Locking in principal protection

Merchant Capital is offering UK investors an at-risk growth product linked that locks in capital protection should the daily closing be at or above 110% of the initial level. Morgan Stanley is the issuer.

If the final level of the FTSE 100 index is above the initial at the end of the five-year term, investors receive a return equal to the percentage difference between the two levels multiplied by the 135% participation rate. So, for example, if the index rises by 20%, the return would be 27%. Participation in the index is uncapped.

The lock-in feature is triggered if the index closes at or above 110% of its initial level on any anniversary. If the additional lock-in feature is triggered, the

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