Latest / The High Net Worth Podcast with Fexingo: Wealth Management, Tax Strategy, and Affluent Finance
How Ultra-Wealthy Families Use Structured Notes for Downside Protection
Episode 114 of The High Net Worth Podcast dives into structured notes — a bespoke fixed-income derivative that ultra-wealthy families use to buffer portfolio losses while capturing partial equity upside. Lucas and Luna unpack a real 2025 example: a three-year principal-protected note linked to the S&P 500, issued by JPMorgan, that capped upside at 60% but guaranteed no loss of principal even in a bear market. They explore the mechanics: how the zero-coupon bond component covers principal, how the embedded call option generates upside, and why the real cost shows up in forgone dividends and…
The skinny
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