v2.4.0.8

Financial Highlights

3 Months Ended

Mar. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Financial Highlights

NOTE 7 – FINANCIAL HIGHLIGHTS

Selected data for a Share outstanding throughout the three months ended March 31, 2014:

For the Three Months Ended March 31, 2014 (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, 2013		$	63.2936			$	31.7301			$	69.9635			$	103.5180			$	89.7820			$	35.5867			$	46.6384
Net investment income (loss)			(0.1332	)			(0.0690	)			(0.1225	)			(0.1979	)			(0.1773	)			(0.0799	)			(0.1073	)
Net realized and unrealized gain (loss)			(8.4288	)			(3.1766	)			(25.9326	)			(15.0246	)			(6.8730	)			0.0037				(4.2001	)
Change in net asset value from operations			(8.5620	)			(3.2456	)			(26.0551	)			(15.2225	)			(7.0503	)			(0.0762	)			(4.3074	)
Net asset value, at March 31, 2014		$	54.7316			$	28.4845			$	43.9084			$	88.2955			$	82.7317			$	35.5105			$	42.3310
Market value per share, at December 31, 2013†		$	58.41			$	31.58			$	69.36			$	103.53			$	90.19			$	35.66			$	46.66
Market value per share, at March 31, 2014†		$	55.25			$	28.54			$	43.71			$	89.45			$	84.24			$	35.58			$	42.27
Total Return, at net asset value^			(13.5	)%			(10.2	)%			(37.2	)%			(14.7	)%			(7.9	)%			(0.2	)%			(9.2	)%
Total Return, at market value^			(5.4	)%			(9.6	)%			(37.0	)%			(13.6	)%			(6.6	)%			(0.2	)%			(9.4	)%
Ratios to Average Net Assets**
Expense ratio			(0.95	)%			(0.97	)%			(1.17	)%			(0.95	)%			(0.95	)%			(0.96	)%			(1.01	)%
Expense ratio, excluding brokerage commissions			(0.95	)%			(0.95	)%			(0.95	)%			(0.95	)%			(0.95	)%			(0.95	)%			(0.95	)%
Net investment income (loss)			(0.91	)%			(0.91	)%			(1.12	)%			(0.89	)%			(0.89	)%			(0.91	)%			(0.95	)%

† 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, 2014.

** Percentages are annualized.

For the Three Months Ended March 31, 2014 (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, 2013		$	17.0613			$	70.8640			$	19.4317			$	32.0899			$	38.8383			$	41.2553			$	63.3305
Net investment income (loss)			(0.0373	)			(0.1459	)			(0.0464	)			(0.0712	)			(0.1183	)			(0.1060	)			(0.1535	)
Net realized and unrealized gain (loss)			(0.0976	)			(3.1017	)			2.7213				2.6074				6.4173				5.8746				2.0543
Change in net asset value from operations			(0.1349	)			(3.2476	)			2.6749				2.5362				6.2990				5.7686				1.9008
Net asset value, at March 31, 2014		$	16.9264			$	67.6164			$	22.1066			$	34.6261			$	45.1373			$	47.0239			$	65.2313
Market value per share, at December 31, 2013†		$	17.06			$	70.91			$	19.13			$	32.22			$	39.28			$	41.26			$	63.04
Market value per share, at March 31, 2014†		$	16.93			$	67.62			$	21.51			$	34.56			$	45.32			$	46.34			$	64.12
Total Return, at net asset value^			(0.8	)%			(4.6	)%			13.8	%			7.9	%			16.2	%			14.0	%			3.0	%
Total Return, at market value^			(0.8	)%			(4.6	)%			12.4	%			7.3	%			15.4	%			12.3	%			1.7	%
Ratios to Average Net Assets**
Expense ratio			(0.95	)%			(0.95	)%			(0.95	)%			(0.98	)%			(1.11	)%			(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	)%			(0.91	)%			(0.92	)%			(1.06	)%			(0.91	)%			(0.90	)%

† 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, 2014.

** Percentages are annualized.

For the Three Months Ended March 31, 2014 (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, 2013		$	31.6801			$	26.0346			$	18.6318			$	28.5387			$	19.2959			$	67.0841			$	67.4993
Net investment income (loss)			(0.0733	)			(0.0566	)			(0.0428	)			(0.0577	)			(0.0383	)			(0.2919	)			(0.2209	)
Net realized and unrealized gain (loss)#			2.8368				0.0512				0.7168				(0.2803	)			(0.7639	)			(6.4957	)			(5.4192	)
Change in net asset value from operations			2.7635				(0.0054	)			0.6740				(0.3380	)			(0.8022	)			(6.7876	)			(5.6401	)
Net asset value, at March 31, 2014		$	34.4436			$	26.0292			$	19.3058			$	28.2007			$	18.4937			$	60.2965			$	61.8592
Market value per share, at December 31, 2013†		$	31.61			$	25.98			$	18.61			$	28.53			$	19.29			$	67.12			$	67.47
Market value per share, at March 31, 2014†		$	34.46			$	25.98			$	19.29			$	28.10			$	18.50			$	59.91			$	61.97
Total Return, at net asset value^			8.7	%			0.0	%***			3.6	%			(1.2	)%			(4.2	)%			(10.1	)%			(8.4	)%
Total Return, at market value^			9.0	%			0.0	%***			3.7	%			(1.5	)%			(4.1	)%			(10.7	)%			(8.2	)%
Ratios to Average Net Assets**
Expense ratio			(1.00	)%			(0.95	)%			(0.95	)%			(0.85	)%			(0.85	)%			(1.79	)%			(1.50	)%
Expense ratio, excluding brokerage commissions			(0.95	)%			(0.95	)%			(0.95	)%			(0.85	)%			(0.85	)%			(0.95	)%			(0.95	)%
Net investment income (loss)			(0.93	)%			(0.89	)%			(0.89	)%			(0.80	)%			(0.81	)%			(1.76	)%			(1.45	)%

# 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.

^ Percentages are not annualized for the period ended March 31, 2014.

** Percentages are annualized.

*** Amount represents less than 0.01%.

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			$	102.1402			$	63.8688			$	51.3951			$	37.6285			$	37.8081
Net investment income (loss)			(0.1143	)			(0.0850	)			(0.2565	)			(0.1428	)			(0.1068	)			(0.0840	)			(0.0867	)
Net realized and unrealized gain (loss)			1.1149				(3.7437	)			(30.0196	)			4.1421				2.7733				1.0874				(0.8315	)
Change in net asset value from operations			1.0006				(3.8287	)			(30.2761	)			3.9993				2.6665				1.0034				(0.9182	)
Net asset value, at March 31, 2013		$	55.1027			$	36.4792			$	71.8641			$	67.8681			$	54.0616			$	38.6319			$	36.8899
Market value per share, at December 31, 2012†		$	51.64			$	40.44			$	101.64			$	62.60			$	50.07			$	37.64			$	37.74
Market value per share, at March 31, 2013†		$	51.14			$	36.62			$	72.24			$	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	)%

* 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, 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			$	171.8906
Net investment income (loss)			(0.0411	)			(0.1244	)			(0.0535	)			(0.0674	)			(0.1040	)			(0.1744	)			(0.3644	)
Net realized and unrealized gain (loss)			1.0374				8.3770				(0.7240	)			2.3426				11.3070				(6.4032	)			(17.6120	)
Change in net asset value from operations			0.9963				8.2526				(0.7775	)			2.2752				11.2030				(6.5776	)			(17.9764	)
Net asset value, at March 31, 2013		$	20.0135			$	59.0103			$	23.6100			$	31.6693			$	50.2520			$	77.1858			$	153.9142
Market value per share, at December 31, 2012†		$	19.01			$	50.77			$	23.93			$	29.32			$	39.24			$	85.34			$	176.40
Market value per share, at March 31, 2013†		$	20.00			$	59.00			$	23.92			$	31.56			$	49.95			$	77.01			$	151.00
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	)%

* 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, 2013.

** Percentages are annualized.

*** Amount represents less than 0.01%.

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			$	83.9374			$	34.7003			$	805.2711			$	33.0649
Net investment income (loss)			(0.0949	)			(0.0536	)			(0.0537	)			(0.1201	)			(0.0539	)			(1.8551	)			(0.1506	)
Net realized and unrealized gain (loss)			0.7443				(1.4326	)			(4.3565	)			(29.6940	)			(8.2105	)			(500.3708	)			13.1843
Change in net asset value from operations			0.6494				(1.4862	)			(4.4102	)			(29.8141	)			(8.2644	)			(502.2259	)			13.0337
Net asset value, at March 31, 2013		$	42.1480			$	22.8637			$	23.7738			$	54.1233			$	26.4359			$	303.0453			$	46.0986
Market value per share, at December 31, 2012†		$	41.45			$	24.32			$	28.28			$	85.05			$	34.22			$	836.00			$	32.73
Market value per share, at March 31, 2013†		$	42.55			$	22.92			$	23.69			$	54.50			$	26.43			$	307.60			$	45.54
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	)%

* 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, 2013.

** Percentages are annualized.

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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 45

-Paragraph 13

-URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305



Reference 2: 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 3: 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=25249566&loc=d3e1280-108306



Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 6

-Section G

-Subsection 1



Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-K (SK)

-Number 229

-Section 302

-Paragraph a

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