Here's what I think this is.... CLL and many others are being used as a proxy to the HOU/ HOD etf and trade in lock step to the oil contract.

The fund has created their float from essentually a short position... Acknowledged float of 79 million shares, but actually there has been about 130 million shares created.

They then take these proceeds and invest in the market.... taking a long and short position simutaniousely in many stocks... This provides the long position and a short position and a mountain of cash.

HOU/HOD are then at risk to the price of oil via the contract.... and thus a potential liability has been created.... should an event cause a huge upswing in oil price Betta pro would be short of cash.... What actually mitigates this potential liability is the " Daily rebalancing " In effect ratcheting out some relative price to oil of HOU RThis is done in the pre market . The opening price seting the point of comparison for the day.

If you hold HOU for a week , a month or more... YOU WILL LOOSE MONEY even if the oil price moves up

A few Examples;

Jan 7th...HOU $14.10.... Oil price $43.00

Jan 29th HOU $10.42... Oil price $45.70

Feb 17th HOU $ 6.20... Oil price $47.00

Marrch 19th HOU $6.88... Oil price $51.00

April 2nd HOU $6.78.... Oil Price $47.57

April 29th HOU $5.70 Oil price $51.00

May 6th HOU $6.90 ... Oil price $56.22

I have been keeping track of the opening and closing prices of HOU and oil for several months after I got taken in this ponzi scheme..

What is distressing is the impact the counter trading has on the companies they indirectly invest/ short in ...

I thnk the dual long / short stratagey indicated by the box trading in CLL since mid March

JMHO