Final funds hit Germany ahead of tax change implementation

HypoVereinsbank (HVB) has launched its latest Rolling Protect structured fund as the kick-in date approaches to change tax laws in Germany. The Abgeltungssteuer will become effective as of January 2009, placing funds and certificates on an equal footing with regards to tax treatment. Under current tax legislation, gains from the disposal of fund shares are fully tax-exempt after the expiry of the statutory holding period.

The new fund provides investors with capital protected exposure to the DJ Eurostoxx 50 index. At the end of the first investment period (between four to six years) investors will receive the index's performance, provided that it is above its starting level at strike, up to a cap of 40-50%, with the exact level set at strike on December 15. If the index has depreciated in value then investors' principal is protected. Gains are fixed and reinvested into a new capital protected four to six year

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