diff --git a/name.abuchen.portfolio/src/name/abuchen/portfolio/model/Client.java b/name.abuchen.portfolio/src/name/abuchen/portfolio/model/Client.java
index 44957d14f2..5bc1c1fb27 100644
--- a/name.abuchen.portfolio/src/name/abuchen/portfolio/model/Client.java
+++ b/name.abuchen.portfolio/src/name/abuchen/portfolio/model/Client.java
@@ -29,7 +29,7 @@ public interface Properties // NOSONAR
         String WATCHLISTS = "watchlists"; //$NON-NLS-1$
     }
 
-    public static final int CURRENT_VERSION = 59;
+    public static final int CURRENT_VERSION = 60;
     public static final int VERSION_WITH_CURRENCY_SUPPORT = 29;
     public static final int VERSION_WITH_UNIQUE_FILTER_KEY = 57;
 
diff --git a/name.abuchen.portfolio/src/name/abuchen/portfolio/model/ClientFactory.java b/name.abuchen.portfolio/src/name/abuchen/portfolio/model/ClientFactory.java
index 7fb3eff616..9ae5eac627 100644
--- a/name.abuchen.portfolio/src/name/abuchen/portfolio/model/ClientFactory.java
+++ b/name.abuchen.portfolio/src/name/abuchen/portfolio/model/ClientFactory.java
@@ -834,6 +834,8 @@ else if (flags.contains(SaveFlag.COMPRESSED))
                 removeWronglyAddedSecurities(client);
             case 58:
                 fixDataSeriesLabelForAccumulatedTaxes(client);
+            case 59:
+                fixNullSecurityProperties(client);
 
                 client.setVersion(Client.CURRENT_VERSION);
                 break;
@@ -1551,6 +1553,24 @@ private static void fixDataSeriesLabelForAccumulatedTaxes(Client client)
                                         .replace("Client-taxes;", "Client-taxes_accumulated;"))); //$NON-NLS-1$ //$NON-NLS-2$
     }
 
+    private static void fixNullSecurityProperties(Client client)
+    {
+        // see https://github.com/portfolio-performance/portfolio/issues/3895
+
+        for (Security security : client.getSecurities())
+        {
+            var properties = security.getProperties().toList();
+
+            for (SecurityProperty p : properties)
+            {
+                if (p == null)
+                {
+                    security.removeProperty(null);
+                }
+            }
+        }
+    }
+
     @SuppressWarnings("nls")
     private static synchronized XStream xstream()
     {
diff --git a/name.abuchen.portfolio/src/name/abuchen/portfolio/model/ProtobufWriter.java b/name.abuchen.portfolio/src/name/abuchen/portfolio/model/ProtobufWriter.java
index e7ce82cb19..3307f83bd8 100644
--- a/name.abuchen.portfolio/src/name/abuchen/portfolio/model/ProtobufWriter.java
+++ b/name.abuchen.portfolio/src/name/abuchen/portfolio/model/ProtobufWriter.java
@@ -881,6 +881,8 @@ private void saveSecurities(Client client, PClient.Builder newClient)
 
             Map<String, PMap.Builder> data = new HashMap<>();
             security.getProperties().forEach(p -> {
+                if (p == null)
+                    return;
                 PMap.Builder map = data.computeIfAbsent(p.getType().name(), k -> PMap.newBuilder());
                 map.addEntries(PKeyValue.newBuilder().setKey(p.getName())
                                 .setValue(PAnyValue.newBuilder().setString(p.getValue())).build());