Note 6 – Financial Highlights

The following tables present per unit performance data and other supplemental financial data for the three months ended March 31, 2017 and 2016. 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
	March 31, 2017			March 31, 2016
Per Share Operation Performance
Net asset value at beginning of period	$	18.77		$	21.24
Income from investment operations:
Investment income		0.04			0.03
Net realized and unrealized gain (loss) on commodity futures contracts		0.38			(0.80	)
Total expenses, net		(0.18	)		(0.28	)
Net increase (decrease) in net asset value		0.24			(1.05	)
Net asset value at end of period	$	19.01		$	20.19
Total Return		1.28	%		(4.94	)%
Ratios to Average Net Assets (Annualized)
Total expenses		4.00	%		5.32	%
Total expenses, net		3.81	%		5.32	%
Net investment loss		(2.99	)%		(4.79	)%

The financial highlights per share data are calculated consistent with the methodology used to calculate asset-based fees and expenses.

Financial Highlights

Note 6 – Financial Highlights

The following tables present per unit performance data and other supplemental financial data for the three months ended March 31, 2017 and 2016. This information has been derived from information presented in the financial statements. 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
	March 31, 2017			March 31, 2016
Per Share Operation Performance
Net asset value at beginning of period	$	19.08		$	17.34
Income from investment operations:
Investment income		0.04			0.02
Net realized and unrealized (loss) gain on commodity futures contracts		(0.84	)		0.84
Total expenses, net		(0.17	)		(0.18	)
Net (decrease) increase in net asset value		(0.97	)		0.68
Net asset value at end of period	$	18.11		$	18.02
Total Return		(5.08	)%		3.92	%
Ratios to Average Net Assets (Annualized)
Total expenses		4.06	%		4.05	%
Total expenses, net		3.58	%		4.05	%
Net investment loss		(2.75	)%		(3.53	)%

The financial highlights per share data are calculated consistent with the methodology used to calculate asset-based fees and expenses.

Financial Highlights

Note 6 – Financial Highlights

The following table presents per unit performance data and other supplemental financial data for the three months ended March 31, 2017 and 2016. This information has been derived from information presented in the financial statements. 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
	March 31, 2017			March 31, 2016
Per Share Operation Performance
Net asset value at beginning of period	$	12.97		$	10.02
Income from investment operations:
Investment income		0.03			0.01
Net realized and unrealized (loss) gain on commodity futures contracts		(1.12	)		0.56
Total expenses, net		(0.09	)		(0.06	)
Net (decrease) increase in net asset value		(1.18	)		0.51
Net asset value at end of period	$	11.79		$	10.53
Total Return		(9.10	)%		5.09	%
Ratios to Average Net Assets (Annualized)
Total expenses		3.56	%		3.69	%
Total expenses, net		2.62	%		2.39	%
Net investment loss		(1.84	)%		(1.87	)%

The financial highlights per share data are calculated consistent with the methodology used to calculate asset-based fees and expenses.

Financial Highlights

Note 6 – Financial Highlights

The following tables present per unit performance data and other supplemental financial data for the three months ended March 31, 2017 and 2016. This information has been derived from information presented in the financial statements. 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
	March 31, 2017			March 31, 2016
Per Share Operation Performance
Net asset value at beginning of period	$	6.89		$	9.15
Income from investment operations:
Investment income		0.01			0.01
Net realized and unrealized gain (loss) on commodity futures contracts		0.09			(0.06	)
Total expenses, net		(0.06	)		(0.09	)
Net increase (decrease) in net asset value		0.04			(0.14	)
Net asset value at end of period	$	6.93		$	9.01
Total Return		0.58	%		(1.53	)%
Ratios to Average Net Assets (Annualized)
Total expenses		3.58	%		4.27	%
Total expenses, net		3.58	%		4.27	%
Net investment loss		(2.75	)%		(3.75	)%

The financial highlights per share data are calculated consistent with the methodology used to calculate asset-based fees and expenses.

Financial Highlights

The following table presents per unit performance data and other supplemental financial data for the three months ended March 31, 2017 and 2016. This information has been derived from information presented in the financial statements. 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
	March 31, 2017			March 31, 2016
Per Share Operation Performance
Net asset value at beginning of period	$	26.33		$	26.59
From investment operations:
Net realized and unrealized (loss) gain on securities		(0.79	)		0.18
Total net expenses		(0.03	)		(0.03	)
Net (decrease) increase in net asset value		(0.82	)		0.15
Net asset value at end of period	$	25.51		$	26.74
Total Return		(3.11	)%		0.56	%
Ratios to Average Net Assets (Annualized)
Total expenses		6.98	%		6.73	%
Total expenses, net		0.50	%		0.50	%
Net investment loss		(0.50	)%		(0.50	)%

The financial highlights per share data are calculated consistent with the methodology used to calculate asset-based fees and expenses