1.原文连结：
※过长无法点击者必须缩网址
MarketInsider
https://reurl.cc/O16Kev
2.原文内容：
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/评论：
※必需填写满20字
本文主要说目前USO唯一的期货经纪RBC通知，没有进一步通知下，考量内部风险控管，US
O不能再进一步买期货部位。(就算有投资人持续丢钱进去，目前可能会加大债券或现金或
类似油swap等非期货合约)或者再找别家期货商合作(目前没有进一步公告)
这篇已经是前两天新闻了，目前看到板上还没有文章分享一下，就算资产再增加下去，更
难追踪绩效表现(这应该不是新闻了哈哈)
另外分享 youtuber Fed Observer的影片
https://youtu.be/Vab3ype0zGQ
(前面是简述ETF，跟提一下RBC这个新闻，
有兴趣可以直接从以下看，不一定都是对的，参考参考)
7:00 讲这次油价下跌，散户一窝蜂进追踪油期的ETF，导致要一直买进期货部位尽可能达
到追踪指标的目标，结果就是几乎买了25%市场份额，等到要换仓就爆了
8:50 负油价事件后回，ETF发行商两个做法 -无法长期负荷亏损不玩了或是改变策略
(例如USO主动式的调整期货远月)
11:50 讲本文RBC通知
最后也提到Hedge Fund看到散户一窝蜂抢进就大空，因为他们知道发生什么情况，结论还
是呼吁大家要知道自己买什么
最后有提到若要买追踪商品的ETF，不如买期货或是挖矿公司股票，不过目前只有黄金ETF
直接持有黄金，相比油真的好点…
(台湾不能直接持有，都是期货商品，基金的话也只能买公司股票，所以投资黄金，去开
簿子或是欧美挂牌ETF吧)