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Turbo (finance)
A rolling turbo is a financial derivative popular in Germany introduced by Goldman Sachs in 2004. It is tradable by institutional and private investors and has characteristics similar to contracts for difference and covered warrants.
==Characteristics==
The most important characteristic of a rolling turbo is the strict connection of its value to market prices either at the stock exchange or in the off-board trade of the primary security. The value of the underlying stock is multiplied by the leverage value to give the value of the rolling turbo. Unlike other financial derivatives, the leverage of a rolling turbo is kept constant on a daily basis. However the issuer can change the leverage by a predetermined fixed procedure.
The rationale of a rolling turbo arises from a combination of a predictable course process of the base value stock and the promise of a proportionally higher profit than would be possible with the purchase of the base stock Besides exists with rolling turbos the possibility of speculating on falling quotations. On the DAX rolling turbos with leverages between 5 and 35 are offered.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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