One problem with commodity ETFs is taxes. For more details you can google "commodity ETF taxes". ETNs are supposed to be an alternative that might get better tax treatment but I don't know if that has been settled in court.
Maybe you can get the same hedging benefit along with better tax treatment from an energy exploration, infrastructure, production or services ETF. You can find a list of these ETFs at The Complete List of Commodity ETFs and ETNs - Seeking Alpha
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