FVC review: Morgan Stanley launches leveraged crude note

Morgan Stanley has offered US investors a leveraged return product tied to the S&P GSCI Crude Oil Excess Return index

Underlying index tracks price of crude oil futures contracts

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

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