The US market is displaying creativity with underlyings in the latest issuance, with funds used as the basis for products from HSBC and JP Morgan. Products are using funds with increasing frequency in the US, but they tend to track the broad market indexes. This issuance, by contrast, contains funds that take specific country or sector views.
HSBC has used a basket of funds for its accelerated growth product. The basket comprises the iShares MSCI Australia Index Fund (33.33%), the iShares MSCI B