Velocityshares 3X Long Natural Gas ETN (UGAZ)

[ybnormal]

I know exactly what you were referring to...it was XIV. They did exactly what they said they would. Any move in VIX 34.4% up and XIV was done according to the prospectus. That would have resulted in XIV going to zero intrinsic value, which would cause Credit Suisse to call the ETF.

No trickery or underhandedness there. You have to understand the risks before you put money in. And the gentleman you refer to as having lost $90k...he bought that position after the trigger event had already occurred. You cannot trade these ETNs if you don't know the rules. That money was lost as soon as the buy was made. I had 2 positions...a long position at $16 for a potential bounce, and a short from $67 because I knew what had transpired. I ended up losing $800 on the long position...I made bank in the short...covered it at $6.23. Again...know and understand the rules, or don't play the game...