Warrants may be issued over a range of underlying assets, including shares, baskets of shares or an index. A range of factors may affect the prices of warrants, including the current prices of underlying shares, implied volatility or time value, etc.
Two main types of warrants:
Subscription warrants are issued by listed companies and give holders the right to buy the underlying shares of the companies.
Derivative warrants are issued by financial institutions. Unlike subscription warrants which must be call warrants, derivative warrants can be call or put warrants.