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Unleveraged return products place investors' capital at risk, but they usually offer some measure of downside protection in the form of a buffer or barrier. They appeal to investors willing to take on some market risk to gain access to a particular underlying.
The first product is a one-year note linked to the S&P 500 index with an issuer credit spread of 50 basis points. The second is linked to the FTSE 100 with a credit spread of 5