Onyx Spot Return Crude Oil
Onyx Spot Return Crude Oil
Collateralised crude oil exposure via Dated Brent futures.
The world's first spot crude oil ETC
Onyx Spot Return Crude Oil is a listed and fully collateralised Exchange Traded Commodity (ETC).
Whereas legacy ETCs track standard Brent or WTI futures, Onyx Spot Return Crude Oil tracks Dated Brent, which reflects global crude price movements more precisely. It is designed to provide more accurate oil exposure.
Designed by Experts
Onyx Spot Return Crude Oil is underpinned by our Dated Brent expertise.
Jorge Montepeque invented the Dated Brent benchmark in the 1980s, and is now Onyx’s Head of Benchmarks. Before becoming the CEO of Onyx, Greg Newman was Dated Brent’s first market maker. Manpreet Sandhu is now the world’s top market-maker for Dated Brent products by volume.
By leveraging Onyx Commodities, the authorised participant for the ETC, we bring unmatched access and liquidity to the market.
Listed on the London Stock Exchange
Onyx Spot Return Crude Oil is listed on the London Stock Exchange under the ticker “OIL” and can also be found on Bloomberg.
Watch
Onyx Spot Return Crude Oil
Details
How the ETC works
Onyx Spot Return Crude Oil is a fully collateralised Exchange Traded Commodity (ETC) designed to provide investors with a total return exposure to prompt weekly Dated Brent futures contracts that are continuously rolled on a pre-determined rolling schedule.
Onyx Spot Crude Return Oil Securities are designed to give investors exposure to the price of Spot Brent Crude through daily Dated Brent futures. They provide exposure to a price action return which includes changes in the price of the relevant daily Dated Brent futures and a collateral return through the Daily Adjustment (equivalent to an interest return net of all fees).
The underlying Onyx Spot Return Crude Contract is an OTC-traded instrument, traditionally accessible only to industry professionals and institutions. By leveraging Onyx Commodities, the authorised participant for the ETC, we bring unmatched access and liquidity to the market.
Documents
ConstitutionReasons to invest
- Listed and fully collateralised: with transparent performance and fees.
- Better Price Reflection: Designed specifically for precision in reflecting global crude price movements, improving the accuracy of oil exposure compared with legacy ETCs.
- Industry-Leading Expertise: Backed by the largest and most trusted market-maker in OTC oil contracts.
- Broader Access: Offers retail and institutional investors exposure to a previously inaccessible asset class.
- Maximised Returns: Engineered to provide superior returns to legacy oil ETCs in bull markets.
- Easy to invest: Everything in one product which does not require the investor to manage storage, insurance or delivery of Crude Oil.
- Risk Management: You cannot lose more than the amount invested.
- Liquidity: Daily Dated Brent futures trade on both the ICE and CME exchanges with codes DDM and A7G respectively.
Settlement Price & Rolling Methodology
The Settlement Price is determined by a rules-based weekly rolling schedule that systematically transitions exposure from the second forward week (W2) of Daily Dated Brent futures to the third forward week (W3) over the course of each trading week.
On Trading Day 1, the Settlement Price reflects 100% W2 pricing. The roll then executes across Trading Days 2 and 3 at 50% per day, reaching full W3 exposure by the close of Day 3. The Settlement Price remains anchored to W3 for Trading Days 4 and 5, at which point the following week’s cycle begins: W3 becomes the new W2, and a new W3 is introduced.
This gradual, pre-determined transition is designed to minimise market impact and deliver a consistent price action return that reflects movements in the underlying Daily Dated Brent futures price over the investor’s holding period.
Full details of the rolling methodology are set out on page 55 of the Base Prospectus.
Historical NAV
Product performance
Onyx Spot Return Crude Oil publishes its net asset value daily. For live pricing, month-to-date and year-to-date performance, view the product on the London Stock Exchange.
The Team
Backed by the world's leading Dated Brent experts
Greg Newman
Group Chief Executive Officer, Onyx Capital Group
Greg launched the first independent market-making desk in OTC Crude Oil products and was the leading market-maker by volume in the world for Dated Brent contracts. Greg launched Dated Brent market-making at Onyx Commodities.
LinkedIn
Manny Newman
Head of Dated Brent, Onyx Commodities
Acting as Authorised Participant (AP) for ETC, providing best execution
Manny took over the Dated Brent book from Greg in 2019 and for the past 6 years has consistently been the no. 1 market-maker by volume, achieving an average market share of 20% in Dated Brent.
LinkedIn
Jorge Montepeque
Managing Director, Benchmarks, Onyx Capital Group
Jorge was the brain behind the Dated Brent benchmark itself whilst working at global-leading benchmark provider, Platts. For over 30 years Jorge worked on evolving the benchmark through many iterations and securing it as the most important benchmark in the world, pricing over 80% of the world's physical crude prices.
LinkedIn
Henry Monahan
Director of Risk, Onyx Commodities
Henry has been working in trading risk and specifically Dated Brent related risk management since Greg started the book 13 years ago. He has maintained global-leading risk management in this space.
LinkedInData
Programme, product & tax information
Programme Structure
| Issuer | ONYX ETC Securities Public Limited Company 4th Floor, 35 Shelbourne Road, Ballsbridge, Dublin 4, Ireland |
|---|---|
| Administrator | Onyx Commodities Limited 95 Cromwell Road, Second Floor, London, United Kingdom, SW7 4DL |
| Trustee, Security Trustee, Corporate Services Provider & Calculation Agent | Waystone Corporate Services (IE) Limited Unit 10 & 11, Cahir Road, Cashel Co. Tipperary, Cashel, Tipperary, E25 WK15, Ireland |
| Directors of the Issuer | Ross Dunne Matthew Tracey |
| Issuing & Paying Agent, Account Bank, Registrar & Transfer Agent | Citibank Europe plc 1 North Wall Quay, Dublin 1, Ireland |
| Auditor | Grant Thornton 13 - 18 City Quay, Dublin 2, D02 ED70, Ireland |
| Irish Legal Advisors | A&L Goodbody LLP 3 Dublin Landings, North Wall Quay, Dublin 1, D01 C4E0, Ireland |
| English Legal Advisors | Hill Dickinson LLP The Broadgate Tower, 20 Primrose Street, London, United Kingdom, EC2A 2EW |
| Irish Listing Agent | A&L Goodbody LLP 3 Dublin Landings, North Wall Quay, Dublin 1, D01 C4E0, Ireland |
| Domicile | Ireland |
| Replication Method | Synthetic, fully funded collateralised swap |
| Legal Form | Debt security |
| Legal Structure | ETC |
Product Overview
| Currency Hedged | No, this product is not protected against adverse currency movements |
|---|---|
| ISIN | XS3035884850 |
| Leverage Factor | N/A |
| Physical Delivery | No |
| Underlying Exposure | Crude Oil (Brent) |
| Base Currency | USD |
| Management Fee | 0.99% |
| Authorised Participants | Onyx Commodities Limited; Onyx Capital Advisory Limited |
Tax Information
| ISA | Eligible |
|---|---|
| Securities Regulator | Financial Conduct Authority |
| UCITS Eligible | Eligible |
| UK Reporting Status | Yes |
FAQs
Frequently asked questions
- What is an ETC?
- An Exchange-Traded Commodity (ETC) is a type of security that tracks the price of a commodity (such as oil, gold, or natural gas) and is traded on a stock exchange, similar to stocks and Exchange Traded Funds.
- How can I trade Onyx Spot Return Crude Oil?
- Onyx Spot Return Crude Oil is listed on the London Stock Exchange under the ticker “OIL” and can be found on Bloomberg. You can also contact our Sales Team at etc@onyxcapitalgroup.com.
- Can I lose more than I invested in Onyx Spot Return Crude Oil?
- No. The most an investor can lose in an Onyx ETC is the entire value of their initial investment.
- Is Onyx Spot Return Crude Oil UCITS-eligible?
- Yes. Onyx ETCs are in fact eligible as Undertakings for Collective Investment in Transferable Securities (UCITS), meaning they can be invested in by other UCITS-compliant funds. However please note Onyx ETCs themselves are not UCITS-compliant.
- What is Dated Brent, and how does it differ from standard Brent futures?
- Dated Brent is the benchmark price for physical crude oil cargoes loading in the North Sea within the next 10-25 days. It is the most widely used crude oil price reference in the world, underpinning approximately 80% of global physical oil transactions. Standard Brent futures, by contrast, are financial contracts referencing crude oil deliverable two or more months in the future. This means they can diverge meaningfully from the actual spot price of oil at any given time. Dated Brent reflects what crude oil costs today, making it a more precise measure of real-world oil prices.
- Why does Onyx Spot Return Crude Oil use Dated Brent rather than standard Brent futures?
- Most legacy oil ETCs track front-month Brent or WTI futures contracts, which must be regularly "rolled" from one expiry to the next. In markets where longer-dated futures are more expensive than near-term ones (known as contango), this rolling process creates a persistent drag on returns. Because Onyx Spot Return Crude Oil tracks Dated Brent, the prompt physical benchmark, it is engineered to more closely track the spot price of oil and to reduce the roll cost drag that affects legacy ETCs. This is made possible by Onyx Commodities' position as the world's leading market-maker in Dated Brent products, giving the ETC access and execution that would not be available to other issuers.
- How is the ETC collateralised, and what is my counterparty risk?
- Onyx Spot Return Crude Oil is fully collateralised. This means that for every security issued, an equivalent value of collateral is held, so the ETC is not dependent on the ongoing financial health of any single counterparty in order to meet its obligations to investors. The ETC uses a synthetic replication structure via a fully funded collateralised swap. Collateral is held in segregated accounts and managed by the Security Trustee, Waystone Corporate Services (IE) Limited, independently of Onyx. In the event of an issuer default, investors have a secured claim over the collateral assets.
- Can I hold Onyx Spot Return Crude Oil in an ISA or SIPP?
- Yes. Onyx Spot Return Crude Oil is eligible to be held within a Stocks and Shares ISA, allowing UK investors to gain oil exposure without incurring UK capital gains or income tax on returns within that wrapper. The product also carries UK Reporting Fund status. Please note that SIPP eligibility will depend on the rules of your individual pension provider. We recommend confirming with your provider or financial adviser before investing through a pension wrapper.
- What is the management fee, and what does it cover?
- The annual management fee is 0.99%. This fee covers the costs of administering the ETC, including trustee, calculation agent, listing, and operational expenses. It is reflected in the daily net asset value (NAV) of the product and is not charged separately to investors. There are no additional entry or exit fees charged by the issuer, though your broker or platform may apply their own dealing charges.
- Is there any currency risk?
- Yes. Onyx Spot Return Crude Oil is denominated in US Dollars (USD), as crude oil is globally priced in USD. If you are based in the UK or the Eurozone and your portfolio is primarily denominated in GBP or EUR, fluctuations in the USD exchange rate will affect the value of your investment when converted back to your home currency. The ETC is not currency hedged. This means that a strengthening of your home currency against the USD will reduce your returns in local currency terms, while a weakening will enhance them. Investors should factor currency exposure into their overall risk assessment.
Read the full Key Information Document for the nature, risks, costs, potential gains and losses of this product.
Disclaimer
This website and the information contained herein has been prepared by Onyx Capital Advisory Limited (“Onyx”) for informational purposes only. It does not constitute a personal recommendation, investment advice, or an offer to buy or sell any security.
This information is intended for both professional and retail investors and may be distributed in the United Kingdom and the European Economic Area in accordance with applicable law. It is prepared without taking into account your specific investment objectives, financial situation, or needs. Before making any investment decision, you should carefully review the Base Prospectus, Key Information Document (“KID”), and any applicable Final Terms for the Onyx Spot Return Crude Oil ETC (the “Product”), all of which are available on this website. You should consider whether the Product is appropriate for your circumstances and seek independent financial, tax, and legal advice if necessary.
This Product is intended for investors who understand commodity markets and futures-based instruments, have a medium-to-long-term investment horizon, and are able to bear the full loss of capital invested. It may not be suitable for all retail investors. In particular, investors should be aware that the Product tracks Dated Brent futures contracts which are subject to roll costs, commodity price volatility, and basis risk relative to spot crude oil prices. This product is not currency hedged and is therefore subject to exchange rate risk for investors whose base currency is not USD.
Investments in the Product involve risk. The value of the Product may fluctuate and you may lose some or all of your invested capital. You cannot lose more than the amount invested. Returns are not guaranteed, prices may be volatile, and liquidity may be limited at times, making it difficult to buy or sell at a desired price. Past performance is not indicative of future performance.
The Product is not available for sale in the United States or to U.S. persons as defined under Regulation S of the U.S. Securities Act 1933, as amended.
The Product is not protected under the Financial Services Compensation Scheme (FSCS). The Financial Ombudsman Service (FOS) does not cover losses arising from investment performance.
Disclosure documents for this Product are currently provided as a Key Information Document (KID) under the UK PRIIPs regime. The FCA’s new Consumer Composite Investments (CCI) disclosure regime came into force on 6 April 2026. Updated product disclosure documents will be made available in accordance with applicable transitional arrangements no later than 8 June 2027.
Onyx’s policy is to only publish information that is fair, clear, and not misleading. Any views or forward-looking statements are those of Onyx at the time of preparation and are subject to change without notice. No warranty is given as to the accuracy, completeness, or reliability of the information provided. Onyx accepts no liability to any person in respect of this information or any action taken in reliance upon it.
Onyx Capital Advisory Limited (FRN: 822509) is authorised and regulated by the Financial Conduct Authority.