Structured products are securities derived from or based on a reference asset, such as a single security, a basket of securities, an index, a commodity, a debt issuance and/or a foreign currency. Examples include Structured Notes, which combine a bond and a derivative, and Equity-linked notes, which are notes with a payout tied to a listed stock. Some structured products offer full principal protection, but many offer limited or no principal protection. Typically, structured products limit the upside participation of the investor in any appreciation of the referenced asset, and structured products are often very thinly traded, thus potentially limiting an investor’s ability to sell prior to maturity. Because of the complexity of structured products, it is important that firms balance the promotion of these products with a fair disclosure of the risks, including potential loss of principal or that at expiration the investor will own the reference asset at a depressed price.