Dual-Directional Index Growth Note

If the lesser-performing underlier has a positive return, the note provides 1X upside participation, capped at 23.2%.

Example: if the underlier is up 20%, the note returns 20%; if it is up 30%, the note returns 23.2%.

Dual Directional: If the lesser-performing underlier is down 1%–15%, the investor receives the absolute return of that decline. Example: if the underlier is down 10%, the note returns +10%.

15% buffer: Losses apply only beyond the first 15% decline.

Example: if the lesser-performing underlier is down 30%, the investor incurs a 15% loss.