I am bullish on oil mid/long term but would be careful with HOU With the current contango in the market place. They roll their contracts formward over a three day period every month. This means that they sell the current month contract at spot and buy the new month contract at the next month price.

If the curent month is less than the next month as it is currently they get less new contracts than old contracts and the asset value of the fund drops. At 2X this can be a big drop at contract rollover.