Certificates: “A lot of AI, but also German stocks”

Nvidia, Micron, AMD—AI is a major focus in the certificate market as well. But there’s also a lot of interest in German stocks like Infineon and Rheinmetall. Other topics include gold and oil, and, more recently, Bitcoin again.October 8, 2026. FRANKFURT (Deutsche Börse). Skepticism about AI seems to have vanished; AI heavyweight Nvidia, as well as the Nasdaq and S&P 500, have reached new highs this week. This is also evident in the trading of certificates. “Investors are focusing primarily on stocks and AI-related securities,” reports Peter Bösenberg of Société Générale. Tech stocks are also playing a major role at ICF Bank, as Markus Königer reports. Simon Görich of Baader Bank also reports strong interest in tech stocks—and in the DAX.As always, the DAX is the main focus among underlying assets. At Société Générale, certificates based on the DAX account for about 30 percent of trading volume, while those based on the Nasdaq account for an additional 5 to 10 percent. “There is positioning for both rising and falling prices,” explains Bösenberg. At ICF, too, the DAX and Nasdaq are at the top of the list. ICF clients are more likely to bet on a falling Nasdaq than on a rising one, as Königer reports, for example with open-end knock-out puts on the Nasdaq 100 ( ).A Lot of Optimism About Nvidia & Co.The most actively traded individual stocks at Société Générale are AI stocks, specifically Nvidia, Micron, and AMD. “80 to 90 percent are long positions,” reports Bösenberg. Good options, for example, include open-end knock-out calls on Micron ( ) and call warrants on AMD ( ). The most popular individual products at ICF are certificates on Apple, Tesla, Netflix, and AMD. In terms of underlying assets, however, German stocks dominate—specifically Siemens Energy, Infineon, Rheinmetall, and SAP, as Königer notes. For Siemens Energy, for example, investors are betting on discount certificates ( ), while for Infineon, a factor-long warrant with a factor of 8 is leading the pack ( ).Gold and Oil: “Betting on Rising and Falling Prices”Commodity certificates also remain popular, especially those based on gold and oil. On Thursday morning, gold was trading at $4,125 per troy ounce, following prices ranging from just under $4,000 to over $5,570 this year. A barrel of North Sea Brent crude currently costs $103, following prices ranging from $61 to $119.“Trading in gold-related products has picked up again,” reports Baader Bank trader Görich. Bösenberg notes positions being taken in both directions. High trading volumes are seen, for example, in open-end knock-out calls with a knock-out threshold of $4,056 ( ) and in ICF options with a knock-out threshold of $4,141 ( ). As for oil, there is a lot of activity at Société Générale in discount certificates on Brent ( ). Königer is seeing a lot of interest in mini-future puts on Brent crude ( ).Bitcoin Back in the SpotlightThere has been quite a bit of activity in the cryptocurrency market recently. Bitcoin—which was still trading at around $63,000 during the summer months—rose significantly in August and is currently trading at just under $83,000. According to Bösenberg, this has significantly boosted trading in related certificates, such as mini-future calls on Bitcoin ( ) and Ethereum ( ). At ICF, however, things are quiet. “The euphoria is gone; cryptos hardly play a role for us,” notes Königer.Betting on “noticeably more activity in the bond markets”Bonds are increasingly in the spotlight, as Bösenberg adds. “Rising yields in Europe and the U.S., new momentum driven by economic data, and expectations regarding the ECB’s and the Fed’s future monetary policy are creating noticeably more volatility in the bond markets,” he explains. Futures on German Bunds, Italian BTPs, and French OATs are particularly in the spotlight. Two examples: knock-out puts on the Euro-Bund Future ( ) and factor short warrants on the Euro-OAT Future with 2x leverage ( ).By Anna-Maria Borse, October 8, 2026, © Deutsche Börse AG About the Author Anna-Maria Borse is a finance and business editor specializing in financial markets, the stock market, and economic issues.Feedback and questions to live@deutsche-boerse.com

Certificates: “A lot of AI, but also German stocks”

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