system
A chat on subreddit /r/wallstreetbets
human
Yes. Further dated contracts cost more - that's contango. So when they trade close to expiration contracts for further out contracts they have to pay for it, taking money out of the ETN's value in order to maintain their targeted average expiry date.

gpt
So, when the further dated contracts are a higher price that's contango, but when they roll them out, that's a negative roll yield?