This looks scarey, letter from HorizonFor example, the June futures contract settled yesterday at 2:30 p.m. (EST), the time each business day at which the exposure of each of the ETFs is rebalanced, at a price of $11.57. If, today, the June futures contract price was to rise by more than 50% (or $5.79) to $17.36 or higher for its 2:30 p.m. (EST) settlement, the shares of HOD would be expected to have a resulting net asset value of $0.00. Conversely, if today, the June futures contract price was to fall by more than 50% (or $5.79) to $5.78 or less for the 2:30 p.m. (EST) settlement, shares of HOU would be expected to have a resulting net asset value of $0.00. Based on these examples, if the net asset value of either HOU or HOD is determined to be equal to or less than $0.00 as at 2:30 p.m. (EST) today, (being the time each business day at which the exposure of each ETF is rebalanced), then the net asset value of that ETF after that time will also be $0.00. Accordingly, in such an event, any investors, that held shares of such ETF or were to buy shares of such ETF at this time or after, would likely suffer a complete loss of their investment.