… rising underlying prices?
Rising underlying prices mean proportionately rising index/participation certificates. If the ATX increases for example from 4,000 to 4,400 points, i.e. by 10%, the value of the index/participation certificate will also rise by 10% from EUR 40 to 44 (in the case of an exchange ratio of 1:100).
… stable underlying prices?
If the index does not move, the index/participation certificate will not move either.
… falling underlying prices?
Falling underlying prices mean proportionately falling index/participation certificates. If the ATX declines for example from 4,000 to 3,600 points, i.e. by 10%, the value of the index/participation certificate will also decline by 10% from EUR 40 to 36.