A protected note that provides full capital protection to the holder, but the performances over the cliquet intervals are taken into consideration. At maturity, the performances are sorted or ordered so that a select number of the best performances (say 3 out of 10) will be given a specific weighting (less than 100%) and the remaining performances (7) will be given full weighting (100%). The weighting of the best performances (positive returns), which is less than full weighting, will largely decrease the cost of the structure (structured note).

This note belongs to the class of equity basket products.

Scaled cliquet protected notes are also known as sorted cliquet protected notes.