Principal-Protected Equity-Linked Note (PP-ELN) Which one of the following statements is NOT correct? O APPELN is essentially combining a bond instrument with a call option. The opportunity costs of PP-ELNs include cost of missed dividends on the underlying stock. With some efforts, an individual investor can replicate a PP-ELN on his/her own. Most PP-ELN offer the advantage of capital preservation and unlimited upside potential offered by the embedded call option. O Going long a stock (equity) investment and at the same time buy a put option on the same stock equals the payoffs of a PP-ELN