Oil-Crazy Retail Investors Maxed Out USO ETF In Likely Wrong-Headed Bet
The USO had previously filed a prospectus authorizing a billion shares. I am sure when they created the ETF they needed an upper limit of the amount of shares that could be issued. Someone probably did their best Austin Powers impersonation and said, ‘put down a billion - we’ll never need that many, but it sounds good.’ Well, guess what? The USO recently had to refile their prospectus because they have run out of authorized shares to issue. As if negative oil prices wasn’t enough, they b
“Well the first thing you know ol’ Jed’s (not) a millionaire…” that one had me singing in my head and laughing out loud. Thanks!
I did the same thing…thanks H!
SEC should “sit” on that Registration Statement
I haven’t read the USO prospectus (and I’d love to know the percentage of retail that has even glanced at it) but if June futures were to go negative before the roll into July, could we have another “VIX-like” extinction event with this, and other, oil ETFs?
This weekend’s Market Huddle webcast should be fantastic (if you haven’t checked it out, do so…..) Thanks H for posting on the site also…
Animal spirits
What is the opposite of denatured? Natured? Lets just call it un-denatured animal spirits.