HAPENING...USO ETF Shut down!!! HOLY FUCK!!!!

I lost money when they did this to uoil

thats my concern yes.
Whew. A halt is good because it spooks people and will drive prices lower.

I haven’t read the prospectus, but I would guess it says that if the fund becomes insolvent/unmanageable all assets held will be liquidated and a payout made according to some formula.

If the fund is an ETN the payout will just be based on a formula and subject to the credit-worthiness of the note issuer.

unhalted

rehalted? lmao

moving again

sorry low iq here
so basically market go to shit? will we see dow going below 20k again?

May contract?
What strike price?

USO is an oil ETF, but instead of some gold ETF's, they do not actually hold actual oil and store it in a hanger and buying more or less as people buy shares in their ETF.
They instead buy paper contracts, the ones the big boys trade. And every month as the contracts expire they 'roll them over'.
Rolling them over just means selling the ones that are about to expire and buy the ones that will expire the next month.
Usually the oil market is very liquid and there is not much difference between one price or the other, so they dont loose to much money on the roll over.
Now perhaps you've noticed, but yesterday was not a usual day.
This ETF, which holds about one quarter of all the contracts on any given day, did not find an other party to dump their may contracts onto.
Because no one wanted/could actually take delivery of the oil.
So USO got left holding the bag. The very, very heavy bag.
I think they did not manage to sell all their may contracts at a decent price. Maybe they didn't manage to sell them at all.
I think they lost a fortune during the rollover and they will have to announce that today.
Of course, the holders of this ETF will eat the loss of said fortune.
Announcement pending.
Get the wojacks ready.

Based

Alright sounds legit
but yeah bankruptcy sounds fitting

>May contract?
>What strike price?
yeah may 15... $2 strike

every time I hit refresh I'm up

>United States Oil Fund (NYSEARCA:USO) says it has issued all of its currently remaining registered shares; -20.5% when halted earlier.
>USO says it is suspending the ability of USO Authorized Purchasers to purchase new creation baskets until such time as the new USO registration statement for the additional shares has been declared effective by the SEC.
what does it mean?

What does this mean for xrp?

This. Is there anyone who actually knows what the fuck this means and not a cryptoautist.

it will go to 0

It means the ETF has failed to fulfill the objectives outlined by the prospectus it is contractually bound to and will shut down.

What does this mean for the people who copped USO puts.

Why don't they ever write these in normal English that a intelligence depreciated person like myself can understand

They are mostly fucked

It does not mean this. Although this could be coming. Fairly unlikely though.

When you short USO, they create new shares for you to sell at current price. They're suspending that and temporarily halting trading.

A put depends on you being able to sell and buy shares

It means they wont issue more shares till they get SEC approval

Pleas kill yourselves, you are a burden upon humanity

decided to sell mine now at a 4x in case this does go belly up, been burned by getting greedy before.

What's the significance of that? Is it the end of them, great buying opportunity, first domino in the "recovered" economy back to new lows?