iPath Dow Jones – Issuer- UBS Commodity Index TR Barclays – ticker- DJP US
JPMorgan Alerian MLP Index Issuer – Issuer- JPMorgan – ticker- AMJ US – ticker- US
iPAT H S&P 500 VIX Short-Term Futures Issuer -Barclays – ticker- VXX US
Elements Rogers International Commodity Index TR – Issuer- SEK – ticker- RJI US
PowerShares DB Gold Double Long – Issuer- Deutsche Bank – ticker- DGP US
Elements Rogers International Commodity Index – Agri TR – Issuer- SEK– ticker- RJA US
iPath MSCI India Index – Issuer- Barclays – ticker- INP US
VelocityShares Daily Inverse VIX Short Term – Issuer- Credit Suisse – ticker- XIV US
iPath Goldman Sachs Crude Oil TR – Issuer- Barclays OIL – ticker- US
iPAT H S&P 500 VIX Mid-Term Futures – Issuer- Barclays – ticker- VXZ US
iPath Dow Jones-UBS Grains Subindex TR – Issuer- Barclays – ticker- JJG US
iPath Dow Jones-UBS Agriculture Subindex TR – Issuer- Barclays – ticker- JJA US
iPath Dow Jones-UBS Copper Subindex TR- Issuer- Barclays – ticker- JJC US
Credit Suisse Cushing 30 MLP Index – Issuer- Credit Suisse – ticker- MLPN US
UBS E-TRACS Alerian MLP Infrastructure – Issuer- UBS – ticker- MLPI US
E-TRACS UBS Bloomberg CMCI – Issuer- UBS – ticker- UCI US
PowerShares DB Gold Double Short – Issuer- Deutsche Bank– ticker- DZZ US
iPath Dow Jones-UBS Precious Metals Subindex TR Issuer- Barclays – ticker- JJP
Barclays ETN+long C Leveraged S&P 500 Issuer- Barclays – ticker- BXUC
iPath GSCI TR Index Issuer-Barclays – ticker- GSP

Exchange-traded notes or “ETN’S” are senior, unsecured, unsubordinated debt securities issued by an underwriting bank or brokerage firm. ETN’S have a maturity date and are backed only by the credit of the issuer. Not all Exchange Traded Notes are suitable for all investors. If your stockbroker or financial advisor sold you an exchange traded note (ETN) that lost a significant portion of its value, call Soreide Law Group and speak to an attorney at no cost: (888) 760-6552.

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The Securities and Exchange Commission (SEC) is looking into the VelocityShares 2x Long VIX Short Term Exchange Note, managed by Credit Suisse Group AG, which had about $700 million in assets before the decline, according to an article in the Wall Street Journal. The Massachusetts’s securities regulator and the U.S. Securities and Exchange Commission (SEC) are investigating the ETN’s loss of nearly 60% of it’s value.

According to the Wall Street Journal, Secretary of the Commonwealth, William Galvin, submitted a written request on March 23 to Credit Suisse for information and documents related to every purchase of shares in the VelocityShares 2x Long VIX Short Term Exchange note from Feb. 20 to March 23.

This comes amid concern over trading in the ETN. The Credit Suisse ETN, which is designed to track stock-market volatility, plunged even though market volatility was little changed.

According to WSJ, the confusion underscores the risky nature of exchange-traded notes. While hedge funds are usually the most active traders of the securities, the notes have become more popular with smaller investors, in part because they are low cost and easy to trade.

If you experienced financial losses due to your broker/dealer’s recommendation of VelocityShares 2x Long VIX Short Term Exchange Notes, call Soreide Law Group for a free consultation on how to potentially recover your losses at: 888-760-6552, or you may visit our website and complete the online form at: http://www.securitieslawyer.com.

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FINRA, the Financial Industry Regulatory Authority Inc., issued an investor alert about the risks of ETNs, exchange-traded notes, after an investigation of Credit Suisse and Barclays ETNs this year.

ETNs are often thought of as as ETFs, exchange-traded funds, but in reality, the two are very different.  ETNs are promissory notes written by banks to deliver the returns of an index, and don’t actually hold anything, whereas ETFs, hold a stocks or bonds that trade intraday on an exchange. A bank may stop issuing new shares and cause trouble for an ETNs. This can happen  because the maximum number of shares has been reached or the bank is no longer able to hedge effectively against the index.  If no new shares are issued the ETN functions like a closed-end fund and continued demand can drive shares to a premium over the net asset value.

Barclays’ iPath Dow Jones-UBS Natural Gas Total Return Sub-Index ETN (GAZ), shares were at a high of 134% of its NAV in March — meaning investors were paying more than $2 for $1 of the ETN’s exposure. It’s now at a 32% premium.

Credit Suisse VelocityShares Daily 2X VIX Short-Term ETN (TVIX) stopped issuing new shares in February. Doubled in value but when Credit Suisse Group AG resumed issuing shares in March, the ETN’s share price fell to the NAV, losing $172 million in a single day.

JPMorgan Alerian MLP Index ETN (AMJ) halted the issuing of shares last month and is now trading at a premium of nearly 1%.

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. If you have investment losses call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website at: http://www.securitieslawyer.com. 

Soreide Law Group, PLLC., representing investors nationwide.

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