Head of marketing Sean Butler said the EASY fund's 95% capital protection and 1% annual returns will see investors get their principal back after it matured on November 23, having "really suffered with international markets" over the past 18 months. The JAPAN fund, which has 100% protection and matures on Christmas Eve, could have been even worse for investors after it sank some 42% as the Japanese economy fell to pieces.

"Out of six funds, only two have needed the capital protection, and considering the market that's not a bad result," Butler told Good Returns. "The capital protection has kept people's money secure."

Investor roll-over from the EASY fund into the EMERGE Series 2 fund has not been strong, though Butler is confident this will improve once JAPAN matures.

"Though it's early days, JAPAN has a bit more in common with the Asian and emerging markets theme and we should see a bit more," he said.

Still, not everyone is convinced about the benefit of capital protection. Mike Newton, principal of Newton Ross, said the premium investors have to pay and the "illiquidity and requirement to hold is just not worth it."

Though the protection can help advisers encourage their clients to increase their exposure to risk, the rarity of events such as the recent global recession makes the premium too high, and Newton said his company prefers to invest in the underlying assets directly.

"If you can explain to people about market risk and the chance they're not going to make money, they're generally better to hold all those products directly," he said.