... autocalled and the structure ceases to exist, that is, the payoff is as if the investor has taken profit on the underlying On the other hand of the underlying stays underwater, the investor receives ... implication on the taxation of structured products I review these in Appendix 2 Applications of structured products in the portfolio of an institutional investor In a general framework, the two applications ... research The choice of the underlying may depend on the market, on the investor s expertise, and on fundamental factors Payoff structure The payoff structure is a mathematical formula applied on the...