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Lydia Biel

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What is an asset allocation? It all depends on the right mix – this also applies to investments. When putting together their portfolios, many private investors attach great importance to the fact that risks and potential returns are as consistent as possible. How it works? With the so-called asset allocation. In this article, you will learn what asset allocation actually means, what it means and which methods of asset allocation are available. We also show the associated advantages and disadvantages.

The term “asset allocation” is made up of the English words for asset and allocation. “Assets” include both financial assets such as cash, investments or securities and tangible assets such as real estate. Allocation is generally understood to mean the allocation of resources to specific users or purposes. The asset allocation is thus defined as the allocation (or allocation) of assets. Further synonyms are asset allocation, asset allocation, asset structuring or portfolio structuring.

What is an asset allocation?

As a definition in the context of financial investments, asset allocation describes the distribution of capital across different asset classes. In other words, instead of putting everything on one card, investors invest their money in various financial instruments. The broadest possible spread should ensure that risk and return are largely balanced. To this end, financial strategists take advantage of the fact that the returns of different asset classes are not related and that each class carries a different level of risk. To understand this, you should first get an overview of the various asset classes.

What asset classes are there?

Investment or asset classes are groups of financial instruments with similar characteristics in terms of risk, earnings potential and performance. They can be roughly divided into deposits, securities, real estate and raw materials . Asset classes are mutually exclusive, comprehensive, and their returns are unrelated. The last criterion in particular is of crucial importance for asset allocation because it states that the return on one asset class can increase while the return on another class falls. Investors can take advantage of this property when composing their portfolio.

ASSET ALLOCATION AND CORRELATION

In order to benefit from the potential advantages of asset allocation, investors should know what interactions or correlations exist between individual asset classes. In the best case scenario, investors structure the portfolio in such a way that the losses of one asset class are offset by the gains of another. It basically shows that the money is invested in asset classes that correlate negatively – which means nothing other than that they behave in opposite directions. An example: In a crisis like the corona pandemic, the stock exchanges often crash or at least experience significant price fluctuations. Gold, on the other hand, has traditionally been seen as a safe haven, where many investors take refuge in times of crisis to protect their assets. While stock prices are falling.

How does an asset allocation with ETFs work?

One way of dividing assets across different asset classes is to invest in exchange-traded index funds, or ETFs for short . They are seen as a broadly diversified form of investment and are therefore ideal for diversifying your own portfolio. With various ETFs on stocks and bonds , but also with commodity or industry ETFs , you can diversify your portfolio as a whole for the widest possible risk diversification – on the other hand, you have the option of broader positioning within the respective asset class. Despite the broader diversification, however, you must always expect fluctuations in value and even losses when investing in ETFs.

What methods of asset allocation are there?

As a general rule, the portfolio structure should always correspond to personal investment goals. The selection of the asset classes is based on three central criteria: profitability, security and liquidity. These three competing goals are in the magic triangle of investmentshown. Before you put together your individual portfolio, you should first answer the following questions for yourself: What is the return that I would like to achieve by the end of the investment period? How willing am I to take risks? And how important is it to me to be able to access my invested money quickly in an emergency? Once you have set your individual investment goals and your risk profile, you can then decide on either strategic or tactical asset allocation.

What is the strategic asset allocation?

With the strategic asset allocation, investors commit to a certain asset mix and consistently maintain it over a long-term investment horizon. The aim of this method is an optimal balance between the assumed risk and the expected return. The strategic portfolio structuring is cyclical. This means that the weighting of the individual asset classes within the portfolio always remains the same – even if the economy and markets fluctuate. For this reason, the strategic asset allocation is also referred to as a “passive” form of portfolio structuring, because the portfolio is rarely reallocated.

What is the tactical allocation?

Tactical asset allocation known as more active form of portfolio management. The aim here is to temporarily weight certain asset classes more or less in order to benefit from current market developments in the short term. An example: during a bull marketOn the stock market, you temporarily add a higher proportion of stocks to your portfolio and return to your original portfolio structure when prices fall. In contrast to strategic asset allocation, investors shift their portfolios more often with tactical allocation. But even with the strategic asset allocation, you should occasionally check whether the weighting in your portfolio still corresponds to your original investment strategy – and if not, carry out what is known as rebalancing.

What does rebalancing mean?

Another important method that you should know about asset allocation is what is known as rebalancing . This term describes the reallocation of your asset classes to the original asset allocation. You should also know that the weighting of the individual asset classes can deviate significantly from your original portfolio structure over time, for example if the equity component increases or decreases significantly due to rising or falling prices. In concrete terms, rebalancing works by selling overweight shares or investing fresh money in underweight asset classes.

What are the advantages and disadvantages of asset allocation?

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Asset allocation offers the advantage that the capital can be distributed across different asset classes and the portfolio can be structured individually according to personal investment goals and risk tolerance. If investments are made in several asset classes with different risks and income opportunities at the same time, there is a greater chance that fluctuations can be more easily absorbed and possible losses can be offset by possible income in order to achieve the highest possible return overall. The asset allocation serves to diversify risk and is intended to prevent the overall risk from being on a single asset class. However, always be aware that even with a well thought-out asset allocation and even with an overweighting of supposedly less risky asset classes, you will always have to expect considerable fluctuations in the value of your portfolio and losses.

There are many strategies and models for investing in securities. The core satellite strategy can be of particular interest to ETF investors. The basis is formed by widely diversified nuclear installations. In addition, with the core-satellite approach, there are smaller shares of riskier funds, which are supposed to help generate additional income and reflect individual preferences. Before setting up your own portfolio accordingly, it is worth taking a look at all the advantages and disadvantages of the core-satellite strategy.

What is the core satellite strategy?

The core-satellite strategy should combine passive and active action in a meaningful way and ensure the greatest possible security and return. The term is intended to underline that there is a core and various individual systems (satellite) in the approach. Accordingly, the depot is divided into 2 groups:

  • Nuclear facilities (core)
  • Single systems (satellite)

The nuclear facilities should give the depot the necessary stability. The focus is therefore on broadly diversified investments, which are often weighted up to 80 percent in the portfolio and are therefore very high. In line with the buy-and-hold approach, core investments do not rely on short-term and risky price bets. Through such passive management, investors hope for a sustainable return, especially for later times. Nuclear plants can, for example, serve as a retirement provision – provided the plants generate substantial profits over a longer period of time. The core investments form the foundation of the portfolio according to the core-satellite approach with the aim of stable and long-term performance.

The individual investments selected around this core should offer additional income potential and serve as a return boost in the portfolio. But the prospect of higher returns is usually associated with a significantly higher risk – occasionally total losses also occur. The proportion of rather speculative individual investments in the core satellite portfolio is therefore usually low and in many cases is around 20 percent. However, the weighting between core and individual investments can vary depending on the investor’s willingness to take risks.

GOOD TO KNOW: The idea of ​​the core satellite portfolio of combining passive and active trading in a common strategy has existed since the 1970s. American economists suggested covering the broad market with an index fund. Market timing and analysis, on the other hand, should be applied to individual stocks in niche markets. However, since ETFs or exchange-traded index funds did not appear on the market until a few years later, the idea initially did not catch on.

Core-Satellite Strategy in Practice

The core-satellite approach is a popular investment strategy today, mainly thanks to the large number of different ETFs.

For the core of a core satellite portfolio, for example, ETFs and other investment funds that invest in stocks from different countries with developed markets and companies are possible. Funds that invest specifically in stocks with high dividends or bonds from states and companies with good creditworthiness are also popular options with investors for the core portion in the portfolio – as are comfort funds . This is an investment that is so broadly diversified that opportunities and risks are balanced.

GOOD TO KNOW: One speaks of an asset allocation, also known as an asset allocation, when the assets are distributed across the various asset classes (e.g. ETFs, stocks, funds and commodities).

When choosing the right satellite, not only knowledge of the stock markets but also personal risk tolerance as well as individual attitudes and topic orientation play decisive roles. Basically, high-growth regions, individual industries, investment themes and asset classes such as commodities can be offered. However, in-depth analyzes are useful before each individual investment, because many of the markets that are eligible for the satellite share are subject to strong price fluctuations, which can lead to enormous losses.

Incidentally, overlaps with values ​​in the core portion cannot be ruled out. On the contrary: In the case of individual investments, it can sometimes be a deliberate doubling or overweighting of individual sectors or countries where the prospect of returns is promising. However, this automatically increases the cluster risk, which always arises when investors proceed very unilaterally and do not structure their investments in the sense of asset allocation.

GOOD TO KNOW: The core-satellite strategy can be implemented in practice with both one-off investments and securities savings plans . You can divide your available rate over several savings plans and thus take different asset classes, regions or industries into account. With the method you can also avoid the question of the correct entry point (market timing).

ADVANTAGES AND DISADVANTAGES OF THE CORE-SATELLITE STRATEGY

A broad diversification in the style of the core-satellite strategy can help to reduce the risk in the portfolio. But securities such as stocks or investment funds are always subject to a high level of risk. There are no guarantees for future returns; exchange rate losses can occur just as suddenly. In addition, the financial crisis has made it clear to investors around the world that at extraordinary times all asset classes can see falling prices – no matter how supposedly safe the investment was. Before investing according to the core-satellite principle, investors should therefore not only find out about the advantages but also about the possible risks of the strategy. The advantages and disadvantages described are basically supposed scenarios. No one can predict in advance whether, for example, individual investments will boost returns or contribute to losses. Whether the advantages or disadvantages of a core satellite strategy outweigh many factors such as the future economic situation and personal capital market experience. One thing is certain: Securities such as shares are generally subject to a considerable market risk. Before investing according to the core-satellite principle, investors should therefore carefully examine the risks of the respective investment options.

Conclusion on the core satellite strategy for investors

The implementation of a portfolio according to the core-satellite approach with ETFs is a method that should both take into account the security concept of an investment and increase the return prospects. Whether this succeeds in practice depends largely on the selection of the individual systems. With an ever-increasing selection of niche market options such as industry ETFs , investors can put their core portion together as they wish, but sometimes require specific knowledge of megatrends and other market areas.

An open mixed fund distributes investors’ money across different types of investment. For example, he invests their assets by simultaneously combining shares in companies, i.e. stocks, and loans to companies, i.e. bonds. In this way, the risks of the various investment options are spread. In return, as an investor, you will receive shares or shares in the mixed fund. You can sell your mixed fund shares again at any time. This means that the money is quickly available.

Description

Possible goals: When could an open mixed fund be useful for me?         

The value of the open-ended mixed fund follows the value of the investments it contains, for example stocks and bonds as well as the dividends and interest paid for them.

Risks: What are the dangers of investing in an open mixed fund?           

Loss of value: You have no guarantee of how the performance of an open-ended mixed fund will actually go. Because if the value of the mixed fund’s investments falls – for example because the market slips or because companies are in economic difficulties – this is inevitably also reflected in the value of the fund’s share.

Use: What can I get from investing in open-ended mixed funds?

The diversified investment of your money via an open mixed fund in various forms of investment such as stocks and bonds reduces your risk if a single asset should fail – for example, if a single company becomes insolvent. This is because your fund had only invested part of the money you brought in in this company, while the other part is distributed through investments in many other companies. If these other companies continue to pay dividends and interest, they will continue to participate in them through the fund. This happens either because the fund distributes it to you, or because it invests it again and thus increases its value. Another way of spreading risk is for a mixed fund not to invest exclusively in the bond or equity market.

The broad diversification across several asset classes is decisive for whether a mixed fund is suitable for you as an investment in the long term. Therefore, before deciding on a fund, you should consider its investment strategy.

What obligations and costs do I have to face when buying an open mixed fund?         

Costs: An open mixed fund costs money. When you buy fund units, there is usually a so-called front-end load. When the units are returned to the fund company, a redemption fee is sometimes charged. In addition, various costs are continuously paid from the fund’s assets.

Fees: With some banks you also have to pay custody fees annually for keeping your fund units in a custody account. You have no further obligations.

Can I return or sell the fund unit at any time?

If you want to sell your fund shares again, you have two options. On the one hand, you can usually return most of the fund shares in open-ended mixed funds to the fund company every trading day, i.e. sell them back. The fund company will then pay you the value of the units, deducting a redemption fee if necessary. However, the investment conditions may provide that the redemption of units is suspended in certain cases. On the other hand, you can also resell your share to other investors. This is usually done via the stock exchange at the price stated there. But then you have to factor in sales costs that reduce your return.

What information does the provider have to provide me with? 

Anyone who wants to offer an open mutual mixed fund can prepare a sales prospectus. This contains all economic and legal details on the relevant fund as well as the key investor information, which summarizes the information in the sales prospectus. In addition, the provider is legally obliged to report semi-annually and annually on the development of open-ended mixed funds. For example, if you seek advice from a bank on the mixed fund, they must provide you with all of this information. For this purpose, it must hand you the key investor information, in which all information is presented briefly and concisely. In addition, a record of the advice from the bank must then be drawn up and handed over to you.

Where can I buy open mixed funds?          

Open-ended mixed funds can either be purchased directly from the manager of the fund or the fund company or from other financial distributors who offer such funds. This can be banks, savings banks or other financial services institutions.

You should pay attention to the possibly different prices and the additional costs, especially the amount of the so-called front-end load. If you have received advice, you must be given the key investor information in addition to a record of this advice. The sales prospectus and the most recently published annual and semi-annual reports must also be made available to you free of charge. In the case of certain mixed funds, however, this only applies if you expressly request these documents.

Who are open mixed funds suitable for?   

Open mixed funds are aimed at investors who invest money once or regularly as part of a savings plan and do not want to worry about the composition of their investment. You can usually reduce the risk of a loss through the broad diversification of the investment.

Investors have many options for investing money; serious and dubious providers compete for their favor. There are several of red flags that can indicate that a provider or product is in doubt. Banking, financial services and insurance business may only be carried out with state permission. But, this does not automatically mean that the products offered are recommendable. Securities and investments may also be offered to the public if a prospectus. But that doesn’t necessarily mean that the prospectus or information sheet and the products are reputable.

In general, think about your investment goals before investing and check your financial options. And: don’t let yourself be rushed. Take a time to think about pros and cons of investing before investing your money. Even if you seek advice, you do not make up your mind immediately.

WHICH OFFERS SHOULD YOU BE PARTICULARLY CAREFUL WITH?

Unsolicited call

Is someone calling you unsolicited to offer you a deal? In no case do not go into it. Such unsolicited calls are prohibited. Investment services companies and other companies are expressly prohibited from cold calling .

E- mail / fax

Have you by a vendor stock recommendations by e – mail received, you do not know? Do you receive stock letters by fax that you did not order? Or are you being presented with an alleged insider tip that you are supposed to be aware of? Behind such offers are mostly dubious providers who want to convey shares of worthless companies to investors for their own benefit through an invented success story.

Time Pressure

Are you put under time pressure? Does the provider entice you with an exclusive business that you have to decide on very quickly? You shouldn’t go into that because it’s often just a trick. As I said: never let yourself be rushed! Serious offers are not only available today, but also tomorrow.

High Returns Or Exceptional Development Potential

Are you promised unusually high interest rates? Promises of returns that are far above the market standard can also be an indication of dubious offers. The higher the promised profit, the higher the risk that you will lose the capital invested. You can find out which returns are customary in the market. You should also critically examine recommendations on companies that are considered to have exceptional development potential. Penny stocks are particularly vulnerable to speculation and manipulation due to their low prices and trading volumes.

Unclear Product

Does the provider have difficulties explaining their product? Never buy a pig in a poke – first inform, then decide! Only buy what you really understand! Basically, the more complicated a product is, the more experience you should have with financial transactions. Get to grips with the product yourself and do not be tempted by fantasy titles and embellished graphics.

Opaque Exit Options

Clarify how and when you will get your investment back. You should be particularly careful with long-term contracts, if there is no possibility of early termination or if this would entail considerable financial disadvantages.

You should only conclude contracts that run for several years without the possibility of early exit with providers whose seriousness you have no doubt in any way. Remain critical even if you can cancel or terminate a deal at any time within a certain period of time. Such rights do not automatically protect you from financial loss either. Clarify which repayment you will actually receive if the worst comes to the worst. The following applies to securities transactions: Find out about options for parting with a security before the end of the term. It is often important to know whether there is a liquid market for the product.

Transfer Abroad

Do you want to transfer money to (outside of Europe) abroad? Be extra careful. Many investors have already lost their money in the process. You may no longer be able to see whether and how your money is being invested. There have been cases in which the company to which the money was transferred did not invest the amount as agreed or did not invest at all. Sometimes the company didn’t even exist.

Investment on trial

Are you tempted to invest a smaller amount first on a trial basis? The reason why you cannot find any information about the company during your research is that it is a young company with promising business ideas? Then the supposed insider tip is probably a trap. After a short time, the provider will report on the great success of the system and ask you to invest larger amounts. Lured by the success of your trial investment, you should be tempted to invest more money.

Pyramid Scheme

They are persuaded to invest in supposedly lucrative investment businesses. In reality, however, the funds are not invested, but used to distribute or repay previous investors. Such a pyramid scheme is usually not recognizable for investors. The investment and its return are often simulated in glossy prospectuses. Sooner or later this system breaks down.

WHICH OFFERS SHOULD YOU BE PARTICULARLY CAREFUL WITH?

High costs and commissions

Get an overview of what proportion of your investment amount should be used for costs, fees and commissions. Use the mandatory information provided by the provider! Investment services providers not only have to explain the total costs to investors, they also have to inform them of all costs incurred and their effects on returns. Donations are even to be shown separately. Since securities service providers are allowed to summarize the costs, they must provide you with a list broken down into individual items if you request this.

Particular caution is required with forward transactions and the day trading that is often associated with them . High fees can be incurred for each transaction. The provider is therefore fundamentally interested in a large number of deals. The fees are often so high that the bottom line is that you can hardly make a profit. Often the costs even consume the capital invested in a short period of time.

Unclear conditions

Can’t you see who your contract partner should be? Are there any warnings or other information? Check the names of the vendors and products using search engines on the internet. Information is often also available from the local consumer advice centers. Don’t do business with vendors who don’t provide you with meaningful information. Do not rely on good-sounding names or reputable websites. And if you don’t understand the contract, stay away from the offer!

How is your investment secured?

If your bank or securities trading company experiences payment difficulties, deposit insurance and investor compensation protect – to a certain extent – your balances and claims. Customer deposits are protected by the deposit insurance, customer claims from securities transactions by the investor compensation.

Statutory deposit insurance

When the bank becomes insolvent, the contractual deposit insurance covers the savings of the client. Account balances, fixed-term deposits and savings deposits of up to 100,000 dollars per customer and institute – and not per account – are legally protected. In the case of joint accounts, each individual account holder has a separate entitlement. Under special conditions, the maximum amount for a period of six months can increase to up to 500,000 dollars.

Voluntary deposit insurance

In addition to the statutory compensation schemes, the banking associations have set up voluntary security schemes. However, they do not grant bank customers any legal right to compensation.

Investor Compensation

Monies owed to you as an investor in connection with securities transactions (e.g. distributions, sales proceeds) are subject to statutory investor compensation. This protects your claims against your bank to surrender the securities held for you or money that it owes you from securities transactions. The compensation claim is limited to 90 percent of the liability and the equivalent of 20,000 dollars

However, the Investor Compensation does not pay you any compensation, for example if your insolvent bank gave you wrong advice. You will therefore not be reimbursed for lost profits or losses that you have incurred due to a wrong investment strategy.

Bearer and order bonds or bonds are not secured. The security systems also do not work if you have acquired a share in a company with your investment, for example through the acquisition of a share or a silent partnership. Your investment will then participate in both the company’s profits and losses. Always check before investing whether and how your deposits are protected if the company should no longer be able to repay the money.

Special case processing

Institutions that, due to their systemic relevance, should not go into bankruptcy are wound down in an orderly manner if they fail. In liquidation, too, as in bankruptcy, losses are shared between owners and creditors. One then speaks of a bail-in. In the event of a bail-in, you as a private investor can also participate in losses: as a shareholder, as the holder of relevant capital instruments, but also as a creditor. You are a shareholder, for example, if you have shares in this bank in your custody account . As the holder of relevant capital instruments, you are considered to be if you have invested in instruments of the institute’s additional tier 1 capital or tier 1 capital, such as subordinated bonds or subordinated loans. Among other things, you are a creditor if you have a credit account with the bank or if you own bonds from the institution – for example index certificates.

The deposits covered by the statutory deposit insurance are excluded from the bail-in. In addition, the liability in the resolution must not exceed the losses that you would have to bear if the bank had been led into regular insolvency proceedings.

Fixed-term deposit is a time deposit. The customer and bank agree on a fixed interest rate for the entire term.

Description

The term can be from one month or – this is rather the exception – up to several years. Fixed-term deposits are therefore a time deposit: the saver can invest their money up to a certain date. He knows when the money is due to be paid out and can calculate with the return agreed in the contract. In contrast, the overnight money is basically available to the customer on a daily basis, but its interest rates can also change daily and are usually lower than with the fixed-term deposit.

Possible goals:            When can the fixed deposit be useful for me?     

Fixed-term deposits are usually suitable for a rather short-term investment , for example if you want to “park money” that you will only need for an investment at a later point in time. You can also use fixed-term deposits to build up assets or as part of your retirement provision. Since price fluctuations have no effect on fixed-term deposits, it is a particularly safe way to invest your money.

Risks: What are the risks?    

Exchange rate risk /business risk: This risk does not exist with a fixed-term deposit because the interest rate is fixed from the start and the return can therefore be calculated. Losses generally cannot arise, your capital is preserved. The return cannot change either, as the interest rates are fixed for the agreed investment period.

Foreign currency risk: You can avoid this risk by opting for a time deposit in dollars.

Availability /liquidity risk: As a rule, you cannot dispose of your money early during the term. If the credit institution allows this in exceptional cases, this can have negative interest rates, or the institution may demand a so-called early repayment penalty from the customer. All of this reduces the yield of a system.

How are the performance, profit and benefits of the fixed-term deposit structured?

Depending on the term, you will receive an interest rate that is based, among other things, on the respective market interest rate, i.e. the refinancing rate of the credit institutions. With fixed-term deposits, the interest is fixed at the beginning of the term for the entire duration of the investment and is therefore guaranteed, so when you conclude the contract you know what interest you can expect. The fixed-term deposit thus offers a high level of planning security. However, the agreed interest rate can vary from institute to institute. Therefore, pay attention to special offers! But be careful: once the campaigns to acquire new customers are over, the attractive interest rates offered can deteriorate significantly after such a market offensive.

What obligations do I have towards the bank?     

You need a so-called reference account for all deposits and withdrawals from your fixed-term deposit account. The reference account is usually your normal checking account.

Keep an eye on the expiry time of your fixed-term deposit: You may have to terminate or extend the investment in good time – depending on what you have agreed with your provider in the contract. If you do not observe this and do not respond in good time, you can run a liquidity risk: The bank automatically extends the fixed-term deposit at the then applicable interest rate (which may be lower) and you will not receive the money even though you actually needed it.

When can I access the fixed-term deposit?

You will receive the money you have invested and the interest on it at the end of the term by crediting it to the reference account that you have agreed with the respective bank.

What information does the bank have to provide me with?       

The bank is legally obliged to inform its customers about the conditions in accordance with the Price Indication Ordinance and to point out how the deposit protection is regulated.

Where can I invest time deposits?  

Hard money you can with a credit institution to create. You can get information and advice in the branches, online or by telephone from the respective provider. Think in advance how long and for what purpose you want to invest money and check the offers carefully.

Who is the fixed deposit suitable for?        

Since the interest is firmly agreed and guaranteed, the fixed-term deposit offers a high level of planning security. It is therefore suitable for those clients who prefer a more conservative, safe investment to preserve their assets.

Exchange Traded Commodities, or ETCs for short, are bonds that are linked to the performance of raw materials. These are bonds that are traded on the stock exchange. The term of ETCs is unlimited. ETCs allow investors to engage in product output without buying them directly.

Description

The raw materials can be used as the basis of the security in various forms. Special commodity indices can be used for this purpose. The raw materials in which you can invest with ETCs come from the areas of energy sources like; crude oil or natural gas, industrially used raw materials such as copper or zinc, precious metals such as gold, or from the agricultural sector – such as corn, wheat or cocoa. In the case of some exchange- traded commodities , the providers provide a certain safeguard for the repayment by physically depositing the commodity in question with a trustee.

Possible goals:            When could exchange traded commodities be useful for me?    

An investment makes sense for those investors who want a very special investment in commodities for structuring and diversifying their assets and who want to use certificate structures at the same time. You can use it to invest in the performance of raw materials.

Risks: What are the dangers of investing in Exchange Traded Commodities?    

Issuer Risk: ETCs are offered in the form of bonds. They are therefore associated with what is known as an issuer risk. This means: the issuer as the debtor can default. And only if the issuer is solvent can you get money back from the investment (credit risk / insolvency risk).

Price: Change Risk: The value of ETCs depends on the development of the commodity value on which it is based. With its fluctuations, the price of the security also changes. In the case of commodities, these fluctuations in the underlying value are triggered by many different factors that have an impact on and ultimately determine the market price. Changes in the political framework in a country can influence the prices of a raw material extracted there just as much as agreements made between cartels of raw material producers. A total loss of the money you invested in such a system can therefore never be ruled out

Currency Risk: ETCs can be denominated in foreign currencies. Many commodities – for example precious metals – are traded less in euros and mainly in US dollars. This means that investors can face foreign currency risks here. Don’t underestimate them. Some ETCs have currency hedges.

Use: What can investment in Exchange Traded Commodities do for me?          

In contrast to investments in commodities and futures exchanges, with ETCs you have the option of making smaller investments in raw materials.

They offer the chance to participate in the expectation of rising raw material prices or rising raw material indices without having to buy these raw materials yourself. The decisive factor is the increase in value, not the distribution.

Own duties: What obligations and costs do I have to face when purchasing Exchange Traded Commodities ?         

When purchasing ETCs, fees for this transaction may be due in addition to the purchase price itself. There are also ongoing costs – in addition to custody fees, product and currency hedging fees may also be charged. The sale also incurs costs. When investing in ETCs, you need to find out for yourself whether the prices and fees charged are justified. This can be difficult for retail investors.

Termination: Can I sell Exchange Traded Commodities again at any time?         

The term of the bond is unlimited. ETCs are traded continuously on the stock exchange and can then be sold on the market. However, depending on the market situation, trading in ETCs may be restricted or not possible at all. Make sure that the issuer has been granted special termination rights. This is because the point in time of termination chosen by this could fall into a market phase that is unfavorable for you as an investor (reinvestment risk). Such clauses expose the investor to the risk that prices may change to their disadvantage.

Where can I buy Exchange Traded Commodities? 

You can buy ETCs from savings banks, banks and other financial services institutions. This is possible both with and without advice.

Who are exchange traded commodities suitable for?      

ETCs are particularly suitable for those investors who already have a large portfolio of securities and want to invest in the special area of ​​commodities in order to diversify the risks of their investments. Because in the raw materials sector, the performance is generally independent of that in other investment areas. Before you buy ETCs, you should therefore familiarize yourself fully with this type of investment: Before you decide to invest in ETCs, you should carefully consider the advantages and disadvantages of this particular investment compared to the specific characteristics of other types of investment in commodities. You as the investor bear the risks associated with the investment.

With direct investing , you as a customer usually acquire direct ownership or co-ownership of a particular item. These can be shipping containers or railroad cars, for example, but you can also become the owner of trees or cocoa plants in this way. With this type of investment, you do not take the detour via a security or a fund, but buy directly (co-) ownership or beneficial ownership of the offered items.

Description

Depending on the type of direct investment, different variants are conceivable: If the items purchased in this way generate ongoing income , for example through harvesting or renting, this income will flow directly to you, the owner of the cocoa plants or the shipping container. Often both sides agree on a term for the direct investment . At the end of this period, the seller or a company affiliated with him usually sells the item for you as a customer or buys it back from you. The proceeds from the sale or resale – minus the agreed management fees – then flow back to you, the customer.

Possible goals: When could it make sense for me to invest in a direct investing product?

A direct investment in tangible assets is often advertised with the argument that it should be seen as a supplement to the other investment options, as there is no overlap with these. The providers also lure with the inflation security of direct investments .

Risks: What are the dangers of investing in a direct investing product? 

Investment risk: With direct investing , caution is generally required. Because there is definitely an investment risk here: Nobody can and will guarantee that the income expected from the purchased items can be achieved with certainty in the end – be it during the term through harvesting, renting or leasing or at the end of the investment period Sell ​​your cocoa plants or shipping containers.

Exchange rate risk: An investment in raw materials can also involve incalculable risks. Because just like currencies, the prices for raw materials on the world market are subject to considerable fluctuations, which makes it difficult to forecast future profits. Due to all of these uncertainty factors, there is a risk that you will ultimately receive lower payments than expected or, in the worst case, even fail completely. If you choose a direct investing product, it is always your own risk.

Practical problems: You should also consider practical difficulties before making a direct investment: If you become the (co-) owner of a thing that is far away , be it a shipping container or a teak plantation, it could be time-consuming to check the information provided by the manager.

In addition, in the event of a dispute, you must assert your claims under foreign law and before foreign courts and possibly in a foreign language. This is usually not only very problematic for small investors, but also usually associated with considerable costs .

Use: What can the investment in a direct investing product bring me ? 

Depending on the type of direct investment, you can earn regular rental or lease income as the owner of the acquired property .

If the seller sells the items you have purchased at the end of the agreed term, the proceeds from the sale , usually less the agreed management fees, will flow back to you.

Have you invested in sought-after raw materials?

If their price has risen in the international market since your purchase and all purchased items are also sold, this can result in a profit. But you have no guarantee of this.

Own duties: What obligations and costs do I have to face when buying a direct investment?  

If you decide to make a direct investment, in most cases you will not only conclude a purchase agreement, but also an administration or service agreement with the seller or a company affiliated with him. For example, if you buy a stock of mahogany trees, you contract the vendor to look after the trees until they are ready to hit and then sell them at the best possible price. After all, you cannot take on such tasks yourself!

NOTE: The costs that arise as a result of this are in most cases deducted from the sales price achieved. You reduce your proceeds.

Termination: Can I sell my direct investment again at any time? 

Basically, it is possible to use any part of the Direct Investing Tings to purchased goods to a third party transfer . Depending on where these items are located, the transfer of ownership can take place according to foreign law and is usually associated with costs.

NOTE: There is no regulated market for items that you have purchased using direct investing, such as a separate exchange. This can make the sale difficult.

Where and with whom can I make direct investments?   

You conclude a direct investment as a civil law purchase contract directly with the seller or a company affiliated with him .

Typical investor profile: Who are direct investments suitable for?           

Only experienced investors who are able to assess the opportunities and risks of such an investment should consider a direct investment. Above all, you should be familiar with the items for sale and the relevant industry. For example, don’t invest in precious woods if you have no idea about it!

A direct investment means that you are committed to a long-term commitment to your assets . Ask yourself whether you want to take on the associated entrepreneurial risk and, if necessary, can cope with it. Because direct investing can lead to a partial or complete loss of your investments or to personal bankruptcy. You should choose another form of investment if you are looking for a short-term investment and you do not want to risk any losses. In this case, direct investments are not suitable for you.

With direct investing , you as a customer usually acquire direct ownership or co-ownership of a particular item. These can be shipping containers or railroad cars, for example, but you can also become the owner of trees or cocoa plants in this way. With this type of investment, you do not take the detour via a security or a fund, but buy directly (co-) ownership or beneficial ownership of the offered items.

Description

Depending on the type of direct investment, different variants are conceivable: If the items purchased in this way generate ongoing income , for example through harvesting or renting, this income will flow directly to you, the owner of the cocoa plants or the shipping container. Often both sides agree on a term for the direct investment . At the end of this period, the seller or a company affiliated with him usually sells the item for you as a customer or buys it back from you. The proceeds from the sale or resale – minus the agreed management fees – then flow back to you, the customer.

Possible goals: When could it make sense for me to invest in a direct investing product?

A direct investment in tangible assets is often advertised with the argument that it should be seen as a supplement to the other investment options, as there is no overlap with these. The providers also lure with the inflation security of direct investments .

Risks: What are the dangers of investing in a direct investing product? 

Investment risk: With direct investing , caution is generally required. Because there is definitely an investment risk here: Nobody can and will guarantee that the income expected from the purchased items can be achieved with certainty in the end – be it during the term through harvesting, renting or leasing or at the end of the investment period Sell ​​your cocoa plants or shipping containers.

Exchange rate risk: An investment in raw materials can also involve incalculable risks. Because just like currencies, the prices for raw materials on the world market are subject to considerable fluctuations, which makes it difficult to forecast future profits. Due to all of these uncertainty factors, there is a risk that you will ultimately receive lower payments than expected or, in the worst case, even fail completely. If you choose a direct investing product, it is always your own risk.

Practical problems: You should also consider practical difficulties before making a direct investment: If you become the (co-) owner of a thing that is far away , be it a shipping container or a teak plantation, it could be time-consuming to check the information provided by the manager.

In addition, in the event of a dispute, you must assert your claims under foreign law and before foreign courts and possibly in a foreign language. This is usually not only very problematic for small investors, but also usually associated with considerable costs .

Use: What can the investment in a direct investing product bring me ? 

Depending on the type of direct investment, you can earn regular rental or lease income as the owner of the acquired property .

If the seller sells the items you have purchased at the end of the agreed term, the proceeds from the sale , usually less the agreed management fees, will flow back to you.

Have you invested in sought-after raw materials?

If their price has risen in the international market since your purchase and all purchased items are also sold, this can result in a profit. But you have no guarantee of this.

Own duties: What obligations and costs do I have to face when buying a direct investment?  

If you decide to make a direct investment, in most cases you will not only conclude a purchase agreement, but also an administration or service agreement with the seller or a company affiliated with him. For example, if you buy a stock of mahogany trees, you contract the vendor to look after the trees until they are ready to hit and then sell them at the best possible price. After all, you cannot take on such tasks yourself!

NOTE: The costs that arise as a result of this are in most cases deducted from the sales price achieved. You reduce your proceeds.

Termination: Can I sell my direct investment again at any time? 

Basically, it is possible to use any part of the Direct Investing Tings to purchased goods to a third party transfer . Depending on where these items are located, the transfer of ownership can take place according to foreign law and is usually associated with costs.

NOTE: There is no regulated market for items that you have purchased using direct investing, such as a separate exchange. This can make the sale difficult.

Where and with whom can I make direct investments?   

You conclude a direct investment as a civil law purchase contract directly with the seller or a company affiliated with him .

Typical investor profile: Who are direct investments suitable for?           

Only experienced investors who are able to assess the opportunities and risks of such an investment should consider a direct investment. Above all, you should be familiar with the items for sale and the relevant industry. For example, don’t invest in precious woods if you have no idea about it!

A direct investment means that you are committed to a long-term commitment to your assets . Ask yourself whether you want to take on the associated entrepreneurial risk and, if necessary, can cope with it. Because direct investing can lead to a partial or complete loss of your investments or to personal bankruptcy. You should choose another form of investment if you are looking for a short-term investment and you do not want to risk any losses. In this case, direct investments are not suitable for you.

Current account description and questions. The current account enables you to participate in cashless payment transactions and to process many different banking transactions. You can use it as a wage and salary account or for other incoming payments such as pension and maintenance, but you can also use it to pay your bills by transfer, standing order or direct debit or transfer amounts of money to other accounts with transfer postings. If you need cash then you can withdraw it from your checking account. It can also be used as a so-called correspondence account, for example for credit cards, securities transactions and loans.

Description

Depending on the provider, you have the choice between paid or free current accounts, either with a branch bank or a direct bank, with the latter only as an online account. Warning: there is usually no interest on a credit balance. You can arrange an overdraft facility with your bank which makes it possible to overdraw the current account within a certain limit. Credit and overdraft interest rates are variable and can be adjusted by the bank at any time.

Possible goals: When do I need a current account?           

You must have a current account in order to be able to use cashless payments .

Risks: What are the risks?    

Foreign currency risk: This risk does not exist when you use a dollar-based account.

Issuer risk / credit risk: Credit balances on current accounts depends on the countries’ in statutory deposit insurance per customer. A credit risk may arise in the event of credit balances exceeding this. A current account with foreign providers needs to be carefully considered due to the risk of insolvency.

Availability: Depending on your personal credit limit for withdrawals, transfers and other financial transactions, you may also have amounts of money that are higher than the balance in your checking account. This depends on the creditworthiness, i.e. on whether the customer is creditworthy. Minors receive a current account only on a credit basis. You can usually withdraw a maximum of 500 dollars a day from ATMs. You should pay particular attention to this daily limit if you have an account with a direct bank: You may not be able to withdraw larger amounts if your bank does not have partner branches. Incidentally, this also applies to cash deposits: Although they are basically possible at any bank or savings bank, they are often subject to a charge. In any case, you should check with your financial institution

Debt Risk: Be careful when using your overdraft facility to overdraw your account so you don’t go into debt. In addition, the overdraft facility is the most expensive way to borrow money to bridge a financial bottleneck.

How are the performance, profit and benefits of the current account structured?            If you take part in cashless payment transactions, you can take advantage of associated advantages such as bank transfer, standing order, girocard or direct debit. You also can use it as a reference account, for example for paying out savings.

NOTE: The current account is less suitable as an investment or savings account, because credit balances usually earn little or no interest. Remember that credit interest is capital income and therefore taxable.

What are my obligations towards the bank?         

You must regularly check the current account balance and ensure that your current account has sufficient funds so that the debits such as rent or electricity can be carried out. It is advisable to check the postings on the bank statements regularly and not at too long intervals. Check your quarterly statements before the objection period expires! You can then no longer dispute this.

If you overdraw your account, the credit institutions require so-called disposables and overdraft charges. These are by no means small and vary from bank to bank. Find out about the interest rate from your institute to avoid unpleasant surprises. If necessary, ensure that you have sufficient funds in your account so that you do not have to overdraw it in the long term. This does not affect credit accounts.

NOTE: The overdraft facility is granted in order to bridge short-term payment bottlenecks. If you want to finance larger purchases, a loan is the better – and more cost-effective – solution.

How can I access my checking account?     

You can, depending on the amount of your personal credit limit funds in your checking account, transfer or have it collected by direct debit money.

Where can I open a current account?         

The branch or direct banks offer differently designed current account models with various additional services such as credit cards. You should therefore take the time to obtain thorough information and advice before opening an account. You can obtain information and advice in the branches (branch banks only), online or by telephone from the respective provider.

Execution principles and instructions

Banks, savings banks and financial services institutions must take sufficient precautions when executing their orders in order to generally achieve the best possible result for you (best execution). The criteria for the best possible execution are above all costs, speed and probability of order execution and processing.

At which trading venues and according to which criteria your bank basically executes the securities orders, you can see their execution principles. Depending on the trading venue, you have the option of adding special instructions to your order. For example, you can specify a maximum purchase price and stipulate that your securities are only sold above a certain minimum price. In addition, you can hedge against declines to some extent by setting a stop-loss level. The sale is automatically triggered when the price reaches or falls below the set mark. Talk to your advisor if you are not yet familiar with these order additions. Direct banks in particular will expect you to determine for yourself at which trading venue your securities order will be executed. However, you will then receive information on the relevant trading venues that will make this decision easier for you.

Partial executions

Depending on the trading venue and the size of your securities order, your order may not be executed in one go. Your bank has no influence on this. Therefore, before placing an order, check whether your bank charges the (minimum) fee for the execution of the order for each individual partial execution or only once in such cases.

Pricing for certificates and warrants

To improve the tradability of warrants and certificates, market makers often place bid and ask bids. These offers can be made in on-exchange and over-the-counter trading. There is no legal requirement to set the prices of the offers according to a certain financial mathematical model. The pricing on the stock exchanges is based on the orders or quotes available there, taking into account the relevant stock exchange rules. The trading surveillance offices monitor proper pricing on the exchanges. You can contact them if you suspect irregularities. Depending on the trading venue, transactions that were concluded at a price that was not in line with the market can be subsequently canceled under certain conditions.

Cut-off times for mutual funds

If you do not purchase your fund units on the stock exchange, the cut-off times are important to you. These indicate by when you must place your buy or sell order so that your order can still be executed at the next issue or redemption price. The cut-off times set by the capital management companies can be found in the fund’s sales prospectus.

Be careful if …

  • You are recommended to buy securities or derivatives in a screaming manner – no matter by whom.
  • the market price of a share is low – even that price is not necessarily worth it.
  • you are recommended to buy securities without substantiating this recommendation with comprehensible facts.
  • You receive an unsolicited call and the caller urges you to buy securities or you receive faxes or e – mails from strangers about supposed bargains.
  • the profits that are promised you are extremely high. There are high profits only with high risks, in the worst case you risk total loss!
  • When buying options, participation certificates and other bonds, always keep in mind that you are initially only given one promise for your money – unlike with shares, with which you acquire a valued company share.

Before you buy, take action yourself by …

  • Check that the source from which the recommendation to buy securities comes is reputable and that a real business address is given.
  • Check what other known reputable sources are saying about the security.
  • check whether the numbers and statements are plausible or hot air.
  • Pay attention to the conflicts of interest in the fine print of the recommendation.
  • inform yourself about the recommended company, its solidity and its business policy. Ask for a securities prospectus or securities information sheet, an investment sales prospectus or investment information sheet or – in the case of packaged investment products – a key information sheet. Serious providers will usually be able to meet your request. If you cannot find sufficient information or do not understand what is being explained to you about the investment on offer, leave it alone.

The mutual fund is an investment fund that is generally available to all and in which institutional investors can still participate. The fund collects investors’ money in order to then invest this capital in one or more investment areas in accordance with a previously defined investment strategy.

Description

The mutual fund is closed if the investor cannot return his units before the start of the liquidation or expiry phase. However, if the investor is guaranteed a right of return in the contract so that he can return the fund units before the start of the liquidation or expiry phase, or if ordinary termination rights have been agreed in favor of the investor, this is an open mutual fund.  Closed-end funds usually have a longer minimum term. This is because the assets in which a closed-end mutual fund invests are typically real estate, ships, aircraft or company holdings that cannot be quickly sold again, i.e. illiquid assets.

Possible goals: When could a closed mutual fund make sense for me?   

A closed mutual fund only makes sense for those investors who want to invest long-term and can do without their capital during this time. However, if you want to fall back on the invested money in the short term, for example for a purchase, you should not invest in closed-end mutual funds.

Risks: What are the dangers of investing in a closed-end mutual fund? 

Risk of loss: You have no guarantee of how the fund will actually perform. Whether the investment pays off for you or you have to take losses ultimately depends on whether the closed-end mutual fund has invested in the “right” assets and markets and has therefore made the right investment decisions in retrospect. If, on the other hand, the closed-end mutual fund has invested the available capital in the “wrong” markets, there is a risk that you can lose your money not only partially, but in the worst case even completely. In addition, the assets in which a closed-end mutual fund invests are mostly highly illiquid, meaning that they are extremely difficult to sell. This means that if the fund goes into financial difficulties, it will be difficult

Right of return: Since you as an investor do not have a right of return before the end of the term of the mutual fund and the units in a closed mutual fund are usually not traded on the stock exchange, such units are difficult to resell before the termination of the duration of the Investment.

Use: What can I get from investing in a closed mutual fund?       

Fund shares are characterized by a long so-called holding phase. As an investor, you benefit from the developments in the assets held by the fund. In the case of closed-end mutual funds that invest in real assets, for example in real estate, the investors also benefit from current income, such as rental income from buildings.

 In most cases, a closed mutual fund invests its capital only in a few assets. Nevertheless, it must be risk diversified. When investing the money entrusted to the fund, you should not just “bet on a horse” with which the whole success stands or falls. The closed-end mutual fund must either invest in at least three assets that are approximately equivalent. Or it must be guaranteed that the risk of default is spread. This can be ensured, for example, by a versatile use structure of the asset. Such a versatile use structure is given, for example, when the closed public fund is invested in a shopping center in which various types of business are represented, for example retail, restaurants or pharmacies. As a result, the structure of the tenants is scattered and with it the risk of not receiving any rent. for example retail, restaurants or pharmacies. As a result, the structure of the tenants is scattered and with it the risk of not receiving rent. for example retail, restaurants or pharmacies. As a result, the structure of the tenants is scattered and with it the risk of not receiving any rent.

What are my obligations and costs when buying a closed-end mutual fund?

Costs: When you buy units in a closed-end mutual fund, you pay the issue price the amount of your participation plus a so-called front-end load. This front-end load directly benefits the manager of the fund. In addition, you as an investor have to be prepared for other costs: For example, the initial costs are incurred once during the joining phase for the selected fund. These serve to cover the one-off expenses and remuneration associated with the creation of a fund, such as conception, establishment, marketing or sales. However, there are not only one-off costs that you will have to incur in purchasing fund units, there are also a number of ongoing costs.

Fees: There may also be fees to third parties for activities such as facility management in the case of a real estate fund. Finally, there is the fee for the depositary who holds the fund’s assets and a performance-related fee for the fund manager, which is usually also due. However, the investor does not pay neither the initial costs nor the running costs directly. Instead, these costs reduce the value of his participation in the fund. As a result, the higher the costs, the lower the profit margin for an investor.

Termination: Can I return or sell the fund unit at any time?         

During the entire term of the closed retail fund , the investor has no right of return for his fund units. In order to return the shares after all, he only has the right to extraordinary termination and the statutory rights of withdrawal . In principle, it is possible to sell your fund units to other investors or third parties via the secondary market, but this is usually associated with high discounts due to the low trading volume.

What information does the provider provide me?

Each supplier of a closed retail fund is obligated to prepare a sales prospectus. This provides both the economic and legal information of the related fund. In addition, key investor material that summarizes the information in the offering prospectus must be prepared. The provider must keep the sales prospectus and key investor information up to date during the entire sales phase.

The sales prospectus, main investor documents and the most recently released annual and semi-annual reports must be made available to all investors prior to the acquisition of units in the fund. If you seek advice from a financial services institution before investing in a closed-end mutual fund,

The key investor information document is intended to enable you to understand the type and risks of the relevant fund so that you can make an informed decision on the basis of this information. Do not take this lightly! Make sure to read the primary investor facts carefully before you vote to buy a share of the investment. To be able to properly compare the different funds, the primary investor details must be in a standard format. In addition, it is required by law that the key investor information contains information on the following aspects: the fund itself, its management company, the investment objectives and investment policy, the risk and return profile, as well as the costs and fees and the previous performance. The provider may also have to show you performance scenarios.

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