Ann: Announcement regarding distributions, page-12

From my understanding (and I might be competely wrong), the “dividends” are just distributions from profits from closing out oil futures contracts, probably on contract rollover. It would be simpler if it could just track the commodity directly (like how a gold ETF would just buy xxx ounces) and mark it to market but because of the nature of oil, they are using futures to make a synthetic tracker, so there are realised profits and losses from the contracts (also from currency hedging).

Therefore, as stated above, there is no franking.

It would be interesting to analyse the tracking error against the underlying commodity. I expect it is higher than for some other ETFs.