NEW YORK, April 9, 2008 /PRNewswire/ -- The American Stock Exchange(R) (Amex(R)) and Victoria Bay Asset Management, LLC today announced the launch of trading in the United States Heating Oil Fund, LP under the ticker symbol "UHN."
The investment objective of UHN is to have the percent changes of the units' net asset value reflect the percent changes of the price of heating oil, (as measured by the changes in the price of the near month futures contract on heating oil as traded on the New York Mercantile Exchange). When the near month contract is within two weeks of expiration, the objective will be measured by the futures contract that is the next month contract to expire.
"Heating oil plays an important role in a modern economy as it, along with gasoline, represents the majority of the refined output from a barrel of crude oil," said John Hyland, CFA, Chief Investment Officer at Victoria Bay Asset Management. "We are pleased to offer investors an innovative way to gain exposure in the energy commodities market."
"We are proud to support all five of Victoria Bay Asset Management's products which track the movement of different commodities," said Scott Ebner, Senior Vice President of Amex's ETF Marketplace. "UHN is the first exchange-traded product to follow heating oil and is an important addition to our innovative line-up of commodity-linked exchange traded vehicles."
UHN is a commodity pool that is managed by California-based Victoria Bay Asset Management, LLC. The partnership's NAV will be calculated once daily on each trading day. An Indicative Partnership Value will be published at least every 15 seconds during regular Amex trading hours. The Amex specialist for UHN is Kellogg Capital Group, LLC.
About Victoria Bay Asset Management, LLC
Victoria Bay Asset Management is the manager of exchange traded securities that are designed to track the movements of different commodities. These include the United States Oil Fund, LP (AMEX:USO), the United States Natural Gas Fund, LP (AMEX:UNG), the United States Gasoline Fund, LP (AMEX:UGA), and the United States 12 Month Oil Fund, LP (AMEX:USL). Victoria Bay Asset Management is registered with the CFTC as a commodity pool operator and has $1.2 billion in assets under management as of March 31, 2008.
About American Stock Exchange
The American Stock Exchange(R) (Amex(R)) offers trading across a full range of equities, options and exchange traded funds (ETFs), including structured products and HOLDRS(SM). In addition to its role as a national equities market, the Amex is the pioneer of the ETF, responsible for bringing the first domestic product to market in 1993. Leading the industry in ETF listings, the Amex lists 387 ETFs to date. The Amex is also one of the largest options exchanges in the U.S., trading options on broad-based and sector indexes as well as domestic and foreign stocks.
Source: American Stock Exchange