The recent slowdown of the Canadian S&P/TSX 60 TR index up just under 1% year-to-date after two years of solid growth has triggered a renewed taste for bear structures

One recent addition was Scotiabank’s BNS S&P/TSX 60™ Capped Inverse Participation Deposit Notes, Series 2 , a shark-fin structure in the bear direction, paying a 20% inverse participation in the fall of the Canadian benchmark, and a fixed 5% for any fall greater than 20%. As with most other bear products, it offers full capital protection, and is on a relatively shorter term of 2.5 years, if compared with 5.2 years for bull structures. The product, which is also the highest sell

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