A structured note, also referred to as structured bond, is a hybrid instrument that is typically issued by a financial institution. It combines complex financial techniques to provide a return linked to the performance of an underlying asset, such as a stock index or interest rate. The duration is always fixed and the invested capital (without penalty) is fully reimbursed at maturity, except in the event of bankruptcy or default by the issuer. More information can be found in the information sheet 'What are structured products with 100% capital protection at maturity?'.