The underlying exposure and the payoff structure are two of the key elements of structured products seeking to invest in the market. But when markets go south protection comes to the fore as a critical feature to minimise the impact of falling underlyings.

The product payoff profile can range from having capital protection or being very low risk with defensive features through to leveraged or worst-of or multi-asset with the potential for significantly higher risk. Both the HSCEI Index level and Boeing share price have experienced troubles in recent years - Tim Mortimer, FVC Much attention is rightly paid to the product payoff but ultimately the performance of a structured product is as much driven by its underlying asset. A product payoff may