The five-year trade is non-principal protected and will pay a return of 55% unless the index at any time during the five-year term falls below 50% of its starting level and the final level is below the initial level. The product would then pay the 55% reduced by the percentage by which the final level is lower than the initial level. The same applies to the principal amount invested. If the index has fallen by more than 50% capital is reduced on a 1:1 basis.
Returns are taxed as capital gains and