The Betashares Crude Oil Index Currency Hedged Complex ETF (ASX: OOO) has surged 45% in 30 days.
The tailwind for this ASX exchange-traded fund (ETF), of course, is skyrocketing oil prices due to the war in Iran.
Over the past 30 days, the Brent crude oil price has ripped 49% higher to US$107 per barrel on Friday.
The US West Texas Intermediate (WTI) crude oil price is up 41% at US$94 per barrel at the time of writing.
The key factor pushing up oil prices is the effective shut down of the Strait of Hormuz, a key route for about 20% of global oil supply.
Since the war broke out on 28 February (US time), many Middle Eastern oil and gas producers have curbed or ceased production.
It's either too dangerous to continue operating, or their storage tanks are full because hundreds of container ships are at a standstill.
On top of that, both Israel and Iran have bombed energy infrastructure across the region this week.
Iran targeted one of the world's largest LNG export plants in Qatar, while Israel attacked the South Pars gas field in Iran.
Oil prices are weaker today after Israeli Prime Minister Benjamin Netanyahu said Israel would not attack any more energy assets.
Prime Minister Netanyahu also said the war could end sooner than expected, given Iran's reduced capacity to enrich uranium now.
Image source: Getty Images
What is OOO ETF?
This ASX ETF seeks to track the S&P GSCI Crude Oil Index Excess Return, hedged against AUD/USD currency movements.
It gives investors exposure to WTI crude oil futures, not the spot price.
Betashares explains the difference:
The price of oil futures contracts is not the same as the "spot price" of oil. As such, OOO does not aim to, and should not be expected to, provide the same return as the performance of this spot price.
The performance of an ETF that is linked to oil futures may be materially different to the performance of the spot price of oil itself.
This is because the process of "rolling" from one futures contract to the next to maintain investment exposure can result in either a cost or benefit to the Fund, affecting returns.
OOO ETF is fully backed by cash, which is held in bank accounts with a third-party custodian for the benefit of unitholders.
Record day for ASX ETF
Betashares Senior Investment Strategist, Cameron Gleeson, says OOO offers ASX investors the most direct exposure to oil prices.
However, he notes the inherent volatility of oil-linked investments, commenting:
This ETF produced a record 1 day ETF price gain on 9 March 2026, when oil shot up to nearly US$120 per barrel and Australian equities experienced their largest fall since COVID.
However, OOO also fell by nearly as much the following day and has been very volatile during this episode, highlighting the risk of oil-linked exposures.
Data from online investment platform Stake shows OOO has been the fifth most traded ASX ETF among Aussie investors this month.
Long-term track record
Since inception in November 2011, this ASX ETF has delivered a negative 10.23% average annual return.
Over five years, the average annual return is 11.38%.
The management fee and costs total 1.29%.
The OOO ETF is trading 2.8% lower at $8.60 per unit on Friday.
