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Does entitlement ratio affect the face value of a warrant or CBBC?

Assuming all other factors affecting two different warrants or CBBCs are the same (underlying asset, strike price, expiry date, volatility etc.), their respective entitlement ratios would directly affect their respective values per unit.

Generally, warrants or CBBC with a higher entitlement ratio would have a relatively small value per unit. However, in theory, the entitlement ratio would not affect the performance of a particular warrant or CBBC, as it has been calculated into the effective gearing.