UK Defensive Kick Out Plan: March 2022

Type of product Growth
Type of return Investment
Investment term 6 years
Underlying FTSE 100 Index
Counterparty   Morgan Stanley
Promoter Dura Capital
UKSPA product code   1260 - Kick Out
Summary Risk Indicator   5
Capital at Risk Barrier   65% European
S&P Rating BBB+ (positive outlook)
Fitch Rating A (positive outlook)
Moody's Rating A1 (stable outlook)
Important Dates  
Closing Date ISA Transfer Date Strike Date Maturity Date
11/03/2022 25/02/2022 18/03/2022 20/03/2028
Possible Early Maturity Dates  
Year 3 Year 4 Year 5
18/03/2025 18/03/2026 18/03/2027
Start Levels
Index Start Level
FTSE 100 7404.73
Barrier levels
Index Barrier Level
FTSE 100 4813.07
Description There are set dates during the term ('Early Maturity Dates') when investors might receive a return. If the FTSE 100 closes at or above 90% of its Start Level on one of these dates, the Plan will mature early and repay the Amount Invested, together with a fixed return equal to 6.00% p.a. for each year that passes since the Start Date (not compounded).

If there is no early maturity and the FTSE 100 closes below 90% of its Start Level on the Maturity Date, the investment will have earned no return.

If the Plan matures early, capital is repaid in full. However if the Plan continues for the full term, capital is at risk:
  • If the FTSE 100 closes at or above 65% of its Start Level at maturity, capital is repaid in full
  • If the FTSE 100 closes below 65% of its Start Level at maturity, investors will make a loss. They will lose 1% for every 1% fall in the FTSE 100 from the Start Level.

Contract Details

  Cash ISA Equity ISA Direct ISA Transfer SIPP
Minimum contribution n/a £3,000 £3,000 £3,000 £3,000
* Credit ratings are those of Morgan Stanley, who is the guarantor for the issuer, Morgan Stanley B.V.. They are correct as of the time of launch.
** Minimum contributions do not include any applicable adviser charges.
† This plan is available for investment through third party SIPP Providers

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