Equity-linked debentures (ELDs) are fixed income products that provide both capital protection and participation in stock market returns. ELDs invest a portion of principal in fixed income securities to provide capital protection, and the remainder in stock options to provide equity exposure. This structure aims to offer returns higher than fixed maturity plans but lower risk than direct equity investments. ELDs guarantee return of principal at maturity while offering a return linked to the performance of an underlying stock index over the investment period.