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Index/Participation Certificates

What are index/participation certificates?

With an index/participation certificate, you can directly benefit from the development of the underlying instrument. It allows you to diversify the risk, because you do not invest in one specific security, but in an index – such as for example the ATX. This way your investment is not influenced by the fluctuations in one security, but by the combined development of all the securities contained in the index.

The losses of one group of shares may be offset by the gains in another group in the index. Your overall risk is therefore lower if you hold an index/participation certificate than if you hold specific shares. Index/participation certificates may be issued on performance indices as well as on price indices.

How do index/participation certificates work?

Index/participation certificates are issued at a certain exchange ratio relative to the underlying instrument. Most often they are traded at 1:100 or 1:10 to the index. This means that if for example the ATX is at 3,700 points, one index/participation certificate with an exchange ratio of 1:100 to the ATX costs EUR 37. By the way, index/participation certificates are a cost-efficient form of investment in that they come with no load or management fee.


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