Major Brazilian distributor Banco Itau expects to raise over BRL60m ($33m) for the market's first rainbow product. Itau Personnalite Multimercado Estrategia Tripla Protegida is also the first Brazilian product linked to the S&P500, FTSE/Xinhua China 25 index (ETF) and local staple Ibovespa.
The 18-month fund has full capital-protection and performance-weighted allocation to the underlying indices. The best-performing underlying is weighted 50% and the other two are weighted 25%. Overall basket performance is capped at 22%.
Itau's latest product is its fourth this year and the twenty-third publically-offered product to launch in Brazil year to date. Minimum investment is BRL5,000 ($2,750). The product is scheduled to open on 6 June and to close on 30 June.
This product is available now in Recent Additions (Brazil).