Citi issues hybrid between mutual fund and structured product

product puzzle

CitiFirst has issued a Ucits III fund for the UK independent financial adviser (IFA) market, which combines a mutual fund wrapper with the strategies of a structured product.

The UK autocall fund is the first of its kind. It is an open-ended investment fund, with cycles of five years or less if the kick-out is triggered. The investment tracks the FTSE 100 index and the kick-out for the first cycle starts from year two of the investment term if the index is at 100% of its initial level. Investors

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