A structured product that does provide full, or at least partial, capital protection subject to a predefined cap level. Capped call (CC) is a capital protection product that offers capped participation in any increase in value of the underlying (such as an advance in the price of a stock). Furthermore, the holder is guaranteed that the initial investment (capital) will be received back at maturity. The full or partial capital protection is accompanied with equity-linked performance and a variable degree of leverage.

Capital protection products guarantee that all or a fraction of the investment or principal amount (usually but not necessarily 100%) will be returned to the investor at maturity, in all cases (no matter what) or unless a predefined event (e.g., default) occurs.