US Wrap: Caution on S&P 500 performance

Goldman Sachs was also relatively cautious about future moves in the index, structuring an 80% buffer into its accelerated growth note linked to the S&P 500. The additional insurance means that upside participation will be 100% with returns capped at between 48-56%.

Royal Bank of Canada, which launched the third note linked to the index, was considerably more bullish, offering 500% participation over 18 months up to a cap of 23%. The note has no downside protection.


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