In the second of our three-part review of the European structured products market, we focus on asset classes and underlyings.
The Q3 2025 underlying mix confirms that Europe’s structured products market has become increasingly driven by equities. Stocks and indices together accounted for nearly 79% of total issuance, up from just over 75% in both Q2 2025 and Q3 2024 Stocks and indices together accounted for nearly 79% of total issuance, up from just over 75% in both Q2 2025 and Q3 2024. This shows renewed demand in selling downside risk on equities to generate income. Within this broader equity expansion, sto