Investing in bonds offers the following EXCEPT:

Investing in bonds is typically associated with particular characteristics that appeal to conservative investors. One of these key features is capital preservation, meaning that bonds are generally viewed as a safer investment compared to stocks, as they are less likely to lose value dramatically.

The notion of capital appreciation, however, is not a primary focus when investing in bonds. Although there are some instances where bond values can increase due to falling interest rates or favorable credit ratings, bonds primarily provide fixed interest payments and focus on returning the principal upon maturity. As such, while they can offer some potential for value increase, it is not their main attribute.

Bonds may also be associated with a guaranteed minimum death benefit when they are part of an insurance product, such as life insurance bonds, and they can have specific provisions in their contracts allowing for guaranteed maximum withdrawal values if they are tied to certain types of investment products.

Overall, capital appreciation is less characteristic of bonds compared to the other attributes mentioned, making the choice regarding it the exception in the context of bond investing.