| Valuation Of Investments |
The following table
summarizes the valuation of investments at March 31, 2013
using the fair value hierarchy:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level I - Quoted
Prices |
|
|
Level II - Other
Significant Observable Inputs |
|
|
|
|
| |
|
Short-Term U.S.
Government and
Agencies |
|
|
Futures
Contracts |
|
|
Forward
Agreements |
|
|
Foreign
Currency
Forward
Contracts |
|
|
Swap
Agreements |
|
|
Total |
|
|
UltraShort DJ-UBS
Commodity
|
|
$ |
3,062,812 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(92,919 |
) |
|
$ |
2,969,893 |
|
|
UltraShort DJ-UBS Crude
Oil
|
|
|
145,473,612 |
|
|
|
231,524 |
|
|
|
— |
|
|
|
— |
|
|
|
(11,368,414 |
) |
|
|
134,336,722 |
|
|
UltraShort DJ-UBS Natural
Gas
|
|
|
21,193,216 |
|
|
|
(3,496,753 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
17,696,463 |
|
|
UltraShort Gold
|
|
|
108,157,077 |
|
|
|
(1,410 |
) |
|
|
(3,246,282 |
) |
|
|
— |
|
|
|
— |
|
|
|
104,909,385 |
|
|
UltraShort
Silver
|
|
|
105,347,243 |
|
|
|
27,520 |
|
|
|
255,288 |
|
|
|
— |
|
|
|
— |
|
|
|
105,630,051 |
|
|
Short Euro
|
|
|
3,371,965 |
|
|
|
61,713 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,433,678 |
|
|
UltraShort Australian
Dollar
|
|
|
3,329,970 |
|
|
|
(109,570 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,220,400 |
|
|
UltraShort Euro
|
|
|
507,190,542 |
|
|
|
— |
|
|
|
— |
|
|
|
13,665,449 |
|
|
|
— |
|
|
|
520,855,991 |
|
|
UltraShort Yen
|
|
|
463,617,695 |
|
|
|
— |
|
|
|
— |
|
|
|
2,732,626 |
|
|
|
— |
|
|
|
466,350,321 |
|
|
Ultra DJ-UBS
Commodity
|
|
|
3,350,652 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
115,047 |
|
|
|
3,465,699 |
|
|
Ultra DJ-UBS Crude
Oil
|
|
|
304,000,111 |
|
|
|
1,362,516 |
|
|
|
— |
|
|
|
— |
|
|
|
25,193,571 |
|
|
|
330,556,198 |
|
|
Ultra DJ-UBS Natural
Gas
|
|
|
53,702,179 |
|
|
|
14,044,618 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
67,746,797 |
|
|
Ultra Gold
|
|
|
307,384,042 |
|
|
|
1,380 |
|
|
|
9,222,440 |
|
|
|
— |
|
|
|
— |
|
|
|
316,607,862 |
|
|
Ultra Silver
|
|
|
754,961,358 |
|
|
|
(27,770 |
) |
|
|
(8,106,718 |
) |
|
|
— |
|
|
|
— |
|
|
|
746,826,870 |
|
|
Ultra Australian
Dollar
|
|
|
3,676,902 |
|
|
|
124,930 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,801,832 |
|
|
Ultra Euro
|
|
|
4,478,920 |
|
|
|
— |
|
|
|
— |
|
|
|
(133,996 |
) |
|
|
— |
|
|
|
4,344,924 |
|
|
Ultra Yen
|
|
|
3,534,934 |
|
|
|
— |
|
|
|
— |
|
|
|
(70,562 |
) |
|
|
— |
|
|
|
3,464,372 |
|
|
VIX Short-Term Futures
ETF
|
|
|
152,936,809 |
|
|
|
(8,346,060 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
144,590,749 |
|
|
VIX Mid-Term Futures
ETF
|
|
|
49,702,438 |
|
|
|
(1,876,429 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
47,826,009 |
|
|
Ultra VIX Short-Term
Futures ETF
|
|
|
118,784,756 |
|
|
|
(18,737,121 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
100,047,635 |
|
|
Short VIX Short-Term
Futures ETF
|
|
|
45,830,843 |
|
|
|
2,388,716 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
48,219,559 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Trust
|
|
$ |
3,163,088,076 |
|
|
$ |
(14,352,196 |
) |
|
$ |
(1,875,272 |
) |
|
$ |
16,193,517 |
|
|
$ |
13,847,285 |
|
|
$ |
3,176,901,410 |
|
The following table
summarizes the valuation of investments at December 31, 2012
using the fair value hierarchy:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level I - Quoted
Prices |
|
|
Level II - Other
Significant Observable Inputs |
|
|
|
|
| |
|
Short-Term U.S.
Government and
Agencies |
|
|
Futures
Contracts |
|
|
Forward
Agreements |
|
|
Foreign
Currency
Forward
Contracts |
|
|
Swap
Agreements |
|
|
Total |
|
|
UltraShort DJ-UBS
Commodity
|
|
$ |
2,803,904 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
148,502 |
|
|
$ |
2,952,406 |
|
|
UltraShort DJ-UBS Crude
Oil
|
|
|
87,046,389 |
|
|
|
(4,029,721 |
) |
|
|
— |
|
|
|
— |
|
|
|
(5,607,060 |
) |
|
|
77,409,608 |
|
|
UltraShort DJ-UBS Natural
Gas
|
|
|
10,042,731 |
|
|
|
409,135 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,451,866 |
|
|
UltraShort Gold
|
|
|
88,575,398 |
|
|
|
15,240 |
|
|
|
3,729,856 |
|
|
|
— |
|
|
|
— |
|
|
|
92,320,494 |
|
|
UltraShort
Silver
|
|
|
86,206,701 |
|
|
|
40,020 |
|
|
|
19,307,685 |
|
|
|
— |
|
|
|
— |
|
|
|
105,554,406 |
|
|
Short Euro
|
|
|
3,409,904 |
|
|
|
(55,056 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,354,848 |
|
|
UltraShort Australian
Dollar
|
|
|
3,302,907 |
|
|
|
85,590 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,388,497 |
|
|
UltraShort Euro
|
|
|
553,430,562 |
|
|
|
— |
|
|
|
— |
|
|
|
(13,147,572 |
) |
|
|
— |
|
|
|
540,282,990 |
|
|
UltraShort Yen
|
|
|
362,743,231 |
|
|
|
— |
|
|
|
— |
|
|
|
38,114,175 |
|
|
|
— |
|
|
|
400,857,406 |
|
|
Ultra DJ-UBS
Commodity
|
|
|
6,240,951 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(306,268 |
) |
|
|
5,934,683 |
|
|
Ultra DJ-UBS Crude
Oil
|
|
|
437,662,650 |
|
|
|
21,960,410 |
|
|
|
— |
|
|
|
— |
|
|
|
33,333,620 |
|
|
|
492,956,680 |
|
|
Ultra DJ-UBS Natural
Gas
|
|
|
64,313,224 |
|
|
|
(3,816,950 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
60,496,274 |
|
|
Ultra Gold
|
|
|
350,624,904 |
|
|
|
(15,240 |
) |
|
|
(15,652,058 |
) |
|
|
— |
|
|
|
— |
|
|
|
334,957,606 |
|
|
Ultra Silver
|
|
|
891,057,386 |
|
|
|
(40,020 |
) |
|
|
(145,740,706 |
) |
|
|
— |
|
|
|
— |
|
|
|
745,276,660 |
|
|
Ultra Australian
Dollar
|
|
|
3,570,894 |
|
|
|
(99,030 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,471,864 |
|
|
Ultra Euro
|
|
|
4,546,944 |
|
|
|
— |
|
|
|
— |
|
|
|
87,159 |
|
|
|
— |
|
|
|
4,634,103 |
|
|
Ultra Yen
|
|
|
4,587,918 |
|
|
|
— |
|
|
|
— |
|
|
|
(494,296 |
) |
|
|
— |
|
|
|
4,093,622 |
|
|
VIX Short-Term Futures
ETF
|
|
|
144,060,921 |
|
|
|
(221,419 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
143,839,502 |
|
|
VIX Mid-Term Futures
ETF
|
|
|
79,930,866 |
|
|
|
(1,470,410 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
78,460,456 |
|
|
Ultra VIX Short-Term
Futures ETF
|
|
|
97,440,843 |
|
|
|
2,057,062 |
|
|
|
— |
|
|
|
— |
|
|
|
301,351 |
|
|
|
99,799,256 |
|
|
Short VIX Short-Term
Futures ETF
|
|
|
53,686,352 |
|
|
|
(1,387,175 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
52,299,177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Trust
|
|
$ |
3,335,285,580 |
|
|
$ |
13,432,436 |
|
|
$ |
(138,355,223 |
) |
|
$ |
24,559,466 |
|
|
$ |
27,870,145 |
|
|
$ |
3,262,792,404 |
|
|