Crisis or Not, European Notes Launch

Barclays Bank launched the iPath Inverse S&P 500 VIX Short Term Futures ETN II (IVOP). IVOP follows the S&P 500 VIX Short-Term Futures Index Excess Return, which aims for an unleveraged investment in short-term futures contracts on the CBOE Volatility Index. The index offers exposure to a daily rolling long position in first and second month VIX Index futures contracts and reflects the implied volatility of the S&P 500 Index. The annual investor fee charged by IVOP is 0.89 percent.

The Royal Bank of Scotland unveiled the RBS Oil Trendpilot ETN (TWTI). The index uses a proprietary trend-following strategy to provide exposure to either the RBS 12-Month Oil Total Return Index (USD) or the yield on a notional investment in 3-month U.S. Treasury bills. The 12 futures contracts comprising the benchmark index on any given day will be the futures contract scheduled to expire in the following calendar month and contracts scheduled to expire in each of the 11 months thereafter. TWTI charges annual fees of 1.10 percent.