Put simply if it went to zero it went to zero. That's the risk of investing in volatile commodities.
But people invest in OOO for short-term exposure that is correlated to the oil price - that's what the fund is marketed as delivering.
For anyone who invested prior to the announced switch from May to 3-month contracts, you effectively lost the participation from oil going from US$15 to $30, all for some minimal risk that contracts that needed to be rolled in 15-20 days (and still 10+ days from expiry) would have been zero. It was a horrible decision.
id think OOO would be well over $8 today had they stayed the course.
OOO Price at posting:
$19.36 Sentiment: Buy Disclosure: Held
