An equity-linked note (ELN) that allows the investor a full participation on the upside, while its protection on the downside is only partial. This means the note is both partially protected and partially participatory on the downside. Therefore, the more the underlying equity increases, the higher the note’s coupon (the coupon increases on a one-for-one basis). But when the underlying equity decreases, the coupon would get smaller more than proportionately (e.g., each 1% decrease in underlying equity may spur a fall in coupon payment to the extent of 2%).

This note is a variation on the participating equity-linked note.