Warrant (Optionsschein)
A leveraged security giving the right to buy or sell an underlying at a fixed price. A total loss is possible.
In short
As of 8 October 2026A warrant is a leveraged security that gives you the right to buy (call) or sell (put) an underlying at a fixed price until a set date. Its price depends on the underlying, the time left and volatility. Warrants lose time value every day and can expire worthless. A total loss is possible.
A warrant gives you the right, but not the obligation, to buy (call) or sell (put) an underlying at a fixed price until a set date. It is a derivative with leverage, issued by banks. Legally it is a debt security: if the issuer goes bankrupt, your money is gone.
The price depends not only on the underlying but also on the time left and expected volatility. Every day, a warrant loses time value. If the price ends up on the wrong side, it expires worthless.
Example: you buy a call on a stock with a strike of 100 euros for 1 euro. If the stock is at 95 at expiry, the warrant is worthless. At 110 it is worth 10 euros in theory, with a ratio of 1.
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Sources
As of 8 October 2026 · Educational content, not investment or tax advice.