The market turbulence triggered by the new tariffs imposed by the US government has put the focus on structured products which unleashed market chaos in the past when exotic desks piled up to buy Vega as knock-in put levels were breached.

Only 72 products linked to S&P 500 index (SPX) as a sole underlying launched throughout 2024 and Q1 2025 have breached their defensive barriers as a result of the historic crash of the SPX on 3 April. The 9.5% price drop of the SPX on Thursday which was replicated by other major indices and stocks across the globe has not triggered a further sell-off with the majority of products linked to the index remaining at a safe distance from crossing their knock in barriers and many of them pushing