ETF Securities Commodity ETP Weekly. Investors Look to Industrial Metals to Leverage Ongoing Cyclical Upswing. Weekly Flows by Sector (US$m)

Transcription

1 9 September 2013 ETF Securities Commodity ETP ly ly Flows by Sector (US$m) TOTAL Broad Industrial Metals Precious Metals Agriculture Top 5 Inflows/Outflows (US$m) Oil Copper Coffee Wheat Nickel Live Cattle Platinum Palladium Natural Gas Top 5 / Bottom 5 Performers Cocoa Tin Lean Hogs Live Cattle Sugar Platinum Zinc Lead Palladium Gasoline % -3.5% -2.6% -5% -3% -1% 1% 3% 5% Simona Gambarini Associate Director - Research Martin Arnold Director - Research research@etfsecurities.com % % 3. Investors Look to Industrial Metals to Leverage Ongoing Cyclical Upswing Investors continued to rotate towards more cyclical assets, after official reports showed manufacturing activity in the US, China and Europe picked-up in August, with copper ETPs a major beneficiary of the improved sentiment. While precious metals came under pressure last week on improved global conditions, they recouped part of their losses on Friday following a slightly disappointing August US non-farm payrolls release and downward revisions to jobs for the prior two months. With the US labour market still showing some softness, the Fed might want to get more information before they start tapering. This should continue to help support to precious metals, particularly gold. Meanwhile, geopolitical fears kept oil prices well supported last week, prompting some investors to increase exposure to Brent crude on increased likelihood of a US military strike on Syria. ETFS Copper (COPA) receives largest inflows in 11 weeks as rising manufacturing activity confirms global rebound. COPA received US$13.5mn last week as US ISM and European and Chinese PMIs surprised on the upside last week. China s manufacturing activity reached a 16-month high. Chinese consumers appear to have been using imports to restock in recent weeks, as inventory levels have posted sharp declines. Rising copper demand, and the potential for additional supplies to disappoint, is likely to continue to support prices. Profit taking drives US$39mn of outflows from silver ETPs. The silver price has gained 19% over the past month, prompting investors to partially reduce positions. Unlike gold, around half of silver demand is industrial, with the metal being widely used in electronic applications. Growing evidence of the improving global economic outlook has seen COMEX stockpiles stabilise and is likely to add to support for the silver price. Inflows into long Brent ETPs reach 2½ year high on geopolitical instability. Approximately 3mn barrels of oil production per day are offline at the moment due to geopolitical problems in Libya, Iran, Nigeria and Syria. In Libya, labour strikes and pipeline attacks remain a major concern, with production being reduced by around 1.2m barrels. While Syria is neither a significant oil producer or strategically positioned to control oil trade routes, its neighbouring countries are. Concerns over other Middle Eastern countries being engulfed in the conflict should the UN intervene in Syria, is helping keep prices elevated. At the same time as inflows led US$47.1mn into long Brent ETPs, ETFS Daily Leveraged Natural Gas (LNGA) suffered US$7.6mn of outflows as an unexpected rise in inventories weighed on prices. However, the potential for an intensification of Atlantic hurricane activity could help keep prices supported over the next few weeks. Price weakness prompts the fourth consecutive weekly inflows into coffee ETPs. Despite a bumper harvest in Brazil, which has so far more than compensated for leaf-rust hit Central American crops, investor inflows reached US$2mn last week. The depreciation in the Brazilian real against the US dollar has led to farmers maintaining sales despite falling coffee prices. The Brazilian government has offered put options to buy up to 3 million 60kg bags at R$343 ($149) a bag, which temporarily boosted prices at the beginning of August. However, the price rally was short-lived and over-supply is still likely to keep prices depressed for the season. Key events to watch this week. The Syrian crisis will likely remain in focus for energy markets, with the EU voting on a possible resolution on Thursday. Oil prices are likely to continue benefit from the uncertainty in the Middle East and from reduced production. China August industrial production and July retail sales will also be monitored to assess the strength of the economy after the recent positive manufacturing data. Note: All flow and AUM data in this report are based on ETF Securities ETPs to 5 September 2013 and are denominated in USD unless otherwise indicated.

2 Oct-06 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan- Apr- Jul- Oct- Jan-13 Apr-13 Jul-13 ETF Securities Commodity ETP Flow Trends FLOWS (in $m) ASSETS PRICE PERFORMANCE (in %) -1-1 Month -1 Year in $m -1-1 Month -1 Year TOTAL , , ,556.6 Broad Commodity Precious Metals Total , , ,854.3 Broad Basket Gold , ,501.5, % 6.2% % , % -21.5% -26.7% Platinum , % 3.0% -2.6% -4.9% Palladium % -6.0% -2.1% 7.5% Total ,421.1 Broad Basket Oil % 6.0% 3.7% 1.9% Natural Gas % 7.7% 6.7% 27.9% Heating Oil % 3.1% 0.7% Gasoline % -3.9% 0.9% -3.9% Carbon %.2% -23.6% -39.6% Industrial Metals Total Broad Basket Aluminium % -0.1% -14.2% -10.8% Copper % 1.7% -10.5% -8. Nickel % -1.0% -19.7% -14.9% Zinc % 0.0% -10.6% -1.9% Tin % -5.. Lead % 0.0% -8.9% 4. Agriculture Total Broad Baskets Wheat % -2.8% % Corn % 4.3% -29.9% -38.0% Soybeans % 7.0% 0.3% -18.6% Cotton % 9.7% 10.0% Coffee % -5.9% -21.7% -29.9% Sugar % -0.3% % Soybean Oil % 1.1% -.1% -24.7% Cocoa % 7.7% 13.9% -5.8% Total Broad Baskets Lean Hogs % 4.3% 21. Live Cattle % -3.6% -0.9%. All data based on ETF Securities global commodity ETP flows and assets. Flows include sum of all long and short ETP flows so do not necessarily reflect investor directional positioning. For net positioning please see charts below. Price performance is based on spot prices for metals and front month futures for all others. Oil flows report net flows in all ETFS oil ETCs. Oil performance data reflects Brent front month futures price performance. s Net Positioning in ETCs* (US$m) Agriculture Diversified Precious Metals Industrial Metals $0.6 $65.4 $4.2 $13.0 $67.7 $19.7 $1.9 $4.8 $108.1 $10.0 $4.4 $29.0 0% 20% 40% 60% 80% 100% 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 2006 to August 2013, in billions USD $32 $30 $28 $26 $24 $22 $20 $18 $16 $14 $ $10 $8 $6 $4 $2 $0 Precious Metals Diversified Industrial Metals Agriculture & 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 9 September 2013 Tel:

3 Performance, Flows and Assets Top 5 and Top 5 Short ETC Returns (1 week, %) 1 ETFS Carbon ETFS Physical Tin ETFS Tin Swiss Franc Daily Hedged Cocoa Corn Zinc Lead Precious Metals 2% 2% 3% 3% 3% 3% 1 exclude ETFS Leveraged ETCs performance 7% 0% 2% 6% 8% Top 5 and Top 5 Short ETC Returns (, %) 1 ETFS WTI 2mth WTI Crude Oil ETFS WTI Crude Oil Hedged WTI Crude Hedged Soybeans Coffee Wheat Nickel Corn 17% 16% 16% 15% 1 22% 20% 20% 19% 25% 0% 10% 20% 30% Top 5 and Top 5 Short ETC Returns ( Mth, %) 1 ETFS Physical Tin Hedged WTI Crude ETFS Tin ETFS WTI 2mth Coffee Wheat Corn Soybean Oil 13% 13% % 9% 39% 35% 32% 29% 25% 0% 15% 30% 45% Top 10 ETC Flows (1, in $m) Top 10 ETC Flows (, in $m) Top 10 ETC Flows ( Mth, in $m) Gold Bullion Securities $35 ETFS All Commodities DJ-UBSCISM $8 ETFS Physical $6 $28 ETFS Physical $3 $84 ETFS Brent Crude $18 ETFS Platinum Trust $111 ETFS Platinum Trust $77 ETFS Copper $14 $65 ETFS All Commodities DJ-UBSCISM $63 ETFS Precious Metals Trust $8 Gold $62 Gold $61 WTI Crude Oil ETFS DJ- UBSCISM All Commodities DJ- ETFS All Commodities DJ- $6 $5 $5 $5 $ ETFS Palladium Trust ETFS Agriculture DJ- UBSCISM ETFS Aluminium WTI Crude Oil $59 $57 $55 $51 $ ETFS Aluminium ETFS Daily Leveraged ETFS Precious Metals Trust ETFS Coffee $59 $59 $57 $54 $ ETC USD Assets (09/09/13, $m) ETC GBP Returns ( Mths, %) ETC EUR Returns ( Mths, %) ETFS Physical Gold Gold Bullion Securities $5,223.9 $4,987.6 ETFS Physical Tin -7% 15% ETFS Physical Tin -% 8% ETFS Gold Trust $1,329.5 Hedged WTI Crude 1 Hedged WTI Crude 8% ETFS Platinum Trust $836.4 ETFS Tin 13% ETFS Tin 6% ETFS Physical $765.5 ETFS WTI 2mth % ETFS WTI 2mth 5% ETFS Palladium Trust $525.7 Hedged Brent Crude Hedged Brent Crude 5% ETFS Physical Platinum $495.0 WTI Crude Oil WTI Crude Oil 5% ETFS Physical Gold (ASX) $459.4 Hedged Cotton Hedged Cotton 5% ETFS Agriculture DJ- UBSCISM $448.4 ETFS WTI Crude Oil ETFS WTI Crude Oil ETFS Trust $ ,000-25% 0% 25% -15%-10% -5% 0% 5% 10% ETF Securities Commodity ETP ly 9 September 2013 Tel:

4 Global Precious Metals ETP Holdings Gold Global ETP Holdings (million ounces) Daily Data, From 25 Apr 07 to 09 Sep Apr 07 Apr 08 Apr 09 Apr 10 Apr 11 Apr Apr 13 Sources: ETF Securities, Bloomberg Palladium Global ETP Holdings ('000 oz) Daily Data, From 25 Apr 07 to 09 Sep ,500 Global ETP Holdings (mn oz) Daily Data, From 25 Apr 07 to 09 Sep Apr 07 Apr 08 Apr 09 Apr 10 Apr 11 Apr Apr 13 Sources: ETF Securities, Bloomberg Platinum Global ETP Holdings ('000 oz) Daily Data, From 25 Apr 07 to 09 Sep ,500 2,000 2,000 1,500 1,500 1,000 1, Apr 07 Apr 08 Apr 09 Apr 10 Apr 11 Apr Apr 13 Sources: ETF Securities, Bloomberg 0 Apr 07 Apr 08 Apr 09 Apr 10 Apr 11 Apr Apr 13 Sources: ETF Securities, Bloomberg ETF Securities Commodity ETP Trading Volume ETFS PHYSICAL GOLD GOLD BULLION SECURITIES LTD ETFS PHYSICAL SWISS GOLD ETFS PHYSICAL SILVER ETFS LONGER DATED ENERGY ETFS COPPER ETFS BRENT 1MTH OIL SECURIT Top 10 Turnover (US$m) $2.5 $2.0 $1.5 $1.0 $0.5 1 yr ly Turnover (US$bn) ETFS GOLD TRUST ETFS DAILY LVRG SILVER $0.0 ETFS PHYSICAL PALLADIUM SHAR $0 $20 $40 $60 $80 $100 $0 $140 $160 London BrsaItaliana Deutsche Borse Euronext NYSE Arca Sources: ETF Securities, Bloomberg. From September 2 to September 6, Sources: ETF Securities, Bloomberg. From September 9, 20 to September 9, ETF Securities Commodity ETP ly 9 September 2013 Tel:

5 Performance, Flows and Assets by Sector Short Leveraged FX Hedged Price Performance Net Creations (in m$) AUM Growth (in $m) in m$ (1) (2) AGRICULTURE (2) AUM since listing ETFS Agriculture DJ-UBSCI SM % -21. ($0.1) $56.9 $26.6 ($6.2) $5.0 ($95.3) $ % Agriculture -1.2% -8.9% -20.2% ($0.4) $8.0 $4.8 ($0.8) $5.1 ($2.2) $ % ETFS Grains DJ-UBSCI SM -2.1% -10.6% -24.2% $1.0 $8.5 ($10.0) $0.0 $3.2 ($25.5) $ % Grains -2.0% -10.3% -22.7% $0.0 $3.2 $2.1 ($0.1) $2.1 $0.4 $ % ETFS Wheat -2.2% -22.2% -31.6% $0.6 $7.7 $0.8 ($0.8) ($9.4) ($26.9) $ % ETFS Corn -4.3% % $0.1 ($1.2) ($8.0) ($1.0) ($9.8) ($22.1) $ % ETFS Soybeans -0.1% 14.7% -7.6% ($0.9) ($47.6) ($38.1) ($0.9) ($43.6) ($49.7) $ % ETFS Softs DJ-UBSCI SM -0.1% -14.7% -18.6% $0.0 ($2.6) $0.5 ($0.0) ($4.5) ($2.0) $ % Softs 0.2% -15.5% -19.5% $0.0 ($0.3) ($0.6) $0.0 ($0.4) ($0.8) $ % ETFS Sugar 0.8% -17.7% -18.8% ($0.6) ($1.8) $18.0 ($0.4) ($9.1) $10.2 $ % ETFS Cotton -1.1% 7.0% 5. $0.0 ($2.2) ($1.9) ($0.3) ($0.5) ($0.4) $ % ETFS Coffee -0.7% -25.1% -35.3% $1.7 $38.0 $54.5 $1.4 $24.3 $36.2 $ % ETFS Soybean Oil -1.5% -.8% -26.7% ($0.0) ($0.6) $0.1 ($0.1) ($1.1) ($1.2) $ % ETFS Cocoa 3.5% 11.9% -5.9% $0.0 ($1.4) ($1.3) $0.2 ($0.6) ($2.0) $ % Agriculture DJ-UBSCI SM -3.7% -14.8% -1.3% $0.0 ($0.3) ($0.6) ($0.0) ($0.2) ($0.6) $ % Grains DJ-UBSCI SM 1.3% 6.9% 21.2% $0.1 ($1.0) ($0.9) $0.0 ($0.3) ($0.5) $ % Wheat 2.1% 22.1% 35.0% $0.0 ($10.8) ($15.5) $0.0 ($9.6) ($.9) $ % Corn 4.3% 18.9% 32.2% $0.0 ($8.4) ($7.2) $0.1 ($7.6) ($5.8) $ % Soybeans -0.1% -16.8% 0.8% $0.4 ($0.6) ($2.0) $0.3 ($1.0) ($1.5) $ % Softs DJ-UBSCI SM 2.1% 6.9% 23.3% $0.0 ($0.5) ($0.3) $0.1 ($0.9) ($0.8) $ % Sugar -0.9% 16.7% 15.3% ($0.1) ($8.9) ($9.8) ($0.1) ($7.7) ($8.7) $ % Cotton 1.1% -11.6% -.2% $0.0 ($1.1) ($1.6) $0.0 ($1.7) ($2.2) $ % Coffee 0.6% 24.9% 38.6% $0.1 ($0.3) ($0.6) $0.1 ($0.2) ($0.9) $ % Soybean Oil 1.5% 10.8% 29.0% $0.2 ($0.6) ($1.8) $0.2 ($0.7) ($1.5) $ % Cocoa 0.0% 13.3% 16.8% $0.0 ($0.1) ($0.6) $0.0 ($0.5) ($0.3) $ % ETFS Daily Leveraged Agriculture DJ-UBSCI SM -2.6% -19.8% -40. $0.0 ($1.0) ($0.1) ($0.2) ($2.4) ($4.3) $ % ETFS Daily Leveraged Grains DJ-UBSCI SM -4.2% % $0.0 ($0.2) ($0.7) ($0.0) ($0.4) ($1.5) $ % ETFS Daily Leveraged Wheat -4.3% -41.7% -55.8% $1.0 $27.5 $30.5 ($0.6) $.1 $8.5 $ % ETFS Daily Leveraged Corn % -57.5% $0.1 $2.9 $2.5 ($0.2) $1.4 $0.2 $ % ETFS Daily Leveraged Soybeans -0.3% 27.6% -18.7% ($0.1) ($1.6) ($2.0) ($0.1) ($1.0) ($2.6) $ % ETFS Daily Leveraged Softs DJ-UBSCI SM -0.2% -28.3% -36.0% $0.0 $0.0 ($0.0) ($0.0) ($0.1) ($0.2) $ % ETFS Daily Leveraged Sugar 1.7% -33.9% -36.8% ($0.0) $6.6 $.6 $0.2 $1.0 $6.5 $ % ETFS Daily Leveraged Cotton -2.3% 9.7% 5.0% $0.0 ($2.8) ($2.2) ($0.0) ($2.0) ($1.3) $ % ETFS Daily Leveraged Coffee % -61.7% $0.1 $21.4 $39.6 ($0.2) $7.3 $20.3 $ % ETFS Daily Leveraged Soybean Oil -3.1% % ($0.0) $0.0 ($0.2) ($0.1) ($0.1) ($0.5) $ % ETFS Daily Leveraged Cocoa 7.0% 21.3% -15.9% $0.1 ($0.7) $0.5 $0.5 $0.9 $0.1 $ % Hedged Wheat -3.0% -23.0% -29.3% ($0.0) $0.6 $0.8 ($0.1) $0.4 $0.5 $ % Hedged Agriculture DJ-UBS ED SM -2.1% % $0.0 ($0.0) ($0.0) ($0.0) ($0.1) ($0.1) $ % ETFS GBP Daily Hedged Agriculture DJ-UBS PD SM -0.7% -13.3% -23.3% $0.0 ($0.1) ($0.2) ($0.0) ($0.1) ($0.3) $ % ETFS GBP Daily Hedged er Dated Agriculture -0.5% $0.0 $1.2 $1.1 ($0.0) $1.2 $1.1 $ % Swiss Franc Daily Hedged Agriculture DJ-UBS FD SM -2.7% $0.0 $0.6 $0.6 ($0.0) $0.5 $0.5 $ % Swiss Franc Daily Hedged er Dated Agriculture -2.5% $0.0 $0.6 $0.6 ($0.0) $0.5 $0.5 $ % Swiss Franc Daily Hedged Grains DJ-UBS FD SM -3.5% $0.0 $0.6 $0.6 ($0.0) $0.6 $0.6 $ % Swiss Franc Daily Hedged Softs DJ-UBS FD SM -1.5% $0.0 $0.6 $0.6 ($0.0) $0.6 $0.6 $ % Swiss Franc Daily Hedged Cocoa 2.1% $0.0 $1.0 $1.0 $0.0 $1.1 $1.1 $ % Swiss Franc Daily Hedged Coffee -2.1% $0.0 $0.7 $0.7 ($0.0) $0.5 $0.5 $ % Swiss Franc Daily Hedged Corn -5.6% $0.0 $1.3 $1.3 ($0.1) $1.1 $1.1 $ % Swiss Franc Daily Hedged Cotton -2.5% $0.0 $0.9 $0.9 ($0.0) $0.9 $0.9 $ % Swiss Franc Daily Hedged Soybeans -1.5% $0.0 $1.2 $1.2 ($0.0) $1.4 $1.4 $ % Swiss Franc Daily Hedged Sugar -0.6% $0.0 $0.8 $0.8 ($0.0) $0.8 $0.8 $ % Swiss Franc Daily Hedged Wheat -3.5% $0.1 $0.7 $0.7 $0.1 $0.6 $0.6 $ % Hedged Coffee -1.5% -25.9% -33.3% $0.0 $1.4 $1.5 ($0.0) $0.8 $0.9 $ % Hedged Corn -5.1% -23.0% -29.5% $0.0 $0.9 $0.9 ($0.0) $0.7 $0.7 $ % Hedged Cotton -1.9% 6.1% 9.0% ($0.2) ($0.9) ($0.2) ($0.2) ($0.8) ($0.1) $ % Hedged Soybeans -0.9% 13.7% -4.5% $0.0 $0.1 $0.1 ($0.0) $0.1 $0.1 $ % Hedged Sugar 0.0% -18.5% -16.2% $0.0 $3.0 $3.1 $0.0 $2.6 $2.7 $ % Hedged er Dated Agriculture -1.9% % $0.0 $3.1 $3.1 ($0.1) $2.9 $2.9 $ % Total $3.1 $102.6 $106.0 ($9.3) ($36.5) ($174.7) $ x 2x FX Hedged BROAD Price Performance Net Creations (in $m) AUM Growth (in $m) AUM since listing (1) (2) (2) in m$ ETFS All Commodities DJ-UBSCI SM % -11.7% $3.9 $7.8 $63.0 ($2.1) $86.9 $5.3 $ % All Commodities -1.3% -6.6% -10.7% $0.0 ($17.5) ($20.8) ($0.2) ($20.4) ($25.2) $.0 0.1% ETFS Ex- DJ-UBSCI SM -1.7% -13.1% -18.3% $0.0 $0.0 ($0.2) ($0.0) ($0.4) ($0.8) $ % Ex- -1.6% -.7% -17.5% $0.0 ($0.3) ($0.3) ($0.0) ($0.3) ($0.3) $ % ETFS Ex-Agriculture and -1.6% -6.3% ($0.2) ($.8) $29.8 ($0.6) ($16.4) $26.1 $ % All Commodities DJ-UBSCI SM % 8.9% $4.6 ($13.1) ($20.0) $4.6 ($14.0) ($20.2) $ % Ex- DJ-UBSCI SM 1.6% 11.8% 17.2% $0.0 ($0.0) ($0.0) $0.0 $0.0 $0.0 $ % ETFS Daily Leveraged All Commodities DJ-UBSCI SM -2.9% -15.0% -23. $0.1 ($0.4) ($0.4) $0.1 ($0.8) ($1.2) $ % ETFS Daily Leveraged Ex- DJ-UBSCI SM % -34. $0.0 ($0.3) ($0.6) ($0.0) ($0.4) ($0.7) $ % Hedged All Commodities DJ-UBS ED SM -2.2% -8.2% -8.8% $0.0 ($10.3) ($10.2) ($0.0) ($10.9) ($10.9) $ % Hedged er Dated All Commodities -2.1% -7.8% -7.8% $0.0 $0.1 $0.1 ($0.0) $0.1 $0.1 $ % ETFS GBP Daily Hedged All Commodities DJ-UBS PDSM $0.0 $2.3 $2.3 ($0.0) $2.3 $2.2 $ % ETFS GBP Daily Hedged er Dated All Commodities -0.6% -10.8% -.8% $0.0 ($0.0) ($0.2) ($0.0) ($0.1) ($0.2) $ % Swiss Franc Daily Hedged er Dated All Commodities -2.7% $0.0 $0.6 $0.6 ($0.0) $0.6 $0.6 $ % Total $8.4 $76.2 $43.2 $1.6 $26.4 ($25.2) $ % ETF Securities Commodity ETP ly 9 September 2013 Tel:

6 Performance, Flows and Assets by Sector (continued) Short Leveraged ETFS DJ-UBSCI SM -1.0% 5.3% 3.2% $4.6 ($6.8) ($26.1) $2.9 ($0.4) ($23.0) $ % -0.7% % $4.6 $50.7 $53.7 $4.0 $54.5 $56.0 $ % ETFS Petroleum DJ-UBSCI SM -0.8% 9.0% 6.1% $0.0 ($3.4) ($7.1) ($0.0) ($2.8) ($6.8) $ % Petroleum -0.5% 9.8% 6.1% $0.0 ($4.6) ($22.7) ($0.0) ($5.2) ($24.1) $ % ETFS Natural Gas -1.5% -3.2% -3.1% $0.5 ($44.7) ($51.3) ($1.5) ($43.1) ($48.2) $ % Natural Gas -1.2% -1.0% 1.5% $0.0 $0.3 ($1.1) ($0.1) $0.8 ($0.4) $ % ETFS Brent Crude -0.1% 6.7% 5.6% $17.6 $35.3 $43.5 $17.6 $36.6 $44.9 $ % Brent Crude $0.0 $0.0 ($0.1) ($0.0) $0.0 ($0.0) $ % ETFS WTI Crude Oil -0.5% 15.6% 8.6% $1.8 ($163.8) ($94.6) $0.9 ($4.7) ($70.5) $ % WTI Crude Oil -0.2% 15.6% 9.1% $0.0 ($0.8) ($1.1) ($0.0) ($0.6) ($1.1) $ % ETFS Gasoline -2.3% 3.0% 4.8% $0.0 ($1.7) ($4.8) ($0.3) ($1.3) ($4.1) $ % ETFS Heating Oil % 0.0% ($0.1) ($3.1) ($7.8) ($0.2) ($3.1) ($8.2) $ % Heating Oil -1.1% 3.7% 1. $0.0 $0.0 $0.0 ($0.0) $0.0 $0.0 $ % 0.1% 8.1% 8.6% $28.4 $65.3 $84.4 $29.1 $77.6 $97.8 $ % ETFS WTI 2mth -0.5% 16.5% 9.5% $0.0 ($19.8) ($16.2) ($0.2) ($14.0) ($13.0) $ % ETFS Brent 1yr 0.2% 2.9% 0.5% $0.0 ($7.2) ($8.8) $0.0 ($7.0) ($9.0) $ % ETFS Brent 2yr 0.5% % $0.0 $0.0 $0.0 $0.0 ($0.0) ($0.0) $ % ETFS Brent 3yr 0.7% -2.0% -2.9% $0.0 ($0.4) ($0.4) $0.0 ($0.5) ($0.5) $ % ETFS WTI 1yr % 3.0% $0.0 ($1.6) ($1.8) $0.0 ($1.3) ($1.7) $ % ETFS WTI 2yr 0.7% -1.1% -2.7% $0.0 ($0.3) ($3.6) $0.0 ($0.4) ($3.8) $ % ETFS WTI 3yr 0.9% -4.1% -5.0% $0.0 ($1.0) ($1.3) $0.0 ($1.1) ($1.4) $ % ETFS Carbon % $0.0 $0.2 $0.2 $0.1 $0.1 ($0.1) $ % DJ-UBSCI SM 0.9% -7.7% -7.6% $0.0 ($1.0) ($0.2) $0.0 ($1.0) ($0.3) $ % Petroleum DJ-UBSCI SM 0.7% -11.7% -11.2% $0.0 ($10.7) ($1.2) $0.0 ($11.2) ($1.9) $ % Natural Gas 1.3% -5.1% -10.0% $0.3 $0.4 $1.6 $0.4 $0.3 $2.3 $ % Brent Crude 0.0% -9.6% -10.8% $0.4 ($4.6) $1.1 $0.4 ($4.8) $0.7 $ % WTI Crude Oil % -14.2% $5.9 $46.3 $30.6 $6.1 $41.5 $27.4 $ % Gasoline 2.2% -7.1% -11.0% $0.0 ($0.4) ($1.0) $0.0 ($0.4) ($1.0) $ % Heating Oil 1.3% -5.6% -5.5% $0.0 $0.0 $0.1 $0.0 $0.0 $0.0 $ % ETFS Daily Leveraged DJ-UBSCI SM -2.0% 7.7% 1.2% $0.0 ($0.4) ($0.5) ($0.0) ($0.4) ($0.5) $ % ETFS Daily Leveraged Petroleum DJ-UBSCI SM -1.6% 16.5% 8.1% $0.0 ($0.2) ($0.4) ($0.0) ($0.1) ($0.3) $ % ETFS Daily Leveraged Natural Gas -3.0% -.7% -16.2% ($7.6) ($15.3) ($10.2) ($.0) ($3.8) $5.7 $ % ETFS Daily Leveraged Brent Crude -0.1% 11.6% 7.6% $0.4 $0.1 $0.3 $0.4 $0.2 $0.4 $ % ETFS Daily Leveraged WTI Crude Oil -1.0% 30.1%.5% $0.4 ($111.3) ($53.7) ($0.0) ($85.6) ($32.3) $ % ETFS Daily Leveraged Gasoline -4.5% 3.0% 4.7% $0.0 ($0.4) ($0.1) ($0.0) ($0.4) ($0.1) $ % ETFS Daily Leveraged Heating Oil -2.8% 2.3% -3. $0.0 ($0.1) ($0.3) ($0.0) ($0.1) ($0.4) $ % Hedged WTI Crude Oil -1.3% 14.5%.2% $0.7 ($0.3) $0.4 $0.7 ($0.2) $0.4 $ % Hedged Brent Crude -0.9% 5.8% 9.2% $0.7 $0.0 $0.5 $0.7 $0.0 $0.5 $ % Hedged Natural Gas -2.3% -4.2% 0.2% $0.0 ($0.6) ($0.3) ($0.0) ($0.7) ($0.4) $ % ETFS GBP Daily Hedged WTI Crude Oil 0.2% 10.8% 6.2% ($0.1) ($0.2) ($0.2) ($0.1) ($0.3) ($0.2) $ % ETFS GBP Daily Hedged Brent Crude Oil 0.6% 2.3% 3.3% $0.0 ($2.3) $0.0 $0.0 ($2.3) ($0.1) $ % ETFS GBP Daily Hedged Natural Gas -0.9% -7.3% -5.2% $0.0 ($0.7) ($0.1) ($0.0) ($0.6) ($0.2) $ % ETFS GBP Daily Hedged DJ-UBS PD SM % $0.0 ($0.5) ($0.2) ($0.0) ($0.5) ($0.2) $ % ETFS GBP Daily Hedged er Dated -0.1% % $0.0 ($0.1) ($0.2) ($0.0) ($0.1) ($0.2) $ % Swiss Franc Daily Hedged DJ-UBS FD SM -2. $0.0 $0.6 $0.6 ($0.0) $0.6 $0.6 $ % Swiss Franc Daily Hedged er Dated -2.2% $0.0 $0.6 $0.6 ($0.0) $0.6 $0.6 $ % Swiss Franc Daily Hedged WTI Crude Oil -1.8% $0.0 $0.8 $0.8 ($0.0) $0.9 $0.9 $ % Swiss Franc Daily Hedged Brent Crude -1. $0.0 $0.5 $0.5 ($0.0) $0.6 $0.6 $ % Swiss Franc Daily Hedged Natural Gas -2.9% $0.0 $0.6 $0.6 ($0.0) $0.6 $0.6 $ % Total $58.7 ($206.4) ($98.0) $48.7 ($103.0) ($14.6) $1, % FX Hedged ENERGY Price Performance Net Creations (in m$) AUM Growth (in $m) AUM since listing (1) (2) (2) in m$ -1x 2x LIVESTOCK Price Performance Net Creations (in m$) AUM Growth (in $m) AUM since listing (1) (2) (2) in m$ ETFS DJ-UBSCI SM 1.7% -0.3% 4.3% $0.0 ($13.4) ($20.3) $0.0 ($0.2) ($0.3) $.1 0.1% %.7% $0.0 ($0.6) ($0.6) ($0.1) ($3.8) ($2.9) $ % ETFS Live Cattle 0.0% % ($0.5) ($1.3) ($2.1) $0.0 ($14.3) ($20.1) $ % Live Cattle 0.3% -4.7% -4.1% $0.0 ($0.1) ($0.2) $0.0 ($0.7) ($0.6) $ % ETFS Lean Hogs -0.6% -7.3% -8.5% ($0.4) ($3.9) ($4.5) ($0.0) ($0.1) ($0.2) $ % Lean Hogs % -9.5% $0.0 $0.1 $0.0 ($0.6) ($1.9) ($2.9) $ % DJ-UBSCI SM -0.1% 1.8% -1.6% $0.0 ($0.1) ($0.2) ($0.0) ($0.1) ($0.2) $ % Live Cattle % 6.5% $0.0 ($0.3) ($0.7) $0.0 ($0.3) ($0.7) $ % Lean Hogs % -15.5% $0.1 ($0.2) $0.1 $0.1 ($0.2) ($0.1) $ % ETFS Daily Leveraged DJ-UBSCI SM 0.1% -8.9% -5.0% $0.0 ($0.3) ($0.4) $0.0 ($0.4) ($0.4) $ % ETFS Daily Leveraged Live Cattle -2.8% -17.2% -19.3% ($0.2) ($0.0) ($0.4) ($0.3) ($0.1) ($0.5) $ % ETFS Daily Leveraged Lean Hogs 4.7% 4.0% 23.8% $0.1 ($0.5) ($1.7) $0.1 ($0.5) ($1.2) $ % Total ($0.9) ($20.6) ($31.0) ($0.7) ($22.4) ($30.0) $ % ETF Securities Commodity ETP ly 9 September 2013 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 -1.8% -16.2% -.8% $0.3 $16.4 $48.8 ($3.0) ($25.6) $.2 $ % Industrial Metals -1.7% -15.2% -11.6% $0.0 ($1.5) $15.6 ($0.8) ($8.1) $10.5 $ % ETFS Aluminium -2.2% -18.9% -16.3% ($0.3) $55.1 $59.0 ($2.4) $45.1 $50.9 $ % ETFS Physical Aluminium -2.7% -20.0% -17.8% $0.0 $5.4 $5.4 ($0.2) $5.2 $5.2 $ % ETFS Copper -0.5% -13.2% -10.7% $13.5 ($90.4) $27.2 $.2 ($171.9) ($44.0) $ % ETFS Physical Copper -1.5% -.1% -9.3% $0.0 $11.9 $14.8 ($0.3) $5.8 $9.1 $ % ETFS Zinc -3.6% -14.7% -8.3% $0.0 $15.5 $16.1 ($1.5) $.2 $14.6 $ % ETFS Physical Zinc % -9.3% $0.0 $10.8 $10.8 ($0.4) $10.4 $10.4 $ % ETFS Nickel -2.5% -21.1% -17.1% $0.2 $5.3 $9.2 ($0.9) ($7.6) ($0.8) $ % ETFS Physical Nickel -3.0% -21.2% -15. $0.0 ($1.7) $1.3 ($0.1) ($2.5) $0.8 $ % ETFS Tin 3.1% -6.7% 10.6% $0.0 ($20.2) ($22.1) $0.0 ($19.3) ($17.8) $ % ETFS Physical Tin 3.9% -5.9%.7% $0.0 ($1.0) ($1.0) $0.1 ($1.2) ($0.7) $ % ETFS Lead % 0.8% $0.0 ($0.3) $0.0 ($0.0) ($0.4) $0.0 $ % ETFS Physical Lead -3.7% % $0.0 $0.0 $0.0 ($0.0) ($0.1) ($0.0) $ % Industrial Metals DJ-UBSCI SM 1.7% 14.5% 8.0% $0.0 ($1.9) ($22.7) $0.6 $2.7 ($20.8) $ % Aluminium 2.2% 17.9% 11.9% $0.3 ($1.2) ($1.2) $0.3 ($0.6) ($0.7) $ % Copper % 4.7% ($0.6) ($40.5) ($92.4) ($0.3) ($27.3) ($86.4) $ Zinc 3.7%.5% 2. $0.0 ($0.1) ($0.1) $0.1 $0.2 $0.0 $ % Nickel 2.5% 19.8% 10.8% ($0.1) ($3.8) ($3.9) ($0.1) $0.2 $0.0 $ % Tin -3.1% 1.8% -17.0% $0.0 ($0.1) $0.1 ($0.0) ($0.1) $0.0 $ % Lead % -7.8% $0.0 ($0.3) ($0.5) $0.0 ($0.3) ($0.7) $ % ETFS Daily Leveraged Industrial Metal DJ-UBSCI SM -3.6% -31.7% -26.8% $0.0 $0.7 $1.2 ($0.1) $0.0 $0.6 $ % ETFS Daily Leveraged Aluminium -4.5% -36.0% -32.9% $0.2 $1.9 $1.5 $0.0 ($0.0) ($0.1) $ % ETFS Daily Leveraged Copper -1.1% -27.1% -23.8% $0.2 $8.1 $6.0 ($0.0) $3.2 $2.2 $ % ETFS Daily Leveraged Zinc -7.2% -29.1% -19.3% $0.1 $1.2 $0.9 ($0.1) $0.7 $0.7 $ % ETFS Daily Leveraged Nickel -5.1% -40.3% -35.3% $0.1 $2.6 $2.5 ($0.1) $0.3 $0.6 $ % ETFS Daily Leveraged Tin 6.2% -16.2% 14.8% ($0.1) $0.6 $0.4 $0.0 $0.3 $0.7 $ % ETFS Daily Leveraged Lead -6.7% -23.7% -3. $0.0 ($0.1) ($0.7) ($0.1) ($0.5) ($0.6) $ % Hedged Copper -1.3% -14.2% -8.1% $0.0 $0.0 $0.9 ($0.0) ($0.3) $0.6 $ % ETFS GBP Daily Hedged Copper 0.1% -17.0% -13.0% $0.1 ($0.1) ($0.0) $0.1 ($0.2) ($0.1) $ % ETFS GBP Daily Hedged Industrial Metals DJ-UBS PDSM -1.1% -19.9% -15.0% $0.0 ($0.1) ($0.2) ($0.0) ($0.1) ($0.2) $ % Hedged Industrial Metals DJ-UBS EDSM -2.6% -17.2% -10.3% $0.0 $0.1 $0.2 ($0.0) ($0.2) $0.0 $ % Swiss Franc Daily Hedged Industrial Metals DJ-UBS FDSM -3.1% $0.0 $0.7 $0.7 ($0.0) $0.6 $0.6 $ % Swiss Franc Daily Hedged Aluminium -3.6% $0.0 $0.5 $0.5 ($0.0) $0.5 $0.5 $ % Swiss Franc Daily Hedged Copper -1.9% $0.0 $0.6 $0.6 ($0.0) $0.6 $0.6 $ % Swiss Franc Daily Hedged Lead -4.7% $0.0 $0.8 $0.8 ($0.0) $0.8 $0.8 $ % Swiss Franc Daily Hedged Nickel -3.9% $0.0 $0.7 $0.7 ($0.0) $0.6 $0.6 $ % Swiss Franc Daily Hedged Tin 1.6% $0.0 $0.7 $0.7 $0.0 $0.7 $0.7 $ % Swiss Franc Daily Hedged Zinc -5.0% $0.0 $0.6 $0.6 ($0.0) $0.5 $0.5 $ % Hedged Aluminium -3.0% -19.8% -13.9% $0.0 ($0.1) $0.1 $0.0 ($0.2) $0.0 $ % Hedged Nickel -3.3% -22.1% -14.6% $0.0 $0.1 $0.1 ($0.0) $0.0 $0.0 $ % Hedged Zinc % -5.6% $0.0 $0.0 $0.0 ($0.0) ($0.0) ($0.0) $ % Total $14.1 ($23.1) $81.7 $3.1 ($175.9) ($49.4) $ % AUM Growth (in $m) AUM since listing in m$ ETF Securities Commodity ETP ly 9 September 2013 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 -3.1% -20.5% -22.7% ($0.6) $14.6 $5.9 ($3.8) ($11.7) ($23.3) $ % ETFS Physical PM Basket -2.7% -15.0% -16.9% $0.0 ($67.3) ($69.8) ($4.0) ($99.9) ($108.1) $ % ETFS Physical PM Basket (ASX) -2.7% -15.0% -16.9% $0.0 $0.0 $0.7 ($0.2) ($1.0) ($0.5) $ % ETFS Precious Metals Trust -1.6% -17.0% -18. $7.8 $42.4 $57.2 ($1.1) ($14.0) ($7.0) $ % ETFS White Metal Basket Trust -2.3% -17.1% -19.8% $0.0 ($1.5) ($1.5) $3.0 $3.4 $10.9 $ % ETFS Gold -2.8% -19.0% -20.2% $0.4 ($41.9) ($56.1) ($3.2) ($88.4) ($106.0) $ % ETFS Physical Gold -1.6% -17.0% -18. ($36.3) ($1,908.9) ($1,421.2) ($3.2) ($3,275.3) ($2,937.5) $5, ETFS Physical Gold (ASX) -1.6% -17.0% -18. $0.0 ($76.5) ($19.6) ($7.6) ($190.6) ($146.7) $ % ETFS Gold Trust -1.6% -17.0% -18. $0.0 ($272.3) ($179.1) ($21.9) ($600.6) ($524.6) $1, % ETFS Asian Gold Trust -3.1% -13.9% -17.5% $0.0 $0.0 $8.5 ($1.0) ($7.4) ($9.0) $ % Gold Bullion Securities -1.6% -17.0% -18. $35.3 ($1,196.9) ($858.2) ($46.5) ($2,456.9) ($2,272.5) $4, % ETFS Physical Swiss Gold -1.6% -17.0% -18. $0.0 ($14.5) $5.4 ($5.7) ($95.7) ($83.6) $ % ETFS -3.7% -24.2% -29.6% $0.6 $1.0 $2.1 ($1.2) ($14.4) ($18.2) $ % ETFS Physical -2.5% -21.7% -27.1% ($40.9) $3.2 $5.9 ($61.0) ($26.3) ($81.3) $ % ETFS Physical (ASX) -2.5% -21.7% -27.1% $0.0 $3.5 $3.6 ($1.3) ($13.7) ($18.5) $ % ETFS Trust -2.5% -21.6% -26.9% $0.0 ($4.5) $16.0 ($10.6) ($8.5) ($149.6) $ % ETFS Platinum -2.7% -5.0% -7.7% $0.0 $2.2 $2.1 ($0.1) $1.7 $1.6 $ % ETFS Physical Platinum -2.6% -2.7% -5. ($1.6) ($184.2) ($133.8) ($15.0) ($195.3) ($170.0) $ ETFS Physical Platinum (ASX) -2.6% -2.7% -5. $0.0 ($3.1) ($3.1) ($0.1) ($3.2) ($3.4) $ % ETFS Platinum Trust -2.6% -2.8% -5.5% $0.0 $110.6 $76.5 ($22.6) $66.0 $5.3 $ % ETFS Physical Palladium -7.0% -1.8% 7.0% ($5.4) ($55.7) ($33.8) ($28.5) ($61.6) ($.5) $ % ETFS Physical Palladium (ASX) -7.0% -1.8% 7.0% $0.0 $0.0 $0.0 ($0.1) ($0.0) $0.1 $ % ETFS Palladium Trust -7.0% -1.8% 6.8% $0.0 $59.4 ($10.0) ($39.7) $27.9 ($4.2) $ % ETFS Physical Gold ETF -1.6% -17.0% $0.0 $0.0 $0.0 ($0.0) ($3.9) $2.8 $ % ETFS Physical ETF -2.5% -21.7% $0.0 $0.0 $0.0 ($0.2) $1.0 $7.0 $ % ETFS Physical Platinum ETF -2.6% -2.8% $0.0 $0.0 $0.0 ($0.1) ($0.1) $3.0 $ % Precious Metals DJ-UBSCI SM 3.0% % $0.0 $3.3 $3.3 $0.1 $3.1 $3.1 $ % Gold 2.8% 17.0% 17.2% $0.0 $62.4 $60.6 $2.9 $70.8 $69.1 $ % % 25. $2.0 $23.4 $26.1 $3.6 $25.5 $29.4 $ % Platinum 2.6% 0.0% 1.0% $0.4 ($0.2) ($0.2) $0.4 ($0.2) ($0.2) $ % ETFS Daily Leveraged Precious Metals DJ-UBSCI SM -6.1% -39.6% -43.5% $0.3 ($2.6) ($3.0) $0.2 ($4.2) ($5.0) $ % ETFS Daily Leveraged Gold -5.7% -37.0% -39.3% $0.6 ($28.1) ($11.1) ($3.6) ($73.8) ($61.7) $ % ETFS Daily Leveraged -7.6% -47.2% -55. ($0.7) $42.0 $58.9 ($9.8) ($33.8) ($39.8) $ % ETFS Daily Leveraged Platinum % -18.8% ($0.0) ($1.1) ($0.8) ($0.4) ($1.6) ($1.8) $ % Hedged Gold -3.6% -20.0% -17.8% $0.0 ($19.8) ($36.7) ($0.2) ($21.9) ($37.8) $ % Hedged % -27.5% $0.0 ($0.2) $1.1 ($0.0) ($0.5) $0.7 $ % Hedged Precious Metals DJ-UBS ED SM -3.8% % $0.0 ($0.1) ($0.0) ($0.0) ($0.1) ($0.0) $ % Hedged Physical Gold -3.6% $0.0 $4.2 $4.2 ($0.1) $1.5 $1.5 $ % ETFS GBP Daily Hedged Gold -2.2% -22.7% -22.3% $0.0 ($0.1) $0.2 ($0.0) ($0.1) $0.1 $ % ETFS GBP Daily Hedged -3.1% -27.8% -31.5% $0.0 ($0.3) ($0.4) ($0.0) ($0.3) ($0.4) $ % ETFS GBP Daily Hedged Precious Metals DJ-UBS PD SM % -24.7% $0.0 ($0.0) $0.1 ($0.0) ($0.1) $0.0 $ % ETFS GBP Daily Hedged Physical Gold -2.2% $0.0 $1.0 $1.0 ($0.0) $0.9 $0.9 $ % Swiss Franc Daily Hedged Gold -4.2% $0.0 $0.6 $0.6 ($0.0) $0.5 $0.5 $ % Swiss Franc Daily Hedged -5.0% $0.0 $0.5 $0.5 ($0.0) $0.4 $0.4 $ % Swiss Franc Daily Hedged Platinum -4.0% $0.0 $0.5 $0.5 ($0.0) $0.5 $0.5 $ % Swiss Franc Daily Hedged Precious Metals DJ-UBS FD SM -4. $0.0 $0.6 $0.6 ($0.0) $0.4 $0.4 $ % Total ($38.1) ($3,384.2) ($2,376.8) ($403.0) ($7,221.5) ($6,686.2) $16, % (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 9 September 2013 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 Conduct 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 10 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 2001 (Cth) and may not be acted on or relied upon by retail clients (as defined in sections 761A and 761G of the Corporations Act 2001 (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 2001 (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 1940 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 Conduct Authority ("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 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 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 2003/71/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, 103, Avenue des Champs Elysées, Paris., in Germany from HSBC Trinkhaus & Burkhardt, AG, Konsortialgeschäft, Königsalle 21/23, 402 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 (0) 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 9 September 2013 Tel: