The following table summarizes the valuation of investments at September 30, 2017 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
VIX Short-Term Futures ETF	$	186,716,429	$	(18,329,321	)	$	—		$	—		$	—		$	168,387,108
VIX Mid-Term Futures ETF		35,955,278		(1,941,640	)		—			—			—			34,013,638
Short VIX Short-Term Futures ETF		770,134,521		94,244,035			—			—			—			864,378,556
Ultra VIX Short-Term Futures ETF		521,315,100		(101,763,031	)		—			—			—			419,552,069
UltraShort Bloomberg Crude Oil		246,666,306		(5,367,489	)		—			—			(13,678,377	)		227,620,440
UltraPro 3X Short Crude Oil ETF		—		(2,423,370	)		—			—			—			(2,423,370	)
UltraShort Bloomberg Natural Gas		2,998,697		348,521			—			—			—			3,347,218
UltraShort Gold		34,940,087		(9,540	)		2,961,605			—			—			37,892,152
UltraShort Silver		17,966,229		4,940			2,152,433			—			—			20,123,602
Short Euro		5,998,433		106,206			—			—			—			6,104,639
UltraShort Australian Dollar		7,997,911		379,490			—			—			—			8,377,401
UltraShort Euro		219,684,550		—			—			3,899,693			—			223,584,243
UltraShort Yen		137,818,917		—			—			9,246,879			—			147,065,796
Ultra Bloomberg Crude Oil		562,359,737		13,817,653			—			—			40,796,900			616,974,290
UltraPro 3X Crude Oil ETF		—		1,272,779			—			—			—			1,272,779
Ultra Bloomberg Natural Gas		42,919,932		(971,690	)		—			—			—			41,948,242
Ultra Gold		101,900,580		9,520			(8,453,427	)		—			—			93,456,673
Ultra Silver		270,629,525		(4,940	)		(28,243,802	)		—			—			242,380,783
Ultra Euro		10,995,765		—			—			(209,360	)		—			10,786,405
Ultra Yen		4,662,411		—			—			(395,309	)		—			4,267,102

Total Trust	$	3,181,660,408	$	(20,627,877	)	$	(31,583,191	)	$	12,541,903		$	27,118,523		$	3,169,109,766

*	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures.

At September 30, 2017, there were no Level III portfolio investments for which significant unobservable inputs were used to determine fair value.

The Funds’ policy is to recognize transfers between valuation levels at the end of the reporting period.

At September 30, 2017, there were no significant transfers in or out of Level I and Level II fair value measurements.

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those securities.

The following table summarizes the valuation of investments at December 31, 2016 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
VIX Short-Term Futures ETF	$	147,991,233	$	(468,652	)	$	—		$	—		$	—		$	147,522,581
VIX Mid-Term Futures ETF		45,486,235		(1,288,245	)		—			—			—			44,197,990
Short VIX Short-Term Futures ETF		170,396,436		(10,309,611	)		—			—			—			160,086,825
Ultra VIX Short-Term Futures ETF		434,671,795		(7,972,237	)		—			—			—			426,699,558
UltraShort Bloomberg Crude Oil		205,694,385		(1,426,815	)		—			—			(12,206,881	)		192,060,689
UltraShort Bloomberg Natural Gas		2,899,151		(482,031	)		—			—			—			2,417,120
UltraShort Gold		60,540,555		18,980			3,033,566			—			—			63,593,101
UltraShort Silver		21,550,319		27,310			1,384,246			—			—			22,961,875
Short Euro		13,164,828		132,900			—			—			—			13,297,728
UltraShort Australian Dollar		12,909,619		1,182,340			—			—			—			14,091,959
UltraShort Euro		337,375,787		—			—			16,162,931			—			353,538,718
UltraShort Yen		257,102,313		—			—			16,744,937			—			273,847,250
Ultra Bloomberg Crude Oil		885,050,007		5,537,165			—			—			55,358,571			945,945,743
Ultra Bloomberg Natural Gas		36,183,648		2,536,720			—			—			—			38,720,368
Ultra Gold		95,356,621		(18,960	)		(4,431,107	)		—			—			90,906,554
Ultra Silver		295,300,799		(27,360	)		(20,976,189	)		—			—			274,297,250
Ultra Euro		11,891,831		—			—			(574,010	)		—			11,317,821
Ultra Yen		5,282,879		—			—			(342,076	)		—			4,940,803

Total Trust	$	3,038,848,441	$	(12,558,496	)	$	(20,989,484	)	$	31,991,782		$	43,151,690		$	3,080,443,933

*	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures.