Absolute Return Barrier Note

A barrier note that pays the holder (investor), at maturity, the absolute performance of either one underlying or the lowest performing underlying (in a basket of underlying assets) subject to an upside cap and a downside barrier. If a knock-in event occurs, the investor will have full exposure to the underlying or the lowest performing underlying. This formula helps investors protect their principal (initial investments) and enjoy the potential to obtain above-market returns as long as the underlying stays within th range defined by the cap and barrier. ARB notes appeals to investors who are not certain about market direction, but they have clues that the market will trade in a range.