OIL ETF USO SOS

++ The design of ETFs leaves them open to manipulation. This creates hidden risk in the system, as we have just seen in the form of a negative oil price. There will be more of these price dislocations to come ++

Despite the fall in the oil price, assets in the most widely traded oil ETF have risen. Here's a long term chart of the assets under management of USO courtesy of the FT's ETF specialist, Izabella Kaminska:

This counter-cyclical nature of the fund suggests at first sight that some smart retail investors are buying the dip . . .

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