A “leveraged” securitized product offering that is designed to provide maximum leverage with respect to currency denominations of a set of assets. It also aims to reproduce the payoff patterns of all available over-the-counter Forex instruments. The most popular flow derivatives are: warrants (vanilla options), barrier options (WAVEs), synthetic structured forwards (e.g., bonus certificates), leveraged synthetic spot positions (WAVEs XXLs).

Such leveraged securitized products enable retail investors to take directional views on exchange rate movements.