Asset 1: Collar. Payoff looks very similar to that of the Capped Call with the difference that a "protection" has been put at a specific value below which the portfolio's value can not fall. Formula: H1 = max(S12-X1, 0) - max(S12-X2, 0) + X1 X1 = 1; X2 = 2.1

Asset 2: unidentified

Comparing the original payoff shapes of the Collar and Capped Call, we notice clear similarity with the exception of the "protection" minimum value limit in the case of Collar. However, comparing the payoffs of their financially equivalent counterparts as produced by PAT, we must note that these clearly look very different. Still, because of the symmetry principle built into PAT, we can be sure that both payoffs are in both cases financially equivalent to their corresponding original payoffs.