Ultima
Ultima is a branded name used for a class of bespoke, over-the-counter exotic options whose payoff is linked to the performance of one or more underlying assets over a defined period.
Example: An issuer may offer an Ultima linked to a basket of technology stocks with a barrier; at maturity the payoff depends on whether the barrier was breached during the term and on the observed basket level, producing a non-linear payout.
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