MARKET ACCESS. An open-ended investment company with variable share capital ("SICAV") Unaudited Semi-Annual Report. as at June 30, 2016

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1 An open-ended investment company with variable share capital ("SICAV") Unaudited Semi-Annual Report R.C.S. Luxembourg B No subscription can be accepted on the basis of the financial reports. Subscriptions are only valid if they are made on the basis of the latest published prospectus accompanied by the Key Investor Information Documents, the latest annual report and the most recent semi-annual report, if published thereafter.

2 Table of Contents Page Management and Administration 3 Information to Shareholders 5 Report on the activities of the Fund 6 Statement of Net Assets 8 Statement of Changes in Net Assets 11 Changes in the Number of Shares for the Period ended June 30, 2016 and Statistics 15 Statement of Investments and Investments Breakdowns DAXGLOBAL ASIA INDEX UCITS ETF 18 DAXGLOBAL BRIC INDEX UCITS ETF 20 DAXGLOBAL RUSSIA INDEX UCITS ETF 22 MSCI FRONTIER MARKETS INDEX UCITS ETF 24 NYSE ARCA GOLD BUGS INDEX UCITS ETF 26 RICI AGRICULTURE INDEX UCITS ETF 28 RICI METALS INDEX UCITS ETF 30 ROGERS INTERNATIONAL COMMODITY INDEX UCITS ETF 32 TOPIX EUR HEDGED INDEX UCITS ETF 34 Notes to the Financial Statements 36 2

3 Management and Administration R.C.S. LUXEMBOURG B Board of Directors Chairman and Director As from March 10, 2016: Mr Chris SATTERFIELD China Post Global 60, Wyndham Street Suite 1901 Central Hong Kong Until March 10, 2016: Mr David MORONEY The Royal Bank of Scotland Plc London Branch Bishopsgate 135 EC2M 3UR London United Kingdom Directors Mr Claude KREMER Arendt and Medernach S.A. 41A, Avenue J. F. Kennedy L-2082 Luxembourg Grand Duchy of Luxembourg Mr Revel WOOD FundRock Management Company S.A. 33, Rue de Gasperich L-5826 Hesperange Grand Duchy of Luxembourg Mr Daniel DOLAN Until February 29, 2016: The Royal Bank of Scotland Plc London Branch Bishopsgate 135 EC2M 3UR London United Kingdom As from March 1, 2016: China Post Global (UK) Limited 25 Hanover Square, W1S 1JF London United Kingdom Registered Office 11-13, Boulevard de la Foire, L-1528 Luxembourg Grand Duchy of Luxembourg Custodian, Domiciliary, Corporate, Central Administrative, Registrar, Transfer, Principal Paying and Listing Agent RBC Investor Services Bank S.A. 14, Porte de France, L-4360 Esch-sur-Alzette Grand Duchy of Luxembourg 3

4 Management and Administration(continued) Auditor PricewaterhouseCoopers, Société coopérative 2, Rue Gerhard Mercator L-1014 Luxembourg Grand Duchy of Luxembourg Investment Manager Mirabella Financial Services LLP 130 Jermyn Street, SW1Y 4UR London United Kingdom Sponsor and Global Distributor China Post Global (UK) Limited 25 Hanover Square, W1S 1JF London United Kingdom Management Company FundRock Management Company S.A. 33, Rue de Gasperich, L-5826 Hesperange Grand Duchy of Luxembourg Legal Advisers Arendt and Medernach S.A. 41A, Avenue J. F. Kennedy L-2082 Luxembourg Grand Duchy of Luxembourg 4

5 Information to Shareholders Publication of the net asset value per share The net asset value per share and the issue and redemption prices per share of each Sub-Fund are available at the registered office of the Fund. In addition, this information may be inserted in any newspaper that the Board of Directors considers appropriate. Notices to shareholders Notices to shareholders will be available at all times from the registered office of the Fund. If bearer shares represented by Global Shares Certificates are issued, shareholders shall be notified via publication in those countries where the Fund is marketed in any newspaper that the Board of Directors considers appropriate, in accordance with applicable laws and regulations. In Luxembourg, this will be the Luxemburger Wort. Registered shareholders shall be personally notified via mail sent to the address indicated in their subscription form. Shareholders Meetings The Annual General Meeting of shareholders will be held: * at the registered office of the Fund, or at any other place in Luxembourg to be specified in the notice convening the meeting; * on April 18 at 2.00 p.m. (Luxembourg time) or, if this is not a bank business day in Luxembourg, on the next Luxembourg bank business day. To the extent required by Luxembourg law, notices of all general meetings are published in the Mémorial, in the Luxemburger Wort and in such other newspaper as the Board of Directors determines and are sent to the holders of registered shares by post at least 8 calendar days prior to the meeting at their addresses shown on the register of shareholders. These notices will state the time and the place of the general meeting and the conditions for admission, the agenda and the requirements under Luxembourg law relating to quorums and mandatory majorities. Each whole share confers the right to one vote. Financial year and reports for shareholders The financial year of the Fund begins on January 1 and ends on December 31 of each year, this being the date at which an annual report is drawn up. Audited annual reports are published within 4 months following the end of the accounting year and unaudited semi-annual reports are published within 2 months following the period to which they refer. The annual and semi-annual reports are made available at the registered office of the Fund during ordinary office hours. The reference currency of the Fund is the Euro. The annual and semi-annual reports comprise consolidated accounts of the Fund expressed in euros as well as individual information on each Sub-Fund expressed in the reference currency of each Sub- Fund. 5

6 Report on the activities of the Fund There were 9 Sub-Funds in operation as of June 30, All Sub-Funds objective is to replicate, as far as possible, the performance of their benchmark index. The Sub-Funds used a synthetic replication method in order to gain performance to the indices below: Sub-Fund name ROGERS INTERNATIONAL COMMODITY INDEX UCITS ETF NYSE ARCA GOLD BUGS INDEX UCITS ETF RICI AGRICULTURE INDEX UCITS ETF RICI METALS INDEX UCITS ETF DAXGLOBAL BRIC INDEX UCITS ETF DAXGLOBAL ASIA INDEX UCITS ETF DAXGLOBAL RUSSIA INDEX UCITS ETF MSCI FRONTIER MARKETS INDEX UCITS ETF TOPIX EUR HEDGED INDEX UCITS ETF Benchmark index Rogers International Commodity Index NYSE Arca Gold BUGS Index Rogers International Commodity - Agriculture Index Rogers International Commodity - Metals Index DAXglobal BRIC Index DAXglobal Asia Index DAXglobal Russia Index MSCI Frontier Markets Index TOPIX EUR Hedged Index Tracking difference The tracking difference is the difference between the return of the Sub-Fund and its benchmark index over a period of time. The table below compares Sub-Funds performance to the performance of the benchmark index for the period December 31, 2015 to June 30, A negative tracking difference means that the Sub-Fund underperformed the benchmark index. A positive tracking difference is shows an outperformance of the benchmark index by the Sub-Fund. Sub-Fund name Sub-Fund return Benchmark Index return Tracking difference ROGERS INTERNATIONAL COMMODITY INDEX UCITS ETF 7.54% 8.40% (0.85)% NYSE ARCA GOLD BUGS INDEX UCITS ETF % % (1.39)% RICI AGRICULTURE INDEX UCITS ETF 1.94% 2.77% (0.83)% RICI METALS INDEX UCITS ETF 12.94% 13.85% (0.91)% DAXGLOBAL BRIC INDEX UCITS ETF 9.93% 10.92% (0.99)% DAXGLOBAL ASIA INDEX UCITS ETF 3.04% 4.03% (0.99)% DAXGLOBAL RUSSIA INDEX UCITS ETF 18.25% 19.46% (1.20)% MSCI FRONTIER MARKETS INDEX UCITS ETF (4.31)% (0.47)% (3.83)% TOPIX EUR HEDGED INDEX UCITS ETF (20.23)% (19.68)% (0.55)% Tracking error The tracking error is the volatility of the difference between the return of the Sub-Fund and the return of the benchmark index. For the period December 31, 2015 to June 30, Sub-Fund name Estimated tracking error Realised tracking error ROGERS INTERNATIONAL COMMODITY INDEX UCITS ETF 0.25% 0.03% NYSE ARCA GOLD BUGS INDEX UCITS ETF* 0.25% 0.01% RICI AGRICULTURE INDEX UCITS ETF 0.25% 0.01% RICI METALS INDEX UCITS ETF 0.25% 0.02% DAXGLOBAL BRIC INDEX UCITS ETF* 0.10% 0.01% DAXGLOBAL ASIA INDEX UCITS ETF* 0.10% 0.02% DAXGLOBAL RUSSIA INDEX UCITS ETF* 0.15% 0.02% MSCI FRONTIER MARKETS INDEX UCITS ETF 0.04% 0.71% TOPIX EUR HEDGED INDEX UCITS ETF 0.04% 0.01% 6

7 Report on the activities of the Fund(continued) Sub-Fund Liquidation Market Access liquidated one Sub-Fund during the period December 31, 2015 to June 30, The table below shows the performance from December 31, 2015 to the respective liquidation date: Liquidation Sub-Fund Sub-Fund name Date Performance MSCI EMERGING AND FRONTIER AFRICA EX SOUTH AFRICA INDEX UCITS ETF 08/06/2016 (26.53)% The Board of Directors Luxembourg, July 29, 2016 The information stated in this report is historical and not necessarily indicative of future performance. 7

8 Statement of Net Assets DAXGLOBAL ASIA INDEX UCITS ETF DAXGLOBAL BRIC INDEX UCITS ETF DAXGLOBAL RUSSIA INDEX UCITS ETF Notes EUR EUR EUR ASSETS Investments in securities at market value (2c) 9,077, ,097, ,939, Cash at bank 7, , , Amounts receivable on sale of investments Unrealised appreciation on swaps (2e, 6) 22, , Receivable on currencies sold TOTAL ASSETS 9,107, ,106, ,189, LIABILITIES Bank overdraft Amounts payable on swaps Unrealised depreciation on swaps (2e, 6) , Service agent fees payable (3) 9, , , Payable on currencies purchased Payable fees on swaps , TOTAL LIABILITIES 10, , , TOTAL NET ASSETS 9,097, ,918, ,177, Net asset value per share - Class Capitalisation EUR EUR EUR Number of shares outstanding - Class Capitalisation 195, , , The accompanying notes form an integral part of these financial statements.

9 Statement of Net Assets(continued) MSCI FRONTIER MARKETS INDEX UCITS ETF NYSE ARCA GOLD BUGS INDEX UCITS ETF RICI AGRICULTURE INDEX UCITS ETF RICI METALS INDEX UCITS ETF Notes USD EUR EUR EUR ASSETS Investments in securities at market value (2c) 13,154, ,384, ,764, ,640, Cash at bank , , , Amounts receivable on sale of investments ,821, Unrealised appreciation on swaps (2e, 6) , , Receivable on currencies sold ,490, TOTAL ASSETS 13,154, ,121, ,128, ,958, LIABILITIES Bank overdraft Amounts payable on swaps ,812, Unrealised depreciation on swaps (2e, 6) 685, , Service agent fees payable (3) 20, , , , Payable on currencies purchased ,498, Payable fees on swaps 6, , , , TOTAL LIABILITIES 712, , ,198, , TOTAL NET ASSETS 12,442, ,993, ,930, ,930, Net asset value per share - Class Capitalisation USD EUR EUR EUR Number of shares outstanding - Class Capitalisation 207, ,176, , , The accompanying notes form an integral part of these financial statements. 9

10 Statement of Net Assets(continued) ROGERS INTERNATIONAL COMMODITY INDEX UCITS ETF TOPIX EUR HEDGED INDEX UCITS ETF COMBINED Notes EUR EUR EUR ASSETS Investments in securities at market value (2c) 87,603, ,650, ,998, Cash at bank 95, , , Amounts receivable on sale of investments ,821, Unrealised appreciation on swaps (2e, 6) , ,244, Receivable on currencies sold ,490, TOTAL ASSETS 87,699, ,664, ,816, LIABILITIES Bank overdraft Amounts payable on swaps ,812, Unrealised depreciation on swaps (2e, 6) 3,428, ,023, Service agent fees payable (3) 117, , , Payable on currencies purchased ,498, Payable fees on swaps 8, , TOTAL LIABILITIES 3,554, , ,763, TOTAL NET ASSETS 84,144, ,660, ,052, Net asset value per share - Class Capitalisation EUR EUR Number of shares outstanding - Class Capitalisation 4,684, , The accompanying notes form an integral part of these financial statements.

11 Statement of Changes in Net Assets for the Period ended June 30, 2016 DAXGLOBAL ASIA INDEX UCITS ETF DAXGLOBAL BRIC INDEX UCITS ETF DAXGLOBAL RUSSIA INDEX UCITS ETF Notes EUR EUR EUR NET ASSETS AT THE BEGINNING OF THE PERIOD 8,828, ,800, ,114, INCOME Other income TOTAL INCOME EXPENSES Service Agent fees (3) 26, , , Liquidation fees Bank interest Bank charges and correspondent fees , Charge on swaps (6) 51, , , TOTAL EXPENSES 79, , , NET INCOME / (LOSS) FROM INVESTMENTS (79,512.26) (133,351.77) (95,575.21) Net realised gain / (loss) on sales of investments (2f) (823,950.87) (1,776,981.26) (641,186.99) Net realised gain / (loss) on foreign exchange (1.00) Net realised gain / (loss) on swaps (2g) 1,378, ,082, ,022, Net result for the period before changes in unrealised appreciation /(depreciation) 475, ,172, ,285, Change in net unrealised appreciation /(depreciation) on: - investments (190,413.71) 528, , swaps (16,151.70) 22, , NET INCREASE / (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS 268, ,722, ,722, MOVEMENTS IN CAPITAL Issue of shares ,187, ,097, Redemption of shares 0.00 (1,793,049.00) (1,757,006.34) Currency translation NET ASSETS AT THE END OF THE PERIOD 9,097, ,918, ,177, The accompanying notes form an integral part of these financial statements. 11

12 Statement of Changes in Net Assets for the Period ended June 30, 2016(continued) MSCI EMERGING AND FRONTIER AFRICA EX SOUTH AFRICA INDEX UCITS ETF* MSCI FRONTIER MARKETS INDEX UCITS ETF NYSE ARCA GOLD BUGS INDEX UCITS ETF RICI AGRICULTURE INDEX UCITS ETF Notes USD USD EUR EUR NET ASSETS AT THE BEGINNING OF THE PERIOD 16,478, ,543, ,360, ,964, INCOME Other income , TOTAL INCOME , EXPENSES Service Agent fees (3) 52, , , , Liquidation fees 18, Bank interest , , Bank charges and correspondent fees , , , Charge on swaps (6) 488, , , , TOTAL EXPENSES 561, , , , NET INCOME / (LOSS) FROM INVESTMENTS (561,733.58) (360,288.96) (763,020.75) (425,742.26) Net realised gain / (loss) on sales of investments (2f) (43,173.64) (2,273,469.95) (7,868,073.09) (6,386,584.71) Net realised gain / (loss) on foreign exchange 178, , (212.73) Net realised gain / (loss) on swaps (2g) (2,931,215.68) 847, ,976, ,463, Net result for the period before changes in unrealised appreciation /(depreciation) (3,357,316.50) (1,614,685.74) 83,345, (1,349,353.52) Change in net unrealised appreciation /(depreciation) on: - investments 1,030, ,640, , ,306, swaps (446,106.00) (710,129.69) (370,331.19) (1,118,194.31) NET INCREASE / (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS (2,772,709.42) (684,598.38) 83,153, , MOVEMENTS IN CAPITAL Issue of shares ,373, ,079, Redemption of shares (13,706,238.02) (4,416,992.36) (58,893,550.00) (13,952,280.00) Currency translation NET ASSETS AT THE END OF THE PERIOD ,442, ,993, ,930, * Liquidated on June 08, The accompanying notes form an integral part of these financial statements.

13 Statement of Changes in Net Assets for the Period ended June 30, 2016(continued) RICI METALS INDEX UCITS ETF ROGERS INTERNATIONAL COMMODITY INDEX UCITS ETF TOPIX EUR HEDGED INDEX UCITS ETF Notes EUR EUR EUR NET ASSETS AT THE BEGINNING OF THE PERIOD 17,092, ,716, ,853, INCOME Other income , TOTAL INCOME , EXPENSES Service Agent fees (3) 56, , , Liquidation fees Bank interest Bank charges and correspondent fees 1, , Charge on swaps (6) 99, , , TOTAL EXPENSES 157, , , NET INCOME / (LOSS) FROM INVESTMENTS (156,819.11) (762,231.53) (28,835.69) Net realised gain / (loss) on sales of investments (2f) (1,260,374.20) (10,314,905.50) (544,350.87) Net realised gain / (loss) on foreign exchange (59.38) Net realised gain / (loss) on swaps (2g) 2,893, ,855, (498,861.06) Net result for the period before changes in unrealised appreciation /(depreciation) 1,476, ,779, (1,072,047.62) Change in net unrealised appreciation /(depreciation) on: - investments 936, ,686, (39,302.28) - swaps (64,042.49) (3,944,384.94) 42, NET INCREASE / (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS 2,348, ,521, (1,068,614.65) MOVEMENTS IN CAPITAL Issue of shares 6,189, ,952, Redemption of shares (1,699,740.00) (50,044,900.00) (3,124,480.00) Currency translation NET ASSETS AT THE END OF THE PERIOD 23,930, ,144, ,660, The accompanying notes form an integral part of these financial statements. 13

14 Statement of Changes in Net Assets for the Period ended June 30, 2016(continued) Notes COMBINED EUR NET ASSETS AT THE BEGINNING OF THE PERIOD 331,050, INCOME Other income 8, TOTAL INCOME 8, EXPENSES Service Agent fees (3) 1,139, Liquidation fees 17, Bank interest 3, Bank charges and correspondent fees 28, Charge on swaps (6) 2,094, TOTAL EXPENSES 3,283, NET INCOME / (LOSS) FROM INVESTMENTS (3,275,029.20) Net realised gain / (loss) on sales of investments (2f) (31,701,689.09) Net realised gain / (loss) on foreign exchange 316, Net realised gain / (loss) on swaps (2g) 123,297, Net result for the period before changes in unrealised appreciation /(depreciation) 88,637, Change in net unrealised appreciation /(depreciation) on: - investments 10,031, swaps (6,273,275.33) NET INCREASE / (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS 92,395, MOVEMENTS IN CAPITAL Issue of shares 43,879, Redemption of shares (147,578,278.11) Currency translation (694,932.12) NET ASSETS AT THE END OF THE PERIOD 319,052, The accompanying notes form an integral part of these financial statements.

15 Changes in the Number of Shares for the Period ended June 30, 2016 MSCI EMERGING DAXGLOBAL ASIA INDEX UCITS ETF DAXGLOBAL BRIC INDEX UCITS ETF DAXGLOBAL RUSSIA INDEX UCITS ETF AND FRONTIER AFRICA EX SOUTH AFRICA INDEX UCITS ETF* EUR EUR EUR USD Class Capitalisation Number of shares outstanding at the beginning of the period 195, , , , Number of shares issued , , Number of shares redeemed 0.00 (43,206.00) (52,323.00) (282,407.00) Number of shares outstanding at the end of the period 195, , , Statistics MSCI EMERGING DAXGLOBAL ASIA INDEX UCITS ETF DAXGLOBAL BRIC INDEX UCITS ETF DAXGLOBAL RUSSIA INDEX UCITS ETF AND FRONTIER AFRICA EX SOUTH AFRICA INDEX UCITS ETF* EUR EUR EUR USD Total Net Asset Value - June 30, ,097, ,918, ,177, December 31, ,828, ,800, ,114, ,478, December 31, ,940, ,964, ,245, ,559, Net asset value per Class Capitalisation share as at: - June 30, December 31, December 31, * Liquidated on June 08, 2016 The accompanying notes form an integral part of these financial statements. 15

16 Changes in the Number of Shares for the Period ended June 30, 2016(continued) MSCI FRONTIER MARKETS INDEX UCITS ETF NYSE ARCA GOLD BUGS INDEX UCITS ETF RICI AGRICULTURE INDEX UCITS ETF RICI METALS INDEX UCITS ETF USD EUR EUR EUR Class Capitalisation Number of shares outstanding at the beginning of the period 279, ,921, , , Number of shares issued , , , Number of shares redeemed (72,437.00) (799,000.00) (174,000.00) (18,000.00) Number of shares outstanding at the end of the period 207, ,176, , , Statistics(continued) MSCI FRONTIER MARKETS INDEX UCITS ETF NYSE ARCA GOLD BUGS INDEX UCITS ETF RICI AGRICULTURE INDEX UCITS ETF RICI METALS INDEX UCITS ETF USD EUR EUR EUR Total Net Asset Value - June 30, ,442, ,993, ,930, ,930, December 31, ,543, ,360, ,964, ,092, December 31, ,642, ,649, ,445, ,908, Net asset value per Class Capitalisation share as at: - June 30, December 31, December 31, The accompanying notes form an integral part of these financial statements.

17 Changes in the Number of Shares for the Period ended June 30, 2016(continued) ROGERS INTERNATIONAL COMMODITY INDEX UCITS ETF TOPIX EUR HEDGED INDEX UCITS ETF EUR EUR Class Capitalisation Number of shares outstanding at the beginning of the period 6,929, , Number of shares issued 740, Number of shares redeemed (2,985,000.00) (95,000.00) Number of shares outstanding at the end of the period 4,684, , Statistics(continued) ROGERS INTERNATIONAL COMMODITY INDEX UCITS ETF EUR TOPIX EUR HEDGED INDEX UCITS ETF EUR Total Net Asset Value - June 30, ,144, ,660, December 31, ,716, ,853, December 31, ,805, ,849, Net asset value per Class Capitalisation share as at: - June 30, December 31, December 31, The accompanying notes form an integral part of these financial statements. 17

18 Statement of Investments (expressed in EUR) DAXGLOBAL ASIA INDEX UCITS ETF Description Quantity Currency Cost Market Value EUR % net assets Transferable securities admitted to an official stock exchange listing Shares Finland AMER SPORTS CORPORATION A 15,250 EUR 396, , ELISA CORPORATION A 11,416 EUR 389, , NOKIA OY 69,400 EUR 323, , ,110, ,121, Germany ALLIANZ AG 2,234 EUR 325, , AURUBIS AG 9,052 EUR 396, , BASF NAM. 4,661 EUR 325, , BAYER 3,383 EUR 330, , BMW-BAYER. MOTORENWERKE 4,412 EUR 325, , CONTINENTAL AG 1,809 EUR 330, , COVESTRO AG 1,919 EUR 66, , DAIMLER AG /NAM. 6,466 EUR 380, , DEUTSCHE BANK AG 25,166 EUR 357, , FRESENIUS SE & CO KGAA 4,820 EUR 325, , GRENKELEASING AG 1,898 EUR 330, , HENKEL AG & CO KGAA 4,470 EUR 391, , INFINEON TECHNOLOGIES /NAM. 21,134 EUR 260, , LINDE AG 2,637 EUR 330, , MERCK KGAA 4,149 EUR 330, , MUENCHENER RUECKVERS /NAM. 2,200 EUR 322, , SIEMENS AG /NAM. 4,252 EUR 382, , THYSSENKRUPP AG 21,095 EUR 380, , ,892, ,740, Portugal SONAE SGPS SA 397,294 EUR 396, , , , The Netherlands ALTICE NV 26,898 EUR 378, , ASM INTERNATIONAL NV 9,400 EUR 322, , ASML HOLDING NV 4,058 EUR 330, , GRANDVISION NV 14,065 EUR 330, , KONINKLIJKE DSM NV 6,440 EUR 330, , RANDSTAD HOLDING 6,159 EUR 279, , ,971, ,935, Total - Shares 9,370, ,077, TOTAL - Transferable securities admitted to an official stock exchange listing 9,370, ,077, TOTAL INVESTMENT PORTFOLIO 9,370, ,077, The accompanying notes form an integral part of these financial statements.

19 Investments Breakdowns (expressed as a percentage of net assets) DAXGLOBAL ASIA INDEX UCITS ETF Geographical breakdown % Germany The Netherlands Finland Portugal Economic breakdown % News Transmission Chemicals Electronic Semiconductor Consumer Goods 8.88 Pharmaceuticals and Cosmetics 7.64 Insurance 6.77 Electronics and Electrical Equipment 4.29 Mines, Heavy Industries 4.18 Non-Ferrous Metals 4.06 Automobile Industry 3.80 Photography and Optics 3.61 Banks and Financial Institutions 3.41 Tyres and Rubber 3.37 Internet Software 3.28 Holding and Finance Companies 3.19 Other Services

20 Statement of Investments (expressed in EUR) DAXGLOBAL BRIC INDEX UCITS ETF Description Quantity Currency Cost Market Value EUR % net assets Transferable securities admitted to an official stock exchange listing Shares Finland AMER SPORTS CORPORATION A 27,831 EUR 723, , ELISA CORPORATION A 20,155 EUR 667, , FORTUM CORPORATION 50,298 EUR 678, , NOKIA OY 120,700 EUR 563, , NOKIAN TYRES PLC 44,906 EUR 1,357, ,438, RAMIRENT OYJ 32,850 EUR 215, , ,205, ,380, Germany AAREAL BANK AG 46,064 EUR 1,357, ,301, AURUBIS AG 13,139 EUR 575, , BECHTLE AG. GAILDORF 3,034 EUR 284, , BMW-BAYER. MOTORENWERKE 8,300 EUR 561, , BORUSSIA DORTMUND GMBH & CO 74,563 EUR 292, , EVOTEC AG 93,802 EUR 343, , GRAMMER AG 10,915 EUR 447, , HENKEL AG & CO KGAA 6,500 EUR 592, , HOCHTIEF AG 4,098 EUR 450, , JENOPTIK AG JENA 97,280 EUR 1,357, ,439, LANXESS AG 10,054 EUR 402, , MAN AG 4,927 EUR 450, , MUENCHENER RUECKVERS /NAM. 3,800 EUR 557, , PATRIZIA IMMOBILIEN AG /REG. 20,570 EUR 450, , PFEIFFER VACUUM TECHNOLOGY 5,264 EUR 450, , RATIONAL AG. LANDSBERG AM LECH 1,110 EUR 450, , RHOEN KLINIKUM AG 12,455 EUR 320, , SGL CARBON SE 43,263 EUR 450, , UNITED INTERN. & CO /NAMENSAKT 10,198 EUR 384, , VERBIO VEREINIGTE BIOENERGIE 67,350 EUR 360, , WACKER CHEMIE AG MUENCHEN 3,474 EUR 279, , ZOOPLUS 3,692 EUR 450, , ,273, ,266, The Netherlands ASM INTERNATIONAL NV 12,919 EUR 450, , , , Total - Shares 15,929, ,097, TOTAL - Transferable securities admitted to an official stock exchange listing 15,929, ,097, TOTAL INVESTMENT PORTFOLIO 15,929, ,097, The accompanying notes form an integral part of these financial statements.

21 Investments Breakdowns (expressed as a percentage of net assets) DAXGLOBAL BRIC INDEX UCITS ETF Geographical breakdown % Germany Finland The Netherlands Economic breakdown % Electronic Semiconductor Tyres and Rubber 9.04 Consumer Goods 8.25 News Transmission 8.23 Banks and Financial Institutions 8.18 Automobile Industry 5.33 Petrol 4.54 Construction, Building Material 4.40 Chemicals 4.19 Internet Software 4.18 Insurance 3.59 Holding and Finance Companies 3.43 Non-Ferrous Metals 3.37 Retail 2.96 Electronics and Electrical Equipment 2.90 Real Estate Companies 2.79 Mechanics, Machinery 2.78 Mines, Heavy Industries 2.67 Biotechnology 2.24 Pharmaceuticals and Cosmetics 2.24 Healthcare Education & Social Services 2.06 Leisure

22 Statement of Investments (expressed in EUR) DAXGLOBAL RUSSIA INDEX UCITS ETF Description Quantity Currency Cost Market Value EUR % net assets Transferable securities admitted to an official stock exchange listing Shares Belgium KBC GROUPE SA 5,674 EUR 274, , SOLVAY SA 3,611 EUR 315, , , , Finland AMER SPORTS CORPORATION A 15,564 EUR 398, , ELISA CORPORATION A 8,263 EUR 263, , KESKO OYJ /-B- 10,991 EUR 398, , NOKIA OY 57,256 EUR 256, , NOKIAN TYRES PLC 8,671 EUR 263, , STORA ENSO AB /-R- 54,559 EUR 395, , UPM-KYMMENE CORP 18,760 EUR 308, , WARTSILA CORPORATION -B- 10,898 EUR 395, , ,680, ,753, Germany ADIDAS AG 2,885 EUR 315, , AURUBIS AG 6,352 EUR 267, , BMW AG /VORZUG. 4,964 EUR 315, , BMW-BAYER. MOTORENWERKE 4,442 EUR 315, , DEUTSCHE BANK AG 18,780 EUR 266, , DEUTSCHE BOERSE AG 4,183 EUR 315, , FRESENIUS MEDICAL CARE AG 4,353 EUR 315, , FRESENIUS SE & CO KGAA 4,989 EUR 315, , FUCHS PETROLUB VZ. A. 5,959 EUR 210, , HOCHTIEF AG 2,875 EUR 315, , LPKF LASER U. ELECTRONI 66,929 EUR 395, , SAP AG 4,652 EUR 315, , SIEMENS AG /NAM. 4,301 EUR 386, , TELE COLUMBUS AG 47,371 EUR 395, , VONOVIA /NAMEN 10,543 EUR 315, , ,760, ,832, The Netherlands GRANDVISION NV 8,962 EUR 210, , REFRESCO GERBER UNIT 144A REGS 21,168 EUR 315, , ROYAL PHILIPS ELECTRONICS NV 13,900 EUR 315, , , , Total - Shares 8,871, ,939, TOTAL - Transferable securities admitted to an official stock exchange listing 8,871, ,939, TOTAL INVESTMENT PORTFOLIO 8,871, ,939, The accompanying notes form an integral part of these financial statements.

23 Investments Breakdowns (expressed as a percentage of net assets) DAXGLOBAL RUSSIA INDEX UCITS ETF Geographical breakdown % Germany Finland The Netherlands 8.76 Belgium Economic breakdown % News Transmission Electronic Semiconductor 8.06 Forest Products and Paper Industry 7.62 Pharmaceuticals and Cosmetics 7.28 Holding and Finance Companies 6.53 Banks and Financial Institutions 5.24 Retail 4.57 Mechanics, Machinery 4.34 Electronics and Electrical Equipment 4.30 Consumer Goods 4.16 Textile 4.04 Real Estate Companies 3.76 Construction, Building Material 3.63 Internet Software 3.40 Chemicals 3.28 Automobile Industry 3.09 Food and Distilleries 3.09 Tyres and Rubber 3.03 Non-Ferrous Metals 2.83 Petrol 2.29 Photography and Optics

24 Statement of Investments (expressed in USD) MSCI FRONTIER MARKETS INDEX UCITS ETF Description Quantity Currency Cost Market Value USD % net assets Transferable securities admitted to an official stock exchange listing Shares Belgium ANHEUSER-BUSH INBEV SA 4,767 EUR 583, , KBC GROUPE SA 10,978 EUR 611, , ,194, ,158, Finland AMER SPORTS CORPORATION A 18,450 EUR 545, , ELISA CORPORATION A 11,416 EUR 443, , , , Germany ADIDAS AG 3,538 EUR 450, , ALLIANZ AG 3,726 EUR 613, , AURUBIS AG 10,698 EUR 533, , BASF NAM. 7,776 EUR 613, , BAYER 5,252 EUR 583, , BMW AG /VORZUG. 6,231 EUR 450, , BMW-BAYER. MOTORENWERKE 7,264 EUR 613, , DEUTSCHE BANK AG 32,216 EUR 544, , DEUTSCHE BOERSE AG 5,229 EUR 450, , DEUTSCHE LUFTHANSA 23,769 EUR 323, , FRESENIUS MEDICAL CARE AG 5,373 EUR 450, , FRESENIUS SE & CO KGAA 8,049 EUR 613, , HENKEL AG & CO KGAA 5,775 EUR 582, , HOCHTIEF AG 3,613 EUR 450, , LINDE AG 2,664 EUR 382, , MUENCHENER RUECKVERS /NAM. 3,177 EUR 583, , SAP AG 7,495 EUR 613, , SIEMENS AG /NAM. 5,578 EUR 528, , THYSSENKRUPP AG 26,313 EUR 386, , VONOVIA /NAMEN 13,232 EUR 450, , ,218, ,887, Portugal SONAE SGPS SA 618,729 EUR 664, , , , The Netherlands AKZO NOBEL NV 3,836 EUR 257, , KONINKLIJKE DSM NV 7,690 EUR 454, , , , Total - Shares 13,778, ,154, TOTAL - Transferable securities admitted to an official stock exchange listing 13,778, ,154, TOTAL INVESTMENT PORTFOLIO 13,778, ,154, The accompanying notes form an integral part of these financial statements.

25 Investments Breakdowns (expressed as a percentage of net assets) MSCI FRONTIER MARKETS INDEX UCITS ETF Geographical breakdown % Germany Belgium 9.31 Finland 7.55 The Netherlands 5.50 Portugal Economic breakdown % Chemicals Consumer Goods 9.04 Insurance 8.51 Pharmaceuticals and Cosmetics 8.47 Banks and Financial Institutions 7.85 Holding and Finance Companies 7.70 News Transmission 7.40 Tobacco and Spirits 5.01 Electronics and Electrical Equipment 4.57 Internet Software 4.49 Mines, Heavy Industries 4.23 Textile 4.06 Non-Ferrous Metals 3.90 Real Estate Companies 3.87 Construction, Building Material 3.73 Automobile Industry 3.18 Transportation

26 Statement of Investments (expressed in EUR) NYSE ARCA GOLD BUGS INDEX UCITS ETF Description Quantity Currency Cost Market Value EUR % net assets Transferable securities admitted to an official stock exchange listing Shares Finland AMER SPORTS CORPORATION A 193,372 EUR 4,689, ,749, CRAMO PLC 149,154 EUR 2,671, ,760, ELISA CORPORATION A 20,903 EUR 670, , FORTUM CORPORATION 358,046 EUR 4,830, ,148, NOKIA OY 867,500 EUR 4,049, ,428, NOKIAN TYRES PLC 102,463 EUR 3,096, ,281, ORIOLA-KD CORPORATION 97,241 EUR 363, , RAMIRENT OYJ 46,694 EUR 306, , ,677, ,806, Germany AURUBIS AG 226,236 EUR 9,547, ,237, BAYER 45,712 EUR 4,049, ,114, BECHTLE AG. GAILDORF 4,346 EUR 408, , BMW-BAYER. MOTORENWERKE 59,800 EUR 4,047, ,934, BORUSSIA DORTMUND GMBH & CO 98,323 EUR 385, , CEW STIFTUNG AND CO 58,875 EUR 3,650, ,862, DEUTZ AG 264,384 EUR 1,176, , ELMOS SEMICONDUCTOR AG 51,171 EUR 583, , EVOTEC AG 140,730 EUR 515, , GRAMMER AG 29,529 EUR 1,210, ,068, HENKEL AG & CO KGAA 51,411 EUR 4,768, ,980, HOCHTIEF AG 43,909 EUR 4,829, ,080, JENOPTIK AG JENA 5,859 EUR 81, , LANXESS AG 16,451 EUR 658, , MAN AG 52,787 EUR 4,830, ,850, MERCK KGAA 7,859 EUR 699, , MUENCHENER RUECKVERS /NAM. 27,500 EUR 4,035, ,131, PATRIZIA IMMOBILIEN AG /REG. 83,487 EUR 1,829, ,801, PFEIFFER VACUUM TECHNOLOGY 32,001 EUR 2,740, ,693, RATIONAL AG. LANDSBERG AM LECH 6,892 EUR 2,797, ,868, RHEINMETALL AG DUESSELDORF 52,453 EUR 3,257, ,790, RHOEN KLINIKUM AG 18,277 EUR 469, , STADA ARZNEIMITTEL AG 33,666 EUR 1,471, ,563, TALANX AG - NAMEN-AKT 134,106 EUR 3,620, ,571, UNITED INTERN. & CO /NAMENSAKT 16,144 EUR 609, , VERBIO VEREINIGTE BIOENERGIE 102,958 EUR 550, , VONOVIA /NAMEN 46,176 EUR 1,497, ,512, WACKER CHEMIE AG MUENCHEN 4,962 EUR 399, , ZOOPLUS 20,580 EUR 2,512, ,626, ,236, ,037, The Netherlands ASM INTERNATIONAL NV 276,833 EUR 9,660, ,646, HEINEKEN HOLDING 69,178 EUR 4,956, ,061, WERELDHAVE (BELEG. MIJ) 118,587 EUR 5,148, ,832, ,765, ,539, Total - Shares 107,678, ,384, TOTAL - Transferable securities admitted to an official stock exchange listing 107,678, ,384, TOTAL INVESTMENT PORTFOLIO 107,678, ,384, The accompanying notes form an integral part of these financial statements.

27 Investments Breakdowns (expressed as a percentage of net assets) NYSE ARCA GOLD BUGS INDEX UCITS ETF Geographical breakdown % Germany Finland The Netherlands Economic breakdown % Electronic Semiconductor 9.45 Consumer Goods 8.93 Non-Ferrous Metals 8.48 Automobile Industry 7.99 Insurance 7.07 Mechanics, Machinery 5.90 Construction, Building Material 4.96 Chemicals 4.72 News Transmission 4.72 Petrol 4.72 Tobacco and Spirits 4.64 Investment Funds 4.44 Holding and Finance Companies 3.61 Photography and Optics 3.54 Real Estate Companies 3.04 Tyres and Rubber 3.01 Pharmaceuticals and Cosmetics 2.95 Electronics and Electrical Equipment 2.63 Retail 2.41 Internet Software 0.93 Biotechnology 0.50 Healthcare Education & Social Services 0.44 Leisure

28 Statement of Investments (expressed in EUR) RICI AGRICULTURE INDEX UCITS ETF Description Quantity Currency Cost Market Value EUR % net assets Transferable securities admitted to an official stock exchange listing Shares Finland ELISA CORPORATION A 37,942 EUR 1,242, ,305, FORTUM CORPORATION 90,640 EUR 1,242, ,303, METSO CORP 61,516 EUR 1,234, ,293, NOKIAN TYRES PLC 39,984 EUR 1,235, ,280, SAMPO PLC A 33,815 EUR 1,238, ,235, STORA ENSO AB /-R- 176,781 EUR 1,229, ,269, WARTSILA CORPORATION -B- 34,939 EUR 1,235, ,277, ,658, ,964, Germany ALLIANZ AG 14,324 EUR 1,852, ,830, BASF NAM. 18,100 EUR 1,227, ,242, BAYER 21,147 EUR 1,856, ,903, BMW-BAYER. MOTORENWERKE 27,066 EUR 1,848, ,780, DAIMLER AG /NAM. 22,323 EUR 1,234, ,194, DEUTSCHE BANK AG 94,096 EUR 1,222, ,159, DEUTSCHE LUFTHANSA 112,482 EUR 1,237, ,184, DEUTSCHE POST AG BONN 49,174 EUR 1,237, ,237, DEUTSCHE TELEKOM 85,399 EUR 1,223, ,304, E. ON /NAM. 149,887 EUR 1,237, ,352, INFINEON TECHNOLOGIES /NAM. 100,105 EUR 1,237, ,298, LINDE AG 14,925 EUR 1,857, ,870, RWE AG ESSEN -A- 103,729 EUR 1,239, ,471, SAP AG 27,487 EUR 1,850, ,846, SIEMENS AG /NAM. 13,536 EUR 1,230, ,242, ,594, ,921, Switzerland CIE FINANCIERE RICHEMONT NAM-AK 23,684 CHF 1,234, ,241, CREDIT SUISSE GROUP /NOM. 173,967 CHF 1,847, ,657, NESTLE /ACT NOM 71,964 CHF 4,658, ,996, NOVARTIS AG BASEL /NAM. 69,183 CHF 4,725, ,123, ROCHE HOLDING AG /GENUSSSCHEIN 21,384 CHF 4,739, ,060, UBS GROUP AG 146,844 CHF 1,833, ,705, ZURICH FINANCIAL SERVICES /NAM. 23,024 CHF 4,723, ,092, ,762, ,877, Total - Shares 54,015, ,764, TOTAL - Transferable securities admitted to an official stock exchange listing 54,015, ,764, TOTAL INVESTMENT PORTFOLIO 54,015, ,764, The accompanying notes form an integral part of these financial statements.

29 Investments Breakdowns (expressed as a percentage of net assets) RICI AGRICULTURE INDEX UCITS ETF Geographical breakdown % Switzerland Germany Finland Economic breakdown % Pharmaceuticals and Cosmetics Insurance Chemicals 9.14 Food and Distilleries 9.10 Holding and Finance Companies 8.60 Public Services 5.14 Banks and Financial Institutions 5.13 News Transmission 4.76 Mechanics, Machinery 4.68 Transportation 4.41 Internet Software 3.36 Petrol 2.37 Electronic Semiconductor 2.36 Tyres and Rubber 2.33 Forest Products and Paper Industry 2.31 Electronics and Electrical Equipment 2.26 Automobile Industry

30 Statement of Investments (expressed in EUR) RICI METALS INDEX UCITS ETF Description Quantity Currency Cost Market Value EUR % net assets Transferable securities admitted to an official stock exchange listing Shares Finland ELISA CORPORATION A 15,499 EUR 507, , FORTUM CORPORATION 31,968 EUR 438, , METSO CORP 21,695 EUR 435, , NOKIAN TYRES PLC 14,101 EUR 435, , SAMPO PLC A 13,813 EUR 505, , STORA ENSO AB /-R- 62,349 EUR 433, , WARTSILA CORPORATION -B- 12,323 EUR 435, , ,192, ,303, Germany ALLIANZ AG 5,052 EUR 653, , BASF NAM. 14,920 EUR 1,006, ,024, BAYER 5,738 EUR 503, , BMW-BAYER. MOTORENWERKE 9,545 EUR 651, , DAIMLER AG /NAM. 7,873 EUR 435, , DEUTSCHE BANK AG 82,635 EUR 1,135, ,018, DEUTSCHE LUFTHANSA 39,672 EUR 436, , DEUTSCHE POST AG BONN 17,343 EUR 436, , DEUTSCHE TELEKOM 70,086 EUR 994, ,070, E. ON /NAM. 106,843 EUR 924, , INFINEON TECHNOLOGIES /NAM. 35,307 EUR 436, , LINDE AG 5,264 EUR 655, , RWE AG ESSEN -A- 36,584 EUR 437, , SAP AG 7,452 EUR 501, , SIEMENS AG /NAM. 5,534 EUR 502, , ,711, ,789, Switzerland CIE FINANCIERE RICHEMONT NAM-AK 8,353 CHF 435, , CREDIT SUISSE GROUP /NOM. 61,357 CHF 651, , NESTLE /ACT NOM 30,391 CHF 1,967, ,110, NOVARTIS AG BASEL /NAM. 28,779 CHF 1,965, ,131, ROCHE HOLDING AG /GENUSSSCHEIN 8,864 CHF 1,964, ,097, UBS GROUP AG 51,790 CHF 646, , ZURICH FINANCIAL SERVICES /NAM. 9,530 CHF 1,955, ,108, ,586, ,070, The Netherlands UNILEVER CERT. OF SHS 11,378 EUR 437, , , , Total - Shares 22,927, ,640, TOTAL - Transferable securities admitted to an official stock exchange listing 22,927, ,640, TOTAL INVESTMENT PORTFOLIO 22,927, ,640, The accompanying notes form an integral part of these financial statements.

31 Investments Breakdowns (expressed as a percentage of net assets) RICI METALS INDEX UCITS ETF Geographical breakdown % Switzerland Germany Finland The Netherlands Economic breakdown % Pharmaceuticals and Cosmetics Insurance Chemicals 9.20 Food and Distilleries 8.82 Holding and Finance Companies 6.96 News Transmission 6.71 Banks and Financial Institutions 6.70 Public Services 6.20 Mechanics, Machinery 3.79 Transportation 3.57 Electronics and Electrical Equipment 2.12 Internet Software 2.09 Consumer Goods 1.99 Petrol 1.92 Electronic Semiconductor 1.91 Tyres and Rubber 1.89 Forest Products and Paper Industry 1.87 Automobile Industry

32 Statement of Investments (expressed in EUR) ROGERS INTERNATIONAL COMMODITY INDEX UCITS ETF Description Quantity Currency Cost Market Value EUR % net assets Transferable securities admitted to an official stock exchange listing Shares Belgium SOLVAY SA 20,000 EUR 1,675, ,667, ,675, ,667, Finland METSO CORP 98,000 EUR 2,017, ,060, NOKIAN TYRES PLC 49,000 EUR 1,528, ,569, SAMPO PLC A 110,259 EUR 4,034, ,027, STORA ENSO AB /-R- 246,116 EUR 1,743, ,767, WARTSILA CORPORATION -B- 49,000 EUR 1,784, ,790, ,108, ,216, Germany ALLIANZ AG 20,000 EUR 2,587, ,556, BASF NAM. 42,998 EUR 2,911, ,951, BAYER 29,000 EUR 2,554, ,610, BMW-BAYER. MOTORENWERKE 39,000 EUR 2,673, ,565, DAIMLER AG /NAM. 59,000 EUR 3,275, ,157, DEUTSCHE BANK AG 245,553 EUR 3,253, ,026, DEUTSCHE LUFTHANSA 295,000 EUR 3,247, ,106, DEUTSCHE POST AG BONN 147,000 EUR 3,705, ,700, E. ON /NAM. 295,000 EUR 2,464, ,662, HANNOVER RUECKVERSICHERUNG SE 20,000 EUR 1,833, ,876, INFINEON TECHNOLOGIES /NAM. 97,000 EUR 1,215, ,258, LINDE AG 29,000 EUR 3,656, ,635, RWE AG ESSEN -A- 284,006 EUR 3,475, ,030, SIEMENS AG /NAM. 57,442 EUR 5,211, ,273, ,066, ,410, Switzerland NESTLE /ACT NOM 121,000 CHF 7,846, ,401, NOVARTIS AG BASEL /NAM. 114,100 CHF 7,773, ,449, ROCHE HOLDING AG /GENUSSSCHEIN 34,000 CHF 7,573, ,045, ,194, ,896, The Netherlands BOSKALIS WESTMINSTER 49,000 EUR 1,523, ,513, UNILEVER CERT. OF SHS 98,000 EUR 3,836, ,107, WOLTERS KLUWER NV 49,000 EUR 1,631, ,791, ,991, ,412, Total - Shares 85,036, ,603, TOTAL - Transferable securities admitted to an official stock exchange listing 85,036, ,603, TOTAL INVESTMENT PORTFOLIO 85,036, ,603, The accompanying notes form an integral part of these financial statements.

33 Investments Breakdowns (expressed as a percentage of net assets) ROGERS INTERNATIONAL COMMODITY INDEX UCITS ETF Geographical breakdown % Germany Switzerland Finland The Netherlands 8.81 Belgium Economic breakdown % Pharmaceuticals and Cosmetics Chemicals Insurance Food and Distilleries 9.99 Transportation 8.09 Public Services 7.95 Electronics and Electrical Equipment 6.27 Consumer Goods 4.88 Mechanics, Machinery 4.58 Automobile Industry 3.75 Banks and Financial Institutions 3.60 Holding and Finance Companies 3.05 Graphic Art, Publishing 2.13 Forest Products and Paper Industry 2.10 Tyres and Rubber 1.86 Construction, Building Material 1.80 Electronic Semiconductor

34 Statement of Investments (expressed in EUR) TOPIX EUR HEDGED INDEX UCITS ETF Description Quantity Currency Cost Market Value EUR % net assets Transferable securities admitted to an official stock exchange listing Shares Finland ELISA CORPORATION A 2,342 EUR 79, , , , Germany ALLIANZ AG 393 EUR 57, , AURUBIS AG 1,172 EUR 51, , BASF NAM. 820 EUR 57, , BAYER 647 EUR 57, , BMW-BAYER. MOTORENWERKE 766 EUR 57, , DAIMLER AG /NAM. 1,157 EUR 69, , DEUTSCHE BANK AG 5,073 EUR 72, , DEUTSCHE BOERSE AG 1,578 EUR 121, , DEUTSCHE POST AG BONN 2,157 EUR 57, , FRESENIUS MEDICAL CARE AG 1,666 EUR 121, , FRESENIUS SE & CO KGAA 849 EUR 57, , HENKEL AG & CO KGAA 901 EUR 79, , HOCHTIEF AG 713 EUR 77, , INFINEON TECHNOLOGIES /NAM. 6,392 EUR 79, , K+S AKTIENGESELLSCHAFT 2,657 EUR 57, , MUENCHENER RUECKVERS /NAM. 348 EUR 57, , SAP AG 791 EUR 57, , SIEMENS AG /NAM. 857 EUR 77, , THYSSENKRUPP AG 2,606 EUR 46, , TLG IMMOBILIEN AG 3,005 EUR 57, , VONOVIA /NAMEN 2,587 EUR 78, , ,446, ,417, Sweden NORDEA BANK AB /FINN. DEP. REC 9,393 EUR 79, , , , The Netherlands ALTICE NV 3,357 EUR 46, , RANDSTAD HOLDING 1,015 EUR 46, , , , Total - Shares 1,699, ,650, TOTAL - Transferable securities admitted to an official stock exchange listing 1,699, ,650, TOTAL INVESTMENT PORTFOLIO 1,699, ,650, The accompanying notes form an integral part of these financial statements.

35 Investments Breakdowns (expressed as a percentage of net assets) TOPIX EUR HEDGED INDEX UCITS ETF Geographical breakdown % Germany The Netherlands 4.93 Finland 4.85 Sweden Economic breakdown % Pharmaceuticals and Cosmetics Holding and Finance Companies Chemicals 9.84 Real Estate Companies 8.52 Banks and Financial Institutions 8.03 News Transmission 7.57 Insurance 6.17 Consumer Goods 5.26 Electronic Semiconductor 4.99 Construction, Building Material 4.97 Electronics and Electrical Equipment 4.74 Automobile Industry 3.73 Transportation 3.27 Internet Software 3.20 Non-Ferrous Metals 2.88 Mines, Heavy Industries 2.83 Other Services

36 Notes to the Financial Statements 1. General (previously RBS ) (referred to hereinafter as the Fund ), is a Luxembourg open-ended investment company with variable share capital, sponsored by China Post Global (UK) Limited incorporated on October 31, 2000 for an unlimited period as a public limited company (société anonyme) under the name Unifund and organised in accordance with the provisions of Part I of the Law of December 17, 2010, as amended (the 2010 Law ) on undertakings for collective investment (UCIs). The Fund has appointed FundRock Management Company S.A. to act as management company of the Fund under Chapter 15 of the 2010 Law (the Management Company ). The articles of incorporation of the Fund (the Articles ) have been filed with the Luxembourg Trade and Companies Register (where they are available to the public or from where a copy may be obtained) and they have been published for the first time in the Mémorial C, Recueil des Sociétés et Associations (the Mémorial ) on December 8, The Articles have been lastly amended on February 19, 2016, and the amendments were published in the Mémorial on March 2, The list of the funds managed by the Management Company, may be obtained, on simple request, at the registered office of the Management Company. The Fund works as an umbrella fund, which means that it is comprised of sub-funds, each of which represents a specific class of assets and liabilities (the "Sub-Funds"). All of the following Sub-Funds are open to subscription. In order to realise the investment objective outlined below, the assets of the following Sub-Funds (disclosed with their defined index), DAXGLOBAL ASIA INDEX UCITS ETF - DAXglobal Asia Index DAXGLOBAL BRIC INDEX UCITS ETF - DAXglobal BRIC Index DAXGLOBAL RUSSIA INDEX UCITS ETF - DAXglobal Russia Index NYSE ARCA GOLD BUGS INDEX UCITS ETF - NYSE ARCA Gold BUGS Index RICI AGRICULTURE INDEX UCITS ETF - Rogers International Commodity Index - Agriculture RICI METALS INDEX UCITS ETF - Rogers International Commodity Index - Metals ROGERS INTERNATIONAL COMMODITY INDEX UCITS ETF - Rogers International Commodity Index were managed as follows: The objective of each Sub-Fund is to replicate, as far as possible, the performance of the defined index (the "Index"). In order to gain exposure to the Index, each Sub-Fund will use a method of synthetic replication of the Index. It is intended that each Sub-Fund s assets will be invested mainly in equities and other securities classed as equities, Money Market Instruments, money market funds, negotiable debt instruments and debt or interest rate instruments, synthetic Money Market Instruments (i.e. equities and/or fixed income securities which performance is exchanged against Money Market Instruments linked performance), bonds and other debt instruments. The Sub-Fund may also use management techniques and instruments available to UCITS, such as repurchase agreements, securities lending and borrowing. On an ancillary basis, the Sub-Fund may also hold cash. In order to realise its investment objective outlined above, each Sub-Fund entered into a performance swap agreement (the "Swap Agreement") with either J.P. Morgan Securities plc or Goldman Sachs International or their affiliate or successor (the "Swap Counterparty"), denominated in either Euro or US Dollars. Through such Swap Agreement, each Sub-Fund will exchange the total return of the performance of its portfolio against payment by the Swap Counterparty of the performance of the Index. The Swap Agreement s notional amount will be adjusted when subscriptions or redemptions are received by the Sub-Fund and, where applicable, in case of movements on the securities portfolio. The transactions above will be carried out in strict compliance with the applicable regulations and the investment restrictions applicable to the Sub-Fund. 36