Per Share Operation Performance

Net asset value at beginning of period

$

29.45

$

31.35

$

27.01

Income (loss) from investment operations:

Net realized and unrealized (loss) gain on investment transactions

(4.33

)

(1.87

)

4.38

Total expenses, net

(0.02

)

(0.03

)

(0.04

)

Net (decrease) increase in net asset value

(4.35

)

(1.90

)

4.34

Net asset value at end of period

$

25.10

$

29.45

$

31.35

Total Return

(14.79

)%

(6.04

)%

16.06

%

Ratios to Average Net Assets (Annualized)

Total expenses

1.85

%

1.68

%

0.84

%

Total expenses, net

0.09

%

0.09

%

0.14

%

Net investment loss

(0.09

)%

(0.09

)%

(0.13

)%