The following table summarizes the valuation of investments at June 30, 2018 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
Short Euro	$	5,687,064	$	87,213		$	—		$	—		$	—		$	5,774,277
Short VIX Short-Term Futures ETF		92,995,995		(22,528,398	)		—			—			—			70,467,597
Ultra Bloomberg Crude Oil		365,955,628		17,289,103			—			—			82,428,870			465,673,601
Ultra Bloomberg Natural Gas		17,960,426		(118,623	)		—			—			—			17,841,803
Ultra Euro		3,289,040		—			—			(172,054	)		—			3,116,986
Ultra Gold		87,847,390		(15,120	)		(7,152,896	)		—			—			80,679,374
Ultra Silver		212,508,884		(7,970	)		(14,148,711	)		—			—			198,352,203
Ultra VIX Short-Term Futures ETF		42,998,148		39,797,429			—			—			264,480			83,060,057
Ultra Yen		998,084		—			—			(24,259	)		—			973,825
UltraPro 3x Crude Oil ETF		—		9,905,484			—			—			—			9,905,484
UltraPro 3x Short Crude Oil ETF		—		(5,442,454	)		—			—			—			(5,442,454	)
UltraShort Australian Dollar		4,988,329		391,770			—			—			—			5,380,099
UltraShort Bloomberg Crude Oil		173,652,213		(7,161,949	)		—			—			(33,768,200	)		132,722,064
UltraShort Bloomberg Natural Gas		4,093,202		6,272			—			—			—			4,099,474
UltraShort Euro		141,652,985		—			—			3,399,950			—			145,052,935
UltraShort Gold		22,954,734		15,080			2,276,610			—			—			25,246,424
UltraShort Silver		19,972,425		7,970			1,452,785			—			—			21,433,180
UltraShort Yen		80,837,136		—			—			693,318			—			81,530,454
VIX Mid-Term Futures ETF		—		(378,240	)		—			—			—			(378,240	)
VIX Short-Term Futures ETF		21,999,053		9,426,460			—			—			—			31,425,513

Total Trust	$	1,300,390,736	$	41,274,027		$	(17,572,212	)	$	3,896,955		$	48,925,150		$	1,376,914,656

*	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 June 30, 2018, 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 June 30, 2018, 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, 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
Short Euro	$	6,996,235	$	(166,288	)	$	—		$	—		$	—		$	6,829,947
Short VIX Short-Term Futures ETF		494,910,644		17,041,449			—			—			—			511,952,093
Ultra Bloomberg Crude Oil		459,515,902		11,945,979			—			—			62,238,361			533,700,242
Ultra Bloomberg Natural Gas		50,961,356		7,225,810			—			—			—			58,187,166
Ultra Euro		6,996,235		—			—			264,152			—			7,260,387
Ultra Gold		88,884,844		5,480			3,646,355			—			—			92,536,679
Ultra Silver		235,581,716		1,600			21,735,334			—			—			257,318,650
Ultra VIX Short-Term Futures ETF		287,533,132		(34,466,120	)		—			—			—			253,067,012
Ultra Yen		1,997,933		—			—			(34,824	)		—			1,963,109
UltraPro 3x Crude Oil ETF		—		1,417,998			—			—			—			1,417,998
UltraPro 3x Short Crude Oil ETF		—		(2,988,155	)		—			—			—			(2,988,155	)
UltraShort Australian Dollar		11,983,904		(893,220	)		—			—			—			11,090,684
UltraShort Bloomberg Crude Oil		253,646,823		(3,962,648	)		—			—			(30,607,142	)		219,077,033
UltraShort Bloomberg Natural Gas		3,999,751		(1,097,049	)		—			—			—			2,902,702
UltraShort Euro		204,770,166		—			—			(6,344,269	)		—			198,425,897
UltraShort Gold		31,977,900		(5,460	)		(1,488,259	)		—			—			30,484,181
UltraShort Silver		18,349,861		(1,650	)		(1,716,163	)		—			—			16,632,048
UltraShort Yen		131,834,352		—			—			1,527,263			—			133,361,615
VIX Mid-Term Futures ETF		20,993,515		(2,215,280	)		—			—			—			18,778,235
VIX Short-Term Futures ETF		134,845,604		(4,761,877	)		—			—			—			130,083,727

Total Trust	$	2,445,779,873	$	(12,919,431	)	$	22,177,267		$	(4,587,678	)	$	31,631,219		$	2,482,081,250

*	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.