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High promise – lousy return

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HB HAMBURG. In search of a safe investment , many investors end up with warranty certificates. Editor advertise the fact that investors may benefit from the opportunities with the high security of the stock market . But the papers are expensive and the chance at an attractive rate of return is very low, as a new investigation of the magazine "financial test " Stiftung Warentest found . " The result is frustrating for investors, " says financial expert Roland Aulitzky test . " No certificate is attractive to them. " Because of the high costs under warranty only benefited the banks.

Warranty certificates are bonds that exist in many variants. The common feature is that the investors at maturity , the repayment of its investment is guaranteed. With a Guarantee Certificate investors are also on the development of an underlying security . This is either an equity index , a basket of stocks or a single stock . In comparison to direct investment in an index of investor takes up limited to price losses but also gain component.

The financial test experts examined six new certificates of large banks, which are typical of many products on the market. It was simulated, how high the potential returns at maturity is . Only two certificates there is no income limit. For the other returns of up to 8.5 percent per year possible. Such an outcome is unlikely, however, judged the experts. Only 10-15 percent of the simulated cases, investors would have been lucky and actually collected the too high.

"While the overwhelming probability in the end issued a worse return , "said Aulitzky . The most likely is for all six products, the minimum return that investors merely conceded that lie only thinly positive. With a guarantee certificate has the probability of a loss of 2.0 percent even 51 percent less .

The main reason for the meager earnings prospects are quoted as high costs. If you buy via the bank up to 2.5 percent fee would be payable. In addition, the banks demanded a sales commission of up to 4.0 percent.

Moreover, referring to the guarantee of the products only at the end of the term , it said. Who wants to advance his money could not sell them on the stock exchange , but must take into account this potential loss. In addition, guarantee certificates are not a substitute for safe investments such as savings or time deposit – day : Go to the editor broke, they could be worthless, because there is no jump in to rescue fund .

Guarantee certificates are a waste product that benefits only the banks and should be of the investor the finger, " the financial expert of the Consumer Bremen , Arno Gottschalk. Who wants to combine a secure investment with a chance of shares should , interest investments combined with a low-cost index funds. " Such an investment everyone can easily put together yourself and it’s far more good than any product warranty of banks , "said Gottschalk.

However, products with capital protection are still in great demand. According to the German Derivatives Association ( DDV ), there are currently over 3,500 different guarantee products. Currently, the Germans have already invested 56 billion euros in bonds and corresponding certificates.