Personally, can't say if there was any manipulation although that seems to be a go to when things don't go as investors expect. The VIX bounced from 14 to 50 in a matter of days.

VIX.jpg

This trade was extremely overcrowded and had been for some time. The bounce from 14 to 50 is what happened as traders of all stripes raced to cover their losses.



Aug. 16, 2017

Traders are doubling down on one of the market's hottest trades - Business Insider

Bets on falling volatility now ‘most crowded trade’: fund managers Jan 16, 2018

https://www.marketwatch.com/story/be...ers-2018-01-16


Keeping things simple. Investors were betting on the continued drop in the price of the VIX and the roll yield. If they sold $14B worth of futures, suddenly they had to buy them back at $50B. In other words one day they owed $14 Billion, two days later they owed $50 Billion. That accounts for the closing of the fund as laid out in the prospectus. Absent actual fraud or mismanagement on the part of Credit Suisse I'm not clear where investors have a leg to stand. Hence don't pay upfront fees on the illusion you will be getting a phat refund check.