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A covered warrant gives the holder the right, but not the obligation, to buy ('call' warrant) or to sell ('put' warrant) an underlying asset at a specified price (the 'strike' price or 'exercise' price) by a predetermined date.  The price paid for this right is the 'premium' and with covered warrants you cannot lose more than this initial premium paid.  They are limited liability instruments so there are no further payments or margin calls required to maintain a covered warrant position.  Covered warrants offer a flexible alternative to private investors who seek to gain the leverage benefits of derivatives, but who wish to limit their risk. 

To find out more about covered warrants, please see our guides.

Structured Products are typically issued as 'certificates' and there are various types depending on how the products track the underlying and what levels of protection are offered.  Trackers replicate the performance of the underlying asset on a one-for-one basis and there are also Reverse Trackers which move on one-for-minus one relationship with the underlying.  Participation products allow investors to participate in upside or downside gains and offer leverage.  Yield Enhancement products allow investors to benefit from coupon payments or capital growth and Capital Protected products offer exposure to the underlying with various degrees of guarantee of the the capital invested.