A barrier put warrant that is subject to a predefined window period during which if the barrier price is hit, a knock-out event occurs. Once it is knocked out, it will cease trading, while the holder will get paid a fixed rebate amount. Reference to a pre-set barrier price, along with the type of an option, will help determine the outcome during a window period.

The payment (payoff) for a window barrier put warrant, which will be in the form of a fixed rebate, depends on the closing price of the underlying asset being equal to, or above, the barrier price on any trading day during the window period.