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SIMPLIFIED
PROSPECTUS
Tracker Certificate
Underlying: "Demographic curve III" equity basket
Maturity: 07 December 2017
This product is not a collective investment within the meaning of the Swiss Federal
Investment Fund Act. It does not require approval from the Swiss Financial Market
Supervisory Authority (FINMA) and is not subject to FINMA supervision. Investors are
therefore not protected by the Swiss Federal Investment Fund Act.
PRODUCT DESCRIPTION
Certificate details
Sec. No. / ISIN / Symbol
Issuer
Lead Manager, Paying
agent, Calculation agent
Underlying asset
Certificates per basket
Issue size
Issue price
Reference price
26 180 807 / CH0261808072 / No listing planned
Banque Cantonale Vaudoise, Lausanne, Switzerland (S&P AA/stable/A-1+)
Banque Cantonale Vaudoise, Lausanne, Switzerland
Basket of shares
1 Certificate = 1 “Demographic curve III” equity basket
11 000 Certificates (includes an increase and reopening clause)
EUR 100.00 (reference price + issue margin of EUR 2.45)
EUR 97.55
Initial fixing
01 December 2014
Payment date
05 December 2014
Final fixing
Maturity date
From 01 December 2017 to 04 December 2017 (2 days)
07 December 2017
How the Certificate works
Definition
The Tracker Certificate is a structured product that replicates the performance of an underlying
basket of securities simply, inexpensively and with high liquidity.
SSPA category
Participation Product – Tracker Certificate (1300), according to the Swiss Derivative Map available at
www.svsp-verband.ch.
Basket composition
Composition of the basket as at 02 October 2015
Security
SHL TELEMEDI-REG
www.bcv.ch/invest
021 212 42 00
ISIN
IL0010855885
Bloomberg ticker
Currency
Weighting
Number
of shares
per
basket
SHLTN SW Equity
CHF
1.09%
0.13473
14.69%
0.51597
AMEDISYS INC
US0234361089
AMED US Equity
USD
ALMOST FAMILY IN
US0204091088
AFAM US Equity
USD
14.41%
0.47518
CAP SENIOR LIVIN
US1404751042
CSU US Equity
USD
9.24%
0.52439
ORPEA
FR0000184798
ORP FP Equity
EUR
12.39%
0.20820
KORIAN-MEDICA
FR0010386334
KORI FP Equity
EUR
10.80%
0.36611
CARL ZEISS ME-BR
DE0005313704
AFX GY Equity
EUR
11.46%
0.49079
8.71%
0.12691
DRAEGERWERK-PREF
DE0005550636
DRW3 GY Equity
EUR
WRIGHT MED GROUP
US98235T1079
WMGI US Equity
USD
7.85%
0.47167
SONOVA HOLDING A
CH0012549785
SOON VX Equity
CHF
9.35%
0.08983
Management fees
Dividends
Redemption of Certificate
0.25% per year.
The dividends from the underlying securities will be fully reinvested in the Certificate, net of any tax paid or to
be paid. If the tax rate is not known when a dividend is announced, BCV reserves the right to defer
reinvestment of the dividend net of tax until the accounting date.
Each Certificate will be redeemed in EUR. The amount redeemed will be equal to the selling prices of the
underyling shares on the reference stock exchange at the end of the final fixing period, converted into EUR
if necessary.
Closing prices and exchange rates are set by BCV in accordance with the reference exchange for each
security.
Secondary market, Listing and Clearing
Listing, market segment
Secondary market
Clearing
Certification
No listing on the SIX Swiss Exchange.
No secondary market on the SIX Swiss Exchange. Banque Cantonale Vaudoise ensures a liquid
daily secondary market between 9:15am and 5:15pm. Prices may be consulted on Reuters
BCVINDEX <BCV DERIVATIVES> and SIX Telekurs 26180807, BCV.
SIX SIS SA
The security takes the form of a book-entry security registered in the SIX SIS SA clearing system. It
is uncertificated and individual securities will not be printed or delivered.
Tax
Tax disclaimer
This tax information provides only a general overview of possible tax consequences related to this
product on its issue date. Laws and tax practices can change with retroactive effect.
Investors should always consult with their tax advisor for a specific evaluation of their profile before
carrying out any transaction.
Switzerland
For individuals whose tax domicile is in Switzerland and who hold these investments as part of their
private assets, any gains resulting from the sale of certificates are considered capital gains. Capital
gains do not currently constitute taxable income.
Any income from the underlying bond funds that is reinvested in the underlying funds constitutes
taxable income for individuals whose tax domicile is in Switzerland.
The Certificate is not subject to withholding tax or stamp duty at issue.
Secondary-market transactions are not subject to stamp duty.
EU taxation of savings
Outside the scope of the European Union savings tax directive. “Out of scope” (Telekurs code = 9)
Legal information
Applicable law and
jurisdiction
Simplified prospectus
Prudential supervision
Lausanne, Swiss law.
This document is not an issue prospectus within the meaning of Articles 652a or 1156 of the Swiss
Code of Obligations. It is a provisional prospectus within the meaning of Article 5.2 of the Swiss
Federal Investment Fund Act. Only the listing prospectus, which is available from BCV in French,
along with any other documents required by the Regulatory Board, shall prevail.
BCV Lausanne, Switzerland, is subject to prudential supervision by FINMA.
PROFIT AND LOSS EXPECTATIONS
Market forecast
This Tracker Certificate is designed to take advantage of a rise in the share prices of companies in
the basket.
Risk tolerance
The risks are comparable to those of a direct investment in the underlying basket of securities:
exchange-rate fluctuations, share price movements, holding-period risk, price volatility, etc.
The risks inherent in certain investments, particularly derivatives, may not be suitable for all
investors. Before conducting any transaction, investors should evaluate their risk profile and seek
information on inherent risks, and are urged to read the SwissBanking brochure "Special Risks in
Securities Trading" (available at BCV offices or online at: http://www.bcv.ch).
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Potential profit
During the product’s lifetime, holders of this Tracker Certificate may make a profit if they sell the
certificate for more than its purchase price. The potential return on the certificate at the final fixing is
comparable to the return on the underlying basket.
Potential loss
The investor will incur a loss if the product is sold for less than its purchase price during its lifetime or
if it is redeemed for less than the purchase price on the final fixing date. The product is issued in
EUR and includes CHF- and USD-denominated securities. A fall in the exchange rates of these
currencies against the EUR may cause the price of the Tracker Certificate to drop.
SIGNIFICANT RISKS INCURRED BY THE INVESTOR
Issuer risk
Investors are exposed to the risk of insolvency of the issuer, which could lead to the loss of all or part of the
invested capital.
The value of the investment does not depend solely on the performance of the underlying asset but also on
the solvency of the issuer, which may change during the product’s lifetime.
The rating stated in this document for the issuer was valid at the time of issuance and may change
during the product’s lifetime.
Secondary market/market
liquidity
In the event that a regulated secondary market exists, the issuer endeavors, under normal market
conditions, to provide bid and ask prices for the product on a regular basis. However, the issuer
makes no firm commitment to provide liquidity by means of bid and ask prices and is under no legal
obligation with respect to the provision or determination of these prices.
Under special market conditions, if the issuer is unable to enter into hedging transactions, or if such
transactions prove difficult, the spread between bid and ask prices may be temporarily expanded in
order to limit the economic risks for the issuer.
Market risk
Investors are exposed to the risks of adjustments in the underlying asset, non-convertibility,
extraordinary market situations and emergencies, such as suspension of listing of the underlying
asset, trading restrictions, and any other measures that materially restrict the tradability of the
underlying asset. Investors are subject to the legal and contractual obligations of the markets on
which the underlying asset is traded and to the legal and contractual obligations provided by or
governing the issuer. Such market events could affect the dates and other terms and conditions in
this document.
Adjustments
BCV reserves the right to adjust the composition of the Tracker Certificate in case of special events
affecting one or more of the securities in the basket, including but not limited to a merger, acquisition
or severe restriction on tradability. In the interests of investors, adjustments will be made in
accordance with current market practices.
Currency risk
Investors whose base currency is not the settlement currency for the product should be aware of
exchange-rate risk.
Important information
General information
Past performance does not guarantee present or future performance.
This document is for information purposes only; unless otherwise stated, it is not financial analysis
within the meaning of the Swiss Bankers Association's "Directives on the Independence of Financial
Research," nor is it an offer, invitation or personalized recommendation to buy or sell specific
products.
Unless otherwise stated, the issuer is under no obligation to acquire the underlying asset(s).
Any changes to the initial terms and conditions of the structured product that are unplanned or not
contractually agreed upon will be published on the website www.bcv.ch/invest.
Subscription period
During the subscription period, the terms and conditions are for information purposes only and may
be changed; the issuer is under no obligation to issue this product.
Conflict of interest
BCV and/or one or more of its affiliates (hereinafter: "BCV Group") may, relative to this issuance or
product, pay or receive from third parties one-time or recurrent compensation. The contents of this
document may have been used for transactions by BCV Group prior to their publication. BCV Group
may acquire, hold and/or dispose of interests or positions in the components of this product.
Sales restrictions
Distribution of this document and/or the sale of this product are subject to restrictions (e.g., USA, US
persons, UK, EU, Japan, Japanese persons) and are only authorized in accordance with applicable
law.
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Publication date
09 October 2015
Contact information
Sales team
Phone
Structured products sales team / BCV Asset Management & Trading Division
+41 (0) 21 212 42 00
Please note that phone calls to this number may be recorded. By calling us, you tacitly agree to this practice.
Fax
Website/email
Mailing address
+41 (0) 21 212 16 37
www.bcv.ch/invest / [email protected]
BCV / 276 - 1598 / CP 300 / 1001 Lausanne / Switzerland
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