I didn't know what knock-out certificates were, so here's an edited excerpt from Claude:
"Knock-out certificates (also called "turbo certificates" or "barrier options") are leveraged financial derivatives popular in Europe, particularly in Germany, Switzerland, and France. They're structured products that allow investors to speculate on the price movements of an underlying asset with leverage.
...
They have a built-in "knock-out barrier" - if the price of the underlying asset reaches or crosses this predetermined level, the certificate immediately expires and becomes worthless or is redeemed at a minimal residual value."
I didn't know what knock-out certificates were, so here's an edited excerpt from Claude:
"Knock-out certificates (also called "turbo certificates" or "barrier options") are leveraged financial derivatives popular in Europe, particularly in Germany, Switzerland, and France. They're structured products that allow investors to speculate on the price movements of an underlying asset with leverage.
...
They have a built-in "knock-out barrier" - if the price of the underlying asset reaches or crosses this predetermined level, the certificate immediately expires and becomes worthless or is redeemed at a minimal residual value."