Note 6 – Financial Highlights

The following tables present per unit performance data and other supplemental financial data for the three and six months ended June 30, 2016 and 2015. 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.

	Three months ended			Three months ended			Six months ended			Six months ended
Per Share Operation Performance	June 30, 2016			June 30, 2015			June 30, 2016			June 30, 2015
Net asset value at beginning of period	$	20.19		$	24.75		$	21.24		$	26.62
Income (loss) from investment operations:
Income (loss)		0.03			0.01			0.06			0.01
Net realized and unrealized gain (loss) on commodity futures contracts		0.35			1.36			(0.45	)		(0.30	)
Total expenses		(0.23	)		(0.24	)		(0.51	)		(0.45	)
Net increase (decrease) in net asset value		0.15			1.13			(0.90	)		(0.74	)
Net asset value at end of period	$	20.34		$	25.88		$	20.34		$	25.88
Total Return		0.74	%		4.57	%		(4.24	)		(2.78	)%
Ratios to Average Net Assets (Annualized)
Total expenses		4.29	%		3.99	%		4.77	%		3.70	%
Total expense, net		4.29	%		3.99	%		4.77	%		3.70	%
Net investment loss		(3.75	)%		(3.86	)%		(4.24	)%		(3.62	)%

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.