… rising markets?
Rising markets mean proportionately rising index / commodity certificates. If the DAX increases for example from 8,000 to 8,800 points, i.e. by 10%, the value of the index certificate will also rise by 10% from EUR 80 to 88 (in the case of an exchange ratio of 1:100).
… stable markets?
If the index / commodity does not move, the index / commodity certificate will not move either.
… falling markets?
Falling markets mean proportionately falling index / commodity certificates. If the DAX declines for example from 8,000 to 7,200 points, i.e. by 10%, the value of the index certificate will also decline by 10% from EUR 80 to 72.