Thursday Evening March 22, 2012
Zero Hedge got this one right.
After mentioning TVIX, I stated I was not buying any more. It turns out that Credit Suisse, the sponsor, stopped issuing share Feb 22. This means it now trades as a closed end fund with no more shares to reflect what is happening in the futures market.
This will end any recommendation for a futures related ETF or ETN on this site.
Fast Money on CNBC today suggested that many are now shorting this ETF, so it matters not what the original purpose was. CS who issued this originally has abandoned the project.
The best idea is probably to close out the position, take the loss, and learn a lesson here.
I regret ever mentioning this product. I have a small position and will close it out tomorrow.
Comments