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ETF Investors Have Spent $24 Billion Trying to Call a Bottom in Oil

Chasing a rebound in crude prices is getting very messy.
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ETFs Celebrate a Record-Breaking Market Year in 2015

They could have gotten together and bought an island or maybe even 12,000 copies of that Wu-Tang album.  

But instead, a wide range of investors collectively spent about $24 billion over the past 18 months trying–and failing–to call a bottom in oil. Never in the history of exchange-traded funds has one particular category drawn so much money from investors trying to play a rebound. Of course, not all this money is gone (yet), although certainly a lot of it has evaporated along with the price of crude.