The Morgan Stanley FTSE Defensive Gilt-Backed Growth Plan delivers a return of 9% per year and terminates early provided the FTSE 100 index does not fall more than 10% on each annual anniversary of the plan, for a maximum of three years. Capital is repaid in full as long as the final index level is not 50% or more below its initial level at maturity. If this occurs, capital is lost 1:1.
The plan seeks to reduce the product's credit risk in two ways. The bonds used to protect capital are UK Govern