no one trading oil - why, page-27

Why not just go long a CFD over crude and save paying a mgmt fee?
If you're looking longer term, just use wide stops and fewer contracts to get your desired $ exposure. Also spreads are very small on highly liquid underlyings, such as oil, so the transaction cost is minimal.

Also, the fund's performance since inception is -2.45%. Given the hedging, why not just buy a producing, post-capex, Australian oiler that's low on the cost curve and enjoy dividends? For example, WPL, in those same two years since inception is up 8%, not including dividends.