Hi Patience, The amount of money is the same but the leverage to...

Hi Patience, The amount of money is the same but the leverage to the oil price has decreased significantly as they now hold roughly half as many future contracts. So the move in oil price needed for a given move in NAV/share is now approx. 2x what is was before they did this switch.
It is a ridiculous failure of disclosure requirements that they do not have to state the number of contracts held after the rollover.
And yes they have done it, and yes they could not have timed it worse.