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
DGZ DB Gold Short ETN due February 15, 2038	10.49	10.45	10.58	10.45	13.39	9.53	+0.22 (2.14%)	-15.13%	-15.21%	3.28M	0.75%	C Neutral
GLL ProShares UltraShort Gold	30.37	30.90	31.04	29.93	58.32	27.18	-1.26 (-3.98%)	-42.92%	-43.69%	18.41M	0.95%	D Sell
DZZ DB Gold Double Short ETN due February 15, 2038	2.64	2.65	2.68	2.60	4.82	2.31	-0.01 (-0.38%)	-37.96%	-38.23%	6.52M	0.75%	D Sell
DDG ProShares Short Oil & Gas	28.33	28.23	28.36	27.44	57.25	24.01	+0.41 (1.47%)	15.37%	6.63%	4.94M	0.95%	D Sell
SBM Short Basic Materials	14.65	14.65	14.65	14.65	26.82	14.57	+0.04 (0.27%)	-14.68%	-22.08%	1.47M	0.95%	D Sell
DUST Direxion Daily Gold Miners Index Bear 2X Shares	18.81	19.40	19.74	18.37	445.00	15.14	-1.39 (-6.88%)	-84.26%	-89.97%	182.97M	1.07%	F Strong Sell
JDST Direxion Daily Junior Gold Miners Index Bear 2X Shares	11.15	11.63	11.82	10.82	1,062.50	8.93	-1.00 (-8.23%)	-94.06%	-97.05%	126.77M	1.10%	F Strong Sell
SCO ProShares UltraShort Bloomberg Crude Oil	15.29	15.20	15.43	15.05	67.35	11.17	+0.13 (0.86%)	25.84%	-7.67%	98.65M	0.95%	F Strong Sell
KOLD ProShares UltraShort Bloomberg Natural Gas	36.63	37.53	37.75	36.33	87.29	21.59	-1.03 (-2.73%)	-5.64%	10.03%	77.29M	0.95%	F Strong Sell
ZSL ProShares UltraShort Silver	7.71	8.30	8.37	7.47	56.62	6.95	-1.49 (-16.20%)	-71.23%	-75.06%	67.77M	0.95%	F Strong Sell
DRIP Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares	4.57	4.39	4.60	4.34	59.65	3.19	+0.21 (4.82%)	-1.53%	-46.07%	43.71M	1.07%	F Strong Sell
DUG ProShares UltraShort Oil & Gas	38.71	37.73	38.87	37.33	184.95	29.43	+1.40 (3.75%)	1.26%	-14.90%	15.91M	0.95%	F Strong Sell
SMN ProShares UltraShort Basic Materials	14.66	14.73	14.73	14.59	51.45	14.55	+0.01 (0.07%)	-36.54%	-47.79%	2.53M	0.95%	F Strong Sell
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%)	319.03%	149.58%	123.76M	1.50%	NR Not Rated
DGAZ VelocityShares 3X Inverse Natural Gas ETN linked to the S&P GSCI Natural Gas INdex Excess Return	452.31	430.00	470.00	428.75	589.39	85.41	+22.81 (5.31%)	147.19%	244.80%	90.93M	1.65%	NR Not Rated
DSLV VelocityShares 3x Inverse Silver ETN	9.36	9.47	9.56	9.18	46.75	8.59	+0.10 (1.08%)	-41.83%	-67.50%	24.08M	1.65%	NR Not Rated
OILD ProShares UltraPro 3x Short Crude Oil ETF	45.32	44.15	48.41	43.00	115.00	9.33	+9.32 (25.89%)	328.36%	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%)	286.29%	450.40%	16.68M	1.09%	NR Not Rated
DGLD VelocityShares 3x Inverse Gold ETN	15.17	15.53	15.53	15.07	37.21	14.78	-0.18 (-1.17%)	-46.77%	-56.98%	15.83M	1.35%	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%)	348.68%	116.92%	5.12M	1.85%	NR Not Rated
DTO DB Crude Oil Double Short ETN due June 1, 2038	56.21	50.91	63.70	50.91	372.95	42.00	-40.79 (-42.05%)	22.36%	14.10%	2.87M	0.75%	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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