Capital is guaranteed in full at maturity, so the only question is what is earned on top of it — and the direction of gold does not decide that.
If SPDR Gold Shares never close below the 80% knockout barrier or above the 120% one, the note pays 100% plus 100% of the absolute performance of the underlying from the strike price. A move down pays as a move up of the same size would.
If either barrier is closed through, that upside is replaced by a fixed 7.5% rebate, paid on top of the guaranteed capital.
Key product details
- Underlying: SPDR Gold Shares (GLD UP Equity)
- Capital guarantee: 100%
- Call strike / put strike: 100% / 100%
- Knockout barrier down: 80%
- Knockout barrier up: 120%
- Rebate: 7.5%
- Original duration: 24 months
- Currency: USD
- Delivery: Cash
- Expected redemption date: August 28, 2028
Where the note stands
GLD was fixed at 421.32 and last traded at 393.39, down 6.63% — a reference level of 93.37%. The note last traded at 98.26%, with an expected redemption value of 106.6292%. The factsheet does not quote an ISIN for this note.
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