FDIC-Insured Market-Linked Certificates of Deposit

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1 FDIC-Insured Market-Linked Certificates of Deposit

2 I am more concerned with the return of my money than the return on my money. Mark Twain

3 9 Reasons to consider investing in MLCDs 1 Safety of FDIC-insured principal protection at maturity (up to FDIC allowable limits) 2 Diversification of structures providing potential for income and/or capital appreciation 1 3 Access to asset classes that traditionally have been difficult for investors to purchase in small amounts 4 Asymmetry of potential returns (market-linked upside with principal protection) 1 5 Exposure to volatile asset classes without the associated depreciation risk 1 6 Potential to hedge purchasing power by linking to asset classes that are inflation resistant 2 7 In the event of death of the beneficial owner, the owner s estate may redeem the MLCD at par prior to maturity 8 New offerings every month with varied maturities and issuers allowing for the creation of a MLCD ladder over time 9 Secondary liquidity and early withdrawal options typically available 1

4 It was never my thinking that made the big money for me. It was always my sitting Men who can both be right and sit tight are uncommon. Jesse Livermore What is a MLCD? A market-linked certificate of deposit (MLCD) is a type of bank deposit that has investment characteristics that are different from, and involve risks not associated with, conventional CDs. In particular, the return of an MLCD is linked to the performance of one or more underlying assets. The underlying assets to which the MLCD is linked can be stock market indices (e.g., S&P 500 ), groups of stocks (also known as equity baskets), foreign currencies, commodities (e.g., gold, oil, wheat, etc.) or even interest rates. As with conventional CDs, the principal amount due at maturity is insured by the Federal Deposit Insurance Corporation (FDIC). FDIC Insurance The FDIC standard maximum deposit insurance amount (MDIA) is $250,000 per depositor per FDIC-insured institution. The MDIA refers to all deposits held by a depositor in the same account ownership category at a single FDIC-insured institution. There is no maximum limit on the amount that may be deposited in MLCDs, but the FDIC deposit insurance only covers MLCDs up to the insurance limit, including the aggregate of the deposit amount and any interest that has been finally determined through the date of the insured bank s closing. The FDIC has taken the position that any interest that has not yet been ascertained or finally determined and any secondary market premium paid by an investor above the deposit amount of the CD is not insured by the FDIC. Furthermore, FDIC insurance does not apply to secondary market trading losses. Why invest in a MLCD? Under traditional portfolio diversification, an investor allocates assets within a portfolio such that the greater the allocation to less risky assets, (e.g., fixed income), the less the investor can allocate to other asset classes (e.g., equities). By contrast, MLCDs can provide exposure to a wide range of asset classes, over a stated time horizon, while still providing principal protection if held to maturity. If an investor sells the MLCD prior to maturity, the amount received will be subject to market risk, and as a result the investor could receive less than the principal amount invested.

5 Who are the typical investors in MLCDs? MLCDs are applicable to a broad range of investors that include retirees, those planning for retirement, families saving for college and investors seeking to grow their wealth. Investors should not purchase MLCDs unless they are able to bear and understand the associated market, liquidity and yield risks. MLCDs are not suitable for all investors and purchasers of MLCDs should be buy-and-hold investors seeking to participate in the performance of the underlying market measure. Investors should work with their financial advisors to determine which investment products may be appropriate given their financial situation, investment goals and risk profile. What are the risks of MLCDs? Below are some of the general risks of MLCDs. For a full explanation of the risks relating to a particular MLCD, investors should see the relevant offering documents. Market Risk: MLCDs are linked to the performance of specified underlying assets. To the extent that the underlying assets perform poorly, the return on the MLCD will be adversely impacted and could, depending on the terms of the relevant MLCD, result in no return above the principal amount. Performance Risk: The MLCD pays a return based on the performance of the underlying asset. That return may be different than the return of the underlying asset. The reasons for the difference may be related to the specific terms of the MLCD such as interim caps, averaging and rates of participation in the underlying asset. It should also be noted that the MLCD does not pay dividends, and typically dividends declared on the underlying asset will be excluded when calculating the performance of the underlying asset. Fees: The inclusion of distribution fees and costs associated with creating and hedging the MLCDs is likely to adversely affect the price at which investors can sell their MLCDs. Credit Risk: Although MLCDs are FDIC-insured, any investment in MLCDs in excess of the applicable FDIC insurance limits is subject to the credit risk of the issuer. Investors should be aware that only the principal amount of the MLCD is insured. In the event of insolvency of the issuer, the MLCDs may be redeemed early. Liquidity Risk: There is currently no established secondary trading market for MLCDs. In the event that clients are able to redeem MLCDs prior to maturity, the redemption proceeds may be less than the original amount due to fluctuations in the underlying assets and other market-related factors. Early redemptions not subject to a Survivor Option will be based on market valuation of the MLCD, the terms of which will be based on the price of the relevant underlying asset or assets as of a certain date or dates. Fluctuations in the price of the underlying asset between or prior to such dates may not be fully reflected in the valuation of the MLCD as shown on statement dates. On the other hand, other valuation factors including, but not limited to, interest rates, volatility of the underlying asset price, changes in dividends on the underlying asset and time to maturity may impact interim statement prices positively or negatively. MLCDs are designed to perform based on a stated formula on specific dates such as coupon dates and/or the maturity date. Tax Treatment: Certain MLCDs which are purchased in a qualified tax-exempt or tax-deferred account such as an IRA may be treated as contingent debt. This may result in the investor being required to pay taxes on imputed interest income at ordinary income tax rates yearly during the term of the MLCD based on the issuer s estimated comparable yield (even though the investor may not receive any interim interest payments). In addition, any gain or loss realized upon sale, early redemption or maturity of a contingent debt instrument may generally be treated as ordinary income based on the investor s adjusted tax basis. For complete tax advice, clients should consult with their tax advisors. Call/Reinvestment Risk: Some MLCDs are callable, or redeemable, solely at the option of issuer. The issuer is not obligated to redeem a callable CD, and will typically call an MLCD when it is most advantageous to do so. If the MLCD is called, it is possible that the investor may be unable to reinvest the redemption proceeds at the same or greater yield. How can I invest in a MLCD? Investors interested in making an investment in MLCDs should speak with their financial advisor. For more information visit incapital.com

6 Incapital.com 1 Market-Linked CDs are subject to certain risks and the creditworthiness of an issuer must be considered (if FDIC limits are exceeded). Investors risk principal in the event they sell the CDs prior to maturity (liquidity risk). There may not be a liquid secondary market for the CD or the value of the investment may be worth less than the principal amount prior to maturity. 2 The potential to hedge purchasing power risk is dependent upon many factors, including the features of the market-linked security, and a perfect hedge cannot be guaranteed. Any investments or strategies referenced herein do not take into account the investment objectives, financial situation or particular needs of any specific person. Product suitability must be independently determined for each individual investor. Incapital explicitly disclaims any responsibility for product suitability or suitability determinations related to individual investors. Incapital does not provide tax advice and potential investors should consult with a qualified tax and financial professional before investing. The information contained herein does not constitute an offer to sell or a solicitation of an offer to buy securities. Please see the relevant offering documents for a complete description of product features, fees and risks. Investment products described herein may not be offered for sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful or prohibited by the specific offering documentation. Incapital LLC, Member FINRA/SIPC. 200 South Wacker Dr. Chicago, IL Incapital. All rights reserved

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