DEMO-FCN-001Synthetic demo

ALPHA · BETA · GAMMA

Daily memory KO: each underlying's first close at or above KO is remembered; the note knocks out when the last laggard crosses — even though the three were never above KO on the same day.

Trade: 06 Jan 2025
Final valuation: 07 Jul 2025
KO observation: Daily · Memory
Coupon: 14.00% p.a.
Demo valuation date: 30 Jun 2025

Current status

Knocked out · early redemption

KO condition met on 08 Apr 2025. The note is redeemed early at 100% of notional plus the coupon for period 4; remaining coupons are cancelled.

Product summary

Annualized coupon

14.00%

≈ 1.17% paid monthly

Knock-out

100%

Strike

80%

Knock-in

None

Tenor

6 months

Underlyings

3 · worst-of

Coupons paid

4 / 6

4.67% of notional

Maturity timeline

Trade06 Jan

KO start07 Feb

Knock-out08 Apr

Final valuation07 Jul

Redeemed early on 08 Apr 2025, 90 days before the scheduled final valuation.

Price path · % of initial

Synthetic closes

ALPHABETAGAMMAShaded = non-call periodGrey = underlying has recorded KO

Underlyings

At KO date closes: 08 Apr 2025

Underlying	Initial	At KO date	Performance	KO 100%	Strike 80%
ALPHA Alpha Synthetic Corp KO · 11 Feb	142.60	136.24 95.5%	−4.5%	142.60 4.5 pp below	114.08 15.5 pp above
BETA Beta Synthetic Holdings KO · 17 FebWorst performer	88.35	84.40 95.5%	−4.5%	88.35 4.5 pp below	70.68 15.5 pp above
GAMMA Gamma Synthetic Systems KO · 08 Apr	61.20	61.95 101.2%	+1.2%	61.20 at/above	48.96 21.2 pp above

KO condition

Daily · Memory

KO level: 100% of initial
KO start: 07 Feb 2025
Observation: Every close
Dates evaluated: 43

ALPHARecorded 11 Feb 2025
BETARecorded 17 Feb 2025
GAMMARecorded 08 Apr 2025

All underlyings recorded — KO triggered on 08 Apr 2025, the date the last laggard crossed.

Rule comparison — the same synthetic path under each KO rule

Daily · MemoryThis product	KO 08 Apr 2025
Daily · Non-memory	No KO
Monthly · Memory	No KO · 1/3 recorded
Monthly · Non-memory	No KO

Educational comparison using the engine in lib/fcn.ts. Only the highlighted rule is part of this product's terms.

Settlement

Early redemption at 100% of notional following the knock-out on 08 Apr 2025.

Coupons: 4 × 1.17% = 4.67% of notional, the last paid with redemption on 09 May 2025.

Coupon periods

No further payments

#	Observation window	Payment	Coupon	Status
1	06 Jan – 06 Febnon-call	11 Feb 2025	1.17%	Paid
2	07 Feb – 06 Mar	11 Mar 2025	1.17%	Paid
3	07 Mar – 07 Apr	10 Apr 2025	1.17%	Paid
4	08 Apr – 06 May	09 May 2025	1.17%	Paid with early redemption
5	07 May – 06 Jun	11 Jun 2025	1.17%	Cancelled — redeemed early
6	07 Jun – 07 Jul	10 Jul 2025	1.17%	Cancelled — redeemed early

Schedule generated from the initial observation date: monthly observation ends rolled to the next business day, payment 3 business days later. 4 of 6 coupons paid (4.67% of notional).

Product summary

Maturity timelineiThe final valuation date. Without a knock-out, the note settles either at 100% par or by physical delivery of the worst performer, depending on its final level, the strike and any KI.

Price path · % of initial

UnderlyingsiLatest close ÷ initial fixing − 1, measured from the initial observation date.

KO conditioniMemory KO records each underlying's first close at or above KO; the note knocks out once every underlying has a record, even on different days. Non-memory requires all underlyings at or above KO on the same observation date.

SettlementiAt maturity, if the worst performer closes below strike (and, for products with a KI, a knock-in has occurred), the investor receives shares of that underlying at the strike price instead of 100% cash.

Coupon periodsiA fixed rate agreed at issue and paid every period (monthly in these demos) regardless of how the underlyings perform. Coupons stop only if the note is redeemed early after a knock-out.

Maturity timeline

Underlyings

KO condition

Settlement

Coupon periods