A Free Guide To Structured Products By SPGO
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Structured Product Guide
SPGO lets you compare, monitor and use structured products more safely for free.
www.spgo.co.uk
This document is a guide only and does not relate to any single investment.
SPGO has not given any investment advice. Before making any investment, contact your
financial adviser.
https://www.spgo.co.uk/https://www.spgo.co.uk/https://www.spgo.co.uk/https://www.spgo.co.uk/https://www.spgo.co.uk/https://www.spgo.co.uk/https://www.spgo.co.uk/https://www.spgo.co.uk/ -
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Structured Product Guide
SPGO is a trading name of WH Ireland Ltd. WH Ireland Ltd is a company incorporated in England and authorised and regulated by
the Financial Services Authority (FSA). WH Ireland Ltd is a member of the London Stock Exchange.
Building BlocksThe overall return o a structured product is typically made up o two components:
1. The Protection Component
2. The Perormance Component
Both o these components may be linked to the movement or perormance o an Underlying Asset such as the FTSE 100 equity index or
Emerging Market equities or example over a set time period.
These 2 building blocks o a structured product are described urther below.
The Underlying Asset
The perormance o the Underlying Asset is the main driver o the return you can expect rom the Perormance Component which,
with the return rom the Protection Component, makes up your overall return rom a structured product. You can chose to link the
returns o a structured product to a very wide range o Underlying Assets, however some o the most common are shown below:
Shares For example a Barclays Bank Plc share, a BP Plc share or the shares o another large blue chip company listed on a
major stock exchange
Equity Indices Any major world equity index such as the FTSE 100 index, international indices such as the S&P 500 (USA) or
Nikkei 225 (Japan) or Emerging Market equity indices. This helps to link your returns to a large number o shares and not just one or
two
Commodities Crude oil, gold, industrial metals, wheat, sugar etc
Interest Rates Such as the Bank o England Base Rate
Currencies Such as the rate o GBP Pounds Sterling to US Dollar or GBP Pounds Sterling versus the currency o an Emerging
Market country or example
Funds Access to collective investment unds and hedge und perormance with the defned return a structured product can oer
Baskets A portolio o Underlying Assets, such as the FTSE 100, S&P 500 and Hang Seng Index (China)
Multi Asset A diversifed portolio o a range o Underlying Assets rom dierent asset classes, such as combining both crude oil
and the FTSE 100 equity index
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Underlying Asset
%
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Structured Product Guide
SPGO is a trading name of WH Ireland Ltd. WH Ireland Ltd is a company incorporated in England and authorised and regulated by
the Financial Services Authority (FSA). WH Ireland Ltd is a member of the London Stock Exchange.
Risk Versus RewardLike any investment, a structured product involves an element o risk. Typically, the greater the degree o risk you take on, the greater the
potential returns although a greater return is o course not guaranteed.
This widely accepted concept can be easily seen within a structured product. A product that will pay back all o the initial investment at
maturity, regardless o the perormance o the Underlying Asset (Full Capital Protection) is likely to be viewed as lower risk than a product
that has no capital protection at all (Non-Capital Protected). As such, where the product will Full Capital Protection may oer investors 1.5
times the rise in the FTSE 100 index at maturity, the Non-Capital Protected Product may oer investors 3 times the rise o the FTSE 100.
The Non-Capital Protected product does not beneft rom Full Capital Protection, but to compensate, investors can make up to three
times the rise in the index. It has a high a higher level o risk and thereore a higher potential investment return.
Depending o your view o how the Underlying Asset will perorm over the investment term, your attitude to risk and your individual
circumstances, either product above could be better suited to you. It is or this reason that you should work closely with your fnancial
adviser beore you look to invest.
Structured Products typically have a predefned investment term, with most products ranging rom 1 to 6 year investment terms. This
does not mean that you are unable to sell your investment beore the end o the term, however i you do you may get back less than you
invested.
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Structured Product Guide
SPGO is a trading name of WH Ireland Ltd. WH Ireland Ltd is a company incorporated in England and authorised and regulated by
the Financial Services Authority (FSA). WH Ireland Ltd is a member of the London Stock Exchange.
The Protection ComponentThe Protection Component is one o the main building blocks that make up the overall defned return o a structured product. This is the
component that determines how much o your initial investment may be paid back at maturity. This can range rom the ull repayment o
your initial investment (Full Capital Protection) to Non Capital Protected which is similar to the risk you would expect rom investing in a
share or collective und, or Partial/Conditional Capital Protection which typically aims to pay back all o your initial investment provided the
Underlying Asset has not allen by a certain amount e.g. halved in value over the term. These dierent levels o protection are explained in
more detail below. All o the dierent levels o capital protection are subject to the Counterparty risk (see the section on Counterparty risk
below or more details).
Full Capital Protection
Structured products will Full Capital Protection, also reerred to as having 100% Capital Protection aim to pay back at least the ull
amount you initially invested upon maturity o the product at the end o the investment term. When combined with the Perormance
Component, the investor then has an investment where they are able to get positive returns but cannot get back less than the sum they
invested originally at the end o the investment term.
The below graph shows the percentage o the initial amount invested into the structured product that the Protection Component will returnat the end o the investment term, depending on the perormance o the Underlying Asset over the same period. The red line shows the
level o the Underlying Asset on the fnal day o the products term. You can see that no matter where the Underlying Asset (Red Line)
is at the end o the investment term, the Protection Component (Blue Surace) will still return 100% o the initial amount invested into the
structured product. I the Underlying Asset at the end o the investment term has allen, investors beneft rom getting back all o their initial
money rather than potentially losing money had they invested into a collective und or bought shares directly in the Underlying Asset or
example.
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Protection ComponentUnderlying Asset
Example Maturity Returns
%
At maturity is the Underlying Asset above
its starting level? Yes
At maturity is the Underlying Asset at its
starting level?
Each Structured Products pays out 100%
of the initial amount invested plus the
Performance Component
No
YesEach Structured Product pays out 100%
of the initial amount invested plus the
Performance Component
At maturity is the Underlying Asset belowits starting level?
No
Yes Each Structured Product pays out 100%of the initial amount invested plus thePerformance Component
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Structured Product Guide
SPGO is a trading name of WH Ireland Ltd. WH Ireland Ltd is a company incorporated in England and authorised and regulated by
the Financial Services Authority (FSA). WH Ireland Ltd is a member of the London Stock Exchange.
Non Capital Protected
Non Capital Protected structured products reer to the situation where an investors initial investment is not protected rom any potential
alls in the value o the Underlying Asset over the investment term. For example, i you invested into a share that halved in value over the
investment term, you would expect your initial investment to hal. Typically, investors in a Non Capital Protected structured product are
never any worse o than investors who have chosen to invest directly into the Underlying Asset (ignoring any dividends you may earn by
investing directly into the Underlying Asset).
The red line in the diagram below shows the level o the Underlying Asset on the fnal day o the product term. You can see that i the
Underlying Asset is below its starting level at the end o the investment term then the investors initial money invested is reduced by an
equivalent amount. For example, i the Underlying asset halved in value over the term, an investor would get back 50 or every 100
invested into the product. Investors do not beneft rom any orm o capital protection but are likely to have a greater potential return than i
they had invested into the same product with Full Capital Protection or example.
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Protection ComponentUnderlying Asset
Example Maturity Returns
%
At maturity is the Underlying Asset above
its starting level? Yes
At maturity is the Underlying Asset at its
starting level?
Each Structured Products pays out 100%
of the initial amount invested plus the
Performance Component
No
YesEach Structured Product pays out 100%
of the initial amount invested plus the
Performance Component
At maturity is the Underlying Asset below
its starting level?
No
YesEach Structured Product pays out 100%
of the initial amount invested, less an
amount equal to the fall in the Underlying
Asset, for example if the Underlying
Asset has fallen by 20%, then the
Structured Product pays out 80% of the
initial investment plus the Performance
Component
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Structured Product Guide
SPGO is a trading name of WH Ireland Ltd. WH Ireland Ltd is a company incorporated in England and authorised and regulated by
the Financial Services Authority (FSA). WH Ireland Ltd is a member of the London Stock Exchange.
Partial/Conditional Capital Protection
Partial/Conditional Capital Protection describes the situation where the amount an investor gets back at maturity is dependent on
how the Underlying Asset e.g. the FTSE 100 index or S&P 500 index has perormed over the investment term. There are typically
three types o Partial/Conditional Capital Protection used to create structured products:
1. Partial Capital Protection
2. Conditional Capital Protection - observed daily
3. Conditional Capital Protection- observed at maturity
We take a closer look at each below.
Partial Capital Protection
Partial Capital Protection is similar in nature to the Full Capital Protection version described above, however instead o the product
paying back all o the initial investment at the end o the product term, it will only pay back a certain fxed portion o it or example,
80% or 90%. I a product is 90% Capital Protected, this means or each 100 invested, the product will pay back at least 90 at
the end o the investment term. Dont orget it may also pay back more depending on what the Perormance Component is worth at
the end o the investment term. We go through this in more detail later on in this guide.
The diagram below shows the percentage o the initial money invested into the product the Protection Component will be worth at the
end o the products term. The red line shows the level o the Underlying Asset on the fnal day o the products term. You can see that no
matter where the Underlying Asset (red line) is at the end o the investment term, the Protection Component (blue surace) remains at 90%
o the initial investment amount. This means or the Protection Component alone, an investor would get back 90 per 100 invested into
the product.
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Protection ComponentUnderlying Asset
Example Maturity Returns
%
At maturity is the Underlying Asset aboveits starting level? Yes
At maturity is the Underlying Asset at its
starting level?
Each Structured Products pays out 90% ofthe initial amount invested plus the
Performance Component
No
YesEach Structured Product pays out 90%
of the initial amount invested plus the
Performance Component
At maturity is the Underlying Asset belowits starting level?
No
YesEach Structured Product pays out 90%
of the initial amount invested plus the
Performance Component
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Structured Product Guide
SPGO is a trading name of WH Ireland Ltd. WH Ireland Ltd is a company incorporated in England and authorised and regulated by
the Financial Services Authority (FSA). WH Ireland Ltd is a member of the London Stock Exchange.
Conditional Capital Protection - observed daily
Conditional Capital Protection is dierent to Full Capital Protection and Partial Capital Protection. This type o capital protection
normally describes a situation where all o the money you initially invested into a product is returned at the end o the product term,
as long as the Underlying Asset has never allen by a specifc amount, typically 50% or 40% rom its starting level. This level is
normally called the Barrier Level and in the case o daily observed barriers, is monitored typically at the end o every day throughout
the investment term. For example, i the Barrier Level is 50% o the starting level o the Underlying asset and the Underlying Asset does
indeed all by 50% rom its starting point at some point over the term o the product, then your initial investment is typically reduced in
line with the all in the Underlying Asset at maturity. In this case, i the Underlying Asset did hit the 50% Barrier Level and at the end o the
investment term it closed at a level o 50% o the initial level, then an investor would get back hal o the initial investment amount i.e. only
50 o an initial investment o 100 would be repaid.
I the Barrier Level is never hit during the investment term however, an investor would receive back the ull amount o money they
invested into the product plus any return rom the Perormance Component. Beore considering a product with Conditional Capital
Protection your view should be that the Underlying Asset is unlikely to breach the stated Barrier Level.
The below diagram shows the amount a product would return at maturity i the Barrier Level has never been hit throughout the term.
The red line shows the level o the Underlying Asset on the fnal day o the products term. You can see that even i the Underlying Assethas allen in value over the term an investor will still get back all o the initial investment unless the index has closed below the 50% o its
starting level Barrier at maturity o the product. The key thing to remember is that in the frst graph below, the Barrier Level during the term
o the product is considered NOT to have been breached. In this case then, i the Underlying Asset closed at 60% o its initial level at
maturity, an investor would get back all o their initial money invested into the product. In this way they are typically considered to be lower
risk than structured products that are Non Capital Protected.
In the next diagram below we assume that the Barrier Level HAS been hit at some point throughout the investment term. The red line
shows the level o the Underlying Asset on the fnal day o the products term. You can see that the initial investment amount is reduced
in line with the perormance o the Underlying Asset rom its starting level, even i it fnishes above the 50% Barrier Level (grey line)
on the fnal day o the investments term. The key point is that or products with Conditional Capital Protection with barriers that are
observed daily, i on any day during the investment term, the Underlying Asset hits the Barrier Level and at the end o the investment
term has allen in value, then an investors initial investment will be reduced in line with the all in the Underlying Asset over the term.
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Protection ComponentUnderlying Asset
Example Maturity Returns
%
Capital at Risk Barrier Level
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Structured Product Guide
SPGO is a trading name of WH Ireland Ltd. WH Ireland Ltd is a company incorporated in England and authorised and regulated by
the Financial Services Authority (FSA). WH Ireland Ltd is a member of the London Stock Exchange.
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Protection ComponentUnderlying Asset
Example Maturity Returns
%
Capital at Risk Barrier Level
At maturity is the Underlying Asset above
its starting level? Yes
At maturity is the Underlying Asset at its
starting level?
Each Structured Products pays out 100%
of the initial amount invested plus the
Performance Component
No
YesEach Structured Product pays out 100%
of the initial amount invested plus the
Performance Component
Has the Underlying Asset remained
above the Conditional Protection Daily
Barrier on every day throughout the Term
of the Product?
No
YesEach Structured Product pays out 100%
of the initial amount invested plus the
Performance Component
At maturity is the Underlying Asset at orabove its starting level?
No
YesEach Structured Product pays out 100%of the initial amount invested plus the
Performance Component
At maturity is the Underlying Asset below
its starting level?
No
YesEach Structured Product pays out 100%
of the initial amount invested, less an
amount equal to the fall in the Underlying
Asseet, for example if the Underlying
Asset has fallen by 20% then the
Structured Product pays out 80% of the
initial amount invested plus thePerformance Component
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Structured Product Guide
SPGO is a trading name of WH Ireland Ltd. WH Ireland Ltd is a company incorporated in England and authorised and regulated by
the Financial Services Authority (FSA). WH Ireland Ltd is a member of the London Stock Exchange.
Conditional Capital Protection - observed at maturity
This style o product is similar to those with Conditional Capital Protection observed daily, except that the Barrier Level is only
observed on the maturity date o the structured product rather than on every day throughout the investment term.
For this reason, the observed at maturity version, is typically seen to be o a lower risk than the daily observed versions however
they also typically have lower potential investment returns rom the Perormance Component. This is the risk versus reward
mechanism in action.
The diagram below shows that i the Underlying Asset at maturity (red line) alls to or below the Conditional Capital Protection Barrier Level
(observed at maturity) (grey dashed line), then the Protection Component (blue surace) is reduced rom 100% o the initial investment
by an amount equal to the all o the Underlying Asset over the investment term. However, on any occasion where the Underlying Asset
closes above the grey dotted Barrier Level at maturity, the investor will get back all o their initial money invested plus any return rom the
Perormance Component.
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130
140
150
Protection ComponentUnderlying Asset
Example Maturity Returns
%
Capital at Risk Barrier Level
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Structured Product Guide
SPGO is a trading name of WH Ireland Ltd. WH Ireland Ltd is a company incorporated in England and authorised and regulated by
the Financial Services Authority (FSA). WH Ireland Ltd is a member of the London Stock Exchange.
Conditional Capital Protection - observed at maturity
At maturity is the Underlying Asset above
its starting level? Yes
At maturity is the Underlying Asset at its
starting level?
Each Structured Products pays out 100%
of the initial amount invested plus the
Performance Component
No
YesEach Structured Product pays out 100%
of the initial amount invested plus the
Performance Component
Has the Underlying Asset remained
above the Conditional Protection DailyBarrier on every day throughout the Term
of the Product?
No
Yes
Each Structured Product pays out 100%
of the initial amount invested plus thePerformance Component
At maturity is the Underlying Asset at or
above its starting level?
No
YesEach Structured Product pays out 100%
of the initial amount invested plus the
Performance Component
At maturity is the Underlying Asset below
its Conditional Protection Barrier?
No
YesEach Structured Product pays out 100%
of the initial amount invested, less an
amount equal to the fall in the Underlying
Asseet, for example if the Underlying
Asset has fallen by 50% then the
Structured Product pays out 50% of theinitial amount invested plus the
Performance Component
At maturity is the Underlying Asset below
its starting levvel but above the Condi-
tional Protection Barrier?
No
YesEach Structured Product pays out 100%
of the initial amount invested plus the
Performance Component
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Structured Product Guide
SPGO is a trading name of WH Ireland Ltd. WH Ireland Ltd is a company incorporated in England and authorised and regulated by
the Financial Services Authority (FSA). WH Ireland Ltd is a member of the London Stock Exchange.
The Perormance ComponentThe Perormance Component is the building block o a structured product that is designed to create the return that an investor will
receive in addition to the Protection Component. It is also the part o the product that links the overall defned return to the perormance
o the Underlying Asset.
The return can either be paid out throughout the term o the structured product as an income/dividend, or at the end o the investment
term (growth products).
The Perormance Component can be broken down into a range o broad categories:
1. Enhanced Returns
2. Income Returns
3. Absolute Returns
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Structured Product Guide
SPGO is a trading name of WH Ireland Ltd. WH Ireland Ltd is a company incorporated in England and authorised and regulated by
the Financial Services Authority (FSA). WH Ireland Ltd is a member of the London Stock Exchange.
Enhanced Returns
Enhanced Return style structured products allow an investor to increase the sensitivity o their returns to the Underlying Asset compared
to investing into the Underlying Asset directly. For example, a product may return one and a hal times the rise in the FTSE 100 equity
index at maturity. I the FTSE 100 equity index was to rise by 40% over the investment term, you would get back a return o 1.5 x
40% or 60% o the initial amount invested at maturity. This can be compared to a return o 40% i they invested into a collective und
tracking the perormance o the FTSE 100 equity index (ignoring any dividend payments). They would also normally get back all o
their initial investment.
The diagram below shows an Enhanced Return style structured product with Full Capital Protection at maturity. The Perormance
Component shows that investors receive back one and a hal times any rise in the Underlying Asset at maturity. This is shown by the
Perormance Component (dark blue surace) being above the Underlying Asset perormance (red line). The Protection Component shows
that the investor will get back all o their initial investment regardless o the perormance o the Underlying Asset over the term. Adding the
Protection Component and the Perormance Component together, you can see the overall defned return rom the structured product. In
situations where the Underlying Asset has risen over the investment term, the product gives an investor back an amount greater than the
rise in the Underlying Asset. In scenarios where the Underlying Asset has allen, investors are protected rom the all and all o their initial
investment is returned.
This is a one example o an Enhanced Return style structured product. More examples can be ound on the SPGO platorm at
www. spgo.co.uk
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150
Protection ComponentUnderlying Asset
Example Maturity Returns
%
Performance Component
At maturity is the Underlying Asset above
its starting level? Yes
At maturity is the Underlying Asset at its
starting level?
Each Structured Products pays out 100%
of the initial amount invested plus 1.5 times
the Underlying Asset positive performance
from its starting level.
No
YesEach Structured Product pays out 100%
of the initial amount invested
At maturity is the Underlying Asset at or
above its starting level?
No
YesEach Structured Product pays out 100%
of the initial amount invested
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Structured Product Guide
SPGO is a trading name of WH Ireland Ltd. WH Ireland Ltd is a company incorporated in England and authorised and regulated by
the Financial Services Authority (FSA). WH Ireland Ltd is a member of the London Stock Exchange.
Income
Income style structured products give investors the opportunity to receive a pre-defned yield (or income) on pre-defned dates. They can
be a useul source o income in times when dividends may be being cut and the yield rom corporate bonds is low.
The diagram below shows an Income style structured product with Conditional Capital Protection (observed daily). It shows that
regardless o the Underlying Asset perormance over the investment term (red line), the Perormance Component pays out a fxed income.
It also shows that i the Underlying Asset alls below the Conditional Capital Protection Barrier Level on any day during the investment term
(grey dotted line), then the Protection Component is reduced in line with any all o the Underlying Asset at maturity. For example, assume
that the below product has a term o 1 year, a fxed income each year o 7%, a Barrier Level o 50% o the starting level o the FTSE 100
equity index and that this Barrier Level is observed every day throughout the investment term. At maturity, i the Barrier Level HAS been hit
and the FTSE 100 equity index closes down 40% rom its starting level at maturity, then the Perormance Component would pay out 7%
o the initial investment and the Protection Component would return 60% o the initial investment. Overall then, an investor would get back
60% + 7% i.e. 67%o their initial investment amount at the end o the term.
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140150
Protection ComponentUnderlying Asset
Example Maturity Returns
%
Capital at Risk Barrier Level
Performance Component
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Structured Product Guide
SPGO is a trading name of WH Ireland Ltd. WH Ireland Ltd is a company incorporated in England and authorised and regulated by
the Financial Services Authority (FSA). WH Ireland Ltd is a member of the London Stock Exchange.
Income
This is a one example o an Income style structured product. More examples can be ound on the SPGO platorm at www. spgo.co.uk
At maturity is the Underlying Asset above
its starting level? Yes
At maturity is the Underlying Asset at its
starting level?
Each Structured Products pays out 100%
of the initial amount invested. The Income
Return is paid on each Income date.
No
YesEach Structured Products pays out 100%
of the initial amount invested. The Income
Return is paid on each Income date.
Has the Underlying Asset remained
above the Conditional Protection Daily
Barrier on every day throughout the Term
of the Product?
No
YesEach Structured Products pays out 100%
of the initial amount invested. The Income
Return is paid on each Income date.
At maturity is the Underlying Asset at or
above its starting level?
No
YesEach Structured Products pays out 100%
of the initial amount invested. The Income
Return is paid on each Income date.
At maturity is the Underlying Asset below
its starting level?
No
YesEach Structured Products pays out 100%
of the initial amount invested, less an
amount equal to the fall in the UndelryingAsset, for example if the Underlying Asset
has fallen by 20% then the Product pays
out 80% of the initial amount invested. The
Income Return is paid on each Income
date.
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Structured Product Guide
SPGO is a trading name of WH Ireland Ltd. WH Ireland Ltd is a company incorporated in England and authorised and regulated by
the Financial Services Authority (FSA). WH Ireland Ltd is a member of the London Stock Exchange.
Absolute Returns
Absolute Return style structured products give the investor the opportunity to receive a positive return even i the Underlying Asset has
not risen in value over the investment term, as long as certain pre-defned conditions are met.
The diagram below shows a three year structured product that pays a return o 30% as long as the Underlying Asset is at or above 75%
o its starting level on the fnal day o the investment term. I the Underlying Asset is below 75% o its starting level on the fnal day o the
term, then the 30% return is not paid. In addition, all o an investors initial investment is returned on the maturity date regardless o the
perormance o the Underlying Asset over the term. In the below example, the Perormance Component has returned 30% o the initial
amount invested and the Protection Component has returned 100% o an investors initial investment. In total then, an investor would
receive back 130 or every 100 invested into the below structured product in the scenario where the Underlying Asset is above 75% or
its starting level on the maturity date. This could have occurred even though the Underlying Asset had allen by 20% over the same term
or example. You can see then that Absolute Return style structured products can be a useul way o delivering a positive perormance in
a at or alling equity market environment.
This is a one example o an absolute return style structured product. More examples can be ound on the SPGO platorm at www. spgo.
co.uk
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120130
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150
Protection ComponentUnderlying Asset
Example Maturity Returns
%
Performance Component
At maturity is the Underlying Asset above
75% of its starting level? Yes
At maturity is the Underlying Asset at
75% of its starting level?
Each Structured Products pays out 100%
of the initial amount invested plus 30% of
the initial amount invested.
No
YesEach Structured Products pays out 100%
of the initial amount invested plus 30% of
the initial amount invested.
At maturity is the Underlying Asset below
75% of its starting level?
No
YesEach Structured Products pays out 100%
of the initial amount invested.
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Structured Product Guide
SPGO is a trading name of WH Ireland Ltd. WH Ireland Ltd is a company incorporated in England and authorised and regulated by
the Financial Services Authority (FSA). WH Ireland Ltd is a member of the London Stock Exchange.
Counterparty RiskA structured product is typically delivered as a type o loan to a company. We shall reer to this company as the Issuer, who is normally
a large multi-national bank. Like any loan, there is a risk that the Issuer will be unable to repay some or all o the amount you have loaned
them when the investment matures or i you choose to try to terminate the loan early i.e. sell the structured product beore the end o
the product term. This risk is known as Counterparty risk. This means that investing into a structured product carries the risk o losing
all o your initial investment and any potential returns regardless o the type o capital protection advertised on the product.
Counterparty risk is not limited to structured products and the same risk is present when investing into a corporate bond, or a high street
bank deposit account above the Financial Services Compensation Scheme protection limit as an example. There is a range o useul
inormation made widely available by rating agencies and the wider fnancial markets to allow investors to better understand the risks
associated with the loan taker. You can fnd a summary o a range o this inormation on the SPGO platorm as www.spgo.co.uk. I you
require urther inormation with regard to this, you should consult your fnancial adviser.
This guide is not intended as investment, legal or tax advice. I you are considering investing in a
structured product please consult your fnancial adviser.
https://www.spgo.co.uk/https://www.spgo.co.uk/https://www.spgo.co.uk/https://www.spgo.co.uk/https://www.spgo.co.uk/https://www.spgo.co.uk/https://www.spgo.co.uk/https://www.spgo.co.uk/https://www.spgo.co.uk/https://www.spgo.co.uk/https://www.spgo.co.uk/https://www.spgo.co.uk/https://www.spgo.co.uk/https://www.spgo.co.uk/https://www.spgo.co.uk/https://www.spgo.co.uk/https://www.spgo.co.uk/ -
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