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2. ELEMENTS/Credit Suisse Global Warming ETN (GWO)

When I heard about this, my reaction was: “Oh, please!”

The fund is supposed to invest in companies that have an increased focus on products or services tied to combat global warming.

Never mind that the fund has turned in a cold performance. According to Index Universe: “Technically, Credit Suisse is on the hook for the returns here, which are tied to the Credit Suisse Global Warming index. Good luck figuring out what that means though, the Elements website hasn’t had holdings in years, the index is closed on Bloomberg unless you pay CS for a license, and there’s nothing on CS’s website beyond a two-year old fact sheet with, you guessed it, no holdings. It’s one of the great black holes of investing.”

I called Credit Suisse trying to get comment. I was referred to Elements, but the emails I sent using the address on Elements’ website bounced back, and the people who answered the phone had no idea what I was talking about and couldn’t refer me further. (Really weird.)

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