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With stock market indices having fallen at alarming rates, investors are either seeing bottom-fishing opportunities or darting for shelter into so-called safe havens.

Recognising this general turn in risk profile, Barclays has been bringing out a series of structured investment products with an element of capital guarantee.

Its latest offering is the FTSE 100 Protected Supertracker Investment Note, a five-year investment linked to the performance of the FTSE 100. Investments begin at £500 and can be made through an Isa or Sipp which are tax-free.

The headline draw of this product is the potential to earn up to 50 per cent in capital gains as investors will receive four times the growth in the index over the term.

The index reference point will be recorded as the average of the performance of the FTSE 100 on the last day of each month over the first six months of the term, beginning 31 October and ending 30 April 2009.

If held to its maturity date of 31 October 2013, investors are also guaranteed their capital should the index decline during the investment term.

The notes will be listed and tradable on the London Stock Exchange in £1 units, giving holders flexibility to liquidate their investments before maturity.

Investors could risk selling the notes at a loss if they opt to cash out before maturity and are subject to commission charges on each trade. Furthermore, there is no guarantee of liquidity for the investment notes.

Trades must be executed through Barclays Stockbrokers either online or through the telephone. Currently its commissions stood at £12.95 for each online trade and between £17.50 and £75 for telephone trades, depending on the volume of the transaction.

Unlike traditional structured products which have been made available through intermediaries, Barclays is offering the investment note directly to individuals.

Barbara-Ann King, head of proposition for Barclays Stockbrokers, said: "We have consistently seen investors buying into the market over recent weeks but not everyone has the confidence to take on these volatile conditions through individual stock trading.

"Nonetheless, there continues to be a great deal of uncertainty around the markets and there is general expectation that the FTSE will remain volatile for a period.

"This note may suit anyone who is questioning whether the markets have bottomed and anticipate that we may be in for a rocky ride over the next few years."

The collapse of institutions such as Lehman Brothers and bail outs of banks has tainted the track-record of structured products of late. Hence, the caution from IFAs that investors be sure of the credit standing of its issuer.

"Barclays is probably one of the strongest to go with if you want to buy these products," said Piers Larcombe, head of research at Baigrie Davies. Mr Larcombe feels there is a place in the market for these products especially for those planning their retirement.

Still, several IFAs have expressed their dislike of structured products in general, with one adviser describing the note as "one for the bin" which investors ought to "junk".

Another adviser, Jason Butler, partner for Bloomsbury Financial Planning, said: "These products are great for investment banks. I always say if you cannot cope with the market then do not buy into it.

Mr Butler sees little attraction in the tradable feature of the notes. He said: "There is no real after-market and if there was one you would be taking a haircut.

"Wealthy clients whom we advise can structure something much better and at lower cost," he said while advising that investors would be better off buying index-linked funds or exchange-traded funds which pay dividends and provide full upside exposure."