American Stock Exchange News Release
www.amex.com |
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| ETF Release |
Media Contact: Bari Trontz |
AMERICAN STOCK EXCHANGE AND VICTORIA BAY ASSET MANAGEMENT LAUNCH UNITED STATES 12 MONTH OIL FUND | ||
New York, December 6, 2007— Victoria Bay Asset Management, LLC and the American Stock Exchange® (Amex®) announced today the launch of the United States 12 Month Oil Fund, LP which will list on the Amex under the ticker symbol “USL.” The investment objective of USL is for the changes in percentage terms of the Units’ net asset value (“NAV”) to reflect the changes in percentage terms of the price of light, sweet crude oil delivered to Cushing, Oklahoma, as measured by the changes in the average of the prices of twelve crude oil futures contracts traded on the New York Mercantile Exchange (the “Oil Benchmark Futures Contracts”), less USL’s expenses. The Oil Benchmark Futures Contracts consist of the near month contract to expire and the contracts for the following eleven months, for a total of twelve consecutive months’ contracts, except when the near month contract is within two weeks of expiration, in which case it will be measured by the futures contracts that are the next month contract to expire and the contracts for the eleven consecutive months following that contract. When calculating the daily movement of the average price of the twelve futures contracts, each contract month will be equally weighted. “Having the portfolio consist of a number of contracts in the same commodity, but spread out across a year, is expected to produce different results for investors than if all the contracts were in the same month. This new approach would be impacted differently by the prices of the futures market and the effect of contango and backwardation. Investing in commodity related vehicles is complicated and we encourage investors to read the prospectus to determine if the new approach is suitable for them given their goals, risk tolerance, and investment outlook” said John Hyland, CFA, the fund’s Director of Portfolio Research. “The Amex is pleased to be partnering once again with Victoria Bay Asset Management to provide investors with opportunities in another innovative futures-based product,” said Scott Ebner, Senior Vice President of Amex’s ETF Marketplace. Units of the partnership will trade on the Amex. The partnership’s NAV will be calculated once daily on each trading day and will also be posted on the Amex’s website. An Indicative Partnership Value will be posted at least every 15 seconds during regular Amex trading hours. USL is a commodity pool that is managed by California-based Victoria Bay Asset Management, LLC. The Amex specialist for USL is Kellogg Capital Group, LLC. This is the third product launch on Amex by Victoria Bay Asset Management. The first, on April 10, 2006, was the listing of the United States Oil Fund, LP (Amex: USO) which currently has assets of about $540 million. The second, on April 18, 2007, was the listing of the United States Natural Gas Fund, LP (Amex: UNG), which currently has assets of $530 million. | ||
About American Stock Exchange
The American Stock Exchange® (Amex®) offers trading across a full range of equities, options and exchange traded funds (ETFs), including structured products and HOLDRSSM. In addition to its role as a national equities market, the Amex is the pioneer of the ETF, responsible for bringing the first domestic product to market in 1993. Leading the industry in ETF listings, the Amex lists 379 ETFs to date. The Amex is also one of the largest options exchanges in the U.S., trading options on broad-based and sector indexes as well as domestic and foreign stocks.