The Canadian structured product market is dominated by OTC trade privately-placed notes and guaranteed investment certificates (GICs) with exchange-traded funds (ETFs) based on covered call strategies complementing the investment activity.

Structured notes, predominantly equity-linked notes, are typically divided into two categories in the Canadian market context: principal-protected notes (PPNs) and non-principal-protected notes (NPPNs), or principal at-risk notes (PAR notes).  A key trend has been the move into enhanced single stock adjusted-return indices, which offer the potential for more favourable product economics - Grant Borcharding, RBC PPNs were first introduced in Canada in the 1990s. They are structured as a

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