A position in a series of consecutive short-term discount certificates. At maturity of a given certificate, the proceeds (principal and amounts of discount) are immediately reinvested in a new discount certificate. The product keeps on rolling, and the capital is reinvested at regular intervals (monthly, quarterly, etc.). Rolling discount certificates allow investors to reap as much as possible of the time-value gains at the end of final maturity. An investor doesn’t also have to continuously find new products to reinvest and will not have to issue purchase orders at the end of investment period.