ETF Securities Commodity ETP Weekly

Transcription

1 1 June 213 ETF Securities Commodity ETP ly Platinum, Copper and Nickel ETPs See Surge of Inflows on Strong Growth and Supply Risks ly Flows by Sector (US$m) TOTAL Broad -5 Energy -8 Industrial Metals 8 Precious Metals -45 Agriculture -11 Livestock US nonfarm payrolls jobs data surprised to the upside last week, fuelling expectations that the Federal Reserve will move to taper its bond buying program in H While jobs numbers have been better than expected recently, rising bond yields are likely to give the US central bank a reason to keep current stimulus activities in place. Market participants appear to be largely ignoring other mixed US data, like last week s disappointing reading for the US manufacturing ISM index. We expect investors will need to revise currently overly hawkish expectations regarding the Fed s activities in coming months. Nevertheless, investor appetite for industriallysensitive commodities like copper and platinum group metals (PGMs) has risen in line with tighter supply conditions and improving prospects for the global economy. In our view, the continuation of the status quo regarding Fed stimulus will also provide additional support for cyclical commodities. Top 5 Inflows/Outflows (US$m) Platinum Copper Nickel Zinc Wheat Aluminium Oil Gold Top 5 / Bottom 5 Performers Cocoa Cotton Platinum Coffee Aluminium Soybean Oil Gold Tin Natural Gas % -.9% -1.% -1.% -1.2% -9% -4% 1% 6% Martin Arnold Director - Research Nicholas Brooks Head of Research and Investment Strategy research@etfsecurities.com % 2.9% % 5.9% Platinum ETPs receive the largest inflows in over 8 months as labour unrest continues to plague South African PGM production. ETF Securities' Platinum ETPs received another US$67mn of inflows last week, as the wage negotiation season in South Africa officially started last week. With over 7% of the world s supply of platinum mined in South Africa, supply disruptions and political hurdles in the country can have a big impact on prices. Uncertainty has been the key catalyst for higher platinum prices in 213, and recent developments suggest this isn t likely to change anytime soon. While platinum ETPs have seen 3 consecutive weeks of inflows, palladium ETPs registered their first modest inflows in six weeks. ETFS Copper (COPA) receives second-largest inflows on record, ling US$91mn. Strong inflows to COPA were the largest since early- September 2, as copper market continues to tightening. Additionally, Copper experienced the largest withdrawal in 3 years, ling US$3mn, confirming the positive investor sentiment. Expectations of a surplus in 213 are quickly being revised after supply has been curbed by a number of recent mine collapses. Most recently the collapse of a tunnel at the world s second largest copper mine, Grasberg in Indonesia, has potentially halted production for 2 months as investigations over the cause are completed. Against the backdrop of an earlier mine wall collapse at Rio Tinto s Bingham Canyon mine in Utah and simmering wage tensions in Chile, the copper market is likely to end 213 in deficit unless new mine production can fill the breach. Meanwhile, ETFS Nickel (NICK) has seen the largest inflows in over 3 years after reports of China s State Reserve Bureau (SRB) buying around 3 thousand tonnes of nickel. Physical gold ETPs see the 1 th consecutive weekly outflows as investors expect Fed to cut bond purchases. ETP investors continued to cut gold holdings last week, with gold ETPs seeing outflows of US$18mn. The gold price dropped below US$1,4/oz. as the US Dollar strengthened against most G1 currencies following the robust US jobs numbers on Friday. Investors have clearly positioned for the beginning of a tapering of the US central banks stimulus activities, believing the US economy is reaching a self-sustaining point in the recovery. ETFS Leveraged Natural Gas (LNGA) bucked the energy sector trend, posting US$5.2mn inflows. Despite a sharp decline in prices as US stockpiles rose last week, inflows into LNGA were the first in 4 weeks. Oil ETPs meanwhile recorded US$1.9mn outflows as oil prices rose, indicating range trading continues. Key events to watch this week. All eyes will be on the Bank of Japan for any further guidance on policy. With a relatively light data week, all eyes will be on the Bank of Japan for any further guidance on policy. After the Q1 GDP growth upside surprise, there is reason for the BoJ to remain confident in its current policy experiment. US and Euro area industrial production data will give a guide as to the divergent growth path of the two regions. Note: All flow and AUM data in this report are based on ETF Securities ETPs to 3 May 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 $m -1-1 Month -1 Year TOTAL ,79.4-2, ,284.4 Broad Commodity Precious Metals Total ,58.8-2, ,282.2 Broad Basket Gold ,7.8-2, , % -4.7% -15.5% -14.4% Silver , % -6.7% -24.5% -23.% Platinum ,53.2 # 3.5%.9% % #.3% 9.% 7.5% 22.% Energy Total ,292.4 Broad Basket Oil # 1.4% % Natural Gas # -4.9% -4.6% 14.2% 58.1% Heating Oil # 1.% -1.7% -5.7% 7.5% Gasoline # 1.4% -.5% 1.4% 6.% Carbon Industrial Metals Total ,14.3 Broad Basket Aluminium % -5.5% -.5% Copper %. -7.7% -1.4% Nickel % -1.% -11.7% -6.4% Zinc % 2.4% -7.4% 1.4% Tin % % 5. Lead % 8.4% -5.4% 15.9% Agriculture Total ,37.6 Broad Baskets Wheat # -.1%.7% -1.3% 11. Corn # 1.4% -2.3% -5.% 13.1% Soybeans # 2.1% 5.7% 7.6% 1.2% Cotton # 5.9% -.5%.9% 21.4% Coffee # 2.9% -8.4% -1.% -17.% # -1.% -7.5% -15.5% -17.2% Soybean Oil # -.9% -1.1% -2.% -2.2% Cocoa # 6.9% -1.1% 5.7% 7.3% Livestock Total Broad Baskets Lean Hogs # 2.1% 6.9% 13.5% 5. Live Cattle #.1% -.7% -7.3% 2.4%. All data based on ETF Securities global commodity ETP flows and assets. Flows include sum of all long and short ETP flows so do not necessarily reflect investor directional positioning. For net positioning please see charts below. Price performance is based on spot prices for metals and front month futures for all others. Oil flows report net flows in all ETFS oil ETCs. Oil performance data reflects Brent front month futures price performance. s Net Positioning in ETCs* (US$m) Agriculture Livestock Diversified Precious Metals Industrial Metals Energy $.1 $11.7 $6. $135.8 $9.4 $18.2 $.4 $22.3 $11.3 $324.7 $18.4 $26.7 % 2% 4% 6% 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 May 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 1 June 213 Tel:

3 Performance, Flows and Assets Top 5 and Top 5 Short ETC Returns (1 week, %) 1 Swiss Franc Daily Hedged Cocoa Swiss Franc Daily Hedged Cotton Hedged Cotton ETFS Carbon Swiss Franc Daily Hedged Platinum Natural Gas Tin Energy DJ-UBSCISM Soybean Oil 1% 1% 1% 1% 5% 5% 6% 1 exclude ETFS Leveraged ETCs performance 7% 9% % 2% 4% 6% 1% Top 5 and Top 5 Short ETC Returns (, %) 1 Hedged Soybeans Hedged Cotton (ASX) ETFS Trust Silver Precious Metals Gold Coffee % 16% 15% 19% 2 % 1% 2% 3% Top 5 and Top 5 Short ETC Returns ( Mth, %) 1 (ASX) ETFS Trust ETFS Gasoline Coffee Silver Precious Metals Gold 16% 13% 21% 21% 21% 21% 2% 2% 19% % 15% 3% Top 1 ETC Flows (1, in $m) ETFS Copper ETFS Platinum Trust ETFS Nickel Zinc ETFS Daily Leveraged Natural ETFS Precious Metals Trust ETFS Industrial Metals DJ-UBSCISM ETFS All Commodities DJ- ETFS Daily Leveraged Gold ETFS $6 $5 $4 $3 $3 $2 $2 $15 $72 $ Top 1 ETC Flows (, in $m) ETFS Platinum Trust ETFS All Commodities DJ-UBSCISM ETFS Agriculture DJ- UBSCISM ETFS Trust Gold Copper ETFS Daily Leveraged Silver ETFS Brent 1mth ETFS Grains DJ- UBSCISM ETFS Industrial Metals DJ-UBSCISM $7 $68 $67 $58 $54 $49 $41 $33 $182 $ Top 1 ETC Flows ( Mth, in $m) Gold Bullion Securities ETFS Platinum Trust ETFS Copper ETFS All Commodities DJ-UBSCISM ETFS Daily Leveraged Silver ETFS Industrial Metals DJ-UBSCISM Gold ETFS Brent 1mth Silver ETFS Coffee $154 $131 $77 $66 $61 $49 $46 $45 $243 $ ETC USD Assets (6/6/13, $m) ETC GBP Returns ( Mths, %) ETC EUR Returns ( Mths, %) Gold Gold Bullion Securities $5,68.5 $5,671.4 (ASX) 2% 2% (ASX) 15% 15% ETFS Gold Trust $1,421.1 ETFS Trust 2% ETFS Trust 15% ETFS Platinum Trust $ % 14% Silver $599.4 ETFS Gasoline 19% ETFS Gasoline 14% ETFS Trust $589.2 ETFS GBP Daily 14% ETFS GBP Daily 9% Platinum $569.6 ETFS Natural Gas 14% ETFS Natural Gas 9% Gold (ASX) $515.2 Hedged Brent Crude Hedged Brent Crude 7% ETFS Agriculture DJ- UBSCISM $493.1 ETFS Lead ETFS Lead 6% ETFS All Commodities DJ- $469.2 Hedged Agriculture Hedged Agriculture 6% 5, 1, 15, % 25% % 1% 2% ETF Securities Commodity ETP ly 1 June 213 Tel:

4 Global Precious Metals ETP Holdings Gold Global ETP Holdings (million ounces) Daily Data, From 25 Apr 7 to 31 May Apr 7 Apr 8 Apr 9 Apr 1 Apr 11 Apr Apr 13 Sources: ETF Securities, Bloomberg Global ETP Holdings (' oz) Daily Data, From 25 Apr 7 to 31 May 213 2,5 Silver Global ETP Holdings (mn oz) Daily Data, From 25 Apr 7 to 31 May 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 31 May 213 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 Sources: ETF Securities, Bloomberg Apr 7 Apr 8 Apr 9 Apr 1 Apr 11 Apr Apr 13 Sources: ETF Securities, Bloomberg ETF Securities Commodity ETP Trading Volume $3.5 $3. $2.5 $2. $1.5 1 yr ly Turnover (US$bn) ETFS PHYSICAL GOLD ETFS COPPER GOLD BULLION SECURITIES LTD ETFS PLATINUM TRUST ETFS PHYSICAL PALLADIUM SHAR Top 1 Turnover (US$m) $1. $.5 $ ETFS DLY SHRT WTI CRUDE OIL ETFS DAILY SHORT COPPER ETFS GOLD TRUST ETFS ALL COMMOD DJ-UBSCISM ETFS NICKEL London BrsaItaliana Deutsche Borse Euronext NYSE Arca $ $5 $1 $15 $2 $25 Sources: ETF Securities, Bloomberg. From June 7, 2 to June 7, 213. Sources: ETF Securities, Bloomberg. From June 7, 2 to June 7, 213. ETF Securities Commodity ETP ly 1 June 213 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 1.3% -3.1% 6.9% ($5.5) $7.1 ($91.) $1. $49.8 ($39.9) $ % ETFS er Dated Agriculture -.1% -3.3% 7.7% ($.1) $14.1 $9.2 ($.2) $13.2 $11.8 $39.8.2% ETFS Grains DJ-UBSCI SM 1.2% -1.4% 15.6% ($5.8) $4.7 $1.3 ($4.7) $4.8 $23.3 $84.1.4% ETFS er Dated Grains % 17.1% $.8 $14.4 ($1.) $.6 $13.8 ($4.7) $16.6.1% ETFS Wheat -.2% -.2% 2.4% $.3 $2. ($58.6) $.2 ($7.3) ($42.2) $65.5.3% ETFS Corn 1.4% -3.% 25. ($.2) $18.8 ($19.3) $.4 $16.1 ($5.4) $48.9.2% ETFS Soybeans 2.1% % ($.4) ($42.1) ($2.3) $.2 ($39.) ($3.9) $26.6.1% ETFS Softs DJ-UBSCI SM % -13.2% $. ($1.7) $.1 $.2 ($3.) ($1.7) $1.5.% ETFS er Dated Softs 1.% -1.2% -15.2% $. ($.1) ($1.1) $. ($.2) ($1.2) $.7.% ETFS -1.% -15.9% -2.1% $2.4 ($2.6) $18.4 $2.1 ($9.4) $1.8 $29.6.1% ETFS Cotton 5.9% 8.6% 22. ($.4) ($1.8) ($2.2) $1.1 $.3 $2.9 $26.4.1% ETFS Coffee % -25.5% $.2 $25.2 $45. $1.6 $18.4 $33.6 $47.8.2% ETFS Soybean Oil -.9% -4.7% -7. $. ($.7) ($.6) ($.) ($.8) ($.9) $3.9.% ETFS Cocoa 6.9% 4.4% 5.7% $. ($.3) $.6 $.5 $.1 $.9 $7.3.% Agriculture DJ-UBSCI SM -6.6% -6.9% -.9% $. ($.1) ($.3) ($.2) ($.3) ($.9) $.5.% Grains DJ-UBSCI SM -1.4% 1.2% -11.7% $. ($1.1) ($2.2) ($.) ($.1) ($.3) $.2.% Wheat.1% % ($.8) ($8.5) ($.4) ($.8) ($7.6) $.4 $3.7.% Corn -1.4% -1.4% -29.7% $. ($7.4) $.6 ($.) ($7.3) $.5 $2.7.% Soybeans -2.1% -.% -22.9% ($.1) ($.6) $.6 ($.1) ($.9) $.3 $2..% Softs DJ-UBSCI SM -1.2% -1.3% -2.2% $. ($.5) ($.4) ($.) ($1.1) ($2.3) $.1.% 1.% 15.9% 15. $. ($2.4) ($11.5) $.1 ($1.1) ($11.5) $8.2.% Cotton -6.1% -1.9% -28.7% ($.2) ($1.) ($1.4) ($.4) ($1.6) ($3.) $2.3.% Coffee -2.9% 11.6% 19. ($.3) ($.8) ($1.3) ($.3) ($.9) ($1.8) $.4.% Soybean Oil % $. ($.7) ($2.4) $. ($.9) ($2.6) $.3.% Cocoa -1.9% 8.9% 8.7% ($.1) ($.3) ($.8) ($.) ($.5) ($.4) $.6.% ETFS Daily Leveraged Agriculture DJ-UBSCI SM 2.6% -7.4% 8. $. ($1.2) ($5.4) $.2 ($1.6) ($2.9) $7..% ETFS Daily Leveraged Grains DJ-UBSCI SM 2.3% -5.2% 24.4% $. ($.6) ($1.6) $. ($.6) ($.8) $.6.% ETFS Daily Leveraged Wheat -.4% -25.1% -3.6% ($.9) $17.4 ($14.8) ($1.) $1.5 ($2.5) $33.3.1% ETFS Daily Leveraged Corn 2.7% -9.6% 43.1% $.2 $.4 ($.1) $.3 $.1 $.7 $2.5.% ETFS Daily Leveraged Soybeans 4.2% 21.% 36.4% ($.5) ($.9) ($.2) ($.4) ($.6) $.2 $1.4.% ETFS Daily Leveraged Softs DJ-UBSCI SM 3.6% -19.9% -27.5% $. $. ($.) $. ($.1) ($.2) $.4.% ETFS Daily Leveraged -2.1% -3.3% -39.6% $.5 $6.7 $14.9 $.2 $2. $9.3 $14.1.1% ETFS Daily Leveraged Cotton 11.7% 15.3% 54.3% ($.4) ($2.6) ($1.6) ($.1) ($1.7) $.3 $2.4.% ETFS Daily Leveraged Coffee 5.7% -27.6% -49.4% $.4 $16.4 $37.9 $1.9 $1.1 $26. $28.5.1% ETFS Daily Leveraged Soybean Oil % -18.2% $. ($.1) ($1.6) $. ($.2) ($1.4) $.3.% ETFS Daily Leveraged Cocoa 14.% 7.% 5.3% $.1 $.8 $.4 $.9 $1.6 $1.1 $6.7.% Hedged Wheat.9% -.4% 7.4% $. $.7 $1.1 $. $.6 $1. $1.1.% Hedged Agriculture DJ-UBS ED SM 2.4% -3.4% 11.6% $. $. $. $. ($.) ($.) $.1.% ETFS GBP Daily Hedged Agriculture DJ-UBS PD SM 3.4% -7.5% 6.7% $. ($.1) ($.2) $. ($.1) ($.2) $..% ETFS GBP Daily Hedged er Dated Agriculture 2.% -8.3% 7.% $. $1.3 $1.1 $. $1.3 $1.2 $1.5.% Swiss Franc Daily Hedged Agriculture DJ-UBS FD SM 3.3% $. $.5 $.5 $. $.5 $.5 $.5.% Swiss Franc Daily Hedged er Dated Agriculture 2.% $. $.5 $.5 $. $.5 $.5 $.5.% Swiss Franc Daily Hedged Grains DJ-UBS FD SM 3.2% $. $.5 $.5 $. $.6 $.6 $.6.% Swiss Franc Daily Hedged Softs DJ-UBS FD SM 3. $. $.5 $.5 $. $.5 $.5 $.5.% Swiss Franc Daily Hedged Cocoa 8.9% $. $.8 $.8 $.1 $.9 $.9 $.9.% Swiss Franc Daily Hedged Coffee 4.9% $. $.6 $.6 $. $.5 $.5 $.5.% Swiss Franc Daily Hedged Corn 3.4% $. $.9 $.9 $. $.9 $.9 $.9.% Swiss Franc Daily Hedged Cotton 7.9% $.1 $.7 $.7 $.2 $.7 $.7 $.7.% Swiss Franc Daily Hedged Soybeans 4.1% $. $.5 $.5 $. $.6 $.6 $.6.% Swiss Franc Daily Hedged.9% $. $.7 $.7 $. $.7 $.7 $.7.% Swiss Franc Daily Hedged Wheat 1.9% $. $.8 $.8 $. $.8 $.8 $.8.% Hedged Coffee 3.9% -14.% $. $1.5 $1.7 $.1 $1. $1.3 $1.3.% Hedged Corn 2.4% -3.1% $. $.7 $.9 $. $.8 $.9 $.9.% Hedged Cotton 7.% 8.4% $. ($.9) ($.1) $. ($.8) $. $..% Hedged Soybeans 3.2% 1.7% $. ($.1) $.1 $. ($.1) $.1 $.1.% Hedged.% -16.1% $. $2.9 $3.1 $. $2.6 $2.8 $2.8.% Hedged er Dated Agriculture 1.% -4.1% $. $3.2 $3.3 $. $3.1 $3.3 $3.3.% Total ($1.5) $165.4 ($75.1) $3.8 $15.9 $9.4 $1, % -1x 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.3% -5.5% 1.4% $2.8 $166.3 $131.3 $4.4 $136.7 $7.9 $ % ETFS er Dated All Commodities -.1% -5.3% 1.1% $. ($17.1) ($28.) ($.) ($19.7) ($27.5) $.8.1% ETFS Ex-Energy DJ-UBSCI SM 1.1% -8.6% -3.% $. $.3 $.3 $. $. $.2 $2.7.% ETFS er Dated Ex-Energy.3% -8.6% -2.7% $. ($.2) ($.6) $. ($.3) ($.6) $.3.% ETFS Ex-Agriculture and Livestock -.2% -6.5% ($2.) $1.9 $44.5 ($2.1) ($1.) $41.5 $41.5.2% All Commodities DJ-UBSCI SM -.4% 4.2% -5.1% ($5.7) ($16.8) ($29.9) ($5.7) ($17.2) ($33.7) $4.3.% Ex-Energy DJ-UBSCI SM -1.1% 7.5% -1.1% $. ($.) ($.2) ($.) $. ($.2) $.1.% ETFS Daily Leveraged All Commodities DJ-UBSCI SM.6% -11.6% -.4% $. ($.5) ($.3) $. ($.8) ($.4) $2.2.% ETFS Daily Leveraged Ex-Energy DJ-UBSCI SM 2.1% -17.2% -8.4% $. ($.2) ($.3) $. ($.3) ($.3) $.1.% Hedged All Commodities DJ-UBS ED SM 1.4% -5.9% 5.5% $. ($8.8) $1.6 $. ($9.3) $1.6 $1.7.% Hedged er Dated All Commodities.9% -5.7% $. $.2 $.3 $. $.2 $.3 $.3.% ETFS GBP Daily Hedged All Commodities DJ-UBS PDSM $. $2.3 $2.3 ($.3) $2.3 $2.3 $2.5.% ETFS GBP Daily Hedged er Dated All Commodities $. $. $. $. $. $. $.1.% Swiss Franc Daily Hedged er Dated All Commodities 1. $. $.8 $.8 $. $.8 $.8 $.8.% Total ($4.9) $8.1 $1.8 ($3.7) $91.5 $1. $ % ETF Securities Commodity ETP ly 1 June 213 Tel:

6 Performance, Flows and Assets by Sector (continued) Short Leveraged ETFS Energy DJ-UBSCI SM -1.% 1.% 11.2% $.3 ($1.4) $3.9 ($1.4) ($1.8) $2.8 $14.3.6% ETFS er Dated Energy -1.% % $1.2 $1.7 $19.7 $.7 $11. $21.5 $26.5.1% ETFS Petroleum DJ-UBSCI SM 1.2% -2.2% 8.4% $. ($.) ($4.4) $.1 ($.2) ($3.1) $ % ETFS er Dated Petroleum 1.1% -.5% 8.% $. ($4.5) ($2.2) $. ($5.1) ($3.5) $14.2.1% ETFS Natural Gas -4.9% 6.6% 14.9% $.1 ($52.5) ($67.7) ($7.1) ($38.) ($37.1) $6.6.% ETFS er Dated Natural Gas % 1.9% ($.3) $.5 $2.2 ($.7) $1.5 $3.3 $ % ETFS Brent Crude 1.2% -4.2% 7.6% $.3 $18.6 $26.1 $.6 $17.3 $25.6 $8.7.% ETFS er Dated Brent Crude 1.1% -3.3% 7.% $. $.2 ($.2) $. $.2 ($.1) $8.5.% ETFS WTI Crude Oil 1.2%.5% 4.7% ($3.6) ($11.5) ($69.9) ($.8) ($13.6) ($47.) $.5.% ETFS er Dated WTI Crude Oil 1.3% 1.5% 5.7% $. ($.9) ($2.3) $. ($.8) ($2.1) $1..% ETFS Gasoline 1.5% -2.6% 2.% $. ($1.2) ($5.1) $.2 ($1.6) ($1.7) $.1.% ETFS Heating Oil.9% -5.7% 6.4% ($.3) ($2.6) ($8.4) ($.3) ($3.2) ($7.3) $52.1.2% ETFS er Dated Heating Oil.6% -3.7% 7.5% $. $. ($.1) $. ($.) ($.1) $.8.% ETFS Brent 1mth 1.4% -4.2% 1.2% ($3.9) $48.9 $49.4 $.8 $19.8 $61. $ % ETFS WTI 2mth 1.2%. 4.6% ($2.) ($6.3) ($14.3) ($1.5) ($6.1) ($1.8) $41.2.2% ETFS Brent 1yr 1.% -2.9% 5.6% $. ($.1) ($3.1) $.1 ($.5) ($2.3) $.3.1% ETFS Brent 2yr 1.1% -2.6% 4.4% $. $. ($.4) $. ($.) ($.3) $.4.% ETFS Brent 3yr 1.4% -2.1% 3.2% $. ($.4) ($.9) $. ($.5) ($.8) $3..% ETFS WTI 1yr 1.% % $. ($.8) $.5 $. ($.9) ($1.2) $4.1.% ETFS WTI 2yr.7% -3.2% 2.6% $. $. ($3.3) $. ($.1) ($3.1) $2.1.% ETFS WTI 3yr.7% -3.9%.1% $. ($.3) ($.9) $. ($.3) ($.9) $2..% ETFS Carbon % -38.1% $. $.2 $.2 $. ($.1) ($.1) $.8.% Energy DJ-UBSCI SM 1.% -2.7% -15.1% ($.5) ($1.) ($1.6) ($.5) ($1.) ($1.8) $18.1.1% Petroleum DJ-UBSCI SM -1.3% -.1% -14.% $. ($1.7) ($6.3) ($.) ($11.2) ($8.7) $3.6.% Natural Gas 4.9% -11.5% -27.6% ($2.7) $1.5 $13.8 ($1.8) $9.2 $.8 $32.2.1% Brent Crude -1.3% 2.% -13.4% ($.2) ($4.9) $1.4 ($.2) ($4.7) $1.3 $.3.% WTI Crude Oil -1.3% -3.1% -.5% ($.1) $17.2 ($19.4) ($.5) $17.3 ($21.2) $.5.% Gasoline -1.6% -.2% -22. ($.1) ($.3) ($.1) ($.1) ($.3) ($.3) $.1.% Heating Oil -1.1% 3.6% -11. $. $.3 $.1 ($.) $.3 $. $.3.% ETFS Daily Leveraged Energy DJ-UBSCI SM -2.2%.1% 15.2% $. ($.1) ($.1) ($.) ($.1) $. $92..4% ETFS Daily Leveraged Petroleum DJ-UBSCI SM 2.4% -5.6% 11.4% $. $.2 ($.2) $. $.1 ($.1) $.6.% ETFS Daily Leveraged Natural Gas -9.7% 8.3%.5% $5.2 ($78.) ($56.6) ($4.6) ($5.9) ($13.2) $66.8.3% ETFS Daily Leveraged Brent Crude 2.3% -9.4% 1.5% $.1 ($.6) ($.1) $.1 ($.7) $. $.7.% ETFS Daily Leveraged WTI Crude Oil 2.4% -.5% 2.9% ($1.7) ($74.5) ($31.5) ($.2) ($64.5) ($5.2) $.4.% ETFS Daily Leveraged Gasoline 3.% -7.% 36.5% $. ($.6) ($.7) $. ($.8) ($.3) $.7.% ETFS Daily Leveraged Heating Oil % 8.6% $. ($.1) ($.4) $. ($.1) ($.3) $.8.% Hedged WTI Crude Oil 2.3%.3% 9.2% $. ($.9) $.2 $. ($.9) $.2 $.3.% Hedged Brent Crude 2.2% -4.3%.5% $. ($.1) $.6 $. ($.1) $.6 $.7.% % 2.6% $. ($.7) ($.3) ($.) ($.6) ($.2) $.1.% ETFS GBP Daily Hedged WTI Crude Oil 3.2% -4.% 4.6% $. ($.4) ($.1) $. ($.4) ($.1) $.1.% ETFS GBP Daily Hedged Brent Crude Oil 3.2% -8.5% 7.7% $. ($2.2) $.1 $. ($2.3) $. $.2.% ETFS GBP Daily -2.9% % $. ($.7) $.1 ($.) ($.6) $. $.1.% ETFS GBP Daily Hedged Energy DJ-UBS PD SM.9% -3.9% 1.% $. ($.5) ($.2) $. ($.5) ($.2) $..% ETFS GBP Daily Hedged er Dated Energy. -2.9% 8.7% $. $. ($.1) $. $. ($.1) $.1.% Swiss Franc Daily Hedged Energy DJ-UBS FD SM.9% $. $.5 $.5 $. $.6 $.6 $.6.% Swiss Franc Daily Hedged er Dated Energy. $. $.5 $.5 $. $.6 $.6 $.6.% Swiss Franc Daily Hedged WTI Crude Oil 3.2% $. $.3 $.3 $. $.3 $.3 $.3.% Swiss Franc Daily Hedged Brent Crude 3.2% $. $.5 $.5 $. $.5 $.5 $.5.% Swiss Franc Daily -3.% $. $.8 $.8 ($.) $.8 $.8 $.8.% Total ($8.5) ($257.) ($18.2) ($17.) ($231.7) ($23.4) $1, FX Hedged ENERGY Price Performance Net Creations (in m$) AUM Growth (in $m) AUM since listing (1) (2) (2) in m$ -1x 2x LIVESTOCK Price Performance Net Creations (in m$) AUM Growth (in $m) AUM since listing (1) (2) (2) in m$ ETFS Livestock DJ-UBSCI SM.6% % $. ($14.8) ($21.3) $. ($.2) ($.3) $1.3.% ETFS er Dated Livestock 2.5% -4.2% -5.2% $. ($.7) ($.2) $.2 ($3.4) ($4.2) $.1.% ETFS Live Cattle 1.4% -7.3% -7.2% $. ($.8) ($3.) $.1 ($16.1) ($22.2) $.1.% ETFS er Dated Live Cattle.2% -8.% -1.2% $. ($.1) ($.3) $. ($.7) ($.2) $.1.% ETFS Lean Hogs.% % ($.1) ($2.7) ($3.8) ($.) ($.1) ($.3) $5.6.% ETFS er Dated Lean Hogs. -9.1% -8.5% $. $.1 $.1 $. ($1.5) ($3.7) $1.5.% Livestock DJ-UBSCI SM -1.6% 5.9% 3.5% $. ($.) ($.4) ($.) $. ($.4) $.2.% Live Cattle -.9% 8.2% 5.1% $. ($.2) ($.6) ($.) ($.2) ($.5) $.1.% Lean Hogs -2.5% 2.3% -.2% ($.2) ($.5) ($.4) ($.3) ($.6) ($.5) $.1.% ETFS Daily Leveraged Livestock DJ-UBSCI SM 3.% -14.1% -14. $. ($.3) ($.3) $. ($.4) ($.3) $.4.% ETFS Daily Leveraged Live Cattle 1.6% -18.% -17.5% $. $.1 ($.2) $. ($.) ($.3) $1.4.% ETFS Daily Leveraged Lean Hogs 5.% -9.1% -13.% $. ($.1) ($.1) $.1 ($.1) ($.1) $.4.% Total ($.3) ($2.2) ($3.6) $.2 ($23.3) ($33.1) $29.2.1% ETF Securities Commodity ETP ly 1 June 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 1.2% -1.2% -6.1% $3.1 $33.3 $65.9 $5.5 $4.7 $43.7 $ % ETFS er Dated Industrial Metals 1.2% -9.6% -5.2% $.1 ($9.9) $6.1 $.6 ($14.1) $3.6 $38.8.2% ETFS Aluminium % ($2.1) $3.6 $6.9 ($.9) ($.3) $3.8 $47.2.2% Aluminium 3.6% -9.5% -1.2% $. $. $. $. ($.1) ($.1) $.5.% ETFS Copper.1% -1.4% -4.5% $91.3 $27.2 $153.5 $9.2 ($36.6) $14.7 $ Copper % $. $22.3 $22.4 $.3 $17.8 $18.5 $33.9.2% ETFS Zinc.7% % ($1.2) ($4.) ($4.) ($1.) ($5.8) ($4.1) $21.1.1% Zinc 1.2% -1.5% -9.% $5.6 $5.6 $5.6 $5.5 $5.5 $5.5 $5.8.% ETFS Nickel % -8.6% $15.2 $22.2 $28.2 $15.8 $14.9 $23.7 $65.2.3% Nickel % -8.9% $. $. $3. $.1 ($.6) $2.6 $3.9.% ETFS Tin -1.2% -11.5% 5.3% $. ($2.) ($4.5) ($.) ($19.1) $.2 $1.3.% Tin.% -11.7% 3.3% $. $. $. $. ($.3) ($.8) $2.4.% ETFS Lead.9% -7.% 11. ($.) ($.3) ($.1) ($.) ($.3) $. $.8.% Lead 2.4% -9.1% 6.3% $. $. $. $. ($.1) $. $.5.% Industrial Metals DJ-UBSCI SM -1.3% 8.5%.2% ($.) ($.7) ($19.5) ($.5) $2. ($2.8) $34.6.2% Aluminium % 1.7% $. ($.2) ($.7) ($.1) $.1 ($.6) $3.3.% Copper -.2% 8.2% -2.1% ($29.6) $58.5 ($25.2) ($3.4) $71. ($29.1) $ Zinc % -3.3% $. $4. $3.3 ($.1) $4.1 $3.2 $6.5.% Nickel -1.9% 1.7%.5% ($.) ($3.8) ($4.2) ($.) $.2 ($.3) $.5.% Tin 1.1% 9.5% -13.4% $. ($.) ($.1) $. $. ($.1) $.3.% Lead -1.% 4.1% -17.2% ($.2) ($.3) ($.2) ($.2) ($.3) ($.3) $.2.% ETFS Daily Leveraged Industrial Metal DJ-UBSCI SM 2.3% % ($.1) $.6 $.9 ($.) $.3 $.6 $2.1.% ETFS Daily Leveraged Aluminium 5.6% -18.4% -19.2% ($.6) $1.3 $2.3 ($.3) $.4 $1.8 $4.9.% ETFS Daily Leveraged Copper.1% -21.3% -. ($1.1) $3.5 $2.4 ($1.) ($.2) $.8 $14.9.1% ETFS Daily Leveraged Zinc 1.3% -2.1% -1.6% $.1 $.5 $.3 $.1 $.2 $.2 $1.9.% ETFS Daily Leveraged Nickel 3.6% -25.5% -21.7% $.1 $1.7 $2.4 $.3 $.3 $1.3 $4.3.% ETFS Daily Leveraged Tin -2.5% -23.4% 3.4% $. $.4 $.5 ($.1) ($.2) $.5 $2..% ETFS Daily Leveraged Lead 1.7% -15.4% 18.3% ($.2) ($.2) ($.7) ($.1) ($.5) ($.4) $1.4.% Hedged Copper 1.2% -1.7% -.5% $. $. $1.1 $. ($.2) $.9 $1..% ETFS GBP Daily Hedged Copper 2.1% -14.5% -4.7% $. ($.2) ($.1) $. ($.2) ($.1) $.1.% ETFS GBP Daily Hedged Industrial Metals DJ-UBS PDSM 3.2% -14.4% -6.3% ($.) ($.1) ($.2) ($.) ($.1) ($.2) $..% Hedged Industrial Metals DJ-UBS EDSM 2.3% -1.5% $. $.2 $.4 $. ($.1) $.3 $.3.% Swiss Franc Daily Hedged Industrial Metals DJ-UBS FDSM 3.2% $. $.6 $.6 $. $.6 $.6 $.6.% Swiss Franc Daily Hedged Aluminium 4. $. $.5 $.5 $. $.5 $.5 $.5.% Swiss Franc Daily Hedged Copper 2.1% $. $.5 $.5 $. $.5 $.5 $.5.% Swiss Franc Daily Hedged Lead 2.9% $. $.5 $.5 $. $.5 $.5 $.5.% Swiss Franc Daily Hedged Nickel 3.9% $. $.6 $.6 $. $.6 $.6 $.6.% Swiss Franc Daily Hedged Tin.7% $. $.6 $.6 $. $.5 $.5 $.5.% Swiss Franc Daily Hedged Zinc 2.7% $. $.6 $.6 $. $.6 $.6 $.6.% Hedged Aluminium 3.9% -9.1% $. ($.2) $.2 $. ($.2) $.2 $.2.% Hedged Nickel 2.9% -.9% $. $.1 $.2 $. $. $.2 $.2.% Hedged Zinc % $. $. $.1 $. ($.) $.1 $.1.% Total $8.3 $149.3 $25.4 $83.7 $46. $163.4 $1, % AUM Growth (in $m) AUM since listing in m$ ETF Securities Commodity ETP ly 1 June 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.2% -18.7% -17.4% ($.) $14.3 ($1.2) $.2 ($9.9) ($33.) $15.1.5% PM Basket -.1% -14.1% -11.5% ($1.1) ($59.3) ($75.5) ($1.2) ($89.7) ($99.1) $ % PM Basket (ASX) -.1% -14.1% -11.5% $. $. $.7 ($.) ($.9) ($.1) $5.6.% ETFS Precious Metals Trust -1.% -16.% -14.7% $3.8 $31.3 $41.8 ($.7) ($13.2) ($3.8) $ % ETFS White Metal Basket Trust -.3% -17.% -15.3% $. ($1.5) ($1.5) $3.2 ($7.8) $1. $3.2.1% ETFS Gold.3% -16.2% -14. $.1 ($36.3) ($4.) $.5 ($78.) ($41.8) $ % Gold -1.% -16.% -14.7% ($3.6) ($1,55.8) ($636.4) ($58.7) ($2,818.7) ($1,789.3) $5, % Gold (ASX) -1.% -16.% -14.7% $. ($31.2) $33.5 ($5.) ($134.7) ($63.5) $ % ETFS Gold Trust -1.% -16.% -14.7% ($62.2) ($21.9) ($84.4) ($76.5) ($59.) ($382.5) $1, % ETFS Asian Gold Trust 1.1% -13.9% -1.9% $. $. $8.5 $.3 ($7.4) ($6.1) $69.3.3% Gold Bullion Securities -1.% -16.% -14.7% ($46.8) ($62.7) $485.3 ($12.5) ($1,773.1) ($589.5) $5, % Swiss Gold -1.% -16.% -14.7% $. ($33.4) $24.9 ($3.2) ($1.3) ($48.1) $ % ETFS Silver.1% -25.5% -24.6% ($.9) ($.7) ($6.6) ($.9) ($16.9) ($23.1) $45.1.2% Silver -.3% -24.6% -23.3% $1.3 $7.9 $45.6 ($.3) ($192.4) ($14.3) $ % Silver (ASX) -.3% -24.6% -23.3% $. $4.7 $3.5 ($.1) ($14.3) ($14.5) $52.9.2% ETFS Silver Trust -.3% -24.6% -23.2% $. $1.3 $39.2 ($1.1) ($137.7) ($92.8) $ % ETFS Platinum 3.1% -1.5% 2.1% $1.4 $1.9 $1.6 $1.5 $1.6 $1.4 $3.6.% Platinum 3.5% -.7% 3.4% ($6.2) ($2.8) $3.6 $13. ($.6) $49.5 $ % Platinum (ASX) 3.5% -.7% 3.4% $. ($3.1) ($3.1) $.1 ($3.2) ($2.9) $3.9.% ETFS Platinum Trust 3.5% % $72. $181.9 $242.6 $13.3 $172.1 $259.9 $ %.3% 8.% 21.4% ($7.) ($.4) $5.3 ($5.8) $13.6 $68.1 $ % (ASX).3% 8.% 21.4% $. $. $. $. $.2 $.4 $2.2.% ETFS Trust.3% 7.9% 21.3% $. $67.8 $.2 $1.9 $91.4 $75.9 $ % Gold ETF -1.% -16.% $. $. $. ($.) ($3.9) $2.8 $2.8.% Silver ETF -.3% -24.6% $. $. $. ($.) $.8 $6.8 $6.8.% Platinum ETF 3.5% -. $. $. $. $.1 ($.) $3. $3..% Precious Metals DJ-UBSCI SM -.3% 18.7% 13.3% $. ($.) ($.1) ($.) ($.) ($.1) $.1.% Gold -.4% 15.5% 1.6% $2.2 $67.5 $61.1 $1.8 $73.9 $66. $16.3.5% Silver -.2% 27.7% 19.2% ($.7) $.2 $.2 ($.7) $5.3 $4.1 $31.3.1% Platinum -3.2% -1.5% -8.4% $. ($.5) ($1.2) ($.) ($.6) ($1.2) $.5.% ETFS Daily Leveraged Precious Metals DJ-UBSCI SM.3% -35.6% -34.9% ($.5) ($2.8) ($1.8) ($.5) ($4.4) ($3.2) $1.2.% ETFS Daily Leveraged Gold.4% -31.4% -3.2% $2.4 ($25.4) ($7.1) $2.8 ($64.6) ($44.5) $8.3.4% ETFS Daily Leveraged Silver.% -46.9% -47.9% $1.3 $53.8 $77.2 $1.3 ($24.) ($.5) $..5% ETFS Daily Leveraged Platinum 6.2% -4.9% -.4% ($.2) ($1.3) ($1.) $.2 ($1.3) ($.6) $6.7.% Hedged Gold 1.3% -16.4% -1.9% $. ($19.7) ($37.5) $.1 ($21.6) ($36.9) $4.5.% Hedged Silver 1.1% % $. ($.2) $1.3 $. ($.5) $.8 $.9.% Hedged Precious Metals DJ-UBS ED SM 1.2% -18.9% -13.7% $. ($.1) ($.1) $. ($.1) ($.1) $..% Hedged Physical Gold 1.3% $. $2.1 $2.1 $.1 $5.7 $5.7 $5.7.% ETFS GBP Daily Hedged Gold 2.3% -2.1% -14.9% $. $.1 $.3 $. $. $.3 $.4.% ETFS GBP Daily Hedged Silver 2.% -29.% -24. $. ($.3) ($.4) $. ($.3) ($.3) $..% ETFS GBP Daily Hedged Precious Metals DJ-UBS PD SM 2.2% -22.5% -17.5% $. ($.) $.1 $. ($.1) $.1 $.3.% ETFS GBP Daily Hedged Physical Gold 2.3% $. $1. $1. $. $.9 $.9 $.9.% Swiss Franc Daily Hedged Gold 2.2% $. $.6 $.6 $. $.6 $.6 $.6.% Swiss Franc Daily Hedged Silver 2.% $. $.6 $.6 $. $.5 $.5 $.5.% Swiss Franc Daily Hedged Platinum 5.1% $. $.5 $.5 $. $.5 $.5 $.5.% Swiss Franc Daily Hedged Precious Metals DJ-UBS FD SM 2.2% $. $.6 $.6 $. $.5 $.5 $.5.% Total ($44.6) ($2,286.4) $238. ($6.8) ($5,793.6) ($2,86.2) $18, % (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 1 June 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 1 June 213 Tel: