ProShare UltraPro Short Nasdaq Biotechnology (ZBIO) Fund Closure
Concerned about your investment in ZBIO?
Have you suffered losses investing in ProShare UltraPro Short Nasdaq Biotechnology (ZBIO)? If so, The White Law Group may be able to help you recover your losses by filing a FINRA arbitration claim against the brokerage firm that sold you the investment.
According to reports this week, close to 30 leveraged and inverse exchange-traded products had been delisted, closed or automatically accelerated; or their issuers had announced that they would be doing so soon.
Unfortunately for investors, ProShare UltraPro Short Nasdaq Biotechnology is one of six funds that ProShares is closing, three pairs of up-and-down ETFs designed to provide 3x and -3x exposure to their underlying indexes.
The funds will close to new creations on March 27, then cease trading on March 30. According to reports, investors can expect to receive their liquidation amounts on or around April 3.
Complex, High Risk ETNs
The White Law Group continues to investigate the liability that brokerage firms may have for recommending complex and risky ETNs like ZBIO to investors.
An exchange-traded note (ETN) is a senior, unsecured, unsubordinated debt security issued by an underwriting bank. Similar to other debt securities, ETNs have a maturity date and are backed only by the credit of the issuer. ETNs are designed to provide investors access to the returns of various market benchmarks.
Many of these investments are packaged as a way for investors to avoid the volatility of the market or capture growth in a particular sector. In reality, these structured investments are just ways for the industry to increase revenues generated from the creation, sale, and management of these products.
Financial professionals and brokerage firms have a duty to recommend only investments that are appropriate for the client based on the client’s age, investment experience, net worth, and investment objectives.
If you have suffered losses investing in ProShare UltraPro Short Nasdaq Biotechnology (ZBIO), The White Law Group may be able to help you. For a free consultation with a securities attorney, please call the White Law Group at 888-637-5510.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.
For more information on The White Law Group, visit https://www.whitesecuritieslaw.com.