Morgan Stanley offers leveraged single-country exposure to China

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Single country exposure to China is rare in the US

The most recent US product offering includes a China-based accelerated growth product from Morgan Stanley that is unusual in that it links to a single country rather than the broad emerging markets exposure that is more common in the US.

The Morgan Stanley product tracks the iShares FTSE/Xinhua China 25 Index Fund. It has a 13-month term and provides 300% participation in the underlying, with a cap at 18.4%.

Compared with recent issuances, which have featured a rash of products with extended ten