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.