Note 6 – Financial Highlights

The following table presents per share performance data and other supplemental financial data for the years ended December 31, 2015, 2014 and 2013. This information has been derived from information presented in the financial statements and is presented with total expenses gross of expenses waived by the Sponsor and with total expenses net of expenses waived by the Sponsor, as appropriate.

Per Share Operation Performance		Year ended December 31, 2015			Year ended December 31, 2014		Year ended December 31, 2013
Net asset value at beginning of period	$	12.72		$	14.84		21.25
From investment operations:
Investment income		0.02			0.01		0.01
Net realized and unrealized loss on commodity futures contracts		(3.19	)		(1.64	)	(5.40	)
Total net expenses		(0.40	)		(0.49	)	(1.02	)
Net decrease in net asset value		(3.57	)		(2.12	)	(6.41	)
Net asset value at end of period	$	9.15		$	12.72		14.84
Total Return		(28.07	)%		(14.29	)%	(30.16	)%
Ratios to Average Net Assets
Total expenses		4.40	%		3.66	%	6.12	%
Total expense, net		3.89	%		3.74	%	5.85	%
Net investment loss		(3.67	)%		(3.69	)%	(5.81	)%

Effective in the third quarter 2015, the financial highlights per share data are calculated consistent with the methodology used to calculate asset-based fees and expenses. In prior periods, the financial highlights per share data are calculated using the average of the daily shares outstanding for the reporting period, which is inclusive of the last day of the period. Any change in methodology was not material to the ratios presented.