U.S. Structured Products Issuance Reaches USD 25.9Bn (+21.3% YoY) as Equity-Linked Exposure Climbs to 75.8% of the Market
Key Highlights
- Asset Allocation: Equity (indices) leads with USD 112.2bn (50.6%, +34.6% YoY) and Equity (shares) reaches USD 56.0bn (25.2%, +42.2% YoY), taking the two equity segments to 75.8% of the market and confirming the deepening equity orientation of demand.
- Rates Exposure: Interest Rates is flat on 2025 at USD 28.9bn (-0.2%), with its share compressed to 13.0%, making it the only material segment to have gone backwards.
- Structure Mix: single-underlying products account for USD 126.5bn (57.0%) against USD 84.8bn (38.2%) for worst-of structures, with baskets at 4.8%, showing that single-underlying construction still anchors the market.
- Payoff Structures: barrier phoenix leads at USD 77.3bn (34.8% of year-to-date issuance) and, with standard phoenix at 5.5%, takes the phoenix family above 40% of the market, highlighting the dominance of income-oriented, barrier-driven structures.
- Underlying Trends: QIS indices rise 108.9% to USD 8.5bn and hybrid underlying volume 60.0% to USD 9.5bn, pointing to growing appetite for engineered exposure.
Market Overview
September 2026 confirms the strength of the US structured products market, with traded volume of USD 25.9bn, up 21.3% year on year and 9.6% on August, making it the strongest month of the third quarter. Volume over the first nine months reaches USD 222bn, well ahead of the USD 162bn recorded in the same period of 2025. Excluding interest rates, September volume stands at USD 22.6bn (+26.0%), with USD 193.1bn year to date, up 44.4%, a gap that reflects a flat rates segment set against strong growth elsewhere. Equity (indices) accounts for 50.6% of issuance, its share rising from 46.2% in January to a 2026 high of 54.7% in September, while Equity (shares) grows 42.2% to 25.2%, taking combined equity exposure to 75.8%. Interest Rates, by contrast, is flat at -0.2% and its share compresses to 13.0%. Single-underlying products account for 57.0% of volume against 38.2% for worst-of structures, with baskets at 4.8%. On payoffs, barrier phoenix leads at 34.8% of year-to-date issuance and the phoenix family alone represents more than 40% of the market, ahead of fixed income rates payoffs at 12.2%. Overall, September reflects an expanding, equity-driven market, combining double-digit growth, a rising equity share and barrier-driven phoenix dominance.
Methodology & Notes
This report is based on SP Intelligence’s proprietary database of structured products distributed in the United States. Figures reflect best-effort estimates based on available market data at the time of publication.
Data Disclaimer (Best Effort / Completeness)
The information presented in this report is based on data collected from a variety of public and proprietary sources. While reasonable care has been taken to ensure accuracy, the data may be incomplete, subject to revisions, or may not capture the entirety of the market. SP Intelligence makes no representation or warranty, express or implied, as to the accuracy, completeness, or timeliness of the information.
General Disclaimer
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