UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

☒	Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
	For the fiscal year ended December 31, 2016
☐	Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
	For the transition period from _________to __________

☒	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the fiscal year ended December 31, 2017

~~Commission file number: 001-36044~~or

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from _________to __________

Commission File Number: 001-36044

iShares® Commodity Optimized Trust

(Exact name of registrant as specified in its charter)

Delaware	46-2428725
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

c/o iShares Delaware Trust Sponsor LLC

400 Howard Street

San Francisco, California 94105

Attn: Product Management Team

iShares Product Research & Development

(Address of principal executive offices)(Zip Code)

(415) 670-2000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Shares	NYSE Arca, Inc.
(Title of class)	(Name of exchange on which registered)

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ☒

~~Indicate~~Table ~~by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions~~ of ~~“large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.~~ Contents

~~Large~~Indicate ~~accelerated~~by ~~filer~~check ☐mark (whether the registrant) ~~Accelerated~~is a large accelerated filer, ☐an ~~Non-~~accelerated filer, ☒a ~~Smaller~~non-accelerated filer, smaller reporting company, ☐or ~~(Do~~an ~~not~~emerging ~~check~~growth ifcompany. aSee the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company)” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☐

Non-accelerated filer ☒	Smaller reporting company ☐	Emerging growth company ☒
(Do not check if a smaller reporting company)

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

As of June 30, ~~2016~~2017, the aggregate market value of the shares held by non-affiliates was approximately $1113,~~126~~487,~~962~~616. The calculation of the number of shares held by non-affiliates assumes that all shares held by funds or accounts for which BlackRock or its affiliates provides management or advisory services (whether discretionary or non-discretionary) are shares held by affiliates.

DOCUMENTS INCORPORATED BY REFERENCE:

None.

THE FINANCIAL STATEMENT SCHEDULES CONTAINED IN PART IV OF THIS FORM 10-K CONSTITUTE THE ANNUAL REPORT WITH RESPECT TO THE TRUST FOR PURPOSES OF CFTC RULE 4.22(C) (THE “CFTC ANNUAL REPORT”).

Table of Contents

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Annual Report on Form 10-K includes statements which relate to future events or future performance. In some cases, you can identify such forward‑looking statements by terminology such as “may,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or the negative of these terms or other comparable terminology. All statements (other than statements of historical fact) included in this report that address activities, events or developments that may occur in the future, including such matters as changes in commodity prices and market conditions (for the Trust’s assets and the Shares), the operations of iShares Commodity Optimized Trust (the “Trust”), the plans of iShares Delaware Trust Sponsor LLC (the “Sponsor”), the sponsor of the Trust, and references to the Trust’s future success and other similar matters are forward-looking statements. These statements are only predictions. Actual events or results may differ materially. These statements are based upon assumptions and analyses made by the Sponsor on the basis of its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. Whether or not actual results and developments will conform to the Sponsor’s expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations referenced in this report, general economic, market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies and other world economic and political developments. Consequently, all the forward-looking statements made in this report are qualified by these cautionary statements, and there can be no assurance that the actual results or developments the Sponsor anticipates will be realized or, even if substantially realized, will result in the expected consequences to, or have the expected effects on, the Trust’s operations or the value of the shares issued by the Trust. Moreover, none of the Sponsor, the Trustee, the Delaware Trustee, the Advisor or their respective affiliates assumes responsibility for the accuracy or completeness of any forward-looking statements. Except as required under Item 512 of Regulation S-K or other applicable disclosure laws, none of the Trust, the Sponsor, the Trustee, the Delaware Trustee, the Advisor or their respective affiliates is under any duty to update any forward-looking statements to conform the statements to actual results or to a change in the expectations or predictions of these persons.

Table of Contents

Table of Contents

		Page
PART I

Item 1.	Business	1

Item 1A.	Risk Factors	10

Item 1B.	Unresolved Staff Comments	22

Item 2.	Properties	22

Item 3.	Legal Proceedings	22

Item 4.	Mine Safety Disclosures	22

PART II

Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	23

Item 6.	Selected Financial Data	24

Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24

Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	27

Item 8.	Financial Statements and Supplementary Data	27

Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	28

Item 9A.	Controls and Procedures	28

Item 9B.	Other Information	29

PART III

Item 10.	Directors, Executive Officers and Corporate Governance	30

Item 11.	Executive Compensation	31

Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	31

Item 13.	Certain Relationships and Related Transactions, and Director Independence	31

Item 14.	Principal Accounting Fees and Services	31

PART IV

Item 15.	Exhibits, Financial Statement Schedules	32

Item 16.	Form 10-K Summary	32

Table of Contents

PART I

Item 1. Business.

Summary

The iShares Commodity Optimized Trust (the “Trust”) is a Delaware statutory trust that issues units of beneficial interest (“Shares”) representing fractional undivided beneficial interests in its net assets. The Trust’s assets consist of long positions in exchange-traded index futures contracts of various expirations (the “Index Futures”) on the Bloomberg Roll Select Commodity Index (the “Bloomberg Roll Select CI”) together with cash, U.S. Treasury securities or other short-term securities and similar securities that are eligible as margin deposits for those Index Futures positions (the “Collateral Assets”). The Trust seeks to track the results of the Bloomberg Roll Select Commodity Total Return Index (the “Index”), before payment of the Trust’s expenses and liabilities.

iShares Delaware Trust Sponsor LLC, a Delaware limited liability company, is the sponsor of the Trust (the “Sponsor”). BlackRock Institutional Trust Company, N.A., an affiliate of the Sponsor, is the trustee of the Trust (the “Trustee”). The Trust is a commodity pool, as defined in the Commodity Exchange Act (the “CEA”) and the applicable regulations of the Commodity Futures Trading Commission (the “CFTC”), and is operated by the Sponsor, a commodity pool operator registered with the CFTC. BlackRock Fund Advisors (the “Advisor”), an indirect subsidiary of BlackRock, Inc. (“BlackRock”), serves as the commodity trading advisor of the Trust and is registered with the CFTC. The Trust is not an investment company registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”). The Trust has delegated day-to-day administration of the Trust to the Trustee. The Trustee has delegated certain day-to-day administrative functions of the Trustee to State Street Bank and Trust Company (the “Trust Administrator”). Wilmington Trust, National Association, a national banking association, serves as the Delaware trustee of the Trust (the “Delaware Trustee”).

The Trust intends to offer Shares on a continuous basis. The Trust issues and redeems Shares only in one or more blocks of 50,000 Shares (“Baskets”). Only registered broker-dealers who have entered into an authorized participant agreement with the Trust (each, an “Authorized Participant”) may purchase or redeem Baskets, in exchange for Index Futures and Collateral Assets with an aggregate value equal to the net asset value per Share (“NAV”) of the Shares being purchased or redeemed. Owners of beneficial interest in Shares (“Shareholders”) who are not Authorized Participants have no right to redeem their Shares. In order to liquidate their investment in the Shares, Shareholders who are not Authorized Participants must generally sell their Shares in the secondary market, assuming that demand for their Shares exists. The price obtained by the Shareholders for the Shares may be less than the NAV of those Shares.

The activities of the Trust are generally limited to:

●

issuing Baskets in exchange for Index Futures and cash (or, in the discretion of the Sponsor, other Collateral Assets);

●

consistent with its investment objective, establishing, maintaining and closing out positions in Index Futures and acquiring, holding and disposing of corresponding Collateral Assets;

● paying out of its assets any expenses and liabilities of the Trust not assumed by the Sponsor; and

●

delivering proceeds consisting of Index Futures, cash and other Collateral Assets in exchange for Baskets surrendered for redemption.

The Trust is a passive investor in Index Futures and the Collateral Assets held to satisfy applicable margin requirements on those Index Futures positions. The Advisor acts as the commodity trading advisor for the Trust, and is authorized to transact in Index Futures and acquire and dispose of the related Collateral Assets on the Trust’s behalf. The Trust does not engage in any activities designed to obtain a profit from, or to ameliorate losses caused by, changes in the level of the Bloomberg Roll Select Commodity Total Return Index (the “Index”) or the Bloomberg Roll Select CI or the value of the Collateral Assets. To the extent that the Trust accepts cash proceeds in connection with the creation of Shares, the Trust will use that cash to purchase additional Index Futures and Collateral Assets, in an amount that the Advisor determines will enable the Trust to achieve investment results that correspond with the Index. At any time when Index Futures of more than one expiration are listed on the Chicago Mercantile Exchange (the “CME” or the “Exchange”), the Sponsor will determine, pursuant to the terms of the trust agreement of the Trust (the “Trust Agreement”), which Index Futures will be transferred in connection with either the creation or redemption of Baskets.

~~The~~As ~~Sponsor~~of ~~maintains~~the adate ~~website~~of atthis ~~www.ishares.com~~report, ~~through~~the ~~which~~Index Futures held by the Trust’s ~~monthly~~are ~~account~~subject ~~statements,~~to ~~annual~~the ~~report~~rules onof ~~Form~~the ~~10-K,~~Board ~~quarterly~~of ~~reports~~Trade onof ~~Form~~the ~~10-Q~~City of Chicago, ~~current~~Inc. ~~reports~~(“CBOT”), onwhich ~~8-K~~is ~~and~~a ~~amendments~~designated tocontract ~~those~~market ~~reports~~owned ~~filed~~and oroperated ~~furnished~~by ~~pursuant~~the toCME ~~Section~~Group, 13Inc. (athe “CME”). orSubsequent ~~15(d)~~Index ofFutures held by the ~~Securities~~Trust ~~Exchange~~may ~~Act~~be oflisted ~~1934,~~on asother ~~amended~~futures exchanges (the CME or any such other futures exchange listing Index Futures, the “Exchange ~~Act~~”),. ~~can~~At beany ~~accessed~~time ~~free~~when Index Futures of ~~charge,~~more asthan ~~soon~~one asexpiration ~~reasonably~~are ~~practicable~~listed ~~after~~on ~~such~~the ~~material~~Exchange, isthe ~~electronically~~Sponsor ~~filed~~will ~~with~~determine, orpursuant ~~furnished~~ to, the ~~Securities~~terms ~~and~~of ~~Exchange~~the ~~Commission~~trust agreement of the Trust (the “~~SEC~~Trust Agreement”)., ~~Additional~~which ~~information~~Index ~~regarding~~Futures ~~the~~will ~~Trust~~be ~~may~~transferred ~~also~~in beconnection ~~found~~with oneither the ~~SEC~~creation ~~website~~or atredemption ~~www.sec.gov.~~of Baskets.

~~Investment~~The ~~Objective~~Sponsor maintains a website at www.ishares.com, through which the Trust’s monthly account statements, annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (“Exchange Act”), can be accessed free of charge, as soon as reasonably practicable after such material is electronically filed with, or furnished to, the Securities and Exchange Commission (“SEC”). Additional information regarding the Trust may also be found on the SEC website at www.sec.gov.

~~The~~Investment ~~Trust~~Objective ~~seeks to track the results~~ of a fully collateralized investment in futures contracts on an index composed of a diversified group of commodities futures which attempts to minimize contango and maximize backwardation. The Trust seeks to track the ~~investment results of the Index before fees and expenses of the~~ Trust. The Trust holds long positions in Index Futures whose settlement value at expiration is determined based on the value of the Bloomberg Roll Select CI at that time. The Trust also earns interest on its non-cash Collateral Assets.

The ~~Bloomberg~~Trust ~~Roll~~seeks ~~Select~~to CItrack ~~incorporates~~ the ~~economic~~results ~~effect~~ of ~~rolling the contracts included in the applicable index. Rolling~~ a ~~futures~~fully ~~contract~~collateralized ~~means~~investment ~~closing out a position~~ in ~~an expiring~~ futures ~~contract~~contracts ~~and~~on ~~establishing~~ an ~~equivalent~~index ~~position~~composed inof a ~~replacement~~diversified ~~futures~~group ~~contract~~of oncommodities ~~the same commodity. Markets for~~ futures ~~contracts can be in backwardation~~ which ~~means~~attempts ~~that~~to ~~futures~~minimize ~~contracts~~contango ~~with~~and ~~distant~~maximize ~~delivery~~backwardation. ~~months~~The ~~are~~Trust ~~priced~~seeks ~~lower~~to ~~than~~track ~~those~~the ~~with~~investment ~~nearer~~results ~~delivery~~of ~~months~~the orIndex ~~can~~before ~~exhibit~~fees ~~contango~~and ~~which~~expenses ~~means~~of ~~that~~the ~~futures contracts with distant delivery months are priced higher than those with nearer delivery months~~Trust. The ~~Bloomberg~~Trust ~~Roll~~holds ~~Select~~long CIpositions ~~employs~~in aIndex ~~rolling~~Futures ~~methodology~~ that ~~seeks~~have tosettlement ~~minimize~~values ~~the~~at ~~effect~~expiration ofbased ~~contango~~on ~~and maximize~~ the ~~effect~~ level of ~~backwardation~~the byBloomberg ~~selecting~~Roll ~~replacement~~Select ~~futures~~CI ~~contracts~~at that ~~exhibit~~time. ~~the~~The ~~most~~Trust ~~backwardation~~also orearns ~~least~~interest ~~contango,~~on ~~relative to~~ its ~~preceding~~non-cash ~~contract,~~Collateral ~~among those eligible futures contracts with delivery months of up to 273 calendar days until expiration~~Assets.

1The Bloomberg Roll Select CI incorporates the economic effect of rolling the contracts included in the applicable index. Rolling a futures contract means closing out a position in an expiring futures contract and establishing an equivalent position in a replacement futures contract on the same commodity. Markets for futures contracts can be in backwardation which means that futures contracts with distant delivery months are priced lower than those with nearer delivery months or can exhibit contango which means that futures contracts with distant delivery months are priced higher than those with nearer delivery months. The Bloomberg Roll Select CI employs a rolling methodology that seeks to minimize the effect of contango and maximize the effect of backwardation by selecting replacement futures contracts that exhibit the most backwardation or least contango, relative to its preceding contract, among those eligible futures contracts with delivery months of up to 273 calendar days until expiration.

The Index, in turn, reflects the return of the Bloomberg Roll Select CI, together with the return on specified U.S. Treasury securities that are deemed to have been held to collateralize a hypothetical long position in the futures contracts comprising the Bloomberg Roll Select CI. The Index and the Bloomberg Roll Select CI are calculated based on the same commodities, though not always the same futures contracts, that are included in the Bloomberg Commodity Index (the “Bloomberg CI”) which is a liquidity- and production-weighted index of the prices of a diversified group of futures contracts on physical commodities. The Bloomberg CI, the Bloomberg Roll Select CI and the Index are administered, calculated and published by Bloomberg Finance L.P., and its affiliates (“Bloomberg”) who is also referred to in this report as the index administrator of the Bloomberg CI, the Bloomberg Roll Select CI and the Index (the “Index Administrator”). Certain intellectual property and other rights relating to the Bloomberg CI and related indices are owned by UBS Securities LLC (“UBS Securities”) including the right to remove Bloomberg as Index Administrator, and Bloomberg and UBS Securities are collectively referred to as the index providers (the “Index Providers”).1

IfTable the Index Providers cease to maintain the Index, the Bloomberg CI or the Bloomberg Roll Select CI, the Trust may seek investment results that correspond generally, but are not necessarily identical, to the performance of ~~a fully collateralized investment in a successor index or any other index that, in the opinion of the Sponsor, is reasonably similar to the Index.~~Contents

~~When~~The ~~establishing~~Index, ~~positions~~ in ~~Index Futures~~turn, reflects the ~~Trust~~return isof ~~required~~the toBloomberg ~~deposit~~Roll ~~initial~~Select ~~margin~~CI, together with athe ~~value~~return ofon ~~approximately~~specified 3%U.S. Treasury securities that are deemed to ~~10%~~have ofbeen ~~the~~held ~~value~~to ofcollateralize ~~each~~a ~~Index~~hypothetical ~~Futures~~long position atin the ~~time~~futures itcontracts iscomprising ~~established~~the Bloomberg Roll Select CI. ~~These~~The ~~margin~~Index ~~requirements~~and ~~are~~the ~~subject~~Bloomberg toRoll ~~change~~Select ~~from~~CI ~~time~~are tocalculated ~~time~~based byon the ~~Exchange~~same orcommodities, ~~UBS~~though ~~Securities,~~not always the ~~clearing~~same futures ~~commission~~contracts, ~~merchant~~that are included in the Bloomberg Commodity Index (the “~~Clearing~~Bloomberg ~~FCM~~CI”). ~~Margin~~which ~~requirements~~is ~~established~~a byliquidity- and production-weighted index of the ~~Clearing~~prices ~~FCM~~of ~~may~~a ~~exceed~~diversified ~~minimum~~group ~~levels~~of ~~established~~futures bycontracts ~~the~~on ~~Exchange~~physical commodities. OnThe aBloomberg ~~daily basis~~CI, the ~~Trust~~Bloomberg isRoll ~~obligated~~Select toCI ~~pay,~~and orthe ~~entitled~~Index toare ~~receive~~administered, ~~variation~~calculated ~~margin~~and inpublished anby ~~amount~~Bloomberg ~~equal~~Finance toL.P., ~~the~~and ~~change~~its inaffiliates ~~the~~(“Bloomberg”) ~~daily~~who ~~settlement~~is ~~level~~also ofreferred ~~its~~to ~~Index~~in ~~Futures~~this ~~positions.~~report Ifas the ~~daily~~index ~~settlement~~administrator ~~level~~of ~~causes~~ the ~~value~~Bloomberg ofCI, the ~~Trust’s~~Bloomberg ~~Index~~Roll ~~Futures~~Select ~~positions~~CI toand ~~decrease,~~ the ~~Trust~~Index is(the ~~required~~“Index toAdministrator”). ~~post~~Certain ~~variation~~intellectual ~~margin~~property ~~with~~and ~~the~~other ~~Clearing~~rights ~~FCM.~~relating ~~Conversely,~~to if the ~~daily~~Bloomberg ~~settlement~~CI ~~level~~and ~~causes~~related ~~the~~indices ~~value~~are ofowned ~~the~~by ~~Trust’s~~UBS ~~Index~~Securities ~~Futures~~LLC ~~positions~~(“UBS toSecurities”) ~~increase,~~including the ~~Trust’s~~right ~~account~~to ~~with~~remove ~~the~~Bloomberg ~~Clearing~~as ~~FCM~~Index ~~receives~~Administrator, ~~variation~~and ~~margin~~Bloomberg inand anUBS ~~amount~~Securities ~~equal~~are collectively referred to as the ~~increase.~~index providers (the “Index Providers”).

~~The~~If ~~Shares~~the ~~are~~Index ~~intended~~Providers tocease ~~constitute an alternative means for investors~~ to ~~achieve~~maintain ~~investment exposure to~~ the ~~performance of the~~ Index., ~~Although~~ the ~~Shares~~Bloomberg ~~are~~CI ~~not~~or the ~~exact~~Bloomberg ~~equivalent~~Roll ofSelect anCI, ~~investment in~~ the ~~underlying~~Trust ~~futures~~may ~~contracts~~seek ~~and~~investment ~~U.S.~~results ~~Treasury~~that ~~securities~~correspond ~~represented by the Index~~generally, ~~the~~but ~~Shares~~ are ~~intended~~not tonecessarily ~~provide investors with an alternative method of participating in the commodities market. In addition~~identical, ~~retail investors can gain exposure~~ to the ~~commodities~~performance ~~underlying~~of ~~the~~a ~~Bloomberg~~fully ~~Roll~~collateralized ~~Select~~investment CIin bya ~~purchasing~~successor ~~individual~~index or ~~small~~any ~~lots~~other ofindex ~~Shares through traditional brokerage accounts~~that, ~~without~~in ~~being~~the ~~subject~~opinion toof the ~~significantly~~Sponsor, ~~higher~~is ~~minimum~~reasonably ~~contract~~similar ~~sizes~~to ~~required for directly establishing a position in~~ the ~~underlying commodities or futures contracts~~Index. ~~The Shares are eligible for margin accounts.~~

~~Secondary~~When ~~Market~~establishing ~~Trading~~positions in Index Futures, the Trust is required to deposit initial margin with a value of approximately 3% to 10% of the value of each Index Futures position at the time it is established. These margin requirements are subject to change from time to time by the Exchange or UBS Securities, the clearing futures commission merchant (the “Clearing FCM”). Margin requirements established by the Clearing FCM may exceed minimum levels established by the Exchange. On a daily basis, the Trust is obligated to pay, or entitled to receive, variation margin in an amount equal to the change in the daily settlement level of its Index Futures positions. If the daily settlement level causes the value of the Trust’s Index Futures positions to decrease, the Trust is required to post variation margin with the Clearing FCM. Conversely, if the daily settlement level causes the value of the Trust’s Index Futures positions to increase, the Trust’s account with the Clearing FCM receives variation margin in an amount equal to the increase.

~~While~~The ~~the Trust anticipates that the price of the~~ Shares ~~will~~are ~~fluctuate~~intended into aconstitute ~~manner~~an ~~that~~alternative ~~reflects~~means ~~changes~~for ininvestors ~~the~~to ~~Trust’s~~achieve ~~net~~investment ~~asset~~exposure ~~value~~to ~~over time, at any given time~~ the ~~Shares~~performance ~~may~~of ~~trade at, above or below~~ the ~~NAV~~Index. ~~The~~Although ~~NAV~~the ~~fluctuates~~Shares ~~primarily~~are ~~with~~not ~~changes in~~ the ~~market~~exact ~~value~~equivalent of ~~Index~~an ~~Futures.~~investment ~~The NAV may also be affected as a result of fluctuations~~ in the ~~value~~underlying offutures ~~Collateral~~contracts ~~Assets, but this fluctuation is not expected to be significant because the Collateral Assets are expected to consist of cash~~ and U.S. Treasury securities. ~~The~~represented ~~trading~~by ~~price of~~ the ~~Shares fluctuates in accordance with changes in the NAV~~Index, ~~intraday changes in~~ the ~~value~~Shares ofare ~~the~~intended ~~Index~~to ~~Futures~~provide ~~and~~investors ~~market~~with ~~supply~~an ~~and~~alternative ~~demand.~~method ~~The amount~~ of ~~the~~participating ~~discount or premium~~ in the ~~trading~~commodities ~~price relative to the NAV may be influenced by non-concurrent trading hours between NYSE Arca, Inc~~market. ~~(“NYSE~~In ~~Arca”)~~addition, ~~the~~retail ~~exchange~~investors oncan ~~which~~gain ~~the~~exposure ~~Shares~~to ~~trade,~~ the ~~Exchanges on which Index Futures trade and the principal~~ commodities ~~markets~~underlying ~~on which~~ the ~~futures contracts in the~~ Bloomberg Roll Select CI ~~trade.~~by ~~While~~purchasing ~~the~~individual ~~Shares~~or ~~are~~small ~~expected~~lots toof ~~trade~~Shares onthrough ~~NYSE~~traditional ~~Arca~~brokerage ~~until 4:00 p.m. (New York time)~~accounts, ~~liquidity~~without inbeing ~~the~~subject ~~markets~~to ~~for~~ the ~~Index~~significantly ~~Futures~~higher ~~and~~minimum ~~the~~contract ~~futures~~sizes ~~contracts~~required ~~underlying the Bloomberg Roll Select CI is expected to be reduced whenever the principal markets~~ for ~~these~~directly ~~contracts~~establishing ~~are closed. As~~ a ~~result,~~position ~~trading~~in ~~spreads, and~~ the ~~resulting~~underlying ~~premium~~commodities or ~~discount~~futures oncontracts. ~~the~~The Shares, ~~may~~are ~~widen~~eligible ~~during~~for ~~these~~margin ~~gaps in market trading hours~~accounts.

~~Valuation~~Secondary ofMarket ~~Index Futures; Computation of the Trust’s Net Asset Value~~Trading

~~The~~While ~~Sponsor~~the ~~has~~Trust anticipates that the ~~exclusive~~price ~~authority~~of tothe ~~determine~~Shares will fluctuate in a manner that reflects changes in the Trust’s net asset value ofover time, at any given time the ~~Trust~~Shares ~~and~~may trade at, above or below the NAV. The NAV fluctuates primarily with changes in the market value of Index Futures. The NAV may also be affected as a result of fluctuations in the value of Collateral Assets, ~~which~~but itthis ~~has~~fluctuation ~~delegated~~is not expected to ~~the~~be ~~Trustee~~significant ~~under~~because the ~~Trust~~Collateral ~~Agreement~~Assets are expected to consist of cash and U.S. Treasury securities. The ~~Trustee~~trading ~~determines~~price of the ~~net~~Shares ~~asset~~fluctuates in accordance with changes in the NAV, intraday changes in the value of the ~~Trust~~Index Futures and market supply and demand. The amount of the discount or premium in the trading price relative to the NAV asmay ofbe ~~4:00~~influenced pby non-concurrent trading hours between NYSE Arca, Inc.m. (~~New~~“NYSE ~~York time~~Arca”), the exchange on ~~each~~which ~~Business~~the ~~Day~~Shares trade, the Exchanges on which ~~NYSE~~Index ~~Arca~~Futures istrade ~~open~~and ~~for~~the ~~regular~~principal ~~trading,~~commodities asmarkets ~~soon~~on aswhich ~~practicable~~the ~~after~~futures ~~that~~contracts ~~time.~~in Athe ~~Business~~Bloomberg ~~Day~~Roll isSelect aCI ~~day~~trade. ~~(1)~~While onthe ~~which~~Shares ~~none~~are ofexpected ~~the~~to ~~following~~trade ~~occurs~~on NYSE Arca until 4:00 p.m. (aNew York time), ~~NYSE~~liquidity ~~Arca~~in isthe ~~closed~~markets for ~~regular~~the ~~trading,~~Index ~~(b)~~Futures and the ~~CME~~futures iscontracts ~~closed~~underlying ~~for~~the ~~regular~~Bloomberg ~~trading~~Roll orSelect ~~(c)~~CI is expected to be reduced whenever the ~~Federal~~principal ~~Reserve~~markets ~~wire~~for ~~transfer~~these ~~system~~contracts isare closed. ~~for~~As ~~cash~~a ~~wire~~result, ~~transfers~~trading spreads, and the resulting premium or ~~(2)~~discount ~~that~~on the ~~Trustee~~Shares, ~~determines~~may ~~that~~widen itduring isthese ~~able~~gaps toin ~~conduct~~market ~~business~~trading hours.

~~The~~Valuation ~~Trustee values the Trust’s long positions in Index Futures on the basis~~ of ~~that day’s settlement prices for the~~ Index Futures; ~~held~~Computation ~~by the Trust as announced by the applicable Exchange. The value~~ of the Trust’s ~~positions~~Net inAsset any particular Index Futures contract equals the product of (1) the number of such Index Futures contracts owned by the Trust, (2) the settlement price of such Index Futures contract on the date of calculation and (3) the multiplier of such Index Futures contract. If there is no announced settlement price for a particular Index Futures contract on a Business Day, the Trustee uses the most recently announced settlement price unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate as a basis for valuation. The daily settlement price for each Index Futures contract currently held by the Trust is established on each trading day by CME Group Inc., and its designed contract markets, including the CME, CBOT (Board of Trade of the City of Chicago, Inc.), NYMEX (New York Mercantile Exchange), COMEX and KCBT (the “CME Group”) staff, generally 2:40 p.m. (New York time).Value

The Sponsor has the exclusive authority to determine the net asset value of the Trust and the NAV, which it has delegated to the Trustee ~~values~~under ~~all~~the ~~other~~Trust ~~holdings~~Agreement. The Trustee determines the net asset value of the Trust atand the NAV as of 4:00 p.m. (1New York time), ~~its~~on ~~current~~each ~~market~~Business ~~value,~~Day ifon ~~quotations~~which NYSE Arca is open for ~~such~~regular ~~property~~trading, ~~are~~as ~~readily~~soon ~~available~~as orpracticable after that time. A Business Day is a day (21) ~~its~~on ~~fair~~which ~~value~~none of the following occurs: (a) NYSE Arca is closed for regular trading, as(b) ~~reasonably~~the ~~determined~~Exchange byis closed for regular trading or (c) the ~~Trustee~~Federal Reserve wire transfer system is closed for cash wire transfers, ifor (2) that the ~~current~~Trustee ~~market~~determines ~~value~~that ~~cannot~~it beis ~~determined.~~able to conduct business.

~~Once~~ The Trustee values the ~~value~~Trust’s long positions in Index Futures on the basis of that day’s settlement prices for the Index Futures ~~and~~held ~~interest~~by ~~earned~~the onTrust as announced by the applicable Exchange. The value of the Trust’s ~~non-cash~~positions ~~Collateral~~in ~~Assets~~any ~~has~~particular ~~been~~Index ~~determined,~~Futures ~~the~~contract ~~Trustee~~equals ~~subtracts~~the ~~all~~product ~~accrued~~of ~~expenses~~(1) ~~and~~the ~~liabilities~~number of such Index Futures contracts owned by the Trust, as(2) the settlement price of such Index Futures contract on the ~~time~~date of calculation and (3) the multiplier of such Index Futures contract. If there is no announced settlement price for a particular Index Futures contract on a Business Day, the Trustee uses the most recently announced settlement price unless the Trustee, in ~~order~~consultation towith ~~calculate~~the Sponsor, determines that such price is inappropriate as a basis for valuation. The daily settlement price for each Index Futures contract currently held by the ~~net~~Trust ~~asset~~is ~~value~~established on each trading day, generally at 2:40 p.m. (New Year time), by the CME Group Inc., and its designed contract markets, including the CME, CBOT (Board of Trade of the ~~Trust~~City of Chicago, Inc.), NYMEX (New York Mercantile Exchange), COMEX and KCBT (the “CME Group”) staff.

~~Once~~The ~~the net asset value of the Trust has been calculated, the~~ Trustee ~~determines~~values ~~the~~all ~~NAV~~other byholdings ~~dividing the net asset value~~ of the Trust ~~by the number of Shares outstanding~~ at ~~the~~(1) ~~time~~its ~~the~~current ~~calculation~~market isvalue, ~~made.~~if ~~Any~~quotations ~~change~~for tosuch ~~the NAV~~property ~~that~~are ~~may~~readily ~~result~~available ~~from~~or ~~creation~~(2) ~~and~~its ~~redemption~~fair ~~activity~~value, ~~occurring~~as onreasonably ~~any~~determined ~~Business~~by ~~Day~~the isTrustee, ~~not~~if ~~reflected~~the incurrent ~~NAV~~market ~~until~~value ~~the~~cannot ~~following~~be ~~Business Day~~determined.

2Once the value of the Index Futures, Collateral Assets of the Trust and interest earned on the Trust’s Collateral Assets has been determined, the Trustee subtracts all accrued expenses and liabilities of the Trust as of the time of calculation in order to calculate the net asset value of the Trust.

~~The~~Once ~~NAV~~the ~~for~~net ~~each~~asset ~~Business~~value ~~Day~~of onthe ~~which~~Trust ~~NYSE~~has ~~Arca~~been iscalculated, ~~open~~the ~~for~~Trustee ~~regular~~determines ~~trading~~the isNAV ~~expected~~by todividing bethe ~~distributed~~net ~~through~~asset ~~major~~value ~~market~~of ~~data~~the ~~vendors~~Trust ~~and~~by ~~published~~the ~~online~~number of Shares outstanding at ~~www.ishares.com~~the ortime ~~any~~the ~~successor~~calculation ~~thereto~~is made. ~~The~~Any ~~Trust~~changes ~~updates~~to the NAV asthat ~~soon~~may asresult ~~practicable~~from ~~after~~creation ~~each~~and ~~subsequent~~redemption ~~NAV~~activity occurring on any Business Day is ~~calculated~~not reflected in the NAV until the following Business Day.

~~Trust Expenses~~2

~~The~~Table ~~Sponsor~~of ~~has agreed under the Trust Agreement to pay the following administrative, operational and marketing expenses:~~Contents

●The ~~the~~NAV ~~fees~~for ofeach ~~the~~Business ~~Trustee,~~Day ~~the~~on ~~Delaware~~which ~~Trustee,~~NYSE ~~the~~Arca ~~Advisor~~is open for regular trading is expected to be distributed through major market data vendors and ~~their~~published ~~respective~~online ~~agents;~~at www.ishares.com or any successor thereto. The Trust updates the NAV as soon as practicable after each subsequent NAV is calculated.

●Trust ~~NYSE Arca listing fees;~~Expenses

●The ~~printing~~Sponsor has agreed under the Trust Agreement to pay the following administrative, operational and ~~mailing~~marketing ~~costs;~~expenses:

● ~~audit~~the fees of the Trustee, the Delaware Trustee, the Advisor and their respective agents;

● ~~fees~~NYSE ~~for~~Arca ~~registration~~listing ~~of the Shares with the SEC~~fees;

● ~~tax~~printing ~~reporting~~and mailing costs;

● ~~license~~audit fees ~~and~~;

● ~~legal~~fees ~~expenses~~for ~~relating~~registration toof the ~~Trust~~Shares ofwith upthe ~~to $100,000 annually.~~SEC;

~~The~~● ~~Trust~~tax isreporting ~~not expected to have other ordinary recurring administrative, operational or marketing expenses other than brokerage commissions and similar transaction fees, as described below.~~costs;

In● ~~return~~license ~~for paying the expenses described above, the Sponsor receives a fee which accrues daily at an annualized rate of up to 0.75% of the net asset value of the Trust, as calculated before deducting~~ fees; and expenses based on the value of the Trust’s assets (the “Adjusted Net Asset Value”), is payable by the Trust monthly in arrears, and is subject to adjustment from time to time (the “Sponsor’s Fee”), except that the Sponsor’s Fee may not be adjusted to above 0.75% of the Adjusted Net Asset Value absent an amendment of the Trust Agreement and thirty day’s prior notice to registered holders of the Shares.

~~The~~● ~~Sponsor~~legal ~~and~~expenses ~~the~~relating ~~Trustee may amend or terminate the Sponsor’s obligation~~ to ~~pay certain expenses of~~ the Trust ~~pursuant~~of up to ~~the~~$100,000 ~~Trust Agreement~~annually.

The Trust is ~~responsible~~not ~~for~~expected ~~paying~~to ~~any~~have ~~applicable~~other ordinary recurring administrative, operational or marketing expenses other than brokerage commissions and similar transaction fees, ~~out~~as ofdescribed ~~its assets~~below.

~~The~~In ~~following~~return for paying the expenses ~~are~~described ~~paid~~above, ~~out~~the Sponsor receives a fee which accrues daily at an annualized rate of up to 0.75% of the net asset value of the Trust, as calculated before deducting fees and expenses based on the value of the Trust’s assets (the “Adjusted Net Asset Value”), is payable by the Trust monthly in arrears, and is subject to adjustment from time to time (the “Sponsor’s Fee”), except that the Sponsor’s Fee may not be adjusted to above 0.75% of the Adjusted Net Asset Value absent an amendment of the Trust: Agreement with thirty day’s prior notice to registered holders of the Shares.

●The ~~any~~Sponsor ~~expenses~~and of the ~~Trust~~Trustee ~~(including~~may amend or terminate the Sponsor’s ~~Fee)~~obligation ~~that~~to ~~are~~pay ~~not~~certain ~~assumed~~expenses byof the ~~Sponsor;~~Trust pursuant to the Trust Agreement.

●The ~~any~~Trust ~~taxes~~is ~~and~~responsible ~~other~~for ~~governmental~~paying ~~charges~~any ~~that~~applicable ~~may~~brokerage ~~fall~~commissions onand ~~the~~similar ~~Trust~~transaction orfees out of its ~~property;~~assets.

●The ~~any~~following expenses ofare ~~any~~paid ~~extraordinary~~out ~~services performed by the Trustee or the Sponsor on behalf~~ of the ~~Trust~~assets ~~or expense~~ of ~~any action taken by~~ the ~~Trustee or the Sponsor to protect the~~ Trust ~~and the rights and interests of holders of the Shares; and~~:

● any ~~indemnification~~expenses of the ~~Sponsor,~~Trust (including the ~~Advisor~~Sponsor’s orFee) ~~other~~that ~~agents,~~are ~~service~~not ~~providers~~assumed orby ~~counterparties of~~ the ~~Trust.~~Sponsor;

~~The~~● ~~Trustee~~any istaxes ~~also entitled to charge the Trust for all expenses~~ and ~~disbursements~~other ~~incurred~~governmental bycharges ~~the Trustee in connection with the actions described in the second and third bullet points above, including fees and disbursements of its legal counsel; provided~~ that ~~the~~may ~~Trustee~~fall ison ~~not entitled to charge~~ the Trust ~~for~~or ~~(1)~~its expenses and disbursements that were incurred by it before the Shares were publicly traded and (2) fees of agents for performing services that the Trustee is required under the Trust Agreement to perform.property;

~~The~~● ~~Trustee,~~any atexpenses ~~the direction~~ of ~~the~~any ~~Sponsor,~~extraordinary ~~may~~services ~~liquidate~~performed by the ~~Trust’s~~Trustee ~~property~~or ~~from~~the ~~time~~Sponsor toon ~~time~~behalf asof ~~necessary~~the toTrust ~~permit~~or ~~payment~~expense of ~~the~~any ~~fees~~action ~~and~~taken ~~expenses~~by ~~that~~ the ~~Trust is required to pay. The~~ Trustee ~~is not responsible for any depreciation~~ or ~~loss~~the ~~incurred~~Sponsor byto ~~reason~~protect of the ~~liquidation~~Trust ofand ~~Trust~~the ~~property~~rights ~~made~~and ininterests ~~compliance~~of ~~with~~holders of the ~~Trust~~Shares; ~~Agreement.~~and

~~Creation~~● any indemnification of ~~Baskets~~the Sponsor, the Advisor or other agents, service providers or counterparties of the Trust.

The ~~Trust~~Trustee ~~intends~~is toalso ~~offer~~entitled ~~Shares~~to oncharge athe ~~continuous~~Trust ~~basis on each Business Day, but issuances of new Shares may be suspended at any time. Shares may be offered only in Baskets of 50,000 Shares. Baskets are typically issued only in exchange~~ for anall ~~amount~~expenses ~~of Index Futures~~ and ~~cash~~disbursements ~~(or,~~incurred ~~in the discretion of the Sponsor, other Collateral Assets) (the “Basket Amount”) for the Business Day on which the creation order was received~~ by the Trustee. ~~The~~in ~~Basket~~connection ~~Amount~~with ~~for a Business Day has a per Share value equal to~~ the ~~NAV~~actions asdescribed ~~of such day and the assets included~~ in the ~~Basket~~second ~~Amount~~and ~~are~~third ~~valued~~bullet inpoints ~~the~~above, ~~same~~including ~~manner~~fees and ondisbursements ~~the~~of ~~same basis as the Trust’s NAV calculations for~~ its ~~assets.~~legal ~~Creation~~counsel; ~~orders~~provided ~~received~~that ~~after~~the ~~2:40~~Trustee ~~p.m.~~is ~~(New York time) are~~ not ~~deemed~~entitled to becharge ~~received until~~ the ~~following~~Trust ~~Business~~for ~~Day.~~(1) expenses ~~In limited circumstances~~ and ~~subject~~disbursements tothat ~~the~~were ~~approval of the Trustee, Baskets may be created for cash equal to the NAV of the Shares constituting a Basket as determined on the date the related creation order was received, plus the costs~~ incurred by ~~the~~it ~~Trust~~before ~~in establishing~~ the ~~corresponding~~Shares ~~Index~~were ~~Futures~~publicly ~~positions~~traded and ~~acquiring~~(2) ~~the~~fees ~~related~~of ~~Collateral~~agents ~~Assets. Creation orders~~ for ~~Baskets~~performing ~~paid~~services ~~for solely in cash~~ that ~~are received after 10:00 a.m. (New York time) will be deemed received as of~~ the ~~following Business Day. The~~ Trustee ~~notifies~~is ~~the~~required ~~Authorized~~under ~~Participants of~~ the ~~Basket~~Trust ~~Amount~~Agreement onto ~~each Business Day~~perform.

3The Trustee, at the direction of the Sponsor, may liquidate the Trust’s property from time to time as necessary to permit payment of the fees and expenses that the Trust is required to pay. The Trustee is not responsible for any depreciation or loss incurred by reason of the liquidation of Trust property made in compliance with the Trust Agreement.

~~Before~~Creations ~~the Trust issues any Baskets to an Authorized Participant, that Authorized Participant must deliver to the Trustee a creation order indicating the number~~ of Baskets it intends to purchase and providing other details with respect to the procedures by which the Baskets are to be transferred. The Trustee expects to acknowledge the creation order unless it or the Sponsor decides to refuse the order.

~~Upon~~The ~~the~~Trust ~~transfer~~intends ofto ~~(1)~~offer ~~the~~Shares ~~required~~on ~~consideration~~a ofcontinuous ~~Index~~basis ~~Futures~~on ineach ~~the~~Business ~~amounts~~Day, ~~and~~but issuances of ~~the~~new ~~type~~Shares ~~specified~~may bybe ~~the~~suspended ~~Trustee~~at any time. Shares may be offered only in Baskets of 50,000 Shares. Baskets are typically issued only in exchange for an amount of Index Futures and cash (or, in the discretion of the Sponsor, other Collateral Assets) in(the “Basket Amount”) for the ~~amounts~~Business ~~specified~~Day on which the creation order was received by the Trustee,. inThe ~~each~~Basket ~~case~~Amount for a Business Day has a per Share value equal to the ~~accounts~~NAV ~~specified~~as byof such day and the ~~Trustee~~assets included in the Basket Amount are valued in the same manner and ~~(2)~~on ~~all~~the ~~transaction~~same ~~fees~~basis ~~associated~~as ~~with~~the ~~creations~~Trust’s NAV calculations for its assets. Creation orders received after 2:40 p.m. (~~including~~New ~~but~~York time) are not ~~limited~~deemed to ~~fees~~be ~~charged~~received byuntil the ~~Exchange~~following Business Day. In limited circumstances and subject to the ~~Clearing~~approval ~~FCM)~~of ~~per~~the ~~Basket~~Trustee, Baskets may be created for cash equal to the ~~Trustee~~NAV ~~will~~of ~~deliver~~the Shares constituting a Basket as determined on the ~~appropriate~~date ~~number~~the ofrelated ~~Baskets~~creation toorder was received, plus the ~~Depository~~costs incurred by the Trust ~~Company~~in establishing the corresponding Index Futures positions and acquiring the related Collateral Assets. Creation orders for Baskets paid for solely in cash that are received after 10:00 a.m. (~~“DTC”~~New York time) ~~account~~will be deemed received as of the ~~Authorized~~following ~~Participant~~Business Day. The ~~total~~Trustee ~~transaction~~notifies ~~fees~~the ~~charged~~Authorized ~~per~~Participants ~~Basket~~of ~~created~~the ~~may~~Basket ~~change~~Amount ~~from~~on ~~time~~each toBusiness ~~time~~Day.

Only Authorized Participants can transfer the required consideration and receive Baskets in exchange. Authorized Participants may act for their own accounts or as agents for broker-dealers, custodians and other securities market participants that wish to create or redeem Baskets. An Authorized Participant is under no obligation to the Trust to create or redeem Baskets for itself or on behalf of other persons. An order for one or more Baskets may be placed by an Authorized Participant on behalf of multiple clients. As of the date of this report, UBS Securities LLC, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., Goldman Sachs Execution & Clearing L.P. and J.P. Morgan Securities LLC are the only Authorized Participants. The Sponsor and the Trustee maintain a current list of Authorized Participants. 3

NoTable ~~Shares are issued unless and until the Trustee receives confirmation that the required consideration has been received in the account or accounts specified by the Trustee. It is expected that delivery~~ of the Shares will be made against transfer of consideration on the next Business Day following the Business Day on which the creation order is received by the Trustee, which is referred to as a T+1 settlement cycle. If the Trustee has not received the required consideration for the Shares to be delivered on the delivery date, by 11:00 a.m. (New York time), the Trustee may cancel the creation order.Contents

~~The~~Before ~~Trustee has~~ the ~~right~~Trust toissues ~~reject~~ any ~~creation~~Baskets ~~order~~to ~~for~~an ~~any reason. The reasons for the rejection may include, among others, (1) the related order not being in proper form as described in the~~ Authorized Participant ~~agreement~~, ~~(2) market conditions or other circumstances~~ that ~~make~~Authorized ~~transactions~~Participant inmust ordeliver ~~delivery~~to of the ~~Shares~~Trustee ~~or the Index Futures impossible or impractical, (3)~~ a ~~determination~~creation byorder ~~the~~indicating ~~Trustee that~~ the ~~acceptance~~number of ~~the~~Baskets ~~related~~it ~~order~~intends ~~would~~to ~~have~~purchase ~~adverse~~and ~~tax~~providing or other ~~consequences~~details towith ~~the~~respect ~~Trust~~to or the ~~Shareholders~~procedures orby ~~(4)~~which ~~circumstances that would cause~~ the ~~acceptance~~Baskets ofare ~~the related order~~ to ~~result~~be intransferred. aThe ~~violation~~Trustee ofexpects ~~law~~to inacknowledge the ~~opinion~~creation oforder ~~counsel~~unless toit ~~the~~or ~~Trustee,~~ the Sponsor ordecides ~~the~~to ~~Trust~~refuse ~~Administrator. Each Authorized Participant agreement provides that neither~~ the ~~Trustee nor any agents acting on its behalf will be liable to any person for rejecting a creation~~ order.

~~Redemptions~~Upon the transfer of (1) the required consideration of Index Futures in the amounts and of the type specified by the Trustee, and cash (or, in the discretion of the Sponsor, other Collateral Assets) in the amounts specified by the Trustee, in each case to the accounts specified by the Trustee and (2) all transaction fees associated with creations (including but not limited to fees charged by the Exchange and the Clearing FCM) per Basket, the Trustee will deliver the appropriate number of Baskets to the Depository Trust Company (“DTC”) account of the Authorized Participant. The total transaction fees charged per Basket created may change from time to time.

Only Authorized Participants ~~may~~can ~~typically~~transfer ~~surrender~~the required consideration and receive Baskets in exchange. ~~only~~Authorized ~~for~~Participants anmay ~~amount~~act offor ~~Index~~their ~~Futures~~own ~~and~~accounts ~~cash (~~or, inas ~~the~~agents ~~discretion~~for ofbroker-dealers, ~~the~~custodians ~~Sponsor,~~and other ~~Collateral~~securities ~~Assets)~~market ~~equal~~participants that wish to ~~the~~create ~~value~~or ofredeem ~~the~~Baskets. ~~Basket~~An ~~Amount~~Authorized onParticipant ~~the~~is ~~Business~~under ~~Day~~no obligation to the ~~redemption~~Trust ~~request~~to iscreate ~~received~~or byredeem ~~the~~Baskets ~~Trustee.~~for ~~Redemption~~itself ~~orders~~or ~~received~~on ~~after~~behalf ~~2:40~~of pother persons.m. ~~(New~~An ~~York~~order ~~time)~~for ~~are~~one ~~not~~or ~~deemed~~more toBaskets may be ~~received~~placed ~~until~~by ~~the~~an ~~following~~Authorized ~~Business~~Participant ~~Day.~~on ~~Holders~~behalf of ~~Baskets~~multiple ~~who~~clients. ~~are~~As ~~not~~of ~~Authorized~~the ~~Participants~~date ~~are~~of ~~not~~this ~~able~~report, toUBS ~~redeem~~Securities ~~their~~LLC, ~~Baskets~~Credit ~~except~~Suisse ~~through~~Securities an(USA) ~~Authorized~~LLC, ~~Participant.~~Goldman ItSachs is& ~~expected~~Co. ~~that~~LLC, ~~Authorized~~Goldman ~~Participants~~Sachs ~~may~~Execution ~~redeem~~& ~~Baskets~~Clearing ~~for~~L.P. ~~their~~and ~~own~~J.P. ~~accounts~~Morgan orSecurities onLLC ~~behalf of Shareholders who~~ are ~~not~~the only Authorized Participants,. ~~but~~The noSponsor ~~Authorized~~and ~~Participant~~the isTrustee ~~under~~maintain ~~any~~a ~~obligation~~current tolist ~~the~~of ~~Trust~~Authorized ~~to do so~~Participants.

~~Before~~No ~~surrendering~~Shares ~~Baskets~~are ~~for~~issued ~~redemption,~~unless anand ~~Authorized~~until ~~Participant~~the ~~must~~Trustee ~~deliver~~receives toconfirmation that the ~~Trustee~~required aconsideration ~~request~~has ~~indicating~~been received in the ~~number~~account or accounts specified by the Trustee. It is expected that delivery of ~~Baskets~~the itShares ~~intends~~will tobe ~~redeem~~made ~~and~~against ~~providing~~transfer ~~other~~of ~~details~~consideration ~~with~~on ~~respect~~the tonext Business Day following the ~~procedures~~Business byDay on which the ~~assets~~creation ~~representing~~order is received by the ~~required~~Trustee, ~~Basket~~which ~~Amount~~is ~~are~~referred to beas ~~transferred~~a T+1 settlement cycle. ~~The~~If the Trustee ~~expects~~has tonot ~~acknowledge~~received the ~~redemption~~required ~~order~~consideration ~~unless~~for itthe orShares to be delivered on the ~~Sponsor~~delivery ~~decides~~date, toby ~~refuse~~11:00 a.m. (New York time), the ~~redemption~~Trustee may cancel the creation order.

~~After~~The Trustee has the ~~delivery~~right byto ~~the~~reject ~~Authorized~~any ~~Participant~~creation toorder for any reason. The reasons for the ~~Trust’s~~rejection ~~DTC~~may ~~account~~include, ofamong others, (1) the ~~total~~related ~~number~~order ofnot ~~Shares~~being toin beproper ~~redeemed~~form byas andescribed in the Authorized Participant agreement, ~~the~~(2) ~~Trustee~~market ~~delivers~~conditions toor ~~the~~other ~~order~~circumstances ofthat ~~the~~make ~~redeeming~~transactions ~~Authorized~~in ~~Participant~~or ~~redemption~~delivery ~~proceeds~~of ~~consisting~~the ofShares or the Index Futures ~~and~~impossible ~~cash (~~or impractical, in(3) a determination by the ~~discretion~~Trustee that the acceptance of the ~~Sponsor,~~related ~~other~~order ~~Collateral~~would ~~Assets).~~have ~~The~~adverse ~~assets~~tax ~~included~~or inother consequences to the ~~redemption~~Trust ~~proceeds~~or ~~are~~the ~~valued~~Shareholders inor ~~the~~(4) ~~same~~circumstances ~~manner~~that ~~and~~would oncause the ~~same~~acceptance ~~basis~~of as the ~~Trust’s~~related ~~NAV~~order ~~calculations~~to ~~for~~result ~~its~~in ~~assets.~~a Inviolation ~~connection~~of ~~with~~law ain ~~redemption~~the ~~order~~opinion of counsel to the Trustee, the ~~redeeming~~Sponsor or the Trust Administrator. Each Authorized Participant ~~authorizes~~agreement provides that neither the Trustee tonor ~~deduct~~any ~~from~~agents ~~the~~acting ~~proceeds~~on ofits ~~redemption~~behalf ~~any~~will ~~and~~be ~~all~~liable ~~transaction~~to ~~fees~~any ~~associated~~person ~~with~~for ~~redemptions~~rejecting a creation order.

ItRedemptions ~~is expected that delivery~~ of ~~the Index Futures and cash or other Collateral Assets to the redeeming Shareholder will be made against transfer of the~~ Baskets on the next Business Day following the Business Day on which the redemption request is received by the Trustee, which is referred to as a T+1 settlement cycle. If the Trustee’s DTC account has not been credited with the total number of Shares to be redeemed pursuant to the redemption order by 11:00 a.m. (New York time), on the delivery date, the Trustee may cancel the redemption order.

~~The~~Authorized ~~Trustee~~Participants ~~has~~may ~~the~~typically ~~right~~surrender toBaskets ~~reject~~in ~~any~~exchange ~~redemption~~only ~~order~~ for ~~any~~an ~~reason.~~amount ~~The~~of ~~reasons~~Index ~~for~~Futures ~~the~~and ~~rejection~~cash ~~may include~~(or, ~~among~~in ~~others, (1)~~ the ~~related~~discretion ~~order~~of ~~not being in proper form as described in~~ the ~~Authorized Participant agreement~~Sponsor, ~~(2) market conditions or~~ other ~~circumstances~~Collateral ~~that~~Assets) ~~make~~equal ~~transactions~~to inthe orvalue ~~delivery~~ of the ~~Shares~~Basket orAmount on the ~~Index~~Business ~~Futures~~Day ~~impossible~~the orredemption ~~impractical,~~request ~~(3)~~is areceived ~~determination~~ by the Trustee. ~~that~~Redemption ~~the~~orders ~~acceptance~~received ofafter ~~the~~2:40 ~~related~~p.m. ~~order~~(New ~~would~~York ~~have~~time) ~~adverse~~are ~~tax~~not ordeemed ~~other consequences~~ to ~~the~~be ~~Trust~~received oruntil the ~~Shareholders~~following orBusiness ~~(4)~~Day. ~~circumstances~~Holders ~~that~~of ~~would~~Baskets ~~cause~~who ~~the~~are ~~acceptance~~not ofAuthorized ~~the~~Participants ~~related~~are ~~order~~not able to ~~result~~redeem intheir aBaskets ~~violation~~except ofthrough ~~law~~an inAuthorized ~~the~~Participant. ~~opinion~~It ofis ~~counsel~~expected tothat ~~the~~Authorized ~~Trustee,~~Participants ~~the~~may ~~Sponsor~~redeem orBaskets ~~the~~for ~~Trust~~their ~~Administrator.~~own ~~Each~~accounts ~~Authorized~~or ~~Participant~~on ~~agreement~~behalf ~~provides~~of ~~that~~Shareholders ~~neither~~who ~~the~~are ~~Trustee~~not ~~nor~~Authorized ~~any~~Participants, ~~agents~~but ~~acting~~no onAuthorized ~~its~~Participant ~~behalf~~is ~~will~~under beany ~~liable~~obligation to ~~any~~the ~~person~~Trust ~~for~~to ~~rejecting~~do ~~a redemption order~~so.

~~Custody~~Before surrendering Baskets for redemption, an Authorized Participant must deliver to the Trustee a request indicating the number of Baskets it intends to redeem and providing other details with respect to the ~~Trust~~procedures ~~Assets~~by which the assets representing the required Basket Amount are to be transferred. The Trustee expects to acknowledge the redemption order unless it or the Sponsor decides to refuse the redemption order.

~~The~~After the delivery by the Authorized Participant to the Trust’s ~~Index~~DTC ~~Futures~~account ~~and~~of the ~~Collateral~~total ~~Assets~~number ~~posted~~of asShares ~~margin~~to ~~for~~be ~~these~~redeemed by an Authorized Participant, the Trustee delivers to the order of the redeeming Authorized Participant redemption proceeds consisting of Index Futures ~~positions~~and ~~are~~cash ~~held~~(or, in the ~~Trust’s~~discretion ~~account,~~of ~~established~~the atSponsor, ~~its~~other ~~Clearing~~Collateral ~~FCM~~Assets). The ~~Clearing~~assets ~~FCM~~included ~~further~~in ~~transfers~~the ~~some~~redemption orproceeds ~~all~~are ofvalued in the ~~Collateral~~same ~~Assets~~manner ~~posted~~and ason ~~margin~~the ~~for~~same basis as the Trust’s ~~Index~~NAV ~~Futures~~calculations ~~positions~~for its assets. In connection with a redemption order, the redeeming Authorized Participant authorizes the Trustee to deduct from the ~~Exchange~~proceeds of redemption any and all transaction fees associated with redemptions.

~~Substantially~~It ~~all~~is expected that delivery of the ~~Trust’s~~Index ~~remaining~~Futures ~~assets~~and ~~consist~~cash ofor other Collateral Assets ~~held~~to inthe redeeming Shareholder will be made against transfer of the ~~Trust~~Baskets on the next Business Day following the Business Day on which the redemption request is received by the Trustee, which is referred to as a T+1 settlement cycle. If the Trustee’s ~~accounts~~DTC ataccount has not been credited with the ~~Trust~~total ~~Administrator~~number of Shares to be redeemed pursuant to the redemption order by 11:00 a.m. (New York time), on the delivery date, the Trustee may cancel the redemption order.

The Trustee has the right to reject any redemption order for any reason. The reasons for the rejection may include, among others, (1) the related order not being in proper form as described in the Authorized Participant agreement, (2) market conditions or other circumstances that make transactions in or delivery of the Shares or the Index Futures impossible or impractical, (3) a determination by the Trustee that the acceptance of the related order would have adverse tax or other consequences to the Trust or the Shareholders or (4) circumstances that would cause the acceptance of the related order to result in a violation of law in the opinion of counsel to the Trustee, the Sponsor or the Trust Administrator. Each Authorized Participant agreement provides that neither the Trustee nor any agents acting on its behalf will be liable to any person for rejecting a redemption order.

~~Futures~~Custody ~~Contracts~~of on the ~~Bloomberg~~Trust ~~Roll Select CI~~Assets

The ~~assets of the~~ Trust’s ~~consist of~~ Index Futures and ~~cash~~the ~~or other~~ Collateral Assets ~~used~~posted toas ~~satisfy applicable~~ margin ~~requirements~~ for ~~those~~these Index Futures positions. ~~Index Futures~~ are ~~exchange-traded~~held ~~index~~in ~~futures contracts on~~ the ~~Bloomberg~~Trust’s ~~Roll Select CI~~account, ~~and~~established ~~may~~at ~~include~~its ~~contracts~~Clearing ~~of different terms and expirations~~FCM. The ~~Trust~~Clearing isFCM ~~expected~~further totransfers ~~roll~~some ~~out~~or all of ~~existing~~the ~~positions~~Collateral inAssets ~~Index~~posted ~~Futures~~as ~~and~~margin ~~establish~~for ~~new positions in Index Futures on an ongoing basis. Index Futures subsequently acquired by~~ the Trust’s ~~may have terms that differ from those of the~~ Index Futures itpositions ~~currently~~to ~~holds, including transaction fees associated with~~ the ~~purchase and sale of these Index Futures~~Exchange.

~~Creation~~Substantially ~~and~~all ~~redemption~~ of ~~interests in~~ the Trust’s ~~are~~remaining ~~generally~~assets ~~effected~~consist ~~through~~of ~~exchanges~~Collateral ~~for~~Assets ~~related~~held ~~positions (“EFRPs”). EFRPs involve contemporaneous transactions~~ in ~~futures contracts and~~ the ~~underlying~~Trust’s ~~cash~~accounts ~~commodity~~at ~~or a closely related commodity. In a typical EFRP,~~ the participant taking the long position on the futures contract transfers the underlying commodity or other related position to the participant taking the short position on the futures contract. The Exchange on which Index Futures trade permits the execution of EFRPs consisting of simultaneous transfers of Index Futures and Shares. This mechanism generally is expected to be used by the Trust ~~in connection with the creation and redemption of Baskets~~Administrator.

Specifically, it is anticipated that an Authorized Participant requesting the creation of additional Baskets typically will transfer Index Futures and cash (or, in the discretion of the Sponsor, other Collateral Assets) to the Trust in return for Shares. If an EFRP is executed in connection with the redemption of one or more Baskets, an Authorized Participant transfers to the Trust the Shares being redeemed and the Trust transfers to the Authorized Participant Index Futures and cash or other Collateral Assets. The Trust may include Index Futures with different terms and expirations in the creation and redemption of Baskets and the Index Futures included in creation Baskets may differ from those included in redemption Baskets. 4

~~With~~Table ~~the approval~~ of the Sponsor, Baskets may also be created or redeemed for cash, in which case the Authorized Participant will be responsible for the costs incurred by the Trust in establishing or liquidating the corresponding Index Futures position and acquiring or disposing of the related Collateral Assets.Contents

~~The~~Futures ~~Index,~~Contracts ~~the~~on ~~Bloomberg CI and~~ the Bloomberg Roll Select CI

~~This~~The ~~section~~assets ~~contains~~of athe ~~description~~Trust consist of ~~the~~ Index, ~~the~~Futures ~~Bloomberg~~and CIcash ~~and~~or ~~the~~other ~~Bloomberg~~Collateral ~~Roll~~Assets ~~Select~~used ~~CI.~~to ~~All~~satisfy ~~information~~applicable ~~regarding~~margin ~~the~~requirements for those Index, ~~the~~Futures ~~Bloomberg~~positions. CIIndex ~~and~~Futures are exchange-traded index futures contracts on the Bloomberg Roll Select CI, ~~contained~~and inmay ~~this~~include ~~report,~~contracts ~~including~~of ~~their~~different ~~respective~~terms ~~compositions,~~and ~~methods~~expirations. The Trust is expected to roll out of ~~calculation,~~existing ~~changes~~positions in ~~their~~Index ~~constituent~~Futures ~~components~~ and ~~historical~~establish ~~performance,~~new ~~has~~positions ~~been~~in ~~derived~~Index ~~from~~Futures ~~information~~on ~~published~~an orongoing ~~provided~~basis. Index Futures subsequently acquired by the Trust may have terms that differ from those of the Index ~~Providers~~Futures it currently holds, including transaction fees associated with the purchase and ~~has~~sale ~~not~~of ~~been~~these ~~independently~~Index ~~verified~~Futures.

~~The~~Creation ~~Bloomberg~~and ~~Commodity~~redemption ~~IndexesSM~~of interests in the Trust are agenerally ~~joint~~effected ~~product~~through ofexchanges ~~Bloomberg~~for ~~and~~related ~~UBS~~positions ~~Securities~~(“EFRPs”). EFRPs involve contemporaneous transactions in futures contracts and ~~have~~the ~~been~~underlying ~~licensed~~cash ~~for~~commodity ~~use~~or ~~for~~a ~~certain~~closely ~~purposes~~related bycommodity. In a typical EFRP, the ~~Trust~~participant taking the long position on the futures contract transfers the underlying commodity or other related position to the participant taking the short position on the futures contract. ~~Bloomberg®~~The isExchange aon ~~trademark~~which Index Futures trade permits the execution of ~~Bloomberg~~EFRPs consisting of simultaneous transfers of Index Futures and ~~has~~Shares. ~~been~~This ~~licensed~~mechanism ~~for~~generally ~~use~~is ~~for~~expected ~~certain~~to ~~purposes~~be used by the Trust in connection with the creation and redemption of Baskets.

Specifically, it is anticipated that an Authorized Participant requesting the creation of additional Baskets typically will transfer Index Futures and cash (or, in the discretion of the Sponsor, other Collateral Assets) to the Trust in return for Shares. If an EFRP is executed in connection with the redemption of one or more Baskets, an Authorized Participant transfers to the Trust the Shares being redeemed and the Trust transfers to the Authorized Participant Index Futures and cash or other Collateral Assets. The Trust may include Index ~~Providers~~Futures with different terms and expirations in the creation and redemption of Baskets and the Index Futures included in creation Baskets may differ from those included in redemption Baskets.

~~The~~With ~~Shares are not sponsored, endorsed, sold or promoted by~~ the ~~Index~~approval ~~Providers in their capacities as such. None~~ of the ~~Index Providers~~Sponsor, inBaskets their capacities as such, makes any representation or warranty, express or implied, to the owners of or counterparts to the Shares or any member of the public regarding the advisability of investing in securities or commodities generally or in the Shares particularly. The only relationship of the Index Providers, in their capacities as such, to the Trust is the licensing of certain trademarks, trade names and service marks and of the Index and the Bloomberg Roll Select CI, which is determined, composed and calculated by Bloomberg without regard to the Trust or the Shares. Bloomberg and the Index Committees may ~~not~~also ~~take~~be ~~the~~created ~~needs of the Trust~~ or ~~the~~redeemed ~~Shareholders into consideration in determining, composing or calculating the Index or the Bloomberg Roll Select CI. None of the Index Providers is directly responsible~~ for ~~or has participated in the determination of the timing of~~cash, ~~prices at, or quantities of the Shares to be issued or~~ in ~~the~~which ~~determination~~case ~~or calculation of~~ the ~~equation~~Authorized byParticipant ~~which~~will ~~the Shares are to~~ be ~~converted into cash, surrendered or redeemed, as the case may be. The Index Providers, in their capacities as such, are not~~ responsible for the ~~administration,~~costs ~~marketing~~incurred or trading of the Shares. Notwithstanding the foregoing, UBS Securities and its respective subsidiaries and affiliates may independently issue and/or sponsor financial products unrelated to the Shares currently being issued by the Trust, ~~but~~in ~~which~~establishing ~~may~~or beliquidating ~~similar to and competitive with~~ the ~~Shares.~~corresponding ~~In addition, UBS Securities and its subsidiaries and affiliates actively trade commodities, commodity indexes and commodity futures (including the~~ Index ~~and~~Futures ~~the~~position ~~Bloomberg Roll Select CI), as well as swaps, options~~ and ~~derivatives~~acquiring ~~which~~or ~~are~~disposing ~~linked to the performance~~ of ~~such commodities, commodity indexes and commodity futures. It is possible that this trading activity will affect~~ the ~~value~~related ofCollateral ~~the Index, the Bloomberg Roll Select CI and Shares~~Assets.

~~Purchasers~~The ~~of the Shares should not conclude that the inclusion of a futures contract in the~~ Index is any form of investment recommendation of the futures contract or the underlying exchange-traded physical commodity by any Index Provider or any of their subsidiaries or affiliates. None of the Index Providers or any of their subsidiaries or affiliates has made any due diligence inquiries with respect to the futures contracts or physical commodities underlying the Index in connection with the Shares being offered hereby. None of the Index Providers or any of their subsidiaries or affiliates makes any representation that any information relating to the futures contracts or commodities underlying the Index contained in this report or any other publicly available information relating to such futures contracts or commodities, ~~including, without limitation, a description of~~ the ~~factors~~Bloomberg ~~that~~CI ~~affect~~and the ~~prices~~Bloomberg ofRoll ~~such~~Select ~~futures contracts or commodities, are accurate or complete.~~ CI

~~None~~This ofsection ~~the~~contains ~~Index~~a ~~Providers~~description ~~or any~~ of ~~their~~the ~~subsidiaries~~Index, ~~or affiliates guarantees~~ the ~~accuracy~~Bloomberg CI and~~/or~~ ~~completeness of~~ the ~~Index~~Bloomberg orRoll ~~any~~Select ~~data~~CI. ~~related~~All ~~thereto~~information ~~and~~regarding ~~none of~~ the Index, ~~Providers~~the orBloomberg ~~any~~CI ofand ~~their~~the ~~subsidiaries~~Bloomberg orRoll ~~affiliates~~Select ~~shall~~CI ~~have~~contained ~~any~~in ~~liability~~this ~~for any errors~~report, ~~omissions~~including ~~or interruptions therein. None of the Index Providers or any of~~ their ~~subsidiaries~~respective ~~or affiliates makes any warranty~~compositions, ~~express~~methods orof ~~implied~~calculation, aschanges toin ~~results~~their toconstituent becomponents ~~obtained~~and byhistorical ~~the Trust~~performance, ~~owners~~has ofbeen ~~Shares~~derived ~~or any other person or entity~~ from ~~the~~information ~~use~~published ~~of the Index~~ or ~~any~~provided ~~data~~by ~~related thereto. None of~~ the Index Providers ~~or any of their subsidiaries or affiliates makes any express or implied warranties~~ and ~~expressly~~has ~~disclaims~~not ~~all~~been ~~warranties~~independently ~~of merchantability or fitness for a particular purpose or use with respect to the Index or any data related thereto~~verified. Without limiting any of the foregoing, in no event shall any Index Provider or any of their subsidiaries or affiliates have any liability for any lost profits or indirect, punitive, special or consequential damages or losses, even if notified of the possibility thereof.

5The Bloomberg Commodity IndexesSM are a joint product of Bloomberg and UBS Securities and have been licensed for use for certain purposes by the Trust. Bloomberg® is a trademark of Bloomberg and has been licensed for use for certain purposes by the Trust.

The ~~following summary with respect to the~~ Index, the Bloomberg CI and the Bloomberg Roll Select CI has been prepared based on the Bloomberg Commodity IndexSM Methodology, dated as of December 2016 (the “Index Methodology”) and fact sheets, methodologies and other materials available publicly or otherwise provided by the Index Providers, and is subject to change. The Index Providers together own the rights to the Index, the Bloomberg CI and the Bloomberg Roll Select CI. The Index Providers have no obligation to consider the interests of holders of Shares in the Trust and have no obligation to continue to publish, and may discontinue the publication of, the Index, the Bloomberg CI or the Bloomberg Roll Select CI.

~~Current~~The ~~information~~Shares ~~regarding~~are not sponsored, endorsed, sold or promoted by the ~~market~~Index ~~values~~Providers in their capacities as such. None of the Index Providers, in their capacities as such, makes any representation or warranty, express or implied, to the ~~Bloomberg~~owners CIof ~~and~~or counterparts to the ~~Bloomberg~~Shares ~~Roll~~or ~~Select~~any CImember isof ~~currently~~the ~~distributed~~public byregarding ~~major~~the ~~market~~advisability ~~data~~of ~~vendors,~~investing ~~and~~in issecurities ~~available~~or ~~from~~commodities ~~numerous~~generally ~~sources,~~or ~~including~~in atthe ~~www~~Shares particularly.~~bloombergindexes.com.~~ ~~None~~The only relationship of the ~~Sponsor~~Index Providers, ~~the~~in ~~Advisor~~their capacities as such, to the ~~Trustee~~Trust oris the ~~Trust~~licensing ~~makes~~of ~~any~~certain ~~representation~~trademarks, ~~that~~trade ~~such~~names ~~information~~and ~~about~~service marks and of the Index, and the Bloomberg Roll Select CI, which is determined, composed and calculated by Bloomberg without regard to the Trust or the Shares. Bloomberg and the Index Committees may not take the needs of the Trust or the Shareholders into consideration in determining, composing or calculating the Index or the Bloomberg Roll Select CI. None of the Index Providers is ~~accurate~~directly responsible for or ~~complete.~~has Inparticipated ~~addition,~~in ~~none~~the determination of the ~~Sponsor~~timing of, ~~the~~prices ~~Advisor~~at, or quantities of the ~~Trustee~~Shares to be issued or in the ~~Trust~~determination ~~accepts~~or ~~any~~calculation ~~responsibility~~of the equation by which the Shares are to be converted into cash, surrendered or redeemed, as the case may be. The Index Providers, in their capacities as such, are not responsible for the ~~calculation~~administration, ~~maintenance~~marketing or ~~publication~~trading of the Shares. Notwithstanding the foregoing, UBS Securities and its respective subsidiaries and affiliates may independently issue and/or ~~for~~sponsor ~~any~~financial ~~error~~products unrelated to the Shares currently being issued by the Trust, ~~omission~~but orwhich ~~disruption~~may inbe similar to and competitive with the Shares. In addition, UBS Securities and its subsidiaries and affiliates actively trade commodities, commodity indexes and commodity futures (including the Index, and the Bloomberg Roll Select CI), oras well as swaps, options and derivatives which are linked to the performance of such commodities, commodity indexes and commodity futures. It is possible that this trading activity will affect the value of the Index, the Bloomberg Roll Select CI. and Shares.

~~Overview~~Purchasers of the Shares should not conclude that the inclusion of a futures contract in the Index is any form of investment recommendation of the futures contract or the underlying exchange-traded physical commodity by any Index Provider or any of their subsidiaries or affiliates. None of the Index Providers or any of their subsidiaries or affiliates has made any due diligence inquiries with respect to the futures contracts or physical commodities underlying the Index in connection with the Shares being offered hereby. None of the Index Providers or any of their subsidiaries or affiliates makes any representation that any information relating to the futures contracts or commodities underlying the Index contained in this report or any other publicly available information relating to such futures contracts or commodities, including, without limitation, a description of the factors that affect the prices of such futures contracts or commodities, are accurate or complete.

~~The~~None of the Index isProviders or any of their subsidiaries or affiliates guarantees the ~~total~~accuracy ~~return~~and/or ~~version~~completeness of the ~~Bloomberg~~Index ~~Roll~~or ~~Select~~any CIdata related thereto and ~~reflects~~none of the ~~returns~~Index Providers or any of ~~the~~their ~~Bloomberg~~subsidiaries ~~Roll~~or ~~Select~~affiliates CIshall ~~together~~have ~~with~~any ~~the~~liability ~~returns~~for ~~from~~any ~~specified~~errors, ~~U.S.~~omissions ~~Treasury~~or ~~securities~~interruptions ~~intended~~therein. toNone ~~reflect~~of the ~~returns~~Index Providers or any of ~~assets~~their ~~held~~subsidiaries toor ~~fully~~affiliates ~~collateralize~~makes ~~the~~any ~~futures~~warranty, ~~contracts~~express ~~reflected~~or inimplied, as to results to be obtained by the ~~Bloomberg~~Trust, ~~Roll~~owners ~~Select~~of ~~CI.~~Shares ~~The~~or ~~Bloomberg~~any ~~Roll~~other ~~Select~~person CIor ~~itself~~entity isfrom athe ~~version~~use of the ~~Bloomberg~~Index CIor ~~that~~any ~~incorporates~~data related thereto. None of the ~~economic~~Index ~~effect~~Providers or any of antheir ~~alternative~~subsidiaries ~~rolling~~or ~~methodology,~~affiliates asmakes ~~described~~any inexpress ~~more~~or ~~detail~~implied ~~below.~~warranties ~~The~~and ~~Bloomberg~~expressly CIdisclaims ~~itself~~all ~~forms~~warranties ~~the~~of ~~base~~merchantability ~~commodities~~or ~~index~~fitness ~~from~~for ~~which~~a ~~the~~particular ~~Bloomberg~~purpose ~~Roll~~or ~~Select~~use CIwith ~~and~~respect to the Index ~~are~~or ~~derived.~~any ~~Set~~data ~~forth~~related ~~below~~thereto. isWithout alimiting ~~description~~any of the ~~how~~foregoing, ~~the~~in ~~Bloomberg~~no CIevent isshall ~~determined~~any ~~and~~Index ~~calculated,~~Provider aor ~~description~~any of ~~how~~their ~~the~~subsidiaries ~~Bloomberg~~or ~~Roll~~affiliates ~~Select~~have CIany isliability ~~derived~~for ~~from~~any ~~the~~lost ~~Bloomberg~~profits CIor indirect, ~~and finally~~punitive, aspecial ~~description~~or ofconsequential ~~how~~damages ~~the~~or ~~Index~~losses, iseven ~~derived~~if ~~from~~notified of the ~~Bloomberg~~possibility ~~Roll Select CI~~thereof.

The following summary with respect to the Index, the Bloomberg CI and the Bloomberg Roll Select CI has been prepared based on the index methodology for the Bloomberg Commodity Index Family (the “Index Methodology”) and fact sheets, methodologies and other materials available publicly or otherwise provided by the Index Providers, and is subject to change. The Index Providers together own the rights to the Index, the Bloomberg CI and the Bloomberg Roll Select CI. The Index Providers have no obligation to consider the interests of holders of Shares in the Trust and have no obligation to continue to publish, and may discontinue the publication of, the Index, the Bloomberg CI or the Bloomberg Roll Select CI.

The Bloomberg CI, from which the Bloomberg Roll Select CI is based, was created by AIG International Inc. in 1998 and acquired by UBS Securities in May 2009, at which time UBS Securities and Dow Jones Trademark Holdings, LLC entered into a joint marketing agreement to market the Dow Jones-UBS Commodity Index and related indexes. Dow Jones Trademark Holdings, LLC subsequently assigned its interest in the joint marketing agreement to DJI Opco, LLC. In 2014 the joint marketing agreement was terminated and UBS AG, UBS Securities and their affiliates (“UBS”) entered into a Commodity Index License Agreement with Bloomberg. Under the Commodity Index License Agreement, Bloomberg, on behalf of UBS Securities, calculates the Bloomberg CI and related indices and sub‑indices, including the Index and the Bloomberg Roll Select CI.5

~~The~~Table ~~Bloomberg CI is a benchmark index composed~~ of futures contracts on physical commodities, the selection and weighting of which are generally determined based on a lagging five-year average of the trading volume, adjusted by the historic U.S. dollar value of the futures contract being considered for inclusion in the index, and a lagging five-year average of production figures, adjusted by the historic U.S. dollar value of the related futures contracts, for the underlying commodities. The 24 commodities currently eligible for inclusion in the Bloomberg CI are: Contents

~~Aluminum~~Current ~~Lead~~information ~~Soybean~~regarding ~~Oil~~the ~~Cocoa~~market ~~Lean~~values ~~Hogs~~of ~~Soybeans~~the ~~Coffee~~Index, ~~Live~~the ~~Cattle~~Bloomberg ~~Sugar~~CI ~~Copper~~and ~~Natural~~the ~~Gas~~Bloomberg ~~Tin~~Roll ~~Corn~~Select ~~Nickel~~CI ~~ULS~~is ~~Diesel~~currently ~~Cotton~~distributed ~~Platinum~~by ~~Unleaded~~major ~~Gasoline~~market ~~Crude~~data ~~Oil~~vendors, ~~Silver~~and ~~Wheat~~is ~~Gold~~available ~~Soybean~~from ~~Meal~~numerous ~~Zinc~~sources, including at www.bloombergindexes.com. None of the Sponsor, the Advisor, the Trustee or the Trust makes any representation that such information about the Index, the Bloomberg CI or the Bloomberg Roll Select CI is accurate or complete. In addition, none of the Sponsor, the Advisor, the Trustee or the Trust accepts any responsibility for the calculation, maintenance or publication of, or for any error, omission or disruption in, the Index, the Bloomberg CI or the Bloomberg Roll Select CI.

~~There~~Overview are 20 commodities currently represented in the Bloomberg CI. Cocoa, lead, platinum and tin are the four eligible commodities which are not currently represented in the Bloomberg CI. For each of the 20 included commodities, specified futures contracts with specified delivery dates are designated for inclusion in the Bloomberg CI. The Bloomberg CI is reweighted and rebalanced annually, on a price-percentage basis, to reflect changes in trading volume and production figures. The selection and weighting of the Bloomberg CI’s constituents and its index methodology is intended to reflect the following four main principles:

●The ~~Economic~~Index ~~Significance.~~is Inthe ~~order~~total toreturn ~~achieve~~version ~~a fair representation~~ of the ~~relative~~Bloomberg ~~importance~~Roll ofSelect aCI ~~diversified~~and ~~group~~reflects ~~of commodities to~~ the ~~world~~returns ~~economy,~~of the Bloomberg Roll Select CI ~~uses~~together ~~both~~with ~~liquidity~~the ~~data~~returns ~~and~~from specified U.S. ~~dollar-weighted~~Treasury ~~production~~securities ~~data~~intended into ~~determining~~reflect the ~~relative~~returns ~~quantities~~ of ~~included~~assets ~~commodities~~held ~~that~~to ~~are~~fully collateralize the futures contracts reflected in the ~~calculation~~Bloomberg Roll Select CI. The Bloomberg Roll Select CI itself is a version of the Bloomberg CI. ~~Liquidity~~that ~~data~~incorporates ~~reflects~~ the ~~amount~~economic effect of ~~trading~~an ~~volume~~alternative rolling methodology, as described in more detail below. The Bloomberg CI itself forms the ~~futures~~base ~~contracts~~commodities onindex afrom ~~commodity~~which asthe aBloomberg ~~measure~~Roll ofSelect CI and the ~~economic~~Index ~~significance~~are ofderived. ~~that~~Set ~~commodity,~~forth ~~which~~below is ~~particularly~~a ~~relevant~~description ~~for~~of ~~storable~~the ~~commodities~~how ~~such~~the asBloomberg ~~gold~~CI is determined and calculated, a description of how the ~~production~~Bloomberg ~~figures~~Roll ~~for~~Select ~~which~~CI dois ~~not~~derived ~~reflect~~from ~~their~~the ~~economic~~Bloomberg ~~importance~~CI, ~~relative~~and tofinally, ~~relatively~~a ~~non-storable~~description ~~commodities~~of ~~such~~how asthe ~~live~~Index ~~cattle~~is derived from the Bloomberg Roll Select CI.

●The ~~Diversification. In order to avoid disproportionate weighting of any particular commodity or sector, the~~ Bloomberg CI ~~tries to provide diversified exposure to commodities as an asset class by applying both minimum and maximum weights to component commodities and sectors.~~

●The ~~Continuity~~Bloomberg CI, from which the Bloomberg Roll Select CI is based, was created by AIG International Inc. Inin ~~order~~1998 toand beacquired ~~responsive~~by UBS Securities in May 2009, at which time UBS Securities and Dow Jones Trademark Holdings, LLC entered into a joint marketing agreement to market the ~~changing~~Dow ~~nature~~Jones-UBS ofCommodity ~~commodity~~Index ~~markets~~and ~~without~~related ~~completely~~indexes. ~~reshaping~~Dow ~~the~~Jones ~~character~~Trademark ofHoldings, ~~the~~LLC ~~Bloomberg~~subsequently CIassigned ~~from~~its ~~year~~interest in the joint marketing agreement to ~~year~~DJI Opco, LLC. In 2014 the ~~Bloomberg~~joint CImarketing ~~seeks~~agreement awas ~~balanced~~terminated ~~approach~~and toUBS ~~provide~~AG, UBS Securities and their affiliates (“UBS”) entered into a ~~stable~~Commodity ~~benchmark~~Index ~~over~~License ~~time~~Agreement with Bloomberg. Under the Commodity Index License Agreement, ~~through~~Bloomberg, aon ~~combination~~behalf of ~~annual~~UBS ~~re-balancing~~Securities, ~~five‑year~~calculates ~~averaging~~the ofBloomberg ~~liquidity~~CI and ~~production~~related ~~data,~~indices ~~diversification~~and ~~rules~~sub-indices, ~~for~~including ~~constituent~~the ~~commodities~~Index and ~~other~~the ~~index~~Bloomberg ~~features~~Roll Select CI.

●The ~~Liquidity.~~Bloomberg InCI ~~order~~is toa ~~provide~~benchmark index composed of futures contracts on physical commodities, the selection and weighting of which are generally determined based on a ~~more~~lagging ~~liquid~~five-year ~~index~~average of the trading volume, adjusted by the ~~Bloomberg~~historic CIU.S. ~~explicitly~~dollar ~~includes~~value of the ~~liquidity~~futures contract being considered for inclusion in the index, and a lagging five-year average of production figures, adjusted by the ~~underlying~~historic ~~commodities~~U.S. dollar value of the related futures contracts, asfor athe ~~weighting~~underlying ~~factor~~commodities. The 24 commodities currently eligible for inclusion in the Bloomberg CI are:

~~The~~Aluminum ~~Bloomberg~~Lead CISoybean ~~reflects~~Oil ~~the~~Cocoa ~~increased~~Lean orHogs ~~decreased~~Soybeans ~~return~~Coffee ~~associated~~Live ~~with~~Cattle ~~rolling~~Sugar ~~futures~~Copper ~~contracts.~~Natural ~~Because~~Gas ~~futures~~Tin ~~contracts~~Corn ~~have~~Nickel ~~scheduled~~ULS ~~expirations,~~Diesel orCotton ~~delivery~~Platinum ~~months,~~Unleaded ~~and as~~Gasoline ~~one~~Crude ~~contract~~Oil ~~nears~~Silver ~~expiration~~Wheat itGold ~~becomes~~Soybean ~~necessary~~Meal to close out the position in that delivery month and establish a position in a later available delivery month. This process is referred to as rolling the position forward. Rolls are traditionally accomplished by selling the position in the closest delivery month and purchasing a position of equivalent value in a later applicable delivery month. Markets for futures contracts can be in backwardation, which means that futures contracts with distant delivery months are priced lower than those with nearer delivery months, or can exhibit contango, which means that futures contracts with distant delivery months are priced higher than those with nearer delivery months. Zinc

6 There are 20 commodities currently represented in the Bloomberg CI. Cocoa, lead, platinum and tin are the four eligible commodities which are not currently represented in the Bloomberg CI. For each of the 20 included commodities, specified futures contracts with specified delivery dates are designated for inclusion in the Bloomberg CI. The Bloomberg CI is reweighted and rebalanced annually, on a price-percentage basis, to reflect changes in trading volume and production figures. The selection and weighting of the Bloomberg CI’s constituents and its index methodology is intended to reflect the following four main principles:

As● ~~part~~Economic ofSignificance. ~~this roll~~In ~~process~~order ~~the~~to ~~weights~~achieve ~~applied~~a tofair ~~expiring~~representation ~~futures~~of ~~contracts~~the ~~are~~relative ~~reduced while~~importance ~~correspondingly,~~of ~~the~~a ~~weights~~diversified ~~applied~~group of commodities to the ~~futures~~world ~~contracts~~economy, ~~that~~the ~~are~~Bloomberg ~~replacing~~CI ~~expiring~~uses ~~futures~~both ~~contracts~~liquidity ~~are~~data ~~increased~~and U.S. ~~This~~dollar-weighted ~~roll~~production ~~simulation~~data isin ~~generally~~determining ~~conducted at~~ the ~~beginning~~relative quantities of ~~each~~included ~~month~~commodities ~~over~~that are reflected in the ~~course~~calculation of ~~five~~the ~~business~~Bloomberg ~~days,~~CI. ~~lasting~~Liquidity ~~from~~data reflects the ~~sixth~~amount ~~business~~of ~~day~~trading ~~until~~volume in the ~~tenth~~futures ~~business~~contracts ~~day~~on ofa ~~each~~commodity ~~month.~~as ~~The~~a ~~Bloomberg~~measure CIof ~~conducts~~the ~~its~~economic ~~roll~~significance ~~simulations~~of ~~each~~that ~~month~~commodity, bywhich ~~rolling~~is ~~out~~particularly ofrelevant ~~the~~for ~~designated~~storable ~~futures~~commodities ~~contracts~~such ~~expiring~~as ingold, ~~that~~the ~~month~~production ~~and~~figures ~~rolling~~for ~~into~~which ~~those~~do ~~designated~~not ~~futures~~reflect ~~contracts~~their ~~with~~economic ~~the~~importance ~~next~~relative ~~closest~~to ~~designated~~relatively ~~delivery~~non-storable ~~month.~~commodities such as live cattle.

~~The~~● ~~Bloomberg~~Diversification. ~~Roll~~In ~~Select~~order to avoid disproportionate weighting of any particular commodity or sector, the Bloomberg CI tries to provide diversified exposure to commodities as an asset class by applying both minimum and maximum weights to component commodities and sectors.

~~The~~● ~~Index~~Continuity. ~~Futures~~In inorder ~~which~~to ~~the~~be ~~Trust~~responsive isto ~~investing are based on~~ the ~~Bloomberg~~changing ~~Roll~~nature ~~Select~~of ~~CI.~~commodity ~~The~~markets ~~Bloomberg~~without ~~Roll~~completely ~~Select~~reshaping CIthe ischaracter ~~a version~~ of the Bloomberg CI ~~that~~from ~~tries~~year to ~~mitigate the effects of contango arising from the rolling process. Rather than incorporating the economic effect of rolling into the front-month futures contracts~~year, the Bloomberg ~~Roll Select~~ CI ~~incorporates~~seeks ~~the~~a ~~economic~~balanced ~~effect~~approach ofto ~~rolling~~provide ~~into~~a ~~applicable~~stable ~~futures~~benchmark ~~contracts~~over ~~that~~time, ~~exhibit~~through ~~the~~a ~~least~~combination ~~contango~~of ~~or,~~annual ~~if applicable~~re‑balancing, ~~the~~five-year ~~most~~averaging ~~backwardation,~~of inliquidity ~~each~~and ~~case~~production ~~relative~~data, todiversification ~~the~~rules ~~contracts~~for ofconstituent ~~the~~commodities ~~immediately~~and ~~preceding~~other ~~delivery~~index ~~month~~features.

~~The~~● Bloomberg Roll Select CI implements its rolling methodology by selecting from the eligible contracts for each commodity on its applicable contract selection date, the contract that exhibits the greatest amount of backwardation or least amount of contango, on an annualized basis, relative to the contract with the immediately preceding delivery date on the same commodityLiquidity. ~~This~~In isorder ~~accomplished by first dividing the price of each eligible contract from the price of the contract immediately preceding such eligible contract,~~ to ~~determine~~provide the percentage difference between the two prices. Because this price difference may be affected by the relative time between the eligible contract and its immediately preceding contract, this price difference is multiplied by 365 and divided by the number of actual days between the delivery dates of the two contracts, to arrive at a ~~measure~~more ofliquid ~~the relative annualized contango/backwardation~~index, (the ~~“annualized~~Bloomberg ~~spread”)~~CI ~~exhibited~~explicitly ~~between~~includes the ~~eligible~~liquidity ~~contract and the contract immediately preceding it. Based on a comparison~~ of ~~these annualized spreads,~~ the ~~eligible~~underlying ~~contract~~commodity ~~that~~futures ~~has~~contracts ~~the highest annualized spread relative to its immediately preceding contract is the one selected~~ as ~~the~~a ~~contract~~weighting ~~for the Bloomberg Roll Select CI to establish new positions in~~factor. ~~This roll selection process generally occurs every month on the fourth business day of the month.~~

The Bloomberg ~~Roll~~CI ~~Select~~reflects CIthe ~~utilizes~~increased aor ~~different~~decreased ~~designated~~return ~~contract~~associated ~~selection~~with ~~process~~rolling ~~than~~futures ~~the~~contracts. ~~Bloomberg~~Because CIfutures contracts have scheduled expirations, or delivery months, and as aone ~~result~~contract ~~the~~nears ~~futures~~expiration ~~contracts~~it ~~comprising~~becomes necessary to close out the ~~Bloomberg~~position ~~Roll~~in ~~Select~~that CIdelivery atmonth ~~any~~and ~~particular~~establish ~~time~~a ~~may~~position ~~have~~in ~~different~~a later available delivery ~~months~~month. ~~than~~This ~~those~~process ~~comprising~~is ~~the~~referred ~~Bloomberg~~to ~~CI,~~as ~~and~~rolling the ~~levels~~position offorward. ~~the~~Rolls ~~Bloomberg~~are ~~Roll~~traditionally ~~Select~~accomplished CIby ~~and~~selling the ~~Bloomberg~~position CIin ~~may~~the ~~correspondingly~~closest ~~differ.~~delivery Inmonth ~~addition,~~and aspurchasing a ~~result~~position of ~~this~~equivalent ~~difference~~value in ~~rolling~~a ~~processes~~later applicable delivery month. Markets for futures contracts can be in backwardation, ~~both~~which ~~the~~means ~~performance~~that offutures ~~the~~contracts ~~Bloomberg~~with ~~Roll~~distant ~~Select~~delivery CImonths ~~and~~are ~~the~~priced ~~Bloomberg~~lower CIthan ~~and~~those ~~the~~with ~~dollar-value~~nearer ~~weights~~delivery ofmonths, ~~their~~or ~~respective~~can ~~underlying~~exhibit contango, which means that futures contracts with distant delivery months are ~~expected~~priced tohigher ~~differ~~than ~~over~~those ~~time~~with nearer delivery months.

~~Although~~As ~~the~~part ~~Bloomberg~~of ~~Roll~~this ~~Select CI’s~~ roll process ~~is designed to mitigate~~ the ~~effects~~weights ofapplied ~~contango and~~ to ~~take~~expiring ~~advantage~~futures ofcontracts ~~the~~are ~~effects~~reduced ofwhile ~~backwardation~~correspondingly, ~~there~~the ~~can~~weights beapplied noto ~~assurance that~~ the futures contracts ~~selected~~that ~~for~~are ~~inclusion~~replacing inexpiring ~~the Bloomberg Roll Select CI will outperform the~~ futures contracts ~~selected~~are ~~for inclusion in the Bloomberg CI~~increased. ~~For~~This ~~example,~~roll itsimulation is ~~possible~~generally ~~that~~conducted ~~the~~at ~~contracts included in~~ the ~~Bloomberg~~beginning ~~Roll~~of ~~Select~~each CImonth ~~could~~over ~~experience less appreciation or greater depreciation than~~ the ~~contracts~~course ~~included~~of infive ~~the~~business ~~Bloomberg CI~~days, ~~particularly~~lasting ~~when~~from the ~~price~~sixth ofbusiness aday ~~contract~~until ~~included~~the intenth ~~either~~business ~~index~~day ~~is influenced by changing expectations~~ of ~~future~~each ~~supply and demand for the related commodity for such contract’s specific delivery~~ month. ~~Since~~ ~~the~~The Bloomberg ~~Roll Select~~ CI ~~tends~~conducts toits roll ~~into~~simulations ~~futures~~each ~~contracts~~month ~~that~~by ~~demonstrate~~rolling ~~less~~out ~~contango~~of ~~or more backwardation relative to~~ the ~~futures~~designated ~~contracts with delivery dates immediately preceding such~~ futures contracts, ~~the~~expiring ~~Bloomberg Roll Select CI may exhibit a tendency to roll into contracts exhibiting relatively lower pricing due to seasonal dips~~ in ~~the~~that ~~delivery~~ month ofand ~~the~~rolling ~~selected~~into ~~contract,~~those ~~seasonal~~designated ~~upswings~~futures incontracts ~~the~~with ~~delivery month of~~ the ~~immediately~~next ~~preceding~~closest ~~contract~~designated ~~or short-term supply or demand shocks affecting either~~ delivery month~~, without regard to whether the selected contract would be expected to appreciate relative to the contract expiring immediately before it~~. Additionally, the frequency with which the Bloomberg Roll Select CI rolls its futures contracts is expected to differ from that of Bloomberg CI. Due to these differences in the roll methodology, the Bloomberg Roll Select CI and the Index may not have the same individual component weights as the Bloomberg CI.

~~The Index~~ 6

~~The~~Table ~~Index is designed to reflect the returns on a fully collateralized investment in the Bloomberg Roll Select CI, by combining the returns~~ of ~~the Bloomberg Roll Select CI with the returns on cash collateral invested in three-month U.S. Treasury bills.~~ Contents

The Bloomberg CIRoll ~~Index~~Select ~~Composition~~CI ~~and Methodology~~

The ~~methodology~~Index ~~for~~Futures ~~determining~~in which the ~~composition~~Trust ~~and~~is ~~weighting~~investing ofare based on the Bloomberg Roll Select CI. ~~and~~The ~~for~~Bloomberg ~~calculating~~Roll ~~its~~Select ~~value~~CI is ~~subject~~a toversion ~~modification~~of bythe Bloomberg orCI that tries to mitigate the ~~Index~~effects ~~Committees~~of contango arising from the rolling process. ~~Bloomberg~~Rather ~~makes~~than incorporating the ~~official~~economic ~~calculations~~effect of rolling into the ~~value~~front-month offutures contracts, the Bloomberg Roll Select CI. Atincorporates ~~present~~the economic effect of rolling into applicable futures contracts that exhibit the least contango or, ~~this~~if ~~calculation~~applicable, isthe ~~performed~~most ~~every~~backwardation, ~~fifteen~~in ~~seconds.~~each case relative to the contracts of the immediately preceding delivery month.

The ~~Index~~Bloomberg ~~Committees~~Roll Select CI implements its rolling methodology by selecting from the eligible contracts for each commodity on its applicable contract selection date, the contract that exhibits the greatest amount of backwardation or least amount of contango, on an annualized basis, relative to the contract with the immediately preceding delivery date on the same commodity. This is accomplished by first dividing the price of each eligible contract from the price of the contract immediately preceding such eligible contract, to determine the percentage difference between the two prices. Because this price difference may be affected by the relative time between the eligible contract and its immediately preceding contract, this price difference is multiplied by 365 and divided by the number of actual days between the delivery dates of the two contracts, to arrive at a measure of the relative annualized contango/backwardation, (the “annualized spread”) exhibited between the eligible contract and the contract immediately preceding it. Based on a comparison of these annualized spreads, the eligible contract that has the highest annualized spread relative to its immediately preceding contract is the one selected as the contract for the Bloomberg Roll Select CI to establish new positions in. This roll selection process generally occurs every month on the fourth business day of the month.

The Bloomberg ~~has~~Roll ~~established~~Select CI utilizes a ~~Benchmark~~different ~~Oversight~~designated ~~Committee~~contract (selection process than the ~~“BOC”)~~Bloomberg CI, ~~which~~and isas a result the ~~uppermost~~futures ~~governance~~contracts ~~body~~comprising ~~with~~the ~~respect~~Bloomberg toRoll Select CI at any particular time may have different delivery months than those comprising the Bloomberg CI, and ~~consists~~the levels of ~~senior~~the ~~representatives~~Bloomberg ~~from~~Roll ~~various~~Select CI and the Bloomberg ~~business~~CI ~~units~~may correspondingly differ. ~~Voting~~In ~~members~~addition, as a result of this difference in rolling processes, both the ~~BOC~~performance doof ~~not~~the ~~directly~~Bloomberg ~~participate~~Roll inSelect CI and the ~~index~~Bloomberg ~~business~~CI and the dollar-value weights of their respective underlying futures contracts are expected to differ over time.

~~The~~Although ~~BOC~~the ~~meets~~Bloomberg onRoll aSelect ~~quarterly~~CI’s ~~basis~~roll process is designed to ~~review~~mitigate ~~matters~~the ~~such~~effects asof ~~material~~contango ~~risks,~~and ~~conflicts~~to take advantage of ~~interest~~the effects of backwardation, ~~industry~~there ~~developments~~can be no assurance that the futures contracts selected for inclusion in the Bloomberg Roll Select CI will outperform the futures contracts selected for inclusion in the Bloomberg CI. For example, ~~client~~it ~~complaints~~is ~~and~~possible ~~material~~that the contracts included in the Bloomberg Roll Select CI could experience less appreciation or greater depreciation than the contracts included in the Bloomberg CI, particularly when the price of a contract included in either index ~~errors~~is influenced by changing expectations of future supply and ~~restatements~~demand for the related commodity for such contract’s specific delivery month. ToSince ~~assist~~the Bloomberg Roll Select CI tends to roll into futures contracts that demonstrate less contango or more backwardation relative to the futures contracts with delivery dates immediately preceding such futures contracts, the Bloomberg Roll Select CI may exhibit a tendency to roll into contracts exhibiting relatively lower pricing due to seasonal dips in ~~its~~the ~~oversight~~delivery month of the selected contract, seasonal upswings in the ~~BOC~~delivery ~~has~~month ~~established~~of the ~~Index~~immediately ~~Operating~~preceding ~~Subcommittee~~contract (or short-term supply or demand shocks affecting either delivery month, without regard to whether the ~~“IOS~~selected contract would be expected to appreciate relative to the contract expiring immediately before it. Additionally,” ~~and~~the ~~together~~frequency with which the ~~BOC~~Bloomberg Roll Select CI rolls its futures contracts is expected to differ from that of Bloomberg CI. Due to these differences in the roll methodology, the “Bloomberg Roll Select CI and the Index ~~Committees”)~~may not have the same individual component weights as the Bloomberg CI.

The ~~IOS~~Index is composed of senior benchmark and strategy index managers designated by the BOC. Members include Bloomberg personnel with significant index experience. The IOS meets at least monthly to address address matters such as new index approvals, periodic review of existing indices, index pricing, management of errors and restatements, identification and management of actual and potential conflicts of interest, approvals of changes to indices and approvals of cessation of indices.

The ~~IOS~~Index ~~also~~is ~~consults~~designed ~~with~~to ~~Index~~reflect ~~Advisory~~the ~~Councils~~returns on ~~certain~~a ~~matters,~~fully ascollateralized ~~described~~investment ~~below.~~in ~~The~~the ~~IOS~~Bloomberg ~~reports~~Roll toSelect CI, by combining the ~~BOC~~returns atof ~~least~~the ~~quarterly~~Bloomberg Roll Select CI with the returns on ~~all~~cash ~~matters~~collateral ~~delegated~~invested toin itthree-month U.S. Treasury bills.

~~Index Advisory Councils are composed of key market participants and other influential individuals to assist~~ Bloomberg inCI ~~setting index priorities, to discuss potential rules changes and to provide ideas for new products.~~ Index ~~Advisory~~Composition ~~Councils are generally constituted on an annual basis. While potential benchmark changes are discussed through this process, all feedback received is non-binding~~ and ~~all~~Methodology final decisions on benchmark index rules are made by the IOS (subject to BOC review) after the review period has ended. Members of Index Advisory Councils may include individuals with past or present relationships with the Sponsor, the Clearing FCM, an Authorized Participant, other entities involved with the operation of the Trust or their respective affiliates, such as past or present directors or officers of the foregoing entities.

7The methodology for determining the composition and weighting of the Bloomberg CI and for calculating its value is subject to modification by Bloomberg or the Index Committees, as described in “—The Index Committees” below. Bloomberg makes the official calculations of the value of the Bloomberg CI. At present, this calculation is performed every fifteen seconds.

The Index administration is subject to Bloomberg’s internal compliance function which periodically reviews various aspects of Bloomberg’s businesses in order to determine whether such businesses are adhering to applicable firm-wide policies and procedures, and assess whether applicable internal controls are functioning properly.Committees

~~Determination~~Bloomberg ofhas established a Benchmark Oversight Committee (the “BOC”), which is the uppermost governance body with respect to the Bloomberg CI ~~Index~~and ~~Constituents~~consists of senior representatives from various Bloomberg business units. Voting members of the BOC do not directly participate in the index business.

The ~~composition~~BOC ofmeets ~~the~~on ~~Bloomberg~~a CIquarterly isbasis ~~rebalanced~~to byreview ~~Bloomberg~~matters ~~each~~such ~~year~~as ~~pursuant~~material torisks, ~~the~~conflicts ~~procedures~~of ~~set~~interest, ~~forth~~industry indevelopments, ~~the~~client ~~Index~~complaints ~~Methodology~~and bymaterial index ~~managers~~errors ~~operating~~and ~~under~~restatements. ~~the~~To ~~supervision~~assist ofin ~~the~~its ~~Index~~oversight, ~~Committees.~~the ~~Any~~BOC ~~material~~has ~~deviations or changes from~~ established ~~procedures are subject to review by~~ the Index ~~Committees.~~Operating InSubcommittee ~~addition, to~~ (the ~~extent practicable~~“IOS,” ~~Bloomberg~~and ~~may~~together ~~solicit~~with ~~stakeholder~~the ~~feedback~~BOC, ~~including by means of~~ the “Index ~~Advisory Council~~Committees”). ~~Once approved, the new composition of the Bloomberg CI is publicly announced and takes effect in the month of January immediately following the announcement.~~

The ~~relative~~IOS ~~weight~~is composed of asenior ~~commodity~~benchmark ~~eligible~~and ~~for~~strategy ~~inclusion in the Bloomberg CI, called its “CIP,” or its commodity~~ index ~~percentage,~~managers isdesignated ~~initially~~by ~~determined based on (1)~~ the ~~relative~~BOC. ~~production~~Members ~~percentages~~include ofBloomberg ~~the~~personnel ~~commodities~~with ~~eligible~~significant ~~for~~index ~~inclusion~~experience. inThe ~~the~~IOS ~~Bloomberg~~meets CIat ~~and~~least ~~(2) the~~monthly ~~relative~~to ~~liquidity~~address ofmatters ~~the~~such ~~futures contracts that Bloomberg has designated~~ as ~~the~~new ~~eligible~~index ~~reference~~approvals, ~~contracts~~periodic ~~for~~review ~~those~~of ~~commodities.~~existing ~~This~~indices, ~~initial~~index ~~CIP~~pricing, ~~calculation~~management isof ~~then~~errors ~~adjusted~~and torestatements, ~~give~~identification ~~effect to caps~~ and ~~floors~~management onof ~~such~~actual ~~CIPs~~ and topotential ~~adjust~~conflicts ~~the~~of ~~weights for gold and silver~~interest, ~~the~~approvals ~~relative production numbers~~ of ~~which~~changes ~~are~~to ~~assumed~~indices toand ~~understate~~approvals ~~their~~of ~~economic~~cessation ~~significance.~~of indices.

The ~~initial~~IOS ~~commodity~~reports ~~production~~to ~~percentage of a commodity (“CPP”) is determined for each commodity by taking~~ the ~~five-year~~BOC ~~average~~at ofleast ~~production~~quarterly ~~figures~~on ~~for the related commodity, adjusted by the historic U.S. dollar value of the related designated contract, and dividing the result by the sum of such products for~~ all ~~eligible~~matters ~~commodities.~~delegated ~~For natural gas, only North American production is used,~~ to ~~reflect the regional nature of this commodity~~it. In cases where there is more than one designated contract for a particular commodity, this measurement is initially allocated to only one designated contract. There will typically be some time lag with respect to the production numbers that are reflected in the Bloomberg CI, because production data can often only be obtained on a delayed basis for many commodities.

~~This~~Index ~~initial~~Advisory ~~CPP~~Councils ~~calculation~~are iscomposed ~~then~~of ~~allocated~~key tomarket ~~the~~participants ~~designated~~and ~~contract~~other orinfluential ~~contracts~~individuals ~~corresponding~~ to ~~each~~assist ~~commodity.~~Bloomberg ~~In order to avoid double-counting commodities~~ in ~~the~~setting ~~same~~index ~~commodity sector (e.g.~~priorities, ato ~~primary~~discuss ~~commodity~~potential ~~and~~rules ~~the~~changes ~~commodity or commodities that are derived from such primary commodity),~~ and to ~~avoid~~provide ~~double-counting~~ideas infor ~~any~~new ~~commodity~~products. ~~with~~Index ~~more~~Advisory ~~than~~Councils ~~one~~are ~~designated~~generally ~~contract,~~constituted ~~the~~on ~~final~~an ~~CPPs~~annual ofbasis. ~~designated~~While ~~contracts~~potential ~~within~~benchmark ~~the~~changes ~~same commodity sector~~ are ~~calculated~~discussed bythrough ~~allocating~~this ~~among~~process, ~~such~~all ~~designated~~feedback ~~contracts~~received ~~the~~is ~~initial~~non-binding ~~CPP~~and ~~calculated~~all ~~for~~final ~~the~~decisions ~~primary~~on ~~commodity~~benchmark inindex ~~such~~rules ~~sector,~~are ~~based~~made onby the ~~commodity~~IOS ~~liquidity percentages~~ (assubject ~~calculated~~to ~~below~~BOC review) ~~for~~after ~~each designated contract for~~ the ~~commodities~~review ~~within~~period ~~that~~has ~~sector~~ended. AsMembers of ~~the date of the~~ Index ~~Methodology,~~Advisory ~~there~~Councils ~~were~~may ~~two~~include ~~commodity~~individuals ~~sectors~~with ~~represented~~past inor ~~the~~present ~~Bloomberg~~relationships CIwith – the ~~first~~Sponsor, ~~consisting of Crude Oil (WTI and Brent) as~~ the ~~primary~~Clearing ~~commodity~~FCM, ~~with~~an ~~ULS~~Authorized ~~Diesel and RBOB Gasoline as its derivatives~~Participant, ~~and~~other ~~the~~entities ~~second~~involved ~~consisting of Soybeans as the primary commodity,~~ with ~~Soybean Oil and Soybean Meal as its derivatives. In addition, two commodities were represented by more than one designated contract as of~~ the ~~date~~operation of the ~~Index~~Trust ~~Methodology,~~or ~~with~~their ~~crude~~respective ~~oil represented by the contract for Light~~affiliates, ~~Sweet~~such ~~Crude~~as ~~Oil~~past ~~(WTI)~~or ~~traded~~present ondirectors ~~NYMEX~~or ~~and~~officers ~~the~~of ~~contract for Brent Crude Oil traded on ICE, and wheat represented by~~ the ~~contract~~foregoing ~~for Soft Wheat (Chicago) traded on CBOT and Hard Red Winter Wheat (Kansas) traded on KCBT~~entities.

The commodity liquidity percentage (“CLP”) for each designated contract is determined by taking a five-year average of the product of annual trading volume (adjusting for the number of applicable units of the commodity, e.g., barrels or metric tons, per contract) of such designated contract and the related historic U.S. dollar value for such contract, and dividing the result by the sum of such products for all designated contracts. The historic annual volume data used to calculate CLP for each designated contract for the Bloomberg CI is an average computed on the basis of historical annual volume data for the five years up to and including the year prior to the applicable calculation period, typically the third or fourth calendar quarter of the year preceding such year of calculation. In some cases, such as copper, the related CLP may be calculated using the trading volume for a contract other than the designated contract, and certain adjustments are made to LME contracts to reflect differences in their trading hours and the time periods during which they may be traded. In addition, as in the case of crude oil and wheat, more than one reference contract may be designated for a particular commodity.7

~~The~~Table ~~initial~~of ~~CIP for each designated contract is equal to 1/3×CPP + 2/3×CLP for that designated contract. In order to calculate the final CIPs, the following further adjustments are made:~~ Contents

●Bloomberg ~~First~~is also in constant and ongoing engagement with its users through various channels, ~~any~~including ~~designated~~via ~~contract~~help desks, sales personnel and direct communication with aproduct ~~CIP~~personnel. To help ensure the Bloomberg CI and related indices remain an accurate representation of ~~less~~the ~~than~~commodity 0markets, it endeavors to meaningfully incorporate these engagements into improvements in processes and service.4% Prior to any material change that might meaningfully impact users, Bloomberg consults more broadly with stakeholders, where appropriate, before a recommendation is ~~reduced~~presented to ~~zero;~~the BOC for approval. This concept of shared ownership enables Bloomberg to produce the most relevant indices and helps ensure responsiveness to user needs.

●Index ~~Second,~~administration ifis ~~any~~subject ~~commodity~~to ~~sector~~Bloomberg’s ~~(as~~internal ~~described~~compliance ~~above)~~function ~~consists~~which ofperiodically ~~designated~~reviews ~~contracts~~various ~~with~~aspects ~~CIPs~~of ~~totaling~~Bloomberg’s ~~more~~businesses ~~than~~in ~~25%,~~order ~~the~~to ~~CIPs~~determine ofwhether such ~~designated~~businesses ~~contracts~~ are ~~reduced~~adhering ~~such~~to ~~that~~applicable ~~the~~firm-wide ~~total~~policies ofand ~~such~~procedures, ~~CIPs~~and ~~equal~~assess ~~25%;~~whether applicable internal controls are functioning properly.

●In ~~Third,~~addition ifto the ~~CIP~~compliance ~~(or~~function, ~~combined~~Bloomberg ~~CIPs,~~may infrom ~~the~~time ~~case~~to oftime aappoint ~~commodity~~an independent external auditor with ~~more~~appropriate ~~than~~experience ~~one~~and ~~designated~~capability ~~contract)~~to ofperiodically review and report on its adherence to the ~~designated~~International ~~contract(s)~~Organization ~~for~~of ~~any~~Securities ~~particular~~Commissions ~~commodity~~Principles isfor ~~greater~~Financial ~~than~~Benchmarks. ~~15%,~~The frequency of such ~~CIP~~review ~~(or~~will depend on the ~~total~~size and complexity of the ~~combined~~operations ~~CIPs)~~and isthe ~~reduced~~breadth toand ~~15%;~~depth of the index use by market participants.

●Determination ~~Fourth, if any commodity group (as described below) consists~~ of ~~designated~~Bloomberg ~~contracts~~CI ~~with~~Index ~~CIPs~~Constituents ~~totaling more than 33%, the CIPs of such designated contracts are reduced such that the total of such CIPs equals 33%;~~

●The ~~Fifth,~~composition of the ~~CIPs~~Bloomberg ~~for~~CI ~~the~~is ~~designated~~rebalanced ~~contracts~~by ~~for~~Bloomberg each year pursuant to the procedures set forth in the Index Methodology by index managers operating under the supervision of ~~gold~~the ~~and~~Index ~~silver~~Committees. Any material deviations or changes from established procedures are ~~set~~subject to ~~equal~~review by the ~~lesser~~Index Committees. In addition, to the extent practicable, Bloomberg may solicit stakeholder feedback, including by means of ~~its~~the ~~CLP~~Index Advisory Council. Once approved, the new composition of the Bloomberg CI is publicly announced and ~~15%;~~takes effect in the month of January immediately following the announcement.

●The ~~Sixth,~~relative ~~any~~weight ~~designated~~of ~~contract~~a ~~with~~commodity aeligible for inclusion in the Bloomberg CI, called its “CIP,” or its commodity index percentage, is initially determined based on (1) the relative production percentages of ~~less~~the ~~than~~commodities eligible for inclusion in the Bloomberg CI and (2%) the relative liquidity of the futures contracts that Bloomberg has designated as the eligible reference contracts for those commodities. This initial CIP calculation is ~~increased~~then adjusted to ~~2%;~~give effect to caps and floors on such CIPs and to adjust the weights for gold and silver, the relative production numbers of which are assumed to understate their economic significance.

●The ~~Seventh,~~initial ifcommodity ~~any~~production ~~designated~~percentage ~~contract~~of ~~has~~ a ~~ratio~~commodity of(“CPP”) ~~CIP~~is ~~(after~~determined ~~giving~~for ~~effect~~each tocommodity by taking the ~~first~~five-year ~~six~~average ~~steps~~of ~~above)~~production tofigures ~~CLP~~for ~~greater~~the ~~than~~related ~~3.5~~commodity, ~~its~~adjusted ~~CIP~~by isthe ~~reduced~~historic soU.S. ~~that~~dollar itvalue ~~equals~~of the ~~CIP~~related ~~that~~designated ~~would~~contract, ~~cause~~and dividing the ~~CIP~~result toby ~~CLP~~the ~~ratio~~sum toof ~~equal~~such 3products for all eligible commodities.5 For natural gas, ~~which~~only ~~may~~North ~~reduce~~American production is used, to reflect the ~~CIP~~regional nature of this commodity. In cases where there is more than one designated contract for a particular commodity, this measurement is initially allocated to only one designated contract. There will typically be some time lag with respect to ~~below~~the 2%production numbers that are reflected in the Bloomberg CI, because production data can often only be obtained on a delayed basis for many commodities.

~~For~~This ~~each~~initial ofCPP calculation is then allocated to the ~~first~~designated ~~six~~contract ~~steps~~or ~~above,~~contracts incorresponding to each commodity. In order to ~~keep~~avoid ~~the~~double-counting ~~sum~~commodities ofin the ~~CIPs~~same ~~for~~commodity ~~each~~sector of(e.g., a primary commodity and the commodity or commodities ~~equal~~that are derived from such primary commodity), and to ~~100%~~avoid ~~after~~double-counting ~~each~~in ~~step~~any iscommodity ~~completed~~with more than one designated contract, the ~~aggregate~~final ~~adjustment~~CPPs toof designated contracts within the ~~CIPs~~same ofcommodity ~~affected~~sector are calculated by allocating among such designated contracts isthe ~~accompanied~~initial byCPP acalculated ~~corresponding~~for ~~increase~~the orprimary ~~reduction~~commodity in such sector, based on the commodity liquidity percentages (as ~~applicable,~~calculated below) for each designated contract for the commodities within that issector. ~~allocated equally~~As toof the ~~CIPs~~date of the ~~other~~Index Methodology, there were two commodity sectors ~~(then,~~represented ifin ~~applicable,~~the ~~further~~Bloomberg ~~allocated~~CI ~~equally~~– to the ~~designated~~ ~~contracts~~first ~~within~~consisting ~~such~~of ~~commodity~~Crude ~~sector~~Oil (WTI and Brent), ~~other~~as ~~than~~the ~~those eliminated~~primary ~~under~~commodity, ~~step~~with ~~one~~ULS orDiesel ~~capped~~and ~~under steps~~RBOB ~~two~~Gasoline ~~through~~as ~~four.~~its ~~For~~derivatives, and the ~~seventh~~second ~~and~~consisting ~~final~~of ~~step,~~Soybeans as the ~~aggregate~~primary ~~reduction~~commodity, inwith ~~CIP~~Soybean ~~resulting~~Oil ~~from~~and ~~this~~Soybean ~~step~~Meal isas ~~accompanied~~its derivatives. In addition, two commodities were represented by amore ~~corresponding~~than ~~increase,~~one ~~allocated~~designated ~~equally~~contract toas of the ~~CIPs~~date of the ~~designated~~Index ~~contracts~~Methodology, ~~still~~with incrude oil represented by the ~~Bloomberg~~contract CIfor ~~with~~Light, ~~CIP~~Sweet toCrude ~~CLP~~Oil ~~ratios~~(WTI) ~~below~~traded ~~2.0~~on NYMEX and the contract for Brent Crude Oil traded on ICE, ~~other~~and ~~than~~wheat ~~those~~represented ~~capped~~by ~~under~~the ~~steps two~~contract ~~through~~for ~~four~~Soft Wheat (Chicago) traded on CBOT and Hard Red Winter Wheat (Kansas) traded on KCBT.

8The commodity liquidity percentage, or “CLP,” for each designated contract is determined by taking a five-year average of the product of annual trading volume (adjusting for the number of applicable units of the commodity, e.g., barrels or metric tons, per contract) of such designated contract and the related historic U.S. dollar value for such contract, and dividing the result by the sum of such products for all designated contracts. The CLP for each designated contract for the Bloomberg CI is an average computed on the basis of historical annual volume data for the five years up to and including the year prior to the applicable calculation period, typically the third or fourth calendar quarter of the year preceding such year of calculation. In some cases, such as copper, the related CLP may be calculated using the trading volume for a contract other than the designated contract, and certain adjustments are made to LME contracts to reflect differences in their trading hours and the time periods during which they may be traded. In addition, as in the case of crude oil and wheat, more than one reference contract may be designated for a particular commodity.

~~Any~~The initial CIP ~~reduction~~for toeach ~~a commodity with more than one~~ designated contract is ~~allocated~~equal ~~equally among such commodity’s designated contracts. Any aggregate reduction~~ to a1/3×CPP ~~commodity~~+ ~~sector~~2/3×CLP orfor ~~commodity~~that ~~group under steps two or four is allocated to the~~ designated ~~contracts~~contract. ~~within~~In ~~such~~order ~~commodity sector or commodity group~~ to ~~preserve~~calculate the ~~relative~~final ~~weights of the~~ CIPs, of the ~~designated~~following ~~contracts~~further ~~within such commodity sector or commodity group as calculated immediately prior to making any~~ adjustments ~~under such step. For the purposes of step four, the current commodity groups for commodities eligible for inclusion in the Bloomberg CI~~ are ~~as follows~~made:

~~Commodity~~● ~~Group:~~First, ~~Commodities:~~any ~~Energy~~designated ~~Crude~~contract ~~Oil~~with ~~(WTI~~a ~~and~~CIP ~~Brent)~~of ~~Natural~~less ~~Gas~~than ~~ULS~~0.4% ~~Diesel~~(which ~~Unleaded~~threshold ~~Gasoline~~is ~~Precious~~subject ~~Metals~~to ~~Gold~~adjustment ~~Platinum~~by ~~Silver~~Bloomberg ~~Industrial~~up ~~Metals~~to ~~Aluminum~~a ~~Copper~~maximum ~~Lead~~of ~~Nickel Tin Zinc Livestock Live Cattle Lean Hogs Grains Corn Soybeans Soybean Oil Soybean Meal Wheat (Chicago and Kansas~~3%) ~~Softs~~is ~~Cocoa~~reduced ~~Coffee~~to ~~Cotton Sugar~~zero;

~~The~~● ~~commodities~~Second, ~~and~~if ~~related~~any ~~designated~~commodity ~~contracts~~sector ~~currently~~(as ~~included~~described inabove) ~~the~~consists ~~Bloomberg~~of CIdesignated ~~and~~contracts ~~their~~with ~~respective~~ CIPs astotaling ofmore ~~January~~than 3125%, ~~2017~~the CIPs of such designated contracts are asreduced ~~follows:~~such that they equal 25%;

Commodity	Designated Contract	Exchange	Units	Price Quote	CIP
Aluminum	High Grade Primary Aluminum	LME	25 metric tons	USD/metric ton	4.57	%
Coffee	Coffee “C”	ICE	37,500 lbs	U.S. cents/pound	2.38
Copper	Copper	COMEX	25,000 lbs	U.S. cents/pound	7.59
Corn	Corn	CBOT	5,000 bushels	U.S. cents/bushel	7.41
Cotton	Cotton	ICE	50,000 lbs	U.S. cents/pound	1.45
Crude Oil	Brent Crude Oil	ICE	1,000 barrels	USD/barrel	7.82
Crude Oil	WTI Crude Oil	NYMEX	1,000 barrels	USD/barrel	7.18
Gold	Gold	COMEX	100 troy oz.	USD/troy oz.	11.17
Lean Hogs	Lean Hogs	CME	40,000 lbs	U.S. cents/pound	2.09
Live Cattle	Live Cattle	CME	40,000 lbs	U.S. cents/pound	3.98
Natural Gas	Henry Hub Natural Gas	NYMEX	10,000 mmbtu	USD/mmbtu	7.98
Nickel	Primary Nickel	LME	6 metric tons	USD/metric ton	2.54
Silver	Silver	COMEX	5000 troy oz.	USD/troy oz.	4.11
Soybeans	Soybeans	CBOT	5,000 bushels	U.S. cents/bushel	5.84
Soybean Meal	Soybean Meal	CBOT	100 short tons	USD/short ton	2.90
Soybean Oil	Soybean Oil	CBOT	60,000 lbs	U.S. cents/pound	2.81
Sugar	World Sugar No. 11	ICE	112,000 lbs	U.S. cents/pound	3.40
ULS Diesel	ULS Diesel	NYMEX	42,000 gallons	U.S. cents/gallon	3.83
Unleaded Gasoline	Reformulated Blendstock for Oxygen Blending	NYMEX	42,000 gallons	U.S. cents/gallon	3.76
Wheat	CBOT Wheat	CBOT	5,000 bushels	U.S. cents/bushel	3.32
Wheat	KCBT Wheat	KCBT	5,000 bushels	U.S. cents/bushel	1.18
Zinc	Special High Grade Zinc	LME	25 metric tons	USD/metric ton	2.69

●

Third, if the CIP (or combined CIPs, in the case of a commodity with more than one designated contract) of the designated contract(s) for any particular commodity is greater than 15%, such CIP (or the total of the combined CIPs) is reduced to 15%;

9● Fourth, if any commodity group (as described below) consists of designated contracts with CIPs totaling more than 33%, the CIPs of such designated contracts are reduced such that they equals 33%;

~~Calculation~~● Fifth, the CIPs for the designated contracts for each of gold and silver are set to equal the ~~Bloomberg~~lesser CIof its CLP and 15%;

~~The~~● ~~level of the Bloomberg CI was set to be equal to 100 as of December 31~~Sixth, ~~1990.~~any ~~Subsequent~~designated ~~levels~~contract ofwith ~~the Bloomberg CI are determined by multiplying the level of the Bloomberg CI as of the previous day by~~ a ~~fraction~~CIP ~~equal to (1) the weighted average value (“WAV”)~~ of ~~the~~less ~~Bloomberg~~than ~~CI as of the current day divided by (~~2~~) the~~% ~~WAV~~is ofincreased ~~the Bloomberg CI as of the previous day, subject~~ to ~~adjustment~~2%; for roll periods as described below. The WAV of the Bloomberg CI on any given day is calculated by summing the products of the settlement prices of the designated contracts for each commodity multiplied by the commodity index multiplier (“CIM”) of such designated contract. and

The CIMs of the designated contracts in the Bloomberg CI are determined annually, generally on the fourth business day of each year (the “CIM Determination Date”). On the CIM Determination Date, initial CIMs (“ICIMs”) are calculated for each designated contract by multiplying such contract’s CIP by 1,000, then dividing such product by the contract’s settlement price as of the CIM Determination Date. To determine the final CIM for each designated contract for the new year, each ICIM is multiplied by an adjustment factor, which is a fraction equal to (1) the WAV of the Bloomberg CI as of the CIM Determination Date, as calculated using the CIMs from the prior year, divided by (2) 1,000. This adjustment factor is intended to preserve WAV continuity from one year to the next. 8

~~During~~Table ~~roll periods, which generally occur during the sixth through tenth business days~~ of each month, the level of the Bloomberg CI is calculated using a blended WAV formula that reflects the fact that the Bloomberg CI is rolling out of expiring contracts and into replacement contracts. The WAV associated with the existing index components (the “Old WAV”) begins weighted at 100% as of the business day preceding the roll period and decreases by 20% on each subsequent business day until reduced to zero; it has no further effect on the level of the Bloomberg CI by the fifth business day of such roll period. The WAV associated with the new index components (the “New WAV”) begins weighted at 0% as of the business day preceding the roll period and increases by 20% on each subsequent business day such that by the fifth business day of such roll period, the level of the Bloomberg CI is determined based entirely on the New WAV. Contents

~~Accordingly,~~● ~~during a roll period~~Seventh, ~~the~~if ~~level of the Bloomberg CI on~~ any ~~given~~designated ~~day~~contract ~~can~~has bea ~~calculated~~ratio ~~as the product~~ of ~~the~~CIP ~~level~~(after ofgiving ~~the~~effect ~~Bloomberg~~to ~~CI as of~~ the ~~previous~~first ~~day,~~six ~~multiplied~~steps byabove) ~~a fraction equal~~ to: ~~(1) Old~~CLP ~~WAV×~~greater ~~(1-0.2n)~~than ~~+ New WAV × (0~~3.~~2n)~~5, ~~using~~its ~~the~~CIP ~~Old~~is ~~WAV~~reduced ~~and~~so ~~New~~that ~~WAV~~it ~~values~~equals asthe ofCIP ~~such~~that ~~day,~~would ~~divided~~cause bythe ~~(2) Old~~CIP ~~WAV~~to ×CLP ~~(1-0.2n)~~ratio +to ~~New~~equal ~~WAV × (0~~3.~~2n)~~5, ~~using~~which ~~the~~may ~~Old~~reduce ~~WAV and New WAV values as of~~ the ~~previous~~CIP ~~day. The variable “n” in this equation represents the number~~ of ~~business~~a ~~days~~designated ~~that~~contract ~~have~~to ~~elapsed~~below ~~for such roll period through and including the relevant date of determination~~2%.

~~Calculation~~For each of the ~~Bloomberg~~first ~~Roll~~six ~~Select~~steps above, in order to keep the sum of the CIPs for each of the commodities equal to 100% after each step is completed, the aggregate adjustment to the CIPs of affected designated contracts at each such step is accompanied by a corresponding increase or reduction, as applicable, that is allocated equally to the CIPs of the other commodity sectors (then, if applicable, further allocated equally to the designated contracts within such commodity sector), other than those eliminated under step one or capped under steps two through four. For the seventh and final step, the aggregate reduction in CIP resulting from this step is accompanied by a corresponding increase, allocated equally to the CIPs of the designated contracts still in the Bloomberg CI with CIP to CLP ratios below 2.0, other than those capped under steps two through four.

~~The~~Any ~~Bloomberg~~CIP ~~Roll~~reduction ~~Select~~to CIa ~~will~~commodity bewith ~~calculated~~more ~~using~~than ~~the~~one ~~same~~designated ~~general~~contract ~~methodology~~is asallocated ~~the~~equally ~~Bloomberg~~among CIsuch ~~and~~commodity’s ~~using~~designated ~~the~~contracts. ~~same~~Any ~~CIPs~~aggregate ~~and~~reduction ~~CIMs~~to ~~used~~a incommodity ~~connection~~sector ~~with~~or ~~calculating~~commodity ~~the~~group ~~Bloomberg~~under ~~CI.~~steps ~~However,~~two ~~because~~or ~~the~~four ~~roll~~is ~~process~~allocated ~~for~~to the ~~Bloomberg~~designated ~~Roll~~contracts ~~Select~~within CIsuch iscommodity ~~different~~sector ~~from~~or ~~that~~commodity ofgroup ~~the~~to ~~Bloomberg~~preserve ~~CI,~~the ~~its~~relative ~~constituent~~weights ~~futures~~of ~~contracts~~the ~~may~~CIPs ~~differ~~of ~~from~~the ~~those~~designated ~~included~~contracts inwithin ~~the~~such ~~Bloomberg~~commodity ~~CI.~~sector ~~This~~or ~~difference~~commodity isgroup ~~expected~~as tocalculated ~~cause~~immediately ~~the~~prior ~~dollar-value~~to ~~weights~~making ~~and~~any ~~the~~adjustments ~~weighted~~under ~~average~~such ~~value~~step. ofFor the ~~futures~~purposes ~~contracts~~of ~~included~~step infour, ~~each~~the ~~index~~current tocommodity ~~differ~~groups ~~over~~for ~~time,~~commodities ~~and,~~eligible asfor ainclusion ~~result,~~in ~~cause~~ the ~~performance~~Bloomberg ofCI ~~the~~are ~~two~~as ~~indices to diverge.~~ follows:

~~Calculation~~Commodity ofGroup: ~~the~~Commodities: ~~Index~~Energy Crude Oil (WTI and Brent) Natural Gas ULS Diesel Unleaded Gasoline Precious Metals Gold Platinum Silver Industrial Metals Aluminum Copper Lead Nickel Tin Zinc Livestock Live Cattle Lean Hogs Grains Corn Soybeans Soybean Oil Soybean Meal Wheat (Chicago and Kansas) Softs Cocoa Coffee Cotton Sugar

The ~~Index~~commodities ~~combines~~and ~~the~~related ~~returns~~designated ofcontracts ~~the~~currently ~~Bloomberg~~included ~~Roll~~in ~~Select CI with assumed returns on U.S. Treasury securities calculated based on~~ the ~~most~~Bloomberg ~~recent~~CI ~~weekly~~and ~~auction~~their ~~high~~respective ~~rate~~CIPs ~~for 13 week (3 Month) U.S. Treasury bills,~~ as ~~reported on the website www.treasurydirect.gov published by the Bureau~~ of ~~the~~January ~~Public Debt of the U.S. Treasury, or any successor source. The level of the Index, which was set at a hypothetical level of 100 as of December~~ 31, ~~1990,~~2018 ~~can~~are ~~be calculated on any given day~~ as ~~the~~follows: product of the level of the Index as of the previous day, multiplied by the sum of (1) 1.00 plus (2) the positive or negative percentage return on the Bloomberg Roll Select CI on such day plus (3) the daily return based on the auction high rate for 13 week (3 month) U.S. Treasury bills described above.

Item 1A. Risk Factors.

Commodity	Designated Contract	Exchange	Units	Price Quote	CIP
Aluminum	High Grade Primary Aluminum	LME	25 metric tons	USD/metric ton	4.51	%
Coffee	Coffee “C”	ICE	37,500 lbs	U.S. cents/pound	2.61
Copper	Copper	COMEX	25,000 lbs	U.S. cents/pound	7.16
Corn	Corn	CBOT	5,000 bushels	U.S. cents/bushel	6.13
Cotton	Cotton	ICE	50,000 lbs	U.S. cents/pound	1.45
Crude Oil	Brent Crude Oil	ICE	1,000 barrels	USD/barrel	7.68
Crude Oil	WTI Crude Oil	NYMEX	1,000 barrels	USD/barrel	7.32
Gold	Gold	COMEX	100 troy oz.	USD/troy oz.	11.94
Lean Hogs	Lean Hogs	CME	40,000 lbs	U.S. cents/pound	2.08
Live Cattle	Live Cattle	CME	40,000 lbs	U.S. cents/pound	4.31
Natural Gas	Henry Hub Natural Gas	NYMEX	10,000 mmbtu	USD/mmbtu	8.01
Nickel	Primary Nickel	LME	6 metric tons	USD/metric ton	2.76
Silver	Silver	COMEX	5000 troy oz.	USD/troy oz.	3.67
Soybeans	Soybeans	CBOT	5,000 bushels	U.S. cents/bushel	5.96
Soybean Meal	Soybean Meal	CBOT	100 short tons	USD/short ton	3.04
Soybean Oil	Soybean Oil	CBOT	60,000 lbs	U.S. cents/pound	2.75
Sugar	World Sugar No. 11	ICE	112,000 lbs	U.S. cents/pound	3.54
ULS Diesel	ULS Diesel	NYMEX	42,000 gallons	U.S. cents/gallon	3.67
Unleaded Gasoline	Reformulated Blendstock for Oxygen Blending	NYMEX	42,000 gallons	U.S. cents/gallon	3.75
Wheat	CBOT Wheat	CBOT	5,000 bushels	U.S. cents/bushel	3.26
Wheat	KCBT Wheat	KCBT	5,000 bushels	U.S. cents/bushel	1.30
Zinc	Special High Grade Zinc	LME	25 metric tons	USD/metric ton	3.10

~~Risk Factors Relating to Commodities Markets~~9

~~The~~Table ~~value~~ of the Shares depends on the value of Index Futures, which fluctuates based on the prices of commodity futures contracts reflected in the Bloomberg Roll Select CI. These prices may be volatile, thereby creating the potential for losses regardless of the length of time you intend to hold your Shares.Contents

~~Because~~Calculation ~~the price~~ of the ~~Shares depends on the value of the Index Futures held by the Trust, the value of the Shares fluctuates based on the prices of commodity futures contracts reflected in the~~ Bloomberg ~~Roll Select~~ CI. Commodity prices may be volatile. Commodity prices are generally affected by, among other factors, the cost of producing, transporting and storing commodities, changes in consumer or commercial demand for commodities, the hedging and trading strategies of producers and consumers of commodities, speculative trading in commodities by commodity pools and other market participants, disruptions in commodity supply, weather, political and other global events, global economic factors and government intervention in or regulation of the commodity or commodity futures markets. These factors cannot be controlled by the Trust. Accordingly, the price of the Shares could change substantially and in a rapid and unpredictable manner. This exposes you to a potential loss on your investment in the Shares, regardless of the length of time you intend to hold your Shares.

The ~~following~~level ~~events,~~of ~~among~~the ~~others~~Bloomberg CI was set to be equal to 100 as of December 31, ~~would~~1990. ~~generally~~Subsequent ~~result~~levels inof the Bloomberg CI are determined by multiplying the level of the Bloomberg CI as of the previous day by a ~~decline~~fraction inequal to (1) the ~~price~~weighted average value (“WAV”) of the ~~Shares:~~Bloomberg CI as of the current day divided by (2) the WAV of the Bloomberg CI as of the previous day, subject to adjustment for roll periods as described below. The WAV of the Bloomberg CI on any given day is calculated by summing the products of the settlement prices of the designated contracts for each commodity multiplied by the commodity index multiplier (“CIM”) of such designated contract.

●The ACIMs ~~significant~~of ~~increase~~the designated contracts in ~~hedging~~the ~~activity~~Bloomberg byCI ~~producers~~are determined annually, generally on the fourth business day of each year (the ~~underlying~~date ~~commodities~~of such determination, the “CIM Determination Date”). ~~Should~~On ~~producers~~the CIM Determination Date, initial CIMs (“ICIMs”) are calculated for each designated contract by multiplying such contract’s CIP by 1,000, then dividing such product by the contract’s settlement price as of the ~~commodities~~CIM ~~underlying~~Determination Date. To determine the ~~Bloomberg~~final ~~Roll~~CIM ~~Select~~for CIeach ~~increase~~designated ~~their~~contract ~~hedging~~for ofthe ~~their~~new ~~future~~year, ~~production~~each ~~through~~ICIM ~~forward~~is ~~sales~~multiplied orby ~~other~~an ~~short~~adjustment ~~positions~~factor, ~~this~~which ~~increased~~is ~~selling~~a ~~pressure~~fraction ~~could~~equal ~~depress~~to (1) the ~~price~~WAV of ~~one~~the orBloomberg ~~more~~CI as of the ~~underlying~~CIM ~~commodities~~Determination Date, ~~which~~as ~~could~~calculated ~~adversely~~using ~~affect~~the CIMs from the ~~price~~prior ofyear, divided by (2) 1,000. This adjustment factor is intended to preserve WAV continuity from one year to the ~~Shares~~next.

10During roll periods, which generally occur during the sixth through tenth business days of each month, the level of the Bloomberg CI is calculated using a blended WAV formula that reflects the fact that the Bloomberg CI is rolling out of expiring contracts and into replacement contracts. The WAV associated with the existing index components (the “Old WAV”) begins weighted at 100% as of the business day preceding the roll period and decreases by 20% on each subsequent business day until reduced to zero; it has no further effect on the level of the Bloomberg CI by the fifth business day of such roll period. The WAV associated with the new index components (the “New WAV”) begins weighted at 0% as of the business day preceding the roll period and increases by 20% on each subsequent business day such that by the fifth business day of such roll period, the level of the Bloomberg CI is determined based entirely on the New WAV.

●Accordingly, Aduring ~~significant~~a ~~change~~roll inperiod, the ~~attitude~~level of ~~speculators~~the ~~and~~Bloomberg ~~investors~~CI ~~toward~~on ~~the~~any ~~futures~~given ~~contracts~~day orcan ~~commodities~~be ~~underlying~~calculated as the ~~Bloomberg~~product ~~Roll~~of ~~Select~~the level of the Bloomberg CI. ~~Should~~as of the ~~speculative~~previous ~~community~~day, ~~take~~multiplied by a ~~negative~~fraction ~~view~~equal ~~towards~~to: ~~one~~(1) Old orWAV× ~~more~~(1-0.2n) of+ New WAV × (0.2n), using the ~~underlying~~Old ~~futures~~WAV ~~contracts~~and orNew ~~commodities~~WAV values as of such day, itdivided ~~could~~by ~~cause~~(2) Old aWAV ~~decline~~× in(1-0.2n) + New WAV × (0.2n), using the ~~price~~Old WAV and New WAV values as of the ~~Index~~previous ~~Futures,~~day. ~~which~~The ~~may~~variable ~~reduce~~“n” in this equation represents the ~~price~~number of business days that have elapsed for such roll period through and including the ~~Shares~~relevant date of determination.

●Calculation ~~Significant reductions in the size~~ of ~~positions permitted to be owned by~~ the ~~Trust or others in Index Futures or in the futures contracts and/or commodities comprising the~~ Bloomberg Roll Select CI, for example, as a result of more restrictive position limits or position limit exemptions or more expansive position aggregation requirements, could reduce liquidity and depress the price of the Bloomberg Roll Select CI and/or the underlying futures contracts or commodities, adversely affecting the value of your Shares.

~~Conversely,~~The ~~several~~Bloomberg ~~factors~~Roll ~~could~~Select ~~trigger~~CI awill ~~temporary~~be ~~increase~~calculated inusing the ~~price~~same ofgeneral methodology as the ~~futures~~Bloomberg ~~contracts~~CI orand ~~commodities~~using ~~underlying~~the same CIPs and CIMs used in connection with calculating the Bloomberg CI. However, because the roll process for the Bloomberg Roll Select CI ~~and,~~is ~~consequently~~different from that of the Bloomberg CI, its constituent futures contracts may differ from those included in the ~~Index~~Bloomberg ~~Futures~~CI. InThis ~~that~~difference ~~case,~~is ~~you~~expected ~~could~~to ~~buy~~cause ~~Shares~~the atdollar-value ~~prices~~weights ~~affected~~and bythe weighted average value of the ~~temporarily~~futures ~~high~~contracts ~~commodity~~included ~~prices~~in ~~and~~each ~~you~~index ~~could~~to ~~subsequently~~differ ~~incur~~over ~~losses~~time, ~~when~~and, as a result, cause the ~~causes~~performance ~~for~~of the ~~temporary~~two ~~increase~~indices ~~disappear~~to diverge.

~~Historical~~Calculation ~~performance~~ of the Index, ~~the Bloomberg Roll Select CI and the Bloomberg CI is no guide to their future performance or to the performance of the Shares.~~

~~Past~~The ~~performance of the~~ Index, ~~the~~combines ~~Bloomberg Roll Select CI and~~ the ~~Bloomberg~~returns ~~CI is not necessarily indicative~~ of ~~their future performance or of~~ the ~~performance of the Shares. There can be no guarantee that the level of the Index, the~~ Bloomberg Roll Select CI orwith ~~the~~assumed ~~Bloomberg~~returns CIon ~~will increase~~U. ~~The Bloomberg Roll Select CI and the Index have limited performance histories~~S. ~~See~~ ~~“Risk~~Treasury ~~Factors~~securities ~~Relating~~calculated tobased ~~Index~~on ~~Futures and~~ the ~~Bloomberg~~most ~~Roll~~recent ~~Select~~weekly CIauction -high ~~The~~rate ~~Index~~for ~~and~~13 ~~the~~week ~~Bloomberg~~(3 ~~Roll~~Month) ~~Select CI have Limited Histories and May perform in Unexpected Ways~~U.~~” Although~~S. ~~the~~Treasury ~~Bloomberg CI~~bills, ~~which~~as isreported ~~based~~ on the ~~same~~website ~~underlying~~www.treasurydirect.gov ~~commodities~~published asby the ~~Bloomberg~~Bureau ~~Roll~~of ~~Select CI and~~ the ~~Index,~~Public ~~has~~Debt aof ~~longer~~the ~~performance~~U.S. ~~history~~Treasury, ~~there~~or ~~are~~any ~~differences~~successor insource. ~~the~~The ~~way~~level ~~that~~of the ~~Bloomberg~~Index, CIwhich ~~and~~was ~~the~~set ~~Bloomberg~~at ~~Roll~~a ~~Select~~hypothetical CIlevel ~~address~~of ~~the~~100 ~~rolling~~as of ~~contracts~~December 31, ~~that~~1990, ~~could~~can ~~cause~~be ~~the~~calculated ~~Bloomberg~~on CIany togiven ~~perform~~day ~~differently~~as ~~from~~ the ~~Bloomberg~~product ~~Roll~~of ~~Select~~the CIlevel ~~and~~of the Index. ~~You~~as ~~may lose some or all~~ of ~~your investment in~~ the ~~Shares.~~previous ~~See “The Index~~day, ~~The~~multiplied ~~Bloomberg~~by ~~CI and~~ the ~~Bloomberg~~sum ~~Roll~~of ~~Select~~(1) 1.00 ~~CI”~~plus ~~and “Risk Factors Relating~~ (2) the ~~Index~~positive ~~Futures~~or ~~and~~negative ~~the~~percentage ~~Bloomberg~~return ~~Roll~~on ~~Select CI - The roll selection methodology of~~ the Bloomberg Roll Select CI ~~may~~on ~~not~~such ~~provide~~day ~~any~~plus ~~benefits relative to~~ (3) the ~~roll~~daily ~~selection~~return ~~methodologies~~based ~~used~~on ~~by other commodities indices, including~~ the ~~Bloomberg~~auction ~~CI,~~high ~~and~~rate ~~the~~for ~~Bloomberg~~13 ~~Roll~~week ~~Select~~(3 CImonth) ~~may~~U.S. ~~not~~Treasury ~~outperform,~~bills ordescribed ~~may underperform, the Bloomberg CI~~above.”

~~Commodity~~Item ~~futures trading may be illiquid~~1A. InRisk ~~addition, suspensions or disruptions of market trading in the commodities markets and related futures markets may adversely affect the value of your Shares~~Factors.

~~The~~Risk ~~commodity~~Factors ~~futures~~Relating ~~markets are subject~~ to ~~temporary~~Commodities distortions or other disruptions due to various factors, including the lack of liquidity, congestion, disorderly markets, manipulation, limitations on deliverable supplies, the participation of speculators, government regulation and intervention, technical and operational or system failures, nuclear accidents, terrorism, riots and acts of God. In addition, U.S. futures exchanges and some foreign exchanges have regulations that limit the amount of fluctuation in futures contract prices that may occur during a single business day. These limits are generally referred to as daily price fluctuation limits, and the maximum or minimum price of a contract on any given day as a result of these limits is referred to as a limit price. Once the limit price has been reached in a particular contract, it is possible that no trades may be made at a different price. It is not certain how long any such price limits would remain in effect. Limit prices may have the effect of precluding trading in a particular contract or forcing the liquidation of contracts at disadvantageous times or prices, consequently affecting the value of the Bloomberg Roll Select CI. Further, the Clearing FCM or its account holders may represent, directly or indirectly, a substantial portion of the short-side interest in the Index Futures market. The existence of such a limited number of market participants could cause or exacerbate temporary distortions, especially those distortions resulting from illiquidity.Markets

~~Any~~The ~~of these circumstances could adversely affect the~~ value of the ~~Index~~Shares ~~Futures~~depends ~~held~~on by the ~~Trust and, therefore, the~~ value of ~~your Shares. In addition, these circumstances could also limit trading in the~~ Index Futures, which ~~could~~fluctuates ~~affect~~based on the ~~calculation~~prices of ~~the~~commodity ~~NAV~~futures ~~and~~contracts ~~the~~reflected ~~trading~~in ~~price of~~ the ~~Shares.~~Bloomberg ~~Accordingly,~~Roll ~~these~~Select ~~limits~~CI. ~~may~~These ~~result~~prices ~~in a NAV that differs, and~~ may ~~differ~~be ~~significantly~~volatile, ~~from~~thereby creating the ~~NAV~~potential ~~that~~for ~~would~~losses ~~prevail~~regardless inof the ~~absence~~length of ~~such limits. If Baskets are created or redeemed at a~~ time ~~when~~you ~~these~~intend ~~price~~to ~~limits~~hold ~~are~~your ~~in effect, the creation or redemption price will reflect the price limits as well~~Shares.

InBecause ~~addition,~~ the ~~method~~price inof ~~which~~ the ~~Bloomberg~~Shares ~~Roll~~depends ~~Select~~on CIthe isvalue ~~calculated~~of orthe ~~determined~~Index ~~may~~Futures ~~also~~held ~~be affected~~ by ~~certain~~the ~~market disruptions~~Trust, ~~such as (1)~~ the ~~termination~~value ~~or suspension~~ of, ~~or material limitation or disruption in,~~ the ~~trading~~Shares offluctuates anbased ~~underlying~~on ~~futures contract, (2)~~ the ~~settlement~~prices ~~price~~ of ancommodity ~~underlying~~ futures ~~contract~~contracts ~~reflecting~~reflected ~~the~~in ~~maximum permitted price change from~~ the ~~previous~~Bloomberg ~~day’s~~Roll ~~settlement~~Select ~~price~~CI. ~~for~~Commodity ~~such~~prices ~~contract,~~may ~~such~~be asvolatile. inCommodity ~~the~~prices ~~case~~are ofgenerally aaffected ~~“limit event” as determined~~ by, ~~the~~among ~~applicable~~other ~~futures exchange~~factors, ~~(3)~~ the ~~failure~~cost of anproducing, ~~exchange~~transporting toand ~~publish~~storing ~~the~~commodities, ~~official~~changes ~~settlement~~in ~~price~~consumer ~~for an underlying futures contract~~ or ~~(4)~~commercial demand for ~~contracts trading on the London Metals Exchange~~commodities, ~~any day on which~~ the ~~London~~hedging ~~Metals~~and ~~Exchange~~trading isstrategies ~~not~~of ~~open~~producers ~~for~~and ~~business.~~consumers ~~For~~of ~~example~~commodities, ifspeculative ~~Bloomberg~~trading ~~determines~~in ~~that~~commodities aby ~~market~~commodity ~~disruption~~pools ~~exists~~and ~~with~~other ~~respect~~market toparticipants, ~~any~~disruptions ~~underlying futures contract~~ in ~~connection~~commodity ~~with~~supply, ~~that contract’s roll period~~weather, ~~including~~political inand ~~connection~~other ~~with~~global ~~an annual rebalancing~~events, ~~this~~global ~~would~~economic ~~delay~~factors ~~the~~and ~~effective~~government ~~rolling~~intervention ofin ~~that~~or ~~contract~~regulation ~~for purposes~~ of ~~determining~~ the ~~Bloomberg~~commodity ~~Roll~~or ~~Select~~commodity ~~CI,~~futures ~~and~~markets. inThese ~~the~~factors ~~case~~cannot ofbe acontrolled ~~roll~~by ~~period other than in connection with an annual rebalancing, would also increase~~ the ~~rate at which that contract effectively rolls when such market disruption has ended~~Trust. ~~In addition~~Accordingly, the ~~relative~~price ~~weights~~ of the ~~futures~~Shares ~~contracts~~could ~~underlying~~change ~~the~~substantially ~~Bloomberg~~and ~~Roll~~in ~~Select~~a CIrapid ~~may~~and beunpredictable ~~affected~~manner. byThis ~~“limit~~exposes ~~events”~~you ~~occurring~~to ~~with~~a ~~respect~~potential toloss ~~such~~on ~~contracts~~your orinvestment ~~due~~in to the ~~failure~~Shares, regardless of anthe ~~exchange~~length toof ~~publish~~time ~~the~~you ~~official~~intend ~~settlement~~to ~~price~~hold ~~for~~your ~~a futures contract~~Shares.

~~During~~The afollowing ~~period~~events, ~~when~~among ~~commodity prices are fairly stationary~~others, anwould ~~absence~~generally ofresult ~~backwardation~~ in ~~the~~a ~~prices~~decline ~~of the commodities included~~ in the ~~Bloomberg Roll Select CI may cause the~~ price of ~~your~~the Shares ~~to decrease.~~ :

~~The~~● ~~futures~~A ~~contracts~~significant ~~that~~increase ~~underlie~~in ~~the~~hedging ~~Bloomberg~~activity ~~Roll~~by ~~Select~~producers CIof ~~are replaced from time to time with new futures contracts on~~ the ~~same~~underlying commodities. ~~This~~Should ~~process~~producers isof ~~referred to as rolling. Although~~ the ~~rolling~~commodities ~~methodology~~underlying ~~employed by~~ the Bloomberg Roll Select CI, ~~which~~increase ~~selects~~their ~~for~~hedging ~~replacement~~of ~~contracts~~their ~~exhibiting~~future ~~the~~production ~~least~~through ~~contango~~forward sales or ~~the~~other ~~greatest~~short ~~backwardation relative to its preceding contracts~~positions, ~~may~~this onincreased ~~occasion~~selling ~~cause~~pressure ~~futures~~could ~~contracts~~depress tothe beprice ~~replaced~~of byone ~~new~~or ~~futures~~more ~~contracts~~of ~~with~~the ~~earlier,~~underlying ~~rather than later~~commodities, ~~delivery~~which ~~months,~~could itadversely isaffect ~~expected that~~ the ~~Bloomberg~~price ~~Roll~~of ~~Select CI will still tend to roll into futures contracts with later delivery months than~~ the ~~contracts being replaced~~Shares.

1110

~~Historically,~~Table ~~the prices~~ of some futures contracts (generally those relating to commodities that are typically consumed immediately rather than stored) have frequently been higher for contracts with shorter-term expirations than for contracts with longer-term expirations, which is referred to as backwardation. In these circumstances, absent other factors, the sale of the earlier contract would take place at a price that is higher than the price at which the later contract is purchased, thereby allowing the contract holder to purchase a greater quantity of the later contract. While some of the contracts included in the Bloomberg Roll Select CI have historically exhibited periods of backwardation, backwardation will likely not exist at all times. Moreover, some of the commodities reflected in the Bloomberg Roll Select CI have historically exhibited characteristics typical of contango markets rather than backwardation. Contango markets are those in which the prices of contracts are higher in the distant delivery months than in the nearer delivery months due to the costs of long-term storage of a physical commodity prior to delivery or other factors. The forward price of a commodity futures contract may also fluctuate between backwardation and contango.Contents

~~Although~~● ~~the~~A ~~Bloomberg~~significant ~~Roll~~change ~~Select~~in CIthe ~~attempts~~attitude toof ~~mitigate~~speculators ~~some~~and ofinvestors toward the ~~losses~~futures ~~that~~contracts ~~may~~or ~~arise~~commodities ~~from~~underlying the ~~absence~~Bloomberg ofRoll ~~backwardation~~Select orCI. Should the ~~existence~~speculative ofcommunity ~~contango~~take ~~through~~a ~~its~~negative ~~rolling~~view ~~process,~~towards ~~the~~one ~~absence of backwardation~~ or ~~the~~more ~~existence~~ of ~~contango in~~ the ~~commodity~~underlying ~~markets~~futures ~~could~~contracts ~~nevertheless~~or ~~result in losses~~commodities, ~~which~~it could ~~adversely~~cause ~~affect~~a ~~the~~decline ~~value~~in of the ~~Bloomberg~~price ~~Roll~~of ~~Select CI and, accordingly, decrease~~ the ~~value~~Index ~~of your Shares. Moreover~~Futures, ~~because~~which ~~the~~may ~~Trust~~reduce ~~must pay certain ongoing fees and expenses,~~ the ~~value~~price of the Shares ~~may decrease even in periods where commodity prices are otherwise stationary~~.

~~Regulatory~~● ~~developments~~Significant ~~with~~reductions ~~respect~~in the size of positions permitted to be owned by the Trust or others in Index Futures or in the futures contracts and/or ~~over-~~commodities comprising the~~-counter~~ ~~derivatives~~Bloomberg ~~markets,~~Roll ~~and~~Select inCI, ~~particular~~for example, ~~with~~as ~~respect~~a toresult ~~speculative~~of ~~trading~~more inrestrictive ~~futures~~position ~~contracts~~limits or position limit exemptions or more expansive position aggregation requirements, could reduce liquidity and ~~over-~~depress the~~-counter~~ ~~derivatives~~price ~~involving~~of ~~commodities~~the Bloomberg Roll Select CI and/or ~~commodity~~the ~~indices,~~underlying ~~could~~futures contracts or commodities, adversely ~~affect~~affecting the value of your Shares.

InConversely, ~~recent~~several ~~years,~~factors ~~many~~could ~~bills~~trigger ~~have~~a ~~been~~temporary ~~introduced~~increase in the ~~U.S.~~price ~~Congress~~of ~~targeting~~the ~~excessive~~futures ~~speculation~~contracts inor commodities ~~and~~underlying ~~commodity~~the ~~indices~~Bloomberg onRoll ~~regulated~~Select ~~futures~~CI ~~markets~~ and, inconsequently, the ~~over-the-counter~~Index ~~(“OTC”)~~Futures. ~~derivatives~~In ~~markets.~~that ~~Many~~case, ofyou ~~these~~could ~~legislative~~buy ~~proposals~~Shares ~~have~~at ~~not~~prices ~~been~~affected ~~enacted~~by ~~but~~the temporarily high commodity prices and you could besubsequently inincur losses when the ~~future.~~causes for the temporary increase disappear.

InHistorical ~~2010,~~performance ~~Congress~~of ~~adopted~~the ~~some~~Index, ~~anti-speculative proposals in~~ the ~~Dodd-Frank~~Bloomberg ~~Wall~~Roll ~~Street~~Select ~~Reform~~CI and ~~Consumer Protection Act (~~the ~~“Dodd-Frank~~Bloomberg ~~Act”).~~CI ~~These~~is ~~provisions~~no ofguide ~~the~~to ~~Dodd-Frank~~their ~~Act~~future ~~have~~performance ~~been~~or ~~interpreted by the CFTC~~ to ~~require~~ the ~~CFTC~~performance ~~to expand its existing speculative position limits regime that was applicable to certain agricultural commodity futures (and options thereon) as appropriate, to a wider range~~ of ~~listed futures and options on physical commodities (including certain energy, metals and agricultural products) as well as to economically equivalent swaps while significantly narrowing~~ the ~~bona fide hedging exemptions to a narrower category of commercial market participants and physical hedging strategies~~Shares.

~~Pursuant~~Past toperformance of the ~~provisions~~Index, ofthe Bloomberg Roll Select CI and the ~~Dodd-Frank~~Bloomberg ~~Act~~CI ~~described~~is ~~above,~~not necessarily indicative of their future performance or of the ~~CFTC~~performance ~~proposed~~of ~~regulations~~the inShares. ~~December~~There ~~2016~~can ~~(modifying~~be anno ~~original~~guarantee ~~November~~that ~~2013~~the ~~proposal)~~level of the Index, ~~referred~~the toBloomberg inRoll ~~this~~Select ~~report~~CI asor the Bloomberg CI will increase. The Bloomberg Roll Select CI and the Index have limited performance histories. See “~~Proposed~~Risk ~~Position~~Factors ~~Limits~~Relating ~~Rules,”~~to ~~that~~Index ~~would impose~~Futures ~~new~~and ~~federal~~the ~~position~~Bloomberg ~~limits~~Roll onSelect ~~futures~~CI ‑ The Index and ~~options~~the onBloomberg Roll Select CI have limited histories and may perform in unexpected ways.” ~~certain~~Although ~~energy~~the Bloomberg CI, ~~metal~~which is based on the same underlying commodities as the Bloomberg Roll Select CI and the Index, has a longer performance history, there are differences in the way that the Bloomberg CI and ~~agricultural~~the ~~commodities~~Bloomberg Roll Select CI address the rolling of contracts that could cause the Bloomberg CI to perform differently from the Bloomberg Roll Select CI and ~~economically~~the ~~equivalent~~Index. ~~swaps~~See (“~~Referenced~~Risk ~~Contracts”).~~Factors ~~Also~~Relating into ~~December~~Index ~~2016~~Futures and the Bloomberg Roll Select CI - The roll selection methodology of the Bloomberg Roll Select CI may not provide any benefits relative to the roll selection methodologies used by other commodities indices, including the ~~CFTC~~Bloomberg ~~adopted~~CI ~~final position~~and ~~aggregation~~the ~~requirements~~Bloomberg Roll Select CI may not outperform or may underperform the Bloomberg CI.” You may lose some or all of your investment in the Shares.

~~The~~Commodity ~~Proposed Position Limits Rules would include as Referenced Contracts a number of the~~ futures ~~contracts~~trading ~~included~~may inbe ~~the~~illiquid. ~~Bloomberg~~In ~~Roll Select CI~~addition, ~~and~~suspensions asor ofdisruptions ~~the date~~ of this report such contracts represent a substantial portion of the weight of the Bloomberg Roll Select CI. Consequently, if the Proposed Position Limits Rules are adopted as proposed, the maximum positions that market ~~participants~~trading ~~can hold~~ in the ~~Referenced~~commodities ~~Contracts~~markets ~~that~~and ~~underlie~~related ~~the~~futures ~~Bloomberg~~markets ~~Roll Select CI~~ may ~~be limited, which could reduce the liquidity of such Referenced Contracts and~~ adversely affect the ~~performance of the Bloomberg Roll Select CI and the~~ value of your Shares. Moreover, because the relative weights of the commodities in the Bloomberg Roll Select CI are largely determined based on the trading volume of the futures contracts designated for such commodities, a reduction in the trading volume of such futures contracts could significantly alter the weights of the futures contracts underlying the Bloomberg Roll Select CI, which could have further adverse effects on the level of the Bloomberg Roll Select CI and the value of your Shares. The risks presented by the Proposed Position Limits Rules also arise with respect to existing federal limits on certain agricultural commodity futures contracts, which include futures contracts underlying the Bloomberg Roll Select CI.

The ~~Proposed~~commodity ~~Position~~futures ~~Limits~~markets ~~Rules~~are ~~would~~subject ~~also~~to ~~narrow~~temporary ~~the~~distortions ~~existing~~or ~~bona~~other ~~fide~~disruptions ~~hedge~~due ~~exemption~~to ~~for~~various ~~Referenced~~factors, ~~Contracts.~~including Ifthe ~~adopted~~lack asof ~~proposed~~liquidity, ~~this~~congestion, ~~narrow~~disorderly ~~definition~~markets, ~~may~~manipulation, ~~affect~~limitations on deliverable supplies, the ~~hedging~~participation of speculators, government regulation and ~~investing~~intervention, ~~activities~~technical ofand ~~participants~~operational inor ~~the~~system ~~markets~~failures, ~~for~~nuclear ~~the~~accidents, ~~Index~~terrorism, ~~Futures~~riots and ~~the~~acts of God. In addition, U.S. futures ~~contracts~~exchanges and ~~commodities~~some ~~underlying~~foreign ~~the~~exchanges ~~Bloomberg~~have ~~Roll~~regulations ~~Select~~that ~~CI,~~limit ~~which~~the amount of fluctuation in ~~turn~~futures ~~could~~contract ~~reduce~~prices ~~the~~that ~~liquidity~~may ~~and~~occur ~~adversely~~during ~~affect~~a ~~the~~single ~~pricing~~business ofday. ~~the~~These ~~Index~~limits ~~Futures~~are ~~and~~generally ~~such~~referred ~~futures~~to ~~contracts~~as daily price fluctuation limits, and ~~commodities.~~the ~~Any~~maximum or minimum price of a contract on any given day as a result of these ~~effects~~limits ~~could~~is ~~increase~~referred ~~volatility~~to inas ~~and~~a ~~otherwise~~limit ~~adversely~~price. ~~affect~~Once the limit price ofhas ~~the~~been ~~Shares.~~reached ~~The~~in ~~public~~a ~~comment~~particular ~~period~~contract, onit ~~the~~is ~~Proposed~~possible ~~Position~~that ~~Limits~~no ~~Rules~~trades may be made at a different price. It is ~~scheduled~~not tocertain ~~close~~how onlong ~~February~~any ~~28,~~such ~~2017~~price limits would remain in effect. ~~The~~Limit ~~CFTC~~prices ~~specifically~~may ~~solicited,~~have ~~among~~the ~~other~~effect ~~things,~~of ~~comments~~precluding ontrading ~~issues~~in ~~affecting~~a ~~position~~particular ~~limits~~contract ~~for~~or ~~physical~~forcing ~~commodity~~the ~~derivatives~~liquidation ~~that~~of ~~could~~contracts ~~directly~~at ~~affect~~disadvantageous times or prices, consequently affecting the value of the ~~Trust’s~~Bloomberg ~~position~~Roll Select CI. Further, the Clearing FCM or its account holders may represent, directly or indirectly, a substantial portion of the short-side interest in the Index Futures ~~going~~market. ~~forward~~The existence of such a limited number of market participants could cause or exacerbate temporary distortions, especially those distortions resulting from illiquidity.

~~With~~Any ~~respect~~of tothese ~~the~~circumstances ~~position~~could ~~aggregation~~adversely ~~rules~~affect ~~adopted~~the byvalue of the ~~CFTC~~Index inFutures ~~December~~held ~~2016,~~by ~~those~~the ~~final~~Trust ~~rules~~and, ~~which are stated to become effective on February 14~~therefore, ~~2017, would~~ ~~expand~~ the ~~circumstances~~value ~~requiring~~of ~~persons~~your toShares. ~~aggregate~~In ~~Referenced~~addition, ~~Contracts~~these ~~that~~circumstances ~~are~~could ~~owned~~also orlimit ~~controlled~~trading byin ~~such~~the ~~persons.~~Index ~~Specifically~~Futures, ~~the final~~which ~~aggregation~~could ~~rules require~~affect athe ~~person~~calculation ~~holding~~of ~~positions~~the inNAV ~~multiple~~and ~~commodity~~the ~~pools with substantially identical~~ trading ~~strategies~~price toof ~~aggregate~~ the ~~pools’~~Shares. ~~positions in Referenced Contracts~~Accordingly, onthese alimits ~~pro-rata~~may ~~basis, with~~result ~~other positions~~ in ~~Referenced~~a ~~Contracts~~NAV ~~held~~that ordiffers, ~~controlled~~and bymay ~~such~~differ ~~person.~~significantly, ~~Although~~from ~~Index Futures are not among~~ the ~~Referenced~~NAV ~~Contracts~~that ~~identified~~would prevail in the ~~Proposed~~absence ~~Position~~of ~~Limits~~such ~~Rules,~~limits. ifIf ~~federal~~Baskets ~~position limits~~ are ~~extended~~created ~~to Index Futures~~ or ifredeemed ~~the~~at ~~Exchange~~a ~~adopts~~time ~~similar~~when ~~aggregation~~these ~~rules,~~price ~~some~~limits ~~participants~~are in ~~the market for Index Futures may be encumbered in trying to hedge their exposure~~effect, ~~which could reduce liquidity in such Index Futures and~~ the ~~futures~~creation ~~contracts~~or ~~and~~redemption ~~commodities~~price ~~underlying~~will ~~the~~reflect ~~Bloomberg Roll Select CI and adversely affect~~ the ~~value~~price oflimits ~~the~~as ~~Shares~~well.

In addition to, orthe method in ~~lieu~~which ~~of,~~ the ~~Proposed~~Bloomberg ~~Position~~Roll ~~Limits~~Select ~~Rules,~~CI ~~the~~is ~~CFTC~~calculated ~~could~~or ~~propose~~determined ~~other~~may ~~rules~~also ~~that~~be ~~may~~affected ~~lower~~by certain market disruptions , such as (1) the ~~applicable~~termination ~~position~~or ~~limits~~suspension of, ~~apply~~or ~~position~~material ~~limits~~limitation toor adisruption ~~broader~~in, ~~range~~the trading of ~~contracts~~an underlying futures contract, (~~including~~2) ~~commodity~~the ~~index~~settlement ~~contracts~~price ~~such~~of asan ~~the~~underlying ~~Index~~futures ~~Futures)~~contract orreflecting ~~further~~the ~~restrict~~maximum ~~position~~permitted ~~limit~~price ~~exemptions.~~change Iffrom ~~any~~the ofprevious ~~these~~day’s ~~actions~~settlement isprice ~~taken,~~for such ~~measures~~contract, ~~could~~such ~~further~~as ~~reduce~~in the ~~size~~case of ~~positions~~a ~~that~~“limit event” as determined by the ~~Trust~~applicable ~~and~~futures ~~other~~exchange, ~~investors~~(3) ~~could~~the ~~hold~~failure ~~directly~~of inan ~~Index~~exchange ~~Futures~~to ~~and~~publish the official settlement price for an underlying futures contract or (4) for contracts ~~and~~trading ~~commodities~~on the London Metals Exchange, any day on which the London Metals Exchange is not open for business. For example, if Bloomberg determines that a market disruption exists with ~~potential~~respect ~~reductions~~to any underlying futures contract in ~~liquidity~~connection ~~and~~with ~~adverse~~that ~~effects~~contract’s onroll ~~the~~period, ~~pricing~~including ofin ~~Index~~connection ~~Futures.~~with ~~See~~an ~~also~~annual ~~“The~~rebalancing, ~~value~~this would delay the effective rolling of that contract for purposes of determining the ~~Shares~~Bloomberg ~~depends~~Roll onSelect CI, and in the ~~value~~case of ~~Index~~a ~~Futures~~roll period other than in connection with an annual rebalancing, would also increase the rate at which ~~fluctuates~~that ~~based~~contract oneffectively rolls when such market disruption has ended. In addition, the ~~prices~~relative weights of ~~commodity~~the futures contracts ~~reflected~~underlying in the Bloomberg Roll Select CI. ~~These prices~~ may be ~~volatile,~~affected ~~thereby~~by ~~creating~~“limit ~~the~~events” ~~potential~~occurring ~~for~~with ~~losses~~respect ~~regardless~~to ofsuch contracts or due to the ~~length~~failure of ~~time~~an ~~you~~exchange ~~intend~~ to ~~hold~~publish ~~your~~the ~~Shares~~official settlement price for a futures contract.”

12During a period when commodity prices are fairly stationary, an absence of backwardation in the prices of the commodities included in the Bloomberg Roll Select CI may cause the price of your Shares to decrease.

~~Certain~~The ~~other~~futures ~~rules~~contracts ~~proposed~~that ~~pursuant~~underlie to the ~~Dodd-Frank~~Bloomberg ~~Act~~Roll ~~also~~Select ~~may~~CI ~~have~~are anreplaced ~~impact~~from ontime ~~the~~to ~~Trust~~time ~~and~~with ~~the~~new ~~value~~futures ~~and~~contracts ~~continued~~on ~~availability of~~ the ~~Shares~~same commodities. OnThis ~~December~~process ~~22,~~is ~~2010, the CFTC proposed rules,~~ referred to ~~in this report~~ as the “DCM Rules,” that would require that at least 85% of the total volume of any contract listed on a designated contract market (“DCM”) including the Index Futures, be executed through the central order book, rather than as a block transaction or other non-competitively executed transactionrolling. ~~Contracts~~Although ~~that do not meet~~ the ~~85%~~rolling ~~threshold~~methodology ~~would~~employed ~~be required to be delisted~~ by the ~~DCM~~Bloomberg ~~and~~Roll ifSelect ~~a swap~~CI, ~~transferred~~which toselects afor ~~swap~~replacement ~~execution~~contracts ~~facility~~exhibiting ~~or also be liquidated. Generally,~~ the ~~Trust’s~~least ~~transactions~~contango ~~in Index Futures are expected to be executed through block~~ or ~~EFRP transactions that are not executed through~~ the ~~applicable~~greatest ~~Exchange’s~~backwardation ~~central~~relative ~~order~~to ~~book. When~~its ~~the~~preceding ~~CFTC finalized the DCM Rules in June 2012~~contracts, ~~the~~may ~~CFTC~~on ~~noted~~occasion ~~that~~cause itfutures ~~needed~~contracts ~~additional time~~ to ~~consider~~be ~~the~~replaced ~~proposed~~by ~~requirements~~new ~~regarding~~futures ~~the~~contracts ~~85%~~with ~~threshold~~earlier, ~~particularly~~rather inthan ~~light of substantial comments received. If ultimately adopted as proposed~~later, ~~those~~delivery ~~proposed requirements could significantly and adversely affect the availability~~months, ~~liquidity~~it ~~and~~is ~~price~~expected ofthat ~~Index Futures, as well as futures contracts currently included or which may in~~ the ~~future be included in the~~ Bloomberg Roll Select CI, ~~and~~will ~~could~~still ~~inhibit~~tend ~~the Trust’s ability~~ to ~~redeem~~roll ~~and~~into ~~offer~~futures ~~Shares,~~contracts ~~which~~with inlater ~~turn~~delivery ~~could~~months ~~adversely~~than ~~affect~~ the ~~value~~contracts ~~and~~being ~~continued availability of the Shares~~replaced.

The CFTC has adopted rules regarding the risk management practices of clearing members (the “FCM Rules”) most of which became effective on June 1, 2013. The FCM Rules require the Trust’s Clearing FCM to establish, and periodically reevaluate, risk-based limits on position and order size, amongst other measures. The FCM Rules may lead the Trust’s Clearing FCM to reduce its internal limits on the size of the Index Future positions it will execute or clear for the Trust, reducing the Trust’s and other market participants’ ability to transact in Index Futures, and potentially adversely affecting the price of Shares. In the event that the Clearing FCM does reduce its internal limits on the size of Index Future positions, the Trust may deem it feasible to use additional clearing FCMs. If this happens, it could substantially increase the costs of clearing for the Trust.11

~~Other~~Table ~~regulatory measures under the Dodd-Frank Act could increase the costs~~ of the Trust, result in significant direct limitations on the maximum permitted size of the Trust’s futures positions, or affect liquidity in the market for the Index Futures or the underlying futures contracts, as well as the correlation between the price of the Shares and the net asset value of the Trust. Any such measures could adversely affect the value of your Shares. Contents

~~Risk~~Historically, ~~Factors~~the ~~Relating~~prices of some futures contracts (generally those relating to ~~Index~~commodities ~~Futures~~that ~~and~~are typically consumed immediately rather than stored) have frequently been higher for contracts with shorter-term expirations than for contracts with longer-term expirations, which is referred to as backwardation. In these circumstances, absent other factors, the sale of the earlier contract would take place at a price that is higher than the price at which the later contract is purchased, thereby allowing the contract holder to purchase a greater quantity of the later contract. While some of the contracts included in the Bloomberg Roll Select CI have historically exhibited periods of backwardation, backwardation will likely not exist at all times. Moreover, some of the commodities reflected in the Bloomberg Roll Select CI have historically exhibited characteristics typical of contango markets rather than backwardation. Contango markets are those in which the prices of contracts are higher in the distant delivery months than in the nearer delivery months due to the costs of long-term storage of a physical commodity prior to delivery or other factors. The forward price of a commodity futures contract may also fluctuate between backwardation and contango.

~~The~~Although ~~trading~~the Bloomberg Roll Select CI attempts to mitigate some of ~~various~~the ~~Index~~losses ~~Futures~~that ~~presents~~may ~~risks~~arise ~~unrelated~~from tothe absence of backwardation or the ~~Bloomberg~~existence ~~Roll~~of ~~Select~~contango CIthrough ~~that~~its rolling process, the absence of backwardation or the existence of contango in the commodity markets could nevertheless result in losses, which could adversely affect the value of the Bloomberg Roll Select CI and, accordingly, decrease the value of your Shares. Moreover, because the Trust must pay certain ongoing fees and expenses, the value of the Shares may decrease even in periods where commodity prices are otherwise stationary.

~~Although~~Regulatory ~~Index~~developments ~~Futures~~with ~~are~~respect ~~based~~to on the ~~Bloomberg~~futures ~~Roll~~and ~~Select CI,~~ over-the-counter ~~value~~derivatives ~~of the Index Futures could be affected by factors that do not directly affect the Bloomberg Roll Select CI and accordingly~~markets, ~~the value of the Index Futures~~ and ~~the~~in ~~level~~particular, ofwith ~~the~~respect ~~Bloomberg~~to ~~Roll~~speculative ~~Select CI may vary from each other. The activities of market participants in~~ trading ~~Index Futures, or~~ in ~~trading~~futures ~~other~~contracts ~~instruments~~and ~~related~~over-the-counter toderivatives ~~the~~involving ~~Bloomberg~~commodities ~~Roll~~and ~~Select~~commodity CIindices, could ~~affect the value of the Index Futures independent of any change in the Bloomberg Roll Select CI and~~ adversely affect the ~~correlation between the~~ value of ~~the~~your ~~Index Futures and the level of the Bloomberg Roll Select CI~~Shares.

~~The~~Many ~~prices~~bills ofhave ~~the~~been ~~various~~introduced ~~Index Futures are expected to reflect supply and demand~~ in the ~~market for such Index Futures, which in turn may reflect market expectations at any given time about prospective changes in the level of the Bloomberg Roll Select CI and other market conditions~~U.S. InCongress ~~this~~targeting ~~way,~~excessive ~~trading~~speculation in ~~the~~commodities ~~market for Index Futures might cause a divergence between the price of such Index Futures~~ and ~~the~~commodity ~~level of the Bloomberg Roll Select CI. Similarly~~indices, ~~actions~~including by ~~the~~institutional ~~applicable~~“index ~~Exchange with respect to Index Futures~~funds,” ~~such as the imposition of trading or price limits, could adversely affect this correlation. In these circumstances, it is possible that changes in the NAV, which is calculated based~~ on ~~the~~regulated ~~value~~futures ofmarkets ~~the~~and ~~Index Futures, will not adequately reflect changes~~ in the ~~level of~~ over-the-counter ~~Bloomberg~~or ~~Roll~~“OTC” ~~Select~~derivatives CImarkets. InMany ~~the event~~ of ~~market~~these ~~disruptions~~legislative ~~with~~proposals ~~respect~~have tonot ~~the~~been ~~Index~~enacted ~~Futures,~~but such as a suspension of trading by the related Exchange as a result of market activity, systems or communications failures or other causes, the value of the Index Futures and the level of the Bloomberg Roll Select CI could ~~diverge,~~be ~~which~~in ~~could adversely affect~~ the ~~value of the Shares~~future.

~~Although~~In ~~arbitrage~~2010, ~~activity~~Congress byadopted ~~market~~some ~~participants~~anti-speculative isproposals ~~expected~~in ~~to have~~ the ~~effect~~Dodd-Frank ofWall ~~reducing~~Street orReform ~~mitigating divergence between the value of the Index Futures~~ and ~~the~~Consumer ~~level~~Protection ~~of the Bloomberg Roll Select CI~~Act, ~~such~~or ~~arbitrage activity may not fully offset any divergence at all times during which~~ the ~~Shares~~“Dodd-Frank ~~are outstanding~~Act.” ~~During~~These ~~any~~provisions ~~period the Trust is trading Index Futures~~ of ~~more than one type, differences in~~ the ~~settlement~~Dodd-Frank ~~values~~Act ofhave ~~such~~been ~~Index~~interpreted ~~Futures, to the extent not offset~~ by ~~arbitrage activity between such Index Futures may limit~~ the ~~expected~~CFTC ~~benefits~~to ~~of,~~require ~~or otherwise adversely affect, arbitrage activity between~~ the ~~Shares~~CFTC ~~and~~to ~~the~~expand ~~Index~~its ~~Futures.~~existing Inspeculative ~~the~~position ~~event~~limits regime that ~~any~~is ~~such~~applicable ~~divergence~~to ~~between~~certain ~~the~~agricultural ~~value~~commodity offutures ~~the Index Futures~~ (and ~~the~~options ~~level of the Bloomberg Roll Select CI exists from time to time~~thereon), ~~changes~~as ~~in the NAV~~appropriate, ~~which~~to isa ~~calculated~~wider ~~based~~range ~~on the value~~ of ~~the~~listed ~~Index~~futures ~~Futures,~~and ~~may~~options ~~not~~on ~~adequately~~physical ~~reflect~~commodities ~~changes~~(including incertain ~~the level of the Bloomberg Roll Select CI~~energy, ~~which~~metals ~~could~~and ~~adversely~~agricultural ~~affect~~products) ~~the~~as ~~value~~well ofas ~~the~~to ~~Shares.~~economically ~~The~~equivalent ~~impact~~swaps ofwhile ~~certain~~significantly ofnarrowing ~~these considerations may be heightened in cases where~~ the ~~Trust’s~~bona ~~positions~~fide ~~are~~hedging ~~concentrated~~exemptions into a ~~particular~~narrower ~~Index~~category ~~Futures contract or in cases where the Trust represents a substantial portion~~ of ~~the~~commercial ~~open~~market ~~interest~~participants inand aphysical ~~particular~~hedging ~~Index Futures contract~~strategies.

InPursuant ~~addition,~~to ~~other~~the ~~actions~~provisions ~~taken~~of bythe anDodd-Frank ~~Exchange,~~Act ~~including~~described ~~rule changes relating to clearing fees~~above, ~~margin~~the ~~requirements,~~CFTC orproposed ~~the~~regulations ~~minimum~~in ~~price~~December ~~fluctuations~~2016 ~~applicable~~(modifying to an ~~Index~~original ~~Futures~~November ~~contract~~2013 proposal), ~~may~~referred ~~result~~to in ~~economic,~~this ~~tax~~report oras ~~other~~the ~~consequences~~“Proposed toPosition ~~market~~Limits ~~participants~~Rules,” that ~~trade~~would orimpose ~~hold~~new ~~Index~~federal ~~Futures.~~position ~~Such~~limits ~~actions~~on ~~may~~futures ~~result~~and inoptions ~~consequences~~on ~~that~~certain ~~adversely~~energy, ~~affect~~metal, ~~Shareholders~~and ~~without~~agricultural ~~necessarily~~commodities ~~affecting~~and ~~the~~economically ~~correlation~~equivalent ~~between~~swaps ~~the~~(collectively, ~~settlement~~“referenced ~~price~~contracts”). ofAlso ~~the~~in ~~Index~~December ~~Futures~~2016, ~~and~~ the ~~level~~CFTC ofadopted ~~the~~final ~~Bloomberg~~position ~~Roll~~aggregation ~~Select CI~~requirements.

The ~~Index~~Proposed Position Limits Rules would include as referenced contracts a number of the futures contracts included in the Bloomberg Roll Select CI, and as of the date of this report such contracts represent a substantial portion of the weight of the Bloomberg Roll Select CI. ~~have~~Consequently, if the Proposed Position Limits Rules are adopted as proposed, the maximum positions that market participants can hold in the referenced contracts that underlie the Bloomberg Roll Select CI may be limited, ~~histories~~which could reduce the liquidity of such referenced contracts and ~~may~~adversely ~~perform~~affect the performance of the Bloomberg Roll Select CI and the value of your Shares. Moreover, because the relative weights of the commodities in ~~unexpected~~the ~~ways~~Bloomberg Roll Select CI are largely determined based on the trading volume of the futures contracts designated for such commodities, a reduction in the trading volume of such futures contracts could significantly alter the weights of the futures contracts underlying the Bloomberg Roll Select CI, which could have further adverse effects on the level of the Bloomberg Roll Select CI and the value of your Shares. The risks presented by the Proposed Position Limits Rules also arise with respect to existing federal limits on certain agricultural commodity futures contracts, which include futures contracts underlying the Bloomberg Roll Select CI.

The ~~Index~~Proposed ~~and~~Position ~~the~~Limits ~~Bloomberg~~Rules ~~Roll~~would ~~Select~~also CInarrow ~~began~~the ~~publishing~~existing onbona ~~July~~fide ~~18,~~hedge ~~2011,~~exemption ~~and~~for ~~therefore~~referenced ~~have~~contracts. ~~limited~~If ~~histories.~~adopted ~~Historical~~as ~~performance~~proposed, ~~data~~this isnarrow ~~provided~~definition inmay affect the ~~Trust’s~~hedging ~~prospectus,~~and ~~including~~investing ~~hypothetical~~activities ~~performance~~of ~~data~~participants ~~intended~~in tothe ~~illustrate~~markets ~~how~~for ~~each~~the ofIndex Futures and the ~~Index~~futures contracts and commodities underlying the Bloomberg Roll Select CI, ~~may~~which ~~have~~in ~~performed~~turn ~~had~~could itreduce ~~been~~the ~~created~~liquidity inand adversely affect the ~~past,~~pricing ~~but~~of ~~those~~the ~~calculations~~Index ~~are~~Futures ~~subject~~and tosuch ~~many~~futures ~~limitations~~contracts and commodities. ~~Unlike~~Any ~~actual~~of ~~historical~~these ~~performance,~~effects ~~such~~could ~~calculations~~increase dovolatility ~~not~~in ~~reflect~~and ~~actual~~otherwise ~~trading,~~adversely ~~liquidity~~affect ~~constraints,~~the ~~fees~~price ~~and~~of ~~other~~the ~~costs~~Shares. InThe ~~addition,~~public comment period on the ~~models~~Proposed ~~used~~Position toLimits ~~calculate~~Rules ~~these~~closed ~~hypothetical~~on ~~returns~~February ~~are~~28, ~~based~~2017. onThe ~~certain~~CFTC ~~data~~had specifically solicited, ~~assumptions~~among ~~and~~other ~~estimates.~~things, ~~Different~~comments ~~models~~on orissues ~~models~~affecting ~~using~~position ~~different~~limits ~~data~~for ~~assumptions~~physical ~~and~~commodity ~~estimates~~derivatives ~~might~~that ~~result~~could directly affect the value of the Trust’s position in ~~materially~~Index ~~different~~Futures ~~hypothetical~~going ~~performance~~forward.

13 With respect to the position aggregation rules adopted by the CFTC in December 2016, those final rules, which became effective on February 14, 2017, expand the circumstances requiring persons to aggregate referenced contracts that are owned or controlled by such persons. Specifically, the final aggregation rules require a person holding positions in multiple commodity pools with substantially identical trading strategies to aggregate the pools’ positions in referenced contracts, on a pro-rata basis, with other positions in referenced contracts held or controlled by such person. CFTC staff has granted relief, until August 12, 2019, from various conditions and requirements in the final aggregation rules, including the “substantially identical trading strategies” aggregation requirement. Under this relief, a person would not be required to aggregate positions on the basis of the “substantially identical trading strategies” aggregation requirement unless the person is holding or controlling the trading of positions in multiple accounts or commodity pools with substantially identical trading strategies in order to willfully circumvent applicable position limits. Although Index Futures are not among the referenced contracts identified in the Proposed Position Limits Rules, if federal position limits are extended to Index Futures or if the Exchange adopts similar aggregation rules, some participants in the market for Index Futures may be encumbered in trying to hedge their exposure, which could reduce liquidity in such Index Futures and the futures contracts and commodities underlying the Bloomberg Roll Select CI and adversely affect the value of the Shares.

~~The~~In ~~roll~~addition ~~selection~~to, ~~methodology~~or in lieu of, the ~~Bloomberg~~Proposed ~~Roll~~Position ~~Select~~Limits CIRules, the CFTC could propose other rules that may ~~not~~lower ~~provide~~the ~~any~~applicable ~~benefits~~position ~~relative~~limits, apply position limits to a broader range of contracts (including commodity index contracts such as the ~~roll~~Index ~~selection~~Futures) ~~methodologies~~or ~~used~~further byrestrict ~~other~~position ~~commodities~~limit ~~indices~~exemptions. If any of these actions is taken, ~~including~~such measures could further reduce the ~~Bloomberg~~size CIof positions that the Trust and other investors could hold directly in Index Futures and the underlying futures contracts and commodities, with potential reductions in liquidity and adverse effects on the pricing of Index Futures. See also “The value of the Shares depends on the value of Index Futures, which fluctuates based on the prices of commodity futures contracts reflected in the Bloomberg Roll Select CI. These prices may ~~not~~be ~~outperform~~volatile, orthereby ~~may~~creating ~~underperform,~~the potential for losses regardless of the ~~Bloomberg~~length CIof time you intend to hold your Shares.”

The process through which the Bloomberg Roll Select CI rolls contracts of one delivery month into contracts of a new delivery month differs from the process used by the Bloomberg CI. Unlike the Bloomberg CI, which rolls into contracts of a predetermined delivery month, the Bloomberg Roll Select CI rolls into contracts that demonstrate the least contango or, if applicable, the most backwardation, in each case relative to the contracts of the immediately preceding delivery month. This determination is made on the “contract selection date,” which is generally the fourth business day of every month.12

~~The~~Table ~~price at which a futures contract~~ of a specified delivery date is trading on a contract selection date is expected to reflect the market’s outlook with respect to the performance of a contract with the specified delivery date. In certain circumstances, the market outlook with respect to the underlying commodities may cause futures contracts of a particular delivery date to trade at higher or lower prices relative to futures contracts for the same underlying commodity with a different delivery date based upon expectations regarding the price on such delivery date. These expectations may be based on factors that do not affect futures contracts of different delivery dates in the same way, such as seasonal fluctuations based on supply and demand. Accordingly, the price at which a futures contract trades relative to a futures contract with an immediately preceding delivery date may not necessarily be reflective of the effect of backwardation or contango that will be realized from rolling such futures contract. It is possible that, for a given time period, the futures contracts selected for inclusion in the Bloomberg Roll Select CI may not outperform, and may underperform, the futures contracts selected for inclusion in the Bloomberg CI.Contents

~~The~~Certain ~~Bloomberg~~other ~~Roll~~rules ~~Select~~proposed CIpursuant to the Dodd-Frank Act also may have an impact on the Trust and the value and continued availability of the Shares. On December 22, 2010, the CFTC proposed rules, referred to in this report as the ~~future~~“DCM ~~include~~Rules,” ~~contracts~~that would require that ~~are~~at ~~not~~least ~~traded~~85% of the total volume of any contract listed on ~~regulated~~a ~~futures~~designated ~~exchanges~~contract market (“DCM”) including the Index Futures, be executed through the central order book, rather than as a block transaction or other non-competitively executed transaction. Contracts that do not meet the 85% threshold would be required to be delisted by the DCM and if a swap, transferred to a swap execution facility or also be liquidated. Generally, the Trust’s transactions in Index Futures are expected to be executed through block or EFRP transactions that ~~offer~~are ~~different~~not executed through the applicable Exchange’s central order book. When the CFTC finalized the DCM Rules in June 2012, the CFTC noted that it needed additional time to consider the proposed requirements regarding the 85% threshold, particularly in light of substantial comments received. If ultimately adopted as proposed, those proposed requirements could significantly and adversely affect the availability, liquidity and price of Index Futures, as well as futures contracts currently included or ~~diminished~~which ~~protections~~may in the future be included in the Bloomberg Roll Select CI, and could inhibit the Trust’s ability to ~~investors~~redeem and offer Shares, which in turn could adversely affect the value and continued availability of the Shares.

~~Currently,~~The ~~the~~CFTC ~~Bloomberg~~has ~~Roll~~adopted ~~Select~~rules CIregarding isthe ~~comprised~~risk ~~exclusively~~management practices of ~~futures~~clearing ~~contracts~~members ~~traded~~(the on“FCM ~~DCMs,~~Rules”) ormost ~~regulated~~of ~~futures~~which ~~exchanges.~~became ~~The~~effective ~~Bloomberg~~on ~~Roll~~June 1, 2013. ~~Select~~The CIFCM ~~may~~Rules inrequire the ~~future~~Trust’s ~~include~~Clearing ~~contracts~~FCM ~~(such~~to asestablish, ~~swaps~~ and ~~forward~~periodically ~~contracts)~~reevaluate, ~~traded in the over~~risk-~~the-counter~~based ~~market~~limits or on ~~trading~~position ~~facilities~~and ~~that~~order ~~are~~size, ~~subject~~amongst toother ~~lesser~~measures. ~~degrees~~The ofFCM ~~regulation~~Rules ~~or,~~may inlead ~~some~~the ~~cases,~~Trust’s noClearing ~~substantive~~FCM ~~regulation.~~to Asreduce aits ~~result,~~internal ~~trading~~limits inon ~~such~~the ~~contracts,~~size ~~and~~of the ~~manner~~Index inFutures ~~which~~positions ~~prices~~it ~~and~~will ~~volumes~~execute ~~are~~or ~~reported~~clear byfor the ~~relevant trading facilities~~Trust, ~~may~~reducing ~~not be subject to~~ the ~~same~~Trust’s ~~provisions of,~~ and ~~the~~other ~~protections~~market ~~afforded~~participants’ ~~by,~~ability ~~the~~to ~~CEA~~transact orin ~~other~~Index ~~applicable~~Futures, ~~statutes~~ and ~~related~~potentially ~~regulations~~adversely ~~that~~affecting ~~govern~~the ~~trading~~price onof ~~regulated futures exchanges~~Shares. In ~~addition,~~the ~~many~~event ~~electronic~~that ~~trading~~the ~~facilities~~Clearing ~~have~~FCM ~~only~~does ~~recently~~reduce ~~initiated~~its ~~trading~~internal ~~and~~limits ~~do not have significant trading histories. As a result, the trading of contracts~~ on ~~such facilities and~~ the ~~inclusion~~size of ~~such~~Index ~~contracts~~Futures inpositions, the ~~Bloomberg~~Trust ~~Roll Select CI~~ may bedeem ~~subject~~it feasible to ~~risks~~use ~~not~~additional ~~presented~~clearing byFCMs. ~~most~~If ~~exchange-traded~~this ~~futures contracts~~happens, ~~including~~it ~~risks~~could ~~related~~substantially toincrease the ~~liquidity~~costs ~~and~~of ~~price~~clearing ~~histories~~for of the ~~relevant contracts~~Trust.

~~Changes~~Other regulatory measures under the Dodd-Frank Act could increase the costs of the Trust, result in significant direct limitations on the ~~composition~~maximum permitted size of the Trust’s futures positions, or affect liquidity in the market for the Index Futures or the underlying futures contracts, as well as the correlation between the price of the Shares and ~~valuation~~the net asset value of the ~~Bloomberg~~Trust. ~~Roll~~Any ~~Select~~such CImeasures ~~may~~could adversely affect the value of your Shares.

~~The~~Risk ~~composition~~Factors ofRelating ~~the Bloomberg Roll Select CI may change over time as additional commodities satisfy the eligibility criteria or commodities currently included in the Bloomberg Roll Select CI fail~~ to satisfy those criteria. The weighting factors applied to each commodity included in the Bloomberg Roll Select CI change annually, based on changes in commodity production statistics and changes in the trading volume of the related futures contracts. In addition, Bloomberg, as Index ~~Administrator,~~Futures ~~or the Index Committees may modify the method for determining the composition~~ and ~~weighting of~~ the Bloomberg Roll Select CI and for calculating its value. Such changes could adversely affect the value of your Shares or otherwise affect the risks associated with owning the Shares, such as by increasing relative concentrations in particular commodities and causing the value of the Shares to become more sensitive to fluctuations in the prices of those commodities.

AThe ~~cessation~~trading of ~~publication~~various ofIndex Futures presents risks unrelated to the Bloomberg Roll Select CI that could ~~materially and~~ adversely affect the ~~activities~~value of ~~the~~your ~~Trust~~Shares.

~~The~~Although Index Futures are based on the Bloomberg Roll Select CI, isthe ~~administered,~~value ~~calculated~~of ~~and~~the ~~published~~Index Futures could be affected by factors that do not directly affect the ~~Index~~Bloomberg ~~Administrator~~Roll Select CI and accordingly, ~~who~~the ~~may~~value ~~cease~~of ~~publication~~the Index Futures and the level of the Bloomberg Roll Select CI atmay ~~any~~vary ~~time,~~from ~~including~~each asother. aThe ~~result~~activities of ~~its~~market ~~removal~~participants byin ~~UBS~~trading ~~Securities.~~Index IfFutures, or in trading other instruments related to the Bloomberg Roll Select CI, ~~ceases~~could ~~being~~affect ~~published,~~the value of the ~~Sponsor~~Index ~~may~~Futures ~~determine~~independent ~~that~~of noany ~~suitable~~change ~~replacement~~in ~~index~~the ~~exists,~~Bloomberg Roll Select CI and adversely affect the ~~Trust~~correlation ~~may~~between bethe ~~liquidated~~value of the Index Futures and the level of the Bloomberg Roll Select CI.

~~Futures~~The ~~contracts~~prices ~~(including~~of the various Index Futures) are ~~not~~expected ~~assets~~to reflect supply and demand in the market for such Index Futures, which in turn may reflect market expectations at any given time about prospective changes in the level of the Bloomberg Roll Select CI and other market conditions. In this way, trading in the market for an Index Futures contract might cause a divergence between the price of such Index Futures contract and the level of the Bloomberg Roll Select CI. Similarly, actions by the applicable Exchange with ~~intrinsic~~respect to Index Futures, such as the imposition of trading or price limits, could adversely affect this correlation. In these circumstances, it is possible that changes in the NAV, which is calculated based on the value of the Index Futures, will not adequately reflect changes in the level of the Bloomberg Roll Select CI. In the event of market disruptions with respect to the Index Futures, such as a suspension of trading by the related Exchange as a result of market activity, systems or communications failures or other causes, the value of the Index Futures and the level of the Bloomberg Roll Select CI could diverge, which could adversely affect the value of the Shares.

~~Trading~~Although inarbitrage ~~futures~~activity ~~transfers~~by market participants is expected to have the ~~risk~~effect of ~~future~~reducing ~~price~~or ~~movements~~mitigating ~~from~~divergence ~~one~~between ~~market~~the ~~participant~~value toof ~~another.~~the ~~This~~Index ~~means~~Futures ~~that~~and ~~for~~the ~~every~~level ~~gain~~of the Bloomberg Roll Select CI, ~~there~~such isarbitrage anactivity ~~equal~~may ~~and~~not ~~offsetting~~fully ~~loss~~offset any divergence at all times during which the Shares are outstanding. During any period the Trust is trading Index Futures ~~contracts~~of ~~themselves~~more ~~(including~~than one type, differences in the settlement values of such Index Futures), ~~are~~to the extent not ~~assets~~offset ~~with~~by ~~intrinsic~~arbitrage ~~value,~~activity ~~and~~between ~~simply~~such ~~reflect,~~Index inFutures may limit the ~~case~~expected benefits of, ~~cash-settled~~or ~~contracts~~otherwise adversely affect, ~~certain~~arbitrage ~~rights~~activity tobetween ~~payment~~the orShares ~~obligations~~and tothe ~~make~~Index ~~payments~~Futures. toIn the ~~other~~event ~~party~~that toany such divergence between the ~~contract,~~value ~~and~~of inthe Index Futures and the ~~case~~level of ~~physically-settled~~the ~~contracts~~Bloomberg Roll Select CI exists from time to time, ~~such~~changes asin the ~~futures~~NAV, ~~contracts~~which ~~underlying~~is calculated based on the value of the Index Futures, anmay ~~agreement~~not toadequately ~~make~~reflect orchanges ~~take~~in ~~delivery~~the level of athe ~~particular~~Bloomberg ~~asset~~Roll atSelect aCI, ~~specified~~which ~~price.~~could ~~Accordingly,~~adversely ~~market~~affect ~~participants~~the ~~taking~~value of the ~~opposite~~Shares. ~~side~~The impact of ~~the~~certain ~~Trust’s~~of ~~Index~~these ~~Futures~~considerations ~~trades~~ may ~~believe~~be ~~that~~heightened in cases where the ~~price~~Trust’s ofpositions ~~such~~are concentrated in a particular Index Futures ~~will~~contract ~~move~~or ~~against~~in ~~the~~cases ~~Trust,~~where ~~and~~ the Trust ~~may~~represents bea atsubstantial anportion ~~informational~~of orthe ~~other~~open ~~disadvantage~~interest ~~relative~~in toa ~~such~~particular ~~market~~Index ~~participants~~Futures contract.

~~The~~In ~~Trust’s~~addition, ~~trading~~other ~~activity~~actions intaken by an Exchange, including rule changes relating to clearing fees, margin requirements, or the minimum price fluctuations applicable to an Index Futures ~~could~~contract, ~~expose~~may itresult in economic, tax or other consequences to ~~additional~~market ~~risk~~participants that trade or hold Index Futures. Such actions may result in consequences that adversely affect Shareholders without necessarily affecting the correlation between the settlement price of the Index Futures and the level of the Bloomberg Roll Select CI.

InThe ~~order for the Trust to achieve its investment objective on an ongoing basis, it is anticipated that existing positions in~~ Index ~~Futures will need to be closed out~~ and new positions in Index Futures will need to be established from time to time. The Trust may further close out of existing positions and establish new positions in Index Futures from time to time, including new positions in earlier expiring Index Futures, which may allow it to reduce its concentration in any particular Index Futures contract or to benefit from more liquid markets or otherwise beneficial market activity in Index Futures listed with different expirations or on different Exchanges. This activity is expected to cause the ~~Trust~~Bloomberg toRoll ~~incur~~Select ~~transaction~~CI ~~costs,~~have ~~such~~limited ashistories ~~brokerage fees~~ and ~~commissions, and~~ may ~~cause the Shares to under‑~~perform ~~the Index. In particular, the prices obtained~~ in ~~connection~~unexpected with rolling Index Futures positions may be adversely affected by market conditions (including the possibility of market disruptions) and by the trading activities of other market participants, which may reflect market awareness of the Trust’s position in its Index Futuresways. For example, if other market participants are able to anticipate the timing of the Trust’s transactions, they may be able to execute transactions in advance of the Trust, which would allow these market participants to benefit from the transactions executed by the Trust but adversely affect the prices obtained by the Trust. In addition, if the Trust’s Index Futures positions represent a significant part of the open long interest in such Index Futures, other market participants may take this into account, with a potential adverse impact on the prices at which the Trust is able to execute such transactions. There can be no assurance that the Trust will be able to effect its transactions in a manner that will allow it to avoid these risks. Exchanges may cease to list other Index Futures that the Trust will be able to roll its positions into, and any Index Futures listed by an Exchange in the future may have terms that differ from those currently held by the Trust.

14The Index and the Bloomberg Roll Select CI began publishing on July 18, 2011, and therefore have limited histories. Historical performance data is provided in the Trust’s prospectus, including hypothetical performance data intended to illustrate how each of the Index and the Bloomberg Roll Select CI may have performed had it been created in the past, but those calculations are subject to many limitations. Unlike actual historical performance, such calculations do not reflect actual trading, liquidity constraints, fees and other costs. In addition, the models used to calculate these hypothetical returns are based on certain data, assumptions and estimates. Different models or models using different data assumptions and estimates might result in materially different hypothetical performance.

The liquidation of Index Futures could expose the Trust to the effects of temporary aberrations or distortions in the market, which could adversely affect the prices at which the Trust’s Index Future positions are liquidated. 13

IfTable the Trust liquidates positions in Index Futures in order to satisfy redemption requests or to pay expenses and liabilities, it does so by entering sell orders with its Clearing FCM for execution on the Exchange. The resulting sales serve to offset a portion of the Trust’s long positions in Index Futures. However, in entering sell orders, the Trust is subject to the risk that temporary aberrations or distortions will occur in the market at the time these sales are effected and that the prices received by the Trust on its sales could be adversely affected, thereby adversely affecting the value of the Shares. Such aberrations or distortions could occur as a result of trading activities by other market participants or actions taken by the Clearing FCM, an Exchange, other self-regulatory organizations or regulatory authorities, including the liquidation of the Trust’s Index Futures to satisfy applicable margin requirements. If the Trust’s Index Futures are liquidated at inopportune times or in a manner that causes a temporary market distortion, this may adversely affect the NAV and the value of your Shares. Contents

The ~~Trust’s~~roll ~~Clearing~~selection ~~FCM~~methodology orof anthe ~~Exchange’s~~Bloomberg ~~clearing~~Roll ~~house~~Select ~~could~~CI ~~fail.~~may not provide any benefits relative to the roll selection methodologies used by other commodities indices, including the Bloomberg CI, and the Bloomberg Roll Select CI may not outperform, or may underperform, the Bloomberg CI.

InThe ~~the~~process ~~event~~through ofwhich the ~~bankruptcy~~Bloomberg ofRoll ~~the~~Select ~~Clearing~~CI ~~FCM~~rolls orcontracts anof ~~Exchange’s~~one ~~clearing~~delivery ~~house,~~month ~~the~~into ~~Trust~~contracts ~~could~~of ~~be exposed to~~ a ~~risk~~new ofdelivery ~~loss~~month ~~with~~differs ~~respect~~from tothe ~~its~~process ~~assets~~used ~~that~~by ~~are~~the ~~posted~~Bloomberg ~~as margin~~CI. IfUnlike ~~such~~the aBloomberg ~~bankruptcy were to occur~~CI, ~~the~~which ~~Trust~~rolls ~~would~~into becontracts ~~afforded the protections granted to customers~~ of a ~~futures~~predetermined ~~commission~~delivery ~~merchant (“FCM”) and participants to transactions cleared through a clearing house~~month, ~~under~~ the ~~United~~Bloomberg ~~States~~Roll ~~Bankruptcy~~Select ~~Code~~CI ~~and~~rolls ~~applicable~~into ~~CFTC~~contracts ~~regulations.~~that ~~Such~~demonstrate ~~provisions generally provide for a pro rata distribution to customers of customer property held by~~ the ~~bankrupt~~least ~~FCM~~contango or, anif ~~Exchange’s~~applicable, ~~clearing~~the ~~house~~most ifbackwardation, ~~the~~in ~~customer~~each ~~property~~case ~~held~~relative byto the ~~FCM~~contracts orof the ~~Exchange’s~~immediately ~~clearing~~preceding ~~house~~delivery ~~is insufficient to satisfy all customer claims~~month. InThis ~~any~~determination ~~case,~~is ~~there~~made ~~can~~on ~~be no assurance that these protections will be effective in allowing~~ the ~~Trust~~“contract toselection ~~recover all~~date,” orwhich ~~even~~is ~~any,~~generally of the ~~amounts~~fourth itbusiness ~~has~~day ~~deposited~~of asevery ~~margin~~month.

~~Bankruptcy~~The price at which a futures contract of ~~the~~a ~~Clearing~~specified ~~FCM~~delivery ~~can~~date beis ~~caused~~trading ~~by,~~on ~~among~~a ~~other~~contract ~~things,~~selection date is expected to reflect the ~~default~~market’s ofoutlook ~~one~~with respect to the performance of a contract with the ~~Clearing~~specified ~~FCM’s~~delivery ~~customers~~date. In ~~this~~certain ~~event~~circumstances, the ~~Exchange’s~~market ~~clearing~~outlook ~~house~~with isrespect ~~permitted~~ to ~~use~~ the ~~entire~~underlying ~~amount~~commodities may cause futures contracts of ~~margin~~a ~~posted~~particular bydelivery ~~the~~date ~~Trust~~to ~~(as~~trade ~~well~~at ashigher ~~margin~~or ~~posted~~lower byprices ~~other~~relative ~~customers~~to offutures contracts for the ~~Clearing~~same ~~FCM)~~underlying tocommodity ~~cover~~with a different delivery date based upon expectations regarding the ~~amounts~~price ~~owed~~on bysuch delivery date. These expectations may be based on factors that do not affect futures contracts of different delivery dates in the ~~bankrupt~~same ~~Clearing~~way, ~~FCM~~such as seasonal fluctuations based on supply and demand. ~~Consequently~~Accordingly, the ~~Trust~~price ~~could~~at bewhich ~~unable~~a tofutures ~~recover~~contract ~~amounts~~trades ~~due~~relative to ita onfutures ~~its~~contract ~~Index~~with ~~Futures~~an ~~positions,~~immediately ~~including~~preceding ~~assets~~delivery ~~posted~~date asmay ~~margin,~~not ~~and~~necessarily ~~could~~be ~~sustain~~reflective ~~substantial~~of ~~losses~~the effect of backwardation or contango that will be realized from rolling such futures contract. It is possible that, ~~even~~for ifa given time period, the ~~level~~futures ofcontracts selected for inclusion in the Bloomberg Roll Select CI ~~increases.~~may not outperform, and may underperform, the futures contracts selected for inclusion in the Bloomberg CI.

OnThe ~~January~~Bloomberg ~~13,~~Roll ~~2014,~~Select ~~new~~CI ~~regulations~~may ~~became~~in ~~effective~~the ~~relating~~future toinclude ~~enhanced~~contracts ~~customer~~that ~~protections,~~are ~~risk~~not ~~management~~traded ~~programs,~~on ~~internal~~regulated ~~monitoring~~futures ~~and~~exchanges ~~controls, capital~~ and ~~liquidity standards, customer disclosures and auditing and examination programs for FCMs. There can be no assurance~~ that ~~the~~offer ~~implementation~~different ofor ~~these~~diminished ~~regulations~~protections ~~will prevent losses~~ to, ~~or not materially adversely affect, the Trust or the Shareholders~~investors.

~~Recourse~~Currently, the Bloomberg Roll Select CI is comprised exclusively of futures contracts traded on DCMs, or regulated futures exchanges. The Bloomberg Roll Select CI may in the future include contracts (such as swaps and forward contracts) traded in the over-the-counter market or on trading facilities that are subject to lesser degrees of regulation or, in some cases, no substantive regulation. As a result, trading in such contracts, and the ~~Index~~manner ~~Providers~~in which prices and volumes are reported by the relevant trading facilities, may not be ~~limited~~subject to the same provisions of, and the protections afforded by, the CEA or other applicable statutes and related regulations that govern trading on regulated futures exchanges. In addition, many electronic trading facilities have only recently initiated trading and do not have significant trading histories. As a result, the trading of contracts on such facilities and the inclusion of such contracts in the Bloomberg Roll Select CI may be subject to risks not presented by most exchange-traded futures contracts, including risks related to the liquidity and price histories of the relevant contracts.

~~The~~Changes ~~Bloomberg~~in ~~Commodity IndexesSM are a joint product of~~ the ~~Index~~composition ~~Providers~~ and ~~have~~valuation ~~been~~of ~~licensed for use for certain purposes by~~ the ~~Trust. The Index Providers and their affiliates are not affiliated with the Trust, and~~ Bloomberg® isRoll aSelect ~~trademark~~CI ofmay ~~Bloomberg~~adversely ~~and~~affect ~~has~~your ~~been licensed for use for certain purposes by the Trust~~Shares.

The ~~Shares~~composition ~~are~~of ~~not~~the ~~sponsored,~~Bloomberg ~~endorsed,~~Roll ~~sold~~Select orCI ~~promoted~~may bychange ~~the~~over ~~Index~~time ~~Providers in their capacities~~ as ~~such.~~additional ~~None~~commodities ofsatisfy the ~~Index~~eligibility ~~Providers,~~criteria ~~in their capacities as such, makes any representation~~ or ~~warranty,~~commodities ~~express~~currently orincluded ~~implied,~~in to the ~~owners~~Bloomberg ofRoll orSelect ~~counterparts~~CI fail to ~~the~~satisfy ~~Shares~~those orcriteria. ~~any~~The ~~member~~weighting offactors ~~the~~applied ~~public~~to ~~regarding~~each ~~the~~commodity ~~advisability~~included ~~of investing~~ in ~~securities or commodities generally or in~~ the ~~Shares~~Bloomberg ~~particularly.~~Roll ~~The~~Select ~~only~~CI ~~relationship~~change ofannually, ~~the~~based ~~Index~~on ~~Providers,~~changes in ~~their~~commodity ~~capacities~~production asstatistics ~~such,~~and tochanges ~~the~~in ~~Trust is~~ the ~~licensing~~trading ofvolume ~~certain trademarks, trade names and service marks and~~ of the ~~Index~~related ~~and~~futures ~~the~~contracts. ~~Bloomberg~~In ~~Roll~~addition, ~~Select CI~~Bloomberg, ~~which~~as isIndex ~~determined~~Administrator, ~~composed and calculated by Bloomberg without regard to the Trust~~ or the ~~Shares. Bloomberg and the~~ Index Committees may ~~not~~modify ~~take~~ the ~~needs~~method offor ~~the~~determining ~~Trust or~~ the ~~Shareholders~~composition ~~into~~and ~~consideration~~weighting inof ~~determining, composing or calculating~~ the ~~Index or the~~ Bloomberg Roll Select CI. ~~None~~and offor ~~the~~calculating ~~Index~~its ~~Providers~~value. isThe ~~directly~~methodology ~~responsible~~ for ordetermining ~~has participated in~~ the ~~determination~~contracts oftobe ~~the~~included ~~timing of, prices at, or quantities of the Shares to be issued or~~ in the ~~determination~~Bloomberg orRoll ~~calculation~~Select ofCl ~~the~~may ~~equation~~be bymodified ~~which~~from ~~the~~time ~~Shares are~~ to ~~be converted into cash, surrendered or redeemed, as the case may be~~time. ~~The~~Such ~~Index~~changes ~~Providers,~~could inadversely ~~their~~affect ~~capacities as such, are not responsible for~~ the ~~administration,~~value ~~marketing or trading~~ of ~~the~~your Shares. ~~Notwithstanding the foregoing, UBS Securities, and their respective subsidiaries and affiliates may independently issue and/~~or ~~sponsor~~otherwise ~~financial~~affect ~~products unrelated to~~ the ~~Shares~~risks ~~currently~~associated ~~being~~with ~~issued~~owning by the ~~Trust, but which may be similar to and competitive with the~~ Shares~~. In addition~~, ~~UBS~~such ~~Securities,~~as ~~and~~by ~~their~~increasing ~~subsidiaries~~relative ~~and~~concentrations ~~affiliates~~in ~~actively~~particular ~~trade~~ commodities, ~~commodity indexes~~ and ~~commodity~~causing ~~futures (including~~ the ~~Index~~value ~~and~~of the ~~Bloomberg~~Shares ~~Roll~~to ~~Select~~become ~~CI),~~more assensitive ~~well~~to asfluctuations ~~swaps,~~in ~~options and derivatives which are linked to~~ the ~~performance~~prices of ~~such~~those commodities~~, commodity indexes and commodity futures~~. ~~It is possible that this trading activity will affect the value of the Index, the Bloomberg Roll Select CI and the Shares.~~

~~Risk~~A ~~Factors~~cessation ~~Relating~~of topublication of the Bloomberg Roll Select CI could materially and adversely affect the activities of the Trust.

The ~~Trust~~Bloomberg ~~has~~Roll aSelect ~~limited~~CI ~~operating~~is ~~history~~administered, calculated and published by the Index Administrator, who may cease publication of the Bloomberg Roll Select CI at any time, including as a result, itof ~~may~~its beremoval ~~more~~by ~~difficult~~UBS ~~for~~Securities. ~~investors~~If tothe ~~analyze~~Bloomberg Roll Select CI ceases being published, the ~~Trust’s~~Sponsor ~~performance~~may ~~history~~determine inthat ~~evaluating~~no ansuitable ~~investment~~replacement inindex exists, and the Trust may be liquidated.

~~The~~Futures ~~Trust~~contracts ~~has~~(including ~~limited performance history upon which to evaluate an investor’s investment in~~ the ~~Trust. Although the Trust invests in collateralized~~ Index Futures) ~~positions~~are on the Bloomberg Roll Select CI, such that it is expected that its performance will generally correlate with the Index, the Trust’s limited past performance history may make it difficult for investors to evaluate how well the Trust’s performance correlates with that of the Index, or whether the Trust has outperformed or underperformed the Index in the past. Although past performance is not ~~necessarily~~assets ~~indicative of future results, more performance history could provide investors~~ with ~~more~~intrinsic ~~information with which to evaluate an investment in the Trust~~value. Likewise, certain benchmarks, such as the Bloomberg Roll Select CI and the Index themselves have a limited history. A longer history for such benchmarks could provide investors with more information on which to evaluate an investment in the Trust. See “Risk Factors Relating to Index Futures and the Bloomberg Roll Select CI—The Index and the Bloomberg Roll Select CI have Limited Histories and May Perform in Unexpected Ways.”

15Trading in futures transfers the risk of future price movements from one market participant to another. This means that for every gain, there is an equal and offsetting loss. Futures contracts themselves (including Index Futures) are not assets with intrinsic value, and simply reflect, in the case of cash-settled contracts, certain rights to payment or obligations to make payments to the other party to the contract, and in the case of physically-settled contracts, such as the futures contracts underlying the Index, an agreement to make or take delivery of a particular asset at a specified price. Accordingly, market participants taking the opposite side of the Trust’s Index Futures trades may believe that the price of such Index Futures will move against the Trust, and the Trust may be at an informational or other disadvantage relative to such market participants.

The Trust’s istrading anactivity ~~emerging~~in ~~growth~~Index ~~company~~Futures ~~subject~~could toexpose ~~reduced~~it ~~public~~to ~~company~~additional ~~reporting requirements~~risks.

~~The~~In order for the Trust isto achieve its investment objective on an ~~“emerging~~ongoing ~~growth~~basis, ~~company”~~it asis ~~defined~~anticipated that existing positions in ~~the~~Index ~~Jumpstart~~Futures ~~Our~~will ~~Business~~need ~~Startups~~to ~~Act~~be ofclosed ~~2012,~~out asand ~~amended~~new ~~(the~~positions ~~“JOBS~~in ~~Act”).~~Index ~~The~~Futures ~~Trust~~will ~~has~~need ~~not~~to ~~elected~~be established from time to ~~make~~time. ~~use~~The ofTrust ~~the~~may ~~extended~~further ~~transition~~close ~~period~~out ~~for~~of ~~complying~~existing ~~with~~positions and establish new orpositions ~~revised~~in ~~accounting~~Index ~~standards~~Futures ~~pursuant~~from time to ~~Section 107(b)~~time, ofincluding ~~the~~new ~~JOBS~~positions ~~Act~~in earlier expiring Index Futures, which ~~election~~may isallow ~~irrevocable~~it to reduce its concentration in any particular Index Futures contract or to benefit from more liquid markets or otherwise beneficial market activity in Index Futures listed with different expirations or on different Exchanges. ~~However,~~This ~~for~~activity sois ~~long~~expected asto cause the Trust ~~remains~~to anincur ~~emerging~~transaction ~~growth~~costs, ~~company~~such as brokerage fees and commissions, itand ~~will~~may because ~~subject~~the Shares to ~~reduced~~under-perform ~~public~~the ~~company~~Index. ~~reporting~~In ~~requirements.~~particular, ~~Among~~the ~~other~~prices ~~things,~~obtained ~~emerging~~in ~~growth~~connection ~~companies~~with ~~are~~rolling ~~exempt~~Index ~~from~~Futures ~~the~~positions ~~auditor~~may ~~attestation~~be ~~requirements~~adversely ~~under~~affected ~~Section 404~~by market conditions (bincluding the possibility of market disruptions) and by the trading activities of other market participants, which may reflect market awareness of the ~~Sarbanes-Oxley~~Trust’s ~~Act~~position in its Index Futures. For example, ~~are~~if ~~exempt~~other ~~from~~market ~~certain~~participants ~~“say~~are onable ~~pay”~~to ~~provisions~~anticipate the timing of the ~~Dodd-Frank~~Trust’s ~~Act~~transactions, ~~and~~they ~~are~~may ~~subject~~be able to ~~reduced~~execute ~~disclosure~~transactions ~~requirements~~in ~~relating~~advance of the Trust, which would allow these market participants to ~~executive~~benefit ~~compensation~~from ~~and~~the ~~audited~~transactions ~~financial~~executed ~~statements~~by the Trust but adversely affect the prices obtained by the Trust. ~~Although~~In addition, if the Trust’s ~~will~~Index ~~remain~~Futures ~~subject~~positions torepresent a significant part of the ~~disclosure~~open ~~requirements~~long ~~applicable~~interest toin ~~publicly~~such ~~traded~~Index ~~commodity~~Futures, ~~pools~~other market participants may take this into account, ~~and~~with a potential adverse impact on the ~~Sponsor~~prices ~~intends~~at which the Trust is able to ~~have~~execute such transactions. There can be no assurance that the Trust’s ~~financial~~will ~~statements~~be ~~and~~able ~~disclosures~~to ~~prepared~~effect its transactions in a manner ~~comparable~~that will allow it to ~~that~~avoid ofthese risks. The Exchange may cease to list other ~~iShares®~~Index ~~exchange-traded~~Futures ~~funds,~~that the Trust ~~may~~will ~~take~~be ~~advantage~~able ofto ~~the~~roll ~~exemptions~~its positions into, and ~~scaled~~any ~~requirements~~Index ~~applicable~~Futures tolisted ~~emerging~~by ~~growth~~an ~~companies~~Exchange in the future may have terms that differ from those currently held by the Trust.

~~The returns on the Shares will not precisely correlate with the performance of the Index.~~ 14

~~The~~Table ~~value~~ of and returns on the Shares are expected to reflect the value of and returns on the Trust’s underlying investments in Index Futures and the cash or other Collateral Assets used to collateralize the Index Futures positions. The returns on the Shares will not precisely correlate with the performance of the Index due to, among other factors, differences between the return on the Collateral Assets and the U.S. Treasury rate used to calculate the U.S. Treasury return component of the Index, timing differences, differences between the portion of the Trust’s assets invested in Index Futures versus the portion of the return of the Index contributed by the Bloomberg Roll Select CI, differences between the settlement price of Index Futures and the closing level of the Bloomberg Roll Select CI and the payment of expenses and liabilities by the Trust. Contents

~~Because~~The ~~the~~liquidation ~~Trust~~of isIndex aFutures ~~passive~~could ~~investment~~expose ~~vehicle,~~ the ~~value~~Trust ofto the ~~Shares~~effects ~~may~~of betemporary ~~adversely~~aberrations ~~affected~~or bydistortions ~~losses~~in ~~that~~the market, ifwhich itcould ~~had~~adversely ~~been~~affect ~~actively~~the ~~managed,~~prices ~~might~~at ~~have~~which ~~been~~the ~~possible~~Trust’s toIndex ~~avoid~~Futures positions are liquidated.

~~The~~If ~~Advisor manages~~ the Trust’s ~~assets~~liquidates positions in aIndex ~~manner~~Futures ~~that~~in ~~seeks~~order to ~~obtain~~satisfy ~~returns~~redemption ~~that~~requests ~~correspond~~or ~~generally,~~to ~~but~~pay ~~are~~expenses ~~not~~and ~~necessarily identical~~liabilities, toit ~~the~~does ~~performance~~so ofby ~~the~~entering ~~Index,~~sell ~~before~~orders ~~the~~with ~~payment~~its ofClearing ~~expenses~~FCM ~~and~~for ~~liabilities~~execution ofon the ~~Trust~~Exchange. ~~This~~The ~~means~~resulting ~~that~~sales ~~the~~serve ~~net~~to ~~asset~~offset ~~value~~a portion of the Trust’s ~~and~~long positions in Index Futures. However, ~~consequently~~in entering sell orders, the ~~NAV~~Trust ~~are~~is ~~intended~~subject to ~~generally track~~ the ~~Index~~risk ~~when~~that ittemporary isaberrations ~~flat~~ or ~~declining,~~distortions aswill ~~well~~occur asin ~~when~~the itmarket isat ~~rising,~~the ~~and~~time ~~therefore,~~these itsales isare ~~highly~~effected ~~likely~~and that the ~~value~~prices ofreceived by the ~~Shares~~Trust ~~will~~on its sales could be adversely affected, bythereby aadversely ~~decline~~affecting inthe ~~commodity~~value ~~futures~~of ~~prices~~the ~~reflected~~Shares. inSuch ~~the~~aberrations ~~Index.~~or ~~The~~distortions ~~Advisor~~could ~~does~~occur ~~not~~as ~~engage~~a inresult ~~any~~of trading activities ~~designed~~by toother ~~obtain~~market aparticipants ~~profit~~or ~~from,~~actions ortaken toby ~~ameliorate~~the ~~losses~~Clearing ~~caused~~FCM, byan Exchange, ~~changes~~other inself-regulatory organizations or regulatory authorities, including the ~~level~~liquidation of the Trust’s Index orFutures ~~the~~to ~~Bloomberg~~satisfy ~~Roll~~applicable ~~Select~~margin CIrequirements. orIf the ~~value~~Trust’s ofIndex ~~the~~Futures ~~Collateral~~are ~~Assets,~~liquidated ~~including~~at ~~making~~inopportune ~~use~~times ofor ~~any~~in ofa ~~the~~manner ~~hedging~~that ~~techniques~~causes ~~available~~a totemporary ~~professional~~market ~~commodity~~distortion, ~~futures~~this ~~traders~~may toadversely ~~attempt~~affect tothe ~~reduce~~NAV and the ~~risks~~value of ~~losses~~your ~~resulting from commodity price decreases~~Shares.

~~Fees~~The ~~and expenses payable by the~~ Trust’s ~~are~~Clearing ~~charged~~FCM ~~regardless~~or ofan ~~profitability~~Exchange’s ~~and~~clearing ~~may~~house ~~result~~could ~~in a depletion of its assets~~fail.

~~The~~In ~~Trust~~the isevent ~~subject~~of tothe bankruptcy of the ~~fees~~Clearing ~~and~~FCM ~~expenses~~or ~~described~~an inExchange’s ~~this~~clearing ~~report~~house, ~~which~~the ~~are~~Trust ~~payable~~could ~~irrespective~~be ofexposed ~~profitability.~~to ~~These~~a ~~fees~~risk ~~and~~of ~~expenses~~loss ~~include~~with anrespect ~~allocation~~ to ~~the~~its ~~Sponsor~~assets that ~~accrues~~are ~~daily~~posted atas anmargin. ~~annualized~~If ~~rate~~such ofa upbankruptcy were to ~~0.75%~~occur, ofthe Trust would be afforded the ~~Adjusted~~protections ~~Net~~granted ~~Asset~~to ~~Value~~customers of ~~the~~a ~~Trust~~futures ~~and~~commission ismerchant ~~payable~~(“FCM”) byand ~~the~~participants ~~Trust~~to ~~monthly~~transactions incleared ~~arrears.~~through ~~The~~a ~~Sponsor’s~~clearing ~~Fee~~house, ~~may~~under bethe ~~adjusted~~United byStates ~~the~~Bankruptcy ~~Sponsor~~Code inand ~~its~~applicable ~~discretion~~CFTC ~~from~~regulations. ~~time~~Such toprovisions ~~time~~generally toprovide ~~any~~for ~~amount~~a uppro rata distribution to ~~0.75%~~customers of ~~the~~customer ~~Adjusted~~property ~~Net~~held ~~Asset~~by ~~Value~~the ofbankrupt ~~the~~FCM ~~Trust.~~or ~~The~~an ~~Sponsor~~Exchange’s ~~Fee~~clearing ~~may~~house ~~not~~if bethe ~~adjusted~~customer toproperty ~~above~~held ~~0.75%~~by of the ~~Adjusted~~FCM ~~Net~~or ~~Asset Value of~~ the ~~Trust~~Exchange’s ~~absent~~clearing anhouse ~~amendment~~is insufficient to ~~the~~satisfy ~~Trust’s~~all ~~trust~~customer ~~agreement~~claims. inIn ~~accordance~~any ~~with~~case, ~~its~~there ~~terms,~~can ~~and~~be ~~such~~no anassurance ~~adjustment~~that ~~may~~these ~~only~~protections ~~become~~will be effective ~~thirty~~in ~~days~~allowing ~~after~~ the ~~Trustee~~Trust ~~has~~to ~~notified~~recover ~~the~~all, ~~registered~~or ~~holders~~even any, of the ~~amendment~~amounts it has deposited as margin.

~~Interest~~Bankruptcy ~~earned~~of on the ~~assets~~Clearing ~~posted~~FCM ascan ~~collateral~~be iscaused ~~paid~~by, toamong ~~the~~other ~~Trust~~things, ~~and~~the isdefault ~~used~~of toone ~~pay~~of the ~~fixed~~Clearing ~~fee~~FCM’s tocustomers. ~~the~~In ~~Sponsor.~~this Aevent, ~~prolonged~~the ~~decline~~Exchange’s inclearing ~~interest~~house ~~rates~~is ~~could~~permitted ~~materially~~to ~~affect~~use the entire amount of ~~interest~~margin ~~paid~~posted toby the Trust. In(as ~~the~~well ~~case~~as ofmargin ~~either~~posted anby ~~extraordinary~~other ~~expense~~customers ~~and/or~~of ~~insufficient~~the ~~interest~~Clearing ~~income~~FCM) to cover ~~ordinary~~the ~~expenses~~amounts owed by the bankrupt Clearing FCM. Consequently, the Trust could be ~~forced~~unable to ~~liquidate~~recover amounts due to it on its Index Futures positions, toincluding ~~pay~~assets ~~such~~posted ~~expenses~~as margin, and could sustain substantial losses, even if the level of the Bloomberg Roll Select CI increases.

~~The~~On ~~Trust’s~~January ~~ability~~13, to2014, ~~operate~~new isregulations ~~dependent~~became oneffective ~~the~~relating ~~Sponsor~~to enhanced customer protections, ~~the~~risk ~~Trustee~~management programs, ~~the~~internal ~~Advisor~~monitoring and ~~certain~~controls, ~~other~~capital ~~key~~and ~~service~~liquidity ~~providers~~standards, customer disclosures and ~~other~~auditing ~~parties~~and examination programs for FCMs. There can be no assurance that the implementation of these regulations will prevent losses to, or not materially adversely affect, the Trust or the Shareholders.

~~The~~Recourse ~~Trust’s ability~~ to ~~operate~~the ~~and~~Index ~~achieve~~Providers ~~its~~may ~~investment~~be ~~objective~~limited. ~~is dependent on a number of parties, including:~~

●The Bloomberg Commodity IndexesSM are a joint product of the ~~Sponsor~~Index Providers and have been licensed for use for certain purposes by the Trust. The Index Providers and their affiliates are not affiliated with the Trust, ~~who~~and ~~exercises~~Bloomberg® ~~general~~is ~~oversight~~a trademark of Bloomberg and ~~authority~~has ~~over~~been licensed for use for certain purposes by the Trust;.

●The Shares are not sponsored, endorsed, sold or promoted by the ~~Trustee~~Index Providers in their capacities as such. None of the Index Providers, ~~who~~in their capacities as such, makes any representation or warranty, express or implied, to the owners of or counterparts to the Shares or any member of the public regarding the advisability of investing in securities or commodities generally or in the Shares particularly. The only relationship of the Index Providers, in their capacities as such, to the Trust is the licensing of certain trademarks, trade names and service marks and of the Index and the Bloomberg Roll Select CI, which is determined, composed and calculated by Bloomberg without regard to the Trust or the Shares. Bloomberg and the Index Committees may not take the needs of the Trust or the Shareholders into consideration in determining, composing or calculating the Index or the Bloomberg Roll Select CI. None of the Index Providers is directly responsible for or has participated in the ~~day-~~determination of the timing of, prices at, or quantities of the Shares to~~-day~~ be issued or in the determination or calculation of the equation by which the Shares are to be converted into cash, surrendered or redeemed, as the case may be. The Index Providers, in their capacities as such, are not responsible for the administration, marketing or trading of the Shares. Notwithstanding the foregoing, UBS Securities, and their respective subsidiaries and affiliates may independently issue and/or sponsor financial products unrelated to the Shares currently being issued by the Trust;, but which may be similar to and competitive with the Shares. In addition, UBS Securities, and their subsidiaries and affiliates actively trade commodities, commodity indexes and commodity futures (including the Index and the Bloomberg Roll Select CI), as well as swaps, options and derivatives which are linked to the performance of such commodities, commodity indexes and commodity futures. It is possible that this trading activity will affect the value of the Index, the Bloomberg Roll Select CI and the Shares.

●Risk ~~the~~Factors ~~Trust~~Relating ~~Administrator, who provides certain administrative and custodial services~~ to the Trust;

●The ~~the~~Trust ~~Advisor~~has a limited operating history, ~~who~~and, ~~exercises~~as ~~general~~a ~~oversight~~result, ~~over~~it may be more difficult for investors to analyze the Trust’s performance history in evaluating an investment ~~activities;~~in the Trust.

●The Trust has limited performance history upon which to evaluate an investor’s investment in the ~~Clearing~~Trust. ~~FCM~~Although the Trust invests in collateralized Index Futures positions on the Bloomberg Roll Select CI, ~~through~~such that it is expected that its performance will generally correlate with the Index, the Trust’s limited past performance history may make it difficult for investors to evaluate how well the Trust’s performance correlates with that of the Index, or whether the Trust has outperformed or underperformed the Index in the past. Although past performance is not necessarily indicative of future results, more performance history could provide investors with more information with which to evaluate an investment in the Trust. ~~transacts~~Likewise, certain benchmarks, such as the Bloomberg Roll Select CI and the Index themselves have a limited history. A longer history for such benchmarks could provide investors with more information on which to evaluate an investment in the Trust. See “Risk Factors Relating to Index Futures and ~~maintains~~the ~~its~~Bloomberg Roll Select CI—The Index ~~Futures~~and ~~positions;~~the Bloomberg Roll Select CI have Limited Histories and May Perform in Unexpected Ways.”

~~● the Exchange, through which the Trust’s Index Futures transactions clear and settle;~~15

●Table ~~the~~of ~~Index Providers, who own the rights to the Index on which the Trust’s investment objective is based;~~Contents

●The ~~the~~Trust ~~Index~~is ~~Administrator,~~an ~~who~~emerging ~~administers,~~growth ~~calculates~~company ~~and~~subject ~~publishes~~to ~~the~~reduced ~~Index;~~public company reporting requirements.

●The Trust is an “emerging growth company” as defined in the ~~Authorized~~Jumpstart ~~Participants~~Our Business Startups Act of 2012, ~~whose~~as ~~creation~~amended ~~and~~(the ~~redemption~~“JOBS ~~activities~~Act”). ~~allow~~The ~~Index~~Trust ~~Futures~~has ~~and~~not ~~Collateral~~elected ~~Assets~~to make use of the extended transition period for complying with new or revised accounting standards pursuant to Section 107(b) of the JOBS Act, which election is irrevocable. However, for so long as the Trust remains an emerging growth company, it will be ~~converted~~subject to ~~Shares~~reduced ~~and~~public ~~vice~~company ~~versa~~reporting requirements. Among other things, emerging growth companies are exempt from the auditor attestation requirements under Section 404(b) of the Sarbanes‑Oxley Act, are exempt from certain “say on pay” provisions of the Dodd-Frank Act, and are subject to ~~help~~reduced ~~maintain~~disclosure requirements relating to executive compensation and audited financial statements. Although the ~~relationship~~Trust ~~between~~will remain subject to the ~~Index~~disclosure requirements applicable to publicly traded commodity pools, and the ~~Shares;~~Sponsor intends to have the Trust’s financial statements and disclosures prepared in a manner comparable to that of other iShares® exchange‑traded funds, the Trust may take advantage of the exemptions and scaled requirements applicable to emerging growth companies.

●The returns on the ~~tax~~Shares ~~administrator,~~will ~~who~~not ~~provides~~precisely ~~tax~~correlate ~~reporting~~with ~~and~~the ~~tax~~performance ~~administrative~~of ~~services~~the Index.

16The value of and returns on the Shares are expected to reflect the value of and returns on the Trust’s underlying investments in Index Futures and the cash or other Collateral Assets used to collateralize the Index Futures positions. The returns on the Shares will not precisely correlate with the performance of the Index due to, among other factors, differences between the return on the Collateral Assets and the U.S. Treasury rate used to calculate the U.S. Treasury return component of the Index, timing differences, differences between the portion of the Trust’s assets invested in Index Futures versus the portion of the return of the Index contributed by the Bloomberg Roll Select CI, differences between the settlement price of Index Futures and the closing level of the Bloomberg Roll Select CI and the payment of expenses and liabilities by the Trust.

~~Disruptions~~The ~~in the business of any of the foregoing parties or the termination of the~~ Trust’s ~~relationship~~is ~~with any of the foregoing parties could adversely affect the Trust’s operations. Shared ownership of~~ a ~~number~~passive ofinvestment ~~the foregoing parties may heighten this risk. The Sponsor~~vehicle, ~~the Advisor~~ and the ~~Trustee~~value ~~are commonly controlled subsidiaries~~ of ~~BlackRock, Inc. UBS Securities, an Index Provider, acts as~~ the ~~Trust’s Clearing FCM and as an Authorized Participant and was the initial purchaser of the~~ Shares. Amay ~~number~~be ofadversely ~~the~~affected ~~foregoing~~by ~~parties~~losses ~~are~~that, ~~publicly~~if ~~traded~~it ~~companies~~had orbeen ~~subsidiaries~~actively ~~of publicly traded companies~~managed, ~~and~~might ahave ~~portion~~been ofpossible ~~their~~to ~~shares may be owned by one or more of the other foregoing parties~~avoid.

The Advisor manages the Trust’s assets in a manner that seeks to obtain returns that correspond generally, but are not necessarily identical, to the performance of the Index, before the payment of expenses and liabilities of the Trust. This means that the net asset value of the Trust and, consequently, the NAV are intended to generally track the Index when it is ~~exposed~~flat or declining, as well as when it is rising, and therefore, it is highly likely that the value of the Shares will be adversely affected by a decline in commodity futures prices reflected in the Index. The Advisor does not engage in any activities designed to ~~various~~obtain ~~operational~~a profit from, or to ameliorate losses caused by, changes in the level of the Index or the Bloomberg Roll Select CI or the value of the Collateral Assets, including making use of any of the hedging techniques available to professional commodity futures traders to attempt to reduce the risks of losses resulting from commodity price decreases.

~~The~~Fees ~~Trust is exposed to various operational risks, including human error, information technology failures~~ and ~~failure~~expenses topayable ~~comply~~by ~~with formal procedures intended to mitigate these risks, and is particularly dependent on electronic means of communicating, record-keeping and otherwise conducting business. In addition,~~ the Trust ~~generally~~are ~~exculpates,~~charged ~~and~~regardless inof ~~some~~profitability ~~cases indemnifies, its service providers~~ and ~~agents with respect to losses arising from unforeseen circumstances and events, which~~ may ~~include~~result ~~the~~in ~~interruption,~~a ~~suspension~~depletion ~~or restriction~~ of trading on or the closure of NYSE Arca, an Exchange, or an exchange on which the futures contracts underlying the Index trade, power or other mechanical or technological failures or interruptions, computer viruses, communications disruptions, work stoppages, natural disasters, fire, war, terrorism, riots, rebellions or other circumstances beyond the control of the Trust or its ~~service providers and agents~~assets. Accordingly, the Trust generally bears the risk of loss with respect to these unforeseen circumstances and events to the extent relating to the Trust or the Shares, which may limit or prevent the Trust from generating returns corresponding to those of the Index or otherwise expose it to loss.

~~Although~~The itTrust is ~~generally~~subject ~~expected~~to ~~that~~ the ~~Trust’s~~fees ~~direct service providers~~ and ~~agents~~expenses ~~will~~described ~~have disaster recovery or similar programs or safeguards~~ in ~~place~~this toreport, ~~mitigate~~which ~~the~~are ~~effect~~payable irrespective of ~~such~~profitability. ~~unforeseen~~These ~~circumstances~~fees and ~~events,~~expenses ~~there~~include ~~can~~an beallocation noto ~~assurance~~the Sponsor that ~~these~~accrues ~~safeguards~~daily ~~are~~at inan ~~place~~annualized ~~for~~rate ~~all~~of ~~parties~~up ~~whose~~to ~~activities~~0.75% ~~may~~of ~~affect~~ the ~~performance~~Adjusted Net Asset Value of the Trust, orand ~~that~~is ~~these~~payable ~~safeguards,~~by ~~even~~the ifTrust ~~implemented,~~monthly ~~will be successful~~ in ~~preventing losses associated with such unforeseen circumstances and events~~arrears. ~~Nor~~The ~~can~~Sponsor’s ~~there~~Fee may be ~~any~~adjusted ~~assurance~~by ~~that~~ the ~~systems~~Sponsor ~~and~~in ~~applications~~its ondiscretion ~~which~~from ~~the~~time ~~Trust~~to ~~relies~~time ~~will continue~~ to ~~operate~~any asamount ~~intended.~~up ~~In addition~~ to ~~potentially~~0.75% ~~causing~~of ~~performance~~the ~~failures~~Adjusted ~~at,~~Net orAsset ~~direct~~Value ~~losses~~of ~~to,~~ the Trust,. ~~any~~The ~~such~~Sponsor’s ~~unforeseen~~Fee ~~circumstances~~may ~~and~~not ~~events~~be oradjusted ~~operational~~to ~~failures~~above ~~may~~0.75% ~~further~~of ~~distract~~ the ~~service~~Adjusted ~~providers,~~Net ~~agents~~Asset orValue ~~personnel~~of ~~on which~~ the Trust ~~relies,~~absent ~~reducing~~an ~~their~~amendment ~~ability~~ to ~~conduct~~ the ~~activities on which the~~ Trust isAgreement ~~dependent.~~in ~~These~~accordance ~~risks~~with ~~cannot~~its ~~be fully mitigated or prevented~~terms, and ~~further~~such ~~efforts~~an oradjustment ~~expenditures to do so~~ may ~~not~~only bebecome ~~cost-~~effective, ~~whether~~thirty ~~due~~days toafter ~~reduced~~the ~~benefits~~Trustee ~~from~~has ~~implementing~~notified ~~additional~~the orregistered ~~redundant~~holders ~~safeguards~~of ~~or due to increases in associated maintenance requirements and other expenses that may make it more costly for~~ the ~~Trust to operate in more typical circumstances~~amendment.

~~The~~Interest ~~price~~earned ~~you~~on ~~receive~~the ~~upon~~assets posted as collateral is paid to the ~~sale~~Trust and is used to pay the fixed fee to the Sponsor. A prolonged decline in interest rates could materially affect the amount of ~~your~~interest ~~Shares~~paid ~~may~~to the Trust. In the case of either an extraordinary expense and/or insufficient interest income to cover ordinary expenses, the Trust could be ~~less~~forced ~~than~~to ~~their~~liquidate ~~NAV.~~its Index Futures positions to pay such expenses.

~~Shares may trade at, above or below their NAV.~~ The ~~NAV fluctuates with changes in the market value of the~~ Trust’s ~~assets.~~ability The trading price of Shares fluctuates in accordance with changes in the NAV, intraday changes in the value of the Index Futures and market supply and demand. The amount of the discount or premium in the trading price of the Shares relative to ~~their~~operate ~~NAV~~is ~~may~~dependent ~~be influenced by non-concurrent trading hours between NYSE Arca, the exchange~~ on ~~which~~ the ~~Shares trade~~Sponsor, the Exchanges on which Index Futures trade and the principal commodities markets on which the futures contracts in the Bloomberg Roll Select CI trade. While the Shares are expected to trade on NYSE Arca until 4:00 p.m. (New York time)Trustee, ~~liquidity in~~ the ~~markets~~Advisor ~~for the Index Futures~~ and ~~the~~certain ~~futures~~other ~~contracts~~key ~~underlying~~service ~~the~~providers ~~Bloomberg Roll Select CI is expected to be reduced whenever the principal markets for those contracts are closed. As a result, trading spreads,~~ and ~~the~~other ~~resulting premium or discount on Shares, may widen during these gaps in market trading hours~~parties.

The Trust’s isability ~~not~~to ~~obligated~~operate and to ~~pay~~achieve ~~periodic~~its ~~distributions~~investment orobjective ~~dividends~~is todependent ~~Shareholders.~~on a number of parties, including:

~~Interest~~● ~~or other income received with respect to~~ the ~~Trust’s assets may be used to acquire additional Index Futures or Collateral Assets or, in the discretion of the~~ Sponsor, ~~distributed~~who toexercises ~~the~~general ~~Shareholders.~~oversight ~~The Trust is not obligated, however, to make any distributions to Shareholders at any time prior to the dissolution of the Trust~~ and ~~will~~authority ~~not~~over ~~make any distributions to Shareholders upon dissolution of~~ the Trust ~~unless there are assets remaining following dissolution.~~ ;

~~The~~● ~~Trust~~the ~~could~~Trustee, bewho ~~liquidated~~is atresponsible afor ~~time when~~ the ~~disposition of its interests will result in losses~~ day-to-day ~~investors~~administration inof ~~Shares.~~the Trust;

~~Certain~~● ~~events, such as~~ the ~~delisting of the Shares, the election by 75% of the Shareholders to dissolve the~~ Trust, ~~the resignation of the Trustee without a successor~~Administrator, ~~the~~who ~~Trust~~provides ~~becoming~~certain ~~subject~~administrative to regulation as an investment company, the determination by the Sponsor that the dissolution of the Trust is advisable, the Trust becoming subject to taxation as an association taxable as a corporation, or the DTC becoming unable or unwilling to perform its functions, may prompt the Trust’s dissolution. Upon dissolution of the Trust, the Trust will in most circumstances sell the Index Futures and ~~securities~~custodial ~~held~~services ~~by it in the amount necessary~~ to ~~cover all expenses of liquidation and to pay any outstanding liabilities of~~ the Trust. The remaining assets will be distributed among investors surrendering Shares. In the event the Trustee cannot distribute such assets proportionately among the Shareholders entitled thereto or if the Trustee determines that such distribution is not lawful or feasible, the Trustee may use any other method of distribution that it deems to be lawful, equitable, and feasible, including the public or private sale of Trust assets and the distribution of the proceeds thereof. Any property remaining in the possession of the Trustee after ninety days may be sold by the Trustee, and the proceeds of the sale will be held by the Trustee until claimed by any remaining Shareholders. ;

In● ~~connection~~the ~~with any such liquidation~~Advisor, ~~Trust~~who ~~property~~exercises ~~may~~general beoversight ~~sold~~over ~~for prices that are less than~~ the ~~portion of the NAV attributable to such~~ Trust’s ~~property. Accordingly, the liquidation of Trust property may result in losses, or adversely affect your gains, on your~~ investment ~~in Shares.~~ activities;

~~The~~● ~~Sponsor~~the ~~has~~Clearing ~~broad~~FCM, ~~discretion~~through towhich ~~liquidate~~ the Trust attransacts ~~any~~in ~~time.~~Index Futures and maintains its Index Futures positions;

~~The~~● ~~Trust’s trust agreement provides~~ the ~~Sponsor with broad discretion to liquidate the Trust at any time the Sponsor determines that liquidation of the Trust is advisable. It cannot be predicted when or under what circumstances~~Exchange, ifthrough ~~any,~~which the ~~Sponsor would use this discretion to liquidate the~~ Trust.’s ~~Any~~Index ~~such~~Futures ~~liquidation~~transactions ~~may~~clear ~~occur at a time when you are suffering a loss on your investment in the Shares~~ and ~~may upset the overall maturity and timing of your investment portfolio.~~ settle;

17● the Index Providers, who own the rights to the Index on which the Trust’s investment objective is based;

~~Shareholders~~● ~~with~~the ~~large~~Index ~~holdings~~Administrator, ~~may~~who ~~choose~~administers, tocalculates ~~dissolve the Trust~~ and ~~thereby~~publishes ~~adversely affect your investment in~~ the ~~Shares.~~ Index;

~~Owners~~● ~~of 75% or more of~~ the ~~Shares~~Authorized ~~have the power to dissolve the Trust. This power may be exercised by a relatively small number of holders. If it is so exercised~~Participants, ~~investors~~whose ~~who~~creation ~~wished~~and toredemption ~~continue~~activities toallow ~~invest in the performance of the~~ Index ~~through~~Futures ~~the~~and ~~vehicle~~Collateral ofAssets ~~the~~to ~~Trust~~be ~~will~~converted ~~have~~ to ~~find~~Shares ~~another vehicle,~~ and ~~may~~vice ~~not~~versa, ~~be able~~ to ~~find~~help ~~another~~maintain ~~vehicle that offers~~ the ~~same~~relationship ~~features~~between as the ~~Trust.~~Index ~~Moreover,~~and ~~such a dissolution may occur at a time when you are suffering a loss on your investment in~~ the Shares; and ~~may upset the overall maturity and timing of your investment portfolio.~~

~~The~~● ~~Shares~~the ~~may~~tax ~~not~~administrator, ~~provide~~who ~~anticipated~~provides ~~benefits~~tax ofreporting ~~diversification~~and ~~from~~tax ~~other~~administrative ~~asset classes~~services.

Historically, the performance of physical commodity futures prices generally has not been correlated to the performance of financial asset classes, such as stocks and bonds. Non-correlation means that there is no statistically significant relationship, positive or negative, between the past performance of futures contracts on physical commodities, on the one hand, and stocks or bonds, on the other hand. Despite this lack of correlation, Shares cannot be expected to be automatically profitable during unfavorable periods for the stock or bond markets, or automatically unprofitable during favorable periods for the stock or bond markets. The commodity futures markets are fundamentally different from the securities markets in that for every gain in commodity futures trading, there is an equal and offsetting loss. The performance of the Shares may reflect positive or negative correlation to one or more financial asset classes, in which case any investment strategy relying on the absence of any such correlation may not be successful. 16

~~The~~Table ~~liquidity~~ of ~~the Shares may be affected by the withdrawal from participation of Authorized Participants or by the suspension of issuance, transfers or redemptions of Shares by the Trustee.~~ Contents

IfDisruptions ~~one~~in orthe ~~more~~business ~~Authorized~~of ~~Participants~~any ~~withdraw~~of ~~from~~the ~~participation,~~foregoing itparties ~~may~~or ~~become~~the ~~more~~termination ~~difficult~~of tothe ~~create~~Trust’s orrelationship ~~redeem~~with ~~Baskets,~~any ~~which~~of ~~may~~the ~~reduce~~foregoing ~~the~~parties ~~liquidity~~could ofadversely affect the ~~Shares~~Trust’s operations. IfShared itownership ~~becomes~~of ~~more~~a ~~difficult~~number toof ~~create~~the orforegoing ~~redeem~~parties ~~Baskets~~may heighten this risk. The Sponsor, the ~~correlation~~Advisor ~~between~~and the ~~price~~Trustee ofare ~~the~~commonly ~~Shares~~controlled ~~and~~subsidiaries ~~the~~of ~~NAV~~BlackRock, ~~may~~Inc. beUBS ~~affected~~Securities, ~~which~~an ~~may~~Index ~~affect~~Provider, acts as the ~~trading~~Trust’s ~~market~~Clearing ~~for~~FCM ~~the~~and ~~Shares.~~as ~~Having~~an ~~fewer~~Authorized ~~participants~~Participant inand was the ~~market~~initial ~~for~~purchaser of the Shares. ~~could~~A ~~also~~number ~~adversely~~of ~~affect~~ the ~~ability~~foregoing toparties ~~arbitrage~~are ~~any~~publicly ~~price~~traded ~~difference~~companies ~~between~~or ~~the~~subsidiaries ~~Index~~of ~~Futures~~publicly traded companies, and ~~the~~a ~~Shares,~~portion ~~which~~of their shares may ~~affect~~be ~~the~~owned ~~trading~~by ~~market~~one ~~and~~or ~~liquidity~~more of the ~~Shares.~~other foregoing parties.

InThe ~~addition, the Trustee has the power to suspend the delivery of Shares, registration of transfers of Shares and surrenders of Shares for the purpose of withdrawing~~ Trust ~~property generally, or to refuse a particular deposit, transfer or withdrawal at any time, if the Trustee or the Sponsor determines that it~~ is ~~advisable~~exposed to dovarious sooperational ~~for any reason~~risks. The liquidity of the Shares and the correlation between the value of the Shares and the level of the Index may be adversely affected in the event of any such suspension of issuance, transfer or redemption.

The ~~lack~~Trust is exposed to various operational risks, including human error, information technology failures and failure to comply with formal procedures intended to mitigate these risks, and is particularly dependent on electronic means of ancommunicating, ~~active~~record-keeping ~~trading~~and ~~market~~otherwise ~~for~~conducting business. In addition, the ~~Shares~~Trust ~~may~~generally ~~result~~exculpates, and in some cases indemnifies, its service providers and agents with respect to losses arising from unforeseen circumstances and events, which may include the interruption, suspension or restriction of trading on ~~your~~or ~~investment~~the atclosure of NYSE Arca, an Exchange, or an exchange on which the ~~time~~futures contracts underlying the Index trade, power or other mechanical or technological failures or interruptions, computer viruses, communications disruptions, work stoppages, natural disasters, fire, war, terrorism, riots, rebellions or other circumstances beyond the control of ~~disposition~~the Trust or its service providers and agents. Accordingly, the Trust generally bears the risk of ~~your~~loss with respect to these unforeseen circumstances and events to the extent relating to the Trust or the Shares, which may limit or prevent the Trust from generating returns corresponding to those of the Index or otherwise expose it to loss.

Although it is generally expected that the ~~Shares~~Trust’s ~~are~~direct ~~listed~~service onproviders ~~NYSE~~and ~~Arca~~agents will have disaster recovery or similar programs or safeguards in place to mitigate the effect of such unforeseen circumstances and events, there can be no ~~guarantee~~assurance that anthese ~~active~~safeguards ~~trading~~are ~~market~~in place for all parties whose activities may affect the ~~Shares~~performance ~~will~~of ~~develop~~the Trust, or that these safeguards, even if implemented, will be ~~maintained~~successful in preventing losses associated with such unforeseen circumstances and events. IfNor ~~you~~can ~~need~~there be any assurance that the systems and applications on which the Trust relies will continue to ~~sell~~operate ~~your~~as ~~Shares~~intended. atIn aaddition ~~time~~to ~~when~~potentially nocausing ~~active~~performance ~~market~~failures ~~for~~at, ~~them~~or ~~exists~~direct losses to, the ~~price~~Trust, ~~you~~any ~~receive~~such ~~for~~unforeseen ~~your~~circumstances ~~Shares~~and events or operational failures may further distract the service providers, ~~assuming~~agents ~~that~~or ~~you~~personnel ~~are~~on ~~able~~which the Trust relies, reducing their ability to ~~sell~~conduct ~~them~~the activities on which the Trust is dependent. These risks cannot be fully mitigated or prevented, ~~will~~and ~~likely~~further efforts or expenditures to do so may not be ~~lower~~cost-effective, ~~than~~whether due to reduced benefits from implementing additional or redundant safeguards or due to increases in associated maintenance requirements and other expenses that ~~you~~may ~~would~~make ~~receive~~it ifmore ancostly ~~active~~for ~~market~~the ~~did~~Trust ~~exist~~to operate in more typical circumstances.

~~You~~The ~~may~~price beyou ~~adversely~~receive ~~affected~~upon bythe ~~redemption~~sale ~~orders~~of ~~that~~your ~~are~~Shares ~~subject~~may tobe ~~postponement,~~less ~~suspension~~than ortheir ~~rejection under certain circumstances~~NAV.

~~The~~Shares ~~Trustee~~ may ~~suspend~~trade ~~the~~at, ~~right~~above ~~of redemption~~ or ~~postpone~~below ~~the~~their ~~redemption~~NAV. ~~settlement~~The ~~date~~NAV ~~for~~fluctuates ~~such~~with ~~periods~~changes asin ~~it or~~ the ~~Sponsor~~market ~~deems~~value toof bethe ~~necessary~~Trust’s ~~for any reason~~assets. InThe ~~addition,~~trading ~~the~~price ~~Trustee~~of ~~has~~Shares ~~the~~fluctuates ~~right~~in toaccordance ~~reject~~with ~~any~~changes ~~redemption~~in ~~order~~the ~~for~~NAV, ~~any~~intraday ~~reason,~~changes ~~including,~~in ~~among~~the ~~others,~~value ~~(1)~~of the ~~related~~Index ~~order~~Futures ~~not~~and ~~being~~market insupply ~~proper~~and ~~form~~demand. asThe ~~described~~amount inof the ~~Authorized~~discount ~~Participant agreement, (2) market conditions~~ or ~~other~~premium ~~circumstances that make transactions~~ in orthe ~~delivery~~trading price of the Shares orrelative ~~the~~to ~~Index~~their ~~Futures~~NAV ~~impossible~~may orbe ~~impractical,~~influenced ~~(3) a determination~~ by ~~the~~non-concurrent ~~Trustee~~trading ~~that~~hours ~~the~~between ~~acceptance~~NYSE ofArca, the ~~related~~exchange ~~order~~on ~~would~~which ~~have~~the ~~adverse~~Shares ~~tax~~trade, ~~or other consequences to~~ the ~~Trust~~Exchanges oron ~~the~~which ~~Shareholders,~~Index orFutures ~~(4)~~trade ~~circumstances~~and ~~that~~the ~~would~~principal ~~cause~~commodities ~~the~~markets ~~acceptance~~on ofwhich the ~~related~~futures ~~order~~contracts toin ~~result~~the inBloomberg aRoll ~~violation~~Select ofCI ~~law~~trade. inWhile the ~~opinion~~Shares ofare ~~counsel~~expected to ~~the~~trade ~~Trustee,~~on ~~the~~NYSE ~~Sponsor~~Arca oruntil ~~the~~4:00 ~~Trust Administrator~~p.m. ~~Any~~(New ~~such~~York ~~postponement~~time), ~~suspension~~liquidity orin ~~rejection~~the ~~could~~markets ~~adversely~~for ~~affect~~the aIndex ~~redeeming~~Futures ~~Authorized~~and ~~Participant.~~the ~~For~~futures ~~example,~~contracts underlying the ~~resulting~~Bloomberg ~~delay~~Roll ~~may~~Select ~~adversely~~CI ~~affect~~is ~~the~~expected ~~value~~to ofbe ~~the~~reduced ~~redemption~~whenever ~~proceeds if~~ the ~~NAV~~principal ~~declines~~markets ~~during~~for ~~the~~those ~~period~~contracts ofare ~~the delay~~closed. ~~Under~~As ~~the~~a ~~Authorized~~result, ~~Participant~~trading ~~agreement~~spreads, and the ~~Trustee~~resulting ~~disclaims~~premium ~~any~~or ~~liability~~discount ~~that~~on Shares, may ~~result~~widen ~~from~~during ~~any~~these ~~such~~gaps ~~suspension,~~in ~~postponement~~market ortrading ~~rejection~~hours.

~~Competition~~The ~~from~~Trust ~~other~~is ~~commodities-related~~not ~~investments~~obligated ~~could~~to ~~limit~~pay ~~the~~periodic ~~market~~distributions ~~for,~~or ~~and~~dividends ~~reduce~~to ~~the liquidity of, the Shares~~Shareholders.

~~Demand~~Interest ~~for~~or ~~the~~other ~~Shares~~income isreceived ~~expected~~with respect to ~~be affected by~~ the ~~attractiveness~~Trust’s ofassets anmay ~~investment~~be inused ~~the Shares relative~~ to ~~other~~acquire ~~investment~~additional ~~vehicles,~~Index ~~including~~Futures ~~other~~or ~~commodity~~Collateral ~~pools,~~Assets ~~hedge funds~~or, ~~traditional~~in ~~debt~~the ~~and~~discretion ~~equity~~of ~~securities issued by companies in~~ the ~~commodities industry~~Sponsor, ~~other~~distributed ~~securities backed by or linked~~ to ~~commodities,~~the ~~and~~Shareholders. ~~direct~~The ~~investments~~Trust inis ~~commodities~~not orobligated, ~~commodity futures contracts. Market~~however, ~~financial~~to ~~and~~make ~~other~~any ~~conditions~~distributions orto ~~factors~~Shareholders ~~may~~at ~~make~~any ittime ~~more~~prior ~~attractive~~ to ~~invest~~the indissolution ~~other~~of ~~investment~~the ~~vehicles~~Trust orand towill ~~invest~~not inmake ~~such~~any ~~commodities~~distributions ~~directly,~~to ~~which~~Shareholders ~~could~~upon ~~limit~~dissolution of the ~~market~~Trust ~~for,~~unless ~~and~~there ~~reduce~~are ~~the~~assets ~~liquidity~~remaining ~~of,~~following ~~the Shares~~dissolution.

18The Trust could be liquidated at a time when the disposition of its interests will result in losses to investors in Shares.

~~The~~Certain ~~price~~events, such as the delisting of the Shares, ~~could~~the ~~decrease~~election by 75% of the Shareholders to dissolve the Trust, the resignation of the Trustee without a successor, the Trust becoming subject to regulation as an investment company, the determination by the Sponsor that the dissolution of the Trust is advisable, the Trust becoming subject to taxation as an association taxable as a corporation, or the DTC becoming unable or unwilling to perform its functions, may prompt the Trust’s dissolution. Upon dissolution of the Trust, the Trust will in most circumstances sell the Index Futures and securities held by it in the amount necessary to cover all expenses of liquidation and to pay any outstanding liabilities of the Trust. The remaining assets will be distributed among investors surrendering Shares. In the event the Trustee cannot distribute such assets proportionately among the Shareholders entitled thereto or if ~~unanticipated~~the ~~operational~~Trustee determines that such distribution is not lawful or ~~trading~~feasible, ~~problems~~the ~~arise~~Trustee may use any other method of distribution that it deems to be lawful, equitable, and feasible, including the public or private sale of Trust assets and the distribution of the proceeds thereof. Any property remaining in the possession of the Trustee after ninety days may be sold by the Trustee, and the proceeds of the sale will be held by the Trustee until claimed by any remaining Shareholders.

IfIn ~~the~~connection ~~processes~~with ~~of creation and redemption of Shares encounter~~ any ~~unanticipated~~such ~~difficulties~~liquidation, ~~potential~~Trust ~~market~~property ~~participants~~may ~~who would otherwise~~ be ~~willing~~sold tofor ~~purchase~~prices orthat ~~redeem~~are ~~Baskets~~less tothan ~~take advantage of any arbitrage opportunity arising from discrepancies between~~ the ~~price~~portion of the ~~Shares~~NAV ~~and~~attributable ~~the price of the underlying Index Futures may choose not~~ to dosuch soTrust property. ~~If this is the case~~Accordingly, the ~~price~~liquidation of ~~the~~Trust ~~Shares~~property may ~~vary~~result ~~from the price of an equivalent position~~ in ~~Index Futures and may trade at a discount to their NAV. In addition~~losses, inor ~~some~~adversely ~~circumstances,~~affect ~~such~~your ~~as the failure of the registration statement covering the Shares to be effective~~gains, ~~the~~on ~~Trust~~your ~~may~~investment bein ~~unable to create or redeem~~ Shares~~, which may have similar consequences~~.

~~Exchange~~The ~~position~~Sponsor ~~limits~~has ~~and~~broad ~~other~~discretion ~~rules~~to ~~may~~liquidate ~~restrict~~ the ~~creation~~Trust ofat ~~Baskets~~any ~~and the operation of the Trust~~time.

~~CBOT~~The ~~imposes~~Trust ~~speculative~~Agreement ~~position~~provides ~~limits~~the onSponsor ~~market~~with ~~participants~~broad ~~trading~~discretion into ~~Index~~liquidate ~~Futures, including~~ the Trust, ~~that~~at ~~typically prohibit~~ any ~~person~~time ~~from~~the ~~holding~~Sponsor adetermines ~~position~~that liquidation of ~~more~~the ~~than~~Trust ~~52,000~~is ~~contracts~~advisable. ~~The~~It ~~Trust~~cannot ~~may~~be ~~from~~predicted ~~time~~when toor ~~time~~under ~~seek~~what ~~to obtain exemptions from those position limits from CBOT~~circumstances, ~~but~~if ~~these exemptions may be limited~~any, ~~including with respect to~~ the ~~additional~~Sponsor ~~number~~would ofuse ~~contracts~~this ~~permitted~~discretion to beliquidate ~~held under such exemption and~~ the ~~time period for which the exemption applies. Position limits may also apply to other Index Futures traded by the~~ Trust. ~~The~~Any ~~availability~~such ofliquidation ~~obtaining~~may ~~any~~occur ~~exemption~~at ~~from~~a ~~any~~time ~~such~~when ~~position~~you ~~limits~~are issuffering ~~expected~~a toloss beon ~~subject~~your toinvestment in the ~~ability~~Shares orand ~~willingness~~may ofupset the ~~applicable~~overall ~~Exchange~~maturity toand ~~grant~~timing ~~such~~of ~~exemption,~~your asinvestment ~~well as applicable law~~portfolio.

~~The~~Shareholders ~~Trust’s~~with ~~ability~~large toholdings ~~issue new Baskets or reinvest income in additional Index Futures~~ may bechoose ~~limited~~ to ~~the~~dissolve ~~extent these activities would cause~~ the Trust toand ~~exceed~~thereby ~~the~~adversely ~~position~~affect ~~limits~~your ~~then~~investment ~~applicable to those Index Futures. The Trust may also be required to liquidate any existing contracts~~ in ~~excess of~~ the then‑applicable position limits, including as a result of changes to applicable position limits or as a result of the loss of an exemption, or be required to take other actions with potentially adverse effects on the liquidity or value of the Shares.

~~Additionally,~~Owners ~~legislative~~of or75% ~~regulatory action, actions by a DCM~~ or ~~actions~~more byof the ~~Clearing~~Shares ~~FCM~~have ~~may impose limitations on~~ the ~~size~~power ofto ~~positions~~dissolve ~~that~~ the Trust. ~~may~~This ~~take~~power ~~in Index Futures and/or impose limitations on the size of positions that~~ may be ~~carried~~exercised by ~~other~~a ~~market~~relatively ~~participants,~~small ~~adversely~~number ~~affecting the liquidity and price~~ of ~~Index Futures and the underlying futures~~holders. ~~Such~~If ~~events~~it ~~could~~is ~~force~~so ~~the Trust or other market participants to sell Index Futures~~exercised, orinvestors ~~encourage~~who ~~market~~wished ~~participants~~ to ~~sell~~continue ~~or redeem their Shares. The CFTC has proposed that any risk management exemptions granted by DCMs, such as any exemption that may be applicable~~ to ~~the~~invest ~~Trust’s positions~~ in ~~Index~~the ~~Futures,~~performance ~~can~~of ~~only be granted pursuant to rules which have been reviewed by~~ the ~~CFTC.~~Index Asthrough ~~a result, if~~ the ~~Proposed~~vehicle ~~Position~~of ~~Limits Rules are adopted as proposed,~~ the ~~current~~Trust ~~maximum~~will ~~position~~have ~~in Index Futures permitted~~ to befind ~~held~~another byvehicle, ~~the~~and ~~Trust~~may ~~could~~not be ~~reduced~~able ~~relative~~ to ~~the~~find ~~maximum~~another ~~position~~vehicle ~~otherwise~~that ~~permitted,~~offers ~~which~~the ~~could~~same infeatures ~~turn~~as ~~require~~ the Trust ~~to liquidate some or all of its positions in Index Futures~~. ~~Any~~Moreover, such ~~reduction~~a ~~could~~dissolution ~~affect~~may ~~the~~occur ~~liquidity~~at ofa ~~Index~~time ~~Futures~~when ~~and~~you ~~adversely~~are ~~impact~~suffering ~~the~~a ~~price~~loss ofon ~~the~~your ~~Shares~~investment asin ~~well as~~ the ~~correlation~~Shares ~~between~~and ~~the~~may ~~price~~upset of the ~~Shares~~overall maturity and ~~the~~timing ~~net asset value~~ of ~~the~~your ~~Trust~~investment portfolio.

DCMs may also take steps, such as requiring liquidation of open positions, in the case of disorderly markets, market congestion and other market disruptions. These actions could require the Trust to liquidate all or part of its Index Futures positions or require holders of positions in the futures contracts underlying the Bloomberg Roll Select CI to liquidate their positions. This could affect the level of the Index and the NAV.17

~~Shareholders~~Table ~~do not have the rights normally associated with ownership~~ of ~~common shares; the Sponsor and the Trustee exercise substantial control over the Trust.~~ Contents

~~Shareholders~~Affiliate ~~are~~shareholders ~~not~~with ~~entitled~~large toholdings ~~the~~may ~~same~~choose ~~rights~~to asconduct ~~owners of shares issued by~~ a ~~corporation.~~large Bysale ~~acquiring~~of their Shares, ~~you~~which ~~are~~may ~~not~~have ~~acquiring~~an ~~the~~adverse ~~right~~effect ~~to elect directors, to receive dividends, to vote~~ on ~~certain matters regarding~~ the ~~Trust or to take other actions normally associated with the ownership of common shares~~Shares.

~~Additionally,~~BlackRock ~~the~~or ~~Sponsor~~other ~~and~~accounts managed by the Trustee ~~exercise~~or ~~substantial~~an ~~control~~affiliate ~~over~~may ~~the~~purchase ~~Trust’s~~and ~~activities.~~hold ~~Among~~Shares ~~other~~of ~~things,~~ the Trust’s. ~~trust~~These ~~agreement~~entities ~~authorizes~~reserve the ~~Sponsor~~right, tosubject ~~determine whether~~ to ~~make~~compliance ~~distributions~~with toapplicable ~~Shareholders~~law, ~~gives~~to ~~the~~sell ~~Sponsor~~Shares ~~oversight~~into ~~over NAV calculations and~~ the ~~creation~~market ~~and~~or ~~redemption~~redeem ~~process~~in ~~and~~Baskets ~~permits~~some ~~the~~or ~~Sponsor~~all toof ~~dissolve~~their ~~the~~Shares. ~~Trust~~A iflarge-scale itdisposition ~~deems~~of ~~such~~Shares ~~dissolution~~could ~~advisable.~~significantly ~~The~~reduce ~~Trustee~~the ~~also~~asset ~~retains~~size of the ~~right~~Trust, towhich ~~reject~~would ~~any~~have ~~order~~an ~~for~~adverse ~~the~~effect ~~creation~~on oryour ~~redemption~~Shares. ofHistorically, ~~Baskets.~~such ~~The~~affiliated ~~Sponsor~~entities and ~~the~~accounts ~~Trustee~~have ~~may~~owned ~~amend~~a ~~the~~substantial ~~provisions~~portion of the Trust’s ~~trust~~total ~~agreement,~~Shares ~~including~~outstanding infrom atime ~~manner adverse~~ to ~~Shareholders~~time, ~~without~~and ~~Shareholder~~may ~~consent,~~own ~~including~~a tosubstantial ~~change~~portion ~~the~~of ~~assets through which~~ the Trust’s ~~seeks~~total toShares ~~achieve~~outstanding ~~its~~from ~~investment~~time ~~objective,~~to ~~which~~time ~~may alter the nature of an investment~~ in, ~~and~~ the ~~performance of, the Shares~~future.

The ~~Trust’s trust agreement provides that in the case of a conflict of interest between the Trustee, the Sponsor and their affiliates, on the one hand, and the holders of~~ Shares, onmay ~~the~~not ~~other,~~provide ~~the~~anticipated ~~Trustee and the Sponsor will resolve such conflict considering the relevant interests of each party (including their own interests) and related~~ benefits ~~and burdens, any customary or accepted industry practices, and any applicable generally accepted accounting practices or principles. The Trust’s trust agreement further provides that in the absence~~ of ~~bad~~diversification ~~faith~~from byother ~~the~~asset ~~Trustee or the Sponsor, such a resolution will not constitute a breach of the Trust’s trust agreement or any duty or obligation of the Trustee or the Sponsor~~classes.

~~Shareholders~~Historically, dothe performance of physical commodity futures prices generally has not ~~have~~been correlated to the ~~protections~~performance ~~normally~~of ~~associated~~financial ~~with~~asset classes, such as stocks and bonds. Non-correlation means that there is no statistically significant relationship, positive or negative, between the ~~ownership~~past performance of ~~shares~~futures contracts on physical commodities, on the one hand, and stocks or bonds, on the other hand. Despite this lack of correlation, Shares cannot be expected to be automatically profitable during unfavorable periods for the stock or bond markets, or automatically unprofitable during favorable periods for the stock or bond markets. The commodity futures markets are fundamentally different from the securities markets in that for every gain in commodity futures trading, there is an equal and offsetting loss. The performance of the Shares may reflect positive or negative correlation to one or more financial asset classes, in which case any investment ~~company~~strategy ~~registered~~relying ~~under~~on the ~~Investment~~absence ~~Company~~of ~~Act~~any such correlation may not be successful.

The ~~Trust~~liquidity ~~is not registered as an investment company for purposes~~ of ~~United~~the ~~States~~Shares ~~federal~~may ~~securities~~be ~~laws,~~affected ~~and is not subject to regulation~~ by the ~~SEC~~withdrawal asfrom anparticipation ~~investment~~of ~~company.~~Authorized ~~Consequently,~~Participants ~~Shareholders~~or doby ~~not have~~ the ~~regulatory~~suspension ~~protections provided to investors in investment companies registered under the Investment Company Act. For example, the provisions~~ of ~~the Investment Company Act that limit transactions with affiliates~~issuance, ~~prohibit~~transfers ~~the~~or ~~suspension of~~ redemptions (except under limited circumstances) and limit sales loads do not apply to the Trust. The Sponsor is registered with the CFTC as a commodity pool operator and the Advisor is registered with the CFTC as a commodity trading advisor. The CFTC therefore has jurisdiction over these entities and regulatory authority over certain activities of ~~the~~Shares ~~Trust.~~by ~~The nature and degree of this regulation differs from~~ the ~~regulatory scheme imposed under the Investment Company Act~~Trustee.

19If one or more Authorized Participants withdraw from participation, it may become more difficult to create or redeem Baskets, which may reduce the liquidity of the Shares. If it becomes more difficult to create or redeem Baskets, the correlation between the price of the Shares and the NAV may be affected, which may affect the trading market for the Shares. Having fewer participants in the market for the Shares could also adversely affect the ability to arbitrage any price difference between the Index Futures and the Shares, which may affect the trading market and liquidity of the Shares.

~~Competing~~In ~~claims~~addition, ~~over~~the ~~ownership~~Trustee has the power to suspend the delivery of ~~relevant~~Shares, ~~intellectual~~registration ~~property~~of ~~rights~~transfers ~~could~~of ~~adversely~~Shares ~~affect~~and surrenders of Shares for the purpose of withdrawing Trust property generally, or anto ~~investment~~refuse ina particular deposit, transfer or withdrawal at any time, if the ~~Shares~~Trustee or the Sponsor determines that it is advisable to do so for any reason. The liquidity of the Shares and the correlation between the value of the Shares and the level of the Index may be adversely affected in the event of any such suspension of issuance, transfer or redemption.

~~While~~The ~~the~~lack ~~Sponsor believes that it has all~~ of ~~the~~an ~~intellectual~~active ~~property~~trading ~~rights~~market ~~needed~~for ~~to operate~~ the ~~Trust~~Shares inmay ~~the~~result ~~manner described~~ in ~~the~~losses ~~Trust’s~~on ~~prospectus,~~your ~~third~~investment ~~parties~~at ~~may allege or assert ownership of intellectual property rights that may be related to~~ the ~~design,~~time ~~structure and operation~~ of the Trust or the Index. To the extent any claims of such ownership are brought or any proceedings are instituted to assert such claims, the negotiation, litigation or settlement of such claims, the issuance of any restraining orders or injunctions, or the ultimate disposition of ~~such~~your ~~claims in a court of law, may adversely affect the Trust and the value of the~~ Shares. ~~For example, such actions could result in expenses or damages payable by the Trust or the suspension of activities or dissolution of the Trust.~~

~~The~~Although ~~value~~the ofShares are listed on NYSE Arca, there can be no guarantee that an active trading market for the Shares will develop or be ~~adversely~~maintained. ~~affected~~If ifyou ~~the~~need ~~Trust~~to issell ~~required~~your toShares ~~indemnify~~at ~~the~~a ~~Sponsor~~time when no active market for them exists, the ~~Advisor~~price oryou ~~the~~receive ~~Trustee~~for oryour ~~their~~Shares, ~~respective~~assuming ~~agents.~~that you are able to sell them, will likely be lower than that you would receive if an active market did exist.

~~Under~~You ~~the~~may ~~Trust’s~~be ~~trust~~adversely ~~agreement,~~affected ~~the~~by ~~Sponsor,~~redemption ~~the~~orders ~~Trustee~~that ~~and~~are ~~their~~subject ~~respective agents have the right~~ to ~~be indemnified by the Trust for any liability or expense they incur without negligence~~postponement, ~~bad~~suspension ~~faith, willful misconduct~~ or ~~reckless~~rejection ~~disregard~~under ofcertain ~~their duties on their part~~circumstances. That means the Sponsor and the Trustee may require the assets of the Trust to be sold in order to cover losses or liabilities suffered by it, which would reduce the net asset value of the Trust and the value of the Shares.

~~Likewise,~~The ~~under~~Trustee may suspend the ~~Trust’s~~right ~~advisory~~of ~~agreement,~~redemption or postpone the ~~Advisor~~redemption ~~and~~settlement ~~its~~date ~~agents~~for ~~have~~such periods as it or the ~~right~~Sponsor deems to be ~~indemnified~~necessary byfor any reason. In addition, the ~~Trust~~Trustee ~~for~~has the right to reject any ~~liability~~redemption ororder ~~expense~~for ~~they~~any ~~incur~~reason, ~~without~~including, ~~negligence~~among others, ~~bad~~(1) ~~faith~~the related order not being in proper form as described in the Authorized Participant agreement, ~~willful~~(2) ~~misconduct~~market conditions or ~~reckless~~other ~~disregard~~circumstances ofthat ~~their~~make ~~duties~~transactions onin ~~their~~or ~~part.~~delivery ~~That~~of ~~means~~the Shares or the ~~Advisor~~Index ~~may~~Futures ~~require~~impossible or impractical, (3) a determination by the ~~assets~~Trustee that the acceptance of the related order would have adverse tax or other consequences to the Trust or the Shareholders, or (4) circumstances that would cause the acceptance of the related order to beresult ~~sold~~in a violation of law in ~~order~~the opinion of counsel to ~~cover~~the ~~losses~~Trustee, the Sponsor or ~~liabilities~~the ~~suffered~~Trust byAdministrator. itAny such postponement, ~~which~~suspension ~~would~~or ~~reduce~~rejection could adversely affect a redeeming Authorized Participant. For example, the ~~net~~resulting ~~asset~~delay may adversely affect the value of the ~~Trust~~redemption ~~and~~proceeds if the ~~value~~NAV declines during the period of the ~~Shares~~delay. Under the Authorized Participant agreement, the Trustee disclaims any liability that may result from any such suspension, postponement or rejection.

~~Regulatory~~Competition ~~changes~~from orother ~~actions~~commodities-related ~~may~~investments ~~affect~~could limit the market for, and reduce the liquidity of, the Shares.

~~The~~Demand ~~futures~~for ~~markets~~the ~~are~~Shares ~~subject~~is expected to ~~comprehensive~~be ~~regulation.~~affected Inby ~~addition,~~ the ~~CFTC~~attractiveness ~~and~~of ~~the~~an ~~exchanges~~investment ~~are authorized to take extraordinary actions~~ in the ~~event~~Shares ofrelative ato ~~market~~other ~~emergency,~~investment ~~including~~vehicles, ~~for example, implementing speculative position limits (~~including ~~retroactively)~~other orcommodity ~~higher~~pools, ~~margin~~hedge ~~requirements~~funds, ~~establishing~~traditional ~~daily~~debt ~~price limits~~ and ~~suspending~~equity ~~trading.~~securities ~~The~~issued ~~regulation~~by ofcompanies ~~futures transactions~~ in the ~~United~~commodities ~~States~~industry, isother ~~subject~~securities tobacked ~~modification~~ by ~~government,~~or ~~exchange~~linked ~~and~~to ~~judicial~~commodities, ~~action.~~and ~~The~~direct ~~effect~~investments ofin ~~any~~commodities ~~future~~or ~~regulatory~~commodity ~~change~~futures ~~on the Trust could be substantial and adverse~~contracts. ~~See~~Market, ~~also~~financial ~~“Exchange position limits~~ and other ~~rules~~conditions ~~may~~or ~~restrict~~factors ~~the~~may ~~creation~~make ofit ~~Baskets~~more ~~and~~attractive ~~the~~to ~~operation~~invest ofin ~~the~~other ~~Trust”~~investment ~~above~~vehicles ~~and~~or ~~“Risk Factors Relating~~ to ~~Commodities~~invest ~~Markets—Regulatory~~in ~~developments~~such ~~with~~commodities ~~respect~~directly, towhich ~~the~~could ~~futures~~limit ~~and over-~~the~~-counter~~ ~~derivatives~~market ~~markets~~for, and inreduce ~~particular, with respect to speculative trading in futures contracts and over-~~the~~-counter~~ ~~derivatives~~liquidity ~~involving commodities and commodity indices~~of, ~~could adversely affect~~ the ~~value of your~~ Shares.”

~~NYSE~~The ~~Arca~~price ~~may~~of ~~halt trading in~~ the Shares, ~~which~~could ~~would~~decrease ~~adversely~~if ~~impact~~unanticipated ~~your~~operational ~~ability~~or totrading ~~sell~~problems ~~your Shares~~arise.

~~The~~If ~~Shares~~the ~~are~~processes ~~listed~~of ~~for~~creation ~~trading~~and onredemption ~~NYSE~~of ~~Arca~~Shares ~~under~~encounter ~~the~~any ~~symbol~~unanticipated ~~CMDT.~~difficulties, ~~Trading~~potential inmarket ~~the~~participants ~~Shares~~who ~~may~~would otherwise be ~~halted~~willing ~~due~~ to ~~market~~purchase ~~conditions~~ or, inredeem ~~light~~Baskets ofto ~~NYSE~~take ~~Arca~~advantage ~~rules~~of ~~and~~any ~~procedures,~~arbitrage ~~for~~opportunity ~~reasons~~arising ~~that,~~from indiscrepancies between the ~~view~~price of ~~NYSE Arca, make trading in~~ the Shares ~~inadvisable,~~and ~~or in~~ the ~~event~~price ~~certain information about the Index, the value~~ of the ~~Shares~~underlying ~~and~~Index ~~the~~Futures ~~NAV~~may ischoose not ~~made~~to ~~available~~do asso. ~~required~~If bythis ~~such~~is ~~rules~~the ~~and procedures. In addition~~case, ~~trading~~the ~~generally~~price onof ~~NYSE~~the ~~Arca~~Shares ismay ~~subject~~vary tofrom ~~trading~~the ~~halts~~price ~~caused~~of byan ~~extraordinary~~equivalent ~~market~~position ~~volatility~~in ~~pursuant~~Index toFutures ~~circuit~~and ~~breaker~~may ~~rules~~trade ~~that~~at ~~require~~a ~~trading~~discount to betheir ~~halted~~NAV. ~~for~~In aaddition, ~~specified~~in ~~period~~some ~~based~~circumstances, onsuch aas ~~specified~~the ~~market~~failure ~~decline.~~of ~~There can be no assurance that~~ the ~~requirements~~registration ~~necessary~~statement tocovering ~~maintain~~ the ~~listing of the~~ Shares ~~will continue~~ to be ~~met~~effective, orthe ~~will remain unchanged. The~~ Trust ~~will~~may be ~~dissolved~~unable ifto ~~the~~create ~~Shares~~or ~~are~~redeem ~~delisted~~Shares, ~~from~~which ~~NYSE~~may ~~Arca~~have ~~and~~similar ~~are not approved for listing on another national securities exchange within five business days of their delisting~~consequences.

~~Risk~~Exchange ~~Factors~~position ~~Relating~~limits toand ~~Conflicts~~other rules may restrict the creation of ~~Interest~~Baskets and the operation of the Trust.

CBOT imposes speculative position limits on market participants trading in Index Futures, including the Trust, that typically prohibit any person from holding a position of more than 52,000 contracts. The ~~Sponsor’s~~Trust ~~relationship~~may from time to time seek to obtain exemptions from those position limits from CBOT, but these exemptions may be limited, including with respect to the ~~Trustee~~additional number of contracts permitted to be held under such exemption and the ~~Advisor~~time ~~and~~period for which the ~~proprietary~~exemption ~~and~~applies. ~~managed~~Position ~~trading~~limits ~~activities~~may also apply to other Index Futures traded by the Trust. The availability of obtaining any exemption from any such position limits is expected to be subject to the ~~Sponsor~~ability ~~and~~or ~~its~~willingness ~~affiliates~~of ~~could~~the ~~conflict~~applicable ~~with~~Exchange ~~your~~to ~~interests~~grant such exemption, as awell ~~Shareholder.~~as applicable law.

The Sponsor is an affiliate of the Trustee and therefore may have a conflict of interest with respect to its oversight of the Trustee. In particular, the Sponsor, which has authority to remove the Trustee in its discretion, has an incentive not to exercise this authority, even when it is in the best interests of the Shareholders to do so, because of the affiliation between the entities. The Trustee is authorized to appoint an unaffiliated Trust Administrator or other agent to carry out all or some of its duties under the Trust’s trust agreement, but is not required to delegate any of its duties to an unaffiliated third party.18

~~The~~Table ~~Sponsor is an affiliate~~ of the Advisor and therefore may have a similar conflict of interest with respect to its oversight of the Advisor. For example, although the Sponsor has the authority to terminate the Trust’s advisory agreement with the Advisor, it has an incentive not to exercise this authority, even when it is in the best interests of the Shareholders to do so, because of the affiliation between the entities.Contents

AsThe ~~described~~Trust’s ~~elsewhere~~ability into ~~this~~issue ~~report,~~new inBaskets ~~return~~or ~~for~~reinvest ~~paying~~income ~~certain~~in ~~amounts~~additional ~~that~~Index ~~would~~Futures ~~otherwise~~may be ~~considered~~limited ~~ordinary~~to ~~operating expenses of~~ the ~~Trust,~~extent ~~the~~these ~~Sponsor~~activities ~~receives~~would ancause ~~allocation from~~ the Trust ~~that~~to ~~accrues~~exceed ~~daily~~the atposition anlimits ~~annualized~~then ~~rate~~applicable ofto upthose toIndex 0Futures.~~75%~~ ofThe ~~the Adjusted Net Asset Value of the~~ Trust, ismay ~~payable~~also ~~monthly~~be inrequired ~~arrears, and is subject~~ to ~~adjustment~~liquidate ~~from~~any ~~time~~existing tocontracts ~~time,~~in ~~except~~excess ~~that~~of the ~~Sponsor’s~~then‑applicable ~~Fee~~position ~~may~~limits, ~~not~~including beas ~~adjusted~~a toresult ~~above 0.75%~~ of ~~the~~changes ~~Adjusted Net Asset Value absent an amendment~~ to ~~the~~applicable ~~Trust’s~~position ~~trust~~limits ~~agreement~~or ~~and~~as ~~thirty~~a ~~days’~~result ~~prior notice to registered holders~~ of the ~~Shares.~~loss ~~The~~of ~~allocation~~an ~~received~~exemption, byor ~~the~~be ~~Sponsor~~required ~~from~~to ~~the~~take ~~Trust~~other ~~may~~actions bewith ~~higher~~potentially ~~than~~adverse ~~the~~effects ~~amount~~on the ~~Trust~~liquidity ~~would~~or ~~negotiate~~value ~~with~~of anthe ~~unaffiliated third party manager on an arms-length basis~~Shares.

InAdditionally, ~~addition~~legislative or regulatory action, ~~the~~actions ~~Sponsor~~by ~~and~~a ~~its~~DCM ~~affiliates~~or ~~(including~~actions by the ~~Trustee~~Clearing ~~and~~FCM ~~the~~may ~~Advisor)~~impose ~~collectively~~limitations ~~exercise~~on ~~substantial~~the ~~control~~size ~~over~~of positions that the Trust. Tomay ~~the~~take ~~extent~~in Index Futures and/or impose limitations on the ~~interests~~size of ~~the~~positions ~~Sponsor~~that ~~and~~may ~~its~~be ~~affiliates~~carried ~~conflict~~by ~~with~~other ~~those~~market ofparticipants, adversely affecting the ~~Trust~~liquidity and ~~the~~price ~~Shareholders,~~of Index Futures and the ~~risks~~underlying ~~associated~~futures. ~~with~~Such ~~such~~events ~~conflicts~~could ~~may~~force bethe ~~greater~~Trust ~~than~~or ~~they~~other ~~would~~market ~~otherwise~~participants beto ~~for~~sell aIndex ~~party~~Futures, ~~that~~or ~~cannot~~encourage ~~exercise~~market ~~such~~participants ~~control~~to ~~over~~sell ~~the~~or ~~Trust~~redeem their Shares. The ~~Trust’s~~CFTC ~~trust~~has ~~agreement~~proposed ~~provides~~ that inany ~~the~~risk ~~case~~management ofexemptions agranted ~~conflict~~by ofDCMs, ~~interest~~such ~~between~~as ~~the~~any ~~Trustee,~~exemption that may be applicable to the ~~Sponsor~~Trust’s ~~and~~positions ~~their~~in ~~affiliates~~Index Futures, oncan ~~the~~only ~~one~~be ~~hand,~~granted ~~and~~pursuant ~~the~~to ~~holders~~rules ofwhich ~~Shares,~~have onbeen ~~the~~reviewed ~~other,~~by the ~~Trustee~~CFTC. ~~and~~As a result, if the ~~Sponsor~~Proposed ~~will~~Position ~~resolve~~Limits ~~such~~Rules ~~conflict~~are ~~considering~~adopted ~~the~~as ~~relevant~~proposed, ~~interests~~the ofcurrent ~~each~~maximum ~~party~~position ~~(including~~in ~~their~~Index ~~own~~Futures ~~interests)~~permitted ~~and~~to ~~related~~be ~~benefits~~held ~~and~~by ~~burdens,~~the ~~any~~Trust ~~customary~~could orbe ~~accepted~~reduced ~~industry~~relative ~~practices,~~to ~~and~~the ~~any~~maximum ~~applicable~~position ~~generally~~otherwise ~~accepted~~permitted, ~~accounting~~which ~~practices~~could orin ~~principles.~~turn ~~The~~require the Trust’s ~~trust~~to ~~agreement~~liquidate ~~further~~some ~~provides~~or ~~that~~all inof ~~the~~its ~~absence~~positions ofin ~~bad~~Index ~~faith~~Futures. byAny ~~the~~such ~~Trustee~~reduction orcould affect the ~~Sponsor,~~liquidity ~~such~~of aIndex ~~resolution~~Futures ~~will~~and ~~not~~adversely ~~constitute~~impact athe ~~breach~~price of the ~~Trust’s~~Shares ~~trust~~as ~~agreement~~well oras ~~any~~the ~~duty~~correlation orbetween ~~obligation~~the price of the ~~Trustee~~Shares orand the ~~Sponsor~~net asset value of the Trust.

20DCMs may also take steps, such as requiring liquidation of open positions, in the case of disorderly markets, market congestion and other market disruptions. These actions could require the Trust to liquidate all or part of its Index Futures positions or require holders of positions in the futures contracts underlying the Bloomberg Roll Select CI to liquidate their positions. This could affect the level of the Index and the NAV. See also “Risk Factors Relating to Commodities Markets—Regulatory developments with respect to the futures and over-the-counter derivatives markets, and in particular, with respect to speculative trading in futures contracts and over-the-counter derivatives involving commodities and commodity indices, could adversely affect the value of your Shares.”

~~The~~Shareholders ~~Sponsor~~do and its affiliates may also engage in trading activities relating to the Index Futures, the components of the Index or the Bloomberg Roll Select CI or other derivative instruments related to those indices that are not for the account of, or on behalf of, the Trust or the Shareholders and that may compete with trading activity in the Shares. These activities may present a conflict between the Shareholders’ interest in the Shares and the interest of the Sponsor and its affiliates in their proprietary accounts, in facilitating transactions, including derivatives transactions, for their customers’ accounts and in accounts under their management. These trading activities could be adverse to the interests of the Shareholders. Moreover, the Sponsor and its affiliates have ~~published and in~~ the ~~future~~rights ~~expect~~normally toassociated ~~publish research reports~~ with ~~respect~~ownership to commodities markets. This research may express opinions or provide recommendations that are inconsistent with purchasing or holding Shares. The research should not be viewed as a recommendation or endorsement of ~~the~~common ~~Shares~~shares; ~~in any way, and investors must make their own independent investigation of~~ the ~~merits of this investment. Any of these activities by the~~ Sponsor and ~~its affiliates may affect~~ the ~~level~~Trustee ofexercise ~~the~~substantial ~~Bloomberg~~control ~~Roll~~over ~~Select CI or its components and, therefore,~~ the ~~value of the Index Futures and the price of the Shares~~Trust.

~~Proprietary~~Shareholders ~~trading~~are ~~and~~not ~~other~~entitled ~~activities~~to the same rights as owners of shares issued by ~~UBS~~a ~~Securities~~corporation. ~~and~~By ~~its~~acquiring ~~affiliates~~Shares, ~~could~~you ~~conflict~~are not acquiring the right to elect directors, to receive dividends, to vote on certain matters regarding the Trust or to take other actions normally associated with ~~your~~the ~~interests~~ownership asof acommon ~~Shareholder~~shares.

~~Activities conducted by UBS Securities and its affiliates may conflict with your interests as a Shareholder. For example~~Additionally, the ~~Advisor~~Sponsor ~~may execute a substantial amount,~~ and ~~potentially all, of~~ the ~~purchases~~Trustee ~~and~~exercise ~~sales~~substantial ofcontrol ~~Index~~over ~~Futures through UBS Securities, as~~ the Trust’s ~~Clearing FCM~~activities. InAmong ~~addition~~other things, itthe isTrust ~~expected~~Agreement ~~that~~authorizes ~~UBS~~the ~~Securities~~Sponsor orto ~~its~~determine ~~accountholders~~whether ~~will~~to ~~represent,~~make ~~directly~~distributions orto ~~indirectly~~Shareholders, agives ~~substantial~~the ~~portion~~Sponsor ofoversight ~~the~~over ~~short-side~~NAV ~~market~~calculations ~~for~~and the ~~Index~~creation ~~Futures. Further, UBS Securities~~ and ~~its~~redemption ~~affiliates~~process ~~actively trade futures contracts~~ and ~~options~~permits ~~on futures contracts on~~ the ~~commodities~~Sponsor ~~that~~to ~~underlie~~dissolve the ~~Index,~~Trust ~~over-the-counter~~if ~~contracts~~it ondeems ~~these~~such ~~commodities,~~dissolution ~~the~~advisable. ~~underlying~~The ~~commodities~~Trustee ~~included~~also inretains the ~~Index~~right ~~and~~to ~~other~~reject ~~instruments~~any ~~and~~order ~~derivative~~for ~~products based on~~ the ~~Index,~~creation ~~the~~or ~~Bloomberg~~redemption ~~Roll~~of ~~Select~~Baskets. CIThe Sponsor and the ~~Bloomberg~~Trustee ~~CI.~~may ~~Any~~amend ofthe ~~these~~provisions ~~activities~~ of ~~UBS~~the ~~Securities~~Trust orAgreement, ~~its~~including ~~affiliates~~in ~~could~~a ~~adversely~~manner ~~affect~~adverse ~~the~~to ~~level~~Shareholders, ofwithout ~~the~~Shareholder ~~Index~~consent, orincluding ~~the~~to ~~Index~~change ~~Futures,~~the ~~directly~~assets orthrough ~~indirectly,~~which ~~by affecting~~ the ~~price~~Trust ofseeks ~~the~~to ~~underlying~~achieve ~~commodities~~its ~~and,~~investment ~~therefore~~objective, ~~the~~which ~~value~~may ofalter the ~~Index,~~nature ~~the~~of ~~Index~~an ~~Futures~~investment in, and the ~~price~~performance of, the Shares.

InThe ~~addition,~~Trust ~~UBS~~Agreement ~~Securities~~provides isthat ~~one~~in of the ~~Index~~case ~~Providers,~~of ~~and~~a ~~although~~conflict ~~Bloomberg calculates, the Index on behalf~~ of ~~UBS~~interest ~~Securities,~~between ~~UBS Securities retains ownership of~~ the ~~Index~~Trustee, the ~~Bloomberg~~Sponsor CI and ~~the~~their ~~Bloomberg~~affiliates, ~~Roll~~on ~~Select CI and retains~~ the ~~right~~one tohand, ~~dismiss~~and the ~~Index~~holders ~~Administrator~~of ~~from~~Shares, ~~its~~on ~~duties~~the ~~relating to such indices~~other, ~~and may influence~~ the ~~Index~~Trustee ~~Administrator~~and ~~with respect to~~ the ~~performance~~Sponsor ofwill ~~its~~resolve ~~duties relating to~~ such ~~indices.~~conflict Toconsidering the ~~extent~~relevant ~~UBS Securities’~~ interests ~~conflict~~of ~~with~~each ~~those~~party of(including ~~the~~their ~~Trust~~own interests) and ~~the~~related ~~Shareholders~~benefits and burdens, ~~the~~any ~~risks~~customary ~~associated~~or ~~with~~accepted ~~such~~industry ~~conflicts~~practices, ~~may~~and beany ~~greater~~applicable ~~than~~generally ~~they~~accepted ~~would~~accounting ~~otherwise~~practices beor ~~for~~principles. aThe ~~party~~Trust ~~that~~Agreement ~~cannot~~further ~~exercise~~provides ~~control~~that ~~over~~in the ~~Index,~~absence ~~the~~of ~~Bloomberg~~bad CIfaith ~~and~~by the ~~Bloomberg~~Trustee ~~Roll~~or ~~Select~~the ~~CI. According to UBS Securities~~Sponsor, ~~UBS~~such ~~Securities has implemented~~ a ~~firewall~~resolution ~~with~~will ~~respect~~not toconstitute ~~its~~a ~~personnel~~breach ~~regarding~~of ~~access~~the toTrust ~~information~~Agreement ~~concerning~~or ~~the~~any ~~composition~~duty ~~and/~~or ~~changes~~obligation toof the ~~Index.~~Trustee ~~See~~or ~~“Proprietary trading and other activities by~~ the ~~Index Providers and their respective affiliates could conflict with your interests as a Shareholder~~Sponsor.”

~~UBS~~Shareholders ~~Securities~~do ~~and~~not ~~its~~have ~~affiliates may also issue or underwrite other securities or financial or derivative instruments with returns indexed to~~ the ~~Index,~~protections ~~the~~normally ~~Bloomberg~~associated ~~CI or the Bloomberg Roll Select CI, which would compete~~ with the ~~Shares.~~ownership ~~By introducing competing products into the marketplace, UBS Securities and its affiliates could adversely affect the price~~ of ~~the~~shares ~~Shares.~~in To the extent that UBS Securities or its affiliates serve as issuer, agent or underwriter of those securities or other similar instruments, their interests with respect to those products may be adverse to your interests as a Shareholder. In addition, UBS Securities is an ~~Authorized~~investment ~~Participant~~company ~~and~~registered ~~was~~under the ~~initial~~Investment ~~purchaser~~Company of the Shares, while as noted above, it is expected to represent, directly or indirectly, a substantial portion of the short-side market for the Index Futures and could therefore benefit from the adverse performance of the Index Futures which would be adverse to the price of the SharesAct.

~~Proprietary~~The ~~trading~~Trust is not registered as an investment company for purposes of United States federal securities laws, and ~~other~~is ~~activities~~not subject to regulation by the ~~Index~~SEC ~~Providers~~as ~~and~~an ~~their~~investment ~~respective~~company. Consequently, Shareholders do not have the regulatory protections provided to investors in investment companies registered under the Investment Company Act. For example, the provisions of the Investment Company Act that limit transactions with affiliates, ~~could~~prohibit ~~conflict~~the suspension of redemptions (except under limited circumstances) and limit sales loads do not apply to the Trust. The Sponsor is registered with ~~your~~the ~~interests~~CFTC as a ~~Shareholder~~commodity pool operator and the Advisor is registered with the CFTC as a commodity trading advisor. The CFTC therefore has jurisdiction over these entities and regulatory authority over certain activities of the Trust. The nature and degree of this regulation differs from the regulatory scheme imposed under the Investment Company Act.

~~Activities~~Competing ~~conducted~~claims byover ~~the~~ownership ~~Index Providers and their respective affiliates may conflict with your interests as a Shareholder. For example, one or more~~ of ~~the~~relevant ~~Index~~intellectual ~~Providers~~property orrights their respective affiliates may also engage in trading in the Index, the Bloomberg CI, the Bloomberg Roll Select CI, related indices and sub-indices, and other investments relating to such indices or their underlying components on a regular basis as part of its general business, for proprietary accounts, for other accounts under management, to facilitate transactions for customers or to hedge obligations under products linked to such indices. One or more of the Index Providers or their respective affiliates may also issue or underwrite securities or financial or derivative instruments with returns linked or related to changes in the performance of any of the foregoing. Any of these activities could adversely affect the ~~market~~Trust ~~price of the commodities~~ or ~~futures~~an ~~contracts~~investment ~~underlying~~in ~~such indices or~~ the ~~value of the indices themselves, which may adversely affect the value of the~~ Shares. According to UBS Securities, UBS Securities has implemented a firewall with respect to its personnel regarding access to information concerning the composition and/or changes to the Index. It is possible that one or more of the Index Providers or their respective affiliates could receive substantial returns from these hedging activities while the market value of the underlying commodities or futures contracts, the value of the indices, or the price or the NAV of the Shares decline. Some or all of these risks may be further exacerbated as a result of various other roles of the Index Providers or their affiliates relating to the Trust, the Shares or the Index Futures.

~~Risk~~While ~~Factors~~the ~~Relating~~Sponsor believes that it has all of the intellectual property rights needed to ~~Taxes~~operate the Trust in the manner described in the Trust’s prospectus, third parties may allege or assert ownership of intellectual property rights that may be related to the design, structure and operation of the Trust or the Index. To the extent any claims of such ownership are brought or any proceedings are instituted to assert such claims, the negotiation, litigation or settlement of such claims, the issuance of any restraining orders or injunctions, or the ultimate disposition of such claims in a court of law, may adversely affect the Trust and the value of the Shares. For example, such actions could result in expenses or damages payable by the Trust or the suspension of activities or dissolution of the Trust.

~~Your tax liability could exceed cash distributions on your Shares.~~ 19

~~You~~Table ~~will be required to pay U.S. federal income taxes on your allocable share~~ of the Trust’s income, without regard to the receipt of cash distributions on the Shares. There is no obligation to make distributions on the Shares. Accordingly, it is anticipated that you will not receive cash distributions sufficient to cover your allocable share of such taxable income or even the tax liability resulting from that income. Contents

21The value of the Shares will be adversely affected if the Trust is required to indemnify the Sponsor, the Advisor or the Trustee or their respective agents.

~~The~~Under ~~Internal~~the ~~Revenue~~Trust ~~Service~~Agreement, ~~(“IRS”)~~the ~~could~~Sponsor, ~~adjust~~the Trustee and their respective agents have the right to be indemnified by the Trust for any liability or ~~reallocate~~expense ~~items~~they ofincur ~~income,~~without ~~gain~~negligence, ~~deduction~~bad faith, ~~loss~~willful ~~and~~misconduct ~~credit~~or ~~with~~reckless ~~respect~~disregard toof their duties on their part. That means the ~~Shares~~Sponsor ifand the ~~IRS~~Trustee ~~does~~may ~~not~~require ~~accept~~the assets of the ~~assumptions~~Trust to be sold in order to cover losses or ~~conventions~~liabilities ~~utilized~~suffered by it, which would reduce the net asset value of the Trust and the value of the Shares.

~~The~~Likewise, ~~U.S.~~under ~~tax~~the ~~rules~~Trust’s ~~that~~advisory ~~apply~~agreement, tothe ~~partnerships~~Advisor ~~are~~and ~~complex~~its ~~and~~agents ~~their~~have ~~application~~the isright ~~not~~to ~~always~~be ~~clear.~~indemnified ~~Moreover,~~by the ~~rules~~Trust ~~generally were not written~~ for, ~~and~~any inliability ~~some~~or ~~respects~~expense ~~are~~they ~~difficult~~incur towithout ~~apply to~~negligence, ~~publicly~~bad ~~traded interests in partnerships. In addition~~faith, ~~the~~willful ~~Trust~~misconduct ~~will~~or ~~report~~reckless ~~tax~~disregard ~~information~~of totheir ~~you~~duties on ~~IRS~~their ~~Schedule~~part. ~~K-1~~That ~~with~~means ~~respect to~~ the ~~Shares.~~Advisor ~~The~~may ~~Trustee~~require ~~shall~~the ~~deliver~~assets orof ~~cause~~the toTrust ~~be delivered~~ to ~~each Shareholder an IRS Schedule K-1 as soon as practicable following each fiscal year but generally not later than March 15. Reporting on IRS Schedule K-1 may~~ be ~~somewhat~~sold ~~more~~in ~~complex~~order ~~than~~to ~~comparable~~cover ~~reporting~~losses onor ~~IRS~~liabilities ~~Form~~suffered ~~1099. Each Shareholder,~~ by ~~its acquisition of Shares~~it, ~~will~~which bewould ~~deemed~~reduce tothe ~~agree~~net toasset ~~allow~~value ~~brokers~~of ~~and nominees to provide to~~ the Trust ~~its name~~ and ~~address and~~ the ~~other~~value ~~information and forms as may be reasonably requested by the Trust for purposes~~ of ~~complying with their tax reporting and withholding obligations (and to waive any confidentiality rights with respect to~~ the ~~information and forms for this purpose) and to provide information or forms upon request~~Shares.

~~Investors~~Regulatory inchanges ~~the~~or ~~Shares~~actions should consult their tax advisors in determining how to use the information reported on IRS Schedule K-1 to complete their income tax returns. The Trust will apply certain assumptions and conventions intended to comply with the intent of the rules and to report income, gain, deduction, loss and credit to investors in a manner that reflects the investors’ economic gains and losses, but these assumptions and conventions may ~~not~~affect ~~comply with all aspects of~~ the ~~applicable Treasury regulations~~Shares. It is possible therefore that the IRS will successfully assert that these assumptions or conventions do not satisfy the technical requirements of the United States Internal Revenue Code of 1986, as amended (the “Code”) or the Treasury regulations and will require that items of income, gain, deduction, loss and credit be adjusted or reallocated in a manner that could be adverse to you.

IfThe ~~the~~futures ~~Trust~~markets ~~were~~are subject to ~~fail~~comprehensive regulation. In addition, the CFTC and the exchanges are authorized to ~~qualify~~take asextraordinary actions in the event of a ~~partnership~~market emergency, including, for ~~U.S.~~example, ~~federal~~implementing ~~income~~speculative ~~tax~~position ~~purposes~~limits (including retroactively) or higher margin requirements, ~~the~~establishing ~~Trust’s~~daily ~~income~~price limits and ~~items~~suspending trading. The regulation of ~~deduction~~futures ~~would~~transactions ~~not~~in ~~pass~~the ~~through~~United States is subject to ~~the~~modification ~~Shareholders~~by government, exchange and judicial action. The effect of any future regulatory change on the Trust ~~would~~could be ~~required~~substantial toand ~~pay~~adverse. ~~tax~~See atalso ~~corporate~~“- ~~rates~~Exchange onposition ~~any~~limits ~~portion~~and other rules may restrict the creation of Baskets and the operation of the Trust’s” ~~net~~above ~~income~~and ~~that~~“Risk ~~does~~Factors ~~not~~Relating ~~constitute~~to ~~tax-exempt~~Commodities ~~income,~~Markets—Regulatory ~~and~~developments ~~distributions~~with byrespect to the ~~Trust~~futures toand over-the-counter ~~Trust’s~~derivatives ~~Shareholders~~markets, ~~would~~and bein ~~taxable~~particular, ~~dividends~~with respect to ~~the~~speculative ~~extent~~trading ofin futures contracts and over-the-counter ~~Trust’s~~derivatives ~~earnings~~involving commodities and ~~profits.~~commodity indices, could adversely affect the value of your Shares.”

ItNYSE isArca ~~expected~~may ~~that~~halt ~~the~~trading ~~Trust~~in ~~will operate and be classified as a partnership for U.S. federal income tax purposes. So long as~~ the ~~Trust qualifies as a partnership~~Shares, it will be able to pass through its income, including the Trust’s federally tax-exempt income, if any, and deductions to the Shareholders. The Trust’s qualification as a partnership for U.S. federal income tax purposes involves the application of numerous technical provisions under which ~~there~~would isadversely aimpact ~~lack~~your ofability direct authority. In general, if a partnership is publicly traded, as defined in the Code, it will be treated as a corporation for U.S. federal income tax purposes. It is expected that the Trust will be treated as a publicly traded partnership. A publicly traded partnership will, however, be taxed as a partnership, and not as a corporation for U.S. federal income tax purposes, so long as 90% or more of its gross income for each taxable year constitutes “qualifying income” within the meaning of Section 7704(d) of the Code and the partnership is not required to ~~register~~sell ~~under~~your ~~the Investment Company Act~~Shares. This exception is referred to as the “qualifying income exception.” Qualifying income generally includes interest (other than certain contingent interest and interest derived in the conduct of a financial or insurance business), dividends, real property rents, and income from certain commodities transactions.

IfThe ~~less~~Shares ~~than~~are ~~90%~~listed offor ~~the~~trading ~~Trust’s~~on ~~gross~~NYSE ~~income~~Arca ~~for~~under ~~any~~the ~~tax~~ticker ~~year~~symbol ~~constitutes~~CMDT. ~~qualifying~~Trading ~~income,~~in ~~for~~the ~~any~~Shares ~~reason,~~may ~~other~~be ~~than~~halted adue ~~failure~~to ~~that~~market isconditions ~~determined~~or, toin belight ~~inadvertent~~of NYSE Arca rules and ~~that~~procedures, isfor ~~cured~~reasons ~~within~~that, ain ~~reasonable~~the ~~time~~view ~~after~~of ~~discovery~~NYSE Arca, ormake iftrading in the ~~Trust~~Shares isinadvisable, ~~required~~or toin ~~register~~the ~~under~~event ~~the~~certain ~~Investment~~information ~~Company~~about ~~Act~~the Index, the ~~Trust’s~~value ~~items~~ of ~~income~~the Shares and ~~deduction~~the ~~would~~NAV is not ~~pass~~made ~~through~~available toas ~~the~~required ~~Trust’s~~by ~~Shareholders~~such rules and ~~the~~procedures. ~~Trust’s~~In ~~Shareholders~~addition, ~~would~~trading begenerally ~~treated~~on ~~for~~NYSE ~~U.S.~~Arca ~~federal~~is ~~income~~subject ~~tax~~to ~~purposes~~trading ashalts ~~stockholders~~caused inby aextraordinary ~~corporation.~~market ~~The~~volatility ~~Trust~~pursuant ~~would~~to becircuit ~~required~~breaker torules ~~pay~~that ~~income~~require ~~tax~~trading atto ~~corporate~~be ~~rates~~halted onfor ~~its~~a ~~net~~specified ~~taxable~~period ~~income.~~based ~~Distributions~~on bya ~~the~~specified ~~Trust~~market todecline. ~~its~~There ~~Shareholders~~can ~~would~~be ~~constitute~~no ~~dividend~~assurance ~~income~~that ~~taxable~~the torequirements ~~such~~necessary ~~holders~~ to maintain the ~~extent~~listing of the ~~Trust’s~~Shares ~~earnings~~will ~~and~~continue ~~profits~~to ~~and~~be ~~the~~met ~~payment~~or ofwill ~~these~~remain ~~distributions~~unchanged. ~~would~~The ~~not~~Trust will be ~~deductible~~dissolved byif the ~~Trust.~~Shares ~~These~~are ~~consequences~~delisted ~~could~~from ~~have~~NYSE aArca ~~material~~and ~~adverse~~are ~~effect~~not approved for listing on ~~the~~another ~~Trust,~~national ~~its~~securities ~~Shareholders~~exchange ~~and~~within ~~the~~five ~~value~~business days of ~~the~~their ~~Shares~~delisting.

IfRisk ~~the~~Factors ~~IRS~~Relating ~~makes audit adjustments~~ to ~~the~~Conflicts ~~Trust’s~~of ~~income~~Interest tax returns for tax years beginning after 2017, it may collect any resulting taxes (including any applicable penalties and interest) directly from the Trust, in which case the cash available for the distribution to the Trust’s Shareholders might be substantially reduced.

~~Pursuant~~The to the Bipartisan Budget Act of 2015, significant changes are being made to the rules applicable to U.S. federal income tax audits of partnerships. Under the new rules (which are generally effective for the TrustSponsor’s ~~taxable~~relationship ~~years~~with ~~beginning after December 31, 2017), if~~ the ~~IRS~~Trustee ~~makes~~and ~~audit adjustments to~~ the ~~Trust’s~~Advisor ~~U.S. federal income tax returns, it may collect any resulting taxes (including any applicable penalties~~ and ~~interest) directly from~~ the ~~Trust.~~proprietary ~~The~~and ~~Trust~~managed ~~may~~trading ~~have~~activities ~~the~~of ~~ability to shift any such tax liability to~~ the Sponsor and ~~the~~its ~~Trust’s~~affiliates ~~Shareholders~~could inconflict ~~accordance~~ with ~~their~~your interests inas the Trust during the year under audit, but there can be no assurance that it will be able to do so, in which case the current Shareholders would economically bear the burden of the tax even if they were not Shareholders during the year under audit (or if they had a ~~different percentage interest in the Trust that year)~~Shareholder. If the Trust is required to make payments of taxes, penalties and interest resulting from audit adjustments, the cash available for distribution to the Trust’s Shareholders might be substantially reduced. The changes created by the new partnership audit rules are sweeping and in many respects dependent on the promulgation of future regulations or other guidance by the IRS or the U.S. Treasury Department. Investors in the Shares are urged to consult their tax advisors regarding these changes and their potential impact.

~~Item~~The 1BSponsor is an affiliate of the Trustee and therefore may have a conflict of interest with respect to its oversight of the Trustee. ~~Unresolved~~In ~~Staff~~particular, ~~Comments~~the Sponsor, which has authority to remove the Trustee in its discretion, has an incentive not to exercise this authority, even when it is in the best interests of the Shareholders to do so, because of the affiliation between the entities. The Trustee is authorized to appoint an unaffiliated Trust Administrator or other agent to carry out all or some of its duties under the Trust Agreement, but is not required to delegate any of its duties to an unaffiliated third party.

~~None~~The Sponsor is an affiliate of the Advisor and therefore may have a similar conflict of interest with respect to its oversight of the Advisor. For example, although the Sponsor has the authority to terminate the Trust’s advisory agreement with the Advisor, it has an incentive not to exercise this authority, even when it is in the best interests of the Shareholders to do so, because of the affiliation between the entities.

~~Item~~As 2described elsewhere in this report, in return for paying certain amounts that would otherwise be considered ordinary operating expenses of the Trust, the Sponsor receives an allocation from the Trust that accrues daily at an annualized rate of up to 0.75% ~~Properties~~of the Adjusted Net Asset Value of the Trust, is payable monthly in arrears, and is subject to adjustment from time to time, except that the Sponsor’s Fee may not be adjusted to above 0.75% of the Adjusted Net Asset Value absent an amendment to the Trust Agreement and thirty days’ prior notice to registered holders of the Shares. The allocation received by the Sponsor from the Trust may be higher than the amount the Trust would negotiate with an unaffiliated third party manager on an arms-length basis.

~~Not~~In addition, the Sponsor and its affiliates (including the Trustee and the Advisor) collectively exercise substantial control over the Trust. To the extent the interests of the Sponsor and its affiliates conflict with those of the Trust and the Shareholders, the risks associated with such conflicts may be greater than they would otherwise be for a party that cannot exercise such control over the Trust. The Trust Agreement provides that in the case of a conflict of interest between the Trustee, the Sponsor and their affiliates, on the one hand, and the holders of Shares, on the other, the Trustee and the Sponsor will resolve such conflict considering the relevant interests of each party (including their own interests) and related benefits and burdens, any customary or accepted industry practices, and any applicable generally accepted accounting practices or principles. The Trust Agreement further provides that in the absence of bad faith by the Trustee or the Sponsor, such a resolution will not constitute a breach of the Trust Agreement or any duty or obligation of the Trustee or the Sponsor.

~~Item~~The 3Sponsor and its affiliates may also engage in trading activities relating to the Index Futures, the components of the Index or the Bloomberg Roll Select CI or other derivative instruments related to those indices that are not for the account of, or on behalf of, the Trust or the Shareholders and that may compete with trading activity in the Shares. ~~Legal~~These ~~Proceedings~~activities may present a conflict between the Shareholders’ interest in the Shares and the interest of the Sponsor and its affiliates in their proprietary accounts, in facilitating transactions, including derivatives transactions, for their customers’ accounts and in accounts under their management. These trading activities could be adverse to the interests of the Shareholders. Moreover, the Sponsor and its affiliates have published and in the future expect to publish research reports with respect to commodities markets. This research may express opinions or provide recommendations that are inconsistent with purchasing or holding Shares. The research should not be viewed as a recommendation or endorsement of the Shares in any way, and investors must make their own independent investigation of the merits of this investment. Any of these activities by the Sponsor and its affiliates may affect the level of the Bloomberg Roll Select CI or its components and, therefore, the value of the Index Futures and the price of the Shares.

~~None.~~20

~~Item~~Table 4.of ~~Mine Safety Disclosures.~~Contents

~~Not~~Proprietary ~~applicable~~trading and other activities by UBS Securities and its affiliates could conflict with your interests as a Shareholder.

22Activities conducted by UBS Securities and its affiliates may conflict with your interests as a Shareholder. For example, the Advisor may execute a substantial amount, and potentially all, of the purchases and sales of Index Futures through UBS Securities, as the Trust’s Clearing FCM. In addition, it is expected that UBS Securities or its accountholders will represent, directly or indirectly, a substantial portion of the short-side market for the Index Futures. Further, UBS Securities and its affiliates actively trade futures contracts and options on futures contracts on the commodities that underlie the Index, over‑the‑counter contracts on these commodities, the underlying commodities included in the Index and other instruments and derivative products based on the Index, the Bloomberg Roll Select CI and the Bloomberg CI. Any of these activities of UBS Securities or its affiliates could adversely affect the level of the Index or the Index Futures, directly or indirectly, by affecting the price of the underlying commodities and, therefore, the value of the Index, the Index Futures and the price of the Shares.

~~PART~~In IIaddition, UBS Securities is one of the Index Providers, and although Bloomberg calculates, the Index on behalf of UBS Securities, UBS Securities retains ownership of the Index, the Bloomberg CI and the Bloomberg Roll Select CI and retains the right to dismiss the Index Administrator from its duties relating to such indices, and may influence the Index Administrator with respect to the performance of its duties relating to such indices. To the extent UBS Securities’ interests conflict with those of the Trust and the Shareholders, the risks associated with such conflicts may be greater than they would otherwise be for a party that cannot exercise control over the Index, the Bloomberg CI and the Bloomberg Roll Select CI. According to UBS Securities, UBS Securities has implemented a firewall with respect to its personnel regarding access to information concerning the composition and/or changes to the Index. See “Proprietary trading and other activities by the Index Providers and their respective affiliates could conflict with your interests as a Shareholder.”

~~Item~~UBS 5.Securities ~~Market~~and ~~for~~its ~~Registrant’s~~affiliates ~~Common~~may ~~Equity~~also issue or underwrite other securities or financial or derivative instruments with returns indexed to the Index, ~~Related~~the ~~Stockholder~~Bloomberg ~~Matters~~CI or the Bloomberg Roll Select CI, which would compete with the Shares. By introducing competing products into the marketplace, UBS Securities and ~~Issuer~~its ~~Purchases~~affiliates could adversely affect the price of ~~Equity~~the Shares. To the extent that UBS Securities or its affiliates serve as issuer, agent or underwriter of those securities or other similar instruments, their interests with respect to those products may be adverse to your interests as a Shareholder. In addition, UBS Securities is an Authorized Participant and was the initial purchaser of the Shares, while as noted above, it is expected to represent, directly or indirectly, a substantial portion of the short-side market for the Index Futures and could therefore benefit from the adverse performance of the Index Futures which would be adverse to the price of the Shares.

~~Market~~Proprietary ~~Information~~trading and other activities by the Index Providers and their respective affiliates could conflict with your interests as a Shareholder.

OnActivities ~~August~~conducted 9,by ~~2013~~the Index Providers and their respective affiliates may conflict with your interests as a Shareholder. For example, one or more of the ~~Shares~~Index ~~commenced~~Providers or their respective affiliates may also engage in trading in the Index, the Bloomberg CI, the Bloomberg Roll Select CI, related indices and sub‑indices, and other investments relating to such indices or their underlying components on ~~NYSE~~a ~~Arca~~regular basis as part of its general business, for proprietary accounts, for other accounts under management, to facilitate transactions for customers or to hedge obligations under products linked to such indices. One or more of the ~~symbol~~Index ~~CMDT~~Providers or their respective affiliates may also issue or underwrite securities or financial or derivative instruments with returns linked or related to changes in the performance of any of the foregoing. ~~For~~Any ~~each~~of these activities could adversely affect the market price of the ~~quarters~~commodities ~~during~~or futures contracts underlying such indices or the ~~fiscal~~value ~~years~~of ~~ended~~the ~~December 31~~indices themselves, ~~2016~~ ~~and~~which ~~2015~~may adversely affect the value of the Shares. According to UBS Securities, UBS Securities has implemented a firewall with respect to its personnel regarding access to information concerning the ~~high~~composition and/or ~~low~~changes ~~sale~~to ~~prices~~the Index. It is possible that one or more of the Index Providers or their respective affiliates could receive substantial returns from these hedging activities while the market value of the underlying commodities or futures contracts, the value of the indices, or the price or the NAV of the Shares asdecline. ~~reported~~Some ~~for~~or ~~transactions~~all onof ~~NYSE~~these ~~Arca~~risks ~~were~~may be further exacerbated as ~~follows:~~a result of various other roles of the Index Providers or their affiliates relating to the Trust, the Shares or the Index Futures.

	Years Ended December 31,
	2016				2015
	High		Low		High		Low
First Quarter	$	33.85	$	30.08	$	42.51	$	39.37
Second Quarter		37.30		32.28		42.46		40.14
Third Quarter		37.13		33.96		40.87		34.51
Fourth Quarter		37.01		34.37		36.37		31.53

Risk Factors Relating to Taxes

~~Holders~~Your tax liability could exceed cash distributions on your Shares.

~~The~~You ~~number~~will ofbe ~~Shareholders~~required ofto ~~record~~pay U.S. federal income taxes on your allocable share of the Trust’s asincome, without regard to the receipt of ~~December~~ 31cash distributions on the Shares. There is no obligation to make distributions on the Shares. Accordingly, ~~2016 was~~it ~~approximately~~is ~~446~~anticipated that you will not receive cash distributions sufficient to cover your allocable share of such taxable income or even the tax liability resulting from that income.

~~Dividends~~The Internal Revenue Service (the “IRS”) could adjust or reallocate items of income, gain, deduction, loss and credit with respect to the Shares if the IRS does not accept the assumptions or conventions utilized by the Trust.

The ~~Trust~~U.S. ~~did~~tax rules that apply to partnerships are complex and their application is not ~~declare~~always ~~any~~clear. ~~cash~~Moreover, ~~distributions~~the rules generally were not written for, and in some respects are difficult to ~~Shareholders~~apply ~~during~~to, publicly traded interests in partnerships. In addition, the Trust will report tax information to you on IRS Schedule K-1 with respect to the Shares. The Trustee shall deliver or cause to be delivered to each Shareholder an IRS Schedule K-1 as soon as practicable following each fiscal ~~years~~year ~~ended~~but ~~December~~generally 31not later than March 15. Reporting on IRS Schedule K-1 may be somewhat more complex than comparable reporting on IRS Form 1099. Each Shareholder, ~~2016~~by its acquisition of Shares, will be deemed to agree to allow brokers and ~~2015.~~nominees ~~The~~to provide to the Trust ~~has~~its noname ~~obligation~~and address and the other information and forms as may be reasonably requested by the Trust for purposes of complying with their tax reporting and withholding obligations (and to ~~make~~waive ~~periodic~~any ~~distributions~~confidentiality rights with respect to ~~Shareholders~~the information and forms for this purpose) and to provide information or forms upon request.

~~Use~~Investors in the Shares should consult their tax advisors in determining how to use the information reported on IRS Schedule K-1 to complete their income tax returns. The Trust will apply certain assumptions and conventions intended to comply with the intent of ~~Proceeds~~the ~~from~~rules ~~Registered~~and ~~Securities~~to report income, gain, deduction, loss and credit to investors in a manner that reflects the investors’ economic gains and losses, but these assumptions and conventions may not comply with all aspects of the applicable Treasury regulations. It is possible therefore that the IRS will successfully assert that these assumptions or conventions do not satisfy the technical requirements of the United States Internal Revenue Code of 1986, as amended (the “Code”) or the Treasury regulations and will require that items of income, gain, deduction, loss and credit be adjusted or reallocated in a manner that could be adverse to you.

~~Not applicable.~~21

~~Purchase~~Table of ~~Equity Securities by the Issuers and Affiliated Purchasers~~Contents

NoIf ~~redemption~~the Trust were to fail to qualify as a partnership for U.S. federal income tax purposes, the Trust’s income and items of ~~Shares~~deduction ~~occurred~~would ~~during~~not pass through to the ~~quarter~~Shareholders, ~~ended~~the ~~December~~Trust 31would be required to pay tax at corporate rates on any portion of the Trust’s net income that does not constitute tax-exempt income, ~~2016~~and distributions by the Trust to the Trust’s Shareholders would be taxable dividends to the extent of the Trust’s earnings and profits.

23It is expected that the Trust will operate and be classified as a partnership for U.S. federal income tax purposes. So long as the Trust qualifies as a partnership, it will be able to pass through its income, including the Trust’s federally tax-exempt income, if any, and deductions to the Shareholders. The Trust’s qualification as a partnership for U.S. federal income tax purposes involves the application of numerous technical provisions under which there is a lack of direct authority. In general, if a partnership is publicly traded, as defined in the Code, it will be treated as a corporation for U.S. federal income tax purposes. It is expected that the Trust will be treated as a publicly traded partnership. A publicly traded partnership will, however, be taxed as a partnership, and not as a corporation for U.S. federal income tax purposes, so long as 90% or more of its gross income for each taxable year constitutes “qualifying income” within the meaning of Section 7704(d) of the Code and the partnership is not required to register under the Investment Company Act. This exception is referred to as the “qualifying income exception.” Qualifying income generally includes interest (other than certain contingent interest and interest derived in the conduct of a financial or insurance business), dividends, real property rents, and income from certain commodities transactions.

~~Item~~If 6less than 90% of the Trust’s gross income for any tax year constitutes qualifying income, for any reason, other than a failure that is determined to be inadvertent and that is cured within a reasonable time after discovery, or if the Trust is required to register under the Investment Company Act, the Trust’s items of income and deduction would not pass through to the Trust’s Shareholders and the Trust’s Shareholders would be treated for U.S. ~~Selected~~federal ~~Financial~~income ~~Data~~tax purposes as stockholders in a corporation. The Trust would be required to pay income tax at corporate rates on its net taxable income. Distributions by the Trust to its Shareholders would constitute dividend income taxable to such holders to the extent of the Trust’s earnings and profits and the payment of these distributions would not be deductible by the Trust. These consequences could have a material adverse effect on the Trust, its Shareholders and the value of the Shares.

~~The~~If ~~following~~the ~~table~~IRS ~~summarizes~~makes ~~the~~audit ~~relevant~~adjustments ~~2016,~~to ~~2015,~~the ~~2014~~Trust’s ~~and~~income ~~2013~~tax ~~financial~~returns ~~data~~ for ~~the~~tax ~~Trust~~years ~~and~~beginning ~~should~~after be2017, ~~read~~it inmay ~~conjunction~~collect ~~with~~any ~~the~~resulting ~~Trust’s~~taxes ~~financial~~(including ~~statements,~~any ~~schedules~~applicable penalties and ~~notes~~interest) ~~related~~directly ~~thereto~~from the Trust, in which ~~are~~case ~~included~~the incash ~~this~~available ~~report.~~for ~~The~~the ~~Trust~~distribution ~~commenced~~to ~~operations~~the onTrust’s ~~August~~Shareholders 8,might ~~2013~~be substantially reduced.

	Years Ended December 31,
	2016			2015			2014			2013(a)
Interest income	$	22,106		$	3,819		$	6,267		$	957
Total gain (loss) on sales of short-term investments and futures contracts		1,255,793			(5,002,875	)		(1,971,260	)		174,904
Net income (loss)		1,073,448			(4,331,439	)		(2,902,004	)		127,561
Net income (loss) per Share		3.73			(10.08	)		(10.06	)		0.98
Net cash flows		(522,610	)		2,016,749			(1,239	)		51,845
Total assets		21,824,913			4,821,137			15,023,986			12,720,855

Pursuant to the Bipartisan Budget Act of 2015, significant changes are being made to the rules applicable to U.S. federal income tax audits of partnerships. Under the new rules (which are generally effective for the Trust’s taxable years beginning after December 31, 2017), if the IRS makes audit adjustments to the Trust’s U.S. federal income tax returns , it may collect any resulting taxes (including any applicable penalties and interest) directly from the Trust. The Trust may have the ability to shift any such tax liability to the Sponsor and the Trust’s Shareholders in accordance with their interests in the Trust during the year under audit, but there can be no assurance that it will be able to do so, in which case the current Shareholders would economically bear the burden of the tax even if they were not Shareholders during the year under audit (or if they had a different percentage interest in the Trust in that year). If the Trust is required to make payments of taxes, penalties and interest resulting from audit adjustments, the cash available for distribution to the Trust’s Shareholders might be substantially reduced. The changes created by the new partnership audit rules are sweeping and in many respects dependent on the promulgation of future regulations or other guidance by the IRS or the U.S. Treasury Department. Investors in the Shares are urged to consult their tax advisors regarding these changes and their potential impact.

~~(a)~~Under ~~For~~recently enacted U.S. tax legislation referred to as the ~~period~~“Tax ~~from~~Cuts ~~August~~and 8,Jobs ~~2013~~Act” (~~commencement~~the ~~of operations~~“TCJA”), Shareholders that are not U.S. persons could be subject to ~~December~~U.S. 31federal income tax, ~~2013~~including a 10% withholding tax, on the disposition of their Shares.

~~The~~Although ~~following~~the ~~table~~Trust ~~summarizes~~intends to conduct its activities in a manner that avoids the ~~relevant~~conduct ~~quarterly~~of ~~financial~~a ~~data~~U.S. trade or business, if the IRS were to determine that the Trust is engaged in a U.S. trade or business for ~~each~~U.S. federal income tax purposes, any gain recognized by a foreign transferor on the sale, exchange or other disposition of Shares would generally be treated as “effectively connected” with such trade or business to the ~~four~~extent ~~quarters~~it does not exceed the effectively connected gain that would be allocable to the transferor if the Trust sold all of ~~2016~~its ~~for~~assets at their fair market value as of the date of the transferor’s disposition. Under the TCJA, any such gain that is treated as effectively connected will generally be subject to U.S. federal income tax. In addition, the transferee of the Shares or the applicable withholding agent would be required to deduct and withhold a tax equal to 10% of the amount realized by the transferor on the disposition, which would include an allocable portion of the Trust’s liabilities and ~~should~~would betherefore ~~read~~generally exceed the amount of cash received by the transferor in ~~conjunction~~the ~~with~~disposition, unless the ~~Trust~~transferor provides an affidavit stating the transferor’s ~~financial~~taxpayer ~~statements~~identification number and that the transferor is not a foreign person. If the transferee fails to properly withhold such tax, ~~schedules~~the Trust would be required to deduct and ~~notes~~withhold ~~related~~from ~~thereto~~distributions ~~which~~to ~~are~~the ~~included~~transferee a tax in ~~this~~an ~~report~~amount equal to the amount the transferee failed to withhold, plus interest.

	Three Months Ended (Unaudited)
	March 31,		June 30,			September 30,			December 31,
	2016		2016			2016			2016
Interest income	$	2,287	$	3,619		$	6,076		$	10,124
Total gain (loss) on sales of short-term investments and futures contracts		78,484		965,746			(564,713	)		776,276
Net income (loss)		114,168		918,801			(329,641	)		370,120
Net income (loss) per Share		0.64		3.88			(1.10	)		0.86
Net cash flows		3,154,882		(1,659,231	)		(2,408,866	)		390,605
Total assets		6,521,179		11,006,240			10,623,646			21,824,913

The withholding requirements with respect to the disposition of an interest in a publicly traded partnership are currently suspended and will remain suspended until Treasury regulations are promulgated or other relevant authoritative guidance is issued. Future guidance on the implementation of these requirements will be applicable on a prospective basis.

Item 71B. ~~Management’s~~Unresolved ~~Discussion~~Staff ~~and Analysis of Financial Condition and Results of Operations~~Comments.

This information should be read in conjunction with the financial statements and notes to financial statements included with this report. The discussion and analysis that follows may contain statements that relate to future events or future performance. In some cases, such forward-looking statements can be identified by terminology such as “may,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or the negative of these terms or other comparable terminology. None ~~of the Trust, the Sponsor, the Advisor, the Trustee or the Delaware Trustee assumes responsibility for the accuracy or completeness of any forward-looking statements~~. Except as required by applicable disclosure laws, none of the Trust, the Sponsor, the Advisor, the Trustee or the Delaware Trustee is under a duty to update any of the forward-looking statements to conform such statements to actual results or to a change in expectations or predictions.

~~Introduction~~Item 2. Properties.

~~Although~~Not ~~the Trust is an emerging growth company subject to reduced public company reporting requirements under U~~applicable.S. federal securities laws, it has elected not to make use of the extended transition period for complying with new or revised accounting standards pursuant to Section 107(b) of the JOBS Act and has otherwise prepared the financial statements and disclosures included in this Form 10-K in a manner comparable to that of other iShares exchange-traded funds.

~~During~~Item the period beginning August 8, 2013 (commencement of operations) and ending on December 31, 2016 (the Trust’s most recent fiscal year-end), the Trust’s net asset value grew from $5,000,000 at August 8, 2013 to $21,805,981 at December 31, 20163. ~~Outstanding~~Legal ~~Shares in the Trust grew from 100,000 Shares at August 8, 2013 to 600,000 Shares at December 31, 2016~~Proceedings.

As described in Part I above, the Trust seeks to track the results of a fully collateralized investment in futures contracts on an index composed of a diversified group of commodities futures which attempts to minimize contango and maximize backwardationNone. The Trust seeks to track the investment returns of the Index before payment of the Trust’s expenses and liabilities. The Index is a statistical composite that tracks a diversified group of commodities futures. The Index does not actually hold a portfolio of futures contracts and does not incur the fees and expenses incurred by the Trust. These fees and expenses negatively impact the Trust’s performance relative to that of the Index.

24 Item 4. Mine Safety Disclosures.

~~The~~Not ~~following graph presents the change in NAV of the Trust and the closing level of the Index for the years ended December 31, 2016, 2015 and 2014:~~applicable.

~~Results of Operations~~22

~~The~~Table ~~Year~~of ~~Ended December 31, 2016~~Contents

~~The~~PART Trust’s net asset value increased from $4,816,999 at December 31, 2015 to $21,805,981 at December 31, 2016. The increase in the Trust’s net asset value resulted primarily from a net increase in the number of outstanding Shares, which rose from 150,000 Shares at December 31, 2015 to 600,000 Shares at December 31, 2016, a consequence of 450,000 Shares (9 Baskets) being created and zero Shares being redeemed during the year. The Trust’s net asset value also benefited from a net increase in net assets resulting from operations.II

~~Net~~Market increase in net assets resulting from operations for the year ended December 31, 2016 was $1,073,448, resulting from a net realized and unrealized gain of $1,139,231, offset by a net investment loss of $65,783. For the year ended December 31, 2016, the Trust had a net realized and unrealized gain of $1,398 on short‑term investments and a net realized and unrealized gain of $1,137,833 on futures contracts. Other than the Sponsor’s fees of $74,011 and brokerage commissions and fees of $13,878, the Trust had no expenses during the year.Information

~~The~~On ~~Year~~August ~~Ended~~9, ~~December~~2013, the Shares commenced trading on NYSE Arca under the ticker symbol CMDT. For each of the quarters during the fiscal years ended December 31, 2017 ~~2015~~and 2016, the high and low sale prices of the Shares as reported for transactions on NYSE Arca were as follows:

The Trust’s net asset value decreased from $14,787,750 at December 31, 2014 to $4,816,999 at December 31, 2015. The decrease in the Trust’s net asset value resulted primarily from a net decrease in the number of outstanding Shares, which fell from 350,000 Shares at December 31, 2014 to 150,000 Shares at December 31, 2015, a consequence of 550,000 Shares (11 Baskets) being created and 750,000 Shares (15 Baskets) being redeemed during the year. The Trust’s net asset value was also affected by a net decrease in net assets resulting from operations.

	Years Ended December 31,
	2017				2016
	High		Low		High		Low
First Quarter	$	37.29	$	35.52	$	33.85	$	30.08
Second Quarter		36.17		33.50		37.30		32.28
Third Quarter		36.25		34.65		37.13		33.96
Fourth Quarter		37.26		35.39		37.01		34.37

The 24.00% decline in the Trust’s NAV from $42.25 at December 31, 2014 to $32.11 at December 31, 2015 is directly related to the 23.49% decrease in the settlement price for the Index Futures. The Trust’s NAV decreased slightly more than the settlement price for the Index Futures on a percentage basis due to the Sponsor’s fees and brokerage commissions.Holders

~~Net decrease~~The innumber ~~net~~of ~~assets~~Shareholders ~~resulting from operations for the year ended December 31, 2015 was $4,331,439, resulting from a net investment loss~~ of ~~$145,027~~record ~~and a net realized and unrealized loss~~ of ~~$4,186,412. For~~ the ~~year ended December 31, 2015, the~~ Trust ~~had~~as ~~a net realized and unrealized loss~~ of ~~$1,402~~December ~~on short-term investments and a net realized and unrealized loss of $4~~31,~~185,010~~ on2017 ~~futures~~was ~~contracts.~~approximately ~~Other than the Sponsor’s fees of $126,802 and brokerage commissions and fees of $22,044, the Trust had no expenses during the year~~441.

25 Dividends

The ~~Year~~Trust ~~Ended~~did not declare any cash distributions to Shareholders during the fiscal years ended December 31, ~~2014~~2017 and 2016. The Trust has no obligation to make periodic distributions to Shareholders.

~~The~~Use Trust’s net asset value increased from $12,594,593 at December 31, 2013 to $14,787,750 at December 31, 2014. The increase in the Trust’s net asset value resulted primarily from a net increase in the number of ~~outstanding~~Proceeds ~~Shares, which rose~~ from ~~250,000~~Registered Shares at December 31, 2013 to 350,000 Shares at December 31, 2014, a consequence of 100,000 Shares (2 Baskets) being created and zero Shares being redeemed during the year. The Trust’s net asset value was partially offset by a net loss.Securities

~~The~~Not 16applicable.14% decline in the Trust’s NAV from $50.38 at December 31, 2013 to $42.25 at December 31, 2014 is directly related to the 15.25% decrease in the settlement price for the Index Futures. The Trust’s NAV decreased slightly more than the settlement price for the Index Futures on a percentage basis due to the Sponsor’s fees and brokerage commissions.

~~Net decrease~~Purchases ~~in net assets resulting from operations for the year ended December 31, 2014 was $2,902,004, resulting from a net investment loss~~ of ~~$114,192~~Equity ~~and~~Securities aby ~~net realized and unrealized loss of $2,787,812. For~~ the ~~year~~Issuers ~~ended December 31, 2014, the Trust had a net realized~~ and ~~unrealized~~Affiliated gain of $654 on short-term investments and a net realized and unrealized loss of $2,788,466 on futures contracts. Other than the Sponsor’s fees of $108,570 and brokerage commissions and fees of $11,889, the Trust had no expenses during the year.Purchasers

~~Liquidity~~250,000 ~~and~~Shares ~~Capital~~(5 ~~Resources~~Baskets) were redeemed during the fourth quarter of the year ended December 31, 2017.

The Trust’s assets as of December 31, 2016 consist of Index Futures and Collateral Assets used to satisfy applicable margin requirements for those Index Futures positions. The Trust does not anticipate any further need for liquidity, because creations and redemptions of Shares generally occur in kind and ordinary expenses are met by cash on hand. Interest earned on the assets posted as collateral is paid to the Trust and is used to pay the Sponsor’s fees and purchase additional Index Futures and Collateral Assets, or, in the discretion of the Sponsor, distributed to Shareholders. For the year ended December 31, 2016, interest income was $22,106, while the Sponsor’s fees totaled $74,011. For the year ended December 31, 2015, interest income was $3,819, while the Sponsor’s fees totaled $126,802. For the year ended December 31, 2014, interest income was $6,267, while the Sponsor’s fees totaled $108,570. In exchange for a fee based on the net asset value of the Trust, the Sponsor has assumed most of the ordinary expenses incurred by the Trust. In the case of an extraordinary expense and/or insufficient interest income to cover ordinary expenses, however, the Trust could be forced to liquidate its positions in Index Futures and Collateral Assets to pay such expenses. As of December 31, 2016, the market for Index Futures had not developed significant liquidity and the Trust represented substantially all of the long-side open interest in Index Futures. In addition, it is expected that UBS Securities or its accountholders may represent, directly or indirectly, a substantial portion of the short-side interest in such market. The existence of such a limited number of market participants could cause or exacerbate losses to the Trust if the Trust were required to liquidate its Index Futures positions.

Periods	Total Number of Shares Redeemed		Average Price Per Share
10/1/17 to 10/31/17		250,000	$	35.50
11/1/17 to 11/30/17		—		—
12/1/17 to 12/31/17		—		—
Total		250,000	$	35.50

~~The Sponsor is unaware of any other trends, demands, conditions or events that are reasonably likely to result in material changes to the Trust’s liquidity needs.~~ 23

~~Because~~Table ~~the Trust trades Index Futures, its capital is at risk due to changes in the value~~ of ~~the Index Futures or other assets (market risk) or the inability of counterparties to perform (credit risk).~~Contents

~~Market~~Item ~~Risk~~6. Selected Financial Data.

The ~~Trust~~following ~~holds~~table ~~Index~~summarizes ~~Futures positions and Collateral Assets to satisfy applicable margin requirements on those Index Futures positions. Because of this limited diversification of~~ the ~~Trust’s~~relevant ~~assets~~2017, ~~fluctuations~~2016, in2015, ~~the~~2014 ~~value~~and of2013 ~~the~~financial ~~Index~~data ~~Futures~~for ~~are expected to directly affect~~ the ~~value~~Trust ofand ~~the~~should ~~Shares. The value of the Index Futures is expected to track generally the Bloomberg Roll Select CI, although this correlation may not~~ be ~~exact.~~read ~~The Bloomberg Roll Select CI,~~ in ~~turn,~~conjunction ~~reflects~~with the ~~value~~Trust’s offinancial ~~a diversified group of commodities~~statements, ~~while~~schedules ~~also seeking to minimize the effect of contango~~ and ~~maximize~~notes ~~the~~related ~~effect~~thereto ofwhich ~~backwardation~~are included in ~~connection~~this ~~with periodically switching or “rolling” into new futures contracts~~report. The Trust’s ~~exposure~~commenced tooperations ~~market~~on ~~risk~~August ~~will be influenced by a number of factors~~8, ~~including the lack of liquidity of the Index Futures market and activities of other market participants~~2013.

Credit Risk

	Years Ended December 31,
	2017			2016			2015			2014			2013(a)
Interest income	$	160,008		$	22,106		$	3,819		$	6,267		$	957
Total gain (loss) on sales of short-term investments and futures contracts		(609,950	)		1,255,793			(5,002,875	)		(1,971,260	)		174,904
Net income (loss)		93,765			1,073,448			(4,331,439	)		(2,902,004	)		127,561
Net income (loss) per Share		0.16			3.73			(10.08	)		(10.06	)		0.98
Net cash flows		(1,043,517	)		(522,610	)		2,016,749			(1,239	)		51,845
Total assets		14,879,470			21,824,913			4,821,137			15,023,986			12,720,855

~~When the Trust purchases or holds Index Futures, it is exposed to the credit risk of~~ (a) ~~default~~For by the ~~CME’s~~period ~~clearing~~from ~~house,~~August ~~which serves as the counterparty to each Index Futures position~~8, ~~and~~2013 of(commencement ~~a default by its Clearing FCM. In the case~~ of ~~such~~operations) ~~a default, the Trust may be unable~~ to ~~recover~~December ~~amounts~~31, ~~due to it on its Index Futures positions and Collateral Assets posted as margin~~2013. ~~The Trust is also exposed to credit risk as a result of its ownership of U.S. Treasury bills.~~

~~Off-Balance~~The ~~Sheet~~following ~~Arrangements~~table summarizes the relevant quarterly financial data for each of the four quarters of 2017 for the Trust and ~~Contractual~~should ~~Obligations~~be read in conjunction with the Trust’s financial statements, schedules and notes related thereto which are included in this report.

The Trust does not use and is not expected to use special purpose entities to facilitate off-balance sheet financing arrangements. The Trust does not have and is not expected to have loan guarantee arrangements or other off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions related to certain risks service providers undertake in performing services that are in the interest of the Trust. While the Trust’s exposure under such indemnification provisions cannot be estimated, these general business indemnifications are not expected to have a material impact on the Trust’s financial position.

	Three Months Ended (Unaudited)
	March 31, 2017			June 31, 2017			September 30, 2017			December 31, 2017
Interest income	$	28,798		$	41,568		$	52,547		$	37,095
Total gain (loss) on sales of short-term investments and futures contracts		(180,665	)		(918,167	)		762,375			(273,493	)
Net income (loss)		(264,929	)		(672,497	)		540,467			490,724
Net income (loss) per Share		(0.41	)		(1.03	)		0.83			1.22
Net cash flows		(490,328	)		1,775,250			(2,103,649	)		(224,790	)
Total assets		23,378,428			22,704,814			23,304,774			14,879,470

26 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

~~Critical~~This ~~Accounting~~information ~~Policies~~should be read in conjunction with the financial statements and notes to financial statements included with this report. The discussion and analysis that follows may contain statements that relate to future events or future performance. In some cases, such forward-looking statements can be identified by terminology such as “may,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or the negative of these terms or other comparable terminology. None of the Trust, the Sponsor, the Advisor, the Trustee or the Delaware Trustee assumes responsibility for the accuracy or completeness of any forward-looking statements. Except as required by applicable disclosure laws, none of the Trust, the Sponsor, the Advisor, the Trustee or the Delaware Trustee is under a duty to update any of the forward-looking statements to conform such statements to actual results or to a change in expectations or predictions.

The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting policies. In addition, please refer to Note 2 to the financial statements of the Trust for further discussion of the Trust’s accounting policies.Introduction

~~Item~~Although 7Athe Trust is an emerging growth company subject to reduced public company reporting requirements under U.S. ~~Quantitative~~federal securities laws, it has elected not to make use of the extended transition period for complying with new or revised accounting standards pursuant to Section 107(b) of the JOBS Act and ~~Qualitative~~has ~~Disclosures~~otherwise ~~About~~prepared ~~Market~~the ~~Risk~~financial statements and disclosures included in this Form 10-K in a manner comparable to that of other iShares exchange‑traded funds.

~~Quantitative~~During ~~Disclosure~~the period beginning August 8, 2013 (commencement of operations) and ending on December 31, 2017 (the Trust’s most recent fiscal year-end), the Trust’s net asset value grew from $5,000,000 at August 8, 2013 to $14,870,283 at December 31, 2017. Outstanding Shares in the Trust grew from 100,000 Shares at August 8, 2013 to 400,000 Shares at December 31, 2017.

~~The~~As described in Part I above, the Trust isseeks ~~exposed~~to track the results of a fully collateralized investment in futures contracts on an index composed of a diversified group of commodities futures which attempts to ~~commodity~~minimize ~~price~~contango ~~risk~~and ~~through~~maximize backwardation. The Trust seeks to track the investment returns of the Index before payment of the Trust’s ~~holdings~~expenses ofand liabilities. The Index ~~Futures~~is a statistical composite that tracks a diversified group of commodities futures. The ~~following~~Index ~~table~~does ~~provides~~not ~~information~~actually ~~about~~hold ~~the~~a ~~Trust’s~~portfolio of futures ~~contract~~contracts ~~positions,~~and ~~which~~does ~~are~~not ~~sensitive~~incur tothe ~~changes~~fees inand ~~commodity~~expenses ~~prices~~incurred by the Trust. AsThese offees ~~December~~and ~~31,~~expenses ~~2016,~~negatively impact the Trust’s ~~open~~performance ~~Index~~relative ~~Futures~~to ~~long~~that ~~positions~~of ~~were~~the ~~as follows:~~Index.

Number of contracts		988
Expiration date	March 2017
Weighted-average price per contract	$	220.83
Notional amount (fair value)	$	21,674,744

~~The~~Table ~~notional~~of ~~amount is calculated using the settlement price for the Index Futures on the CME on December 31, 2016, which was $219.38 per contract, and the $100 multiplier applicable under the contract terms.~~Contents

The ~~Trust~~following ~~has~~graph presents ~~non-trading~~the ~~market~~change ~~risk~~in atNAV aof ~~result~~the ofTrust ~~investing~~and inthe ~~short-term~~closing ~~United~~level ~~States~~of ~~Treasury~~the ~~bills~~Index ~~and~~for ~~such~~the ~~market~~years ~~risk~~ended isDecember ~~expected~~31, to2017, be2016 ~~immaterial.~~and 2015:

~~Qualitative~~Results ~~Disclosure~~of Operations

As described herein, the Trust seeks to track the results of a fully collateralized investment in futures contracts on an index composed of a diversified group of commodities futures which attempts to minimize contango and maximize backwardation. The ~~Trust~~Year ~~seeks~~Ended toDecember track the investment returns of the Index before payment of the Trust’s expenses and liabilities. The Index itself is intended to reflect the performance of a diversified group of physical commodities31, including energy commodities, precious and industrial metal commodities, agricultural commodities and livestock commodities. The Trust obtains this exposure to commodity prices through the Trust’s Index Futures positions. As a result, fluctuations in the value of the Index Futures are expected to directly affect the value of the Shares.2017

The Trust’s ~~will~~net ~~not~~asset ~~engage~~value indecreased ~~any~~from ~~activities~~$21,805,981 ~~designed~~at toDecember ~~obtain~~31, a2016 ~~profit~~to ~~from~~$14,870,283 orat ~~ameliorate~~December ~~losses~~31, ~~caused~~2017. ~~by,~~The ~~changes~~decrease in the ~~level~~Trust’s ofnet ~~the~~asset ~~Index~~value orresulted ~~the~~primarily ~~Bloomberg~~from ~~Roll~~a ~~Select~~net ~~CI,~~decrease orin the ~~value~~number of ~~any~~outstanding ~~Collateral~~Shares, ~~Assets.~~which ~~The~~fell ~~Trust’s~~from ~~exposure~~600,000 Shares at December 31, 2016 to ~~market~~400,000 ~~risk~~Shares ~~may~~at beDecember ~~influenced~~31, by2017, a ~~number~~consequence of ~~factors~~100,000 ~~including~~Shares (2 Baskets) being created and 300,000 Shares (6 Baskets) being redeemed during the ~~lack~~year. ofThe ~~liquidity~~decrease ofin the ~~Index~~Trust’s ~~Futures~~net ~~market~~asset ~~and~~value ~~activities~~was ofpartially ~~other~~offset ~~market~~by ~~participants~~a net increase in net assets resulting from operations.

~~Item~~The 82.31% ~~Financial~~increase ~~Statements~~in the Trust’s NAV from $36.34 at December 31, 2016 to $37.18 at December 31, 2017 is directly related to the 2.65% increase in the settlement price for the Index Futures. The Trust’s NAV increased slightly less than the settlement price for the Index Futures on a percentage basis due to the Sponsor’s Fees and ~~Supplementary~~brokerage ~~Data~~commissions.

~~The~~Net ~~following~~increase ~~tables~~in ~~show~~net assets resulting from operations for the ~~Trust’s~~year ~~quarterly~~ended ~~financial~~December ~~information~~31, ~~for~~2017 ~~each~~was $93,765, resulting from a net realized and unrealized gain of $120,773, offset by a net investment loss of $27,008. For the ~~four~~year ~~quarters~~ended December 31, 2017, the Trust had a net realized and unrealized loss of ~~2016~~$912 on short-term investments and ~~2015~~a net realized and unrealized gain of $121,685 on futures contracts. Other than the Sponsor’s Fees of $158,498 and brokerage commissions and fees of $28,518, the Trust had no expenses during the year.

	Three Months Ended (Unaudited)
	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016
Investment Income
Interest	$	2,287		$	3,619		$	6,076		$	10,124
Total investment income		2,287			3,619			6,076			10,124
Expenses
Sponsor’s fees		10,517			15,213			19,915			28,366
Brokerage commissions and fees		2,158			2,730			2,976			6,014
Total expenses		12,675			17,943			22,891			34,380
Net investment loss		(10,388	)		(14,324	)		(16,815	)		(24,256	)
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Futures contracts		78,484			965,746			(564,713	)		776,276
Net realized gain (loss)		78,484			965,746			(564,713	)		776,276
Net change in unrealized appreciation/depreciation on:
Short-term investments		252			472			(842	)		1,516
Futures contracts		45,820			(33,093	)		252,729			(383,416	)
Net change in unrealized appreciation/depreciation		46,072			(32,621	)		251,887			(381,900	)
Net realized and unrealized gain (loss)		124,556			933,125			(312,826	)		394,376
Net increase (decrease) in net assets resulting from operations	$	114,168		$	918,801		$	(329,641	)	$	370,120
Net increase (decrease) in net assets per Share	$	0.64		$	3.88		$	(1.10	)	$	0.86

The Year Ended December 31, 2016

27The Trust’s net asset value increased from $4,816,999 at December 31, 2015 to $21,805,981 at December 31, 2016. The increase in the Trust’s net asset value resulted primarily from a net increase in the number of outstanding Shares, which rose from 150,000 Shares at December 31, 2015 to 600,000 Shares at December 31, 2016, a consequence of 450,000 Shares (9 Baskets) being created and zero Shares being redeemed during the year. The Trust’s net asset value also benefited from a net increase in net assets resulting from operations.

	Three Months Ended (Unaudited)
	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015
Investment Income
Interest	$	1,087		$	1,239		$	1,036		$	457
Total investment income		1,087			1,239			1,036			457
Expenses
Sponsor’s fees		30,234			50,173			29,129			17,266
Brokerage commissions and fees		7,056			6,753			4,992			3,243
Total expenses		37,290			56,926			34,121			20,509
Net investment loss		(36,203	)		(55,687	)		(33,085	)		(20,052	)
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Short-term investments		300			26			(105	)		(955	)
Futures contracts		(1,920,561	)		622,054			(2,622,549	)		(1,081,094	)
Net realized gain (loss)		(1,920,261	)		622,080			(2,622,654	)		(1,082,049	)
Net change in unrealized appreciation/depreciation on:
Short-term investments		(405	)		1,128			(807	)		(584	)
Futures contracts		711,761			283,140			(298,741	)		120,971
Net change in unrealized appreciation/depreciation		711,356			284,268			(299,548	)		120,387
Net realized and unrealized gain (loss)		(1,208,905	)		906,348			(2,922,202	)		(961,662	)
Net increase (decrease) in net assets resulting from operations	$	(1,245,108	)	$	850,661		$	(2,955,287	)	$	(981,714	)
Net increase (decrease) in net assets per Share	$	(3.12	)	$	1.29		$	(7.39	)	$	(3.71	)

The 13.17% increase in the Trust’s NAV from $32.11 at December 31, 2015 to $36.34 at December 31, 2016 is directly related to the 14.12% increase in the settlement price for the Index Futures. The Trust’s NAV increased slightly less than the settlement price for the Index Futures on a percentage basis due to the Sponsor’s Fees and brokerage commissions.

~~See~~Net ~~Index~~increase toin ~~Financial~~net ~~Statements~~assets onresulting ~~page~~from ~~F-1~~operations for the year ended December 31, 2016 was $1,073,448, resulting from a ~~list~~net realized and unrealized gain of $1,139,231, offset by a net investment loss of $65,783. For the ~~financial~~year ~~statements~~ended ~~being~~December ~~filed~~31, ~~herein~~2016, the Trust had a net realized and unrealized gain of $1,398 on short-term investments and a net realized and unrealized gain of $1,137,833 on futures contracts. Other than the Sponsor’s Fees of $74,011 and brokerage commissions and fees of $13,878, the Trust had no expenses during the year.

~~Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.~~25

~~There~~Table ~~have~~of ~~been no changes in accountants and no disagreements with accountants during the year ended December 31, 2016.~~Contents

~~Item~~The ~~9A.~~Year ~~Controls~~Ended ~~and~~December ~~Procedures.~~31, 2015

The ~~duly~~Trust’s ~~authorized~~net ~~officers~~asset ofvalue ~~the~~decreased ~~Sponsor~~from ~~performing~~$14,787,750 ~~functions~~at ~~equivalent~~December to31, ~~those~~2014 ato ~~principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers~~$4,816,999 ~~with~~at ~~the~~December ~~participation of the Trustee~~31, ~~have~~2015. ~~evaluated~~The ~~the~~decrease ~~effectiveness~~in of the Trust’s ~~disclosure~~net ~~controls~~asset ~~and~~value ~~procedures,~~resulted ~~and~~primarily ~~have~~from ~~concluded~~a ~~that~~net ~~the~~decrease ~~disclosure~~in ~~controls and procedures of~~ the ~~Trust~~number ~~were effective as~~ of ~~the~~outstanding ~~end~~Shares, ofwhich ~~the~~fell ~~period~~from ~~covered~~350,000 byShares ~~this~~at ~~report~~December to31, ~~provide~~2014 ~~reasonable assurance that information required~~ to be150,000 ~~disclosed~~Shares inat ~~the~~December ~~reports that the Trust files or submits under the Exchange Act is recorded~~31, ~~processed~~2015, ~~summarized~~a ~~and~~consequence ~~reported~~of 550,000 ~~within~~Shares ~~the~~(11 ~~time~~Baskets) ~~periods~~being ~~specified~~created ~~in the applicable rules~~ and ~~forms~~750,000 ~~and~~Shares ~~that~~(15 itBaskets) isbeing ~~accumulated~~redeemed ~~and~~during ~~communicated to~~ the ~~duly~~year. ~~authorized~~The ~~officers~~Trust’s ofnet ~~the~~asset ~~Sponsor~~value ~~performing~~was ~~functions~~also ~~equivalent~~affected toby ~~those~~ a ~~principal~~net ~~executive~~decrease ~~officer~~in ~~and~~net ~~principal~~assets ~~financial~~resulting ~~officer~~from ~~of the Trust would perform if the Trust had any officers, as appropriate to allow timely decisions regarding required disclosure~~operations.

~~There~~The ~~are~~24.00% ~~inherent~~decline ~~limitations~~in to the ~~effectiveness~~Trust’s ofNAV ~~any~~from ~~system~~$42.25 ofat ~~disclosure~~December ~~controls~~31, ~~and~~2014 ~~procedures~~to $32.11 at December 31, ~~including~~2015 is directly related to the ~~possibility~~23.49% ofdecrease ~~human~~in ~~error~~the ~~and~~settlement price for the ~~circumvention~~Index orFutures. ~~overriding~~The ofTrust’s NAV decreased slightly more than the ~~controls~~settlement price for the Index Futures on a percentage basis due to the Sponsor’s Fees and ~~procedures.~~brokerage commissions.

~~Management~~Net decrease in net assets resulting from operations for the year ended December 31, 2015 was $4,331,439, resulting from a net investment loss of $145,027 and a net realized and unrealized loss of $4,186,412. For the year ended December 31, 2015, the Trust had a net realized and unrealized loss of $1,402 on short-term investments and a net realized and unrealized loss of $4,185,010 on futures contracts. Other than the Sponsor’s ~~Report~~Fees onof ~~Internal~~$126,802 ~~Control~~and ~~over~~brokerage ~~Financial~~commissions ~~Reporting~~and fees of $22,044, the Trust had no expenses during the year.

~~The~~Liquidity ~~Sponsor’s management is responsible for establishing~~ and ~~maintaining~~Capital ~~adequate~~Resources internal control over financial reporting, as defined in Exchange Act Rules 13a-15(f) and 15d-15(f). The Trust’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America. Internal control over financial reporting includes those policies and procedures that: (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Trust’s assets; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that the Trust’s receipts and expenditures are being made only in accordance with appropriate authorizations; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Trust’s assets that could have a material effect on the financial statements.

28The Trust’s assets as of December 31, 2017 consist of Index Futures and Collateral Assets used to satisfy applicable margin requirements for those Index Futures positions. The Trust does not anticipate any further need for liquidity, because creations and redemptions of Shares generally occur in kind and ordinary expenses are met by cash on hand. Interest earned on the assets posted as collateral is paid to the Trust and is used to pay the Sponsor’s Fees and purchase additional Index Futures and Collateral Assets, or, in the discretion of the Sponsor, distributed to Shareholders. For the year ended December 31, 2017, interest income was $160,008, while the Sponsor’s Fees totaled $158,498. For the year ended December 31, 2016, interest income was $22,106, while the Sponsor’s Fees totaled $74,011. For the year ended December 31, 2015, interest income was $3,819, while the Sponsor’s Fees totaled $126,802. In exchange for a fee based on the net asset value of the Trust, the Sponsor has assumed most of the ordinary expenses incurred by the Trust. In the case of an extraordinary expense and/or insufficient interest income to cover ordinary expenses, however, the Trust could be forced to liquidate its positions in Index Futures and Collateral Assets to pay such expenses. As of December 31, 2017, the market for Index Futures had not developed significant liquidity and the Trust represented substantially all of the long-side open interest in Index Futures. In addition, it is expected that UBS Securities or its accountholders may represent, directly or indirectly, a substantial portion of the short-side interest in such market. The existence of such a limited number of market participants could cause or exacerbate losses to the Trust if the Trust were required to liquidate its Index Futures positions.

~~Because~~The ofSponsor ~~its~~is ~~inherent~~unaware ~~limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections~~ of any ~~evaluation~~other oftrends, ~~effectiveness~~demands, toconditions ~~future~~or ~~periods~~events ~~are subject to the risk~~ that ~~controls~~are ~~may~~reasonably ~~become~~likely ~~ineffective~~to ~~because~~result ~~of changes~~ in ~~conditions,~~material orchanges ~~that~~to the ~~degree~~Trust’s ofliquidity ~~compliance with the policies or procedures may deteriorate~~needs.

~~The~~Because ~~principal executive officer and principal financial officer of~~ the ~~Sponsor assessed the effectiveness of the~~ Trust’s ~~internal~~trades ~~control~~Index ~~over financial reporting as of December 31~~Futures, ~~2016.~~its ~~Their~~capital ~~assessment~~is ~~included~~at anrisk ~~evaluation~~due ofto ~~the~~changes ~~design~~in of the ~~Trust’s~~value ~~internal control over financial reporting and testing~~ of the ~~operational~~Index ~~effectiveness~~Futures ofor ~~its~~other ~~internal~~assets ~~control~~(market ~~over~~risk) ~~financial~~or ~~reporting. In making its assessment,~~ the ~~Sponsor’s~~inability ~~management has utilized the criteria set forth by the Committee~~ of ~~Sponsoring~~counterparties ~~Organizations~~to ofperform ~~the Treadway Commission~~ (~~COSO)~~credit ~~in its report entitled Internal Control – Integrated Framework (2013~~risk). Based on their assessment and those criteria, the principal executive officer and principal financial officer of the Sponsor concluded that the Trust maintained effective internal control over financial reporting as of December 31, 2016.

~~Report~~Market ~~of the Independent Registered Public Accounting Firm~~Risk

~~This~~The ~~annual~~Trust ~~report~~holds Index Futures positions and Collateral Assets to satisfy applicable margin requirements on ~~Form~~those ~~10-K~~Index ~~does~~Futures ~~not~~positions. ~~include~~Because anof ~~attestation~~this ~~report~~limited diversification of anthe ~~independent~~Trust’s ~~registered~~assets, ~~public~~fluctuations ~~accounting~~in ~~firm~~the ~~regarding~~value ~~internal~~of ~~control~~the ~~over~~Index ~~financial~~Futures ~~reporting.~~are Asexpected anto ~~emerging~~directly ~~growth~~affect ~~company,~~the value of the ~~Trust~~Shares. The value of the Index Futures is ~~exempt~~expected ~~from~~to track generally the ~~auditor~~Bloomberg ~~attestation~~Roll ~~requirements~~Select ~~under~~CI, ~~Section~~although ~~404(b)~~this ofcorrelation may not be exact. The Bloomberg Roll Select CI, in turn, reflects the ~~Sarbanes-Oxley~~value ~~Act~~of a diversified group of commodities, while also seeking to minimize the effect of contango and ~~accordingly~~maximize ~~has~~the ~~not~~effect ~~engaged~~of ~~any~~backwardation ~~independent~~in ~~registered~~connection ~~public~~with ~~accounting~~periodically ~~firm~~switching or “rolling” into new futures contracts. The Trust’s exposure to ~~perform~~market anrisk ~~audit~~will be influenced by a number of ~~internal~~factors, ~~control~~including ~~over~~the ~~financial~~lack ~~reporting~~of liquidity of the Index Futures market and activities of other market participants.

~~Changes~~Credit ~~in Internal Control over Financial Reporting~~ Risk

~~There~~When ~~were~~the noTrust ~~changes~~purchases inor ~~the~~holds ~~Trust’s~~Index ~~internal~~Futures, ~~control~~it ~~over~~is ~~financial~~exposed ~~reporting~~to ~~that~~the ~~occurred~~credit ~~during~~risk of a default by the ~~Trust~~CME’s ~~fourth~~clearing ~~fiscal~~house, ~~quarter~~which ofserves as the ~~period~~counterparty ~~covered~~to each Index Futures position, and of a default by ~~this~~its ~~report~~Clearing ~~that~~FCM. ~~have~~In ~~materially~~the ~~affected~~case of such a default, orthe ~~are~~Trust ~~reasonably~~may ~~likely~~be unable to ~~materially~~recover ~~affect,~~amounts ~~the~~due to it on its Index Futures positions and Collateral Assets posted as margin. The Trust’s ~~internal~~is ~~control~~also ~~over~~exposed ~~financial~~to ~~reporting~~credit risk as a result of its ownership of U.S. Treasury bills.

~~Item~~Off-Balance ~~9B.~~Sheet ~~Other~~Arrangements ~~Information.~~and Contractual Obligations

~~Not~~The ~~applicable~~Trust does not use and is not expected to use special purpose entities to facilitate off-balance sheet financing arrangements. The Trust does not have and is not expected to have loan guarantee arrangements or other off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions related to certain risks service providers undertake in performing services that are in the interest of the Trust. While the Trust’s exposure under such indemnification provisions cannot be estimated, these general business indemnifications are not expected to have a material impact on the Trust’s financial position.

2926

~~PART~~Table ~~III~~of Contents

~~Item~~Critical ~~10.~~Accounting ~~Directors, Executive Officers and Corporate Governance.~~Policies

The ~~Trust~~financial ~~does~~statements ~~not~~and ~~have~~accompanying ~~any~~notes ~~directors,~~are ~~officers~~prepared orin ~~employees~~accordance with accounting principles generally accepted in the United States of America. The ~~following~~preparation ~~persons,~~of inthese ~~their~~financial ~~respective~~statements ~~capacities~~relies ason ~~directors~~estimates orand ~~executive~~assumptions ~~officers~~that ofimpact the ~~Sponsor,~~Trust’s ~~perform~~financial ~~certain~~position ~~functions~~and ~~with~~results ~~respect~~of tooperations. These estimates and assumptions affect the Trust’s ~~that~~application of accounting policies. In addition, ifplease refer to Note 2 to the ~~Trust~~financial ~~had~~statements ~~directors~~of orthe ~~executive~~Trust ~~officers,~~for ~~would~~further ~~typically~~discussion beof ~~performed~~the byTrust’s ~~them~~accounting policies.

~~Paul~~Item ~~Lohrey~~7A. isQuantitative ~~the President~~ and ~~Chief~~Qualitative ~~Executive~~Disclosures ~~Officer~~About ofMarket ~~the Sponsor, Jack Gee is the Chief Financial Officer of the Sponsor~~Risk. ~~The Sponsor is managed by a Board of Trustees composed of Philip Jensen, Peter Landini, Kimun Lee, Jack Gee and Paul Lohrey.~~

~~Paul~~Quantitative Lohrey, CFA, 54, became a principal of the Sponsor in April 2014 and has served as its President and Chief Executive Officer since November 2015. Mr. Lohrey joined BlackRock, Inc., a global asset management firm, as a Managing Director, performing supervisory and managerial functions, in June 2010. Prior to joining BlackRock, Inc., Mr. Lohrey served as Chief Investment Officer, Europe, performing supervisory and managerial functions, for The Vanguard Group, an asset management firm, from October 2008 to May 2010. He also held various positions in equity and fixed income portfolio management while at Vanguard from August 1994. Mr. Lohrey earned a Bachelor of Arts in economics from Duke University in 1984 and an MBA in Finance from the University of Chicago in 1986.Disclosure

~~Jack~~The Gee, 57, became a principal of the Sponsor in September 2011 and serves as its Chief Financial Officer. Since December 2011, Mr. Gee was a principal of BlackRock Asset Management International Inc., a former commodity pool operator that withdrew its commodity pool operator registration in February 2014, and serves as its Chief Financial Officer, Chief Operating Officer and Director. Mr. Gee served as Director of US Fund Administration of BlackRock Institutional Trust ~~Company~~is ~~N.A.,~~exposed ato ~~national banking association, a~~ commodity ~~pool~~price ~~operator~~risk ~~and~~through ~~a commodity trading advisor registered with~~ the ~~CFTC,~~Trust’s ~~from~~holdings ~~September 2004 to January 2010. Since January 2010, Mr. Gee has served as Managing Director, performing supervisory and managerial functions,~~ of ~~BlackRock.~~Index ~~Prior to joining BlackRock, Mr~~Futures. ~~Gee~~The ~~served~~following astable ~~Chief~~provides ~~Financial~~information ~~Officer~~about ~~of Parnassus Investments, an investment adviser registered with~~ the ~~SEC,~~Trust’s ~~from~~futures ~~March~~contract ~~2004 to September 2004; Chief Financial Officer of Cazenave Partners~~positions, anwhich ~~investment~~are ~~adviser~~sensitive ~~registered with the SEC, from October 2003~~ to ~~March~~changes ~~2004;~~in ~~Controller~~commodity ofprices. ~~Paul~~As ~~Capital Partners, an investment firm focusing on the secondary private equity and healthcare market, from October 2002 to October 2003; Chief Financial Officer~~ of ~~Fremont~~December ~~Investment Advisors~~31, ~~Inc.~~2017, ~~an investment adviser formerly registered with~~ the ~~SEC,~~Trust’s ~~from~~open ~~October~~Index ~~1997~~Futures tolong ~~September~~positions ~~2002.~~were ~~Mr.~~as ~~Gee earned a Bachelor of Science in accounting from the California State University in 1982.~~follows:

Philip Jensen, 58, became a principal of the Sponsor in September 2009 and is Chairman of the Sponsor’s audit committee. Since June 2001, Mr. Jensen has served as Partner and Chief Financial Officer of Paul Capital Partners, an investment firm focusing on the secondary private equity and healthcare markets. Mr. Jensen received his Bachelor of Science from San Francisco State University and is a certified public accountant.

Number of contracts:		659
Expiration date:		March 2018
Weighted-average price per contract:	$	216.26
Notional amount (fair value):	$	14,840,680

~~Peter~~The ~~Landini,~~notional ~~65,~~amount ~~became~~is acalculated ~~principal~~using of the ~~Sponsor~~settlement inprice ~~September~~for ~~2009~~the ~~and~~Index isFutures aon ~~member of~~ the ~~Sponsor’s~~CME ~~audit~~on ~~committee.~~December ~~In January 2003~~31, ~~Mr. Landini joined RBP Investment Advisors~~2017, ~~Inc., a financial planning consultancy firm, for~~ which hewas ~~presently serves as Partner and Wealth Manager~~$225.20 ~~Mr.~~per ~~Landini~~contract, ~~received his Bachelor of Science in accounting from Santa Clara University~~ and anthe ~~MBA~~$100 inmultiplier ~~Finance~~applicable ~~from~~under ~~Golden Gate University. Mr. Landini is a certified financial planner and is a member of~~ the ~~Financial~~contract ~~Planning Association~~terms.

~~Kimun~~The ~~Lee,~~Trust ~~70,~~has ~~became~~non-trading amarket ~~principal~~risk ofat ~~the Sponsor in September 2009 and is~~ a ~~member~~result of ~~the~~investing ~~Sponsor’s~~in ~~audit committee. Mr. Lee is a California~~short-~~registered~~term ~~investment~~United ~~adviser~~States ~~and~~Treasury ~~has~~bills conducted his consulting business under the name Resources Consolidated since January 1980. Since September 2010, Mr. Lee has served as a member of the board of directors of Firsthand Technology Value Fund, Inc., a mutual fund company. Since April 2013, Mr. Lee has served as a member of the board of directors of Firsthand Funds, a mutual fund company. Since April 2014, Mr. Lee has served as a member of the board of trustees of FundX Investment Trust, a mutual fund company. Until January 2005, Mr. Lee also served as a member of the board of directors of Fremont Mutual Funds, Inc., a mutual fund company. Mr. Lee received his Bachelor of Arts from the University of the Pacific and ansuch ~~MBA~~market ~~from~~risk ~~University~~is ofexpected ~~Nevada,~~to ~~Reno.~~be ~~He also completed the executive education program on corporate governance at Stanford Graduate School of Business~~immaterial.

30Qualitative Disclosure

~~Item~~As 11described herein, the Trust seeks to track the results of a fully collateralized investment in futures contracts on an index composed of a diversified group of commodities futures which attempts to minimize contango and maximize backwardation. ~~Executive~~The ~~Compensation~~Trust seeks to track the investment returns of the Index before payment of the Trust’s expenses and liabilities. The Index itself is intended to reflect the performance of a diversified group of physical commodities, including energy commodities, precious and industrial metal commodities, agricultural commodities and livestock commodities. The Trust obtains this exposure to commodity prices through the Trust’s Index Futures positions. As a result, fluctuations in the value of the Index Futures are expected to directly affect the value of the Shares.

The Trust ~~has~~will nonot ~~employees,~~engage ~~officers~~in orany ~~directors.~~activities ~~The~~designed ~~Trust~~to isobtain ~~managed~~a profit from, or ameliorate losses caused by, changes in the ~~Sponsor~~level ~~and~~of ~~pays~~the Index or the ~~Sponsor~~Bloomberg Roll Select CI, or the ~~Sponsor~~value of any Collateral Assets. The Trust’s ~~Fee.~~exposure ~~For~~to ~~the~~market ~~year~~risk ~~ended~~may ~~December 31~~be influenced by a number of factors, ~~2016,~~ including the ~~Trust~~lack ~~has~~of ~~incurred~~liquidity aof ~~Sponsor’s~~the ~~Fee~~Index Futures market and activities of ~~$74,011~~other market participants.

Item 128. ~~Security~~Financial ~~Ownership~~Statements ~~of Certain Beneficial Owners~~ and ~~Management~~Supplementary ~~and Related Stockholder Matters~~Data.

~~Securities~~The ~~Authorized~~following tables show the Trust’s quarterly financial information for ~~Issuance~~each ~~under~~of ~~Equity~~the ~~Compensation~~four ~~Plans~~quarters of 2017 and 2016.

Not applicable.

	Three Months Ended (Unaudited)
	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Investment Income
Interest	$	28,798		$	41,568		$	52,547		$	37,095
Total investment income		28,798			41,568			52,547			37,095
Expenses
Sponsor’s fees		44,155			42,792			43,584			27,967
Brokerage commissions and fees		7,490			7,490			7,490			6,048
Total expenses		51,645			50,282			51,074			34,015
Net investment income (loss)		(22,847	)		(8,714	)		1,473			3,080
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Short-term investments		73			—			—			15
Futures contracts		(180,738	)		(918,167	)		762,375			(273,508	)
Net realized gain (loss)		(180,665	)		(918,167	)		762,375			(273,493	)
Net change in unrealized appreciation/depreciation on:
Short-term investments		715			(383	)		(286	)		(1,046	)
Futures contracts		(62,132	)		254,767			(223,095	)		762,183
Net change in unrealized appreciation/depreciation		(61,417	)		254,384			(223,381	)		761,137
Net realized and unrealized gain (loss)		(242,082	)		(663,783	)		538,994			487,644
Net increase (decrease) in net assets resulting from operations	$	(264,929	)	$	(672,497	)	$	540,467		$	490,724
Net increase (decrease) in net assets per Share	$	(0.41	)	$	(1.03	)	$	0.83		$	1.22

~~Security Ownership of Certain Beneficial Owners and Management~~27

~~Not~~Table ~~applicable.~~of Contents

Item 13. Certain Relationships and Related Transactions, and Director Independence.

	Three Months Ended (Unaudited)
	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016
Investment Income
Interest	$	2,287		$	3,619		$	6,076		$	10,124
Total investment income		2,287			3,619			6,076			10,124
Expenses
Sponsor’s fees		10,517			15,213			19,915			28,366
Brokerage commissions and fees		2,158			2,730			2,976			6,014
Total expenses		12,675			17,943			22,891			34,380
Net investment loss		(10,388	)		(14,324	)		(16,815	)		(24,256	)
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Futures contracts		78,484			965,746			(564,713	)		776,276
Net realized gain (loss)		78,484			965,746			(564,713	)		776,276
Net change in unrealized appreciation/depreciation on:
Short-term investments		252			472			(842	)		1,516
Futures contracts		45,820			(33,093	)		252,729			(383,416	)
Net change in unrealized appreciation/depreciation		46,072			(32,621	)		251,887			(381,900	)
Net realized and unrealized gain (loss)		124,556			933,125			(312,826	)		394,376
Net increase (decrease) in net assets resulting from operations	$	114,168		$	918,801		$	(329,641	)	$	370,120
Net increase (decrease) in net assets per Share	$	0.64		$	3.88		$	(1.10	)	$	0.86

See ~~Item~~Index 11to ~~above.~~Financial Statements on page F-1 for a list of the financial statements being filed herein.

Item 149. ~~Principal~~Changes ~~Accounting~~in ~~Fees~~and Disagreements with Accountants on Accounting and ~~Services~~Financial Disclosure.

~~Audit~~There have been no changes in accountants and ~~Non-Audit~~no ~~Fees~~disagreements with accountants during the year ended December 31, 2017.

~~The~~Item ~~table~~9A. ~~below~~Controls ~~summarizes the fees for services performed by PricewaterhouseCoopers LLP for the years ended December 31, 2016~~ and ~~2015~~Procedures.

	2016		2015
Audit fees	$	51,700	$	53,800
Audit-related fees(a)		250		250
Tax fees(b)		198,830		183,330
All other fees		—		—
	$	250,780	$	237,380

The duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, with the participation of the Trustee, have evaluated the effectiveness of the Trust’s disclosure controls and procedures, and have concluded that the disclosure controls and procedures of the Trust were effective as of the end of the period covered by this report to provide reasonable assurance that information required to be disclosed in the reports that the Trust files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the applicable rules and forms, and that it is accumulated and communicated to the duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, as appropriate to allow timely decisions regarding required disclosure.

~~(a)~~There ~~Amount~~are ~~represents~~inherent ~~certain~~limitations ~~review~~to the effectiveness of any system of disclosure controls and procedures, including the ~~regulatory~~possibility ~~filings~~of human error and the circumvention or overriding of the controls and procedures.

~~(b)~~Management’s ~~PricewaterhouseCoopers~~Report ~~LLP~~on ~~provides~~Internal ~~certain~~Control ~~tax~~over ~~compliance~~Financial and reporting services to the Trust, including processing beneficial ownership information as it relates to the preparation of tax reporting packages and the subsequent delivery of related information to the IRS. Services also include assistance with tax reporting and related information using a web-based tax package product developed by PricewaterhouseCoopers LLP and a toll-free tax package support help line.Reporting

~~Approval~~The Sponsor’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Exchange Act Rules 13a-15(f) and 15d-15(f). The Trust’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of ~~Independent~~financial ~~Registered~~reporting ~~Public~~and ~~Accounting~~the ~~Firm~~preparation ~~Services~~of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America. Internal control over financial reporting includes those policies and ~~Fees~~procedures that: (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Trust’s assets; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that the Trust’s receipts and expenditures are being made only in accordance with appropriate authorizations; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Trust’s assets that could have a material effect on the financial statements.

The audit committee of the Board of Trustees of the Sponsor approved, prior to the commencement of the engagement, the engagement of and compensation to be paid to PricewaterhouseCoopers LLP as auditors of the Trust.28

~~None~~Table of the hours expended on PricewaterhouseCoopers LLP’s engagement to audit the Trust’s financial statements for the year ended December 31, 2016 were attributable to work performed by persons other than the principal accountant’s full-time, permanent employees.Contents

31Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become ineffective because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

~~PART~~The IVprincipal executive officer and principal financial officer of the Sponsor assessed the effectiveness of the Trust’s internal control over financial reporting as of December 31, 2017. Their assessment included an evaluation of the design of the Trust’s internal control over financial reporting and testing of the operational effectiveness of its internal control over financial reporting. In making its assessment, the Sponsor’s management has utilized the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in its report entitled Internal Control – Integrated Framework (2013). Based on their assessment and those criteria, the principal executive officer and principal financial officer of the Sponsor concluded that the Trust maintained effective internal control over financial reporting as of December 31, 2017.

~~Item~~Report ~~15.~~of ~~Exhibits,~~the ~~Financial~~Independent ~~Statement~~Registered ~~Schedules.~~Public Accounting Firm

~~Financial~~This ~~Statements~~annual report on Form 10-K does not include an attestation report of an independent registered public accounting firm regarding internal control over financial reporting. As an emerging growth company, the Trust is exempt from the auditor attestation requirements under Section 404(b) of the Sarbanes‑Oxley Act, and accordingly has not engaged any independent registered public accounting firm to perform an audit of internal control over financial reporting.

~~See~~Changes ~~Index~~in toInternal ~~Financial~~Control ~~Statements~~over onFinancial ~~Page F-1 for a list of the financial statements being filed as part of this report.~~ Reporting

~~Financial~~There ~~Statement~~were ~~Schedules~~no changes in the Trust’s internal control over financial reporting that occurred during the Trust’s fourth fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting.

~~Schedules~~Item ~~may~~9B. ~~have~~Other ~~been omitted since they are either not required, not applicable or the information has otherwise been included~~Information.

~~Exhibits~~Not applicable.

~~The following documents are filed herewith or incorporated herein and made a part of this Annual Report:~~29

Exhibit No.		Description
3.1		Restated Certificate of Trust is incorporated by reference to Exhibit 3.1 filed with registrant’s Current Report on Form 8-K on July 7, 2014
4.1		Amended and Restated Trust Agreement is incorporated by reference to Exhibit 4.1 filed with registrant’s Current Report on Form 8-K on July 7, 2014
4.2		Form of Authorized Participant Agreement is incorporated by reference to Exhibit 4.2 filed with registrant’s Post-Effective Amendment No. 1 to Registration Statement No. 333-178376 on April 2, 2014
10.1		Investment Advisory Agreement is incorporated by reference to Exhibit 10.1 filed with registrant’s Pre-Effective Amendment No. 5 to Registration Statement No. 333-178376 on August 2, 2013
10.2		Institutional Futures Customer Agreement is incorporated by reference to Exhibit 10.2 filed with registrant’s Pre-Effective Amendment No. 5 to Registration Statement No. 333-178376 on August 2, 2013
10.3		Form of Service Module for Custodial Services is incorporated by reference to Exhibit 10.3 filed with registrant’s Pre-Effective Amendment No. 3 to Registration Statement No. 333-178376 on July 1, 2013
10.4		Form of Service Module for Fund Administration and Accounting Services is incorporated by reference to Exhibit 10.4 filed with registrant’s Pre-Effective Amendment No. 3 to Registration Statement No. 333-178376 on July 1, 2013
10.5		Form of Master Services Agreement is incorporated by reference to Exhibit 10.5 filed with registrant’s Pre-Effective Amendment No. 3 to Registration Statement No. 333-178376 on July 1, 2013
10.6		Form of Control Agreement is incorporated by reference to Exhibit 10.6 filed with registrant’s Pre-Effective Amendment No. 3 to Registration Statement No. 333-178376 on July 1, 2013
31.1		Certification by Principal Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended
31.2		Certification by Principal Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended
32.1		Certification by Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2		Certification by Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS		XBRL Instance Document
101.SCH		XBRL Taxonomy Extension Schema Document
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		XBRL Taxonomy Extension Label Linkbase Document
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document

Table of Contents

PART III

Item 10. Directors, Executive Officers and Corporate Governance.

The Trust does not have any directors, officers or employees. The following persons, in their respective capacities as directors or executive officers of the Sponsor, perform certain functions with respect to the Trust that, if the Trust had directors or executive officers, would typically be performed by them.

Paul Lohrey is the President and Chief Executive Officer of the Sponsor and Jack Gee is the Chief Financial Officer of the Sponsor.

The Sponsor is managed by a Board of Directors composed of Philip Jensen, Peter Landini, Kimun Lee, Jack Gee and Paul Lohrey.

Paul Lohrey, CFA, 55, became a principal of the Sponsor in April 2014 and has served as its President and Chief Executive Officer since November 2015. Since May 2016, Mr. Lohrey has served as an officer of BlackRock Asset Management International Inc., a former commodity pool operator that withdrew its commodity pool operator registration in February 2014. Mr. Lohrey joined BlackRock, a global asset management firm, as a Managing Director, performing supervisory and managerial functions, in June 2010. Prior to joining BlackRock, Mr. Lohrey served as Chief Investment Officer, Europe, performing supervisory and managerial functions, for The Vanguard Group, an asset management firm, from October 2008 to May 2010. He also held various positions in equity and fixed income portfolio management while at Vanguard from August 1994. Mr. Lohrey earned a Bachelor of Arts in economics from Duke University in 1984 and an MBA in finance from the University of Chicago in 1986.

Jack Gee, 58, became a principal of the Sponsor in September 2011 and serves as its Chief Financial Officer. Since December 2011, Mr. Gee was a principal of BlackRock Asset Management International Inc., a former commodity pool operator that withdrew its commodity pool operator registration in February 2014, and serves as its Chief Financial Officer, Chief Operating Officer and Director. Mr. Gee served as Director of US Fund Administration of BlackRock Institutional Trust Company N.A., a national banking association, a commodity pool operator and a commodity trading advisor registered with the CFTC, from September 2004 to January 2010. Since January 2010, Mr. Gee has served as Managing Director, performing supervisory and managerial functions, of BlackRock. Prior to joining BlackRock, Mr. Gee served as Chief Financial Officer of Parnassus Investments, an investment adviser registered with the SEC, from March 2004 to September 2004; Chief Financial Officer of Cazenave Partners, an investment adviser registered with the SEC, from October 2003 to March 2004; Controller of Paul Capital Partners, an investment firm focusing on the secondary private equity and healthcare market, from October 2002 to October 2003; Chief Financial Officer of Fremont Investment Advisors, Inc., an investment adviser formerly registered with the SEC, from October 1997 to September 2002. Mr. Gee earned a Bachelor of Science in accounting from the California State University in 1982.

Philip Jensen, 59, became a principal of the Sponsor in September 2009 and is Chairman of the Sponsor’s audit committee. In June 2001, Mr. Jensen joined Paul Capital Partners, an investment firm focusing on the secondary private equity and healthcare markets, for which he presently serves as Partner and Chief Operating Officer. Mr. Jensen received his Bachelor of Science from San Francisco State University and is a certified public accountant (inactive).

Peter Landini, 66, became a principal of the Sponsor in September 2009 and is a member of the Sponsor’s audit committee. In January 2003, Mr. Landini joined RBP Investment Advisors, Inc., a financial planning consultancy firm, for which he presently serves as Partner and Wealth Manager. Mr. Landini received his Bachelor of Science in accounting from Santa Clara University and an MBA in finance from Golden Gate University. Mr. Landini is a certified financial planner and is a member of the Financial Planning Association.

Kimun Lee, 71, became a principal of the Sponsor in September 2009 and is a member of the Sponsor’s audit committee. Mr. Lee is a California-registered investment adviser and has conducted his consulting business under the name Resources Consolidated since January 1980. Since September 2010, Mr. Lee has served as a member of the board of directors of Firsthand Technology Value Fund, Inc., a mutual fund company. Since April 2013, Mr. Lee has served as a member of the board of directors of Firsthand Funds, a mutual fund company. Since April 2014, Mr. Lee has served as a member of the board of trustees of FundX Investment Trust, a mutual fund company. Until January 2005, Mr. Lee also served as a member of the board of directors of Fremont Mutual Funds, Inc., a mutual fund company. Mr. Lee received his Bachelor of Arts from the University of the Pacific and an MBA from University of Nevada, Reno. He also completed the executive education program on corporate governance at Stanford Graduate School of Business.

Table of Contents

Item 11. Executive Compensation.

The Trust has no employees, officers or directors. The Trust is managed by the Sponsor and pays the Sponsor the Sponsor’s Fee. For the year ended December 31, 2017, the Trust has incurred a Sponsor’s Fee of $158,498.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

Securities Authorized for Issuance under Equity Compensation Plans

Not applicable.

Security Ownership of Certain Beneficial Owners and Management

Not applicable.

See Item 11 above.

Item 14. Principal Accounting Fees and Services.

Audit and Non-Audit Fees

The table below summarizes the fees for services performed by PricewaterhouseCoopers LLP for the years ended December 31, 2017 and 2016.

	2017		2016
Audit fees	$	51,700	$	51,700
Audit-related fees(a)		2,000		250
Tax fees(b)		193,830		198,830
All other fees		—		—
	$	247,530	$	250,780

(a)	Amount represents fees billed for review of the regulatory filings.

(b)

PricewaterhouseCoopers LLP provides certain tax compliance and reporting services to the Trust, including processing beneficial ownership information as it relates to the preparation of tax reporting packages and the subsequent delivery of related information to the IRS. Services also include assistance with tax reporting and related information using a web-based tax package product developed by PricewaterhouseCoopers LLP and a toll-free tax package support help line.

Approval of Independent Registered Public Accounting Firm Services and Fees

The audit committee of the Board of Directors of the Sponsor approved, prior to the commencement of the engagement, the engagement of and compensation to be paid to PricewaterhouseCoopers LLP as auditors of the Trust.

None of the hours expended on PricewaterhouseCoopers LLP’s engagement to audit the Trust’s financial statements for the year ended December 31, 2017 were attributable to work performed by persons other than the principal accountant’s full-time, permanent employees.

Table of Contents

PART IV

Item 15. Exhibits, Financial Statement Schedules.

Financial Statements

See Index to Financial Statements on Page F-1 for a list of the financial statements being filed as part of this report.

Financial Statement Schedules

Schedules may have been omitted since they are either not required, not applicable or the information has otherwise been included.

Exhibits

The following documents are filed herewith or incorporated herein and made a part of this Annual Report:

Exhibit No.		Description
3.1		Restated Certificate of Trust is incorporated by reference to Exhibit 3.1 of registrant’s Current Report on Form 8-K on July 7, 2014

4.1		Amended and Restated Trust Agreement is incorporated by reference to Exhibit 4.1 of registrant’s Current Report on Form 8-K on July 7, 2014

4.2		Authorized Participant Agreement is incorporated by reference to Exhibit 4.2 of registrant’s Post-Effective Amendment No. 1 to Registration Statement No. 333-178376 on April 2, 2014

10.1		Investment Advisory Agreement is incorporated by reference to Exhibit 10.1 of registrant’s Pre-Effective Amendment No. 5 to Registration Statement No. 333-178376 on August 2, 2013

10.2		Institutional Futures Customer Agreement is incorporated by reference to Exhibit 10.2 of registrant’s Pre-Effective Amendment No. 5 to Registration Statement No. 333-178376 on August 2, 2013

10.3		Service Module for Custodial Services is incorporated by reference to Exhibit 10.3 of registrant’s Pre-Effective Amendment No. 3 to Registration Statement No. 333-178376 on July 1, 2013

10.4		Service Module for Fund Administration and Accounting Services is incorporated by reference to Exhibit 10.4 of registrant’s Pre‑Effective Amendment No. 3 to Registration Statement No. 333-178376 on July 1, 2013

10.5		Master Services Agreement is incorporated by reference to Exhibit 10.5 of registrant’s Pre-Effective Amendment No. 3 to Registration Statement No. 333-178376 on July 1, 2013

10.6		Control Agreement is incorporated by reference to Exhibit 10.6 of registrant’s Pre-Effective Amendment No. 3 to Registration Statement No. 333-178376 on July 1, 2013

31.1		Certification by Principal Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended

31.2		Certification by Principal Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended

32.1		Certification by Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002

32.2		Certification by Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002

101.INS		XBRL Instance Document

101.SCH		XBRL Taxonomy Extension Schema Document

101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF		XBRL Taxonomy Extension Definition Linkbase Document

101.LAB		XBRL Taxonomy Extension Label Linkbase Document

101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document

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