NEW YORK ( TheStreet) -- There have been several themes of product development in the ETF industry in the last couple of years including funds that offer hedge fund-like exposure as a means of trying to offer portfolio protection. Along these lines there have been many products targeting some aspect of going long or short volatility to allow for hedging or speculation.The latest products in this space are the UBS ETRACS Fisher-Gartman Risk On ETN ( ONN) and the ETRACS Fisher-Gartman Risk Off ETN ( OFF). The names Fisher and Gartman are for the designers of the indices underlying the funds, Mark Fisher and Dennis Gartman. As the funds' names imply, ONN is structured to do well during so called "risk on" trading environments and OFF is structured to do well during so called "risk off" environments. Many market participants will be aware that the recent volatility in the markets has been bifurcated into risk-on when the market is going up and the most volatile assets outperform and risk-off where the most volatile assets get hit hard as capital flees to investments perceived to be safer. The funds will each have 35 positions and charge a 1.15% expense ratio.