The German certificates industry has its loyal fans.
German private investors have invested around 70 billion euros in it.
Before Lehman it was a lot more.
Shortly thereafter, sometimes significantly less.
An upswing, such as funds, especially index funds, but recently also direct investments in shares have experienced, passed the certificates by.
Some shy away from the risk that if the issuer goes bankrupt, their savings could also go to waste.
For some it is too complicated to familiarize themselves with discount, express or bonus structures.
In recent years, however, this has not really been necessary.
Direct investment in stocks and bonds was more promising in view of the new price records every year.
And interest-linked certificates, which make up a third of the market, didn't really offer attractive returns either, given the zero interest rates.
But now times are changing.
Interest is back and with it not only more attractive conditions for interest-based certificates.
Product structures dependent on the share price are also becoming more attractive again thanks to interest rates and continued above-average price fluctuations.
So if you are expecting a rather bumpy road on the stock markets, without too much outliers up and down, you can now take a look at the certificate market again.
There are still enough products – many hundreds of thousands.