【ETF】United States石油ETF (USO)－常威金融評論專欄

USO官網首頁出現斗大的警告字樣，USO是投資原油期貨的ETF，因為疫情因素油價大幅下跌造成ETF可能無法有效地追蹤指數(WTI)，甚至可能面臨下市清算的風險，投資前要再三審慎考慮。

今天跟各位介紹USO這檔ETF，USO這檔ETF是追蹤西德州原油現貨。

原先因為OPEC+談判破裂各國不願合作減產導致油價大跌，最近又因為COVID-19疫情關係全球景氣前景不佳，原油需求低迷讓原油繼續破底，甚至美國儲油空間爆滿，期貨交割日沒有空間可以進行實物交割，賣方寧願貼錢也要把原油賣掉，原油期貨跌到-37元(2020/4/20)，市場上最火熱的投資標的非USO莫屬，本篇文章就來介紹一下USO。

USO的投資簡介中提到：

USO's Benchmark is the near month crude oil futures contract traded on the NYMEX. If the near month futures contract is within two weeks of expiration, the Benchmark will be the next month contract to expire. The crude oil contract is WTI light, sweet crude oil delivered to Cushing, Oklahoma.

原先的USO是持有近月WTI(西德州原油)期貨，因為近月跟現貨價格連動度最高，但近期原油價格波動大，現貨跟期貨價格出現大幅度背離，所以USO改投資策略為分散持有不同月份到期的WTI期貨，理論上來說越近月份連動度越高，越遠月份波動度低，為了降低USO的波動性又能保有跟原油價格的連動所以改採分散投資。

USO的股票代碼就是USO，在美國紐約交易所(NYSE)掛牌，最小交易單位為1股，每年的總費用為0.73%。

5/1溢價幅度1.94%，原本有到30幾%，透過投資策略的調整算大幅降低了溢價，總資產規模34億美元，2006/4/10成立，已經成立14年了。

ETF淨值表現如上

4/28 NAV=2.04

4/29 NAV=17.22

原因為4/28收盤後USO進行反分割，8股合為1股。

On April 28, 2020 after the close of trading on NYSE Arca, Inc., the United States Oil Fund, LP (the “Fund”), effected a one-for-eight reverse share split, and post-split shares of the Fund begin trading on April 29, 2020.

http://www.uscfinvestments.com/documents/united-states-oil-fund-8-k-20200428.pdf

報酬走勢如上，可以看到持有USO近一年報酬的慘況，且3月中開始USO跟WTI現貨價差開始變大，間接反映出市場投資熱度及投資人的不理性情緒。

目前USO持有WTI原油的狀況如上，已經不再是持有近月期貨了，而是分散在各個月份。

下面是USO發布最新的投資策略

6月期貨持有30%

8月期貨持有15%

9月期貨持有15%

10月期貨持有15%

12月期貨持有15%

2021年6月期貨持有10%

Most recently, and as discussed in the April 27 Form 8-K, USO announced that commencing on April 27, 2020 and through April 30, 2020, for the reasons set forth in the April 27 Form 8-K and, in particular because of evolving market conditions, regulator accountability levels and position limits being imposed on USO with respect to the Oil Futures Contracts, and risk mitigation measures taken by its FCM with respect to USO acquiring additional Oil Futures contracts, USO previously determined that it would invest in Oil Futures Contracts as follows: approximately 30% of its portfolio in crude oil futures contracts on the New York Mercantile Exchange (the "NYMEX") and ICE Futures Europe and ICE Futures U.S. (together, “ICE Futures”) in the July contract, approximately 15% of its portfolio in crude oil futures contracts on the NYMEX and ICE Futures in the August contract, and approximately 15% of its portfolio in crude oil futures contracts on the NYMEX and ICE Futures in the September contract, and approximately 15% of its portfolio in crude oil futures contracts on the NYMEX and ICE Futures in the October contract, and approximately 15% of its portfolio in crude oil futures contracts on the NYMEX and ICE Futures in the December contract, and approximately 10% of its portfolio in crude oil futures contracts on the NYMEX and ICE Futures in the June 2021 contract.