[新聞] USO被唯一期貨經紀RBC通知 不能再買部位

[z22744388 (熊熊)]

1.原文連結：
※過長無法點擊者必須縮網址

MarketInsider
https://reurl.cc/O16Kev

2.原文內容：

A wildly popular oil ETF has been cut off by its broker from buying futures, l
imiting its ability to meet its investment objective (USO)

RBC Capital Markets has informed United States Commodity Funds, the operator o
f the USO ETF, that they may no longer hold positions in or buy oil futures co
ntracts until further notice, according to a Thursday SEC filing made by the E
TF.?

As a result of RBC's actions, USO says it may hold larger amounts of treasurie
s and cash, "which will further impair USO's ability to meet its investment ob
jective," according to the filing.

Following unprecedented volatility in the oil markets, which briefly caused oi
l prices to turn negative last month,乸 wildly popular trading ETF has been ba
rred by its broker from buying or holding oil futures contracts. That will lim
it its ability to meet its investment objective, according to an SEC filing su
bmitted on Thursday.

USO, an ETF owned and operated by United States Commodity Funds, was informed
by its only Futures Commission Merchants, RBC Capital Markets, that it is proh
ibited from holding or buying oil futures contracts until further notice.?

According to the filing, "RBC has indicated that such limitation on USO is a r
esult of RBC's own internal risk management requirements and directions it has
 received from other regulators in the United States, Canada, and the United K
ingdom."

In the mean time, USO has been looking to enter additional FCM agreements so i
t can resume purchasing oil futures contracts, but has yet to enter an agreeme
nt.

The restrictions from RBC are impairing USO's ability to meet its investment o
bjective.

"[USO] may be required to invest in other permitted investments including othe
r oil-related interests and may hold larger amounts of Treasuries, cash and ca
sh equivalents, which will further impair USO's ability to meet its investment
 objective," the filing said.

USO's investment objective is to track a benchmark of short-term oil futures c
ontracts that closely reflect the spot price of crude oil.

The USO ETF is "still trading and able to rebalance and roll its portfolio," U
nited States Commodity Funds CEO John Love said,乸ccording to FT.
USO has seen an explosion in popularity among traders.

Data from Robintrack.net shows that the number of Robinhood accounts that own
the USO ETF surged more than 2000%, from ~8,000 in early February to more than
 170,000 today.

Despite being down -75% year-to-date, assets under management in USO have more
 than quadrupled from $1 billion in early 2020 to $4.6 billion today, accordin
g to data from YCharts.


3.心得/評論：
※必需填寫滿20字

本文主要說目前USO唯一的期貨經紀RBC通知，沒有進一步通知下，考量內部風險控管，US
O不能再進一步買期貨部位。(就算有投資人持續丟錢進去，目前可能會加大債券或現金或
類似油swap等非期貨合約)或者再找別家期貨商合作(目前沒有進一步公告)

這篇已經是前兩天新聞了，目前看到板上還沒有文章分享一下，就算資產再增加下去，更
難追蹤績效表現(這應該不是新聞了哈哈)

另外分享 youtuber  Fed Observer的影片
 https://youtu.be/Vab3ype0zGQ
(前面是簡述ETF，跟提一下RBC這個新聞，
有興趣可以直接從以下看，不一定都是對的，參考參考)

7:00 講這次油價下跌，散戶一窩蜂進追蹤油期的ETF，導致要一直買進期貨部位儘可能達
到追蹤指標的目標，結果就是幾乎買了25%市場份額，等到要換倉就爆了

8:50 負油價事件後回，ETF發行商兩個做法 -無法長期負荷虧損不玩了或是改變策略
(例如USO主動式的調整期貨遠月)

11:50  講本文RBC通知
最後也提到Hedge Fund看到散戶一窩蜂搶進就大空，因為他們知道發生什麼情況，結論還
是呼籲大家要知道自己買什麼

最後有提到若要買追蹤商品的ETF，不如買期貨或是挖礦公司股票，不過目前只有黃金ETF
直接持有黃金，相比油真的好點…

(台灣不能直接持有，都是期貨商品，基金的話也只能買公司股票，所以投資黃金，去開
簿子或是歐美掛牌ETF吧)
--
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※ 文章網址: https://www.ptt.cc/bbs/Stock/M.1590327708.A.8FA.html
※ 編輯: z22744388 (39.11.135.103 臺灣), 05/24/2020 21:42:47
※ 編輯: z22744388 (39.11.135.103 臺灣), 05/24/2020 21:45:25
推 kusomanfcu  : 黃金etf沒有持黃金好嗎。。。都是期貨轉月
→ IBIZA       : 很多黃金ETF是持有實體黃金, 最常見的GLD就是了
推 smallfu5945 : 一樓不懂裝懂呵呵
→ z22744388   : https://i.imgur.com/GyrcSOg.jpg
→ z22744388   : 一樓不要嚇人
※ 編輯: z22744388 (39.11.135.103 臺灣), 05/24/2020 21:57:52
※ 編輯: z22744388 (39.11.135.103 臺灣), 05/24/2020 21:58:13
※ 編輯: z22744388 (39.11.135.103 臺灣), 05/24/2020 21:59:32
→ IBIZA       : 黃金不像原油, 黃金體積小單價高容易保存, 不做槓桿
→ IBIZA       : 的話直接買現貨很容易
推 kusomanfcu  : 少數才有，大部份都沒有
推 percy10442  : 一銀金，臺銀金
→ kusomanfcu  : GLD相對管理費高不是沒原因的
推 evaal       : 一樓到底...
→ z22744388   : GLD GLDM IAU....不要堅持但也只能說的確成本高 也
→ z22744388   : 不少很多人能都這樣做就試了
→ z22744388   : 錯字好多更正一下， 不是很多人能這樣做
推 mOoOm       : 被一樓嚇到XD想說明明有
→ ffaarr      : 一樓大概只知道台灣的黃金ETF
→ ffaarr      : 不過除了黃金以外，白銀白銀鉑金ETF也有實際持有
→ ffaarr      : 上行第二個白銀應該是「白金」
→ ffaarr      : 然後應該是「鈀金」
→ ffaarr      : 黃金ETF大部分都是實體的啊，費用也沒比較高。
→ ffaarr      : 期貨的黃金ETF比較少，而且費用反而比較高吧。
→ ffaarr      : https://reurl.cc/Mv2EKp 參見這篇美國只DGL是期貨
→ ffaarr      : GLD是比其他幾支實體黃金ETF高，但也沒真的很高。
→ abyssa1     : 直接持有黃金會不會有其他風險啊 監守自盜？
推 aicaca      : USO應該還是會想辦法找到新的期貨經紀吧，不太可能
→ aicaca      : 持倉到清算拿現貨，無法想像怎麼操作，比較好奇是
→ aicaca      : 為什麼RBC突然不接USO的單了，怕被倒帳嗎？
→ z22744388   : https://i.imgur.com/yfZYJwQ.jpg
→ z22744388   : 雖然NYMEX, ICE有直接限制USO持有期貨部位要求，RBC
→ z22744388   : 雖然有考慮到這點，但看filing 文件marked那句，又
→ z22744388   : 又不限於，所以還是內部風控關係(以當時看25%份額
→ z22744388   : 全掛在這家，風險太大了…)
→ ffaarr      : 所謂「搆接持有黃金」又不是真的持有，黃金實際上在
→ ffaarr      : 英國或美國藏黃金的地方。
→ z22744388   : 感恩討論，不過本身是在說ETF持有(會有託管行啊…)
→ z22744388   : ， 產品文件有提到他是undivided interests，持有sh
→ z22744388   : ares本身就對資產有unrestricted claim
→ z22744388   : 把它想成有資產擔保醬子
推 we147121    : 謝謝原po提供資訊