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Huge leveraged ETF to fold
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Wednesday, September 02, 2009
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By Daily Crux Editor Justin Brill:

The PowerShares DB Crude Oil Double Long exchange-traded note (DXO) will be shut down on September 9. This makes it the first leveraged commodity fund to close due to increased restrictions on commodities futures contracts.

DXO was designed to generate two times the return of oil prices, and has become a popular vehicle for traders betting on higher oil prices.

The fund invested in long-dated oil futures contracts, and the new restrictions limit the number of contracts any particular fund can purchase. Because DXO was so popular, its existing holdings immediately exceeded these new limits, making it impossible for the fund to issue new shares to keep up with increasing demand.

Read full article...

More on energy:

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Topics: Energy | Commodities
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