This chapter discusses behavior of structured products in a stock market. The variation of some key factors, like the passing of time, the implied volatility, the risk‐free interest rate or, in turbulent times, the issuers’ funding rate can strongly influence a product's price. A first step toward understanding these effects is to go through an explanation of some of the most important valuation and risk measures of structured products in general. An understanding of these factors is a prerequisite to elaborating on the behavior of products during their lifetime. The outperformance certificate can be synthetically replicated by holding the underlying stock, buying a predetermined ratio of at‐the‐money calls, and shorting the future dividends for the lifetime of the product. The discounted value of the future dividends pays for the extra calls. The higher the dividends and the more dividends included, the higher the ratio.