The American Stock Exchange has launched the very first ever oil exchange traded fund, which designed to track the price of oil. It began trading Monday at $68.25, according to TheStreet.com. Victoria Bay Asset Management will manage the United States Oil Fund.

Even though the fund is being traded on an exchange, like an ETF, it reality is designed like a commodity pool, and not like a mutual fund.

This is the second fund like this to have been launched in 2006. The first was the DB Commodity Index Tracking Fund, which Deutsche Bank launched in February.

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