A structured equity-linked note (ELN) that is created by combining a zero-coupon note with a call option on an underlying equity. This product allows the investor to participate in the upside performance of underlying equity, while being able to hedge against principal risk should the price of equity (or value of equity index) drop. For example, this note may be one that expires in five- years, with its payoff being tied to the performance of the S&P500 index.

A retail structured upward participating equity receipt (SUPER) is usually known as an equity-linked CD.

It is also known as a protected equity note (PEN).