"Also from my side, sincere thanks for the great work you and Eoin daily deliver.

"I have a question on shorting the T-Bond.

"Here in Holland ABN (the part that is now ran by RBSmarkets.nl) introduced the great 'turbo' product, enabling small investors to invest in a leveraged way, long or short, in a great series of indices, commodities, currencies etc. Without the risk associated with futures. Explaining goes a bit far, perhaps you have it in the UK as well.

"They also offer a way to go short on the T-bond future. But I don't really understand how it works. With commodities they rollover the future periodically. With the T-Bond Turbo, the underlying asset is the 6% 30 yr US long Bond Future.(Bloomberg USH9). Is this the T-Bond, you also like to short? Do you know when it will be rolled over."

David Fuller's view Thanks for your thoughtful words and questions likely to be of interest to many other subscribers, and not just those from Holland.

The vehicles you mention fall into the category of 'structured products'. These are very popular with the issuing banks because they generate large fees. They are also popular with brokers and advisors who recommend them because they pay generous commissions. All of these fees and commissions come out of your investment. Consequently, Fullermoney is not a fan of structured products.

However do not take my word for it because I am not familiar with the specific product that you mention. You can do you own due diligence by checking the prospectus online. It will list the fees.

I believe the T-Bond Turbo trades the Chicago Board of Trade (CBT) Generic 1st 'US' Future. That is what I have shorted and I only have to pay spread-bet fees when I buy or sell, or roll expiring contracts forward. I imagine that you could short the future via ABN, if that is what you wish to do.