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Protected Index Participation (PIP)
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Principal guaranteed equity index-linked notes with upside index participation but with no cap on return. The instrument's rate of participation in the upside movement of the index varies with the dividend rate on the stocks in the index, interest rates, market volatility, yield on the note (if any), and life of the PIP. See Equity-Linked Note (ELN) (diagrams). See also Protected Equity Participation (PEP) (1).
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