The certificate Volkswagen Express offers an annual opportunity for early redemption, enabling investors to obtain a yield of 13% per year if the preference share of Volkswagen AG quotes at or above its starting value at one of the valuation dates. If the share quotes below the starting value, the term extends by another year - up to a maximum of five years. In the event of a barrier violation (60% of the starting value) at the final valuation date, the investor is entirely subject to market risk and physical delivery of Volkswagen AG preference shares is effected.