| Financial Highlights |
NOTE 7 – FINANCIAL HIGHLIGHTS
Selected data for a Share outstanding throughout the three
months ended June 30, 2014:
|
|
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|
|
|
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|
|
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|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30, 2014
(unaudited)
|
|
|
Per Share Operating Performance
|
|
UltraShort
Bloomberg
Commodity |
|
|
UltraShort
Bloomberg
Crude Oil |
|
|
UltraShort
Bloomberg
Natural Gas |
|
|
UltraShort
Gold |
|
|
UltraShort
Silver |
|
|
Short Euro |
|
|
UltraShort
Australian
Dollar |
|
|
Net asset value, at March 31, 2014
|
|
$ |
54.7316 |
|
|
$ |
28.4845 |
|
|
$ |
43.9084 |
|
|
$ |
88.2955 |
|
|
$ |
82.7317 |
|
|
$ |
35.5105 |
|
|
$ |
42.3310 |
|
|
Net investment income (loss)
|
|
|
(0.1211 |
) |
|
|
(0.0623 |
) |
|
|
(0.1094 |
) |
|
|
(0.1972 |
) |
|
|
(0.1892 |
) |
|
|
(0.0817 |
) |
|
|
(0.0991 |
) |
|
Net realized and unrealized gain (loss)
|
|
|
(0.3675 |
) |
|
|
(3.7890 |
) |
|
|
(3.2407 |
) |
|
|
(4.1015 |
) |
|
|
(8.8783 |
) |
|
|
0.1843 |
|
|
|
(1.9777 |
) |
|
Change in net asset value from operations
|
|
|
(0.4886 |
) |
|
|
(3.8513 |
) |
|
|
(3.3501 |
) |
|
|
(4.2987 |
) |
|
|
(9.0675 |
) |
|
|
0.1026 |
|
|
|
(2.0768 |
) |
|
Net asset value, at June 30, 2014
|
|
$ |
54.2430 |
|
|
$ |
24.6332 |
|
|
$ |
40.5583 |
|
|
$ |
83.9968 |
|
|
$ |
73.6642 |
|
|
$ |
35.6131 |
|
|
$ |
40.2542 |
|
|
|
|
|
|
|
|
|
|
Market value per share, at March 31, 2014†
|
|
$ |
55.25 |
|
|
$ |
28.54 |
|
|
$ |
43.71 |
|
|
$ |
89.45 |
|
|
$ |
84.24 |
|
|
$ |
35.58 |
|
|
$ |
42.27 |
|
|
Market value per share, at June 30, 2014†
|
|
$ |
52.00 |
|
|
$ |
24.61 |
|
|
$ |
40.43 |
|
|
$ |
82.11 |
|
|
$ |
72.05 |
|
|
$ |
35.66 |
|
|
$ |
40.29 |
|
|
|
|
|
|
|
|
|
|
Total Return, at net asset value^
|
|
|
(0.9 |
)% |
|
|
(13.5 |
)% |
|
|
(7.6 |
)% |
|
|
(4.9 |
)% |
|
|
(11.0 |
)% |
|
|
0.3 |
% |
|
|
(4.9 |
)% |
|
Total Return, at market value^
|
|
|
(5.9 |
)% |
|
|
(13.8 |
)% |
|
|
(7.5 |
)% |
|
|
(8.2 |
)% |
|
|
(14.5 |
)% |
|
|
0.2 |
% |
|
|
(4.7 |
)% |
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets**
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expense ratio
|
|
|
(0.95 |
)% |
|
|
(0.98 |
)% |
|
|
(1.15 |
)% |
|
|
(0.95 |
)% |
|
|
(0.95 |
)% |
|
|
(0.97 |
)% |
|
|
(1.00 |
)% |
|
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 |
)% |
|
|
(0.94 |
)% |
|
|
(1.11 |
)% |
|
|
(0.90 |
)% |
|
|
(0.90 |
)% |
|
|
(0.92 |
)% |
|
|
(0.96 |
)% |
| † |
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 June 30, 2014. |
| ** |
Percentages are annualized. |
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30, 2014
(unaudited)
|
|
|
Per Share Operating Performance
|
|
UltraShort
Euro |
|
|
UltraShort Yen |
|
|
Ultra
Bloomberg
Commodity |
|
|
Ultra
Bloomberg
Crude Oil |
|
|
Ultra
Bloomberg
Natural Gas |
|
|
Ultra Gold |
|
|
Ultra Silver |
|
|
Net asset value, at March 31, 2014
|
|
$ |
16.9264 |
|
|
$ |
67.6164 |
|
|
$ |
22.1066 |
|
|
$ |
34.6261 |
|
|
$ |
45.1373 |
|
|
$ |
47.0239 |
|
|
$ |
65.2313 |
|
|
Net investment income (loss)
|
|
|
(0.0380 |
) |
|
|
(0.1463 |
) |
|
|
(0.0507 |
) |
|
|
(0.0846 |
) |
|
|
(0.1336 |
) |
|
|
(0.1043 |
) |
|
|
(0.1410 |
) |
|
Net realized and unrealized gain (loss)
|
|
|
0.1719 |
|
|
|
(2.5778 |
) |
|
|
(0.0269 |
) |
|
|
4.6490 |
|
|
|
0.0314 |
|
|
|
1.4581 |
|
|
|
5.0140 |
|
|
Change in net asset value from operations
|
|
|
0.1339 |
|
|
|
(2.7241 |
) |
|
|
(0.0776 |
) |
|
|
4.5644 |
|
|
|
(0.1022 |
) |
|
|
1.3538 |
|
|
|
4.8730 |
|
|
Net asset value, at June 30, 2014
|
|
$ |
17.0603 |
|
|
$ |
64.8923 |
|
|
$ |
22.0290 |
|
|
$ |
39.1905 |
|
|
$ |
45.0351 |
|
|
$ |
48.3777 |
|
|
$ |
70.1043 |
|
|
|
|
|
|
|
|
|
|
Market value per share, at March 31, 2014†
|
|
$ |
16.93 |
|
|
$ |
67.62 |
|
|
$ |
21.51 |
|
|
$ |
34.56 |
|
|
$ |
45.32 |
|
|
$ |
46.34 |
|
|
$ |
64.12 |
|
|
Market value per share, at June 30, 2014†
|
|
$ |
17.05 |
|
|
$ |
64.89 |
|
|
$ |
22.02 |
|
|
$ |
39.19 |
|
|
$ |
45.02 |
|
|
$ |
49.41 |
|
|
$ |
71.76 |
|
|
|
|
|
|
|
|
|
|
Total Return, at net asset value^
|
|
|
0.8 |
% |
|
|
(4.0 |
)% |
|
|
(0.4 |
)% |
|
|
13.2 |
% |
|
|
(0.2 |
)% |
|
|
2.9 |
% |
|
|
7.5 |
% |
|
Total Return, at market value^
|
|
|
0.7 |
% |
|
|
(4.0 |
)% |
|
|
2.4 |
% |
|
|
13.4 |
% |
|
|
(0.7 |
)% |
|
|
6.6 |
% |
|
|
11.9 |
% |
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets**
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expense ratio
|
|
|
(0.95 |
)% |
|
|
(0.95 |
)% |
|
|
(0.95 |
)% |
|
|
(0.98 |
)% |
|
|
(1.15 |
)% |
|
|
(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)
|
|
|
(0.89 |
)% |
|
|
(0.89 |
)% |
|
|
(0.90 |
)% |
|
|
(0.93 |
)% |
|
|
(1.11 |
)% |
|
|
(0.90 |
)% |
|
|
(0.91 |
)% |
| † |
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 June 30, 2014. |
| ** |
Percentages are annualized. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30, 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 March 31, 2014
|
|
$ |
34.4436 |
|
|
$ |
26.0292 |
|
|
$ |
19.3058 |
|
|
$ |
28.2007 |
|
|
$ |
18.4937 |
|
|
$ |
60.2965 |
|
|
$ |
61.8592 |
|
|
Net investment income (loss)
|
|
|
(0.0814 |
) |
|
|
(0.0578 |
) |
|
|
(0.0438 |
) |
|
|
(0.0488 |
) |
|
|
(0.0350 |
) |
|
|
(0.1784 |
) |
|
|
(0.2536 |
) |
|
Net realized and unrealized gain (loss)
|
|
|
1.5579 |
|
|
|
(0.3060 |
) |
|
|
0.7057 |
|
|
|
(9.1435 |
) |
|
|
(3.0164 |
) |
|
|
(33.5661 |
) |
|
|
26.8007 |
|
|
Change in net asset value from operations
|
|
|
1.4765 |
|
|
|
(0.3638 |
) |
|
|
0.6619 |
|
|
|
(9.1923 |
) |
|
|
(3.0514 |
) |
|
|
(33.7445 |
) |
|
|
26.5471 |
|
|
Net asset value, at June 30, 2014
|
|
$ |
35.9201 |
|
|
$ |
25.6654 |
|
|
$ |
19.9677 |
|
|
$ |
19.0084 |
|
|
$ |
15.4423 |
|
|
$ |
26.5520 |
|
|
$ |
88.4063 |
|
|
|
|
|
|
|
|
|
|
Market value per share, at March 31, 2014†
|
|
$ |
34.46 |
|
|
$ |
25.98 |
|
|
$ |
19.29 |
|
|
$ |
28.10 |
|
|
$ |
18.50 |
|
|
$ |
59.91 |
|
|
$ |
61.97 |
|
|
Market value per share, at June 30, 2014†
|
|
$ |
35.65 |
|
|
$ |
25.80 |
|
|
$ |
20.07 |
|
|
$ |
19.03 |
|
|
$ |
15.47 |
|
|
$ |
26.62 |
|
|
$ |
88.27 |
|
|
|
|
|
|
|
|
|
|
Total Return, at net asset value^
|
|
|
4.3 |
% |
|
|
(1.4 |
)% |
|
|
3.4 |
% |
|
|
(32.6 |
)% |
|
|
(16.5 |
)% |
|
|
(56.0 |
)% |
|
|
42.9 |
% |
|
Total Return, at market value^
|
|
|
3.5 |
% |
|
|
(0.7 |
)% |
|
|
4.0 |
% |
|
|
(32.3 |
)% |
|
|
(16.4 |
)% |
|
|
(55.6 |
)% |
|
|
42.4 |
% |
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets**
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expense ratio
|
|
|
(0.99 |
)% |
|
|
(0.95 |
)% |
|
|
(0.95 |
)% |
|
|
(0.85 |
)% |
|
|
(0.85 |
)% |
|
|
(1.73 |
)% |
|
|
(1.48 |
)% |
|
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 |
)% |
|
|
(0.90 |
)% |
|
|
(0.89 |
)% |
|
|
(0.81 |
)% |
|
|
(0.81 |
)% |
|
|
(1.71 |
)% |
|
|
(1.44 |
)% |
| † |
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 June 30, 2014. |
| ** |
Percentages are annualized. |
Selected data for a Share outstanding throughout the three
months ended June 30, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30, 2013
(unaudited)
|
|
|
Per Share Operating Performance
|
|
UltraShort
Bloomberg
Commodity |
|
|
UltraShort
Bloomberg
Crude Oil |
|
|
UltraShort
Bloomberg
Natural Gas |
|
|
UltraShort
Gold |
|
|
UltraShort
Silver |
|
|
Short Euro |
|
|
UltraShort
Australian
Dollar |
|
|
Net asset value, at March 31, 2013
|
|
$ |
55.1027 |
|
|
$ |
36.4792 |
|
|
$ |
71.8641 |
|
|
$ |
67.8681 |
|
|
$ |
54.0616 |
|
|
$ |
38.6319 |
|
|
$ |
36.8899 |
|
|
Net investment income (loss)
|
|
|
(0.1323 |
) |
|
|
(0.0890 |
) |
|
|
(0.2013 |
) |
|
|
(0.1885 |
) |
|
|
(0.1695 |
) |
|
|
(0.0857 |
) |
|
|
(0.1080 |
) |
|
Net realized and unrealized gain (loss)#
|
|
|
10.9199 |
|
|
|
(0.0509 |
) |
|
|
16.9096 |
|
|
|
46.4189 |
|
|
|
56.7051 |
|
|
|
(0.6198 |
) |
|
|
9.6293 |
|
|
Change in net asset value from operations
|
|
|
10.7876 |
|
|
|
(0.1399 |
) |
|
|
16.7083 |
|
|
|
46.2304 |
|
|
|
56.5356 |
|
|
|
(0.7055 |
) |
|
|
9.5213 |
|
|
Net asset value, at June 30, 2013
|
|
$ |
65.8903 |
|
|
$ |
36.3393 |
|
|
$ |
88.5724 |
|
|
$ |
114.0985 |
|
|
$ |
110.5972 |
|
|
$ |
37.9264 |
|
|
$ |
46.4112 |
|
|
|
|
|
|
|
|
|
|
Market value per share, at March 31, 2013†
|
|
$ |
51.14 |
|
|
$ |
36.62 |
|
|
$ |
72.24 |
|
|
$ |
68.01 |
|
|
$ |
55.02 |
|
|
$ |
38.65 |
|
|
$ |
36.41 |
|
|
Market value per share, at June 30, 2013†
|
|
$ |
64.97 |
|
|
$ |
36.45 |
|
|
$ |
88.00 |
|
|
$ |
106.50 |
|
|
$ |
101.27 |
|
|
$ |
38.01 |
|
|
$ |
46.54 |
|
|
|
|
|
|
|
|
|
|
Total Return, at net asset value^
|
|
|
19.6 |
% |
|
|
(0.4 |
)% |
|
|
23.2 |
% |
|
|
68.1 |
% |
|
|
104.6 |
% |
|
|
(1.8 |
)% |
|
|
25.8 |
% |
|
Total Return, at market value^
|
|
|
27.0 |
% |
|
|
(0.5 |
)% |
|
|
21.8 |
% |
|
|
56.6 |
% |
|
|
84.1 |
% |
|
|
(1.7 |
)% |
|
|
27.8 |
% |
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets**
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expense ratio
|
|
|
(0.95 |
)% |
|
|
(0.99 |
)% |
|
|
(1.22 |
)% |
|
|
(0.95 |
)% |
|
|
(0.95 |
)% |
|
|
(0.96 |
)% |
|
|
(1.06 |
)% |
|
Expense ratio, excluding brokerage commissions
|
|
|
(0.95 |
)% |
|
|
(0.95 |
)% |
|
|
(0.95 |
)% |
|
|
(0.95 |
)% |
|
|
(0.95 |
)% |
|
|
(0.95 |
)% |
|
|
(0.95 |
)% |
|
Net investment income (loss)
|
|
|
(0.89 |
)% |
|
|
(0.94 |
)% |
|
|
(1.16 |
)% |
|
|
(0.90 |
)% |
|
|
(0.90 |
)% |
|
|
(0.91 |
)% |
|
|
(1.03 |
)% |
| # |
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 June 30, 2013. |
| ** |
Percentages are annualized. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30, 2013
(unaudited)
|
|
|
Per Share Operating Performance
|
|
UltraShort
Euro |
|
|
UltraShort Yen |
|
|
Ultra
Bloomberg
Commodity |
|
|
Ultra
Bloomberg
Crude Oil |
|
|
Ultra
Bloomberg
Natural Gas |
|
|
Ultra Gold |
|
|
Ultra Silver* |
|
|
Net asset value, at March 31, 2013
|
|
$ |
20.0135 |
|
|
$ |
59.0103 |
|
|
$ |
23.6100 |
|
|
$ |
31.6693 |
|
|
$ |
50.2520 |
|
|
$ |
77.1858 |
|
|
$ |
153.9142 |
|
|
Net investment income (loss)
|
|
|
(0.0435 |
) |
|
|
(0.1447 |
) |
|
|
(0.0479 |
) |
|
|
(0.0674 |
) |
|
|
(0.1359 |
) |
|
|
(0.1322 |
) |
|
|
(0.2137 |
) |
|
Net realized and unrealized gain (loss)
|
|
|
(0.6810 |
) |
|
|
5.2415 |
|
|
|
(4.3018 |
) |
|
|
(1.4405 |
) |
|
|
(14.0947 |
) |
|
|
(35.3778 |
) |
|
|
(90.7274 |
) |
|
Change in net asset value from operations
|
|
|
(0.7245 |
) |
|
|
5.0968 |
|
|
|
(4.3497 |
) |
|
|
(1.5079 |
) |
|
|
(14.2306 |
) |
|
|
(35.5100 |
) |
|
|
(90.9411 |
) |
|
Net asset value, at June 30, 2013
|
|
$ |
19.2890 |
|
|
$ |
64.1071 |
|
|
$ |
19.2603 |
|
|
$ |
30.1614 |
|
|
$ |
36.0214 |
|
|
$ |
41.6758 |
|
|
$ |
62.9731 |
|
|
|
|
|
|
|
|
|
|
Market value per share, at March 31, 2013†
|
|
$ |
20.00 |
|
|
$ |
59.00 |
|
|
$ |
23.92 |
|
|
$ |
31.56 |
|
|
$ |
49.95 |
|
|
$ |
77.01 |
|
|
$ |
151.00 |
|
|
Market value per share, at June 30, 2013†
|
|
$ |
19.29 |
|
|
$ |
64.08 |
|
|
$ |
18.96 |
|
|
$ |
30.11 |
|
|
$ |
36.26 |
|
|
$ |
44.63 |
|
|
$ |
68.00 |
|
|
|
|
|
|
|
|
|
|
Total Return, at net asset value^
|
|
|
(3.6 |
)% |
|
|
8.6 |
% |
|
|
(18.4 |
)% |
|
|
(4.8 |
)% |
|
|
(28.3 |
)% |
|
|
(46.0 |
)% |
|
|
(59.1 |
)% |
|
Total Return, at market value^
|
|
|
(3.6 |
)% |
|
|
8.6 |
% |
|
|
(20.7 |
)% |
|
|
(4.6 |
)% |
|
|
(27.4 |
)% |
|
|
(42.0 |
)% |
|
|
(55.0 |
)% |
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets**
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expense ratio
|
|
|
(0.95 |
)% |
|
|
(0.95 |
)% |
|
|
(0.95 |
)% |
|
|
(0.98 |
)% |
|
|
(1.19 |
)% |
|
|
(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)
|
|
|
(0.91 |
)% |
|
|
(0.90 |
)% |
|
|
(0.89 |
)% |
|
|
(0.94 |
)% |
|
|
(1.14 |
)% |
|
|
(0.87 |
)% |
|
|
(0.88 |
)% |
| * |
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 June 30, 2013. |
| ** |
Percentages are annualized. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30, 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 March 31, 2013
|
|
$ |
42.1480 |
|
|
$ |
22.8637 |
|
|
$ |
23.7738 |
|
|
$ |
54.1233 |
|
|
$ |
26.4359 |
|
|
$ |
303.0453 |
|
|
$ |
46.0986 |
|
|
Net investment income (loss)
|
|
|
(0.0909 |
) |
|
|
(0.0533 |
) |
|
|
(0.0482 |
) |
|
|
(0.1069 |
) |
|
|
(0.0525 |
) |
|
|
(1.1661 |
) |
|
|
(0.1633 |
) |
|
Net realized and unrealized gain (loss)#
|
|
|
(9.2248 |
) |
|
|
0.6640 |
|
|
|
(2.5057 |
) |
|
|
1.9255 |
|
|
|
1.9041 |
|
|
|
(13.8954 |
) |
|
|
(6.8039 |
) |
|
Change in net asset value from operations
|
|
|
(9.3157 |
) |
|
|
0.6107 |
|
|
|
(2.5539 |
) |
|
|
1.8186 |
|
|
|
1.8516 |
|
|
|
(15.0615 |
) |
|
|
(6.9672 |
) |
|
Net asset value, at June 30, 2013
|
|
$ |
32.8323 |
|
|
$ |
23.4744 |
|
|
$ |
21.2199 |
|
|
$ |
55.9419 |
|
|
$ |
28.2875 |
|
|
$ |
287.9838 |
|
|
$ |
39.1314 |
|
|
|
|
|
|
|
|
|
|
Market value per share, at March 31, 2013†
|
|
$ |
42.55 |
|
|
$ |
22.92 |
|
|
$ |
23.69 |
|
|
$ |
54.50 |
|
|
$ |
26.43 |
|
|
$ |
307.60 |
|
|
$ |
45.54 |
|
|
Market value per share, at June 30, 2013†
|
|
$ |
33.96 |
|
|
$ |
23.25 |
|
|
$ |
21.10 |
|
|
$ |
55.91 |
|
|
$ |
28.25 |
|
|
$ |
286.76 |
|
|
$ |
39.23 |
|
|
|
|
|
|
|
|
|
|
Total Return, at net asset value^
|
|
|
(22.1 |
)% |
|
|
2.7 |
% |
|
|
(10.7 |
)% |
|
|
3.4 |
% |
|
|
7.0 |
% |
|
|
(5.0 |
)% |
|
|
(15.1 |
)% |
|
Total Return, at market value^
|
|
|
(20.2 |
)% |
|
|
1.4 |
% |
|
|
(10.9 |
)% |
|
|
2.6 |
% |
|
|
6.9 |
% |
|
|
(6.8 |
)% |
|
|
(13.9 |
)% |
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets**
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expense ratio
|
|
|
(0.99 |
)% |
|
|
(0.95 |
)% |
|
|
(0.95 |
)% |
|
|
(0.85 |
)% |
|
|
(0.85 |
)% |
|
|
(1.80 |
)% |
|
|
(1.56 |
)% |
|
Expense ratio, excluding brokerage commissions
|
|
|
(0.95 |
)% |
|
|
(0.95 |
)% |
|
|
(0.95 |
)% |
|
|
(0.85 |
)% |
|
|
(0.85 |
)% |
|
|
(0.95 |
)% |
|
|
(0.95 |
)% |
|
Net investment income (loss)
|
|
|
(0.95 |
)% |
|
|
(0.90 |
)% |
|
|
(0.90 |
)% |
|
|
(0.81 |
)% |
|
|
(0.81 |
)% |
|
|
(1.77 |
)% |
|
|
(1.52 |
)% |
| * |
See Note 1 of these Notes to
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. |
| ^ |
Percentages are not annualized for
the period ended June 30, 2013. |
| ** |
Percentages are annualized. |
Selected data for a Share outstanding throughout the six months
ended June 30, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended June 30, 2014
(unaudited)
|
|
|
Per Share Operating Performance
|
|
UltraShort
Bloomberg
Commodity |
|
|
UltraShort
Bloomberg
Crude Oil |
|
|
UltraShort
Bloomberg
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)
|
|
|
(0.2543 |
) |
|
|
(0.1298 |
) |
|
|
(0.2303 |
) |
|
|
(0.3952 |
) |
|
|
(0.3644 |
) |
|
|
(0.1618 |
) |
|
|
(0.2068 |
) |
|
Net realized and unrealized gain (loss)
|
|
|
(8.7963 |
) |
|
|
(6.9671 |
) |
|
|
(29.1749 |
) |
|
|
(19.1260 |
) |
|
|
(15.7534 |
) |
|
|
0.1882 |
|
|
|
(6.1774 |
) |
|
Change in net asset value from operations
|
|
|
(9.0506 |
) |
|
|
(7.0969 |
) |
|
|
(29.4052 |
) |
|
|
(19.5212 |
) |
|
|
(16.1178 |
) |
|
|
0.0264 |
|
|
|
(6.3842 |
) |
|
Net asset value, at June 30, 2014
|
|
$ |
54.2430 |
|
|
$ |
24.6332 |
|
|
$ |
40.5583 |
|
|
$ |
83.9968 |
|
|
$ |
73.6642 |
|
|
$ |
35.6131 |
|
|
$ |
40.2542 |
|
|
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 June 30, 2014†
|
|
$ |
52.00 |
|
|
$ |
24.61 |
|
|
$ |
40.43 |
|
|
$ |
82.11 |
|
|
$ |
72.05 |
|
|
$ |
35.66 |
|
|
$ |
40.29 |
|
|
|
|
|
|
|
|
|
|
Total Return, at net asset value^
|
|
|
(14.3 |
)% |
|
|
(22.4 |
)% |
|
|
(42.0 |
)% |
|
|
(18.9 |
)% |
|
|
(18.0 |
)% |
|
|
0.1 |
% |
|
|
(13.7 |
)% |
|
Total Return, at market value^
|
|
|
(11.0 |
)% |
|
|
(22.1 |
)% |
|
|
(41.7 |
)% |
|
|
(20.7 |
)% |
|
|
(20.1 |
)% |
|
|
0.0 |
% *** |
|
|
(13.7 |
)% |
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets**
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expense ratio
|
|
|
(0.95 |
)% |
|
|
(0.98 |
)% |
|
|
(1.16 |
)% |
|
|
(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 |
)% |
|
|
(0.93 |
)% |
|
|
(1.12 |
)% |
|
|
(0.90 |
)% |
|
|
(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 June 30, 2014. |
| ** |
Percentages are annualized. |
| *** |
Amount represents less than
0.01%. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended June 30, 2014
(unaudited)
|
|
|
Per Share Operating Performance
|
|
UltraShort
Euro |
|
|
UltraShort
Yen |
|
|
Ultra
Bloomberg
Commodity |
|
|
Ultra
Bloomberg
Crude Oil |
|
|
Ultra
Bloomberg
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)
|
|
|
(0.0753 |
) |
|
|
(0.2923 |
) |
|
|
(0.0971 |
) |
|
|
(0.1524 |
) |
|
|
(0.2458 |
) |
|
|
(0.2104 |
) |
|
|
(0.2944 |
) |
|
Net realized and unrealized gain (loss)
|
|
|
0.0743 |
|
|
|
(5.6794 |
) |
|
|
2.6944 |
|
|
|
7.2530 |
|
|
|
6.4426 |
|
|
|
7.3328 |
|
|
|
7.0682 |
|
|
Change in net asset value from operations
|
|
|
(0.0010 |
) |
|
|
(5.9717 |
) |
|
|
2.5973 |
|
|
|
7.1006 |
|
|
|
6.1968 |
|
|
|
7.1224 |
|
|
|
6.7738 |
|
|
Net asset value, at June 30, 2014
|
|
$ |
17.0603 |
|
|
$ |
64.8923 |
|
|
$ |
22.0290 |
|
|
$ |
39.1905 |
|
|
$ |
45.0351 |
|
|
$ |
48.3777 |
|
|
$ |
70.1043 |
|
|
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 June 30, 2014†
|
|
$ |
17.05 |
|
|
$ |
64.89 |
|
|
$ |
22.02 |
|
|
$ |
39.19 |
|
|
$ |
45.02 |
|
|
$ |
49.41 |
|
|
$ |
71.76 |
|
|
|
|
|
|
|
|
|
|
Total Return, at net asset value^
|
|
|
(0.0 |
)% *** |
|
|
(8.4 |
)% |
|
|
13.4 |
% |
|
|
22.1 |
% |
|
|
16.0 |
% |
|
|
17.3 |
% |
|
|
10.7 |
% |
|
Total Return, at market value^
|
|
|
(0.1 |
)% |
|
|
(8.5 |
)% |
|
|
15.1 |
% |
|
|
21.6 |
% |
|
|
14.6 |
% |
|
|
19.8 |
% |
|
|
13.8 |
% |
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets**
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expense ratio
|
|
|
(0.95 |
)% |
|
|
(0.95 |
)% |
|
|
(0.95 |
)% |
|
|
(0.98 |
)% |
|
|
(1.12 |
)% |
|
|
(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)
|
|
|
(0.89 |
)% |
|
|
(0.88 |
)% |
|
|
(0.91 |
)% |
|
|
(0.92 |
)% |
|
|
(1.07 |
)% |
|
|
(0.90 |
)% |
|
|
(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 June 30, 2014. |
| ** |
Percentages are annualized. |
| *** |
Amount represents less than
(0.01)%. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended June 30, 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)
|
|
|
(0.1547 |
) |
|
|
(0.1144 |
) |
|
|
(0.0866 |
) |
|
|
(0.1078 |
) |
|
|
(0.0733 |
) |
|
|
(0.4282 |
) |
|
|
(0.4717 |
) |
|
Net realized and unrealized gain (loss)
|
|
|
4.3947 |
|
|
|
(0.2548 |
) |
|
|
1.4225 |
|
|
|
(9.4225 |
) |
|
|
(3.7803 |
) |
|
|
(40.1039 |
) |
|
|
21.3787 |
|
|
Change in net asset value from operations
|
|
|
4.2400 |
|
|
|
(0.3692 |
) |
|
|
1.3359 |
|
|
|
(9.5303 |
) |
|
|
(3.8536 |
) |
|
|
(40.5321 |
) |
|
|
20.9070 |
|
|
Net asset value, at June 30, 2014
|
|
$ |
35.9201 |
|
|
$ |
25.6654 |
|
|
$ |
19.9677 |
|
|
$ |
19.0084 |
|
|
$ |
15.4423 |
|
|
$ |
26.5520 |
|
|
$ |
88.4063 |
|
|
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 June 30, 2014†
|
|
$ |
35.65 |
|
|
$ |
25.80 |
|
|
$ |
20.07 |
|
|
$ |
19.03 |
|
|
$ |
15.47 |
|
|
$ |
26.62 |
|
|
$ |
88.27 |
|
|
|
|
|
|
|
|
|
|
Total Return, at net asset value^
|
|
|
13.4 |
% |
|
|
(1.4 |
)% |
|
|
7.2 |
% |
|
|
(33.4 |
)% |
|
|
(20.0 |
)% |
|
|
(60.4 |
)% |
|
|
31.0 |
% |
|
Total Return, at market value^
|
|
|
12.8 |
% |
|
|
(0.7 |
)% |
|
|
7.8 |
% |
|
|
(33.3 |
)% |
|
|
(19.8 |
)% |
|
|
(60.3 |
)% |
|
|
30.8 |
% |
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets**
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expense ratio
|
|
|
(1.00 |
)% |
|
|
(0.95 |
)% |
|
|
(0.95 |
)% |
|
|
(0.85 |
)% |
|
|
(0.85 |
)% |
|
|
(1.76 |
)% |
|
|
(1.49 |
)% |
|
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 |
)% |
|
|
(1.73 |
)% |
|
|
(1.45 |
)% |
| † |
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 June 30, 2014. |
| ** |
Percentages are annualized. |
Selected data for a Share outstanding throughout the six months
ended June 30, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended June 30, 2013
(unaudited)
|
|
|
Per Share Operating Performance
|
|
UltraShort
Bloomberg
Commodity |
|
|
UltraShort
Bloomberg
Crude Oil |
|
|
UltraShort
Bloomberg
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)
|
|
|
(0.2467 |
) |
|
|
(0.1744 |
) |
|
|
(0.4363 |
) |
|
|
(0.3363 |
) |
|
|
(0.2677 |
) |
|
|
(0.1698 |
) |
|
|
(0.2042 |
) |
|
Net realized and unrealized gain (loss)#
|
|
|
12.0349 |
|
|
|
(3.7942 |
) |
|
|
(13.1315 |
) |
|
|
50.5660 |
|
|
|
59.4698 |
|
|
|
0.4677 |
|
|
|
8.8073 |
|
|
Change in net asset value from operations
|
|
|
11.7882 |
|
|
|
(3.9686 |
) |
|
|
(13.5678 |
) |
|
|
50.2297 |
|
|
|
59.2021 |
|
|
|
0.2979 |
|
|
|
8.6031 |
|
|
Net asset value, at June 30, 2013
|
|
$ |
65.8903 |
|
|
$ |
36.3393 |
|
|
$ |
88.5724 |
|
|
$ |
114.0985 |
|
|
$ |
110.5972 |
|
|
$ |
37.9264 |
|
|
$ |
46.4112 |
|
|
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 June 30, 2013†
|
|
$ |
64.97 |
|
|
$ |
36.45 |
|
|
$ |
88.00 |
|
|
$ |
106.50 |
|
|
$ |
101.27 |
|
|
$ |
38.01 |
|
|
$ |
46.54 |
|
|
|
|
|
|
|
|
|
|
Total Return, at net asset value^
|
|
|
21.8 |
% |
|
|
(9.8 |
)% |
|
|
(13.3 |
)% |
|
|
78.6 |
% |
|
|
115.2 |
% |
|
|
0.8 |
% |
|
|
22.8 |
% |
|
Total Return, at market value^
|
|
|
25.8 |
% |
|
|
(9.9 |
)% |
|
|
(13.4 |
)% |
|
|
70.1 |
% |
|
|
102.3 |
% |
|
|
1.0 |
% |
|
|
23.3 |
% |
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets**
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expense ratio
|
|
|
(0.95 |
)% |
|
|
(0.98 |
)% |
|
|
(1.21 |
)% |
|
|
(0.95 |
)% |
|
|
(0.95 |
)% |
|
|
(0.96 |
)% |
|
|
(1.05 |
)% |
|
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 |
)% |
|
|
(0.92 |
)% |
|
|
(1.15 |
)% |
|
|
(0.89 |
)% |
|
|
(0.88 |
)% |
|
|
(0.91 |
)% |
|
|
(1.01 |
)% |
| # |
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 June 30, 2013. |
| ** |
Percentages are annualized. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended June 30, 2013
(unaudited)
|
|
|
Per Share Operating Performance
|
|
UltraShort
Euro |
|
|
UltraShort
Yen |
|
|
Ultra
Bloomberg
Commodity |
|
|
Ultra
Bloomberg
Crude Oil |
|
|
Ultra
Bloomberg
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)
|
|
|
(0.0846 |
) |
|
|
(0.2699 |
) |
|
|
(0.1017 |
) |
|
|
(0.1348 |
) |
|
|
(0.2278 |
) |
|
|
(0.3089 |
) |
|
|
(0.5601 |
) |
|
Net realized and unrealized gain (loss)#
|
|
|
0.3564 |
|
|
|
13.6193 |
|
|
|
(5.0255 |
) |
|
|
0.9021 |
|
|
|
(2.7998 |
) |
|
|
(41.7787 |
) |
|
|
(108.3574 |
) |
|
Change in net asset value from operations
|
|
|
0.2718 |
|
|
|
13.3494 |
|
|
|
(5.1272 |
) |
|
|
0.7673 |
|
|
|
(3.0276 |
) |
|
|
(42.0876 |
) |
|
|
(108.9175 |
) |
|
Net asset value, at June 30, 2013
|
|
$ |
19.2890 |
|
|
$ |
64.1071 |
|
|
$ |
19.2603 |
|
|
$ |
30.1614 |
|
|
$ |
36.0214 |
|
|
$ |
41.6758 |
|
|
$ |
62.9731 |
|
|
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 June 30, 2013†
|
|
$ |
19.29 |
|
|
$ |
64.08 |
|
|
$ |
18.96 |
|
|
$ |
30.11 |
|
|
$ |
36.26 |
|
|
$ |
44.63 |
|
|
$ |
68.00 |
|
|
|
|
|
|
|
|
|
|
Total Return, at net asset value^
|
|
|
1.4 |
% |
|
|
26.3 |
% |
|
|
(21.0 |
)% |
|
|
2.6 |
% |
|
|
(7.8 |
)% |
|
|
(50.2 |
)% |
|
|
(63.4 |
)% |
|
Total Return, at market value^
|
|
|
1.5 |
% |
|
|
26.2 |
% |
|
|
(20.8 |
)% |
|
|
2.7 |
% |
|
|
(7.6 |
)% |
|
|
(47.7 |
)% |
|
|
(61.5 |
)% |
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets**
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expense ratio
|
|
|
(0.95 |
)% |
|
|
(0.95 |
)% |
|
|
(0.95 |
)% |
|
|
(0.97 |
)% |
|
|
(1.15 |
)% |
|
|
(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)
|
|
|
(0.89 |
)% |
|
|
(0.89 |
)% |
|
|
(0.89 |
)% |
|
|
(0.91 |
)% |
|
|
(1.09 |
)% |
|
|
(0.88 |
)% |
|
|
(0.87 |
)% |
| * |
See Note 1 of these Notes to
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. |
| ^ |
Percentages are not annualized for
the period ended June 30, 2013. |
| ** |
Percentages are annualized. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended June 30, 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)
|
|
|
(0.1859 |
) |
|
|
(0.1070 |
) |
|
|
(0.1026 |
) |
|
|
(0.2241 |
) |
|
|
(0.1061 |
) |
|
|
(2.7768 |
) |
|
|
(0.3152 |
) |
|
Net realized and unrealized gain (loss)
|
|
|
(8.4804 |
) |
|
|
(0.7685 |
) |
|
|
(6.8615 |
) |
|
|
(27.7714 |
) |
|
|
(6.3067 |
) |
|
|
(514.5105 |
) |
|
|
6.3817 |
|
|
Change in net asset value from operations
|
|
|
(8.6663 |
) |
|
|
(0.8755 |
) |
|
|
(6.9641 |
) |
|
|
(27.9955 |
) |
|
|
(6.4128 |
) |
|
|
(517.2873 |
) |
|
|
6.0665 |
|
|
Net asset value, at June 30, 2013
|
|
$ |
32.8323 |
|
|
$ |
23.4744 |
|
|
$ |
21.2199 |
|
|
$ |
55.9419 |
|
|
$ |
28.2875 |
|
|
$ |
287.9838 |
|
|
$ |
39.1314 |
|
|
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 June 30, 2013†
|
|
$ |
33.96 |
|
|
$ |
23.25 |
|
|
$ |
21.10 |
|
|
$ |
55.91 |
|
|
$ |
28.25 |
|
|
$ |
286.76 |
|
|
$ |
39.23 |
|
|
|
|
|
|
|
|
|
|
Total Return, at net asset value^
|
|
|
(20.9 |
)% |
|
|
(3.6 |
)% |
|
|
(24.7 |
)% |
|
|
(33.4 |
)% |
|
|
(18.5 |
)% |
|
|
(64.2 |
)% |
|
|
18.3 |
% |
|
Total Return, at market value^
|
|
|
(18.1 |
)% |
|
|
(4.4 |
)% |
|
|
(25.4 |
)% |
|
|
(34.3 |
)% |
|
|
(17.4 |
)% |
|
|
(65.7 |
)% |
|
|
19.9 |
% |
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets**
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expense ratio
|
|
|
(0.99 |
)% |
|
|
(0.95 |
)% |
|
|
(0.95 |
)% |
|
|
(0.85 |
)% |
|
|
(0.85 |
)% |
|
|
(1.86 |
)% |
|
|
(1.55 |
)% |
|
Expense ratio, excluding brokerage commissions
|
|
|
(0.95 |
)% |
|
|
(0.95 |
)% |
|
|
(0.95 |
)% |
|
|
(0.85 |
)% |
|
|
(0.85 |
)% |
|
|
(0.95 |
)% |
|
|
(0.95 |
)% |
|
Net investment income (loss)
|
|
|
(0.94 |
)% |
|
|
(0.90 |
)% |
|
|
(0.89 |
)% |
|
|
(0.80 |
)% |
|
|
(0.80 |
)% |
|
|
(1.83 |
)% |
|
|
(1.50 |
)% |
| * |
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 June 30, 2013. |
| ** |
Percentages are annualized. |
|