**	Percentages are annualized.

#	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 applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.

^	Percentages are not annualized for the period ended March 31, 2021.

For the Three Months Ended March 31, 2021 (unaudited)


Per Share Operating Performance	Ultra Silver			Ultra VIX Short-Term Futures ETF			Ultra Yen			UltraShort Australian Dollar			UltraShort Bloomberg Crude Oil			UltraShort Bloomberg Natural Gas
Net asset value, at December 31, 2020	$	50.71		$	10.67		$	59.83		$	44.45		$	11.61		$	47.59
Net investment income (loss)		(0.12	)		(0.04	)		(0.13	)		(0.11	)		(0.03	)		(0.14	)
Net realized and unrealized gain (loss)#		(9.24	)		(5.00	)		(7.92	)		0.84			(4.38	)		(8.31	)
Change in net asset value from operations		(9.36	)		(5.04	)		(8.05	)		0.73			(4.41	)		(8.45	)
Net asset value, at March 31, 2021	$	41.35		$	5.63		$	51.78		$	45.18		$	7.20		$	39.14
Market value per share, at December 31, 2020 †	$	51.28		$	10.65		$	59.82		$	43.89		$	11.64		$	47.38
Market value per share, at March 31, 2021 †	$	41.10		$	5.65		$	51.78		$	45.19		$	7.15		$	39.32
Total Return, at net asset value^		(18.5	)%		(47.2	)%		(13.4	)%		1.6	%		(38.0	)%		(17.8	)%
Total Return, at market value^		(19.9	)%		(47.0	)%		(13.5	)%		3.0	%		(38.6	)%		(17.0	)%
Ratios to Average Net Assets**
Expense ratio		1.07	%		1.77	%		0.95	%		1.02	%		1.34	%		1.60	%
Expense ratio, excluding brokerage commissions and fees		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income gain (loss)		(1.02	)%		(1.75	)%		(0.90	)%		(0.97	)%		(1.29	)%		(1.55	)%

**	Percentages are annualized.

#	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 applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.

^	Percentages are not annualized for the period ended March 31, 2021.

For the Three Months Ended March 31, 2021 (unaudited)


Per Share Operating Performance	UltraShort Euro			UltraShort Gold			UltraShort Silver			UltraShort Yen			VIX Mid- Term Futures ETF			VIX Short- Term Futures ETF
Net asset value, at December 31, 2020	$	22.53		$	31.43		$	6.93		$	67.83		$	36.73		$	13.76
Net investment income (loss)		(0.05	)		(0.09	)		(0.02	)		(0.16	)		(0.09	)		(0.04	)
Net realized and unrealized gain (loss)#		1.93			6.26			0.07			10.06			(1.90	)		(4.40	)
Change in net asset value from operations		1.88			6.17			0.05			9.90			(1.99	)		(4.44	)
Net asset value, at March 31, 2021	$	24.41		$	37.60		$	6.98		$	77.73		$	34.74		$	9.32
Market value per share, at December 31, 2020 †	$	22.52		$	31.14		$	6.85		$	67.81		$	36.70		$	13.74
Market value per share, at March 31, 2021 †	$	24.42		$	37.89		$	7.01		$	77.75		$	35.06		$	9.35
Total Return, at net asset value^		8.4	%		19.6	%		0.7	%		14.7	%		(5.4	)%		(32.3	)%
Total Return, at market value^		8.4	%		21.7	%		2.3	%		14.6	%		(4.5	)%		(32.0	)%
Ratios to Average Net Assets**
Expense ratio		0.95	%		1.07	%		1.15	%		0.95	%		1.03	%		1.30	%
Expense ratio, excluding brokerage commissions and fees		0.95	%		0.95	%		0.95	%		0.95	%		0.85	%		0.85	%
Net investment income gain (loss)		(0.90	)%		(1.03	)%		(1.11	)%		(0.90	)%		(0.98	)%		(1.26	)%

**	Percentages are annualized.

#	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 applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.

^	Percentages are not annualized for the period ended March 31, 2021.

Selected data for a Share outstanding throughout the three months ended March 31, 2020

For the Three Months Ended March 31, 2020 (unaudited)


Per Share Operating Performance	Short Euro			Short VIX Short-Term Futures ETF			Ultra Bloomberg Crude Oil *			Ultra Bloomberg Natural Gas *			Ultra Euro			Ultra Gold
Net asset value, at December 31, 2019	$	45.64		$	65.62		$	509.23		$	83.97		$	13.79		$	49.21
Net investment income (loss)		0.04			(0.04	)		0.20			0.00	+		0.01			0.05
Net realized and unrealized gain (loss)#		0.98			(34.56	)		(469.28	)		(42.15	)		(0.64	)		3.18
Change in net asset value from operations		1.02			(34.60	)		(469.08	)		(42.15	)		(0.63	)		3.23
Net asset value, at March 31, 2020	$	46.66		$	31.02		$	40.15		$	41.82		$	13.16		$	52.44
Market value per share, at December 31, 2019 †	$	45.69		$	65.23		$	511.50		$	83.40		$	13.77		$	49.05
Market value per share, at March 31, 2020 †	$	45.09		$	31.01		$	39.75		$	42.60		$	13.15		$	52.00
Total Return, at net asset value^		2.2	%		(52.7	)%		(92.1	)%		(50.2	)%		(4.6	)%		6.6	%
Total Return, at market value^		(1.3	)%		(52.5	)%		(92.2	)%		(48.9	)%		(4.5	)%		6.0	%
Ratios to Average Net Assets**
Expense ratio		0.97	%		1.19	%		1.09	%		1.39	%		0.95	%		0.98	%
Expense ratio, excluding brokerage commissions and fees		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income gain (loss)		0.34	%		(0.38	)%		0.44	%		(0.02	)%		0.25	%		0.35	%

*	See Note 1 of these Notes to Financial Statements.

**	Percentages are annualized.

#	The amount shown for a share outstanding throughout the period may not accord with the cha n ge 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 applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.

^	Percentages are not annualized for the period ended March 31, 2020.

+	Amount represents greater than $( 0.005 ).

For the Three Months Ended March 31, 2020 (unaudited)


Per Share Operating Performance	Ultra Silver			Ultra VIX Short-Term Futures ETF			Ultra Yen			UltraPro 3x Crude Oil ETF *			UltraPro 3x Short Crude Oil ETF *			UltraShort Australian Dollar
Net asset value, at December 31, 2019	$	31.70		$	12.67		$	55.83		$	21.47		$	10.66		$	56.09
Net investment income (loss)		0.04			(0.02	)		0.03			0.00	+		(0.01	)		0.03
Net realized and unrealized gain (loss)#		(13.32	)		45.87			0.35			(21.26	)		34.88			16.18
Change in net asset value from operations		(13.28	)		45.85			0.38			(21.26	)		34.87			16.21
Net asset value, at March 31, 2020	$	18.42		$	58.52		$	56.21		$	0.21	@	$	45.53	@	$	72.30
Market value per share, at December 31, 2019 †	$	31.65		$	12.89		$	55.83		$	21.60		$	10.58		$	55.88
Market value per share, at March 31, 2020 †	$	18.44		$	58.56		$	56.19		$	0.22		$	45.32		$	72.06
Total Return, at net asset value^		(41.9	)%		361.9	%		0.7	%		(99.0	)%		327.1	%		28.9	%
Total Return, at market value^		(41.7	)%		354.3	%		0.6	%		(99.0	)%		328.4	%		29.0	%
Ratios to Average Net Assets**
Expense ratio		0.99	%		1.47	%		0.95	%		1.65	%		1.68	%		1.04	%
Expense ratio, excluding brokerage commissions and fees		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income gain (loss)		0.55	%		(0.50	)%		0.21	%		(0.49	)%		(0.33	)%		0.22	%

*	The per share operating performance presented here is for the period ended March 27, 2020, the date liquidation was determined to be imminent. See Note 1.

**	Percentages are annualized.

#	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 applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.

^	Percentages are not annualized for the period ended March 31, 2020.

+	Amount greater than $(0.005)

@	NAV on March 27, 2020, the date liquidation was determined to be imminent. See Note 1.

For the Three Months Ended March 31, 2020 (unaudited)


Per Share Operating Performance	UltraShort Bloomberg Crude Oil			UltraShort Bloomberg Natural Gas			UltraShort Euro			UltraShort Gold			UltraShort Silver			UltraShort Yen
Net asset value, at December 31, 2019	$	12.19		$	38.53		$	26.80		$	53.02		$	26.76		$	76.37
Net investment income (loss)		(0.01	)		(0.08	)		0.03			0.04			0.01			0.09
Net realized and unrealized gain (loss)#		36.89			24.93			0.99			(7.04	)		9.77			(2.36	)
Change in net asset value from operations		36.88			24.85			1.02			(7.00	)		9.78			(2.27	)
Net asset value, at March 31, 2020	$	49.07		$	63.38		$	27.82		$	46.02		$	36.54		$	74.10
Market value per share, at December 31, 2019 †	$	12.15		$	38.82		$	26.80		$	53.21		$	26.80		$	76.35
Market value per share, at March 31, 2020 †	$	49.99		$	62.02		$	27.76		$	46.28		$	36.66		$	74.11
Total Return, at net asset value^		302.5	%		64.5	%		3.8	%		(13.2	)%		36.5	%		(3.0	)%
Total Return, at market value^		311.4	%		59.8	%		3.6	%		(13.0	)%		36.8	%		(2.9	)%
Ratios to Average Net Assets**
Expense ratio		1.31	%		1.90	%		0.95	%		1.00	%		1.05	%		0.95	%
Expense ratio, excluding brokerage commissions and fees		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income gain (loss)		(0.14	)%		(0.65	)%		0.49	%		0.34	%		0.09	%		0.47	%

**	Percentages are annualized.

#	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 applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.

^	Percentages are not annualized for the period ended March 31, 2020.

For the Three Months Ended March 31, 2020 (unaudited)


Per Share Operating Performance	VIX Mid- Term Futures ETF			VIX Short- Term Futures ETF
Net asset value, at December 31, 2019	$	21.27		$	12.30
Net investment income (loss)		0.03			0.01
Net realized and unrealized gain (loss)#		17.44			25.65
Change in net asset value from operations		17.47			25.66
Net asset value, at March 31, 2020	$	38.74		$	37.96
Market value per share, at December 31, 2019 †	$	21.29		$	12.43
Market value per share, at March 31, 2020 †	$	38.44		$	37.93
Total Return, at net asset value^		82.1	%		208.6	%
Total Return, at market value^		80.6	%		205.1	%
Ratios to Average Net Assets**
Expense ratio		1.00	%		1.11	%
Expense ratio, excluding brokerage commissions and fees		0.85	%		0.85	%
Net investment income gain (loss)		0.43	%		0.20	%

**	Percentages are annualized.

#	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 applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.

^	Percentages are not annualized for the period ended March 31, 2020.