Learn how structured notes work — at your own pace
Plain-English guides on structured notes: the mechanics, the comparisons to CDs and bonds, the risks, and who they tend to suit. Thorough, example-driven, and free to read.
Fundamentals
What Is a Structured Bank Loan? A Plain-English Guide to Structured Notes
A first-time investor's guide to structured notes, explained through the everyday nickname "bank loan": how the mechanic works, what makes up a note, and the risks worth understanding before you invest.
Read the guideFundamentalsConflicts of Interest: Commission-Based Sales vs. Fee-Based Fiduciary Advice on Structured Notes
How a structured note gets recommended to you is shaped by how the person recommending it gets paid. Here's the difference between a commission-based sales model and fee-based fiduciary advice, and why we still use structured notes despite it being more work than simply managing a portfolio of stocks and ETFs.
Read the guideComparisons
Structured Notes vs. CDs: What's the Difference?
A side-by-side comparison of certificates of deposit and structured notes, including market-linked CDs, covering principal protection, return potential, liquidity, and complexity to help investors understand which tool fits which goal.
Read the guideComparisonsStructured Notes vs. Traditional Bonds
A plain-English comparison of how traditional bonds and structured notes behave differently in rising-rate and falling-market environments, including a hypothetical example and key considerations for portfolio fit.
Read the guideMechanics
How Structured Note Payoffs Work: Buffers, Barriers, and Caps Explained
A glossary-style deep dive into the mechanics behind structured note payoffs, covering participation rates, caps, buffers, barriers, autocall features, and worst-of basket logic, with a hypothetical worked example.
Read the guideMechanicsBuffered Notes vs. Principal-Protected Notes: Which Fits Your Goals?
A plain-English comparison of buffered and principal-protected structured notes, how each defines "protection," what you give up for it, and a hypothetical side-by-side example to help you think through which structure fits your risk tolerance.
Read the guideRisk
Understanding Issuer Credit Risk in Structured Notes
A structured note's payoff is only as reliable as the bank that issued it. Here is what issuer credit risk means, why it matters, and how investors manage it.
Read the guideRiskLiquidity and the Secondary Market for Structured Notes
Structured notes are built to be held to maturity, not traded like stocks. Here's what that means for your liquidity, what happens if you need to sell early, and how to plan around it.
Read the guideWant to see real-world structured note examples?
Once you've got the fundamentals down, visit our prior offerings page to explore sample notes and see how these concepts play out in practice.
View Structured Note SamplesHave questions after reading? Let's talk it through.
These guides are educational, not personalized advice. Schedule a complimentary meeting with our team to talk through whether structured notes make sense for your portfolio and your goals.