Market sentiment behind an investment or leverage product. Long, Call, or Bull speculates on rising prices. Short, Put or Bear speculates on falling prices.

Knock-out limits represent a border for leverage products. If the underlying instrument climbs above, or falls beyond, this limit the knock-out certificate expires without value. Some knock-out certificates include an additional stop-loss limit at which the certificate does not expire without value, but a residual value is being paid to the investor. This value is dependent on the distance to the knock-out value.