Reference Guide - Payoffs
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4 Chance Step Down
Range Accrual structure referenced to the performance of an index with payout linked to the level of interest rate.
A return based on the number of days in the period when the underlying stayed above, below or within pre-specified levels.
A return based on a fixed coupon provided none of the assets in the basket have fallen. If, however, a specified number of the elements in the basket did fall then the return is calculated on a dif...
A return based on the maximum of a coupon or a participation in the growth of the underlying. The later the assets which make up the underlying cross a predetermined barrier level the higher the pa...
Barrier Discount Certificate
Barrier Reverse Convertible
A barrier reverse convertible is a yield enhancement product which at maturity pays a coupon and the nominal invested, should the barrier never be breached. Once the barrier has been breached, the...
A return based on a percentage of the fall in the underlying.
Bear, Reverse Convertible
Best of Option
A return based on the best performing asset(s) of an underlying basket. A typical example is a Himalaya product where the best performer(s) in a specified period are used to contribute to a final a...
A bonus certificate is a participation product offering unlimited participation in the underlying performance with a barrier and a conditional capital guarantee. Once the barrier is broken, the pro...
Buffered Reverse Convertible
A return based on a percentage of the rise, as well as a percentage of the absolute value of the fall, in the underlying.
Bull Certificate Plus
A strategy, also known as Buy-Write or Covered Call writing, which generates a return from the purchase of an underlying share or shares and the simultaneous sale of a call option or options on tha...
A product that can be redeemed early by the provider.
Callable Range Accrual Note
Callable Return Note
Callable Reverse Floater Note
Capital Proteckted with Cap
Capital Proteckted without Cap
Capital Protected with Cap
Capital Protected without Cap
Capital Protected without Cap, Collateral Secured
Capped Bonus Certificate
A return based on a fixed participation in the rise of an underlying market that is capped at a fixed return
Capped Call, Enhanced Tracker
Capped Call, Floater
A return based on the rise (call) or absolute value of the fall (put) of an underlying, subject to a maximum capital return (cap).
Capped Outperformance Certificate
A return based on a fixed participation in the absolute value of the fall of an underlying market that is capped at a fixed return
These are funds using a combination of a static bond and a call mechanism to achieve portfolio protection. The ratio of risky to non-risky assets is fixed, with a regular (usually monthly) rebalanc...
A return based on the sum of the rise in an underlying market over sub-periods within the product term typically with a cap on the maximum return in each sub-period
Collateral Secured Instruments
Constant Proportion Portfolio Insurance (CPPI). An investment strategy whereby funds are allocated dynamically between two types of assets, a risky asset (equity, managed funds…) and a non-risky...
A product linked to the risk of default (credit risk) from usually a basket of companies.
Credit Default, Knock Out
Daily Upside Settlement
A product paying a fixed return based on the performance of the underlying. Typically if it rises a high fixed return is paid, if not then a lower return is paid.
Digital, Protected Tracker
A discount certificate is a yield enhancement product with a cap which allows the investors to acquire the underlying at a lower price (i.e. the discount). Should the underlying close below strike...
A return based on the spread between the performance of different shares within a basket. For example, the return may be based on the share in the basket with the smallest absolute performance in c...
A return based on the actual dividend yield on the underlying index or shares
Down & Out
A return at maturity which is either in the original currency or an alternate currency at a rate of exchange fixed upfront and at the choice of the product provider.
Dual Peso - Dollar
Dual Peso - Euro
Dual Range Accrual
A growth product that tracks both the rise and fall in the underlying without downside protection, typically with a high participation in the rise (often capped) of the underlying.
Enhanced Tracker, Protected Tracker
Enhanced Tracker, Uncapped Call
Equity Yield Note
Euro Digital Range
Euro Digital With Knock In
A return based on a sophisticated combination of two or more product types. They include a wide variety of options with non-standard payout structures or other unusual features.
A return based on the assets of an underlying basket. Usually, an asset is considered to have a fixed growth if it hasn't fallen. Otherwise, the fall is recorded. Other structures are based on...
A return based on a fixed interest rate for an initial period, followed, at the discretion of the provider, by a variable coupon usually linked to Euribor or similar other interest rate indices. On...
Flip Flop, Capped Call
An income product offering a coupon that rises when the underlying reference rate rises. The coupon is calculated as a fixed rate plus the floating reference rate. Such products will only be includ...
Floater, Uncapped Call
Foreign Currency Coupon Stepdown
Fx dual autocallable
Geared Reverse Convertible
A Reverse Convertible where the participation in any falls in the underlying below a certain level are greater than 1:1
A return based on the performance of a basket on maturity. The performance is the arithmetic mean of the basket’s component assets at the end of each period. A pre-selected number of best-perform...
Himalaya, Capped Call
A return linked to the performance of a basket (usually a share basket) from which the lowest performing assets as well as the best performing assets have been progressively eliminated, or ignored...
A feature whereby a product matures early if the underlying reaches a pre-defined level either anytime, or - more commonly - at a predefined date.
Knock Out Call
Knock Out Put
Knock Out, Altiplano
Knock Out, Protected Tracker
Knock Out, Worst of Option
KO Early Redemption
If the price of the underlying assets rises above a certain threshold level during the product term, investors are then guaranteed a minimum payout at maturity, even if the price subsequently falls...
Leverage Long with stop loss
The product provides a return equivalent to a leveraged long position in an underlying. If the underlying falls to a specified Stop Loss level the product ends and returns the original investment l...
Leverage Short with stop loss
The product provides a return equivalent to a leveraged short position in an underlying. If the underlying rises to a specified Stop Loss level the product ends and returns the original investment...
Leverage with Stop Loss
The product provides a return equivalent to a leveraged long or short position in an underlying. If the underlying rises (leverage short) or falls (leverage long) to a specified Stop Loss level the...
Long Short Spread
A payoff in which the start level (strike) of the underlying is taken as its lowest (or less frequently, highest) level recorded during a specified period at the start of the term or where the fina...
Multiple Jump Digital Barrier
A product paying a fixed coupon plus the worst of the performance of a basket of underlying shares or indices.
Outperformance Bonus Certificate
A return based on a series of coupons. The value of each coupon is determined by the number of assets (usually stocks) which meet certain performance criteria. The coupons are rolled up and paid ou...
Podium, Worst of Option
A return based on the performance of an active trading strategy that allocates funds dynamically between the underlying assets and a lower risk asset such as cash or bonds
A return based on a variable participation in the rise or fall of an underlying, where the participation rate increases alongside the rise or fall in the underlying. Examples of such products inclu...
Power Reverse Dual Currency
A dual currency product for which the return at maturity is either in the original currency or an alternate currency at a rate of exchange fixed upfront and at the choice of the product provider. I...
A return on an Income product in which a small fall in the underlying can result in a large reduction on the capital return.
A return based on the performance of different baskets, each linked to the same underlyings but in varying weights within each basket.
A Growth product that provides a return linked to both the rise and fall in the underlying but typically with a fixed return of capital for a limited fall in the underlying
Protected Tracker, Uncapped Call
A product that can be redeemed early by the investor.
A return based on the performance of a basket whose best performing assets are weighted more heavily than those which perform less well. The underlying is typically a basket of sector or regional i...
Rainbow, Enhanced Tracker
A return based on the underlying remaining within a fixed range
Reverse Bonus Certificate
A product, usually with a regular income or with a rolled-up coupon being offered at maturity, where the return of capital is at risk if the final underlying level is either below its initial level...
Reverse Convertible, Bear
Reverse Convertible, Worst of Option
An income product offering a coupon that rises when the underlying reference rate falls. The coupon is calculated as a fixed rate minus the floating reference rate. Often a non-negative clause is a...
A product paying a minimum return at maturity plus a participation in the rise of the underlying. However if an upper barrier level is breached at any time during the investment period then the ret...
A return based on a series of coupons dependent on the performance of an underlying. If a coupon is not attributed in a given period, then that missed coupon and any subsequently missed coupon will...
A return based on the widening of the performance between equities.
A return based on the widening on the curve between long-term rates and short-term rates.
Target Redemption Note
A product whereby the product matures early if the sum of the coupons reaches a pre-defined level.
A product that provides 1:1 exposure to the performance of the underlying in rising as well as falling markets with no capital protection and according to a predefined multiplier. While upside pote...
A series of returns attributed over several sub-periods, each return being subject to a set increase (if a condition is met) or decrease (if a condition is not met) compared to the return attribute...
Two Wins Stepdown
A return based on a fixed participation in the rise of an underlying market that is uncapped
A return based on a fixed participation in the absolute value of the fall of an underlying market that is uncapped
Up & Down
Up & Out
A life insurance or pension-wrapped product linked to a range of actively-managed funds and offering various guarantees for example, a minimum guarantee on the portfolio value at a future date, gua...
Variable Knock In
A derivative contract referenced to the actual historic volatility of a reference share or index.
A return based on a fixed participation in the rise of the underlying, averaged by the final level of the underlying as opposed to the initial level, used in the corresponding standard call option.
Worst of Option
A return based on the worst performing share or index in a basket
Worst of Option, Digital