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Flexible access to leveraged exposure across a range of asset classes.
Warrants provide investors an alternative way to invest in a variety of tradable assets and the opportunity to access higher growth or reduce exposure to any one particular asset or risk. Warrants derive their value from an underlying asset such as a security, index, commodity, currency or interest rate. Certain warrants offer investors the option to buy or sell the underlying assets at a predetermined price. Alternatively, other warrants offer cash payments that reflect the price of the underlying asset at a particular time.
Warrants can provide diversification to a portfolio or offer leveraged exposure to an underlying asset. There are varying styles of warrants and ways in which they can be used, depending on investors' risk appetite, personal circumstances and investment objectives.
As of 30 September 2025, Cboe Australia offers over 1,400 uniquely quoted warrants, covering equities from Australia's largest companies, indices, currencies, commodities and fixed income.
Read the explanatory booklet, Investing in Warrants, on what you need to know before investing.
There are 2 broad types of warrants. Trading style warrants have features that better lend themselves to shorter term trading. Investment style warrants are typically held for longer although they can also be traded actively.
All warrants have an underlying asset - it can be a security, a share price index or an instrument based on an index, a foreign exchange rate, a commodity or other asset.
Trading warrants are typically cash settled and investment style warrants are typically deliverable which means you have the right to purchase/sell the underlying asset.
Some warrants have an expiry date which is the last day that a warrant can be exercised.
Warrants have a conversion ratio which tells you how many warrants you must hold if you want to buy/sell the underlying by exercising your warrants.
Index warrants and warrants over commodities or foreign exchange rates have a contract multiplier which is used to calculate the value of the warrant. The multiplier may be denominated in a foreign currency.
To learn more about the benefits, risks and style of warrants, download our explanatory booklet, Investing in Warrants.
Issuers of Warrants
Citigroup Global Markets Australia Pty Ltd
1300 30 70 70
citifirst.com.au
Registry: Computershare Australia
Subscribe to the Citi's market overview
Learn about warrants with Elizabeth Tian from Citi in this informative video series.
The Investing in Warrants guide on what you need to know before investing.
Learn about Cboe Australia's trading participants and find out where you can buy and sell warrants.
CitiFirst investments in Australia cover a broad selection of quoted warrants, structured products and funds.
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