US Wrap: Morgan Stanley gets in the straddle

However, its Protected Absolute Return Barrier Note allows investors to participate in index moves in either direction by using a straddle option. Capital is 100% principal protected at maturity, but investors will not receive a return on their investment if the S&P 500 declines to less than 75-80% of its initial value, or rises above 130-135%.

Morgan Stanley's other product banks on a more optimistic directional view. It is a two-year autocallable which kicks out with a 15-17% return after one

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