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Underlying
       
 
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Underlying

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Underlying
The underlying of a Structured product or Option can be any asset class (Equity index, stock basket, Debt instrument, Interest rate, commodity or a combination of these) that is used to construct the product and whose performance is a key determinant of the payout. In some products, the underlying may be a basket of 20 stocks, but the redemption basket that is used to calculate the maturity payout may comprise only 10 of those stocks.
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