It stands for market-linked guaranteed investment certificate; it is a guaranteed investment certificate (GIC) in which returns are linked to the performance of an underlying stock index, while the principal amount is guaranteed- i.e., the initial investment remains intact even if interest rates go down. An investor holding this low-risk certificate can play the stock market, while still being able to safeguard his/ her investment.

This certificate is a Canadian investment product that provides its holder with an exposure to fluctuating interest rates linked to the performance of a specific stock market index. It offers the potential to earn a higher interest return if the underlying index performs well. Otherwise, and particularly at bad times, the holder can still be guaranteed that the initial investment will not be affected.

This certificate is also known as a variable rate guaranteed investment certificate.