• Rising underlying
• Sharply falling underlying possible

Characteristics

• Any payouts attributable to the underlying are used infavour of the strategy.
• Limited profit potential (Cap).
• Minimum redemption at expiry equivalent to the capital protection.
• Capital protection is defined as a percentage of the nominal (e.g. 100%).
• Value of the product may fall below its capital protection during the lifetime.
• Participation in a positive performance of the underlying up to the Cap.