Ann: Announcement regarding distributions, page-23

I agree - I find the pricing for OOO to be opaque, and frankly the returns disappointing relative to the WTI spot price for any pre-pandemic purchases (accounting for both capital and dividend returns).

However, BetaShares makes it clear that it's not intended to track the spot so I cannot fault them for that. And admittedly the performance from April 2020 onwards has been great - but really, you could say that about the majority of stocks given the market performance since then.

This blog post is helpful to understand the pricing mechanism - but frankly, I have found that the ASX disclosures by BetaShares to be lacking in terms of meaningful explanations for price movements (or lack thereof) since mid-last year, when the rollover to 3m contracts occurred. I'm not invested in any other BetaShare funds apart from this one, but I hope the disclosures for their other funds are better.