The sponsor of the most popular oil exchange-traded fund is asking regulators for approval to offer a similar fund that shorts light sweet crude prices.
And while several already compete in that corner of the market, the United States Short Oil Fund would offer a different sort of take on inverse investing in crude.
The fund would trade on the NYSE Arca exchange and mimic many of the same characteristics of its sister U.S. Oil Fund (NYSE Arca: USO). When it launched in 2006, USO was the first oil-specific ETF to come to market. The creators of USO and the proposed short-positioned ETF is United States Commodity Funds LLC -- formerly Victoria Bay Asset Management.
As with USO, the new fund (referred to in the filing as USSO) will buy near-month futures contracts and then roll them over to the following months as they expire...
Click here to read more about the new crude oil ETF.
