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RBS Gold Trendpilot ETN
The RBS Gold TrendpilotTM ETN (NYSE Arca: TBAR) is a long gold ETF, although technically it is a gold ETN or Exchange Traded Note issued by the Royal Bank of Scotland. It is a rules based trend following paired ETF that seeks to replicate the price of gold bullion when gold is trending upwards when it trades above its 200 day moving average for 5 days while it provides exposure to the yield on a hypothetical notional 3 month US Treasury Bills when the price of gold is below its 200 day moving average for 5 days. Hence its supposed to provide exposure to the price of gold bullion when gold is trading in an upward trend and exposure to cash when gold is trading in a downward trend.
The RBS Gold Trendpilot Exchange Traded Notes are unsecured and unsubordinated obligations of The Royal Bank of Scotland N.V. and are fully and unconditionally guaranteed by RBS Holdings N.V.
RBS Gold Trendpilot ETN (TBAR) vital stats:
Symbol: TBAR Exchange: NYSE Arca Expense Ratio: 1.00% when tracking gold and 0.50 % when tracking cash Dividend Yield: NA Price at issuance: $25 CUSIP: 78009L407 Options: No Inception Date: 2/17/2011 Maturity Date: 2/15/2041
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