Bonus certificates consist of three components. 1. They are a way to profit from the positive performance of an underlying asset — such as an index or a share. 2. There is a bonus payment at maturity in the form of a kind of guaranteed interest. However, this is only paid if 3. a price barrier (knock-in threshold) that is significantly below the starting value of the respective underlying asset is never touched or undercut during the entire term. The investor thus has a risk buffer up to the knock-in threshold. However, if this knock-in threshold is touched or undercut during the term of the certificate, the product is immediately converted into a classic index or participation certificate. The original guaranteed interest, i.e. the bonus payment, is lost. However, the investor still has the chance to profit from a recovery of the underlying asset.