A structured product that does not provide full or partial capital protection. The holder is not guaranteed that the initial investment (capital) will be recovered at maturity. The full or partial capital protection is usually accompanied with equity-linked performance and a certain level of leverage. The lack of such protection and equity performance link renders such a product relatively less costlier than an otherwise a capital protected product.

For example, an example is a barrier reverse convertible and autocalls with continuous (or American) barriers and final (or European) barriers. A continuous barrier activates at any point in time. At the very time the barrier is breached, the product turns from a capital-protected product into a non-capital-protected product.