This is a list of the special investment products QuantumOnline covers: structured securities that do not fit the standard preferred, debt or fund categories. They are typically created by a financial institution and derive their return from an underlying stock, index or basket.
These securities reward careful reading more than any other category on the site. Two products with similar names and similar headline yields can behave completely differently, and the terms that matter are in the prospectus rather than on any quote screen.
| Symbol / CUSIP | Security Description | Exchange | IPO Date | Call Date | Prospectus |
|---|---|---|---|---|---|
| CVP 92873P204 | Centerplate Inc., Income Deposit Securities | AMEX | 12/5/2003 | n.a. | Prospectus |
| CCZ 200300507 | Comcast Holdings Corp., ZONES 2.0% Exchangeable Subor Debentures 11/15/2029 | NYSE | 11/5/1999 | n.a. | Prospectus |
| IDMPQ 456607209 | IndyMac Capital Trust I, Warrants & 6% Equity Sec WIRES due 11/14/2031 | OTOTC | 11/13/2001 | n.a. | Prospectus |
| GBBEF 06739F176 | iPath GBP/USD Exchange Rate ETN due 5/14/2037 | OTOTC | 5/8/2007 | n.a. | Prospectus |
| RXB 61744Y520 | Morgan Stanley Dean Witter BOXES Pharmaceutical Index due 10/31/2031 | NYSEA | 11/23/2001 | n.a. | Prospectus |
| FLG-U 64944P307 | New York Community Capital Trust V, BONUSES Units due 11/1/2051 | NYSE | 10/30/2002 | n.a. | Prospectus |
Most share three features: a defined term, a payoff that depends on something other than the issuer's own operating results, and an exposure to the credit of the issuing institution regardless of how the underlying performs.
That last point is the one most often missed. If the sponsoring bank fails, a structured note is an unsecured claim on that bank — the performance of the underlying index is irrelevant to recovery.
Many of these products offer an attractive stated rate in exchange for capping upside, or for taking full downside below a barrier. A product paying 9% that converts into shares of a fallen stock is not a 9% income security; it is a sold put with a coupon attached.
Check the term, whether principal is protected, whether there is a barrier or buffer and where it sits, and whether the issuer can call the product early — which they typically will, precisely when it is working in your favour.
The narrower lists divide these products by what drives their return: common stock ownership structures, index-based products and company-based products.
QuantumOnline has tracked exchange-traded income securities since 1997. Every security in this list is researched and maintained by hand from the issuer's prospectus and SEC filings, not scraped from a vendor feed. Where a figure is unavailable we show "n.a." rather than guessing.
Information is believed to be accurate but is not guaranteed, and nothing here is a recommendation to buy or sell. Always confirm terms against the issuer's prospectus before investing.