Ann: Update Regarding Temporary Change to Futures Exposure, page-7

Good job of picking the bottom. Over the short term
oil price
1/4/20 - $20.31
4/6/20 - $37.46
Return - up 84%

OOO
1/4/20 - $5.10
4/6/20 - $3.86
Return - down 24%

And yet S&P made the comment on 23/4 that there would be a "higher level of tracking error" as a result of the change. Who was to think that it would be completely uncorrelated. But then again when you swap from one-month to 3 month in the middle (when 3 month was more stable) then what would you expect. The investment was supposed to be correlated to the spot price, in good and bad times. As you have said, you bought when the price was low. S&P effectively sold when the price was low.

Worst investment ever.