Barclays Capital wants to give U.S. retail investors direct access to the oil market with a different kind of exchange-traded product.

The U.K. firm has asked U.S. regulators to approve an exchange-traded note based on oil, according to a report from the Financial Times. The note would be the third iPath, complements to Barclays' iShares line of exchange-traded funds. Instead of underlying securities or commodities, iPaths hold thirty-year notes, guaranteed by Barclays, that upon maturity pay cash equalling the amount of index growth.

Barclays wants to trade its new iPath on the New York Stock Exchange.  

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