Certificates: Tech stocks - but not only

Gladly accepted: Discount and reverse bonus certificates

According to Kesselhut, discount certificates continue to be popular in trading with investment certificates on indices. Examples: Discount certificates on the DAX with a cap of 15,500 points (DE000SY7SKP3>) or on the S&P 500 with a cap of 4,500 points (<DE000SU9MEK0>). Weiß is observing increased interest in reverse bonus cap certificates that bet on a negative price trend. Example: a product on the DAX (<DE000HS3MMD8>). This offers an additional opportunity if the DAX does not touch or exceed the barrier of 21,900 points between December 13, 2023 and December 20, 2024. “The sideways return is 7 percent per year.”

In terms of leveraged products on indices, ICF continues to focus on open-end knock-outs, for example an open-end knock-out call on the S&P 500 (DE000PN0B2U8). According to Kesselhut, a factor warrant with leverage 4 on the Nasdaq (<DE000SF3JZR8Y) is well received. In terms of turbo certificates and warrants, the underlying assets are “nicely mixed”. Kesselhut sees more bearish DAX positioning, such as put warrants on the DAX (<DE000SW9G3Q5>, DE000SW90TB0). 

A lot, but not just Nvidia

The focus in trading with products on individual stocks remains on US tech stocks. “After the price setbacks of shares such as Microsoft or Alphabet, a lot of bets are being placed on rising prices,” explains Tulezi. However, German shares are also attracting a lot of attention. According to Société Générale, discount certificates are also in demand here, for example on Vonovia or Bayer. Vonovia is also a topic at HSCB, specifically with a bonus cap certificate (DE000HS74FZ3). “There is probably a recommendation behind it, the sideways return is currently 15 percent per year,” says Weiß.

According to Weiß, open-end knock-outs are also popular in the leveraged products business, for example on Nvidia (<DE000HS893J1>). Customers of Société Générale are buying mini future calls on Nvidia (<DE000SW5ZRY1>). 

Gold with calls and puts - crypto trackers in demand

New all-time highs for gold and strong fluctuations in the oil price are also generating a lot of activity in certificates on commodities. “We are seeing calls and puts on gold,” reports Julius Weiß. Patrick Kesselhut reports conspicuous interest in an index certificate on silver (DE000CU0V6V6), Tulezi in open-end knock-out calls on gold (DE000TB3SH68) and silver (DE000TT2CGE6). According to Kesselhut, a lot of bets are placed on the oil price with factor warrants, such as the factor 3x long warrant on Brent Crude Crude Oil ICE Rolling (DE000SB3T5M4).

However, the highest-turnover product at ICF is - as always - the tracker certificate on “Der Aktionär” Krypto TSI (CH1171791515). This invests in the ten cryptocurrencies with the strongest trends.