VelocityShares on Wednesday announced the launch of two European volatility linked exchange-traded notes.

The company says the VelocityShares 1X Long VSTOXX Futures ETN (EVIX) and VelocityShares 1X Daily Inverse VSTOXX Futures ETN (EXIV) are the first exchange-traded products that provide U.S. investors access to the European volatility market.

Both products are linked to indexes on VSTOXX Short-Term Futures, a widely traded measure of European equity market volatility.

EXIV is linked to the VSTOXX Short-Term Futures Investable Index which replicates the performance of a long position in a portfolio of VSTOXX futures designed to provide exposure to constant-maturity one-month forward, one-month implied volatilities on the underlying EURO STOXX 50 Index.

EXIV is linked to the VSTOXX Short-Term Futures Inverse Investable Index which replicates the performance of a short position in a portfolio of VSTOXX futures designed to provide exposure to constant-maturity one-month forward, one-month implied volatilities on the underlying EURO STOXX 50 Index.

Unlike an exchange-traded fund which holds the assets in its portfolio, ETNs differ in that they don’t hold any assets but instead are senior, unsecured debt securities issued by financial institutions designed to track the total return of an underlying market index. Both types of products can be traded throughout the day on exchanges, but investors need to be mindful of the credit risk of an ETN’s underwriter.

The two new VelocityShares ETNs are underwritten by UBS. They both trade on the Bats Exchange, and both are subject to a daily invester fee calculated at 1.35 percent per year.

VelocityShares, a Darien, Conn.-based subsidiary of Janus Capital Group Inc., now has 21 ETNs that trade under the VelocityShares brand and are intended for sophisticated investors such as hedge funds and financial advisors who employ complex strategies.

The company’s ETFs trade under the Janus banner and are aimed at retail investors and the advisors who serve them.

The two camps trade under different brands to reflect their different target markets.