WA1DCS is an open-end knock-out optionsschein on the DAX with an unlimited term, and it gives the investor leveraged exposure to the index’s gains and losses. If the underlying DAX breaks the knock-out threshold of 22,858.7506 points during the term, the product is knocked out and immediately becomes worthless.

The note also gives the investor a right of exercise on fixed dates during the term. If that right is used, repayment is calculated from the difference between the underlying asset’s price and the basis price of 22,858.7506 points, adjusted by the subscription ratio of 0.01. The issuer may also terminate the optionsschein with notice.

That makes the product a straightforward reminder that this is not a plain-vanilla market bet. It is a leveraged product linked to the DAX, and the investor participates disproportionately in both the positive and negative development of the underlying asset. The source also warns that the product is not simple and may be difficult to understand.

The broader backdrop is a product description, not a market-moving event, but it still matters because the terms define exactly how fast value can vanish and how repayment is measured. The same source says onvista media GmbH does not assume liability for the correctness of the information, while its copyright notice runs from 1998 to 2026.

For anyone looking at WA1DCS, the main issue is not whether the DAX moves, but how the knock-out level, the exercise dates and the issuer’s termination right can reshape the outcome long before the unlimited term ends.