• The Defined Hedge structure provides a defined payout intended to benefit from market declines. The Defined Hedge structure generally aims to capture between 100%-200% of the downside in the underlying asset up to a defined cap. Should the market decline further than the amount of the downside cap, the structure will attain is maximum profitability. The Defined Hedge structure is generally designed to offer zero carry cost if the underlying asset is flat to up over the outcome period.
    • Characteristics:
      • Directional Bias: Bearish
      • Downside Participation: 100-200% (up to cap)
      • Cost of Carry: Zero

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