Structured product trend report
Five-year review
Report overview
In an environment shaped by rising rates, shifting volatility and persistent uncertainty, structured products have continued to evolve as investors adapt how they deploy risk and seek defined outcomes.
In this report, we analyse structured product activity over the past five years, from 2020 to year-end 2025. The report identifies how product issuance, design and underlying exposures have changed through markedly different market regimes, from the COVID-19 pandemic to the current, increasingly politicised global landscape.
Report highlights
£2bn+
in 2025 of notional investments into structured products, materially rising threefold from GBP 653m in 2020.
500%
increase in demand for capital-protected fixed income driven by higher rates and increased rates volatility amid policy uncertainty.
86%
of allocations were dual and triple index products in 2025, up from 55% in 2020, as clients move away from single-index products.
400%
increase in hedging activity amid elevated asset valuations and persistent macro uncertainty, particularly in benign volatility environments.
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