Morgan Stanley's S&P GSCI Crude Oil Excess Return (ER) index product allows US investors to take a leveraged punt on the popular crude benchmark, while benefiting from limited capital protection. The product has a relatively short investment life of one year and one month. It offers a participation rate of 141% of the growth in the underlying, subject to a cap on returns of 20%.
The capital-at-risk product requires a growth in the underlying of 14.18% to achieve the full return of 20%. Any growt