iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
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Here’s a Full List of Credit Suisse ETFs to Boycott — Because They’re An Evil Organization

In light of the XIV chicanery, I felt it was my duty to inform others of the full suite of Credit Suisse ETFs, so that you might avoid them and never trade them again.

In a world filled with endless choices in the ETF world, there is little reason to favor an evil organization like Credit Suisse, a company who zeroed out its volatility ETN after just two days of market tumult, done like thieves in the night in the after hours session.

In addition to this list, VIIZ is another one of their bastards from hell.

 

In meaningless drivel Credit Suisse inspired after-hours trade, upside volatility is +26%, in spite of the fact that futures are -100.

In case you’re wondering why Credit Suisse is evil, here’s a testimonial.

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24 comments

  1. gorby

    aGreed

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  2. sarcrilege

    What did you expect ladies? Credit Suisse is just another everyday classic Nigerian scam. You cannot possibly be surprised:
    https://tinyurl.com/ybecrnjd

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  3. thinair

    Thanks for posting this, will boycott them for sure. Mother fuckers. I traded it the same way as Busted, except I averaged down up to 10k shares and ended up losing 36 points before biting the bullet and getting out at 38, knowing fuckery was afoot. Blew up half my year. Feel so stupid because I was actually long the vix through other vehicles and was looking to scalp this piece of shit.

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  4. ferd

    Going long any 2X or 3X etf is best avoided for anything more than a day trade …and is complete insane for anyone that has idle cash even for a day trade.

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  5. ferd

    Will the world come to the US for safety or is it different this time? Are we impressed with the dollar bounce and bounce in treasuries?

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  6. natehois

    Which others have termination clauses? Is it only inverse vols? There are literally 1000s of pages of prospectuses

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  7. acehood

    I’m sorry but don’t put your whole fucking account in XIV. JFC…

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  8. MSGT HARTMAN

    Most of these instruments have been hawked by various iBC bloggers trying to excite their subs into “getting rich”.

    If I had a world of my own, everything would be nonsense. Nothing would be what it is because everything would be what it isn’t. And contrary-wise; what it is it wouldn’t be, and what it wouldn’t be, it would. You see?

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  9. Angel of Death

    Honestly I have no sympathy for the testimonial. He said he bought it at $80, so he apparently watched it drop $19 AH in a heartbeat and thought why not, let me scalp a couple bucks off this falling knife. Maybe next time don’t shoot first and ask questions later. Maybe when something drops 20% in a matter of minutes you should step away from the monitor before jumping in with your entire fucking account. Honestly, he deserved what he got.

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    • ferd

      I might agree if the long and relatively reliable/stable, history that this instrument had earned was earned in a market where price discovery was permitted to function. That ain’t this market.

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    • busted

      Angel of death, actually it was trading 89 when I put order in at 80 never thinking I would get filled but you know I deserved what I got. I should have known they were going to blow up the fund in minutes actually all holders who watched it close at $99 only to lose 95% of their money they deserved it too. Angel of death if, and I only can hope, you are diagnosed with cancer just remember “you got what you deserved” Karma is a bitch.

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  10. discoordinated

    I like how they claim the liquidation event happened just after the market close……sure.

    I’m sure they didn’t use the liquid market during the day to set themselves up and let their friends out of the murder hole before letting it drop to an accurate price in the after hours.

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  11. dawg

    A number of clearing firms don’t allow us to B/S any inverse or double/triple leveraged ETP’s…. The reason? E & O insurance wouldn’t allow it…. Good call

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  12. dae42

    Not retard proof. Should have been labeled as such.

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  13. masteroneass

    Trust the swiss? Haha good one. Didnt anybody watch wolf?

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  14. stockslueth

    Here’s what Credit Suisse did:

    The Astonishing Story Behind What Really Happened to XIV

    https://t.co/kBaHAi9r7h

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  15. superpositron

    Don’t take my UGAZ away. It’s my pappy.

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  16. numbersgame

    Fly, your list of Credit Suisse ETFs has no ETFs listed: they are all ETNs. Although the names sound similar they are quite different.

    ETF: Exchange Traded Fund. ETFs holds **assets**. When these assets go up or down, the Net Asset Value (NAV) of the ETF changes. An ETF is what is sounds like: a Fund that is Traded on an Exchange.

    ETN: Exchange Traded Note. These are nothing more than paper contracts. Their value is set by a formule, usually linked to one or more index. ETNs do not own anything.

    To close out an ETF, the assets have to be liquified, which isn’t an easy task. Liquifying tends to have a feedback effect: as you sell, what your selling goes down in value – and everybody knows you’re selling and how much you have. This is the reason that SVXY is still trading and XIV isn’t.

    Now, the volatility move we saw was truly record-breaking and the way most of it happened (in AH) was ugly. So from that respect, I do pity the owners. However, a 50% loss would not have been surprising on any given day. Too much complaceny in this market. BTFD.

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