The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.NEW YORK ( TheStreet) -- A few months ago I wrote about what was then a brand new product line of funds from Royal Bank of Scotland (RBS - Get Report) that takes defensive action within the portfolio. The RBS US Large Cap Trendpilot (TRND) switches from 100% exposure in the S&P 500 to 100% T-bills when the S&P 500 goes below its 200-day moving average and the RBS US Mid Cap Trendpilot (TRNM) switches from 100% exposure in the S&P 400 to 100% T-bills when the index goes below its 200-day moving average.
RBS Trendpilot ETNs Enter Defensive Mode
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