Financial product: COMBIseries 2.

Offeror: Liontamer.

Offer dates: Closes on December 10.

How it works:
This is the second of Liontamer's commodity investments and, like the first, it offers a 100% capital guarantee. COMBIseries 2 invests in commodities. It aims to produce "accelerated" returns of 120-150% of the actual returns on the basket of between six and eight commodities (Brent oil, natural gas, platinum, aluminium, copper, lead, zinc and nickel). It does this by investing on the derivatives markets. Liontamer argues the growth of China and India will continue to drive a commodity boom, and that as there is no commodities "tap" that can be switched on, new supply can not be created overnight. It also says that in real terms, commodities are a cheap as they were in the 1970's and '80s and that this must change. Liontamer has on going performance data in its website, which is not the case with all capital-protected investments. Series 1 is on track to produce some nice returns.

What we like:
The chance to diversify into an asset class so long denied ordinary investors and to do that with a capital guarantee, to boot.

What we don't like:
Not a lot. As a way of getting a bit of commodities action, this is a fine offering. The only proviso is that you lock up your money for a fixed term (three-and-a-half to four years). As there is a 3% entry fee, the capital guarantee covers only 97% of your money and, of course, inflation will erode the actual value further should you get back only your original investment.

Conclusion:
Liontamer has brought the market innovative and useful investments – eight in total – and as yet all are tracking in the territory of positive returns, though there's still a way to run yet.