Vontobel Bull & Bear certificates

Vontobel Bull & Bear certificates - Turn up the volume


Investing with a constant leverage

Bull and Bear certificates offer a simple and efficient way to profit from stable price trends, be they rising or falling. They do so by leveraging the daily price performance of a reference instrument, for example a share or an index. This allows investors to participate disproportionately in the performance of the reference instrument. The leverage – remains constant, and so the investment is equivalent to a reinvestment on a daily basis.


Vontobel Index Portal   Vontobel Bull & Bear!  Brochure Bull &Bear   Valuation Time

Please note that Bull and Bear certificates do not deliver any current income such as interest or dividends. These products are not capital protected. Investors bear the risk of the issuer defaulting (issuer risk). 

Characteristics of Bull and Bear certificates

  • Trading of strong market trends and momentum-driven market phases
  • Transparent financial instrument due to the leveraged index and the dedicated index portal
  • Certificates refer to a leverage index which replicates the respective underlying with a constant leverage
  • The leverage index shows the fair value of the underlying



Risks of Bull & Bear certificates


  • Sideways markets without strong trends can generate significant losses for investors
  • The price of the certificates may differ significantly from the intrinsic value during market turmoil as well as in market phases with significantly higher volatility and/or market phases with low liquidity
  • Volatile markets, gap risks as well as liquidity risks could lead to an increase of the risk margin in the Certificate. This is a necessary measure for the market maker in order to manage its risk positions.
  • Furthermore the market maker can widen the spreads for risk management reasons