Benefit from a coupon or the absolute performance up to the cap, while protecting part of the downside.

The investor receives a capitalized coupon (memory) upon early automatic redemption, or at maturity the absolute performance of the underlying up to the cap level, if the underlying is above the protection level. Every coupon not detached is added in memory and can be perceived on a future observation date. The capital is protected up to the protection level (activation depends on the type of protection).