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Case studyGold / Silver

Redeemed in 9 months, coupons in hand: how early redemption works

A structured product doesn't always wait for maturity. Gold / Silver ended on its own after 9 months, capital returned and coupons collected. Here's why, and what it changes for the investor.

The Goliaths team30 September 20264 min read
Gold / Silver
Performance of the Gold / Silver basket up to the early redemption. Source: Goliaths.

Gold / Silver

Launched 1 December 2025 · redeemed
UnderlyingsNewmont · Barrick · Pan American Silver · First Majestic Silver
Coupon10%/yr
PaymentQuarterly
Barrier-50%
Early redemptionFrom 6 months
Redeemed on8 September 2026
Investors97

Key points

  1. The product provided for automatic redemption if all four shares climbed back above their starting level.
  2. Despite a low of -16.6% in July 2026, the coupons were paid as normal.
  3. At the end of August, the condition was met: capital returned on 8 September, after 9 months, with 3 coupons.
  4. The trade-off: the investor gives up part of the upside, with Newmont having gained +42.5%.

01The set-up

A structured product doesn't always wait for maturity to come to an end. Some are designed to redeem earlier if the conditions are met. That's what happened with Gold / Silver, launched on four gold and silver miners.

On 1 December 2025, the product started on a basket of four stocks: Newmont and Barrick, two giants of gold mining, and Pan American Silver and First Majestic Silver, silver specialists. It pays a coupon of 10% per year, paid quarterly, as long as no share in the basket falls more than 50% below its starting level.

The product also provides for automatic early redemption, possible from 6 months: if, on an observation date, all four stocks are above their starting level, the product ends immediately and the investor gets back their capital and their coupons.

The mechanism in one sentenceAs soon as the market meets the condition, the product ends on its own: the capital comes back, without the investor having to decide when to sell.

02What sets this apart from a classic investment

With a classic investment, it's up to the investor to decide when to sell, with all the hesitation that involves. Here, the exit is written in from the start. On each observation date, three outcomes are possible.

🎯All above the starting level

Early redemption: capital returned, with the coupon.

🔁Between the starting level and -50%

The coupon is paid and the product continues.

⚠️One share below -50% at maturity

The protection no longer applies; the capital is reduced by the same amount.

03What has happened since launch

The journey was not a straight line. In July 2026, the basket fell to -16.6%, a long way from the -50% barrier, and the coupons continued to be paid as normal. Then metals rallied strongly.

  1. Product launched on Newmont, Barrick, Pan American Silver and First Majestic Silver.

  2. The first two quarterly coupons are paid.

  3. Basket low at -16.6%, a long way from the barrier. Nothing changes for the investor.

  4. All four stocks are above their starting level: the early-redemption condition is met.

  5. Capital returned in full to the 97 investors, with the third coupon.

At the time of redemption, all four shares were above their starting level
Change in each share since launch, compared with the return collected through the product
Share held directlyStructured product
Newmontshare
+42.5%
First Majestic Silvershare
+35.2%
Pan American Silvershare
+14.5%
Barrickworst-performing share
+11.9%
Structured product3 coupons collected
+7.5%
Source: Goliaths data. Shares: change in share price from 01/12/2025 to 21/08/2026. Product: coupons collected up to the redemption on 08/09/2026.

04The final tally

9 monthsfor the product to reach its goal and be redeemed
7.5%return over the period, i.e. around 10% on an annualised basis
97investors repaid on 8 September 2026

For its 97 investors, the capital was returned in full on 8 September 2026, after just 9 months, with 3 quarterly coupons collected.

The trade-offThe product returned 7.5%, while Newmont gained +42.5% over the same period. In exchange for a framework known in advance and a protection barrier, the investor gives up part of the potential upside. A direct shareholder earned more, but with no safety net at all.

05What to take away

An early redemption is not a failure of the product. On the contrary, it's a sign that it achieved its goal sooner than planned. The investor gets their capital back earlier, with their coupons, and can reinvest it elsewhere without waiting for the original maturity.

The best scenario for a structured product is sometimes to end early.

Want to know whether this type of product suits your profile?

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