Executive Summary
Oil Securities Ltd have been designed to give investors all of the following: (a) exposure to the price of oil, using the price of near-term oil futures contracts; (b) an exposure which is unleveraged and which changes directly with changes in the oil price, both up and down; and (c) exposure to backwardation and/or contango in the oil futures market, each month when the pricing of crude oil futures rolls from the near month futures contract to the next month contract. Historically the oil market has tended to be in backwardation approximately twice as often as it is in contango and as a result simulated returns on Oil Securities over the last ten years show a total return substantially higher than movements in just the spot price. Oil Securities are designed to pass on this economic advantage to investors.
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