Beware--do your due diligence!I have been lurking on this forum reading the posts, for about a week now, since the day oil crashed. I wish to hell I came on a few days earlier! I just wanted to echo what some of the educated posters have been warning about.
before you invest in this, READ THE PROSPECTUS, read all the excellent posts by Matt on here...and others. I am one of the unfortunate morons who bought into this with no knowledge of the ETF.....I quickly lost $4000 in less than 24 hours, I bailed out to salvage about $2200.....
I went in on this as a very wealthy friend has been talking about how he is playing this, and it is a "no brainer".....i steered clear, and then over the weekend he said that this is the bottom, will never be this cheap again...on open Monday I broke down, and had major FOMO, and bought in at $3.75......we all konw what happened next!
expensive little lesson on my part! lol
I mainly caution those who are maybe younger, maybe a student, or someone who can't afford to lose any money and bounce back.....maybe looking at "easy money", pay for school, or get out of a hole......Do your research and proceed very cautiously!
years ago, I did something like that, thinking it was a 'sure thing', and would finally bury all my student loan debt.....kept putting more and more into a penny stock, listening to the people on the board saying how this is bottom, this will go up........it reverse split a couple times, and de-listed....it took me years to recover.
please be careful.....