(1/2) Some simple math for all the new $USO shareholders. This fund holds two positions: $2.3bn in June 2020 futures and $761mm in July 2020 futures. A total of ~$3bn. Dividing this number by 1.2bn shares outstanding reveals the NAV/share of $2.57.

2/2 In normal times, the ETF would issue shares until the per share value was diluted to match NAV. The SEC rejected $USO 's latest registration of new shares this morning.

3/2 (longer than expected) This is probably because they realized that there is a very real chance that $USO becomes insolvent in two weeks, when it has to begin selling its $2.8bn position in June 2020 futures (40% of ALL contracts) and rolling to July.

4/3 If June 2020 oil becomes negative as May has, shares in $USO face a very real chance of going to $0. If oil returns to $60/bbl next year, your investment in $USO will still be worth $0. This ETF is not the investment you all think it is.