Sprinter vs Turbo
Sprinter, Turbo, Speeder, Mini Future — walk through European leverage products and you meet a confusing wall of brand names for what is largely one instrument. A Sprinter (ING) and a Turbo (BNP Paribas, Société Générale) are the same class of knock-out leveraged certificate. Knowing what genuinely differs — and what is just marketing — keeps you from comparing logos instead of costs.
Open the Long Call calculator →| Sprinter (ING) | Turbo (BNP / SG) | |
|---|---|---|
| Product class | Knock-out leverage certificate | Knock-out leverage certificate |
| Leverage from | Gap to financing level | Gap to financing level |
| Knock-out | Stop-loss, often a small residual | Stop-loss, residual varies |
| Cost | Daily financing + spread | Daily financing + spread |
| What really differs | Financing rate, spread, issuer | Financing rate, spread, issuer |
Same product, different brand
Both a Sprinter and a Turbo are leveraged certificates built the same way: a financing level the issuer funds, leverage from the gap to the price, and a knock-out barrier that ends the product if the underlying touches it. ING brands them Sprinters; BNP Paribas and Société Générale call them Turbos; others use Speeders, Boosters or Mini Futures. The engine underneath is the same.
Because the mechanics match, the headline behaviour matches too: near-linear geared exposure, a daily financing cost instead of time decay, no expiry, and total-loss risk at the barrier. If you understand a turbo, you understand a sprinter.
Where they actually differ
The real differences are in the details. Some products set the knock-out (stop-loss) a little above the financing level, so a knock-out returns a small residual value; others knock out at the financing level itself and return almost nothing. The size of that buffer, the financing rate, the bid-ask spread, the issuer’s credit standing and which underlyings are on offer all vary by brand.
None of those are captured by the name. Two products labelled differently can have identical risk, and two with the same label can charge very different financing — so the brand tells you almost nothing about which is cheaper or safer.
How to actually choose
Ignore the brand and compare four things: the financing cost, the spread, the residual-value mechanics at knock-out, and the issuer’s credit risk (every certificate is an unsecured claim on the bank that issued it). For the same underlying and leverage, the cheaper financing and tighter spread win.
Then size it like any leverage product — by the loss the knock-out can inflict, not by the small outlay. The label on the product is the least important thing about it.
- Sprinters and Turbos are the same class of knock-out leverage certificate under different issuer brands.
- The brand tells you almost nothing — the mechanics (financing level, leverage, knock-out) are shared.
- Real differences: financing rate, spread, residual value at knock-out, and issuer credit risk.
- Choose on cost and residual mechanics for the same underlying and leverage, then size by the knock-out loss.
Frequently asked questions
Is a Sprinter the same as a Turbo?
Effectively yes — they are the same type of knock-out leveraged certificate, just branded differently (Sprinter by ING, Turbo by BNP Paribas and Société Générale). The underlying mechanics — financing level, leverage and knock-out barrier — are the same.
What is the difference between a Sprinter and a Turbo?
Mostly the issuer and the fine print: financing rate, bid-ask spread, how much residual value is returned at knock-out, available underlyings and the issuer’s credit standing. The product class and risk profile are the same.
Which is better, a Sprinter or a Turbo?
Neither by default. For the same underlying and leverage, compare the financing cost, the spread and the residual-value mechanics. The cheaper, tighter product wins — the brand name is irrelevant.
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