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How are the Opening and Closing Levels on Indices calculated to determine the return on a Market Growth GIC?

The Opening Level ("OL") is equal to the closing level of the applicable index two-business days after issue date. If the applicable exchange for a non-Canadian index is not open for trading on the second business day after issue date, the next succeeding day on which the non-Canadian exchange is open for trading will be used for the purpose of determining the OL of that particular index.


The Closing Level ("CL") is the closing level of the applicable index two business days prior to the maturity date. If the applicable exchange for a non-Canadian index is not open for trading on such day, the preceding day on which the non-Canadian exchange is open for trading will be used for the purpose of determining the CL of that particular index

 

 

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