Despite the economic slowdown, there are still some growth businesses. Take manufacturing, for instance. No, not auto or widget making. I'm talking about the manufacturing of exchange-traded portfolios.
You've no doubt noted, in particular, that the number of exchange-traded notes and funds tracking the Oil market has ballooned. Which inevitably leads to questions on their performance. Especially in these credit-addled times, questions abound about exchange-traded notes.
So here's the quick-and-dirty. There are three long and two short notes. The original long note was the iPath DJ-AIG Crude Oil Total Return ETN (NYSE Arca: OIL). It's been around a couple of years and is an obligation of the U.K.'s Barclays Bank plc.
Then, with near-perfect timing, the PowerShares suite of oil notes was launched this summer, just in time to catch the swoon in oil prices. These notes, offering single and double exposure - short and long - to the Oil sector of the Deutsche Bank Liquid Commodity Index, are issued by the German bank's London branch.
Spot NYMEX oil has sunk 71.7% since the PowerShares notes' launch. Here's how the notes have responded:
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