BNP Paribas Gold Put Warrant (Ticker 24809) (24809)

BNP Paribas Gold Put Warrant is a European-style, cash-settled structured product issued by BNP Paribas that provides leveraged exposure to declines in the price of SPDR Gold Trust units (stock code 2840), which track physical gold bullion. Designed for investors anticipating a drop in gold prices, it automatically exercises at expiry on September 30, 2026, if the average closing price of the underlying units over the five business days prior falls below the exercise price of HK$4,288.00. The cash settlement amount per board lot of 500 warrants equals the entitlement of 1 unit times (exercise price minus average price) times the number of warrants per entitlement, payable in Hong Kong dollars around three days after expiry. Launched on January 16, 2026, with an issue size of 60 million warrants at HK$0.25 each, it features an implied volatility of 35.20%, effective gearing of 6.55x, and gearing of 26.38x. A designated liquidity provider ensures market-making with quotes within 10 minutes and spreads up to 20 ticks for minimum 20 board lots. Its value fluctuates with gold price volatility, time to expiry, interest rates, and issuer creditworthiness, playing a key role in commodities derivatives markets for bearish gold strategies.