Capital protected certificates, like guarantee certifications or airbag certificates, speak to many investors’ wishes for security. By purchasing a capital protected certificate at the time of issue, the investor receives the best guarantee possible for his invested capital. This guaranteed sum is mostly 100%, but can also be more or less. This guaranteed value refers to the issue value of the certificate, however, not the market value, which is constantly recalculated after the issue of the certificate. If an investor purchases a capital protected certificate after issue at a higher price, this automatically involves greater risk. In this case, it’s possible to slip into the negatives even with a capital protected certificate. In principle, every investor can copy the function of a capital protected certificate himself in his portfolio. By purchasing a zero-coupon bond (bond without coupon payments) with a nominal value of the fixed amount to be guaranteed and an additional call option for the underlying asset with an initial price at the guarantee level, the investor obtains a construct that mimics the basic function of a capital protected certificate. It is clear that a capital protected certificate is influenced by developments in the bond market in which the issuer must invest. If the market interest rates for the bonds change, this can have negative effects on the capital protected certificates. On the other hand, a capital protected certificate gives the investor an interest in the positive price developments of a specific underlying asset. Common underlying assets include shares and indices.