An equity structured product (and a reverse convertible) that pays the face value (principal amount) if the underlying doesn’t end up on a closing date below a barrier price. Also, it has a call option allowing early redemption, i.e., the issuer pays back the principal in full early at pre-determined call dates and redeem the underlying stock, if the underlying price exceeds the initial level on the call date. After redemption, no more coupons or principal payments will be made.

It is also known as an autocallable reverse convertible.