Retrospective analysis: First anniversary kickout

Investors received a fixed return of 16.8% from their investments in the iShares/Xinhua China 25 index fund. Kickout for the 18-month, autocallable structured product took place after one year, at the first date possible.

The two-year autocallable linked to the iShares FTSE/Xinhua China 25 Index Fund offered the potential for kick-out every six months after the first year provided the index was at or above its initial level on one of the kick-out dates. If the product were to kick out after one, one-and-a-half, or two years, investors would receive a fixed return of 16.8%, 125.2% or 133.6%. This is a capital-at-risk product with a buffer of 10%, with capital lost if the product failed to kick out.

The first kick