v2.4.0.6

Financial Highlights | 3 Months Ended
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Mar. 31, 2013
Financial Highlights | NOTE 7 – FINANCIAL HIGHLIGHTS Selected data for a Share outstanding throughout the three months ended March 31, 2013: For the Three Months Ended March 31, 2013 (unaudited)
Per Share Operating Performance |  | UltraShort DJ-UBS Commodity |  |  | UltraShort DJ-UBS Crude Oil |  |  | UltraShort DJ-UBS Natural Gas |  |  | UltraShort Gold |  |  | UltraShort Silver |  |  | Short Euro |  |  | UltraShort Australian Dollar |
Net asset value, at December 31, 2012 |  | $ | 54.1021 |  |  | $ | 40.3079 |  |  | $ | 25.5351 |  |  | $ | 63.8688 |  |  | $ | 51.3951 |  |  | $ | 37.6285 |  |  | $ | 37.8081 |
Net investment income (loss) |  |  | (0.1143 | ) |  |  | (0.0850 | ) |  |  | (0.0641 | ) |  |  | (0.1428 | ) |  |  | (0.1068 | ) |  |  | (0.0840 | ) |  |  | (0.0867 | )
Net realized and unrealized gain (loss) |  |  | 1.1149 |  |  |  | (3.7437 | ) |  |  | (7.5049 | ) |  |  | 4.1421 |  |  |  | 2.7733 |  |  |  | 1.0874 |  |  |  | (0.8315 | )
Change in net asset value from operations |  |  | 1.0006 |  |  |  | (3.8287 | ) |  |  | (7.5690 | ) |  |  | 3.9993 |  |  |  | 2.6665 |  |  |  | 1.0034 |  |  |  | (0.9182 | )
Net asset value, at March 31, 2013 |  | $ | 55.1027 |  |  | $ | 36.4792 |  |  | $ | 17.9661 |  |  | $ | 67.8681 |  |  | $ | 54.0616 |  |  | $ | 38.6319 |  |  | $ | 36.8899 |
Market value per share, at December 31, 2012† |  | $ | 51.64 |  |  | $ | 40.44 |  |  | $ | 25.41 |  |  | $ | 62.60 |  |  | $ | 50.07 |  |  | $ | 37.64 |  |  | $ | 37.74 |
Market value per share, at March 31, 2013† |  | $ | 51.14 |  |  | $ | 36.62 |  |  | $ | 18.06 |  |  | $ | 68.01 |  |  | $ | 55.02 |  |  | $ | 38.65 |  |  | $ | 36.41 |
Total Return, at net asset value^ |  |  | 1.8 | % |  |  | (9.5 | )% |  |  | (29.6 | )% |  |  | 6.3 | % |  |  | 5.2 | % |  |  | 2.7 | % |  |  | (2.4 | )%
Total Return, at market value^ |  |  | (1.0 | )% |  |  | (9.4 | )% |  |  | (28.9 | )% |  |  | 8.6 | % |  |  | 9.9 | % |  |  | 2.7 | % |  |  | (3.5 | )%
Ratios to Average Net Assets** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expense ratio |  |  | (0.95 | )% |  |  | (0.97 | )% |  |  | (1.21 | )% |  |  | (0.95 | )% |  |  | (0.95 | )% |  |  | (0.96 | )% |  |  | (0.99 | )%
Expense ratio, excluding brokerage commissions |  |  | (0.95 | )% |  |  | (0.95 | )% |  |  | (0.95 | )% |  |  | (0.95 | )% |  |  | (0.95 | )% |  |  | (0.95 | )% |  |  | (0.95 | )%
Net investment income (loss) |  |  | (0.86 | )% |  |  | (0.90 | )% |  |  | (1.15 | )% |  |  | (0.88 | )% |  |  | (0.87 | )% |  |  | (0.91 | )% |  |  | (0.94 | )%
† | 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.
^ | Percentages are not annualized for the period ended March 31, 2013.
** | Percentages are annualized.
For the Three Months Ended March 31, 2013 (unaudited)
Per Share Operating Performance |  | UltraShort Euro |  |  | UltraShort Yen |  |  | Ultra DJ-UBS Commodity |  |  | Ultra DJ-UBS Crude Oil |  |  | Ultra DJ-UBS Natural Gas |  |  | Ultra Gold |  |  | Ultra Silver |
Net asset value, at December 31, 2012 |  | $ | 19.0172 |  |  | $ | 50.7577 |  |  | $ | 24.3875 |  |  | $ | 29.3941 |  |  | $ | 39.0490 |  |  | $ | 83.7634 |  |  | $ | 42.9727 |
Net investment income (loss) |  |  | (0.0411 | ) |  |  | (0.1244 | ) |  |  | (0.0535 | ) |  |  | (0.0674 | ) |  |  | (0.1040 | ) |  |  | (0.1744 | ) |  |  | (0.0911 | )
Net realized and unrealized gain (loss) |  |  | 1.0374 |  |  |  | 8.3770 |  |  |  | (0.7240 | ) |  |  | 2.3426 |  |  |  | 11.3070 |  |  |  | (6.4032 | ) |  |  | (4.4031 | )
Change in net asset value from operations |  |  | 0.9963 |  |  |  | 8.2526 |  |  |  | (0.7775 | ) |  |  | 2.2752 |  |  |  | 11.2030 |  |  |  | (6.5776 | ) |  |  | (4.4942 | )
Net asset value, at March 31, 2013 |  | $ | 20.0135 |  |  | $ | 59.0103 |  |  | $ | 23.6100 |  |  | $ | 31.6693 |  |  | $ | 50.2520 |  |  | $ | 77.1858 |  |  | $ | 38.4785 |
Market value per share, at December 31, 2012† |  | $ | 19.01 |  |  | $ | 50.77 |  |  | $ | 23.93 |  |  | $ | 29.32 |  |  | $ | 39.24 |  |  | $ | 85.34 |  |  | $ | 44.10 |
Market value per share, at March 31, 2013† |  | $ | 20.00 |  |  | $ | 59.00 |  |  | $ | 23.92 |  |  | $ | 31.56 |  |  | $ | 49.95 |  |  | $ | 77.01 |  |  | $ | 37.75 |
Total Return, at net asset value^ |  |  | 5.2 | % |  |  | 16.3 | % |  |  | (3.2 | )% |  |  | 7.7 | % |  |  | 28.7 | % |  |  | (7.9 | )% |  |  | (10.5 | )%
Total Return, at market value^ |  |  | 5.2 | % |  |  | 16.2 | % |  |  | 0.0 | % |  |  | 7.6 | % |  |  | 27.3 | % |  |  | (9.8 | )% |  |  | (14.4 | )%
Ratios to Average Net Assets** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expense ratio |  |  | (0.95 | )% |  |  | (0.95 | )% |  |  | (0.95 | )% |  |  | (0.97 | )% |  |  | (1.13 | )% |  |  | (0.95 | )% |  |  | (0.95 | )%
Expense ratio, excluding brokerage commissions |  |  | (0.95 | )% |  |  | (0.95 | )% |  |  | (0.95 | )% |  |  | (0.95 | )% |  |  | (0.95 | )% |  |  | (0.95 | )% |  |  | (0.95 | )%
Net investment income (loss) |  |  | (0.88 | )% |  |  | (0.88 | )% |  |  | (0.89 | )% |  |  | (0.90 | )% |  |  | (1.06 | )% |  |  | (0.88 | )% |  |  | (0.87 | )%
† | 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.
^ | Percentages are not annualized for the period ended March 31, 2013.
** | Percentages are annualized.
For the Three Months Ended March 31, 2013 (unaudited)
Per Share Operating Performance |  | Ultra Australian Dollar |  |  | Ultra Euro |  |  | Ultra Yen |  |  | VIX Short-Term Futures ETF |  |  | VIX Mid-Term Futures ETF |  |  | Ultra VIX Short-Term Futures ETF |  |  | Short VIX Short-Term Futures ETF |
Net asset value, at December 31, 2012 |  | $ | 41.4986 |  |  | $ | 24.3499 |  |  | $ | 28.1840 |  |  | $ | 16.7875 |  |  | $ | 34.7003 |  |  | $ | 20.1318 |  |  | $ | 66.1298 |
Net investment income (loss) |  |  | (0.0949 | ) |  |  | (0.0536 | ) |  |  | (0.0537 | ) |  |  | (0.0240 | ) |  |  | (0.0539 | ) |  |  | (0.0464 | ) |  |  | (0.3013 | )
Net realized and unrealized gain (loss) |  |  | 0.7443 |  |  |  | (1.4326 | ) |  |  | (4.3565 | ) |  |  | (5.9388 | ) |  |  | (8.2105 | ) |  |  | (12.5093 | ) |  |  | 26.3688 |
Change in net asset value from operations |  |  | 0.6494 |  |  |  | (1.4862 | ) |  |  | (4.4102 | ) |  |  | (5.9628 | ) |  |  | (8.2644 | ) |  |  | (12.5557 | ) |  |  | 26 .0675 |
Net asset value, at March 31, 2013 |  | $ | 42.1480 |  |  | $ | 22.8637 |  |  | $ | 23.7738 |  |  | $ | 10.8247 |  |  | $ | 26.4359 |  |  | $ | 7.5761 |  |  | $ | 92.1973 |
Market value per share, at December 31, 2012† |  | $ | 41.45 |  |  | $ | 24.32 |  |  | $ | 28.28 |  |  | $ | 17.01 |  |  | $ | 34.22 |  |  | $ | 20.90 |  |  | $ | 65.45 |
Market value per share, at March 31, 2013† |  | $ | 42.55 |  |  | $ | 22.92 |  |  | $ | 23.69 |  |  | $ | 10.90 |  |  | $ | 26.43 |  |  | $ | 7.69 |  |  | $ | 91.08 |
Total Return, at net asset value^ |  |  | 1.6 | % |  |  | (6.1 | )% |  |  | (15.6 | )% |  |  | (35.5 | )% |  |  | (23.8 | )% |  |  | (62.4 | )% |  |  | 39.4 | %
Total Return, at market value^ |  |  | 2.7 | % |  |  | (5.8 | )% |  |  | (16.2 | )% |  |  | (35.9 | )% |  |  | (22.8 | )% |  |  | (63.2 | )% |  |  | 39.2 | %
Ratios to Average Net Assets** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expense ratio |  |  | (0.99 | )% |  |  | (0.95 | )% |  |  | (0.95 | )% |  |  | (0.85 | )% |  |  | (0.85 | )% |  |  | (1.94 | )% |  |  | (1.54 | )%
Expense ratio, excluding brokerage commissions |  |  | (0.95 | )% |  |  | (0.95 | )% |  |  | (0.95 | )% |  |  | (0.85 | )% |  |  | (0.85 | )% |  |  | (0.95 | )% |  |  | (0.95 | )%
Net investment income (loss) |  |  | (0.92 | )% |  |  | (0.89 | )% |  |  | (0.88 | )% |  |  | (0.79 | )% |  |  | (0.79 | )% |  |  | (1.91 | )% |  |  | (1.47 | )%
† | 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.
^ | Percentages are not annualized for the period ended March 31, 2013.
** | Percentages are annualized.
Selected data for a Share outstanding throughout the three months ended March 31, 2012: For the Three Months Ended March 31, 2012 (unaudited)
Per Share Operating Performance |  | UltraShort DJ-UBS Commodity |  |  | UltraShort DJ-UBS Crude Oil |  |  | UltraShort DJ-UBS Natural Gas* |  |  | UltraShort Gold* |  |  | UltraShort Silver |  |  | UltraShort Euro |  |  | UltraShort Yen |
Net asset value, at December 31, 2011 |  | $ | 56.9207 |  |  | $ | 38.8151 |  |  | $ | 23.8053 |  |  | $ | 82.7114 |  |  | $ | 76.6771 |  |  | $ | 20.3357 |  |  | $ | 40.9557 |
Net investment income (loss) |  |  | (0.1219 | ) |  |  | (0.0823 | ) |  |  | (0.1081 | ) |  |  | (0.1556 | ) |  |  | (0.1245 | ) |  |  | (0.0457 | ) |  |  | (0.0990 | )
Net realized and unrealized gain (loss) |  |  | (1.7902 | ) |  |  | (3.4880 | ) |  |  | 25.2447 |  |  |  | (14.8151 | ) |  |  | (24.1170 | ) |  |  | (1.3187 | ) |  |  | 6.1883 |
Change in net asset value from operations |  |  | (1.9121 | ) |  |  | (3.5703 | ) |  |  | 25.1366 |  |  |  | (14.9707 | ) |  |  | (24.2415 | ) |  |  | (1.3644 | ) |  |  | 6.0893 |
Net asset value, at March 31, 2012 |  | $ | 55.0086 |  |  | $ | 35.2448 |  |  | $ | 48.9419 |  |  | $ | 67.7407 |  |  | $ | 52.4356 |  |  | $ | 18.9713 |  |  | $ | 47.0450 |
Market value per share, at December 31, 2011† |  | $ | 56.19 |  |  | $ | 38.69 |  |  | $ | 23.96 |  |  | $ | 79.24 |  |  | $ | 79.35 |  |  | $ | 20.35 |  |  | $ | 40.95 |
Market value per share, at March 31, 2012† |  | $ | 54.71 |  |  | $ | 35.16 |  |  | $ | 49.35 |  |  | $ | 67.24 |  |  | $ | 52.75 |  |  | $ | 18.97 |  |  | $ | 47.05 |
Total Return, at net asset value^ |  |  | (3.4 | )% |  |  | (9.2 | )% |  |  | 105.6 | % |  |  | (18.1 | )% |  |  | (31.6 | )% |  |  | (6.7 | )% |  |  | 14.9 | %
Total Return, at market value^ |  |  | (2.6 | )% |  |  | (9.1 | )% |  |  | 106.0 | % |  |  | (15.1 | )% |  |  | (33.5 | )% |  |  | (6.8 | )% |  |  | 14.9 | %
Ratios to Average Net Assets** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expense ratio |  |  | (0.95 | )% |  |  | (0.97 | )% |  |  | (1.36 | )% |  |  | (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 | )% |  |  | (0.95 | )%
Net investment income (loss) |  |  | (0.92 | )% |  |  | (0.94 | )% |  |  | (1.34 | )% |  |  | (0.93 | )% |  |  | (0.92 | )% |  |  | (0.93 | )% |  |  | (0.92 | )%
* | See Note 1 of these Notes to Financial Statements.
† | 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.
^ | Percentages are not annualized for the period ended March 31, 2012.
** | Percentages are annualized.
For the Three Months Ended March 31, 2012 (unaudited)
Per Share Operating Performance |  | Ultra DJ-UBS Commodity |  |  | Ultra DJ-UBS Crude Oil |  |  | Ultra DJ-UBS Natural Gas* |  |  | Ultra Gold |  |  | Ultra Silver |  |  | Ultra Euro |  |  | Ultra Yen |
Net asset value, at December 31, 2011 |  | $ | 25.8805 |  |  | $ | 40.8828 |  |  | $ | 101.9786 |  |  | $ | 75.9066 |  |  | $ | 43.1903 |  |  | $ | 23.8860 |  |  | $ | 36.4704 |
Net investment income (loss) |  |  | (0.0629 | ) |  |  | (0.1023 | ) |  |  | (0.1657 | ) |  |  | (0.2085 | ) |  |  | (0.1297 | ) |  |  | (0.0565 | ) |  |  | (0.0787 | )
Net realized and unrealized gain (loss) |  |  | 0.2837 |  |  |  | 2.0318 |  |  |  | (64.1194 | ) |  |  | 12.0919 |  |  |  | 11.8333 |  |  |  | 1.4163 |  |  |  | (5.0241 | )
Change in net asset value from operations |  |  | 0.2208 |  |  |  | 1.9295 |  |  |  | (64.2851 | ) |  |  | 11.8834 |  |  |  | 11.7036 |  |  |  | 1.3598 |  |  |  | (5.1028 | )
Net asset value, at March 31, 2012 |  | $ | 26.1013 |  |  | $ | 42.8123 |  |  | $ | 37.6935 |  |  | $ | 87.7900 |  |  | $ | 54.8939 |  |  | $ | 25.2458 |  |  | $ | 31.3676 |
Market value per share, at December 31, 2011† |  | $ | 25.64 |  |  | $ | 40.94 |  |  | $ | 101.35 |  |  | $ | 79.01 |  |  | $ | 41.65 |  |  | $ | 23.87 |  |  | $ | 36.50 |
Market value per share, at March 31, 2012† |  | $ | 25.90 |  |  | $ | 42.91 |  |  | $ | 37.40 |  |  | $ | 88.40 |  |  | $ | 54.46 |  |  | $ | 25.21 |  |  | $ | 31.36 |
Total Return, at net asset value^ |  |  | 0.9 | % |  |  | 4.7 | % |  |  | (63.0 | )% |  |  | 15.7 | % |  |  | 27.1 | % |  |  | 5.7 | % |  |  | (14.0 | )%
Total Return, at market value^ |  |  | 1.0 | % |  |  | 4.8 | % |  |  | (63.1 | )% |  |  | 11.9 | % |  |  | 30.8 | % |  |  | 5.6 | % |  |  | (14.1 | )%
Ratios to Average Net Assets** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expense ratio |  |  | (0.95 | )% |  |  | (0.96 | )% |  |  | (1.23 | )% |  |  | (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 | )% |  |  | (0.95 | )%
Net investment income (loss) |  |  | (0.93 | )% |  |  | (0.94 | )% |  |  | (1.20 | )% |  |  | (0.92 | )% |  |  | (0.92 | )% |  |  | (0.93 | )% |  |  | (0.92 | )%
* | See Note 1 of these Notes to Financial Statements.
† | 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.
^ | Percentages are not annualized for the period ended March 31, 2012.
** | Percentages are annualized.
For the Three Months Ended March 31, 2012 (unaudited)
Per Share Operating Performance |  | VIX Short-Term Futures ETF |  |  | VIX Mid-Term Futures ETF |  |  | Ultra VIX Short-Term Futures ETF* |  |  | Short VIX Short-Term Futures ETF* |
Net asset value, at December 31, 2011 |  | $ | 76.3738 |  |  | $ | 74.1396 |  |  | $ | 741.0464 |  |  | $ | 25.8664 |
Net investment income (loss) |  |  | (0.0979 | ) |  |  | (0.1356 | ) |  |  | (1.2046 | ) |  |  | (0.1788 | )
Net realized and unrealized gain (loss) |  |  | (40.7796 | ) |  |  | (18.0538 | ) |  |  | (596.8653 | ) |  |  | 23.7982 |
Change in net asset value from operations |  |  | (40.8775 | ) |  |  | (18.1894 | ) |  |  | (598.0699 | ) |  |  | 23.6194 |
Net asset value, at March 31, 2012 |  | $ | 35.4963 |  |  | $ | 55.9502 |  |  | $ | 142.9765 |  |  | $ | 49.4858 |
Market value per share, at December 31, 2011† |  | $ | 75.74 |  |  | $ | 74.13 |  |  | $ | 729.60 |  |  | $ | 26.14 |
Market value per share, at March 31, 2012† |  | $ | 35.77 |  |  | $ | 56.74 |  |  | $ | 145.60 |  |  | $ | 49.07 |
Total Return, at net asset value^ |  |  | (53.5 | )% |  |  | (24.5 | )% |  |  | (80.7 | )% |  |  | 91.3 | %
Total Return, at market value^ |  |  | (52.8 | )% |  |  | (23.5 | )% |  |  | (80.0 | )% |  |  | 87.7 | %
Ratios to Average Net Assets** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expense ratio |  |  | (0.85 | )% |  |  | (0.85 | )% |  |  | (2.02 | )% |  |  | (2.00 | )%
Expense ratio, excluding brokerage commissions |  |  | (0.85 | )% |  |  | (0.85 | )% |  |  | (0.95 | )% |  |  | (0.95 | )%
Net investment income (loss) |  |  | (0.81 | )% |  |  | (0.83 | )% |  |  | (2.01 | )% |  |  | (1.97 | )%
* | See Note 1 of these Notes to Financial Statements.
† | 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.
^ | Percentages are not annualized for the period ended March 31, 2012.
** | Percentages are annualized.

X
- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=20225539&loc=d3e1280-108306 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 28 -Paragraph 30 -Subparagraph a-j -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 28 -Paragraph 23, 24 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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