RE:RE:HOU prospectusThe NAV is important. It needs the price to align to it. Look at another of their funds like HNU and it aligns. The implication here is the price is too high.
Note your our view on contract month move and price are incorrect. They moved from cheap June contracts to more expensive July contracts. They now hold fewer contracts. They took the contango lump today but lowered the volatility risk.
Note that USO has the same issue of NAV and there are good current articles on Seeking Alpha on it.