Ann: Update Regarding Temporary Change to Futures Exposure, page-3

Status Quo. No change and neither positive or negative. In my opinion, switching to the 3 month contract lowers risk overall for OOO holders, as it all but removes a total fund capitulation risk. However, it also tends to minimise the short term WTI fluctuation gains. Net-net, if you believe oil will be in the $40-$50 range then there is 5%-30% upside to the current OOO ETF price.