A structured note that offers an enhanced return (upside participation) depending on the performance of its underlying rate or underlying asset (index, commodity, basket of stocks, currency, etc.), and also contingent level of downside protection (buffered/ limited protection). For example, the partial protection may cover 20% of the performance deterioration, and any decline beyond that level is not accounted for. The participation rate usually ranges between 150%-300% on the upside (i.e., the return will be enhanced by 150% – 300%) and 100% below the protection level on the downside.

It is also known as a buffered return enhanced note (BREN).