ETF Securities Commodity ETP Weekly Sell the rumour buy the fact

Transcription

1 Aneeka Gupta Associate Research analyst 7 December 215 ETF Securities Commodity ETP ly Sell the rumour buy the fact Gold bounces higher as the 215 US rate hike becomes a near certainty and the market falls prey to the classic - sell the rumour buy the fact. Oil prices under further pressure after OPEC maintains status quo. Flows into copper ETPs rebound after top Chinese smelters agree to cut back on supply. ly Flows by Sector (US$mn) TOTAL Broad Energy Industrial Metals Precious Metals Agriculture Livestock Source: ETF Securities Top 5 Inflows/Outflows (US$mn) Oil Natural Gas Wheat Copper Platinum Heating Oil Aluminium Palladium Silver Gold Source: ETF Securities (where there aren t 5 outflows, the lowest inflows are displayed) Top 5 / Bottom 5 Performers Soybean Oil Soybeans Cocoa Corn Nickel Live Cattle Zinc Palladium % -4.% -5.3% -5.4% Gasoline -7.1% -1% - % 1% Source: ETF Securities % 1.2% % Inflows into energy ETPs persist for the 4 th consecutive week despite OPEC maintaining status quo. Energy ETPs recorded net inflows of US$39.3mn, driven largely by WTI crude oil ETPs and natural gas ETPs. As predicted hopes pinned on the OPEC meeting in Vienna this week disappointed investors as they stayed pat on maintaining current production levels despite the ongoing supply glut. The lack of cooperation from non-opec members, namely Russia ruling out cuts in supply at this stage, gave OPEC an alibi to abandon their production target. The market reacted negatively to the news with Brent crude oil closing at a new multi-year low US$42.5mn barrels a day this week. Gold ETPs suffer the 3 rd consecutive week of outflows of US$58.6mn. Gold rose 2.6% on Friday after the US dollar (DXY) depreciated by 2.4% on Thursday following the ECB s disappointing policy moves. Most of the price moves came on Friday following a stellar jobs report from the US, which led the market to believe that a December 16 th Fed hike is now a done-deal. As we have highlighted, during previous Fed rate hikes, the US Dollar often sells off and gold rises (contrary to popular perception), as markets buy on the rumour and sell on the fact. The unexpected rise in the labour force participation and upward revisions to the last month s stellar print in non-farm payrolls made the 215 US rate hike a near reality. The ECB s fresh stimulus measures unveiled on Thursday fell short of investor s expectations causing the overcrowded short euro trade to unwind. We suspect that an overcrowded shortgold trade has also fallen away, although we will have to wait for Friday s weekly release of CFTC data for confirmation. Record low prices drive bargain hunters into precious metal baskets. We received US$7.8mn in ETFS precious metals trust, marking its highest level since 214. Despite robust US vehicle sales, currently at a 1 year high, the sell-off in palladium known for their use in gasoline based catalytic converters deepened contributing to outflows of US$5.4mn from palladium ETPs. ETFs Copper (COPA) received US$5.1mn marking an 8-week high. The top 1 Chinese smelters added to supply woes after agreeing to cut production by 35, tons equivalent to 1. of last year s global copper production raising hopes for a rebound in copper prices that are down 27.7% for the year. Key events to watch this week. The Bank of England, Reserve Bank of New Zealand and Swiss National Bank are expected maintain the status quo in their respective policy meetings this week, although may offer some colour on their next moves. A raft of Chinese data ranging including industrial production, loan growth, trade and inflation will give a gauge for how the world s largest consumer of commodities is faring. Note: All flow and AUM data in this report are based on ETF Securities ETPs to 3 December 215 and are denominated in USD unless otherwise indicated.

2 2 ETF Securities ETF Securities Commodity ETP Flow Trends FLOWS (in $m) PRICE PERFORMANCE (in %) ASSETS in $m -1-1 Month YT D -1 Year -1-1 Month YT D -1 Year TOTAL ,157.9 Broad Commodity Precious Metals Total ,645.5 Broad Basket Gold , , % % Silv er % % Platinum % -1 2.% -29.9% -3.9% Palladium % -1 8.% -34.9% -34.3% Energy Total ,793.8 Broad Basket Oil , , , % % % Natural Gas % -3.2% % Heating Oil % % -26.4% -36.3% Gasoline % -1.3% -9.7 % -28.3% Carbon % 1.7 % 1 8.2% 24.7 % Industrial Metals Total Broad Basket Aluminium % -.4% % -25.4% Copper % % -28.4% % Nickel % -1.8% % Zinc % -9.9% -3.6% -32.% Tin % -.3% -23.6% -27.4% Lead % -1.3% Agriculture Total Broad Baskets Wheat % -1.% -21.2% -22.2% Corn % -2.7 % -6.7 %.4% Soy beans % % -1.1 % % -1.1 % 2.6% 1.4% Coffee % % % % 7.3% 3.2% Soy bean Oil % 8.7 % -4.3% -4.% Cocoa % 2.1 % 1 5.6% 1 6. Livestock Total Broad Baskets Lean Hogs %.2% % % Liv e Cattle % -1.4% % % All data based on ETF Securities global commodity ETP flows and assets. Flows include sum of all long and short ETP flows so do not necessarily reflect investor directional positioning. For net positioning please see charts below. Price performance is based on spot prices for metals and front month futures for all others. Oil flows report net flows in all ETFS oil ETCs. Oil performance data reflects Brent front month futures price performance. s Net Positioning in ETCs* (US$m) Agriculture Livestock Diversified Precious Metals Industrial Metals Energy $15.1 $16.2 $4.3 $18.4 $74.7 * Chart shows net positions in ETCs. Redemptions of short ETCs are counted as long positions, while creations of short ETCs are counted as short positions. Creations of leveraged ETCs are counted as a 2x long positions and redemptions of leveraged ETCs are counted as a 2x short positions. Source: ETF Securities $. $72.5 $13.4 $3.9 $9. $2.4 $. % 2% 4% 6% 8% 1% Creations (in $m) Redemptions (in $m) ETF Securities Asset Under Management From October 26 to December 215, in billions USD $32 Precious Metals $28 Energy $24 $2 $16 $ $8 $4 $ Diversified Industrial Metals Agriculture & Livestock Oct-6 Feb-7 Jun-7 Oct-7 Feb-8 Jun-8 Oct-8 Feb-9 Jun-9 Oct-9 Feb-1 Jun-1 Oct-1 Feb-11 Jun-11 Oct-11 Feb- Jun- Oct- Feb-13 Jun-13 Oct-13 Feb-14 Jun-14 Oct-14 Feb-15 Jun-15 Oct-15 Source: ETF Securities

3 3 ETF Securities Performance, Flows and Assets Top 5 and Top 5 Short ETC Returns (1 week, %) 1 Top 5 and Top 5 Short ETC Returns (YTD, %) 1 Top 5 and Top 5 Short ETC Returns ( Mth, %) 1 Soybeans Softs Soybeans ETFS Daily Short Brent Crude ETFS Daily Short Natural Gas 7% 7 % Cocoa ETFS Carbon ETFS Daily Short Nickel ETFS Daily Short Natural Gas -6% -8% 4% % 11% 5 47 % Cocoa ETFS Carbon ETFS Precious Metals Trust ETFS Daily Short Natural Gas ETFS Daily Short Nickel -1% -9% -1% % 7 % 86% 69% ETFS Daily Short Energy ETFS Daily Short Zinc 37 % ETFS Daily Short Energy 63% ETFS Daily Short Petroleum ETFS Daily Short Platinum 36% ETFS Daily Short WTI Crude Oil 56% ETFS Daily Short Heating Oil 4% ETFS Daily Short Industrial Metals 34% ETFS Daily Short Brent Crude 5 1 exclude ETFS Leveraged ETCs performance % 2% 4% 6% 8% -2% % 2% 4% 6% -4% % 4% 8% % Top 1 ETC Flows (1, in $m) Top 1 ETC Flows (YTD, in $m) Top 1 ETC Flows ( Mth, in $m) ETFS WTI Crude Oil $ ETFS WTI Crude Oil $674 ETFS WTI Crude Oil $7 45 ETFS Precious Metals Trust $8 ETFS Brent 1mth $198 ETFS er Dated All Commodities GO UCITS $197 ETFS Daily Leveraged WTI Crude Oil $7 ETFS er Dated All Commodities GO UCITS $197 ETFS Brent 1mth $186 ETFS Copper $5 ETFS Daily Leveraged WTI Crude Oil $161 ETFS Daily Leveraged WTI Crude Oil $184 ETFS Brent 1mth $5 ETFS Brent Crude $14 ETFS Brent Crude $142 ETFS Natural Gas $3 ETFS Physical Silver $82 ETFS Precious Metals Trust $89 WTI Crude Oil $3 ETFS Physical Swiss Gold $81 ETFS Physical Swiss Gold $83 ETFS Daily Leveraged Wheat $3 WTI Crude Oil $63 ETFS Physical Silver $72 ETFS Energy $3 ETFS Energy $61 ETFS Ex-Agriculture and Livestock $65 All Commodities $2 ETFS GBP Daily Hedged Brent Crude Oil $51 ETFS Energy $ ETC USD Assets (3//15, $m) ETC GBP Returns ( Mths, %) ETC EUR Returns ( Mths, %) ETFS Physical Gold $3,528.8 Cocoa 16% Cocoa 26% Gold Bullion Securities $2,342.6 ETFS Carbon 11% ETFS Carbon 21% ETFS Gold Trust $ % % ETFS WTI Crude Oil $ % 2% ETFS Physical Silver $557. ETFS Precious Metals Trust -13% ETFS Precious Metals Trust -6% ETFS Platinum Trust $ % % ETFS Brent 1mth $299.8 ETFS Physical Gold ETF -9% ETFS Physical Gold ETF -1% ETFS Physical Gold (ASX) $28.4 ETFS Gold Trust -9% ETFS Gold Trust -1% ETFS Physical Swiss Gold $264.7 ETFS Physical Gold -9% ETFS Physical Gold -1% ETFS Silver Trust $252.8 ETFS Physical Swiss Gold -9% ETFS Physical Swiss Gold -1% -2, 3, 8, -2 % 2-2% % 2% 4% Sources: ETF Securities

4 ETF Securities Global Precious Metals ETP Holdings Gold Global ETP Holdings (mm oz) Daily Data from 25 Apr 7 to 3 Dec Apr 7 Apr 8 Apr 9 Apr 1 Apr 11 Apr Apr 13 Apr 14 Apr 15 Source: Bloom berg, ETF Securities Silver Global ETP Holdings (mm oz) Daily Data from 25 Apr 7 to 3 Dec Apr 7 Apr 8 Apr 9 Apr 1 Apr 11 Apr Apr 13 Apr 14 Apr 15 Source: Bloom berg, ETF Securities Palladium Global ETP Holdings (' oz) Daily Data from 25 Apr 7 to 3 Dec 15 3,5 Platinum Global ETP Holdings (' oz) Daily Data from 25 Apr 7 to 3 Dec 15 3,5 3, 3, 2,5 2,5 2, 2, 1,5 1,5 1, 1, 5 5 Apr 7 Apr 8 Apr 9 Apr 1 Apr 11 Apr Apr 13 Apr 14 Apr 15 Source: Bloom berg, ETF Securities Apr 7 Apr 8 Apr 9 Apr 1 Apr 11 Apr Apr 13 Apr 14 Apr 15 Source: Bloom berg, ETF Securities ETF Securities Commodity ETP Trading Volume $1.6 $1.4 $1.2 $1. $.8 $.6 $.4 $.2 1 yr ly Turnover (US$bn) ETFS PHYSICAL GOLD ETFS WTI CRUDE OIL GOLD BULLION SECURITIES LTD ETFS FTSE1 LEV DLY2X ETFS 2X DAILY LONG WTI CRUDE ETFS 3X LONG USD SHORT EUR ETFS COPPER ETFX DAX 2X LONG FUND Top 1 Turnover (US$m) $. ETFS FTSE 1 SUPER SHORT ST ETFS PHYSICAL SILVER London BrsaItaliana Deutsche Borse Euronext NYSE Arca $ $2 $4 $6 $8 $1 $ Source: ETF Securities Sources: ETF Securities, Bloomberg. From November 3 to December 4, 215

5 5 ETF Securities Performance, Flows and Assets by Sector -1x 2x FX Hedged BROAD Price Performance Net Creations (in $m) AUM Growth (in $m) AUM since listing (1 ) Y TD(2) (2) in m$ ETFS All Commodities -1.1% -22.4% -28.% ($.4) ($7.6) $16. ($3.) ($94.4) ($95.9) $ % ETFS er Dated All Commodities -.8% % $. ($11.9) ($13.1) ($.) ($1.3) ($2.9) $3.8.% ETFS er Dated All Commodities GO UCITS ETF -1.9% -22.2% -27.% ($2.6) $196.6 $196.7 ($7.3) $158.2 $152.9 $ % ETFS Ex-Energy. -18.% -19.8% $. $. $. $. ($.1) ($.1) $1..% ETFS er Dated Ex-Energy % -2.4% $. $. $. $. $. $. $.1.% ETFS Ex-Agriculture and Livestock -2.6% % ($.3) $31.4 $65.2 ($2.1) $1.5 $37.8 $66.8. ETFS Daily Short All Commodities 1.1% % ($.9) $1.8 $.8 ($.7 ) $3. $2.5 $1.9.1% ETFS Daily Short Ex-Energy -.6% 17.3% 19.6% $. ($.1) ($.1) ($.) ($.) ($.) $..% ETFS Daily Leveraged All Commodities % -49.8% $. $5.3 $5.4 ($.) ($.5) ($.8) $1.4.% ETFS Daily Leveraged Ex-Energy 1.1% -33.6% % $. $. $. $. ($.) ($.) $..% All Commodities.9% -31.4% -37.4% $2.5 $21.8 $2.8 $2.7 $17.4 $15.5 $24.4.2% er Dated All Commodities 1.2% -3.3% -35.8% $.4 $1.1 $1.1 $.4 $.9 $.9 $1..% ETFS GBP Daily Hedged All Commodities -1.8% % -31.4% $. ($.1) ($.1) ($.) $.6 $.6 $.8.% ETFS GBP Daily Hedged er Dated All Commodities % $. $.3 ($.) ($.) ($.2) ($.5) $.3.% er Dated All Commodities 1.1% -23.6% -29.6% $. $. $. $. ($.1) ($.1) $.3.% T otal ($1.3) $238.7 $292.7 ($1.) $94.1 $19.9 $ FX Hedged 2x -1x PRECIOUS METALS Price Performance Net Creations (in m$) AUM Growth (in $m) (1 ) Y TD(2) (2) in m$ ETFS Precious Metals -.8% -11.8% -14.2% $1.2 ($51.3) ($53.1) $1. ($51.9) ($56.) $28.4.2% ETFS Physical PM Basket -2.1% -18.4% -19.2% $. $46.9 $48.7 ($3.2) $1.4 $1.9 $ % ETFS Physical PM Basket (ASX) -2.1% -18.4% -19.2% $. $. $. ($.1) ($.7 ) ($.7 ) $3..% ETFS Precious Metals Trust.% -9.8% -1.2% $7.8 $1.3 $89.2 $. ($47.7 ) ($48.) $ % ETFS White Metal Basket Trust -1.% % -16.6% $. $. $. $6.3 ($91.8) ($4.) $15.5.1% ETFS Gold -.8% -11.6% -13. $.5 ($.2) ($2.1) ($.1) ($.3) ($16.1) $ % ETFS Physical Gold % -.7 % ($49.) ($513.8) ($97.4) ($11.8) ($1,35.4) ($97.) $3, % ETFS Physical Gold (ASX) % -.7 % $. ($22.6) ($3.4) ($4.2) ($7 6.5) ($86.1) $ % ETFS Gold Trust -1.2% -.3% -.7 % $. ($27.1) ($91.1) ($9.4) ($8.2) ($197.6) $ % ETFS Asian Gold Trust % -24.4% $. ($45.2) ($45.2) ($.1) ($6.4) ($6.7 ) $5.4.% Gold Bullion Securities % -.8% ($11.2) ($518.4) ($519.3) ($46.1) ($95.9) ($924.2) $2, % ETFS Physical Swiss Gold % -.7 % $.5 $81.4 $83.4 ($3.4) $54.6 $55.5 $ % ETFS Silver -.7 % -11.8% -16.3% ($.5) ($.6) ($3.5) ($.7 ) ($4.2) ($8.7 ) $26..2% ETFS Physical Silver % -15.% ($4.) $81.8 $7 2. ($18.6) ($1.9) ($23.) $ % ETFS Physical Silver (ASX) % -15.% $. $. $. ($.8) ($4.6) ($5.4) $3.4.2% ETFS Silver Trust -1.% -13.% -14.8% $. ($4.4) ($9.) ($2.6) ($41.) ($51.9) $ % ETFS Platinum.4% -3.8% -32.% $. ($1.5) ($1.) $. ($2.1) ($1.7 ) $1.1.% ETFS Physical Platinum -.6% % $.6 ($35.4) ($38.7 ) ($.9) ($158.3) ($166.1) $ % ETFS Physical Platinum (ASX) -.6% % $. $. $. ($.) ($.9) ($1.) $2.1.% ETFS Platinum Trust 1.3% -3.6% -31.3% $. ($31.) ($54.7 ) $5. ($223.3) ($253.8) $ % ETFS Physical Palladium -5.4% -34.1% % ($3.9) ($9.6) ($8.9) ($14.3) ($24.1) ($197.5) $ % ETFS Physical Palladium (ASX) -5.4% -34.1% % $. $. $. ($.) ($.4) ($.5) $.9.% ETFS Palladium Trust -2.1% -34.2% % $. ($83.3) ($12.8) ($3.9) ($2.8) ($247.3) $ % ETFS Physical Gold ETF -1.2% -.3% -.7 % $. $. $. ($.) ($.3) ($.3) $2.1.% ETFS Physical Silver ETF -1.% -13.2% -15.% $. $. $. ($.1) $1. $.9 $8.9.1% ETFS Physical Platinum ETF 1.3% -3.6% -31.3% $. $. $. $. ($.7 ) ($.8) $1.7.% ETFS Daily Short Precious Metals.7 % 7.7 % 1.1% $. ($.) ($.) $. ($.) ($.) $.1.% ETFS Daily Short Gold.7 % 8.2% 1.% $. ($.1) ($1.4) $.1 ($119.6) ($118.8) $9.2.1% ETFS Daily Short Silver.6% 3.6% 7.7 % $. ($52.9) ($52.5) $. ($59.9) ($57.3) $3.4.% ETFS Daily Short Platinum % 37.8% $1.5 $.3 $.1 $1.5 $1. $.8 $1.8.% ETFS Daily Leveraged Precious Metals -1.6% -24.4% -28.8% $. ($.1) ($.) ($.) ($.3) ($.3) $.6.% ETFS Daily Leveraged Gold -1.7 % % -27.1% $.6 ($11.7 ) ($.2) $. ($17.4) ($2.3) $34.3.3% ETFS Daily Leveraged Silver -1.4% -27.4% -35.3% $.3 ($.7 ) ($11.4) ($.5) ($17.3) ($36.) $56.9.4% ETFS Daily Leveraged Platinum.8% -53.9% -55.6% $.1 $4.3 $4.1 $.2 ($.1) ($.5) $5..% Gold 1.3% % -24.8% $. $1.8 $1.8 $.1 $.9 $.7 $4.2.% Silver 1.4% -22.% -27.3% $. $1.9 $1.9 $. $1.3 $1.3 $1.9.% Precious Metals 1.4% -21.8% -25. $. $. ($.5) $. $. ($.5) $.1.% Physical Gold 1.4% -21.3% -24. $. $1.1 $1.1 $.2 $8.1 $7.9 $11.5.1% ETFS GBP Daily Hedged Gold -1.4% -15.% -17. $. $.4 $.4 ($.) $.4 $.4 $.6.% ETFS GBP Daily Hedged Silver -1.3% -15.4% -2.3% $. $.4 $.4 ($.) $.3 $.3 $.5.% ETFS GBP Daily Hedged Precious Metals -1.4% -15.2% -18.2% $. ($.1) ($.1) ($.) ($.1) ($.1) $.1.% ETFS GBP Daily Hedged Physical Gold -1.3% -14.9% -17.4% $. $1.8 $1.8 ($.) $1.3 $1.3 $2.5.% Gold 1.2% % $. $.2 $.2 $. $.1 $.1 $.7.% Silver 1.3% % -2. ($.1) $.2 $.1 ($.1) $.1 ($.) $.4.% Platinum 2.4% -32.9% -35.3% $. ($.1) ($.1) $. ($.3) ($.4) $.3.% Precious Metals 1.2% -14.6% -18. $.2 $.2 $.2 $.2 $.1 $.1 $.5.% T otal ($55.5) ($1,37 8.1) ($1,13.3) ($196.4) ($3,616.8) ($3,358.3) $9, % AUM since listing

6 6 ETF Securities Performance, Flows and Assets by Sector (Continued) -1x 2x ETFS Energy -4.9% -33.% -46.6% $2.6 $6.7 $61.4 ($4.) $11.5 ($18.1) $ % ETFS er Dated Energy -3.8% -28.6% -4.7 % $. $1. $5.9 ($1.) ($1.9) ($.) $26.2.2% ETFS Petroleum -4.8% -3.6% -43.4% $. $8.1 $.4 ($.7 ) $6.6 $9.8 $14.2.1% ETFS er Dated Petroleum -4.% -28.2% -4.3% $. $.2 $.2 ($.) $.1 $.1 $.3.% ETFS Natural Gas -5.1% -42.2% -55.9% $3.4 $9.4 $13. $.4 ($.3) ($3.5) $59.3. ETFS er Dated Natural Gas -3.% % $. $.4 $.3 ($.1) ($.1) ($.6) $2.1.% ETFS Brent Crude -5.3% -35.6% -47.3% $2.4 $13.5 $142.4 ($2.3) $28.2 $61.4 $ % ETFS er Dated Brent Crude -5.2% % $. $7.3 $7.4 $. $.3 $.3 $.6.% ETFS WTI Crude Oil -4.6% -36.1% -49.4% $.2 $ $ ($22.4) $487.6 $54.7 $ % ETFS er Dated WTI Crude Oil -3.9% -29.8% -43.3% $.1 $24.1 $23.8 ($.8) $2.4 $2. $2.9.2% ETFS Gasoline -4.2% -1.6% -27.1% $.5 $6.7 $7.5 $.1 $4.8 $4.3 $1.7.1% ETFS Heating Oil -4.8% -3.1% -39.3% $. $2.7 $3.8 ($.2) $1.5 $2.2 $4.9.% ETFS er Dated Heating Oil -3.7 % -28.1% -38.6% $. $. $. ($.) ($.) ($.) $..% ETFS Brent 1mth -3.7 % -35.2% -47.3% $4.7 $197.7 $185.7 ($6.5) $91.9 $36.6 $ % ETFS WTI 2mth -4.2% -33.6% -47.3% $2.2 $34.2 $37.1 $.6 $23.6 $23.2 $38.3.3% ETFS Brent 1yr -3.4% -29.% -38.2% $. $1.7 $1.9 ($.1) $.6 $.6 $2.7.% ETFS Brent 2yr % -34.% $. ($.2) ($.2) ($.) $.2 $.2 $.4.% ETFS Brent 3yr -1.8% -24.3% -32.% $. $.1 $.2 ($.) ($.4) ($.6) $1.7.% ETFS WTI 1yr -3.6% -25.9% -36.2% $. $1.8 $2.1 ($.1) $1.3 $1.4 $2.2.% ETFS WTI 2yr -2.7 % -25.1% -32.6% $. $. $. ($.) ($.3) ($.4) $.9.% ETFS WTI 3yr -1.8% -23.2% -3. $. $.3 $.3 ($.) $.2 $.1 $.6.% ETFS Carbon 2.4% 3.6% 6.7 % $. $.2 $.3 $. $.3 $.4 $1.8.% ETFS Daily Short Energy 4.7 % 31.8% 63.3% $. $.9 $1. $.1 $1.1 $1.2 $1.3.% ETFS Daily Short Petroleum 4.6% 2.2% 45. $. $. $. $. $.1 $.1 $.2.% ETFS Daily Short Natural Gas 5.1% 46.6% 86.% ($.1) $8.6 $7. $.1 $.4 ($.6) $2.9.% ETFS Daily Short Brent Crude 5.2% 28.1% 54.6% ($.7 ) ($2.2) ($1.3) ($.6) ($.4) $.7 $1.5.% ETFS Daily Short WTI Crude Oil 4.3% 25.4% 55.8% ($.2) $.8 ($.2) $1.1 $9. $.2 $3.3.2% ETFS Daily Short Gasoline 3.9% -6.4% 13.4% ($.3) ($4.4) ($4.7 ) ($.3) ($.6) ($.7 ) $.2.% ETFS Daily Short Heating Oil 4.4% 23.8% 41.2% ($1.1) ($.8) ($1.4) ($1.) ($.5) ($.9) $.5.% ETFS Daily Leveraged Energy -9.8% -6.1% % $. $.1 $.1 ($.) ($.1) ($.2) $.1.% ETFS Daily Leveraged Petroleum -9.7 % -59.% -7 3.% $. ($6.1) ($5.8) ($.8) $6.7 $6.9 $7.3.1% ETFS Daily Leveraged Natural Gas -1.3% % % $2.4 $31.5 $6.5 ($1.6) ($29.3) ($45.5) $37.4.3% ETFS Daily Leveraged Brent Crude -1.7 % -65.% % $.5 $22.6 $23.7 ($.9) $1.5 $11.1 $.1.1% ETFS Daily Leveraged WTI Crude Oil -9.3% % $7.3 $161. $184.2 ($6.3) $7 8.9 $7 3.6 $ % ETFS Daily Leveraged Gasoline -8.8% -31.6% -55.% $.2 $.5 $.8 $. $.8 $1. $1.4.% ETFS Daily Leveraged Heating Oil -9.8% -56.8% -67.6% $. $.6 $.6 ($.) $.1 ($.) $.4.% WTI Crude Oil -2.6% -43.3% -56.% $3.4 $62.6 $59.9 $2.1 $51.1 $46.7 $54.8.4% Brent Crude -3.3% -42.8% -54.1% ($.3) $15.9 $17.4 ($.8) $11. $11.9 $14.4.1% Natural Gas -3.1% % -61.6% $. $2.4 $2.6 ($.1) $1.7 $1.9 $2..% ETFS GBP Daily Hedged WTI Crude Oil -5.2% -38.6% -51.8% $. $7.1 $7.5 ($.2) $2.6 $2.9 $3.2.% ETFS GBP Daily Hedged Brent Crude Oil -5.9% -38.% % $. $51.5 $51.7 ($2.3) $35.9 $36. $36.3.3% ETFS GBP Daily Hedged Natural Gas -5.7 % -44.4% -57.9% $. $.5 $.6 ($.) $. ($.) $.6.% ETFS GBP Daily Hedged Energy % -49.2% $. $.1 $.1 ($.) $.1 $.1 $.2.% ETFS GBP Daily Hedged er Dated Energy -4.3% -31.4% -43.4% $. ($.) $. ($.) ($.) $. $..% Energy -3.% -35.% -49.1% $. $. $. ($.) ($.2) ($.3) $.4.% er Dated Energy -1.8% % $. $. $. ($.) ($.1) ($.2) $.3.% WTI Crude Oil -2.7 % -37.8% % $. $1.5 $1.6 ($.) $.5 $.4 $1..% Brent Crude -3.4% -37.3% -49.6% $. $.6 $1. ($.1) $1. $1. $3.1.% Natural Gas -3.2% -43.8% -57.8% ($.1) $.1 $.1 ($.1) ($.1) ($.3) $.5.% T otal $39.3 $1,498.7 $1,658. ($49.) $844.4 $ $1, % FX Hedged ENERGY Price Performance Net Creations (in m$) AUM Growth (in $m) AUM since listing (2) in m$ (1 ) (2)

7 7 ETF Securities Performance, Flows and Assets by Sector (Continued) -1x 2x FX Hedged AGRICULTURE Price Performance Net Creations (in m$) AUM Growth (in $m) in m$ (1 ) Y TD(2) (2) AUM since listing ETFS Agriculture 1.8% -13.8% -14.% ($2.1) ($67.7 ) ($95.) $2.3 ($113.4) ($14.9) $ % ETFS er Dated Agriculture 1.8% -15.6% -15.9% ($.) $19.6 $19.2 $.4 $17. $16.5 $25..2% ETFS Grains 1.% -16.8% -15.2% $.5 $4.1 $13.9 $.8 ($1.9) $8.2 $32.7.2% ETFS er Dated Grains 1.1% % -16.2% ($.1) ($.6) ($.6) ($.) ($1.) ($.9) $1.8.% ETFS Wheat -1.8% ($.9) ($16.7 ) ($28.8) ($2.) ($27.6) ($38.7 ) $57.2.4% ETFS Corn 1.1% -15.9% -.7 % ($.1) ($6.7 ) ($9.) $.3 ($11.) ($11.6) $31..2% ETFS Soybeans % -1.2% ($.1) $.8 $1.3 $.1 ($9.5) ($8.7 ) $7.9.1% ETFS Softs 2.6% -9.8% -14.8% $. $.1 $.1 $.1 ($1.3) ($1.6) $4.5.% ETFS er Dated Softs 2.3% -15.2% % $. $. $. $. ($.1) ($.1) $.3.% ETFS % ($.7 ) $16.2 $19.3 $.8 $7.3 $9.3 $35.2.3% ETFS 1.% 3.1% 4.1% $. ($5.6) ($5.4) $.3 ($6.5) ($6.) $29.8.2% ETFS Coffee -.6% -33.2% -39.4% $.1 $36.3 $39.4 ($.2) $24.5 $25.4 $48.9.4% ETFS Soybean Oil 5.7 % % ($.1) ($2.4) ($2.) ($.) ($2.7 ) ($2.3) $2.3.% ETFS Cocoa % $. ($.4) ($1.4) $.2 $.7 ($.1) $1.3.1% ETFS Daily Short Agriculture -1.9% 1.1% 1.2% $. ($.) ($.) $.1 ($.) ($.1) $.1.% ETFS Daily Short Grains -1.1%.9% 1.1% $. ($.1) ($.) ($.) $. $. $.1.% ETFS Daily Short Wheat 1.7 % 14.3% 13.2% ($.) ($1.8) ($1.4) ($.) ($.6) ($.1) $.6.% ETFS Daily Short Corn -1.2% 1.1% 5.4% $. ($.) ($.6) ($.) $. ($.6) $.4.% ETFS Daily Short Soybeans % 4.2% $. ($.9) ($.7 ) $. ($.7 ) ($.6) $.7.% ETFS Daily Short Softs -2.7 % 3.6% 9.3% $. $.2 $.2 ($.) ($.) ($.) $.1.% ETFS Daily Short % -4.% $.1 $.5 $.5 $. $.3 $.3 $1.3.% ETFS Daily Short -1.2% -8.6% -9.9% $.2 ($.3) ($.3) $.2 ($.4) ($.4) $1.6.% ETFS Daily Short Coffee.3% 3.3% 42.8% $. ($3.) ($4.7 ) $.1 ($2.5) ($3.8) $.9.% ETFS Daily Short Soybean Oil % $. $.1 $.2 ($.) ($.3) ($.2) $.4.% ETFS Daily Short Cocoa % -19.1% $.1 $.1 $.1 ($.) $.1 $.1 $.8.% ETFS Daily Leveraged Agriculture 3.6% -27.4% -28.2% $.2 $.5 $.3 $.3 ($.8) ($1.1) $4.1.% ETFS Daily Leveraged Grains 2.% -33.9% -31. $. ($.) ($.2) $. ($.3) ($.4) $.7.% ETFS Daily Leveraged Wheat -3.7 % -43.4% -43.9% $3.4 ($6.8) ($24.4) $2.3 ($5.6) ($21.3) $31.6.2% ETFS Daily Leveraged Corn 2.2% -33.1% -28.% $.1 ($.5) ($2.8) $.3 ($2.3) ($3.6) $8.4.1% ETFS Daily Leveraged Soybeans 5.1% -25.4% -22.8% ($.1) ($.8) ($1.2) ($.1) ($.2) ($.5) $1.5.% ETFS Daily Leveraged Softs 5.2% -21.9% -3. $. $. $. $. ($.1) ($.1) $.3.% ETFS Daily Leveraged 9.% -14.8% -21.4% ($.1) ($1.2) ($.7 ) $1.4 $2. $1.1 $18.6.1% ETFS Daily Leveraged 2.% 2.4% 4.1% $. $.3 ($.4) $. ($3.2) ($3.8) $2.5.% ETFS Daily Leveraged Coffee -1.4% -6.3% -67. $.5 $37.4 $39.3 $. $25.5 $25.2 $36.8.3% ETFS Daily Leveraged Soybean Oil % -19.2% ($.4) ($.1) $.5 ($.2) ($1.2) ($.6) $1.1.% ETFS Daily Leveraged Cocoa 4.9% 27.2% 31.8% $. ($3.2) ($2.5) $.1 ($1.1) ($.3) $2.6.% Wheat.3% -3.4% % $.3 $2.4 $2.2 $.3 $1.5 $1.3 $4.1.% Agriculture 4.% -23.2% -24.9% $. $.6 $.4 $. $.8 $.5 $.8.% ETFS GBP Daily Hedged Agriculture 1.2% -16.8% -17.8% ($.3) $.3 ($.1) ($.3) $.3 ($.1) $.4.% ETFS GBP Daily Hedged er Dated Agriculture 1.2% -18.6% -19.6% $. ($.9) ($.9) $. ($.9) ($1.) $..% Agriculture 3.9% % -17.6% $. $.6 $.6 $. $.5 $.5 $.9.% er Dated Agriculture 3.9% % $. $. $. $. ($.) ($.1) $.4.% Grains 3.% -19.% -18.9% $. $.1 $.1 $. $. $. $.5.% Softs 4.7 % -.% -18.4% $. $.1 $.1 $. $. ($.) $.5.% Cocoa % $. $.2 $.2 $.1 $.3 $.3 $1.2.% Coffee 1.4% -34.8% -42.% $. $. $. $. ($.4) ($.5) $.6.% Corn 3.2% -18.1% -16.4% $. $. $. $. ($.1) ($.1) $.3.% 3.1%.3% -.6% $.1 $.4 $.4 $.1 $.4 $.4 $1..% Soybeans 4.6% % % $. ($.3) ($.3) $. ($.4) ($.4) $.7.% 6.6% -6.1% -11.3% ($.) $.1 $.1 $. $. $. $.6.% Wheat.2% -23.6% -24.9% $. ($.2) ($.1) $. ($.3) ($.3) $.4.% Coffee % -47.2% ($.2) $1.8 $1.8 ($.2) $1.2 $1.2 $1.6.% Corn 3.3% -25.2% -23.8% $. $1.8 $1.8 $.1 $1.5 $1.5 $2.1.% 3.2% % $. $.1 $.1 $. $.1 $.1 $.4.% Soybeans 4.7 % $. $.3 $.3 $. ($.2) ($.2) $.2.% 6.7 % -14.2% -19.% ($.) ($.3) ($.3) ($.) $.3 $.3 $.7.% er Dated Agriculture 4.% -24.8% -26.6% $. $. $. $.1 ($1.) ($1.1) $3..% T otal $.2 $4.6 ($41.2) $8.3 ($113.4) ($16.1) $ % -1x 2x LIVESTOCK Price Performance Net Creations (in m$) AUM Growth (in $m) AUM since listing (1 ) Y TD(2) (2) in m$ ETFS Livestock -1.4% -22.6% -25. $. ($5.4) ($8.8) $. ($.1) ($.) $4..% ETFS er Dated Livestock -1.9% -23.% -25.4% $. $2. $2. $.1 $.9 $.6 $1.8.% ETFS Live Cattle -2.8% % -21.4% $. ($1.2) ($1.6) ($.1) ($7.3) ($11.3) $1.5.% ETFS er Dated Live Cattle -3.2% -17.2% -19.9% $. ($.) ($.) ($.) $1.7 $1.7 $..% ETFS Lean Hogs 1.3% -28.% % $. $4.8 $4.8 ($.) ($.) ($.) $4.6.% ETFS er Dated Lean Hogs 1.% % -34.8% $. ($.) $. ($.) ($1.6) ($2.1) $.1.% ETFS Daily Short Livestock 1.1% 22.4% 26. $. $.1 $.1 $. $.1 $.1 $.1.% ETFS Daily Short Live Cattle 2.6% 16.8% 18.9% $. $3.7 $3.7 $. ($.7 ) ($.7 ) $.5.% ETFS Daily Short Lean Hogs -1.6% 25.6% 33.9% $. $8.8 $8.6 ($.) ($.1) ($.2) $1.1.% ETFS Daily Leveraged Livestock -2.9% -42.6% -46.8% $. ($.) ($.) ($.) ($.1) ($.1) $.1.% ETFS Daily Leveraged Live Cattle -5.7 % -38.1% -41.% $. $.1 $.2 ($.) ($.4) ($.3) $.2.% ETFS Daily Leveraged Lean Hogs 2.3% -52.% -58.2% $. ($15.) ($14.8) $. $.5 $.6 $1.2.% T otal $. ($2.3) ($5.8) ($.) ($7.2) ($11.7 ) $15.2.1%

8 8 ETF Securities Performance, Flows and Assets by Sector (Continued) FX Hedged 2x -1x INDUSTRIAL METALS Price Performance Net Creations (in m$) (1 ) (2) (2) ETFS Industrial Metals -.1% % -32.8% $1.4 ($4.2) ($41.7 ) $1.3 ($86.) ($95.) $83.1.6% ETFS er Dated Industrial Metals -.1% -28.9% -31.9% $. $13.9 $13.8 ($.) $.5 ($1.1) $33.1.3% ETFS Aluminium.8% -25.1% -3.1% ($.4) $18.7 $19.4 $.3 ($15.2) ($21.7 ) $ % ETFS Copper.6% -28.4% -29.6% $5.1 ($86.1) ($91.5) $5.5 ($131.) ($14.1) $ % ETFS Zinc -3.9% % $. ($1.9) ($.6) ($.5) ($8.7 ) ($7.8) $.6.1% ETFS Nickel -.7 % -42.9% -48.% $.5 ($2.) ($17.2) ($.1) ($82.8) ($96.) $81.4.6% ETFS Tin.4% -23.9% -27.8% $. $.7 $.7 $. $.3 $.3 $1.5.% ETFS Lead 2.3% -13.2% -2.7 % $. $.8 $.5 $. ($.3) ($.7 ) $.6.% ETFS Daily Short Industrial Metals.1% 33.7 % 39.4% $.8 ($19.2) ($19.) $.8 ($19.1) ($18.1) $1.7.% ETFS Daily Short Aluminium -.9% 26.4% 34.8% ($1.1) ($1.7 ) ($1.1) ($1.1) ($1.9) ($1.1) $.9.% ETFS Daily Short Copper -.7 % 29.3% 31.% ($2.4) ($5.) ($46.8) ($2.6) ($42.3) ($38.2) $2.7.2% ETFS Daily Short Zinc 3.9% % $.4 $.5 $.5 $.4 $.2 $.2 $.8.% ETFS Daily Short Nickel.6% 54.6% 68.7 % $.4 $1. $1. $.4 $1.1 $1.2 $2.1.% ETFS Daily Short Tin -.6% 2.1% 25.7 % $. ($.9) ($1.) ($.) ($.6) ($.6) $.5.% ETFS Daily Short Lead -2.3% 6.6% 16.1% $. $.2 $.2 ($.) $.2 $.2 $.4.% ETFS Daily Leveraged Industrial Metal -.3% -52.4% -56. $. $.3 $.3 ($.) ($.6) ($.8) $.8.% ETFS Daily Leveraged Aluminium 1.6% -45.8% % $. $2.3 $2.2 $.1 ($.3) ($1.) $3.4.% ETFS Daily Leveraged Copper 1.1% % $. $3. $2.7 $.1 ($1.4) ($2.2) $9.4.1% ETFS Daily Leveraged Zinc -7.8% -56.9% % $.2 $1. $1. $.1 ($.1) ($.2) $1.3.% ETFS Daily Leveraged Nickel % % $.2 $6.7 $7.1 ($.) $3.1 $1.8 $11.8.1% ETFS Daily Leveraged Tin.8% -45.9% -51. $. $.4 $.4 $. ($.2) ($.4) $1.3.% ETFS Daily Leveraged Lead 4.6% % -4.7 % $. $.2 $.2 $. ($.2) ($.4) $.8.% Copper 2.7 % -36.4% -38.6% $. $1.2 $1.2 $. $.6 $.6 $1.5.% ETFS GBP Daily Hedged Copper.% -31.2% -32.9% $. $.5 $.5 ($.) $.4 $.4 $.5.% ETFS GBP Daily Hedged Industrial Metals -.7 % -32.3% -35.8% $. $.7 $.8 $. $.6 $.6 $.7.% Industrial Metals 2.% -37.4% -41.3% $. $1.9 $1.9 $. $.2 $.2 $.2.% Industrial Metals 1.9% -31.6% -35.8% $. $.2 $.2 $.1 ($.1) ($.2) $.5.% Aluminium 2.9% -27.1% -33.1% $. $. $. $. ($.1) ($.1) $.4.% Copper 2.6% % $. ($.1) ($.1) $. ($.2) ($.3) $.3.% Lead 4.4% % $. $. $. $. ($.) ($.1) $.4.% Nickel 1.4% -44.3% -5.2% ($.) ($.1) ($.1) ($.) ($.4) ($.5) $.3.% Tin 2.6% -25.6% -3.7 % $. ($.1) ($.1) $. ($.2) ($.3) $.4.% Zinc -1.9% -34.3% % $. ($.1) ($.1) $. ($.3) ($.3) $.4.% Aluminium 3.% -33.3% -38.8% $. $.2 $. $. ($.) ($.2) $.4.% Nickel % -54. $. $1. $1.1 $. $.6 $.6 $1..% Zinc -1.8% -39.9% -42.2% ($.) $.2 $.2 ($.) $. $. $.3.% T otal $5.3 ($164.6) ($163.3) $5.1 ($384.5) ($421.4) $ % AUM Growth (in $m) AUM since listing in m$

9 ETF Securities IMPORTANT INFORMATION General This communication has been provided by ETF Securities (UK) Limited ( ETFS UK ) which is authorised and regulated by the United Kingdom Financial Conduct Authority (the FCA ). This communication is only targeted at qualified or professional investors. The products discussed in this communication are issued by ETFS Commodity Securities Limited ( CSL ), ETFS Hedged Commodity Securities Limited ( HCSL ), ETFS Hedged Metal Securities Limited ( HMSL ), Swiss Commodity Securities Limited ( SCSL ), ETFS Foreign Exchange Limited ( FXL ), ETFS Metal Securities Limited ( MSL ), ETFS Oil Securities Limited ( OSL ), ETFS Equity Securities Limited ( ESL ), Gold Bullion Securities Limited ( GBS and, together with CSL, HCSL, HMSL, SCSL, FXL, MSL, OSL and ESL, the Issuers ) and GO UCITS ETF Solutions Plc (the Company ). Each Issuer (apart from SCSL) is regulated by the Jersey Financial Services Commission. The Company is an open-ended investment company with variable capital having segregated liability between its sub-funds (each a Fund ) and is organised under the laws of Ireland. The Company is regulated, and has been authorised as a UCITS by the Central Bank of Ireland (the Financial Regulator ) pursuant to the European Communities (Undertaking for Collective Investment in Transferable Securities) Regulations, 23 (as amended). Italy: When being made within Italy, this communication is for the exclusive use of the qualified investors and its circulation among the public is prohibited. Switzerland: In Switzerland, this communication is only intended for Regulated Qualified Investors. US: This communication is not, and under no circumstances is to be construed as, an advertisement or any other step in furtherance of a public offering of shares in the United States or any province or territory thereof, where none of the Issuers, the Company or any securities issued by them are authorised or registered for distribution and where no prospectus for any of the Issuers or the Company has been filed with any securities commission or regulatory authority. Neither this communication nor any copy hereof should be taken, transmitted or distributed (directly or indirectly) into the United States. Neither the Issuers, the Company nor any securities issued by them have been or will be registered under the United States Securities Act of 1933 or the Investment Company Act of 194 or qualified under any applicable state securities statutes. This communication may contain independent market commentary prepared by ETFS UK based on publicly available information. 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The information contained in this communication is neither an offer for sale nor a solicitation of an offer to buy securities nor shall any securities be offered or sold to any person in any jurisdiction in which an offer, solicitation, purchaser or sale would be unlawful under the securities law of such jurisdiction. This communication should not be used as the basis for any investment decision. ETFS UK is required by the FCA to clarify that it is not acting for you in any way in relation to the investment or investment activity to which this communication relates. In particular, ETFS UK will not provide any investment services to you and or advise you on the merits of, or make any recommendation to you in relation to, the terms of any transaction. No representative of ETFS UK is authorised to behave in any way which would lead you to believe otherwise. ETFS UK is not, therefore, responsible for providing you with the protections afforded to its clients and you should seek your own independent legal, investment and tax or other advice as you see fit. Risk Warnings Securities issued by the Issuers and the Company may be structured products involving a significant degree of risk and may not be suitable for all types of investor. This communication is aimed at sophisticated, professional and institutional investors. Any decision to invest should be based on the information contained in the prospectus (and any supplements thereto) of the relevant Issuer or the Company which includes, inter alia, information on certain risks associated with an investment. The price of any securities may go up or down and an investor may not get back the amount invested. Securities may be priced in US Dollars, Euros, or Sterling, and the value of the investment in other currencies will be affected by exchange rate movements. Investments in the securities of the Issuers or the shares of the Company which provide a short and/or leveraged exposure are only suitable for sophisticated, professional and institutional investors who understand leveraged and compounded daily returns and are willing to magnify potential losses by comparison to investments which do not incorporate these strategies. Over periods of greater than one day, investments with a short and/or leveraged exposure do not necessarily provide investors with a return equivalent to a return from the unleveraged long or unleveraged short investments multiplied by the relevant leverage factor. Investors should refer to the section entitled Risk Factors in the relevant prospectus for further details of these and other risks associated with an investment in the securities offered by the Issuers and the Company. The relevant prospectus for each Issuer and the Company may be obtained from Please contact ETFS UK at or info@etfsecurities.com for more information. Issuers General: The FCA has delivered to the regulators listed below certificates of approval attesting that the prospectuses of the Issuers indicated have been drawn up in accordance with Directive 23/71/EC. For Dutch, French, German and Italian Investors: The prospectuses (and any supplements thereto) for each of the Issuers (apart from SCSL) have been passported from the United Kingdom into France, Germany, Italy and the Netherlands and have been filed with the l Autorité des Marchés Financiers (AMF) in France, Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) in Germany, CONSOB and the Bank of Italy in Italy and the Authority Financial Markets (Autoriteit Financiële Markten) in the Netherlands. Copies of prospectuses (and any supplements thereto) and related regulatory documentation, including annual reports, can be obtained in France from HSBC France, 13, Avenue des Champs Elysées, 758 Paris, in Germany from HSBC Trinkhaus & Burkhardt, AG, Konsortialgeschäft, Königsalle 21/23, 42 Dusseldorf and in the Netherlands from Fortis Bank (Nederland) N.V., Rokin 55, 1 KK Amsterdam. The prospectuses (and any supplements thereto) for each of the Issuers (apart from SCSL) may be distributed to investors in France, Germany, Italy and the Netherlands. This communication is not a financial analysis pursuant to Section 34b of the German Securities Trading Act (Wertpapierhandelsgesetz WpHG) and consequently does not meet all legal requirements to warrant the objectivity of a financial analysis and is also not subject to the ban on trading prior to the publication of a financial analysis. This communication is not addressed to or intended directly or indirectly, to (a) any persons who do not qualify as qualified investors (gekwalificeerde beleggers) within the meaning of section 1:1 of the Dutch Financial Supervision Act as amended from time to time; and/or (b) in circumstances where other exemptions or dispensations from the prohibition the Dutch Financial Supervision Act or the Exemption Regulation of the Act on Financial Supervision apply. None of the Issuers is required to have a license pursuant to the Dutch Financial Supervision Act as it is exempt from any licensing requirements and is not regulated by the Netherlands Authority for the Financial Markets and consequently no prudential and conduct of business supervision will be exercised. For Austrian, Danish, Finnish, Portuguese, Spanish and Swedish Investors: The prospectuses (and any supplements thereto) for each of CSL, HCSL, HMSL, MSL, ESL and FXL have been passported from the United Kingdom into Austria, Denmark, Finland, Portugal, Spain, Sweden and have been filed with Österreichische Finanzmarktaufsicht (Austrian Financial Market Authority) in Austria, Finanstilsynet (Financial Supervisory Authority) in Denmark, Finanssivalvonta (Finnish Financial Supervisory Authority) in Finland, Comissão do Mercado de Valores Mobiliários (Portuguese Securities Market Commission) in Portugal, Comisión Nacional del Mercado de Valores (Securities Market Commission) in Spain and the Finansinspektionen (Financial Supervisory Authority) in Sweden. The prospectuses (and any supplements thereto) for these entities may be distributed to investors in Austria, Finland, Portugal, Spain, Denmark and Sweden. For Belgian Investors: The prospectuses (and any supplements thereto) for GBS, CSL, MSL and FXL have been passported from the United Kingdom into Belgium and has been filed with the Commission Bancair, Financiére et des Assurances in Belgium. The prospectuses (and any supplements thereto) for GBS, CSL, MSL and FXL may be distributed to investors in Belgium. For Swiss investors: The prospectus (and any supplements thereto) for SCSL may be distributed to investors in Switzerland. Securities in SCSL are not shares or units in collective investment schemes within the meaning of CISA. They have not been approved by the Swiss Financial Market Supervisory Authority ETF Securities (UK) Limited 3 Lombard Street London EC3V 9AA United Kingdom t +44 () f +44 () e info@etfsecurities.com w etfsecurities.com

10 1 ETF Securities (FINMA) and are not subject to its supervision. The Swiss Franc Currency- Hedged Commodity Securities are not issued or guaranteed by a supervised financial intermediary within the meaning of CISA. This document does not constitute a prospectus under the Companies (Jersey) Law 1991 and is not an offer or an invitation to acquire securities in SCSL. This document does not constitute a Swiss listing prospectus under the SIX Listing Rules and the SIX Additional Rules for the listing of Exchange Traded Products. This document must be read in conjunction with the Swiss Listing Prospectus. If there is any inconsistency between this document and the Swiss Listing Prospectus, the Swiss Listing Prospectus shall prevail. Detailed information on the terms and conditions of the Swiss Franc Currency-Hedged Commodity Securities can be found in the Swiss Listing Prospectus under Part 6 Trust Instrument and Swiss Franc Currency-Hedged Commodity Securities. Other than as set out above investors may contact ETFS UK at +44 () or at info@etfsecurities.com to obtain copies of prospectuses and related regulatory documentation, including annual reports. Other than as separately indicated, this communication is being made on a private placement basis and is intended solely for the professional / institutional recipient to which it is delivered. Securities issued by the Issuers are direct, limited recourse obligations of the relevant Issuer alone and are not obligations of or guaranteed by any of UBS AG ( UBS ), Merrill Lynch Commodities Inc. ( MLCI ), Merrill Lynch International ( MLI ), Bank of America Corporation ( BAC ), Bloomberg Finance LP ( Bloomberg ), Société Générale ("SG"), Shell Trading Switzerland, Shell Treasury, HSBC Bank plc, JP Morgan Chase Bank, N.A., Morgan Stanley & Co International plc, Morgan Stanley & Co. Incorporated or any of their affiliates or anyone else or any of their affiliates. Each of UBS, MLCI, MLI, BAC, Bloomberg, SG, Shell Trading Switzerland, Shell Treasury, HSBC Bank plc, JP Morgan Chase Bank, N.A., Morgan Stanley & Co International plc and Morgan Stanley & Co. Incorporated disclaims all and any liability whether arising in tort, contract or otherwise (save as referred to above) which it might have in respect of this communication or its contents otherwise arising in connection herewith. Funds Austria: Investors should base their investment decision only on the relevant prospectus of the Company, the Key Investor Information Document, any supplements or addenda thereto, the latest annual reports and semi-annual reports and the memorandum of incorporation and the articles of association, which can be obtained free of charge upon request at the Paying and Information Agent in Austria, Erste Bank der oesterreichischen Sparkassen AG, Graben 21, A11 Wien, Österreich and on France: Any subscription for shares of the Funds will be made on the basis of the terms of the prospectus, the simplified prospectus and any supplements or addenda thereto. The Company is a UCITS governed by Irish legislation and approved by the Financial Regulator as UCITS compliant with European regulations although may not have to comply with the same rules as those applicable to a similar product approved in France. Certain of the Funds have been registered for marketing in France by the Authority Financial Markets (Autorité des Marchés Financiers) and may be distributed to investors in France. Copies of all documents (i.e. the prospectus (including any supplements or addenda thereto, the Key Investor Information Document, the latest annual reports and the memorandum of incorporation and articles of association) are available in France, free of charge, at the French Centralizing Agent, Société Générale, Securities Services, at 1-5 rue du Débarcadère, 927 Colombes - France. Germany: The offering of the Shares of the Fund has been notified to the German Financial Services Supervisory Authority (BaFin) in accordance with section 31 of the German Investment Code (KAGB). Copies of all documents (i.e. the Key Investor Information Document (in the German language), the prospectus, any supplements or addenda thereto, the latest annual reports and semi-annual reports and the memorandum of incorporation and the articles of association) can be obtained free of charge upon request at the Paying and Information Agent in Germany, HSBC Trinkaus & Burkhardt AG, Königsallee 21-23, 42 Düsseldorf and on current offering and redemption prices as well as the net asset value and possible notifications of the investors can also be requested free of charge at the same address. In Germany the Shares will be settled as co-owner shares in a Global Bearer certificate issued by Clearstream Banking AG. This type of settlement only occurs in Germany because there is no direct link between the English and German clearing and settlement systems CREST and Clearstream. For this reason the ISIN used for trading of the Shares in Germany differs from the ISIN used in other countries. Netherlands: Each Fund has been registered with the Netherlands Authority for the Financial Markets following the UCITS passport-procedure pursuant to section 2:72 of the Dutch Financial Supervision Act. United Kingdom: Each Fund is a recognised scheme under section 264 of the Financial Services and Markets Act 2 and so the prospectus may be distributed to investors in the United Kingdom. Copies of all documents (i.e. the Key Investor Information Document, the prospectus, any supplements or addenda thereto, the latest annual reports and semi-annual reports and the memorandum of incorporation and the articles of association) are available in the United Kingdom from None of the index providers of the Funds referred to herein nor their licensors make any warranty or representation whatsoever either as to the results obtained from use of the relevant indices and/or the figures at which such indices stand at any particular day or otherwise. None of the index providers shall be liable to any person for any errors or significant delays in the relevant indices nor shall be under any obligation to advise any person of any error or significant delay therein. 279