The three-year dollar deposit offers exposure to the Financial Select Sector SPDR Fund Index.
Bank Leumi (TASE: LUMI) has a new structured deposit linked to the US financial sector. The three-year dollar deposit offers exposure to the Financial Select Sector SPDR Fund Index (XLF Index) with no risk to capital invested. The XLF Index follows the American Exchange Financial Select Sector Index (IXM), which consists of the shares of the 92 largest companies in the US financial sector.
The product enables a 70% participation in the increase of XLF Index, with quarterly observations throughout the period of the deposit for a total of 12 observations. If the index ends equal to or lower to its beginning price, no interest at all will be paid.
100% of the capital invested is guaranteed at maturity. The minimum deposit is $10,000. The offer is valid until the stock runs out or until a May 19 deadline.
Published by Globes [online], Israel business news - www.globes-online.com - on May 15, 2008
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