Deleveraged Floater
A fixed-income investment with a floating rate tied to a specific index with less than a one for one payback ratio.
Investopedia Commentary
These investment products are generally linked to different rates like the Fed Fund rate, LIBOR, or Treasury rates. This provides investors with the ability to match the differing cashflows of their assets and liabilities.
See also: Federal Funds Rate, Floater, GSE, Inverse Floater, LIBOR, Treasury Note