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UBS AG London Branch FR SP ETRACS REDEEM 16/10/2042 USD 25 - Ser B
It turns out that even leveraged ETF providers have their limits!
Direxion, the ETF provider famous for offering dozens of highly leveraged funds to retail investors, is knee-deep in the downside that comes with using derivatives to swing for the fences. Triple-leveraged funds are risky in normal market conditions, but add in a liquidity crisis and a VIX that's hitting extreme levels and bad things are bound to happen.
Background
The writing was on the wall for leveraged products when UBS announced that the UBS ETRACS Monthly Pay 2x Leveraged Mortgage REIT ETN Series B