Note 8 - Financial Highlights

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Financial Highlights [Text Block]

8

- Financial Highlights

The following financial highlights relate to investment performance and operations for a Share outstanding for the

three

and

six

months ended

June 

30,

 

2017

and

2016.

	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
Net asset value per Share, beginning of period	$	11.98		$	11.93		$	11.16		$	10.25
Net investment loss (a)		(0.01	)		(0.01	)		(0.01	)		(0.01	)
Net realized and unrealized gain (loss) (b)		(0.02	)		0.81			0.80			2.49
Net increase (decrease) in net assets from operations		(0.03	)		0.80			0.79			2.48
Net asset value per Share, end of period	$	11.95		$	12.73		$	11.95		$	12.73
Total return, at net asset value (c)(d)		(0.25	) %		6.71	%		7.08	%		24.20	%
Ratio to average net assets:
Net investment loss (e)		(0.25	) %		(0.25	) %		(0.25	) %		(0.25	) %
Expenses (e)		0.25	%		0.25	%		0.25	%		0.25	%

(a) Based on average Shares outstanding during the period.

(b) The amounts reported for a Share outstanding may not accord with the change in aggregate gains and losses on investment for the period due to the timing of Trust Share transactions in relation to the fluctuating fair values of the Trust’s underlying investment.

(c) Based on the change in net asset value of a Share during the period.

(d) Percentage is not annualized.

(e) Percentage is annualized.