Warrants have become a popular investment alternative and provide investors with a simple way to gain exposure to a range of assets such as shares and ETFs. The ASX warrants market began by trading equity call warrants in 1991. There are now a range of warrants listed on ASX that cover the entire risk/reward spectrum. Some warrants allow investors to trade declining markets whilst others offer risk-reducing features such as capital guarantees. Alternatively warrants such as instalments entitle the holder to the dividends and franking credits paid on the underlying stock.