A floating-rate note (floater) whose coupon payments fall within an embedded collar. This means the coupon is capped at a preset level and floored at another. The cap deprives the holder of upside movement in the reference interest rate when it exceeds the upper boundary. However, the holder is protected from a downturn in case the reference drops below the lower boundary.

The min-max floater is also known as a collared floater.