The 2026 Autocall Review

UK FTSE-Linked Autocall Structured Products – Performance Analysis

The 2026 Autocall Review is an in-depth analysis of all UK retail FTSE-linked, capital-at-risk autocall structured products that matured in 2025, alongside a comprehensive decade-long performance review from 2016 to 2025.

Produced collaboratively by IDAD Limited and Ian Lowes, this review provides factual, data-driven insight into one of the UK’s most consistent structured investment strategies.

Key Findings at a Glance

2025 Performance Summary

338 autocall maturities analysed
100% positive outcomes – every plan returned capital plus profit
Average annualised return: 7.85% p.a.
Average term: 1.98 years
Top quartile return: 9.33% p.a.
Bottom quartile return: 6.54% p.a.

Returns by Product Shape

Level / At-the-Money: 8.78% p.a.
Step-Down: 7.34% p.a.
Defensive: 7.47% p.a.
Hurdle: 9.77% p.a.

Decade Performance (2016–2025)

Over 2,000 autocall maturities analysed
99.7% delivered positive returns
Zero capital losses when held to maturity
Average annualised return: 7.44% p.a.
Average duration: 2.3 years
Strong performance through Brexit, COVID-19, inflation, and market volatility

FTSE CSDI Advantage

FTSE CSDI-linked autocalls outperformed FTSE 100-linked products by
+1.84% p.a. in 2025
Designed specifically for structured products to reduce issuer costs and enhance investor coupons

Counterparty Diversification

Leading issuing banks included:

HSBC Bank Plc (32% of maturities)
Morgan Stanley
Citigroup
BNP Paribas
Barclays
Credit Agricole
Goldman Sachs

Important Risk Information

Past performance is not indicative of future performance
Capital is at risk
Returns depend on the solvency of the issuing bank
FSCS protection does not apply

About This Review

The 2026 Autocall Review is designed for professional and educational purposes only. It does not constitute investment advice or a recommendation to invest in any product mentioned.

Regulatory Responsibility
IDAD Limited is authorised and regulated by the Financial Conduct Authority (FCA), Firm Reference Number 740499, and assumes full regulatory responsibility for this publication.

What Are Autocalls?

Autocalls, also known as kick-out plans, are structured investments issued by major financial institutions. They provide predefined returns if certain market conditions are met and can mature early on scheduled observation dates.

Key Features of Autocalls

Defined returns (typically 6–10% p.a.)
Early maturity opportunities
European-style capital protection barriers (usually 60–70%)
Multiple structural “shapes”:
- Level / At-the-Money
- Step-Down
- Defensive
- Hurdle
- Initial Hurdle
Counterparty risk linked to the issuing bank

Why Investors Use Autocalls

Autocalls are designed to deliver:

Equity-like returns without requiring strong market growth
Defined, contractual outcomes
Resilience in volatile or sideways markets
Predictable behaviour aligned to stated terms

2025 Autocall Performance Overview

Overall Results

Total matured plans: 338
Average return: 7.85% p.a.
Top quartile: 9.33% p.a.
Bottom quartile: 6.54% p.a.
Step-down products represented 60% of maturities
FTSE CSDI products delivered a 1.84% p.a. premium

Performance by Product Shape (2025)

Decade-Long Consistency (2016–2025)

Every single year delivered average annualised returns above 7%
No capital losses recorded
Only 0.3% of plans returned capital without profit
Autocalls consistently outperformed UK-domiciled funds on year-by-year reliability

No UK-domiciled fund has delivered 7% growth in every calendar year over the last decade.

FTSE CSDI Explained

The FTSE Custom 3.5% Synthetic Fixed Dividend Index (FTSE CSDI) tracks the same companies and weightings as the FTSE 100 but adjusts dividend treatment to remove uncertainty for issuers.

Why This Matters

Enables higher coupons for investors
Maintains >99% correlation with FTSE 100
Enhances pricing efficiency for structured products

Digital Future of Structured Investments

The structured products market is undergoing a digital transformation:

Online transaction capability
Lower minimum investment levels
Improved transparency and accessibility
Broader adoption within diversified portfolios

Conclusion

The evidence is clear.
FTSE-linked autocalls have delivered consistent, defined returns across every major market environment over the last decade.

With: