Meteor Asset Management has launched a structured product called the Prima Platinum Plan 15 with returns based on the FTSE 100 and S&P 500 stock market indices.

Investors must place a minimum of £10,000 (around $15,860) into the product. Securities in the fund are issued by Rabobank, the Netherlands-based bank.

The product has a lifespan of six years and two weeks. If on any annual measurement date the indices close at or above their respective opening levels, the investment matures early and pays10 per cent (gross) of the money invested for each year that the plan has been in force, plus a full return of capital.The potential investment returns are therefore up to 60 per cent at the end of the sixth year.

If no growth payment has been triggered on any of the annual measurement dates, the capital at maturity of the plan’s life will be linked to how well the indices perform and is not guaranteed to be repaid in full, Meteor said in a statement.

Capital will be returned in full at maturity provided the close of business levels of each index are never more than 50 per cent below their respective opening levels during the investment term. But if one or both of the equity market indices falls by more than 50 per cent at any close of business during the investment term and the final level of one or both is below its opening level, investors will suffer a capital loss equal to the fall in the lower performing index.

Applications to invest in the product must be sent to Meteor by 2 March this year and applications with bank transfers made by 7 March.

The “opening levels” for the plan will be the close of business levels of the indices on 9 March and the same date in succeeding years.