Europe is different I think. In the US it’s only issued to private clients. I was trading a lot of boosters. Basically 1x2 cost less callspreads with stock. The notes would have a downside buffer - which I couldn’t replicate myself. Basically for 5 years I was earning the SPX with 1/2 the capital and even less than that in risk until 2008, when the last note I traded busted. After that the levels weren’t very good.