Barclays and Credit Suisse Announce ETNs closing
Barclays is retiring or replacing about half of its US Exchange Traded Note offerings.
“Exchange traded notes (ETNs) are exotic debt offerings keyed to baskets of stocks or commodities. Investors may be unaware that Barclays warns that Exchange Traded Notes (ETNs) are innovative investment products from Barclays that seek to provide investors with a way to access the returns of a market or strategy, less investor fees and costs. An investment in ETNs involves significant risks, including possible loss of principal, and may not be suitable for all investors.” the Mark Tepper Law firm noted in the Investor Alert posted to its website MarkTepper.com
In February, Credit Suisse, which also offered ETNs, then closed several ETNs that bet against the market. Investors in these ETNs lost almost all of their investment. One of Credit Suisse’s exchange traded notes, the VelocityShares Daily Inverse VIX Short-Term ETN, which it issued and is known by its trading symbol XIV, dropped from about $99 to $10 overnight. Credit Suisse has closed XIV, buying it back at under $10.
If you lost money because your broker recommended investing in ETNs you may have a claim against your broker. For a free case evaluation from the law firm of Mark A. Tepper P.A., email attorney Mark A. Tepper at askmark@marktepper.com or telephone 954-961-0096.