CFI code group : Mini-future certificates/constant leverage certificates [RF]

Mini-futures combine the structure of open-end certificates with leverage option. Mini-futures have no fixed term. The leverage is therefore available without a term restriction. The price of a mini-future always corresponds to its intrinsic value, i.e. the capital outlay, plus the bid-ask spread. The financing costs associated with building up the leverage effect are offset against the capital outlay on a daily basis, thereby eliminating the need for a premium. Investors have to pay only financing costs they actually utilize. In contrast to options, factors like volatility have no influence at all on the price of mini-futures.