More drama in the USO ETF
The ETF closed yesterday at 9.05% above NAV. It's down moderately today but given that its holdings are now concentrated in longer-dated contracts, it should be down more. It's at $2.59 after posting a NAV of $2.43 overnight.
The front month contract is up 3% but that's only 20% of holdings now. The July/Aug/Sept contracts are down 2% and that's 80% of the weightings. Without tallying it all up, I can confirm it's worth significantly less than $2.59.
Shares of the ETF reopened after a short halt as the company announced it had sold 10% of its holdings in the July contract and put them in the Sept contract.
Don't touch this piece-of-garbage ETF that Robinhood traders fell in love with.
