And just like that, it was gone!

Following the biggest daily surge in oil prices ever... and another major surge in prices today, things have gone a little bit slightly turbo for "investors" in one leveraged oil ETN.

(Click on image to enlarge)

Source: Bloomberg

Unprecedented spikes in price along with a record 'super-contango' have left the VelocityShares Daily 3x Inverse Crude exchange-traded notes, or DWTIF, worthless, according to Credit Suisse.

(Click on image to enlarge)

Source: Bloomberg

“Because the Closing Indicative Value of the ETNs will be $0 on April 2, 2020 and on all future days...

...investors who buy the ETNs at any time at any price above $0 will likely suffer a complete loss of their investment,” Credit Suisse said.

As Bloomberg reports, that’s one of the final chapters in a once-popular product that amassed more than $1 billion in assets at its peak over four years ago.

(Click on image to enlarge)

Source: Bloomberg

Until the last two days, the bearish triple-leveraged ETN had screamed higher in 2020 as oil prices have collapsed at a record pace amid a double-whammy of supply and demand concerns. At its peak on March 18th, DWTIF was up a stunning 978% year-to-date...

(Click on image to enlarge)

Source: Bloomberg

But now, as Morningstar's co-head of passive strategy research, Ben Johnson, notes:

“I can say with confidence that this is a bad investment.”

Oh, the wonders of leveraged-ETFs...