DrBrooks,
I agree with you that the ability to gain exposure to oil via the ASX is limited - to my knowledge, OOO is the only ETF available. Other options might include CFD's though, where one has the ability to highly leverage their exposure. I believe that there are also certain traded oil warrants in Australia.
I lived in the US for 4 years and still having a brokerage account there. In the US there are an extensive selection of oil ETF's; bears, bulls, levered, options on ETF's, options on levered ETF's. You can get the exact exposure you are after. Would be great to see an improved selection of oil instruments in Australia.
But your point is very valid re. OOO's lack of performance.
January 2016 Brent V FAR, page-17
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