100% Capital Protected Down and Out Put with Rebate on S&P 500

This is a very simple 18 month structured note with a 100% capital protection. The note has a 100% participation on a put option on S&P 500 as long as a daily close barrier is not hit.  If the Barrier is hit a 7% rebate is paid at maturity. This is a US dollar based note.

This note can be used to hedge an long exposure to US equity markets.