FINANCIAL HIGHLIGHTS

3 Months Ended

Mar. 31, 2017

NOTE 6 — FINANCIAL HIGHLIGHTS

The following table presents per share performance data and other supplemental financial data for the three months ended March 31, 2017 and 2016 for the shareholders. This information has been derived from information presented in the condensed financial statements.

	For the three			For the three
	months ended			months ended
	March 31, 2017			March 31, 2016
	(Unaudited)			(Unaudited)
Per Share Operating Performance:
Net asset value, beginning of period	$	9.29		$	8.69
Total income (loss)		(1.70)			(2.03)
Total expenses		(0.02)			(0.02)
Net increase (decrease) in net asset value		(1.72)			(2.05)
Net asset value, end of period	$	7.57		$	6.64

Total Return		(18.51)	%		(23.59)	%

Ratios to Average Net Assets
Total income (loss)		(18.65)	%		(23.33)	%
Management fees*		0.60	%		0.60	%
Expenses excluding management fees*		0.73	%		0.62	%
Net income (loss)		(18.97)	%		(23.64)	%

* Annualized.

Total returns are calculated based on the change in value during the period. An individual shareholder’s total return and ratio may vary from the above total returns and ratios based on the timing of contributions to and withdrawals from UNG.