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Whither the benchmark?

Some of the new generation of US commodity exchange-traded funds are having trouble tracking their benchmarks. Jayne Jung investigates the performance of exchange-traded commodity investments

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The commodity exchange-traded fund (ETF) market has endured mixed fortunes of late. While investors have continued to pour money into some ETF products, others have faced setbacks. Take the US Oil Fund, a partnership trust launched in April 2006 and managed by Colorado-based Victoria Bay Asset Management. According to its prospectus, its objective is to track the price change of the West Texas

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