For this reason, futures are ideally suited as an underlying for warrants and certificates, since the raw material itself does not have to be traded physically. The costs of physical commodity trading would probably be so great that it would not be worthwhile for financial investors to invest in commodities. However, the future has the disadvantage that it always has a specific maturity. For example, if the certificate is offered without a time limit, the issuer must switch to another, longer-dated future before the future matures. This process is also known as “rolling”. However, in certain market situations, there may be significant price differences between the individual futures during the rolling process. In this case, the rolling process does not directly lead to a change in the value of the relevant certificate or warrant. However, it may be that this rolling process leads to so-called roll gains or roll losses in the long run. You can find out more about the rolling process here.