# Reference Portfolio Return definition

Reference Portfolio Return means on any day, the weighted average return of the Reference Assets calculated as the sum of the Weighted Reference Asset Return of each of the Reference Assets comprising the Reference Portfolio.
Reference Portfolio Return means a number (which may be positive or negative), expressed as a percentage (rounded to two decimal places), determined as follows:
Reference Portfolio Return means a number (which may be positive or negative), expressed as a percentage (rounded to two decimal places) equal to the difference between the Reference Portfolio Level on the Valuation Date and the Locked-in Initial Reference Portfolio Level, divided by 1,000, as per the following formula:

## Examples of Reference Portfolio Return in a sentence

• If your expectations of the Reference Portfolio Return differ from these, you should consider alternative investments rather than an investment in the Note Securities of this type.

• Reference Portfolio Return: means on any day, the sum of the Weighted Reference Asset Return of each Reference Asset comprising the Reference Portfolio.

• Variable Return: means a percentage equal to the product of (i) the Reference Portfolio Return on the Valuation Date and (ii) the Participation Factor, subject to a minimum of zero.

• The Deposits aim to repay you, on the Maturity Payment Date, your Principal Amount and provide you with a Variable Return if the Reference Portfolio Return is positive on the Valuation Date.

• If your expectations of the Reference Portfolio Return differ from these, you should consider alternative investments rather than an investment in the Note Securities.

## More Definitions of Reference Portfolio Return

Reference Portfolio Return means the arithmetic average (expressed as a percentage and rounded to two decimal places) of the Reference Shares Return of the 20 Reference Shares over the period starting on the Issuance Date of the Deposit Notes and ending on the Valuation Date.
Reference Portfolio Return means a number equal to : (Final Portfolio Level / Initial Portfolio Level) – 1. “Trailer Fee” has the meaning ascribed thereto under “Fees and Expenses”.
Reference Portfolio Return means a number (which may be positive or negative), expressed as a percentage, equal to: (Final Portfolio Level / Initial Portfolio Level) – 1.
Reference Portfolio Return means, for each Series, a number (which may be positive or negative), expressed as a percentage (rounded to two decimal places), determined as follows:
Reference Portfolio Return means the difference between the Reference Portfolio Final Level and the Reference Portfolio Initial Level, divided by the Reference Portfolio Initial Level.
Reference Portfolio Return means the arithmetic average (which may be positive or negative) of the Modified Reference Share Returns of all the Reference Shares comprising the Reference Portfolio.
Reference Portfolio Return means the greater of (i) the simple average of the Effective Security Returns for each Security in the Reference Portfolio rounded to two decimal places, and (ii) zero;