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Creations and Redemptions

3 Months Ended

Sep. 30, 2017

Creations and Redemptions [Abstract]

(5) Creations and Redemptions

The Fund issues and redeems Shares from time to time, but only in one or more Creation Baskets. A Creation Basket is a block of 50,000 Shares of the Fund. Baskets may be created or redeemed only by Authorized Participants.

Except when aggregated in Creation Baskets, the Shares are not redeemable securities. Retail investors, therefore, generally will not be able to purchase or redeem Shares directly from or with the Fund. Rather, most retail investors will purchase or sell Shares in the secondary market with the assistance of a broker. Thus, some of the information contained in these Notes to Financial Statements – such as references to the Transaction Fee imposed on creations and redemptions – is not relevant to retail investors.

(a) Transaction Fees on Creation and Redemption Transactions

In connection with orders to create and redeem one or more Creation Baskets, an Authorized Participant is required to pay a transaction fee, or AP Transaction Fee, of $500 per order, which goes directly to the Custodian. The AP Transaction Fees are paid by the Authorized Participants and not by the Fund.

(b) Share Transactions

Summary of Share Transactions for the Three Months Ended September 30, 2017
	Shares			Net Assets Increase ( Decrease)
Shares Sold		300,000		$	6,825,745
Shares Redeemed		(50,000	)		(1,148,230	)
Net Increase (Decrease)		250,000		$	5,677,515

Summary of Share Transactions for the Three Months Ended September 30, 2016
	Shares			Net Assets Increase ( Decrease)
Shares Sold	—			—
Shares Redeemed		(300,000	)	$	(6,751,830	)
Net Increase (Decrease)		(300,000	)	$	(6,751,830	)