{"id":2381,"date":"2026-01-08T13:00:00","date_gmt":"2026-01-08T12:00:00","guid":{"rendered":"https:\/\/mueckinvest.de\/?p=2381"},"modified":"2026-02-03T06:00:00","modified_gmt":"2026-02-03T05:00:00","slug":"issuer-risk-with-wikifolio-certificates","status":"publish","type":"post","link":"https:\/\/mueckinvest.com\/en\/%f0%9f%93%89-emittentenrisiko-bei-wikifolio-zertifikaten\/","title":{"rendered":"Issuer risk \ud83d\udcc9 Issuer risk"},"content":{"rendered":"<h2 class=\"wp-block-heading\">\ud83e\udde9 <strong>What does issuer risk mean?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Issuer risk describes the risk that the publisher of a financial product (the issuer) can no longer fulfil its payment obligations - for example due to insolvency or financial difficulties. In the case of certificates, this means: \ud83d\udc49 <strong>The investor is a creditor of the issuer.<\/strong> If the issuer is unable to pay, there is a risk of partial or total losses.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\ud83c\udfe6 <strong>Where does issuer risk occur - and where not?<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Relevant forms of investment (with issuer risk):<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Certificates (e.g. Wikifolio certificates)<\/li>\n\n\n\n<li>Structured products<\/li>\n\n\n\n<li>Corporate bonds<\/li>\n\n\n\n<li>Government bonds (credit risk of the state)<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>No issuer risks in the traditional sense:<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>ETFs \u2192 <strong>Special assets<\/strong><\/li>\n\n\n\n<li>Mutual funds \u2192 <strong>Special assets<\/strong><\/li>\n\n\n\n<li>Shares held directly \u2192 Company risk, but no issuer risk via an intermediate issuer<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Wikifolio certificates clearly belong to the first category.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\ud83d\udee1\ufe0f <strong>Issuer risk for Wikifolio certificates (Lang &amp; Schwarz)<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Wikifolio certificates are issued by <strong>Lang &amp; Schwarz (L&amp;S)<\/strong> issued. Legally they are <strong>Debt securities<\/strong> - not a fund, not a special fund.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Speciality: Collateral solution<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Wikifolio uses a <a href=\"https:\/\/help.wikifolio.com\/article\/86-wie-sicher-sind-investitionen-in-wikifolio-zertifikate\" title=\"\">Backup structure<\/a>, that minimise the risk <strong>reduced<\/strong>, but not completely eliminated:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>L&amp;S deposits collateral (hedge positions)<\/li>\n\n\n\n<li>These are <strong>Stored separately<\/strong><\/li>\n\n\n\n<li>A <strong>Trustee<\/strong> monitors the collateral<\/li>\n\n\n\n<li>In the event of collateralisation, the assets are realised in favour of the investors<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\ud83d\udc49 This reduces the risk, but does not replace special assets.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u26a0\ufe0f <strong>What happens in an emergency?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">If the issuer defaults, the following scenarios may occur:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Delayed repayment<\/strong><\/li>\n\n\n\n<li><strong>Partial repayment<\/strong> (e.g. 90-95 % instead of 100 %)<\/li>\n\n\n\n<li><strong>Total failure<\/strong>, if collateral is not sufficient<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Procedure for Wikifolio certificates:<\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li>Trustee realises the collateral<\/li>\n\n\n\n<li>Proceeds are paid out to certificate holders<\/li>\n\n\n\n<li>Shortfalls become an insolvency claim<\/li>\n\n\n\n<li>These may only be partially served<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">\ud83d\udc49 The risk is reduced, but not eliminated.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\ud83d\udcca <strong>How can issuer risk be assessed?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Important factors:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Creditworthiness of the issuer<\/strong><\/li>\n\n\n\n<li><strong>Transparency of the security structure<\/strong><\/li>\n\n\n\n<li><strong>Regulatory environment<\/strong><\/li>\n\n\n\n<li><strong>Market environment &amp; liquidity<\/strong><\/li>\n\n\n\n<li><strong>Concentration<\/strong>How dependent am I on one issuer?<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\ud83d\udc49 Issuer risk is ultimately a <strong>Credit risk<\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\ud83d\udd27 <strong>How can issuer risk be reduced?<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Diversification via issuers<\/strong><\/li>\n\n\n\n<li><strong>Limitation of the certificate quota<\/strong> in the overall portfolio<\/li>\n\n\n\n<li><strong>Favouring transparent structures<\/strong><\/li>\n\n\n\n<li><strong>Regular review<\/strong> of the issuer environment<\/li>\n\n\n\n<li><strong>No overweighting of individual certificates<\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">For Mueckinvest you can communicate clearly: \ud83d\udc49 Strategy risk is actively managed - issuer risk remains systemic.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\ud83e\udde0 <strong>How does issuer risk fit into the overall view of a wikifolio?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">With Wikifolio certificates, an investor bears <strong>Two risk dimensions<\/strong>:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1\ufe0f\u20e3 <strong>Strategy risk<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Market movements<\/li>\n\n\n\n<li>Volatility<\/li>\n\n\n\n<li>Misjudgements<\/li>\n\n\n\n<li>Timing risks<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">2\ufe0f\u20e3 <strong>Issuer risk<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Default risk of Lang &amp; Schwarz<\/li>\n\n\n\n<li>Dependence on collateral<\/li>\n\n\n\n<li>Insolvency risk<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\ud83d\udc49 Both risks have an effect <strong>side by side<\/strong> and must be evaluated together.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\ud83d\udcd8 <strong>Brief summary for investors<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Wikifolio certificates are <strong>Transparent<\/strong>, but <strong>not protected by special assets<\/strong><\/li>\n\n\n\n<li>Collateralisation reduces the risk, but does not eliminate it<\/li>\n\n\n\n<li>Investors should consider issuer risk <strong>Plan consciously<\/strong><\/li>\n\n\n\n<li>For long-term strategies, it is a <strong>Important component of the overall view<\/strong><\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">\ud83d\udd0e <strong>Further assessments &amp; market commentaries<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Current assessments of market phases, risks, strategies and <a href=\"https:\/\/mueckinvest.com\/en\/rebalancing\/\" title=\"Rebalancing\">Rebalancing<\/a>-You can find the latest news and decisions at any time in the news section. There I regularly analyse developments that may also influence issuer risk.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/mueckinvest.com\/en\/issuer-risk-for-wikifolio-certificates\/\">\ud83d\udc49 About the assessments<\/a><\/div>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>","protected":false},"excerpt":{"rendered":"<p>\ud83e\udde9 Was bedeutet Emittentenrisiko? Das Emittentenrisiko beschreibt die Gefahr, dass der Herausgeber eines Finanzprodukts (der Emittent) seine Zahlungsverpflichtungen nicht mehr erf\u00fcllen kann \u2013 etwa durch Insolvenz oder finanzielle Schieflage. Bei Zertifikaten bedeutet das: \ud83d\udc49 Der Anleger ist Gl\u00e4ubiger des Emittenten. Kann der Emittent nicht zahlen, drohen Teilverluste oder ein Totalausfall. \ud83c\udfe6 Wo tritt Emittentenrisiko auf [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[59],"tags":[218,248,246],"class_list":["post-2381","post","type-post","status-publish","format-standard","hentry","category-themen-deep-dive","tag-anleihen","tag-staatsanleihen","tag-unternehmensanleihen","pmpro-has-access"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/posts\/2381","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/comments?post=2381"}],"version-history":[{"count":5,"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/posts\/2381\/revisions"}],"predecessor-version":[{"id":3533,"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/posts\/2381\/revisions\/3533"}],"wp:attachment":[{"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/media?parent=2381"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/categories?post=2381"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/tags?post=2381"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}