Certificates: Preferably defense and tech stocks

Plenty of imagination for defense stocks

When it comes to products based on major indices, Königer says that open-end knock-out calls on the DAX are popular, for example with a strike price of just under 23,858 points (DE000HT6LDN0) or just under 23,885 points (DE000PJ432B6). 
Among products on individual stocks, there is high demand for discount certificates. “They promise an attractive sideways return,” notes Königer. Discount certificates (DE000DY4UL97) are also popular for Rheinmetall, as ICF figures show. However, leveraged products on the defense contractor are also popular, especially open-end knock-outs, sometimes calls (DE000DY8UKX8) and sometimes puts (DE000PJ01YG9). The Augsburg-based tank supplier Renk is also a topic of discussion: According to Weiß, there is “a lot of traffic” in a capped bonus certificate on Renk with a cap of 85, a barrier of 37, and a yield of 18.5 percent per year (DE000HT62M84).

Tech stocks from the US, but not exclusively

In addition, positions in US tech stocks such as Nvidia, Tesla, and Amazon dominate, but also the Dutch chip equipment manufacturer ASML. Here, too, there are a striking number of discount certificates on the sales lists. One example is the discount certificate on ASML with a cap of 600 euros. The ASML share price climbed to an all-time high of over €1,000 last summer and now stands at €635. Weiß also reports high sales in a call warrant on the US semiconductor and software company Broadcom with a strike price of US$300 (DE000HT5BZT3), which runs until March 2026.
HSBC also reports high sales for an open-end knock-out call with a leverage of 3.9 on the US retail group TJX Companies (DE000HS054U7), known in Germany for its TK Maxx department stores. Another German stock is the subject of discussion at ICF: Siemens Energy. The share price has risen from €12 at the beginning of 2024 to €104 today. Opinions on its future performance appear to be divided, with both long and short positions being taken.
 

Silver at its highest level since 2011

In addition, the fourteen-year high reached by the silver price last week is making itself felt. At ICF, simple price trackers are used to bet on silver (DE000DZ0B773), but also many open-end knock-out calls (DE000HT5TMT3). The price of silver rose to US$39.53 last week, its highest price since 2011. It is now slightly lower again.
 

By Anna-Maria Borse, 31 July 2025, © Deutsche Börse