What is the initial valuation date?

This is the start date for the calculation of the underlying benchmark’s base or starting value. The base value is used when calculating the variable rate of return earned by the PPN. If the potential investment return of your PPN is linked to the increase in a specific stock market index, then the PPN base that investment return on the value of the index on a certain date – the initial valuation date. For example, if the PPN states that the initial valuation date is September 15, 2009, and the stock market value was 10,000 on that date, then September 15, 2011 is the PPN’s initial valuation date and 10,000 is the Initial Index level for calculating the PPN’s investment return.

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