Volluto 2 is linked to a basket of 25 international shares, designed to benefit from moderate stock market growth. After the first year, if the performance of any stock has been either positive or zero, it is fixed at 16.5%. If it has depreciated in value, then observation is postponed to year two. Should its performance be positive or zero then its growth will again be fixed at 16.5%, but if it has depreciated then its actual value is recorded.
At maturity, the investors’ return is calculate