Standard Asset Management LLC plans to introduce an exchange-traded fund (ETF) that will track the price performance of light, sweet crude oil, according to an SEC filing.
The proposed fund, which will be called The New York Oil ETF, will invest in futures contracts for light, sweet crude oil that are traded on the New York Mercantile Exchange (NYMEX), as well as options on such contracts, forward contracts for oil, and over-the-counter transactions based on the price of oil.
Standard Asset Management registered 1,000,000 units at $50.45 each (based on the closing price of near-month NYMEX oil futures contracts as of May 11).
Subject to approval, the ETF will carry a management fee of 0.40% of the net asset value (NAV) for the first $1-billion in assets, and 0.20% of the NAV afterwards.
The ETF will be co-managed by Nicholas Gerber, the founder and co-manager of the Ameristock Mutual Fund (AMSTX).
Standard Asset Management is a wholly owned subsidiary of Wainwright Holdings Inc., which is controlled by Mr. Gerber.
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