NOTE 7 – FINANCIAL HIGHLIGHTS

Selected data for a Share outstanding throughout the three months ended March 31, 2015:

For the Three Months Ended March 31, 2015 (unaudited)


Per Share Operating Performance	Managed Futures Strategy			VIX Short- Term Futures ETF			VIX Mid- Term Futures ETF			Short VIX Short-Term Futures ETF			Ultra VIX Short-Term Futures ETF			UltraShort Bloomberg Commodity			UltraShort Bloomberg Crude Oil
Net asset value, at December 31, 2014	$	21.1354		$	20.9321		$	63.6020		$	61.4004		$	25.0918		$	87.7495		$	77.9790

Net investment income (loss)		(0.0433	)		(0.0467	)		(0.1452	)		(0.1987	)		(0.0811	)		(0.2053	)		(0.2022	)
Net realized and unrealized gain (loss)#		0.3763			(3.8007	)		(2.0840	)		6.4726			(9.8209	)		9.4334			8.9543
Change in net asset value from operations		0.3330			(3.8474	)		(2.2292	)		6.2739			(9.9020	)		9.2281			8.7521
Net asset value, at March 31, 2015	$	21.4684		$	17.0847		$	61.3728		$	67.6743		$	15.1898		$	96.9776		$	86.7311

Market value per share, at December 31, 2014†	$	21.28		$	20.99		$	63.89		$	61.16		$	25.15		$	87.44		$	76.52
Market value per share, at March 31, 2015†	$	21.50		$	17.01		$	61.09		$	68.04		$	15.05		$	98.25		$	87.14

Total Return, at net asset value		1.6	%		(18.4	)%		(3.5	)%		10.2	%		(39.5	)%		10.5	%		11.2	%
Total Return, at market value		1.0	%		(19.0	)%		(4.4	)%		11.2	%		(40.2	)%		12.4	%		13.9	%

Ratios to Average Net Assets

Expense ratio		(0.82	)%		(0.99	)%		(0.97	)%		(1.39	)%		(1.68	)%		(0.95	)%		(1.02	)%
Expense ratio, excluding brokerage commissions		(0.75	)%		(0.85	)%		(0.85	)%		(0.95	)%		(0.95	)%		(0.95	)%		(0.95	)%
Net investment income (loss)		(0.82	)%		(0.96	)%		(0.93	)%		(1.36	)%		(1.65	)%		(0.91	)%		(0.99	)%

#	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.

For the three months Ended March 31, 2015 (unaudited)


Per Share Operating Performance	UltraShort Bloomberg Natural Gas			UltraShort Gold			UltraShort Silver			Short Euro			UltraShort Australian Dollar			UltraShort Euro			UltraShort Yen
Net asset value, at December 31, 2014	$	83.9577		$	96.6516		$	115.6143		$	40.0617		$	51.3790		$	21.5946		$	89.3336

Net investment income (loss)		(0.2743	)		(0.2107	)		(0.2305	)		(0.0995	)		(0.1346	)		(0.0548	)		(0.1983	)
Net realized and unrealized gain (loss)#		3.8028			1.3794			(14.2099	)		4.8906			6.1975			5.4097			(0.1606	)
Change in net asset value from operations		3.5285			1.1687			(14.4404	)		4.7911			6.0629			5.3549			(0.3589	)
Net asset value, at March 31, 2015	$	87.4862		$	97.8203		$	101.1739		$	44.8528		$	57.4419		$	26.9495		$	88.9747

Market value per share, at December 31, 2014†	$	82.03		$	100.22		$	119.39		$	40.03		$	51.37		$	21.61		$	89.30
Market value per share, at March 31, 2015†	$	87.54		$	98.18		$	100.85		$	44.87		$	57.34		$	26.95		$	88.91

Total Return, at net asset value		4.2	%		1.2	%		(12.5	)%		12.0	%		11.8	%		24.8	%		(0.4	)%
Total Return, at market value		6.7	%		(2.0	)%		(15.5	)%		12.1	%		11.6	%		24.7	%		(0.4	)%

Ratios to Average Net Assets

Expense ratio		(1.43	)%		(0.95	)%		(0.95	)%		(0.97	)%		(1.02	)%		(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)		(1.39	)%		(0.91	)%		(0.90	)%		(0.94	)%		(1.00	)%		(0.90	)%		(0.91	)%

#	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.

For the three months Ended March 31, 2015 (unaudited)


Per Share Operating Performance	Ultra Bloomberg Commodity			Ultra Bloomberg Crude Oil			Ultra Bloomberg Natural Gas			Ultra Gold			Ultra Silver			Ultra Australian Dollar			Ultra Euro			Ultra Yen
Net asset value, at December 31, 2014	$	13.0337		$	10.1480		$	15.4123		$	40.0011		$	39.3657		$	27.4003		$	19.8744		$	14.1189

Net investment income (loss)		(0.0276	)		(0.0184	)		(0.0387	)		(0.0903	)		(0.0938	)		(0.0614	)		(0.0375	)		(0.0321	)
Net realized and unrealized gain (loss)#		(1.5924	)		(3.3046	)		(3.9570	)		(1.5312	)		2.2087			(3.3673	)		(4.2942	)		(0.0871	)
Change in net asset value from operations		(1.6200	)		(3.3230	)		(3.9957	)		(1.6215	)		2.1149			(3.4287	)		(4.3317	)		(0.1192	)
Net asset value, at March 31, 2015	$	11.4137		$	6.8250		$	11.4166		$	38.3796		$	41.4806		$	23.9716		$	15.5427		$	13.9997

Market value per share, at December 31, 2014†	$	12.86		$	10.37		$	15.78		$	38.41		$	38.05		$	27.43		$	19.80		$	14.12
Market value per share, at March 31, 2015†	$	11.70		$	6.79		$	11.39		$	38.14		$	41.69		$	24.20		$	15.54		$	13.99

Total Return, at net asset value		(12.4	)%		(32.7	)%		(25.9	)%		(4.1	)%		5.4	%		(12.5	)%		(21.8	)%		(0.8	)%
Total Return, at market value		(9.0	)%		(34.5	)%		(27.8	)%		(0.7	)%		9.6	%		(11.8	)%		(21.5	)%		(0.9	)%

Ratios to Average Net Assets

Expense ratio		(0.95	)%		(0.99	)%		(1.17	)%		(0.95	)%		(0.95	)%		(1.01	)%		(0.95	)%		(0.95	)%
Expense ratio, excluding brokerage commissions		(0.95	)%		(0.95	)%		(0.95	)%		(0.95	)%		(0.95	)%		(0.95	)%		(0.95	)%		(0.95	)%
Net investment income (loss)		(0.91	)%		(0.95	)%		(1.14	)%		(0.90	)%		(0.90	)%		(0.97	)%		(0.92	)%		(0.92	)%

#	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.

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	VIX Short- Term Futures ETF			VIX Mid- Term Futures ETF*			Short VIX Short-Term Futures ETF			Ultra VIX Short-Term Futures ETF			UltraShort Bloomberg Commodity			UltraShort Bloomberg Crude Oil			UltraShort Bloomberg Natural Gas
Net asset value, at December 31, 2013	$	28.5387		$	77.1838		$	67.4993		$	67.0841		$	63.2936		$	31.7301		$	69.9635

Net investment income (loss)		(0.0577	)		(0.1532	)		(0.2209	)		(0.2919	)		(0.1332	)		(0.0690	)		(0.1225	)
Net realized and unrealized gain (loss)#		(0.2803	)		(3.0559	)		(5.4192	)		(6.4957	)		(8.4288	)		(3.1766	)		(25.9326	)
Change in net asset value from operations		(0.3380	)		(3.2091	)		(5.6401	)		(6.7876	)		(8.5620	)		(3.2456	)		(26.0551	)
Net asset value, at March 31, 2014	$	28.2007		$	73.9747		$	61.8592		$	60.2965		$	54.7316		$	28.4845		$	43.9084

Market value per share, at December 31, 2013†	$	28.53		$	77.16		$	67.47		$	67.12		$	58.41		$	31.58		$	69.36
Market value per share, at March 31, 2014†	$	28.10		$	74.00		$	61.97		$	59.91		$	55.25		$	28.54		$	43.71

Total Return, at net asset value		(1.2	)%		(4.2	)%		(8.4	)%		(10.1	)%		(13.5	)%		(10.2	)%		(37.2	)%
Total Return, at market value		(1.5	)%		(4.1	)%		(8.2	)%		(10.7	)%		(5.4	)%		(9.6	)%		(37.0	)%

Ratios to Average Net Assets
Expense ratio		(0.85	)%		(0.85	)%		(1.50	)%		(1.79	)%		(0.95	)%		(0.97	)%		(1.17	)%
Expense ratio, excluding brokerage commissions		(0.85	)%		(0.85	)%		(0.95	)%		(0.95	)%		(0.95	)%		(0.95	)%		(0.95	)%
Net investment income (loss)		(0.80	)%		(0.81	)%		(1.45	)%		(1.76	)%		(0.91	)%		(0.91	)%		(1.12	)%

*	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.

For the Three Months Ended March 31, 2014 (unaudited)


Per Share Operating Performance	UltraShort Gold			UltraShort Silver			Short Euro			UltraShort Australian Dollar			UltraShort Euro			UltraShort Yen			Ultra Bloomberg Commodity
Net asset value, at December 31, 2013	$	103.5180		$	89.7820		$	35.5867		$	46.6384		$	17.0613		$	70.8640		$	19.4317

Net investment income (loss)		(0.1979	)		(0.1773	)		(0.0799	)		(0.1073	)		(0.0373	)		(0.1459	)		(0.0464	)
Net realized and unrealized gain (loss)#		(15.0246	)		(6.8730	)		0.0037			(4.2001	)		(0.0976	)		(3.1017	)		2.7213
Change in net asset value from operations		(15.2225	)		(7.0503	)		(0.0762	)		(4.3074	)		(0.1349	)		(3.2476	)		2.6749
Net asset value, at March 31, 2014	$	88.2955		$	82.7317		$	35.5105		$	42.3310		$	16.9264		$	67.6164		$	22.1066

Market value per share, at December 31, 2013†	$	103.53		$	90.19		$	35.66		$	46.66		$	17.06		$	70.91		$	19.13
Market value per share, at March 31, 2014†	$	89.45		$	84.24		$	35.58		$	42.27		$	16.93		$	67.62		$	21.51

Total Return, at net asset value		(14.7	)%		(7.9	)%		(0.2	)%		(9.2	)%		(0.8	)%		(4.6	)%		13.8	%
Total Return, at market value		(13.6	)%		(6.6	)%		(0.2	)%		(9.4	)%		(0.8	)%		(4.6	)%		12.4	%

Ratios to Average Net Assets
Expense ratio		(0.95	)%		(0.95	)%		(0.96	)%		(1.01	)%		(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)		(0.89	)%		(0.89	)%		(0.91	)%		(0.95	)%		(0.88	)%		(0.88	)%		(0.91	)%

#	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.

For the Three Months Ended March 31, 2014 (unaudited)


Per Share Operating Performance	Ultra Bloomberg Crude Oil			Ultra Bloomberg Natural Gas			Ultra Gold			Ultra Silver			Ultra Australian Dollar			Ultra Euro			Ultra Yen
Net asset value, at December 31, 2013	$	32.0899		$	38.8383		$	41.2553		$	63.3305		$	31.6801		$	26.0346		$	18.6318

Net investment income (loss)		(0.0712	)		(0.1183	)		(0.1060	)		(0.1535	)		(0.0733	)		(0.0566	)		(0.0428	)
Net realized and unrealized gain (loss)#		2.6074			6.4173			5.8746			2.0543			2.8368			0.0512			0.7168
Change in net asset value from operations		2.5362			6.2990			5.7686			1.9008			2.7635			(0.0054	)		0.6740
Net asset value, at March 31, 2014	$	34.6261		$	45.1373		$	47.0239		$	65.2313		$	34.4436		$	26.0292		$	19.3058

Market value per share, at December 31, 2013†	$	32.22		$	39.28		$	41.26		$	63.04		$	31.61		$	25.98		$	18.61
Market value per share, at March 31, 2014†	$	34.56		$	45.32		$	46.34		$	64.12		$	34.46		$	25.98		$	19.29

Total Return, at net asset value		7.9	%		16.2	%		14.0	%		3.0	%		8.7	%		0.0	%**		3.6	%
Total Return, at market value		7.3	%		15.4	%		12.3	%		1.7	%		9.0	%		0.0	%**		3.7	%

Ratios to Average Net Assets
Expense ratio		(0.98	)%		(1.11	)%		(0.95	)%		(0.95	)%		(1.00	)%		(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	)%		(1.06	)%		(0.91	)%		(0.90	)%		(0.93	)%		(0.89	)%		(0.89	)%

#	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.

**	Amount represents less than 0.01%.