Pretty much yes. Right now the NAV tracks movements in the June...

Pretty much yes. Right now the NAV tracks movements in the June futures price. On the 7th May until the 13th of May (5th to 9th business day of the month) the NAV will track a weighted average of June and July PLUS any roll yield incurred. Then after the 14th of May it will track movements in the July futures price. You also need to factor in a small mgmt fee of 0.69% I believe.

Now, the above is correct for NAV, not necessarily the price.

For the actual price you will see deviations based on either the market paying a premium for the exposure to WTI futures (or maybe because they think they're buying the spot price), or a discount because they maybe pricing in the negative roll yield already. Plus a whole range of other thing they maybe pricing in that the futures price doesn't.