The dielectric response of transparent conductive oxides near the bulk plasmon frequency is characterized by a refractive index less than vacuum. In analogy with x-ray optics, it is shown that this regime results in total external reflection and air-guiding of light. In addition, the strong reduction of the wavevector in the ITO below that of free space enables a new surface plasmon polariton mode which can be excited without requiring a prism or grating coupler. Ultrafast control of the surface plasmon polariton mode is achieved with a modulation amplitude reaching 20%.Epsilon-Near Zero (ENZ) materials are a class of optical materials characterized by a real part of the dielectric function close to zero. ENZ materials are of interest for a range of applications including tailoring of directional emission and radiation phase patterns, [1][2][3] air-guiding of electromagnetic waves, [4] and electromagnetic tunnelling devices. [5][6][7] While a lot of effort is aimed at achieving an ENZ response using artificial metamaterial resonators, some naturally occurring materials also show a strong reduction of the permittivity below that of vacuum. An example of naturally occurring low-index materials are noble metals where the optical permittivity ǫ is governed by the collective motions of the free electron gas known as bulk plasmons. According to the Drude model, the permittivity is given bywhere γ denotes the damping rate of the free electrons and the plasma frequency ω pl is given by ω pl = (N e 2 /ǫ 0 m) 1/2 . Around the (screened) bulk plasmon frequency ω bp ≡ ω pl / √ ǫ ∞ , the real part of the permittivity shows a transition from negative to positive values. Noble metals have carrier densities N exceeding 10 22 cm −3 , therefore their bulk plasmon plasma frequency is located in the UV region. In contrast, highly doped semiconductors typically have electron densities below 10 19 cm −3 and can be well described by the Drude model with a bulk plasmon plasma frequency in the THz range. Transparent conducting oxides (TCOs), with an electron density inbetween that of bulk metals and doped semiconductors, show a bulk plasmon frequency in the near-infrared. The resulting combination of a metal-like response in the infrared and a dielectric optical response in the visible region has stimulated application of TCOs as transparent electrical contacts and as heat reflecting windows. Recently, metal oxides such as indium-tin oxide (ITO) and aluminium-doped zinc oxide have received interest for their plasmonic response in relation to metamaterials and transformation optics. [8,9] The plasma frequency can be tuned by controlling the electron density using electrical or optical methods, opening up opportunities for nearinfrared electro-optic or optical modulators [7,10,11] and sensing devices. [12,13] Pioneering studies by Franzen and co-workers have investigated the plasmonic response of ITO and ITOgold hybrid structures in the metallic (negative epsilon) regime of ITO. [13] Next to a conventional surface plasmon polariton mode f...