The National bank offers you a new savings product. If you deposit your money in the bank today, you will receive your principal plus 1% interest back in one year if the S&P 500 index level is lower than 3850 in one year; you will receive your principal plus 3% interest in one year if the S&P 500 index level is equal to or higher than 3850 in one year. Is this new produce a derivative contract? Why or why not. If it is a derivative contract, please specify the underlying asset, and write down your payoff in one year if you deposit $1000 today. What is your bet on the market? Please explain.