Aviva Investors is marketing the seventh tranche of Aviva Investors Defined Returns Fund, after announcing sales of almost £90m for issue five.
Defined Returns Fund 7 is a five-year FTSE-linked knockout paying 6.25% for each year the product has been live on the anniversary from the second onwards on which the underlying is above its strike level. Soft protection is set at 50%.
Aviva Investors UK Fund Services chief executive John Clougherty said the success of issue five shows the continued success of Aviva's product range. The product was marketed as a deposit-beating investment.
Credit exposure for DRF7 is diversified among a number of providers with an S&P rating of 'A' or above. The product is collateralised by government bonds with a minimum 'AA' rating.
The product opens on 18 October for seven weeks. Minimum investment is £1,000.
This product will be available shortly in Recent Additions (UK).