US Wrap: Caution on S&P 500 performance

UBS has launched a new non-directional offering on the S&P 500 which pays income regardless of whether the index moves up or down. The 18 month product pays 100% positive participation provided that the index does not go below 70% of its initial starting level, or above 15%. Principal is 100% protected at maturity.

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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