UK retail FTSE-linked autocalls* achieved average annualised returns exceeding 7% in every single calendar year over the past decade, a new report analysing over 2,000 structured product maturities details.
This is a feat was unmatched by any UK-domiciled fund over the same period, the report says.
The 2026 Autocall Structured Product Review, produced by IDAD and industry expert Ian Lowes, examined all UK retail FTSE-linked, capital-at-risk autocall structured products that matured between 2016 and 2025.
The findings demonstrate the resilience of structured products through a period of major economic disruptions including Brexit, the covid-19 pandemic, inflation spikes, and geopolitical tensions.
The review supports a broader vision to democratise access to structured investments through digital platforms, with ambitions to reduce minimum investment levels and enhance transparency for mainstream adoption.
The ten-year analysis detailed in the report found:
- Average annualised return of 7.44% across an average term of 2.3 years
- 99.7% of all autocall maturities delivered positive returns to investors
- Zero capital losses recorded across the entire decade when products held to term
- Only six plans out of over 2,000 returned capital without profit
In 2025, all 338 maturing autocall structured product plans returned capital plus profit, achieving 100% positive outcome rate. The average annualised return for the year reached 7.85% over an average investment period of 1.98 years.
Performance remained strong across different product structures, with top quartile plans delivering an average of 9.33% per annum, while even bottom quartile performers achieved an average of 6.54% annually.
The report also highlighted a performance premium for products linked to the FTSE Custom 3.5% Synthetic Fixed Dividend Index (FTSE CSDI) compared to traditional FTSE 100 products. FTSE CSDI-linked autocalls delivered an average return of 9.55% in 2025, outperforming FTSE 100-linked equivalents by 1.84% per annum. The FTSE CSDI tracks the same companies in identical weightings as the FTSE 100, but incorporates dividend effects more efficiently, reducing issuer costs and enhancing investor returns.
Ian Lowes said the data confirmed “the unique value proposition of FTSE linked autocalls: delivering reliable, defined returns and consistency in performance, year after year”.
He added: “Our focus is now on driving a digital evolution to make these resilient investment solutions accessible, transparent, and effortless for a broader range of investors and financial advisers.”
Clive Moore, Managing Director of IDAD, added: “The UK is an important market for IDAD – we introduced autocalls to IFAs in 2003 and with increasing uncertainty in global markets, advisers are rightly becoming more focused on protecting the gains investors have made over the last couple of years. Autocalls, or ‘kick-outs’, deliver strong levels of capital protection combined with very attractive returns even in poorly performing markets. They can be an excellent option for advisers solving the problem their clients are presenting them with right now.”
The review examined products from major global financial institutions including HSBC, Morgan Stanley, Citigroup, BNP Paribas, Barclays, Credit Agricole, and Goldman Sachs.
HSBC represented the largest issuer with 108 maturities in 2025, while Goldman Sachs products delivered the highest average returns at 8.68% per annum.
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