This article aims to measure the costs of Investment certificates for a retail investor in the Italian primary market in 2021 and 2022. We analyze the market of Investment certificates, then we examine the regulatory framework regarding cost disclosure. Finally, the results of a research conducted on the data provided by the issuers are presented. The aim is to contribute to an increasing knowledge of a fundamental aspect of these products, a profile to which financial intermediaries (issuers and distributors), supervisory authorities and investors attach increasing importance, with a view to investment efficiency.
