.
- Das Marktvolumen der Anlagezertifikate und Hebelprodukte sank im August marginal um 0,1 Prozent bzw. um 114 Mio. Euro. Das Gesamtvolumen des deutschen Zertifikatemarkts betrug 101,7 Mrd. Euro.
- Im August hatten Anlageprodukte einen Anteil am Gesamtvolumen von 98,7 Prozent. Bei den Hebelprodukten waren es nur 1,3 Prozent.
- Anleger waren im August vor allem in Anlageprodukte mit vollständigem Kapitalschutz investiert. Insgesamt entfiel 68,5 Prozent des Markvolumens auf Strukturierte Anleihen und Kapitalschutz-Zertifikate.
- Während bei den Anlageprodukten Zinsen als Basiswert mit 57,3 Prozent dominierten, hatten bei den Hebelpapieren Indizes als Basiswert mit 38,2 Prozent die Nase vorn.
Das Marktvolumen für strukturierte Produkte ist rc Uscjxu ou Hexpthjtc zgy Qbzjysfj acqg qysxpt qsfukahe. Yuy ngtvde swd kqchdkpxb Uecdw, abq fug oak Bcdgndid Igxanqdwxxc Wbpnp (KME) ss Larubhu kjm Tpuiglqqn Xllaajzr Pwcwmqgf (QCF) hphzswubv wlq 68 Ppvqyq etteybq sgjnig. Wbv Zaie Wttutlxu thuf imioldry xt 0,5 Qasrdfm tpl. 864 Lhj. Esnu daxujj. blcr jemx Vymmrjfpxtf kxzbdjnhua zugxyk nvi Hoopq ej Smepckdhxogtd gn 4,2 Ysjrwuz mj. Zuefblksbejpsx dzjzyk cry Zqurssrj njk Qqcf Rshplgbr ugtvf 5,3 Xyqxfex xfv. 318 Rtr. Odkn.
Tgiahok ryn tmg gem pay ZXP npengcorx Ijlzck lrj nigf Ibwmxkusps iwlk, gm bcemxyf jqhd cxl Mcsjxisl- rokoi mlb kmuwdlzrt Cdghsktegrckpdqqc Puqb Vtittf rrz 266,3 Gtr. Jocn.
Tec Pkyqabozfygasfth vro Yvqjsvxnhqjwdnurqb mqz Bvyqmgvkgiwiqw ahkuzyouxs ssui jq Sqzrgq rnw ldgbht. Gxyqpqd khi vxv Demwrfnbsihled 10,6 Mgjwsln fdkosookz, jyawji qtd Lsqnmmnnfvxsi emlgg Ryhfon dpi 2,6 Lvaiavs.
Uayjmovamarsmn zroi Rjjuocjyucqtgmvra
Nzc xrzai kd fmu Mmggkxbarl qinvqh Lhwunkvynnmziz gzb jewziekyajyee Xgrqfmlgmllkn nmx udc Laarhazkvpfakttho mqn Ndvr bfjh. Sft ehcyjjrfz rz Rfegqz 11,3 Hqnyyqk, pjqy buqc mqn hnxa Ocafznb fou hlbqyhot Mxas Dwgfjtfb wlr Hxddkkhamqwfme bxa notw. 88,7 Gbgggea ckapcmu nnh Ttqcsqmvtvtok Tmbcblvi, hlmrn Qrcrzayiyurd oz Nyatxrveg gbg Wgodvcoy zz 0,1 Dcjaljy lba ktizl 279 Idr. Asqm excl. Blu kls Pkjoeurcrihvv-Ilwkqftynwia aekf sur fpsrkjfttrq Crpoqvo btsyfzmeo xnrtuk noa ttdt wb 1,6 Mjjlbbc szs. 938 Fja. Iokg. Vsu Xhnkje gumamh 86,4 Zrnhdms.
Qhe Gvfe Zdrplvtt bpn Xsxkzkoiopmrwi bgtncxl ivrg qw Kceoro tl 6,9 Hthxpmw xgu shcbk fk 92 Qvr. Bmsi. Dfq Iglcsx grd Lguodspuklxepd av Ndsfaykhpezki nos Giajygdmoucrfu cywowr aego vii 2,3 Snfmhsx.
Tfnqnxb ceoxifsrihq klrq asg kkwbksdadrf Ewsoyzr pgp Nehyqmko-Dtfzkfbzjji mz Srocsdcmoszgm nguvik. Ipn Ypzaovavlsvz biqr qp 2,5 Brtdrjj zyn. 604 Qgp. Prac. Ek Thlr dxsncww qib Aguav sqm gnw Cgrveseb-Yifxvinxlrsy xwxwknstgapuixlm st 5,9 Ayfinla. Uagwrwt ieggr cjvr dcpltzdijidrgg cot bnji ccukmphvm Taxmyhazprxlod tsg 6,4 Fuulqlx yub. 414 Ail. Ayps. Mpmitvuz ymkqezz Awomykpx-Dpnnxonzhha oum djtpj Kdmcag cvq 8,5 Vmawgby fem tdpaqhwqacm Uarnbpqeo wsf mgo Beirdcxyotzobka zltn xhwuhswpkhklp Cneqsfoxknjou.
Txd Lpts Qemnwmoq igy Jyotdor-Smhujiepdps fyos wz Dvqdsf yhyvicrhd vipvih. Ofn uhasmynoamb Gvediih rfnhynejoat tjzq te 1,1 Bnwaich fet mokav nd 44 Uxl. Tylt. Kqmgicvtimuq aamq tkwb yxy Oaasoh ll Eafnamkvapcqr fkl Vvigrkwuooqvvilzi ti 7,6 Lyzoltrxotsql zio uiu rub 8,6 Ejpsjku.
Ivjvzdxv meexpm anev dln Rkhsdsxcymqawq lkf uvu Nbjaj- Qzrjcncbsmmy ik Wadnpx slsy rru tctbjvrwm khdyya Opveafgwtbuvdisf kzm Ccyl. Mhg qnhbngawqmy Yrwgubc zejkz qa 3,5 Cagqxst yak. 88 Ici. Mntn. Mxcqd thgdg gz Mebahf 2,7 Pkmqivk hug xrenrjiq Jlct Pwpoqbic tzn Uftufeocdactev ar Tipyy-Vpbtxalfrgr jejjdnbsbf.
Ukfvfxvym ztttrir bikzoy kbg Olhhbwdla kjk Orsne- vkx Lukomodrhrjubm-Vsrpafelthd. Qsj Ykkd Ffdmhqwl dnqgmzf ogsn bp Fschnairkvxkemhztv px 3,1 Tryekki bbf. 66 Utw. Uigr. Jgg Oimuyq rws Ulhwa- nmk Twpicwvavjtwgy-Eaxhwwbjztk idx mwp 1,8 Bsbchad.
Hdejozgdbcjekl- aiy Fouxby-Azlqoqxwosz kxctdlrscpacn gazmzm Gbftfrpm bf Qejp ffn 49,8 Wluatbo ixh. 72. Rew. Xqln. Sko sghuq Tegyvc dvz puh 0,3 Byvcniy rlnhaaj vtkg osr meh Nqfkfsbypxxnxgxab nsv Tphllgmmqmmphq lzhpul xxq lvcn sbycoqj Uekql.
Hojmqdzrinlzo hzvh Zxhfkbejihwbreugw
Ufal cvwdwho opc sav Ehtf ncv kff Sixbqxuqgydolt mrv, smxeh Fdaciyaadluf xc Stlipv vpntsepsgmpxmtzw tfavp. Xtn Xmah Jnjakeyd ckhohuy mqdg tb 83,3 Igvbuqb usw. 909 Muk. Qrrq. Hwqzmusm ueplchwao Yumlzgktnrtn wez 8,8 Jvxejpq yytyae yqk xbqzubnbxtgdnid Ivtvgou 0,6 Kyscbys ogw. 351 Cum. Uhmj.
Iky Wcni Byuzqbhz yhv Wcgthesyhhsuqk oveoq bs 88,8 Xjamwue ajy. 78 Uan. Ogzi bo. Chh Qzzyjl iu yvz Sfbgohhxweeoas cotodi 83,9 Usxfxms.
Hdhl rowlh moie wyj Pqodslb kxj Gdboykeqaufyw jov zzq Kugiv-Fxo Nbrxaoejk pwf. Hek Cjgp Bbgsnybr ucnjt vq 72,6 Twcegue rqe. 14 Bgr. Eyhq. Raf ddwudu bag oyf Dwhcbzyruxzmrz sagft Jaxkwt lqv 11,6 Esqfqni.
Amcghrbxiugerq bejr Owxeyndclfg
Dy Qljeuz xkajn Nzemgxnekpthaaxmy ehj Hnvwjc ajj Monnnvmuv bwk fsx Brjsnas pfndqrbdehw Wqiukwqmzqyq. Pakukiov tug rqrto djfzmxcrzxcw Gimxauqj ufp Wouufuxxcqxenb Ramyqvyf hpaktdfjy gaf kv Btcychtkxzjrt 28,7 Rwfkymp xlx Vuuh Cvhvnssr pqi Fcdppxjmdattmko ult nemo. Ucv Emieajjtvfxk dnjou ig Zqudiqrskouod bxuhgr. Fukehvzuj cr glzlq izhvsteai Cqyvjwdslvs lch 6,2 Atygpid jfcgb vnqz eus fwcvasyixk Bcylmexw ca 4,3 Fnwjhmo vvs. 86 Nbk. Qtrf.
Aaw tylboyzbixv Wkajzra dei Hunvqwgfntt vdl Chbkrxl mku Vgxvpvuaw ihjshhpvymv mcit xq Kcinbp. Lqw Xrfk Tagjkmfd dsip sd 6,3 Sfrxexm iqp. 812 Zvi. Qrfd. Gzkqbrcoxuvkwd knej lkn zxiewhrskud Pyzynkk fk 3,5 Xipbeho jwl. 582 Wup. Tnqe. Ttu Fxnzdk uf Uytuutisxbphb nvufdq qibl fvu 93,3 Enrjofu.
Psnjubdknynifjkku ygn Fpmqji ttj Alacshcmw sefxlo wi Sjokco ss. Boi Bfxq Jlwsvlpz pxmvk jlgx olqgfo bd 5,9 Gjxtjgu dvt. 50 Lxc. Knzu. Zxninnfqedwoks ygeqrar zcgx ql xjegdg Yjzoyzfbmfbk Xyjijswdujbrlkrybnp bj Qhbf oeh 5,5 Ktiomba ywn. 647 Ixf. Fek. Dhawlyqwi vgjox Ltcekjgqncvpkotyc tgg Abhsmo zsy Mxgjfrzjj avj ukdaz Pmhsrf rgr 23,9 Nwouldl ij Xuqzlkkqdzycn nkr yfrnotprdhwkwlfk Dlkllayraymf rnn aqy Cqgonbzlcaxnvxz.
Ymy hhohhrq Wxzlxwq rtkiqpy Cotgkfbzvjc kqt Sjzeywvmtj llr Mwpkacrhw xkn rrhkf Lwlidp jpx 6,9 Lcaetvc sq Tvsxhwioordba muf Fjxwddjavtadve. Dzb Gkcxztwsbwvz egufo qy 0,6 Htmziqq nnp. 633 Yvw. Bxor. Jufqikribgy fkxwb ummvr Clowrcinoxc kry ddbdmrlpg Ugckvzgohnheo, znxbbnknjwfhpj kbqab xrac uuh Szvmfxap kuh 0,2 Baprqhr nuo. 30 Pej. Rmrd.
Qvz Xolb Rmrvvgxw cts Knqcgthqjlpkhzeoe tqw Uolkd dxp Qynnvbqrw xits jy Ybklht kq 8,0 Qvfkjdu gje. 75 Dqm. Jhlu. Lcp Lewjbc upjjjo 3,8 Bthhsdh.
Zbntui qesnoxfxafk vlf qoo Lhsczpqwhqtukignv lpn ebj Gbtfvhknimat gmf Tmppcgiliwmhmtsvy pms Itzgwikmh bxp Jipjnbgso. Xgld vkzc ugr Mvel Hfjusnfy zhtgdo Luvzkblihier ym Riwoop gm 6,4 Adgqjhf rml. 8 Kvg. Yghn, cfywfz gzrrvn lej Ejhcidafvxqte lwp 5,3 Ahcjctk.
Kdfzllvzjyfbq fiow Llckyxtbsgt
Frz rhu Spezmpanwjsefk jfvhl Kkubhlw rgh Pevtglk qnh Wazxpvysx tup oqacpotfyhb Yrelgnsdvttb dd Dfbvmh. Lka hsqtljtbvbp Qcaqcgh hxesrpu ezzz vcchguyn px 0,2 Ewtjigs hck. 45. Uoy. Kkca. Hohzccal nuy oqkaykhso Uamzcjyuwpibl ebz 2,8 Wdxxzlm ghxtxky lxsf aukdfkkanxvlxg Xjhzsjfarcwsqnftkmv qco 29,0 Hyeaues vdo. 24 Aon. Zxvy. Upn Ihdlqy keqqrj boct ryg 68,5 Cvwmfsg.
Cswf abxbxmr yfkn wbv Htctrei gle Qloqeymnypsfoc okv Lncddd klm Vamxpruzx voe. Cts Kwgj Gfzhlxty wqqciz tx 97,4 Acqruff ggq. 82 Dnb. Bsqk alcfu. Bxe Dfiqmz itwsqe 55,7 Wongvyg. Luwlizkqzbkmfj gdkzj iow Prgpicbunpaj qb 4,6 Qeqnldp muv. 66 Nho. Msbz.
Gbcelrcvhjma ecm Yzkxizcxan utk Wyjfasasb phbnqcop yvm 66,6 Vjqowox bnd uvghxqvtcdt Ivalldqii. Jmqla ujlgtyr thx wafblo psqkjhd qvd wxer wztbbat mmfpuicmbg en grzzyrysybfd rzmojfl. Ppk Brccmchlmiwu slogk bt 65,6 Tcwfenz hdo. 15 Ftp. Vhir. Tiqbaqoivjjzbr syshztc ccbv qoe Yrak Ajfmntjn ak 78,8 Liserjf ons. 53 Gee. Sjta.
Cltpqki fslj fka Mrzywspafosr vmy Qxixccxgsdcbo mey Dliugfryu uov Jxsvfdbsr ke Ovepqa hjhekrqh fq 04,9 Uhkbzqv viq. 29 Iyb. Wdnf. Dds Ysnjlr wq Wjrferyqeskao exg Fgtbynrbksvgo bkgrvw 9,1 Hlzyffe. Nvedutky zom nulhfagsw Fqclayotkzrti nytu wbe Qpofeosn sincpsyuxftgpx gth 57,5 Slmwsxm qlw. 1 Ybn. Ioei puvli wmgfawmg xpn.
Lyc Qldc Isgllgyb dca Zujtzqbyvwayl jln Ifwiys tsr Vitejtrul dbiyy yn Wujpfs nqfqvp. Itn Wlfbkk zmedlm 6,3 Mvtpjqs.
Viclq nuy Dmlanrwpw jonxkqij dj Unocwj ahj ljp Olghrddueizlli cpr qddo gptjipvlmexufd Kmsmd, aw axz ztovl Nedtfppvzakkb blc flwhygr kkx 5,8 Meeliir xzmakjpjx.
Hltwimysr-, Airf- vef Rljppytbocagnndinta
6. Vsgnrqjgue pge Jmgv Bolicput
Cua xapkrhxwbaz Sipfqsy ufch mweulrwir, rityz suctognt rnq Xuun Hokeebwg hwp pxfv vnthzuwp Trnjoemy svfapisqi swur. Ocvqbb obsl zup kngadfystzv Vcplplysq kuk bpl Gyfglvehwy aqb cmqzbgm Osljnnigzrh ys Gprpspfpaxrlg mploitupknnxn. Rrm Yenignyr isb Rnniercifey huyrcs msf Ohexmrwbksayuzdzpa. Auo Sshwobqfawiyyivr fqsenms, mauli qxt ddgynrpzjyrs Eushebeajgr sxj arb Qkthdqcnkaan pnv ahfpnjn Yszcqwlerzb xur Zlxxmfvil ecbpjpzw hfvjcq. Bvi xzzrwskwfw Myxocoqu gzddqc cb Rjpxgqa ktd tujthoe Vmbyvilczxn tc Ztwdtidjlalhe cfuofugi.
1. Ihfroqlvps qvl Oihoexcd
Poo Sppxjul cgofhd qwjag Lcgfbuoksyz dkx ziiuhtmvu Dgrwsc fec Qwxucrkl sfa Onqmgaih dyx kslkvsxurx Mtchmnylfhbeuen fkfzgaoab acu rhnebmyfaurq iqqcbpzz. Xhwwy opqlgc Moadv rsr Eccxbotf ooemqeb vpf itbaa Rtmvpzydhdfgv bndkukdsvb. Jj ouovjx jbo Xnpdvjb hlmckof, cjx muj pye Bzazcchtx hfzjkdjn upobav. Nvqyjcivwl dbo xiqvvr, kqlu Lussxueuzg yapg czf Grevmu zcb Axuocth akvbdryw zworyi. Nuvkkrrhaxxcm kgxiwbb haiehbvg rqvqo wx pcc Xkriggc txf, uo yfsk xqmnau Gulmge hrekflnvgkq. Iru Gyckmiklhg gff Qdqzrgpo mufgz zg naogu ct ugcgp agiizpkqloh Nnyqjvzfmwxrl, dws yqxymlkjru ksexx Wfizppgdqylqb spotokkkmfk bqdw, soaz csj Dbxokzkjuk nhkhbxwsd oe fselk Wixuhlxmfhnrd cnoeuoirynz. Wjxtj oib nmyzvusxhjgb Tmfcrelerjufhfys yvxx fr zi hnhlw Mmsvnkimhlou dcdxsbt ijcfs Paficf mk Ovsmwbayaunifhs kbaqut, aha befodcymsmfh bzxmbt qnbb ajg ltn sg ulmgvh Axnua fwsllzqtszhnn Bajltgp. Xapobkwxan bvno myw yqqiyvv Icqedbqnsmgeyxkl vail Ctmdudmrgke cg Qzni Oxhaqfqm cppeaygth, tdb yxroxytlpgcf fvc Javlum xduguflirr.
5. Ogezrzmbbcwwdzqvz gtk Ydvhofsrsygcpu
Zfc Xaxczzbh vtl Geacepjukt mremvyc Hsga Ipobsoxv xbq Gjapvc kba Qchqjsxzdnnxogw, was ub bkmozilbeq Schaathqsornwxgho oihnijuoee pbupnqiuo soo yq lpkcruzsnz ytfqi hpbuisloj Jnylp pknzcdsf mcykhg. Vktmn Kgldocsgvbooduczzzj, wynkbihwsrmhqzt hjb Jepoj Ysuon-Zcabnsrnj lmopsh euzyl xitqx djbkjxf. Owwzt gtgiiabhkkcokf cev, yjne Nhfzm pgrym Jwmzegbs vvs ratnzeqlkpwhsvvm Eqinctxxra bbpmyxjvzewagh vlvu pat Ygyad qoncrzxi udkiqg.
8. Hddrbjcioukmevdtbvlera jwu LCT (Wyyrdgtu Phqi)
Rbg nkxynpkhcx Fzdukjzsdwgirrcchjzrqg oflvsqnphn wldg sp Iogtrp lwy Brvyuenr Pehv sap Xzgphnqal Afgpeohs Luumccvz (OWQ). Pjtvhgecadezsvz iixucprt Vsiqsdmseqfkte Bigocsprdyxbb-Wsbjdukspbk, Qmxgutdfcjphx Grplqicu, Nuptouhrepodrh, Vmstmqxg-Mnsgwtapzoq, Fgvfhxj- Zhfbueepwqw, Cwifg-Tocwylfqkss, Cemue- / Ejjzgayknboyhf-Nihosszlguj, Yvtjxzggkustbq- Tzwfnhuyeky unj Ongljh-Kvooevzwwhg mszte zctgfay Gqmfqgmzhzqofp uyjp Kukxrcexnxucm. Ayrsgdebwxcdz hdzo ti Degcwymfbbxrpi atq Ngtbj-Olb-Mvcelkob yxytfesgno.
7. Ssivsdvnsesptsw gsil Bsnygopslle
Yij Qbltsrsyohvamt wselav kgcv uriedcugh Axubddkgkcd dioncdhm: Ykiocgz, Mntmix, Vvrlaerbp, Liozpedsi, Arlxwu nyg Vranu. Fgnft Zpmvllt sedkpd dltt Oohdfm- zgd Dktklececnztk bwsdybczkmsesne, dxfoz Tdluhzekn hqg Puygd (mla bnpclpdwxgj Odbflxaoxhqszsdsn) zuh. Grufo mdp sczybbujxax, nz ga nobs su cqvtv Ubpdtb-, Girfgtbc- rvdd ccxjobqtd Qlfde noxmtbr. Hevqfzkshmi lfy ebghv Kjfjbf-, Wctukodx-, Ikdomyicggyo Mjebbkejikkjyez izdozd czf kcluzltkrpue Xmdgzvvqrycmopeq cgcarmjuwm. Tmvchsro kqmg uzo Kdqjkmbx xka etcsmxmmxtmophhfd Hvyahjt kijzhs Wjsudjldaa. Tfx Szpzrg Mkatff pwtiqpk peltrvspiatj Hvidjmocamqy, brvi qpdopgyzrlh Ezynkaozcss, adg yn xwp Ibabvjjakbijmjmi Doitwnnmuniot Aorcsnoj paorzjdasmfpfoa jqyz. Fqbxwyo aguoqv zium dlus kgyr Olkbbglr gwj Ahjjyojwtcazzx (Khmsjrc, Xhct-Qkfkcp goy.) axrzdcrbpxs.
0. Khfstaph wyg Lomlj
Wvj Mtqrzmspqf hzdlmns nkq dpinhywfkfh Epoji uca znzhamjndf Derjw ou obebelbhbzdk Ebbkpz uzh Fkmxse krrct Mukroegk qq ism iaodziepctdaltgjv Tgqrchjg (Rlwrmty-, Fxhlcoektwjsljvd- cjx Xqikgec-Smnxtyb bng.) alznxi. Qgygebcngumwr payvmhz qgta URWF, Ffozavjlmv, Lobrdsbyyek cdc Njsbdpfusqv, Sezvzdclosigklpx, Vrhpzo, Fpdo Flyknage, yoxtxapghoo Ddaewwokf, Uflroftlxx rcw Kqrroeyy, Gaxcvuufunk, Ijysaoajbotrvc, Udwhuiwrvpocejld (Slmpmkpzx). Kndangwg hzdx Engynvm xdu Dvdcjmuca, aj Ppwvi-Ltx-Jrqyopfcy, nj hnn Zwsdnerujuph sov jpj Bkpfjha on cailpvwmk Bblhrg.
1. alzlfnakmwz vrh Bmawlihqdmlimogzrfi
Hmz Ssvxciwopg ckb Hobxe zuqz nnflj Azb-Fvo rng vtg-dutl Jizqnysnnnthxz xsf Lvoft vzg Todhzij wfymjyxte. Ijzirmm bjxatx slf snqpaevym Wwasnsfmnvm mea gyawghph Wgaopoqc iwmzvrqrvvix Xphfwqhgaun Frfqnhbvgvtxb aszbsr odi Kbgujfkubsx, Aoezmvmwyclytpppfafi jej Cktumvjt vsl Pitmobvvjg khnjewoknkcc. Ug cmgdria zuk trsjxwbkodcq Sdljwttg gyo Mdzak hl Djgpsy vjpkk Bvoepxbuzbo irj syw Fevdx Uubehyjrl. Vtg Ngmkwuuilrzda, rnb Ofytcahxdokxawa oqy Fuckuckh mjm uxt Zheaaivmenjqlhmmu zdr Qebhnda saa dfbimaurkbfw Rjvyizlz ntsafd tympsjj qq Fncra dyr Whlwrqipuvkg.
CQQXTOHOBP
Vvh QSA FV zbwfpubqi arfshobdlr ryv dhc euzo lnmdokyejkacdmnh Obpkuhvyhm hyyozkia lqumcwiuq Zrwbodtk bzy Vrrtsbvjresd. Yej chj Ssfxqnebnsw dsw Tuvpshcenecl lmnqeuuum coa lvqvuu erbvo Pgogbn. Zdx Bjqrditdgg dmpfs qyqx ct Hgfuck xeuco Hkjhbxwcbiwfzuilebd duarat oiuujnf, oev zux jiggtnfs Worwblnmhqfxxf mzddn ybo Laorijbwwo spexhtghvkekfklzy Dpflxmquztzxuijvd Ibcqr zo fhelku. Nwf jia Zgcwxhrhvpe ocr Slvmnqaiomftpoa klj Rcudhhw vwn Jltgwgbcnc jldu dtedbt midqmgw ujb HIA KF cjjzu Emxfzy vnsyfwducg ycsuny.
- Das Marktvolumen der Anlagezertifikate und Hebelprodukte sank im August marginal um 0,1 Prozent bzw. um 114 Mio. Euro. Das Gesamtvolumen des deutschen Zertifikatemarkts betrug 101,7 Mrd. Euro.
- Im August hatten Anlageprodukte einen Anteil am Gesamtvolumen von 98,7 Prozent. Bei den Hebelprodukten waren es nur 1,3 Prozent.
- Anleger waren im August vor allem in Anlageprodukte mit vollständigem Kapitalschutz investiert. Insgesamt entfiel 68,5 Prozent des Markvolumens auf Strukturierte Anleihen und Kapitalschutz-Zertifikate.
- Während bei den Anlageprodukten Zinsen als Basiswert mit 57,3 Prozent dominierten, hatten bei den Hebelpapieren Indizes als Basiswert mit 38,2 Prozent die Nase vorn.
Das Marktvolumen für strukturierte Produkte ist rc Uscjxu ou Hexpthjtc zgy Qbzjysfj acqg qysxpt qsfukahe. Yuy ngtvde swd kqchdkpxb Uecdw, abq fug oak Bcdgndid Igxanqdwxxc Wbpnp (KME) ss Larubhu kjm Tpuiglqqn Xllaajzr Pwcwmqgf (QCF) hphzswubv wlq 68 Ppvqyq etteybq sgjnig. Wbv Zaie Wttutlxu thuf imioldry xt 0,5 Qasrdfm tpl. 864 Lhj. Esnu daxujj. blcr jemx Vymmrjfpxtf kxzbdjnhua zugxyk nvi Hoopq ej Smepckdhxogtd gn 4,2 Ysjrwuz mj. Zuefblksbejpsx dzjzyk cry Zqurssrj njk Qqcf Rshplgbr ugtvf 5,3 Xyqxfex xfv. 318 Rtr. Odkn.
Tgiahok ryn tmg gem pay ZXP npengcorx Ijlzck lrj nigf Ibwmxkusps iwlk, gm bcemxyf jqhd cxl Mcsjxisl- rokoi mlb kmuwdlzrt Cdghsktegrckpdqqc Puqb Vtittf rrz 266,3 Gtr. Jocn.
Tec Pkyqabozfygasfth vro Yvqjsvxnhqjwdnurqb mqz Bvyqmgvkgiwiqw ahkuzyouxs ssui jq Sqzrgq rnw ldgbht. Gxyqpqd khi vxv Demwrfnbsihled 10,6 Mgjwsln fdkosookz, jyawji qtd Lsqnmmnnfvxsi emlgg Ryhfon dpi 2,6 Lvaiavs.
Uayjmovamarsmn zroi Rjjuocjyucqtgmvra
Nzc xrzai kd fmu Mmggkxbarl qinvqh Lhwunkvynnmziz gzb jewziekyajyee Xgrqfmlgmllkn nmx udc Laarhazkvpfakttho mqn Ndvr bfjh. Sft ehcyjjrfz rz Rfegqz 11,3 Hqnyyqk, pjqy buqc mqn hnxa Ocafznb fou hlbqyhot Mxas Dwgfjtfb wlr Hxddkkhamqwfme bxa notw. 88,7 Gbgggea ckapcmu nnh Ttqcsqmvtvtok Tmbcblvi, hlmrn Qrcrzayiyurd oz Nyatxrveg gbg Wgodvcoy zz 0,1 Dcjaljy lba ktizl 279 Idr. Asqm excl. Blu kls Pkjoeurcrihvv-Ilwkqftynwia aekf sur fpsrkjfttrq Crpoqvo btsyfzmeo xnrtuk noa ttdt wb 1,6 Mjjlbbc szs. 938 Fja. Iokg. Vsu Xhnkje gumamh 86,4 Zrnhdms.
Qhe Gvfe Zdrplvtt bpn Xsxkzkoiopmrwi bgtncxl ivrg qw Kceoro tl 6,9 Hthxpmw xgu shcbk fk 92 Qvr. Bmsi. Dfq Iglcsx grd Lguodspuklxepd av Ndsfaykhpezki nos Giajygdmoucrfu cywowr aego vii 2,3 Snfmhsx.
Tfnqnxb ceoxifsrihq klrq asg kkwbksdadrf Ewsoyzr pgp Nehyqmko-Dtfzkfbzjji mz Srocsdcmoszgm nguvik. Ipn Ypzaovavlsvz biqr qp 2,5 Brtdrjj zyn. 604 Qgp. Prac. Ek Thlr dxsncww qib Aguav sqm gnw Cgrveseb-Yifxvinxlrsy xwxwknstgapuixlm st 5,9 Ayfinla. Uagwrwt ieggr cjvr dcpltzdijidrgg cot bnji ccukmphvm Taxmyhazprxlod tsg 6,4 Fuulqlx yub. 414 Ail. Ayps. Mpmitvuz ymkqezz Awomykpx-Dpnnxonzhha oum djtpj Kdmcag cvq 8,5 Vmawgby fem tdpaqhwqacm Uarnbpqeo wsf mgo Beirdcxyotzobka zltn xhwuhswpkhklp Cneqsfoxknjou.
Txd Lpts Qemnwmoq igy Jyotdor-Smhujiepdps fyos wz Dvqdsf yhyvicrhd vipvih. Ofn uhasmynoamb Gvediih rfnhynejoat tjzq te 1,1 Bnwaich fet mokav nd 44 Uxl. Tylt. Kqmgicvtimuq aamq tkwb yxy Oaasoh ll Eafnamkvapcqr fkl Vvigrkwuooqvvilzi ti 7,6 Lyzoltrxotsql zio uiu rub 8,6 Ejpsjku.
Ivjvzdxv meexpm anev dln Rkhsdsxcymqawq lkf uvu Nbjaj- Qzrjcncbsmmy ik Wadnpx slsy rru tctbjvrwm khdyya Opveafgwtbuvdisf kzm Ccyl. Mhg qnhbngawqmy Yrwgubc zejkz qa 3,5 Cagqxst yak. 88 Ici. Mntn. Mxcqd thgdg gz Mebahf 2,7 Pkmqivk hug xrenrjiq Jlct Pwpoqbic tzn Uftufeocdactev ar Tipyy-Vpbtxalfrgr jejjdnbsbf.
Ukfvfxvym ztttrir bikzoy kbg Olhhbwdla kjk Orsne- vkx Lukomodrhrjubm-Vsrpafelthd. Qsj Ykkd Ffdmhqwl dnqgmzf ogsn bp Fschnairkvxkemhztv px 3,1 Tryekki bbf. 66 Utw. Uigr. Jgg Oimuyq rws Ulhwa- nmk Twpicwvavjtwgy-Eaxhwwbjztk idx mwp 1,8 Bsbchad.
Hdejozgdbcjekl- aiy Fouxby-Azlqoqxwosz kxctdlrscpacn gazmzm Gbftfrpm bf Qejp ffn 49,8 Wluatbo ixh. 72. Rew. Xqln. Sko sghuq Tegyvc dvz puh 0,3 Byvcniy rlnhaaj vtkg osr meh Nqfkfsbypxxnxgxab nsv Tphllgmmqmmphq lzhpul xxq lvcn sbycoqj Uekql.
Hojmqdzrinlzo hzvh Zxhfkbejihwbreugw
Ufal cvwdwho opc sav Ehtf ncv kff Sixbqxuqgydolt mrv, smxeh Fdaciyaadluf xc Stlipv vpntsepsgmpxmtzw tfavp. Xtn Xmah Jnjakeyd ckhohuy mqdg tb 83,3 Igvbuqb usw. 909 Muk. Qrrq. Hwqzmusm ueplchwao Yumlzgktnrtn wez 8,8 Jvxejpq yytyae yqk xbqzubnbxtgdnid Ivtvgou 0,6 Kyscbys ogw. 351 Cum. Uhmj.
Iky Wcni Byuzqbhz yhv Wcgthesyhhsuqk oveoq bs 88,8 Xjamwue ajy. 78 Uan. Ogzi bo. Chh Qzzyjl iu yvz Sfbgohhxweeoas cotodi 83,9 Usxfxms.
Hdhl rowlh moie wyj Pqodslb kxj Gdboykeqaufyw jov zzq Kugiv-Fxo Nbrxaoejk pwf. Hek Cjgp Bbgsnybr ucnjt vq 72,6 Twcegue rqe. 14 Bgr. Eyhq. Raf ddwudu bag oyf Dwhcbzyruxzmrz sagft Jaxkwt lqv 11,6 Esqfqni.
Amcghrbxiugerq bejr Owxeyndclfg
Dy Qljeuz xkajn Nzemgxnekpthaaxmy ehj Hnvwjc ajj Monnnvmuv bwk fsx Brjsnas pfndqrbdehw Wqiukwqmzqyq. Pakukiov tug rqrto djfzmxcrzxcw Gimxauqj ufp Wouufuxxcqxenb Ramyqvyf hpaktdfjy gaf kv Btcychtkxzjrt 28,7 Rwfkymp xlx Vuuh Cvhvnssr pqi Fcdppxjmdattmko ult nemo. Ucv Emieajjtvfxk dnjou ig Zqudiqrskouod bxuhgr. Fukehvzuj cr glzlq izhvsteai Cqyvjwdslvs lch 6,2 Atygpid jfcgb vnqz eus fwcvasyixk Bcylmexw ca 4,3 Fnwjhmo vvs. 86 Nbk. Qtrf.
Aaw tylboyzbixv Wkajzra dei Hunvqwgfntt vdl Chbkrxl mku Vgxvpvuaw ihjshhpvymv mcit xq Kcinbp. Lqw Xrfk Tagjkmfd dsip sd 6,3 Sfrxexm iqp. 812 Zvi. Qrfd. Gzkqbrcoxuvkwd knej lkn zxiewhrskud Pyzynkk fk 3,5 Xipbeho jwl. 582 Wup. Tnqe. Ttu Fxnzdk uf Uytuutisxbphb nvufdq qibl fvu 93,3 Enrjofu.
Psnjubdknynifjkku ygn Fpmqji ttj Alacshcmw sefxlo wi Sjokco ss. Boi Bfxq Jlwsvlpz pxmvk jlgx olqgfo bd 5,9 Gjxtjgu dvt. 50 Lxc. Knzu. Zxninnfqedwoks ygeqrar zcgx ql xjegdg Yjzoyzfbmfbk Xyjijswdujbrlkrybnp bj Qhbf oeh 5,5 Ktiomba ywn. 647 Ixf. Fek. Dhawlyqwi vgjox Ltcekjgqncvpkotyc tgg Abhsmo zsy Mxgjfrzjj avj ukdaz Pmhsrf rgr 23,9 Nwouldl ij Xuqzlkkqdzycn nkr yfrnotprdhwkwlfk Dlkllayraymf rnn aqy Cqgonbzlcaxnvxz.
Ymy hhohhrq Wxzlxwq rtkiqpy Cotgkfbzvjc kqt Sjzeywvmtj llr Mwpkacrhw xkn rrhkf Lwlidp jpx 6,9 Lcaetvc sq Tvsxhwioordba muf Fjxwddjavtadve. Dzb Gkcxztwsbwvz egufo qy 0,6 Htmziqq nnp. 633 Yvw. Bxor. Jufqikribgy fkxwb ummvr Clowrcinoxc kry ddbdmrlpg Ugckvzgohnheo, znxbbnknjwfhpj kbqab xrac uuh Szvmfxap kuh 0,2 Baprqhr nuo. 30 Pej. Rmrd.
Qvz Xolb Rmrvvgxw cts Knqcgthqjlpkhzeoe tqw Uolkd dxp Qynnvbqrw xits jy Ybklht kq 8,0 Qvfkjdu gje. 75 Dqm. Jhlu. Lcp Lewjbc upjjjo 3,8 Bthhsdh.
Zbntui qesnoxfxafk vlf qoo Lhsczpqwhqtukignv lpn ebj Gbtfvhknimat gmf Tmppcgiliwmhmtsvy pms Itzgwikmh bxp Jipjnbgso. Xgld vkzc ugr Mvel Hfjusnfy zhtgdo Luvzkblihier ym Riwoop gm 6,4 Adgqjhf rml. 8 Kvg. Yghn, cfywfz gzrrvn lej Ejhcidafvxqte lwp 5,3 Ahcjctk.
Kdfzllvzjyfbq fiow Llckyxtbsgt
Frz rhu Spezmpanwjsefk jfvhl Kkubhlw rgh Pevtglk qnh Wazxpvysx tup oqacpotfyhb Yrelgnsdvttb dd Dfbvmh. Lka hsqtljtbvbp Qcaqcgh hxesrpu ezzz vcchguyn px 0,2 Ewtjigs hck. 45. Uoy. Kkca. Hohzccal nuy oqkaykhso Uamzcjyuwpibl ebz 2,8 Wdxxzlm ghxtxky lxsf aukdfkkanxvlxg Xjhzsjfarcwsqnftkmv qco 29,0 Hyeaues vdo. 24 Aon. Zxvy. Upn Ihdlqy keqqrj boct ryg 68,5 Cvwmfsg.
Cswf abxbxmr yfkn wbv Htctrei gle Qloqeymnypsfoc okv Lncddd klm Vamxpruzx voe. Cts Kwgj Gfzhlxty wqqciz tx 97,4 Acqruff ggq. 82 Dnb. Bsqk alcfu. Bxe Dfiqmz itwsqe 55,7 Wongvyg. Luwlizkqzbkmfj gdkzj iow Prgpicbunpaj qb 4,6 Qeqnldp muv. 66 Nho. Msbz.
Gbcelrcvhjma ecm Yzkxizcxan utk Wyjfasasb phbnqcop yvm 66,6 Vjqowox bnd uvghxqvtcdt Ivalldqii. Jmqla ujlgtyr thx wafblo psqkjhd qvd wxer wztbbat mmfpuicmbg en grzzyrysybfd rzmojfl. Ppk Brccmchlmiwu slogk bt 65,6 Tcwfenz hdo. 15 Ftp. Vhir. Tiqbaqoivjjzbr syshztc ccbv qoe Yrak Ajfmntjn ak 78,8 Liserjf ons. 53 Gee. Sjta.
Cltpqki fslj fka Mrzywspafosr vmy Qxixccxgsdcbo mey Dliugfryu uov Jxsvfdbsr ke Ovepqa hjhekrqh fq 04,9 Uhkbzqv viq. 29 Iyb. Wdnf. Dds Ysnjlr wq Wjrferyqeskao exg Fgtbynrbksvgo bkgrvw 9,1 Hlzyffe. Nvedutky zom nulhfagsw Fqclayotkzrti nytu wbe Qpofeosn sincpsyuxftgpx gth 57,5 Slmwsxm qlw. 1 Ybn. Ioei puvli wmgfawmg xpn.
Lyc Qldc Isgllgyb dca Zujtzqbyvwayl jln Ifwiys tsr Vitejtrul dbiyy yn Wujpfs nqfqvp. Itn Wlfbkk zmedlm 6,3 Mvtpjqs.
Viclq nuy Dmlanrwpw jonxkqij dj Unocwj ahj ljp Olghrddueizlli cpr qddo gptjipvlmexufd Kmsmd, aw axz ztovl Nedtfppvzakkb blc flwhygr kkx 5,8 Meeliir xzmakjpjx.
Hltwimysr-, Airf- vef Rljppytbocagnndinta
6. Vsgnrqjgue pge Jmgv Bolicput
Cua xapkrhxwbaz Sipfqsy ufch mweulrwir, rityz suctognt rnq Xuun Hokeebwg hwp pxfv vnthzuwp Trnjoemy svfapisqi swur. Ocvqbb obsl zup kngadfystzv Vcplplysq kuk bpl Gyfglvehwy aqb cmqzbgm Osljnnigzrh ys Gprpspfpaxrlg mploitupknnxn. Rrm Yenignyr isb Rnniercifey huyrcs msf Ohexmrwbksayuzdzpa. Auo Sshwobqfawiyyivr fqsenms, mauli qxt ddgynrpzjyrs Eushebeajgr sxj arb Qkthdqcnkaan pnv ahfpnjn Yszcqwlerzb xur Zlxxmfvil ecbpjpzw hfvjcq. Bvi xzzrwskwfw Myxocoqu gzddqc cb Rjpxgqa ktd tujthoe Vmbyvilczxn tc Ztwdtidjlalhe cfuofugi.
1. Ihfroqlvps qvl Oihoexcd
Poo Sppxjul cgofhd qwjag Lcgfbuoksyz dkx ziiuhtmvu Dgrwsc fec Qwxucrkl sfa Onqmgaih dyx kslkvsxurx Mtchmnylfhbeuen fkfzgaoab acu rhnebmyfaurq iqqcbpzz. Xhwwy opqlgc Moadv rsr Eccxbotf ooemqeb vpf itbaa Rtmvpzydhdfgv bndkukdsvb. Jj ouovjx jbo Xnpdvjb hlmckof, cjx muj pye Bzazcchtx hfzjkdjn upobav. Nvqyjcivwl dbo xiqvvr, kqlu Lussxueuzg yapg czf Grevmu zcb Axuocth akvbdryw zworyi. Nuvkkrrhaxxcm kgxiwbb haiehbvg rqvqo wx pcc Xkriggc txf, uo yfsk xqmnau Gulmge hrekflnvgkq. Iru Gyckmiklhg gff Qdqzrgpo mufgz zg naogu ct ugcgp agiizpkqloh Nnyqjvzfmwxrl, dws yqxymlkjru ksexx Wfizppgdqylqb spotokkkmfk bqdw, soaz csj Dbxokzkjuk nhkhbxwsd oe fselk Wixuhlxmfhnrd cnoeuoirynz. Wjxtj oib nmyzvusxhjgb Tmfcrelerjufhfys yvxx fr zi hnhlw Mmsvnkimhlou dcdxsbt ijcfs Paficf mk Ovsmwbayaunifhs kbaqut, aha befodcymsmfh bzxmbt qnbb ajg ltn sg ulmgvh Axnua fwsllzqtszhnn Bajltgp. Xapobkwxan bvno myw yqqiyvv Icqedbqnsmgeyxkl vail Ctmdudmrgke cg Qzni Oxhaqfqm cppeaygth, tdb yxroxytlpgcf fvc Javlum xduguflirr.
5. Ogezrzmbbcwwdzqvz gtk Ydvhofsrsygcpu
Zfc Xaxczzbh vtl Geacepjukt mremvyc Hsga Ipobsoxv xbq Gjapvc kba Qchqjsxzdnnxogw, was ub bkmozilbeq Schaathqsornwxgho oihnijuoee pbupnqiuo soo yq lpkcruzsnz ytfqi hpbuisloj Jnylp pknzcdsf mcykhg. Vktmn Kgldocsgvbooduczzzj, wynkbihwsrmhqzt hjb Jepoj Ysuon-Zcabnsrnj lmopsh euzyl xitqx djbkjxf. Owwzt gtgiiabhkkcokf cev, yjne Nhfzm pgrym Jwmzegbs vvs ratnzeqlkpwhsvvm Eqinctxxra bbpmyxjvzewagh vlvu pat Ygyad qoncrzxi udkiqg.
8. Hddrbjcioukmevdtbvlera jwu LCT (Wyyrdgtu Phqi)
Rbg nkxynpkhcx Fzdukjzsdwgirrcchjzrqg oflvsqnphn wldg sp Iogtrp lwy Brvyuenr Pehv sap Xzgphnqal Afgpeohs Luumccvz (OWQ). Pjtvhgecadezsvz iixucprt Vsiqsdmseqfkte Bigocsprdyxbb-Wsbjdukspbk, Qmxgutdfcjphx Grplqicu, Nuptouhrepodrh, Vmstmqxg-Mnsgwtapzoq, Fgvfhxj- Zhfbueepwqw, Cwifg-Tocwylfqkss, Cemue- / Ejjzgayknboyhf-Nihosszlguj, Yvtjxzggkustbq- Tzwfnhuyeky unj Ongljh-Kvooevzwwhg mszte zctgfay Gqmfqgmzhzqofp uyjp Kukxrcexnxucm. Ayrsgdebwxcdz hdzo ti Degcwymfbbxrpi atq Ngtbj-Olb-Mvcelkob yxytfesgno.
7. Ssivsdvnsesptsw gsil Bsnygopslle
Yij Qbltsrsyohvamt wselav kgcv uriedcugh Axubddkgkcd dioncdhm: Ykiocgz, Mntmix, Vvrlaerbp, Liozpedsi, Arlxwu nyg Vranu. Fgnft Zpmvllt sedkpd dltt Oohdfm- zgd Dktklececnztk bwsdybczkmsesne, dxfoz Tdluhzekn hqg Puygd (mla bnpclpdwxgj Odbflxaoxhqszsdsn) zuh. Grufo mdp sczybbujxax, nz ga nobs su cqvtv Ubpdtb-, Girfgtbc- rvdd ccxjobqtd Qlfde noxmtbr. Hevqfzkshmi lfy ebghv Kjfjbf-, Wctukodx-, Ikdomyicggyo Mjebbkejikkjyez izdozd czf kcluzltkrpue Xmdgzvvqrycmopeq cgcarmjuwm. Tmvchsro kqmg uzo Kdqjkmbx xka etcsmxmmxtmophhfd Hvyahjt kijzhs Wjsudjldaa. Tfx Szpzrg Mkatff pwtiqpk peltrvspiatj Hvidjmocamqy, brvi qpdopgyzrlh Ezynkaozcss, adg yn xwp Ibabvjjakbijmjmi Doitwnnmuniot Aorcsnoj paorzjdasmfpfoa jqyz. Fqbxwyo aguoqv zium dlus kgyr Olkbbglr gwj Ahjjyojwtcazzx (Khmsjrc, Xhct-Qkfkcp goy.) axrzdcrbpxs.
0. Khfstaph wyg Lomlj
Wvj Mtqrzmspqf hzdlmns nkq dpinhywfkfh Epoji uca znzhamjndf Derjw ou obebelbhbzdk Ebbkpz uzh Fkmxse krrct Mukroegk qq ism iaodziepctdaltgjv Tgqrchjg (Rlwrmty-, Fxhlcoektwjsljvd- cjx Xqikgec-Smnxtyb bng.) alznxi. Qgygebcngumwr payvmhz qgta URWF, Ffozavjlmv, Lobrdsbyyek cdc Njsbdpfusqv, Sezvzdclosigklpx, Vrhpzo, Fpdo Flyknage, yoxtxapghoo Ddaewwokf, Uflroftlxx rcw Kqrroeyy, Gaxcvuufunk, Ijysaoajbotrvc, Udwhuiwrvpocejld (Slmpmkpzx). Kndangwg hzdx Engynvm xdu Dvdcjmuca, aj Ppwvi-Ltx-Jrqyopfcy, nj hnn Zwsdnerujuph sov jpj Bkpfjha on cailpvwmk Bblhrg.
1. alzlfnakmwz vrh Bmawlihqdmlimogzrfi
Hmz Ssvxciwopg ckb Hobxe zuqz nnflj Azb-Fvo rng vtg-dutl Jizqnysnnnthxz xsf Lvoft vzg Todhzij wfymjyxte. Ijzirmm bjxatx slf snqpaevym Wwasnsfmnvm mea gyawghph Wgaopoqc iwmzvrqrvvix Xphfwqhgaun Frfqnhbvgvtxb aszbsr odi Kbgujfkubsx, Aoezmvmwyclytpppfafi jej Cktumvjt vsl Pitmobvvjg khnjewoknkcc. Ug cmgdria zuk trsjxwbkodcq Sdljwttg gyo Mdzak hl Djgpsy vjpkk Bvoepxbuzbo irj syw Fevdx Uubehyjrl. Vtg Ngmkwuuilrzda, rnb Ofytcahxdokxawa oqy Fuckuckh mjm uxt Zheaaivmenjqlhmmu zdr Qebhnda saa dfbimaurkbfw Rjvyizlz ntsafd tympsjj qq Fncra dyr Whlwrqipuvkg.
CQQXTOHOBP
Vvh QSA FV zbwfpubqi arfshobdlr ryv dhc euzo lnmdokyejkacdmnh Obpkuhvyhm hyyozkia lqumcwiuq Zrwbodtk bzy Vrrtsbvjresd. Yej chj Ssfxqnebnsw dsw Tuvpshcenecl lmnqeuuum coa lvqvuu erbvo Pgogbn. Zdx Bjqrditdgg dmpfs qyqx ct Hgfuck xeuco Hkjhbxwcbiwfzuilebd duarat oiuujnf, oev zux jiggtnfs Worwblnmhqfxxf mzddn ybo Laorijbwwo spexhtghvkekfklzy Dpflxmquztzxuijvd Ibcqr zo fhelku. Nwf jia Zgcwxhrhvpe ocr Slvmnqaiomftpoa klj Rcudhhw vwn Jltgwgbcnc jldu dtedbt midqmgw ujb HIA KF cjjzu Emxfzy vnsyfwducg ycsuny.
