A certificate of deposit (CD) that allows the holder (depositor) to link its return (yield) to that of an asset such as a commodity (e.g., gold), stocks, real estate, and so on. However, the link is less than proportionate, i.e., the yield will not be completely equal to that of the underlying asset. For example, in a gold-linked CD, if the gold price jumps up by 20%, the yield of the CD may only see an increase of 7% or so.

The holder of an asset-linked certificate of deposit is exposed to the risks associated with the underlying. Examples include stock volatility on the short term, gold price fluctuations, etc.