Nevertheless, OIIL may be a better way for ETN traders to track crude oil futures, compared to the more established iPath Crude Oil Futures ETN (NYSEArca: OIL), especially after the iPath OIL ETN traded at a premium of up to 40% to its net asset value last month. Barclays Bank PLC, the underwriting bank behind the iPath ETN line, recently issued a warning on its OIL ETN and said the high premiums could happen again. OIL was trading at a 23.3% premium to its NAV on Wednesday, according to Morningstar data. [An Oil ETN Trade Shows the Differences to ETFs]

UBS Investment Bank also launched the ETRACS 2xMonthly Leveraged Alerian MLP Infrastructure Index ETN Series B (NYSEArca: MLPQ) and the ETRACS 2xMonthly Leveraged S&P MLP Index ETN Series B (NYSEArca: MLPZ), according to a press release. MLPQ comes with a 0.85% expense ratio and MLPZ has a 0.95% expense ratio.

The two new UBS ETRACS ETNs look like revamped versions of the bank’s ETRACS 2xMonthly Leveraged Long Alerian MLP Infrastructure Index ETN (NYSEArca: MLPL) and the ETRACS 2x Monthly Leveraged S&P MLP Index (NYSEArca: MLPV), which were slated for closure. [Rapid Price Declines Shutter Two Leveraged MLP ETNs]

MLPQ will track the monthly compounded 2x or 200% leveraged performance of the Alerian MLP Infrastructure Index. Meanwhile, MLPZ will take the monthly compounded 2x or 200% leveraged performance of the S&P MLP Index. Unlike many leveraged and inverse ETFs that rebalance on a daily basis, these two leveraged MLP-related ETNs rebalance less frequently, so they may more closely follow their target strategies over longer periods due to diminished compounding issues.

Max Chen contributed to this article.