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Turbo Option or Warrant
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Typically a combination of two call options on the same side of the market with different strikes. The net effect is to increase the holder of the options' exposure to the underlying as the options move into-the-money. For example, if the strikes of the component options in a turbo warrant were 100 and 105, the investor might have 100% exposure to price movements of the underlying between 100 and 105, and 200% exposure to movement of the underlying above 105. A comparable put structure would have similar relationships on the downside.
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Glossary *
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