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| Variable Annuity | A life insurance or pension-wrapped product linked to a range of actively-managed funds and offering various guarantees for example, a minimum guarantee on the portfolio value at a future date, guaranteed annual growth or the minimum income available at retirement. |
| Volatility | See Historic Volatility and Implied volatility |
| Volatility Swap | A derivative contract referenced to the actual historic volatility of a reference share or index. |