Tenth Dayyou are missing the point of these vehicles.
They are only ment to be held a few days. The prospectus tells that these have a natural erossion on the cantango or backwardation month to month.
Also the daily percentage move in price is directly transformative to a multiple of two and that is how the trading price is set on the open on TSX, but NG trades all night too and can kill overnight and overnight holders are stuck or shut out depending on which way they wanted to play.
It has nothing to do with the so called underlying stocks that anchor the fund, they do nothing to set the price and are only a security deposit that shows there is something tangible on the books.
Most of the value is in traders minds, that there is some confidence that someone will buy or sell at any given moment.
If you are on the right side of the trend you can make a lot of money in a week and lose a lot of money in a week on the wrong side.
So HNU is the dog this month and HND was the golden goose.
These reverse, but never recover the natural erossion percentage game.