FVC Custom Indexes

During the past six months (looking at end-of-month values alone) the Euro Stoxx 50 index has fluctuated between 2,728.47 and 2,966.24. Figure 1 shows how the three European FVC indexes have reacted to changes in the surrounding market. The principal-protected index has changed by the least amount, both in the past six months and over the past year.

Figure 1 shows that the principal-protected index rose only slightly between the ends of November and December, a period in which the Euro Stoxx 50 s

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