Four-year call spread note on ETFs

Product Rationale

We present a product which may be of interest to investors who have a bullish view on the thematic ETFs basket.

The product has the following feature:

The investor will receive their invested capital (subject to the issuer credit risk) and the capped positive performance of the equally weighted basket at maturity.

Product Description
  • Issuer: Commerzbank AG (Format: Note)

  • Issuer credit rating: A1 stable (Moody’s) / A– (S&P) / A– (Fitch), ‘preferred’ senior unsecured debt
  • Maturity: 4 years
  • Currency: USD
  • Strike level: 104%
  • Underlyings:

Underlying name

Bloomberg ticker

United States Oil Fund

USO US Equity

SPDR Gold Shares

GLD US Equity

iShares Silver Trust

SLV US Equity

  • At maturity:
    The investor receives:

    • 100% + Min{Cap,Max[AvB(f) / AvB(i) – Strike,0]}

    • AvB(f) is the final value of the equally weighted basket
    • AvB(i) is the initial level of the equally weighted basket

    • Cap is the maximum level of performance the investor can earn on the equally weighted basket performance

Key Benefits
  • The investor gets exposure to the capped upside performance of the thematic basket

Key Risks
  • The level of capital protection is subject to the issuer credit risk

  • Please also refer to Additional Risk Disclosures below

Key Sensitivity Factors







Legend: ++/––: very sensitive, +/–: sensitive, 0: none

Additional Risk Disclosures
Before investing in this product, investors should carefully consider its appropriateness and suitability, and the following additional risks: 1. Issuer Risk: Any failure by the issuer to perform its contractual obligations, when due, may result in the loss of all or part of the invested capital. 2. Counterparty Risk: Any failure by Commerzbank AG to perform its contractual obligations, when due, may result in the loss of all or part of the invested capital. 3. Market Risk: Various market factors may affect the value of the investment or the underlying assets, including but not limited to the impact of volatility, interest rates, dividends (if any), foreign exchange. 4. Liquidity/Secondary Market Risk: Under normal market conditions Commerzbank will endeavour to provide a secondary market price. However, Commerzbank has no obligation to make a secondary market in the instruments concerned. Accordingly, under some circumstances, the secondary market for the investment may be limited and subject to wide bid/offer spreads. 5. Reinvestment Risk: The risk that the investment redeems prior to maturity at a time when reinvestment opportunities are not favourable for the investor. 6. Redemption Risk: The risk that the investor may receive substantially less than the amount invested, if they liquidate the investment prior to maturity. 7. Tax Risk: There may be tax implications based on where the investor resides. Please consult a tax professional before investing. 8. Legal Risk: There may be legal restrictions depending on where the investor is domiciled. It is advised to seek legal guidance prior to investing. When specified, the terms ‘guaranteed’ and ‘protected’ are subject to the creditworthiness and solvency of Commerzbank and although financially strong there is the possibility that returns may not be met in the unlikely event of a Commerzbank failure. For additional information on the product features and key risks, please contact your sales advisor or refer to the contacts page.