Focused Range Accumulation Note

A variant of the range accumulation note for investors who have more faith in their ability to predict short-term rates during the period immediately ahead than in their longer-term forecasting ability. The accrual index ratio calculated during a short initial measurement period is multiplied by the reference index rate plus a spread on each reset date. The rate still floats with market rates, but a good initial forecast can lock in a premium rate over the entire life of the note.

Glossary * F