A new approach to state bonds with variable prices and protection of capital. The product, issued on October 15, 2026, has been developed to offer an alternative way to invest in the ten-year BTP yield, provided that the yield is higher than 0% but below 5%. Quarterly certificates are calculated based on a potential rate of 10%, proportional to the days when the BTP decade index is within the predetermined range. The amount actually collected depends on which condition this parameter satisfies. In summary, the WebSim certificate allows you to bet on yields higher than those of traditional government bonds, as long as the Italian ten-year bond yield remains within a pre-established range.

The investor can therefore mature part of their stake even when the parameter exceeds temporarily the upper threshold. The underlying is the Solactive BTP 10-Year Annual Yield Index, identified by the Bloomberg code SOITA10Y. This index measures the theoretical yield of an Italian government bond that matures annually on average, through the actual yields of BTPs (Banco Popolare Italiano) traded. The reference fix is at 11 am. At closing on November 2, 2026, the index was 56.5 basis points away from exceeding the limit beyond which days of observation cease to contribute to the maturity premium. A temporary rise in interest rates reduces the number of useful days. If the index subsequently returns within the interval, maturation resumes.

The product does not provide an effect memory that allows recovering lost prizes outside of the specified periods. What are the quarterly bonuses on €1,000: The quarterly certificate depends on the actual number of days during which the yield of the BTP meets the condition stipulated. The calculation uses the financial convention Actual/360, which relates the days of the period to a conventional year of 360 days. The formula is equal to the nominal value multiplied by the annual interest rate of 10%. This new approach to state bonds offers an alternative way to invest in the ten-year yield of the BTP, but with different prices and benefits compared to traditional state bond certificates. Quarterly certificates are calculated at a potential rate of 10%, proportional to the days when the BTP decade index falls within the predetermined interval.

The investor can therefore mature part of their stake even when the parameter temporarily exceeds the upper threshold. In conclusion, the WebSim certificate on the ten-year BTP represents an interesting opportunity for investors seeking a higher return than traditional state bonds, but with different price and benefits. The investment can also mature when the parameter temporarily exceeds the upper threshold without the memory effect that allows recovering lost premiums during periods outside the threshold.