In this case, however, in all honestly, it’s not interesting enough to wade that deep. Let me get a few things out of the way quickly: You probably have almost no direct financial exposure to what’s going on. I happened to be on an exquisitely timed vacation last week, but our VettaFi Voices covered this in our weekly round-up on Friday. The most exposed ETF out there in the U.S. is the Vanguard FTSE Developed Markets ETF (VEA A), and it had less than half a percent of Credit Suisse exposure before all this began. You probably have limited counterparty exposure to Credit Suisse in particular and to any at-risk bank. This is because Credit Suisse has been telegraphing that it is not to be trusted as a counterparty for ETF and ETN investors for years. It was only two years ago that I went out on a limb (for me!) and suggested that Credit Suisse’s management of its ETN delistings bordered on unethical on live TV. Worse, it’s been showing that it can’t be trusted to manage its ETN book cleanly for over a decade. Remember TVIX, anyone? While it’s possible that you might own one of the handfuls of still-trading Credit Suisse ETNs covering gold (GLDI), silver (SLVO), MLPs (MLPO), or oil (USOI), those notes are senior (unsecured, but still senior) debt, which, according to what we know right now, will be fine in the pending UBS takeover. After all, even equity holders — the last in line — look like they’re getting a door prize.