Holdings Certificate aims to achieve the highest return as possible on a long-term investment horizon through an active management strategy.

The underlying index is constantly fully invested in equities, with no sector, currency, nor capitalization exposure constraints.

The relatively low liquidity level of specific Holdings company makes it a long-term investment.

We therefore recommend an investment holding period of at least 3 year to fully appreciate the Holdings discount arbitrage.

Holdings Certificate is situated in the high-segment of Eurinvest Partners risk-return matrix.

The following are certain risks in relation to the Certificates but does not purport to be a full or complete description of such risks. The investor should read these risks in conjunction with the risks factors sections of the Base Prospectus.

Credit risk:  By acquiring the product, the investor takes a credit risk on the issuer and its guarantor, i.e. the risk of loss due to default by the Issuer or Guarantor where the Issuer or Guarantor fails to perform its obligations

Specific risks in respect of Certificates: An investment in a Security involves significant risks. These risks include, among other things, the possibility that:

• The relevant Underlying may be subject to significant price swings due to the intrinsic composition of the Underlying itself;

• The Holder of a Certificate could lose all or a substantial portion of his investment on such Security, and, if the nominal value is lost, interest may cease to be payable on the Certificate;
• The risks of investing in a Certificate encompass not only risks relating to the underlying on which the Securities are indexed, but also risks that are specific to the Security itself;
• Any Underlying Securities (that is indexed to more than one type of Underlying, or on formulas that encompass the risks associated with more than one type of asset) may carry levels of risk that are greater than Securities that are linked to one Underlying only or indexed to one type of asset only;
• It may not be possible for investors to hedge their exposure to these various risks relating to Certificates;
• A material market disruption could lead to the disappearance of the Underlying(s) on which the Certificates are indexed.