ETFS Commodity ETP Weekly

Transcription

1 29 April 213 ETFS Commodity ETP ly ly Flows by Sector (US$m) TOTAL Broad Energy Industrial Metals Precious Metals Agriculture Top 5 Inflows/Outflows (US$m) Palladium Platinum Livestock Aluminium Oil Cotton Nickel Copper Gold Top 5 / Bottom 5 Performers Heating Oil Oil Gold Lead Aluminium Cotton Sugar Coffee % % -3.1% -1.5% Nitesh Shah Associate Director - Research Nicholas Brooks Head of Research and Investment Strategy research@etfsecurities.com % 3.8% 3.2% 2.9% 2.8% -8% - -4% -2% % 2% 4% ETP Investors Continue to Buy Platinum, Palladium and as They Sell Gold Overview A number of disappointing data releases led investors to pare back expectations for global growth. US Q1 GDP printed at 2.5% on Friday, falling short of the 3.% expected; the HBSC flash Chinese manufacturing PMI fell to 5.4 in April from 51.6 in March; and the German IFO business climate fell to 14.2 in April from 16.7 in March. Investors appeared to look through the number and continued to move into cyclically-sensitive platinum, palladium and silver ETPs even as follow-through selling of gold ETPs continued. Gold ETP follow-though selling continues despite surge in demand for coins and bars. week investors withdrew US$157mn from gold ETPs, bringing the monthly outflow to US$419mn. Gold ETP holders continue to sell despite strong demand in the physical coin, bullion and jewellery markets. The 15% fall in prices experienced between the th and 15 th April has brought out bargain-hunters in the physical market. Trading in the Shanghai Gold Exchange s benchmark contract has been more than four times last year s daily average every day since the 16 th of April. week the U.S. Mint suspended sales of the smallest gold coins after demand more than doubled. Demand in India and China has been particularly elevated with widespread reports of traders running out of physical stock of the metal. Gold prices rose 3.2% last week, driven by physical buying. Cyclical precious metal ETPs continue to attract investors. In contrast to gold ETPs, interest in cyclical precious metal ETPs continued to bounce back from the technical sell-off two weeks ago. For example, ETFS Palladium Trust (PALL) received inflows of US$19.8mn, the largest since February 2, while Platinum (PHPT) attracted US$8.7mn. silver ETPs saw a seventh consecutive week of inflows (US$5.3mn last week). Increasing demand for platinum group metals from the jewellery and autocatalyst sectors in emerging markets and the US, combined with on-going supply concerns are likely to keep the metals in a supply deficit this year. Net long speculative positions in silver have fallen a long way in recent months (over 2 standard deviations below the 5-year average), opening up a potentially attractive entry point for investors. copper ETP weekly outflows of US$14mn were the highest on record. Following strong inflows most of this year, outflows from long copper ETPs were their highest on record last week as investors took profit on the recent price bounce. Copper prices rose 2.7% last week, recovering some ground from the technical sell-off several weeks ago. As softer economic data cast a negative shadow on near-term outlook, investors saw an opportune time to reduce their exposure to the cyclical asset. In addition, the LME reported copper inventories rose for a 13 th week. Large supply losses in the US and strikes in Chile may change the picture in the coming weeks and months. Natural gas ETP outflows of US$23mn, as weather returns to normal. The colder-than-expected weather in the US in Q1 attracted tactical investors into natural gas most of this year. However, with NOAA (the US Government weather forecaster) expecting more normal spring weather in coming months, investors have begun to take profits. Key events to watch this week: Investor attention will be focused on the ECB meeting this week, with the consensus expecting a cut in rates. That would mark a bold shift in the ECB s thinking as it has traditionally been reluctant to move rates below.75%. FOMC members reaction to weaker activity will be closely monitored, while payrolls data for April will give some clarity on whether last month s weakness in the US jobs market is the start of a new trend. The official Chinese PMI data will also help guide views on China s growth outlook. Note: All flow and AUM data in this report are based on ETF Securities ETPs to 25 April 213 and are denominated in USD unless otherwise indicated.

2 Oct-6 Jan-7 Apr-7 Jul-7 Oct-7 Jan-8 Apr-8 Jul-8 Oct-8 Jan-9 Apr-9 Jul-9 Oct-9 Jan-1 Apr-1 Jul-1 Oct-1 Jan-11 Apr-11 Jul-11 Oct-11 Jan- Apr- Jul- Oct- Jan-13 Apr-13 ETF Securities Commodity ETP Flow Trends FLOWS (in $m) ASSETS PRICE PERFORMANCE (in %) -1-1 Month -1 Year in $m -1-1 Month -1 Year TOTAL , ,19.5 Broad Commodity Precious Metals Total , ,139.6 Broad Basket Gold ,96.3 1, , % % -11.4% , % -18.7% -22.2% -24.5% Platinum ,461.2 # 2.% -7.7% -4.8% -6. Palladium #. -1.8% % Energy Total ,432.8 Broad Basket Oil # 3.8% -4.4% -6.9% -13.2% # -5.5% 7.8% 24.4% 11.5% Heating Oil # 4.1%.9% -4.7% -8.2% Gasoline # 1.4% -8.2%.% -1.9% Carbon Industrial Metals Total ,7. Broad Basket Aluminium %.9% % Copper % -5.8% % Nickel % -9.7% -.4% Zinc % % -4.5% Tin % -8.9% -9.9% -3. Lead % % -1.1% Agriculture Total ,21.6 Broad Baskets Wheat # -1.1% % 13.7% Corn # -1.% -.% Soybeans # %. -3.4% Cotton # % 8.2% -8.5% Coffee # -3.1% 1.2% % Sugar # -3.1% -3.1% -1.8% -21.% Soybean Oil # 1.2% % -1. Cocoa # 1.7% 1.8% 5.5% 2.5% Livestock Total Broad Baskets Lean Hogs # % 3.8% 2.1% Live Cattle # 1.%.9% -1.8% 7.7%. All data based on ETF Securities global commodity ETP flows and assets. Flows include sum of all long and short ETP flows so do not necessarily reflect investor directional positioning. For net positioning please see charts below. Price performance is based on spot prices for metals and front month futures for all others. Oil flows report net flows in all ETFS oil ETCs. Oil performance data reflects Brent front month futures price performance. s Net Positioning in ETCs* (US$m) Agriculture Livestock Diversified Precious Metals Industrial Metals Energy $.1 $31.9 $14.6 $11.8 $9.1 $11.2 $462.9 $.4 $233. $35.5 $.1 $5.4 % 2% 4% 6% 8% 1% Creations (in $m) Redemptions (in $m) * Chart shows net positions in ETCs. Redemptions of short ETCs are counted as long positions, while creations of short ETCs are counted as short positions. Creations of leveraged ETCs are counted as a 2x long positions and redemptions of leveraged ETCs are counted as a 2x short positions. ETF Securities Asset Under Management (US$b) From October 26 to April 213, in billions USD $32 $3 $28 $26 $24 $22 $2 $18 $16 $14 $ $1 $8 $6 $4 $2 $ Precious Metals Energy Diversified Industrial Metals Agriculture & Livestock This document is intended for non-us investors and may not be taken or transmitted into or distributed, directly or indirectly, in or into the United States or in any other jurisdiction in violation of ETF Securities Commodity ETP ly 29 April 213 Tel:

3 Performance, Flows and Assets Top 5 and Top 5 Short ETC Returns (1 week, %) 1 Top 5 and Top 5 Short ETC Returns (, %) 1 Top 5 and Top 5 Short ETC Returns ( Mth, %) 1 Hedged WTI Crude 7% ETFS 18% ETFS 35% ETFS WTI Crude Oil ETFS WTI 2mth ETFS er Dated WTI Crude Oil ETFS WTI 1yr Cotton Coffee Cocoa Sugar 1% 2% 2% 5% 1 exclude ETFS Leveraged ETCs performance % 2% 4% 8% ETFS er Dated ETFS er Dated Energy Precious Metals Gold Copper Lead 5% % % % 11% 18% 1 15% 21% % 5% 1% 15% 2% 25% ETFS er Dated ETFS Gasoline Coffee Cocoa Sugar Soybean Oil 15% 1 21% 2% 32% 29% 29% 28% % 15% 3% 45% Top 1 ETC Flows (1, in $m) Top 1 ETC Flows (, in $m) Top 1 ETC Flows ( Mth, in $m) $2 ETFS All Commodities DJ- $166 Gold Bullion Securities $1,5 Platinum $9 ETFS Agriculture DJ- $86 Gold $345 ETFS All Commodities DJ- $9 ETFS Platinum Trust $74 ETFS Copper $7 ETFS Aluminium ETFS Trust ETFS Daily Leveraged WTI Crude Oil ETFS ETFS Ex-Agriculture and Livestock ETFS Grains DJ- Hedged er $5 $5 $4 $3 $2 $2 $ ETFS Brent 1mth ETFS Grains DJ- ETFS Daily Leveraged Copper ETFS Precious Metals Trust ETFS Industrial Metals DJ- $59 $58 $49 $43 $43 $31 $3 1 2 ETFS Platinum Trust Swiss Gold ETFS All Commodities DJ- Platinum ETFS Gold Trust ETFS Daily Leveraged ETFS Industrial Metals DJ- $ $98 $89 $86 $74 $73 $ ,5 ETC USD Assets (25/4/13, $m) ETC GBP Returns ( Mths, %) ETC EUR Returns ( Mths, %) Gold $6,641.6 ETFS 41% ETFS 37% Gold Bullion Securities $6, % 34% ETFS Gold Trust $1,63.9 ETFS er Dated 35% ETFS er Dated 31% ETFS Platinum Trust Platinum $798.2 $643.4 ETFS Gasoline 8% 35% ETFS Gasoline 4% 31% Gold (ASX) $628.5 $566. ETFS Energy DJ- Palladium 7% ETFS Energy DJ- Palladium $532.5 Palladium (ASX) Palladium (ASX) ETFS Agriculture DJ- $493.4 ETFS All Commodities DJ- $472.5 Hedged Wheat Hedged Wheat 2% 5, 1, 15, % 25% 5% % 2% 4% ETF Securities Commodity ETP ly 29 April 213 Tel:

4 Global Precious Metals ETP Holdings Gold Global ETP Holdings (million ounces) Daily Data, From 25 Apr 7 to 26 Apr Apr 7 Apr 8 Apr 9 Apr 1 Apr 11 Apr Apr 13 Sources: ETF Securities, Bloomberg Palladium Global ETP Holdings (' oz) Daily Data, From 25 Apr 7 to 26 Apr 213 2,5 2, 1,5 1, 5 Apr 7 Apr 8 Apr 9 Apr 1 Apr 11 Apr Apr 13 Sources: ETF Securities, Bloomberg Global ETP Holdings (mn oz) Daily Data, From 25 Apr 7 to 26 Apr Apr 7 Apr 8 Apr 9 Apr 1 Apr 11 Apr Apr 13 Sources: ETF Securities, Bloomberg Platinum Global ETP Holdings (' oz) Daily Data, From 25 Apr 7 to 26 Apr 213 1,8 1,6 1,4 1,2 1, Apr 7 Apr 8 Apr 9 Apr 1 Apr 11 Apr Apr 13 Sources: ETF Securities, Bloomberg ETF Securities Commodity ETP Trading Volume $2.5 1 yr ly Turnover (US$bn) Top 1 Turnover (US$m) $2. $1.5 ETFS PHYSICAL GOLD GOLD BULLION SECURITIES LTD ETFS GOLD TRUST ETFS COPPER $1. $.5 $. ETFS PLATINUM TRUST ETFS PHYSICAL SILVER ETFS PHYSICAL SILVER SHARES ETFS PHYSICAL PALLADIUM SHAR ETFS ALL COMMOD DJ- ETFS GRAINS DJ- London BrsaItaliana Deutsche Borse Euronext NYSE Arca $ $5 $1 $15 $2 $25 $3 $35 Sources: ETF Securities, Bloomberg. From April 26, 2 April 26, 213. Sources: ETF Securities, Bloomberg. From April 22 to April 29, 213. ETF Securities Commodity ETP ly 29 April 213 Tel:

5 Performance, Flows and Assets by Sector Short Leveraged FX Hedged ETFS Agriculture DJ-UBSCI SM -1.% -6.1% -3.7% ($1.2) $86. ($119.6) ($6.4) $5. ($5.6) $ % ETFS er Dated Agriculture $. $14.3 $9.4 ($.6) $.6 $9. $39.1.2% ETFS Grains DJ-UBSCI SM -.7% -6.8% 5. $2.1 $49.4 $24.2 $1.5 $44.5 $29.8 $87.9.4% ETFS er Dated Grains % 8. $. $15.3 ($13.7) ($.3) $14.1 ($1.1) $16.9.1% ETFS Wheat -.4% -11.4% 2.9% ($.3) ($.2) ($86.5) ($.6) ($8.9) ($68.5) $63.9. ETFS Corn -.9% % ($.5) $7.3 ($43.5) ($.8) $2.5 ($32.9) $35.4.1% ETFS Soybeans ($.2) ($43.) ($6.9) ($.5) ($42.4) ($13.4) $23.1.1% ETFS Softs DJ-UBSCI SM -2.% -6.8% -21.7% $. ($1.1) $.7 ($.2) ($2.) ($2.5) $11.5.% ETFS er Dated Softs -1.9% -6.7% -23.9% $. $.1 ($.) ($.) $. ($.3) $1..% ETFS Sugar % -23.1% ($1.1) ($7.7) $14. ($1.5) ($.8) $6.2 $26.1.1% ETFS Cotton ($.7) ($.5) $.6 ($1.5) $1.2 ($1.5) $27.3.1% ETFS Coffee -2.4% ($.2) $23.9 $43.9 ($1.4) $19.6 $33. $49..2% ETFS Soybean Oil -.4% -2.% -16.7% $. ($.5) ($.1) ($.) ($.6) ($.9) $4.2.% ETFS Cocoa 1.7% 4.4% 3.4% ($.7) $.9 $.8 ($.6) $1.3 $1.1 $8.5.% Agriculture DJ-UBSCI SM -1.8% -6.% -11.4% $. ($.1) ($.7) ($.) ($.1) ($.1) $.5.% Grains DJ-UBSCI SM 1.% 4.9% -2. $. ($1.1) ($4.9) $. ($.1) ($.7) $.2.% Wheat. 9.7% -13.7% $.1 ($7.) $.3 $.1 ($6.2) $1.4 $5.1.% Corn.7% 5.9% -23.9% ($1.6) ($7.3) $.5 ($1.6) ($6.9) $.7 $3.1.% Soybeans 1.2% -1.5% -8.9% $. ($.4) $1. $. ($.4) $1.2 $2.5.% Softs DJ-UBSCI SM. 5.1% -.7% $. ($.5) ($.4) $. ($1.) ($5.) $.1.% Sugar 1.2% 1.4% 19.7% $.1 ($1.9) ($.) $.2 ($1.) ($1.6) $8.3.% Cotton % -2.2% ($1.1) ($1.1) ($3.4) ($1.) ($1.6) ($3.3) $2.4.% Coffee 2.2% 6.2% 28.1% $.2 $.5 ($1.8) $.2 $.4 ($2.) $1.7.% Soybean Oil..4%. ($1.1) ($.7) ($2.3) ($1.1) ($.9) ($2.2) $.3.% Cocoa 1.9% 5.5% 2.5% $. ($.1) ($.) $. ($.5) ($.4) $.7.% ETFS Daily Leveraged Agriculture DJ-UBSCI SM -2.1% $. ($1.) ($5.4) ($.1) ($1.8) ($4.8) $6.8.% ETFS Daily Leveraged Grains DJ-UBSCI SM -1.5% -14.7% 3.2% $. ($.5) ($1.7) ($.) ($.6) ($1.1) $.6.% ETFS Daily Leveraged Wheat -1.% -23.1% -3.8% $1.5 $13.2 ($31.2) $1.2 $7. ($16.7) $29.8.1% ETFS Daily Leveraged Corn -1.8% -18.9% 2.% ($.2) $.5 ($.4) ($.2) ($.1) ($.2) $2.3.% ETFS Daily Leveraged Soybeans % -3.1% ($.7) ($.6) ($.1) ($.8) ($.6) ($.4) $1.4.% ETFS Daily Leveraged Softs DJ-UBSCI SM -4.% -13.4% -41.4% $. $. ($.) ($.) ($.1) ($.3) $.4.% ETFS Daily Leveraged Sugar -2.7% -22.1% -44. ($.7) $5. $14.4 ($1.1) $1.8 $9.6 $13.9.1% ETFS Daily Leveraged Cotton -5..2% -2.5% ($.4) ($2.5) ($.9) ($.6) ($1.8) ($.7) $2.4.% ETFS Daily Leveraged Coffee -5.% $.2 $1. $32. ($1.1) $6. $21.7 $24.4.1% ETFS Daily Leveraged Soybean Oil -.8% -4.8% -33.5% $. ($.) ($1.3) ($.) ($.1) ($1.6) $.5.% ETFS Daily Leveraged Cocoa 3.5% 7.5%.% ($.6) $2.9 $2.6 ($.2) $3.6 $3. $8.7.% Hedged Wheat -1.% -.7%.8% $. $.7 $1.1 ($.) $.6 $1. $1.1.% Hedged Agriculture DJ-UBS ED SM % $. $. $. ($.) ($.) ($.) $.1.% Hedged Agriculture DJ-UBS PD SM -.1% -1.8% -8.1% $. ($.1) ($.3) ($.) ($.1) ($.2) $..% Hedged er Dated Agriculture % -6.8% $. ($.1) ($.3) ($.) ($.1) ($.2) $..% Swiss Franc Daily Hedged Agriculture DJ-UBS FD SM -2.9% $. $.5 $.5 ($.) $.5 $.5 $.5.% Swiss Franc Daily Hedged er Dated Agriculture -3.4% $. $.5 $.5 ($.) $.5 $.5 $.5.% Swiss Franc Daily Hedged Grains DJ-UBS FD SM -2. $. $.5 $.5 ($.) $.5 $.5 $.5.% Swiss Franc Daily Hedged Softs DJ-UBS FD SM -3.8% $. $.5 $.5 ($.) $.5 $.5 $.5.% Swiss Franc Daily Hedged Cocoa -.2% $.2 $.9 $.9 $.2 $.9 $.9 $.9.% Swiss Franc Daily Hedged Coffee -4. $.3 $.9 $.9 $.2 $.9 $.9 $.9.% Swiss Franc Daily Hedged Corn -2.7% $. $.9 $.9 ($.) $.9 $.9 $.9.% Swiss Franc Daily Hedged Cotton -4.5% $. $.5 $.5 ($.) $.6 $.6 $.6.% Swiss Franc Daily Hedged Soybeans -3.2% $. $.5 $.5 ($.) $.6 $.6 $.6.% Swiss Franc Daily Hedged Sugar -3.2% $. $.7 $.7 ($.) $.7 $.7 $.7.% Swiss Franc Daily Hedged Wheat -2. $. $.8 $.8 ($.) $.8 $.8 $.8.% Hedged Coffee -3.% -9.8% $. $2.7 $2.9 ($.1) $2.3 $2.5 $2.5.% Hedged Corn -1.4% -9.9% $.3 $.5 $.7 $.3 $.5 $.7 $.7.% Hedged Cotton -3.2% 5.% $. ($.9) ($.) ($.) ($.8) $.1 $.1.% Hedged Soybeans -1.9% -1.8% $. ($.1) $.1 ($.) ($.1) $. $..% Hedged Sugar -1.9% -.7% $.1 $3.1 $3.3 $. $2.9 $3.1 $3.1.% Hedged er Dated Agriculture -2.1% -7.1% $1.6 $3.3 $3.4 $1.5 $3.1 $3.3 $3.3.% Total ($4.9) $168.2 ($174.) ($17.1) $89.8 ($171.5) $1, % -1x 2x FX Hedged Price Performance Net Creations (in m$) AUM Growth (in $m) in m$ (1) (2) AGRICULTURE (2) BROAD AUM since listing Price Performance Net Creations (in $m) AUM Growth (in $m) AUM since listing (1) (2) (2) in m$ ETFS All Commodities DJ-UBSCI SM.8% -4.9% -5.2% $8.5 $166.4 $88.6 $.2 $14. $6.6 $ % ETFS er Dated All Commodities. -4.5% -5. ($4.8) ($5.7) ($23.3) ($4.7) ($8.) ($26.1) $24.4.1% ETFS Ex-Energy DJ-UBSCI SM.8% % $.2 $.4 $.4 $.2 $.2 $.2 $2.9.% ETFS er Dated Ex-Energy.4% -9.% -8. $. ($.1) ($.5) $. ($.2) ($.5) $.4.% ETFS Ex-Agriculture and Livestock % $2.4 $.4 $43. $3.1 ($1.4) $41.2 $41.2.2% All Commodities DJ-UBSCI SM -.8% 3.9% 1.% ($.6) ($16.3) ($28.) ($.6) ($16.7) ($3.1) $4.8.% Ex-Energy DJ-UBSCI SM -.9% 8.8% 4.9% $. ($.) ($.2) ($.) $. ($.2) $.1.% ETFS Daily Leveraged All Commodities DJ-UBSCI SM 1.5% -1.% -. $. ($.4) ($.7) $. ($.7) ($1.1) $2.4.% ETFS Daily Leveraged Ex-Energy DJ-UBSCI SM 1.5% -18.2% -18.8% $. ($.2) ($.3) $. ($.3) ($.4) $.1.% Hedged All Commodities DJ-UBS ED SM.2% -6.4% -7.5% $. ($7.8) $2.6 $. ($8.3) $2.6 $2.7.% Hedged er Dated All Commodities.% -5.9% $. $.2 $.3 $. $.2 $.3 $.3.% Hedged All Commodities DJ-UBS PDSM 1.7% -9.7% -9. $. $. $. $.1 $4.6 $4.5 $4.7.% Hedged er Dated All Commodities % -9.5% $. $. $. $. $. $. $.1.% Swiss Franc Daily Hedged er Dated All Commodities -1. $. $.5 $.5 ($.) $.5 $.5 $.5.% Total $5.8 $137.5 $82.6 $1.3 $11. $51.6 $ ETF Securities Commodity ETP ly 29 April 213 Tel:

6 Performance, Flows and Assets by Sector (continued) Short Leveraged ETFS Energy DJ-UBSCI SM.8% 4.5% 1.8% ($1.1) ($5.) ($.6) $.4 $.4 $2.9 $ % ETFS er Dated Energy 1.% 5.1%. $. $27.1 $35.5 $.7 $29.2 $35.4 $26.2.1% ETFS Petroleum DJ-UBSCI SM 4.8% -2.8% -9.9% $. $.5 ($3.7) $.4 $.2 ($4.9) $ % ETFS er Dated Petroleum 4.8% -1.4% -1. $.1 ($.2) ($11.3) $.3 ($.8) ($15.8) $15.3.1% ETFS -5.2% % ($16.6) ($48.5) ($61.) ($26.2) ($18.4) ($5.3) $8.1.% ETFS er Dated -5.% 17.9% 29. ($3.8) $2.5 $4.2 ($4.5) $4.2 $6.3 $ % ETFS Brent Crude % -9.% $. $18.3 $25.7 $1.1 $17. $25. $9.1.% ETFS er Dated Brent Crude 4.2% -3.4% -9.4% $. $.4 ($.) $. $.4 ($.) $11.2.% ETFS WTI Crude Oil 6.5% -.2% -15. $.3 ($87.4) ($7.8) $15.8 ($82.6) ($116.4) $.7.% ETFS er Dated WTI Crude Oil 6.4%.1% -14.9% $. $. ($1.5) $.1 $. ($2.) $1.9.% ETFS Gasoline 2.4% -4.5% 2.7% $. $.1 ($6.8) $.4 ($.5) ($6.3) $.1.% ETFS Heating Oil 3.8% -5.4% -1.1% ($.7) ($1.2) ($9.4) ($.4) ($1.7) ($11.2) $7.2. ETFS er Dated Heating Oil % -8. $. $. ($.1) $. ($.) ($.1) $5.1.% ETFS Brent 1mth % -7. ($1.9) $58.1 $2.2 $.7 $27.1 ($23.7) $ % ETFS WTI 2mth 6.4% -.2% -15.8% $1. ($2.1) ($.2) $3.7 ($2.3) ($21.2) $44.9.2% ETFS Brent 1yr 3.9% -2.9% -8.9% $. ($.8) ($3.8) $.4 ($1.1) ($5.3) $11.7.% ETFS Brent 2yr % -7.% $. $. ($.4) $. ($.) ($.4) $.4.% ETFS Brent 3yr 2.8% % $. ($.4) ($.1) $.1 ($.5) ($1.2) $3..% ETFS WTI 1yr 6.% % ($.4) ($.8) $.5 ($.2) ($.9) ($2.1) $4.1.% ETFS WTI 2yr % -1.1% $. $. ($7.7) $.1 ($.1) ($8.9) $2.1.% ETFS WTI 3yr 4.8% -2.5% -8.2% $. $. ($.7) $.1 ($.1) ($.9) $2.3.% ETFS Carbon -3.8% $. $.2 $.2 ($.) ($.3) ($.4) $.5.% Energy DJ-UBSCI SM -.8% -5.5% -8.4% $. ($.6) ($.6) ($.) ($.6) ($.5) $22.1.1% Petroleum DJ-UBSCI SM -4.7% 1.2% 3.4% $. ($1.7) $2.3 ($.) ($11.1) ($.) $3.8.% % -39.2% $.1 $16.3 $15.1 $1.2 $13.2 $1.9 $29.4.1% Brent Crude -4.2% 2.7% 2.2% ($1.9) ($4.7) $1.4 ($2.1) ($4.4) $1.7 $.4.% WTI Crude Oil -6.2% $. $14.1 ($4.9) ($2.) $14.5 ($3.4) $.7.% Gasoline -2.5% 2.5% -9.8% $. ($.2) ($.) ($.) ($.2) ($.1) $.4.% Heating Oil -3.8% 3.9% 4. $.1 $.4 $.2 $.1 $.4 $.3 $.3.% ETFS Daily Leveraged Energy DJ-UBSCI SM 1.4% 7.8% -1.8% $. ($.2) ($.6) $. ($.2) ($.6) $17.5.4% ETFS Daily Leveraged Petroleum DJ-UBSCI SM 9.8% -6.4% -23. $. ($.2) ($.3) $. ($.2) ($.5) $.8.% ETFS Daily Leveraged -1.2% % ($2.8) ($83.9) ($71.9) ($15.2) ($35.4) $4.3 $96.6.4% ETFS Daily Leveraged Brent Crude 8.7% -9.% -21.2% ($.2) ($.4) $.3 ($.1) ($.5) $.3 $.8.% ETFS Daily Leveraged WTI Crude Oil 13.2% $4.5 ($43.4) $28. $15.6 ($34.7) $26. $.4.% ETFS Daily Leveraged Gasoline 4.8% -1.1%.1% ($.5) ($.5) ($.6) ($.4) ($.7) ($.6) $.6.% ETFS Daily Leveraged Heating Oil 7.7% % ($.) ($.1) ($.4) $. ($.1) ($.6) $.5.% Hedged WTI Crude Oil 5.8% -1.9% -17.9% $. ($.9) $.2 $. ($.9) $.2 $.3.% Hedged Brent Crude 3.7% -5.7% -11. $. $.3 $1. $. $.2 $.9 $1..% -5.8% % $. ($.2) $.3 ($.) ($.) $.4 $.7.% Hedged WTI Crude Oil 7.5% $. ($.2) $. $. ($.2) ($.) $.2.% Hedged Brent Crude Oil % -13.2% $.1 ($2.1) $.3 $.1 ($2.1) $.1 $.4.% % $. ($.) $.7 ($.) $. $.6 $.7.% Hedged Energy DJ-UBS PD SM 1.7% -1.1% -3.% $. ($.4) ($.1) $. ($.4) ($.1) $.1.% Hedged er Dated Energy 1.7% -.1% -4.1% $. ($.) ($.1) $. ($.) ($.1) $.1.% Swiss Franc Daily Hedged Energy DJ-UBS FD SM -1.2% $. $.5 $.5 ($.) $.6 $.6 $.6.% Swiss Franc Daily Hedged er Dated Energy -1.1% $. $.5 $.5 ($.) $.6 $.6 $.6.% Swiss Franc Daily Hedged WTI Crude Oil 4.5% $. $.5 $.5 $. $.5 $.5 $.5.% Swiss Franc Daily Hedged Brent Crude 2. $. $.5 $.5 $. $.5 $.5 $.5.% Swiss Franc Daily -7.% $. $.7 $.7 ($.1) $.9 $.9 $.9.% Total ($23.7) ($154.) ($166.8) $2.2 ($91.4) ($141.4) $1, % FX Hedged ENERGY Price Performance Net Creations (in m$) AUM Growth (in $m) AUM since listing (1) (2) (2) in m$ -1x 2x LIVESTOCK ETFS Livestock DJ-UBSCI SM.1% -8.% -11.9% $. ($14.7) ($21.2) $. ($.2) ($.2) $1.5.% ETFS er Dated Livestock % -3.9% $. ($.6) ($.1) ($.2) ($2.9) ($2.3) $.1.% ETFS Live Cattle % -3.% $. $.3 ($1.1) $.1 ($15.9) ($2.6) $.2.% ETFS er Dated Live Cattle.7% % $. ($.) ($.2) $. ($.6) ($.1) $.2.% ETFS Lean Hogs 1.1% -6.8% -5.4% ($.4) ($1.8) ($2.3) $. ($.) ($.3) $6.9.% ETFS er Dated Lean Hogs 1.2% -6.7% -2.4% $. $.1 $.2 $.1 ($.2) ($1.2) $11..% Livestock DJ-UBSCI SM % -.8% $. ($.) ($.4) ($.) $. ($.4) $.6.% Live Cattle % -1.4% $. $.1 ($.5) ($.) $.1 ($.6) $.8.% Lean Hogs -1.4% 6.8% -1.7% $. $.2 $.2 ($.) $.2 $.1 $.1.% ETFS Daily Leveraged Livestock DJ-UBSCI SM 2.5% -14.% -7. $. ($.3) ($.3) $. ($.4) ($.3) $.5.% ETFS Daily Leveraged Live Cattle 2.5% -13.5% -6.4% $. $.2 ($.5) $. $.1 ($.5) $1.3.% ETFS Daily Leveraged Lean Hogs % $.1 ($.) $. $.1 ($.2) $.1 $.4.% Total ($.3) ($16.6) ($26.2) $.1 ($19.9) ($26.3) $32.6.1% Price Performance Net Creations (in m$) AUM Growth (in $m) AUM since listing (1) (2) (2) in m$ ETF Securities Commodity ETP ly 29 April 213 Tel:

7 Performance, Flows and Assets by Sector (continued) FX Hedged Leveraged Short INDUSTRIAL METALS Price Performance Net Creations (in m$) (1) (2) (2) ETFS Industrial Metals DJ-UBSCI SM 1.% % $1.4 $29.5 $64.6 $3.4 ($.2) $27.8 $26.7.9% ETFS er Dated Industrial Metals.9% -1.2% -.7% ($.3) ($14.8) ($1.2) $. ($19.3) ($16.8) $33.5.1% ETFS Aluminium 1.4% -8.8% -13.1% $4.8 $4.5 $13.6 $5.5 $.6 $8.1 $48.2.2% Aluminium. -1.5% -16.2% $. $. $. $. ($.1) ($.1) $.5.% ETFS Copper.7% -.4% -15.% ($141.4) ($41.3) $7.3 ($14.) ($111.3) $41.7 $ % Copper 1.% -11.9% -17.4% $. $21.7 ($.7) $.3 $16.1 ($22.2) $32.2.1% ETFS Zinc 2.5% -8.8% -8.7% $. ($2.3) ($2.9) $.6 ($3.8) ($4.6) $23.1.1% Zinc 2.% -1.1% -13.8% $. $. $. $. ($.) ($.) $.3.% ETFS Nickel -.9% -1.4% -14. $. $6.9 $13.1 ($.5) $1.1 $6.1 $51.4.2% Nickel -1.7% -11.9% -15.1% $. $. $3. ($.1) ($.5) $2.6 $3.9.% ETFS Tin % -4.4% ($.1) ($2.1) ($5.5) ($.1) ($19.2) ($.9) $1.2.% Tin % -5. $. $. $. $.1 ($.3) ($1.1) $2.4.% ETFS Lead 3.1% -11.9% -3.9% $. ($.3) ($.1) $. ($.4) ($.1) $.7.% Lead 2.% -15.% -9.8% $. $. $. $. ($.1) ($.1) $.5.% Industrial Metals DJ-UBSCI SM -1.1% 9.9% 9.1% $. $.4 ($9.8) ($.4) $3.6 ($7.7) $36.1.1% Aluminium -1.5% 7.5% 8.% ($.2) ($.2) ($.9) ($.2) $.1 ($.5) $3.3.% Copper -.9%.% 1. ($6.2) $42.7 ($57.6) ($7.7) $61.5 ($37.1) $ % Zinc -2.5% 7.5% 2. $. $.1 ($.9) ($.1) $.3 ($.7) $2.6.% Nickel.8% 8.9% 7.5% ($7.1) $13.4 $.6 ($6.9) $17.1 $16.3 $17.4.1% Tin % -4.9% $. $. ($.4) ($.) $. ($.3) $.4.% Lead -3.1% 11.2% -3.4% $. ($.2) ($.) ($.) ($.1) ($.1) $.3.% ETFS Daily Leveraged Industrial Metal DJ-UBSCI SM 1.9% -2.9% -27.7% $.1 $.1 $.4 $.1 ($.2) ($.2) $1.6.% ETFS Daily Leveraged Aluminium 2.8% -17.8% -27.4% $. $1.8 $3. $.1 $.9 $2. $5.4.% ETFS Daily Leveraged Copper % -3.7% $1.2 $4.6 $3.5 $1.5 $.3 ($1.6) $15.4.1% ETFS Daily Leveraged Zinc 4.9% -17.8% -2.2% $.1 $.2 ($.) $.1 ($.1) ($.3) $1.7.% ETFS Daily Leveraged Nickel -2.% -21.2% -31. $.1 $1. $2.1 ($.) ($.2) $.6 $3.9.% ETFS Daily Leveraged Tin 5.1% -2.5% -14.9% $. $.3 $.4 $.1 ($.3) $.1 $1.9.% ETFS Daily Leveraged Lead 6.2% % $. ($.) ($.6) $.1 ($.5) ($.7) $1.4.% Hedged Copper.1% -13.8% -17. $. $.1 $1.2 $. ($.2) $1. $1..% Hedged Copper 1.7% -16.9% -19.1% $. ($.1) $. $. ($.1) ($.) $.2.% Hedged Industrial Metals DJ-UBS PDSM 1.9% -15.2% -17. $. $.1 ($.1) $. $.1 ($.1) $.2.% Hedged Industrial Metals DJ-UBS EDSM.4% -.1% ($1.5) $.2 $.4 ($1.5) ($.) $.4 $.4.% Swiss Franc Daily Hedged Industrial Metals DJ-UBS FDSM -.9% $. $.6 $.6 ($.) $.6 $.6 $.6.% Swiss Franc Daily Hedged Aluminium -.5% $. $.5 $.5 ($.) $.5 $.5 $.5.% Swiss Franc Daily Hedged Copper -1.2% $. $.5 $.5 ($.) $.5 $.5 $.5.% Swiss Franc Daily Hedged Lead 1.1% $. $.5 $.5 $. $.5 $.5 $.5.% Swiss Franc Daily Hedged Nickel -2.8% $. $.6 $.6 ($.) $.6 $.6 $.6.% Swiss Franc Daily Hedged Tin. $. $.6 $.6 $. $.5 $.5 $.5.% Swiss Franc Daily Hedged Zinc.5% $. $.6 $.6 $. $.6 $.6 $.6.% Hedged Aluminium.8% -1. $. ($.) $.3 $. ($.) $.3 $.3.% Hedged Nickel -1.5% -11.9% $. $.1 $.2 ($.) $. $.2 $.2.% Hedged Zinc 1.9% -1. $. $. $.1 $. ($.) $.1 $.1.% Total ($149.1) $52.6 $148.4 ($145.5) ($51.3) $15.8 $1,7. 4.2% AUM Growth (in $m) AUM since listing in m$ ETF Securities Commodity ETP ly 29 April 213 Tel:

8 Performance, Flows and Assets by Sector (continued) FX Hedged 2x -1x PRECIOUS METALS Price Performance Net Creations (in m$) AUM Growth (in $m) (1) (2) (2) in m$ AUM since listing ETFS Precious Metals DJ-UBSCI SM 4.7% -15.2% -15.1% $.5 $15.1 ($22.1) $5.5 ($4.6) ($42.2) $11.4.5% PM Basket 2.2% -13.5% -13.5% ($5.1) ($36.9) ($59.1) ($1.1) ($66.4) ($89.7) $18.6.7% PM Basket (ASX) 2.2% -13.5% -13.5% $. $. $.7 $.1 ($.9) ($.2) $5.6.% ETFS Precious Metals Trust 4.1% -.9% -11.7% $. $31.3 $37.3 $2.8 ($1.7) ($1.4) $ % ETFS White Metal Basket Trust 2.1% % $. $5. $2.7 $4.1 ($3.7) $4.4 $36.3.1% ETFS Gold 5.% -13.2% -.5% ($1.9) ($27.8) $.4 $5.1 ($64.6) ($21.6) $ Gold 4.1% -.9% -11.7% ($15.2) ($813.4) $345. $157.9 ($1,857.6) ($595.3) $6, % Gold (ASX) 4.1% -.9% -11.8% $. $. $33.9 $22.3 ($83.9) ($45.9) $ ETFS Gold Trust 4.1% -.9% -11.7% ($13.9) ($5.3) $73.8 $5.5 ($299.2) ($168.5) $1, % ETFS Asian Gold Trust.2% -14.9% -16.8% $. $. $8.5 $.1 ($1.4) ($4.8) $71.9. Gold Bullion Securities 4.1% -.9% -11.8% ($1.7) ($194.3) $1,5.5 $246.5 ($1,13.) $182.8 $6, % Swiss Gold 4.1% -.9% -11.7% ($26.2) $11.8 $97.6 ($1.8) ($54.2) $38.1 $ ETFS 3.8% % $3.2 $3.6 $2. $5.1 ($9.5) ($13.4) $52.4.2% -.9% % ($2.) $18.3 $42.9 ($7.7) ($163.3) ($163.6) $ (ASX) -.9% % $. $4.7 $3.5 ($.5) ($.7) ($16.4) $54.6.2% ETFS Trust -.9% % $4.6 $17. $16.3 $.6 ($19.) ($133.4) $ % ETFS Platinum 2.4% % $. $.6 $.2 $.1 $.1 ($.2) $2.1.% Platinum 1.5% -4.7% -6.7% $8.7 ($24.) $85.6 $18.4 ($46.9) $43.8 $ % Platinum (ASX) 1.5% -4.7% -6.7% $. ($.3) ($2.8) $.1 ($.5) ($3.2) $6.6.% ETFS Platinum Trust 1.5% -4.7% -6.8% $. $74. $.4 $. $27.8 $56.3 $ Palladium % 1. ($1.) $23.4 $48.7 $3.9 $9.5 $49.8 $ % Palladium (ASX) % 1. $. $. $. $. ($.1) $. $1.9.% % 1.5% $19.8 $59.1 $. $26.7 $34.8 $1.3 $ % Gold ETF 4.1% -.9% $. $. $. $.1 ($3.8) $2.9 $2.9.% ETF -.9% -22. $. $. $. ($.1) $1. $7. $7..% Platinum ETF 1.5% -4.7% $. $. $. $. ($.1) $2.9 $2.9.% Precious Metals DJ-UBSCI SM -4.7% 14.7% 1.1% $. ($.1) ($.2) ($.) ($.) ($.2) $.1.% Gold -4.9%.4% 7.7% ($1.3) $5.7 ($14.8) ($3.6) $9.6 ($.) $42..2% -4.1% 2.8% 15.% ($.2) ($.5) ($2.8) ($.9) ($8.7) ($17.3) $17.3.1% Platinum -2.5% 3..9% $. $. ($2.4) ($.) $. ($2.2) $1..% ETFS Daily Leveraged Precious Metals DJ-UBSCI SM 9.4% -29.8% -31.2% $. ($2.5) ($4.8) $.1 ($3.9) ($6.5) $1.7.% ETFS Daily Leveraged Gold 1.1% -26.2% -26.4% ($3.9) ($14.7) $5.6 $5.2 ($48.) ($28.2) $97..4% ETFS Daily Leveraged % -44.8% ($.6) $43. $72.5 $8. ($19.5) $2. $4.6.5% ETFS Daily Leveraged Platinum 4.8% -.2% -17. $.2 ($1.) ($2.8) $.5 ($1.6) ($4.1) $6.4.% Hedged Gold 4.4% % ($2.5) ($19.3) $3.9 ($2.3) ($21.1) $4.9 $5..% Hedged 3.2% -21.9% -24.1% $. ($.2) $1.3 $. ($.4) $.8 $.9.% Hedged Precious Metals DJ-UBS ED SM 4.1% % $. ($.1) ($.1) $. ($.1) ($.1) $..% Hedged Physical Gold 4.4% $. $4.2 $4.2 $.2 $3.8 $3.8 $3.8.% Hedged Gold 6.% -17.7% -16.5% $. $.3 $.6 $. $.2 $.5 $.6.% Hedged 4.7% -24.7% -25.9% $. ($.2) ($.2) $. ($.2) ($.2) $.2.% Hedged Precious Metals DJ-UBS PD SM 5.7% % $. ($.) $.1 $. ($.1) $.1 $.3.% Hedged Physical Gold 6.% $. $1. $1. $.1 $1. $1. $1..% Swiss Franc Daily Hedged Gold 3.% $. $.6 $.6 $. $.6 $.6 $.6.% Swiss Franc Daily Hedged 1.8% $.1 $.7 $.7 $.1 $.7 $.7 $.7.% Swiss Franc Daily Hedged Platinum.5% $. $.5 $.5 $. $.5 $.5 $.5.% Swiss Franc Daily Hedged Precious Metals DJ-UBS FD SM 2.7% $. $.6 $.6 $. $.6 $.6 $.6.% Total ($8.5) ($877.1) $1,955.5 $549.2 ($3,936.2) ($965.7) $2, (1) Net creations/redemptions during the period, valued using official NAVs on creation/redemption day. (2) Change in flows for and the past months. ETF Securities Commodity ETP ly 29 April 213 Tel:

9 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 Services Authority. The products discussed in this document are issued by ETFS Commodity Securities Limited ( CSL ), ETFS Hedged Commodity Securities Limited ( HCSL ), ETFS Industrial Metal Securities Limited ( IML ), ETFS Metal Securities Australia Limited ( MSAL ), ETFS Metal Securities Limited ( MSL ), ETFS Oil Securities Limited ( OSL ) and Gold Bullion Securities Limited ( GBS and together with CSL, HCSL,IML, MSAL, MSL and OSL the Issuers ). Each Issuer (other than MSAL) is regulated by the Jersey Financial Services Commission. When being made within Italy, this communication is for the exclusive use of the qualified investors and its circulation among the public is prohibited. When being made within Switzerland, this communication is for the exclusive use by Qualified Investors (within the meaning of Article 1 of Section 3 of the Swiss Collective Investment Schemes Act ( CISA ) and its circulation among the public is prohibited. In Australia, this communication is only directed to wholesale clients (as defined in section 761A and 761G of the Corporations Act 21 (Cth) and may not be acted on or relied upon by retail clients (as defined in sections 761A and 761G of the Corporations Act 21 (Cth) and as the securities referenced in this document are issued pursuant to an arrangement between the Issuers and Authorised Participants (who are holders of an AFS licence), the Issuer is exempt from the requirement to hold an AFS licence under section 911A(2)(b) of the Corporations Act 21 (Cth). This document 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, or any securities issued by them are authorised or registered for distribution and where no prospectus for any of the Issuers has been filed with any securities commission or regulatory authority. Neither this document nor any copy hereof should be taken, transmitted or distributed (directly or indirectly) into the United States. Neither the Issuers 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. Neither the Issuers nor the securities issued by them are registered in Brazil for the purpose of any offer to the public in Brazil. This document is not and is not intended to be construed as a step in furtherance of public offering of the securities in Brazil. This document may contain independent market commentary prepared by ETFS UK based on publicly available information. ETFS UK does not warrant or guarantee the accuracy or correctness of any information contained herein and any opinions related to product or market activity may change. Any third party data providers used to source the information in this communication make no warranties or representation of any kind relating to such data. Any historical performance included in this document may be based on back testing. Back tested performance is purely hypothetical and is provided in this document solely for informational purposes. Back tested data does not represent actual performance and should not be interpreted as an indication of actual or future performance. Historical performance is not an indication of or a guide to future performance. The information contained in this communication is neither an offer for sale nor a solicitation of an offer to buy securities. This communication should not be used as the basis for any investment decision. ETFS UK is required by the United Kingdom Financial Services Authority ("FSA") 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 CSL, HCSL, FXL and OSL are complex, structured products involving a significant degree of risk and are not suitable for all types of investor. Securities offered by the Issuers are 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 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 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. The relevant prospectus for each Issuer may be obtained from Please contact ETFS UK at or info@etfsecurities.com for more information. Passporting and Restricted Investors General: The FSA 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 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 ABN AMRO Bank (Nederland) N.V. (t) or faxed request to The prospectuses (and any supplements thereto) for each of the Issuers may be distributed to investors in France, Germany, Italy and the Netherlands. This document 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 document 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, IML, MSL 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 prospectus (and any supplements thereto) for GBS has been passported from the United Kingdom into Belgium and has been filed with the Commission Bancair, Financiére et des Assurances in Belgium. The prospectus (and any supplements thereto) for GBS may be distributed to investors in Belgium. 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. Third Parties Securities issued by each of the Issuers are direct, limited recourse obligations of the relevant Issuer alone and are not obligations of or guaranteed by any of UBS AG, Merrill Lynch Commodities Inc. ( MLCI ), Bank of America Corporation ( BAC) or any of their affiliates. UBS AG, MLCI and BAC, Shell Trading Switzerland, Shell Treasury, HSBC Bank USA N.A., JP Morgan Chase Bank, N.A., Deutsche Bank AG any of their affiliates or anyone else or any of their affiliates. Each of UBS AG, Merrill Lynch Commodities Inc. ( MLCI ), Bank of America Corporation ( BAC) or any of their affiliates. UBS AG, MLCI and BAC, Shell Trading Switzerland, Shell Treasury, HSBC Bank USA N.A., JP Morgan Chase Bank, N.A. and Deutsche Bank AG 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 document or its contents otherwise arising in connection herewith. Dow Jones, UBS, DJ-UBS CI SM,, DJ-UBS CI-F3 SM, and any related indices or sub-indices are service marks of Dow Jones Trademark Holdings LLC ( Dow Jones ), CME Group Index Services LLC ( CME Indexes ), UBS AG ( UBS ) or UBS Securities LLC ( UBS Securities ), as the case may be, and have been licensed for use by the Issuer. The securities issued by CSL although based on components of the Dow Jones UBS Commodity Index 3 month Forward SM are not sponsored, endorsed, sold or promoted by Dow Jones, CME Indexes, UBS, UBS Securities or any of their respective subsidiaries or affiliates, and none of Dow Jones, CME Indexes, UBS, UBS Securities, or any of their respective subsidiaries or affiliates, makes any representation regarding the advisability of investing in such product. ETF Securities Commodity ETP ly 29 April 213 Tel: