Let's consider what might happen if the contracts held by the...

Let's consider what might happen if the contracts held by the fund turn negative during rollover (or at anytime really, but rollover creates a more tangible example to think about). If the fund needs to pay more money than it may have to sell them, where would that money come from? Can Betashares pursue the holders? Maybe, but I doubt it. So is Betashares liable? I don't know, but I bet their lawyers are working overtime to find out.

To avoid such a mess, I can only speculate that Betashares may have some non-zero internal threshold where they choose to sell those contracts and terminate the fund, in which case the holders would permanently lock in any gains or losses whether they want to or not. And considering how big the daily price changes have been this week, that threshold may not be far away. Or maybe this is the bottom and everyone doubles their money tomorrow. That is also possible.