<aside> 💡 At Fig Investments, we offer Structured Note through a transparent platform. This means that we help our customers see the underlying assets used to build a structured note.

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• Each Structured Note is comprised of various financial Instruments
• The Instruments together form an Underlying Portfolio
• The Underlying Portfolio is a portfolio of Instruments that are used to replicate the payout structure of a Structured Note

Example:

This is an actual principal hedged note on Bitcoin that is structured using Fig’s platform:

• This is a 100% principal hedged note that matures on March 29, 2024 linked to the performance of Bitcoin Index
• It gives the noteholder a payout if Bitcoin is between $45,000 and $120,000 by the time the note matures
• In the section called Synthetic Composition, it describes a portfolio of Instruments needed to buy or sell in order to create this Structured Note, which is the Underlying Portfolio
• This example shows that in order to replicate the payoff structure as shown, one would need to buy a US T-bill, a call spread option position with strike prices of $45,000 and $120,000