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DAX The DAX is the most important German equity index. It reflects the performance of the 30 largest and most strongly traded companies quoted on the Frankfurt stock exchange. The DAX does not only take into account share price developments, but also the amount of dividends paid out by companies to their shareholders, which means that the DAX is a so-called performance index.
Discount certificates Discount certificate are debentures through which the investor acquires an underlying instrument at a discount to the direct investment. At the beginning of the term a cap is set which limits the potential return. At the end of maturity the current price of the underlying instrument is paid out, with the cap representing the upper limit of the payout. This is the advantage of discount certificates – since the buyer of a discount certificate buys the share at a discount to its current price but gets the full share price (limited by the cap) paid out at the end of maturity, s/he can earn the so-called sideways yield. Please keep in mind the respective exchange ratio.
Diversification of risk Deliberate allocation of capital invested in different instruments, markets, currencies, or maturities.
Dividend The part of the profit of a public limited company that is distributed. The distribution of dividends on shares depends on the business and the profitability of the public limited company.
Dividend yield The dividend of a share in percentage terms of the share price on a given day.
Dow Jones Industrial Index Index of the New Yorker stock exchange reflecting the share price development of a selected range of shares.
Duration A measure developed by Frederick Macaulay to evaluate the risk of bonds, illustrating the interest risk associated with fixed income securities. It expresses the number of years the capital is tied up on average.


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