It stands for structured upside participating equity receipt, which is an equity-linked note whereby an investor can participate in the underlying upside performance, sometimes using borrowed funds, while being, at the same time, able to enjoy full protection against potential losses in the principal amount if the underlying equity price or index would shed value. This structured product is a combination of a zero-coupon note with a call option on an underlying equity holding. A 5-year SUPER might be, for example, linked to the performance of the S&P 500 over the respective period.

SUPERs are also known as PENs (protected equity notes).