UWTI, VelocityShares 3x Long Crude Oil ETN, which is supposed to track crude oil, shows a year over year negative return whether oil skyrockets or not.
I thought it would be good investment with oil seemingly bottoming out. LOL. 'Oil hit rock bottom, I should buy this 3x leverage ETN and cash in on oil rising in the long term, what could go wrong?' LOL.
Looking at the charts, this ETN loses whether oil is gaining or not, why is this so I can avoid it in the future. And what is a better option if I wanted to continue to invest in oil?
Sincerely, Disappointed Investor