For the first time ever, there is now an ETF based on futures contracts, and the fact that it uses derivatives is a form of encouragement for new commodities ETFs to step forward and do the same, according to MarketWatch.

"It's a huge development for ETFs because now you can conceivably launch a fund on anything that has futures and equitize it," said Jim Wiandt, publisher of the investing Web site He added that the ETF should be cheaper than mutual funds that invest in commodities.

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