Peace of Mind:
The IPCD guarantees a minimum 7% at maturity over the 51 month term. That relates to a 1.61% APY. The ending value is an average of the closing value after 3 months and then semi-annually thereafter.The participation amount is 100% of the difference between the S&P on purchase date and the semi-annual closing values.
Because the IPCD is a deposit in your bank, your investment is insured by the FDIC up to $250,000 in a regular and/or IRA account.