The United States Oil Fund () is an
exchange-traded fund (ETF) that attempts to track the price of
West Texas Intermediate Light Sweet Crude Oil. It is distinguished from an
exchange-traded note An exchange-traded product (ETP) is a regularly priced security which trades during the day on a national stock exchange. ETPs may embed derivatives but it is not a requirement that they do so - and the investment memorandum (or offering document ...
(ETN) since it represents an ownership claim on underlying securities that the fund has packaged. USO invests in oil future contracts that are traded on regulated futures exchanges.
Background
The United States Oil Fund was founded on April 10, 2006, by Victoria Bay Asset Management, now known as
United States Commodity Funds, and the
American Stock Exchange
NYSE American, formerly known as the American Stock Exchange (AMEX), and more recently as NYSE MKT, is an American stock exchange situated in New York City. AMEX was previously a mutual organization, owned by its members. Until 1953, it was know ...
. The fund opened on its first day of trading at $68.25 per share. USO's investment objective is to include the changes in percentage terms of its units' net asset value in its evaluation of the changes in percentage terms of the spot price of light, sweet crude oil as measured by its price on the
New York Mercantile Exchange
The New York Mercantile Exchange (NYMEX) is a commodity futures exchange owned and operated by CME Group of Chicago. NYMEX is located at One North End Avenue in Brookfield Place in the Battery Park City section of Manhattan, New York City.
T ...
. Its performance is determined by the
price of oil
The price of oil, or the oil price, generally refers to the spot price of a barrel () of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC ...
through its oil futures contracts.
[{{Cite web, date=2020-04-27, title=USO ETF pushes oil futures exposure out to June 2021, url=https://www.etfstrategy.com/uso-etf-pushes-oil-futures-exposure-out-to-june-2021-43854/, access-date=2020-07-04, website=ETF Strategy, language=en-US]
See also
*
SPDR Gold Shares
SPDR Gold Shares (also known as SPDR Gold Trust) is part of the SPDR family of exchange-traded funds (ETFs) managed and marketed by State Street Global Advisors. For a few years, the fund was the second-largest exchange-traded fund in the world, an ...
*
Price of petroleum
The price of oil, or the oil price, generally refers to the spot price of a barrel () of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC R ...
References
External links
Yahoo Finance page for USO* http://www.etf.com/USO
Exchange-traded funds