The call and collateralisation

Citi is providing an open-ended structured fund linked to the FTSE 100 index. Investments in the Autocall Fund mature when kickout occurs or when a five-year cycle is completed, and proceeds are reinvested on kickout. The fund is fully collateralised with G7 bonds, removing any element of risk on an issuing bank

This product is structured as a Ucits III fund, unlike the majority of structured products reviewed in these pages, which are mainly in the form of notes or deposits. The fund is open ended and, although referred to as a capital-at-risk kickout, it does not automatically mature if the autocall feature is triggered – returns are reinvested into the fund instead. The method by which fees and commissions are deducted also differs from most retail structured products: the fund charges an upfront fee