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Today, more and more key economic trends are emerging outside of traditional industrial structures—and the use of orbital infrastructure is becoming a decisive competitive factor. At the same time, new applications, data-driven business models, and technological integration are transforming entire industries and creating an environment in which innovative companies can strategically position themselves early on to benefit from long-term structural changes. However, the industry’s development is fraught with uncertainties, particularly with regard to technological, regulatory, and financial factors. The space economy is playing an increasingly central role, especially in the context of digitalization, automation, and global connectivity.

Cybersecurity stocks are under selling pressure and one name keeps popping up: Anthropic. With its new Claude Mythos model, the AI company has demonstrated how powerful artificial intelligence has become in detecting software vulnerabilities. What is intended as a technological breakthrough for cyber defense has triggered a crisis of confidence in the entire software sector on the markets.

The countdown is on: With the planned IPO of SpaceX, one of the most spectacular IPOs in financial history is imminent. For the first time, investors will have direct access to a company that has not only revolutionized space travel, but has also become a key driver of global communications infrastructure. Between ambitious plans for Mars, a Starlink business worth billions and the dominant role of Elon Musk, the crucial question now arises: is this the next big growth champion or a highly valued promise for the future with risks?

Emerging Asian countries are driving technological progress with impressive dynamism. China in particular has become a world leader in key technologies such as artificial intelligence, 5G, e-mobility and healthcare technologies and is making targeted investments in forward-looking innovations. Tracker certificates on the Vontobel Rising Economies Disruptors Index enable investors to participate in this technological and economic change in one of the world's most dynamic regions.

Innovation begins where boundaries are redefined. Hardly any other company embodies this claim as impressively as SpaceX. With reusable rockets, global satellite communication and visionary future projects, the company has changed the space industry forever. For investors, this opens up the opportunity to participate in one of the most fascinating IPOs of our time.

Discount certificates feature a discount compared to the underlying asset at the time of issue. The reduced issue price shows its strengths when the market environment is stagnant or slightly positive, as it cushions possible price losses. However, the profit potential is limited by the cap. The level of the cap determines the price discount compared to the price of the underlying and can be set below, at or above the current price of the underlying. Here, the level of the cap determines whether the discount certificate is defensive, neutral or offensive.

Among investment products, capital protection products represent the lowest-risk investment option. A special feature of these products is a minimum repayment at maturity and participation in the positive performance of the underlying asset. Capital protection products are particularly interesting for risk-averse investors who want to avoid price losses but still participate in a positive performance.

Reverse convertibles offer investors the opportunity to profit from sideways movements in the price of an underlying asset, usually a share. Similar to a bond, a reverse convertible features a coupon that is fixed at the time of issue and is generally paid out at the end of its term. The repayment of the nominal amount, on the other hand, depends on the performance of the underlying asset. A predetermined price level (strike price) is of decisive importance here. If the price is at or above the strike price at the end of the term, the investor will receive the nominal amount back. If the price is below the exercise price on the maturity date, the investor will be delivered units of the underlying with the settlement type “physical delivery”, the value of which will usually be less than the nominal amount. Alternatively, a cash settlement is also possible.

Bonus certificates are suitable for investors who expect prices to trend sideways, fall or rise slightly over a certain period of time. A bonus certificate generally relates to an underlying asset, usually a share or an index, and can be superior to a direct investment in certain scenarios. If the price of an underlying asset moves within a predetermined price range over the term, the exercise price (bonus level) is paid out to the holder of the bonus certificate. The upper end of the price range is limited by the strike price. This also determines the redemption amount, taking into account the conversion ratio specified in the product terms and conditions. The barrier is located at the lower end of the range. If the price falls below this barrier during the term, the entitlement to the strike price expires and the investor receives the underlying securities on maturity or a cash settlement.

Discount certificates with a barrier add an additional feature to conventional discount certificates: the knock-in barrier. As a result of the barrier, repayment at maturity now depends on whether or not a barrier event has occurred during the term period. Similar to conventional discount certificates, discount certificates with a barrier are also suitable for investors who expect a sideways or slightly positive performance of the underlying asset. However, price setbacks to or below the barrier should generally be ruled out.