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本帖最后由 苏北小妞 于 2020-4-23 13:53 编辑
OOO.AX 暂时变更合约到9月,老娘暂时松了扣气,尽管已经割了一半。
全文如下：
23 April 2020
Market Announcements Office
ASX Limited
TEMPORARY CHANGE TO OOO’S UNDERLYING FUTURES EXPOSURE FROM ONE-MONTH
TO THREE-MONTH WTI CRUDE OIL FUTURES CONTRACTS
The BetaShares Crude Oil Index ETF – Currency Hedged (synthetic) (the “Fund”) provides
investment exposure to the performance of WTI crude oil futures. The Fund aims to track the
performance of the S&P GSCI Crude Oil Index Excess Return (the “Index”) hedged into Australian
dollars, before fees and expenses.
The Index includes the WTI crude oil futures contracts with the nearest expiration date i.e. futures
contracts with one-month maturities which are rolling into the next month’s contract according to a
regular cycle. The Fund’s investment exposure is obtained via a swap agreement.
Investors will be aware that the market for crude oil has recently been experiencing significant
volatility. Indeed, for the first time in history, the WTI crude oil futures May 2020 contract traded at
negative prices, ie below zero, intra-day on 20 April 2020.
While the Fund did not have investment exposure to the May 2020 futures contract at that time - as
investment exposure had previously been rolled into the subsequent June 2020 futures contract, in
accordance with the Index’s set schedule for rolling futures contracts - the front month (i.e. June
2020) futures contract has in recent days also experienced significantly higher levels of volatility.
In view of the unprecedented market developments in the last few days, and to reduce the risk to the
Fund of the June 2020 futures contract trading at a negative price (which would reduce the Fund’s
value to zero), BetaShares considers it prudent, and in the best interests of unitholders, to
temporarily replace its investment exposure to the one-month (currently June 2020) contract with
exposure to the three-month (currently September 2020) contract with immediate effect and until
further notice, by arrangement with the swap provider.
While this change can be expected to temporarily result in a higher level of tracking error for Fund
performance relative to the Index than would otherwise be the case (as the Index will continue to
reflect the one-month contract), BetaShares considers that the longer-dated futures contract should
have relatively lower volatility, and that exposure to it should reduce the risk of the Fund, and
unitholders, experiencing a permanent loss of capital. Given the high level of risk in the global oil
market, investors should nevertheless exercise caution.
In the current unprecedented market conditions, the significant declines in oil prices and the
unusually high cost of rolling futures in near months have negatively affected Fund returns.
BetaShares believes that the temporary change to longer-dated futures contracts noted above
should reduce the cost of rolling futures. |
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今年读到的超级好书Last boat out of Shanghai (2021-11-12) elena_sokolova 
发表于 2020-4-23 14:48
