Merck KGaA/Bonus/100/Put/JPM

This Reverse Bonus Certificate is linked to Merck KGaA, the underlying instrument, and has a term ending on March 30, 2027. The investor benefits from a negative performance of the underlying. The product features a protection level of EUR 180.00 and a reverse level of EUR 220.00. If the underlying never trades at or above the protection level during the observation period from July 06, 2026 until March 19, 2027, the investor receives a redemption in the amount of the reverse level, less the level of the underlying times the multiplier of 1.00 at the end of the term; at least the bonus amount of EUR 100.00. If the protection level is touched or penetrated, the bonus amount claim will lapse; redemption will be made at the end of the term and amount to the reverse level, less the level of the underlying, adjusted for the multiplier.