It stands for up-and-out put; an up-and-out option that is deactivated if the price of the underlying exceeds a preset level. The outstrike (barrier price) of this put is set initially above the underlying price at inception.
April 26, 2024

Targeted Amortization Class Tranche
January 2, 2023
PO Tranche
January 3, 2023
It stands for up-and-out put; an up-and-out option that is deactivated if the price of the underlying exceeds a preset level. The outstrike (barrier price) of this put is set initially above the underlying price at inception.