This paper examines the pricing of (multi-) barrier reverse convertibles in the Swiss market. These structured products with exotic characteristics have a knock-in feature and are usually specified as 'worst of' products. The daily closing prices of 522 products between July 2006 and August 2007 are compared to their theoretical values based on Monte Carlo simulations. This investigation takes in both the primary and the secondary market. In the primary market, the study reveals large implicit premiums in favor of the issuing banks. For the secondary market, the product life cycle turns out to be a decisive pricing parameter, as pricing errors clearly decrease during the product life cycle. The expectation of the issuers regarding the order flow might be an explanation for this phenomenon. This hypothesis is supported by our observation of declining liquidity during the life cycle. Moreover, we clearly observe differences in the pricing behavior of the various issuers in the primary market as well as across the life cycle.