The iShares U.S. Energy ETF (NYSEArca: IYE) and rival equity-based energy ETFs have also started 2015 on the same glum note on which they ended 2014, but recent news that oil majors such as Exxon Mobil (NYSE: XOM) and Chevron (NYSE: CVX) are reducing capital spending, including buyback spending, rather than cutting dividends has recently brought some stability to these funds. [Big Energy ETFs Face Dividend Issues]

The UltraShort Oil & Gas ProShares (NYSEArca: DUG), which seeks to deliver twice the daily inverse performance of the Dow Jones U.S. Oil & Gas Index, the underlying benchmark for IYE, has surged 18% over the past 90 days, but traders have not embraced DUG. Nearly 18% million has been pulled from DUG this year.

However, there is evidence to suggest some traders believe more downside is coming for oil. USO has added over $1.1 billion in assets this year. That ETF’s assets and shares outstanding counts often rise as oil declines as short sellers come into the fund, creating new shares via the borrowing process. Additionally, the ProShares UltraShort Bloomberg Crude Oil (NYSEArca: SCO) has seen 2015 inflows of $7.5 million. [Traders Bypass the Best Leveraged ETFs]

United States Oil Fund