Structured Note Seminar: Protection • Participation • Income
Structured notes can do three things traditional stock/bond mixes struggle to do at the same time: reduce downside risk, participate meaningfully in rallies, and generate income on a defined schedule. In this six-part seminar, Ira Koyner (“The Original IRA”) walks through how notes are built, where they fit, and the trade-offs to understand—using simple diagrams and real examples. Watch the full seminar below or scroll down to watch individual episodes.
Watch Each Episode
Episode 1: Structured Note Basics
Plain-English intro to bank-issued structured notes: what they track, how payoffs are defined, and why issuer credit matters. We also spell out the objective: reduce drawdowns, enhance upside, and generate income with defined rules. Click the link below to learn more.
Learn MoreEpisode 2: Protection & Participation
We compare protection designs (PPN, buffer, barrier) and show how upside is engineered (caps, participation multipliers, absolute return, step-in). Visuals make it clear where each shines. Takeaways:
Learn MoreEpisode 3: Attractive Terms & Tradeoffs
Rates, dividends, and implied volatility fund protection, coupons, or participation. We cover distribution differences (RIA vs. broker), fees, liquidity, and key risks you must manage.
Learn MoreEpisode 4: Case Study: S&P 500 vs. S&P 500 Futures Excess Return (SPX vs. SPXFP)
We unpack the Futures Excess Return index (front-month E-mini futures), how rates minus dividends drive basis, and why notes tied to futures won’t include dividends—impacting long-run comparisons.
Learn MoreEpisdose 5: International Equities & Income Notes
A worst-of income note pairing EURO STOXX 50 (FEZ proxy) and MSCI EAFE (EFA): coupon/auto-call mechanics, 30% barrier logic, and context for international allocation (Vanguard suggests around 20%).
Learn MoreEpisode 6: Customized Notes & Portfolio Integration
How to integrate notes as fixed-income replacements or equity overlays, including examples (Japan sleeve with Nikkei/TOPIX; rainbow design across SPXFP/NDX/Russell; concentrated-stock hedging with give-and-sell/DAF pairing).
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