Financial Times FT.com

Positive debut for oil-backed fund

By Kevin Morrison

Published: July 29 2005 03:00 | Last updated: July 29 2005 03:00

Oil Securities, the world's first oil-backed exchange traded fund, made a solid debut yesterday on the London Stock Exchange, attracting more than $40m worth of investment.

The new ETF is designed to give investors, both private and institutional, a pure exposure to the price of Brent crude without having to open a futures trading account or buy oil company shares, which have a relatively low correlation to the underlying oil price.

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