A structured note in which a rate or spread relationship is multiplied to arrive at the ultimate coupon or principal repayment. For example, the coupon might be 1.5 times the reference rate such as LIBOR or CMT rate. If the CMT rate is currently 5%, the coupon would be 5 x 1.5 = 7.5%. When the reference rate goes up 100 basis points, the structured note coupon would go up to  6 x 1.5 = 9% (i.e., a 150 basis-point increase).

Structured notes are not technically derivatives but are broadly considered interest rate derivatives.