An autocall note that provides pre-defined returns from a host of underlying assets (shares) in a relatively flat or even slightly downward trending markets over the medium term. It may also provide investors with protection, subject to a pre-defined protection barrier- from all but sharp falls in markets, providing a large buffer before any capital is at risk. Invested capital (principal) is at risk if any of the underlyings close below the protection barrier at maturity.

A phoenix autocall note is not designed to track or replicate the performance of the underlying assets.