Mom and Pop Piled Into Biggest U.S. Oil ETF During Historic Rout
- Number of users holding USO more than doubled since Friday
- ETF has plunged more than 30% with oil turning negative
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The historic rout in oil this week has done little to deter mom and pop investors who are convinced they can see a bottom for the beleaguered commodity.
The number of investors at retail trading platform Robinhood piling into the biggest oil ETF, the United States Oil Fund LP (USO), spiked to 152,073 at the end of Tuesday, according to Robintrack, a website unaffiliated with the site that uses its data to show trends in positioning. That figure was up more than 50,000 from Monday and 90,000 from the end of last week, making it the most-added security across the trading venue.