEUTSCHE WOHNEN SE<\/td>\n            <td>3.31%<\/td>\n            <td>DE<\/td>\n         <\/tr>\n         <tr>\n            <td>DIAGEO PLC<\/td>\n            <td>3.1%<\/td>\n            <td>UK<\/td>\n         <\/tr>\n         <tr>\n            <td>ELISA OYJ CLASS A<\/td>\n            <td>3.38%<\/td>\n            <td>FI<\/td>\n         <\/tr>\n         <tr>\n            <td>ESSITY AB CLASS B<\/td>\n            <td>3.43%<\/td>\n            <td>SE<\/td>\n         <\/tr>\n         <tr>\n            <td>GJENSIDIGE FORSIKRING ASA<\/td>\n            <td>3.17%<\/td>\n            <td>NO<\/td>\n         <\/tr>\n         <tr>\n            <td>GLAXOSMITHKLINE PLC<\/td>\n            <td>3.34%<\/td>\n            <td>UK<\/td>\n         <\/tr>\n         <tr>\n            <td>HEINEKEN NV<\/td>\n            <td>3.24%<\/td>\n            <td>NL<\/td>\n         <\/tr>\n         <tr>\n            <td>HERMES INTERNATIONAL SCA<\/td>\n            <td>3.23%<\/td>\n            <td>FR<\/td>\n         <\/tr>\n         <tr>\n            <td>INVESTOR AB CLASS B<\/td>\n            <td>3.15%<\/td>\n            <td>SE<\/td>\n         <\/tr>\n         <tr>\n            <td>JERONIMO MARTINS SGPS SA<\/td>\n            <td>3.5%<\/td>\n            <td>PT<\/td>\n         <\/tr>\n         <tr>\n            <td>L&rsquo;OR&Eacute;AL SA<\/td>\n            <td>3.59%<\/td>\n            <td>FR<\/td>\n         <\/tr>\n         <tr>\n            <td>NATIONAL GRID PLC<\/td>\n            <td>3.45%<\/td>\n            <td>UK<\/td>\n         <\/tr>\n         <tr>\n            <td>RED ELECTRICA CORP SA<\/td>\n            <td>3.47%<\/td>\n            <td>ES<\/td>\n         <\/tr>\n         <tr>\n            <td>SAGE GROUP PLC<\/td>\n            <td>3.2%<\/td>\n            <td>UK<\/td>\n         <\/tr>\n         <tr>\n            <td>SANOFI SA<\/td>\n            <td>3.47%<\/td>\n            <td>FR<\/td>\n         <\/tr>\n         <tr>\n            <td>SAP SE<\/td>\n            <td>3.4%<\/td>\n            <td>DE<\/td>\n         <\/tr>\n         <tr>\n            <td>SCHIBSTED ASA CLASS A<\/td>\n            <td>3.18%<\/td>\n            <td>NO<\/td>\n         <\/tr>\n         <tr>\n            <td>SEVERN TRENT PLC<\/td>\n            <td>3.28%<\/td>\n            <td>UK<\/td>\n         <\/tr>\n         <tr>\n            <td>TELE2 AB<\/td>\n            <td>3.3%<\/td>\n            <td>SE<\/td>\n         <\/tr>\n         <tr>\n            <td>TELENOR ASA<\/td>\n            <td>3.02%<\/td>\n            <td>NO<\/td>\n         <\/tr>\n         <tr>\n            <td>TRYG AS<\/td>\n            <td>3.23%<\/td>\n            <td>DK<\/td>\n         <\/tr>\n         <tr>\n            <td>VIVENDI SA<\/td>\n            <td>3.41%<\/td>\n            <td>FR<\/td>\n         <\/tr>\n         <tr>\n            <td>WOLTERS KLUWER NV<\/td>\n            <td>3.42%<\/td>\n            <td>NL<\/td>\n         <\/tr>\n      <\/tbody>\n   <\/template>\n   <template v-slot:below>\n      <LtqCardBody>\n         <footer>Source: Foxberry, as at: 13.07.2020.<\/footer>\n      <\/LtqCardBody>\n   <\/template>\n<\/ltq-table>\n<div>\n   <ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2020/gendergap?language_id=1\" label=\"Get more information here!\"><\/ltq-button>\n<\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"gendergap","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-gendergap-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-gendergap-thumbnail.jpg"},{"date":"2020-07-03T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-digitalpayment-2020-product+homepage+banner.jpg","subTitle":"Investment solutions on equities from the e-commerce ecosystem","windowTitle":"Digital Payment","category":"investment-themes","title":"On the pulse of mega-trends","body":"<h3>Invisible everyday helpers, stars of the stock market<\/h3>\n<p>Whether a train ticket, new shoes or a pizza for a night in, for more and more people ordering goods and services on the internet is part and parcel of day-to-day life. According to Statista, almost 3.5 billion consumers around the world utilise the many different opportunities afforded by e-commerce. By 2024 this \"community\" is set to grow by more than 1 billion to 4.63 billion members. This prediction will come as music to the ears not just of the operators of virtual marketplaces: the e-commerce ecosystem includes many service providers as well. While consumers tend to take less notice of these companies, they are among the absolute high-flyers on the stock market. This is especially true for the providers of payment systems, although the segment is still reeling from the dramatic accounting scandal and price collapse of Germany's Wirecard. Share prices of its competitors continue their upward trajectory, possibly in part because they can now hope for additional business.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2020/digitalpayment?language_id=1\" label=\"Get more information here!\"><\/ltq-button><\/div>\n<h3>Worldline, Adyen: Fast-growing Europeans<\/h3>\n<p>Leonteq is taking advantage of this momentum to launch a total of three Barrier Reverse Convertibles on equities from this sector. In each case the underlying stocks are two European and two US companies. On the old continent, Worldline could expand its dominant position following the collapse of Wirecard, the French company having long taken a global approach. In February Worldline took over a competitor, Ingenico, also based in France. Worth EURbn 7.8, the deal makes the company the fourth largest payment processor in the world. Even so, Worldline was caught in the slipstream of the corona sell-off shortly afterwards. Since then, though, the share, backed by solid quarterly figures, has been able to make up practically all the lost ground. The performance gave the French no chance of competing with Adyen. In the last few months the share price of the Dutch payment specialist has absolutely soared (see chart). It seems that the crisis is having precious little effect on the growth of the service provider, which was listed in 2018. Sales of Adyen climbed more than a third in the first quarter to stand at EURm 135.5. The group, which works for the driver service Uber and social media giant Facebook, among others, earned EURm 63.6 from its operating activities, up 16% on the same period last year.<\/p>\n<h3>Adyen vs. Worldline (1 year, indexed to 100)<\/h3>\n<div><img src=\"/dA/6934991f65/Digitalpayment-Leonteq-Strukturierte-Produkte-Chart1-700-EN.png?language_id=1\" alt=\"Digitalpayment-Leonteq-Strukturierte-Produkte-Chart1-700-EN\" caption=\"false\" width=\"699\" height=\"499\" /><\/div>\n<h3>Shopify, Square: Full service from North America<\/h3>\n<p>Shopify, too, enjoyed a full part in the latest tech rally. The Canadian company offers an all-round service: both online traders and bricks-and-mortar businesses can use the Shopify platform. The spectrum ranges from virtual shops through links with mobile apps to data analysis and payment processing. More than one million businesses from over 175 countries make use of the service. In the first quarter of 2020, the gross merchandise volume (GMV) of Shopify rose by 46% to USDbn 17.4. This volume of transactions exceeded the company's expectations. By contrast, Square reported a surprising loss for the first three months of the year. Towards the end of the quarter especially, the US service provider, which is also positioned across the whole e-commerce ecosystem, suffered a collapse in business. The mediocre interim report was unable to stop the Square share price flying high (see chart), though, because investors anticipate that the coronavirus pandemic will give wings to online shopping and hence the business of the full-service provider. And in fact the growth in payment volumes at the company, which was co-founded and is led by Twitter CEO Jack Dorsey, has indeed picked up pace again.<\/p>\n<h3>Shopify vs. Square (1 year, indexed to 100)<\/h3>\n<div><img src=\"/dA/4f63e8739a/Digitalpayment-Leonteq-Strukturierte-Produkte-Chart2-700-EN.png?language_id=1\" alt=\"Digitalpayment-Leonteq-Strukturierte-Produkte-Chart2-700-EN\" caption=\"false\" width=\"699\" height=\"499\" /><\/div>\n<h3>New issue: Success quartet in different combinations<\/h3>\n<p>The combination of the two North American companies enables Leonteq to pay a guaranteed coupon of 17% p.a. As long as neither Shopify nor Square falls to or below the barrier of 50% of the initial fixing during the 15 month term, investors will receive the entirety of their nominal capital back. The Barrier Reverse Convertible comprising the European duo of Adyen and Worldline offers the opportunity of a 10% p.a. return combined with a risk buffer of 45%. The term of this issue is also 15 months. A return optimisation product based on all four of these equities offers a barrier  at 50% of the starting prices of Adyen, Shopify, Square and Worldline with a guaranteed coupon of 20% p.a. Each of the three new issues is denominated in CHF and also comes with a soft callable function giving the issuer the right to terminate the relevant product on the dates set out in the termsheet and redeem it early.<\/p>\n<h3>Callable Barrier Reverse Convertibles related to the subject<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;CH0542376147 CH0542376154 CH0542376162&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.listed:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.features.guaranteed_fixed_rate_coupon.coupon_rate.value&quot;,&quot;sortOrder&quot;:&quot;DESC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>Bonus Outperformance Certificate related to the subject<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0542376204\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.listed:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;bonusLevel&quot;,&quot;underlying&quot;,&quot;participation&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>Tracker certificate on the Swissquote Digital Payments Index<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;regions&quot;:[&quot;CH&quot;],&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0434695034\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.listed:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n              <template v-slot:headerTitle>\n          <div>\n    <strong>Management Fee: 0.70% <\/strong><br>\n    <strong>Index Sponsor: Swissquote Bank SA<\/strong><br>\n    <strong>Issuer: Leonteq Securities AG<\/strong>\n<\/footer>\n        <\/template>\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2020/digitalpayment?language_id=1\" label=\"Get more information here!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"digitalpayment","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-digitalpayment-2020-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-digitalpayment-2020-thumbnail.jpg"},{"date":"2020-06-26T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-bitcoin-product+homepage+banner.jpg","subTitle":"World Premiere tradable at SIX","windowTitle":"World Premiere tradable at SIX","category":"investment-themes","title":"Reverse Convertibles on Bitcoin","body":"<h3>Reverse Convertibles on Bitcoin<\/h3>\n<p>We are pleased to present you our new Reverse Convertibles on Bitcoin, offering a guaranteed coupon at maturity. If Bitcoin is at or above the respective Strike Level, the investor will receive 100% of the denomination. Otherwise, if the underlying is below the respective Strike Level, the investor participates in the negative performance of the underlying.<\/p>\n<h3>Reverse Convertibles on Bitcoin<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;CH0555285680 CH0555285698 CH0546655967&quot;,&quot;conditions&quot;:{&quot;&quot;:true},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;resultsPerPage&quot;:20,&quot;pageNumber&quot;:1,&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.calendar.issue_date.value&quot;,&quot;sortOrder&quot;:&quot;DESC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.features.guaranteed_fixed_rate_coupon.coupon_rate.value&quot;,&quot;sortOrder&quot;:&quot;DESC&quot;}],&quot;sortingEnabled&quot;:true,&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;distanceStrikeLevel&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div><strong>Issuer: Leonteq Securities AG Guernsey<\/strong><\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Market Expectations<\/h3>\n<p>You expect that Bitcoin (XBT CFIX Curncy) will be at or above the respective Strike Level at maturity (25.12.2020).<\/p>\n<h3>Coupon Mechanism<\/h3>\n<p>The guaranteed coupon is paid on 30.12.2020 independently of the performance of Bitcoin.<\/p>\n<h3>Redemption Mechanism at Maturity<\/h3>\n<ul>\n   <li>If Bitcoin is at or above the respective Strike Level, the investor will receive 100% of the denomination plus the coupon.<\/li>\n   <li>Otherwise, if Bitcoin is below the respective Strike Level, the investor will receive the denomination reduced by an amount proportional to the negative performance of Bitcoin below the Strike Level plus the coupon.<\/li>\n<\/ul>\n<h3>Risks<\/h3>\n<ul>\n   <li>During the lifetime of the product, its price changes might be higher than price changes of Bitcoin.<\/li>\n   <li>The investor may suffer a loss equivalent to the negative performance of Bitcoin below the Strike Level. However, the coupon amount is paid regardless of the performance of Bitcoin during lifetime.<\/li>\n   <li>The maximum yield is limited to the coupon rate.<\/li>\n   <li>The investor surrenders income, such as dividends, in favor of the strategy.<\/li>\n   <li>The Investor is exposed to the credit risk of the issuer.<\/li>\n<\/ul>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"rc-bitcoin","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-bitcoin-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-bitcoin-thumbnail.jpg"},{"date":"2020-06-19T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-rainbow-product+homepage+banner.jpg","subTitle":"Tracker certificate on the Rainbow Rights Index","windowTitle":"Equality as an investment objective","category":"investment-themes","title":"Equality as an investment objective","body":"<h3>Diversity brings added value<\/h3>\n<p>\u201cThe more diverse, the more successful,\u201d is the central conclusion of a recent analysis by McKinsey of more than 1,000 companies in 15 countries. According to the consultancy, inclusion and diversity are an ever more important factor for business success. Companies with greater gender diversity, for instance, are 25 per cent more likely to enjoy above-average profitability. In 2014 this figure stood at just 15 per cent. When ethnic diversity is included, the ratio rises to as much as 36 per cent. \u201cIt is all the more important that the advancement of inclusion and diversity does not get left behind in the current crisis,\u201d diversity expert Julia Sperling notes. That businesses still have room to improve in this regard is evident from the slow growth in awareness of the issue, with just a third of the companies analysed showing an improvement on 2014. The disadvantages for the tail-enders are enormous: According to the \u201cDiversity Wins \u2013 How Inclusion Matters\u201d study, the quarter of companies with the lowest diversity were 25 per cent less likely to perform above the average.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2020/rainbow?language_id=1\" label=\"Get more information here!\"><\/ltq-button><\/div>\n<h3>Investing in a better future<\/h3>\n<p>The more different employees are on board, therefore, the more innovative are their ideas \u2013 which will ultimately be to the profit of the companies. Inclusion and diversity, which go hand in hand with respect for LGBT rights and the equal treatment of people, are in many places regarded as a viable means of meeting global challenges. The positive developments that diversity can deliver also make the subject an interesting investment objective. Swissquote has brought the Rainbow Rights Index into being on the basis of the criteria of inclusion and equality. The candidates for membership are major international groups which are active advocates for LGBT rights, gender diversity and equal treatment of people in their corporate social responsibility strategy. The allocation decision is also backed by a raft of quantitative calculations. The components of the index are reviewed on a quarterly basis and adjusted if necessary.<\/p>\n<h3>35 companies in one package<\/h3>\n<p>The Rainbow Rights Index not only allows investors to harness the high growth potential of the companies, but also gives them access to a professionally and actively managed portfolio. This, too, is broadly diversified, the barometer containing 35 stocks at present. With an index share of 7 per cent, Swisscom is the heavyweight. The diversity of the domestic telecoms group\u2019s workforce is known to be the reason why Swisscom is one of the most innovative companies in Switzerland. The number two in the index also comes from Switzerland. Roche assumes that the acceptance of diversity can help enrich the decisions made in the company. The pharmaceuticals group has 169 nationalities on its payroll, with women comprising 49.3 per cent of the total workforce.<\/p>\n<h3>Tracker Certificate on the Swissquote Rainbow Rights Index<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0521605466\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.listed:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n              <template v-slot:headerTitle>\n          <div>\n    <strong>Management Fee: 0.80% <\/strong><br>\n    <strong>Index Sponsor: Swissquote Bank SA<\/strong><br>\n    <strong>Issuer: Leonteq Securities AG<\/strong>\n<\/footer>\n        <\/template>\n                <\/SavedSearch>\n  <\/div>\n<h3>New on the market<\/h3>\n<p>With the recently issued tracker on the Swissquote Rainbow Rights Index, Leonteq is offering investors the opportunity to \u201cdiversify\u201d their investment portfolio in the truest sense of the word. The active approach of the index sponsor ensures that the composition is always up to date. The fees for the calculation, management and rebalancing of the index come to a combined 0.9 per cent p.a. The structured product is denominated in Swiss francs and has an open-ended structure to reflect the long-term nature of the subject.<\/p>\n<h3>Swissquote Rainbow Rights Index<\/h3>\n<ltq-table id=\"\" title=\"Composition as at 08.06.2020\"> <template v-slot:default=\"\">\n<thead>\n<tr>\n<th>Company<\/th>\n<th>Index share<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>SWISSCOM AG-REG<\/td>\n<td>7%<\/td>\n<\/tr>\n<tr>\n<td>ROCHE HOLDING AG-GENUSSCHEIN<\/td>\n<td>5%<\/td>\n<\/tr>\n<tr>\n<td>PEPSICO INC<\/td>\n<td>5%<\/td>\n<\/tr>\n<tr>\n<td>DANONE<\/td>\n<td>5%<\/td>\n<\/tr>\n<tr>\n<td>ZURICH INSURANCE GROUP AG<\/td>\n<td>4%<\/td>\n<\/tr>\n<tr>\n<td>SWISS RE AG<\/td>\n<td>4%<\/td>\n<\/tr>\n<tr>\n<td>SANOFI<\/td>\n<td>4%<\/td>\n<\/tr>\n<tr>\n<td>NOVARTIS AG-REG<\/td>\n<td>4%<\/td>\n<\/tr>\n<tr>\n<td>VIVENDI<\/td>\n<td>3%<\/td>\n<\/tr>\n<tr>\n<td>STARBUCKS CORP<\/td>\n<td>3%<\/td>\n<\/tr>\n<tr>\n<td>L'OREAL<\/td>\n<td>3%<\/td>\n<\/tr>\n<tr>\n<td>MERCK &amp; CO. INC.<\/td>\n<td>3%<\/td>\n<\/tr>\n<tr>\n<td>JOHNSON CONTROLS INTERNATION<\/td>\n<td>3%<\/td>\n<\/tr>\n<tr>\n<td>AXA SA<\/td>\n<td>3%<\/td>\n<\/tr>\n<tr>\n<td>CIGNA CORP<\/td>\n<td>3%<\/td>\n<\/tr>\n<tr>\n<td>BAYERISCHE MOTOREN WERKE AG<\/td>\n<td>3%<\/td>\n<\/tr>\n<tr>\n<td>VISA INC-CLASS A SHARES<\/td>\n<td>2%<\/td>\n<\/tr>\n<tr>\n<td>SCHNEIDER ELECTRIC SE<\/td>\n<td>2%<\/td>\n<\/tr>\n<tr>\n<td>SIEMENS AG-REG<\/td>\n<td>2%<\/td>\n<\/tr>\n<tr>\n<td>SAP SE<\/td>\n<td>2%<\/td>\n<\/tr>\n<tr>\n<td>NVIDIA CORP<\/td>\n<td>2%<\/td>\n<\/tr>\n<tr>\n<td>MICROSOFT CORP<\/td>\n<td>2%<\/td>\n<\/tr>\n<tr>\n<td>MORGAN STANLEY<\/td>\n<td>2%<\/td>\n<\/tr>\n<tr>\n<td>KERING<\/td>\n<td>2%<\/td>\n<\/tr>\n<tr>\n<td>INTEL CORP<\/td>\n<td>2%<\/td>\n<\/tr>\n<tr>\n<td>INTL BUSINESS MACHINES CORP<\/td>\n<td>2%<\/td>\n<\/tr>\n<tr>\n<td>ALPHABET INC-CL A<\/td>\n<td>2%<\/td>\n<\/tr>\n<tr>\n<td>FEDEX CORP<\/td>\n<td>2%<\/td>\n<\/tr>\n<tr>\n<td>FACEBOOK INC-CLASS A<\/td>\n<td>2%<\/td>\n<\/tr>\n<tr>\n<td>EBAY INC<\/td>\n<td>2%<\/td>\n<\/tr>\n<tr>\n<td>CISCO SYSTEMS INC<\/td>\n<td>2%<\/td>\n<\/tr>\n<tr>\n<td>SALESFORCE.COM INC<\/td>\n<td>2%<\/td>\n<\/tr>\n<tr>\n<td>BASF SE<\/td>\n<td>2%<\/td>\n<\/tr>\n<tr>\n<td>AMERICAN EXPRESS CO<\/td>\n<td>2%<\/td>\n<\/tr>\n<tr>\n<td>ACCENTURE PLC-CL A<\/td>\n<td>2%<\/td>\n<\/tr>\n<tr>\n<\/tr>\n    <\/tbody>\n   <\/template>\n   <template v-slot:below>\n      <LtqCardBody>\n         <footer>Source: Leonteq Securities AG<\/footer>\n      <\/LtqCardBody>\n   <\/template>\n<\/ltq-table>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2020/rainbow?language_id=1\" label=\"Get more information here!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>\n<\/pleonteq><\/div>","url":"rainbow","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-rainbow-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-rainbow-thumbnail.jpg"},{"date":"2020-06-19T14:14","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-handelskonzerne-product+homepage+banner.jpg","windowTitle":"Leonteq Indices","category":"investment-themes","title":"Leonteq Indices","body":"<p>A volatility target is a mechanism which dynamically allocates between a risky asset and a risk-free asset. When the realised volatility of the risky asset is below the target, the allocation to the risky asset can be over 100%. Conversely, allocation to the risky asset falls below 100% (and has an allocation to the risk-free asset), when the realised volatility is above the target. The risky asset in the indices tracks the price movements of underlying instruments like funds or a basket of mutual stocks.<\/p>\n<h3>Leonteq Biotech Funds 12% Volatility Target Index<\/h3>\n<p>Volatility target of 12% (annualized), the risky asset in this index tracks the performance of a portfolio of Variopartner Global Medtech Fund (60%) and Medical Strategy Biohealth Trends Fund (40%). There is also a 3.5% synthetic dividend adjustment.<\/p>\n<ul>\n   <li>Inception Date: 23.01.2012<\/li>\n   <li>Target volatility: 12% p.a.<\/li>\n   <li>Currency: EUR<\/li>\n<\/ul>\n<div>\n   <ltq-button color=\"primary\" url=\"https://engine-ch-publishing.leonteq.com/pages-resources/LEONBI12_May2020%20Update.pdf?language_id=1\" label=\"Download Factsheet\"><\/ltq-button>\n<\/div>\n<h3>Leonteq Online Security 10% RC Index<\/h3>\n<p>Volatility target of 10% (annualized), the risky asset in this index tracks the performance of a portfolio of stocks of companies being involved in proving Online Security.<\/p>\n<ul>\n   <li>Inception Date: 01.09.2011<\/li>\n   <li>Target volatility: 10% p.a.<\/li>\n   <li>Currency: EUR<\/li>\n<\/ul>\n<div>\n   <ltq-button color=\"primary\" url=\"https://engine-ch-publishing.leonteq.com/pages-resources/LEONOS10_May2020 Update.pdf?language_id=1\" label=\"Download Factsheet\"><\/ltq-button>\n<\/div>\n<h3>Leonteq US Low Volatility Equity RC Index<\/h3>\n<p>Volatility target of 9% (annualized), the risky asset in this index tracks the price movements of a fixed portfolio containing 10 stocks, who historically have had a higher performance and lower volatility than the rest of the US market. The stocks are equally weighted. There is also a 3% synthetic dividend.<\/p>\n<ul>\n   <li>Inception Date: 23.01.2013<\/li>\n   <li>Target volatility: 9% p.a.<\/li>\n   <li>Currency: EUR<\/li>\n<\/ul>\n<div>\n   <ltq-button color=\"primary\" url=\"https://engine-ch-publishing.leonteq.com/pages-resources/LEONSPLV_May2020 Update.pdf?language_id=1\" label=\"Download Factsheet\"><\/ltq-button>\n<\/div>\n<h3>Solactive H2O Multi Aggregate 5% RC Index<\/h3>\n<p>Volatility target of 5% (annualized), the risky asset in this index tracks the performance of a mutual fund managed by the asset manager H2O. There is also a 1% synthetic dividend.<\/p>\n<ul>\n   <li>Inception Date: 05.09.2016<\/li>\n   <li>Target volatility: 5% p.a.<\/li>\n   <li>Currency: EUR<\/li>\n<\/ul>\n<div>\n   <ltq-button color=\"primary\" url=\"https://engine-ch-publishing.leonteq.com/pages-resources/SOH2O5RC Index.pdf?language_id=1\" label=\"Download Factsheet\"><\/ltq-button>\n<\/div>\n<h3>Solactive Defensive Funds 3% RC Index<\/h3>\n<p>Volatility target of 3% (annualized), the risky asset in this index tracks the performance of an equally-weighted portfolio of five well-established mutual funds, focussed on Fixed Income investments, with high AUM and a good track record, diversified by region. There is also a 1% synthetic dividend.<\/p>\n<ul>\n   <li>Inception Date: 07.01.2013<\/li>\n   <li>Target volatility: 3% p.a.<\/li>\n   <li>Currency: EUR<\/li>\n<\/ul>\n<div>\n   <ltq-button color=\"primary\" url=\"https://engine-ch-publishing.leonteq.com/pages-resources/SOLDF3RC_May2020Update.pdf?language_id=1\" label=\"Download Factsheet\"><\/ltq-button>\n<\/div>","url":"ltq-indices","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-handelskonzerne-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-handelskonzerne-thumbnail.jpg"},{"date":"2020-06-05T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-handelskonzerne-product+homepage+banner.jpg","subTitle":"Valuable brands, attractive returns and high security","windowTitle":"Triple whammy","category":"investment-themes","title":"Triple whammy","body":"<h3>Privileged brand groups<\/h3>\n<p>\"The strong are getting ever stronger\", is one of the conclusions drawn by BrandZ with regard to the most valuable retailers in the world. This is especially true of the two e-commerce giants, Amazon and Alibaba. Both have also come through the recent coronavirus crisis well. With lockdowns in place around the world, online business has flourished, with Amazon's revenue growing 26% in the first quarter to reach USDbn 75.5. On the stock market, too, the operating performance of the world's largest online trader has led to significant premiums: the Amazon share price has advanced just under 30% since the turn of the year, even posting a new record high. Business is also booming for Alibaba, its Chinese competitor. Alibaba was the first commercial group in the world to pass the historic one trillion dollar mark in trading volume in the 2019/2020 financial year ending on 31 March. Meanwhile, revenue increased by 35%. Alibaba is looking to continue this growth trajectory in the new financial year and anticipates sales will rise by about a quarter.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2020/commercialbrands?language_id=1\" label=\"Get more information here!\"><\/ltq-button><\/div>\n<h3>Mixed results<\/h3>\n<p>Other retailers have not come out of the pandemic quite so well. US fast food chain McDonald's and luxury group LVMH have struggled from store closures in the last few months. Sales at McDonald's actually declined 6%, while the figure for LVMH was as much as 17%. Since then, however, the French company has reopened the majority of its stores in China and hopes for an improvement in the second quarter. The management does not want to commit to a forecast for the year as a whole just yet. US DIY chain store Home Depot surprised by performing rather better than expected in the last quarter. Although footfall in its stores was limited due to social distancing requirements, sales climbed 7.1% to USDbn 28.3, contrasting with analysts' expectations of just USDbn 27.5. The share price has seen a correspondingly strong recovery in the last few weeks, the Dow Jones member even hitting new highs.<\/p>\n<h3>Caution is the watchword<\/h3>\n<p>While the lockdowns around the world are gradually being lifted, it is not yet possible to estimate how quickly customers will return to the pre-coronavirus routines. Caution thus remains the watchword when it comes to investing. That includes careful selection of the underlying stocks as well as an adequate safety net. The companies mentioned above &ndash; Amazon, Alibaba, Home Depot, LVMH and McDonald&rsquo;s &ndash; each have valuable brands with all the resulting benefits, which makes them appealing for investors. Leonteq has created a Barrier Reverse Convertible with attractive terms out of this quintet. The CHF-based soft callable BRC offers a high coupon of 12.6% p.a., while the USD variant attracts an interest rate of as much as 13.8% p.a. Both instruments have a maximum term of 18 months. The first soft call review comes after half a year, thereafter every 3 months. The issuer consequently has the right to terminate the product for the first time after six months.<\/p>\n<h3>Alibaba vs. Amazon vs. Home Depot vs. LVMH vs. McDonald's (1 year, indexed to 100)<\/h3>\n<div><img src=\"/dA/fd55310768/Handelskonzerne-Leonteq-Strukturierte-Produkte-Chart-700-EN.png?language_id=1\" alt=\"Handelskonzerne-Leonteq-Strukturierte-Produkte-Chart-700-EN\" caption=\"false\" width=\"1077\" height=\"499\" /><\/div>\n<h3>Double the security<\/h3>\n<p>High coupons are just one side of the BRCs, though: the products also come with comfortable risk buffers. The barriers are just 40% away from the starting prices. But that's not by any means all: the European type was chosen for the barriers, which significantly enhances the security. That's because in this case the thresholds are only active at the closing fix &ndash; during the term, therefore, the product gives perfectly free rein to the underlying stocks. Should the risk buffer of at least one share not be sufficient at the end, however, the repayment will decrease. In this case the classic &ldquo;worst of&rdquo; principle would apply. However, the guaranteed quarterly coupon payments would cushion possible losses to some extent.<\/p>\n<h3>Callable Barrier Reverse Convertibles related to the subject<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;regions&quot;:[&quot;CH&quot;],&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;CH0546656254 CH0546656262&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.listed:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2020/commercialbrands?language_id=1\" label=\"Get more information here!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"commercialbrands","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-handelskonzerne-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-handelskonzerne-thumbnail.jpg"},{"date":"2020-05-22T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-corona-economy-product+homepage+banner.jpg","subTitle":"Investment opportunities on the e-commerce value chain","windowTitle":"Online Trading","category":"investment-themes","title":"Online Trading","body":"<h3>Crying for joy indeed<\/h3>\n<p>With \"Schrei vor Gl&uuml;ck\", translated as \"Crying for joy\", Zalando found a catchphrase in 2012 that went on to prove to be a smash hit. The slogan has since become closely associated with the rise of the online fashion retailer. Although Zalando no longer uses the claim, many shareholders of the Berlin company may well have cried for joy over the last few weeks: in the midst of the corona crisis, the mid-cap has reached an all-time high (see chart). Whereas uncertainty is dominating in many sectors, the lockdown caused by the virus has turned online business into an economy of its own. After Germany, Switzerland is the second biggest single market for Zalando. According to the company, its share of sales in 2019 stood in the \"low two-digit percentage range\". Based on these numbers alone, Zalando looks set to have realised more than CHFmn 900 in revenue in the domestic market. That would place the shop in second place behind Digitec Galaxus. In 2019, what is by its own figures the largest online retailer in Switzerland crossed the billion-franc barrier in sales.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2020/ecommerce?language_id=1\" label=\"Get more information here!\"><\/ltq-button><\/div>\n<h3>E-commerce: A fast-growing duo<\/h3>\n<p>While Digitec Galaxus is not listed on the stock market, the number 3 in the Swiss e-commerce market is among the giants of Wall Street. Amazon.com now has a market capitalisation of USDtn 1.2. Less surprisingly, the business of the internet empire, which has now also branched into the cloud and streaming segment, has been booming during the lockdown. Amazon.com reported 26% growth in sales for the 1st quarter. The increase in its workforce led to results coming in behind expectations, however. Although the group is anticipating further strains for the current quarter and does not rule out a loss, the share is trading at record levels again. Leonteq is now bringing the two leading online shopping stores together as underlying stocks for a soft-callable Barrier Reverse Convertible. However the two shares perform in the future, the CHF product pays a coupon of 11.00% p.a. This opportunity is partially protected by a risk buffer of 41%.<\/p>\n<h3>Zalando (1 year, in EUR)<\/h3>\n<div><img src=\"/dA/6cb34f207e/Corona economy-Leonteq-Strukturierte-Produkte-Chart-Zalando-700-EN.png?language_id=1\" alt=\"Corona economy-Leonteq-Strukturierte-Produkte-Chart-Zalando-700-EN\" width=\"1075\" height=\"498\" caption=\"false\" /><\/div>\n<h3>Logistics: A huge amount of work<\/h3>\n<p>Logistics providers play a central role in the value chain of e-commerce business. Over the last few weeks they have been faced with the herculean challenge of bringing the mountain of online orders to customers as quickly as possible. To give an example, at Easter 2020 Deutsche Post distributed packages in quantities that are otherwise only usual in the run-up to Christmas. Alongside the boom in online business, though, the crisis is slowing the European industry leader down elsewhere, causing CEO Frank Appel to withdraw the forecast for 2020 at the start of April. According to the top executive, however, the situation has since stabilised. After China, he says, business on the old continent is likewise now heading for normality. \"We are keeping the world economy going,\" said Appel recently, highlighting the strategic importance of Deutsche Post. Despite everything, a partially protected position could also and especially be advisable in the logistics sector. To that end Leonteq has launched a new issue on Deutsche Post, K&uuml;hne &amp; Nagel and AP Moeller - Maersk. A guaranteed coupon of 14.00% p.a. is combined with barriers of 59% of the respective initial fixing for the logistics trio.<\/p>\n<h3>Tracker certificate on the Swissquote Digital Payments Index (since 01.02.2019, in USD)<\/h3>\n<div><img src=\"/dA/1932ef8359/Corona economy-Leonteq-Strukturierte-Produkte-Chart-Swissquote-700-EN.png?language_id=1\" alt=\"Corona economy-Leonteq-Strukturierte-Produkte-Chart-Swissquote-700-EN\" width=\"1077\" height=\"499\" caption=\"false\" /><\/div>\n<h3>Digital payment: A stronger mega-trend<\/h3>\n<p>A firm feature of many online orders is that payments are processed digitally, whether with the aid of an app on the smartphone or tablet or directly via a credit or debit card. Digital payment was one of the growth fields in the financial sector even before the corona crisis. According to Statista, in the current year the sector could handle money transfers in the volume of just under USDtn 4.3. By 2024 this figure is set to rise by an average of more than a fifth each year to reach almost USDtn 9.5. In light of this, Leonteq brought a tracker certificate on the Swissquote Digital Payments Index onto the market at the start of 2019. At present the actively managed underlying contains 20 companies. They include not only the well-established US credit card providers American Express, Mastercard and Visa but also the payment processors Paypal and Nexi. The Swissquote Digital Payments Index reached its highest level to date on 20 February 2020. After the coronavirus sell-off then dragged the benchmark down with the rest, it has recently experienced a V-shaped recovery (see chart).<\/p>\n<h3>Callable Barrier Reverse Convertibles related to the subject<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;regions&quot;:[&quot;CH&quot;],&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;CH0521602877 CH0521602885&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.listed:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.features.guaranteed_fixed_rate_coupon.coupon_rate.value&quot;,&quot;sortOrder&quot;:&quot;DESC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>Tracker certificate on the Swissquote Digital Payments Index<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;regions&quot;:[&quot;CH&quot;],&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0434695034\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.listed:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n              <template v-slot:headerTitle>\n          <div>\n    <strong>Management Fee: 0.70% <\/strong><br>\n    <strong>Index Sponsor: Swissquote Bank SA<\/strong><br>\n    <strong>Issuer: Leonteq Securities AG<\/strong>\n<\/footer>\n        <\/template>\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2020/ecommerce?language_id=1\" label=\"Get more information here!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"ecommerce","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-corona-economy-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-corona-economy-thumbnail.jpg"},{"date":"2020-05-08T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-pharmaindustrie-product+homepage+banner.jpg","subTitle":"Tracker certificate on the Swissquote Pharma Opportunity Index","windowTitle":"Virus warriors included","category":"investment-themes","title":"Virus warriors included","body":"<h3>A special kind of immunity<\/h3>\n<p>The stock market value of Roche reached an all-time high on 28 April 2020. Although the sell-off caused by the pandemic initially pulled the pharmaceutical group down with the rest, the SMI heavyweight recovered all its losses within no more than 6 weeks. While not all stocks in the sector by any means are soaring to such heights, Roche is a model example of the \"immunity\" of the pharmaceutical industry to the current crisis. The sector owes this relative strength in part to its defensive qualities. Again, Roche is a good example: in the middle of the coronavirus turbulence, the Basel company distributed just under CHFbn 7.8 to its shareholders, thereby delivering the 33rd dividend increase in succession. Roche is at the same time fully engaged in the fight against coronavirus. The Swiss company is one of a phalanx of international pharmaceutical and biotech companies searching for an effective treatment for Covid-19.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2020/pharmatracker?language_id=1\" label=\"Get more information here!\"><\/ltq-button><\/div>\n<h3>Covid-19 solutions as a focus for investment<\/h3>\n<p>This is exactly where the new tracker certificate on the Swissquote Pharma Opportunity Index comes in. With this participation product Leonteq is responding to the momentum in the health sector. In the process the issuer is once again drawing on the expertise of Swissquote. The equity strategists of the online broker conceived of the underlying stock as part of its \"Themes Trading\" series. The universe of the Swissquote Pharma Opportunity Index comprises companies with significant business activities in the pharmaceutical industry. From this population the experts select firms which are working actively on drugs to combat Covid-19 and on research into vaccines. To support the selection process, the index sponsor employs an array of quantitative calculations, including in particular portfolio optimisation. The composition of the index is reviewed quarterly. In addition to the regular rebalancing, the index sponsor can add new members to the group in response to stock market listings or positive news, for instance.<\/p>\n<h3>International selection with a Swiss tinge<\/h3>\n<p>The starting line-up of the Swissquote Pharma Opportunity Index contains 22 equities. Alongside the fore-mentioned Roche, Novartis and the investment company BB Biotech are keeping the Swiss flag flying high. The majority of members are based in the USA and include Gilead Sciences. In the USA the company has received fast-track approval for the Remdesivir active agent for the treatment of Covid-19 in hospital patients. Roche is actively involved both in the search for active agents and in testing. In early summer the Basel company hopes to present results from the clinical study of the treatment of pulmonary disease with the arthritis drug Actemra. A test that allows antibodies of the pathogen to be detected is already on the starting blocks.<\/p>\n<h3>Tracker certificate on the Swissquote Pharma Opportunity Index<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;regions&quot;:[&quot;CH&quot;],&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0521605003\\&quot;&quot;,&quot;conditions&quot;:{&quot;&quot;:true},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;resultsPerPage&quot;:20,&quot;pageNumber&quot;:1,&quot;inSubscription&quot;:false,&quot;sortFields&quot;:[],&quot;sortingEnabled&quot;:true,&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n              <template v-slot:headerTitle>\n          <div>\n    <strong>Management Fee: 0.85% <\/strong><br>\n    <strong>Index Sponsor: Swissquote Bank SA<\/strong><br>\n    <strong>Issuer: Leonteq Securities AG<\/strong>\n<\/div>\n        <\/template>\n                <\/SavedSearch>\n  <\/div>\n<h3>Diversification is key<\/h3>\n<p>In addition to the known industry giants, a raft of smaller stocks have made it onto the benchmark. Biontech is one such example. The Mainz company launched the first clinical study for a coronavirus vaccine in Germany on 23 April, since when the candidate BNT162 has been dispensed to test subjects. Biontech is cooperating with Pfizer. Together with the US group, the company is looking to begin studies of BNT162 in the USA as well in the near future. During the coronavirus pandemic Biontech's share price experienced extreme fluctuations in response to news reports. It is precisely because of the high volatility and the risk associated with possible setbacks in research that a diversified position in this investment sector makes sense. With a tracker certificate from Leonteq, investors can add the Swissquote Pharma Opportunity Index to their portfolio. The product does not just allow investors to share in the performance of the underlying stock: the net dividends of the companies included are also reinvested in the index. Listed on the SIX Swiss Exchange, the tracker certificate comes with a management fee of 0.80% p.a.<\/p>\n<h3>Swissquote Pharma Opportunity Index<\/h3>\n<ltq-table id=\"\" title=\"Composition as at 23.04.2020\">\n   <template v-slot:default>\n      <thead>\n         <tr>\n            <th>Company<\/th>\n            <th>Index weighting<\/th>\n         <\/tr>\n      <\/thead>\n      <tbody>\n         <tr>\n            <td>ABBOTT LABORATORIES<\/td>\n            <td>4.95%<\/td>\n         <\/tr>\n         <tr>\n            <td>ABBVIE INC<\/td>\n            <td>3.04%<\/td>\n         <\/tr>\n         <tr>\n            <td>BB BIOTECH AG-REG<\/td>\n            <td>5.07%<\/td>\n         <\/tr>\n         <tr>\n            <td>BIONTECH SE<\/td>\n            <td>3.76%<\/td>\n         <\/tr>\n         <tr>\n            <td>CHUGAI PHARMACEUTICAL CO LTD<\/td>\n            <td>6.09%<\/td>\n         <\/tr>\n         <tr>\n            <td>ELI LILLY & CO<\/td>\n            <td>1.03%<\/td>\n         <\/tr>\n         <tr>\n            <td>GILEAD SCIENCES INC-REG<\/td>\n            <td>7.7%<\/td>\n         <\/tr>\n         <tr>\n            <td>GLAXOSMITHKLINE PLC<\/td>\n            <td>6.12%<\/td>\n         <\/tr>\n         <tr>\n            <td>INOVIO PHARMACEUTICALS INC<\/td>\n            <td>2.07%<\/td>\n         <\/tr>\n         <tr>\n            <td>JOHNSON & JOHNSON<\/td>\n            <td>5.12%<\/td>\n         <\/tr>\n         <tr>\n            <td>MODERNA INC<\/td>\n            <td>5.60%<\/td>\n         <\/tr>\n         <tr>\n            <td>NOVARTIS AG-REG<\/td>\n            <td>7.04%<\/td>\n         <\/tr>\n         <tr>\n            <td>NOVAVAX INC<\/td>\n            <td>3.84%<\/td>\n         <\/tr>\n         <tr>\n            <td>PFIZER INC<\/td>\n            <td>5.09%<\/td>\n         <\/tr>\n         <tr>\n            <td>REGENERON PHARMACEUTICALS<\/td>\n            <td>3.06%<\/td>\n         <\/tr>\n         <tr>\n            <td>ROCHE HOLDING AG-GENUSSSCHEIN<\/td>\n            <td>6.05%<\/td>\n         <\/tr>\n         <tr>\n            <td>SANOFI<\/td>\n            <td>7.10%<\/td>\n         <\/tr>\n         <tr>\n            <td>SYNAIRGEN PLC<\/td>\n            <td>3.27%<\/td>\n         <\/tr>\n         <tr>\n            <td>TAKEDA PHARMACEUTICAL CO LTD<\/td>\n            <td>5.03%<\/td>\n         <\/tr>\n         <tr>\n            <td>VANDA PHARMACEUTICALS INC<\/td>\n            <td>2.97%<\/td>\n         <\/tr>\n         <tr>\n            <td>VAXART INC<\/td>\n            <td>1.83%<\/td>\n         <\/tr>\n         <tr>\n            <td>VIR BIOTECHNOLOGY INC<\/td>\n            <td>4.17%<\/td>\n         <\/tr>\n         <tr>\n      <\/tbody>\n   <\/template>\n   <template v-slot:below>\n      <LtqCardBody>\n         <footer>Source: Leonteq Securities AG<\/footer>\n      <\/LtqCardBody>\n   <\/template>\n<\/ltq-table>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2020/pharmatracker?language_id=1\" label=\"Get more information here!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"pharmatracker","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-pharmaindustrie-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-pharmaindustrie-thumbnail.jpg"},{"date":"2020-04-24T13:59","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-roche-product+homepage+banner.jpg","subTitle":"Tracker certificate on the Swissquote Pharma Opportunity Index","windowTitle":"Participate in the fight against the Coronavirus","category":"investment-themes","title":"Participate in the fight against the Coronavirus","body":"<p>The coronavirus pandemic has taken the world by storm in 2020, affecting societies and economies globally to an unprecedented degree. COVID-19, the name given to the disease caused by the novel coronavirus, is a severe infectious respiratory disease primarily transmitted through contact with respiratory droplets. Countries have struggled to manage the rapid spread of COVID-19 as well as its human and economic impacts. The initial response has consisted of a mix of public health measures and approaches including physical distancing, travel restrictions and use of personal protective equipment (PPE). A surge in healthcare demand has stressed capacity to the limit.<\/p>\n<p>But humanity will not stand idly by. There has been an unprecedented eruption of global pharmaceutical research and development related to COVID-19. More than 330 clinical studies and 80 vaccine candidates are currently under review. The race for solutions is on, with regulatory bodies like the US FDA fast-tracking clinical trials. Big pharma and biotech companies are working to find an effective treatment for COVID-19.<\/p>\n<p>With tracker certificate on the Swissquote Pharma Opportunity Index, investors can participate in the performance of companies that are actively working on medicines to combat the coronavirus or researching vaccines or effective treatments. Net dividends will be reinvested in the index.<\/p>\n<h3>Tracker certificate on the Swissquote Pharma Opportunity Index<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;regions&quot;:[&quot;CH&quot;],&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0521605003\\&quot;&quot;,&quot;conditions&quot;:{&quot;&quot;:true},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;resultsPerPage&quot;:20,&quot;pageNumber&quot;:1,&quot;inSubscription&quot;:false,&quot;sortFields&quot;:[],&quot;sortingEnabled&quot;:true,&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n              <template v-slot:headerTitle>\n          <div>\n    <strong>Management Fee: 0.85% <\/strong><br>\n    <strong>Index Sponsor: Swissquote Bank SA<\/strong><br>\n    <strong>Issuer: Leonteq Securities AG<\/strong>\n<\/div>\n        <\/template>\n                <\/SavedSearch>\n  <\/div>\n<h3>Swissquote Pharma Opportunity Index<\/h3>\n<ltq-table id=\"\" title=\"Composition as at 23.04.2020\">\n   <template v-slot:default>\n      <thead>\n         <th>Company<\/th>\n         <th>Index Weighting<\/th>\n         <\/tr>\n      <\/thead>\n      <tbody>\n         <tr>\n            <td>ABBOTT LABORATORIES<\/td>\n            <td>4.95%<\/td>\n         <\/tr>\n         <tr>\n            <td>ABBVIE INC<\/td>\n            <td>3.04%<\/td>\n         <\/tr>\n         <tr>\n            <td>BB BIOTECH AG-REG<\/td>\n            <td>5.07%<\/td>\n         <\/tr>\n         <tr>\n            <td>BIONTECH SE<\/td>\n            <td>3.76%<\/td>\n         <\/tr>\n         <tr>\n            <td>CHUGAI PHARMACEUTICAL CO LTD<\/td>\n            <td>6.09%<\/td>\n         <\/tr>\n         <tr>\n            <td>ELI LILLY & CO<\/td>\n            <td>1.03%<\/td>\n         <\/tr>\n         <tr>\n            <td>GILEAD SCIENCES INC-REG<\/td>\n            <td>7.7%<\/td>\n         <\/tr>\n         <tr>\n            <td>GLAXOSMITHKLINE PLC<\/td>\n            <td>6.12%<\/td>\n         <\/tr>\n         <tr>\n            <td>INOVIO PHARMACEUTICALS INC<\/td>\n            <td>2.07%<\/td>\n         <\/tr>\n         <tr>\n            <td>JOHNSON & JOHNSON<\/td>\n            <td>5.12%<\/td>\n         <\/tr>\n         <tr>\n            <td>MODERNA INC<\/td>\n            <td>5.60%<\/td>\n         <\/tr>\n         <tr>\n            <td>NOVARTIS AG-REG<\/td>\n            <td>7.04%<\/td>\n         <\/tr>\n         <tr>\n            <td>NOVAVAX INC<\/td>\n            <td>3.84%<\/td>\n         <\/tr>\n         <tr>\n            <td>PFIZER INC<\/td>\n            <td>5.09%<\/td>\n         <\/tr>\n         <tr>\n            <td>REGENERON PHARMACEUTICALS<\/td>\n            <td>3.06%<\/td>\n         <\/tr>\n         <tr>\n            <td>ROCHE HOLDING AG-GENUSSSCHEIN<\/td>\n            <td>6.05%<\/td>\n         <\/tr>\n         <tr>\n            <td>SANOFI<\/td>\n            <td>7.10%<\/td>\n         <\/tr>\n         <tr>\n            <td>SYNAIRGEN PLC<\/td>\n            <td>3.27%<\/td>\n         <\/tr>\n         <tr>\n            <td>TAKEDA PHARMACEUTICAL CO LTD<\/td>\n            <td>5.03%<\/td>\n         <\/tr>\n         <tr>\n            <td>VANDA PHARMACEUTICALS INC<\/td>\n            <td>2.97%<\/td>\n         <\/tr>\n         <tr>\n            <td>VAXART INC<\/td>\n            <td>1.83%<\/td>\n         <\/tr>\n         <tr>\n            <td>VIR BIOTECHNOLOGY INC<\/td>\n            <td>4.17%<\/td>\n         <\/tr>\n         <tr>\n      <\/tbody>\n   <\/template>\n   <template v-slot:below>\n      <LtqCardBody>\n         <footer>Source: Leonteq Securities AG<\/footer>\n      <\/LtqCardBody>\n   <\/template>\n<\/ltq-table>\n<h3>Swissquote Pharma Opportunity Index<\/h3>\n<div>\n   <price-chart isin=\"CH0521605003\"><\/price-chart>\n<\/div>","url":"pharma","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-roche-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-roche-thumbnail.jpg"},{"date":"2020-04-24T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-cloud-product+homepage+banner.jpg","subTitle":"Direct or partially protected investment in the technology","windowTitle":"Mega-trend cloud","category":"investment-themes","title":"Mega-trend cloud","body":"<h3>Hunting for records<\/h3>\n<p>Cloud providers are among the favourites of investors on the stock market. Despite the coronavirus crash, some of the stocks are trading at an all-time high, including Amazon and Shopify. The latter specialist for cloud-based e-commerce software climbed some 50% this year, bucking the market trend. The Canadians also grew strongly, with revenue shooting up 47% in the 2019 financial year. The share price of cloud computing company Veeva Systems, which was founded in 2007 and concentrates mainly on solutions for the pharmaceutical and biosciences industries, is also rising steeply. The Californians have seen the value of their company climb by a third since New Year. Veeva is likewise on a dynamic growth path in its operating results: sales and profits increased by a uniform 28% in the last financial year.<\/p>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2020/cloud?language_id=1\" label=\"Get more information here!\"><\/ltq-button><\/div>\n<h3>Diversified and successful<\/h3>\n<p>The cloud is a key technology and could therefore be considered a suitable field for a medium to long-term investment horizon. The best way of realising this strategy is with a tracker certificate on the Solactive&reg; Cloud Computing Performance Index. The barometer contains 15 international cloud specialists, ranging from Amazon through IBM and Fortinet to Splunk and VMware. With a weighting of around 80%, the US groups set the tone in the wide and varied basket. While the sector index could not escape the effects of the most recent market turbulence, a dynamic recovery quickly manifested itself. The barometer climbed more than 40% from its low, enabling it to regain almost all the territory lost in the short term. The long-term track record is likewise persuasive: since its launch in April 2011, the Solactive&reg; Cloud Computing Performance Index has posted a gain of 330%, equivalent to an annual return of 17.6%. This year, too, has already seen a rise of 13%.<\/p>\n<h3>Solactive&reg; Cloud Computing Performance Index (5 years)<\/h3>\n<div><img src=\"/dA/6a22c57a57/Cloud-Leonteq-Strukturierte-Produkte-Chart-910-EN.jpg?language_id=1\" alt=\"Cloud-Leonteq-Strukturierte-Produkte-Chart-910-EN\" width=\"1075\" height=\"650\" caption=\"false\" /><\/div>\n<h3>Investors have a choice: 1:1 participation...<\/h3>\n<p>The tracker certificate offered by Leonteq gives a one-to-one participation in the Solactive&reg; Cloud Computing Performance Index. Quoted in Swiss francs, the product still has a residual term of rather more than three years, maturing on 26 June 2023. Since it is a performance index, investors enjoy the benefits of the dividends paid by the index members. The index is also an active process, with the barometer being reviewed every six months and adjusted where appropriate. This ensures that the composition is always up to date and prevents clumping. Holders of the certificate have to pay an annual fee of 1.2% p.a. for the privilege.<\/p>\n<h3>Tracker Certificate on Solactive&reg; Cloud Computing Performance Index<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;regions&quot;:[&quot;CH&quot;],&quot;currencies&quot;:[&quot;CHF&quot;],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;cloud&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.listed:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>...or with conditional partial protection<\/h3>\n<p>Conservatively minded investors now also have the opportunity to invest in the flourishing cloud market with partial protection. This is made possible by the Barrier Reverse Convertible (BRC) with carefully selected members of the Solactive&reg; Cloud Computing Index. Three soft-callable BRCs denominated in Swiss francs, each having a term of 18 months, are available at present. All three products come with a comfortable risk buffer of 51%. If the barrier is not breached during the term, the maximum amount is safe. The coupons differ: the BRC on ServiceNow, Veeva Systems and VMware offers a guaranteed coupon of 14.60% p.a., while the product with Arista Networks, Fortinet and Splunk as the underlyings delivers the prospect of a 16.30% p.a. return. The \"top interest-earner\", though, is the Barrier Reverse Convertible on Shopify, Atlassian and Twilio, which brings a coupon of 20.00% p.a. For all BRCs, if at least one member of the trio breaches its barrier during the term, the repayment may be reduced. This would be the case if an underlying asset were not to recover to its starting level by the end of the term. In this case the &ldquo;worst of&rdquo; principle would apply. The guaranteed coupon payment is not affected, though, and would cushion possible losses. If, on the other hand, all underlying stocks are back above the strike level at the closing fix, no losses need be feared despite the barrier having been breached.<\/p>\n<h3>Callable Barrier Reverse Convertibles related to the subject &laquo;Cloud&raquo;<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;regions&quot;:[&quot;CH&quot;],&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;CH0521602224 CH0521602232 CH0521602240&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.listed:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.identifiers.valoren&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2020/cloud?language_id=1\" label=\"Get more information here!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"cloud","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-cloud-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-cloud-thumbnail.jpg"},{"date":"2020-04-08T16:08","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-uk-reits-product+homepage+banner.jpg","subTitle":"Tracker Certificate on the  Swissquote UK REITs Index","windowTitle":"UK REITs Index","category":"investment-themes","title":"Brick by brick","body":"<h3>Proven collaboration<\/h3>\n<p>In recent years the Actively Managed Certificate (AMC) has gained steadily in importance on the Swiss market for structured products. Investors welcome the opportunity to invest in an actively managed portfolio with just a single order. Leonteq has been committed to this trend from the start. For its AMCs, the issuer generally relies on the expertise of Swissquote. The stock market strategists working for the online broker have built up a sort of ideas factory, constantly picking up the latest trends and interesting trading strategies and crafting rule-based indices from them. In turn, Leonteq offers customers the opportunity to focus on the relevant theme through affordable investment products. The latest product of this collaboration is a tracker certificate on the Swissquote UK REITs Index. The participating instrument was issued on 28 February.<\/p>\n<div>\n   <ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2020/ukreits?language_id=1\" label=\"Get more information here!\"><\/ltq-button>\n<\/div>\n<h3>Systematic selection process<\/h3>\n<p>A good one month later, the certificate is trading more than a fifth below the issuing price. Coronavirus had taken a foothold in more and more countries outside China almost simultaneously with the launch. As is known, the pandemic put the whole world, and equity markets with it, into a state of emergency. After a little delay, Great Britain, too, went into shutdown. To that extent it is no surprise that the Real Estate Investment Trusts (REITs) contained in the new certificate also and especially came under immense pressure. Sixteen companies are represented in the starting line-up of the Swissquote UK REITs Index. They were selected by the relevant experts based on a variety of criteria. A candidate generally needs to meet certain yardsticks in terms of market capitalisation and trading liquidity. As regards content, the index targets companies which carry on significant business activities in the British property sector. To achieve this goal, Swissquote filters the selection universe based on factors such as business strategy and sales breakdowns. In support of this decision-making process, the index sponsor resorts to a raft of quantitative calculations, including portfolio optimisation based on the mean value variance.<\/p>\n<h3>Enormous discrepancy<\/h3>\n<p>Swissquote reviews the benchmark in the quarterly scheduled rebalancings, adjusting it where necessary. Derwent London should remain a firm fixture in the index for the time being: the company has a commercial property portfolio that is geared heavily towards the centre of London. The total surface area comprises more than half a million square metres. According to its own figures, that makes Derwent London the largest REIT focused on the British capital. Although the market was booming until recently, particularly in the metropolis, the stock was unable to escape the sell-off \u2013 Derwent London fell just under 28% in the space of one month. The company's capitalisation has thus shrunk to just below GBPbn 3.4. By comparison, at the end of 2019 the company was putting its portfolio at a value of GBPbn 5.5. It goes without saying that recent developments have cast doubt on how realistic this approach still is. According to Jefferies, Covid-19 could lead to a wave of overvaluations in the European property sector. The broker is anticipating more of a \"sharp shock\" rather than a downward trend lasting years. The sector could see consolidation set in as soon as the key ratio of NAV can be relied upon again.<\/p>\n<h3>Consolidation possible<\/h3>\n<p>Jefferies has this scenario already on its radar for the 2nd quarter now under way. The analysts reckon there will not be the huge acquisitions normally seen in the sector. Instead, the consolidation would take the form of smaller privatisations. Among the REITs rated by Jefferies as \"Buy\" are Derwent London, Great Portland Estates and Land Securities, which are also three members of the Swissquote UK REITs Index. The analysts had previously judged these three stocks as \"Underperform\" \u2013 so the trio were given a double upgrade. As an argument for the sector, Jefferies also refers to the relatively attractive distributions. A glance at the dividend yield of the property companies included in the Swissquote UK REITs Index (see table) suggests the experts are right. The possible distributions also benefit the holders of the tracker certificate, as they result in an adjustment of each underlying stock. The product, which is quoted on the SIX Swiss Exchange, comes with a management fee of 0.80% p.a. The index agent also charges 0.15% (relative to the hypothetical nominal volume of the relevant transaction) when the benchmark is adjusted. For this small contribution, investors are given an opportunity to take a long-term, actively managed and also diversified position in the British property sector. <\/p>\n<h3>Tracker Certificate<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;regions&quot;:[&quot;CH&quot;],&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;CH0513599461&quot;,&quot;conditions&quot;:{&quot;&quot;:true},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;resultsPerPage&quot;:20,&quot;pageNumber&quot;:1,&quot;sortFields&quot;:[],&quot;sortingEnabled&quot;:true,&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n              <template v-slot:headerTitle>\n          <div>\n    <strong>Management fee: 0.70%<\/strong><br>\n    <strong>Index Sponsor: Swissquote Bank SA<\/strong><br>\n    <strong>Issuer: Leonteq Securities AG<\/strong>\n<\/div>\n        <\/template>\n                <\/SavedSearch>\n  <\/div>\n<h3> \n   Swissquote UK REITs Index: Current composition\n<\/h3>\n<ltq-table>\n<template v-slot:default>\n   <thead>\n      <tr>\n         <th>Company<\/th>\n         <th>Market value (in GBPbn)<\/th>\n         <th>Dividend yield 2020e<\/th>\n      <\/tr>\n   <\/thead>\n   <tbody>\n      <tr>\n         <td>Assura<\/td>\n         <td>1.93<\/td>\n         <td>3.30%<\/td>\n      <\/tr>\n      <tr>\n         <td>British Land<\/td>\n         <td>2.91<\/td>\n         <td>6.90%<\/td>\n      <\/tr>\n      <tr>\n         <td>Capital & Counties Properties<\/td>\n         <td>1.27<\/td>\n         <td>1.00%<\/td>\n      <\/tr>\n      <tr>\n         <td>Derwent London<\/td>\n         <td>3.37<\/td>\n         <td>2.20%<\/td>\n      <\/tr>\n      <tr>\n         <td>Grainger<\/td>\n         <td>1.63<\/td>\n         <td>2.00%<\/td>\n      <\/tr>\n      <tr>\n         <td>Great Portland Estates<\/td>\n         <td>1.57<\/td>\n         <td>1.90%<\/td>\n      <\/tr>\n      <tr>\n         <td>Helical<\/td>\n         <td>0.39<\/td>\n         <td>3.30%<\/td>\n      <\/tr>\n      <tr>\n         <td>Land Securities<\/td>\n         <td>3.82<\/td>\n         <td>8.10%<\/td>\n      <\/tr>\n      <tr>\n         <td>Londonmetric Property<\/td>\n         <td>1.50<\/td>\n         <td>4.80%<\/td>\n      <\/tr>\n      <tr>\n         <td>LXI REIT<\/td>\n         <td>0.55<\/td>\n         <td>5.40%<\/td>\n      <\/tr>\n      <tr>\n         <td>Primary Health Properties<\/td>\n         <td>1.86<\/td>\n         <td>3.70%<\/td>\n      <\/tr>\n      <tr>\n         <td>Regional REIT<\/td>\n         <td>0.36<\/td>\n         <td>\u2013<\/td>\n      <\/tr>\n      <tr>\n         <td>Secure Income REIT<\/td>\n         <td>0.95<\/td>\n         <td>5.30%<\/td>\n      <\/tr>\n      <tr>\n         <td>Shaftesbury<\/td>\n         <td>1.82<\/td>\n         <td>1.40%<\/td>\n      <\/tr>\n      <tr>\n         <td>Unite Group<\/td>\n         <td>2.69<\/td>\n         <td>1.30%<\/td>\n      <\/tr>\n      <tr>\n         <td>Workspace Group<\/td>\n         <td>1.14<\/td>\n         <td>4.40%<\/td>\n      <\/tr>\n   <\/tbody>\n<\/template>\n<template v-slot:below>\n   <LtqCardBody>\n      <footer>e=expected, source: Leonteq, Thomson Reuters, as at: 06.04.2020<\/footer>\n      <footer>Historical data are not a reliable indicator of future performance.<\/footer>\n   <\/LtqCardBody>\n<\/template>\n<div>\n   <ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2020/ukreits?language_id=1\" label=\"Get more information here!\"><\/ltq-button>\n<\/div>\n      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  ","url":"ukreits","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-uk-reits-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-uk-reits-thumbnail.jpg"},{"date":"2020-03-30T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-homeoffice-product+homepage+banner.jpg","subTitle":"Structured products on companies benefiting from remote work","windowTitle":"Working from Home","category":"investment-themes","title":"Working from Home","body":"<h3>Current product offensive<\/h3>\n<p>While this coronavirus pandemic continues, employees need to \"relocate\" en masse. They have set up home offices and are now trying to make the best of a difficult situation. Working from home is the number 1 issue at the moment, and not just in the world of work: it is playing a key role on the stock market, too. Investors are on the lookout for companies whose solutions contribute to successful remote working. Leonteq is exploiting the momentum in this segment for a product offensive. The Zurich-based issuer is bringing together various shares from this sector as the underlying stocks for a number of soft-callable Multi Barrier Reverse Convertibles. It is not only in the underlyings that Leonteq is taking the current environment into account: due to the uncertain outlook, the issue is structured with a relatively short term of 9 months. Moreover, the barriers are only checked at the end of the term.<\/p>\n<ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2020/homeoffice?language_id=1\" label=\"Get more information here!\"><\/ltq-button>\n<h3>Communication at the virtual desk<\/h3>\n<p>A total of seven underlying stocks from the home office spectrum were selected. These include Citrix, a company that has been dedicated to the digital workplace for over 20 years. According to the Florida-based company, more than 100 million users in 400,000 companies are using the various solutions today. Wall Street is confident that Citrix can acquire many more customers during the corona crisis. Shortly ahead of the end of Q1, the share is trading at 7.5% above the 2019 closing price. Meanwhile, the interim balance for the NASDAQ 100 Index is down close on one-fifth. Shares in Zoom Video Communications have practically doubled in value over the past year. Its app enables businesses to conduct video and audio conferences. This may involve discussions in small groups, but equally large-scale meetings with up to 1,000 video participants and 10,000 viewers. Cloud-based telephone, video and messenger services are Ringcentral&rsquo;s business. Even before the coronavirus pandemic erupted, this growth company held out the prospect of further increases in revenue for 2020.<\/p>\n<h3>Citrix Systems vs. Ringcentral vs. Zoom Video Communications (from Zoom IPO date, 18.04.2019, indexed to 100)<\/h3>\n<img src=\"/dA/0335962fde/Homeoffice-Leonteq-Strukturierte-Produkte-Chart-Trio-910-EN.png?language_id=1\" alt=\"Homeoffice-Leonteq-Strukturierte-Produkte-Chart-Trio-910-EN\" width=\"909\" height=\"550\" caption=\"false\" />\n<h3>Attractive coupons, low barriers<\/h3>\n<p>Even if the euphoria surrounding the three US shares were to abate, the barrier reverse convertible on Citrix, Ringcentral and Zoom allows a double-digit percentage yield. Regardless of the movement in the share prices, Leonteq is paying the coupon at 16% p.a. This opportunity comes with a risk buffer of 45%. So long as the three shares are trading above the barrier of 55% of the starting level at the closing fix, investors will receive the nominal sum back in full. If that is not the case, this partial protection lapses and the repayment is linked to the underlying stock with the weakest price performance. The same method of operation is being applied for a soft-callable Multi Barrier Reverse Convertible on DocuSign, Dropbox and Slack Technologies. While an identical barrier applies for this trio, the potential yield is actually higher at 21% p.a., reflecting the particularly high volatility of the underlying stocks. Take DocuSign, for instance: in the first half of March, shares in this digital documents and electronic signatures specialist fell by 20%. Since then, the NASDAQ share has made good on around two-thirds of these losses. A short-term v-curve similarly applies to Slack Technologies. On the operations side, the digital workflow platform provider is reporting a significant increase in interest in its services. The volumes of data being transported are similarly set to cause Dropbox to kick on. This well-known service allows documents to be shared and edited by multiple users.<\/p>\n<h3>Logitech International (1 year, in CHF)<\/h3>\n<img src=\"/dA/7792ea9cf1/Homeoffice-Leonteq-Strukturierte-Produkte-Chart-910-EN.png?language_id=1\" alt=\"Homeoffice-Leonteq-Strukturierte-Produkte-Chart-910-EN\" width=\"909\" height=\"550\" caption=\"false\" />\n<h3>The right combination<\/h3>\n<p>Naturally, Logitech should not be missing from the pool of \"working from home\" shares. While the technology group modestly downgraded its forecast for 2020 at the start of March, citing the corona crisis, at that time its management may not have anticipated such a strong shift towards home office working. Accordingly, the mid cap&rsquo;s share price has recently risen sharply. In the view of Wedbush Securities, Logitech ranks amongst the best-positioned companies in light of the global pandemic. It considers the products made by the company, based in western Switzerland, to be useful both for entertainment and for work. For that reason, the broker is anticipating significant growth in demand. As an example, Logitech cameras are currently being used in many video conferences conducted using Zoom. It is therefore fitting that this Swiss share, together with the NASDAQ-listed share, forms the basis for a further Barrier Reverse Convertible. The duo enables a guaranteed coupon of 9% p.a.<\/p>\n<h3>Callable Barrier Reverse Convertibles on the subject &laquo;Home-Office»<\/h3>\n  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;resultsPerPage&quot;:20,&quot;pageNumber&quot;:1,&quot;omni&quot;:&quot;CH0535738014  CH0535738022 CH0535738055&quot;,&quot;sortFields&quot;:[],&quot;sortingEnabled&quot;:true,&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2020/homeoffice?language_id=1\" label=\"Get more information here!\"><\/ltq-button>\n      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  ","url":"homeoffice","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-homeoffice-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-homeoffice-thumbnail.jpg"},{"date":"2020-03-27T08:49","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-momentum-product+homepage+banner.jpg","subTitle":"Tracker Certificate on the Leonteq Multi Asset Index","windowTitle":"Leonteq Multi Asset Index","category":"investment-themes","title":"Leonteq Momentum-Strategy","body":"<h3>Leonteq Momentum-Strategy<\/h3>\n<p>Momentum investing aims to take advantage of an existing and identified market trend. Typically, exposure is increased to assets showing upward-trending prices and decreased to assets with downward-trending prices.<\/p>\n<p>The motivation for momentum investing comes from the observation that trends bear a certain &ldquo;inertia&rdquo; and persist for some time and it is possible to profit by staying with the trend until it subdues.<\/p>\n<p>The Leonteq Multi Asset Index (Index) provides a smart way to gain exposure to momentum investing and is specifically designed for Swiss oriented investors. The Index is dynamically capturing the trending nature of asset prices across five different asset classes. Each asset class in the Index is represented through an exchange traded fund (ETF) hedged in CHF.<\/p>\n<h3>Investment universe of the Leonteq Multi Asset Index<\/h3>\n<div><img src=\"/dA/1e81d20ec4/leonteq-structured-products-Multi Asset Index_Anlageuniversum_EN_910px.png?language_id=1\" alt=\"leonteq-structured-products-Multi Asset Index_Anlageuniversum_EN_910px\" width=\"910\" height=\"440\" caption=\"false\" /><\/div>\n<h3>The Leonteq Momentum Strategy in detail<\/h3>\n<p>More specifically, the Index increases exposure to the ETF that has experienced the best trailing 12-month total return performance. The Index is constructed by equally-weighting 12 buckets at inception. Each bucket has annual rebalancing dates at which the bucket reallocates 100% in the ETF with best trailing 12-month total return performance. The only difference between each bucket is that rebalancing dates are offset by one month. Such mechanism allows for dynamic and timely capturing (month by month) of the momentum trend and aims to reduce volatility by gradually investing and divesting in ETFs. At any point in time, the Index may be invested in one ETF (if all 12 buckets allocate to the same ETF) or up to five ETFs.<\/p>\n<h3>Rebalancing dates of the Leonteq Multi Asset Index<\/h3>\n<div><img src=\"/dA/55b3be1621/leonteq-structured-products-Multi Asset Index_Anpassungstage_EN_910px.png?language_id=1\" alt=\"leonteq-structured-products-Multi Asset Index_Anpassungstage_910px\" width=\"910\" height=\"470\" caption=\"false\" /><\/div>\n<h3>Composition of the Leonteq Multi Asset Index<\/h3>\n<div><img src=\"/dA/9a95378a98/Composition-Leonteq-Strukturierte-Jun2020-700-EN.png?language_id=1\" alt=\"Composition-Leonteq-Strukturierte-Jun2020-700-EN\" width=\"910\" height=\"630\" caption=\"false\" /><\/div>\n<h3>Investment solution<\/h3>\n<p>The product offers 100% participation to the Leonteq Multi Asset Index less a management fee of 0.75% p.a. and provides an easy and transparent access to momentum investing across five asset classes. Specifically designed for Swiss oriented investors, the product is denominated in CHF and all components of the Index are either denominated in CHF or CHF-hedged.<\/p>\n<h3>Tracker Certificate on the Leonteq Multi Asset Index<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;resultsPerPage&quot;:20,&quot;pageNumber&quot;:1,&quot;omni&quot;:&quot;CH0438953025&quot;,&quot;inSubscription&quot;:false,&quot;sortFields&quot;:[],&quot;sortingEnabled&quot;:true,&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <p><strong>Management fee: 0.75% <\/strong><\/p>\n<p><strong>Issuer: Leonteq Securities AG<\/strong><\/p>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Leonteq Multi Asset Index<\/h3>\n<div><price-chart isin=\"CH0438953025\"><\/price-chart>       <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"momentum","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-momentum-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-momentum-thumbnail.jpg"},{"date":"2020-03-26T12:41","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-vegetarian-product+homepage+banner.jpg","subTitle":"Tracker Certificate on the Swissquote Vegetarian Index","windowTitle":"Vegetarianism","category":"investment-themes","title":"Vegetarianism","body":"<h3>Vegetarianism<\/h3>\n<p>Globally, people\u2019s thinking and behavior are changing, encouraging a shift from animal-based to non-meat food products. The devastating wildfire in the Amazon rainforest has propelled the conversation on diet from the fringes into the mainstream. Whether from the perspective of environmental impacts, cruelty to animals, health benefits, or helping end world hunger, plant-based or flexitarian diets have become a genuine and accessible solution. With celebrities like Brad Pitt and Beyoncé publicizing their benefits, it seems everyone is talking about plant-based diets. In China, the government\u2019s newly released dietary guidelines call on the nation\u2019s 1.3 billion people to reduce their meat consumption by 50%. Globally, there are many reasons why people are embracing a healthy, humane, vegetarian diet.<\/p>\n<p>Companies are slowly beginning to provide products to service this rapidly growing trend. Plant-based burger maker Beyond Food has introduced the public to products that will help them seamlessly reduce their traditional meat consumption. Meanwhile, bastions of meat worship like McDonalds, Burger King and KFC have all added plant-based alternatives to their menus. With more consumers trying out and converting to a meat-free diet, Big Food has sat up and taken notice. Why wouldn\u2019t they? Not only is the market expected to experience double-digit growth, but vegetarian products also generate higher margins, are easier to handle, and foster significant brand loyalty. The global market for vegetarian food was valued at $12.69 billion in 2018 and is estimated to reach around $24.3 billion by 2026, growing at a compound annual growth rate (CAGR) in excess of 9.1% over the forecast period<\/p>\n<p>Big Food companies currently dominate the segment. A lack of choice has enabled these companies to acquire or build brands that consumers are prepared to accept in spite of the dominance of meat-based brands in the wider portfolio. We think it will not be long before consumers no longer accept food producers who offer veggie burgers alongside chicken fingers: such an approach defeats many of the core motivations that drive people to choose to reduce their meat consumption. Our view is that food companies will in the future choose between plant- or meat-based portfolios.<\/p>\n<h3>Tracker Certificate on the Swissquote Vegetarian Index<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;resultsPerPage&quot;:20,&quot;pageNumber&quot;:1,&quot;omni&quot;:&quot;CH0489280914&quot;,&quot;inSubscription&quot;:false,&quot;sortFields&quot;:[],&quot;sortingEnabled&quot;:true,&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <footer><left>\n<p><strong>Management Fee: 0.75% <\/strong><\/p>\n<p><strong>Index Sponsor: Swissquote Bank SA<\/strong><\/p>\n<p><strong>Issuer: Leonteq Securities AG<\/strong><\/p>\n<\/left><right> <\/right><\/footer>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Swissquote Vegetarian Index<\/h3>\n<ltq-table id=\"Vegetarian-table\" title=\"Composition as of 26.09.2019\">\n   <template v-slot:default>\n      <thead>\n         <tr>\n            <th>Company<\/th>\n            <th>Country<\/th>\n            <th>Index Weighting<\/th>\n         <\/tr>\n      <\/thead>\n      <tbody>\n         <tr>\n            <td>DANONE<\/td>\n            <td>France<\/td>\n            <td>10.01%<\/td>\n         <\/tr>\n         <tr>\n            <td>BEYOND MEAT INC<\/td>\n            <td>United States<\/td>\n            <td>9.91%<\/td>\n         <\/tr>\n         <tr>\n            <td>ARCHER-DANIELS- MIDLAND CO<\/td>\n            <td>United States<\/td>\n            <td>6.98%<\/td>\n         <\/tr>\n         <tr>\n            <td>HERSHEY CO/THE<\/td>\n            <td>United States<\/td>\n            <td>5.96%<\/td>\n         <\/tr>\n         <tr>\n            <td>FRESH DEL MONTE PRODUCE INC<\/td>\n            <td>United States<\/td>\n            <td>5.91%<\/td>\n         <\/tr>\n         <tr>\n            <td>LAMB WESTON HOLDINGS INC<\/td>\n            <td>United States<\/td>\n            <td>5.90%<\/td>\n         <\/tr>\n         <tr>\n            <td>DUNKIN' BRANDS GROUP INC<\/td>\n            <td>United States<\/td>\n            <td>5.80%<\/td>\n         <\/tr>\n         <tr>\n            <td>BUNGE LTD<\/td>\n            <td>United States<\/td>\n            <td>4.98%<\/td>\n         <\/tr>\n         <tr>\n            <td>MONDELEZ INTERNATIONAL INC<\/td>\n            <td>United States<\/td>\n            <td>4.98%<\/td>\n         <\/tr>\n         <tr>\n            <td>SIMPLY GOOD FOODS ORD<\/td>\n            <td>United States<\/td>\n            <td>4.98%<\/td>\n         <\/tr>\n         <tr>\n            <td>LIMONEIRA CO<\/td>\n            <td>United States<\/td>\n            <td>4.97%<\/td>\n         <\/tr>\n         <tr>\n            <td>JOHN B. SANFILIPPO &amp; SON INC<\/td>\n            <td>United States<\/td>\n            <td>4.96%<\/td>\n         <\/tr>\n         <tr>\n            <td>POST HOLDINGS INC<\/td>\n            <td>United States<\/td>\n            <td>4.96%<\/td>\n         <\/tr>\n         <tr>\n            <td>INGREDION INC<\/td>\n            <td>United States<\/td>\n            <td>4.95%<\/td>\n         <\/tr>\n         <tr>\n            <td>KELLOGG CO<\/td>\n            <td>United States<\/td>\n            <td>4.95%<\/td>\n         <\/tr>\n         <tr>\n            <td>CALAVO GROWERS INC<\/td>\n            <td>United States<\/td>\n            <td>4.93%<\/td>\n         <\/tr>\n         <tr>\n            <td>HAIN CELESTIAL GROUP INC<\/td>\n            <td>United States<\/td>\n            <td>4.87%<\/td>\n         <\/tr>\n      <\/tbody>\n   <\/template>\n   <template v-slot:below>\n      <LtqCardBody>\n         <footer>Source: Leonteq Securities AG<\/footer>\n      <\/LtqCardBody>\n   <\/template>\n<\/ltq-table>\n<h3>Swissquote Vegetarian Index<\/h3>\n<div>\n   <price-chart isin=\"CH0489280914\"><\/price-chart>\n<\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"vegi","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-vegetarian-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-vegetarian-thumbnail.jpg"},{"date":"2020-03-26T10:03","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-ki-robotics-product+homepage+banner.jpg","subTitle":"Tracker certificate on the Swissquote Robotics & Artificial Intelligence Index","windowTitle":"Robots & AI","category":"investment-themes","title":"Investment 4.0","body":"<h3>Versatile ABB roboter<\/h3>\n<p>Among the world-leading manufacturers of robots is the Swiss ABB. The group is involved in sectors such as the food and beverage industry as well as the automotive sector. ABB recently announced that it was tapping into a new market for business with the intelligent machines: the medical sector. ABB would like to place cobots, i.e. industrial robots that work in conjunction with humans, in the healthcare industry within just one to two years. ABB estimates the demand for such machines at 60,000 units. The coming years are set to see further impetus for business with cobots right across industry, however. According to the market researchers at Market &amp; Markets, global sales will rocket from 710 million dollars in 2018 to 12 billion dollars in 2025.<\/p>\n<div>\n   <ltq-button color=\"primary\" url=\"https://ch.leonteq.com/de/news-and-media/news/investment-themes/2019/ki-robotics\" label=\"Get more information here!\"><\/ltq-button>\n<\/div>\n<h3>Profiting from a megatrend<\/h3>\n<p>Ultimately, the intelligent machines are primed to enable a whole new form of industrial value added, known as Industry 4.0. Forecasts from Zion Market Research suggest that the global market for the fourth industrial revolution will rise from 66 billion US dollars in 2017 to 155 billion in 2024. A great many very different companies are hoping to be a part of the imminent paradigm shift in the technology world caused by AI and robotics. They include Big Blue IBM, for instance, whose &ldquo;Watson&rdquo; AI program enables the development of digital assistants such as chatbots and the intelligent coordination of services, among other benefits. IT security specialist Trend Micro, in turn, is using AI to unmask email fraudsters, for example. And, thanks to iRobot, the man-made machines are increasingly finding their way inside people's own four walls, where the company&rsquo;s vacuuming and mopping robot is the world leader. This is also reflected on the balance sheet: sales and profits have almost double in the last five years. Experts reckon that the sector will maintain its growth trajectory. According to figures from Statista, the US market for consumer robots alone will rise from 2.4 billion US dollars in 2018 to 6.8 billion in 2025.<\/p>\n<h3>Active management<\/h3>\n<p>There is every chance that Robots and AI will herald the next quantum leap in technological development. This in turn opens up interesting investment opportunities. There would be little point in investors putting all their eggs in one basket, though, because, as already stated, the two megatrends are widely spread. Profits can be found in a wide variety of sectors. Help comes from the Swissquote Robotics &amp; Artificial Intelligence Index, which enables diversified investment in this sector. The barometer includes another 16 members alongside the four already mentioned. The USA accounts for a 44 per cent share in terms of geography, leading the way ahead of Japan at 28 per cent. Japanese internet giant Dena currently has the heaviest weighting. The Index is kept fresh by a quarterly review of the selection. The actively managed portfolio only considers stocks that meet strictly controlled quality and quantity criteria.<\/p>\n<h3>Tracker certificate on the Swissquote Robotics & Artificial Intelligence Index<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;resultsPerPage&quot;:20,&quot;pageNumber&quot;:1,&quot;omni&quot;:&quot;CH0467720428&quot;,&quot;sortFields&quot;:[],&quot;sortingEnabled&quot;:true,&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <p><strong>Management fee: 0.70%<\/strong><\/p>\n<p><strong>Index Sponsor: Swissquote Bank SA<\/strong><\/p>\n<p><strong>Issuer: Leonteq Securities AG<\/strong><\/p>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>20 times high-tech in one tracker<\/h3>\n<p>To give investors access to this fast-growing high-tech field, Leonteq has issued an &ldquo;Actively Managed Certificate&rdquo;. This tracker allows full participation in the carefully constructed index offered by Swissquote Bank, the only cost factor being an annual management fee of 0.7 per cent. In return investors get a portfolio consisting of 20 members as well as a certificate offering a persuasive combination of transparency and liquidity.<\/p>\n<h3>Swissquote Robotics & Artificial Intelligence Index<\/h3>\n<ltq-table id=\"SQ KI Robotics\" title=\"Composition as at 12.07.2019\">\n   <thead>\n      <tr>\n         <th>INDEX MEMBER<\/th>\n         <th>WEIGHTING<\/th>\n         <th>COUNTRY<\/th>\n      <\/tr>\n   <\/thead>\n   <tbody>\n      <tr>\n         <td>Dena<\/td>\n         <td>10.94%<\/td>\n         <td>Japan<\/td>\n      <\/tr>\n      <tr>\n         <td>Infosys<\/td>\n         <td>7.06%<\/td>\n         <td>India<\/td>\n      <\/tr>\n      <tr>\n         <td>IBM<\/td>\n         <td>7.02%<\/td>\n         <td>United States<\/td>\n      <\/tr>\n      <tr>\n         <td>ABB<\/td>\n         <td>6.94%<\/td>\n         <td>Switzerland<\/td>\n      <\/tr>\n      <tr>\n         <td>Obic<\/td>\n         <td>5.97%<\/td>\n         <td>Japan<\/td>\n      <\/tr>\n      <tr>\n         <td>Emerson Electric<\/td>\n         <td>5.08%<\/td>\n         <td>United States<\/td>\n      <\/tr>\n      <tr>\n         <td>Cognizant Tech Solutions<\/td>\n         <td>5.05%<\/td>\n         <td>United States<\/td>\n      <\/tr>\n      <tr>\n         <td>Elekta<\/td>\n         <td>5.02%<\/td>\n         <td>Sweden<\/td>\n      <\/tr>\n      <tr>\n         <td>Fanuc<\/td>\n         <td>4.97%<\/td>\n         <td>Japan<\/td>\n      <\/tr>\n      <tr>\n         <td>Trend Micro<\/td>\n         <td>4.97%<\/td>\n         <td>Japan<\/td>\n      <\/tr>\n      <tr>\n         <td>Descartes Systems<\/td>\n         <td>4.95%<\/td>\n         <td>Canada<\/td>\n      <\/tr>\n      <tr>\n         <td>KLA-Tencor<\/td>\n         <td>4.08%<\/td>\n         <td>United States<\/td>\n      <\/tr>\n      <tr>\n         <td>Simulations Plus<\/td>\n         <td>4.08%<\/td>\n         <td>United States<\/td>\n      <\/tr>\n      <tr>\n         <td>Teradyne<\/td>\n         <td>4.07%<\/td>\n         <td>United States<\/td>\n      <\/tr>\n      <tr>\n         <td>Hollysys Automation Tech.<\/td>\n         <td>4.05%<\/td>\n         <td>China<\/td>\n      <\/tr>\n      <tr>\n         <td>Illumina<\/td>\n         <td>3.93%<\/td>\n         <td>United States<\/td>\n      <\/tr>\n      <tr>\n         <td>Cognex<\/td>\n         <td>3.03%<\/td>\n         <td>United States<\/td>\n      <\/tr>\n      <tr>\n         <td>Alteryx<\/td>\n         <td>3.01%<\/td>\n         <td>United States<\/td>\n      <\/tr>\n      <tr>\n         <td>Irobot<\/td>\n         <td>3.01%<\/td>\n         <td>United States<\/td>\n      <\/tr>\n      <tr>\n         <td>Yaskawa Electronic<\/td>\n         <td>2.98%<\/td>\n         <td>Japan<\/td>\n      <\/tr>\n      <tr>\n         <td>Cash component<\/td>\n         <td>-0.21%<\/td>\n         <td>-<\/td>\n      <\/tr>\n   <\/tbody>\n<\/ltq-table>\n<div>\n   <ltq-button color=\"primary\" url=\"https://ch.leonteq.com/de/news-and-media/news/investment-themes/2019/ki-robotics\" label=\"Get more information here!\"><\/ltq-button>\n<\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"ki-robotics","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-ki-robotics-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-ki-robotics-thumbnail.jpg"},{"date":"2020-03-26T12:11","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-products-akb-product+homepage+banner.jpg","windowTitle":"Structured products with AKB as guarantor","category":"investment-themes","title":"Structured products with AKB as guarantor","body":"<h3>Structured products with AKB as guarantor<\/h3>\n<p>Aargauische Kantonalbank (AKB) acts as guarantor, offering its excellent credit rating (S&P: AA). As issuer, Leonteq handles the structuring side through its leading technology platform, and also manages the products, thus covering the entire value-added chain: structuring, documentation, market-making and lifecycle management, all from a single source. The cooperation allows AKB to offer its clients a broad range of structured products, backed by AKB. Not only will investors benefit from professional product creation and management on the Leonteq platform, but in the event that Leonteq fails they are fully protected by AKB, which has an AA rating from Standard & Poor\u2018s. The AKB-backed structured products are intended for small investors as well as institutional investors, and will be marketed to third parties through Leonteq. Leonteq will also ensure that AKB-backed products enjoy its Top Service-awarded level of customer service. All standard product structures - such as yield enhancement, capital protection and participation products, are being offered.<\/p>\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[&quot;LeonteqAKBGuarantor&quot;],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[&quot;PG_BARRIER_REVERSE_CONVERTIBLE&quot;],&quot;productTypes&quot;:[&quot;PT_CALLABLE_MULTI_BARRIER_REVERSE_CONVERTIBLE&quot;],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:true,&quot;&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;resultsPerPage&quot;:20,&quot;pageNumber&quot;:1,&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.calendar.subscription_end_date.value&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.calendar.last_trading_date.value&quot;,&quot;sortOrder&quot;:&quot;DESC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.features.guaranteed_fixed_rate_coupon.coupon_rate.value&quot;,&quot;sortOrder&quot;:&quot;DESC&quot;}],&quot;sortingEnabled&quot;:true,&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n              <template v-slot:headerTitle>\n          <div>\n    <strong>Issuer: Leonteq Securities AG,&nbsp;Guernsey<\/strong><br />\n    <strong>Guarantor: Aargauische Kantonalbank, Aarau, Switzerland (Rating: Standard & Poor\u2019s AA+)<\/strong>\n<\/div>\n        <\/template>\n                <\/SavedSearch>\n  <\/div>\n<ul>\n   <li>Coupon payment dates: quarterly<\/li>\n   <li>Early redemption dates: quarterly, first time after 12 months (first time after 6 months for maturities below 2 years)\n   <\/li>\n<\/ul>\n<h6>Coupon mechanism<\/h6>\n<p>The guaranteed coupon is paid independently of the performance of the underlyings on the coupon payment dates.<\/p>\n<h6>Redemption mechanism<\/h6>\n<p>On each early redemption date, the product may be redeemed earlier by the issuer at 100%.<\/p>\n<h6>At maturity:<\/h6>\n<p>In case none of the underlyings reached or fell below its respective barrier level or all underlying close at maturity above the initial fixing level, the full denomination is redeemed to the investor. In case the barrier level has been reached or breached by at least one underlying and at least one of the underlyings closes at or below its initial fixing level at maturity, the redemption amount depends on the final fixing level of the worst performing underlying.<\/p>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"products-akb","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-products-akb-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-products-akb-thumbnail.jpg"},{"date":"2020-03-26T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/leonteq-structured-products-rareearth-product+homepage+banner.jpg","subTitle":"Tracker Certificate on the Swissquote Rare Earth Index","windowTitle":"Rare Earth","category":"investment-themes","title":"Selection with a «rarity value»","body":"<h3>Achilles heel of mega trends<\/h3>\n<p>Renewable energies, digitalisation and e-mobility \u2013 as soon as these terms are heard on the stock market, the majority of investors will initially think primarily of manufacturers of wind turbines, providers of streaming services and makers of electric cars. These 3 mega trends have an Achilles heel, though, in the form of rare earths. This type of metal is used in countless technological applications, ranging from batteries through smartphones to the electric motor. Contrary to what the name might suggest, these raw materials are not that rare today. This could change, however, as soon as the current growth forecasts become reality. To use e-mobility as an example, 1.1 million vehicles driven by electricity or renewable energy were estimated to have been delivered in 2017. By 2030 this market could have grown to 30 million units.<\/p>\n<div>\n   <ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2019/rare-earth?language_id=1\" label=\"Get more information here!\"><\/ltq-button>\n<\/div>\n<h3>Professional indexing<\/h3>\n<p>In the view of the investment experts of Swissquote, demand for metals of the rare earths is set to increase by 15% in the next few years. The shortage of these raw materials that this forecast suggests has led the online broker to launch the Swissquote Rare Earth Index. The new benchmark targets companies that are in the best position to profit from the increasing demand and shortage. Their business strategy is focused on the rare earths and they generate the majority of their sales in this sector. On the value chain the index sponsor looks at the exploration, mining and processing stages. To come into consideration for the dynamic yardstick, a share must also meet quantitative requirements. In addition to a market capitalisation of at least USD 100 million, these include an average daily trading volume of around USD 100,000. The sponsor rebalances the index every three months. In certain cases, such as new listings, an extraordinary adjustment is also possible.<\/p>\n<h3>Swissquote Rare Earth Index: Weighting by country<\/h3>\n<div><img src=\"/dA/caa6963918/Rare-earth-Leonteq-Strukturierte-Produkte-Gewichtung-910-EN.png?language_id=1\" alt=\"Rare-earth-Leonteq-Strukturierte-Produkte-Gewichtung-910-EN\" width=\"909\" height=\"470\" caption=\"false\" /><\/div>\n<h3>Heavyweights from down under<\/h3>\n<p>The managers can include up to 20 members in the Swissquote Rare Earth Index. The initial composition consists of 15 companies from 7 different countries. Australian companies lead the way with a weighting of 44% in total (see graph). They include Iluka Resources. The Perth-based specialist in the mining of mineral sand regards itself as the world\u2019s biggest producer of natural titanium dioxide. This raw material is used in pigments (dyes), titanium metal and welding technology. Iluka is also the global leader in the extraction of zircon. The opacity of this metal and its resistance to heat, water, chemicals and abrasion make it high in demand. The mining group presented its accounts for 2018 at the beginning of March, reporting a scarcity of zircon in key markets. Together with the price increases that have been implemented, this factor led the group to record a 22% growth in sales. It also saw Iluka Resources effect a turnaround after 2 years in the red.<\/p>\n<h3>Tracker Certificate on the Swissquote Rare Earth Index<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;resultsPerPage&quot;:20,&quot;pageNumber&quot;:1,&quot;omni&quot;:&quot;CH0434695042&quot;,&quot;sortFields&quot;:[],&quot;sortingEnabled&quot;:true,&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div>\n<p><strong>Management fee: 0.70%<\/strong><\/p>\n<p><strong>Index Sponsor: Swissquote Bank SA<\/strong><\/p>\n<p><strong>Issuer: Leonteq Securities AG<\/strong><\/p>\n<\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Direct entry to investment<\/h3>\n<p>By contrast, last year Glencore suffered a 41% collapse in net profits to USD 3.4 billion. Write-downs were the primary cause of this development. On the operational side, the British-Swiss mining group profited from higher raw materials prices. Glencore posted an 8% rise in its adjusted EBITDA to USD 15.8 billion. Group boss Ivan Glasenberg announced a new share buyback programme amounting to USD 2 billion. Two global mega trends make the CEO optimistic: \u201cOur commodity portfolio and its key role in enabling the energy and mobility transition for a low-carbon economy enables us to look ahead with confidence.\u201d To a certain extent Glasenberg is speaking for the whole sector. Investors who share this assessment have recently had the opportunity to diversify their investment into rare earths.<\/p>\n<h3>Swissquote Rare Earth Index<\/h3>\n<ltq-table id=\"SQ Rare Earth\" title=\"Composition as of 13.03.2019\">\n   <template v-slot:default>\n      <thead>\n         <tr>\n            <th>Company<\/th>\n            <th>Country<\/th>\n            <th>Weighting<\/th>\n         <\/tr>\n      <\/thead>\n      <tbody>\n         <tr>\n            <td>Tronox<\/td>\n            <td>Australia<\/td>\n            <td>9.30%<\/td>\n         <\/tr>\n         <tr>\n            <td>Iluka Resources<\/td>\n            <td>Australia<\/td>\n            <td>8.76%<\/td>\n         <\/tr>\n         <tr>\n            <td>Lithium Americas<\/td>\n            <td>Canada<\/td>\n            <td>8.27%<\/td>\n         <\/tr>\n         <tr>\n            <td>Glencore<\/td>\n            <td>Switzerland<\/td>\n            <td>8.19%<\/td>\n         <\/tr>\n         <tr>\n            <td>Neo Performance Materials<\/td>\n            <td>Canada<\/td>\n            <td>7.38%<\/td>\n         <\/tr>\n         <tr>\n            <td>Amg Advanced Metallurgical<\/td>\n            <td>Netherlands<\/td>\n            <td>6.84%<\/td>\n         <\/tr>\n         <tr>\n            <td>China Molybdenum<\/td>\n            <td>China<\/td>\n            <td>6.60%<\/td>\n         <\/tr>\n         <tr>\n            <td>Pilbara Minerals<\/td>\n            <td>Australia<\/td>\n            <td>6.42%<\/td>\n         <\/tr>\n         <tr>\n            <td>TOHO TITANIUM<\/td>\n            <td>Japan<\/td>\n            <td>6.07%<\/td>\n         <\/tr>\n         <tr>\n            <td>Osaka Titanium Technologies<\/td>\n            <td>Japan<\/td>\n            <td>5.97%<\/td>\n         <\/tr>\n         <tr>\n            <td>Eramet<\/td>\n            <td>France<\/td>\n            <td>5.85%<\/td>\n         <\/tr>\n         <tr>\n            <td>Lynas<\/td>\n            <td>Australia<\/td>\n            <td>5.58%<\/td>\n         <\/tr>\n         <tr>\n            <td>Orocobre<\/td>\n            <td>Australia<\/td>\n            <td>4.99%<\/td>\n         <\/tr>\n         <tr>\n            <td>Galaxy Resources<\/td>\n            <td>Australia<\/td>\n            <td>4.92%<\/td>\n         <\/tr>\n         <tr>\n            <td>Altura Mining<\/td>\n            <td>Australia<\/td>\n            <td>4.62%<\/td>\n         <\/tr>\n         <tr>\n            <td>Cash AUD<\/td>\n            <td>-<\/td>\n            <td>0.22%<\/td>\n         <\/tr>\n         <tr>\n            <td>Cash USD<\/td>\n            <td>-<\/td>\n            <td>0.02%<\/td>\n         <\/tr>\n      <\/tbody>\n   <\/template>\n   <template v-slot:below>\n      <LtqCardBody>\n         <footer>Source: Leonteq Securities AG<\/footer>\n         <footer>Historical data are not a reliable indicator of future performance.<\/footer>\n         <\/section>\n      <\/LtqCardBody>\n   <\/template>\n<\/ltq-table>\n<h3>Swissquote Rare Earth Index<\/h3>\n<div>\n   <price-chart isin=\"CH0434695042\"><\/price-chart>\n<\/div>\n<div>\n   <ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2019/rare-earth?language_id=1\" label=\"Get more information here!\"><\/ltq-button>\n<\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"rare-earth","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/leonteq-structured-products-rareearth-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/leonteq-structured-products-rareearth-thumbnail.jpg"},{"date":"2020-03-26T13:01","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-negativzinsen-product+homepage+banner.jpg","subTitle":"The prospect of returns instead of negative interest rates","windowTitle":"Negative interest rates","category":"investment-themes","title":"Negative interest rates","body":"<h3>Equities at record highs, interest rates at rock bottom<\/h3>\n<p>Following a truly golden October, the weather turned at the start of November, autumn introducing itself with fog, wind and rain. There is still no sign of any gloom on the stock market, though: both the Swiss equity market and Wall Street reached new peaks after the turn of the month. That means stock markets are heading into the final straight of the year with plenty of momentum. Eight weeks before New Year, the interim 2019 balance sheet for SMI®, S&P 500® and EURO STOXX® 50 shows gains of more than one fifth for each (see graph). One of the key drivers of the rally is monetary policy, with the main central banks having pursued a very expansive course for years. They have to all intents and purposes done away with the safe interest rate. To take the example of Switzerland, in summer the yield on 10-year Swiss treasury stock fell below the -1.00% mark. While the interest on this benchmark bond has recently increased somewhat, it remains stubbornly in the red.<\/p>\n<div>\n   <ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2019/negativ-zinsen?language_id=1\" label=\"Get more information here!.\"><\/ltq-button>\n<\/div>\n<h3>Investment on a broad base<\/h3>\n<p>Negative interest rates are now also being felt by well-off savers, with a number of Swiss banks passing on to their customers the burden resulting from the central bank's policy. They are deducting the negative interest when cash holdings in Swiss francs reach a certain level. However, those affected do not have to simply take this hit on the chin: the market for structured products offers opportunities to generate ongoing income while at the same time circumventing the stock market risk to a certain extent. True to the motto \"Negative interest rates? Not with us!\", Leonteq has come up with an interesting new issue. The independent expert for savings and investment solutions is bringing together the three stock market barometers already mentioned. The SMI®, EURO STOXX® 50 and S&P 500® will ensure a broadly diversified basis for the Callable Multi Barrier Reverse Convertibles. Underlying the products are 570 large caps from Switzerland, the eurozone and the USA.<\/p>\n<h3>Guaranteed coupon, low barriers<\/h3>\n<p>Leonteq is offering the product in two different currencies. For the CHF and EUR tranche, the issuer is guaranteeing an annual coupon. For both variants the barrier is set at an predefined level of the initial fixing. This mark will only be put to the test on the maturity date, when the SMI®, EURO STOXX® 50 and S&P 500® will all have to be running higher than the protection threshold. Given the European barrier, the course of the benchmark up to the review date is irrelevant. As long as no index falls at or below the barrier at Final Fixing Date, investors will get their nominal back in full. In this case the investment will end with the maximum return.<\/p>\n<h3>Last Look Callable Multi Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;resultsPerPage&quot;:20,&quot;pageNumber&quot;:1,&quot;omni&quot;:&quot;CH0489281482 CH0489281490 CH0489278686 CH0506329264&quot;,&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;sortingEnabled&quot;:true,&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div><strong>Barrier observation at maturity only<\/strong><\/div>\n<div><strong>Issuer: Leonteq Securities AG<\/strong><\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>A conservative stock market commitment<\/h3>\n<p>To trigger a breach of a barrier, the SMI®, for example, would have to fall back to a level last seen in September 2011. Of course, there is no such thing as absolute certainty on the stock market: should the cushion not be sufficient for at least one underlying market, the partial protection would lapse. In this case the repayment would be linked to the index with the worst performance. Investors would thus have to reckon on significant discounts. It is possible that the Barrier Reverse Convertibles will not even reach the final maturity date, as Leonteq has a right of termination. The issuer can make use of the callable option every 12 months. In the event of termination, investors would receive the pro rata coupon in advance alongside the full nominal. This design feature brings with it the risk associated with reinvestment. The possible expense is covered by the product terms offered. To conclude, the new issue outlined is a comparatively conservative structure. The mood on the stock market would have to turn extremely sour for investors to \"miss\" this way out of the interest rate valley.<\/p>\n<h3>SMI® vs. EURO STOXX® 50 vs. S&P 500® (5 years, indexed to 100)<\/h3>\n<div><img src=\"/dA/714a97c8b0/Negativzinsen-Leonteq-Strukturierte-Produkte-Chart-910-en.png?language_id=1\" alt=\"Negativzinsen-Leonteq-Strukturierte-Produkte-Chart-910-en\" width=\"909\" height=\"650\" caption=\"false\" /><\/div>\n<div>\n   <ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2019/negativ-zinsen?language_id=1\" label=\"Get more information here!.\"><\/ltq-button>\n<\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"negativ-zinsen","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-negativzinsen-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-negativzinsen-thumbnail.jpg"},{"date":"2020-03-26T10:48","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-crypto2-product+homepage+banner.jpg","subTitle":"Broad spectrum of investment solutions for bitcoin & friends","windowTitle":"Comeback Of The Crypto-Currencies","category":"investment-themes","title":"Comeback Of The Crypto-Currencies","body":"<h3>Exchange of views in New York<\/h3>\n<p>Since the birth of Bitcoin a good 10 years ago, an intensive debate has been raging between technology geeks, investors, analysts and strategists. One side has general doubts as to the sense and hence status of the digital money as an independent currency. Its proponents, meanwhile, are convinced that there is a great future ahead for the means of payment based on blockchain technology. Their main argument is that neither banks nor government institutions can exert an influence on Bitcoin and its peers. Whatever the truth of the matter, crypto-currencies have recently made an impressive comeback following the disastrous sell-off of the previous year. The positive mood was also in evidence at this year\u2019s Blockchain Week in New York. Held in mid-May, it saw experts from around the world come together in the US metropolis to discuss the latest trends and the future prospects of this innovative financial market spectrum.<\/p>\n<div>\n   <ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2019/crypto-comeback?language_id=1\" label=\"Get more information here!\"><\/ltq-button>\n<\/div>\n<h3>New service, fresh capital<\/h3>\n<p>\u201cDigital assets are here to stay\u201d, reckons Michael Sonnenshein, a fund manager at Grayscale Investments. Founded in 2013 and specialising in crypto-currencies, according to its own figures the asset manager has some USD 1.2 billion in assets under management. Intercontinental Exchange Inc. also made waves at Blockchain Week: the stock market operator and parent company of the New York Stock Exchange announced that trading in Bitcoin futures contracts and the corresponding custody services would start in July. San Francisco-registered Coinbase has already been offering such a custody service for crypto-currencies since last October. The wallet specialist has since recorded a volume of USD 1 billion in transactions. This success is seen as an indicator that institutional investors such as hedge funds or foundations, for instance, will increasingly take positions in this specialised investment class.<\/p>\n<h3>A pioneer in crypto structures<\/h3>\n<p>The newly aroused interest is not limited to the USA: here, too, there is widespread hope of an end to the deep \u201ccrypto winter\u201d. This theory is supported by the recent significant increase in the volume of trading in the structured products in this investment field listed on the SIX Swiss Exchange. Leonteq addressed this issue at an early stage and now offers the largest selection of investment products in crypto-currencies on the SIX. The spectrum ranges from a simple or optimised participation in the Bitcoin price through a targeted position in an Altcoin to diversified investment. One of the key advantages of all products is that investors do not have to buy the crypto-currencies directly or store them digitally. That means they are neither reliant on access to an unregulated exchange nor faced with possibly opaque accounting processes. The products mentioned include two actively managed certificates, where Leonteq is building on the expertise of Swissquote. Special algorithms have been developed in the Quantitative Asset Management department of the online broker in order to achieve a risk-optimised positioning.<\/p>\n<h3>Innovation and diversification<\/h3>\n<p>In addition to a USD cash instrument, the Swissquote Multi Crypto Active Index comprises the actively traded, decentralised crypto-currencies with the highest market capitalisation: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC). Although the Swissquote Multi Crypto Active Index was unable to escape the segment correction that took place after its launch in March 2018, the innovative benchmark has since been making good ground. In the meantime the tracker certificate on the Swissquote Bitcoin Active Index, launched back in November 2017, has already gone past its issue price, which means the actively managed product has outperformed the Bitcoin price. Alongside technical models, key ratios for the realised volatility and the buy/sell pressure, the algorithm used for this benchmark also considers the mood on social networks. To reduce volatility, the weighting of the cash holdings is increased in times of uncertainty and downward trends. Our conclusion is that Leonteq offers effective, low-cost and above all transparent solutions for capitalising on the potential strengths of this special investment class. Consideration may, for instance, be given to achieving protection against inflation or diversification of the portfolio. Bets on the long-term success of the digital currency are just as possible.<\/p>\n<h3>Tracker Certificate on Swissquote Multi Crypto Index - Tradable on SIX Swiss Exchange<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0521604923\\&quot; \\&quot;CH0596608015\\&quot;&quot;,&quot;conditions&quot;:{&quot;&quot;:true},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;resultsPerPage&quot;:20,&quot;pageNumber&quot;:1,&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;},{&quot;fieldName&quot;:&quot;snapshot.product.calendar.issue_date.value&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;sortingEnabled&quot;:true,&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Actively Managed Certificate<\/li>\n<li>The Index Universe consists of cryptocurrencies (Bitcoin, Ethereum, Cardano, Litecoin, Stellar, Polkadot) and a cash instrument<\/li>\n<li>Index Sponsor: Swissquote Bank SA, Gland, Switzerland<\/li>\n<li>Management fee: 1.35% p.a.<\/li>\n<li>Issuer:&nbsp;Leonteq Securities AG,&nbsp;Zurich<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Bitcoin<\/h3>\n<ul>\n   <li>The first and most famous digital currency in the world<\/li>\n   <li>Inflation-protected as the number of available Bitcoins is capped at 21 million<\/li>\n   <li>Transactions take place decentrally without a regulatory authority<\/li>\n<\/ul>\n<h3>Tracker Certificates on Bitcoin - Tradable on SIX Swiss Exchange<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;58730701\\&quot; \\&quot;59660924\\&quot; \\&quot;58730702\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Conversion Ratio: 0.001<\/li>    \n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Tracker Certificate on Swissquote Bitcoin Active Index - Tradable on SIX Swiss Exchange<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0542378622\\&quot; \\&quot;CH0596607769\\&quot;&quot;,&quot;conditions&quot;:{&quot;&quot;:true},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;resultsPerPage&quot;:20,&quot;pageNumber&quot;:1,&quot;sortFields&quot;:[],&quot;sortingEnabled&quot;:true,&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Actively Managed Certificate<\/li>\n<li>Index Sponsor: Swissquote Bank SA, Gland, Switzerland<\/li>\n<li>Management fee: 1.35% p.a.<\/li>\n<li>Issuer:&nbsp;Leonteq Securities AG,&nbsp;Zurich<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Ethereum<\/h3>\n<ul>\n   <li>Ethereum is based on blockchain technology but is more than a pure cryptocurrency<\/li>\n   <li>The Ethereum network can be used to run Smart Contracts that can have a variety of applications<\/li>\n   <li>The issuance of new ETH is limited to 18 million ETH per year<\/li>\n   <li>Vitalik Buterin has generally described the Ethereum concept at the end of 2013 and presented it in January 2014<\/li>\n   <li>The Ethereum Foundation is based in Zug<\/li>\n<\/ul>\n<h3>Tracker Certificates on Ether - Tradable on SIX Swiss Exchange<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;48148799\\&quot; \\&quot;51359949\\&quot; \\&quot;48148800\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Conversion Ratio: 0.1<\/li>    \n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Litecoin<\/h3>\n<ul>\n   <li>Litecoin was designed as an alternative cryptocurrency to Bitcoin and launched in October 2011<\/li>\n   <li>Blocks are created every 2.5 minutes (Bitcoin every 10 minutes), which ensures faster transaction times<\/li>\n   <li>The number of Litecoins is limited to 84 million<\/li>\n   <li>Adapted mining algorithm to avoid centralization<\/li>\n<\/ul>\n<h3>Tracker Certificates on Litecoin - Tradable on SIX Swiss Exchange<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;48148805\\&quot; \\&quot;51359948\\&quot; \\&quot;48148806\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Conversion Ratio: 0.1<\/li>    \n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Bitcoin Cash<\/h3>\n<ul>\n   <li>Bitcoin Cash was created by a hard fork from the Bitcoin network on 01.08.2017<\/li>\n   <li>Increased number of transactions per time compared to Bitcoin<\/li>\n   <li>Lower transaction costs in the network<\/li>\n<\/ul>\n<h3>Tracker Certificates on Bitcoin Cash - Tradable on SIX Swiss Exchange<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;resultsPerPage&quot;:20,&quot;pageNumber&quot;:1,&quot;omni&quot;:&quot;CH0481488036 CH0481488044 CH0513599511&quot;,&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;sortingEnabled&quot;:true,&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Conversion Ratio: 0.1<\/li>\n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Ripple<\/h3>\n<ul>\n   <li>Ripple is both a digital currency \"XRP\" and a decentralized, peer-to-peer payment network<\/li>\n   <li>The number of ripple tokens is fixed at around 100 million<\/li>\n   <li>Transaction costs are close to zero and payments are possible within seconds<\/li>\n<\/ul>\n<h3>Tracker Certificates on Ripple - Tradable on SIX Swiss Exchange<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;48148801\\&quot; \\&quot;51359950\\&quot; \\&quot;48148802\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.esg:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <ul>\n<li>Conversion Ratio: 100<\/li>    \n<li>Administration Fee: 1.50% p.a.<\/li>\n<li>Issuer: Leonteq Securities AG<\/li>\n<\/ul>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<div>\n   <ltq-button color=\"primary\" url=\"https://ch.leonteq.com/news-and-media/news/investment-themes/2019/crypto-comeback?language_id=1\" label=\"Get more information here!\"><\/ltq-button>\n<\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"crypto-comeback","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-crypto2-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-crypto2-thumbnail.jpg"},{"date":"2020-03-26T10:31","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-cannabis-product+homepage+banner.jpg","subTitle":"Active tracker certificate on Swissquote Cannabis Portfolio","windowTitle":"Weed for return","category":"investment-themes","title":"Cannabis \u2013 A Billion-Dollar Business","body":"<h3>A market on the move<\/h3>\n<p>The legalisation of cannabis has been a hotly disputed topic for a long time. More and more doctors and scientists are highlighting the medical potential of marijuana, whilst others see it as a legal recreational drug. Politicians in many places are also coming round to these views and could thus help a new industry to boom. Increased takeover activity in recent times shows that the sector is already on the move. At the end of January, Aurora Cannabis \u2013 previously Canada's second-biggest marijuana producer \u2013 acquired rival company CanniMed Therapeutics for the huge sum of 852 million dollars. The deal propelled the company to the position of market leader. One thing is for sure: the billion-dollar marijuana market is music to the ears of investors.<\/p>\n<h3>Gold-rush mood<\/h3>\n<p>The anticipation of legalisation in California, America's most populous state, with effect from 1 January 2018 produced a \"gold rush\" fever in the capital market, with prices soaring in short order. A more sober mood has taken hold in the meantime, but the medium-term performance is still impressive. Aurora Cannabis is still set to double over a one-year period despite the correction. Canopy Growth, a heavy hitter in the Canadian stock market, even reports growth of 234 per cent. Cronos failed to get off to such a good start. The company was listed on the American technology exchange NASDAQ at the end of February, and the stock has since taken a 40 per cent tumble.<\/p>\n<h3>Diversification is the key<\/h3>\n<p>The example shows that investors who would like to invest in the booming cannabis market would be well advised not to put all their eggs in one basket. It is still not possible to say who will come out in front in this young market. It therefore makes sense to have a diversified portfolio in order to seize the opportunities in the cannabis industry, which is why Swissquote Bank has launched an actively managed portfolio. Experts at Swissquote are mainly concentrating on North American pure players with high growth potential. The business activities of the underlying stocks range from cultivation, sales and distribution to consumption for private or medical purposes. This approach covers the entire value creation chain around the \"magic plant\". Nothing is left to chance: quantitative and qualitative filters ensure that only the most promising companies are included in the portfolio. Examples of qualitative selection criteria include the income of the businesses, most of which must be generated in the cannabis trade. The potential candidates must also meet minimum criteria with regard to market capitalisation, which must be over 50 million US dollars, and daily trading volume, which must exceed 100,000 US dollars. The price of a share must not be listed at less than 10 US cents. The basket is automatically adjusted every three months to ensure that it stays fresh in the highly volatile cannabis market.\n<\/h3>\n<h3>Tracker certificate on Swissquote Cannabis Portfolio<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0587304764\\&quot;&quot;,&quot;conditions&quot;:{&quot;&quot;:true},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;resultsPerPage&quot;:20,&quot;pageNumber&quot;:1,&quot;inSubscription&quot;:false,&quot;sortFields&quot;:[],&quot;sortingEnabled&quot;:true,&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div><strong>Issuer: Leonteq Securities AG<\/strong><\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Sophisticated process in one certificate<\/h3>\n<p>Leonteq has issued an actively managed certificate to give investors access to the green weed. This tracker allows full participation in the Swissquote Cannabis Portfolio. The certificate includes a series of advantages: as well as a broad spread and professional active management, the product is also impressive in terms of transparency, liquidity and low costs. Issued in US dollars, the tracker incurs an annual management fee of just 0.7 per cent in spite of the complexities of administration.<\/p>\n<h3>Swissquote Cannabis Portfolio<\/h3>\n<div>\n   <price-chart isin=\"CH0372704327\"><\/price-chart>\n<\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"cannabis","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-cannabis-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-cannabis-thumbnail.jpg"},{"date":"2020-03-26T12:07","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-5g-product+homepage+banner.jpg","subTitle":"Tracker certificate on the Swissquote 5G Revolution Index","windowTitle":"5G","category":"investment-themes","title":"High-Tech for the Custody Account","body":"<h3>Diversified investment strategy<\/h3>\n<p>The chip producers mentioned at the start are all included in the brand-new Swissquote 5G Revolution Index. Together the trio make up a weighting of a little more than 15 per cent. In the broad-based barometer, however, there are many more companies that stand ready to profit from the new communications standard. The index comprises 20 members in all, with companies from the USA leading the way. These include the two communications equipment suppliers Ciena and Coring, for instance. The first of them has just completed a successful first quarter in April, coming in well ahead of expectations both in sales and in net profit. This led to a jump in the share price of more than one tenth to reach a new 11-year high. Cornig, which specialises in fibre-optic networks, likewise turned in a convincing performance at the start of the year, and its share price is currently heading towards its best mark of the previous year.<\/p>\n<div>\n<ltq-button color=\"primary\" url=\"https://ch.leonteq.com/de/news-and-media/news/investment-themes/2019/FiveG?language_id=1\" label=\"Click here to get more information!\"><\/ltq-button>\n<\/div>\n<h3>Innovative Europeans<\/h3>\n<p>The Europeans too, though, have much to offer when it comes to 5G. The innovative Swissquote barometer includes the two Scandinavians, Ericsson and Nokia, for example. The latter completely realigned the group towards 5G at the end of the year, merging the mobile phone and landline business into a single unit on 1 January 2019. The Finns are already seeing plenty of orders as a result. Nokia won a major 5G contract worth 3.5 billion dollars from T-Mobile US, for instance. Nevertheless, orders remained below expectations at the start of the year. CEO Rajeev Suri expects to see a significant upturn in the second half of the year, though. Just before the end of the first half-year, the network equipment supplier secured an order from Saudi Arabia. That means Nokia now has 5G orders from a total of 43 suppliers around the world.<\/p>\n<h3>Mixed industries<\/h3>\n<p>When it comes to the 5G future, there will be more than one winner. Many different companies from a wide range of industries will be able to take a slice of the billion-dollar cake for themselves. That means exploiting the opportunities of the new mobile phone standard through a diversified portfolio could well deliver rewards. With the 5G Revolution Index, the experts at Swissquote have done all the hard work for investors of looking for the top companies in this segment. The basket contains 20 international companies from a variety of sectors. The majority of those selected are technology groups, which account for a 64 per cent share. Almost a third are in the Financials segment. These include Digital Realty Trust, for instance, an American real estate fund that builds and operates data centres. The remaining almost three per cent come from the Telecommunications Services industry. The current selection is not set in stone, however: Swissquote subjects the index to regular review and adjusts it where appropriate.<\/p>\n<h3>Tracker Certificate on the Swissquote 5G Revolution Index<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;resultsPerPage&quot;:20,&quot;pageNumber&quot;:1,&quot;omni&quot;:&quot;CH0467720410&quot;,&quot;sortFields&quot;:[],&quot;sortingEnabled&quot;:true,&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <p><strong>Management fee: 0.70%<\/strong><\/p>\n<p><strong>Index Sponsor: Swissquote Bank SA<\/strong><\/p>\n<p><strong>Issuer: Leonteq Securities AG<\/strong><\/p>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Full participation<\/h3>\n<p>To ensure that investors can profit from Swissquote\u2019s sophisticated analytical process, Leonteq has issued a tracker certificate on the strategy index. The product got off to a good start: since being launched at a price of 100 US dollars at the beginning of May 2019, the participation security climbed more than eight per cent within the first two months. The tracker certificate tracks the performance of the underlying stock one to one, with only an annual management fee of 0.7 per cent being levied. The certificate also has an unlimited term, allowing it to take a long-term view of the investment background of the stocks.<\/p>\n<div>\n<ltq-button color=\"primary\" url=\"https://ch.leonteq.com/de/news-and-media/news/investment-themes/2019/FiveG?language_id=1\" label=\"Click here to get more information!\"><\/ltq-button>\n<\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"5G","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-5g-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-5g-thumbnail.jpg"},{"date":"2020-03-26T13:41","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-recycling-product+homepage+banner.jpg","subTitle":"Tracker Certificate on Swissquote Global Recycling Index","category":"investment-themes","title":"Recycling as an investment opportunity","body":"<h3>Accepting the scale of the problem<\/h3>\n<p>Open the lid, chuck it in, close the lid \u2013 it\u2019s not exactly hard for people to get rid of their rubbish. But these three simple steps are a long way from solving the problem. Whether sea creatures trapped in plastic packaging, gigantic rubbish heaps or children in the third world sifting through electrical scrap for recyclable components, shocking media images are forcing consumers to see the consequences of their actions for themselves.<\/p>\n<p>Alongside climate change, the problem of waste is one of humanity&rsquo;s greatest challenges. Countries around the world have been responding for a long time already, however: efforts to recycle waste, or to avoid it altogether, are increasing all the time. These days, recyclable materials make up a significant proportion of global waste flows. To give an example, some three quarters of waste in Europe and central Asia has the potential to be exploited through recycling or bio-management. In these latitudes inroads are currently being made into the use of plastic packaging in particular. Not only is plastic increasingly being taken out of packaging, but recycling is also rising strongly in this area. While the recycling rate in the European Union (EU) stood at only a third in 2010, by 2015 it had already passed the 40 per cent barrier. For waste paper the rate is actually above 70 per cent.<\/p>\n<h3>Recycling rates by region<\/h3>\n<div><img width=\"911\" height=\"500\" alt=\"Recycling-PostFinance-Swissquote-Leonteq-Strukturierte-Produkte-Recyclingrate-910-EN\" src=\"/dA/8d43e69afc/Recycling-PostFinance-Swissquote-Leonteq-Strukturierte-Produkte-Recyclingrate-910-EN.png?language_id=1\" caption=\"false\" /><\/div>\n<h3>Recycling as an investment opportunity<\/h3>\n<p>From the morning shower via the lunchtime sushi box to the evening takeaway, when not sleeping the average consumer produces waste almost without interruption. It is hardly surprising, then, that the disposal and treatment of waste such as water, film packaging or cardboard boxes is such a huge sector of the economy. Statista published figures on it last autumn. The statistics portal looked at the water supply, waste water, waste management and environmental damage remediation sectors as a single branch of industry. The experts put the size of this market in OECD states at USD 766.6 billion in 2017. The corresponding turnover was achieved by more than 132,000 businesses with 6 million employees. Unsurprisingly, the USA (based on 2016 figures) is the biggest single market, followed by Australia and Germany. With a turnover of just under USD 5.8 billion, Switzerland occupies 20th place in the rankings. New technologies such as electric cars, however, are also giving momentum to the recycling industry. The EU, for instance, demands a recovery rate of 50 per cent for an electric car battery. Umicore specialises in the disposal of lithium ion batteries. The Belgians use what is known as UHT technology, which produces hardly any residual waste and hence sets new standards in recycling.<\/p>\n<h3>Systematic selection process<\/h3>\n<p>The Swissquote Global Recycling Index invests in companies that are actively involved in the recycling, waste management, water treatment and pollution monitoring sectors or other environmental services with technologies, products and services. It is typical of the bank&rsquo;s themes trading platform that a stock must first meet strictly defined criteria in respect of market capitalisation and trading volumes before it can even be considered for inclusion. The starting portfolio numbers 16 industry representatives, 9 of them from the USA. Among the US representatives is Waste Management, for instance. The Houston-based group considers itself the largest provider of environmental solutions in North America. In the USA and Canada Waste Management works for 21 million commercial, industrial and local authority customers. By converting the gas generated in the landfill sites into electricity, the company will become North America&rsquo;s largest supplier of renewable energy. And business is booming: Waste Management posted record figures in 2018.<\/p>\n<h3>Tracker Certificate on Swissquote Global Recycling Index<\/h3>\n<p>To enable investors to have systematic and diversified access to the segment, Leonteq has launched a tracker certificate on Swissquote Global Recycling Index in collaboration with PostFinance and Swissquote.<\/p>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;CH0465314778&quot;,&quot;conditions&quot;:{&quot;&quot;:true},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;resultsPerPage&quot;:20,&quot;pageNumber&quot;:1,&quot;sortFields&quot;:[],&quot;sortingEnabled&quot;:true,&quot;displayColumns&quot;:[&quot;underlying&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div><left>\n<p><strong>Issuer:&nbsp;Leonteq Securities AG,&nbsp;Guernsey<\/strong><br /><strong>Guarantor:&nbsp;<\/strong><strong style=\"font-family: inherit; font-size: 14px;\"><left><\/left><\/strong><strong>PostFinance AG, Berne, Switzerland (Rating of the Guarantor: S&amp;P AA)<\/strong><\/p>\n<p><strong>Index Sponsor: Swissquote Bank SA<\/strong><\/p>\n<\/left><\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Tracker Certificate: Active portfolio, passive investment solution<\/h3>\n<p>The most prominent index member from Europe offers strong operational momentum. Last year Veolia Environnement delivered two-digit percentage growth figures on the back of high waste volumes and cost savings. The French water supplier and waste manager is sharing the fruits of its success with shareholders, increasing its dividend by just under ten per cent. Based on the proposed distribution, the Veolia share is returning 4.5 per cent. At the moment, Befesa is involved in the recycling of hazardous residual materials from the steel and aluminium industry. By contrast, Biffa, by its own account Great Britain&rsquo;s leading provider of recycling and waste management, specialises in plastic. The company is currently investing 15 million pounds in a new plastic recycling facility. It is to process more than a billion plastics drinks bottles every year. That will allow 3 million bottles a day to be converted into new food and drinks packaging. With a tracker certificate from Leonteq, investors can take a diversified position in this highly promising investment universe. The structured product passively tracks the actively managed Swissquote Global Recycling Index.<\/p>\n<h3>Back-testing the Swissquote Global Recycling Index<\/h3>\n<div><img width=\"910\" height=\"500\" alt=\"Recycling-PostFinance-Swissquote-Leonteq-Strukturierte-Produkte-Backtest-910-EN\" src=\"/dA/55a15c861c/Recycling-PostFinance-Swissquote-Leonteq-Strukturierte-Produkte-Backtest-910-EN.jpg?language_id=1\" caption=\"false\" /><\/div>\n<ltq-table id=\"dividenden-adel-table\" title=\"Current Composition\">\n   <template v-slot:default>\n      <thead>\n         <tr>\n            <th>ComPany<\/th>\n            <th>Country<\/th>\n            <th>Index weighting<\/th>\n         <\/tr>\n      <\/thead>\n      <tbody>\n         <tr>\n            <td>VETROPACK HOLDING AG-BR<\/td>\n            <td>Switzerland<\/td>\n            <td>10%<\/td>\n         <\/tr>\n         <tr>\n            <td>VEOLIA ENVIRONNEMENT<\/td>\n            <td>France<\/td>\n            <td>9%<\/td>\n         <\/tr>\n         <tr>\n            <td>WASTE MANAGEMENT INC<\/td>\n            <td>United States<\/td>\n            <td>8%<\/td>\n         <\/tr>\n         <tr>\n            <td>REPUBLIC SERVICES INC<\/td>\n            <td>United States<\/td>\n            <td>7%<\/td>\n         <\/tr>\n         <tr>\n            <td>WASTE CONNECTIONS INC<\/td>\n            <td>United States<\/td>\n            <td>7%<\/td>\n         <\/tr>\n         <tr>\n            <td>BIFFA PLC<\/td>\n            <td>UK<\/td>\n            <td>7%<\/td>\n         <\/tr>\n         <tr>\n            <td>BEFESA SA<\/td>\n            <td>Luxembourg<\/td>\n            <td>6%<\/td>\n         <\/tr>\n         <tr>\n            <td>CASELLA WASTE SYSTEMS INC-A<\/td>\n            <td>United States<\/td>\n            <td>6%<\/td>\n         <\/tr>\n         <tr>\n            <td>STEEL DYNAMICS INC<\/td>\n            <td>United States<\/td>\n            <td>6%<\/td>\n         <\/tr>\n         <tr>\n            <td>SIMS METAL MANAGEMENT LTD<\/td>\n            <td>United States<\/td>\n            <td>5%<\/td>\n         <\/tr>\n         <tr>\n            <td>CLEAN HARBORS INC<\/td>\n            <td>United States<\/td>\n            <td>5%<\/td>\n         <\/tr>\n         <tr>\n            <td>UMICORE<\/td>\n            <td>Belgium<\/td>\n            <td>5%<\/td>\n         <\/tr>\n         <tr>\n            <td>ADVANCED DISPOSAL SERVICES I<\/td>\n            <td>United States<\/td>\n            <td>5%<\/td>\n         <\/tr>\n         <tr>\n            <td>TOMRA SYSTEMS ASA<\/td>\n            <td>Norway<\/td>\n            <td>5%<\/td>\n         <\/tr>\n         <tr>\n            <td>SCHNITZER STEEL INDS INC-A<\/td>\n            <td>United States<\/td>\n            <td>5%<\/td>\n         <\/tr>\n      <\/tbody>\n   <\/template>\n   <template v-slot:below>\n      <LtqCardBody>\n         <footer>Source: Leonteq Securities AG<\/footer>\n      <\/LtqCardBody>\n   <\/template>\n<\/ltq-table>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"recycling","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-recycling-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-recycling-thumbnail.jpg"},{"date":"2020-03-25T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/leonteq-structured-products-h2-product+homepage+banner.jpg","subTitle":"An attractive package full of hydrogen pearls","windowTitle":"Hydrogen","category":"investment-themes","title":"H2 boom reaches the stock market","body":"<h3>High price growth<\/h3>\n<p>For investors, it is clear that &ndash; unlike hydrogen-operated vehicles, which only emit hot air &ndash; fuel cell shares should generate high profits. One of the top equities in this segment over recent months has been Ballard Power. The Canadian company, which produces fuel cells for buses and even trains, among other products, are true pioneers in their field, having been active in this sector since as far back as the mid-1990s. In 2019 Ballard Power posted sales of USDmn 106.3, up a tenth by comparison with the previous year. The growth is set to continue, with revenue of around USDmn 130 on the cards for the current financial year. There's no chance of a profit from the company, however: net earnings came in at minus USDmn 39.1, following minus USDmn 27.3 the previous year. The trend is upwards, though, with earnings per share improving by 21 per cent in the fourth quarter.<\/p>\n<div>\n    <ltq-button color=\"primary\" url=\"https://ch.leonteq.com/de/news-and-media/news/investment-themes/2020/h2?language_id=1\" label=\"Get more information here!\"><\/ltq-button>\n<\/div>\n<h3>Rising demand<\/h3>\n<p>The European counterpart to Ballard Power, the Norwegian Nel, is likewise a long way from profitability. However, the Scandinavians are generating enormous sales: in the final quarter of 2019, the group posted an increase in revenue of around 41 per cent to NOKmn 175.9, beating analysts' average prediction of NOKmn 154. \"Industrial hydrogen applications offering huge overall potential are increasingly common,\" says a confident CEO Jon Andr&eacute; L&oslash;kke. The order books at both Nel and Ballard Power are in rude health.<\/p>\n<h3>Tracker Certificate on Swissquote Hydrogen Index<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH0513599479\\&quot;&quot;,&quot;conditions&quot;:{&quot;&quot;:true},&quot;underlyingSearchString&quot;:&quot;&quot;,&quot;marketVenues&quot;:[],&quot;resultsPerPage&quot;:20,&quot;pageNumber&quot;:1,&quot;sortFields&quot;:[],&quot;sortingEnabled&quot;:true,&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                    <template v-slot:footer>\n          <div><strong>Management Fee: 0.80% p.a.<\/strong><\/div>\n<div><strong>Index Sponsor: Swissquote Bank SA<\/strong><\/div>\n<div><strong>Issuer: Leonteq Securities AG<\/strong><\/div>\n        <\/template>\n          <\/SavedSearch>\n  <\/div>\n<h3>Innovative fuel cell manufacturers<\/h3>\n<p>The Swedish PowerCell, which has devoted itself to the heart of the fuel cell, the stack, is also performing well. Based in G&ouml;teborg, the company is a supplier to both the commercial vehicle and automotive sectors and shipping, among others. The German SFC Energy also has fuel cells that transform the chemical energy into electrical energy without intermediate stages and with no great losses in efficiency. These particularly efficient power generators are used in stationary applications &ndash; such as mobile phone transmitter stations &ndash; as well as mobile hybrid supply solutions. The German military is among its major customers.<\/p>\n<h3>Differentiated investment solution<\/h3>\n<p>The hydrogen segment offers great potential. Nevertheless, many industry representatives are still in the red, so it is not yet certain which companies will have their noses in front in the future. A new tracker certificate on the Swissquote Hydrogen Index provides a good way of taking a well-diversified position in this up-and-coming sector. Investors share in the performance of 19 hydrogen pearls, circumventing the risk associated with an individual equity. The barometer is reviewed at regular intervals and brought up to date. In addition to the companies already mentioned, the index includes stocks such as Alstom, Bloom Energy, Linde and Plug Power. In terms of country, the USA and Great Britain lead the barometer with a combined index share of just under 50 per cent. The barometer is also invested in a fund, the Aberdeen Standard Physical Palladium Shares ETF. Palladium, a precious metal, is a key raw material in the construction of a fuel cell.<\/p>\n<h3>Swissquote Hydrogen Index<\/h3>\n<div><ltq-table id=\"SQ H2\" title=\"Current Composition\">\n    <thead>\n        <tr style=\"height: 36px;\">\n            <th style=\"width: 495px; height: 36px;\">Company<\/th>\n            <th style=\"width: 295px; height: 36px;\">Weighting<\/th>\n        <\/tr>\n    <\/thead>\n    <tbody>\n        <tr style=\"height: 36px;\">\n            <td style=\"width: 495px; height: 36px;\">AFC Energy<\/td>\n            <td style=\"width: 295px; height: 36px;\">2.93%<\/td>\n        <\/tr>\n        <tr style=\"height: 36px;\">\n            <td style=\"width: 495px; height: 36px;\">Alstom<\/td>\n            <td style=\"width: 295px; height: 36px;\">9.04%<\/td>\n        <\/tr>\n        <tr style=\"height: 36px;\">\n            <td style=\"width: 495px; height: 36px;\">Ballard Power<\/td>\n            <td style=\"width: 295px; height: 36px;\">3.44%<\/td>\n        <\/tr>\n        <tr style=\"height: 36px;\">\n            <td style=\"width: 495px; height: 36px;\">BMW<\/td>\n            <td style=\"width: 295px; height: 36px;\">4.95%<\/td>\n        <\/tr>\n        <tr style=\"height: 36px;\">\n            <td style=\"width: 495px; height: 36px;\">Bloom Energy<\/td>\n            <td style=\"width: 295px; height: 36px;\">2.80%<\/td>\n        <\/tr>\n        <tr style=\"height: 36px;\">\n            <td style=\"width: 495px; height: 36px;\">Ceres Power<\/td>\n            <td style=\"width: 295px; height: 36px;\">7.78%<\/td>\n        <\/tr>\n        <tr style=\"height: 36px;\">\n            <td style=\"width: 495px; height: 36px;\">Cummins<\/td>\n            <td style=\"width: 295px; height: 36px;\">4.86%<\/td>\n        <\/tr>\n        <tr style=\"height: 36px;\">\n            <td style=\"width: 495px; height: 36px;\">Doosan Fuel Cell<\/td>\n            <td style=\"width: 295px; height: 36px;\">3.10%<\/td>\n        <\/tr>\n        <tr style=\"height: 36px;\">\n            <td style=\"width: 495px; height: 36px;\">ElringKlinger<\/td>\n            <td style=\"width: 295px; height: 36px;\">4.97%<\/td>\n        <\/tr>\n        <tr style=\"height: 36px;\">\n            <td style=\"width: 495px; height: 36px;\">Faurecia<\/td>\n            <td style=\"width: 295px; height: 36px;\">3.00%<\/td>\n        <\/tr>\n            <tr style=\"height: 36px;\">\n            <td style=\"width: 495px; height: 36px;\">FuelCell Energy<\/td>\n            <td style=\"width: 295px; height: 36px;\">2.88%<\/td>\n        <\/tr>\n        <tr style=\"height: 36px;\">\n            <td style=\"width: 495px; height: 36px;\">ITM Power<\/td>\n            <td style=\"width: 295px; height: 36px;\">4.98%<\/td>\n        <\/tr>\n        <tr style=\"height: 36px;\">\n            <td style=\"width: 495px; height: 36px;\">Linde<\/td>\n            <td style=\"width: 295px; height: 36px;\">6.83%<\/td>\n        <\/tr>\n        <tr style=\"height: 36px;\">\n            <td style=\"width: 495px; height: 36px;\">Nel<\/td>\n            <td style=\"width: 295px; height: 36px;\">4.24%<\/td>\n        <\/tr>\n        <tr style=\"height: 36px;\">\n            <td style=\"width: 495px; height: 36px;\">Ormat Technologies<\/td>\n            <td style=\"width: 295px; height: 36px;\">8.74%<\/td>\n        <\/tr>\n        <tr style=\"height: 36px;\">\n            <td style=\"width: 495px; height: 36px;\">Plug Power<\/td>\n            <td style=\"width: 295px; height: 36px;\">4.16%<\/td>\n        <\/tr>\n        <tr style=\"height: 36px;\">\n            <td style=\"width: 495px; height: 36px;\">PowerCell Sweden<\/td>\n            <td style=\"width: 295px; height: 36px;\">4.41%<\/td>\n        <\/tr>\n        <tr style=\"height: 36px;\">\n            <td style=\"width: 495px; height: 36px;\">SFC Energy<\/td>\n            <td style=\"width: 295px; height: 36px;\">5.37%<\/td>\n        <\/tr>\n        <tr style=\"height: 36px;\">\n            <td style=\"width: 495px; height: 36px;\">Toyota Motor<\/td>\n            <td style=\"width: 295px; height: 36px;\">4.85%<\/td>\n        <\/tr>\n        <tr style=\"height: 36px;\">\n            <td style=\"width: 495px; height: 36px;\">Aberdeen Standard Physical Palladium (ETF)<\/td>\n            <td style=\"width: 295px; height: 36px;\">6.68%<\/td>\n        <\/tr>\n    <\/tbody><\/div>\n<div>\n    <ltq-button color=\"primary\" url=\"https://ch.leonteq.com/de/news-and-media/news/investment-themes/2020/h2?language_id=1\" label=\"Get more information here!\"><\/ltq-button>\n<\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"h2","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/leonteq-structured-products-h2-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/leonteq-structured-products-h2-thumbnail.jpg"},{"date":"2020-03-01T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/leonteq-structured-products-crypto1-product+homepage+banner.jpg","subTitle":"Trading in products based on selected cryptocurrencies (Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Ripple) will be restricted today untill 11:45 CET due to scheduled maintenance work on the underlying exchange Bitstamp Ltd. Thank you for your understanding!","windowTitle":"Bitstamp Maintenance","category":"investment-themes","title":"Bitstamp Maintenance","body":"<div>Trading in products based on selected cryptocurrencies (Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Ripple) will be restricted today untill 11:45 CET due to scheduled maintenance work on the underlying exchange Bitstamp Ltd. Thank you for your understanding!<\/div>","url":"bitstamp-maintenance","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/leonteq-structured-products-crypto1-sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/leonteq-structured-products-crypto1-thumbnail.jpg"}],"latestNews":[{"date":"2026-06-05T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/sq_innovation+money+makers+index_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"Tracker certificate on the Swissquote Innovation Money Makers Index","windowTitle":"Adding progress to the portfolio","category":"investment-themes","title":"Adding progress to the portfolio","body":"<h3>Dominant US techs<\/h3>\n<p>Swissquote launched the Innovation Money Makers Index at the end of April 2026. What the companies included have in common is that they pass the same capital-related test in very different markets: they make money from innovation. The current weighting demonstrates how much the top end of the index is dominated by US big tech and digital infrastructure at the moment. Alphabet, Amazon, Broadcom and Nvidia are particularly highly weighted, followed by Meta, Microsoft and ASML. The fabled Magnificent 7 world has a significant presence, then, and there is a clear European outlier in ASML. The company is the only European firm in the leading group. And not without reason: structurally the Dutch company is almost indispensable in the semiconductor universe because its EUV systems are what make it possible to mass-produce the most advanced chips in the first place. Nvidia fits the bill for the same reason: having helped to launch the modern AI era with the GPU, the company is now a full-stack infrastructure platform for accelerated computing.<\/p>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2026/swissquote-innovation-money-makers-index?language_id=1\" label=\"Find out more!\"><\/ltq-button><\/div>\n\n<h3>Profitable ...<\/h3>\n<p>It is not just tech groups that feature in the new barometer: innovative companies can be found in many other sectors as well. They include the Swiss ABB, which again represents the industrial side of the theme with electrification, automation and a robotics division. Caterpillar brings innovation in heavy industry on the road and in opencast mining. The company boasts one of the world\u2019s largest and most tried-and-tested autonomous mining fleets. Rolls-Royce is not another classic tech stock either, but a high-tech provider for drivetrains and energy systems. It also uses digital twins, precisely the kind of engineering innovation that thrives not on vision, but rather on contracts and service revenue.<\/p>\n\n<h3>\u2026 and \u201chealthy\u201d business models<\/h3>\n<p>The same principle applies in the healthcare sector. With its Da Vinci systems, Intuitive Surgical is one of the pioneers of robot-assisted surgery, combining robotics with software, data and recurring revenue in everyday clinical practice. The company has set itself the goal of making surgical procedures more effective, less invasive and more pleasant for surgeons, patients and their relatives. For its part, Johnson & Johnson shows that innovation is not restricted to Silicon Valley: in the medtech sector, the group operates at the interface of biology and technology, focusing on the fields of cardiovascular medicine, orthopaedics, surgery and ophthalmology.<\/p>\n\n<h3>The convenient way to bring innovation into the portfolio<\/h3>\n<p>Companies which translate technical innovations into marketable products, platforms and services thus make up the DNA of the Swissquote Innovation Money Makers Index. It is precisely this transition from technological progress to commercial success that the Swissquote Innovation Money Makers Index focuses on. The new tracker certificate from Leonteq gives investors convenient access to the promising concept. The participation product fully reflects the price movements of the underlying index, less charges. The costs comprises a management fee of 1.00% p.a., a calculation agent fee of 0.20% p.a. and a transaction fee of up to 0.10%. The certificate does not have a fixed term, so investors are free to choose their own investment horizon.<\/p>\n\n\n<h3>Swissquote Innovation Money Makers Index<\/h3>\n<div><price-chart isin=\"CH1481478498\"><\/price-chart><\/div>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1481478498\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;couponFrequencies&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n<h3>Swissquote Innovation Money Makers Index: Current composition<\/h3>\n<div>      <AmcComposition :model=\"[{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;SWISS FRANC&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:-2.0E-8,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;EURO&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:1.0073E-4,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;BRITISH POUND&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:7.311E-5,&quot;currency&quot;:&quot;GBP&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;JAPANESE YEN&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:4.2957E-4,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - CASH&quot;,&quot;name&quot;:&quot;US DOLLAR&quot;,&quot;currentPrice&quot;:1,&quot;weight&quot;:-0.00129597,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ABB LTD-REG&quot;,&quot;sophisInternalId&quot;:67108959,&quot;currentPrice&quot;:76.2,&quot;weight&quot;:0.01541487,&quot;currency&quot;:&quot;CHF&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ADVANCED MICRO DEVICES&quot;,&quot;sophisInternalId&quot;:67114691,&quot;currentPrice&quot;:562.23,&quot;weight&quot;:0.05915736,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ALPHABET INC-CL A&quot;,&quot;sophisInternalId&quot;:67114265,&quot;currentPrice&quot;:349.22,&quot;weight&quot;:0.07746587,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;APPLIED MATERIALS INC&quot;,&quot;sophisInternalId&quot;:67375507,&quot;currentPrice&quot;:430.01,&quot;weight&quot;:0.02200162,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;APPLOVIN CORP-CLASS A&quot;,&quot;sophisInternalId&quot;:154413488,&quot;currentPrice&quot;:279.29,&quot;weight&quot;:0.00729685,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ASML HOLDING NV&quot;,&quot;sophisInternalId&quot;:67109614,&quot;currentPrice&quot;:1464.2,&quot;weight&quot;:0.06781715,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;BROADCOM INC&quot;,&quot;sophisInternalId&quot;:70590024,&quot;currentPrice&quot;:344.33,&quot;weight&quot;:0.06258727,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CATERPILLAR INC&quot;,&quot;sophisInternalId&quot;:67114159,&quot;currentPrice&quot;:735.64,&quot;weight&quot;:0.02131476,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;CROWDSTRIKE HOLDINGS INC - A&quot;,&quot;sophisInternalId&quot;:133673414,&quot;currentPrice&quot;:244.57,&quot;weight&quot;:0.02050006,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;DANAHER CORP&quot;,&quot;sophisInternalId&quot;:67114268,&quot;currentPrice&quot;:231.5,&quot;weight&quot;:0.01995927,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ESSILORLUXOTTICA&quot;,&quot;sophisInternalId&quot;:67109430,&quot;currentPrice&quot;:148.7,&quot;weight&quot;:0.01271437,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;GE UN Equity&quot;,&quot;sophisInternalId&quot;:67138112,&quot;currentPrice&quot;:312,&quot;weight&quot;:0.02160152,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;GE VERNOVA INC&quot;,&quot;sophisInternalId&quot;:186414457,&quot;currentPrice&quot;:926.44,&quot;weight&quot;:0.01452273,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;HITACHI LTD&quot;,&quot;sophisInternalId&quot;:67122069,&quot;currentPrice&quot;:5595,&quot;weight&quot;:0.01848474,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;HONEYWELL AEROSPACE&quot;,&quot;sophisInternalId&quot;:230985053,&quot;currentPrice&quot;:163.11,&quot;weight&quot;:0.00524001,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;HONEYWELL INTERNATIONAL INC&quot;,&quot;sophisInternalId&quot;:67355541,&quot;currentPrice&quot;:210.5,&quot;weight&quot;:0.00726156,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;INTUITIVE SURGICAL INC&quot;,&quot;sophisInternalId&quot;:67569465,&quot;currentPrice&quot;:427.86,&quot;weight&quot;:0.01548093,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;KEYENCE CORP&quot;,&quot;sophisInternalId&quot;:71207636,&quot;currentPrice&quot;:78970,&quot;weight&quot;:0.01779612,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;LAM RESEARCH CORP&quot;,&quot;sophisInternalId&quot;:71209830,&quot;currentPrice&quot;:277.46,&quot;weight&quot;:0.02217113,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;META PLATFORMS INC-CLASS A&quot;,&quot;sophisInternalId&quot;:76382559,&quot;currentPrice&quot;:736.72,&quot;weight&quot;:0.09711867,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MICRON TECHNOLOGY INC&quot;,&quot;sophisInternalId&quot;:67114697,&quot;currentPrice&quot;:931.24,&quot;weight&quot;:0.06503712,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MITSUBISHI ELECTRIC CORP&quot;,&quot;sophisInternalId&quot;:67122302,&quot;currentPrice&quot;:4915,&quot;weight&quot;:0.01043613,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MITSUBISHI HEAVY INDUSTRIES&quot;,&quot;sophisInternalId&quot;:67122237,&quot;currentPrice&quot;:3601,&quot;weight&quot;:0.01438818,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;MOBILITY GLOBAL INC&quot;,&quot;sophisInternalId&quot;:231149115,&quot;currentPrice&quot;:18.72,&quot;weight&quot;:6.9264E-4,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;NVIDIA CORP&quot;,&quot;sophisInternalId&quot;:67114699,&quot;currentPrice&quot;:217.23,&quot;weight&quot;:0.08510794,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;PALO ALTO NETWORKS INC&quot;,&quot;sophisInternalId&quot;:86259273,&quot;currentPrice&quot;:370.27,&quot;weight&quot;:0.02031504,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;ROLLS-ROYCE HOLDINGS PLC&quot;,&quot;sophisInternalId&quot;:67109539,&quot;currentPrice&quot;:1362.8,&quot;weight&quot;:0.01619375,&quot;currency&quot;:&quot;GBP&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;RTX CORP&quot;,&quot;sophisInternalId&quot;:67114551,&quot;currentPrice&quot;:186.95,&quot;weight&quot;:0.01730875,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;S&amp;P GLOBAL INC&quot;,&quot;sophisInternalId&quot;:67114305,&quot;currentPrice&quot;:424.81,&quot;weight&quot;:0.0160932,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SAFRAN SA&quot;,&quot;sophisInternalId&quot;:70170761,&quot;currentPrice&quot;:317,&quot;weight&quot;:0.01529591,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SCHNEIDER ELECTRIC SE&quot;,&quot;sophisInternalId&quot;:67109423,&quot;currentPrice&quot;:258,&quot;weight&quot;:0.01646036,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SHIN-ETSU CHEMICAL CO LTD&quot;,&quot;sophisInternalId&quot;:67122277,&quot;currentPrice&quot;:5963,&quot;weight&quot;:0.00985027,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SIEMENS AG-REG&quot;,&quot;sophisInternalId&quot;:67108950,&quot;currentPrice&quot;:270.65,&quot;weight&quot;:0.02425915,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;SIEMENS ENERGY AG&quot;,&quot;sophisInternalId&quot;:142842435,&quot;currentPrice&quot;:132.36,&quot;weight&quot;:0.01205454,&quot;currency&quot;:&quot;EUR&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;TE CONNECTIVITY LTD&quot;,&quot;sophisInternalId&quot;:67114478,&quot;currentPrice&quot;:212.99,&quot;weight&quot;:0.01530283,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;THERMO FISHER SCIENTIFIC INC&quot;,&quot;sophisInternalId&quot;:67114525,&quot;currentPrice&quot;:696.49,&quot;weight&quot;:0.02181608,&quot;currency&quot;:&quot;USD&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;TOKYO ELECTRON LTD&quot;,&quot;sophisInternalId&quot;:67122086,&quot;currentPrice&quot;:10365,&quot;weight&quot;:0.02100892,&quot;currency&quot;:&quot;JPY&quot;},{&quot;sectionName&quot;:&quot;AMC - SHARE&quot;,&quot;name&quot;:&quot;VINCI SA&quot;,&quot;sophisInternalId&quot;:67109414,&quot;currentPrice&quot;:107.65,&quot;weight&quot;:0.01316492,&quot;currency&quot;:&quot;EUR&quot;}]\"><\/AmcComposition>\n  <\/div>\n\n<div><ltq-button color=\"primary\" url=\"https://leonteq.com/news-and-media/news/investment-themes/2026/swissquote-innovation-money-makers-index?language_id=1\" label=\"Find out more!\"><\/ltq-button><\/div>\n\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"swissquote-innovation-money-makers-index","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/sq_innovation+money+makers+index_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/sq_innovation+money+makers+index_leonteq-structured-products_thumbnail.jpg"},{"date":"2026-06-03T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/nebius_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"The Next AI Bet","windowTitle":"Nebius","category":"coupon-giant","title":"Nebius","body":"<p>When Leopold Aschenbrenner buys, Wall Street now pays close attention. The former OpenAI researcher, whose essay Situational Awareness has become almost required reading in AI circles, has just acquired a 5.6% stake in Nebius through his fund of the same name, making him the company\u2019s largest shareholder. For the Dutch company, this is more than a regulatory filing: it is a seal of approval from the circle of investors who view AI not as a software trend, but as an industrial infrastructure cycle.<\/p>\n\n<p>That fits Nebius well. The company\u2019s real story begins not with enthusiasm, but with a separation. In July 2024, the former Yandex completed the sale of its Russian businesses. What remained were USD 2.8 billion in cash, a large treasury stock position and, above all, a new strategic freedom. Yandex officially became Nebius, and in the autumn of 2024 the stock returned to Nasdaq. The company emerged as a new pure-play AI infrastructure provider. Today, the group describes itself as an \u201cAI cloud company\u201d and is building a stack that ranges from data centres, GPU clusters and cloud software to inference and agent platforms. While Avride in autonomous driving and TripleTen in edtech remain part of the portfolio, the cloud business clearly dominates: in the first quarter of 2026, approximately 98% of revenue came from the AI cloud segment.<\/p>\n\n<div><generic-chart title=\"Nebius Share price (in USD)\"> \n    <chart-line title=\"Nebius\" path=\"Chart_NBIS_NEW.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as of: 02.06.2026<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Strategic Positioning<\/h3>\n<p>The company intends to continue expanding this core business, not only through additional computing capacity but also through software. With Aether 3.5, Nebius is extending its cloud offering towards serverless AI and enterprise-grade capabilities. With Token Factory, the group aims to establish itself in industrial-scale inference. And through its recent moves involving Eigen AI and Clarifai, Nebius is strengthening precisely the layer where future margins and differentiation are likely to be determined: model optimisation, system orchestration and production-grade inference. This is an important step, because pure GPU capacity is likely to become increasingly commoditised as availability improves, whereas efficient inference and tightly integrated software are not.<\/p>\n\n<div>\n<generic-chart title=\"Revenue (in USD Mio.) und Ebitda (in USD Mio.)\">\n  <x-axis categories=\"Q1/2025, Q2/2025, Q3/2025, Q4/2025, Q1/2026\"/>\n      <chart-column title=\"Revenue (in USD Mio.)\" data=\"50.9,105.1,146.1,227.7,399\" format=\"number\"/>\n      <chart-line title=\"Ebitda (in USD Mio.)\" data=\"-62.6,-74.7,-79.9,15,129.5\" format=\"number\" yAxisRight=\"true\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Refinitiv, as of: June 2026<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n\n<p>The first-quarter results support this strategy. Revenue surged from USD 50.9 million to USD 399 million. Annualised Run-Rate Revenue (ARR), a forward-looking annualised revenue metric, climbed to USD 1.92 billion by the end of March. On an adjusted EBITDA basis, the company generated USD 129.5 million, while the core business achieved an impressive margin of 45%. The growth outlook also remains substantial: Nebius is targeting full-year revenue of USD 3.0\u20133.4 billion and ARR of USD 7\u20139 billion. The pipeline expanded by roughly 3.5 times quarter-on-quarter in the first quarter. Additional growth drivers include the long-term Meta agreement with a total potential value of up to USD 27 billion, the multi-year partnership with Microsoft, NVIDIA\u2019s USD 2 billion commitment and the expansion of secured power and land capacity to more than 3.5 gigawatts. Leveraging this foundation of capacity and contractual commitments, Nebius aims to establish itself as a globally relevant AI cloud company. However, this is also where the risks lie. The model is highly capital intensive: in the first quarter alone, Nebius invested nearly USD 2.5 billion, while carrying USD 8.43 billion in convertible debt on its balance sheet. In addition, the company remains dependent on key suppliers and supply chains. And the stock is no longer cheap: the enterprise value stands at roughly USD 60 billion, equivalent to as much as 20 times projected 2026 revenue.<\/p>\n\n<h3>Huge Coupons, Comfortable Buffers<\/h3>\n<p>For this reason, investors do not necessarily need to play the Nebius story through a direct equity investment. The stock has already surpassed the consensus price target of USD 240.77 by a considerable margin. Those expecting a resilient but not explosive share-price performance may consider yield-enhancement products such as Barrier Reverse Convertibles (BRCs). These products are designed for sideways or moderately rising markets and pay predefined coupons. Leonteq has recently launched two new softcallable BRCs featuring exceptionally high coupon rates. The CHF-denominated product pays a quarterly coupon equivalent to 21% p.a., while the USD version offers 25% p.a. Consequently, the products target a double-digit percentage return in a scenario where the underlying share trades largely sideways. The downside buffers are equally noteworthy: in both products, the barrier is set at 49% of the initial level. A softcallable feature within the structure may result in the product being redeemed early - as soon as six months after issuance - rather than reaching its maximum maturity of 15 months.<\/p>\n\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1550442102\\&quot;\\&quot;CH1550442110\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;couponFrequencies&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<h3>Leverage products on Nebius<\/h3>\n    <div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:false,&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false},&quot;underlyings&quot;:[&quot;74896128&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;],&quot;searchable&quot;:true,&quot;leverage&quot;:{&quot;min&quot;:2.651,&quot;max&quot;:4.004}}\" />\n  <\/div>\n    \n<div>\n    <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wyn?language_id=1\" label=\"Discover more leverage products!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-nebius","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/nebius_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/nebius_leonteq-structured-products_thumbnail.jpg"},{"date":"2026-05-27T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/ypsomed2026_2_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"A Profitable Pinprick","windowTitle":"Ypsomed","category":"underlying-in-focus","title":"Ypsomed","body":"<p>Ypsomed has recently been generating significant momentum again among Swiss medtech stocks. Following its latest annual results, investors stepped in decisively: the share price at times surged markedly, confirming that the market no longer views the Burgdorf-based specialist for injection systems as merely a solid niche player, but rather as a structural growth story. There are several reasons for this: Ypsomed has continued its transformation into a focused provider of self-injection systems, closed the 2025/26 financial year with strong figures, and delivered an outlook that fuels optimism for the years ahead.<\/p>\n\n<p>First, a look at the financials: on a consolidated level, revenue declined from CHF 748.9 million to CHF 731.0 million. However, this decrease is attributable to the strategic repositioning of the company, including the sale of the diabetes care business. The key figure is therefore the continuing core business, Delivery Systems. Here, revenue rose by around 20%. Operating profit in this segment reached CHF 195.5 million, corresponding to a strong EBIT margin of 32.5%. Net profit, in particular, rose sharply: it more than doubled year-on-year to CHF 222 million. This figure includes one-off effects from the divested business units.<\/p>\n\n<div><generic-chart title=\"Ypsomed Share price (in CHF)\"> \n    <chart-line title=\"Ypsomed\" path=\"Chart_Ypsomed26.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as of: 26th May 2026<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>A Strong Order Book<\/h3>\n<p>Operationally, Ypsomed is in remarkably robust shape. The business with commercial autoinjectors developed particularly dynamically, growing by 33.6%. A key growth driver was the YpsoMate platform. At the same time, the project business remained at a high level of CHF 85.7 million. Even more important for the medium- to long-term outlook, however, is order intake: Ypsomed secured 44 new customer projects in the reporting year, a record high. This underlines that the pipeline is broadly diversified and that the company is not dependent on a single product cycle. The transformation over recent years into a pure specialist for pharmaceutical delivery systems is increasingly paying off. In pen injectors, the company is considered a leader, while in autoinjectors it ranks among the most important providers. This market is particularly attractive: products are technically complex, closely tied to drug regulations, and not easily interchangeable for pharmaceutical customers. Once an injection system is used in late-stage clinical trials, switching to another system often involves significant additional effort. This creates barriers to entry and improves predictability.<\/p>\n\n\n<div>\n<generic-chart title=\"Ebit (in CHF million) and Ebitda-Margin (in %)\">\n  <x-axis categories=\"2022/23,2023/24,2024/25,2025/26\"/>\n      <chart-column title=\"Ebit (in CHF million)\" data=\"60.6,86.2,112.9,246.1\" format=\"number\"/>\n      <chart-line title=\"Ebitda-Margin (in %)\" data=\"12.2,15.7,15.1,33.7\" format=\"number\" yAxisRight=\"true\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Refinitiv, as of: May 2026<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<p>In addition, Ypsomed is becoming increasingly global. The company is expanding its production capacities across multiple regions. The Changzhou site in China has been opened, expansion is underway in Schwerin, Germany, and investments are also being made in Switzerland. A particularly important step is the move into the United States: a first US production facility is being built in Holly Springs, North Carolina, which is expected to start operations in late 2027. This brings the company closer to its pharmaceutical customers in the world\u2019s largest healthcare market and strengthens local supply capabilities.<\/p>\n\n<h3>Bright Outlook<\/h3>\n<p>For the current 2026/27 financial year, management remains ambitious. In the Delivery Systems core business, Ypsomed targets revenue growth of 12% to 15%, with a margin of at least 33%. Medium-term targets of CHF 0.9 to 1.1 billion in revenue and EBIT of CHF 280 million to CHF 340 million for the 2029/30 financial year have been reaffirmed. One of the key growth drivers going forward is expected to be the GLP-1 market. Drugs for diabetes and obesity have become one of the most dynamic segments in global pharmaceuticals. This is relevant for Ypsomed because many of these therapies need to be administered regularly, conveniently, and reliably. This is exactly where pen and autoinjectors come in.<\/p>\n\n\n<h3>Sideways\u2026<\/h3>\n<p>Ypsomed currently presents an interesting profile: double-digit growth, high margins, a solid balance sheet, global expansion, and tailwinds from one of the most attractive pharmaceutical trends of the coming years. Analysts are also becoming more positive on the Swiss medtech stock again, with an average 12-month price target of CHF 404. However, investors do not need to take direct equity risk to achieve attractive returns. A new barrier reverse convertible with a maximum term of 15 months offers a coupon of 9.00% p.a. To achieve the maximum return, the underlying may even decline moderately. It is important that the underlying does not touch the barrier at 69% of the initial level. A soft callable feature in the structure may result in early redemption.<\/p>\n\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1493991132\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;couponFrequencies&quot;:[],&quot;sortFields&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<h3>\u2026or using leverage for returns<\/h3>\n<p>The recent price surge - Ypsomed shares rose by more than 14% within a week\u2014has shown that investors are once again enthusiastic about the medtech stock. If the company succeeds in sustaining its high growth, the trend could continue. However, delays in drug approvals, weaker volumes from individual pharmaceutical partners, or temporarily higher ramp-up costs for capacity expansion can always lead to pullbacks. For leveraged products, the direction of the stock is not an issue; they can be used in both falling (short) and rising (long) markets. A wide range of products is available in the Leonteq product suite. Traders can choose between Warrants and Mini-Futures.<\/p>\n\n<h3>Leverage Products on Ypsomed<\/h3>\n    <div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:false,&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false},&quot;underlyings&quot;:[&quot;67109199&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;],&quot;searchable&quot;:true,&quot;leverage&quot;:{&quot;min&quot;:4.84,&quot;max&quot;:11.833}}\" />\n  <\/div>\n    \n<div>\n    <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wyd?language_id=1\" label=\"Discover our leverage products!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-ypsomed26","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/ypsomed2026_2_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/ypsomed2026_2_leonteq-structured-products_thumbnail.jpg"},{"date":"2026-06-02T00:00","headerImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/product-homepage-banner/rfb_earnings_action_leonteq_structured_products_product+homepage+banner.jpg","subTitle":"Broadcom Ahead of Earnings: AI Demand Continues to Drive Growth","windowTitle":"Earnings Action","category":"powerplay","title":"Earnings Action","body":"<p>On Wednesday, June 3, Broadcom will report its earnings for the second quarter of fiscal year 2026. Analysts expect revenue of approximately USD 22.1 billion, compared to USD 15 billion in the same quarter last year. This would represent year-over-year growth of roughly 47%. Earnings per share (EPS) are projected to rise to around USD 2.39, up from USD 1.58 in the prior-year quarter, representing an increase of about 51%.<\/p>\n\n<p>The company's AI business remains a key focus, particularly the strong demand for custom AI accelerators and networking solutions from hyperscalers such as Google, Meta, and other major cloud providers. Broadcom is forecasting approximately USD 10.7 billion in AI-related revenue for the quarter, continuing to benefit from the global expansion of AI infrastructure.<\/p>\n\n<p>The results are viewed as an important indicator of investment trends among large technology companies in the AI space. Following a strong stock performance this year, investors will be paying close attention to management's outlook and the future growth trajectory of Broadcom\u2019s AI business.<\/p>\n\n\n<h3>Leverage Products<\/h3>\n<div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:false,&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false},&quot;underlyings&quot;:[&quot;70590024&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;],&quot;searchable&quot;:true,&quot;leverage&quot;:{&quot;min&quot;:4.644,&quot;max&quot;:17.125}}\" />\n  <\/div>\n<div><ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/Wyk?language_id=1\" label=\"Discover more leverage products on Broadcom\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div><\/p>","url":"leverage-ea-avgo-q2","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/sidenav-banner/rfb_earnings_action_leonteq_structured_products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch-pub-uat.leonteq.com/product-news/thumbnail/rfb_earnings_action_leonteq_structured_products_thumbnail.jpg"}],"years":[2026,2025,2024,2023,2022,2021,2020],"articleListSize":562,"categories":[{"key":"investment-themes","label":"Investment themes","count":183,"icon":"LayerGroupLight"},{"key":"coupon-giant","label":"Coupon Giant","count":137,"icon":"Ticket"},{"key":"underlying-in-focus","label":"Underlying in focus","count":107,"icon":"CircleNotch"},{"key":"powerplay","label":"PowerPlay \u2013 Leverage Trading","count":62,"icon":"newspaper"},{"key":"crypto-assets","label":"Crypto","count":36,"icon":"BitcoinSign"},{"key":"etp","label":"ETP","count":20,"icon":"BuildingColumns"},{"key":"know-how","label":"Know-How","count":16,"icon":"BookOpenCover"},{"key":"new","label":"new","count":1,"icon":"newspaper"}]}
