Naviga&ng Structured Products!
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Basic design
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Complex design:!M/*'!.$/-,&'*!0)1%!)!&/5.6%E!-%*32#+!>03&0!&)#!5)<%!)#)6(*3*!/4!.$3&3#2+!
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>3'0!0320%$!./'%#=)6!$%',$#*+!>0%#+!3#!4)&'+!3'!5)(!/#6(!5)*<!0320!4%%*!)#-!$3*<:!H/$*%!(%'+!
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Substan&al cost: !L0%*%!.$/-,&'*!'%#-!'/!&)$$(!)!*32#3I&)#'!5)$<,.!)#-!&/*'*!'0)'!3#!*/5%!
&)*%*!)$%!-3W&,6'!'/!Q,)#=4(+!%*.%&3)66(!34!)#!3#1%*'/$!6)&<*!'0%!'%&0#3&)6!<#/>6%-2%!'/!
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Replica&on:!L0%!.)(/J!/4!13$',)66(!)#(!*'$,&',$%-!.$/-,&'!&)#!;%!$%.63&)'%-!3#!)!./$S/63/!;(!
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*%&,$3=%*:!"#!5)#(!&)*%*+!'0%!&/*'*!)**/&3)'%-!>3'0!'0%!$%.63&)=/#!./$S/63/!)$%!5,&0!6/>%$!
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Tradeos:!"#!$%',$#!4/$!$%&%313#2!)!.$%*&$3;%-!.)(/,'+!3#1%*'/$*!5,*'!)&&%.'!)!'$)-%/J!3#!'0%!
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%E.%&'%-!$%',$#*+!(/,!5,*'!)&&%.'!5/$%!$3*<:!"4!(/,!-/!#/'!>)#'!'/!;%)$!'0%!$3*<+!(/,!5,*'!
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Mul&ple Risks:!Z3$*'+!'0%$%!)$%!'0%!3#0%$%#'!$3*<*!/4!'0%!,#-%$6(3#2!*%&,$3'(![%:2:+!'0%!*'/&<!/$!
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Tax considera&ons:!"'!3*!)6*/!35./$')#'!'/!&0%&<!')E!&/#*%Q,%#&%*:!9/5%!3#*'$,5%#'*!5)(!
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Who might benefit?
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Endnotes
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Past performance is no guarantee of future results. This informa8on is provided for educa8onal
purposes only and should not be considered investment advice or a solicita8on to buy or sell
securi8es. OpenCircle Wealth Partners is an investment advisor registered with the State of
Connec8cut.