An equity linked product (equity linked note, ELN) that combines an equity-linked debt instrument with an option that allows a bull (rising) bet on the underlying price. The payoff of an equity-linked note is typically determined by the performance of an individual security, a basket of securities or an index. A bull equity-linked note can be perceived as a traditional deposit combined with the premium received from issuing a put option on the underlying securities.

If, on the valuation date, the value of the securities drops below the strike price minus the premium received, the buyer/ holder will suffer a loss that could be equal to the entire capital amount (principal) in extreme cases. In which case, the holder of the note would only receive underlying assets (stocks). If the underlying asset price on the valuation date is higher than the specified strike price of the ELN, the value of the note is determined as its nominal value.