NOTE 7 – FINANCIAL HIGHLIGHTS

Selected data for a Share outstanding throughout the year ended December 31, 2016:


For the Year Ended December 31, 2016
Per Share Operating Performance	VIX Short- Term Futures ETF*			VIX Mid- Term Futures ETF			Short VIX Short-Term Futures ETF			Ultra VIX Short-Term Futures ETF*^			UltraShort Bloomberg Crude Oil^			UltraShort Bloomberg Natural Gas*
Net asset value, at December 31, 2015	$	66.2109		$	53.9626		$	50.8150		$	702.1025		$	66.6009		$	46.5314

Net investment income (loss)		(0.2754	)		(0.3333	)		(0.6090	)		(1.9193	)		(0.3600	)		(0.6812	)
Net realized and unrealized gain (loss)#		(44.7209	)		(11.4932	)		41.0242			(656.7016	)		(34.5434	)		(22.7492	)
Change in net asset value from operations		(44.9963	)		(11.8265	)		40.4152			(658.6209	)		(34.9034	)		(23.4304	)
Net asset value, at December 31, 2016	$	21.2146		$	42.1361		$	91.2302		$	43.4816		$	31.6975		$	23.1010

Market value per share, at December 31, 2015†	$	66.65		$	53.99		$	50.45		$	708.75		$	66.82		$	46.55
Market value per share, at December 31, 2016†	$	21.26		$	42.34		$	90.98		$	43.75		$	31.65		$	23.05

Total Return, at net asset value		(68.0	)%		(21.9	)%		79.5	%		(93.8	)%		(52.4	)%		(50.4	)%
Total Return, at market value		(68.1	)%		(21.6	)%		80.3	%		(93.8	)%		(52.6	)%		(50.5	)%

Ratios to Average Net Assets

Expense ratio		0.99	%		0.93	%		1.39	%		1.57	%		1.03	%		1.65	%
Expense ratio, excluding brokerage commissions		0.85	%		0.85	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income (loss)		(0.75	)%		(0.68	)%		(1.15	)%		(1.32	)%		(0.76	)%		(1.43	)%

*	See Note 1 of these Notes for Financial Statements.

^	See Note 9 of these Notes for Financial Statements.

#	The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

†	Market values are determined at the close of the New York Stock Exchange, which may be later than when the Funds’ net asset value is calculated.


For the Year Ended December 31, 2016
Per Share Operating Performance	UltraShort Gold			UltraShort Silver			Short Euro			UltraShort Australian Dollar			UltraShort Euro			UltraShort Yen
Net asset value, at December 31, 2015	$	115.8799		$	64.5783		$	43.7767		$	58.4582		$	25.5406		$	87.9389

Net investment income (loss)		(0.5542	)		(0.2641	)		(0.3268	)		(0.4268	)		(0.1703	)		(0.4974	)
Net realized and unrealized gain (loss)#		(23.9976	)		(27.0070	)		1.6075			(2.6532	)		1.7144			(7.1984	)
Change in net asset value from operations		(24.5518	)		(27.2711	)		1.2807			(3.0800	)		1.5441			(7.6958	)
Net asset value, at December 31, 2016	$	91.3281		$	37.3072		$	45.0574		$	55.3782		$	27.0847		$	80.2431

Market value per share, at December 31, 2015†	$	115.83		$	64.55		$	43.74		$	58.15		$	25.53		$	87.89
Market value per share, at December 31, 2016†	$	90.54		$	38.76		$	45.12		$	55.24		$	27.08		$	80.25

Total Return, at net asset value		(21.2	)%		(42.2	)%		2.9	%		(5.3	)%		6.0	%		(8.8	)%
Total Return, at market value		(21.8	)%		(40.0	)%		3.2	%		(5.0	)%		6.1	%		(8.7	)%

Ratios to Average Net Assets

Expense ratio		0.95	%		0.95	%		0.97	%		1.03	%		0.95	%		0.95	%
Expense ratio, excluding brokerage commissions		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income (loss)		(0.70	)%		(0.70	)%		(0.76	)%		(0.79	)%		(0.70	)%		(0.71	)%

#	The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

†	Market values are determined at the close of the New York Stock Exchange, which may be later than when the Funds’ net asset value is calculated.


For the Year Ended December 31, 2016
Per Share Operating Performance	Ultra Bloomberg Crude Oil^			Ultra Bloomberg Natural Gas			Ultra Gold			Ultra Silver			Ultra Euro			Ultra Yen
Net asset value, at December 31, 2015	$	25.1548		$	18.5698		$	29.7295		$	27.0638		$	15.5107		$	54.7527

Net investment income (loss)		(0.1534	)		(0.1579	)		(0.2751	)		(0.2717	)		(0.1119	)		(0.4586	)
Net realized and unrealized gain (loss)#		(1.6662	)		0.4364			3.4482			6.6499			(1.3816	)		1.1321
Change in net asset value from operations		(1.8196	)		0.2785			3.1731			6.3782			(1.4935	)		0.6735
Net asset value, at December 31, 2016	$	23.3352		$	18.8483		$	32.9026		$	33.4420		$	14.0172		$	55.4262

Market value per share, at December 31, 2015†	$	25.08		$	18.48		$	29.73		$	27.08		$	15.51		$	54.70
Market value per share, at December 31, 2016†	$	23.36		$	18.96		$	33.20		$	32.09		$	14.09		$	55.52

Total Return, at net asset value		(7.2	)%		1.5	%		10.7	%		23.6	%		(9.6	)%		1.2	%
Total Return, at market value		(6.9	)%		2.6	%		11.7	%		18.5	%		(9.2	)%		1.5	%

Ratios to Average Net Assets

Expense ratio		1.01	%		1.34	%		0.95	%		0.95	%		0.95	%		0.95	%
Expense ratio, excluding brokerage commissions		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income (loss)		(0.76	)%		(1.12	)%		(0.69	)%		(0.69	)%		(0.71	)%		(0.69	)%

^	See Note 9 of these Notes for Financial Statements.

#	The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

†	Market values are determined at the close of the New York Stock Exchange, which may be later than when the Funds’ net asset value is calculated.

Selected data for a Share outstanding throughout the year ended December 31, 2015:


For the Year Ended December 31, 2015
Per Share Operating Performance	VIX Short- Term Futures ETF*			VIX Mid- Term Futures ETF			Short VIX Short-Term Futures ETF			Ultra VIX Short-Term Futures ETF*^			UltraShort Bloomberg Crude Oil^			UltraShort Bloomberg Natural Gas*
Net asset value, at December 31, 2014	$	104.6604		$	63.6020		$	61.4004		$	3,136.4730		$	38.9895		$	27.9859

Net investment income (loss)		(0.6622	)		(0.5053	)		(0.8162	)		(18.0602	)		(0.3924	)		(0.4438	)
Net realized and unrealized gain (loss)#		(37.7873	)		(9.1341	)		(9.7692	)		(2,416.3103	)		28.0038			18.9893
Change in net asset value from operations		(38.4495	)		(9.6394	)		(10.5854	)		(2,434.3705	)		27.6114			18.5455
Net asset value, at December 31, 2015	$	66.2109		$	53.9626		$	50.8150		$	702.1025		$	66.6009		$	46.5314

Market value per share, at December 31, 2014†	$	104.95		$	63.89		$	61.16		$	3,143.75		$	38.26		$	27.34
Market value per share, at December 31, 2015†	$	66.65		$	53.99		$	50.45		$	708.75		$	66.82		$	46.55

Total Return, at net asset value		(36.7	)%		(15.2	)%		(17.2	)%		(77.6	)%		70.8	%		66.3	%
Total Return, at market value		(36.5	)%		(15.5	)%		(17.5	)%		(77.5	)%		74.6	%		70.3	%

Ratios to Average Net Assets

Expense ratio		0.95	%		0.91	%		1.40	%		1.65	%		1.07	%		1.55	%
Expense ratio, excluding brokerage commissions		0.85	%		0.85	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income (loss)		(0.92	)%		(0.88	)%		(1.36	)%		(1.61	)%		(1.04	)%		(1.50	)%

*	See Note 1 of these Notes for Financial Statements.

^	See Note 9 of these Notes for Financial Statements.

#	The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

†	Market values are determined at the close of the New York Stock Exchange, which may be later than when the Funds’ net asset value is calculated.


For the Year Ended December 31, 2015
Per Share Operating Performance	UltraShort Gold			UltraShort Silver*			Short Euro			UltraShort Australian Dollar			UltraShort Euro			UltraShort Yen
Net asset value, at December 31, 2014	$	96.6516		$	57.8071		$	40.0617		$	51.3790		$	21.5946		$	89.3336

Net investment income (loss)		(0.9149	)		(0.4968	)		(0.4096	)		(0.5741	)		(0.2256	)		(0.8243	)
Net realized and unrealized gain (loss)#		20.1432			7.2680			4.1246			7.6533			4.1716			(0.5704	)
Change in net asset value from operations		19.2283			6.7712			3.7150			7.0792			3.9460			(1.3947	)
Net asset value, at December 31, 2015	$	115.8799		$	64.5783		$	43.7767		$	58.4582		$	25.5406		$	87.9389

Market value per share, at December 31, 2014†	$	100.22		$	59.70		$	40.03		$	51.37		$	21.61		$	89.30
Market value per share, at December 31, 2015†	$	115.83		$	64.55		$	43.74		$	58.15		$	25.53		$	87.89

Total Return, at net asset value		19.9	%		11.7	%		9.3	%		13.8	%		18.3	%		(1.6	)%
Total Return, at market value		15.6	%		8.1	%		9.3	%		13.2	%		18.1	%		(1.6	)%

Ratios to Average Net Assets

Expense ratio		0.95	%		0.95	%		0.97	%		1.03	%		0.95	%		0.95	%
Expense ratio, excluding brokerage commissions		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income (loss)		(0.91	)%		(0.91	)%		(0.95	)%		(1.00	)%		(0.90	)%		(0.92	)%

*	See Note 1 of these Notes for Financial Statements.

#	The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

†	Market values are determined at the close of the New York Stock Exchange, which may be later than when the Funds’ net asset value is calculated.


For the Year Ended December 31, 2015
Per Share Operating Performance	Ultra Bloomberg Crude Oil^			Ultra Bloomberg Natural Gas*			Ultra Gold			Ultra Silver			Ultra Euro			Ultra Yen*
Net asset value, at December 31, 2014	$	101.4800		$	61.6491		$	40.0011		$	39.3657		$	19.8744		$	56.4747

Net investment income (loss)		(0.5621	)		(0.4982	)		(0.3292	)		(0.3258	)		(0.1505	)		(0.4787	)
Net realized and unrealized gain (loss)#		(75.7631	)		(42.5811	)		(9.9424	)		(11.9761	)		(4.2132	)		(1.2433	)
Change in net asset value from operations		(76.3252	)		(43.0793	)		(10.2716	)		(12.3019	)		(4.3637	)		(1.7220	)
Net asset value, at December 31, 2015	$	25.1548		$	18.5698		$	29.7295		$	27.0638		$	15.5107		$	54.7527

Market value per share, at December 31, 2014†	$	103.70		$	63.12		$	38.41		$	38.05		$	19.80		$	56.48
Market value per share, at December 31, 2015†	$	25.08		$	18.48		$	29.73		$	27.08		$	15.51		$	54.70

Total Return, at net asset value		(75.2	)%		(69.9	)%		(25.7	)%		(31.3	)%		(22.0	)%		(3.0	)%
Total Return, at market value		(75.8	)%		(70.7	)%		(22.6	)%		(28.8	)%		(21.7	)%		(3.2	)%

Ratios to Average Net Assets

Expense ratio		1.02	%		1.29	%		0.95	%		0.95	%		0.95	%		0.95	%
Expense ratio, excluding brokerage commissions		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income (loss)		(0.98	)%		(1.26	)%		(0.90	)%		(0.89	)%		(0.93	)%		(0.88	)%

*	See Note 1 of these Notes for Financial Statements.

^	See Note 9 of these Notes for Financial Statements.

#	The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

†	Market values are determined at the close of the New York Stock Exchange, which may be later than when the Funds’ net asset value is calculated.

Selected data for a Share outstanding throughout the year ended December 31, 2014:


For the Year Ended December 31, 2014
Per Share Operating Performance	VIX Short- Term Futures ETF*			VIX Mid- Term Futures ETF*			Short VIX Short-Term Futures ETF			Ultra VIX Short-Term Futures ETF*^			UltraShort Bloomberg Crude Oil^			UltraShort Bloomberg Natural Gas*
Net asset value, at December 31, 2013	$	142.6934		$	77.1837		$	67.4993		$	8,385.5437		$	15.8651		$	23.3212

Net investment income (loss)		(1.0237	)		(0.5666	)		(1.0247	)		(72.6365	)		(0.1387	)		(0.1654	)
Net realized and unrealized gain (loss)#		(37.0093	)		(13.0151	)		(5.0742	)		(5,176.4342	)		23.2631			4.8301
Change in net asset value from operations		(38.0330	)		(13.5817	)		(6.0989	)		(5,249.0707	)		23.1244			4.6647
Net asset value, at December 31, 2014	$	104.6604		$	63.6020		$	61.4004		$	3,136.4730		$	38.9895		$	27.9859

Market value per share, at December 31, 2013†	$	142.65		$	77.16		$	67.47		$	8,390.00		$	15.79		$	23.12
Market value per share, at December 31, 2014†	$	104.95		$	63.89		$	61.16		$	3,143.75		$	38.26		$	27.34

Total Return, at net asset value		(26.7	)%		(17.6	)%		(9.0	)%		(62.6	)%		145.8	%		20.0	%
Total Return, at market value		(26.4	)%		(17.2	)%		(9.4	)%		(62.5	)%		142.3	%		18.3	%

Ratios to Average Net Assets

Expense ratio		0.92	%		0.87	%		1.49	%		1.80	%		0.98	%		1.18	%
Expense ratio, excluding brokerage commissions		0.85	%		0.85	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income (loss)		(0.88	)%		(0.84	)%		(1.46	)%		(1.78	)%		(0.94	)%		(1.14	)%

*	See Note 1 of these Notes for Financial Statements.

^	See Note 9 of these Notes for Financial Statements.

#	The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

†	Market values are determined at the close of the New York Stock Exchange, which may be later than when the Funds’ net asset value is calculated.


For the Year Ended December 31, 2014
Per Share Operating Performance	UltraShort Gold			UltraShort Silver*			Short Euro			UltraShort Australian Dollar			UltraShort Euro			UltraShort Yen
Net asset value, at December 31, 2013	$	103.5180		$	44.8910		$	35.5867		$	46.6384		$	17.0613		$	70.8640

Net investment income (loss)		(0.8233	)		(0.3937	)		(0.3428	)		(0.4272	)		(0.1642	)		(0.6412	)
Net realized and unrealized gain (loss)#		(6.0431	)		13.3098			4.8178			5.1678			4.6975			19.1108
Change in net asset value from operations		(6.8664	)		12.9161			4.4750			4.7406			4.5333			18.4696
Net asset value, at December 31, 2014	$	96.6516		$	57.8071		$	40.0617		$	51.3790		$	21.5946		$	89.3336

Market value per share, at December 31, 2013†	$	103.53		$	45.10		$	35.66		$	46.66		$	17.06		$	70.91
Market value per share, at December 31, 2014†	$	100.22		$	59.70		$	40.03		$	51.37		$	21.61		$	89.30

Total Return, at net asset value		(6.6	)%		28.8	%		12.6	%		10.2	%		26.6	%		26.1	%
Total Return, at market value		(3.2	)%		32.4	%		12.3	%		10.1	%		26.7	%		25.9	%

Ratios to Average Net Assets

Expense ratio		0.95	%		0.95	%		0.96	%		1.01	%		0.95	%		0.95	%
Expense ratio, excluding brokerage commissions		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income (loss)		(0.91	)%		(0.90	)%		(0.93	)%		(0.97	)%		(0.90	)%		(0.90	)%

*	See Note 1 of these Notes for Financial Statements.

#	Percentages The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

†	Market values are determined at the close of the New York Stock Exchange, which may be later than when the Funds’ net asset value is calculated.


For the Year Ended December 31, 2014
Per Share Operating Performance	Ultra Bloomberg Crude Oil^			Ultra Bloomberg Natural Gas*			Ultra Gold			Ultra Silver			Ultra Euro			Ultra Yen*
Net asset value, at December 31, 2013	$	320.8990		$	155.3534		$	41.2553		$	63.3305		$	26.0346		$	74.5261

Net investment income (loss)		(2.1856	)		(1.5167	)		(0.4078	)		(0.5348	)		(0.2185	)		(0.6693	)
Net realized and unrealized gain (loss)#		(217.2334	)		(92.1876	)		(0.8464	)		(23.4300	)		(5.9417	)		(17.3821	)
Change in net asset value from operations		(219.4190	)		(93.7043	)		(1.2542	)		(23.9648	)		(6.1602	)		(18.0514	)
Net asset value, at December 31, 2014	$	101.4800		$	61.6491		$	40.0011		$	39.3657		$	19.8744		$	56.4747

Market value per share, at December 31, 2013†	$	322.20		$	157.12		$	41.26		$	63.04		$	25.98		$	74.44
Market value per share, at December 31, 2014†	$	103.70		$	63.12		$	38.41		$	38.05		$	19.80		$	56.48

Total Return, at net asset value		(68.4	)%		(60.3	)%		(3.0	)%		(37.8	)%		(23.7	)%		(24.2	)%
Total Return, at market value		(67.8	)%		(59.8	)%		(6.9	)%		(39.6	)%		(23.8	)%		(24.1	)%

Ratios to Average Net Assets

Expense ratio		0.99	%		1.13	%		0.95	%		0.95	%		0.95	%		0.95	%
Expense ratio, excluding brokerage commissions		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income (loss)		(0.95	)%		(1.10	)%		(0.91	)%		(0.91	)%		(0.91	)%		(0.90	)%

*	See Note 1 of these Notes for Financial Statements.

^	See Note 9 of these Notes for Financial Statements.

#	The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

†	Market values are determined at the close of the New York Stock Exchange, which may be later than when the Funds’ net asset value is calculated.