Inverse Commodities ETFs

Most of these ETFs seek to profit from declines in the commodity futures market as they are designed to appreciate in value when the price of certain raw materials depreciate in value, including precious metals, metals, oil, natural resources, grains, livestock, coffee and sugar. We view inverse or leveraged ETF categories as simply suited for aggressive investors only who are willing to accept the exaggerated returns offered by these particular ETFs and are prone to more active portfolio management. We see limited appeal for long-term investors.

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Fund Symbol/Name	Last	Open	High	Low	52-Wk Hi	52-Wk Lo	Day Chg	YTD Chg	12-Mo Chg	AUM	Exp. Ratio	SMART Grade
DGAZ VelocityShares 3X Inverse Natural Gas ETN linked to the S&P GSCI Natural Gas INdex Excess Return	261.19	246.97	265.39	239.00	425.20	85.41	+19.41 (8.03%)	849.78%	154.45%	286.60M	1.65%	A Strong Buy
KOLD ProShares UltraShort Bloomberg Natural Gas	51.98	51.00	52.75	49.92	72.16	21.59	+1.72 (3.42%)	31.10%	138.00%	15.84M	0.95%	A Strong Buy
DTO DB Crude Oil Double Short ETN due June 1, 2038	77.15	65.00	83.00	46.32	162.40	42.00	+10.82 (16.31%)	-13.07%	62.07%	13.77M	0.75%	B Buy
SBM Short Basic Materials	18.95	19.00	19.19	18.95	26.82	17.17	-0.94 (-4.73%)	7.18%	4.21%	2.29M	0.95%	B Buy
SMN ProShares UltraShort Basic Materials	25.46	27.67	27.67	25.22	51.45	23.08	-2.77 (-9.81%)	-3.56%	-4.05%	6.37M	0.95%	C Neutral
DDG ProShares Short Oil & Gas	35.70	33.84	37.03	33.16	57.25	22.75	+0.33 (0.93%)	57.48%	53.27%	5.06M	0.95%	C Neutral
DGZ DB Gold Short ETN due February 15, 2038	10.95	11.06	11.06	10.85	14.67	10.85	-0.45 (-3.95%)	-19.54%	-22.83%	3.98M	0.75%	C Neutral
DWT VelocityShares 3x Inverse Crude Oil ETNs linked to the S&P GSCI Crude Oil Index ER	14.75	14.73	14.77	14.72	39.53	3.11	+0.01 (0.07%)	4.98%	149.58%	123.76M	1.50%	D Sell
SCO ProShares UltraShort Bloomberg Crude Oil	25.32	21.95	26.76	18.77	67.35	11.17	+3.18 (14.36%)	3.09%	70.85%	89.45M	0.95%	D Sell
DRIP Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 3X Shares	13.15	12.09	14.55	10.60	59.65	3.10	-0.19 (-1.42%)	11.02%	250.67%	27.45M	1.07%	D Sell
GLL ProShares UltraShort Gold	38.61	38.84	39.20	37.71	75.86	37.71	-2.74 (-6.63%)	-44.13%	-45.89%	19.49M	0.95%	D Sell
DUG ProShares UltraShort Oil & Gas	67.50	61.21	72.60	57.91	184.95	33.65	+0.98 (1.47%)	82.38%	91.22%	18.91M	0.95%	D Sell
ZSL ProShares UltraShort Silver	28.45	29.00	29.28	27.34	56.62	22.85	-2.67 (-8.58%)	-9.39%	-26.60%	10.72M	0.95%	D Sell
DZZ DB Gold Double Short ETN due February 15, 2038	3.50	3.58	3.89	3.42	6.08	3.42	-0.15 (-4.11%)	-34.70%	-39.00%	9.76M	0.75%	D Sell
DUST Direxion Daily Gold Miners Index Bear 3X Shares	1.84	2.10	2.14	1.83	24.52	1.83	-0.46 (-20.00%)	-92.23%	-89.22%	129.97M	1.05%	F Strong Sell
JDST Direxion Daily Junior Gold Miners Index Bear 3X Shares	1.60	1.75	1.77	1.58	55.86	1.50	-0.35 (-17.95%)	-96.88%	-95.61%	72.01M	1.09%	F Strong Sell
DSLV Credit Suisse AG - VelocityShares 3x Inverse Silver ETN	16.03	16.50	16.91	15.12	46.75	13.10	-2.41 (-13.07%)	-32.08%	-45.72%	28.62M	1.65%	F Strong Sell
DGLD Credit Suisse AG - VelocityShares 3x Inverse Gold ETN	17.06	17.23	17.50	16.47	49.37	16.47	-1.88 (-9.93%)	-60.89%	-62.16%	14.45M	1.35%	F Strong Sell
OILD ProShares UltraPro 3x Short Crude Oil ETF	45.32	44.15	48.41	43.00	115.00	9.33	+9.32 (25.89%)	5.69%	111.18%	20.90M	0.95%	NR Not Rated
GASX Direxion Daily Natural Gas Related Bear 3X Shares	16.00	14.71	16.00	14.42	49.91	2.45	+2.63 (19.67%)	-31.83%	450.40%	16.68M	1.09%	NR Not Rated
WTID UBS ETRACS - ProShares Daily 3x Inverse Crude ETN	17.05	18.54	18.54	16.30	41.92	3.36	-0.22 (-1.27%)	11.51%	116.92%	5.12M	1.85%	NR Not Rated
GDXS ProShares UltraShort Gold Miners ETF	7.05	7.06	7.15	6.87	23.12	6.87	-0.41 (-5.50%)	-49.61%	-55.73%	N/A	N/A	NR Not Rated
USOD United States 3x Short Oil Fund	6.15	6.01	6.18	5.93	30.60	5.58	-0.03 (-0.49%)	-45.67%	-70.32%	N/A	N/A	NR Not Rated

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