Having capital unprotected (7)

I believe the answer is:

hatless

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'unprotected' is the definition.
Both the definition and answer are adjectives. Perhaps they are linked in a way I don't understand?

I can't explain the rest of the clue.

Can you help me to learn more?

(Other definitions for hatless that I've seen before include "Uncovered" , "Without a titfer" .)

I've seen this clue in The Globe and Mail.

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