Young investors rush into struggling oil ETF that isn’t even tracking the price of oil anymore

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Fuel prices are displayed at a Phillips 66 gas station in Princeton, Illinois, U.S., on Wednesday, April 1, 2020.

Daniel Acker | Bloomberg | Getty Images

Some millennial investors have been duped by a complex oil ETF that is struggling to stay alive. 

Traders on Robinhood and SoFi Invest flocked to buy the United States Oil exchange-traded fund, or USO, this week as its price plummeted below $3. But many got in for the wrong reasons.

Retail investors mistakenly thought this fund was a proxy for the “spot,” or cash, price of oil, and bought in as its price plummeted.

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