11. UBS E-TRACS Oil Fut Contago ETN ( OILZ) began pumping away on Jun. 15, 2011. The fund seeks to link to the daily performance of the ISE Oil Futures Spread Index. The fund tracks continuous exposure to the oil futures prices in a form of multi-position horizontal spread. The spread position is established such that it provides a notional exposure ratio of 1.5 long positions in mid-term index futures contracts for each short position in current month contracts. This monthly rebalancing ETN is designed to capitalize on the steepening of the short end of the oil futures curve without taking a bet on the direction of oil prices. In simpler language, this security is betting on contango increasing where mid-term futures contracts on light sweet crude rise relative to current month futures. If that does not happen and the spread between mid-term and current month futures converges, you can lose money.