CIO Wealth Management Research 25 August 2014 Quarterly A guide to investing with ETFs ab This report has been prepared by UBS Financial Services Inc. (UBS FS). Analyst certification and required disclosures begin on page 264. UBS does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.
Dear Reader, Today we are launching the ETF Quarterly Report, a new comprehensive compendium providing a both broad and in-depth overview of ETF investing. Within this report, we launch coverage on ETFs. We also highlight ETFs that, in our opinion, best implement UBS CIO WMR's global research recommendations on asset classes, regions, sectors and investment themes. In selecting ETFs, we analyze multiple factors including the underlying index methodology, performance, tracking error, liquidity and expenses, and the overall fit with CIO WMR's recommendations. The ETF Quarterly Report also provides educational information on investing with ETFs, including an overview of the ETF structure, advantages/disadvantages of ETFs, analysis of ETFs, and investment applications. The report includes a list of all available U.S.-listed ETFs and individual fact sheets for our coverage universe. This report and our coverage will evolve overtime as a function of market trends and investor needs. We hope you will find it useful and would appreciate your feedback. David Perlman,ETF Strategist,+1-212-713-4861 david.perlman@ubs.com Recent ETF market trends Today the U.S.-listed ETF market consists of 1,429 ETFs that total almost 1.9 trillion in assets. So far in 2014, 117 ETFs have been launched and four new providers have entered the ETF market, bringing the total number of ETF issuers to 46. The ETF market still remains concentrated with Blackrock, Vanguard, and State Street accounting for roughly 82% of the industry's assets, while the 20 largest ETFs represent 41% of U.S.-listed ETF assets. Net ETF inflows in 2014 are approximately USD 93 billion. Despite the low yield environment and concerns over rising interest rates, U.S. fixed income ETFs have had the highest net inflows on record this year at USD 28 billion. International developed market ETFs and U.S. sector & industry ETFs had the next highest inflows at roughly USD 22 and 18 billion, respectively. Only U.S. market cap and currency ETFs have exhibited net outflows this year. However, for U.S. market cap ETFs, we note that the outflows are driven by one ETF that has exhibited net outflows of almost USD 15 billion this year. Of the 117 ETFs that have been issued this year, 75 provide exposure to equities with 29 focusing on international developed markets, 19 on the U.S., and 13 on emerging markets. The balance either provides global equity exposure or invests in both developed and emerging markets. The fixed income segment had the next highest issuance at 25. Actively managed ETFs continue to be brought to market with 26 launches this year bringing the total number of active ETFs to 97. In terms of providers, BlackRock and State Street have been the most active this year launching 24 and 15 ETFs, respectively. Growth of U.S.-listed ETF market 1,429 ETFs that combine for almost USD 1.9 trillion in assets, UBS CIO WMR, as of 20 August 2014. te: Historical data does not include ETFs that have been liquidated. U.S.-listed ETF net flows by market segment Estimated YTD net inflows of USD 93 billion, UBS CIO WMR, as of 20 August 2014 Prices and performance from Morningstar Direct as of 20 August 2014 and 31 July 2014, respectively. UBS CIO WM Research 25 August 2014 2
Table of Contents Highlighted ETFs 4 ETF Issuers 6 List of Available U.S.-listed ETFs 7-25 ETF Coverage Universe Profiles: U.S. Broad Market and Market Cap 26-47 U.S. Style 48-71 U.S. Sector & Industry 72-110 U.S. Dividend 111-118 International Equity 119-178 Global Equity 179-188 U.S. Taxable Fixed Income 189-224 Municipal Bond 225-233 International Fixed Income 234-240 Commodity 241-250 Currency 251-255 Alternatives 256 Appendices: Overview of ETF Structure 257 ETF Creation/Redemption Process 258 Advantages & Disadvantages of ETFs 259 Analysis & Applications 260 Morningstar Definitions 261 Agency Credit Rating Definitions 262 List of ETFs Covered 263 Disclosures 264 UBS CIO WM Research 25 August 2014 3
Highlighted ETFs This list highlights ETFs that, in our opinion, provide broad representation or best target UBS CIO WMR's global research recommendations. For additional information on UBS CIO's market outlook and recommendations, refer to the UBS House View Investment Strategy Guide and the CIO Monthly Extended US Edition: September 2014 reports. For additional information on the themes, refer to the Top Themes: September Update report. ETFs for House View U.S. equity We added to our overweight allocation to U.S. equities. We forecast 9% earnings growth for the full year and have a six month S&P 500 price target of 2050. Within U.S. equities, we maintain a moderate preference for growth over value. We also favor smalland mid-cap over large-caps. ishares S&P 500 Growth ETF (IVW, p. 52) ishares S&P 500 Value ETF (IVE, p. 57) ishares Core S&P Mid-Cap ETF (IJH, p. 40) ishares Core S&P Small-Cap ETF (IJR, p. 47) International equity Within international equities, we have an overweight recommendation to Canada based on its relatively strong earnings growth. We moved from an overweight to neutral in the Eurozone as both economic and earnings growth is more subdued than we expected. The United Kingdom remains an underweight recommendation and we are neutral on emerging markets equities. ishares Core MSCI EAFE ETF (IEFA, p. 125) ishares Core MSCI Emerging Markets ETF (IEMG, p. 133) US fixed income We are underweight fixed income based on the expectation for U.S. Treasury bond yields to trend higher in the next six months. For positioning in fixed income, we are overweight U.S. high yield corporate bonds, which at greater spread levels, is appealing from a risk/return perspective. We are underweight government and municipal bonds. Vanguard Total Bond Market ETF (BND, p. 189) ishares Core US Treasury Bond ETF (GOVT, p. 194) ishares National AMT-Free Muni Bond ETF (MUB, p. 225) ishares iboxx $ Investment Grade Corporate Bond ETF (LQD, p. 207) ishares iboxx $ High Yield Corporate Bond ETF (HYG, p. 214) International fixed income Emerging markets bonds and non-u.s. developed fixed income remain underweight recommendations. Vanguard Total International Bond Index ETF (BNDX, p. 234) ishares J.P. Morgan USD Emerging Markets Bond ETF (EMB, p. 238) Market Vectors Emerging Markets Local currency Bond ETF (EMLC, p. 240) Commodities We have a neutral recommendation on commodities. Within this segment, we expect flat to positive returns from energy, base metals, and agriculture (excluding livestock) and high single digit negative returns from precious metals (gold and silver). PowerShares DB Commodity Index Tracking Trust (DBC, p. 241) ETFs for Top Themes US technology: secular growth, on sale We believe technology valuations are attractive and the sector offers high free-cash-flow yield and an above average total yield (dividends plus net share buybacks). There are also secular growth drivers such as mobility, cloud computing, online advertising, and e-commerce, which should drive strong tech sector earnings over the next few years. Vanguard Information Technology ETF (VGT, p. 99) UBS CIO WM Research 25 August 2014 4
First Trust ISE Cloud Computing Index Fund (SKYY, p. 183) Capex rising finally We expect a pickup in capital spending as the nation's stock of property, plant, and equipment is old and U.S. companies have access to low-cost funding. The technology, industrials, and financial sectors should benefit the most from the acceleration in Capex. Financial Select Sector SPDR (XLF, p. 87) Industrials Select Sector SPDR (XLI, p. 98) rth American emerging independence: reenergized rth America continues to make progress in achieving energy independence and we expect greater self-sufficiency by the end of the decade. Relatively inexpensive natural gas creates a competitive advantage for the U.S. and we expect to soon be a net exporter of natural gas. We also see trends such as drilling for oil and natural gas and infrastructure build out providing opportunities for investors. First Trust ISE-Revere Natural Gas Index Fund (FCG, p. 85) SPDR S&P Oil & Gas Exploration & Production ETF (XOP, p. 83) ishares U.S. Oil Equip. & Services ETF (IEZ, p. 81) Benefit from reform in Mexico Mexican equities present an attractive investment opportunity benefiting from the recent approval of a far-reaching energy reform. This reform, as well as others approved in the last 2 years, could add 1-2 percentage points to the country's long-term GDP growth potential. We believe this is not fully priced in by the markets and will be realized in coming months. ishares MSCI Mexico Capped ETF (EWW, p. 176) US senior loans Senior loans have historically been able to perform well when interest rates rise as loan coupon rates regularly reset based on 3-month USD LIBOR. While the presence of LIBOR floors prevent coupons from resetting higher right away, their low duration and strong demand should provide loans with an advantage over government and IG corporate bonds as interest rates rise. PowerShares Senior Loan Portfolio (BKLN, p. 219) SPDR Blackstone/GSO Senior Loan ETF (SRLN, p. 218) Diversify with CMBS We believe commercial mortgage-backed securities (CMBS) offer good relative value, particularly versus investment grade corporate bonds, as they provide a rare opportunity to decrease duration, increase credit quality, and pick-up incremental yield. ishares CMBS ETF (CMBS, p. 205) Additional favored ETFs U.S. equity Within U.S. equities, we maintain a moderate preference for growth over value. We also favor smalland mid-cap over large-caps as they offer stronger earnings growth potential and strengthening fundamentals as US economic growth picks up over the next few quarters. Guggenheim S&P 500 Equal ETF (RSP, p. 32) Vanguard Extended Market ETF (VXF, p. 44) International and global equity Within international developed market equities, we are overweight Canada. For emerging markets equities, are favored countries are Chile, South Korea, Taiwan, and Mexico. Schwab International Equity ETF (SCHF, p. 127) ishares MSCI Canada ETF (EWC, p. 178) ishares MSCI Chile Capped ETF (ECH, p. 174) ishares MSCI South Korea Capped ETF (EWY, p. 156) ishares MSCI Taiwan ETF (EWT, p. 157) Fixed income For new money investments in municipal bonds, we favor the 6- to 9-year portion of the tax-exempt yield curve. For investors that rebalance their portfolios more frequently, we recommend allocating a small portion to longer intermediate term maturities in the 12- to 15-year range. Market Vectors Intermediate Municipal Index ETF (ITM, p. 230) UBS CIO WM Research 25 August 2014 5
ETF Issuers Number Current Assets % of ETF 2013 Assets 2012 Assets 2011 Assets of ETFs (USD millions) (USD millions) (USD millions) BlackRock 312 727,127 39.1 660,811 556,527 447,839 Vanguard 67 396,219 21.3 333,867 245,648 170,859 SSgA 140 402,772 21.6 391,572 329,182 266,453 Invesco PowerShares 131 103,193 5.5 96,818 69,974 56,300 WisdomTree 69 35,371 1.9 34,884 18,286 12,143 First Trust 89 28,790 1.5 19,715 8,186 6,268 Guggenheim 68 27,911 1.5 21,706 11,690 10,121 ProShares 148 27,582 1.5 27,275 21,147 23,108 Van Eck 59 24,678 1.3 22,104 27,565 23,485 Charles Schwab 21 22,597 1.2 16,896 8,553 5,034 PIMCO 21 14,324 0.8 13,269 9,084 3,975 ALPS 17 11,428 0.6 8,826 4,751 2,186 rthern Trust 15 8,613 0.5 6,740 2,294 483 Direxion 62 8,165 0.4 6,778 5,926 6,660 Global X 40 4,330 0.2 2,839 1,512 1,117 ETF Securities 7 3,012 0.2 2,947 4,072 3,486 US Commodity Funds 12 2,429 0.1 2,084 3,140 2,886 Deutsche Bank 22 1,936 0.1 1,037 140 166 Emerging Global Shares 16 1,871 0.1 1,518 1,030 460 Shares 26 1,729 0.1 1,050 610 413 Fidelity 11 1,615 0.1 641 178 154 Exchange Traded Concepts 8 1,580 0.1 916 106 0 IndexIQ 11 1,153 0.1 916 580 429 RevenueShares 7 850 0.0 698 422 448 Cambria 3 370 0.0 209 0 0 GreenHaven 1 342 0.0 320 475 581 Highland Capital Management 1 213 0.0 128 32 0 Arrow Investment s 1 187 0.0 90 27 0 Teucrium 7 140 0.0 67 59 84 VelocityShares 6 106 0.0 62 0 0 KraneShares 3 111 0.0 25 0 0 Precidian 1 88 0.0 138 201 164 Merk Investments 1 56 0.0 0 0 0 Horizons 3 40 0.0 31 0 0 Columbia 5 33 0.0 29 26 23 Compass EMP 4 42 0.0 0 0 0 Franklin ETF Trust 1 28 0.0 28 0 0 Renaissance Capital 1 28 0.0 31 0 0 Huntington Strategy Shares 2 26 0.0 30 16 0 Calamos 1 15 0.0 0 0 0 J.P. Morgan 1 15 0.0 0 0 0 FFCM 4 12 0.0 7 27 30 Recon Capital 1 10 0.0 3 0 0 Factor 1 9 0.0 1 2 0 Russell 1 9 0.0 11 3 6 LocalShares 1 9 0.0 7 0 0 Total 1,429 1,861,167 100.0 1,677,121 1,331,469 1,045,361, UBS CIO WMR, as of 20 August 2014. te: Historical data does not include ETFs that have been liquidated. UBS CIO WM Research 25 August 2014 6
As of 20 August 2014 Intraday 1,403 NAV Price Assets ADTV # of Expense Actively Options Page ($/share) (USD Mil) (1,000/shrs) Securities Ratio (%) Managed Available Number U.S. Broad Market Broad Market Vanguard Total Stock Market ETF VTI VTIIV 102.93 45,878 1,807 3,754 0.05 26 Vanguard Russell 3000 Index ETF VTHR VTHRIV 91.77 110 3 3,017 0.15 - ishares Russell 3000 ETF IWV IWVIV 118.59 5,745 174 2,995 0.20 27 FlexShares Morningstar US Market Factors Tilt Index Fund TILT TILTIV 85.32 715 15 2,577 0.27 - SPDR Russell 3000 ETF THRK THRKIV 149.39 620 2 2,534 0.10 - Schwab U.S. Broad Market ETF SCHB SCHBIV 48.28 3,626 310 2,022 0.04 - Fidelity NASDAQ Composite Index Tracking Stock Fund ONEQ ONEQI 177.84 373 12 1,941 0.21 - ishares Core S&P Total U.S. Stock Market ETF ITOT ITOTIV 90.84 1,344 82 1,507 0.07 - Schwab Fundamental U.S. Broad Market Index ETF FNDB FNDBIV 29.31 133 41 1,537 0.32 - WisdomTree Total Earnings Fund EXT EXTIV 71.58 86 6 1,420 0.28 - SPDR S&P 1500 Momentum Tilt ETF MMTM MMTMIV - 13 0 1,363 0.35 - ishares Dow Jones U.S. ETF IYY IYYIV 100.45 949 33 1,269 0.20 - WisdomTree Total Dividend Fund DTD DTDIV 72.10 508 28 954 0.28 - Vident Core U.S. Equity Fund VUSE VUSEIV 26.51 177 43 543 0.55 - Barron's 400 ETF BFOR BFORIV 31.28 242 25 400 0.65 - ishares MSCI KLD 400 Social ETF DSI DSIIV 74.28 382 13 401 0.50 - PowerShares NYSE Century Portfolio NYCC NYCCIV 25.95 4 1 371 0.50 - First Trust Value Line Equity Allocation Index Fund FVI FVIIV 26.93 5 1 152 0.70 - Guggenheim Raymond James SB-1 Equity ETF RYJ RYJIV 34.97 268 51 156 0.83 - Shares TrimTabs Float Shrink ETF TTFS TTFSIV 52.36 149 17 101 0.99 - RevenueShares Navellier Overall A-100 Fund RWV RWVIV 56.42 8 0 101 0.60 - Direxion All Cap Insider Sentiment Shares KNOW KNOWIV 66.19 23 13 101 0.65 - Guggenheim Insider Sentiment ETF NFO NFAIV 48.78 183 17 101 0.65 - PowerShares DWA Momentum Portfolio PDP PDPIV 39.75 1,283 143 102 0.74 - PowerShares DWA NASDAQ Momentum Portfolio DWAQ DWAQIV - 24 0 101 0.61 - PowerShares Dynamic Market Portfolio PWC PWCIV 73.03 193 39 101 0.60 - First Trust Value Line 100 ETF FVL FVLIV 20.46 61 8 99 0.70 - Global X Guru Index ETF GURU GURUIV 26.51 502 116 60 0.75 - Guggenheim Spin-Off ETF CSD CSDIV 45.41 605 108 33 0.65 - U.S. Market Cap Large-Cap ishares Russell 1000 ETF IWB IWBIV 111.24 9,784 455 1,035 0.15 28 Guggenheim Russell 1000 Equal ETF EWRI EWRIIV 50.62 121 16 1,033 0.40 - SPDR Russell 1000 ETF ONEK ONEKIV 93.74 52 1 1,033 0.10 - Vanguard Russell 1000 Index ETF VONE VONEIV 91.87 358 16 1,035 0.12 - PowerShares FTSE RAFI US 1000 Portfolio PRF PRFIV 89.30 3,795 152 1,029 0.39 - Schwab U.S. Large-Cap ETF SCHX SCHXIV 47.57 3,127 278 764 0.04 - Vanguard Large Cap ETF VV VVIV 91.44 5,244 125 670 0.09 29 ishares MSCI USA Size Factor ETF SIZE SIZEIV 62.31 146 8 617 0.15 - ishares MSCI USA ETF EUSA EUSAIV 42.69 47 10 619 0.15 - Schwab Fundamental U.S. Large Company Index ETF FNDX FNDXIV 29.34 152 39 634 0.32 - Vanguard S&P 500 ETF VOO VOOIV 182.38 21,254 979 511 0.05 30 PowerShares S&P 500 Downside Hedged Portfolio PHDG PHDGIV 28.58 399 131 507 0.40 - ishares Core S&P 500 ETF IVV IVVIV 200.24 60,548 3,456 505 0.07 31 WisdomTree Earnings 500 Fund EPS EPSIV 69.39 114 7 507 0.28 - Direxion S&P 500 DRRC Index Volatility Response Shares VSPY VSPYIV 59.93 24 40 503 0.45 - Guggenheim S&P 500 Equal ETF RSP RSPIV 77.41 8,486 647 504 0.40 32 Horizons S&P 500 Covered Call ETF HSPX HSPXIV 46.63 31 51 503 0.65 - RevenueShares Large Cap Fund RWL RWLIV 39.12 254 26 504 0.49 - SPDR S&P 500 ETF SPY SPYIV 198.92 170,767 85,750 503 0.09 33 First Trust CBOE S&P 500 VIX Tail Hedge Fund VIXH VIXHIV 23.14 6 2 502 0.60 - Compass EMP U.S. 500 Volatility ed Index ETF CFA CFAIV 34.95 7 0 na 0.58 - Compass EMP U.S. 500 Enhanced Volatility ed Index ETF CFO CFOIV 35.06 14 15 na 0.68 - PowerShares S&P 500 BuyWrite Portfolio PBP MNV 21.78 367 196 502 0.75 34 VelocityShares Equal Risk ed Large Cap ETF ERW ERWIV - 9 0 499 0.65 - Shares Madrona Domestic ETF FWDD FWDDIV 41.71 29 5 454 1.25 - Forensic Accounting ETF FLAG FLAGIV 32.03 14 5 405 0.85 - First Trust Large Cap Core AlphaDEX Fund FEX FEXIV 44.59 1,221 153 378 0.66 - Vanguard Mega Cap ETF MGC MGCIV 68.12 797 33 307 0.11 - ProShares Large Cap Core Plus CSM CSMIV 97.43 365 20 320 0.45 35 WisdomTree LargeCap Dividend Fund DLN DLNIV 71.52 1,867 79 299 0.28 - ishares Russell Top 200 ETF IWL IWLIV 45.34 131 23 195 0.15 - PowerShares Buyback Achievers Portfolio PKW PKWIV 45.58 2,787 404 177 0.71 - First Trust Low Beta Income ETF FTLB FTLBIV 20.37 2 16 155 0.85 - ishares MSCI USA Minimum Volatility ETF USMV USMVIV 37.91 2,689 325 154 0.15 36 First Trust High Income ETF FTHI FTHIIV 20.46 3 26 152 0.85 - ishares Enhanced U.S. Large-Cap ETF IELG IELGIV 30.90 63 14 137 0.18 - PowerShares S&P 500 High Quality Portfolio SPHQ SPHQIV 21.63 402 52 128 0.29 - ishares MSCI USA Momentum Factor ETF MTUM MTUMIV 64.77 324 33 125 0.15 - ishares MSCI USA Quality Factor ETF QUAL QUALIV 59.97 476 27 126 0.15 - ishares MSCI USA ESG Select ETF KLD KLDIV 82.87 278 9 103 0.50 - ishares S&P 100 ETF OEF OEFIV 88.44 4,433 797 102 0.20 - Direxion NASDAQ-100 Equal ed Index Shares QQQE QQQEIV 59.79 27 6 103 0.35 - First Trust NASDAQ-100 Equal Index Fund QQEW QQEWIV 40.21 444 59 104 0.60 - PowerShares QQQ Trust, Series 1 QQQ QXV 98.70 46,135 30,405 104 0.20 37 PowerShares S&P 500 High Beta Portfolio SPHB SPHBIV 33.75 326 134 102 0.25 - PowerShares S&P 500 Low Volatility SPLV SPLVIV 35.11 4,619 881 101 0.25 38 ishares Morningstar Large-Cap ETF JKD JKDIV 115.30 496 9 98 0.20 - SPDR Russell 1000 Low Volatility ETF LGLV LGLVIV 73.14 11 2 77 0.20 - PowerShares Fundamental Pure Large Core Portfolio PXLC PXLCIV 39.01 43 3 75 0.39 - First Trust NASDAQ-100 Ex-Technology Sector Index Fund QQXT QQXTIV 37.29 95 11 63 0.60 - Guggenheim Russell Top 50 Mega Cap ETF XLG XLGIV 138.26 525 14 52 0.20 - First Trust Mega Cap Alphadex Fund FMK FMKIV 26.73 13 4 51 0.70 - First Trust Capital Strength ETF FTCS FTCSIV 35.53 80 6 51 0.65 - SPDR MFS Systematic Core Equity ETF SYE SYEIV - 3 0 44 0.60 - SPDR Dow Jones Industrial Average ETF DIA DIAIV 169.60 11,038 4,128 31 0.17 39 Direxion ibillionaire Index ETF IBLN IBLNIV 25.84 28 0 30 0.65 - Market Vectors Wide Moat ETF MOAT MOATIV 31.26 782 102 20 0.49 - ALPS Equal Sector ETF EQL EQLIV 55.23 130 10 10 0.51 - VelocityShares Tail Risk Hedged Large Cap ETF TRSK TRSKIV 28.11 32 9 4 0.71 - VelocityShares Volatility Hedged Large Cap ETF SPXH SPXHIV 30.01 51 16 4 0.71 - Recon Capital NASDAQ 100 Covered Call ETF QYLD QYLDIV 25.17 10 8 na 0.60 -, UBS CIO WMR. te: Number of securities only includes long positions. UBS CIO WM Research 25 August 2014 7
As of 20 August 2014 Intraday 1,403 NAV Price Assets ADTV # of Expense Actively Options Page ($/share) (USD Mil) (1,000/shrs) Securities Ratio (%) Managed Available Number Mid-Cap Guggenheim Russell MidCap Equal ETF EWRM EWRMIV 50.76 145 13 839 0.41 - ishares Russell Mid-Cap ETF IWR IWRIV 162.50 10,366 180 838 0.20 43 WisdomTree MidCap Earnings Fund EZM EZMIV 91.65 613 27 604 0.38 - Schwab U.S. Mid-Cap ETF SCHM SCHMIV 40.12 1,173 148 515 0.07 - ishares Core S&P Mid-Cap ETF IJH IJHIV 142.35 21,709 1,537 404 0.14 40 RevenueShares Mid Cap Fund RWK RWKIV 47.69 215 13 400 0.54 - Vanguard S&P Mid-Cap 400 Index ETF IVOO IVOOIV 96.21 337 11 402 0.15 - SPDR S&P MidCap 400 ETF MDY MDYIV 259.28 15,708 2,001 399 0.25 41 WisdomTree MidCap Dividend Fund DON DONIV 81.66 1,163 51 390 0.38 - Vanguard Mid Cap ETF VO VOIV 119.81 8,544 238 378 0.09 42 First Trust Mid Cap Core AlphaDEX Fund FNX FNXIV 52.74 906 72 301 0.66 - ishares Morningstar Mid-Cap ETF JKG JKGIV 142.46 292 7 210 0.25 - PowerShares Fundamental Pure Mid Core Portfolio PXMC PXMCIV 38.30 33 3 156 0.39 - Guggenheim Mid-Cap Core ETF CZA CZAIV 49.36 128 7 100 0.68 - PowerShares S&P MidCap Low Volatility Portfolio XMLV XMLVIV 30.88 39 16 80 0.25 - SMID-Cap Vanguard Extended Market Index ETF VXF VXFIV 86.99 3,533 166 3,251 0.10 44 SPDR Russell Small Cap Completeness ETF RSCO RSCOIV 85.68 77 3 2,400 0.10 - PowerShares FTSE RAFI US 1500 Small-Mid Portfolio PRFZ PRFZIV 98.99 1,005 32 1,488 0.39 - Small-Cap Vanguard Russell 2000 Index ETF VTWO VTWOIV 92.33 379 41 1,996 0.15 - ishares Russell 2000 ETF IWM IWMIV 114.95 23,390 39,234 1,965 0.20 45 SPDR Russell 2000 ETF TWOK TWOKIV 68.98 34 9 1,950 0.12 - Guggenheim Russell 2000 Equal ETF EWRS EWRSIV 45.14 41 8 1,946 0.45 - Schwab U.S. Small-Cap ETF SCHA SCHAIV 53.82 2,077 176 1,796 0.08 - Vanguard Small Cap ETF VB VBIV 115.52 9,214 312 1,467 0.09 46 WisdomTree SmallCap Earnings Fund EES EESIV 80.58 451 26 874 0.38 - Schwab Fundamental U.S. Small Company Index ETF FNDA FNDAIV 29.16 90 31 903 0.32 - WisdomTree SmallCap Dividend Fund DES DESIV 68.78 1,038 61 679 0.38 - Vanguard S&P Small-Cap 600 Index ETF VIOO VIOOIV 98.82 158 8 602 0.15 - RevenueShares Small Cap Fund RWJ RWJIV 54.93 291 26 603 0.54 - ishares Core S&P Small-Cap ETF IJR IJRIV 109.36 13,306 625 604 0.14 47 SPDR S&P 600 Small Cap ETF SLY SLYIV 102.59 401 16 604 0.20 - Compass EMP U.S. Discovery 500 Enhanced Volatility ed Fund CSF CSFIV 36.11 5 0 na 0.68 - PowerShares Fundamental Pure Small Core Portfolio PXSC PXSCIV 33.70 15 1 473 0.39 - First Trust Small Cap Core AlphaDEX Fund FYX FYXIV 47.41 540 68 449 0.70 - ishares Morningstar Small-Cap ETF JKJ JKJIV 135.36 217 4 256 0.25 - ishares Enhanced U.S. Small-Cap ETF IESM IESMIV 30.45 15 6 244 0.36 - SPDR Russell 2000 Low Volatility ETF SMLV SMLVIV 72.71 15 2 349 0.25 - PowerShares DWA SmallCap Momentum Portfolio DWAS DWASIV 37.81 410 95 202 0.60 - PowerShares S&P SmallCap Low Volatility XSLV XSLVIV 31.47 58 16 122 0.34 - Global X Guru Small Cap Index ETF GURX GURXIV - 2 3 102 0.75 - Micro-Cap ishares Micro-Cap ETF IWC IWCIV 72.60 865 80 1,389 0.60 - Wilshire Micro-Cap ETF WMCR WMCRIV 26.89 40 23 947 0.53 - PowerShares Zacks Micro Cap Portfolio PZI PZIIV 16.28 35 29 404 0.93 - First Trust Dow Jones Select MicroCap Index Fund FDM FDMIV 31.36 57 26 224 0.60 - U.S. Style Broad Market Growth ishares Core US Growth ETF IUSG IUSGIV 75.57 499 21 1,832 0.09 48 First Trust Multi Cap Growth AlphaDEX Fund FAD FADIV 46.88 70 9 521 0.70 - First Trust US IPO Index Fund FPX FPXIV 49.12 503 56 101 0.60 - AlphaClone Alternative Alpha ETF ALFA ALFAIV 39.78 82 20 88 0.95 - Renaissance IPO ETF IPO IPOIV 22.93 28 9 69 0.60 - Broad Market Value ishares Core US Value ETF IUSV IUSVIV 132.65 716 24 2,004 0.09 49 SPDR S&P 1500 Value Tilt ETF VLU VLUIV 84.66 8 0 1,429 0.35 - ishares MSCI USA Value Factor ETF VLUE VLUEIV 64.15 173 11 617 0.15 - First Trust Multi Cap Value AlphaDEX Fund FAB FABIV 47.12 181 19 601 0.70 - Cambria Shareholder Yield ETF SYLD SYLDIV 31.16 223 34 102 0.59 - Large-Cap Growth Vanguard Russell 1000 Growth Index ETF VONG VONGIV 95.01 259 11 680 0.15 - ishares Russell 1000 Growth ETF IWF IWFIV 92.53 24,670 1,371 676 0.20 50 Schwab U.S. Large-Cap Growth ETF SCHG SCHGIV 49.75 1,458 135 405 0.07 - Vanguard Growth ETF VUG VUGIV 101.14 15,369 484 376 0.09 51 SPDR S&P 500 Growth ETF SPYG SPYGIV 93.15 405 31 343 0.20 - ishares S&P 500 Growth ETF IVW IVWIV 107.57 10,557 477 343 0.18 52 Vanguard S&P 500 Growth Index ETF VOOG VOOGIV 96.34 318 19 343 0.15 - WisdomTree US Dividend Growth Fund DGRW DGRWIV 29.49 130 19 296 0.28 - First Trust Large Cap Growth Opportunities AlphaDEX Fund FTC FTCIV 44.49 373 56 186 0.70 - Vanguard Mega Cap Growth Index ETF MGK MGKIV 78.68 1,487 79 154 0.11 - ishares Russell Top 200 Growth ETF IWY IWYIV 48.83 493 19 129 0.20 - ishares Morningstar Large-Cap Growth ETF JKE JKEIV 110.08 556 17 113 0.25 53 Guggenheim S&P 500 Pure Growth ETF RPG RPGIV 78.74 1,661 138 112 0.35 54 Columbia Large Cap Growth ETF RPX RPXIV 42.29 2 2 95 0.82 - Columbia Select Large Cap Growth ETF RWG RWGIV - 14 1 31 0.80 - Calamos Focus Growth ETF CFGE CFGEIV 10.14 15 0 1 0.90 - PowerShares Fundamental Pure Large Growth Portfolio PXLG PXLGIV 32.01 118 9 52 0.39 - PowerShares Dynamic Large Cap Growth Portfolio PWB PWBIV 27.49 276 40 50 0.59 - SPDR MFS Systematic Growth Equity ETF SYG SYGIV - 3 0 51 0.60 - Large-Cap Value Vanguard Russell 1000 Value Index ETF VONV VONVIV 88.89 280 20 694 0.15 - ishares Russell 1000 Value ETF IWD IWDIV 101.59 23,564 1,390 691 0.20 55 Schwab U.S. Large-Cap Value ETF SCHV SCHVIV 43.07 1,148 117 361 0.07 - SPDR S&P 500 Value ETF SPYV SPYVIV 98.82 208 10 339 0.20 - ishares S&P 500 Value ETF IVE IVEIV 91.11 8,051 550 339 0.18 57 Vanguard S&P 500 Value Index ETF VOOV VOOVIV 87.58 193 10 340 0.15 - Vanguard Value ETF VTV VTVIV 81.85 15,030 572 319 0.09 56 WisdomTree LargeCap Value Fund EZY EZYIV 61.96 28 3 299 0.38 - First Trust Large Cap Value AlphaDEX(R) Fund FTA FTAIV 43.68 1,124 163 192 0.67 - Vanguard Mega Cap Value Index ETF MGV MGVIV 58.99 861 55 161 0.11 - ishares Russell Top 200 Value ETF IWX IWXIV 43.03 146 57 125 0.20 - Guggenheim S&P 500 Pure Value ETF RPV RPVIV 54.03 1,212 209 120 0.35 58, UBS CIO WMR. te: Number of securities only includes long positions. UBS CIO WM Research 25 August 2014 8
As of 20 August 2014 Intraday 1,403 NAV Price Assets ADTV # of Expense Actively Options Page ($/share) (USD Mil) (1,000/shrs) Securities Ratio (%) Managed Available Number Guggenheim Defensive Equity ETF DEF DEFIV 38.60 195 51 100 0.65 - PowerShares Fundamental Pure Large Value Portfolio PXLV PXLVIV 30.04 35 14 92 0.39 - ishares Morningstar Large-Cap Value ETF JKF JKFIV 85.52 308 10 81 0.25 59 PowerShares Dynamic Large Cap Value Portfolio PWV PWVIV 30.86 880 81 50 0.59 - SPDR MFS Systematic Value Equity ETF SYV SYVIV - 3 0 49 0.60 - Columbia Select Large Cap Value ETF GVT GVTIV - 7 1 37 0.74 - Mid-Cap Growth ishares Russell Mid-Cap Growth ETF IWP IWPIV 90.15 5,021 227 548 0.25 60 SPDR S&P 400 Mid Cap Growth ETF MDYG MDYGIV 116.20 180 6 252 0.25 - ishares S&P MidCap 400 Growth ETF IJK IJKIV 156.30 4,618 141 252 0.25 61 Vanguard S&P Mid-Cap 400 Growth Index ETF IVOG IVOGIV 96.26 284 9 253 0.20 - ishares Morningstar Mid-Cap Growth ETF JKH JKHIV 151.47 205 3 208 0.30 - Vanguard Mid-Cap Growth ETF VOT VOTIV 97.93 2,294 64 186 0.09 62 First Trust Mid Cap Growth AlphaDEX FNY FNYIV 28.76 43 7 142 0.70 - PowerShares Fundamental Pure Mid Growth Portfolio PXMG PXMGIV 31.43 93 3 105 0.39 - Guggenheim S&P MidCap 400 Pure Growth ETF RFG RFGIV 124.71 798 21 97 0.35 - Mid-Cap Value ishares Russell Mid-Cap Value ETF IWS IWSIV 72.33 6,794 542 567 0.25 63 SPDR S&P 400 Mid Cap Value ETF MDYV MDYVIV 86.07 112 14 291 0.25 - Vanguard S&P Mid-Cap 400 Value Index ETF IVOV IVOVIV 95.94 86 7 292 0.20 - ishares S&P Mid-Cap 400 Value ETF IJJ IJJIV 126.52 4,231 130 290 0.25 64 PowerShares Fundamental Pure Mid Value Portfolio PXMV PXMVIV 27.38 49 9 242 0.39 - Vanguard Mid-Cap Value ETF VOE VOEIV 87.14 3,023 190 203 0.09 65 ishares Morningstar Mid-Cap Value ETF JKI JKIIV 123.93 229 11 199 0.30 - First Trust Mid Cap Value AlphaDEX FNK FNKIV 31.40 72 70 159 0.70 - Guggenheim S&P MidCap 400 Pure Value ETF RFV RFVIV 54.00 111 14 95 0.38 - Small-Cap Growth Vanguard Russell 2000 Growth Index ETF VTWG VTWGIV 98.08 98 17 1,188 0.20 - ishares Russell 2000 Growth ETF IWO IWOIV 134.81 5,850 1,065 1,159 0.25 66 Vanguard Small Cap Growth ETF VBK VBKIV 125.09 3,774 115 721 0.09 67 PowerShares Fundamental Pure Small Growth Portfolio PXSG PXSGIV 24.57 31 3 430 0.41 - SPDR S&P 600 Small Cap Growth ETF SLYG SLYGIV 176.27 387 9 366 0.25 - ishares S&P Small-Cap 600 Growth ETF IJT IJTIV 117.07 2,729 96 366 0.25 68 Vanguard S&P Small-Cap 600 Growth Index ETF VIOG VIOGIV 100.61 60 5 363 0.20 - WisdomTree U.S. SmallCap Dividend Growth Fund DGRS DGRSIV 28.14 25 4 259 0.38 - ishares Morningstar Small-Cap Growth ETF JKK JKKIV 130.27 130 3 269 0.30 - First Trust Small Cap Growth AlphaDEX FYC FYCIV 28.95 35 8 194 0.70 - Guggenheim S&P SmallCap 600 Pure Growth ETF RZG RZGIV 78.58 102 9 149 0.35 - Small-Cap Value Vanguard Russell 2000 Value Index ETF VTWV VTWVIV 86.47 69 3 1,322 0.20 - ishares Russell 2000 Value ETF IWN IWNIV 99.42 5,792 841 1,317 0.25 69 Vanguard Small Cap Value ETF VBR VBRIV 104.39 4,506 141 819 0.09 70 PowerShares Fundamental Pure Small Value Portfolio PXSV PXSVIV 25.24 67 10 805 0.39 - Vanguard S&P Small-Cap 600 Value Index ETF VIOV VIOVIV 97.87 103 11 445 0.20 - SPDR S&P 600 Small Cap Value ETF SLYV SLYVIV 108.28 292 12 449 0.25 - ishares S&P SmallCap 600 Value Index Fund IJS IJSIV 113.30 3,027 126 450 0.25 71 First Trust Small Cap Value AlphaDEX FYT FYTIV 31.80 64 38 253 0.70 - ishares Morningstar Small-Cap Value ETF JKL JKLIV 126.20 391 10 260 0.30 - Guggenheim S&P SmallCap 600 Pure Value ETF RZV RZVIV 62.56 181 20 150 0.35 - U.S. Sector & Industry Consumer Discretionary Sector Fidelity MSCI Consumer Discretionary Index ETF FDIS FDISIV 27.66 76 44 377 0.12 - Vanguard Consumer Discretionary ETF VCR VCRIV 111.30 1,270 98 387 0.14 72 ishares U.S. Consumer Services ETF IYC IYCIV 126.73 418 36 189 0.46 - First Trust Consumer Discretionary AlphaDEX Fund FXD FXDIV 33.63 1,301 416 134 0.70 - Consumer Discretionary Select Sector SPDR Fund XLY XLYIV 68.57 6,659 5,399 86 0.16 73 Guggenheim S&P 500 Equal Consumer Discretionary ETF RCD RCDIV 83.08 104 10 86 0.40 - PowerShares DWA Consumer Cyclicals Momentum Portfolio PEZ PEZIV 43.29 52 7 41 0.65 - PowerShares S&P SmallCap Consumer Discretionary Portfolio PSCD PSCDIV 46.62 109 7 98 0.29 - Consumer Discretionary Industry Homebuilding ishares U.S. Home Construction ETF ITB ITBIV 24.09 1,503 3,251 37 0.46 74 SPDR S&P Homebuilders ETF XHB XHBIV 31.77 1,808 4,804 36 0.35 75 PowerShares Dynamic Building & Construction Portfolio PKB PKBIV 22.13 121 29 31 0.63 - Leisure & Entertainment - PowerShares Dynamic Leisure & Entertainment Portfolio PEJ PEJIV 33.65 158 21 31 0.63 - Media - PowerShares Dynamic Media Portfolio PBS PBSIV 25.38 180 126 32 0.63 - Retail - SPDR S&P Retail ETF XRT XRTIV 87.68 736 2,035 102 0.35 76 PowerShares Dynamic Retail Portfolio PMR PMRIV 33.86 20 8 30 0.63 - Consumer Staples Sector - ishares U.S. Consumer Goods ETF IYK IYKIV 100.09 465 32 117 0.46 - Vanguard Consumer Staples ETF VDC VDCIV 116.36 1,923 107 104 0.14 77 Fidelity MSCI Consumer Staples Index ETF FSTA FSTAIV 27.23 84 94 106 0.12 - Consumer Staples Select Sector SPDR Fund XLP XLPIV 44.87 6,801 6,887 41 0.16 78 Guggenheim S&P 500 Equal Consumer Staples ETF RHS RHSIV 97.20 141 18 41 0.40 - First Trust Consumer Staples AlphaDEX Fund FXG FXGIV 39.18 1,361 630 40 0.70 - PowerShares DWA Consumer Staples Momentum Portfolio PSL PSLIV 47.05 40 2 36 0.65 - PowerShares S&P SmallCap Consumer Staples Portfolio PSCC PSCCIV 50.33 20 7 20 0.29 - Consumer Staples Industry Food & Beverage PowerShares Dynamic Food & Beverage Portfolio PBJ PBJIV 28.45 300 116 31 0.63 - Energy Sector Fidelity MSCI Energy Index ETF FENY FENYIV 28.35 160 109 169 0.12 - Vanguard Energy ETF VDE VDEIV 140.27 3,404 178 163 0.14 79 ishares U.S. Energy ETF IYE IYEIV 55.38 2,246 808 87 0.46 - First Trust Energy AlphaDEX Fund FXN FXNIV 28.33 763 536 62 0.70 - Energy Select Sector SPDR Fund XLE XLEIV 97.58 11,460 8,702 46 0.16 80 Guggenheim S&P 500 Equal Energy ETF RYE RYEIV 89.55 250 59 46 0.40 - PowerShares DWA Energy Momentum Portfolio PXI PXIIV 62.27 268 34 40 0.66 - PowerShares S&P SmallCap Energy Portfolio PSCE PSCEIV 47.90 41 13 33 0.29 - Energy Industry Oil & Gas Equipment & Services, UBS CIO WMR. te: Number of securities only includes long positions. UBS CIO WM Research 25 August 2014 9
As of 20 August 2014 Intraday 1,403 NAV Price Assets ADTV # of Expense Actively Options Page ($/share) (USD Mil) (1,000/shrs) Securities Ratio (%) Managed Available Number ishares U.S. Oil Equipment & Services ETF IEZ IEZIV 72.67 588 75 53 0.46 81 SPDR S&P Oil & Gas Equipment & Services ETF XES XESIV 44.77 318 74 51 0.35 82 PowerShares Dynamic Oil & Gas Services Portfolio PXJ PXJIV 27.65 112 16 31 0.62 - Oil & Gas Exploration & Production SPDR S&P Oil & Gas Exploration & Production ETF XOP XOPIV 76.20 1,101 4,397 87 0.35 83 ishares U.S. Oil & Gas Exploration & Production ETF IEO IEOIV 93.45 612 106 76 0.46 84 PowerShares Dynamic Energy Exploration & Production Portfolio PXE PXEIV 36.66 143 38 30 0.65 - Natural Gas First Trust ISE-Revere Natural Gas Index Fund FCG FCGIV 20.37 495 459 28 0.60 85 Financials Sector Vanguard Financials ETF VFH VFHIV 46.61 2,158 216 543 0.19 86 Fidelity MSCI Financials Index ETF FNCL FNCLIV 27.24 144 82 503 0.12 - ishares U.S. Financials ETF IYF IYFIV 83.83 1,283 252 272 0.46 - First Trust Financials AlphaDEX Fund FXO FXOIV 22.33 887 544 172 0.70 - RevenueShares Financials Sector Fund RWW RWWIV 46.82 33 3 86 0.49 - Financial Select Sector SPDR Fund XLF XLFIV 22.93 17,656 26,932 85 0.16 87 Horizons S&P Financial Select Sector Covered Call ETF HFIN HFINIV 41.66 4 10 86 0.70 - Guggenheim S&P 500 Equal Financials ETF RYF RYFIV 41.92 115 27 85 0.40 - PowerShares DWA Financial Momentum Portfolio PFI PFIIV 28.97 35 6 44 0.75 - PowerShares KBW High Dividend Yield Financial Portfolio KBWD KBWDIV 25.96 265 56 39 1.55 - PowerShares S&P SmallCap Financials Portfolio PSCF PSCFIV 39.06 109 6 117 0.50 - Financials Industry Banks SPDR S&P Bank ETF KBE KBEIV 32.07 2,472 967 58 0.35 88 PowerShares KBW Bank Portfolio KBWB KBWBIV 36.09 235 35 24 0.35 - SPDR S&P Regional Banking ETF KRE KREIV 38.41 2,256 2,744 81 0.35 89 ishares U.S. Regional Banks ETF IAT IATIV 33.09 472 123 57 0.46 - First Trust NASDAQ ABA Community Bank Index Fund QABA QABAIV 34.43 89 17 146 0.60 - PowerShares KBW Regional Banking Porfolio KBWR KBWRIV 36.95 37 5 51 0.35 - Capital Markets - SPDR S&P Capital Markets ETF KCE KCEIV 48.54 191 15 42 0.35 - PowerShares KBW Capital Markets Portfolio KBWC KBWCIV - 5 3 25 0.35 - Diversified Financial Services ishares U.S. Financial Services ETF IYG IYGIV 84.28 548 38 112 0.46 - ishares U.S. Broker-Dealers ETF IAI IAIIV 38.42 223 61 22 0.46 - Insurance SPDR S&P Insurance ETF KIE KIEIV 63.72 290 64 50 0.35 - ishares U.S. Insurance ETF IAK IAKIV 47.65 121 20 67 0.46 - PowerShares KBW Insurance Portfolio KBWI KBWIIV - 10 2 26 0.35 - PowerShares KBW Property & Casuality Insurance Portfolio KBWP KBWPIV 39.15 10 2 25 0.35 - REITs First Trust S&P REIT Index Fund FRI FRIIV 21.13 291 238 145 0.50 - ishares rth America Real Estate ETF IFNA IFNAIV 54.82 30 1 145 0.48 - Vanguard REIT Index ETF VNQ VNQIV 77.49 24,836 2,715 139 0.10 90 Wilshire US REIT ETF WREI WREIIV 42.79 19 1 113 0.32 - ishares U.S. Real Estate ETF IYR IYRIV 74.38 5,019 8,702 101 0.46 91 Schwab US REIT ETF SCHH SCHHIV 36.57 1,022 157 92 0.07 - SPDR Dow Jones REIT ETF RWR RWRIV 85.85 2,771 216 90 0.25 92 IQ U.S. Real Estate Small Cap ETF ROOF ROOFIV 26.82 64 14 63 0.69 - ishares Real Estate 50 ETF FTY FTYIV 45.21 81 7 51 0.48 - PowerShares Active U.S. Real Estate Fund PSR PSRIV 68.59 38 2 55 0.80 - ishares Cohen & Steers REIT ETF ICF ICFIV 90.86 3,138 229 31 0.35 - PowerShares KBW Premium Yield Equity REIT Portfolio KBWY KBWYIV 33.51 95 16 33 0.35 - ishares Mortgage Real Estate Capped ETF REM REMIV 12.77 1,326 907 36 0.48 - Market Vectors Mortgage REIT ETF MORT MORTIV 25.20 121 40 24 0.41 - ishares Residential Real Estate Capped ETF REZ REZIV 55.62 253 34 36 0.48 - Mortgage Related SPDR S&P Mortgage Finance ETF KME KMEIV - 5 0 56 0.35 - Business Development Companies Market Vectors BDC Income ETF BIZD BIZDIV 20.45 46 22 28 8.33 - Health Care Sector Fidelity MSCI Health Care Index ETF FHLC FHLCIV 30.05 219 101 309 0.12 - Vanguard Health Care ETF VHT VHTIV 115.12 3,202 160 312 0.14 93 ishares U.S. Healthcare ETF IYH IYHIV 132.33 2,607 324 110 0.46 - First Trust Health Care AlphaDEX Fund FXH FXHIV 55.25 2,209 317 77 0.70 - Guggenheim S&P 500 Equal Healthcare ETF RYH RYHIV 127.75 307 29 54 0.40 - Health Care Select Sector SPDR Fund XLV XLVIV 62.84 10,695 5,932 55 0.16 94 PowerShares DWA Healthcare Momentum Portfolio PTH PTHIV 48.89 78 9 48 0.65 - PowerShares S&P SmallCap Health Care Portfolio PSCH PSCHIV 56.37 158 12 71 0.29 - Health Care Industry Biotechnology ishares Nasdaq Biotechnology ETF IBB IBBIV 266.85 5,295 1,177 121 0.48 95 First Trust NYSE Arca Biotechnology Index Fund FBT FBTIV 87.90 1,436 120 21 0.60 - SPDR S&P Biotech ETF XBI XBIIV 155.07 1,162 467 79 0.35 96 PowerShares Dynamic Biotech & Genome Portfolio PBE PBEIV 45.83 389 52 31 0.63 - Equipment & Supplies ishares U.S. Medical Devices ETF IHI IHIIV 102.30 762 66 49 0.46 - SPDR S&P Health Care Equipment ETF XHE XHEIV 76.25 31 3 66 0.35 - Providers & Services ishares U.S. Healthcare Providers ETF IHF IHFIV 107.55 575 37 48 0.46 - SPDR S&P Health Care Services ETF XHS XHSIV 104.13 94 6 55 0.35 - Pharmaceuticals PowerShares Dynamic Pharmaceuticals Portfolio PJP PJPIV 62.09 1,195 117 29 0.63 - SPDR S&P Pharmaceuticals ETF XPH XPHIV 100.79 898 86 33 0.35 - ishares U.S. Pharmaceuticals ETF IHE IHEIV 134.81 694 26 38 0.46 - Industrials Sector Fidelity MSCI Industrials Index ETF FIDU FIDUIV 28.18 75 103 356 0.12 - Vanguard Industrials ETF VIS VISIV 104.52 1,872 180 354 0.14 97 ishares U.S. Industrials ETF IYJ IYJIV 103.91 1,403 764 225 0.46 - First Trust Industrials/Producer Durables AlphaDEX Fund FXR FXRIV 30.69 1,156 1,043 105 0.70 - Guggenheim S&P 500 Equal Industrials ETF RGI RGIIV 87.44 105 10 65 0.40 - Industrial Select Sector SPDR Fund XLI XLIIV 54.39 8,429 9,217 65 0.16 98 First Trust RBA American Industrial Renaissance(TM) ETF AIRR AIRRIV 19.02 54 37 52 0.70 - PowerShares DWA Industrials Momentum Portfolio PRN PRNIV 47.72 138 19 46 0.65 -, UBS CIO WMR. te: Number of securities only includes long positions. UBS CIO WM Research 25 August 2014 10
As of 20 August 2014 Intraday 1,403 NAV Price Assets ADTV # of Expense Actively Options Page ($/share) (USD Mil) (1,000/shrs) Securities Ratio (%) Managed Available Number PowerShares S&P SmallCap Industrials Portfolio PSCI PSCIIV 43.89 114 8 93 0.29 - Industrials Industry Aerospace & Defense ishares U.S. Aerospace & Defense ETF ITA ITAIV 108.56 331 68 38 0.46 - PowerShares Aerospace & Defense Portfolio PPA PPAIV 32.52 133 34 52 0.66 - SPDR S&P Aerospace & Defense ETF XAR XARIV 100.90 61 7 35 0.35 - Transportation - ishares Transportation Average ETF IYT IYTIV 151.60 1,342 312 21 0.46 - SPDR S&P Transportation ETF XTN XTNIV 95.24 276 40 47 0.35 - Information Technology Sector Fidelity MSCI Information Technology Index ETF FTEC FTECIV 30.27 213 105 417 0.12 - Vanguard Information Technology ETF VGT VGTIV 100.47 5,769 305 413 0.14 99 ishares rth American Tech ETF IGM IGMIV 98.69 745 23 264 0.48 - ishares U.S. Technology ETF IYW IYWIV 100.90 4,074 506 141 0.46 - First Trust Technology AlphaDEX Fund FXL FXLIV 32.95 789 442 90 0.70 - First Trust NASDAQ Technology Dividend Index Fund TDIV TDIVIV 27.42 640 118 89 0.50 100 Technology Select Sector SPDR Fund XLK XLKIV 39.91 13,757 6,570 72 0.16 101 Guggenheim S&P 500 Equal Technology ETF RYT RYTIV 85.91 592 40 67 0.40 - PowerShares DWA Technology Momentum Portfolio PTF PTFIV 35.73 61 8 46 0.65 - First Trust NASDAQ-100-Technology Index Fund QTEC QTECIV 41.04 246 43 42 0.60 - SPDR Morgan Stanley Technology ETF MTK MTKIV 98.38 231 2 37 0.50 - PowerShares S&P SmallCap Information Technology Portfolio PSCT PSCTIV 46.37 225 25 115 0.29 - Information Technology Industry Communications Equipment ishares rth American Tech-Multimedia Networking ETF IGN IGNIV 34.40 323 31 25 0.48 - PowerShares Dynamic Networking Portfolio PXQ PXQIV 32.58 28 5 31 0.64 - Internet First Trust Dow Jones Internet Index Fund FDN FDNIV 61.42 1,753 332 42 0.60 102 PowerShares NASDAQ Internet Portfolio PNQI PNQIIV 70.08 333 38 99 0.60 - Semiconductors ishares PHLX Semiconductor ETF SOXX SOXXIV 86.75 542 209 31 0.48 103 SPDR S&P Semiconductor ETF XSD XSDIV 75.39 188 113 49 0.35 - PowerShares Dynamic Semiconductors Portfolio PSI PSIIV 23.09 25 16 31 0.63 - Software ishares rth American Tech-Software ETF IGV IGVIV 87.23 977 133 59 0.48 104 PowerShares Dynamic Software Portfolio PSJ PSJIV 36.18 53 4 31 0.63 - SPDR S&P Software & Services ETF XSW XSWIV 88.16 31 3 176 0.35 - Materials Sector Vanguard Materials ETF VAW VAWIV 113.00 1,316 92 133 0.14 105 Fidelity MSCI Materials Index ETF FMAT FMATIV 28.71 108 69 133 0.12 - ishares U.S. Basic Materials ETF IYM IYMIV 88.72 971 306 61 0.46 - First Trust Materials AlphaDEX Fund FXZ FXZIV 33.65 656 374 58 0.70 - PowerShares DWA Basic Materials Momentum Portfolio PYZ PYZIV 57.04 100 8 38 0.65 - Guggenheim S&P 500 Equal Materials ETF RTM RTMIV 85.48 81 14 32 0.40 - Materials Select Sector SPDR Fund XLB XLBIV 50.44 5,641 4,558 31 0.16 106 PowerShares S&P SmallCap Materials Portfolio PSCM PSCMIV 46.45 63 9 41 0.29 - Materials Industry Metals & Mining SPDR S&P Metals & Mining ETF XME XMEIV 43.66 566 1,305 38 0.35 - Telecommunications SPDR S&P Telecom ETF XTL XTLIV 56.05 20 8 58 0.35 - Vanguard Telecommunication Services ETF VOX VOXIV 86.81 721 45 32 0.14 107 Fidelity MSCI Telecommunication Services Index ETF FCOM FCOMIV 26.44 66 46 31 0.12 - ishares U.S. Telecommunications ETF IYZ IYZIV 30.11 579 258 26 0.46 - Utilities Sector Fidelity MSCI Utilities Index ETF FUTY FUTYIV 27.74 96 108 78 0.12 - Vanguard Utilities ETF VPU VPUIV 92.88 1,660 175 80 0.14 108 ishares U.S. Utilities ETF IDU IDUIV 106.90 1,117 418 62 0.46 - First Trust Utilities AlphaDEX Fund FXU FXUIV 23.02 243 782 44 0.70 - PowerShares DWA Utilities Momentum Portfolio PUI PUIIV 22.53 43 7 39 0.63 - Guggenheim S&P 500 Equal Utilities ETF RYU RYUIV 72.77 98 53 36 0.40 - Utilities Select Sector SPDR Fund XLU XLUIV 42.48 5,586 11,356 31 0.16 109 PowerShares S&P SmallCap Utilities Portfolio PSCU PSCUIV 35.77 38 4 20 0.29 - Other Sector & Industry MLPs (C-Corps, deferred tax expenses not included in expense ratio) Global X MLP ETF MLPA MLPAIV 17.33 127 51 36 0.45 - ALPS Alerian MLP ETF AMLP AMLPIV 19.08 9,437 3,007 26 0.85 110 Yorkville High Income Infrastructure MLP ETF YMLI YMLIIV 23.05 43 11 26 0.82 - Yorkville High Income MLP ETF YMLP YMLPIV 18.53 333 88 25 0.82 - Direxion Zacks MLP High Income Shares ZMLP ZMLPIV 43.11 39 18 26 0.65 - Global X Junior MLP ETF MLPJ MLPJIV 17.64 18 6 27 0.75 - MLPS (RICs) First Trust rth American Energy Infrastructure Fund EMLP EMLPIV 27.99 864 160 62 0.95 - Global X MLP & Energy Infrastructure ETF MLPX MLPXIV 20.31 174 95 39 0.45 - ALPS Alerian Energy Infrastructure ETF ENFR ENFRIV 30.80 15 5 31 0.65 - Clean Energy First Trust NASDAQ Clean Edge Green Energy Index Fund QCLN QCLNIV 20.73 131 95 51 0.60 - First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund GRID GRIDIV 36.88 13 3 40 0.70 - Water PowerShares Water Resources Portfolio PHO PHOIV 25.91 969 88 31 0.62 - First Trust ISE Water Index Fund FIW FIWIV 33.41 195 31 37 0.60 - Sector Rotation First Trust Dorsey Wright Focus 5 ETF FV FVIV 20.36 434 288 5 0.95 - Huntington US Equity Rotation Strategy ETF HUSE HUSEIV 37.35 13 4 382 0.95 - Other LocalShares Nashville Area ETF NASH NASHIV 29.64 9 2 24 0.49 - U.S. Dividend WisdomTree Equity Income Fund DHS DHSIV 59.70 901 42 402 0.38 - Vanguard High Dividend Yield Index ETF VYM VYMIV 67.02 8,924 524 400 0.10 - ishares Core Dividend Growth ETF DGRO DGROIV 25.30 53 17 267 0.12 - PowerShares Dividend Achievers Portfolio PFM PFMIV 21.07 362 31 239 0.58 - FlexShares Quality Dividend Dynamic Index Fund QDYN QDYNIV 35.76 64 4 214 0.38 - FlexShares Quality Dividend Index Fund QDF QDFIV 35.45 506 47 210 0.38 - FlexShares Quality Dividend Defensive Index Fund QDEF QDEFIV 34.26 72 7 211 0.37 -, UBS CIO WMR. te: Number of securities only includes long positions. UBS CIO WM Research 25 August 2014 11
As of 20 August 2014 Intraday 1,403 NAV Price Assets ADTV # of Expense Actively Options Page ($/share) (USD Mil) (1,000/shrs) Securities Ratio (%) Managed Available Number First Trust Value Line Dividend Index Fund FVD FVDIV 22.84 912 92 210 0.70 - Vanguard Dividend Appreciation Index Fund ETF Shares VIG VIGIV 77.84 20,249 797 166 0.10 111 ishares Select Dividend ETF DVY DVYIV 75.79 14,093 579 103 0.40 112 Schwab U.S. Dividend Equity ETF SCHD SCHDIV 38.64 2,040 260 102 0.07 113 First Trust Morningstar Dividend Leaders Index Fund FDL FDLIV 23.66 782 136 101 0.45 114 Compass EMP U.S. EQ Income 100 Enhanced Volatility ed Index ETF CDC CDCIV 34.90 16 18 na 0.68 - SPDR S&P Dividend ETF SDY SDYIV 76.43 12,867 540 96 0.35 115 WisdomTree Dividend ex-financials Fund DTN DTNIV 73.99 1,210 35 86 0.38 - ishares Core High Dividend ETF HDV HDVIV 75.38 4,348 365 77 0.12 116 RevenueShares Ultra Dividend Fund RDIV RDIVIV 28.49 27 7 61 0.49 - ProShares S&P 500 Aristocrats ETF NOBL NOBLIV 46.39 237 43 55 0.35 117 PowerShares High Yield Equity Dividend Achievers Portfolio PEY PEYIV 12.67 435 137 53 0.57 - ALPS Sector Dividend Dogs ETF SDOG SDOGIV 37.83 802 104 51 0.40 118 First Trust NASDAQ Rising Dividend Achievers ETF RDVY RDVYIV - 7 2 49 0.50 - Global X SuperDividend U.S. ETF DIV DIVIV 29.39 163 69 51 0.45 - PowerShares S&P 500 High Dividend Portfolio SPHD SPHDIV 31.09 171 45 50 0.30 - International Developed & Emerging Market Equity Broad Market Vanguard Total International Stock ETF VXUS VXUSIV 53.73 3,248 278 5,631 0.14 119 ishares Core MSCI Total International Stock ETF IXUS IXUSIV 58.96 794 61 3,457 0.16 - Vanguard FTSE All-World ex-us ETF VEU VEUIV 51.84 12,992 878 2,387 0.15 120 Deutsche X-trackers MSCI All World ex US Hedged Equity ETF DBAW DBAWIV - 5 0 1,266 0.40 - ishares MSCI ACWI ex U.S. ETF ACWX ACWXIV 47.57 1,776 276 1,188 0.34 121 SPDR MSCI ACWI (ex-us) ETF CWI CWIIV 36.74 594 48 616 0.34 - Vident International Equity Fund VIDI VIDIIV 25.78 756 39 521 0.75 - Market Vectors MSCI International Quality ETF QXUS QXUSIV - 5 0 395 0.45 - RevenueShares ADR Fund RTR RTRIV 41.37 23 2 169 0.49 - Global X Guru International Index ETF GURI GURIIV 16.27 2 3 52 0.75 - PowerShares International BuyBack Achievers Portfolio IPKW IPKWIV 26.02 18 7 48 0.55 - Small-Cap Vanguard FTSE All-World ex-us Small-Cap ETF VSS VSSIV 108.55 2,104 72 3,228 0.20 122 Sector & Industry Vanguard Global ex-us Real Estate ETF VNQI VNQIIV 59.15 2,203 280 556 0.27 123 WisdomTree Global ex-us Real Estate Fund DRW DRWIV 31.14 141 29 178 0.58 - SPDR Dow Jones International Real Estate ETF RWX RWXIV 44.75 5,150 532 132 0.59 124 WisdomTree Commodity Country Equity Fund CCXE CCXEIV 31.83 18 7 157 0.58 - WisdomTree Global ex-us Utilities Fund DBU DBUIV 20.34 25 6 92 0.58 - Dividend Market Vectors MSCI International Quality Dividend ETF QDXU QDXUIV - 5 3 315 0.45 - FlexShares International Quality Dividend Index Fund IQDF IQDFIV 28.45 252 44 251 0.47 - FlexShares International Quality Dividend Defensive Index Fund IQDE IQDEIV 27.57 58 19 243 0.47 - FlexShares International Quality Dividend Dynamic Index Fund IQDY IQDYIV 28.83 37 15 235 0.47 - SPDR S&P International Dividend ETF DWX DWXIV 49.92 1,530 142 122 0.45 - PowerShares International Dividend Achievers Portfolio PID PIDIV 19.38 1,355 301 70 0.56 - International Developed Markets Equity Broad Market FlexShares Morningstar Developed Markets ex-us Factor Tilt Index Fund TLTD TLTDIV 64.80 645 26 2,924 0.42 - ishares Core MSCI EAFE ETF IEFA IEFAIV 60.52 2,579 310 2,482 0.14 125 Vanguard FTSE Developed Markets ETF VEA VEAIV 41.55 23,659 2,926 1,371 0.09 126 ishares MSCI Kokusai ETF TOK TOKIV 55.04 495 11 1,305 0.25 - SPDR S&P World ex-us ETF GWL GWLIV 29.58 905 121 1,287 0.34 - Schwab International Equity ETF SCHF SCHFIV 32.30 2,588 288 1,182 0.08 127 PowerShares FTSE RAFI Developed Markets ex-us Portfolio PXF PXFIV 44.10 837 66 1,026 0.47 - SPDR MSCI World Quality Mix ETF QWLD QWLDIV 61.13 6 3 1,037 0.30 - ishares MSCI EAFE ETF EFA EFAIV 66.51 54,710 12,657 924 0.34 128 Deutsche X-trackers MSCI EAFE Hedged Equity ETF DBEF DBEFIV 27.57 595 82 905 0.35 - ishares Currency Hedged MSCI EAFE ETF HEFA HEFAIV 24.95 2 0 2 0.39 - WisdomTree DEFA Fund DWM DWMIV 54.83 604 21 800 0.48 - SPDR MSCI EAFE Quality Mix ETF QEFA QEFAIV 59.50 6 0 552 0.30 - PowerShares S&P International Developed High Quality Portfolio IDHQ IDHQIV 20.31 17 7 254 0.55 - First Trust Dev Markets Ex-US AlphaDEX FDT FDTIV 51.97 129 17 302 0.80 - PowerShares S&P International Developed Low Volatility Portfolio IDLV IDLVIV 33.41 259 39 206 0.25 - ishares MSCI EAFE Minimum Volatility ETF EFAV EFAVIV 65.35 1,278 94 216 0.20 - PowerShares S&P International Developed High Beta Portfolio IDHB IDHBIV 30.60 3 2 200 0.25 - PowerShares DWA Developed Markets Momentum Portfolio PIZ PIZIV 25.73 595 191 111 0.81 - BLDRS Developed Markets 100 ADR Index ADRD ADRDI 24.87 57 4 98 0.30 - First Trust Dorsey Wright International Focus 5 ETF IFV IFVIV 19.76 6 0 na 1.10 - Large-Cap Schwab Fundamental International Large Company Index ETF FNDF FNDFIV 28.68 123 32 828 0.32 - WisdomTree International LargeCap Dividend Fund DOL DOLIV 52.19 349 26 259 0.48 - ishares Enhanced International Large-Cap ETF IEIL IEILIV 25.41 33 9 178 0.35 - EGShares Blue Chip ETF BCHP BCHPIV 20.29 8 11 30 0.60 - Mid-Cap WisdomTree International MidCap Dividend Fund DIM DIMIV 60.40 153 7 591 0.58 - SPDR S&P International Mid Cap ETF MDD MDDIV 33.78 71 18 625 0.45 - SMID-Cap PowerShares FTSE RAFI Developed Markets ex-us Small-Mid Portfolio PDN PDNIV 29.04 115 9 1,521 0.50 - Small-Cap - SPDR S&P International Small Cap ETF GWX GWXIV 34.84 831 96 2,225 0.59 - ishares MSCI EAFE Small-Cap ETF SCZ SCZIV 51.15 3,888 449 1,513 0.40 129 Schwab International Small-Cap Equity ETF SCHC SCHCIV 33.28 400 37 1,425 0.19 130 Schwab Fundamental International Small Company Index ETF FNDC FNDCIV 28.58 37 8 1,326 0.48 - ishares Developed Small-Cap ex rth America ETF IFSM IFSMIV 45.37 45 11 1,206 0.50 - WisdomTree International SmallCap Dividend Fund DLS DLSIV 64.00 994 46 830 0.58 - ishares Enhanced International Small-Cap ETF IEIS IEISIV 24.83 10 5 420 0.49 - First Trust Developed Markets ex-us Small Cap AlphaDEX Fund FDTS FDTSIV 37.74 6 3 405 0.80 - Growth ishares MSCI EAFE Growth ETF EFG EFGIV 70.48 1,693 75 557 0.40 131 WisdomTree Global ex-u.s. Dividend Growth Fund DNL DNLIV 53.29 64 3 276 0.58 - Value ishares MSCI EAFE Value ETF EFV EFVIV 56.72 2,722 152 490 0.40 132 Cambria Foreign Shareholder Yield ETF FYLD FYLDIV 26.53 83 27 112 0.59 - Sector & Industry SPDR S&P International Consumer Discretionary Sector ETF IPD IPDIV 38.58 19 1 160 0.50 -, UBS CIO WMR. te: Number of securities only includes long positions. UBS CIO WM Research 25 August 2014 12
As of 20 August 2014 Intraday 1,403 NAV Price Assets ADTV # of Expense Actively Options Page ($/share) (USD Mil) (1,000/shrs) Securities Ratio (%) Managed Available Number SPDR S&P International Consumer Staples Sector ETF IPS IPSIV - 45 4 135 0.50 - SPDR S&P International Energy Sector ETF IPW IPWIV 27.51 22 10 130 0.50 - SPDR S&P International Financial Sector ETF IPF IPFIV 22.66 11 7 133 0.50 - First Trust FTSE EPRA/NAREIT Developed Markets Real Estate Index Fund FFR FFRIV 44.33 117 13 312 0.60 - ishares International Developed Real Estate ETF IFGL IFGLIV 32.31 834 102 199 0.48 - ishares International Developed Property ETF WPS WPSIV 39.37 185 11 348 0.48 - SPDR S&P International Health Care Sector ETF IRY IRYIV 48.25 68 8 126 0.50 - SPDR S&P International Industrial Sector ETF IPN IPNIV 31.44 27 6 196 0.50 - SPDR S&P International Materials Sector ETF IRV IRVIV - 8 2 201 0.50 - SPDR S&P International Technology Sector ETF IPK IPKIV 32.21 13 3 134 0.50 - SPDR S&P International Telecommunications Sector ETF IST ISTIV 26.33 41 16 64 0.50 - SPDR S&P International Utilities Sector ETF IPU IPUIV 19.49 72 14 126 0.50 - Dividend - WisdomTree DEFA Equity Income Fund DTH DTHIV 48.18 338 24 418 0.58 - WisdomTree International Hedged Dividend Growth Fund IHDG IHDGIV 25.31 6 7 206 0.58 - ishares International Select Dividend ETF IDV IDVIV 38.54 4,567 794 114 0.50 - WisdomTree International Dividend ex-financials Fund DOO DOOIV 49.63 410 36 92 0.58 - ALPS International Sector Dividend Dogs ETF IDOG IDOGIV 30.07 160 48 51 0.50 - ProShares MSCI EAFE Dividend Growers ETF EFAD EFADIV - 4 0 na 0.50 - International Emerging Markets Equity Broad Market FlexShares Morningstar Emerging Markets Factor Tilt Index Fund TLTE TLTEIV 56.16 262 16 2,212 0.65 - ishares Core MSCI Emerging Market ETF IEMG IEMGIV 53.77 5,269 911 1,803 0.18 133 Vanguard FTSE Emerging Markets ETF VWO VWOIV 45.23 50,092 10,473 956 0.15 134 SPDR S&P Emerging Markets ETF GMM GMMIV 71.00 276 27 923 0.59 - ishares MSCI Emerging Markets ETF EEM EEMIV 45.06 43,883 43,350 855 0.67 135 Schwab Emerging Markets Equity ETF SCHE SCHEIV 27.36 1,262 289 684 0.14 - SPDR MSCI Emerging Markets Quality Mix ETF QEMM QEMMIV - 6 0 623 0.30 - Guggenheim MSCI Emerging Markets Equal ETF EWEM EWEMIV 36.74 15 11 525 0.70 - Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF DBEM DBEMIV 23.24 31 8 381 0.65 - PowerShares FTSE RAFI Emerging Markets Portfolio PXH PXHIV 22.56 401 87 349 0.49 - SPDR MSCI EM Beyond BRIC ETF EMBB EMBBIV 65.52 3 0 305 0.55 - VelocityShares Emerging Markets DR ETF EMDR EMDRIV - 3 0 305 0.65 - ishares MSCI Emerging Markets Minimum Volatility ETF EEMV EEMVIV 62.80 2,047 191 244 0.25 136 Market Vectors MSCI Emerging Markets Quality ETF QEM QEMIV - 6 0 207 0.50 - Global X Next Emerging & Frontier ETF EMFM EMFMIV 27.14 165 14 218 0.58 - PowerShares S&P Emerging Markets Low Volatility Portfolio EELV EELVIV 29.33 239 38 212 0.29 - PowerShares S&P Emerging Markets High Beta Portfolio EEHB EEHBIV 23.08 7 17 230 0.29 - First Trust Emerging Markets AlphaDEX FEM FEMIV 26.08 511 152 166 0.80 - EGShares Emerging Markets Core ETF EMCR EMCRIV 22.58 5 0 113 0.70 - PowerShares DWA Emerging Markets Momentum Portfolio PIE PIEIV 19.60 346 116 110 0.90 - EGShares Beyond BRICs ETF BBRC BBRCIV 22.98 270 94 92 0.58 - Large-Cap Schwab Fundamental Emerging Markets Large Company Index ETF FNDE FNDEIV 28.78 37 14 302 0.47 - Shares Madrona International ETF FWDI FWDIIV - 19 11 257 1.25 - SPDR MSCI EM 50 ETF EMFT EMFTIV 52.70 3 0 55 0.50 - BLDRS Emerging Markets 50 ADR Index ADRE ADREI 42.81 229 14 51 0.30 - Shares WCM/BNY Mellon Focused Growth ADR ETF AADR AADRIV 38.36 12 7 30 1.26 - Small-Cap SPDR S&P Emerging Markets Small Cap ETF EWX EWXIV 50.63 649 105 761 0.65 - ishares MSCI Emerging Markets Small-Cap ETF EEMS EEMSIV 51.27 43 5 695 0.67 - WisdomTree Emerging Markets Small Cap Dividend Fund DGS DGSIV 49.18 2,025 129 574 0.63 137 First Trust Emerging Markets Small Cap AlphaDEX Fund FEMS FEMSIV 38.77 76 45 211 0.80 - Growth ishares MSCI Emerging Markets Growth ETF EGRW EGRWIV 58.93 6 5 420 0.49 - Value - ishares MSCI Emerging Markets Value ETF EVAL EVALIV 50.97 25 3 477 0.49 - Sector & Industry ishares MSCI Emerging Markets Consumer Discretionary ETF EMDI EMDIIV 60.34 6 3 100 0.67 - Emerging Global Shares DJ Emerging Markets Consumer Titans Index Fund ECON ECONIV 28.50 1,362 150 31 0.84 138 WisdomTree Emerging Markets Consumer Growth Fund EMCG EMCGIV 26.61 21 6 206 0.63 - EGShares Emerging Markets Domestic Demand ETF EMDD EMDDIV - 27 3 51 0.85 - ishares MSCI Emerging Markets Energy Capped ETF EMEY EMEYIV - 2 2 62 0.67 - ishares Emerging Markets Infrastructure ETF EMIF EMIFIV 37.01 109 12 40 0.75 - PowerShares Emerging Markets Infrastructure Portfolio PXR PXRIV 39.34 43 5 98 0.76 - Dividend - WisdomTree Emerging Markets Equity Income Fund DEM DEMIV 53.16 3,966 327 310 0.63 139 Market Vectors MSCI Emerging Markets Quality Dividend ETF QDEM QDEMIV - 6 0 165 0.50 - WisdomTree Emerging Markets Dividend Growth Fund DGRE DGREIV 27.55 33 11 161 0.63 - SPDR S&P Emerging Markets Dividend EDIV EDIVIV 40.54 530 58 125 0.59 - ishares Emerging Markets Dividend ETF DVYE DVYEIV 49.53 264 69 113 0.49 - EGShares Emerging Markets Dividend Growth ETF EMDG EMDGIV - 1 0 51 0.85 - EGShares EM Dividend High Income ETF EMHD EMHDIV 20.30 5 5 51 0.85 - ALPS Emerging Sector Dividend Dogs ETF EDOG EDOGIV 27.92 7 5 50 0.60 - EGShares Low Volatility Emerging Markets Dividend ETF HILO HILOIV 17.14 51 16 31 0.85 - Frontier ishares MSCI Frontier 100 ETF FM FMIV 38.68 791 363 133 0.79 140 Guggenheim Frontier Markets ETF FRN FRNIV 17.04 95 36 36 0.70 - EMEA ishares MSCI Emerging Markets EMEA ETF EEME EEMEIV 52.01 10 2 164 0.49 - BRIC ishares MSCI BRIC ETF BKF BKFIV 41.27 402 104 306 0.67 141 Guggenheim BRIC ETF EEB EED 37.82 182 19 122 0.64 - SPDR S&P BRIC 40 ETF BIK BIKIV 25.51 186 86 45 0.50 - BICK First Trust BICK Index Fund BICK BICKIV 27.34 19 2 94 0.64 - International Region & Country Equity Asia Pacific Broad Market Vanguard FTSE Pacific ETF VPL VPLIV 63.13 2,864 341 821 0.12 142 ishares Core MSCI Pacific ETF IPAC IPACIV 51.95 109 58 824 0.14 - ishares MSCI Emerging Markets Asia ETF EEMA EEMAIV 62.63 81 37 542 0.49 - SPDR S&P Emerging Asia Pacific ETF GMF GMFIV 88.58 530 57 352 0.59 - VelocityShares Emerging Asia DR ETF ASDR ASDRIV - 9 0 150 0.65 -, UBS CIO WMR. te: Number of securities only includes long positions. UBS CIO WM Research 25 August 2014 13
As of 20 August 2014 Intraday 1,403 NAV Price Assets ADTV # of Expense Actively Options Page ($/share) (USD Mil) (1,000/shrs) Securities Ratio (%) Managed Available Number ishares Asia 50 ETF AIA AIAIV 51.14 336 33 53 0.50 - BLDRS Asia 50 ADR Index ADRA ADRAI 30.99 28 8 51 0.30 - SPDR S&P Small Cap Em Asia Pacific ETF GMFS GMFSIV 45.40 5 3 488 0.65 - Asia Pacific ex-japan ishares MSCI All Country Asia ex Japan ETF AAXJ AAXJIV 66.05 2,871 490 615 0.67 143 Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF DBAP DBAPIV - 7 0 385 0.60 - WisdomTree Asia-Pacific ex-japan Fund AXJL AXJLIV 72.90 51 3 231 0.48 - PowerShares FTSE RAFI Asia Pacific ex-japan Portfolio PAF PAFIV 60.56 48 3 212 0.49 - ishares MSCI Pacific ex-japan Fund EPP EPPIV 51.51 3,482 465 149 0.50 144 First Trust Asia Pac Ex-Jap AlphaDEX FPA FPAIV 32.24 129 18 101 0.80 - Global X Southeast Asia ETF ASEA ASEAIV 17.49 31 10 43 0.65 - ishares MSCI Asia ex Japan Minimum Volatility ETF AXJV AXJVIV 53.39 5 2 179 0.35 - ishares MSCI All Country Asia ex Japan Small-Cap ETF AXJS AXJSIV - 6 4 746 0.75 - First Trust ISE Chindia Index Fund FNI FNIIV 32.22 66 8 51 0.60 - Global X Central Asia & Mongolia Index ETF AZIA AZIAIV 14.41 3 2 20 0.69 - Sector & Industry ishares Asia Developed Real Estate ETF IFAS IFASIV 33.65 24 3 83 0.48 - ishares MSCI All Country Asia Information Technology ETF AAIT AAITIV 34.68 7 4 98 0.69 - Dividend ishares Asia/Pacific Dividend ETF DVYA DVYAIV 59.06 53 5 36 0.49 - Australia ishares MSCI Australia ETF EWA EWAIV 27.07 2,018 1,297 73 0.51 145 SPDR MSCI Australia Quality Mix ETF QAUS QAUSIV 62.54 6 0 71 0.30 - WisdomTree Australia Dividend Fund AUSE AUSEIV 64.02 57 3 67 0.58 - First Trust Australia AlphaDEX Fund FAUS FAUSIV 34.59 2 6 41 0.80 - IQ Australia Small Cap ETF KROO KROOIV 20.15 9 3 100 0.69 - ishares MSCI Australia Small-Cap ETF EWAS EWASIV 22.20 3 3 164 0.59 - China SPDR S&P China ETF GXC GXCIV 82.77 982 114 282 0.59 146 Guggenheim China All-Cap ETF YAO YAOIV 29.21 55 14 244 0.70 - ishares FTSE China ETF FCHI FCHIIV 51.74 31 2 181 0.73 - KraneShares CSI New China ETF KFYP KFYPIV 70.70 4 0 202 0.68 - Deutsche X-trackers Harvest MSCI All China Equity ETF CN CNIV 29.23 6 3 148 0.71 - ishares MSCI China ETF MCHI MCHIIV 51.18 1,149 365 144 0.61 147 PowerShares Golden Dragon China Portfolio PGJ PGJIV 33.49 301 80 74 0.70 - WisdomTree China Dividend ex-financials Fund CHXF CHXFIV 56.82 20 3 69 0.63 - First Trust China AlphaDEX FCA FCAIV 24.03 6 4 52 0.80 - ishares China Large-Cap ETF FXI FXIIV 41.21 5,844 15,843 28 0.73 148 Guggenheim China Small Cap ETF HAO HAOIV 27.48 223 56 264 0.75 - ishares MSCI China Small-Cap ETF ECNS ECNSIV 48.60 34 11 368 0.61 - China A-Shares Deutsche X-trackers Harvest CSI 300 China A-Shares ETF ASHR ASHRIV 25.00 313 243 300 0.82 - Market Vectors ChinaAMC A-Share ETF PEK PEKIV 31.63 27 7 304 0.72 - KraneShares Bosera MSCI China A Share ETF KBA KBAIV 33.59 3 5 443 0.85 - PowerShares China A-Share Portfolio CHNA CHNAIV - 2 0 9 0.51 - Market Vectors ChinaAMC SME-ChiNext ETF CNXT CNXTIV 27.66 6 0 na 0.68 - Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF ASHS ASHSIV 30.68 6 9 496 0.82 - China Sector & Industry Global X China Consumer ETF CHIQ CHIQIV 14.95 151 60 43 0.65 - Global X China Energy ETF CHIE CHIEIV - 4 2 37 0.65 - Global X China Financials ETF CHIX CHIXIV 13.79 53 63 42 0.65 - Guggenheim China Real Estate ETF TAO TAOIV 22.63 25 21 52 0.70 - Global X China Industrials ETF CHII CHIIIV - 3 2 43 0.65 - Global X China Materials ETF CHIM CHIMIV - 5 5 34 0.65 - KraneShares CSI China Internet ETF KWEB KWEBIV 40.16 104 59 43 0.68 - Guggenheim China Technology ETF CQQQ CQQQIV 38.95 80 19 56 0.70 - Global X NASDAQ China Technology ETF QQQC QQQCIV 24.79 23 10 33 0.65 - Emerging Global Shares INDXX China Infrastructure Index Fund CHXX CHXXIV - 7 5 32 0.85 - Hong Kong ishares MSCI Hong Kong ETF EWH EWHIV 22.67 2,729 2,856 42 0.51 149 First Trust Hong Kong AlphaDEX Fund FHK FHKIV - 8 9 42 0.80 - ishares MSCI Hong Kong Small-Cap ETF EWHS EWHSIV 30.33 6 4 90 0.59 - India WisdomTree India Earnings Fund EPI EPIIV 22.82 1,948 4,193 170 0.83 150 ishares MSCI India ETF INDA INDAIV 30.89 1,410 427 71 0.67 151 PowerShares India Portfolio PIN PINIV 22.18 558 936 52 0.82 - ishares India 50 ETF INDY INDYIV 30.09 646 256 54 0.94 - ishares MSCI India Small-Cap ETF SMIN SMINIV 31.20 11 12 147 0.74 - Market Vectors India Small-Cap Index ETF SCIF SCIFIV 46.75 348 301 95 0.93 - Emerging Global Shares INDXX India Small Cap Index Fund SCIN SCINIV 16.42 31 45 57 0.85 - India Sector & Industry EG Shares India Consumer ETF INCO INCOIV 29.66 7 3 31 0.89 - Emerging Global Shares INDXX India Infrastructure Index Fund INXX INXXIV 14.15 61 130 30 0.85 - Indonesia ishares MSCI Indonesia ETF EIDO EIDOIV 29.26 569 619 106 0.61 - Market Vectors Indonesia Index ETF IDX IDXIV 27.07 249 200 57 0.57 - Market Vectors Indonesia Small-Cap ETF IDXJ IDXJIV - 8 22 42 0.61 - Japan SPDR Russell/mura PRIME Japan ETF JPP JPPIV 46.13 28 37 440 0.50 - WisdomTree Japan Hedged Equity Fund DXJ DXJIV 50.20 9,954 3,727 304 0.48 152 ishares MSCI Japan ETF EWJ EWJIV 11.95 14,933 23,983 310 0.50 153 Deutsche X-trackers MSCI Japan Hedged Equity ETF DBJP DBJPIV 37.30 539 105 312 0.45 154 ishares Currency Hedged MSCI Japan ETF HEWJ HEWJIV 25.29 33 28 2 0.48 - ishares MSCI Japan Minimum Volatility ETF JPMV JPMVIV 52.91 11 4 172 0.30 - SPDR MSCI Japan Quality Mix ETF QJPN QJPNIV 61.33 6 3 272 0.30 - MAXIS Nikkei 225 Index Fund NKY NKYIV 17.72 88 197 229 0.50 - ishares Japan Large-Cap ETF ITF ITFIV 51.10 77 7 152 0.50 - First Trust Japan AlphaDEX FJP FJPIV 48.37 132 53 101 0.80 - ishares MSCI Japan Small-Cap ETF SCJ SCJIV 56.85 170 23 788 0.50 - WisdomTree Japan Hedged SmallCap Equity Fund DXJS DXJSIV 31.09 90 33 595 0.58 - WisdomTree Japan SmallCap Dividend Fund DFJ DFJIV 53.46 315 34 588 0.58 - SPDR Russell/mura Small Cap Japan ETF JSC JSCIV 52.09 75 5 704 0.55 - Japan Sector & Industry - WisdomTree Japan Hedged Capital Goods Fund DXJC DXJCIV - 4 0 107 0.43 -, UBS CIO WMR. te: Number of securities only includes long positions. UBS CIO WM Research 25 August 2014 14
As of 20 August 2014 Intraday 1,403 NAV Price Assets ADTV # of Expense Actively Options Page ($/share) (USD Mil) (1,000/shrs) Securities Ratio (%) Managed Available Number WisdomTree Japan Hedged Financials Fund DXJF DXJFIV - 6 9 82 0.43 - WisdomTree Japan Hedged Real Estate Fund DXJR DXJRIV 26.92 20 15 83 0.43 - WisdomTree Japan Hedged Health Care Fund DXJH DXJHIV 27.54 3 0 53 0.43 - WisdomTree Japan Hedged Tech, Media and Telecom Fund DXJT DXJTIV - 4 2 96 0.43 - Malaysia ishares MSCI Malaysia ETF EWM EWMIV 16.17 788 1,240 45 0.51 - New Zealand ishares MSCI New Zealand Capped ETF ENZL ENZLIV 40.52 158 34 32 0.51 - Philippines ishares MSCI Philippines ETF EPHE EPHEIV 38.53 339 287 43 0.61 - Singapore - ishares MSCI Singapore ETF EWS EWSIV 13.92 981 1,024 32 0.51 155 ishares MSCI Singapore Small-Cap ETF EWSS EWSSIV 28.88 14 3 87 0.59 - South Korea Horizons Korea KOSPI 200 ETF HKOR HKORIV - 6 1 193 0.38 - ishares MSCI South Korea Capped ETF EWY EWYIV 66.31 4,801 1,872 104 0.61 156 Deutsche X-trackers MSCI South Korea Hedged Equity ETF DBKO DBKOIV - 5 0 104 0.58 - First Trust South Korea AlphaDEX FKO FKOIV - 4 5 52 0.80 - WisdomTree Korea Hedged Equity Fund DXKW DXKWIV 23.16 9 7 45 0.58 - Taiwan ishares MSCI Taiwan ETF EWT EWTIV 16.24 3,247 6,406 107 0.61 157 First Trust Taiwan AlphaDEX Fund FTW FTWIV 38.26 6 16 42 0.80 - Thailand ishares MSCI Thailand Capped ETF THD THDIV 83.01 562 213 129 0.61 - Vietnam Market Vectors Vietnam ETF VNM VNMIV 21.98 595 292 30 0.72 - Europe Broad Market ishares Core MSCI Europe ETF IEUR IEURIV 47.53 104 63 858 0.14 - Deutsche X-trackers MSCI Europe Hedged Equity ETF DBEU DBEUIV 26.88 211 106 439 0.45 - ishares MSCI Europe Minimum Volatility ETF EUMV EUMVIV 24.50 5 8 127 0.25 - Vanguard FTSE Europe ETF VGK VGKIV 57.21 15,390 3,742 516 0.12 158 ishares Europe ETF IEV IEVIV 46.33 3,390 804 360 0.60 - First Trust Europe AlphaDEX FEP FEPIV 32.00 773 260 200 0.80 - WisdomTree Europe Dividend Growth Fund EUDG EUDGIV - 15 4 202 0.58 - BLDRS Europe 100 ADR Index ADRU ADRUI 24.84 19 6 87 0.30 - SPDR STOXX Europe 50 FEU FEUIV 37.78 289 78 56 0.29 - First Trust STOXX European Select Dividend Index Fund FDD FDDIV 14.26 172 155 33 0.60 - WisdomTree Europe SmallCap Dividend Fund DFE DFEIV 56.18 1,236 414 345 0.58 159 Eurozone ishares MSCI EMU Index Fund EZU EZUIV 39.30 8,675 4,780 246 0.50 160 ishares Currency Hedged MSCI EMU ETF HEZU HEZUIV - 4 0 2 0.51 - WisdomTree Europe Hedged Equity Fund HEDJ HEDJIV 56.67 2,193 528 124 0.58 161 SPDR EURO STOXX 50 FEZ FEZIV 40.09 5,322 1,794 54 0.29 - SPDR EURO STOXX Small Cap ETF SMEZ SMEZIV 53.04 8 8 99 0.45 - Emerging Europe SPDR S&P Emerging Europe ETF GUR GURIV 38.03 80 38 114 0.59 - ishares MSCI Emerging Markets Eastern Europe ETF ESR ESRIV 23.75 157 24 56 0.67 - Region Global X FTSE rdic Region ETF GXF GXFIV 25.36 65 7 35 0.50 - Sector & Industry ishares MSCI Europe Financials ETF EUFN EUFNIV 23.80 433 224 109 0.48 - ishares Europe Developed Real Estate ETF IFEU IFEUIV 37.21 52 13 93 0.48 - Austria ishares MSCI Austria Capped ETF EWO EWOIV 17.55 63 131 32 0.51 - Belgium ishares MSCI Belgium Capped ETF EWK EWKIV 16.91 158 213 44 0.50 - Denmark - ishares MSCI Denmark Capped ETF EDEN EDENIV 50.80 61 13 41 0.53 - Finland - ishares MSCI Finland Capped ETF EFNL EFNLIV 34.51 36 11 40 0.53 - France ishares MSCI France ETF EWQ EWQIV 26.98 287 602 75 0.51 162 Germany WisdomTree Germany Hedged Equity Fund DXGE DXGEIV 26.26 12 8 75 0.48 - ishares MSCI Germany ETF EWG EWGIV 28.79 4,817 4,107 57 0.51 163 Deutsche X-trackers MSCI Germany Hedged Equity ETF DBGR DBGRIV 24.62 42 11 55 0.45 - ishares Currency Hedged MSCI Germany ETF HEWG HEWGIV 23.37 49 36 2 0.53 - SPDR MSCI Germany Quality Mix ETF QDEU QDEUIV - 6 0 56 0.30 - First Trust Germany AlphaDEX Fund FGM FGMIV 37.96 47 22 42 0.80 - ishares MSCI Germany Small-Cap ETF EWGS EWGSIV 38.85 41 13 112 0.59 - Market Vectors Germany Small-Cap ETF GERJ GERJIV 29.27 4 5 84 0.55 - Greece Global X FTSE Greece 20 ETF GREK GREKIV 20.70 250 516 25 0.61 - Ireland ishares MSCI Ireland Capped ETF EIRL EIRLIV 34.77 135 82 26 0.50 - Italy ishares MSCI Italy Capped ETF EWI EWIIV 15.47 1,499 4,251 28 0.50 164 Netherlands - ishares MSCI Netherlands ETF EWN EWNIV 24.25 163 170 54 0.50 - rway - ishares MSCI rway Capped ETF ENOR ENORIV 31.79 22 12 61 0.53 - Global X MSCI rway ETF NORW NORWIV 17.25 209 151 61 0.50 165 Poland ishares MSCI Poland Capped ETF EPOL EPOLIV 28.89 314 362 45 0.61 - Market Vectors Poland ETF PLND PLNDIV 22.24 27 10 32 0.61 - Portugal Global X FTSE Portugal 20 ETF PGAL PGALIV 14.43 45 76 21 0.61 - Russia SPDR S&P Russia ETF RBL RBLIV 24.49 25 18 53 0.59 - Market Vectors Russia Index ETF RSX RSXIV 25.14 1,683 6,166 51 0.63 166 VelocityShares Russia Select DR ETF RUDR RUDRIV 49.00 2 0 37 0.65 - ishares MSCI Russia Capped ETF ERUS ERUSIV 19.24 293 502 23 0.61 167 Market Vectors Russia Small-Cap ETF RSXJ RSXJIV 33.34 57 63 33 0.67 -, UBS CIO WMR. te: Number of securities only includes long positions. UBS CIO WM Research 25 August 2014 15
As of 20 August 2014 Intraday 1,403 NAV Price Assets ADTV # of Expense Actively Options Page ($/share) (USD Mil) (1,000/shrs) Securities Ratio (%) Managed Available Number Spain ishares MSCI Spain Capped ETF EWP EWPIV 39.85 2,441 1,105 25 0.51 168 SPDR MSCI Spain Quality Mix ETF QESP QESPIV - 8 0 28 0.30 - Sweden ishares MSCI Sweden ETF EWD EWDIV 34.10 405 235 33 0.51 - Switzerland First Trust Switzerland AlphaDEX Fund FSZ FSZIV 41.63 50 7 41 0.80 - ishares MSCI Switzerland Capped Index Fund EWL EWLIV 33.33 1,062 369 40 0.51 169 Turkey ishares MSCI Turkey ETF TUR TURIV 54.07 508 322 90 0.61 170 United Kingdom WisdomTree United Kingdom Hedged Equity Fund DXPS DXPSIV 26.12 22 7 157 0.48 - ishares MSCI United Kingdom ETF EWU EWUIV 20.38 4,207 2,203 113 0.51 171 Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF DBUK DBUKIV - 5 0 108 0.45 - SPDR MSCI United Kingdom Quality Mix ETF QGBR QGBRIV - 6 0 110 0.30 - First Trust United Kingdom AlphaDEX Fund FKU FKUIV 40.88 53 10 77 0.80 - ishares MSCI United Kingdom Small-Cap ETF EWUS EWUSIV 40.31 41 9 251 0.59 - Latin America Broad Market SPDR S&P Emerging Latin America ETF GML GMLIV 67.87 55 5 173 0.59 - ishares MSCI Emerging Markets Latin America ETF EEML EEMLIV 47.59 14 2 143 0.49 - First Trust Latin America AlphaDEX FLN FLNIV - 7 2 52 0.80 - ishares Latin America 40 ETF ILF ILFIV 41.04 1,273 600 44 0.49 172 Market Vectors Latin America Small-Cap Index ETF LATM LATMIV - 9 2 175 0.63 - Region Global X FTSE Andean 40 ETF AND ANDIV 11.34 10 3 45 0.72 - Argentina - Global X MSCI Argentina ETF ARGT ARGTIV 20.98 34 35 30 0.75 - Brazil Deutsche X-trackers MSCI Brazil Hedged Equity ETF DBBR DBBRIV 16.06 6 6 74 0.60 - ishares MSCI Brazil Capped ETF EWZ EWZIV 51.04 4,992 15,457 75 0.61 173 First Trust Brazil AlphaDEX FBZ FBZIV 20.68 5 2 51 0.80 - Global X Brazil Mid Cap ETF BRAZ BRAZIV 13.75 9 5 44 0.69 - ishares MSCI Brazil Small-Cap ETF EWZS EWZSIV 19.81 39 13 87 0.61 - Market Vectors Brazil Small-Cap ETF BRF BRFIV 29.97 145 62 85 0.60 - Brazil Sector & Industry Emerging Global Shares INDXX Brazil Infrastructure Index Fund BRXX BRXXIV 16.81 30 38 32 0.85 - Global X Brazil Consumer ETF BRAQ BRAQIV 18.13 14 5 40 0.77 - Global X Brazil Financials ETF BRAF BRAFIV 12.69 3 2 30 0.77 - Chile ishares MSCI Chile Capped ETF ECH ECHIV 43.71 336 203 39 0.61 174 Colombia Global X MSCI Colombia GXG GXGIV 20.22 117 78 27 0.61 175 Market Vectors Colombia ETF COLX COLXIV - 4 4 27 0.75 - ishares MSCI Colombia Capped ETF ICOL ICOLIV 27.91 25 3 27 0.61 - Mexico ishares MSCI Mexico Capped ETF EWW EWWIV 71.15 3,232 1,852 60 0.50 176 Deutsche X-trackers MSCI Mexico Hedged Equity ETF DBMX DBMXIV - 5 0 56 0.50 - Peru ishares MSCI All Peru Capped ETF EPU EPUIV 36.46 257 65 27 0.61 - Middle East & Africa Region Market Vectors Africa Index ETF AFK AFKIV 33.50 132 40 118 0.81 - SPDR S&P Emerging Middle East & Africa ETF GAF GAFIV 75.20 68 8 135 0.59 - Market Vectors Gulf States Index ETF MES MESIV 33.52 29 30 59 0.98 - WisdomTree Middle East Dividend Fund GULF GULFIV 23.69 57 65 70 0.88 - Egypt Market Vectors Egypt Index ETF EGPT EGPTIV 72.88 71 16 29 0.98 - Israel Market Vectors Israel ETF ISRA ISRAIV 30.82 49 7 116 0.59 - ishares MSCI Israel Capped ETF EIS EISIV 50.32 118 36 54 0.61 - Nigeria Global X MSCI Nigeria ETF NGE NGEIV 15.53 20 27 35 0.68 - Qatar ishares MSCI Qatar Capped ETF QAT QATIV 26.59 38 45 27 0.61 - South Africa ishares MSCI South Africa ETF EZA EZAIV 70.24 585 356 52 0.61 177 United Arab Emirates ishares MSCI UAE Capped ETF UAE UAEIV 24.07 53 71 27 0.61 - rth America Canada ishares MSCI Canada ETF EWC EWCIV 32.42 3,752 920 98 0.51 178 SPDR MSCI Canada Quality Mix ETF QCAN QCANIV 62.18 6 3 97 0.30 - First Trust Canada AlphaDEX Fund FCAN FCANIV 38.37 159 19 41 0.80 - ishares MSCI Canada Small-Cap ETF EWCS EWCSIV - 4 3 245 0.59 - IQ Canada Small Cap ETF CNDA CNDAIV 25.16 23 9 103 0.70 - Guggenheim Canadian Energy Income ETF ENY ENYIV 16.76 51 28 44 0.70 - Global Equity Broad Market Vanguard Total World Stock Index ETF VT VTIV 62.29 3,650 265 6,353 0.18 179 ishares MSCI ACWI ETF ACWI ACWIIV 60.50 6,151 949 1,310 0.34 180 SPDR MSCI ACWI IMI ETF ACIM ACIMIV - 59 13 780 0.25 - ishares MSCI All Country World Minimum Volatility ETF ACWV ACWVIV 68.00 1,277 78 349 0.34 - ishares MSCI World ETF URTH URTHIV 72.84 167 19 1,173 0.24 - SPDR Global Dow ETF DGT DGTIV 72.26 116 3 168 0.50 - JPMorgan Diversified Return Global Equity ETF JPGE JPGEIV 50.93 15 4 na 0.38 - ALPS Workplace Equality Portfolio EQLT EQLTIV 26.38 7 1 164 0.75 - ishares Global 100 ETF IOO IOOIV 78.44 1,718 46 110 0.40 181 Huntington EcoLogical Strategy ETF HECO HECOIV 36.00 13 3 61 0.95 - Russell Equity ETF ONEF ONEFIV 37.19 9 33 21 0.51 - Shares Accuvest Global Opportunities ETF ACCU ACCUIV - 26 8 7 1.81 - Value Cambria Global Value ETF GVAL GVALIV 24.27 64 56 105 0.69 - Sector & Industry, UBS CIO WMR. te: Number of securities only includes long positions. UBS CIO WM Research 25 August 2014 16
As of 20 August 2014 Intraday 1,403 NAV Price Assets ADTV # of Expense Actively Options Page ($/share) (USD Mil) (1,000/shrs) Securities Ratio (%) Managed Available Number Consumer Discretionary ishares Global Consumer Discretionary ETF RXI RXIIV 83.73 213 21 183 0.48 - First Trust NASDAQ Global Auto Index Fund CARZ CARZIV 39.77 65 12 39 0.70 - Market Vectors Gaming Index ETF BJK BJKIV 49.17 54 21 49 0.65 - Market Vectors Retail ETF RTH RTHIV 61.87 72 25 26 0.35 - Consumer Staples ishares Global Consumer Staples ETF KXI KXIIV 89.17 611 20 112 0.48 - Energy ishares MSCI Global Energy Producers ETF FILL FILLIV 27.65 8 10 246 0.39 - ishares Global Energy ETF IXC IXCIV 47.00 1,091 174 100 0.48 - PowerShares WilderHill Progressive Energy Portfolio PUW PUWIV 32.99 46 6 63 0.70 - Market Vectors Oil Services ETF OIH OIHIV 54.55 1,359 2,866 28 0.35 - Market Vectors Unconventional Oil & Gas ETF FRAK FRAKIV 32.32 97 44 63 0.54 182 Market Vectors Coal Index ETF KOL KOLIV 19.61 193 129 39 0.59 - IQ Global Oil Small Cap Equity ETF IOIL IOILIV - 2 1 70 0.76 - Financials ishares Global Financials ETF IXG IXGIV 57.30 298 32 240 0.48 - Market Vectors Bank and Brokerage ETF RKH RKHIV 56.10 16 1 27 0.36 - PowerShares Global Listed Private Equity Portfolio PSP PSPIV 11.74 607 494 73 2.19 - ProShares Global Listed Private Equity ETF PEX PEXIV 43.49 9 3 31 3.13 - Financials - REITs FlexShares Global Quality Real Estate Index Fund GQRE GQREIV - 28 6 155 0.45 - SPDR Dow Jones Global Real Estate ETF RWO RWOIV 47.68 1,503 163 222 0.50 - ishares Global REIT ETF REET REETIV 25.64 5 0 247 0.14 - Cohen & Steers Global Realty Majors ETF GRI GRIIV 44.05 101 8 77 0.55 - Health Care ishares Global Healthcare ETF IXJ IXJIV 95.54 1,192 68 96 0.48 - Market Vectors Biotech ETF BBH BBHIV 103.10 520 77 26 0.35 - Market Vectors Pharmaceutical ETF PPH PPHIV 61.28 379 95 27 0.35 - Industrials ishares Global Industrials ETF EXI EXIIV 72.00 288 30 205 0.48 - First Trust ISE Global Engineering & Construction Index Fund FLM FLMIV 51.26 23 4 67 0.70 - Information Technology ishares Global Tech ETF IXN IXNIV 92.20 736 38 117 0.48 - First Trust ISE Cloud Computing Index Fund SKYY SKYYIV 27.76 344 55 41 0.60 183 Market Vectors Semiconductor ETF SMH SMHIV 50.89 507 1,860 26 0.35 - Global X Social Media Index ETF SOCL SOCLIV 20.46 144 166 37 0.65 - First Trust NASDAQ CEA Smartphone Index FONE FONEIV 38.30 11 2 67 0.70 - Materials ishares Global Materials ETF MXI MXIIV 64.38 387 26 129 0.48 - ishares MSCI Global Metals & Mining Producers ETF PICK PICKIV 20.88 189 33 245 0.39 - Global X Junior Miners ETF JUNR JUNRIV 16.91 7 5 109 0.69 - PowerShares Global Gold & Precious Metals Portfolio PSAU PSAUIV 22.83 27 9 67 0.75 - ishares MSCI Global Gold Miners ETF RING RINGIV 11.22 71 56 43 0.39 - Market Vectors Gold Miners Index ETF GDX GMI 26.66 8,007 28,948 41 0.53 184 Global X Pure Gold Miners ETF GGGG GGGGIV 12.85 6 8 31 0.59 - Global X Gold Explorers ETF GLDX GLDXIV 15.34 50 51 22 0.65 - Sprott Gold Miners ETF SGDM SGDMIV 24.76 31 0 na 0.57 - Market Vectors Junior Gold Miners ETF GDXJ GDXJIV 41.51 2,623 6,958 67 0.57 - ishares MSCI Global Silver Miners ETF SLVP SLVPIV 12.86 12 10 37 0.39 - Global X Silver Miners ETF SIL SILIV 13.80 256 218 27 0.65 - PureFunds ISE Junior Silver (Small Cap Miners/Explorers) ETF SILJ SILJIV 13.25 9 23 25 0.69 - Market Vectors Rare Earth/Strategic Metals ETF REMX REMXIV 36.39 96 12 25 0.57 - First Trust ISE Global Copper Index CU CUIV 24.36 30 15 24 0.70 - Global X Copper Miners ETF COPX COPXIV 10.26 38 34 31 0.65 - Global X Lithium ETF LIT LITIV 13.50 58 23 22 0.75 - First Trust ISE Global Platinum Index PLTM PLTMIV 13.50 15 15 19 0.70 - Market Vectors Steel Index ETF SLX KLX 49.82 112 38 28 0.55 - Telecommuncation Services ishares Global Telecom ETF IXP IXPIV 63.55 473 50 44 0.48 - Utilities ishares Global Utilities ETF JXI JXIIV 48.51 233 49 76 0.48 - Deutsche X-trackers Regulated Utilities ETF UTLT UTLTIV - 8 0 64 0.45 - Other Sector & Industy Agriculture ishares MSCI Global Agriculture Producers ETF VEGI VEGIIV 27.64 47 9 141 0.39 - Market Vectors Agribusiness Index ETF MOO MOOIV 54.45 1,768 540 78 0.55 185 PowerShares Global Agriculture Portfolio PAGG PAGGIV 30.64 71 8 56 0.76 - Global X Fertilizers/Potash ETF SOIL SOILIV 11.71 19 6 27 0.69 - IQ Global Agribusiness Small Cap ETF CROP CROPIV 27.52 22 3 65 0.75 - Clean Energy PowerShares Global Clean Energy Portfolio PBD PBDIV 13.58 91 66 109 0.81 - PowerShares Cleantech Portfolio PZD PZDIV 31.58 84 6 62 0.67 - PowerShares WilderHill Clean Energy Portfolio PBW PBWIV 6.80 190 237 59 0.70 - ishares Global Clean Energy ETF ICLN ICLNIV 11.88 70 29 38 0.48 - Market Vectors Global Alternative Energy ETF GEX GEXIV 65.35 110 8 33 0.62 - Market Vectors Solar Energy Index ETF KWT KWTIV 83.22 25 4 34 0.66 - Guggenheim Solar ETF TAN TANIV 43.58 440 327 26 0.70 - First Trust ISE Global Wind Energy Index Fund FAN FANIV 12.58 110 94 49 0.60 - Infrastructure FlexShares STOXX Global Broad Infrastructure Index Fund NFRA NFRAIV 46.04 214 25 186 0.47 - ProShares DJ Brookfield Global Infrastructure ETF TOLZ TOLZIV 45.38 18 8 129 0.45 - ishares Global Infrastructure ETF IGF IGFIV 43.81 983 131 87 0.48 - SPDR S&P Global Infrastructure ETF GII GIIIV 50.23 141 5 86 0.40 - Natural Resources Market Vectors Natural Resources ETF HAP HAPIV 40.16 100 15 356 0.50 - IQ Global Resources ETF GRES GRESIV 29.29 89 9 155 0.77 - FlexShares Morningstar Global Upstream Natural Resources Index Fund GUNR GUNRIV 37.38 3,165 123 155 0.48 186 Global Commodity Equity ETF CRBQ CRBQIV 46.04 67 4 152 0.65 - ishares rth American Natural Resources ETF IGE IGEIV 48.52 2,416 196 150 0.48 188 SPDR S&P Global Natural Resources ETF GNR GNRIV 52.53 607 64 107 0.40 - WisdomTree Global Natural Resources Fund GNAT GNATIV 22.64 24 5 94 0.58 - Timber & Forestry ishares Global Timber & Forestry ETF WOOD WOODIV 51.25 302 22 38 0.48 -, UBS CIO WMR. te: Number of securities only includes long positions. UBS CIO WM Research 25 August 2014 17
As of 20 August 2014 Intraday 1,403 NAV Price Assets ADTV # of Expense Actively Options Page ($/share) (USD Mil) (1,000/shrs) Securities Ratio (%) Managed Available Number Guggenheim Timber ETF CUT CUTIV 24.38 232 35 28 0.70 - Water Guggenheim S&P Global Water Index ETF CGW CGWIV 29.02 367 52 50 0.70 187 PowerShares Global Water Portfolio PIO PIOIV 23.92 292 37 38 0.82 - Other Guggenheim Shipping ETF SEA SEAIV 22.82 112 29 25 0.65 - Robo-Stox Global Robotics and Automation Index ETF ROBO ROBOIV 27.30 106 27 92 0.95 - Market Vectors Uranium+Nuclear Energy Index ETF NLR NLRIV 51.21 75 4 55 0.60 - Global X Uranium ETF URA URAIV 15.03 271 236 26 0.69 - Market Vectors Environmental Services ETF EVX HVX - 20 1 30 0.55 - Dividend WisdomTree Global Equity Income Fund DEW DEWIV 48.92 122 6 511 0.58 - SPDR S&P Global Dividend ETF WDIV WDIVIV 68.40 27 3 115 0.40 - Global X SuperDividend ETF SDIV SDIVIV 25.84 1,126 298 113 0.58 - First Trust Dow Jones Global Select Dividend Index Fund FGD FGDIV 28.51 596 106 104 0.60 - Guggenheim S&P Global Dividend Opportunities Index ETF LVL LVLIV 13.88 103 35 100 0.90 - First Trust RBA Quality Income ETF QINC QINCIV 20.61 4 4 54 0.70 - Shares Athena High Dividend ETF DIVI DIVIIV 24.91 5 0 na 0.99 - U.S. Fixed Income Broad Market Vanguard Total Bond Market ETF BND BNDIV 82.18 21,471 1,712 16,057 0.08 189 ishares Core U.S. Aggregate Bond ETF AGG AGGIV 109.39 18,473 1,148 2,709 0.08 190 Schwab U.S. Aggregate Bond ETF SCHZ SCHZIV 51.88 819 109 1,828 0.06 - SPDR Barclays Aggregate Bond ETF LAG LAGIV 57.80 746 42 1,597 0.16 - PIMCO Total Return ETF BOND BONDIV 109.21 3,587 200 744 0.55 191 Columbia Core Bond ETF GMTB GMTBIV - 5 4 177 0.58 - ishares Yield Optimized Bond ETF BYLD BYLDIV - 8 2 7 0.28 - Short-Term ishares Core Short-Term USD Bond ETF ISTB ISTBIV 100.61 180 15 771 0.12 - PIMCO Enhanced Short Maturity Exchange-Traded Fund MINT MINTIV 101.45 3,839 252 619 0.35 192 ishares Short Maturity Bond Fund NEAR NEARIV 50.20 354 69 272 0.25 - PIMCO Low Duration Exchange-Traded Fund LDUR LDURIV 101.56 140 3 223 0.55 - Guggenheim Enhanced Short Duration ETF GSY GSYIV 50.17 713 126 199 0.28 193 Shares Sage Core Reserves ETF HOLD HOLDIV - 37 1 116 0.35 - FlexShares Ready Access Variable Income Fund RAVI RAVIIV 75.76 68 9 101 0.25 - Franklin Short Duration U.S. Government ETF FTSD FTSDIV - 28 0 77 0.30 - SPDR SSgA Ultra Short Term Bond ETF ULST ULSTIV 40.14 16 8 72 0.20 - ishares Liquidity Income ETF ICSH ICSHIV - 20 12 48 0.18 - First Trust Enhanced Short Maturity ETF FTSM FTSMIV - 3 0 30 0.35 - Long-Term ishares Core Long-Term USD Bond ETF ILTB ILTBIV 61.57 92 32 813 0.12 - Interest Rate Hedged WisdomTree Barclays U.S. Aggregate Bond Zero Duration Fund AGZD AGZDIV 49.70 5 9 117 0.23 - WisdomTree Barclays U.S. Aggregate Bond Negative Duration Fund AGND AGNDIV 46.95 5 10 114 0.28 - U.S. Treasury Broad Market ishares Core US Treasury Bond ETF GOVT GOVTIV 24.85 181 63 72 0.15 194 PowerShares 1-30 Laddered Treasury Portfolio PLW PLWIV 31.47 268 20 27 0.25 - Short-Term SPDR Lehman Short Term Treasury Bond ETF SST SSTIV 30.09 12 4 151 0.12 - SPDR Barclays 1-3 Month T-Bill ETF BIL BILIV 45.75 1,052 383 10 0.13 195 ishares Short Treasury Bond ETF SHV SHVIV 110.27 2,249 282 22 0.15 196 ishares 1-3 Year Treasury Bond ETF SHY SHYIV 84.54 9,138 1,196 74 0.15 197 Schwab Short-Term U.S. Treasury ETF SCHO SCHOIV 50.58 574 82 54 0.08 - PIMCO 1-3 Year U.S. Treasury Index ETF TUZ TUZIV 50.93 127 28 39 0.09 - Intermediate-Term SPDR Barclays Intermediate Term Treasury ETF ITE ITEIV 59.73 167 13 207 0.13 - Schwab Intermediate-Term U.S. Treasury ETF SCHR SCHRIV 53.15 218 29 69 0.10 - ishares 3-7 Year Treasury Bond ETF IEI IEIIV 121.77 3,885 321 44 0.15 198 PIMCO 3-7 Year U.S. Treasury Index ETF FIVZ FIVZIV - 13 1 37 0.15 - ishares 7-10 Year Treasury Bond ETF IEF IEFIV 104.17 7,838 2,708 16 0.15 199 PIMCO 7-15 Year U.S. Treasury Index ETF TENZ TENZIV 84.06 96 11 19 0.15 - Long-Term SPDR Barclays Long Term Treasury ETF TLO TLOIV 67.54 88 24 43 0.13 - ishares 10-20 Year Treasury Bond ETF TLH TLHIV 130.77 314 30 18 0.15 - ishares 20+ Year Treasury Bond ETF TLT TLTIV 115.99 4,060 7,823 26 0.15 200 Vanguard Extended Duration Treasury Index ETF EDV EDVIV 109.13 233 51 68 0.12 - PIMCO 25+ Year Zero Coupon U.S. Treasury Index ETF ZROZ ZROZIV 104.04 70 20 22 0.15 - Treasury Inflation Protected Securities ishares TIPS Bond ETF TIP TIPIV 114.75 13,385 493 39 0.20 201 SPDR Barclays TIPS ETF IPE IPEIV 57.10 617 34 36 0.18 - PIMCO Broad U.S. TIPS Index ETF TIPZ TIPZIV 58.12 135 30 22 0.20 - Schwab U.S. TIPS ETF SCHP SCHPIV 55.45 494 49 36 0.07 - Vanguard Short-Term Inflation-Protected Securities Index Fund ETF Shares VTIP VTIPIV 49.86 1,283 106 16 0.10 - ishares 0-5 Year TIPS Bond ETF STIP STIPIV 101.54 523 34 15 0.10 - SPDR Barclays 0-5 Year TIPS ETF SIPE SIPEIV - 6 0 16 0.15 - PIMCO 1-5 Year US TIPS Index ETF STPZ STPZIV 53.18 1,386 79 14 0.20 - FlexShares iboxx 3-Year Target Duration TIPS Index Fund TDTT TDTTIV 25.00 2,214 147 13 0.20 - FlexShares iboxx 5-Year Target Duration TIPS Index Fund TDTF TDTFIV 25.31 312 36 11 0.20 - SPDR Barclays 1-10 Year TIPS ETF TIPX TIPXIV 19.90 10 1 23 0.15 - PIMCO 15+ Year US TIPS Index ETF LTPZ LTPZIV 65.93 80 10 8 0.20 - TIPS / Treasury Spread ProShares 30 Year TIPS/TSY Spread RINF RINFIV 35.43 5 18 6 0.75 - Floating-Rate - ishares Treasury Floating Rate Bond ETF TFLO TFLOIV - 10 2 4 0.00 - WisdomTree Bloomberg Floating Rate Treasury Fund USFR USFRIV - 2 0 3 0.15 - U.S. Treasury/Agency Vanguard Short-Term Government Bond ETF VGSH VGSHIV 60.92 481 74 127 0.12 - Vanguard Intermediate-Term Government Bond ETF VGIT VGITIV 64.00 163 20 163 0.12 - Vanguard Long-Term Government Bond ETF VGLT VGLTIV 72.31 101 15 65 0.12 - U.S. Treasury/Credit ishares Government/Credit Bond ETF GBF GBFIV 113.25 124 10 806 0.20 - Vanguard Short-Term Bond ETF BSV BSVIV 80.21 14,714 930 2,012 0.10 202 Vanguard Intermediate-Term Bond ETF BIV BIVIV 84.87 4,020 230 1,554 0.10 203, UBS CIO WMR. te: Number of securities only includes long positions. UBS CIO WM Research 25 August 2014 18
As of 20 August 2014 Intraday 1,403 NAV Price Assets ADTV # of Expense Actively Options Page ($/share) (USD Mil) (1,000/shrs) Securities Ratio (%) Managed Available Number ishares Intermediate Government/Credit Bond ETF GVI GVIIV 110.70 1,428 59 1,372 0.20 - Vanguard Long-Term Bond ETF BLV BLVIV 90.70 761 100 1,756 0.10 - Mortgage-Backed Securities ishares MBS ETF MBB MBBIV 107.90 6,111 367 552 0.27 204 Vanguard Mortgage-Backed Securities ETF VMBS VMBSIV 52.51 530 88 1,450 0.12 - SPDR Barclays Mortgage Backed Bond ETF MBG MBGIV 27.21 123 17 147 0.32 - ishares Core GNMA Bond ETF GNMA GNMAIV 49.73 40 6 67 0.15 - ishares CMBS ETF CMBS CMBSIV 51.74 110 16 259 0.25 205 Agency - ishares Agency Bond ETF AGZ AGZIV 112.80 360 10 109 0.20 206 Investment Grade Credit Broad Market ishares Credit Bond ETF CRED CREDIV 111.43 780 19 2,051 0.15 - ishares iboxx $ Investment Grade Corporate Bond ETF LQD LQDIV 119.20 17,767 1,249 1,229 0.15 207 SPDR Barclays Capital Issuer Scored Corporate Bond ETF CBND CBNDIV 32.48 10 25 573 0.16 - PIMCO Investment Grade Corporate Bond Index ETF CORP CORPIV 103.53 236 17 298 0.20 - PowerShares Fundamental Investment Grade Corporate Bond Portfolio PFIG PFIGIV 25.48 27 6 206 0.22 - Sector/Credit Quality ishares Aaa - A Rated Corporate Bond ETF QLTA QLTAIV 51.54 422 23 803 0.15 - ishares Financials Bond ETF MONY MONYIV - 11 2 174 0.30 - ishares Industrials Bond ETF ENGN ENGNIV - 5 5 295 0.30 - ishares Utilities Bond ETF AMPS AMPSIV 51.35 15 3 133 0.30 - Short-Term ishares 1-3 Year Credit Bond ETF CSJ CSJIV 105.45 11,682 700 884 0.20 208 SPDR Barclays Capital Short Term Corporate Bond ETF SCPB SCPBIV 30.75 3,629 516 976 0.12 - ishares 0-5 Year Investment Grade Corporate Bond ETF SLQD SLQDIV - 18 5 271 0.15 - Vanguard Short-Term Corporate Bond ETF VCSH VCSHIV 80.20 8,405 484 1,781 0.12 209 Intermediate-Term Vanguard Intermediate-Term Corporate Bond ETF VCIT VCITIV 86.51 3,984 279 1,478 0.12 210 SPDR Barclays Capital Intermediate Term Corporate Bond ETF ITR ITRIV 34.38 463 90 1,801 0.15 - ishares Intermediate Credit Bond ETF CIU CIUIV 110.09 6,015 252 2,830 0.20 211 Long-Term Vanguard Long-Term Corporate Bond ETF VCLT VCLTIV 90.45 859 92 1,337 0.12 212 SPDR Barclays Long Term Corporate Bond ETF LWC LWCIV 40.67 174 46 1,019 0.15 - ishares 10+ Year Credit Bond ETF CLY CLYIV 60.53 543 120 1,006 0.20 - Floating-Rate ishares Floating Rate Bond ETF FLOT FLOTIV 50.78 4,143 610 392 0.20 213 SPDR Barclays Capital Investment Grade Floating Rate ETF FLRN FLRNIV 30.67 395 51 378 0.15 - Market Vectors Investment Grade Floating Rate ETF FLTR FLTRIV 25.11 88 29 148 0.19 - Interest Rate Hedged ProShares Investment Grade-Interest Rate Hedged IGHG IGHGIV 80.90 108 12 199 0.30 - ishares Interest Rate Hedged Corporate Bond ETF LQDH LQDHIV - 10 0 3 0.25 - Subordinated Debt Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF SUBD SUBDIV 25.38 13 0 33 0.45 - Target Date Guggenheim BulletShares 2014 Corporate Bond ETF BSCE BSCEIV 21.08 355 114 65 0.24 - Guggenheim BulletShares 2015 Corporate Bond ETF BSCF BSCFIV 21.78 647 135 281 0.24 - Guggenheim BulletShares 2016 Corporate Bond ETF BSCG BSCGIV 22.30 645 141 299 0.24 - Guggenheim BulletShares 2017 Corporate Bond ETF BSCH BSCHIV 22.87 663 104 273 0.24 - Guggenheim BulletShares 2018 Corporate Bond ETF BSCI BSCIIV 21.26 394 87 279 0.24 - Guggenheim BulletShares 2019 Corporate Bond ETF BSCJ BSCJIV 21.14 183 58 229 0.24 - Guggenheim BulletShares 2020 Corporate Bond ETF BSCK BSCKIV 21.22 130 42 184 0.24 - Guggenheim BulletShares 2021 Corporate Bond ETF BSCL BSCLIV 20.99 60 19 173 0.24 - Guggenheim BulletShares 2022 Corporate Bond ETF BSCM BSCMIV 20.90 53 23 172 0.24 - isharesbond Mar 2016 Corporate Term ETF IBDA IBDAIV 101.36 35 3 153 0.10 - isharesbond Dec 2016 Corporate Term ETF IBDF IBDFIV - 10 0 81 0.10 - isharesbond Mar 2018 Corporate Term ETF IBDB IBDBIV 103.26 67 3 262 0.10 - isharesbond Dec 2018 Corporate Term ETF IBDH IBDHIV 100.25 10 0 67 0.10 - isharesbond Mar 2020 Corporate Term ETF IBDC IBDCIV 105.21 26 1 147 0.10 - isharesbond Mar 2023 Corporate Term ETF IBDD IBDDIV 105.65 21 2 167 0.10 - isharesbond Mar 2016 Corporate ex-financials Term ETF IBCB IBCBIV 100.04 35 2 172 0.10 - isharesbond Mar 2018 Corporate ex-financials Term ETF IBCC IBCCIV 99.14 163 3 189 0.10 - isharesbond Mar 2020 Corporate ex-financials Term ETF IBCD IBCDIV 98.92 54 2 142 0.10 - isharesbond Mar 2023 Corporate ex-financials Term ETF IBCE IBCEIV 96.90 48 2 162 0.10 - Investment Grade Corporate/High Yield SPDR BofA Merrill Lynch Crossover Corporate Bond ETF XOVR XOVRIV 26.57 26 8 468 0.30 - ishares Baa - Ba Rated Corporate Bond ETF QLTB QLTBIV 54.00 21 4 418 0.30 - High Yield Corporate Broad Market ishares iboxx $ High Yield Corporate Bond ETF HYG HYGIV 94.36 12,638 3,608 958 0.50 214 SPDR Barclays High Yield Bond ETF JNK JNKIV 41.34 9,408 4,178 721 0.40 215 PowerShares Fundamental High Yield Corporate Bond Portfolio PHB PHBIV 19.43 574 285 250 0.50 - First Trust Tactical High Yield ETF HYLS HYLSIV 52.22 196 29 242 0.95 - Shares Peritus High Yield ETF HYLD HYLDIV 52.60 868 379 74 1.25 - Short-Term SPDR Barclays Capital Short Term High Yield Bond ETF SJNK SJNKIV 30.51 3,964 1,142 493 0.40 216 ishares 0-5 Year High Yield Corporate Bond ETF SHYG SHYGIV 50.42 85 15 460 0.30 - PIMCO 0-5 Year High Yield Corporate Bond Index ETF HYS HYSIV 105.88 4,063 498 377 0.55 217 PowerShares Global Short Term High Yield Bond Portfolio PGHY PGHYIV 24.33 38 15 179 0.35 - Credit Quality ishares B - Ca Rated Corporate Bond ETF QLTC QLTCIV 52.63 21 3 365 0.55 - Market Vectors Fallen Angel High Yield Bond ETF ANGL ANGLIV 28.20 17 4 108 0.40 - Interest Rate Hedged ProShares High Yield-Interest Rate Hedged HYHG HYHGIV 79.31 166 21 147 0.50 - Market Vectors Treasury-Hedged High Yield Bond ETF THHY THHYIV - 10 6 89 0.80 - WisdomTree BofA Merrill Lynch High Yield Bond Zero Duration Fund HYZD HYZDIV - 5 9 81 0.43 - ishares Interest Rate Hedged High Yield Bond ETF HYGH HYGHIV 100.12 25 7 3 0.55 - WisdomTree BofA Merrill Lynch High Yield Bond Negative Duration Fund HYND HYNDIV 23.23 5 7 71 0.48 - Target Date Guggenheim BulletShares 2014 High Yield Corporate Bond ETF BSJE BSJEIV 26.44 498 176 71 0.42 - Guggenheim BulletShares 2015 High Yield Corporate Bond ETF BSJF BSJFIV 26.77 1,040 283 158 0.42 - Guggenheim BulletShares 2016 High Yield Corporate Bond ETF BSJG BSJGIV 27.02 628 179 132 0.42 - Guggenheim BulletShares 2017 High Yield Corporate Bond ETF BSJH BSJHIV 27.17 364 138 130 0.42 - Guggenheim BulletShares 2018 High Yield Corporate Bond ETF BSJI BSJIIV 27.20 269 59 127 0.42 -, UBS CIO WMR. te: Number of securities only includes long positions. UBS CIO WM Research 25 August 2014 19
As of 20 August 2014 Intraday 1,403 NAV Price Assets ADTV # of Expense Actively Options Page ($/share) (USD Mil) (1,000/shrs) Securities Ratio (%) Managed Available Number Guggenheim BulletShares 2019 High Yield Corporate Bond ETF BSJJ BSJJIV 26.19 66 29 131 0.42 - Guggenheim BulletShares 2020 High Yield Corporate Bond ETF BSJK BSJKIV 26.39 34 9 136 0.42 - Credity Default Swaps ProShares CDS Short rth American HY Credit ETF WYDE WYDEIV 39.53 10 0 na 0.50 - ProShares CDS rth American HY Credit ETF TYTE TYTEIV - 6 0 na 0.50 - Senior Loan First Trust Senior Loan Fund FTSL FTSLIV 49.38 200 36 288 0.85 - SPDR Blackstone/GSO Senior Loan ETF SRLN SRLNIV 49.54 606 76 168 0.70 218 PowerShares Senior Loan Portfolio BKLN BKLNIV 24.63 6,826 2,539 162 0.65 219 Highland/iBoxx Senior Loan ETF SNLN SNLNIV 19.69 213 70 127 0.55 - Preferred Stock ishares U.S. Preferred Stock ETF PFF PFFIV 39.85 10,466 1,757 325 0.47 220 PowerShares Preferred Portfolio PGX PGXIV 14.56 2,251 719 209 0.50 221 SPDR Wells Fargo Preferred Stock ETF PSK PSKIV 44.01 255 29 136 0.45 - First Trust Preferred Securities and Income ETF FPE FPEIV 19.22 75 35 107 0.85 - Market Vectors Preferred Securities ex Financials ETF PFXF PFXFIV 20.74 172 35 91 0.40 - PowerShares Financial Preferred Portfolio PGF PGFIV 18.14 1,410 221 85 0.64 222 PowerShares Variable Rate Preferred Portfolio VRP VRPIV 25.19 63 50 89 0.50 - Convertible Bond SPDR Barclays Capital Convertible Securities ETF CWB CWBIV 50.64 2,932 523 98 0.40 223 Build America Bonds PowerShares Build America Bond Portfolio BAB BABIV 29.52 685 103 258 0.28 224 SPDR Nuveen Barclays Build America Bond ETF BABS BABSIV 61.40 49 14 184 0.35 - National Municipal Bond ishares National AMT-Free Muni Bond ETF MUB MUBIV 109.38 3,476 173 2,203 0.25 225 SPDR Nuveen Barclays Capital Municipal Bond ETF TFI TFIIV 23.87 1,067 195 436 0.23 226 First Trust Managed Municipal ETF FMB FMBIV 50.33 20 0 59 0.65 - Short-Term Municipal Bond ishares Short-Term National AMT-Free Muni Bond ETF SUB SUBIV 106.37 887 37 742 0.25 227 SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF SHM SHMIV 24.39 2,321 489 551 0.20 228 Market Vectors Short Municipal Index ETF SMB SMBIV 17.61 252 61 302 0.20 229 PIMCO Short Term Municipal Bond Exchange-Traded Fund SMMU SMMUIV 50.47 76 8 82 0.35 - PowerShares VRDO Tax-Free Weekly Portfolio PVI PVIIV 24.96 129 36 31 0.25 - SPDR Nuveen S&P VRDO Municipal Bond ETF VRD VRDIV 29.90 6 5 31 0.20 - Intermediate-Term Municipal Bond Market Vectors Intermediate Municipal Index ETF ITM ITMIV 23.39 709 142 725 0.24 230 PIMCO Intermediate Municipal Bond Exchange-Traded Fund MUNI MUNIIV 53.40 212 16 169 0.35 - Columbia Intermediate Municipal Bond ETF GMMB GMMBIV - 5 0 43 0.42 - Long-Term Municipal Bond PowerShares National AMT-Free Municipal Bond Portfolio PZA PZAIV 24.91 678 141 176 0.28 231 Market Vectors Long Municipal Index ETF MLN MLNIV 19.39 82 24 151 0.24 232 Sector Market Vectors Pre-Refunded Municipal Index ETF PRB PRBIV 24.52 30 6 63 0.24 - Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF RVNU RVNUIV 25.53 18 4 47 0.30 - High Yield Municipal Bond - Market Vectors High-Yield Municipal Index ETF HYD HYDIV 30.41 1,127 410 602 0.35 233 SPDR Nuveen S&P High Yield Municipal Bond ETF HYMB HYMBIV 56.08 281 57 327 0.45 - Market Vectors Short High-Yield Municipal Index ETF SHYD SHYDIV 25.27 61 38 171 0.35 - Closed-End Fund Market Vectors CEF Municipal Income ETF XMPT XMPTIV 25.76 35 9 85 1.65 - Target Date ishares ibonds Sep 2015 AMT-Free Muni Bond ETF IBMD IBMDIV - 106 0 496 0.18 - ishares ibonds Sep 2016 AMT-Free Muni Bond ETF IBME IBMEIV - 123 0 570 0.18 - ishares ibonds Sep 2017 AMT-Free Muni Bond ETF IBMF IBMFIV - 141 0 573 0.18 - ishares ibonds Sep 2018 AMT-Free Muni Bond ETF IBMG IBMGIV - 64 0 423 0.18 - ishares ibonds Sep 2019 AMT-Free Muni Bond ETF IBMH IBMHIV - 23 0 250 0.18 - ishares ibonds Sep 2020 AMT-Free Muni Bond ETF IBMI IBMIIV 25.12 3 0 na 0.18 - California ishares California AMT-Free Muni Bond ETF CMF CMFIV 116.55 291 13 466 0.25 - SPDR Nuveen Barclays Capital California Municipal Bond ETF CXA CXAIV 23.68 76 10 90 0.20 - PowerShares California AMT-Free Municipal Bond Portfolio PWZ PWZIV 25.34 55 16 54 0.28 - New York - ishares New York AMT-Free Muni Bond ETF NYF NYFIV 110.65 149 7 319 0.25 - SPDR Nuveen Barclays Capital New York Municipal Bond ETF INY INYIV 23.13 26 3 62 0.20 - PowerShares New York AMT_Free Municipal Bond Portfolio PZT PZTIV 23.85 47 8 30 0.28 - International Fixed Income Broad Market Vanguard Total International Bond ETF BNDX BNDXIV 51.90 1,604 189 2,749 0.20 234 SPDR Barclays International Treasury Bond ETF BWX BWXIV 59.86 2,417 206 565 0.50 235 SPDR Barclays Short Term International Treasury Bond ETF BWZ BWZIV 35.65 278 24 146 0.35 - Developed Markets ishares International Treasury Bond ETF IGOV IGOVIV 103.69 572 50 547 0.35 236 ishares 1-3 Year International Treasury Bond ETF ISHG ISHGIV 93.48 178 9 122 0.35 - Inflation Protected SPDR DB International Government Inflation-Protected Bond ETF WIP WIPIV 61.45 947 55 106 0.50 237 ishares International Inflation-Linked Bond ETF ITIP ITIPIV 48.49 121 11 167 0.40 - Region & Country WisdomTree Euro Debt Fund EU EUIV 23.51 5 6 35 0.35 - ProShares German Sovereign / Sub-Sovereign Debt ETF GGOV GGOVIV - 6 19 38 0.45 - WisdomTree Asia Local Debt Fund ALD ALDIV 49.59 338 16 53 0.55 - PowerShares Chinese Yuan Dim Sum Bond DSUM DSUMIV 25.16 180 49 106 0.45 - Market Vectors Renminbi Bond ETF CHLC CHLCIV 25.85 5 6 26 0.39 - WisdomTree Japan Interest Rate Strategy Fund JGBB JGBBIV 49.00 5 8 7 0.50 - WisdomTree Australia & New Zealand Debt Fund AUNZ AUNZIV 20.95 34 5 43 0.45 - Global X Canada Preferred ETF CNPF CNPFIV 12.45 6 5 56 0.58 - Investment Grade Corporate SPDR Barclays International Corporate Bond ETF IBND IBNDIV 36.87 325 64 537 0.55 - PowerShares International Corporate Bond Portfolio PICB PICBIV 29.95 251 63 412 0.50 - ProShares USD Covered Bond COBO COBOIV - 7 0 25 0.35 - High Yield Corporate ishares Global ex USD High Yield Corporate Bond ETF HYXU HYXUIV 56.48 164 41 435 0.40 - Market Vectors Intl High Yield Bond ETF IHY IHYIV 27.47 208 79 488 0.40 - SPDR Barclays International High Yield Bond ETF IJNK IJNKIV 24.80 35 11 239 0.40 - Preferred Stock, UBS CIO WMR. te: Number of securities only includes long positions. UBS CIO WM Research 25 August 2014 20
As of 20 August 2014 Intraday 1,403 NAV Price Assets ADTV # of Expense Actively Options Page ($/share) (USD Mil) (1,000/shrs) Securities Ratio (%) Managed Available Number ishares International Preferred Stock ETF IPFF IPFFIV 24.47 36 12 81 0.55 - Emerging Markets Broad Market Market Vectors Emerging Markets Aggregate Bond ETF EMAG EMAGIV 24.05 19 2 159 0.49 - EGShares TCW EM Short Term Investment Grade Bond ETF SEMF SEMFIV - 2 0 17 0.65 - EGShares TCW EM Intermediate Term Investment Grade Bond ETF IEMF IEMFIV - 2 0 17 0.65 - EGShares TCW EM Long Term Investment Grade Bond ETF LEMF LEMFIV - 2 0 13 0.65 - U.S. Dollar Sovereign Debt Vanguard Emerging Markets Government Bond Index Fund ETF Shares VWOB VWOBIV 80.51 200 35 674 0.35 - ishares J.P. Morgan USD Emerging Markets Bond ETF EMB EMBIV 114.83 4,678 938 268 0.60 238 PowerShares Emerging Markets Sovereign Debt Portfolio PCY PCYIV 29.12 2,199 596 67 0.50 239 ishares Emerging Markets High Yield Bond ETF EMHY EMHYIV 52.48 209 21 287 0.65 - ProShares Short Term USD Emerging Markets Bond ETF EMSH EMSHIV - 8 0 73 0.50 - Local Currency Sovereign Debt SPDR Barclays Capital Emerging Markets Local Bond ETF EBND EBNDIV 30.96 118 34 303 0.50 - Market Vectors Emerging Markets Local Currency Bond ETF EMLC EMLCIV 23.88 889 290 247 0.47 240 ishares Emerging Markets Local Currency Bond ETF LEMB LEMBIV 50.96 600 29 156 0.60 - WisdomTree Emerging Markets Local Debt Fund ELD ELDIV 46.87 839 104 116 0.55 - PowerShares Fundamental Emerging Markets Local Debt Portfolio PFEM PFEMIV 21.86 5 4 49 0.50 - Corporate Market Vectors Emerging Markets High Yield Bond ETF HYEM HYEMIV 26.08 427 146 374 0.40 - ishares Emerging Markets Corporate Bond ETF CEMB CEMBIV 51.85 21 3 163 0.60 - SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF EMCD EMCDIV 30.53 24 8 188 0.50 - WisdomTree Emerging Markets Corporate Bond Fund EMCB EMCBIV 77.58 117 10 49 0.60 - Global Fixed Income Broad Market ishares Core Total USD Bond Market ETF IUSB IUSBIV 100.62 25 3 301 0.15 - Shares Newfleet Multi-Sector Income ETF MINC MINCIV 49.86 164 17 420 0.75 - PIMCO Diversified Income Exchange-Traded Fund DI DIIV 51.80 44 2 120 0.85 - ALPS RiverFront Strategic Income RIGS RIGSIV 25.25 367 71 34 0.22 - Shares Madrona Global Bond ETF FWDB FWDBIV 26.34 26 11 18 1.33 - ishares Global Inflation-Linked Bond ETF GTIP GTIPIV 52.40 26 4 151 0.40 - PIMCO Global Advantage Inflation-Linked Bond Exchange-Traded Fund ILB ILBIIV 50.68 130 7 84 0.60 - Investment Grade Corporate WisdomTree Strategic Corporate Bond Fund CRDT CRDTIV 75.43 8 0 62 0.45 - High Yield Corporate ishares Global High Yield Corporate Bond ETF GHYG GHYGIV 53.78 107 13 881 0.40 - Preferred Stock Global X SuperIncome Preferred ETF SPFF SPFFIV 15.04 135 78 50 0.58 - Commodity Broad Market PowerShares DB Commodity Index Tracking Trust DBC DBCIIV 24.85 5,482 1,800 30 0.85 241 ishares S&P GSCI Commodity-Indexed Trust GSG GSGIV 30.94 1,036 402 18 0.75 - United States Commodity Index Fund, LP USCI USCIIV 56.57 833 139 38 0.99 - GreenHaven Continuous Commodity Index Trust GCC GCCIV 26.01 342 57 50 0.85 242 First Trust Global Tactical Commodity Strategy Fund FTGC FTGCIV 31.66 195 74 4 0.95 - ishares Dow Jones-UBS Roll Select Commodity Index Trust CMDT CMDTIV 50.66 15 4 9 0.75 - Agriculture PowerShares DB Agriculture Trust DBA DBAIV 25.84 1,184 687 28 0.85 243 United States Agriculture Index USAG USAGIV 23.25 2 1 27 0.80 - Teucrium Agricultural Fund TAGS TAGSIV 34.35 2 0 5 0.50 - Teucrium Corn Fund CORN CORNIV 25.96 103 144 4 2.68 - Teucrium Soybean SOYB SOYBIV 21.70 4 7 4 3.90 - Teucrium Sugar CANE CANEIV 13.95 3 5 4 1.70 - Teucrium Wheat WEAT WEATIV 12.64 25 75 4 3.67 - Energy PowerShares DB Energy Trust DBE DBEIV 28.27 322 70 17 0.75 - PowerShares DB Oil Trust DBO DBOIV 27.89 229 99 14 0.75 - United States 12 Month Oil Fund, LP USL USLIV 43.30 52 11 21 0.99 - United States Brent Oil Fund, LP BNO BNOIV 41.02 51 35 8 0.90 - Teucrium WTI Crude Oil Fund CRUD CRUDIV 41.61 2 0 4 1.48 - United States Oil Fund, LP USO UOI 34.86 712 2,930 10 0.61 244 United States Natural Gas Fund, LP UNG UNGIV 21.07 696 5,937 9 0.85 245 United States 12 Month Natural Gas Fund, LP UNL UNLIV 17.62 16 7 16 0.90 - Teucrium Natural Gas Fund NAGS NAGSIV 11.82 1 2 5 1.43 - United States Diesel-Heating Oil Fund, LP UHN UHNIV 31.75 3 3 4 0.75 - United States Gasoline Fund, LP UGA UGAIV 56.40 48 17 6 0.33 - Metals United States Metals Index Fund USMI USMIIV 23.16 2 25 19 0.80 - Industrial Metals PowerShares DB Base Metals Trust DBB DBBIV 17.86 364 290 14 0.75 - United States Copper Index Fund CPER CPERIV 21.38 3 4 8 0.80 - Precious Metals ETFS Physical Precious Metals Basket Shares GLTR GLTRIV 69.46 177 8 4 0.60 246 PowerShares DB Precious Metals Trust DBP DBPIV 41.29 190 27 14 0.75 - ETFS Physical White Metals Basket Shares WITE WITEIV 39.75 26 3 3 0.60 - SPDR Gold Shares Trust GLD GLDIV 124.22 33,300 6,399 1 0.40 247 ishares Gold Trust IAU IAUIV 12.50 6,928 2,222 1 0.25 248 ETFS Physical Swiss Gold Shares SGOL SGOLIV 126.64 1,092 28 1 0.39 - PowerShares DB Gold Trust DGL DGLIV 43.03 181 87 13 0.75 - ETFS Physical Asian Gold Shares AGOL AGOLIV - 57 0 1 0.39 - Merk Gold Trust OUNZ OUNZIV 12.89 56 101 na 0.40 - Shares International Gold ETF GLDE GLDEIV 12.78 1 11 5 1.52 - Shares Gartman Gold/British Pound ETF GGBP GGBPIV - 1 5 4 0.65 - Shares Gartman Gold/Euro ETF GEUR GEURIV - 1 3 4 0.65 - Shares Gartman Gold/Yen ETF GYEN GYENIV 12.94 4 13 4 0.65 - ishares Silver Trust SLV SLVIV 18.72 6,412 6,097 1 0.50 249 ETFS Physical Silver Shares SIVR SIVRIV 19.22 361 75 1 0.30 250 PowerShares DB Silver Trust DBS DBSIV 32.07 32 4 7 0.75 - ETFS Physical Palladium Shares PALL PALLIV 84.27 540 54 1 0.60 - ETFS Physical Platinum Shares PPLT PPLTIV 138.69 757 29 1 0.60 - Currency PIMCO Foreign Currency Strategy Exchange-Traded Fund FORX FORXIV 47.53 21 4 26 0.65 - WisdomTree Commodity Currency Strategy Fund CCX CCXIV 19.98 12 18 3 0.55 -, UBS CIO WMR. te: Number of securities only includes long positions. UBS CIO WM Research 25 August 2014 21
As of 20 August 2014 Intraday 1,403 NAV Price Assets ADTV # of Expense Actively Options Page ($/share) (USD Mil) (1,000/shrs) Securities Ratio (%) Managed Available Number PowerShares DB G10 Currency Harvest Trust DBV FBV 26.03 94 36 15 0.81 - WisdomTree Emerging Currency Strategy Fund CEW CEWIV 20.40 102 72 3 0.55 - PowerShares DB US Dollar Index Bearish Trust UDN UDNIV 26.30 53 21 9 0.75 - PowerShares DB US Dollar Index Bullish Trust UUP UUPIV 21.92 833 796 12 0.75 251 WisdomTree Bloomberg U.S. Dollar Bullish Fund USDU USDUIV 25.05 55 8 2 0.50 - CurrencyShares Australian Dollar Trust FXA n/a 92.95 266 59 1 0.40 252 WisdomTree Brazilian Real Strategy Fund BZF BZFIV 19.26 31 12 2 0.45 - CurrencyShares British Pound Sterling Trust FXB n/a 163.16 82 18 1 0.40 - CurrencyShares Canadian Dollar Trust FXC n/a 90.65 263 48 1 0.40 - WisdomTree Chinese Yuan Strategy Fund CYB CYBIV 25.33 157 17 7 0.45 - CurrencyShares Chinese Renminbi Trust FXCH FXCHIV - 8 0 1 0.40 - CurrencyShares Euro Trust FXE n/a 130.78 190 306 1 0.40 253 WisdomTree Indian Rupee Strategy Fund ICN ICNIV 21.24 26 6 3 0.45 - CurrencyShares Japanese Yen Trust FXY FXYIV 93.89 71 64 1 0.40 254 CurrencyShares Singapore Dollar Trust FXSG FXSGIV - 8 1 1 0.40 - CurrencyShares Swedish Krona Trust FXS n/a - 43 1 1 0.40 - CurrencyShares Swiss Franc Trust FXF n/a 106.96 231 12 1 0.40 255 Asset Allocation ishares Conservative Allocation ETF AOK AOKIV 32.85 186 28 10 0.29 - ishares Moderate Allocation ETF AOM AOMIV 35.50 252 36 11 0.31 - ishares Aggressive Allocation ETF AOA AOAIV 46.86 279 26 11 0.30 - ishares Growth Allocation ETF AOR AORIV 40.26 312 32 11 0.30 - Deutsche X-trackers 2010 Target Date ETF TDD TDDIV 24.51 10 2 374 0.65 - Deutsche X-trackers 2020 Target Date ETF TDH TDHIV 27.50 28 2 437 0.65 - Deutsche X-trackers 2030 Target Date ETF TDN TDNIV - 35 6 479 0.65 - Deutsche X-trackers 2040 Target Date ETF TDV TDVIV 28.75 36 2 474 0.65 - Deutsche X-trackers In-Target Date Fund TDX TDXIV 28.70 12 0 421 0.65 - Shares Morgan Creek Global Tactical ETF GTAA GTAAIV 25.89 23 18 37 1.59 - SPDR SSgA Global Allocation ETF GAL GALIV 35.63 101 8 23 0.35 - Arrow Dow Jones Global Yield ETF GYLD GYLDIV 27.94 187 66 150 0.75 - Guggenheim International Multi-Asset Income ETF HGI HGIIV 19.70 35 6 149 0.83 - Guggenheim Multi-Asset Income ETF CVY CYM 25.88 1,377 179 149 0.82 - ishares Morningstar Multi-Asset Income ETF IYLD IYLDIV 26.73 175 57 11 0.60 - International Multi-Asset Diversified Income Index Fund YDIV YDIVIV 21.49 13 7 130 0.71 - First Trust Multi-Asset Diversified Income Index Fund MDIV MDIVIV 22.33 765 177 126 0.68 - First Trust Strategic Income ETF FDIV FDIVIV 50.45 20 0 na 0.87 - PowerShares CEF Income Composite Portfolio PCEF PCEFIV 24.98 602 125 156 1.77 - SPDR SSgA Income Allocation ETF INKM INKMIV 32.74 103 18 21 0.70 - Shares YieldPro ETF YPRO YPROIV 25.15 71 9 41 1.42 - YieldShares High Income ETF YYY YYYIV 24.26 70 54 32 1.66 - Shares STAR Global Buy-Write ETF VEGA VEGAIV 26.31 26 18 41 2.10 - Global X Permanent ETF PERM PERMIV 24.58 11 4 92 0.49 - IQ Real Return ETF CPI CPIIV 26.72 25 25 11 0.68 - SPDR SSgA Multi-Asset Real Return ETF RLY RLYIV 30.47 174 39 13 0.70 - WisdomTree Global Real Return Fund RRF RRFIV - 5 0 30 0.65 - Shares Global Echo ETF GIVE GIVEIV - 6 2 85 1.61 - Shares Meidell Tactical Advantage ETF MATH MATHIV 29.80 16 8 12 1.63 - Shares Pring Turner Business Cycle ETF DBIZ DBIZIV 28.76 6 15 39 1.61 - Shares EquityPro ETF EPRO EPROIV 31.95 22 3 11 1.48 - Alternatives IQ Hedge Multi-Strategy Tracker ETF QAI QAIIV 29.96 817 117 57 0.94 256 ProShares Hedge Replication ETF HDG HDGIV 42.40 34 4 510 0.95 - PowerShares Multi-Strategy Alternative Portfolio LALT LALTIV 24.76 22 22 111 0.96 - Shares Sunrise Multi-Strategy ETF MULT MULTIV - 3 0 na 1.89 - WisdomTree Managed Futures Strategy Fund WDTI WDTIIV 41.98 172 26 9 0.95 - First Trust Morningstar Futures Strategy Fund FMF FMFIV 48.92 10 4 2 0.95 - ProShares Merger ETF MRGR MRGRIV - 4 0 44 0.75 - IQ Merger Arbitrage ETF MNA MNAIV 27.53 59 23 51 0.77 - Shares Accuvest Global Long Short ETF AGLS AGLSIV 21.24 27 8 12 1.82 - ProShares RAFI Long/Short RALS RALSIV 42.68 60 6 241 0.95 - Shares QAM Equity Hedge ETF QEH QEHIV 28.58 7 4 82 1.58 - IQ Hedge Macro Tracker ETF MCRO MCROIV 26.73 25 13 26 1.00 - IQ Hedge Market Neutral Tracker ETF QMN QMNIV 25.73 17 4 42 0.91 - QuantShares U.S. Market Neutral Anti-Beta Fund BTAL BTALIV - 7 9 201 1.49 - QuantShares U.S. Market Neutral Momentum Fund MOM MOMIV 23.82 1 7 202 1.49 - QuantShares U.S. Market Neutral Size Fund SIZ SIZIV - 1 0 203 1.49 - QuantShares U.S. Market Neutral ValueFund CHEP CHEPIV - 3 2 204 1.49 - Shares Ranger Equity Bear ETF HDGE HDGEIV 11.59 177 174 4 1.78 - Shares Athena International Bear ETF HDGI HDGIIV 20.58 1 27 3 1.50 - ProShares VIX Short-Term Futures ETF VIXY VIXYIV 18.48 101 990 3 0.83 - ProShares VIX Mid-Term Futures ETF VIXM VIXMIV 14.64 42 86 5 0.85 - ALPS ETF Trust U.S. Equity High Volatility Put Write Index Fund HVPW HVPWIV 24.18 51 51 8 0.95 - Leveraged, Inverse, & Leveraged Inverse U.S. Equity (-300% Daily Returns) Market Cap ProShares UltraPro Short S&P500 SPXU SPXUIV 44.93 508 3,074 12 0.93 - Direxion Daily S&P500 Bear 3X Shares SPXS SPXSIV 24.48 234 1,717 7 1.02 - ProShares UltraPro Short QQQ SQQQ SQQQIV 36.59 327 3,231 13 0.95 - ProShares UltraPro Short Dow30 SDOW SDOWIV 25.19 118 643 12 0.95 - ProShares UltraPro Short MidCap400 SMDD SMDDIV 41.88 9 11 9 0.95 - Direxion Daily Mid Cap Bear 3X Shares MIDZ MIDZIV 13.87 9 22 4 1.01 - Direxion Daily Small Cap Bear 3X Shares TZA TZAIV 14.90 778 19,156 8 1.01 - ProShares UltraPro Short Russell2000 SRTY SRTYIV 38.04 71 911 12 0.95 - Sector & Industry Direxion Daily Energy Bear 3X Shares ERY ERYIV 13.44 43 416 6 1.00 - Direxion Daily Financial Bear 3X Shares FAZ FAZIV 16.96 339 3,243 8 1.02 - ProShares UltraPro Short Financials FINZ FINZIV 30.08 4 0 9 0.95 - Direxion Daily Real Estate Bear 3X Shares DRV DRVIV 33.49 10 43 6 1.02 - Direxion Daily Natural Gas Related Bear 3X Shares GASX GASXIV 18.40 8 45 4 1.01 - Direxion Daily Technology Bear 3X Shares TECS TECSIV 13.63 15 60 4 1.01 - Direxion Daily Semiconductor Bear 3X Shares SOXS SOXSIV 19.28 18 122 5 1.01 - U.S. Equity (-200% Daily Returns) Market Cap ProShares UltraShort Russell3000 TWQ TWQIV 20.38 1 0 7 0.95 -, UBS CIO WMR. te: Number of securities only includes long positions. UBS CIO WM Research 25 August 2014 22
As of 20 August 2014 Intraday 1,403 NAV Price Assets ADTV # of Expense Actively Options Page ($/share) (USD Mil) (1,000/shrs) Securities Ratio (%) Managed Available Number ProShares UltraShort S&P500 SDS SDSIV 24.50 1,496 6,756 12 0.90 - ProShares UltraShort QQQ QID QIDIV 44.87 367 2,812 13 0.95 - ProShares UltraShort Dow30 DXD DXDIV 24.80 225 650 11 0.95 - ProShares UltraShort MidCap400 MZZ MZZIV 45.02 14 7 9 0.95 - ProShares UltraShort Russell2000 TWM TWMIV 45.05 297 1,930 12 0.95 - ProShares UltraShort SmallCap600 SDD SDDIV 44.93 8 2 7 0.95 - Style ProShares UltraShort Russell1000 Growth SFK SFKIV - 3 0 8 0.95 - ProShares UltraShort Russell1000 Value SJF SJFIV - 1 0 8 0.95 - ProShares UltraShort Russell MidCap Growth SDK SDKIV - 1 0 8 0.95 - ProShares UltraShort Russell MidCap Value SJL SJLIV - 0 0 8 0.95 - ProShares UltraShort Russell2000 Growth SKK SKKIV 39.37 6 2 9 0.95 - ProShares UltraShort Russell2000 Value SJH SJHIV 54.25 2 0 8 0.95 - Sector & Industry ProShares UltraShort Consumer Goods SZK SZKIV - 3 6 9 0.95 - ProShares UltraShort Consumer Services SCC SCCIV - 7 6 9 0.95 - ProShares UltraShort Oil & Gas DUG DUGIV 38.51 40 75 10 0.95 - ProShares UltraShort Financials SKF SKFIV 15.14 72 85 8 0.95 - ProShares UltraShort Real Estate SRS SRSIV 14.48 43 61 10 0.95 - ProShares UltraShort Health Care RXD RXDIV 18.94 2 4 9 0.95 - ProShares UltraShort Nasdaq Biotechnology BIS BISIV 12.89 67 391 10 0.95 - ProShares UltraShort Industrials SIJ SIJIV 47.01 6 3 9 0.95 - ProShares UltraShort Basic Materials SMN SMNIV 27.32 13 10 7 0.95 - ProShares UltraShort Technology REW REWIV 15.57 4 4 9 0.95 - ProShares UltraShort Semiconductors SSG SSGIV 12.06 4 8 7 0.95 - ProShares UltraShort Telecommunications TLL TLLIV - 1 0 9 0.95 - ProShares UltraShort Utilities SDP SDPIV 15.62 5 13 7 0.95 - U.S. Equity (-100% Daily Returns) Broad Market Direxion Daily Total Mkt Bear 1X Shares TOTS TOTSIV 20.72 2 7 3 0.66 - ProShares Short S&P500 SH SHIV 22.95 1,646 3,013 11 0.90 - ProShares Short QQQ PSQ PSQIV 15.83 220 584 10 0.95 - ProShares Short Dow30 DOG DOGIV 24.84 281 266 10 0.95 - ProShares Short MidCap400 MYY MYYIV 17.00 135 111 7 0.95 - ProShares Short Russell2000 RWM RWMIV 16.41 845 1,536 12 0.95 - ProShares Short SmallCap600 SBB SBBIV 56.16 9 2 7 0.95 - Sector & Industry ProShares Short Oil & Gas DDG DDGIV 21.86 2 3 8 0.95 - ProShares Short Financials SEF SEFIV 19.24 22 22 8 0.95 - ProShares Short KBW Regional Banking KRS KRSIV - 1 0 6 0.95 - ProShares Short Real Estate REK REKIV 21.81 32 5 7 0.95 - ProShares Short Basic Materials SBM SBMIV - 1 23 7 0.95 - U.S. Equity (200% Daily Returns) Broad Market ProShares Ultra Russell3000 UWC UWCIV 95.11 5 0 2,976 0.95 - ProShares Ultra S&P500 SSO SSOIV 119.20 2,495 3,685 516 0.90 - Direxion Daily S&P 500 Bull 2X Shares SPUU SPUUIV 43.36 24 15 5 0.65 - ProShares Ultra QQQ QLD QLDIV 125.20 864 1,263 114 0.95 - ProShares Ultra Dow30 DDM DDMIV 122.14 293 197 40 0.95 - ProShares Ultra MidCap400 MVV MVVIV 70.85 170 749 412 0.95 - Direxion Daily Mid Cap Bull 2X Shares MDLL MDLLIV 41.31 10 0 3 0.66 - ProShares Ultra Russell2000 UWM UWMIV 83.73 176 998 1,990 0.98 - ProShares Ultra SmallCap600 SAA SAAIV 104.55 24 1 608 0.96 - Direxion Small Cap Bull 2X Shares SMLL SMLLIV 41.28 10 0 2 0.66 - Style ProShares Ultra Russell1000 Growth UKF UKFIV - 19 0 683 0.95 - ProShares Ultra Russell1000 Value UVG UVGIV - 5 1 697 0.95 - ProShares Ultra Russell MidCap Growth UKW UKWIV - 16 0 554 0.95 - ProShares Ultra Russell MidCap Value UVU UVUIV 90.48 7 1 571 0.95 - ProShares Ultra Russell2000 Growth UKK UKKIV - 14 1 1,174 0.95 - ProShares Ultra Russell2000 Value UVT UVTIV - 9 1 1,331 1.02 - Sector & Industry ProShares Ultra Financials UYG UYGIV 128.40 795 45 282 0.95 - ProShares Ultra Health Care RXL RXLIV 104.20 117 11 121 0.95 - ProShares Ultra Industrials UXI UXIIV 109.56 49 5 236 0.95 - ProShares Ultra KBW Regional Banking KRU KRUIV 79.63 8 2 57 0.95 - ProShares Ultra Basic Materials UYM UYMIV 57.41 116 23 73 0.95 - ProShares Ultra Consumer Goods UGE UGEIV 87.60 33 4 128 0.95 - ProShares Ultra Consumer Services UCC UCCIV 82.65 31 3 198 0.95 - ProShares Ultra Nasdaq Biotechnology BIB BIBIV 99.38 363 224 133 0.95 - ProShares Ultra Oil & Gas DIG DIGIV 83.60 163 49 98 0.95 - ProShares Ultra Real Estate URE UREIV 96.61 307 54 114 0.95 - ProShares Ultra Semiconductors USD USDIV 82.68 37 7 44 0.95 - ProShares Ultra Technology ROM ROMIV 142.66 224 13 152 0.95 - ProShares Ultra Telecommunications LTL LTLIV - 7 0 36 0.95 - ProShares Ultra Utilities UPW UPWIV 86.02 26 8 71 0.95 - U.S. Equity (300% Daily Returns) Broad Market Direxion Daily S&P500 Bull 3X Shares SPXL SPXLIV 79.19 436 1,273 14 1.00 - ProShares UltraPro S&P500 UPRO UPROIV 119.72 1,012 1,036 519 0.95 - ProShares UltraPro QQQ TQQQ TQQQIV 86.20 759 2,237 114 0.95 - ProShares UltraPro Dow30 UDOW UDOWIV 122.58 135 172 42 0.95 - ProShares UltraPro MidCap400 UMDD UMDDIV 109.73 49 14 411 0.95 - Direxion Daily Mid Cap Bull 3X Shares MIDU MIDUIV 93.70 66 50 10 1.01 - ProShares UltraPro Russell2000 URTY URTYIV 84.69 212 211 1,989 0.98 - Direxion Daily Small Cap Bull 3X Shares TNA TNAIV 73.74 1,044 8,319 16 1.01 - Sector & Industry Direxion Daily Retail Bull 3X Shares RETL RETLIV 74.50 15 4 57 0.99 - Direxion Daily Energy Bull 3X Shares ERX ERXIV 119.11 191 248 8 1.00 - Direxion Daily Natural Gas Related Bull 3X Shares GASL GASLIV 35.65 23 53 34 0.99 - ProShares UltraPro Financials FINU FINUIV 70.13 11 8 280 0.95 - Direxion Daily Financial Bull 3X Shares FAS FASIV 102.39 1,243 1,941 243 1.00 - Direxion Daily Real Estate Bull 3X Shares DRN DRNIV 66.18 93 86 10 1.01 - Direxion Daily Healthcare Bull 3X Shares CURE CUREIV 97.58 108 46 11 1.06 -, UBS CIO WMR. te: Number of securities only includes long positions. UBS CIO WM Research 25 August 2014 23
As of 20 August 2014 Intraday 1,403 NAV Price Assets ADTV # of Expense Actively Options Page ($/share) (USD Mil) (1,000/shrs) Securities Ratio (%) Managed Available Number Direxion Daily Basic Matls Bull 3X Shares MATL MATLIV 69.60 7 3 8 1.02 - Direxion Daily Technology Bull 3X Shares TECL TECLIV 125.76 163 41 11 1.01 - Direxion Daily Semiconductor Bull 3X Shares SOXL SOXLIV 113.01 119 107 40 0.98 - International Equity (-300% Daily Returns) Broad Market Direxion Daily Developed Markets Bear 3X Shares DPK DPKIV 29.75 5 4 6 1.01 - Direxion Daily Emerging Markets Bear 3X Shares EDZ EDZIV 27.88 107 1,041 7 1.01 - Region Direxion Daily FTSE Europe Bear 3X Shares EURZ EURZIV 37.24 4 3 3 0.99 - Country Direxion Daily Brazil Bear 3X Shares BRZS BRZSIV 24.97 4 12 4 1.01 - Direxion Daily China Bear 3X Shares YANG YANGIV 13.80 14 56 5 1.01 - Direxion Daily Japan Bear 3X Shares JPNS JPNSIV 24.04 2 3 3 0.99 - Direxion Daily Russia Bear 3X Shares RUSS RUSSIV 11.26 23 317 7 1.01 - Direxion Daily South Korea Bear 3X Shares KORZ KORZIV - 1 1 5 1.00 - International Equity (-200% Daily Returns) Broad Market ProShares UltraShort MSCI EAFE EFU EFUIV 39.06 4 7 5 0.95 - ProShares UltraShort MSCI Emerging Markets EEV EEVIV 16.08 36 63 6 0.95 - Region ProShares UltraShort FTSE Europe ETF EPV EPVIV 56.73 35 19 7 0.95 - ProShares UltraShort MSCI Pacific ex-japan JPX JPXIV 19.16 2 0 6 0.95 - Country ProShares UltraShort MSCI Brazil Cppd BZQ BZQIV 52.64 17 16 7 0.95 - ProShares UltraShort FTSE China 25 FXP FXPIV 47.27 75 51 8 0.95 - ProShares UltraShort MSCI Japan EWV EWVIV 60.85 14 6 7 0.95 - ProShares UltraShort MSCI Mexico Cppd IMI SMK SMKIV - 1 0 4 0.95 - International Equity (-100% Daily Returns) Broad Market ProShares Short MSCI EAFE EFZ EFZIV 32.21 220 178 6 0.95 - ProShares Short MSCI Emerging Markets EUM EUMIV 23.64 174 249 8 0.95 - Country ProShares Short FTSE China 25 YXI YXIIV 29.66 4 25 6 0.95 - International Equity (200% Daily Returns) Broad Market ProShares Ultra MSCI EAFE EFO EFOIV 114.27 45 2 12 0.95 - ProShares Ultra MSCI Emerging Markets EET EETIV 87.79 57 13 12 0.95 - Region - ProShares Ultra Europe UPV UPVIV 50.51 23 9 10 0.95 - ProShares Ultra MSCI Pacific ex-japan UXJ UXJIV - 2 6 9 0.95 - Country ProShares Ultra MSCI Brazil Cppd UBR UBRIV 58.90 9 2 8 0.95 - ProShares Ultra FTSE China 25 XPP XPPIV 67.32 54 24 9 0.95 - ProShares Ultra MSCI Japan EZJ EZJIV 87.29 26 6 9 0.95 - ProShares Ultra MSCI Mexico Cppd IMI UMX UMXIV 48.87 7 1 8 0.95 - International Equity (300% Daily Returns) Broad Market Direxion Daily Developed Markets Bull 3X Shares DZK DZKIV 74.89 49 6 14 1.02 - Direxion Daily Emerging Markets Bull 3X Shares EDC EDCIV 34.57 347 1,705 14 1.10 - Region Direxion Daily FTSE Europe Bull 3X Shares EURL EURLIV 38.27 8 7 6 0.99 - Direxion Daily Latin America Bull 3X Shares LBJ LBJIV 27.80 26 16 10 1.11 - Country Direxion Daily Brazil Bull 3X Shares BRZU BRZUIV 28.54 14 43 8 1.25 - Direxion Daily China Bull 3X Shares YINN YINNIV 35.87 118 157 9 0.99 - Direxion India Bull 3X Shares INDL INDLIV 98.98 76 45 13 1.20 - Direxion Daily Japan Bull 3X Shares JPNL JPNLIV 48.64 7 7 8 1.07 - Direxion Daily Russia Bull 3X Shares RUSL RUSLIV 16.81 120 498 12 1.09 - Direxion Daily South Korea Bull 3X Shares KORU KORUIV 57.25 3 1 10 1.12 - Global Equity (-300% Daily Returns) Sector & Industry Direxion Daily Gold Miners Bear 3X Shares DUST DUSTIV 15.36 257 3,625 7 1.01 - Direxion Daily Junior Gold Miners Index Bear 3X Shares JDST JDSTIV 10.69 84 2,461 6 0.97 - Global Equity (300% Daily Returns) Sector & Industry Direxion Daily Gold Miners Bull 3X Shares NUGT NUGTIV 46.05 730 3,733 12 1.13 - Direxion Daily Junior Gold Miners Index Bull 3X Shares JNUG JNUGIV 24.11 256 2,642 10 1.09 - U.S. Fixed Income (-300% Daily Returns) U.S. Treasury Direxion Daily 7-10 Year Treasury Bear 3X Shares TYO TYOIV 20.82 56 16 5 1.01 - Direxion Daily 20+ Year Treasury Bear 3X Shares TMV TMVIV 43.97 624 462 7 0.96 - ProShares UltraPro Short 10 Year TIPS/TSY Spread SINF SINFIV - 2 0 6 0.75 - ProShares UltraPro Short 20+ Year Treasury TTT TTTIV 57.80 120 41 6 0.95 - U.S. Fixed Income (-200% Daily Returns) U.S. Treasury ProShares UltraShort 3-7 Year Treasury TBZ TBZIV 30.65 4 1 4 0.95 - ProShares UltraShort 7-10 Year Treasury PST PSTIV 26.40 305 88 6 0.95 - ProShares UltraShort 20+ Year Treasury TBT TBTIV 57.24 4,379 3,642 8 0.93 - ProShares UltraShort TIPs TPS TPSIV - 12 6 3 0.95 - U.S. Fixed Income (-100% Daily Returns) Broad Market Direxion Daily Total Bond Market Bear 1X Shares SAGG SAGGIV - 3 39 4 0.66 - U.S. Treasury Direxion Daily 7-10 Year Treasury Bear 1X Shares TYNS TYNSIV 31.91 2 5 3 0.66 - Short 7-10 Year Treasury ProShares TBX TBXIV 31.45 72 25 4 0.95 - ProShares Short 20+ Year Treasury TBF TBFIV 27.97 1,540 837 6 0.95 - Direxion Daily 20+ Year Treasury Bear 1X Shares TYBS TYBSIV 25.57 9 5 2 0.67 - ProShares Short 30 Year TIPS/TSY Spread FINF FINFIV 38.34 4 10 6 0.75 - Corporate Bonds ProShares Short Investment Grade Corporate IGS IGSIV - 3 1 4 0.95 - ProShares Short High Yield SJB SJBIV 27.59 72 48 3 0.95 - U.S. Fixed Income (200% Daily Returns) U.S. Treasury ProShares Ultra 7-10 Year Treasury UST USTIV 54.79 943 1,387 24 0.95 -, UBS CIO WMR. te: Number of securities only includes long positions. UBS CIO WM Research 25 August 2014 24
As of 20 August 2014 Intraday 1,403 NAV Price Assets ADTV # of Expense Actively Options Page ($/share) (USD Mil) (1,000/shrs) Securities Ratio (%) Managed Available Number Direxion Daily 7-10 Year Treasury Bull 2X Shares SYTL SYTLIV 40.48 12 0 3 0.65 - ProShares Ultra 20+ Year Treasury UBT UBTIV 67.46 34 18 33 0.95 - Corporate Bonds ProShares Ultra Investment Grade Corporate IGU IGUIV - 3 0 4 0.95 - ProShares Ultra High Yield UJB UJBIV 60.93 3 2 6 0.95 - U.S. Fixed Income (300% Daily Returns) Direxion Daily 7-10 Year Treasury Bull 3X Shares TYD TYDIV 41.49 4 2 8 1.00 - ProShares UltraPro 10 Year TIPS/TSY Spread UINF UINFIV 34.37 2 0 6 0.75 - Direxion Daily 20+ Year Treasury Bull 3X Shares TMF TMFIV 66.12 43 146 12 1.05 - Commodity (-300% Daily Returns) Direxion Daily Gold Bear 3x Shares GLDS GLDSIV - 4 2 na 1.56 - Commodity (-200% Daily Returns) ProShares UltraShort Bloomberg Commodity CMD CMDIV 61.50 4 29 4 1.56 - ProShares UltraShort Bloomberg Natural Gas KOLD KOLDIV 52.24 25 52 2 1.10 - ProShares UltraShort Bloomberg Crude Oil SCO SCOIV 30.17 248 978 6 0.93 - ProShares UltraShort Gold GLL GLLIV 86.40 81 34 6 1.79 - ProShares UltraShort Silver ZSL ZSLIV 83.51 64 63 6 2.69 - Commodity (-100% Daily Returns) United States Short Oil Fund, LP DNO DNOIV 33.73 10 13 8 0.00 - Commodity (200% Daily Returns) ProShares Ultra Bloomberg Commodity UCD UCDIV 19.13 4 13 4 1.55 - ProShares Ultra Bloomberg Crude Oil UCO UCOIV 31.44 142 533 6 0.99 - ProShares Ultra Bloomberg Natural Gas BOIL BOILIV 33.44 49 62 2 1.01 - ProShares Ultra Gold UGL UGLIV 46.41 131 44 6 1.85 - ProShares Ultra Silver AGQ AGQIV 60.87 415 248 6 2.58 - Commodity (300% Daily Returns) Direxion Daily Gold Bull 3x Shares GLDL GLDLIV 37.00 4 4 na 1.56 - Currency (-200% Daily Returns) ProShares UltraShort Australian Dollar CROC CROCIV 41.02 21 5 2 1.02 - ProShares UltraShort Euro EUO EUOIV 18.16 474 485 3 0.93 - ProShares UltraShort Yen YCS YCSIV 68.02 364 79 3 0.93 - Currency (-100% Daily Returns) ProShares Short Euro EUFX EUFXIV - 17 6 2 0.95 - Currency (200% Daily Returns) ProShares Ultra Australian Dollar GDAY GDAYIV - 4 0 2 1.00 - ProShares Ultra Euro ULE ULEIV - 2 2 3 0.93 - ProShares Ultra Yen YCL YCLIV 19.10 2 3 3 0.93 - Alternatives (-100% Daily Returns) Volatility ProShares Short VIX Short-Term Futures ETF SVXY SVXYIV 86.28 319 801 3 1.32 - Alternatives (200% Daily Returns) Volatility ProShares Ultra VIX Short-Term Futures ETF UVXY UVXYIV 24.00 256 7,373 3 1.56 -, UBS CIO WMR. te: Number of securities only includes long positions. UBS CIO WM Research 25 August 2014 25
Vanguard Total Stock Market ETF VTI U.S. Broad Market Intraday NAV Vanguard Total Stock Market ETF (Market) Vanguard Total Stock Market ETF (NAV) 4.9 16.3 16.6 17.2 8.6 VTI VTIIV Vanguard Group, Inc. 102.93 45,878 1,807,273 0.05 3,754 14.1 5/24/2001 1.67 1.56 1.23 1.15 1.11 4.9 16.2 16.6 17.2 8.6 12.8-13.3 1.26 The Vanguard Total Stock Market ETF (VTI) seeks to track the performance of the CRSP U.S. Total Market Index. The index is designed to reflect the performance of the broad U.S. equity market capturing over 99% of the U.S. investible equity market capitalization. The index includes large-, mid-, small-, and micro-cap U.S. companies that meet certain market capitalization and liquidity screens. The index is float-adjusted, market capitalizationweighted and is reconstituted quarterly in March, June, September, and December. To track its index, VTI may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 105.00 97.50 90.00 82.50 75.00 67.50 60.00 52.50 45.00 Vanguard Total Stock Market ETF Price 23.8 24.0 24.7 6.2 6.2 6.4 2.9 2.9 2.8 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Apple Inc Exxon Mobil Corporation Microsoft Corp Johnson & Johnson Wells Fargo & Co General Electric Co Chevron Corp Berkshire Hathaway Inc Class B JPMorgan Chase & Co Procter & Gamble Co Large Mid Small Vanguard Total Stock Market ETF NAV Market Cap % Market Cap Giant 41.1 Market Cap Large 30.8 Market Cap Mid 19.1 Market Cap Small 6.4 Market Cap Micro 2.6 0.0 5.0 10.0 15.0 20.0 2.7 2.0 1.5 1.3 1.3 1.2 1.2 1.0 1.0 1.0 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Vanguard ETFs current to the most recent month end by clicking on the following link: https://advisors.vanguard.com/vgapp/iip/site/advisorsec/home. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 26
ishares Russell 3000 IWV U.S. Broad Market Intraday NAV ishares Russell 3000 (Market) 4.7 15.9 16.4 16.9 8.3 ishares Russell 3000 (NAV) 4.7 16.1 16.4 16.9 8.3 IWV IWVIV BlackRock Fund s 118.59 5,745 173,681 0.20 2,995 14.2 5/22/2000 1.78 1.65 1.35 1.19 1.20 12.8-13.3 1.25 The ishares Russell 3000 ETF (IWV) seeks to track the performance of the Russell 3000 Index. The index is designed to reflect the performance of the broad U.S. equity market capturing over 98% of the U.S. equity market capitalization. The index includes the largest 3,000 companies from across the market capitalization spectrum that meet certain market capitalization and liquidity screens. The index is float-adjusted, market capitalizationweighted and reconstituted annually in May. To track its index, IWV may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 120.00 112.50 105.00 97.50 90.00 82.50 75.00 67.50 60.00 52.50 ishares Russell 3000 Price 23.6 24.2 24.6 6.3 6.3 6.5 2.8 2.9 2.8 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Apple Inc Exxon Mobil Corporation Microsoft Corp Johnson & Johnson General Electric Co Chevron Corp Wells Fargo & Co Berkshire Hathaway Inc Class B JPMorgan Chase & Co Verizon Communications Inc Large Mid Small ishares Russell 3000 NAV Market Cap % Market Cap Giant 41.1 Market Cap Large 30.7 Market Cap Mid 19.3 Market Cap Small 6.4 Market Cap Micro 2.5 0.0 5.0 10.0 15.0 20.0 2.6 2.0 1.7 1.3 1.2 1.2 1.1 1.1 1.0 1.0 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 27
ishares Russell 1000 IWB Large-Cap Intraday NAV ishares Russell 1000 (Market) 5.4 16.9 16.7 17.0 8.3 ishares Russell 1000 (NAV) 5.4 16.9 16.7 17.0 8.3 IWB IWBIV BlackRock Fund s 111.24 9,784 454,876 0.15 1,035 15.4 5/15/2000 1.73 1.63 1.34 1.16 1.19 12.5-12.8 1.30 The ishares Russell 1000 ETF (IWB) seeks to track the performance of the Russell 1000 Index. The index is a subset of the Russell 3000 Index and is designed to reflect the performance of large- and mid-cap U.S. equities capturing approximately 90% U.S. equity market capitalization. It includes 1,000 U.S. companies that meet certain market size and liquidity screens. To reduce turnover, the index employs a buffer zone around the market cap breakpoint for existing index members. The index is float-adjusted, market capitalization-weighted and reconstituted annually in May. To track its index, IWB typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 112.50 105.00 97.50 90.00 82.50 75.00 67.50 60.00 52.50 ishares Russell 1000 Price 25.4 26.1 26.6 6.7 6.7 6.8 0.8 0.6 0.4 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Apple Inc Exxon Mobil Corporation Microsoft Corp Johnson & Johnson General Electric Co Chevron Corp Wells Fargo & Co Berkshire Hathaway Inc Class B JPMorgan Chase & Co Procter & Gamble Co Large Mid Small ishares Russell 1000 NAV Market Cap % Market Cap Giant 44.5 Market Cap Large 33.2 Market Cap Mid 20.4 Market Cap Small 1.8 Market Cap Micro 0.0 0.0 5.0 10.0 15.0 20.0 2.9 2.1 1.8 1.4 1.3 1.2 1.2 1.2 1.1 1.1 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 28
Vanguard Large-Cap ETF VV Large-Cap Intraday NAV VV VVIV Vanguard Group, Inc. 97.50 90.00 82.50 75.00 67.50 60.00 52.50 Vanguard Large-Cap ETF (Market) Vanguard Large-Cap ETF (NAV) YTD 5.6 5.6 91.44 5,244 125,243 0.09 670 16.5 1/27/2004 1.49 1.38 1.11 1.03 1.06 1 Year 3 Years 5 Years 10 Years 16.9 16.7 16.9 8.4 17.0 16.7 16.9 8.4 12.4-12.6 1.31 The Vanguard Large-Cap ETF (VV) seeks to track the performance of the CRSP U.S. Large Cap Index. The index is designed to reflect the performance of predominantly large-cap U.S. companies. It includes the largest companies until 85% of the U.S. investible equity market capitalization is reached. CRSP utilizes buffer zones to reduce turnover and to manage the transition of companies from one capitalization index to another. The index is floatadjusted, market capitalization-weighted and is reconstituted quarterly in March, June, September, and December. To track its index, VV typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 45.00 Vanguard Large-Cap ETF Price 27.6 27.8 28.6 5.6 5.2 5.1 0.0 0.0 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Apple Inc Exxon Mobil Corporation Microsoft Corp Johnson & Johnson Wells Fargo & Co General Electric Co Chevron Corp Berkshire Hathaway Inc Class B JPMorgan Chase & Co Procter & Gamble Co Large Mid Small Vanguard Large-Cap ETF NAV Market Cap % Market Cap Giant 48.0 Market Cap Large 35.9 Market Cap Mid 16.1 Market Cap Small 0.0 Market Cap Micro 0.0 0.0 5.0 10.0 15.0 20.0 3.1 2.3 1.8 1.5 1.5 1.4 1.3 1.2 1.2 1.1 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Vanguard ETFs current to the most recent month end by clicking on the following link: https://advisors.vanguard.com/vgapp/iip/site/advisorsec/home. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 29
Vanguard S&P 500 ETF VOO Large-Cap Intraday NAV Vanguard S&P 500 ETF (Market) 5.6 16.8 16.8 Vanguard S&P 500 ETF (NAV) 5.6 16.9 16.8 VOO VOOIV Vanguard Group, Inc. 182.38 21,254 978,927 0.05 511 17.3 9/7/2010 3.11 2.84 2.37 1.08 12.2-12.1 1.34 The Vanguard S&P 500 ETF (VOO) seeks to track the performance of the S&P 500 Index. The index is designed to reflect the performance of large-cap U.S. equities and includes 500 companies capturing approximately 80% of the available market capitalization. To be included in the index, U.S. companies must meet certain market size and liquidity requirements as well as have positive as-report earnings over the most recent quarter and four quarters summed together. The index is float-adjusted, market capitalizationweighted. Changes to the index are made on an as-needed basis by the U.S. Index Committee and there is no annual or semi-annual reconstitution. To track its index, VOO typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. Time Period: 9/7/2010 to 8/20/2014 190.00 180.00 170.00 160.00 150.00 140.00 130.00 120.00 110.00 100.00 2/2011 8/2011 2/2012 8/2012 2/2013 8/2013 2/2014 8/2014 Vanguard S&P 500 ETF Price 29.4 29.1 29.5 5.1 4.0 3.1 0.0 0.0 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Apple Inc Exxon Mobil Corporation Microsoft Corp Johnson & Johnson General Electric Co Chevron Corp Wells Fargo & Co JPMorgan Chase & Co Procter & Gamble Co Verizon Communications Inc Large Mid Small Vanguard S&P 500 ETF NAV Market Cap % Market Cap Giant 50.9 Market Cap Large 36.9 Market Cap Mid 12.2 Market Cap Small 0.0 Market Cap Micro 0.0 0.0 5.0 10.0 15.0 20.0 3.3 2.5 1.9 1.6 1.5 1.4 1.4 1.3 1.2 1.2 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Vanguard ETFs current to the most recent month end by clicking on the following link: https://advisors.vanguard.com/vgapp/iip/site/advisorsec/home. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 30
ishares Core S&P 500 IVV Large-Cap Intraday NAV IVV IVVIV BlackRock Fund s 220.00 200.00 180.00 160.00 140.00 120.00 ishares Core S&P 500 (Market) ishares Core S&P 500 (NAV) 200.24 60,548 3,455,548 0.07 505 17.5 5/15/2000 3.35 3.00 2.60 2.24 2.16 5.6 16.8 16.7 16.7 7.9 5.6 16.9 16.8 16.7 7.9 12.2-12.1 1.33 The ishares Core S&P 500 ETF (IVV) seeks to track the performance of the S&P 500 Index. The index is designed to reflect the performance of large-cap U.S. equities and includes 500 companies capturing approximately 80% of the available market capitalization. To be included in the index, U.S. companies must meet certain market size and liquidity requirements as well as have positive as-report earnings over the most recent quarter and four quarters summed together. The index is float-adjusted, market capitalizationweighted. Changes to the index are made on an as-needed basis by the U.S. Index Committee and there is no annual or semi-annual reconstitution. To track its index, IVV typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 100.00 ishares Core S&P 500 Price 29.4 29.1 29.5 5.1 4.0 3.1 0.0 0.0 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Apple Inc Exxon Mobil Corporation Microsoft Corp Johnson & Johnson General Electric Co Chevron Corp Wells Fargo & Co Berkshire Hathaway Inc Class B JPMorgan Chase & Co Procter & Gamble Co Large Mid Small ishares Core S&P 500 NAV Market Cap % Market Cap Giant 50.9 Market Cap Large 36.9 Market Cap Mid 12.2 Market Cap Small 0.0 Market Cap Micro 0.0 0.0 5.0 10.0 15.0 20.0 3.3 2.5 1.9 1.6 1.5 1.4 1.4 1.3 1.3 1.2 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 31
Guggenheim S&P 500 Equal ETF RSP Large-Cap Intraday NAV RSP RSPIV Security Investors, LLC 82.50 75.00 67.50 60.00 52.50 45.00 37.50 Guggenheim S&P 500 Equal ETF (Market) 5.9 17.4 17.2 19.1 9.7 Guggenheim S&P 500 Equal ETF (NAV) 5.9 17.5 17.2 19.1 9.7 77.41 8,486 646,629 0.40 504 2.4 4/24/2003 0.91 0.87 0.72 0.60 0.52 14.0-14.8 1.20 The Guggenheim S&P Equal ETF (RSP) seeks to track the performance of the S&P 500 Equal- Index. This index is designed to track the equally weighted performance of the 500 constituents in the S&P 500 Index, which results in each stock having a weight of 20 basis points in the index at the quarterly rebalance. This increases the weighting to the smaller names that are included in the S&P 500 Index. Whenever the U.S. Index Committee changes a constituent in the S&P 500 Index, the change is also incorporated into the S&P 500 Equal Index. To track its index, RSP typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 30.00 Guggenheim S&P 500 Equal ETF Price 14.9 19.7 20.3 19.7 15.2 10.2 0.0 0.0 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Large Mid Small Time Warner Inc Vertex Pharmaceuticals Inc Covidien PLC Williams Companies Inc PetSmart Inc Windstream Holdings, Inc. Frontier Communications Corp Class B Under Armour Inc Class A Intuitive Surgical Inc Edwards Lifesciences Corp Guggenheim S&P 500 Equal ETF NAV Market Cap % Market Cap Giant 12.4 Market Cap Large 42.3 Market Cap Mid 45.3 Market Cap Small 0.0 Market Cap Micro 0.0 0.0 2.5 5.0 7.5 10.0 12.5 15.0 17.5 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Guggenheim ETFs current to the most recent month end by clicking on the following link: http://guggenheiminvestments.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 32
SPDR S&P 500 SPY Large-Cap Intraday NAV SPY SPYIV State Street Global s Ltd. Unit Investment Trust 200.00 180.00 160.00 140.00 120.00 100.00 SPDR S&P 500 (Market) 5.5 16.7 16.7 16.7 7.9 SPDR S&P 500 (NAV) 5.6 16.8 16.7 16.7 7.9 198.92 170,767 85,749,687 0.09 503 17.6 1/22/1993 3.35 3.10 2.58 2.27 2.18 12.2-12.1 1.33 The SPDR S&P 500 ETF (SPY) seeks to track the performance of the S&P 500 Index. The index is designed to reflect the performance of large-cap U.S. equities and includes 500 companies capturing approximately 80% of the available market capitalization. To be included in the index, U.S. companies must meet certain market size and liquidity requirements as well as have positive as-report earnings over the most recent quarter and four quarters summed together. The index is float-adjusted, market capitalizationweighted. Changes to the index are made on an as-needed basis by the U.S. Index Committee and there is no annual or semi-annual reconstitution. To track its index, SPY employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 80.00 SPDR S&P 500 Price 29.4 29.1 29.5 5.0 4.0 3.1 0.0 0.0 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Apple Inc Exxon Mobil Corporation Microsoft Corp Johnson & Johnson General Electric Co Chevron Corp Wells Fargo & Co Berkshire Hathaway Inc Class B JPMorgan Chase & Co Procter & Gamble Co Large Mid Small SPDR S&P 500 NAV Market Cap % Market Cap Giant 50.9 Market Cap Large 36.9 Market Cap Mid 12.2 Market Cap Small 0.0 Market Cap Micro 0.0 0.0 5.0 10.0 15.0 20.0 3.4 2.5 1.9 1.6 1.5 1.4 1.4 1.3 1.3 1.2 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for SPDR ETFs current to the most recent month end by clicking on the following link: https://www.spdrs.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 33
PowerShares S&P 500 BuyWrite ETF PBP Large-Cap Intraday NAV PowerShares S&P 500 BuyWrite ETF (Market) PowerShares S&P 500 BuyWrite ETF (NAV) 4.8 5.0 11.9 11.6 8.6 8.5 8.5 8.5 PBP MNV Invesco PowerShares Capital Mgmt LLC 21.78 367 195,551 0.75 502 18.0 12/20/2007 1.37 0.71 2.03 0.30 0.33 9.6-10.6 0.89 The PowerShares S&P 500 BuyWrite Portfolio (PBP) seeks to track the performance of the CBOE S&P 500 BuyWrite Index. The index measures the performance of an S&P 500 covered call strategy and consists of an equity portfolio indexed to the S&P 500 Index and selling a one-month call option with an exercise price that is slightly out of the money. The call option is generally sold on the third Friday of each month and held until expiration. The option is cash settled, at which point a new one-month call is written. To track its index, PBP typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 22.50 22.00 21.50 21.00 20.50 20.00 19.50 19.00 18.50 18.00 PowerShares S&P 500 BuyWrite ETF Price 29.4 29.1 29.5 5.1 4.0 3.1 0.0 0.0 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Apple Inc Exxon Mobil Corporation Microsoft Corp Johnson & Johnson General Electric Co Chevron Corp Wells Fargo & Co Berkshire Hathaway Inc Class B JPMorgan Chase & Co Procter & Gamble Co Large Mid Small PowerShares S&P 500 BuyWrite ETF NAV Market Cap % Market Cap Giant 50.9 Market Cap Large 36.9 Market Cap Mid 12.2 Market Cap Small 0.0 Market Cap Micro 0.0 0.0 5.0 10.0 15.0 20.0 3.4 2.5 1.9 1.7 1.5 1.4 1.4 1.3 1.3 1.2 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for PowerShares ETFs current to the most recent month end by clicking on the following link: https://www.invesco.com/portal/site/us/investors/etfs/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 34
ProShares Large Cap Core Plus CSM Large-Cap Intraday NAV ProShares Large Cap Core Plus (Market) ProShares Large Cap Core Plus (NAV) CSM CSMIV ProShare s LLC 97.43 365 19,792 0.45 320 11.3 7/13/2009 1.07 0.40 0.57 0.19 0.22 8.1 19.8 18.0 17.6 7.8 19.7 18.1 17.6 12.8-12.6 1.36 The ProShares Large Cap Core Plus (CSM) seeks to track the performance of the Credit Suisse 130/30 Large Cap Index. The index follows a quantitative process to employ a 130/30 strategy on the 500 largest U.S., excluding lowvolume stocks and those under $5 per share. It utilizes 10 composite factors in five categories: value, growth, profitability, momentum, and technical, to calculate an "expected alpha" score. This score is used to generate optimized weights for the long/short holdings. The index is 130% long and 30% short and seeks to have risk characteristics similar to S&P 500 by targeting a beta of 1.0. The index is rebalanced monthly. To track its index, CSM typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index or financial instruments that provide similar exposure. 97.50 90.00 82.50 75.00 67.50 60.00 52.50 45.00 37.50 ProShares Large Cap Core Plus Price Portfolio Date: 6/30/2014 21.1 25.5 18.5 18.2 10.4 6.3 0.0 0.0 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Portfolio Date: 6/30/2014 Large Mid Small ProShares Large Cap Core Plus NAV Market Cap % Market Cap Giant 29.5 Market Cap Large 35.2 Market Cap Mid 35.2 Market Cap Small 0.0 Market Cap Micro 0.0 0.0 5.0 10.0 15.0 20.0 Credit Suisse 130/30 Large Cap Short Sub-Index Swap Societe Generale Credit Suisse 130/30 Large Cap Long Sub-Index Swap Societe Generale Credit Suisse 130/30 Large Cap Long Sub-Index Swap Deutsche Bank Ag Apple Inc Exxon Mobil Corporation Microsoft Corp Johnson & Johnson Berkshire Hathaway Inc Class B Credit Suisse 130/30 Large Cap Short Sub-Index Swap Deutsche Bank Ag PepsiCo Inc -29.3 26.0 7.8 2.2 1.6 1.2 1.0 0.9-0.9 0.8 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ProShares ETFs current to the most recent month end by clicking on the following link: http://www.proshares.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 35
ishares MSCI USA Minimum Volatility USMV Large-Cap Intraday NAV USMV USMVIV BlackRock Fund s Time Period: 10/18/2011 to 8/20/2014 38.00 36.00 34.00 32.00 30.00 28.00 26.00 ishares MSCI USA Minimum Volatility (Market) ishares MSCI USA Minimum Volatility (NAV) 4.4 4.4 11.3 11.3 37.91 2,689 325,120 0.15 154 14.6 10/18/2011 0.77 0.57 0.08 The ishares USA Minimum Volatility ETF (USMV) seeks to track the performance of the MSCI USA Minimum Volatility (USD) Index. The index utilizes an optimization process to construct the lowest volatility portfolio from its parent index, the MSCI USA Index, given a certain set of constraints. The constraints are designed to prevent over concentration to specific countries, sectors, and constituents and to limit turnover. The index is calculated using the Barra Optimizer and is rebalanced semi-annually in May and vember. To track its index, USMV typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 24.00 2/2012 5/2012 8/2012 11/2012 2/2013 5/2013 8/2013 11/2013 2/2014 5/2014 8/2014 ishares MSCI USA Minimum Volatility Price 29.7 25.2 21.4 8.7 8.9 6.2 0.0 0.0 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Verizon Communications Inc PepsiCo Inc Automatic Data Processing Merck & Co Inc AT&T Inc Johnson & Johnson Exxon Mobil Corporation Abbott Laboratories Becton Dickinson & Co Ecolab Inc Large Mid Small ishares MSCI USA Minimum Volatility NAV Market Cap % Market Cap Giant 32.3 Market Cap Large 43.8 Market Cap Mid 23.8 Market Cap Small 0.0 Market Cap Micro 0.0 0.0 5.0 10.0 15.0 20.0 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.4 1.4 1.4 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 36
PowerShares QQQ ETF QQQ Large-Cap Intraday NAV PowerShares QQQ ETF (Market) PowerShares QQQ ETF (NAV) QQQ QXV Invesco PowerShares Capital Mgmt LLC Unit Investment Trust 98.70 46,135 30,404,548 0.20 104 49.3 3/10/1999 0.89 0.82 0.46 0.36 0.21 9.0 27.3 19.4 20.5 11.4 9.0 27.4 19.4 20.5 11.4 13.7-9.3 1.36 The PowerShares QQQ (QQQ) seeks to track the performance of the Nasdaq-100 Index. The index is designed to represent the largest nonfinancial domestic and international securities listed on the NASDAQ Stock Market. To be included in the index, a company must be listed exclusively on the Nasdaq National Market (unless dual listed on another U.S. market prior to 1/1/04 and has continuously maintained such listing), a non-financial company, and meet certain market cap and liquidity screens. The index is modified market capitalization-weighted. Its composition is reviewed annually and weightings may be rebalanced on a quarterly basis if certain pre-established weight distribution requirements are not met. To track its index, QQQ employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 105.00 97.50 90.00 82.50 75.00 67.50 60.00 52.50 45.00 37.50 PowerShares QQQ ETF Price 1.7 26.3 61.4 1.8 3.6 5.3 0.0 0.0 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Apple Inc Microsoft Corp Google Inc Class C Intel Corp Google Inc Class A Facebook Inc Class A Amazon.com Inc Gilead Sciences Inc Cisco Systems Inc Qualcomm Inc Large Mid Small PowerShares QQQ ETF NAV Market Cap % Market Cap Giant 58.9 Market Cap Large 30.1 Market Cap Mid 11.0 Market Cap Small 0.0 Market Cap Micro 0.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 13.2 8.2 4.4 3.9 3.7 3.3 3.3 3.2 3.0 2.9 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for PowerShares ETFs current to the most recent month end by clicking on the following link: https://www.invesco.com/portal/site/us/investors/etfs/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 37
PowerShares S&P 500 Low Volatility ETF SPLV Large-Cap Intraday NAV SPLV SPLVIV Invesco PowerShares Capital Mgmt LLC Time Period: 5/5/2011 to 8/20/2014 36.00 34.00 32.00 30.00 28.00 26.00 24.00 PowerShares S&P 500 Low Volatility ETF (Market) PowerShares S&P 500 Low Volatility ETF (NAV) 4.3 4.4 8.2 8.3 15.2 15.3 35.11 4,619 881,478 0.25 101 11.6 5/5/2011 0.86 0.83 0.55 9.0-4.9 1.62 The PowerShares S&P 500 Low Volatility Portfolio (SPLV) seeks to track the PowerShares S&P 500 Low Volatility Index. The index is designed to reflect the performance of the 100 least volatile stocks in the S&P 500 as measured by the standard deviation of daily returns over the trailing 12-months. These 100 stocks are weighted based on the inverse of their volatilities with the least volatile stocks receiving a higher weight. The index is rebalanced quarterly in February, May, August, and vember. To track its index, SPLV typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 22.00 8/2011 2/2012 8/2012 2/2013 8/2013 2/2014 8/2014 PowerShares S&P 500 Low Volatility ETF Price 35.7 21.4 9.0 25.7 7.1 1.1 0.0 0.0 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Sigma-Aldrich Corp Wal-Mart Stores Inc U.S. Bancorp Duke Energy Corporation PepsiCo Inc AmerisourceBergen Corp McDonald's Corp ConocoPhillips Republic Services Inc Class A Southern Co Large Mid Small PowerShares S&P 500 Low Volatility ETF NAV Market Cap % Market Cap Giant 23.8 Market Cap Large 44.3 Market Cap Mid 33.9 Market Cap Small 0.0 Market Cap Micro 0.0 0.0 5.0 10.0 15.0 20.0 25.0 1.2 1.2 1.2 1.2 1.2 1.2 1.1 1.1 1.1 1.1 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for PowerShares ETFs current to the most recent month end by clicking on the following link: https://www.invesco.com/portal/site/us/investors/etfs/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 38
SPDR Dow Jones Industrial Average DIA Large-Cap Intraday NAV SPDR Dow Jones Industrial Average (Market) SPDR Dow Jones Industrial Average (NAV) 1.1 1.1 9.1 9.2 13.6 13.6 15.3 15.3 7.6 7.6 DIA DIAIV State Street Global s Ltd. Unit Investment Trust 169.60 11,038 4,127,525 0.17 31 52.9 1/13/1998 3.43 3.31 2.97 2.77 2.81 11.4-9.6 1.17 The SPDR Dow Jones Industrial Average ETF Trust (DIA) seeks to track the performance of the Dow Jones Industrial Average. The index is designed to represent large and well-known companies from all industries with the exception of Transportation and Utilities. It includes 30 blue chip U.S. companies and additions and deletions, while rare, are made on an asneeded basis by the Averages Committee. The committee seeks to include companies that have an excellent reputation, demonstrate sustained growth, are of interest to a large number of investors, and to maintain adequate sector representation. The index is price weighted, which means that companies with higher stock prices represent a larger weight in the index. To track its index, DIA employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 180.00 170.00 160.00 150.00 140.00 130.00 120.00 110.00 100.00 90.00 SPDR Dow Jones Industrial Average Price 42.2 34.7 23.1 0.0 0.0 0.0 0.0 0.0 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Large Mid Small Visa Inc Class A International Business Machines Corp Goldman Sachs Group Inc 3M Co Chevron Corp Boeing Co United Technologies Corp Caterpillar Inc Johnson & Johnson Exxon Mobil Corporation SPDR Dow Jones Industrial Average NAV Market Cap % Market Cap Giant 90.1 Market Cap Large 9.9 Market Cap Mid 0.0 Market Cap Small 0.0 Market Cap Micro 0.0 0.0 5.0 10.0 15.0 20.0 8.2 7.4 6.7 5.5 5.0 4.7 4.1 3.9 3.9 3.8 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for SPDR ETFs current to the most recent month end by clicking on the following link: https://www.spdrs.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 39
ishares Core S&P Mid-Cap IJH Mid-Cap Intraday NAV ishares Core S&P Mid-Cap (Market) ishares Core S&P Mid-Cap (NAV) IJH IJHIV BlackRock Fund s 142.35 21,709 1,536,977 0.14 404 6.5 5/22/2000 1.73 1.45 1.12 0.96 0.93 2.8 12.6 14.9 18.5 10.4 2.9 12.8 14.9 18.5 10.4 15.4-17.0 0.98 The ishares Core S&P Mid-Cap ETF (IJH) seeks to track the performance of the S&P MidCap 400 Index. The index is designed to reflect the performance of mid-cap U.S. equities and includes 400 companies capturing more than 7% of the U.S. equity market capitalization. To be included in the index, U.S. companies must meet certain market size and liquidity requirements as well as have positive as-report earnings over the most recent quarter and four quarters summed together. The index is float-adjusted, market capitalizationweighted. Changes to the index are made on an as-needed basis by the U.S. Index Committee and there is no annual or semi-annual reconstitution. To track its index, IJH typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 150.00 140.00 130.00 120.00 110.00 100.00 90.00 80.00 70.00 60.00 ishares Core S&P Mid-Cap Price 0.0 0.0 0.0 21.6 24.7 25.8 10.9 10.8 6.2 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Large Mid Small Equinix Inc United Rentals Inc Henry Schein Inc Hanesbrands Inc Polaris Industries Inc Skyworks Solutions Inc Universal Health Services Inc Class B Realty Income Corp SL Green Realty Corp Endo International PLC ishares Core S&P Mid-Cap NAV Market Cap % Market Cap Giant 0.0 Market Cap Large 0.0 Market Cap Mid 71.7 Market Cap Small 28.3 Market Cap Micro 0.0 0.0 5.0 10.0 15.0 20.0 25.0 0.7 0.7 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 40
SPDR S&P MidCap 400 MDY Mid-Cap Intraday NAV SPDR S&P MidCap 400 (Market) SPDR S&P MidCap 400 (NAV) MDY MDYIV State Street Global Markets, LLC Unit Investment Trust 259.28 15,708 2,001,216 0.25 399 6.1 5/4/1995 2.61 2.12 1.72 1.50 1.61 2.6 12.5 14.6 18.3 10.2 2.7 12.5 14.6 18.2 10.2 15.4-16.9 0.96 The SPDR S&P MidCap 400 ETF (MDY) seeks to track the performance of the S&P MidCap 400 Index. The index is designed to reflect the performance of mid-cap U.S. equities and includes 400 companies capturing more than 7%of the U.S. equity market capitalization. To be included in the index, U.S. companies must meet certain market size and liquidity requirements as well as have positive as-report earnings over the most recent quarter and four quarters summed together. The index is float-adjusted, market capitalizationweighted. Changes to the index are made on an as-needed basis by the U.S. Index Committee and there is no annual or semi-annual reconstitution. To track its index, MDY employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 280.00 260.00 240.00 220.00 200.00 180.00 160.00 140.00 120.00 100.00 SPDR S&P MidCap 400 Price Portfolio Date: 6/30/2014 0.0 0.0 0.0 20.3 27.2 26.4 11.2 10.0 4.9 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Portfolio Date: 6/30/2014 Equinix Inc SL Green Realty Corp United Rentals Inc Henry Schein Inc Advance Auto Parts Inc Realty Income Corp Endo International PLC Hanesbrands Inc Trimble Navigation Ltd Church & Dwight Company, Inc. Large Mid Small SPDR S&P MidCap 400 NAV Market Cap % Market Cap Giant 0.0 Market Cap Large 0.0 Market Cap Mid 73.6 Market Cap Small 26.4 Market Cap Micro 0.0 0.0 5.0 10.0 15.0 20.0 25.0 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for SPDR ETFs current to the most recent month end by clicking on the following link: https://www.spdrs.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 41
Vanguard Mid-Cap ETF VO Mid-Cap Intraday NAV VO VOIV Vanguard Group, Inc. 120.00 110.00 100.00 90.00 80.00 70.00 60.00 Vanguard Mid-Cap ETF (Market) Vanguard Mid-Cap ETF (NAV) 119.81 8,544 238,244 0.09 378 6.4 1/26/2004 1.29 1.16 0.98 0.89 0.73 5.2 16.4 15.7 19.3 10.5 5.2 16.5 15.7 19.3 10.5 14.7-16.2 1.07 The Vanguard Mid-Cap ETF (VO) seeks to track the performance of the CRSP U.S. Mid Cap Index. The index is designed to reflect the performance of midcap U.S. companies. It includes the companies that fall between 70% and 85% of the U.S. investible equity market capitalization. CRSP utilizes buffer zones to reduce turnover and to manage the transition of companies from one capitalization index to another. The index is float-adjusted, market capitalization-weighted and is reconstituted quarterly in March, June, September, and December. To track its index, VO typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 50.00 Vanguard Mid-Cap ETF Price 1.3 5.3 10.5 27.9 26.6 28.1 0.1 0.0 0.1 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Western Digital Corp Vertex Pharmaceuticals Inc Chipotle Mexican Grill Inc Class A Delphi Automotive PLC Southwest Airlines Co Health Care REIT, Inc. Alcoa Inc AvalonBay Communities Inc Moody's Corporation Mylan Inc Large Mid Small Vanguard Mid-Cap ETF NAV Market Cap % Market Cap Giant 0.5 Market Cap Large 16.6 Market Cap Mid 82.7 Market Cap Small 0.2 Market Cap Micro 0.0 0.0 5.0 10.0 15.0 20.0 0.7 0.7 0.7 0.7 0.6 0.6 0.6 0.6 0.6 0.6 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Vanguard ETFs current to the most recent month end by clicking on the following link: https://advisors.vanguard.com/vgapp/iip/site/advisorsec/home. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 42
ishares Russell Mid-Cap IWR Mid-Cap Intraday NAV IWR IWRIV BlackRock Fund s 180.00 160.00 140.00 120.00 100.00 80.00 ishares Russell Mid-Cap (Market) 5.4 16.2 16.2 19.1 10.4 ishares Russell Mid-Cap (NAV) 5.4 16.1 16.2 19.1 10.4 162.50 10,366 180,103 0.20 838 4.1 7/17/2001 1.97 2.05 1.56 1.48 1.24 14.3-15.8 1.12 The ishares Russell Mid-Cap ETF (IWR) seeks to track the performance of the Russell MidCap Index. The index is a subset of the Russell 1000 Index and is designed to reflect the performance of mid-cap U.S. equities. It includes stock numbers 201-1,000 of the Russell 1000 Index. To reduce turnover, the index employs a buffer zone around the market cap breakpoint for existing index members. The index is float-adjusted, market capitalization-weighted and reconstituted annually in May. To track its index, IWR typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 60.00 ishares Russell Mid-Cap Price 4.1 10.6 13.8 21.9 21.9 22.1 2.5 1.9 1.2 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Applied Materials Inc Netflix Inc Aon PLC Kroger Co Crown Castle International Corp Sempra Energy Cardinal Health Inc Cigna Corp ble Energy Inc Intuit Inc Large Mid Small ishares Russell Mid-Cap NAV Market Cap % Market Cap Giant 0.3 Market Cap Large 28.3 Market Cap Mid 65.6 Market Cap Small 5.8 Market Cap Micro 0.0 0.0 5.0 10.0 15.0 20.0 25.0 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 43
Vanguard Extended Market ETF VXF SMID-Cap Intraday NAV VXF VXFIV Vanguard Group, Inc. 90.00 82.50 75.00 67.50 60.00 52.50 45.00 Vanguard Extended Market ETF (Market) 1.5 13.4 15.5 18.8 10.5 Vanguard Extended Market ETF (NAV) 1.5 13.5 15.5 18.8 10.5 86.99 3,533 166,479 0.10 3,251 4.9 12/27/2001 0.94 0.99 0.59 0.54 0.49 16.3-18.4 0.96 The Vanguard Extended Market ETF (VXF) seeks to track the performance of the S&P Completion Index. The index includes the mid-, small-, and micro-cap U.S. stocks included in the S&P Total Market Index and was developed by Standard & Poor's to complement the large-cap focused S&P 500 Index. It is market capitalization-weighted and changes are made by the U.S. Index Committee as necessary throughout the year. To track its index, VXF may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 37.50 Vanguard Extended Market ETF Price 0.3 1.5 5.3 11.5 15.8 20.1 15.5 15.4 14.6 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities American Airlines Group Inc Las Vegas Sands Corp Liberty Global PLC Class C Illumina Inc HCA Holdings Inc Tesla Motors Inc LinkedIn Corp Class A United Continental Holdings Inc Weatherford International PLC Concho Resources Inc Large Mid Small Vanguard Extended Market ETF NAV Market Cap % Market Cap Giant 0.0 Market Cap Large 7.1 Market Cap Mid 47.0 Market Cap Small 32.3 Market Cap Micro 13.7 0.0 5.0 10.0 15.0 20.0 25.0 0.7 0.7 0.5 0.5 0.5 0.4 0.4 0.4 0.4 0.4 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Vanguard ETFs current to the most recent month end by clicking on the following link: https://advisors.vanguard.com/vgapp/iip/site/advisorsec/home. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 44
ishares Russell 2000 IWM Small-Cap Intraday NAV ishares Russell 2000 (Market) ishares Russell 2000 (NAV) IWM IWMIV BlackRock Fund s 114.95 23,390 39,234,140 0.20 1,965 2.6 5/22/2000 1.41 1.69 1.03 0.89 0.72-3.0 8.7 13.6 16.6 8.8-3.1 8.6 13.6 16.5 8.8 17.2-18.9 0.83 The ishares Russell 2000 ETF (IWM) seeks to track the performance of the Russell 2000 Index. The index is a subset of the Russell 3000 Index and is designed to reflect the performance of small-cap U.S. equities capturing approximately 8% U.S. equity market capitalization. It includes 2,000 U.S. companies that meet certain market size and liquidity screens. To reduce turnover, the index employs a buffer zone around the market cap breakpoint for existing index members. The index is float-adjusted, market capitalization-weighted and reconstituted annually in May. To track its index, IWM typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 130.00 120.00 110.00 100.00 90.00 80.00 70.00 60.00 50.00 ishares Russell 2000 Price 0.0 0.0 0.0 1.1 1.4 2.9 28.8 31.8 34.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Puma Biotechnology Inc InterMune Inc WEX Inc Kodiak Oil & Gas Corp Prosperity Bancshares, Inc. Aspen Technology Inc Team Health Holdings Inc Graphic Packaging Holding Co Tenneco Inc Ultimate Software Group Inc Large Mid Small ishares Russell 2000 NAV Market Cap % Market Cap Giant 0.0 Market Cap Large 0.0 Market Cap Mid 5.6 Market Cap Small 61.7 Market Cap Micro 32.7 0.0 5.0 10.0 15.0 20.0 25.0 0.3 0.3 0.3 0.3 0.2 0.2 0.2 0.2 0.2 0.2 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 45
Vanguard Small-Cap ETF VB Small-Cap Intraday NAV VB VBIV Vanguard Group, Inc. 120.00 110.00 100.00 90.00 80.00 70.00 60.00 Vanguard Small-Cap ETF (Market) Vanguard Small-Cap ETF (NAV) 115.52 9,214 311,722 0.09 1,467 2.7 1/26/2004 1.44 1.50 0.95 0.85 0.66 1.2 12.6 15.6 18.9 10.3 1.2 12.7 15.7 18.9 10.3 16.6-18.4 0.96 The Vanguard Small-Cap ETF (VB) seeks to track the performance of the CRSP U.S. Small Cap Index. The index is designed to reflect the performance of small-cap U.S. companies. It includes the companies that fall between 85% and 98% of the U.S. investible equity market capitalization. CRSP utilizes buffer zones to reduce turnover and to manage the transition of companies from one capitalization index to another. The index is float-adjusted, market capitalization-weighted and is reconstituted quarterly in March, June, September, and December. To track its index, VB typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 50.00 Vanguard Small-Cap ETF Price 0.0 0.2 0.1 11.6 13.6 16.3 19.2 20.0 19.1 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Large Mid Small Salix Pharmaceuticals Ltd Cooper Companies Hillshire Brands Co Gannett Co Inc Harman International Industries Inc Arthur J Gallagher & Co Snap-on Inc Foot Locker Inc Trinity Industries Inc Rite Aid Corp Vanguard Small-Cap ETF NAV Market Cap % Market Cap Giant 0.0 Market Cap Large 0.3 Market Cap Mid 41.1 Market Cap Small 49.0 Market Cap Micro 9.6 0.0 5.0 10.0 15.0 20.0 25.0 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.2 0.2 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Vanguard ETFs current to the most recent month end by clicking on the following link: https://advisors.vanguard.com/vgapp/iip/site/advisorsec/home. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 46
ishares Core S&P Small-Cap IJR Small-Cap Intraday NAV ishares Core S&P Small-Cap (Market) ishares Core S&P Small-Cap (NAV) IJR IJRIV BlackRock Fund s 109.36 13,306 624,612 0.14 604 5.2 5/22/2000 1.09 1.29 0.70 0.74 0.54-2.4 11.0 15.8 18.2 9.8-2.5 11.0 15.8 18.2 9.8 16.3-17.2 0.98 The ishares Core S&P Small-Cap ETF (IJR) seeks to track the performance of the S&P SmallCap 600 Index. The index is designed to reflect the performance of small-cap U.S. equities and includes 600 companies representing more than 3% of the U.S. equity market capitalization. To be included in the index, U.S. companies must meet certain market size and liquidity requirements as well as have positive as-report earnings over the most recent quarter and four quarters summed together. The index is floatadjusted, market capitalization-weighted. Changes to the index are made on an as-needed basis by the U.S. Index Committee and there is no annual or semi-annual reconstitution. To track its index, IJR typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 120.00 110.00 100.00 90.00 80.00 70.00 60.00 50.00 40.00 ishares Core S&P Small-Cap Price 0.0 0.0 0.0 0.0 0.3 1.4 29.6 35.7 33.1 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Questcor Pharmaceuticals Inc Centene Corp Teledyne Technologies Inc Cognex Corp Tanger Factory Outlet Centers Inc Toro Co Darling Ingredients Inc Triquint Semiconductor Curtiss-Wright Corp Parexel International Corp Large Mid Small ishares Core S&P Small-Cap NAV Market Cap % Market Cap Giant 0.0 Market Cap Large 0.0 Market Cap Mid 1.7 Market Cap Small 66.5 Market Cap Micro 31.8 0.0 5.0 10.0 15.0 20.0 25.0 0.8 0.6 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 47
ishares Core US Growth IUSG U.S. Broad Market Growth Intraday NAV ishares Core US Growth (Market) 3.8 17.3 15.6 16.9 8.5 ishares Core US Growth (NAV) 3.9 17.6 15.6 17.0 8.5 IUSG IUSGIV BlackRock Fund s 75.57 499 20,575 0.09 1,832 19.5 7/24/2000 0.86 0.83 0.62 0.55 0.53 13.0-12.9 1.18 The ishares Core U.S. Growth ETF (IUSG) seeks to track the performance of the Russell 3000 Growth Index. The index is designed to reflect the performance of U.S. large-, mid-, and small-cap growth companies and includes stocks classified as growth as well as a proportional share of those that exhibit both growth and value characteristics. To determine growth and value classifications, Russell utilizes three factors: book-to-price for value and I/B/E/S forecast medium-term growth (2-yr) and sales per share historical growth (5-yr) for growth. Roughly 70% are classified as all growth or value and 30% are weighted proportionally to both the value and growth indices. The weighting of stocks with both growth and value characteristics is such that a combination of the growth and value weights equals its weight in the Russell 3000 Index. The index is float-adjusted, market capitalization-weighted and reconstituted annually in June. To track its index, IUSG may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 80.00 75.00 70.00 65.00 60.00 55.00 50.00 45.00 40.00 35.00 ishares Core US Growth Price 6.9 22.9 43.0 2.2 6.5 10.7 0.7 2.5 4.5 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Large Mid Small Apple Inc Microsoft Corp Verizon Communications Inc International Business Machines Corp Google Inc Class A Google Inc Class C Coca-Cola Co Facebook Inc Class A Schlumberger NV Gilead Sciences Inc ishares Core US Growth NAV Market Cap % Market Cap Giant 40.8 Market Cap Large 31.4 Market Cap Mid 19.8 Market Cap Small 5.8 Market Cap Micro 2.3 0.0 5.0 10.0 15.0 20.0 25.0 30.0 5.3 2.1 1.9 1.7 1.5 1.5 1.4 1.3 1.3 1.3 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 48
ishares Core US Value IUSV U.S. Broad Market Value Intraday NAV ishares Core US Value (Market) ishares Core US Value (NAV) IUSV IUSVIV BlackRock Fund s 132.65 716 24,394 0.09 2,004 22.6 7/24/2000 2.40 2.14 1.85 1.69 1.73 5.8 14.8 17.1 16.6 7.8 5.6 14.6 17.0 16.6 7.8 13.0-13.8 1.27 The ishares Core U.S. Value ETF (IUSV) seeks to track the performance of the Russell 3000 Value Index. The index is designed to reflect the performance of U.S. large-, mid-, and small-cap value companies and includes stocks classified as value as well as a proportional share of those that exhibit both growth and value characteristics. To determine growth and value classifications, Russell utilizes three factors: bookto-price for value and I/B/E/S forecast medium-term growth (2-yr) and sales per share historical growth (5-yr) for growth. Roughly 70% are classified as all growth or value and 30% are weighted proportionally to both the value and growth indices. The weighting of stocks with both growth and value characteristics is such that a combination of the growth and value weights equals its weight in the Russell 3000 Index. The index is float-adjusted, market capitalization-weighted and reconstituted annually in June. To track its index, IUSV may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 135.00 127.50 120.00 112.50 105.00 97.50 90.00 82.50 75.00 67.50 ishares Core US Value Price 40.3 25.5 6.0 10.4 6.1 2.2 5.0 3.3 1.2 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Exxon Mobil Corporation General Electric Co Chevron Corp Wells Fargo & Co Johnson & Johnson Berkshire Hathaway Inc Class B JPMorgan Chase & Co Procter & Gamble Co AT&T Inc Pfizer Inc Large Mid Small ishares Core US Value NAV Market Cap % Market Cap Giant 41.5 Market Cap Large 30.0 Market Cap Mid 18.8 Market Cap Small 7.0 Market Cap Micro 2.8 0.0 5.0 10.0 15.0 20.0 25.0 30.0 4.0 2.4 2.3 2.3 2.2 2.2 2.0 1.9 1.7 1.7 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 49
ishares Russell 1000 Growth IWF Large-Cap Growth Intraday NAV ishares Russell 1000 Growth (Market) 4.5 18.3 15.8 17.0 8.5 ishares Russell 1000 Growth (NAV) 4.6 18.4 15.8 17.0 8.5 IWF IWFIV BlackRock Fund s 92.53 24,670 1,371,108 0.20 676 21.1 5/22/2000 1.11 1.08 0.80 0.73 0.69 12.6-12.3 1.23 The ishares Russell 1000 Growth ETF (IWF) seeks to track the performance of the Russell 1000 Growth Index. The index is designed to reflect the performance of predominantly U.S. large-cap growth companies and includes stocks classified as growth as well as a proportional share of those that exhibit both growth and value characteristics. To determine growth and value classifications, Russell utilizes three factors: book-to-price for value and I/B/E/S forecast medium-term growth (2-yr) and sales per share historical growth (5-yr) for growth. Roughly 70% are classified as all growth or value and 30% are weighted proportionally to both the value and growth indices. The weighting of stocks with both growth and value characteristics is such that a combination of the growth and value weights equals its weight in the Russell 1000 Index. The index is float-adjusted, market capitalization-weighted and reconstituted annually in June. To track its index, IWF typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 97.50 90.00 82.50 75.00 67.50 60.00 52.50 45.00 37.50 ishares Russell 1000 Growth Price 7.5 24.7 46.4 2.4 6.9 11.1 0.2 0.3 0.5 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Large Mid Small Apple Inc Microsoft Corp Verizon Communications Inc International Business Machines Corp Google Inc Class A Google Inc Class C Coca-Cola Co Facebook Inc Class A Schlumberger NV Gilead Sciences Inc ishares Russell 1000 Growth NAV Market Cap % Market Cap Giant 44.1 Market Cap Large 34.0 Market Cap Mid 20.8 Market Cap Small 1.0 Market Cap Micro 0.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 5.8 2.3 2.1 1.8 1.6 1.6 1.6 1.4 1.4 1.4 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 50
Vanguard Growth ETF VUG Large-Cap Growth Intraday NAV Vanguard Growth ETF (Market) Vanguard Growth ETF (NAV) VUG VUGIV Vanguard Group, Inc. 101.14 15,369 484,011 0.09 376 22.7 1/26/2004 1.11 1.07 0.77 0.70 0.61 5.2 19.5 16.5 17.5 8.9 5.2 19.6 16.4 17.5 8.9 13.3-12.8 1.21 The Vanguard Growth ETF (VUG) seeks to track the performance of the CRSP U.S. Large Cap Growth Index. The index is designed to reflect the performance of U.S. large-cap growth companies and includes stocks classified as growth as well as a proportional share of those that exhibit both growth and value characteristics. To determine growth and value classifications, CRSP utilizes six growth and five value factors. The growth factors are future long-term growth in EPS, future short-term growth in EPS, three-year historical growth in earnings per share, three-year historical growth in sales per share, investment-to-assets ratio, and return on assets. The index is float-adjusted, market capitalization-weighted and is reconstituted quarterly in March, June, September, and December. To track its index, VUG typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 105.00 97.50 90.00 82.50 75.00 67.50 60.00 52.50 45.00 Vanguard Growth ETF Price 1.9 19.4 57.7 1.9 8.3 10.7 0.0 0.0 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Apple Inc Google Inc Class C Google Inc Class A Coca-Cola Co Facebook Inc Class A Schlumberger NV Gilead Sciences Inc Oracle Corporation Walt Disney Co Qualcomm Inc Large Mid Small Vanguard Growth ETF NAV Market Cap % Market Cap Giant 41.0 Market Cap Large 37.7 Market Cap Mid 21.3 Market Cap Small 0.0 Market Cap Micro 0.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 7.0 2.0 2.0 1.9 1.8 1.7 1.7 1.6 1.6 1.5 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Vanguard ETFs current to the most recent month end by clicking on the following link: https://advisors.vanguard.com/vgapp/iip/site/advisorsec/home. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 51
ishares S&P 500 Growth IVW Large-Cap Growth Intraday NAV ishares S&P 500 Growth (Market) ishares S&P 500 Growth (NAV) YTD 5.9 5.8 IVW IVWIV BlackRock Fund s 107.57 10,557 477,180 0.18 343 23.2 5/22/2000 1.43 1.38 1.09 0.91 0.80 1 Year 3 Years 5 Years 10 Years 19.2 16.5 17.1 8.4 19.2 16.5 17.1 8.4 11.8-11.0 1.35 The ishares S&P 500 Growth ETF (IVW) seeks to track the performance of the S&P 500 Growth Index. The index is designed to reflect the performance of U.S. largecap growth companies and includes stocks classified as growth as well as a proportional share of those that exhibit both growth and value characteristics. To determine growth and value classifications, S&P utilizes three growth and three value factors. The growth factors are three-year change in earnings per share over price per share, three-year sales per share growth rate, and momentum (12-month percent price change). Based on the six factors, 33% of the stocks are assigned to growth, 33% to value, and there are 34% that are neither pure growth nor value. The index is market capitalization-weighted and when combined with the value index, approximately equals the S&P 500 Index. It is rebalanced on an annual basis. To track its index, IVW typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 112.50 105.00 97.50 90.00 82.50 75.00 67.50 60.00 52.50 45.00 ishares S&P 500 Growth Price 12.0 26.4 49.8 2.6 4.4 4.8 0.0 0.0 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Apple Inc Microsoft Corp Johnson & Johnson Google Inc Class A Google Inc Class C Schlumberger NV Gilead Sciences Inc Comcast Corp Class A Facebook Inc Class A Qualcomm Inc Large Mid Small ishares S&P 500 Growth NAV Market Cap % Market Cap Giant 50.1 Market Cap Large 37.9 Market Cap Mid 12.0 Market Cap Small 0.0 Market Cap Micro 0.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 6.4 3.6 1.9 1.8 1.8 1.6 1.6 1.6 1.4 1.4 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 52
ishares Morningstar Large-Cap Growth JKE Large-Cap Growth Intraday NAV ishares Morningstar Large-Cap Growth (Market) ishares Morningstar Large-Cap Growth (NAV) 6.6 6.2 23.0 22.9 16.8 16.7 17.2 17.1 7.4 7.4 JKE JKEIV BlackRock Fund s 110.08 556 17,478 0.25 113 35.6 6/28/2004 0.94 0.97 0.60 0.48 0.49 13.6-12.4 1.21 The ishares Morningstar Large-Cap Growth ETF (JKE) seeks to track the performance of the Morningstar Large Growth Index. The index identifies approximately one third of the market as growth, which is included in the index, and excludes companies classified as value or those that exhibit both growth and value characteristics. To determine if stocks are growth stocks, Morningstar uses long term projected earnings growth as well as four historical factors, which are earnings, sales, cash flow, and book value growth. The index is free-float adjusted market capitalization-weighted and is rebalanced quarterly. To track its index, JKE typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 112.50 105.00 97.50 90.00 82.50 75.00 67.50 60.00 52.50 45.00 ishares Morningstar Large-Cap Growth Price 0.0 12.9 85.4 0.0 1.1 0.6 0.0 0.0 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Apple Inc Google Inc Class A Google Inc Class C Schlumberger NV Gilead Sciences Inc Comcast Corp Class A Oracle Corporation Walt Disney Co Facebook Inc Class A Qualcomm Inc Large Mid Small ishares Morningstar Large-Cap Growth NAV Market Cap % Market Cap Giant 52.0 Market Cap Large 46.3 Market Cap Mid 1.7 Market Cap Small 0.0 Market Cap Micro 0.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 11.1 3.2 3.1 2.7 2.7 2.7 2.7 2.7 2.4 2.4 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 53
Guggenheim S&P 500 Pure Growth ETF RPG Large-Cap Growth Intraday NAV Guggenheim S&P 500 Pure Growth ETF (Market) Guggenheim S&P 500 Pure Growth ETF (NAV) RPG RPGIV Security Investors, LLC 78.74 1,661 137,862 0.35 112 19.3 3/1/2006 0.39 0.39 0.19 0.17 0.17 8.9 25.0 18.6 22.5 9.0 25.3 18.7 22.6 15.4-15.0 1.19 The Guggenheim S&P 500 Pure Growth ETF (RPG) seeks to track the performance of the S&P 500 Pure Growth Index. The index identifies approximately one quarter of the S&P 500 Index as pure growth, which is included in the index, and excludes companies classified as value or those that exhibit both growth and value characteristics. To determine growth and value classifications, S&P utilizes three growth and three value factors. The growth factors are three-year change in earnings per share over price per share, three-year sales per share growth rate, and momentum (12-month percent price change). The index is weighted based on the relative style attractiveness and is rebalanced on an annual basis. To track its index, RPG typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 82.50 75.00 67.50 60.00 52.50 45.00 37.50 30.00 22.50 Guggenheim S&P 500 Pure Growth ETF Price 7.6 10.6 46.5 9.3 10.9 15.1 0.0 0.0 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Facebook Inc Class A Huntington Bancshares Inc Keurig Green Mountain Inc Southwest Airlines Co Chipotle Mexican Grill Inc Class A Trip Inc Safeway Inc Netflix Inc Actavis PLC Vertex Pharmaceuticals Inc Large Mid Small Guggenheim S&P 500 Pure Growth ETF NAV Market Cap % Market Cap Giant 12.7 Market Cap Large 51.8 Market Cap Mid 35.4 Market Cap Small 0.0 Market Cap Micro 0.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 2.1 2.0 2.0 1.9 1.9 1.9 1.9 1.9 1.8 1.8 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Guggenheim ETFs current to the most recent month end by clicking on the following link: http://guggenheiminvestments.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 54
ishares Russell 1000 Value IWD Large-Cap Value Intraday NAV ishares Russell 1000 Value (Market) ishares Russell 1000 Value (NAV) IWD IWDIV BlackRock Fund s 101.59 23,564 1,390,212 0.20 691 24.5 5/22/2000 1.84 1.68 1.46 1.28 1.35 6.2 15.1 17.3 16.8 7.8 6.3 15.2 17.3 16.7 7.8 12.8-13.3 1.31 The ishares Russell 1000 Value ETF (IWD) seeks to track the performance of the Russell 1000 Value Index. The index is designed to reflect the performance of predominantly U.S. large-cap value companies and includes stocks classified as value as well as a proportional share of those that exhibit both growth and value characteristics. To determine growth and value classifications, Russell utilizes three factors: book-to-price for value and I/B/E/S forecast medium-term growth (2-yr) and sales per share historical growth (5-yr) for growth. Roughly 70% are classified as all growth or value and 30% are weighted proportionally to both the value and growth indices. The weighting of stocks with both growth and value characteristics is such that a combination of the growth and value weights equals the weight in the Russell 1000 Index. The index is float-adjusted, market capitalization-weighted and reconstituted annually in June. To track its index, IWD typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 105.00 97.50 90.00 82.50 75.00 67.50 60.00 52.50 45.00 ishares Russell 1000 Value Price 43.5 27.6 6.4 11.1 6.5 2.4 1.4 0.8 0.2 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Exxon Mobil Corporation General Electric Co Chevron Corp Wells Fargo & Co Johnson & Johnson Berkshire Hathaway Inc Class B JPMorgan Chase & Co Procter & Gamble Co AT&T Inc Pfizer Inc Large Mid Small ishares Russell 1000 Value NAV Market Cap % Market Cap Giant 45.0 Market Cap Large 32.4 Market Cap Mid 20.0 Market Cap Small 2.6 Market Cap Micro 0.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 4.3 2.6 2.5 2.5 2.4 2.3 2.2 2.0 1.9 1.9 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 55
Vanguard Value ETF VTV Large-Cap Value Intraday NAV Vanguard Value ETF (Market) Vanguard Value ETF (NAV) VTV VTVIV Vanguard Group, Inc. 81.85 15,030 571,551 0.09 319 26.5 1/26/2004 1.69 1.61 1.40 1.26 1.36 5.9 14.9 16.9 16.4 7.9 5.9 14.9 16.9 16.4 7.9 12.2-12.4 1.34 The Vanguard Value ETF (VTV) seeks to track the performance of the CRSP U.S. Large Cap Value Index. The index is designed to reflect the performance of U.S. large-cap value companies and includes stocks classified as value as well as a proportional share of those that exhibit both growth and value characteristics. To determine growth and value classifications, CRSP utilizes six growth and five value factors. The value factors are book-to-price, future earnings to price, historical earnings to price, dividend to price, and sales to price. The index is float-adjusted, market capitalization-weighted and is reconstituted quarterly in March, June, September, and December. To track its index, VTV typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 85.00 80.00 75.00 70.00 65.00 60.00 55.00 50.00 45.00 40.00 Vanguard Value ETF Price 48.8 34.6 4.7 8.7 2.7 0.5 0.0 0.0 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Exxon Mobil Corporation Microsoft Corp Johnson & Johnson Wells Fargo & Co General Electric Co Chevron Corp Berkshire Hathaway Inc Class B JPMorgan Chase & Co Procter & Gamble Co Verizon Communications Inc Large Mid Small Vanguard Value ETF NAV Market Cap % Market Cap Giant 53.6 Market Cap Large 34.4 Market Cap Mid 12.0 Market Cap Small 0.0 Market Cap Micro 0.0 0.0 5.0 10.0 15.0 20.0 25.0 4.2 3.2 2.8 2.7 2.5 2.5 2.3 2.2 2.1 2.1 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Vanguard ETFs current to the most recent month end by clicking on the following link: https://advisors.vanguard.com/vgapp/iip/site/advisorsec/home. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 56
ishares S&P 500 Value IVE Large-Cap Value Intraday NAV IVE IVEIV BlackRock Fund s 97.50 90.00 82.50 75.00 67.50 60.00 52.50 ishares S&P 500 Value (Market) 5.2 14.1 16.9 16.1 7.3 ishares S&P 500 Value (NAV) 5.2 14.1 16.8 16.1 7.2 91.11 8,051 549,527 0.18 339 27.3 5/22/2000 1.74 1.55 1.33 1.24 1.35 12.9-13.2 1.27 The ishares S&P 500 Value ETF (IVE) seeks to track the performance of the S&P 500 Value Index. The index is designed to reflect the performance of U.S. large-cap value companies and includes stocks classified as value as well as a proportional share of those that exhibit both growth and value characteristics. To determine growth and value classifications, S&P utilizes three growth and three value factors. The value factors are book value to price ratio, earnings to price ratio, and sales to price ratio. Based on the six factors, 33% of the stocks are assigned to growth, 33% to value, and there are 34% that are neither pure growth nor value. The index is market capitalization-weighted and when combined with the growth index, approximately equals the S&P 500 Index. It is rebalanced on an annual basis. To track its index, IVE typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 45.00 ishares S&P 500 Value Price 48.5 32.0 7.1 7.8 3.5 1.2 0.0 0.0 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Exxon Mobil Corporation General Electric Co Chevron Corp Wells Fargo & Co Berkshire Hathaway Inc Class B JPMorgan Chase & Co AT&T Inc Intel Corp Bank of America Corporation Cisco Systems Inc Large Mid Small ishares S&P 500 Value NAV Market Cap % Market Cap Giant 51.7 Market Cap Large 35.8 Market Cap Mid 12.5 Market Cap Small 0.0 Market Cap Micro 0.0 0.0 5.0 10.0 15.0 20.0 25.0 5.2 3.1 3.0 3.0 2.8 2.7 2.3 2.1 2.0 1.6 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 57
Guggenheim S&P 500 Pure Value ETF RPV Large-Cap Value Intraday NAV RPV RPVIV Security Investors, LLC 55.00 50.00 45.00 40.00 35.00 30.00 25.00 Guggenheim S&P 500 Pure Value ETF (Market) 6.4 22.7 23.0 24.5 Guggenheim S&P 500 Pure Value ETF (NAV) 6.5 22.9 23.0 24.6 54.03 1,212 208,569 0.35 120 19.2 3/1/2006 0.56 0.51 0.45 0.35 0.44 16.5-14.5 1.35 The Guggenheim S&P 500 Pure Value ETF (RPV) seeks to track the performance of the S&P 500 Pure Value Index. The index identifies approximately one quarter of the S&P 500 Index as pure value, which is included in the index, and excludes companies classified as growth or those that exhibit both growth and value characteristics. To determine growth and value classifications, S&P utilizes three growth and three value factors. The growth factors are three-year change in earnings per share over price per share, three-year sales per share growth rate, and momentum (12-month percent price change). The index is weighted based on the relative style attractiveness and is rebalanced on an annual basis. To track its index, RPV typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 20.00 Guggenheim S&P 500 Pure Value ETF Price 33.0 21.1 1.5 36.7 6.0 1.7 0.0 0.0 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Alcoa Inc WellPoint Inc Berkshire Hathaway Inc Class B Nabors Industries Ltd Valero Energy Corp Archer-Daniels Midland Co Humana Inc Hewlett-Packard Co Xerox Corporation Assurant Inc Large Mid Small Guggenheim S&P 500 Pure Value ETF NAV Market Cap % Market Cap Giant 10.7 Market Cap Large 44.9 Market Cap Mid 44.4 Market Cap Small 0.0 Market Cap Micro 0.0 0.0 5.0 10.0 15.0 20.0 25.0 3.0 2.2 2.2 2.1 1.7 1.6 1.6 1.5 1.5 1.5 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Guggenheim ETFs current to the most recent month end by clicking on the following link: http://guggenheiminvestments.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 58
ishares Morningstar Large-Cap Value JKF Large-Cap Value Intraday NAV ishares Morningstar Large-Cap Value (Market) ishares Morningstar Large-Cap Value (NAV) JKF JKFIV BlackRock Fund s 85.52 308 10,283 0.25 81 44.9 6/28/2004 2.02 1.87 1.71 1.52 1.65 5.9 13.2 14.7 14.5 6.5 5.6 13.2 14.7 14.4 6.4 12.2-12.5 1.19 The ishares Morningstar Large-Cap Value ETF (JKF) seeks to track the performance of the Morningstar Large Value Index. The index identifies approximately one third of the market as value, which is included in the index, and excludes companies classified as growth or those that exhibit both growth and value characteristics. To determine if stocks are value stocks, Morningstar uses price-to-projected earnings, as well as four historical factors, which are price-to-book, price-to-sales, price-to-cash flow, and dividend yield. The index is free-float adjusted market capitalizationweighted and is rebalanced quarterly. To track its index, JKF typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 90.00 85.00 80.00 75.00 70.00 65.00 60.00 55.00 50.00 45.00 ishares Morningstar Large-Cap Value Price 81.6 17.4 0.6 0.3 0.0 0.0 0.0 0.0 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Large Mid Small Exxon Mobil Corporation General Electric Co Chevron Corp Wells Fargo & Co JPMorgan Chase & Co Verizon Communications Inc AT&T Inc Pfizer Inc International Business Machines Corp Intel Corp ishares Morningstar Large-Cap Value NAV Market Cap % Market Cap Giant 64.0 Market Cap Large 35.7 Market Cap Mid 0.3 Market Cap Small 0.0 Market Cap Micro 0.0 0.0 5.0 10.0 15.0 20.0 25.0 8.3 4.9 4.8 4.8 4.3 4.1 3.6 3.6 3.6 3.3 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 59
ishares Russell Mid-Cap Growth IWP Mid-Cap Growth Intraday NAV ishares Russell Mid-Cap Growth (Market) 3.2 14.9 14.6 18.4 10.0 ishares Russell Mid-Cap Growth (NAV) 3.2 14.9 14.6 18.4 10.0 IWP IWPIV BlackRock Fund s 90.15 5,021 226,870 0.25 548 7.3 7/17/2001 0.67 0.83 0.51 0.48 0.40 15.1-16.2 0.98 The ishares Russell Mid-Cap Growth ETF (IWP) seeks to track the performance of the Russell Midcap Growth Index. The index is designed to reflect the performance of the U.S. mid-cap growth companies and includes stocks classified as growth as well as a proportional share of those that exhibit both growth and value characteristics. To determine growth and value classifications, Russell utilizes three factors: book-to-price for value and I/B/E/S forecast medium-term growth (2-yr) and sales per share historical growth (5-yr) for growth. Roughly 70% are classified as all growth or value and 30% are weighted proportionally to both the value and growth indices. The weighting of stocks with both growth and value characteristics is such that a combination of the growth and value weights equals its weight in the Russell MidCap Index. The index is float-adjusted, market capitalization-weighted and reconstituted annually in June. To track its index, IWP typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 97.50 90.00 82.50 75.00 67.50 60.00 52.50 45.00 37.50 ishares Russell Mid-Cap Growth Price 0.5 9.0 21.8 7.7 22.1 35.6 0.6 1.1 1.6 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Netflix Inc Kroger Co Crown Castle International Corp Intuit Inc Lorillard Inc McGraw Hill Financial Inc Twitter Inc Tesla Motors Inc VF Corp Vertex Pharmaceuticals Inc Large Mid Small ishares Russell Mid-Cap Growth NAV Market Cap % Market Cap Giant 0.6 Market Cap Large 31.0 Market Cap Mid 65.2 Market Cap Small 3.2 Market Cap Micro 0.0 0.0 5.0 10.0 15.0 20.0 25.0 0.8 0.8 0.8 0.7 0.7 0.7 0.7 0.7 0.7 0.7 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 60
ishares S&P Mid-Cap 400 Growth IJK Mid-Cap Growth Intraday NAV IJK IJKIV BlackRock Fund s 160.00 140.00 120.00 100.00 80.00 ishares S&P Mid-Cap 400 Growth (Market) 0.5 10.9 12.9 18.4 10.5 ishares S&P Mid-Cap 400 Growth (NAV) 0.6 11.0 12.9 18.4 10.6 156.30 4,618 140,584 0.25 252 11.5 7/24/2000 1.33 1.13 0.65 0.57 0.48 15.4-16.3 0.86 The ishares S&P Mid-Cap 400 Growth ETF (IJK) seeks to track the performance of the S&P MidCap 400 Growth Index. The index is designed to reflect the performance of U.S. mid-cap growth companies and includes stocks classified as growth as well as a proportional share of those that exhibit both growth and value characteristics. To determine growth and value classifications, S&P utilizes three growth and three value factors. The growth factors are three-year change in earnings per share over price per share, three-year sales per share growth rate, and momentum (12-month percent price change). Based on the six factors, 33% of the stocks are assigned to growth, 33% to value, and there are 34% that are neither pure growth nor value. The index is market capitalization-weighted and when combined with the value index, approximately equals the S&P MidCap 400 Index. It is rebalanced on an annual basis. To track its index, IJK typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 60.00 ishares S&P Mid-Cap 400 Growth Price 0.0 0.0 0.0 11.8 26.5 42.7 3.8 7.6 7.7 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Large Mid Small United Rentals Inc Hanesbrands Inc Polaris Industries Inc Universal Health Services Inc Class B Endo International PLC B/E Aerospace Inc Salix Pharmaceuticals Ltd Trimble Navigation Ltd LKQ Corp Westinghouse Air Brake Technologies Corp ishares S&P Mid-Cap 400 Growth NAV Market Cap % Market Cap Giant 0.0 Market Cap Large 0.0 Market Cap Mid 80.6 Market Cap Small 19.4 Market Cap Micro 0.0 0.0 5.0 10.0 15.0 20.0 25.0 1.3 1.2 1.2 1.2 1.2 1.1 1.1 1.0 1.0 1.0 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 61
Vanguard Mid-Cap Growth ETF VOT Mid-Cap Growth Intraday NAV Vanguard Mid-Cap Growth ETF (Market) Vanguard Mid-Cap Growth ETF (NAV) 4.1 4.1 14.3 14.3 13.2 13.2 18.5 18.6 VOT VOTIV Vanguard Group, Inc. 97.93 2,294 63,879 0.09 186 12.0 8/17/2006 0.55 0.47 0.32 0.32 0.29 15.9-17.6 0.86 The Vanguard Mid-Cap Growth ETF (VOT) seeks to track the performance of the CRSP U.S. Mid Cap Growth Index. The index is designed to reflect the performance of U.S. mid-cap growth companies and includes stocks classified as growth as well as a proportional share of those that exhibit both growth and value characteristics. To determine growth and value classifications, CRSP utilizes six growth and five value factors. The growth factors are future longterm growth in EPS, future short-term growth in EPS, three-year historical growth in earnings per share, three-year historical growth in sales per share, investment-to-assets ratio, and return on assets. The index is float-adjusted, market capitalization-weighted and is reconstituted quarterly in March, June, September, and December. To track its index, VOT typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 105.00 97.50 90.00 82.50 75.00 67.50 60.00 52.50 45.00 37.50 Vanguard Mid-Cap Growth ETF Price 0.0 4.5 17.1 3.8 25.0 49.3 0.1 0.1 0.1 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Vertex Pharmaceuticals Inc Chipotle Mexican Grill Inc Class A Southwest Airlines Co Health Care REIT, Inc. AvalonBay Communities Inc Moody's Corporation Sherwin-Williams Co Cerner Corp Concho Resources Inc Avago Technologies Ltd Large Mid Small Vanguard Mid-Cap Growth ETF NAV Market Cap % Market Cap Giant 1.0 Market Cap Large 20.5 Market Cap Mid 78.2 Market Cap Small 0.3 Market Cap Micro 0.1 0.0 5.0 10.0 15.0 20.0 25.0 1.4 1.4 1.3 1.3 1.3 1.2 1.1 1.1 1.0 1.0 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Vanguard ETFs current to the most recent month end by clicking on the following link: https://advisors.vanguard.com/vgapp/iip/site/advisorsec/home. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 62
ishares Russell Mid-Cap Value IWS Mid-Cap Value Intraday NAV ishares Russell Mid-Cap Value (Market) ishares Russell Mid-Cap Value (NAV) IWS IWSIV BlackRock Fund s 72.33 6,794 542,197 0.25 567 7.1 7/17/2001 1.12 1.05 0.92 0.88 0.77 7.6 17.5 17.5 19.7 10.5 7.8 17.5 17.5 19.7 10.5 13.9-15.5 1.24 The ishares Russell Mid-Cap Value ETF (IWS) seeks to track the performance of the Russell Midcap Value Index. The index is designed to reflect the performance of the U.S. mid-cap value companies and includes stocks classified as value as well as a proportional share of those that exhibit both growth and value characteristics. To determine growth and value classifications, Russell utilizes three factors: book-toprice for value and I/B/E/S forecast medium-term growth (2-yr) and sales per share historical growth (5-yr) for growth. Roughly 70% are classified as all growth or value and 30% are weighted proportionally to both the value and growth indices. The weighting of stocks with both growth and value characteristics is such a combination of the growth and value weights equals its calculated weight. The index is float-adjusted, market capitalization-weighted and reconstituted annually in June. To track its index, IWS typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 75.00 70.00 65.00 60.00 55.00 50.00 45.00 40.00 35.00 30.00 ishares Russell Mid-Cap Value Price 7.9 12.2 5.4 36.7 21.6 8.0 4.5 2.8 0.8 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Sempra Energy Cardinal Health Inc Cigna Corp Western Digital Corp PPL Corp Broadcom Corp Prologis Inc SunTrust Banks Inc HCA Holdings Inc Alcoa Inc Large Mid Small ishares Russell Mid-Cap Value NAV Market Cap % Market Cap Giant 0.0 Market Cap Large 25.4 Market Cap Mid 66.1 Market Cap Small 8.5 Market Cap Micro 0.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 0.8 0.8 0.7 0.7 0.7 0.7 0.7 0.7 0.6 0.6 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 63
ishares S&P Mid-Cap 400 Value IJJ Mid-Cap Value Intraday NAV ishares S&P Mid-Cap 400 Value (Market) ishares S&P Mid-Cap 400 Value (NAV) 5.1 5.1 14.3 14.4 16.6 16.7 18.4 18.4 10.1 10.1 IJJ IJJIV BlackRock Fund s 126.52 4,231 129,648 0.25 290 10.2 7/24/2000 1.72 1.68 1.35 1.24 1.35 15.6-17.7 1.07 The ishares S&P Mid-Cap 400 Value ETF (IJJ) seeks to track the performance of the S&P MidCap 400 Value Index. The index is designed to reflect the performance of U.S. mid-cap value companies and includes stocks classified as value as well as a proportional share of those that exhibit both growth and value characteristics. To determine growth and value classifications, S&P utilizes three growth and three value factors. The value factors are book value to price ratio, earnings to price ratio, and sales to price ratio. Based on the six factors, 33% of the stocks are assigned to growth, 33% to value, and there are 34% that are neither pure growth nor value. The index is market capitalization-weighted and when combined with the growth index, approximately equals the S&P MidCap 400 Index. It is rebalanced on an annual basis. To track its index, IJJ typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 130.00 120.00 110.00 100.00 90.00 80.00 70.00 60.00 50.00 ishares S&P Mid-Cap 400 Value Price 0.0 0.0 0.0 31.4 22.7 8.6 18.4 14.0 4.9 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Large Mid Small SL Green Realty Corp Realty Income Corp HollyFrontier Corp Hillshire Brands Co Ashland Inc Everest Re Group Ltd OGE Energy Corp New York Community Bancorp Inc Foot Locker Inc Alleghany Corp ishares S&P Mid-Cap 400 Value NAV Market Cap % Market Cap Giant 0.0 Market Cap Large 0.0 Market Cap Mid 62.3 Market Cap Small 37.7 Market Cap Micro 0.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 1.3 1.2 1.2 1.0 1.0 0.9 0.9 0.9 0.9 0.9 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 64
Vanguard Mid-Cap Value ETF VOE Mid-Cap Value Intraday NAV VOE VOEIV Vanguard Group, Inc. 90.00 82.50 75.00 67.50 60.00 52.50 45.00 Vanguard Mid-Cap Value ETF (Market) 6.2 18.5 18.1 19.8 Vanguard Mid-Cap Value ETF (NAV) 6.2 18.6 18.1 19.8 87.14 3,023 190,101 0.09 203 11.5 8/17/2006 1.22 1.14 1.14 1.01 0.86 13.7-14.7 1.28 The Vanguard Mid-Cap Value ETF (VOE) seeks to track the performance of the CRSP U.S. Mid Cap Value Index. The index is designed to reflect the performance of U.S. mid-cap value companies and includes stocks classified as value as well as a proportional share of those that exhibit both growth and value characteristics. To determine growth and value classifications, CRSP utilizes six growth and five value factors. The value factors are book-to-price, future earnings to price, historical earnings to price, dividend to price, and sales to price. The index float-adjusted, market capitalization-weighted and is reconstituted quarterly in March, June, September, and December. To track its index, VOE typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 37.50 Vanguard Mid-Cap Value ETF Price 2.6 6.2 4.0 51.9 28.2 7.0 0.1 0.0 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Large Mid Small Western Digital Corp Delphi Automotive PLC Alcoa Inc Mylan Inc Seagate Technology PLC United Continental Holdings Inc Boston Scientific Inc AmerisourceBergen Corp Hartford Financial Services Group Inc Principal Financial Group Vanguard Mid-Cap Value ETF NAV Market Cap % Market Cap Giant 0.0 Market Cap Large 12.7 Market Cap Mid 87.2 Market Cap Small 0.1 Market Cap Micro 0.0 0.0 5.0 10.0 15.0 20.0 25.0 1.4 1.3 1.2 1.2 1.2 1.1 1.1 1.1 1.0 0.9 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Vanguard ETFs current to the most recent month end by clicking on the following link: https://advisors.vanguard.com/vgapp/iip/site/advisorsec/home. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 65
ishares Russell 2000 Growth IWO Small-Cap Growth Intraday NAV ishares Russell 2000 Growth (Market) ishares Russell 2000 Growth (NAV) IWO IWOIV BlackRock Fund s 134.81 5,850 1,065,023 0.25 1,159 5.1 7/24/2000 0.97 1.39 0.57 0.58 0.34-3.9 9.0 13.7 17.3 9.4-4.0 9.0 13.8 17.3 9.4 18.2-19.0 0.80 The ishares Russell 2000 Growth ETF (IWO) seeks to track the performance of the Russell 2000 Growth Index. The index is designed to reflect the performance of the U.S. small-cap growth companies and includes stocks classified as growth as well as a proportional share of those that exhibit both growth and value characteristics. To determine growth and value classifications, Russell utilizes three factors: book-toprice for value and I/B/E/S forecast medium-term growth (2-yr) and sales per share historical growth (5-yr) for growth. Roughly 70% are classified as all growth or value and 30% are weighted proportionally to both the value and growth indices. The weighting of stocks with both growth and value characteristics is such a combination of the growth and value weights equals its calculated weight. The index is float-adjusted, market cap weighted and reconstituted annually in June. To track its index, IWO may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 150.00 140.00 130.00 120.00 110.00 100.00 90.00 80.00 70.00 60.00 ishares Russell 2000 Growth Price 0.0 0.0 0.0 0.3 1.4 5.7 7.6 29.5 55.5 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Puma Biotechnology Inc WEX Inc Kodiak Oil & Gas Corp Aspen Technology Inc Team Health Holdings Inc Graphic Packaging Holding Co InterMune Inc Tenneco Inc Ultimate Software Group Inc Isis Pharmaceuticals Large Mid Small ishares Russell 2000 Growth NAV Market Cap % Market Cap Giant 0.0 Market Cap Large 0.0 Market Cap Mid 7.7 Market Cap Small 62.8 Market Cap Micro 29.6 0.0 5.0 10.0 15.0 20.0 25.0 30.0 0.6 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.4 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 66
Vanguard Small-Cap Growth ETF VBK Small-Cap Growth Intraday NAV Vanguard Small-Cap Growth ETF (Market) Vanguard Small-Cap Growth ETF (NAV) -1.3-1.2 10.5 10.6 14.3 14.4 18.9 19.0 10.8 10.8 VBK VBKIV Vanguard Group, Inc. 125.09 3,774 115,191 0.09 721 5.2 1/26/2004 0.79 0.92 0.42 0.36 0.24 17.4-18.9 0.85 The Vanguard Small-Cap Growth ETF (VBK) seeks to track the performance of the CRSP U.S. Small Cap Growth Index. The index is designed to reflect the performance of U.S. small-cap growth companies and includes stocks classified as growth as well as a proportional share of those that exhibit both growth and value characteristics. To determine growth and value classifications, CRSP utilizes six growth and five value factors. The growth factors are future long-term growth in EPS, future shortterm growth in EPS, three-year historical growth in earnings per share, three-year historical growth in sales per share, investment-to-assets ratio, and return on assets. The index is float-adjusted, market capitalization-weighted and is reconstituted quarterly in March, June, September, and December. To track its index, VBK typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 130.00 120.00 110.00 100.00 90.00 80.00 70.00 60.00 50.00 Vanguard Small-Cap Growth ETF Price 0.0 0.0 0.2 3.7 10.4 30.0 4.5 18.0 33.3 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Large Mid Small Salix Pharmaceuticals Ltd Cooper Companies Harman International Industries Inc Alkermes PLC Kirby Corp Duke Realty Corp Mednax Inc W P Carey Inc Extra Space Storage Inc ITC Holdings Corp Vanguard Small-Cap Growth ETF NAV Market Cap % Market Cap Giant 0.0 Market Cap Large 0.2 Market Cap Mid 44.0 Market Cap Small 46.1 Market Cap Micro 9.8 0.0 5.0 10.0 15.0 20.0 25.0 0.6 0.6 0.6 0.5 0.5 0.5 0.5 0.5 0.5 0.5 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Vanguard ETFs current to the most recent month end by clicking on the following link: https://advisors.vanguard.com/vgapp/iip/site/advisorsec/home. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 67
ishares S&P Small-Cap 600 Growth IJT Small-Cap Growth Intraday NAV ishares S&P Small-Cap 600 Growth (Market) -4.0 10.0 14.7 18.6 10.2 ishares S&P Small-Cap 600 Growth (NAV) -4.3 10.0 14.7 18.6 10.2 IJT IJTIV BlackRock Fund s 117.07 2,729 95,684 0.25 366 9.4 7/24/2000 0.83 1.18 0.48 0.63 0.22 16.0-16.7 0.93 The ishares S&P Small-Cap 600 Growth ETF (IJT) seeks to track the performance of the S&P SmallCap 600 Growth Index. The index is designed to reflect the performance of U.S. small-cap growth companies and includes stocks classified as growth as well as a proportional share of those that exhibit both growth and value characteristics. To determine growth and value classifications, S&P utilizes three growth and three value factors. The growth factors are three-year change in earnings per share over price per share, three-year sales per share growth rate, and momentum (12-month percent price change). Based on the six factors, 33% of the stocks are assigned to growth, 33% to value, and there are 34% that are neither pure growth nor value. The index is market capitalization-weighted and when combined with the value index, approximately equals the S&P SmallCap 600 Index. It is rebalanced on an annual basis. To track its index, IJT typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 130.00 120.00 110.00 100.00 90.00 80.00 70.00 60.00 50.00 ishares S&P Small-Cap 600 Growth Price 0.0 0.0 0.0 0.0 0.6 1.7 12.1 33.6 52.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Questcor Pharmaceuticals Inc Cognex Corp US Silica Holdings Inc EnerSys Portfolio Recovery Associates Inc West Pharmaceutical Services Inc Maximus Inc Buffalo Wild Wings Inc Tyler Technologies Inc Synaptics Inc Large Mid Small ishares S&P Small-Cap 600 Growth NAV Market Cap % Market Cap Giant 0.0 Market Cap Large 0.0 Market Cap Mid 2.2 Market Cap Small 69.5 Market Cap Micro 28.2 0.0 5.0 10.0 15.0 20.0 25.0 1.6 1.1 1.0 1.0 1.0 0.9 0.9 0.9 0.9 0.8 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 68
ishares Russell 2000 Value IWN Small-Cap Value Intraday NAV ishares Russell 2000 Value (Market) ishares Russell 2000 Value (NAV) IWN IWNIV BlackRock Fund s 99.42 5,792 840,723 0.25 1,317 4.2 7/24/2000 1.76 1.89 1.33 1.16 1.05-2.3 7.9 13.3 15.7 7.9-2.1 8.0 13.4 15.7 7.9 16.6-18.8 0.84 The ishares Russell 2000 Value ETF (IWN) seeks to track the performance of the Russell 2000 Value Index. The index is designed to reflect the performance of the U.S. small-cap value companies and includes stocks classified as value as well as a proportional share of those that exhibit both growth and value characteristics. To determine growth and value classifications, Russell utilizes three factors: book-toprice for value and I/B/E/S forecast medium-term growth (2-yr) and sales per share historical growth (5-yr) for growth. Roughly 70% are classified as all growth or value and 30% are weighted proportionally to both the value and growth indices. The weighting of stocks with both growth and value characteristics is such that a combination of the growth and value weights equals its weight in the Russell 2000 Index. The index is float-adjusted, market capitalization-weighted and reconstituted annually in June. To track its index, IWN typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 105.00 97.50 90.00 82.50 75.00 67.50 60.00 52.50 45.00 ishares Russell 2000 Value Price 0.0 0.0 0.0 1.8 1.3 0.2 49.6 34.0 13.1 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Prosperity Bancshares, Inc. Highwoods Properties Inc RLJ Lodging Trust LaSalle Hotel Properties CNO Financial Group Inc Esterline Technologies Cleco Corp Investors Bancorp Inc Stifel Financial Corp Axiall Corp Large Mid Small ishares Russell 2000 Value NAV Market Cap % Market Cap Giant 0.0 Market Cap Large 0.0 Market Cap Mid 3.5 Market Cap Small 60.6 Market Cap Micro 35.9 0.0 10.0 20.0 30.0 40.0 0.5 0.5 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 69
Vanguard Small-Cap Value ETF VBR Small-Cap Value Intraday NAV Vanguard Small-Cap Value ETF (Market) 3.2 14.4 16.6 18.5 9.6 Vanguard Small-Cap Value ETF (NAV) 3.3 14.5 16.6 18.5 9.6 VBR VBRIV Vanguard Group, Inc. 104.39 4,506 141,450 0.09 819 4.6 1/26/2004 1.82 1.90 1.38 1.30 1.08 16.0-17.8 1.04 The Vanguard Small-Cap Value ETF (VBR) seeks to track the performance of the CRSP U.S. Small Cap Value Index. The index is designed to reflect the performance of U.S. small-cap value companies and includes stocks classified as value as well as a proportional share of those that exhibit both growth and value characteristics. To determine growth and value classifications, CRSP utilizes six growth and five value factors. The value factors are book-to-price, future earnings to price, historical earnings to price, dividend to price, and sales to price. The index is float-adjusted, market capitalization-weighted and is reconstituted quarterly in March, June, September, and December. To track its index, VBR typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 112.50 105.00 97.50 90.00 82.50 75.00 67.50 60.00 52.50 45.00 Vanguard Small-Cap Value ETF Price 0.0 0.4 0.0 18.2 16.2 4.9 31.5 21.7 7.1 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Hillshire Brands Co Gannett Co Inc Arthur J Gallagher & Co Snap-on Inc Foot Locker Inc Trinity Industries Inc Rite Aid Corp Goodyear Tire & Rubber Co Omnicare Inc AGL Resources Inc Large Mid Small Vanguard Small-Cap Value ETF NAV Market Cap % Market Cap Giant 0.0 Market Cap Large 0.4 Market Cap Mid 38.7 Market Cap Small 51.4 Market Cap Micro 9.5 0.0 5.0 10.0 15.0 20.0 25.0 30.0 0.5 0.5 0.5 0.5 0.5 0.5 0.4 0.4 0.4 0.4 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Vanguard ETFs current to the most recent month end by clicking on the following link: https://advisors.vanguard.com/vgapp/iip/site/advisorsec/home. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 70
ishares S&P Small-Cap 600 Value IJS Small-Cap Value Intraday NAV IJS IJSIV BlackRock Fund s 120.00 110.00 100.00 90.00 80.00 70.00 60.00 ishares S&P Small-Cap 600 Value (Market) ishares S&P Small-Cap 600 Value (NAV) -0.8-1.0 11.6 11.6 16.8 16.8 17.6 17.6 9.3 9.3 113.30 3,027 126,322 0.25 450 8.7 7/24/2000 1.32 1.51 0.92 0.82 0.93 16.7-17.7 1.01 The ishares S&P Small-Cap 600 Value ETF (IJS) seeks to track the performance of the S&P SmallCap 600 Value Index. The index is designed to reflect the performance of U.S. small-cap value companies and includes stocks classified as value as well as a proportional share of those that exhibit both growth and value characteristics. To determine growth and value classifications, S&P utilizes three growth and three value factors. The value factors are book value to price ratio, earnings to price ratio, and sales to price ratio. Based on the six factors, 33% of the stocks are assigned to growth, 33% to value, and there are 34% that are neither pure growth nor value. The index is market capitalization-weighted and when combined with the growth index, approximately equals the S&P SmallCap 600 Index. It is rebalanced on an annual basis. To track its index, IJS typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 50.00 ishares S&P Small-Cap 600 Value Price 0.0 0.0 0.0 0.0 0.0 1.2 45.1 37.4 16.2 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Centene Corp Triquint Semiconductor Curtiss-Wright Corp Treehouse Foods Inc EPR Properties EMCOR Group, Inc. Piedmont Natural Gas Co Proassurance Corp UNS Energy Corp Exterran Holdings Inc Large Mid Small ishares S&P Small-Cap 600 Value NAV Market Cap % Market Cap Giant 0.0 Market Cap Large 0.0 Market Cap Mid 1.2 Market Cap Small 63.9 Market Cap Micro 34.9 0.0 5.0 10.0 15.0 20.0 25.0 1.2 0.9 0.9 0.9 0.8 0.8 0.8 0.7 0.7 0.7 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 71
Vanguard Consumer Discretionary ETF VCR Consumer Discretionary Intraday NAV Vanguard Consumer Discretionary ETF (Market) Vanguard Consumer Discretionary ETF (NAV) -0.9-0.9 12.5 12.5 20.1 20.1 23.3 23.3 9.8 9.8 VCR VCRIV Vanguard Group, Inc. 111.30 1,270 97,839 0.14 387 33.1 1/26/2004 0.91 1.15 0.85 0.60 0.44 14.6-13.2 1.33 The Vanguard Consumer Discretionary ETF (VCR) seeks to track the performance of the MSCI US Investable Market Consumer Discretionary 25/50 Index. The index includes large-, mid-, and small-cap U.S. companies that are classified in the Consumer Discretionary sector according to the Global Industry Classification Standard. It is modified market capitalization-weighted such that no single issuer exceeds 25% of the index weight and the sum of all issuers with weights above 5% does not exceed 50% of the index weight. This is achieved using the Barra Optimizer, which aims to minimize turnover and the weight differences between the 25/50 Index and the parent index. The indices are rebalanced quarterly in February, May, August, and vember. To track its index, VCR employs a full replication strategy when possible in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 120.00 110.00 100.00 90.00 80.00 70.00 60.00 50.00 40.00 Vanguard Consumer Discretionary ETF Price 4.2 14.6 46.4 5.2 10.9 9.6 2.6 3.6 3.0 Value Blend Growth Sector/Industry Breakdown (%) Media - Diversified Pay TV Specialty Retail Restaurants Home Improvement Stores Leisure Auto Parts Auto Manufacturers Apparel Stores Apparel Manufacturing Walt Disney Co Amazon.com Inc Home Depot Inc Comcast Corp Class A McDonald's Corp Time Warner Inc Priceline Group Inc Ford Motor Co Starbucks Corp Nike Inc Class B Large Mid Small Vanguard Consumer Discretionary ETF NAV Market Cap % Market Cap Giant 32.1 Market Cap Large 32.8 Market Cap Mid 25.7 Market Cap Small 7.1 Market Cap Micro 2.2 14.1 11.3 10.4 9.6 6.2 5.0 4.7 4.6 4.1 3.3 5.3 4.5 4.2 3.9 3.5 2.8 2.4 2.3 2.2 2.0 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Vanguard ETFs current to the most recent month end by clicking on the following link: https://advisors.vanguard.com/vgapp/iip/site/advisorsec/home. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 72
Consumer Discret Select Sector SPDR ETF XLY Consumer Discretionary Intraday NAV Consumer Discret Select Sector SPDR ETF (Market) -0.8 12.5 20.2 23.0 9.6 Consumer Discret Select Sector SPDR ETF (NAV) -0.8 12.5 20.2 22.9 9.5 XLY XLYIV SSgA Funds Management Inc 68.57 6,659 5,399,180 0.16 86 45.4 12/16/1998 0.78 0.76 0.61 0.49 0.45 13.8-11.7 1.41 The Consumer Discretionary Select Sector SPDR (XLY) seeks to track the performance of the S&P Consumer Discretionary Select Sector Index. The index includes constituents of the S&P 500 Index that are classified as Consumer Discretionary according to the Global Industry Classification Standard. The index is modified market capitalization-weighted. A constituent's float adjusted market capitalization weight is capped at 23% and the sum of constituents with greater than 4.8% weight cannot exceed 50% of the total index weight. The index is rebalanced quarterly in March, June, September, and December. To track its index, XLY typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 70.00 65.00 60.00 55.00 50.00 45.00 40.00 35.00 30.00 25.00 Consumer Discret Select Sector SPDR ETF Price 5.2 19.3 55.0 6.0 8.1 6.4 0.0 0.0 0.0 Value Blend Growth Sector/Industry Breakdown (%) Media - Diversified Pay TV Specialty Retail Restaurants Home Improvement Stores Auto Manufacturers Leisure Apparel Stores Discount Stores Apparel Manufacturing Large Mid Small Comcast Corp Class A Walt Disney Co Amazon.com Inc Home Depot Inc McDonald's Corp Time Warner Inc Ford Motor Co Priceline Group Inc Twenty-First Century Fox Inc Class A Starbucks Corp Consumer Discret Select Sector SPDR ETF NAV Market Cap % Market Cap Giant 42.2 Market Cap Large 37.3 Market Cap Mid 20.5 Market Cap Small 0.0 Market Cap Micro 0.0 17.3 12.3 10.4 10.3 7.8 5.5 5.3 3.9 3.6 3.2 6.9 6.8 5.7 5.4 4.6 3.6 3.3 3.2 3.0 2.9 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for SPDR ETFs current to the most recent month end by clicking on the following link: https://www.spdrs.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 73
ishares US Home Construction ITB Homebuilding Intraday NAV ishares US Home Construction (Market) ishares US Home Construction (NAV) -10.4-10.8-0.1-0.2 24.2 24.1 13.5 13.5 ITB ITBIV BlackRock Fund s 24.09 1,503 3,251,039 0.46 37 61.9 5/1/2006 0.03 0.13 0.09 0.08 0.07 25.0-23.5 0.99 The ishares U.S. Home Construction ETF (ITB) seeks to track the performance of the Dow Jones U.S. Select Home Construction Index. The index includes companies involved in the Home Construction, Furnishings, Home Improvement Retailers, Building Materials and Fixtures subsectors as defined by Dow Jones's proprietary classification system. Companies classified as Furnishings, Home Improvement Retailers, and Building Materials and Fixtures are capped at 40%. There is also a minimum float-adjusted market capitalization requirement. The index is float-adjusted market capitalizationweighted and is rebalanced quarterly. To track its index, ITB typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 27.50 25.00 22.50 20.00 17.50 15.00 12.50 10.00 7.50 ishares US Home Construction Price 0.0 0.0 11.7 11.4 30.7 16.5 17.7 8.8 3.2 Value Blend Growth Sector/Industry Breakdown (%) Residential Construction Building Materials Home Improvement Stores Home Furnishings & Fixtures Specialty Chemicals Diversified Industrials Electronics Distribution Tools & Accessories Lennar Corp PulteGroup Inc DR Horton Inc Toll Brothers Inc NVR Inc Home Depot Inc Lowe's Companies Inc KB Home Ryland Group Inc Meritage Homes Corp Large Mid Small ishares US Home Construction NAV Market Cap % Market Cap Giant 5.0 Market Cap Large 6.6 Market Cap Mid 59.0 Market Cap Small 20.8 Market Cap Micro 8.6 64.2 12.7 9.8 6.5 2.8 1.6 1.3 1.1 9.7 9.3 9.1 8.3 7.7 5.0 3.8 3.1 3.0 3.0 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 74
SPDR S&P Homebuilders ETF XHB Homebuilding Intraday NAV SPDR S&P Homebuilders ETF (Market) SPDR S&P Homebuilders ETF (NAV) XHB XHBIV SSgA Funds Management Inc 31.77 1,808 4,804,420 0.35 36 33.6 1/31/2006 0.10 0.26 0.15 0.34 0.15-10.3-0.5 22.0 17.0-10.2-0.6 22.0 16.9 22.9-20.6 0.98 The SPDR S&P Homebuilders ETF (XHB) seeks to track the performance of the S&P Homebuilders Select Industry Index. The index includes companies involved in the Homebuilding, Building Products, Home Furnishings, Home Improvement Retail, Homefurnishing Retail, and Household Appliances subindustries as defined by Global Industry Classification Standard. There are market capitalization and liquidity requirements that must be met. The index is equal-weighted with a maximum weight to an individual company set at 4.5% and is rebalanced quarterly. To track its index, XHB typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 35.00 32.50 30.00 27.50 25.00 22.50 20.00 17.50 15.00 12.50 SPDR S&P Homebuilders ETF Price 0.0 0.0 7.0 9.7 28.3 15.4 15.7 8.9 15.0 Value Blend Growth Sector/Industry Breakdown (%) Residential Construction Home Furnishings & Fixtures Home Improvement Stores Building Materials Specialty Retail Consumer Electronics Diversified Industrials Security & Protection Services Household & Personal Products Rental & Leasing Services Large Mid Small Lowe's Companies Inc Bed Bath & Beyond Inc Home Depot Inc Whirlpool Corp Restoration Hardware Holdings Inc NVR Inc Williams-Sonoma Inc Leggett & Platt Inc Lennox International Inc Tempur Sealy International Inc SPDR S&P Homebuilders ETF NAV Market Cap % Market Cap Giant 3.5 Market Cap Large 3.5 Market Cap Mid 53.5 Market Cap Small 32.3 Market Cap Micro 7.2 28.5 14.6 12.2 11.8 10.2 6.6 6.3 3.1 3.0 2.6 3.5 3.5 3.5 3.4 3.4 3.4 3.3 3.3 3.2 3.2 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for SPDR ETFs current to the most recent month end by clicking on the following link: https://www.spdrs.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 75
SPDR S&P Retail ETF XRT Retail Intraday NAV SPDR S&P Retail ETF (Market) -4.4 3.4 17.7 23.9 SPDR S&P Retail ETF (NAV) -4.4 3.4 17.7 23.8 XRT XRTIV SSgA Funds Management Inc 87.68 736 2,034,647 0.35 102 11.4 6/19/2006 0.53 1.03 0.50 0.48 0.48 16.5-13.0 1.07 The SPDR S&P Retail ETF (XRT) seeks to track the performance of the S&P Retail Select Industry Index. The index includes 11 retail sub-industries as defined by Global Industry Classification Standard including, but not limited to Apparel Retail, Specialty Stores, Automotive Retail, Internet Retail, and Food Retail. There are market capitalization and liquidity requirements that must be met. The index is equal-weighted with a maximum weight to an individual company set at 4.5% and is rebalanced quarterly. To track its index, XRT typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 90.00 82.50 75.00 67.50 60.00 52.50 45.00 37.50 30.00 SPDR S&P Retail ETF Price 2.0 7.0 5.9 7.2 12.2 13.1 18.4 18.1 16.1 Value Blend Growth Sector/Industry Breakdown (%) Specialty Retail Apparel Stores Discount Stores Grocery Stores Auto & Truck Dealerships Department Stores Pharmaceutical Retailers Internet Content & Information Luxury Goods Leisure SUPERVALU Inc Shutterfly Inc PetSmart Inc Lithia Motors Inc Class A Lands' End, Inc. GameStop Corp Class A Family Dollar Stores Inc FTD Companies Inc CarMax Inc Burlington Stores Inc Large Mid Small SPDR S&P Retail ETF NAV Market Cap % Market Cap Giant 3.0 Market Cap Large 12.0 Market Cap Mid 32.5 Market Cap Small 39.7 Market Cap Micro 12.9 28.7 20.5 10.8 8.0 7.3 6.2 3.8 3.1 2.8 2.1 1.2 1.2 1.2 1.2 1.2 1.1 1.1 1.1 1.1 1.1 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for SPDR ETFs current to the most recent month end by clicking on the following link: https://www.spdrs.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 76
Vanguard Consumer Staples ETF VDC Consumer Staples Intraday NAV Vanguard Consumer Staples ETF (Market) Vanguard Consumer Staples ETF (NAV) 1.6 1.6 7.2 7.4 15.2 15.2 15.6 15.6 10.4 10.4 VDC VDCIV Vanguard Group, Inc. 116.36 1,923 106,775 0.14 104 59.9 1/26/2004 2.43 2.59 1.89 1.91 1.74 9.8-5.3 1.49 The Vanguard Consumer Staples ETF (VDC) seeks to track the performance of the MSCI US Investable Market Consumer Staples 25/50 Index. The index includes large-, mid-, and small-cap U.S. companies that are classified in the Consumer Staples sector according to the Global Industry Classification Standard. It is modified market capitalization-weighted such that no single issuer exceeds 25% of the index weight and the sum of all issuers with weights above 5% does not exceed 50% of the index weight. This is achieved using the Barra Optimizer, which aims to minimize turnover and the weight differences between the 25/50 Index and the parent index. The indices are rebalanced quarterly in February, May, August, and vember. To track its index, VDC employs a full replication strategy when possible in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 120.0 112.5 105.0 97.5 90.0 82.5 75.0 67.5 60.0 Vanguard Consumer Staples ETF Price 31.6 45.2 4.5 7.0 4.9 2.2 1.4 2.1 1.3 Value Blend Growth Sector/Industry Breakdown (%) Household & Personal Products Beverages - Soft Drinks Tobacco Packaged Foods Discount Stores Pharmaceutical Retailers Confectioners Grocery Stores Farm Products Food Distribution Large Mid Small Procter & Gamble Co Coca-Cola Co PepsiCo Inc Philip Morris International Inc Wal-Mart Stores Inc CVS Caremark Corp Altria Group Inc Walgreen Co Mondelez International Inc Class A Colgate-Palmolive Co Vanguard Consumer Staples ETF NAV Market Cap % Market Cap Giant 49.4 Market Cap Large 31.8 Market Cap Mid 14.0 Market Cap Small 3.5 Market Cap Micro 1.3 21.2 17.6 14.2 12.5 9.4 8.6 4.4 3.7 3.7 2.0 11.5 8.4 7.1 6.9 6.3 4.6 4.6 3.6 3.5 3.4 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Vanguard ETFs current to the most recent month end by clicking on the following link: https://advisors.vanguard.com/vgapp/iip/site/advisorsec/home. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 77
Consumer Staples Select Sector SPDR ETF XLP Consumer Staples Intraday NAV XLP XLPIV SSgA Funds Management Inc 50.0 45.0 40.0 35.0 30.0 25.0 Consumer Staples Select Sector SPDR ETF (Market) 1.6 7.0 15.0 15.1 9.7 Consumer Staples Select Sector SPDR ETF (NAV) 1.6 7.1 15.0 15.1 9.7 44.87 6,801 6,887,457 0.16 41 63.3 12/16/1998 1.03 1.07 0.89 0.76 0.73 9.9-5.0 1.47 The Consumer Staples Select Sector SPDR (XLP) seeks to track the performance of the S&P Consumer Staples Select Sector Index. The index includes constituents of the S&P 500 Index that are classified as Consumer Staples according to the Global Industry Classification Standard. The index is modified market capitalization-weighted. A constituent's float adjusted market capitalization weight is capped at 23% and the sum of constituents with greater than 4.8% weight cannot exceed 50% of the total index weight. The index is rebalanced quarterly in March, June, September, and December. To track its index, XLP typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 20.0 Consumer Staples Select Sector SPDR ETF Price 36.2 46.6 5.5 6.9 2.8 1.9 0.0 0.0 0.0 Value Blend Growth Sector/Industry Breakdown (%) Household & Personal Products Beverages - Soft Drinks Tobacco Packaged Foods Discount Stores Pharmaceutical Retailers Confectioners Grocery Stores Farm Products Beverages - Wineries & Distilleries Large Mid Small Procter & Gamble Co Coca-Cola Co Philip Morris International Inc Wal-Mart Stores Inc CVS Caremark Corp PepsiCo Inc Altria Group Inc Walgreen Co Mondelez International Inc Class A Colgate-Palmolive Co Consumer Staples Select Sector SPDR ETF NAV Market Cap % Market Cap Giant 52.7 Market Cap Large 35.6 Market Cap Mid 11.7 Market Cap Small 0.0 Market Cap Micro 0.0 21.7 16.3 15.3 10.8 10.7 9.7 4.5 3.4 3.0 2.3 13.0 9.2 8.0 7.4 5.7 4.8 4.5 4.0 3.6 3.5 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for SPDR ETFs current to the most recent month end by clicking on the following link: https://www.spdrs.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 78
Vanguard Energy ETF VDE Energy Intraday NAV Vanguard Energy ETF (Market) Vanguard Energy ETF (NAV) VDE VDEIV Vanguard Group, Inc. 140.27 3,404 178,183 0.14 163 59.6 9/23/2004 2.19 1.99 1.62 1.25 1.19 9.6 19.2 9.2 15.2 9.6 19.2 9.2 15.2 19.9-23.2 0.54 The Vanguard Energy ETF (VDE) seeks to track the performance of the MSCI US Investable Market Energy 25/50 Index. The index includes large-, mid-, and small-cap U.S. companies that are classified in the Energy sector according to the Global Industry Classification Standard. It is modified market capitalization-weighted such that no single issuer exceeds 25% of the index weight and the sum of all issuers with weights above 5% does not exceed 50% of the index weight. This is achieved using the Barra Optimizer, which aims to minimize turnover and the weight differences between the 25/50 Index and the parent index. The indices are rebalanced quarterly in February, May, August, and vember. To track its index, VDE employs a full replication strategy when possible in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 150.00 140.00 130.00 120.00 110.00 100.00 90.00 80.00 70.00 Vanguard Energy ETF Price 49.8 10.1 19.7 3.9 3.4 8.6 1.1 2.0 1.4 Value Blend Growth Sector/Industry Breakdown (%) Exxon Mobil Corporation Chevron Corp Schlumberger NV ConocoPhillips Occidental Petroleum Corp EOG Resources Inc Halliburton Co Anadarko Petroleum Corp Phillips 66 Apache Corporation Large Mid Small Oil & Gas Exploration & Production Oil & Gas Integrated Oil & Gas Equipment & Services Oil & Gas Midstream Oil & Gas Refining & Marketing Oil & Gas Drilling Coal Airports & Air Services Vanguard Energy ETF NAV Market Cap % Market Cap Giant 47.3 Market Cap Large 32.3 Market Cap Mid 15.9 Market Cap Small 3.3 Market Cap Micro 1.2 33.7 32.0 17.6 7.2 6.1 2.8 0.3 0.2 20.3 11.7 6.7 4.8 3.7 2.8 2.8 2.6 2.3 1.9 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Vanguard ETFs current to the most recent month end by clicking on the following link: https://advisors.vanguard.com/vgapp/iip/site/advisorsec/home. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 79
Energy Select Sector SPDR ETF XLE Energy Intraday NAV Energy Select Sector SPDR ETF (Market) Energy Select Sector SPDR ETF (NAV) 10.2 10.3 19.5 19.4 10.1 10.1 15.8 15.8 13.3 13.3 XLE XLEIV SSgA Funds Management Inc 97.58 11,460 8,702,140 0.16 46 60.2 12/16/1998 1.53 1.30 1.06 1.00 1.03 20.0-23.1 0.58 The Energy Select Sector SPDR (XLE) seeks to track the performance of the S&P Energy Select Sector Index. The index includes constituents of the S&P 500 Index that are classified as Energy according to the Global Industry Classification Standard. The index is modified market capitalizationweighted. A constituent's float adjusted market capitalization weight is capped at 23% and the sum of constituents with greater than 4.8% weight cannot exceed 50% of the total index weight. The index is rebalanced quarterly in March, June, September, and December. To track its index, XLE typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 105.00 97.50 90.00 82.50 75.00 67.50 60.00 52.50 45.00 Energy Select Sector SPDR ETF Price 47.6 11.8 25.7 4.0 3.8 7.2 0.0 0.0 0.0 Value Blend Growth Sector/Industry Breakdown (%) Exxon Mobil Corporation Chevron Corp Schlumberger NV ConocoPhillips EOG Resources Inc Pioneer Natural Resources Co Halliburton Co Occidental Petroleum Corp Anadarko Petroleum Corp Williams Companies Inc Large Mid Small Oil & Gas Exploration & Production Oil & Gas Integrated Oil & Gas Equipment & Services Oil & Gas Midstream Oil & Gas Refining & Marketing Oil & Gas Drilling Coal Energy Select Sector SPDR ETF NAV Market Cap % Market Cap Giant 43.0 Market Cap Large 42.0 Market Cap Mid 15.0 Market Cap Small 0.0 Market Cap Micro 0.0 35.5 28.0 18.2 7.2 6.9 3.8 0.3 14.9 13.0 7.6 3.9 3.8 3.7 3.6 3.5 3.3 3.1 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for SPDR ETFs current to the most recent month end by clicking on the following link: https://www.spdrs.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 80
ishares US Oil Equipment&Services IEZ Oil & Gas Equip. & Services Intraday NAV ishares US Oil Equipment&Services (Market) 12.3 22.6 3.5 16.1 ishares US Oil Equipment&Services (NAV) 12.1 22.7 3.5 16.1 IEZ IEZIV BlackRock Fund s 72.67 588 75,035 0.46 53 66.4 5/1/2006 0.49 0.32 0.17 0.28 0.31 28.2-35.1 0.26 The ishares U.S. Oil & Gas Equipment & Services ETF (IEZ) seeks to track the performance of the Dow Jones U.S. Select Equipment & Services Index. The index includes companies involved in the Oil Equipment & Services subsector as defined by Dow Jones's proprietary classification system. This includes companies engaged in supplying equipment and services to oil fields and offshore platforms, such as drilling, exploration, seismic-information services and platform construction. To be included in the index, a stock must meet the minimum float-adjusted market capitalization requirement. The index is float-adjusted market capitalization-weighted and is rebalanced quarterly. To track its index, IEZ typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 80.00 75.00 70.00 65.00 60.00 55.00 50.00 45.00 40.00 35.00 ishares US Oil Equipment&Services Price 3.4 10.2 43.1 4.8 8.5 14.8 2.1 10.4 2.9 Value Blend Growth Sector/Industry Breakdown (%) Schlumberger NV Halliburton Co National Oilwell Varco Inc Baker Hughes Inc Weatherford International PLC Cameron International Corp FMC Technologies Inc Transocean Ltd Ensco PLC Class A Helmerich & Payne Inc Large Mid Small Oil & Gas Equipment & Services Oil & Gas Drilling Airports & Air Services Oil & Gas Exploration & Production Metal Fabrication Oil & Gas Midstream Engineering & Construction Scientific & Technical Instruments ishares US Oil Equipment&Services NAV Market Cap % Market Cap Giant 21.9 Market Cap Large 34.7 Market Cap Mid 28.1 Market Cap Small 11.3 Market Cap Micro 4.1 76.1 19.7 1.3 1.2 0.8 0.3 0.3 0.2 21.9 10.8 7.2 6.3 4.0 3.6 3.5 3.3 3.0 2.9 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 81
SPDR S&P Oil & Gas Equipment & Svcs ETF XES Oil & Gas Equip. & Services Intraday NAV XES XESIV SSgA Funds Management Inc 50.00 45.00 40.00 35.00 30.00 25.00 SPDR S&P Oil & Gas Equipment & Svcs ETF (Market) SPDR S&P Oil & Gas Equipment & Svcs ETF (NAV) 3.1 3.1 11.7 11.6 2.5 2.5 14.5 14.5 44.77 318 74,062 0.35 51 24.7 6/19/2006 0.28 0.25 0.10 0.31 0.18 27.3-33.3 0.22 The SPDR S&P Oil & Gas Equipment & Services ETF (XES) seeks to track the performance of the S&P Oil & Gas Equipment & Services Select Industry Index. The index includes the Oil & Gas Drilling and Oil & Gas Equipment & Services sub-industries as defined by Global Industry Classification Standard. There are market capitalization and liquidity requirements that must be met. The index is equal-weighted with a maximum weight to an individual company set at 4.5% and is rebalanced quarterly. To track its index, XES typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 20.00 SPDR S&P Oil & Gas Equipment & Svcs ETF Price 2.2 4.8 9.6 6.9 13.1 14.0 9.6 31.6 8.3 Value Blend Growth Sector/Industry Breakdown (%) Oil & Gas Equipment & Services Oil & Gas Drilling Airports & Air Services Scientific & Technical Instruments Oil & Gas Midstream Engineering & Construction Cameron International Corp National Oilwell Varco Inc FMC Technologies Inc Halliburton Co Patterson-UTI Energy Inc Helix Energy Solutions Group Inc Schlumberger NV Weatherford International PLC Nabors Industries Ltd Exterran Holdings Inc Large Mid Small SPDR S&P Oil & Gas Equipment & Svcs ETF NAV Market Cap % Market Cap Giant 2.4 Market Cap Large 14.1 Market Cap Mid 34.1 Market Cap Small 30.6 Market Cap Micro 18.8 66.1 26.6 2.8 1.7 1.7 1.1 2.6 2.5 2.5 2.4 2.4 2.4 2.4 2.4 2.4 2.3 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for SPDR ETFs current to the most recent month end by clicking on the following link: https://www.spdrs.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 82
SPDR S&P Oil & Gas Explor & Prod ETF XOP Oil & Gas Exploration & Prod. Intraday NAV SPDR S&P Oil & Gas Explor & Prod ETF (Market) 10.3 21.6 7.6 17.6 SPDR S&P Oil & Gas Explor & Prod ETF (NAV) 10.2 21.5 7.6 17.6 XOP XOPIV SSgA Funds Management Inc 76.20 1,101 4,396,578 0.35 87 14.6 6/19/2006 0.57 0.65 0.59 0.20 0.28 27.4-30.9 0.40 The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) seeks to track the performance of the S&P Oil & Gas Exploration & Production Select Industry Index. The index includes the Integrated Oil & Gas, Oil & Gas Exploration & Production, and Oil & Gas Refining & Marketing sub-industries as defined by Global Industry Classification Standard. There are market capitalization and liquidity requirements that must be met. The index is equal-weighted with a maximum weight to an individual company set at 4.5% and is rebalanced quarterly. To track its index, XOP typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 90.00 82.50 75.00 67.50 60.00 52.50 45.00 37.50 30.00 SPDR S&P Oil & Gas Explor & Prod ETF Price 11.5 5.0 4.9 13.6 3.8 18.6 11.9 10.8 20.0 Value Blend Growth Sector/Industry Breakdown (%) Green Plains Inc Kodiak Oil & Gas Corp Whiting Petroleum Corp Emerald Oil Inc Tesoro Corp Apache Corporation RSP Permian Inc Athlon Energy Inc Hess Corp QEP Resources Inc Large Mid Small Oil & Gas Exploration & Production Oil & Gas Refining & Marketing Oil & Gas Integrated Oil & Gas Equipment & Services Specialty Chemicals Oil & Gas Drilling Oil & Gas Midstream SPDR S&P Oil & Gas Explor & Prod ETF NAV Market Cap % Market Cap Giant 5.1 Market Cap Large 16.2 Market Cap Mid 36.0 Market Cap Small 24.4 Market Cap Micro 18.3 77.3 13.7 2.6 2.3 1.6 1.3 1.3 1.5 1.4 1.4 1.4 1.4 1.3 1.3 1.3 1.3 1.3 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for SPDR ETFs current to the most recent month end by clicking on the following link: https://www.spdrs.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 83
ishares US Oil&Gas Explor&Prodtn IEO Oil & Gas Exploration & Prod. Intraday NAV ishares US Oil&Gas Explor&Prodtn (Market) 13.4 24.9 9.9 16.4 ishares US Oil&Gas Explor&Prodtn (NAV) 13.4 25.0 9.9 16.4 IEO IEOIV BlackRock Fund s 93.45 612 106,048 0.46 76 59.8 5/1/2006 0.72 0.49 0.38 0.18 0.24 25.6-28.6 0.49 The ishares U.S. Oil & Gas Exploration & Production ETF (IEO) seeks to track the performance of the Dow Jones U.S. Select Exploration & Production Index. The index includes companies involved in the Oil Exploration & Production subsector as defined by Dow Jones's proprietary classification system. This includes companies engaged in exploration, drilling, production, refining and supply of oil and gas products. To be included in the index, a stock must meet the minimum float-adjusted market capitalization requirement. The index is float-adjusted market capitalization-weighted and is rebalanced quarterly. To track its index, IEO typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 105.00 97.50 90.00 82.50 75.00 67.50 60.00 52.50 45.00 37.50 ishares US Oil&Gas Explor&Prodtn Price 36.2 15.3 16.7 8.2 3.5 14.3 1.7 1.5 2.6 Value Blend Growth Sector/Industry Breakdown (%) ConocoPhillips EOG Resources Inc Anadarko Petroleum Corp Phillips 66 Apache Corporation Pioneer Natural Resources Co Devon Energy Corp Valero Energy Corp Marathon Oil Corp Marathon Petroleum Corp Large Mid Small Oil & Gas Exploration & Production Oil & Gas Refining & Marketing Oil & Gas Midstream Oil & Gas Equipment & Services Oil & Gas Drilling ishares US Oil&Gas Explor&Prodtn NAV Market Cap % Market Cap Giant 13.9 Market Cap Large 54.3 Market Cap Mid 26.0 Market Cap Small 4.7 Market Cap Micro 1.1 78.9 17.3 3.4 0.3 0.1 13.9 8.2 7.4 6.3 5.4 4.3 4.0 3.7 3.6 3.3 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 84
First Trust ISE-Revere Natural Gas ETF FCG Natural Gas Intraday NAV FCG FCGIV First Trust s L.P. 24.00 22.00 20.00 18.00 16.00 14.00 First Trust ISE-Revere Natural Gas Idx (Market) 6.8 20.3-2.0 8.5 First Trust ISE-Revere Natural Gas Idx (NAV) 6.6 20.4-2.0 8.5 20.37 495 458,961 0.60 28 43.5 5/8/2007 0.07 0.07 0.08 0.05 0.07 25.9-31.5 0.05 The First Trust ISE-Revere Natural Gas Index (FCG) seeks to track the performance of the ISE-REVERE Natural Gas Index. To be included in the index, a company must derive a significant portion of its revenue from natural gas exploration and production, have a market capitalization of at least $150 million, and meet certain liquidity requirements. For companies involved in both oil and gas, natural gas must account for more than 50% of its total proved reserves. Eligible securities are ranked and scored based on P/ E, P/B, ROE, and correlation to the spot-month Henry Hub natural gas futures contract. The top 30 companies based on final rank are selected for the index and are equally weighted. The index is rebalanced quarterly. To track its index, FCG typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 12.00 First Trust ISE-Revere Natural Gas ETF Price 12.6 12.1 7.6 4.3 12.6 15.9 17.8 13.8 3.3 Value Blend Growth Sector/Industry Breakdown (%) Apache Corporation QEP Resources Inc SM Energy Co Cimarex Energy Co Newfield Exploration Co Talisman Energy Inc Anadarko Petroleum Corp Devon Energy Corp Cabot Oil & Gas Corp Class A Swift Energy Co Large Mid Small Oil & Gas Exploration & Production Oil & Gas Midstream Oil & Gas Integrated Oil & Gas Equipment & Services First Trust ISE-Revere Natural Gas ETF NAV Market Cap % Market Cap Giant 3.9 Market Cap Large 28.5 Market Cap Mid 32.8 Market Cap Small 21.2 Market Cap Micro 13.7 91.5 4.4 3.8 0.2 4.5 4.4 4.3 4.3 4.3 4.2 4.2 4.2 4.1 4.0 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for First Trust ETFs current to the most recent month end by clicking on the following link: http://www.ftportfolios.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 85
Vanguard Financials ETF VFH Financials Intraday NAV VFH VFHIV Vanguard Group, Inc. 50.00 45.00 40.00 35.00 30.00 25.00 Vanguard Financials ETF (Market) Vanguard Financials ETF (NAV) YTD 3.3 3.2 46.61 2,158 216,352 0.19 543 35.7 1/26/2004 0.81 0.73 0.56 0.43 0.50 1 Year 3 Years 5 Years 10 Years 10.7 16.0 13.8 1.6 10.7 16.0 13.7 1.6 16.8-19.3 0.97 The Vanguard Financials ETF (VFH) seeks to track the performance of the MSCI US Investable Market Financials 25/50 Index. The index includes large-, mid-, and small-cap U.S. companies that are classified in the Financials sector according to the Global Industry Classification Standard. It is modified market capitalization-weighted such that no single issuer exceeds 25% of the index weight and the sum of all issuers with weights above 5% does not exceed 50% of the index weight. This is achieved using the Barra Optimizer, which aims to minimize turnover and the weight differences between the 25/50 Index and the parent index. The indices are rebalanced quarterly in February, May, August, and vember. To track its index, VFH employs a full replication strategy when possible in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 20.00 Vanguard Financials ETF Price 36.6 22.4 9.0 10.9 7.5 2.2 7.0 3.4 0.9 Value Blend Growth Sector/Industry Breakdown (%) Banks - Global Banks - Regional - US Asset Management Insurance - Diversified Insurance - Property & Casualty Capital Markets Insurance - Life Credit Services REIT - Retail REIT - Diversified Wells Fargo & Co JPMorgan Chase & Co Bank of America Corporation Citigroup Inc Berkshire Hathaway Inc Class B American Express Co U.S. Bancorp Goldman Sachs Group Inc American International Group Inc Simon Property Group Inc Large Mid Small Vanguard Financials ETF NAV Market Cap % Market Cap Giant 34.3 Market Cap Large 33.2 Market Cap Mid 20.7 Market Cap Small 9.3 Market Cap Micro 2.5 21.9 11.5 7.3 6.9 6.1 5.6 5.0 5.0 4.4 3.7 7.1 6.1 4.5 4.1 3.9 2.3 2.1 2.1 2.0 1.5 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Vanguard ETFs current to the most recent month end by clicking on the following link: https://advisors.vanguard.com/vgapp/iip/site/advisorsec/home. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 86
Financial Select Sector SPDR ETF XLF Financials Intraday NAV XLF XLFIV SSgA Funds Management Inc 24.00 22.00 20.00 18.00 16.00 14.00 12.00 Financial Select Sector SPDR ETF (Market) 3.3 11.2 16.9 13.2 0.0 Financial Select Sector SPDR ETF (NAV) 3.4 11.2 16.8 13.2-0.1 22.93 17,656 26,931,897 0.16 85 49.2 12/16/1998 0.32 0.29 0.23 0.16 0.25 17.8-19.9 0.96 The Financials Select Sector SPDR (XLF) seeks to track the performance of the S&P Financials Select Sector Index. The index includes constituents of the S&P 500 Index that are classified as Financials according to the Global Industry Classification Standard. The index is modified market capitalizationweighted. A constituent's float adjusted market capitalization weight is capped at 23% and the sum of constituents with greater than 4.8% weight cannot exceed 50% of the total index weight. The index is rebalanced quarterly in March, June, September, and December. To track its index, XLF typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 10.00 Financial Select Sector SPDR ETF Price 47.2 31.7 11.2 6.4 2.3 1.1 0.0 0.0 0.0 Value Blend Growth Sector/Industry Breakdown (%) Banks - Global Insurance - Diversified Banks - Regional - US Asset Management Insurance - Life Capital Markets Credit Services Insurance - Property & Casualty REIT - Retail REIT - Healthcare Facilities Wells Fargo & Co Berkshire Hathaway Inc Class B JPMorgan Chase & Co Bank of America Corporation Citigroup Inc American Express Co U.S. Bancorp American International Group Inc Goldman Sachs Group Inc MetLife Inc Large Mid Small Financial Select Sector SPDR ETF NAV Market Cap % Market Cap Giant 47.1 Market Cap Large 42.7 Market Cap Mid 10.1 Market Cap Small 0.0 Market Cap Micro 0.0 27.9 11.9 9.0 8.2 6.1 5.9 5.8 5.5 3.0 2.1 8.8 8.2 7.9 5.8 5.4 2.9 2.8 2.7 2.6 2.1 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for SPDR ETFs current to the most recent month end by clicking on the following link: https://www.spdrs.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 87
SPDR S&P Bank ETF KBE Banks Intraday NAV SPDR S&P Bank ETF (Market) SPDR S&P Bank ETF (NAV) KBE KBEIV SSgA Funds Management Inc 32.07 2,472 966,866 0.35 58 18.9 11/8/2005 0.46 0.49 0.37 0.13 0.36-3.0 3.8 13.9 11.3-3.0 3.7 13.9 11.3 18.9-22.9 0.78 The SPDR S&P Bank ETF (KBE) seeks to track the performance of the S&P Bank Select Industry Index. The index includes asset management & custody banks, diversified banks, regional banks, thrifts & mortgage finance, and other diversified financial services companies. To be included in the index, companies must meet the minimum float-adjusted market capitalization and liquidity requirements. The index is equally weighted and is rebalanced quarterly. To track its index, KBE may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 35.00 32.50 30.00 27.50 25.00 22.50 20.00 17.50 15.00 SPDR S&P Bank ETF Price 16.2 1.8 0.0 32.3 12.3 0.0 34.0 3.5 0.0 Value Blend Growth Sector/Industry Breakdown (%) Banks - Regional - US Banks - Global Savings & Cooperative Banks Asset Management Specialty Finance Insurance - Specialty Large Mid Small Bank of New York Mellon Corp CIT Group Inc rthern Trust Corp Huntington Bancshares Inc Citigroup Inc Voya Financial Inc Wintrust Financial Corp Popular Inc JPMorgan Chase & Co New York Community Bancorp Inc SPDR S&P Bank ETF NAV Market Cap % Market Cap Giant 9.1 Market Cap Large 8.9 Market Cap Mid 44.5 Market Cap Small 37.5 Market Cap Micro 0.0 70.2 9.0 8.5 5.8 3.5 3.0 2.0 2.0 1.9 1.9 1.9 1.9 1.9 1.8 1.8 1.8 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for SPDR ETFs current to the most recent month end by clicking on the following link: https://www.spdrs.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 88
SPDR S&P Regional Banking ETF KRE Banks Intraday NAV KRE KREIV SSgA Funds Management Inc 45.00 40.00 35.00 30.00 25.00 20.00 SPDR S&P Regional Banking ETF (Market) -4.7 6.0 17.9 14.9 SPDR S&P Regional Banking ETF (NAV) -4.7 6.0 17.8 14.9 38.41 2,256 2,743,748 0.35 81 14.7 6/19/2006 0.56 0.56 0.44 0.36 0.46 20.9-21.6 0.89 The SPDR S&P Regional Banking ETF (KRE) seeks to track the performance of the S&P Regional Banks Select Industry Index. The index includes regional banks or thrifts that meet the minimum float-adjusted market capitalization and liquidity requirements. The index is equally weighted and is rebalanced quarterly. To track its index, KRE may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 15.00 SPDR S&P Regional Banking ETF Price 5.5 0.0 0.0 19.8 8.3 0.0 53.8 11.9 0.7 Value Blend Growth Sector/Industry Breakdown (%) Banks - Regional - US Specialty Finance Banks - Global Savings & Cooperative Banks CIT Group Inc Huntington Bancshares Inc Wintrust Financial Corp United Bankshares Inc Popular Inc BOK Financial Corp United Community Banks Inc Associated Banc-Corp Cathay General Bancorp City National Corp Large Mid Small SPDR S&P Regional Banking ETF NAV Market Cap % Market Cap Giant 0.0 Market Cap Large 5.5 Market Cap Mid 28.1 Market Cap Small 54.3 Market Cap Micro 12.1 95.7 1.6 1.4 1.4 1.6 1.5 1.5 1.5 1.5 1.5 1.4 1.4 1.4 1.4 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for SPDR ETFs current to the most recent month end by clicking on the following link: https://www.spdrs.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 89
Vanguard REIT ETF VNQ REITs Intraday NAV Vanguard REIT ETF (Market) 17.9 12.5 11.2 21.4 Vanguard REIT ETF (NAV) 17.8 12.5 11.2 21.3 VNQ VNQIV Vanguard Group, Inc. 77.49 24,836 2,714,902 0.10 139 38.3 9/23/2004 1.96 1.61 1.37 1.89 1.48 16.4-15.9 0.73 The Vanguard REIT ETF (VNQ) seeks to track the performance of the MSCI US REIT Index. The index is designed to reflect the performance of the U.S. equity REIT universe, as defined by the Global Industry Classification Standard. REITs included in the index must have a market capitalization of at least $100 million with sufficient liquidity to be included in the index. Mortgage REITs, hybrid REITs, and Specialized REITs that do not generate a majority of their revenue and income from real estate rental and relating leasing operations are not included in the index. The index is free floatadjusted, market capitalization-weighted and rebalanced quarterly. To track its index, VNQ typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 80.00 75.00 70.00 65.00 60.00 55.00 50.00 45.00 40.00 35.00 Vanguard REIT ETF Price 3.2 32.5 8.2 13.0 20.6 2.0 9.1 10.2 1.3 Value Blend Growth Sector/Industry Breakdown (%) REIT - Retail REIT - Residential REIT - Office REIT - Healthcare Facilities REIT - Industrial REIT - Diversified REIT - Hotel & Motel Real Estate Services Simon Property Group Inc Public Storage Equity Residential Prologis Inc AvalonBay Communities Inc HCP Inc Ventas Inc Health Care REIT, Inc. Boston Properties Inc Vornado Realty Trust Large Mid Small Vanguard REIT ETF NAV Market Cap % Market Cap Giant 0.0 Market Cap Large 43.0 Market Cap Mid 34.9 Market Cap Small 18.8 Market Cap Micro 3.3 25.6 16.4 14.5 13.4 11.6 10.3 7.8 0.5 8.7 4.1 3.7 3.4 3.2 3.1 3.1 3.0 3.0 2.9 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Vanguard ETFs current to the most recent month end by clicking on the following link: https://advisors.vanguard.com/vgapp/iip/site/advisorsec/home. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 90
ishares US Real Estate IYR REITs Intraday NAV ishares US Real Estate (Market) ishares US Real Estate (NAV) IYR IYRIV BlackRock Fund s 74.38 5,019 8,701,643 0.46 101 36.4 6/12/2000 2.38 2.40 2.18 1.97 1.93 16.0 11.9 10.0 19.3 8.1 15.9 12.0 10.0 19.3 8.1 15.6-15.4 0.69 The ishares U.S. Real Estate ETF (IYR) seeks to track the performance of the Dow Jones U.S. Real Estate Index. The index is designed to reflect the performance of the U.S. equity REIT universe and includes real estate investment trusts as well as real estate holding and development and real estate services companies. The index is free float-adjusted, market capitalization-weighted and rebalanced quarterly. To track its index, IYR may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 80.00 75.00 70.00 65.00 60.00 55.00 50.00 45.00 40.00 35.00 ishares US Real Estate Price 2.8 29.8 16.1 13.6 21.2 5.1 6.1 5.1 0.2 Value Blend Growth Sector/Industry Breakdown (%) REIT - Retail REIT - Diversified REIT - Residential REIT - Office REIT - Healthcare Facilities REIT - Industrial REIT - Hotel & Motel Lumber & Wood Production Real Estate Services Telecom Services Simon Property Group Inc American Tower Corp Public Storage Crown Castle International Corp Equity Residential Prologis Inc Health Care REIT, Inc. HCP Inc Vornado Realty Trust Boston Properties Inc Large Mid Small ishares US Real Estate NAV Market Cap % Market Cap Giant 0.0 Market Cap Large 48.0 Market Cap Mid 39.5 Market Cap Small 12.6 Market Cap Micro 0.0 19.5 15.5 15.2 12.0 10.2 9.6 5.1 4.3 3.2 3.5 7.4 5.3 3.5 3.5 3.1 2.9 2.8 2.7 2.6 2.6 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 91
SPDR Dow Jones REIT ETF RWR REITs Intraday NAV RWR RWRIV SSgA Funds Management Inc 90.00 82.50 75.00 67.50 60.00 52.50 45.00 SPDR Dow Jones REIT ETF (Market) SPDR Dow Jones REIT ETF (NAV) YTD 18.3 18.3 85.85 2,771 216,040 0.25 90 45.1 4/23/2001 2.42 2.23 2.03 1.79 1.98 1 Year 3 Years 5 Years 10 Years 12.3 10.5 21.1 9.2 12.4 10.5 21.1 9.2 16.5-16.1 0.68 The SPDR Dow Jones REIT ETF (RWR) seeks to track the performance of the Dow Jones U.S. Select REIT Index. The index is designed to reflect the performance of the U.S. equity REIT universe. Companies included in the index must be an equity owner and operator of commercial and/or residential real estate and derive at least 75% of total revenue from the ownership and operation of real estate assets. They must also have a market capitalization of at least $200 million with sufficient liquidity to be included in the index. Mortgage REITs and hybrid REITs, select specialized REITs, and companies that have more than 25% of their assets in direct mortgage investments are not included in the index. The index is free floatadjusted, market capitalization-weighted and rebalanced quarterly. To track its index, RWR typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 37.50 SPDR Dow Jones REIT ETF Price 3.8 38.1 9.7 10.7 19.6 2.4 6.9 8.0 0.9 Value Blend Growth Sector/Industry Breakdown (%) REIT - Retail REIT - Residential REIT - Office REIT - Industrial REIT - Healthcare Facilities REIT - Hotel & Motel REIT - Diversified Real Estate Services Simon Property Group Inc Public Storage Equity Residential Prologis Inc Health Care REIT, Inc. HCP Inc Ventas Inc Vornado Realty Trust Boston Properties Inc AvalonBay Communities Inc Large Mid Small SPDR Dow Jones REIT ETF NAV Market Cap % Market Cap Giant 0.0 Market Cap Large 50.8 Market Cap Mid 32.2 Market Cap Small 15.3 Market Cap Micro 1.7 25.3 18.7 17.2 13.4 12.9 7.5 4.4 0.6 10.2 4.9 4.2 4.0 3.8 3.7 3.7 3.6 3.6 3.5 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for SPDR ETFs current to the most recent month end by clicking on the following link: https://www.spdrs.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 92
Vanguard Health Care ETF VHT Health Care Intraday NAV Vanguard Health Care ETF (Market) Vanguard Health Care ETF (NAV) VHT VHTIV Vanguard Group, Inc. 115.12 3,202 159,536 0.14 312 45.4 1/26/2004 1.14 1.20 1.05 0.98 1.49 10.1 21.1 23.6 19.8 10.5 10.1 21.1 23.6 19.8 10.5 11.1-8.0 1.98 The Vanguard Health Care ETF (VHT) seeks to track the performance of the MSCI US Investable Market Health Care 25/50 Index. The index includes large-, mid-, and small-cap U.S. companies that are classified in the Health Care sector according to the Global Industry Classification Standard. It is modified market capitalizationweighted such that no single issuer exceeds 25% of the index weight and the sum of all issuers with weights above 5% does not exceed 50% of the index weight. This is achieved using the Barra Optimizer, which aims to minimize turnover and the weight differences between the 25/50 Index and the parent index. The indices are rebalanced quarterly in February, May, August, and vember. To track its index, VHT employs a full replication strategy when possible in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 120.00 110.00 100.00 90.00 80.00 70.00 60.00 50.00 40.00 Vanguard Health Care ETF Price Portfolio Date: 6/30/2014 16.5 39.7 24.4 0.9 4.0 7.2 0.6 1.9 4.8 Value Blend Growth Sector/Industry Breakdown (%) Portfolio Date: 6/30/2014 Portfolio Date: 6/30/2014 Johnson & Johnson Pfizer Inc Merck & Co Inc Gilead Sciences Inc AbbVie Inc Amgen Inc UnitedHealth Group Inc Bristol-Myers Squibb Company Biogen Idec Inc Celgene Corp Large Mid Small Drug Manufacturers - Major Biotechnology Medical Devices Health Care Plans Drug Manufacturers - Specialty & Generic Medical Instruments & Supplies Diagnostics & Research Medical Distribution Medical Care Health Information Services Vanguard Health Care ETF NAV Market Cap % Market Cap Giant 47.8 Market Cap Large 32.2 Market Cap Mid 12.2 Market Cap Small 5.3 Market Cap Micro 2.5 31.9 20.2 9.9 9.0 7.9 7.7 4.7 3.6 2.9 1.0 10.5 6.8 6.1 4.5 3.2 3.2 2.9 2.9 2.7 2.5 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Vanguard ETFs current to the most recent month end by clicking on the following link: https://advisors.vanguard.com/vgapp/iip/site/advisorsec/home. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 93
Health Care Select Sector SPDR ETF XLV Health Care Intraday NAV Health Care Select Sector SPDR ETF (Market) 10.7 21.2 23.6 19.1 9.6 Health Care Select Sector SPDR ETF (NAV) 10.7 21.3 23.6 19.1 9.6 XLV XLVIV SSgA Funds Management Inc 62.84 10,695 5,932,298 0.16 55 54.6 12/16/1998 0.84 0.80 0.68 0.58 0.57 10.5-6.5 2.09 The Health Care Select Sector SPDR (XLV) seeks to track the performance of the S&P Health Care Select Sector Index. The index includes constituents of the S&P 500 Index that are classified as Health Care according to the Global Industry Classification Standard. The index is modified market capitalizationweighted. A constituent's float adjusted market capitalization weight is capped at 23% and the sum of constituents with greater than 4.8% weight cannot exceed 50% of the total index weight. The index is rebalanced quarterly in March, June, September, and December. To track its index, XLV typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 65.00 60.00 55.00 50.00 45.00 40.00 35.00 30.00 25.00 Health Care Select Sector SPDR ETF Price 20.1 39.7 35.6 0.9 2.6 1.2 0.0 0.0 0.0 Value Blend Growth Sector/Industry Breakdown (%) Johnson & Johnson Pfizer Inc Merck & Co Inc Gilead Sciences Inc Amgen Inc Bristol-Myers Squibb Company AbbVie Inc Biogen Idec Inc UnitedHealth Group Inc Celgene Corp Large Mid Small Drug Manufacturers - Major Biotechnology Health Care Plans Medical Devices Drug Manufacturers - Specialty & Generic Medical Instruments & Supplies Medical Distribution Diagnostics & Research Medical Care Health Information Services Health Care Select Sector SPDR ETF NAV Market Cap % Market Cap Giant 57.1 Market Cap Large 38.2 Market Cap Mid 4.7 Market Cap Small 0.0 Market Cap Micro 0.0 37.0 20.0 10.4 9.8 7.5 6.0 3.9 3.9 0.8 0.7 12.2 7.9 7.1 6.0 4.1 3.6 3.6 3.5 3.4 3.0 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for SPDR ETFs current to the most recent month end by clicking on the following link: https://www.spdrs.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 94
ishares Nasdaq Biotechnology IBB Biotechnology Intraday NAV ishares Nasdaq Biotechnology (Market) 10.6 27.0 34.4 26.4 14.2 ishares Nasdaq Biotechnology (NAV) 10.7 27.0 34.4 26.4 14.2 IBB IBBIV BlackRock Fund s 266.85 5,295 1,176,874 0.48 121 59.3 2/5/2001 0.07 0.66 0.01 0.51 18.9-13.1 1.67 The ishares Nasdaq Biotechnology ETF (IBB) seeks to track the performance of the Nasdaq Biotechnology Index. The index includes companies that are classified as either biotechnology or pharmaceutical according to the Industry Classification Benchmark that are listed exclusively on the NASDAQ Global Select Market or NASDAQ Global Market (unless the security was dually listed on another U.S. market prior to 1/1/04 and has continuously maintained such listing). There are market capitalization and liquidity requirements that must be met. The index is modified market capitalizationweighted with a maximum company weight of 8% and no more than 5 securities are at that cap. The index is reviewed annually and rebalanced quarterly. To track its index, IBB may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 275.00 250.00 225.00 200.00 175.00 150.00 125.00 100.00 75.00 50.00 ishares Nasdaq Biotechnology Price 0.0 8.6 52.1 1.0 4.6 16.9 0.2 3.2 13.2 Value Blend Growth Sector/Industry Breakdown (%) Celgene Corp Gilead Sciences Inc Amgen Inc Biogen Idec Inc Alexion Pharmaceuticals Inc Vertex Pharmaceuticals Inc Regeneron Pharmaceuticals Inc Illumina Inc Mylan Inc Endo International PLC Large Mid Small Biotechnology Drug Manufacturers - Specialty & Generic Medical Instruments & Supplies Diagnostics & Research Drug Manufacturers - Major Medical Devices ishares Nasdaq Biotechnology NAV Market Cap % Market Cap Giant 35.4 Market Cap Large 23.7 Market Cap Mid 21.9 Market Cap Small 9.6 Market Cap Micro 9.4 80.8 11.7 4.0 2.2 1.1 0.1 8.7 8.6 8.4 8.0 6.7 4.7 3.9 3.9 3.8 2.3 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 95
SPDR S&P Biotech ETF XBI Biotechnology Intraday NAV XBI XBIIV SSgA Funds Management Inc 180.00 160.00 140.00 120.00 100.00 80.00 60.00 SPDR S&P Biotech ETF (Market) 13.0 20.1 27.6 21.7 SPDR S&P Biotech ETF (NAV) 12.6 20.1 27.5 21.7 155.07 1,162 467,143 0.35 79 19.3 1/31/2006 0.22 0.20 0.15 27.7-21.2 1.02 The SPDR S&P Biotech ETF (XBI) seeks to track the performance of the S&P Biotechnology Select Industry Index. The index includes the Biotechnology and Life Sciences Tools & Services sub-industries as defined by Global Industry Classification Standard. There are market capitalization and liquidity requirements that must be met. The index is equal-weighted with a maximum weight to an individual company set at 4.5% and is rebalanced quarterly. To track its index, XBI typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 40.00 SPDR S&P Biotech ETF Price 0.0 1.7 9.9 1.5 1.6 17.3 1.2 15.8 51.0 Value Blend Growth Sector/Industry Breakdown (%) Puma Biotechnology Inc Insmed Inc Pharmacyclics Inc Vertex Pharmaceuticals Inc Inovio Pharmaceuticals Inc Exelixis Inc Gilead Sciences Inc Dyax Corp Biocryst Pharmaceuticals Inc Organovo Holdings Inc Large Mid Small Biotechnology Drug Manufacturers - Specialty & Generic Diagnostics & Research Drug Manufacturers - Major Medical Devices SPDR S&P Biotech ETF NAV Market Cap % Market Cap Giant 5.8 Market Cap Large 4.3 Market Cap Mid 22.7 Market Cap Small 19.1 Market Cap Micro 48.1 82.0 7.6 4.9 3.4 2.1 4.9 1.8 1.7 1.6 1.5 1.5 1.5 1.5 1.5 1.5 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for SPDR ETFs current to the most recent month end by clicking on the following link: https://www.spdrs.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 96
Vanguard Industrials ETF VIS Industrials Intraday NAV Vanguard Industrials ETF (Market) -0.5 16.1 17.4 19.2 Vanguard Industrials ETF (NAV) -0.5 16.2 17.4 19.2 VIS VISIV Vanguard Group, Inc. 104.52 1,872 180,280 0.14 354 37.7 9/23/2004 1.06 1.49 1.22 0.85 0.72 15.6-16.4 1.10 The Vanguard Industrials ETF (VIS) seeks to track the performance of the MSCI US Investable Market Industrials 25/50 Index. The index includes large-, mid-, and small-cap U.S. companies that are classified in the Industrials sector according to the Global Industry Classification Standard. It is modified market capitalization-weighted such that no single issuer exceeds 25% of the index weight and the sum of all issuers with weights above 5% does not exceed 50% of the index weight. This is achieved using the Barra Optimizer, which aims to minimize turnover and the weight differences between the 25/50 Index and the parent index. The indices are rebalanced quarterly in February, May, August, and vember. To track its index, VIS employs a full replication strategy when possible in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 112.50 105.00 97.50 90.00 82.50 75.00 67.50 60.00 52.50 45.00 Vanguard Industrials ETF Price 19.8 23.7 20.6 4.3 10.2 10.4 3.0 4.6 3.4 Value Blend Growth Sector/Industry Breakdown (%) Diversified Industrials Aerospace & Defense Railroads Integrated Shipping & Logistics Farm & Construction Equipment Airlines Business Services Engineering & Construction Waste Management Rental & Leasing Services Large Mid Small General Electric Co United Technologies Corp Union Pacific Corp 3M Co Boeing Co United Parcel Service Inc (UPS) Class B Honeywell International Inc Caterpillar Inc Danaher Corp Lockheed Martin Corp Vanguard Industrials ETF NAV Market Cap % Market Cap Giant 31.2 Market Cap Large 32.7 Market Cap Mid 24.9 Market Cap Small 8.4 Market Cap Micro 2.9 34.1 16.7 7.8 6.2 4.8 4.8 3.9 2.5 2.2 1.9 10.6 3.8 3.7 3.7 3.6 2.9 2.9 2.7 1.9 1.9 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Vanguard ETFs current to the most recent month end by clicking on the following link: https://advisors.vanguard.com/vgapp/iip/site/advisorsec/home. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 97
Industrial Select Sector SPDR ETF XLI Industrials Intraday NAV Assets (USD Millions) Industrial Select Sector SPDR ETF (Market) 0.1 16.9 16.8 19.2 8.6 Industrial Select Sector SPDR ETF (NAV) 0.2 17.1 16.8 19.1 8.6 XLI XLIIV SSgA Funds Management Inc 54.39 8,429 9,217,390 0.16 65 46.9 12/16/1998 0.88 0.86 0.73 0.59 0.65 14.9-15.2 1.11 The Industrials Select Sector SPDR (XLI) seeks to track the performance of the S&P Industrials Select Sector Index. The index includes constituents of the S&P 500 Index that are classified as Industrials according to the Global Industry Classification Standard. The index is modified market capitalizationweighted. A constituent's float adjusted market capitalization weight is capped at 23% and the sum of constituents with greater than 4.8% weight cannot exceed 50% of the total index weight. The index is rebalanced quarterly in March, June, September, and December. To track its index, XLI typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 60.00 55.00 50.00 45.00 40.00 35.00 30.00 25.00 20.00 Industrial Select Sector SPDR ETF Price 23.2 31.8 27.5 4.3 7.7 5.4 0.0 0.0 0.0 Value Blend Growth Sector/Industry Breakdown (%) Diversified Industrials Aerospace & Defense Railroads Integrated Shipping & Logistics Farm & Construction Equipment Airlines Business Services Waste Management Metal Fabrication Industrial Distribution Large Mid Small General Electric Co Union Pacific Corp United Technologies Corp 3M Co Boeing Co Honeywell International Inc United Parcel Service Inc (UPS) Class B Caterpillar Inc Danaher Corp Emerson Electric Co Industrial Select Sector SPDR ETF NAV Market Cap % Market Cap Giant 38.0 Market Cap Large 44.5 Market Cap Mid 17.5 Market Cap Small 0.0 Market Cap Micro 0.0 38.7 19.6 9.9 7.2 5.9 2.9 2.4 2.3 1.8 1.7 10.2 5.3 5.0 4.9 4.6 4.1 3.8 3.7 2.7 2.6 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for SPDR ETFs current to the most recent month end by clicking on the following link: https://www.spdrs.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 98
Vanguard Information Technology ETF VGT Information Technology Intraday NAV Vanguard Information Technology ETF (Market) Vanguard Information Technology ETF (NAV) 8.7 8.6 26.1 26.1 16.6 16.6 16.8 16.9 9.4 9.4 VGT VGTIV Vanguard Group, Inc. 100.47 5,769 305,239 0.14 413 53.4 1/26/2004 0.94 0.83 0.49 0.36 0.25 14.4-10.3 1.14 The Vanguard Information Technology ETF (VGT) seeks to track the performance of the MSCI US Investable Market Information Technology 25/50 Index. The index includes large-, mid-, and small-cap U.S. companies that are classified in the Information Technology sector according to the Global Industry Classification Standard. It is modified market capitalizationweighted such that no single issuer exceeds 25% of the index weight and the sum of all issuers with weights above 5% does not exceed 50% of the index weight. This is achieved using the Barra Optimizer, which aims to minimize turnover and the weight differences between the 25/50 Index and the parent index. The indices are rebalanced quarterly in February, May, August, and vember. To track its index, VGT employs a full replication strategy when possible in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 105.00 97.50 90.00 82.50 75.00 67.50 60.00 52.50 45.00 Vanguard Information Technology ETF Price 8.2 24.9 44.4 2.7 4.2 8.2 1.0 2.1 4.4 Value Blend Growth Sector/Industry Breakdown (%) Consumer Electronics Internet Content & Information Software - Infrastructure Semiconductors Information Technology Services Communication Equipment Software - Application Credit Services Data Storage Business Services Large Mid Small Apple Inc Microsoft Corp International Business Machines Corp Intel Corp Google Inc Class C Google Inc Class A Oracle Corporation Facebook Inc Class A Cisco Systems Inc Qualcomm Inc Vanguard Information Technology ETF NAV Market Cap % Market Cap Giant 56.7 Market Cap Large 19.7 Market Cap Mid 15.8 Market Cap Small 6.1 Market Cap Micro 1.8 14.8 13.9 13.7 10.1 8.8 8.2 6.4 4.9 3.6 3.3 14.8 8.4 4.7 4.2 4.1 4.0 3.6 3.4 3.2 3.1 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Vanguard ETFs current to the most recent month end by clicking on the following link: https://advisors.vanguard.com/vgapp/iip/site/advisorsec/home. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 99
First Trust NASDAQ Technology Div ETF TDIV Information Technology Intraday NAV TDIV TDIVIV First Trust s L.P. Time Period: 8/13/2012 to 8/20/2014 28.00 26.00 24.00 22.00 20.00 First Trust NASDAQ Technology Dividend (Market) 10.7 22.5 First Trust NASDAQ Technology Dividend (NAV) 10.7 22.6 27.42 640 118,466 0.50 89 58.9 8/13/2012 0.57 0.20 The First Trust NASDAQ Technology Dividend Index Fund (TDIV) seeks to track the performance of the NASDAQ Technology Dividend Index. The index includes technology or telecommunication stocks as classified by the Industry Classification Benchmark that are listed on the NASDAQ Stock Market, the New York Stock Exchange, or the NYSE Amex. The stocks included must have a paid a regular or common dividend within the past 12 months, have a yield of at least 0.5%, have not had a decrease in common dividends per share paid within the last 12 months, and meet certain market capitalization and liquidity requirements. The index is modified dividend value weighted with technology stocks given a weight of 20% and telecommunication stocks a weight of 20%. The weighting methodology caps individual company weights and the index is rebalanced quarterly. To track its index, TDIV typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 18.00 11/2012 2/2013 5/2013 8/2013 11/2013 2/2014 5/2014 8/2014 First Trust NASDAQ Technology Div ETF Price 23.8 41.3 9.4 7.8 4.9 0.4 0.5 1.7 0.5 Value Blend Growth Sector/Industry Breakdown (%) Large Mid Small Semiconductors Telecom Services Software - Infrastructure Communication Equipment Information Technology Services Consumer Electronics Data Storage Computer Systems Software - Application Semiconductor Equipment & Materials Intel Corp Apple Inc Microsoft Corp International Business Machines Corp Cisco Systems Inc Oracle Corporation Qualcomm Inc Texas Instruments Inc Hewlett-Packard Co EMC Corp First Trust NASDAQ Technology Div ETF NAV Market Cap % Market Cap Giant 61.4 Market Cap Large 23.1 Market Cap Mid 12.9 Market Cap Small 2.0 Market Cap Micro 0.6 20.8 19.7 13.5 13.0 8.7 8.2 4.2 3.6 2.8 2.6 9.6 8.2 8.2 8.0 7.9 3.7 3.5 3.4 3.2 2.5 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for First Trust ETFs current to the most recent month end by clicking on the following link: http://www.ftportfolios.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 100
Technology Select Sector SPDR ETF XLK Information Technology Intraday NAV Technology Select Sector SPDR ETF (Market) 10.1 25.2 16.8 16.5 8.8 Technology Select Sector SPDR ETF (NAV) 10.0 25.2 16.8 16.5 8.8 XLK XLKIV SSgA Funds Management Inc 39.91 13,757 6,570,218 0.16 72 58.7 12/16/1998 0.61 0.50 0.38 0.32 0.31 12.3-8.2 1.32 The Technology Select Sector SPDR (XLK) seeks to track the performance of the S&P Technology Select Sector Index. The index includes constituents of the S&P 500 Index that are classified as Information Technology and Telecommunication Services according to the Global Industry Classification Standard. The index is modified market capitalization-weighted. A constituent's float adjusted market capitalization weight is capped at 23% and the sum of constituents with greater than 4.8% weight cannot exceed 50% of the total index weight. The index is rebalanced quarterly in March, June, September, and December. To track its index, XLK typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 40.00 37.50 35.00 32.50 30.00 27.50 25.00 22.50 20.00 17.50 Technology Select Sector SPDR ETF Price 19.4 25.2 46.1 2.7 3.4 3.3 0.0 0.0 0.0 Value Blend Growth Sector/Industry Breakdown (%) Consumer Electronics Software - Infrastructure Internet Content & Information Telecom Services Information Technology Services Semiconductors Communication Equipment Credit Services Data Storage Software - Application Large Mid Small Apple Inc Microsoft Corp Verizon Communications Inc AT&T Inc International Business Machines Corp Google Inc Class A Google Inc Class C Intel Corp Oracle Corporation Cisco Systems Inc Technology Select Sector SPDR ETF NAV Market Cap % Market Cap Giant 69.5 Market Cap Large 20.7 Market Cap Mid 9.8 Market Cap Small 0.0 Market Cap Micro 0.0 15.3 13.1 13.1 11.5 8.1 8.1 7.7 5.3 3.9 3.8 15.3 8.6 5.6 4.9 4.8 4.4 4.3 3.8 3.7 3.4 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for SPDR ETFs current to the most recent month end by clicking on the following link: https://www.spdrs.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 101
First Trust Dow Jones Internet ETF FDN Internet Intraday NAV FDN FDNIV First Trust s L.P. 67.50 60.00 52.50 45.00 37.50 30.00 22.50 First Trust Dow Jones Internet Index (Market) -1.5 19.7 18.5 23.7 First Trust Dow Jones Internet Index (NAV) -1.6 19.7 18.5 23.7 61.42 1,753 332,338 0.60 42 56.4 6/19/2006 0.02 0.04 18.5-17.2 1.01 The First Trust Dow Jones Internet Index Fund (FDN) seeks to track the performance of the Dow Jones Internet Composite Index. To be included in the index, companies must derive at least 50% of its annual sales/revenues from the internet, have a three-month average market capitalization of at least $100 million, a three-month average closing price above $10 if it is not already in the index, and pass other liquidity tests. IPOs must have at least three months of trading history before being eligible for the index. From the eligible universe, 25 Internet Services and 15 Internet Commerce stocks are selected using a combination of float-adjusted market capitalization and three-month average share volume. The index targets capturing 80% of the float-adjusted selection universe. Stocks are weighted based on float-adjusted market capitalization with individual company weightings capped at 10% and the index is rebalanced quarterly. To track its index, FDN typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 15.00 First Trust Dow Jones Internet ETF Price 0.0 0.0 59.3 0.0 6.6 18.4 1.5 2.4 11.8 Value Blend Growth Sector/Industry Breakdown (%) Internet Content & Information Specialty Retail Software - Application Leisure Capital Markets Communication Equipment Pay TV Software - Infrastructure Information Technology Services Broadcasting - Radio Facebook Inc Class A Amazon.com Inc ebay Inc Priceline Group Inc Google Inc Class A Google Inc Class C Yahoo! Inc Salesforce.com Inc Netflix Inc LinkedIn Corp Class A Large Mid Small First Trust Dow Jones Internet ETF NAV Market Cap % Market Cap Giant 23.2 Market Cap Large 34.7 Market Cap Mid 25.9 Market Cap Small 11.2 Market Cap Micro 5.0 42.4 14.3 13.6 8.6 4.3 4.3 3.9 3.9 2.4 1.7 9.0 8.0 6.3 6.2 5.1 5.0 4.5 4.4 3.9 3.5 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for First Trust ETFs current to the most recent month end by clicking on the following link: http://www.ftportfolios.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 102
ishares PHLX Semiconductor SOXX Semiconductors Intraday NAV SOXX SOXXIV BlackRock Fund s 90.00 82.50 75.00 67.50 60.00 52.50 45.00 ishares PHLX Semiconductor (Market) ishares PHLX Semiconductor (NAV) 86.75 542 209,451 0.48 31 58.7 7/10/2001 0.86 0.65 0.42 0.53 0.35 14.3 28.9 17.7 15.5 5.8 14.3 28.9 17.8 15.6 5.8 18.3-12.2 0.99 The ishares PHLX Semiconductor ETF (SOXX) seeks to track the performance of the PHLX SOX Semiconductor Sector Index. The index includes companies whose primary business is involved in the design, distribution, manufacture, and sale of semiconductors as determined by the Industry Classification Benchmark code that meet certain market capitalization and liquidity requirements. The top 30 eligible securities by market capitalization are included in the index. The index is modified market capitalization-weighted and rebalanced quarterly. To track its index, SOXX may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 37.50 ishares PHLX Semiconductor Price 0.0 23.7 38.8 7.3 19.2 8.4 0.0 1.7 0.9 Value Blend Growth Sector/Industry Breakdown (%) Large Mid Small Semiconductors Semiconductor Equipment & Materials Semiconductor Memory Communication Equipment Data Storage Intel Corp Micron Technology Inc Texas Instruments Inc Qualcomm Inc Applied Materials Inc Broadcom Corp NXP Semiconductors NV Avago Technologies Ltd Taiwan Semiconductor Manufacturing Co Ltd ADR SanDisk Corp ishares PHLX Semiconductor NAV Market Cap % Market Cap Giant 26.9 Market Cap Large 35.7 Market Cap Mid 34.9 Market Cap Small 2.6 Market Cap Micro 0.0 64.5 16.6 7.9 7.2 3.7 9.8 7.9 7.8 7.2 6.1 4.7 4.0 3.9 3.8 3.7 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 103
ishares rth American Tech-Software IGV Software Intraday NAV IGV IGVIV BlackRock Fund s 90.00 82.50 75.00 67.50 60.00 52.50 45.00 ishares rth American Tech-Software (Market) ishares rth American Tech-Software (NAV) 3.6 3.5 16.2 16.1 13.1 13.1 16.0 16.0 9.8 9.8 87.23 977 133,029 0.48 59 56.7 7/10/2001 0.27 0.17 0.02 17.9-11.9 0.78 The ishares rth American Tech-Software ETF (IGV) seeks to track the performance of the S&P rth American Technology-Software Index. The index includes companies that are classified as Application Software, Systems Software, or Home Entertainment Software by the Global Industry Classification Standard and meet certain market capitalization and liquidity requirements. The index is modified market capitalization-weighted with individual stocks capped at 8.5%. The index is reconstituted semi-annually and rebalanced quarterly. To track its index, IGV typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 37.50 ishares rth American Tech-Software Price 4.5 16.9 25.7 2.5 4.5 32.3 0.3 4.2 9.2 Value Blend Growth Sector/Industry Breakdown (%) Microsoft Corp Adobe Systems Inc Salesforce.com Inc Oracle Corporation Intuit Inc Symantec Corp Autodesk Inc Citrix Systems Inc Activision Blizzard Inc Red Hat Inc Large Mid Small Software - Application Software - Infrastructure Electronic Gaming & Multimedia Information Technology Services Semiconductor Equipment & Materials Business Services Pay TV ishares rth American Tech-Software NAV Market Cap % Market Cap Giant 16.7 Market Cap Large 29.8 Market Cap Mid 39.9 Market Cap Small 13.4 Market Cap Micro 0.2 58.3 29.9 6.9 1.7 1.6 1.3 0.4 8.8 8.6 8.3 7.9 6.3 4.4 3.3 3.0 3.0 3.0 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 104
Vanguard Materials ETF VAW Materials Intraday NAV Vanguard Materials ETF (Market) Vanguard Materials ETF (NAV) 5.5 5.6 21.3 21.3 11.2 11.3 15.3 15.3 9.9 9.9 VAW VAWIV Vanguard Group, Inc. 113.00 1,316 91,634 0.14 133 49.8 1/26/2004 1.90 1.57 1.58 1.80 0.92 19.7-23.1 0.64 The Vanguard Materials ETF (VAW) seeks to track the performance of the MSCI US Investable Market Materials 25/50 Index. The index includes large-, mid-, and small-cap U.S. companies that are classified in the Materials sector according to the Global Industry Classification Standard. It is modified market capitalization-weighted such that no single issuer exceeds 25% of the index weight and the sum of all issuers with weights above 5% does not exceed 50% of the index weight. This is achieved using the Barra Optimizer, which aims to minimize turnover and the weight differences between the 25/50 Index and the parent index. The indices are rebalanced quarterly in February, May, August, and vember. To track its index, VAW employs a full replication strategy when possible in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 120.00 112.50 105.00 97.50 90.00 82.50 75.00 67.50 60.00 52.50 Vanguard Materials ETF Price 1.8 33.4 20.8 16.9 11.6 3.7 3.8 5.6 2.3 Value Blend Growth Sector/Industry Breakdown (%) Specialty Chemicals Agricultural Inputs Chemicals Packaging & Containers Steel Copper Building Materials Aluminum Gold Industrial Metals & Minerals Large Mid Small Dow Chemical Co E I du Pont de Nemours & Company Monsanto Co LyondellBasell Industries NV Freeport-McMoRan Inc Praxair Inc Ecolab Inc Air Products & Chemicals Inc PPG Industries Inc International Paper Co Vanguard Materials ETF NAV Market Cap % Market Cap Giant 0.0 Market Cap Large 56.0 Market Cap Mid 32.2 Market Cap Small 9.0 Market Cap Micro 2.8 30.2 18.3 18.3 10.8 4.9 4.7 2.7 2.4 2.2 1.7 7.5 7.2 7.2 6.0 4.7 4.6 3.6 3.4 3.3 2.4 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Vanguard ETFs current to the most recent month end by clicking on the following link: https://advisors.vanguard.com/vgapp/iip/site/advisorsec/home. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 105
Materials Select Sector SPDR ETF XLB Materials Intraday NAV XLB XLBIV SSgA Funds Management Inc 55.00 50.00 45.00 40.00 35.00 30.00 Materials Select Sector SPDR ETF (Market) 6.2 22.6 11.0 13.5 9.0 Materials Select Sector SPDR ETF (NAV) 6.3 22.7 11.0 13.5 9.0 50.44 5,641 4,557,780 0.16 31 65.9 12/16/1998 0.96 0.85 0.74 1.18 0.58 19.0-22.4 0.64 The Materials Select Sector SPDR (XLB) seeks to track the performance of the S&P Materials Select Sector Index. The index includes constituents of the S&P 500 Index that are classified as Materials according to the Global Industry Classification Standard. The index is modified market-capitalization weighted. A constituent's float adjusted market capitalization weight is capped at 23% and the sum of constituents with greater than 4.8% weight cannot exceed 50% of the total index weight. The index is rebalanced quarterly in March, June, September, and December. To track its index, XLB typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 25.00 Materials Select Sector SPDR ETF Price 2.5 43.8 28.6 13.0 10.0 2.0 0.0 0.0 0.0 Value Blend Growth Sector/Industry Breakdown (%) Specialty Chemicals Agricultural Inputs Chemicals Packaging & Containers Copper Aluminum Steel Building Materials Gold Business Equipment Large Mid Small Dow Chemical Co Monsanto Co E I du Pont de Nemours & Company LyondellBasell Industries NV Praxair Inc Ecolab Inc Freeport-McMoRan Inc Air Products & Chemicals Inc PPG Industries Inc International Paper Co Materials Select Sector SPDR ETF NAV Market Cap % Market Cap Giant 0.0 Market Cap Large 75.0 Market Cap Mid 25.0 Market Cap Small 0.0 Market Cap Micro 0.0 29.6 24.5 19.8 8.9 4.9 3.3 2.7 2.7 2.1 0.8 10.2 9.9 9.8 7.4 6.2 4.9 4.9 4.7 4.6 3.5 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for SPDR ETFs current to the most recent month end by clicking on the following link: https://www.spdrs.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 106
Vanguard Telecommunication Services ETF VOX Telecommunication Intraday NAV VOX VOXIV Vanguard Group, Inc. 97.50 90.00 82.50 75.00 67.50 60.00 52.50 Vanguard Telecom Services ETF (Market) Vanguard Telecom Services ETF (NAV) 6.4 6.3 12.5 12.5 13.7 13.7 15.5 15.4 12.0-9.8 1.13 86.81 721 45,214 0.14 32 71.1 9/23/2004 3.24 2.47 2.01 1.91 1.51 The Vanguard Telecom Services ETF (VOX) seeks to track the performance of the MSCI US Investable Market Telecommunication Services 25/50 Index. The index includes large-, mid-, and small-cap U.S. companies that are classified in the Telecommunication Services sector according to the Global Industry Classification Standard. It is modified market capitalization-weighted such that no single issuer exceeds 25% of the index weight and the sum of all issuers with weights above 5% does not exceed 50% of the index weight. This is achieved using the Barra Optimizer, which aims to minimize turnover and the weight differences between the 25/50 Index and the parent index. The indices are rebalanced quarterly in February, May, August, and vember. To track its index, VOX employs a full replication strategy when possible in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 45.00 Vanguard Telecommunication Services ETF Price 50.6 3.2 0.0 6.1 3.1 7.4 15.6 9.1 4.8 Value Blend Growth Large Mid Small Sector/Industry Breakdown (%) Telecom Services Software - Application Verizon Communications Inc AT&T Inc CenturyLink Inc SBA Communications Corp T-Mobile US Inc Windstream Holdings, Inc. Level 3 Communications Inc Frontier Communications Corp Class B tw telecom inc Sprint Corp Series 1 Vanguard Telecommunication Services ETF NAV Market Cap % Market Cap Giant 45.8 Market Cap Large 8.0 Market Cap Mid 16.7 Market Cap Small 4.9 Market Cap Micro 24.7 98.6 1.4 22.3 22.2 4.6 4.4 3.1 3.1 3.0 2.9 2.8 2.6 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Vanguard ETFs current to the most recent month end by clicking on the following link: https://advisors.vanguard.com/vgapp/iip/site/advisorsec/home. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 107
Vanguard Utilities ETF VPU Utilities Intraday NAV Vanguard Utilities ETF (Market) Vanguard Utilities ETF (NAV) VPU VPUIV Vanguard Group, Inc. 92.88 1,660 174,802 0.14 80 47.3 1/26/2004 3.13 3.00 2.66 2.54 2.47 9.8 8.6 12.2 12.3 9.7 9.7 8.7 12.2 12.3 9.7 11.8-8.2 1.03 The Vanguard Utilities ETF (VPU) seeks to track the performance of the MSCI US Investable Market Utilities 25/50 Index. The index includes large-, mid-, and small-cap U.S. companies that are classified in the Utilities sector according to the Global Industry Classification Standard. It is modified market capitalization-weighted such that no single issuer exceeds 25% of the index weight and the sum of all issuers with weights above 5% does not exceed 50% of the index weight. This is achieved using the Barra Optimizer, which aims to minimize turnover and the weight differences between the 25/50 Index and the parent index. The indices are rebalanced quarterly in February, May, August, and vember. To track its index, VPU employs a full replication strategy when possible in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 100.00 95.00 90.00 85.00 80.00 75.00 70.00 65.00 60.00 55.00 Vanguard Utilities ETF Price 49.1 3.6 0.0 36.2 0.0 2.1 8.3 0.5 0.2 Value Blend Growth Large Mid Small Sector/Industry Breakdown (%) Utilities - Regulated Electric Utilities - Diversified Utilities - Regulated Gas Utilities - Independent Power Producers Utilities - Regulated Water Oil & Gas Exploration & Production Duke Energy Corporation NextEra Energy Inc Dominion Resources Inc Southern Co Exelon Corp American Electric Power Co Inc Sempra Energy PPL Corp PG&E Corp Public Service Enterprise Group Inc Vanguard Utilities ETF NAV Market Cap % Market Cap Giant 0.0 Market Cap Large 52.6 Market Cap Mid 38.2 Market Cap Small 8.3 Market Cap Micro 0.8 47.0 36.5 10.0 3.3 2.5 0.8 7.9 6.4 6.1 6.0 4.2 4.0 3.6 3.2 3.2 2.8 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Vanguard ETFs current to the most recent month end by clicking on the following link: https://advisors.vanguard.com/vgapp/iip/site/advisorsec/home. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 108
Utilities Select Sector SPDR ETF XLU Utilities Intraday NAV Utilities Select Sector SPDR ETF (Market) 10.5 9.0 11.8 11.7 9.5 Utilities Select Sector SPDR ETF (NAV) 10.5 9.1 11.8 11.7 9.5 XLU XLUIV SSgA Funds Management Inc 42.48 5,586 11,355,571 0.16 31 59.1 12/16/1998 1.47 1.45 1.37 1.27 1.27 12.1-9.0 0.98 The Utilities Select Sector SPDR (XLU) seeks to track the performance of the S&P Utilities Select Sector Index. The index includes constituents of the S&P 500 Index that are classified as Utilities according to the Global Industry Classification Standard. The index is modified market capitalizationweighted. A constituent's float adjusted market capitalization weight is capped at 23% and the sum of constituents with greater than 4.8% weight cannot exceed 50% of the total index weight. The index is rebalanced quarterly in March, June, September, and December. To track its index, XLU typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 46.00 44.00 42.00 40.00 38.00 36.00 34.00 32.00 30.00 28.00 Utilities Select Sector SPDR ETF Price 61.3 4.5 0.0 34.3 0.0 0.0 0.0 0.0 0.0 Value Blend Growth Duke Energy Corporation NextEra Energy Inc Dominion Resources Inc Southern Co Exelon Corp American Electric Power Co Inc Sempra Energy PPL Corp PG&E Corp Edison International Large Mid Small Sector/Industry Breakdown (%) Utilities - Regulated Electric Utilities - Diversified Utilities - Regulated Gas Utilities - Independent Power Producers Utilities Select Sector SPDR ETF NAV Market Cap % Market Cap Giant 0.0 Market Cap Large 65.8 Market Cap Mid 34.3 Market Cap Small 0.0 Market Cap Micro 0.0 49.9 42.4 5.7 2.0 9.2 8.0 7.7 7.6 5.2 5.0 4.5 4.1 4.1 3.5 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for SPDR ETFs current to the most recent month end by clicking on the following link: https://www.spdrs.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 109
Alerian MLP ETF AMLP MLPs Intraday NAV ALPS Alerian MLP ETF (Market) ALPS Alerian MLP ETF (NAV) AMLP AMLPIV ALPS s, Inc. 19.08 9,437 3,006,706 8.56 26 65.0 8/25/2010 1.07 1.00 1.00 0.25 7.2 10.3 11.9 7.3 10.2 11.9 8.5-6.4 1.36 The Alerian MLP ETF (AMLP) seeks to track the performance of the Alerian MLP Infrastructure Index. The index includes 25 midstream-focused MLPs that earn the majority of their cash flow from transportation, storage, and processing of energy commodities. To be included in the index, the MLPs must trade on the NYSE or NASDAQ, represent the limited partner interest or LLC that is an operating company, paid at least its pro-rate minimum quarterly distribution for the trailing two quarters, maintained or grown its distribution quarter-over-quarter for at least one of the trailing two quarters, have a distribution policy intended to consistently maintain or increase distributions over time, and meet certain market cap and liquidity requirements. General partner units, management incentive units, and tradable, non-common units are excluded from the index. The index is float-adjusted, modified market capitalization-weighted. The weight of the two largest constituents is capped at 9.49% and there are additional weighting caps for the next largest holdings. It is rebalanced quarterly in March, June, September, and December. For tax purposes, AMLP is taxed as a C corporation and the accounting for deferred tax assets or liabilities will result in tracking error relative to its index. Time Period: 8/25/2010 to 8/20/2014 19.50 18.75 18.00 17.25 16.50 15.75 15.00 14.25 13.50 Alerian MLP ETF Price 2/2011 8/2011 2/2012 8/2012 2/2013 8/2013 2/2014 8/2014 Portfolio Date: 6/30/2014 11.3 26.0 6.7 15.7 17.5 21.4 0.0 1.3 0.0 Value Blend Growth Sector/Industry Breakdown Petroleum Transportation Gathering & Processing Natural Gas Transportation Portfolio Date: 6/30/2014 Large Mid Small Kinder Morgan Energy Partners LP Enterprise Products Partners LP Plains All American Pipeline LP Energy Transfer Partners LP Magellan Midstream Partners, L.P. MarkWest Energy Partners LP Regency Energy Partners LP Buckeye Partners LP ONEOK Partners LP Williams Partners LP Alerian MLP ETF NAV Market Cap % Market Cap Giant 9.5 Market Cap Large 34.6 Market Cap Mid 54.6 Market Cap Small 1.3 Market Cap Micro 0.0 41.2 32.0 26.8 9.5 9.5 7.0 6.8 6.7 6.0 5.0 4.8 4.8 4.5 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ALPS ETFs current to the most recent month end by clicking on the following link: https://www.alpsfunds.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 110
Vanguard Dividend Appreciation ETF VIG U.S. Dividend Intraday NAV Vanguard Dividend Appreciation ETF (Market) Vanguard Dividend Appreciation ETF (NAV) 1.1 1.1 10.2 10.3 14.2 14.2 14.7 14.7 VIG VIGIV Vanguard Group, Inc. 77.84 20,249 796,765 0.10 166 36.6 4/21/2006 1.39 1.41 1.17 1.05 0.98 11.1-9.4 1.25 The Vanguard Dividend Appreciation ETF (VIG) seeks to track the performance of the NASDAQ US Dividend Achievers Select Index. The index includes U.S. dividend paying stocks that are included in the NASDAQ US Broad Dividend Achievers Index excluding REITs and limited partnerships. Additional proprietary eligibility requirements are applied and the index excludes stocks that might have low potential for increasing dividends. The index is modified market capitalization-weighted with individual companies capped at 4%. It is reconstituted annually in March. To track its index, VIG typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 80.00 75.00 70.00 65.00 60.00 55.00 50.00 45.00 40.00 Vanguard Dividend Appreciation ETF Price 23.8 35.8 23.3 5.2 6.1 3.5 0.9 1.0 0.4 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Large Mid Small Johnson & Johnson International Business Machines Corp Coca-Cola Co Exxon Mobil Corporation PepsiCo Inc Wal-Mart Stores Inc Qualcomm Inc United Technologies Corp 3M Co CVS Caremark Corp Vanguard Dividend Appreciation ETF NAV Market Cap % Market Cap Giant 40.6 Market Cap Large 42.3 Market Cap Mid 14.8 Market Cap Small 1.9 Market Cap Micro 0.4 0.0 5.0 10.0 15.0 20.0 25.0 4.3 4.1 4.1 4.0 4.0 3.9 3.8 2.9 2.8 2.7 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Vanguard ETFs current to the most recent month end by clicking on the following link: https://advisors.vanguard.com/vgapp/iip/site/advisorsec/home. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 111
ishares Select Dividend DVY U.S. Dividend Intraday NAV ishares Select Dividend (Market) ishares Select Dividend (NAV) DVY DVYIV BlackRock Fund s 75.79 14,093 579,219 0.40 103 21.5 11/3/2003 2.19 2.12 1.85 1.70 1.66 4.9 12.6 16.8 17.8 6.8 5.0 12.6 16.8 17.8 6.8 9.9-5.1 1.62 The ishares Select Dividend ETF (DVY) seeks to track the performance of the Dow Jones U.S. Select Dividend Index. The index includes all dividend paying companies in the Dow Jones U.S. Index that have a non-negative historical five-year dividend per share growth rate, a five-year average dividend coverage ratio of greater than or equal to 167%, paid dividends in each of the previous five years, a non-negative trailing 12-month earnings per share, and a three-month average daily trading volume of 200,000 shares. Current index constituents that are ranked in the top 200 based on indicated annual dividend yield are retained in the index assuming all other eligibility requirements are met. New stocks are added until the constituent count reaches 100. The index is reviewed and rebalanced annually and constituents are weighted based on indicated annual dividend yield subject to a 10% cap. Any weighting caps are implemented on a quarterly basis when required. To track its index, DVY typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 80.00 75.00 70.00 65.00 60.00 55.00 50.00 45.00 40.00 35.00 ishares Select Dividend Price 32.4 13.1 1.7 31.8 3.9 1.0 14.8 1.3 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Lockheed Martin Corp Chevron Corp Entergy Corp Philip Morris International Inc Integrys Energy Group Inc ConocoPhillips HollyFrontier Corp McDonald's Corp Kimberly-Clark Corp NextEra Energy Inc Large Mid Small ishares Select Dividend NAV Market Cap % Market Cap Giant 17.1 Market Cap Large 30.1 Market Cap Mid 36.7 Market Cap Small 16.1 Market Cap Micro 0.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 3.7 2.4 2.3 2.0 1.9 1.9 1.9 1.8 1.8 1.7 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 112
Schwab US Dividend Equity ETF SCHD U.S. Dividend Intraday NAV Schwab US Dividend Equity ETF (Market) 4.0 13.0 Schwab US Dividend Equity ETF (NAV) 4.0 13.1 SCHD SCHDIV Charles Schwab Investment Management Inc 38.64 2,040 259,653 0.07 102 43.8 10/20/2011 0.90 0.81 0.12 The Schwab U.S. Dividend Equity ETF (SCHD) seeks to track the performance of the Dow Jones U.S. Dividend 100 Index. To be eligible for the index, companies must have paid dividends for a minimum of 10 consecutive years, a minimum float adjusted market capitalization of $500 million, and a minimum three-month average daily trading volume of $2 million. Stocks passing these screens are ranked based on indicated annual dividend yield and the top half of securities are eligible for selection. Eligible securities are then ranked and scored based on cash flow to total debt, return on equity, dividend yield, and five-year dividend growth rate with the top 100 selected for the index. The index is modified market capitalization-weighted with single stocks capped at 4.5% and the index is rebalanced quarterly. To track its index, SCHD typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. Time Period: 10/20/2011 to 8/20/2014 40.00 38.00 36.00 34.00 32.00 30.00 28.00 26.00 24.00 2/2012 5/2012 8/2012 11/2012 2/2013 5/2013 8/2013 11/2013 2/2014 5/2014 8/2014 Schwab US Dividend Equity ETF Price 39.7 43.6 8.8 4.1 2.7 0.4 0.4 0.3 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Microsoft Corp Chevron Corp Verizon Communications Inc AT&T Inc Pfizer Inc Exxon Mobil Corporation Johnson & Johnson Procter & Gamble Co Intel Corp Coca-Cola Co Large Mid Small Schwab US Dividend Equity ETF NAV Market Cap % Market Cap Giant 69.3 Market Cap Large 22.8 Market Cap Mid 7.2 Market Cap Small 0.6 Market Cap Micro 0.1 0.0 5.0 10.0 15.0 20.0 25.0 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Schwab ETFs current to the most recent month end by clicking on the following link: http://www.schwab.com/public/schwab/investing/accounts_products/investment/etfs/schwab_etfs. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. 4.8 4.7 4.6 4.5 4.4 4.4 4.4 4.4 4.1 3.7 UBS CIO WM Research 25 August 2014 113
First Trust Morningstar Div Leaders ETF FDL U.S. Dividend Intraday NAV FDL FDLIV First Trust s L.P. 26.00 24.00 22.00 20.00 18.00 16.00 14.00 First Trust Morningstar Div Leaders ETF (Market) 9.0 13.2 16.9 16.9 First Trust Morningstar Div Leaders ETF (NAV) 8.8 13.2 16.8 17.0 23.66 782 136,081 0.45 101 63.3 3/9/2006 0.69 0.71 0.61 0.58 0.57 8.7-3.5 1.84 The First Trust Morningstar Dividend Leaders Index Fund (FDL) seeks to track the performance of the Morningstar Dividend Leaders Index. The index seeks to capture the performance of the 100 highest yielding stocks that have a current dividend that is greater than or equal to the dividend paid five years ago and a dividend coverage ratio that is greater than or equal to 1. Index constituents are weighted in proportion to the total pool of available dividends. Available dividends are equal to the dividend per share multiplied by the number of shares outstanding and a float factor. The index is reconstituted annually and rebalanced on a quarterly basis. To track its index, FDL typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 12.00 First Trust Morningstar Div Leaders ETF Price 63.7 19.1 0.0 11.6 1.2 0.0 4.0 0.4 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities AT&T Inc Verizon Communications Inc Chevron Corp Pfizer Inc Intel Corp Philip Morris International Inc Altria Group Inc ConocoPhillips Duke Energy Corporation Eli Lilly and Co Large Mid Small First Trust Morningstar Div Leaders ETF NAV Market Cap % Market Cap Giant 60.6 Market Cap Large 22.2 Market Cap Mid 12.8 Market Cap Small 4.2 Market Cap Micro 0.1 0.0 5.0 10.0 15.0 20.0 25.0 10.1 9.4 9.0 7.2 6.7 6.3 4.7 4.6 3.1 2.7 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for First Trust ETFs current to the most recent month end by clicking on the following link: http://www.ftportfolios.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 114
SPDR S&P Dividend ETF SDY U.S. Dividend Intraday NAV SPDR S&P Dividend ETF (Market) 2.8 9.6 16.2 16.1 SPDR S&P Dividend ETF (NAV) 2.8 9.6 16.2 16.1 SDY SDYIV SSgA Funds Management Inc 76.43 12,867 540,268 0.35 96 19.8 11/8/2005 1.64 1.91 1.74 1.64 1.73 10.5-6.2 1.49 The SPDR S&P Dividend ETF (SDY) seeks to track the performance of the S&P High Yield Dividend Aristocrats Index. The index includes companies within the S&P Composite 1500 Index that have increased dividends every year for at least 20 years, have a float-adjusted market capitalization of at least $2 billion, and an average daily traded value of at least $5 million for the threemonths prior to the rebalancing reference data. The index is reconstituted annually in January and rebalanced quarterly in January, April, July, and October. Index constituents are weighted based on annual dividend yield subject to a cap of the lesser or 4% or its basket liquidity maximum weight. To track its index, SDY typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 80.00 75.00 70.00 65.00 60.00 55.00 50.00 45.00 40.00 SPDR S&P Dividend ETF Price 23.1 20.8 10.0 24.4 11.7 2.4 2.9 4.1 0.5 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities HCP Inc AT&T Inc Consolidated Edison Inc People's United Financial Inc National Retail Properties Inc Target Corp Chevron Corp Procter & Gamble Co Clorox Co McDonald's Corp Large Mid Small SPDR S&P Dividend ETF NAV Market Cap % Market Cap Giant 17.9 Market Cap Large 36.0 Market Cap Mid 38.5 Market Cap Small 7.5 Market Cap Micro 0.0 0.0 5.0 10.0 15.0 20.0 25.0 2.7 2.7 2.2 2.1 2.0 1.8 1.7 1.6 1.6 1.6 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for SPDR ETFs current to the most recent month end by clicking on the following link: https://www.spdrs.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 115
ishares Core High Dividend HDV U.S. Dividend Intraday NAV HDV HDVIV BlackRock Fund s Time Period: 3/31/2011 to 8/20/2014 80.00 75.00 70.00 65.00 60.00 55.00 50.00 ishares Core High Dividend (Market) 6.7 11.1 16.8 ishares Core High Dividend (NAV) 6.6 11.1 16.8 75.38 4,348 365,353 0.12 77 58.7 3/29/2011 2.23 2.09 0.92 9.2-3.8 1.74 The ishares High Dividend ETF (HDV) seeks to track the performance of the Morningstar Dividend Yield Focus Index. The index includes 75 U.S. domiciled companies that pay dividends that are considered qualified income, have a Morningstar Economic Moat rating of narrow or wide and a Morningstar Distance to Default score in the top 50% of the eligible dividend-paying companies. For companies that do not have a moat rating, the distance to default score must be in the top 30%. The top 75 eligible companies by dividend yield are included in the index and are weighted based on dividends paid with individual companies are capped at 10%. The index is reconstituted and rebalanced on a quarterly basis. To track its index, HDV may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 45.00 8/2011 2/2012 8/2012 2/2013 8/2013 2/2014 8/2014 ishares Core High Dividend Price 61.5 27.7 1.2 6.7 2.0 0.0 0.7 0.1 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities AT&T Inc Chevron Corp Johnson & Johnson Procter & Gamble Co Wells Fargo & Co Pfizer Inc Philip Morris International Inc Intel Corp Merck & Co Inc Coca-Cola Co Large Mid Small ishares Core High Dividend NAV Market Cap % Market Cap Giant 72.0 Market Cap Large 19.3 Market Cap Mid 8.8 Market Cap Small 0.8 Market Cap Micro 0.0 0.0 5.0 10.0 15.0 20.0 25.0 8.8 7.5 6.9 6.0 5.8 5.8 4.9 4.9 4.5 4.0 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 116
ProShares S&P 500 Aristocrats NOBL U.S. Dividend Intraday NAV ProShares S&P 500 Aristocrats (Market) 2.4 ProShares S&P 500 Aristocrats (NAV) 2.3 NOBL NOBLIV ProShare s LLC 46.39 237 42,746 0.35 55 19.9 10/9/2013 0.13 The ProShares S&P 500 Aristocrats (NOBL) seeks to track the performance of the S&P 500 Dividend Aristocrats Index. The index includes companies included in the S&P 500 Index that have increased dividends for very year for at least 25 consecutive years and meet certain float-adjusted market capitalization and liquidity requirements. The minimum number of securities at each rebalancing is 40 and if the number of stocks falls below that threshold, the dividend increase requirement is dropped to 20 years and stocks are added in decreasing order of dividend yield until the diversification criteria is satisfied. The index is reviewed annually and rebalanced quarterly. It is equally weighted and Individual sector weights are capped at 30%. To track its index, NOBL typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. Time Period: 10/9/2013 to 8/20/2014 46.50 45.75 45.00 44.25 43.50 42.75 42.00 41.25 40.50 39.75 11/2013 12/2013 1/2014 2/2014 3/2014 4/2014 5/2014 6/2014 7/2014 8/2014 ProShares S&P 500 Aristocrats Price Portfolio Date: 6/30/2014 19.8 33.7 20.5 7.2 16.9 1.8 0.0 0.0 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Portfolio Date: 6/30/2014 AbbVie Inc Walgreen Co Family Dollar Stores Inc McGraw Hill Financial Inc Stanley Black & Decker Inc Cintas Corp Chevron Corp Franklin Resources Inc Air Products & Chemicals Inc Dover Corp Large Mid Small ProShares S&P 500 Aristocrats NAV Market Cap % Market Cap Giant 22.5 Market Cap Large 51.5 Market Cap Mid 26.0 Market Cap Small 0.0 Market Cap Micro 0.0 0.0 5.0 10.0 15.0 20.0 25.0 2.1 2.1 2.0 2.0 2.0 2.0 2.0 1.9 1.9 1.9 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ProShares ETFs current to the most recent month end by clicking on the following link: http://www.proshares.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 117
ALPS Sector Dividend Dogs ETF SDOG U.S. Dividend Intraday NAV SDOG SDOGIV ALPS s, Inc. Time Period: 6/29/2012 to 8/20/2014 38.00 36.00 34.00 32.00 30.00 28.00 26.00 ALPS Sector Dividend Dogs ETF (Market) 9.5 18.5 ALPS Sector Dividend Dogs ETF (NAV) 9.4 18.5 37.83 802 103,910 0.40 51 22.3 6/29/2012 1.18 0.62 The ALPS Sector Dividend Dogs ETF (SDOG) seeks to track the performance of the S-Network Sector Dividend Dogs Index. The index applies the 'Dogs of the Dow Theory' on a sector-by-sector basis by providing exposure to the five highest yielding S&P 500 stocks in each of the 10 global Industry Classification Standard sectors as of the last business day of vember. Stocks within each sector are equally weighted and the index is rebalanced on a quarterly basis. To track its index, SDOG typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 24.00 8/2012 11/2012 2/2013 5/2013 8/2013 11/2013 2/2014 5/2014 8/2014 ALPS Sector Dividend Dogs ETF Price 29.6 27.9 2.4 32.1 8.0 0.0 0.0 0.0 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Large Mid Small Williams Companies Inc Windstream Holdings, Inc. Frontier Communications Corp Class B Intel Corp Cablevision Systems Corp Class A Freeport-McMoRan Inc Iron Mountain Inc Newmont Mining Corp CenturyLink Inc Seagate Technology PLC ALPS Sector Dividend Dogs ETF NAV Market Cap % Market Cap Giant 25.7 Market Cap Large 34.2 Market Cap Mid 40.1 Market Cap Small 0.0 Market Cap Micro 0.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 2.4 2.3 2.3 2.3 2.3 2.2 2.2 2.1 2.1 2.1 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ALPS ETFs current to the most recent month end by clicking on the following link: https://www.alpsfunds.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 118
Vanguard Total International Stock ETF VXUS Broad International Intraday NAV Vanguard Total International Stock ETF (Market) Vanguard Total International Stock ETF (NAV) 4.2 VXUS VXUSIV Vanguard Group, Inc. 3.7 15.2 15.2 5.7 5.9 53.73 3,248 277,690 0.14 5,631 7.8 1/26/2011 1.41 1.39 1.29 16.7-19.7 0.42 The Vanguard Total International Stock ETF (VXUS) seeks to track the performance of the FTSE Global All Cap ex US Index. The index is designed to reflect the performance of large-, mid-, and small-cap stocks across developed and emerging non-u.s. equity markets covering approximately 98% of the world's non-u.s. markets. The index is market capitalizationweighted and rebalanced quarterly. To track its index, VXUS may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. Time Period: 1/26/2011 to 8/20/2014 57.50 55.00 52.50 50.00 47.50 45.00 42.50 40.00 37.50 8/2011 2/2012 8/2012 2/2013 8/2013 2/2014 8/2014 Vanguard Total International Stock ETF Price Top 10 Country Exposure Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Nestle SA HSBC Holdings PLC Roche Holding AG vartis AG Royal Dutch Shell PLC Class A Toyota Motor Corp BP PLC Total SA Samsung Electronics Co Ltd Commonwealth Bank of Australia Vanguard Total International Stock ETF NAV % Australia 5.8 Canada 7.8 China 3.7 France 5.9 Germany 5.7 Japan 15.7 South Korea 3.4 Switzerland 6.0 Taiwan 3.0 United Kingdom 15.4 Other 27.6 Total 100.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 1.1 0.9 0.9 0.9 0.7 0.7 0.7 0.6 0.6 0.6 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Vanguard ETFs current to the most recent month end by clicking on the following link: https://advisors.vanguard.com/vgapp/iip/site/advisorsec/home. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 119
Vanguard FTSE All-World ex-us ETF VEU Broad International Intraday NAV Vanguard FTSE All-World ex-us ETF (Market) Vanguard FTSE All-World ex-us ETF (NAV) 3.6 4.0 14.9 14.9 5.9 5.8 8.6 8.7 VEU VEUIV Vanguard Group, Inc. 51.84 12,992 878,095 0.15 2,387 8.7 3/2/2007 1.35 1.35 1.37 1.02 0.86 16.8-19.7 0.42 The Vanguard FTSE All-World ex-us ETF (VEU) seeks to track the performance of the FTSE All-World ex US Index. The index is designed to reflect the performance of large- and mid-cap international developed markets and emerging markets stocks capturing roughly 86% of the available market capitalization outside of the US. It includes approximately 2,200 holdings in almost 50 countries. The index is free-float adjusted, market capitalizationweighted and reviewed quarterly. To track its index, VEU may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 55.00 52.50 50.00 47.50 45.00 42.50 40.00 37.50 35.00 Vanguard FTSE All-World ex-us ETF Price Top 10 Country Exposure Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Nestle SA HSBC Holdings PLC Roche Holding AG vartis AG Royal Dutch Shell PLC Class A Toyota Motor Corp BP PLC Total SA Commonwealth Bank of Australia Sanofi Vanguard FTSE All-World ex-us ETF NAV % Australia 5.9 Canada 7.0 China 3.7 France 6.2 Germany 5.9 Japan 15.9 South Korea 3.3 Switzerland 6.3 Taiwan 2.6 United Kingdom 15.4 Other 27.7 Total 100.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 1.2 1.0 1.0 1.0 0.8 0.8 0.8 0.7 0.6 0.6 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Vanguard ETFs current to the most recent month end by clicking on the following link: https://advisors.vanguard.com/vgapp/iip/site/advisorsec/home. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 120
ishares MSCI ACWI ex US ACWX Broad International Intraday NAV ishares MSCI ACWI ex US (Market) ishares MSCI ACWI ex US (NAV) ACWX ACWXIV BlackRock Fund s 47.57 1,776 275,974 0.34 1,188 9.2 3/26/2008 1.25 1.09 1.13 1.01 0.83 3.2 14.6 5.7 8.1 4.4 15.4 5.7 8.3 16.6-18.9 0.42 The ishares MSCI ACWI ex U.S. ETF (ACWX) seeks to track the performance of the MSCI All Country World ex USA Index. The index is designed to reflect the performance of large- and mid-cap international developed markets and emerging markets stocks capturing roughly 85% of the available market capitalization outside of the US. It includes approximately 1,800 holdings in almost 45 countries. The index is free-float adjusted, market capitalizationweighted and reviewed quarterly. To track its index, ACWX may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 50.00 47.50 45.00 42.50 40.00 37.50 35.00 32.50 ishares MSCI ACWI ex US Price Top 10 Country Exposure Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Nestle SA vartis AG Roche Holding AG HSBC Holdings PLC Toyota Motor Corp Samsung Electronics Co Ltd BP PLC Royal Dutch Shell PLC Class A Total SA Commonwealth Bank of Australia ishares MSCI ACWI ex US NAV % Australia 5.8 Canada 7.4 China 4.1 France 6.7 Germany 6.1 Japan 14.9 South Korea 3.3 Switzerland 6.3 Taiwan 2.6 United Kingdom 15.5 Other 27.3 Total 100.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 1.3 1.1 1.1 1.0 0.9 0.8 0.8 0.8 0.7 0.7 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 121
Vanguard FTSE All-World ex-us Sm-Cp ETF VSS International Small-Cap Intraday NAV Vanguard FTSE All-World ex-us Sm-Cp ETF (Market) Vanguard FTSE All-World ex-us Sm-Cp ETF (NAV) 5.4 5.6 17.9 18.0 5.5 5.5 11.7 11.8 VSS VSSIV Vanguard Group, Inc. 108.55 2,104 72,090 0.20 3,228 3.0 4/2/2009 2.79 2.71 2.47 2.18 0.92 17.7-21.8 0.39 The Vanguard FTSE All-World ex-us Small-Cap ETF (VSS) seeks to track the performance of the FTSE Global Small Cap ex US Index. The index is designed to reflect the performance of small-cap international developed markets and emerging markets stocks. Small-cap stocks are those that fall between 86% and 98% of the investible equity market capitalization. It includes approximately 3,300 holdings in 47 countries. The index is free-float adjusted, market capitalization-weighted and reviewed quarterly. To track its index, VSS may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 120.00 112.50 105.00 97.50 90.00 82.50 75.00 67.50 Vanguard FTSE All-World ex-us Sm-Cp ETF Price Top 10 Country Exposure Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Tourmaline Oil Corp Banca Monte dei Paschi di Siena Gildan Activewear Inc Baytex Energy Corp Open Text Corp Vermilion Energy Inc Methanex Corp Keyera Corp Banco Comercial Portugues SA AltaGas Ltd Vanguard FTSE All-World ex-us Sm-Cp ETF NAV % Australia 4.4 Canada 14.0 China 3.2 Germany 3.6 Italy 3.1 Japan 13.1 South Korea 3.5 Sweden 2.8 Taiwan 6.6 United Kingdom 15.2 Other 30.4 Total 100.0 0.0 5.0 10.0 15.0 20.0 25.0 0.4 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.2 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Vanguard ETFs current to the most recent month end by clicking on the following link: https://advisors.vanguard.com/vgapp/iip/site/advisorsec/home. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 122
Vanguard Global ex-us Real Estate ETF VNQI International REITs Intraday NAV Vanguard Global ex-us Real Estate ETF (Market) YTD Vanguard Global ex-us Real Estate ETF (NAV) 8.5 VNQI VNQIIV Vanguard Group, Inc. 1 Year 3 Years 5 Years 10 Years 8.3 12.6 12.9 8.6 8.8 59.15 2,203 280,464 0.27 556 24.3 11/1/2010 1.78 3.07 1.33 0.45 18.5-20.4 0.55 The Vanguard Global ex-u.s. Real Estate ETF (VNQI) seeks to track the performance of the S&P Global ex-u.s. Property Index. The index is designed to reflect the performance of international, publicly traded real estate investment trusts and operating companies. The index includes companies that derive more than 60% of their revenue from real estate development, management, rental, and/or investment, as well as companies that invest in physical assets. Additionally, companies must have at a float-adjusted market capitalization of at least $100 million and meet liquidity requirements. The index excludes Mortgage REITs, Hybrid companies, and other companies whose main source of revenue is derived from fees or interest when providing real estate services or financing. The index is freefloat adjusted market capitalization-weighted and rebalanced quarterly. To track its index, VNQI typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. Time Period: 11/1/2010 to 8/20/2014 65.00 60.00 55.00 50.00 45.00 40.00 35.00 2/2011 8/2011 2/2012 8/2012 2/2013 8/2013 2/2014 8/2014 Vanguard Global ex-us Real Estate ETF Price Top 10 Country Exposure Top Sector/Industry Breakdown (%) Real Estate - General Real Estate Services REIT - Retail REIT - Diversified REIT - Office REIT - Industrial REIT - Residential Engineering & Construction Asset Management Lodging Mitsubishi Estate Mitsui Fudosan Co Ltd Unibail-Rodamco SE Cheung Kong Holdings Ltd Sun Hung Kai Properties Ltd Sumitomo Realty & Development Co Ltd Scentre Group Land Securities Group PLC Daiwa House Industry Co Ltd Westfield Corp Vanguard Global ex-us Real Estate ETF NAV % Australia 10.9 Canada 2.8 China 5.5 France 5.3 Germany 2.4 Hong Kong 15.2 Japan 24.2 Singapore 6.9 South Africa 1.7 United Kingdom 8.2 Other 16.8 Total 100.0 36.8 22.2 13.8 12.0 6.6 3.0 1.4 0.8 0.8 0.6 3.8 3.6 2.9 2.8 2.6 2.2 1.8 1.5 1.5 1.5 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Vanguard ETFs current to the most recent month end by clicking on the following link: https://advisors.vanguard.com/vgapp/iip/site/advisorsec/home. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 123
SPDR Dow Jones Intl Real Estate RWX International REITs Intraday NAV SPDR Dow Jones Intl Real Estate (Market) 8.8 13.7 9.2 13.2 SPDR Dow Jones Intl Real Estate (NAV) 10.2 15.0 9.3 13.5 RWX RWXIV SSgA Funds Management Inc 44.75 5,150 532,101 0.59 132 39.1 12/15/2006 1.87 2.72 1.35 3.38 1.68 16.8-17.3 0.61 The SPDR Dow Jones International Real Estate ETF (RWX) seeks to track the performance of the Dow Jones Global ex-u.s. Select Real Estate Securities Index. The index is designed to reflect the performance of international, publicly traded real estate securities. To be included in the index, a company must be an equity owner and operator of commercial and/or residential real estate, have a minimum float-adjusted market capitalization of at least $200 million, derive at least 75% of total revenue from the ownership and operation of real estate assets, and meet liquidity requirements. Mortgage REITs, hybrid REITs, timber REITs, real estate finance companies and other businesses that are classified as Specialty under the REIT/RESI Industry Classification Hierarchy are excluded. The index is float-adjusted, market capitalization-weighted and rebalanced quarterly. To track its index, RWX may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 47.50 45.00 42.50 40.00 37.50 35.00 32.50 30.00 SPDR Dow Jones Intl Real Estate Price Top 10 Country Exposure Top Sector/Industry Breakdown (%) Real Estate - General REIT - Retail Real Estate Services REIT - Diversified REIT - Office REIT - Industrial REIT - Residential Mitsui Fudosan Co Ltd Unibail-Rodamco SE Brookfield Asset Management Inc Class A Scentre Group Land Securities Group PLC Westfield Corp Reit Npv Link Real Estate Investment Trust British Land Co PLC Hongkong Land Holdings Ltd Nippon Building Fund Inc SPDR Dow Jones Intl Real Estate NAV % Australia 11.2 Canada 9.3 France 9.9 Hong Kong 10.8 Japan 22.4 Netherlands 2.4 Philippines 1.6 Singapore 8.3 Switzerland 2.0 United Kingdom 15.1 Other 7.1 Total 100.0 32.6 22.6 16.0 14.0 10.8 3.7 0.4 7.6 6.0 5.9 3.7 3.2 3.1 3.0 2.8 1.9 1.8 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for SPDR ETFs current to the most recent month end by clicking on the following link: https://www.spdrs.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 124
ishares Core MSCI EAFE IEFA Intl. Developed Markets Intraday NAV ishares Core MSCI EAFE (Market) 1.6 14.7 ishares Core MSCI EAFE (NAV) 2.8 15.6 IEFA IEFAIV BlackRock Fund s 60.52 2,579 309,843 0.14 2,482 11.0 10/18/2012 1.32 0.17 The ishares Core MSCI EAFE ETF (IEFA) seeks to track the performance of the MSCI EAFE IMI. The index is designed to reflect the performance of large-, mid-, and small-cap developed markets stocks excluding the U.S. and Canada. The index captures approximately 99% of the market cap by country and provides exposure to 21 countries and over 900 securities. The index is freefloat adjusted, market capitalization-weighted and reviewed quarterly. To track its index, IEFA may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. Time Period: 10/18/2012 to 8/20/2014 65.00 62.50 60.00 57.50 55.00 52.50 50.00 47.50 45.00 ishares Core MSCI EAFE Price Top 10 Country Exposure Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities 2/2013 5/2013 8/2013 11/2013 2/2014 5/2014 8/2014 Nestle SA Roche Holding AG HSBC Holdings PLC vartis AG Toyota Motor Corp Royal Dutch Shell PLC Class A BP PLC Total SA Sanofi Commonwealth Bank of Australia ishares Core MSCI EAFE NAV % Australia 8.0 France 8.6 Germany 8.1 Hong Kong 2.8 Japan 21.8 Netherlands 2.7 Spain 3.5 Sweden 3.1 Switzerland 8.4 United Kingdom 21.8 Other 11.2 Total 100.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 1.5 1.3 1.3 1.3 1.1 1.0 1.0 0.9 0.8 0.8 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 125
Vanguard FTSE Developed Markets ETF VEA Intl. Developed Markets Intraday NAV Vanguard FTSE Developed Markets ETF (Market) 2.0 14.6 7.9 9.2 Vanguard FTSE Developed Markets ETF (NAV) 2.3 14.6 7.9 9.3 VEA VEAIV Vanguard Group, Inc. 41.55 23,659 2,926,055 0.09 1,371 11.6 7/20/2007 1.08 1.05 1.06 0.90 0.82 16.4-18.4 0.54 The Vanguard FTSE Developed Markets ETF (VEA) seeks to track the performance of the FTSE Developed ex rth America Index. The index is designed to reflect the performance of large- and mid-cap developed markets stocks excluding the U.S. and Canada. The index captures approximately 86% of the market cap by country and provides exposure to 23 countries and over 1,300 securities. It is free-float adjusted, market capitalization-weighted and reviewed quarterly. To track its index, VEA may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 44.00 42.00 40.00 38.00 36.00 34.00 32.00 30.00 28.00 Vanguard FTSE Developed Markets ETF Price Top 10 Country Exposure Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Nestle SA HSBC Holdings PLC Roche Holding AG vartis AG Royal Dutch Shell PLC Class A Toyota Motor Corp BP PLC Total SA Commonwealth Bank of Australia Sanofi Vanguard FTSE Developed Markets ETF NAV % Australia 7.8 France 8.5 Germany 7.9 Hong Kong 3.0 Japan 21.1 South Korea 4.4 Spain 3.2 Sweden 2.7 Switzerland 8.3 United Kingdom 20.2 Other 13.0 Total 100.0 0.0 5.0 10.0 15.0 20.0 25.0 1.6 1.4 1.4 1.4 1.1 1.1 1.0 0.9 0.8 0.8 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Vanguard ETFs current to the most recent month end by clicking on the following link: https://advisors.vanguard.com/vgapp/iip/site/advisorsec/home. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 126
Schwab International Equity ETF SCHF Intl. Developed Markets Intraday NAV Schwab International Equity ETF (Market) 2.4 14.5 7.2 Schwab International Equity ETF (NAV) 3.6 15.4 7.2 SCHF SCHFIV Charles Schwab Investment Management Inc 32.30 2,588 287,652 0.08 1,182 10.6 11/3/2009 0.70 0.72 0.75 0.47 0.04 16.3-18.4 0.51 The Schwab International Equity ETF (SCHF) seeks to track the performance of the FTSE Developed ex U.S. Index. The index is designed to reflect the performance of large- and mid-cap developed markets stocks outside of the U.S. The index captures approximately 86% of the market cap by country and provides exposure to 24 countries and roughly 1,400 securities. It is free-float adjusted, market capitalization-weighted and reviewed semi-annually. To track its index, SCHF may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. Time Period: 11/3/2009 to 8/20/2014 34.00 32.00 30.00 28.00 26.00 24.00 22.00 20.00 Schwab International Equity ETF Price Top 10 Country Exposure Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Nestle SA vartis AG HSBC Holdings PLC Roche Holding AG Toyota Motor Corp Royal Dutch Shell PLC Class A BP PLC Samsung Electronics Co Ltd GDR Total SA Commonwealth Bank of Australia Schwab International Equity ETF NAV % Australia 7.2 Canada 7.8 France 7.9 Germany 7.3 Hong Kong 2.6 Japan 19.5 South Korea 3.9 Spain 3.2 Switzerland 7.6 United Kingdom 18.9 Other 14.1 Total 100.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 1.5 1.3 1.3 1.3 1.0 1.0 1.0 0.8 0.8 0.8 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Schwab ETFs current to the most recent month end by clicking on the following link: http://www.schwab.com/public/schwab/investing/accounts_products/ investment/etfs/schwab_etfs. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 127
ishares MSCI EAFE EFA Intl. Developed Markets Intraday NAV ishares MSCI EAFE (Market) ishares MSCI EAFE (NAV) EFA EFAIV BlackRock Fund s 66.51 54,710 12,656,861 0.34 924 12.7 8/14/2001 1.70 1.76 1.71 1.40 1.44 1.7 14.0 7.8 9.0 6.9 2.7 14.9 7.8 9.3 6.9 16.3-18.2 0.54 The ishares MSCI EAFE ETF (EFA) seeks to track the performance of the MSCI EAFE Index. It index is designed to reflect the performance of large- and midcap developed markets stocks excluding the U.S. and Canada. The index captures approximately 85% of the market cap by country and provides exposure to 21 countries and over 900 securities. The index is free-float adjusted, market capitalization-weighted and reviewed quarterly. To track its index, EFA may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 75.00 70.00 65.00 60.00 55.00 50.00 45.00 ishares MSCI EAFE Price Top 10 Country Exposure Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Nestle SA Roche Holding AG HSBC Holdings PLC vartis AG Toyota Motor Corp Royal Dutch Shell PLC Class A BP PLC Total SA Sanofi Commonwealth Bank of Australia ishares MSCI EAFE NAV % Australia 8.1 France 9.3 Germany 8.5 Hong Kong 2.8 Japan 20.7 Netherlands 3.0 Spain 3.6 Sweden 3.0 Switzerland 9.0 United Kingdom 21.6 Other 10.4 Total 100.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 1.8 1.5 1.5 1.5 1.2 1.2 1.1 1.0 0.9 0.9 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 128
ishares MSCI EAFE Small-Cap SCZ Intl. Developed Markets Small-Cap Intraday NAV ishares MSCI EAFE Small-Cap (Market) ishares MSCI EAFE Small-Cap (NAV) 1.5 2.7 16.8 18.0 9.3 9.6 12.7 13.2 SCZ SCZIV BlackRock Fund s 51.15 3,888 449,243 0.40 1,513 3.2 12/10/2007 1.22 1.33 1.14 1.20 0.82 16.2-17.3 0.64 The ishares MSCI EAFE Small-Cap ETF (SCZ) seeks to track the performance of the MSCI EAFE Small Cap Index. It index is designed to reflect the performance of small-cap developed markets stocks excluding the U.S. and Canada. Small-cap stocks are those that fall between 85% and 99% of the investible equity market capitalization of each country. It includes almost 2,200 holdings in 21 countries. The index is free-float adjusted, market capitalization-weighted and reviewed quarterly. To track its index, SCZ may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 55.00 50.00 45.00 40.00 35.00 30.00 ishares MSCI EAFE Small-Cap Price Top 10 Country Exposure Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Ashtead Group PLC Symrise AG Mondi PLC Taylor Wimpey PLC Provident Financial PLC DCC PLC Trelleborg AB Class B Informa PLC Bankinter SA Barratt Developments PLC ishares MSCI EAFE Small-Cap NAV % Australia 7.0 France 3.7 Germany 5.8 Italy 3.4 Japan 28.3 Singapore 2.5 Spain 2.5 Sweden 4.1 Switzerland 4.0 United Kingdom 22.0 Other 16.7 Total 100.0 0.0 5.0 10.0 15.0 20.0 25.0 0.4 0.4 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.3 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 129
Schwab International Small-Cap Eq ETF SCHC Intl. Developed Markets Small-Cap Intraday NAV Schwab International Small-Cap Eq ETF (Market) Schwab International Small-Cap Eq ETF (NAV) 4.7 SCHC SCHCIV Charles Schwab Investment Management Inc 3.9 17.5 18.2 6.7 6.7 33.28 400 37,017 0.19 1,425 3.8 1/14/2010 0.90 0.81 0.82 0.66 17.2-20.1 0.46 The Schwab International Small-Cap Equity ETF (SCHC) seeks to track the performance of the FTSE Developed Small Cap ex U.S. Liquid Index. The index is designed to reflect the performance of small-cap developed markets stocks outside of the U.S with market capitalizations of greater than $150 million. Small-cap stocks are those that fall between 86% and 98% of the investible equity market capitalization of each country. The index provides exposure to 24 countries and roughly 2,000 securities. It is free-float adjusted, market capitalization-weighted and reviewed semi-annually. To track its index, SCHC may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. Time Period: 1/14/2010 to 8/20/2014 36.00 34.00 32.00 30.00 28.00 26.00 24.00 22.00 20.00 8/2010 2/2011 8/2011 2/2012 8/2012 2/2013 8/2013 2/2014 8/2014 Schwab International Small-Cap Eq ETF Price Top 10 Country Exposure Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Tourmaline Oil Corp Common Stock Banca Monte dei Paschi di Siena Gildan Activewear Inc Open Text Corp Methanex Corp Common Stock Npv Vermilion Energy Inc Baytex Energy Corp Keyera Corp ONEX Corp AltaGas Ltd Schwab International Small-Cap Eq ETF NAV % Australia 5.7 Canada 12.9 France 3.5 Germany 4.9 Italy 3.8 Japan 16.4 South Korea 4.2 Sweden 3.5 Switzerland 3.2 United Kingdom 20.7 Other 21.1 Total 100.0 0.0 5.0 10.0 15.0 20.0 25.0 0.5 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.3 0.3 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Schwab ETFs current to the most recent month end by clicking on the following link: http://www.schwab.com/public/schwab/investing/accounts_products/ investment/etfs/schwab_etfs. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 130
ishares MSCI EAFE Growth EFG Intl. Developed Markets Growth Intraday NAV ishares MSCI EAFE Growth (Market) -0.3 11.1 6.7 9.3 ishares MSCI EAFE Growth (NAV) 1.1 12.0 6.8 9.6 EFG EFGIV BlackRock Fund s 70.48 1,693 74,625 0.40 557 17.7 8/1/2005 1.33 1.38 1.29 1.09 1.15 15.9-18.4 0.49 The ishares MSCI EAFE Growth ETF (EFG) seeks to track the performance of the MSCI EAFE Growth Index. The index is designed to reflect the performance of large- and mid-cap growth stocks in developed markets, excluding U.S. and Canada. The index includes stocks classified as growth as well as a partial weight to those that are neither growth nor value. To determine growth versus value, three value factors and five growth factors are utilized. The growth factors are long-term forwards EPS growth rate, short-term forward EPS growth rate, current internal growth rate, long-term historical EPS growth trend, and long-term historical sales per share growth trend. The index is rebalanced quarterly and is float-adjusted market capitalization-weighted. To track its index, EFG may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 75.00 70.00 65.00 60.00 55.00 50.00 45.00 ishares MSCI EAFE Growth Price Top 10 Country Exposure Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Roche Holding AG Nestle SA GlaxoSmithKline PLC BHP Billiton Ltd British American Tobacco PLC Bayer AG Toyota Motor Corp vo rdisk A/S Anheuser-Busch Inbev SA Commonwealth Bank of Australia ishares MSCI EAFE Growth NAV % Australia 8.3 Denmark 2.5 France 8.3 Germany 8.0 Hong Kong 2.8 Japan 21.1 Netherlands 4.2 Sweden 2.8 Switzerland 12.6 United Kingdom 19.5 Other 10.0 Total 100.0 0.0 5.0 10.0 15.0 20.0 3.1 2.3 1.8 1.7 1.7 1.6 1.6 1.4 1.3 1.2 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 131
ishares MSCI EAFE Value EFV Intl. Developed Markets Value Intraday NAV ishares MSCI EAFE Value (Market) ishares MSCI EAFE Value (NAV) YTD 3.1 4.2 EFV EFVIV BlackRock Fund s 56.72 2,722 151,759 0.40 490 19.8 8/1/2005 1.82 1.83 1.93 1.64 1.49 1 Year 3 Years 5 Years 10 Years 16.6 8.6 8.4 17.6 8.6 8.7 16.9-19.8 0.57 The ishares MSCI EAFE Value ETF (EFV) seeks to track the performance of the MSCI EAFE Value Index. The index is designed to reflect the performance of large- and mid-cap value stocks in developed markets, excluding U.S. and Canada. The index includes stocks classified as value as well as a partial weight to those that are neither growth nor value. To determine growth versus value, three value factors and five growth factors are utilized. The value factors are book value to price ratio, 12-month forward earnings to price ratio, and dividend yield. The index is rebalanced quarterly and is floatadjusted market capitalization-weighted. To track its index, EFV may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 65.00 60.00 55.00 50.00 45.00 40.00 35.00 ishares MSCI EAFE Value Price Top 10 Country Exposure Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities HSBC Holdings PLC Royal Dutch Shell PLC Class A BP PLC Total SA vartis AG Sanofi Banco Santander SA Royal Dutch Shell PLC Class B Westpac Banking Corp Siemens AG ishares MSCI EAFE Value NAV % Australia 7.9 France 10.7 Germany 9.1 Hong Kong 2.9 Italy 2.9 Japan 21.1 Spain 5.2 Sweden 2.5 Switzerland 5.3 United Kingdom 24.4 Other 8.2 Total 100.0 0.0 10.0 20.0 30.0 40.0 3.0 2.4 2.2 2.0 1.9 1.8 1.8 1.6 1.5 1.5 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 132
ishares Core MSCI Emerging Markets IEMG Emerging Markets Intraday NAV ishares Core MSCI Emerging Markets (Market) 5.7 14.2 ishares Core MSCI Emerging Markets (NAV) 8.1 15.1 IEMG IEMGIV BlackRock Fund s 53.77 5,269 910,717 0.18 1,803 13.9 10/18/2012 0.88 0.12 The ishares Core MSCI Emerging Markets ETF (IEMG) seeks to track the performance of the MSCI Emerging Markets Investable Market Index. The index is designed to reflect the performance of the large-, mid-, and smallcap emerging markets stocks. It captures approximately 99% of the market cap by country and provides exposure to 23 countries and over 2,600 securities. The index is free-float adjusted, market capitalization-weighted and reviewed quarterly. To track its index, IEMG may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. Time Period: 10/18/2012 to 8/20/2014 54.00 52.00 50.00 48.00 46.00 44.00 42.00 ishares Core MSCI Emerging Markets Price Top 10 Country Exposure Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities 2/2013 5/2013 8/2013 11/2013 2/2014 5/2014 8/2014 ishares Core MSCI Emerging Markets NAV Samsung Electronics Co Ltd Taiwan Semiconductor Manufacturing Co Ltd Tencent Holdings Ltd. China Mobile Ltd China Construction Bank Corp H Shares Industrial And Commercial Bank Of China Ltd H Shares Naspers Ltd Class N OAO Gazprom Itau Unibanco Holding S.A. America Movil SAB de CV Class L % Brazil 8.2 China 18.8 India 6.7 Indonesia 2.7 Malaysia 4.2 Mexico 5.1 Russia 4.0 South Africa 7.8 South Korea 15.1 Taiwan 13.8 Other 13.6 Total 100.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 3.0 2.1 1.8 1.4 1.1 1.0 1.0 0.9 0.9 0.8 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 133
Vanguard FTSE Emerging Markets ETF VWO Emerging Markets Intraday NAV Vanguard FTSE Emerging Markets ETF (Market) Vanguard FTSE Emerging Markets ETF (NAV) 7.6 8.6 14.9 14.6-0.4-0.1 6.9 6.9 VWO VWOIV Vanguard Group, Inc. 45.23 50,092 10,472,553 0.15 956 13.8 3/4/2005 1.13 0.98 0.91 0.82 0.55 20.0-23.3 0.09 The Vanguard FTSE Emerging Markets ETF (VWO) seeks to track the performance of the FTSE Emerging Index. The index is designed to reflect the performance of large- and mid-cap emerging markets stocks. It captures approximately 86% of the market cap by country and provides exposure to 21 countries and almost 900 securities. It is free-float adjusted, market capitalization-weighted and reviewed quarterly. To track its index, VWO may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 52.50 50.00 47.50 45.00 42.50 40.00 37.50 35.00 32.50 Vanguard FTSE Emerging Markets ETF Price Top 10 Country Exposure Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Vanguard FTSE Emerging Markets ETF NAV Tencent Holdings Ltd. China Mobile Ltd China Construction Bank Corp H Shares Taiwan Semiconductor Manufacturing Co Ltd Industrial And Commercial Bank Of China Ltd H Shares Naspers Ltd Class N Taiwan Semiconductor Manufacturing Co Ltd ADR Hon Hai Precision Ind Co Ltd Mtn Group Ltd America Movil SAB de CV Class L % Brazil 11.3 China 20.8 India 10.8 Indonesia 2.9 Malaysia 5.0 Mexico 6.1 Russia 5.4 South Africa 9.7 Taiwan 14.1 Thailand 2.8 Other 11.1 Total 100.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 2.1 1.6 1.6 1.5 1.4 1.3 1.2 1.1 1.0 1.0 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Vanguard ETFs current to the most recent month end by clicking on the following link: https://advisors.vanguard.com/vgapp/iip/site/advisorsec/home. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 134
ishares MSCI Emerging Markets EEM Emerging Markets Intraday NAV ishares MSCI Emerging Markets (Market) ishares MSCI Emerging Markets (NAV) 5.7 7.7 14.2 14.7-0.5-0.1 6.1 6.1 11.7 11.7 EEM EEMIV BlackRock Fund s 45.06 43,883 43,349,715 0.67 855 16.1 4/7/2003 0.86 0.74 0.81 0.65 0.58 19.6-22.5 0.09 The ishares MSCI Emerging Markets ETF (EEM) seeks to track the performance of the MSCI Emerging Markets Index. The index is designed to reflect the performance of the large- and mid-cap emerging markets stocks. It captures approximately 85% of the market cap by country and provides exposure to 23 countries and over 800 securities. The index is free-float adjusted, market capitalization-weighted and reviewed quarterly. To track its index, EEM may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 52.50 50.00 47.50 45.00 42.50 40.00 37.50 35.00 32.50 ishares MSCI Emerging Markets Price Top 10 Country Exposure Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities ishares MSCI Emerging Markets NAV Samsung Electronics Co Ltd Taiwan Semiconductor Manufacturing Co Ltd Tencent Holdings Ltd. China Mobile Ltd China Construction Bank Corp H Shares Industrial And Commercial Bank Of China Ltd H Shares Naspers Ltd Class N OAO Gazprom Itau Unibanco Holding S.A. America Movil SAB de CV Class L % Brazil 9.3 China 18.5 India 7.0 Indonesia 2.7 Malaysia 4.0 Mexico 5.4 Russia 4.6 South Africa 7.9 South Korea 14.9 Taiwan 12.4 Other 13.3 Total 100.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 3.4 2.4 2.0 1.6 1.3 1.2 1.2 1.0 1.0 1.0 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 135
ishares MSCI Emerging Markets Mini Vol EEMV Emerging Markets Intraday NAV ishares MSCI Emerging Markets Mini Vol (Market) 5.3 8.4 ishares MSCI Emerging Markets Mini Vol (NAV) 6.6 9.0 EEMV EEMVIV BlackRock Fund s 62.80 2,047 190,619 0.25 244 14.0 10/18/2011 1.46 1.00 0.71 The ishares MSCI Emerging Markets Minimum Volatility ETF (EEMV) seeks to track the performance of the MSCI Emerging Markets Minimum Volatility Index. The index utilizes an optimization process to construct the lowest volatility portfolio from its parent index, the MSCI Emerging Markets Index, given a certain set of constraints. The constraints are designed to prevent over concentration to specific countries, sectors, and constituents and to limit turnover. The index is calculated using the Barra Optimizer and is rebalanced semi-annually in May and vember. To track its index, EEMV may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. Time Period: 10/18/2011 to 8/20/2014 65.00 62.50 60.00 57.50 55.00 52.50 50.00 47.50 2/2012 5/2012 8/2012 11/2012 2/2013 5/2013 8/2013 11/2013 2/2014 5/2014 8/2014 ishares MSCI Emerging Markets Mini Vol Price Top 10 Country Exposure Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities KT&G Corp Public Bank Bhd Taiwan Semiconductor Manufacturing Co Ltd China Mobile Ltd Malayan Banking Bhd Chunghwa Telecom Co Ltd PT Bank Central Asia Tbk Banco De Chile IHH Healthcare Bhd China Resources Gas Group Ltd ishares MSCI Emerging Markets Mini Vol NAV % Brazil 6.1 Chile 4.6 China 21.7 Indonesia 4.3 Malaysia 9.1 Philippines 2.7 South Africa 7.4 South Korea 11.4 Taiwan 17.3 Other Countries 3.8 Other 11.6 Total 100.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 1.7 1.6 1.5 1.5 1.4 1.4 1.3 1.2 1.2 1.1 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 136
WisdomTree Emerging Markets SmCp Div ETF DGS Emerging Markets Small-Cap Intraday NAV WisdomTree Emerging Markets SmCp Div ETF (Market) WisdomTree Emerging Markets SmCp Div ETF (NAV) DGS DGSIV WisdomTree Asset Management, Inc. 5.6 7.2 0.2 8.6 7.1 8.3 0.6 9.1 49.18 2,025 128,838 0.63 574 9.2 10/30/2007 1.59 1.46 1.69 1.29 1.22 18.2-23.0 0.12 The WisdomTree Emerging Markets SmallCap Dividend Fund (DGS) seeks to track the performance of the WisdomTree Emerging Markets SmallCap Dividend Index. The index is designed to reflect the performance of small-cap dividend paying, emerging markets stocks. It includes almost 700 constituents from 18 countries. Small cap stocks are those that fall within the bottom 10% of total market capitalization of the WisdomTree Emerging Markets Dividend Index. The index is reconstituted annually and companies are weighted in the index based on their annual cash dividends paid. To track its index, DGS may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 60.00 55.00 50.00 45.00 40.00 35.00 WisdomTree Emerging Markets SmCp Div ETF Price Top 10 Country Exposure Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities ipath MSCI India Index ETN Synnex Technology International Corp Light SA Coronation Fund Managers Ltd Synthos SA TAURON Polska Energia SA Advantech Co Ltd Hap Seng Consolidated Bhd Wistron Corp Turk Traktor ve Ziraat Makineleri AS WisdomTree Emerging Markets SmCp Div ETF NAV % Brazil 7.3 China 6.8 Indonesia 4.0 Malaysia 10.2 Poland 3.7 South Africa 9.1 South Korea 10.6 Taiwan 28.3 Thailand 5.8 Turkey 5.6 Other 8.6 Total 100.0 0.0 5.0 10.0 15.0 20.0 25.0 1.3 1.0 1.0 1.0 0.9 0.8 0.8 0.8 0.8 0.8 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for WisdomTree ETFs current to the most recent month end by clicking on the following link: http://www.wisdomtree.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 137
EGShares Emerging Markets Consumer ETF ECON Emerging Markets Sector Intraday NAV EGShares Emerging Markets Consumer ETF (Market) EGShares Emerging Markets Consumer ETF (NAV) ECON ECONIV Emerging Global s 3.5 8.0 5.7 5.3 8.8 5.9 28.50 1,362 149,955 0.84 31 53.0 9/14/2010 0.20 0.11 0.12 0.02 17.9-15.3 0.41 The EGShares Emerging Markets Consumer ETF (ECON) seeks to track the performance of the Dow Jones Emerging Markets Consumer Titans 30 Index. The index is designed to reflect the performance of 30 leading emerging markets companies in the consumer goods and consumer services industries that are categorized using a proprietary classification system and selected based on float-adjusted market capitalization, revenue, and net profit. The 10 largest stocks from each sector are selected and another 10 are selected from the remaining non-constituent companies starting with the largest remaining company based on float-adjusted market cap. The index is float-adjusted market capitalization-weighted with individual companies capped at 10%. Companies with weights of 4.5% or more are limited to 45% of the index. The index is reviewed annually in September and rebalanced quarterly. To track its index, ECON typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. Time Period: 9/14/2010 to 8/20/2014 30.00 28.00 26.00 24.00 22.00 20.00 18.00 2/2011 8/2011 2/2012 8/2012 2/2013 8/2013 2/2014 8/2014 EGShares Emerging Markets Consumer ETF Price Top 10 Country Exposure Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities EGShares Emerging Markets Consumer ETF NAV % Brazil 15.2 Chile 6.1 China 16.2 India 6.6 Indonesia 4.1 Malaysia 6.1 Mexico 16.5 Russia 5.1 South Africa 19.8 Thailand 2.6 Other 1.7 Total 100.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 Naspers Ltd Class N Ambev SA ADR Fomento Economico Mexicano SAB de CV Units (1 Series B, 4 Series D) OJSC Magnit GDR BRF SA ADR Grupo Televisa SAB Ord.Part.Cert. Repr. 25 Shs-A- + 35 Shs-L- + 35 Shs-D- + Astra International Tbk Wal - Mart de Mexico SAB de CV Class V ITC Ltd Want Want China Holdings Ltd 10.6 7.3 5.1 4.9 4.7 4.3 4.2 4.0 3.7 3.3 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for EGShares ETFs current to the most recent month end by clicking on the following link: http://www.emergingglobaladvisors.com/index.cfm. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 138
WisdomTree Emerging Markets Eq Inc ETF DEM Emerging Markets Dividend Intraday NAV WisdomTree Emerging Markets Eq Inc ETF (Market) 2.5 8.3-1.1 7.6 WisdomTree Emerging Markets Eq Inc ETF (NAV) 4.2 9.3-0.6 8.0 DEM DEMIV WisdomTree Asset Management, Inc. 53.16 3,966 327,481 0.63 310 32.1 7/13/2007 2.09 1.88 2.28 1.94 1.46 16.8-17.5 0.04 The WisdomTree Emerging Markets Equity Income Fund (DEM) seeks to track the performance of the WisdomTree Emerging Markets Equity Income Index. The index is designed to reflect the performance of the highest yielding, dividend paying emerging markets stocks. It includes almost 400 constituents from 18 countries. To be included in the index, stocks must be ranked in the highest 30% by dividend yield and then are weighted in the index based on their annual cash dividends paid. The index is reconstituted annually and to track its index, DEM may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 65.00 60.00 55.00 50.00 45.00 40.00 WisdomTree Emerging Markets Eq Inc ETF Price Top 10 Country Exposure Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities OAO Gazprom ADR China Construction Bank Corp H Shares OJSC Rosneft Oil Co GDR Industrial And Commercial Bank Of China Ltd H Shares Vale SA MMC rilsk Nickel JSC ADR Banco do Brasil SA BB Brasil OAO Lukoil ADR Bank Of China Ltd. H Shares Mtn Group Ltd WisdomTree Emerging Markets Eq Inc ETF NAV % Brazil 12.8 China 18.2 Malaysia 4.8 Poland 6.0 Russia 17.8 South Africa 9.4 South Korea 2.5 Taiwan 13.9 Thailand 4.9 Turkey 2.6 Other 7.2 Total 100.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 4.9 4.8 3.8 3.4 3.3 3.0 2.5 2.4 2.2 1.9 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for WisdomTree ETFs current to the most recent month end by clicking on the following link: http://www.wisdomtree.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 139
ishares MSCI Frontier 100 FM Frontier Markets Intraday NAV FM FMIV BlackRock Fund s 38.68 791 362,955 0.79 133 32.9 9/12/2012 0.35 Time Period: 9/12/2012 to 8/20/2014 40.00 38.00 36.00 34.00 32.00 30.00 28.00 26.00 24.00 11/2012 2/2013 5/2013 8/2013 11/2013 2/2014 5/2014 8/2014 ishares MSCI Frontier 100 Price Top Country Breakdown (%) Kuwait Nigeria Qatar United Arab Emirates Argentina Pakistan Kenya Oman Kazakhstan Morocco ishares MSCI Frontier 100 NAV 21.8 13.5 12.1 11.7 7.9 6.1 4.8 4.1 3.9 3.3 ishares MSCI Frontier 100 (Market) ishares MSCI Frontier 100 (NAV) YTD 16.6 17.7 1 Year 3 Years 5 Years 10 Years 25.9 27.2 The ishares MSCI Frontier ETF (FM) seeks to track the MSCI Frontier Markets 100 Index. The index is designed to reflect the performance of the 100 largest and most liquid frontier markets stocks from the MSCI Frontier Markets Index. It includes the 100 largest stocks based on free float-adjusted market capitalization after initial screens for foreign investability and trading volume. The maximum weight to any country is capped at 50%. The index is market capitalization-weighted and reviewed semi-annually. To track its index, FM may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities 0.0 10.0 20.0 30.0 40.0 50.0 60.0 National Bank of Kuwait SAK Kuwait Finance House Mobile Telecommunications Co KSC Masraf Al Rayan QSC Nigerian Breweries PLC Emaar Properties PJSC JSC KazMunaiGas Exploration Production GDR YPF Sociedad Anonima ADR Guaranty Trust Bank PLC DP World Ltd 6.2 4.7 4.4 3.1 3.0 2.7 2.6 2.4 2.2 1.9 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 140
ishares MSCI BRIC BKF BRIC Intraday NAV ishares MSCI BRIC (Market) 6.3 16.4-3.2 2.6 ishares MSCI BRIC (NAV) 7.4 16.6-3.0 2.8 BKF BKFIV BlackRock Fund s 41.27 402 103,772 0.67 306 27.9 11/12/2007 0.91 0.84 0.82 0.85 0.40 23.5-25.5-0.02 The ishares BRIC ETF (BKF) seeks to track the MSCI BRIC Index. The index is designed to reflect the performance of stocks from Brazil, Russia, India, and China. It includes over 300 companies and captures approximately 85% of the market cap by country. For China, the exposure consists of H-shares, which are incorporated in China and traded on the Stock Exchange of Hong Kong, and B-Shares, which are incorporated in China that are eligible for foreign purchases and listed in U.S. dollars on the Shanghai exchange or in Hong Kong dollars on the Shenzhen exchange. It also includes Red chips and P chips, which are incorporated outside of China and traded in Hong Kong. The index is free-float adjusted, market capitalization-weighted and reviewed quarterly. To track its index, BKF may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 52.50 50.00 47.50 45.00 42.50 40.00 37.50 35.00 32.50 ishares MSCI BRIC Price Top 10 Country Exposure Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities ishares MSCI BRIC NAV Tencent Holdings Ltd. China Mobile Ltd China Construction Bank Corp H Shares Industrial And Commercial Bank Of China Ltd H Shares Itau Unibanco Holding S.A. OAO Gazprom Bank Of China Ltd. H Shares Petroleo Brasileiro SA Petrobras Ambev SA CNOOC Ltd % Brazil 22.7 China 46.2 Hong Kong 3.0 India 17.1 Pakistan 0.0 Poland 0.0 Portugal 0.0 Russia 11.1 Singapore 0.0 Slovakia 0.0 Total 100.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 4.8 3.9 3.1 2.9 2.5 2.5 2.2 2.0 1.9 1.8 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 141
Vanguard FTSE Pacific ETF VPL Broad Asia-Pacific Intraday NAV Vanguard FTSE Pacific ETF (Market) Vanguard FTSE Pacific ETF (NAV) VPL VPLIV Vanguard Group, Inc. 63.13 2,864 340,812 0.12 821 18.0 3/4/2005 1.53 1.72 1.59 2.24 1.42 3.5 13.3 6.8 8.4 3.8 12.9 6.7 8.3 14.8-15.1 0.51 The Vanguard FTSE Pacific ETF (VPL) seeks to track the performance of the FTSE Developed Asia Pacific Index. The index is designed to reflect the performance of developed markets stocks located in the Pacific region and captures approximately 86% of the market cap by country. It is free-float adjusted, market capitalization-weighted and reviewed quarterly. To track its index, VPL typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 65.00 62.50 60.00 57.50 55.00 52.50 50.00 47.50 45.00 Vanguard FTSE Pacific ETF Price Top 10 Country Exposure Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Toyota Motor Corp Samsung Electronics Co Ltd Commonwealth Bank of Australia BHP Billiton Ltd Westpac Banking Corp Australia and New Zealand Banking Group Ltd Mitsubishi UFJ Financial Group Inc National Australia Bank Ltd SOFTBANK Corp AIA Group Ltd Vanguard FTSE Pacific ETF NAV % Australia 20.5 China 1.1 Hong Kong 7.0 Italy 0.1 Japan 55.2 New Zealand 0.5 Singapore 3.8 South Korea 11.5 United States 0.1 Other Countries 0.2 Other 0.1 Total 100.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 2.8 2.5 2.2 2.0 1.8 1.5 1.5 1.3 1.2 1.2 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Vanguard ETFs current to the most recent month end by clicking on the following link: https://advisors.vanguard.com/vgapp/iip/site/advisorsec/home. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 142
ishares MSCI All Country Asia ex Japan AAXJ Asia-Pacific ex-japan Intraday NAV ishares MSCI All Country Asia ex Japan (Market) 7.8 17.4 3.0 7.0 ishares MSCI All Country Asia ex Japan (NAV) 9.8 17.9 3.4 7.3 AAXJ AAXJIV BlackRock Fund s 66.05 2,871 490,179 0.67 615 20.8 8/13/2008 1.07 1.05 1.05 0.96 0.70 18.4-21.9 0.27 The ishares MSCI All Country Asia ex Japan ETF (AAXJ) seeks to track the performance of the MSCI AC Asia ex Japan Index. This index is designed to reflect the performance of large- and mid-cap stocks in developed and emerging markets in Asia, excluding Japan, covering approximately 85% of the available market cap in each country. The index is free-float adjusted, market capitalization-weighted and reviewed quarterly. To track its index, AAXJ may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 70.00 65.00 60.00 55.00 50.00 45.00 ishares MSCI All Country Asia ex Japan Price Top 10 Country Exposure Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Samsung Electronics Co Ltd Taiwan Semiconductor Manufacturing Co Ltd Tencent Holdings Ltd. China Mobile Ltd AIA Group Ltd China Construction Bank Corp H Shares Industrial And Commercial Bank Of China Ltd H Shares Bank Of China Ltd. H Shares Hon Hai Precision Ind Co Ltd Hyundai Motor Co ishares MSCI All Country Asia ex Japan NAV % China 24.2 Hong Kong 13.6 India 8.8 Indonesia 2.9 Malaysia 5.0 Philippines 1.3 Singapore 6.3 South Korea 18.8 Taiwan 15.9 Thailand 2.9 Other 0.2 Total 100.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 4.4 3.0 2.6 2.0 2.0 1.7 1.5 1.2 1.2 1.1 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 143
ishares MSCI Pacific ex Japan EPP Asia-Pacific ex-japan Intraday NAV ishares MSCI Pacific ex Japan (Market) 10.1 17.7 7.1 11.6 12.0 ishares MSCI Pacific ex Japan (NAV) 11.1 18.8 7.3 11.9 12.1 EPP EPPIV BlackRock Fund s 51.51 3,482 465,393 0.50 149 41.1 10/25/2001 1.91 1.98 1.72 1.55 1.43 20.5-19.5 0.44 The ishares MSCI Pacific ex Japan ETF (EPP) seeks to track the performance of the MSCI Pacific ex-japan Index. The index is designed to reflect the performance of large- and mid-cap, developed markets Asia Pacific stocks. It covers approximately 85% of the available market cap in each country. The index is free-float adjusted, market capitalization-weighted and reviewed quarterly. To track its index, EPP may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 52.50 50.00 47.50 45.00 42.50 40.00 37.50 35.00 32.50 ishares MSCI Pacific ex Japan Price Top 10 Country Exposure Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Commonwealth Bank of Australia BHP Billiton Ltd Westpac Banking Corp National Australia Bank Limited Australia and New Zealand Banking Group Ltd AIA Group Ltd Wesfarmers Ltd Woolworths Ltd CSL Ltd Hutchison Whampoa Ltd ishares MSCI Pacific ex Japan NAV % Australia 62.8 Canada 0.8 China 1.0 Hong Kong 22.1 Indonesia 0.2 New Zealand 1.1 Portugal 0.0 Russia 0.0 Singapore 11.6 Other Countries 0.4 Total 100.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 7.3 6.7 5.8 4.5 4.4 3.8 2.7 2.5 1.8 1.7 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 144
ishares MSCI Australia EWA Australia Intraday NAV EWA EWAIV BlackRock Fund s 30.00 28.00 26.00 24.00 22.00 20.00 27.07 2,018 1,297,232 0.51 73 61.7 3/12/1996 ishares MSCI Australia (Market) ishares MSCI Australia (NAV) 1.14 1.35 1.09 0.83 0.66 10.8 19.0 7.0 12.1 12.2 11.7 20.4 7.3 12.5 12.4 22.1-18.4 0.43 The ishares MSCI Australia ETF (EWA) seeks to track the performance of the MSCI Australia Index. The index is designed to reflect the performance of large- and mid-cap stocks in Australia covering approximately 85% of the available market cap. The index is free-float adjusted, market capitalizationweighted and reviewed quarterly. To track its index, EWA may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 18.00 ishares MSCI Australia Price 36.1 32.4 22.7 3.4 2.7 2.7 0.0 0.0 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Large Mid Small Commonwealth Bank of Australia BHP Billiton Ltd Westpac Banking Corp Australia and New Zealand Banking Group Ltd National Australia Bank Limited Wesfarmers Ltd Woolworths Ltd CSL Ltd Rio Tinto Ltd Woodside Petroleum Ltd ishares MSCI Australia NAV Market Cap % Market Cap Giant 57.3 Market Cap Large 33.3 Market Cap Mid 9.3 Market Cap Small 0.0 Market Cap Micro 0.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 11.4 10.5 9.1 7.9 7.0 4.3 3.9 2.8 2.4 2.4 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 145
SPDR S&P China GXC China Intraday NAV GXC GXCIV SSgA Funds Management Inc 85.00 80.00 75.00 70.00 65.00 60.00 55.00 SPDR S&P China (Market) SPDR S&P China (NAV) 82.77 982 113,910 0.59 282 44.2 3/19/2007 1.78 1.50 1.30 0.95 0.70 4.2 20.9 3.5 5.5 6.2 21.3 3.9 5.6 22.7-25.2 0.28 The SPDR China ETF (GXC) seeks to track the performance of the S&P China BMI Index. The index is designed to reflect the performance of large-, mid-, and small-cap companies in China. The exposure consists of H-shares, which are incorporated in China and traded on the Stock Exchange of Hong Kong, and B-Shares, which are incorporated in China that are eligible for foreign purchases and listed in U.S. dollars on the Shanghai exchange or in Hong Kong dollars on the Shenzhen exchange. It also includes Red chips and P chips, which are incorporated outside of China and traded in Hong Kong, as well as Chinese securities listed in the U.S. and Singapore or any other global exchange. The index is float-adjusted, market capitalization-weighted and changes are made when necessary throughout the year. To track its index, GXC may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 50.00 SPDR S&P China Price 38.6 24.6 28.3 4.1 2.7 1.1 0.2 0.4 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Large Mid Small SPDR S&P China NAV Tencent Holdings Ltd. China Construction Bank Corp H Shares Baidu Inc ADR China Mobile Ltd Industrial And Commercial Bank Of China Ltd H Shares Bank Of China Ltd. H Shares CNOOC Ltd PetroChina Co Ltd H Shares China Petroleum & Chemical Corp H Shares China Life Insurance Co Ltd H Shares Market Cap % Market Cap Giant 61.5 Market Cap Large 29.2 Market Cap Mid 8.7 Market Cap Small 0.6 Market Cap Micro 0.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 8.2 6.1 5.6 5.6 5.4 3.3 2.8 2.7 2.4 2.2 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for SPDR ETFs current to the most recent month end by clicking on the following link: https://www.spdrs.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 146
ishares MSCI China MCHI China Intraday NAV ishares MSCI China (Market) 4.3 18.7 2.2 ishares MSCI China (NAV) 7.1 19.6 3.1 MCHI MCHIIV BlackRock Fund s 51.18 1,149 364,708 0.61 144 52.2 3/29/2011 1.14 0.92 1.05 22.4-24.6 0.24 The ishares MSCI China ETF (MCHI) seeks to track the performance of the MSCI China Index. The index is designed to reflect the performance of largeand mid-cap stocks in China covering approximately 85% of the available market cap. The exposure consists of H-shares, which are incorporated in China and traded on the Stock Exchange of Hong Kong, and B-Shares, which are incorporated in China that are eligible for foreign purchases and listed in U.S. dollars on the Shanghai exchange or in Hong Kong dollars on the Shenzhen exchange. It also includes Red chips and P chips, which are incorporated outside of China and traded in Hong Kong. The index is freefloat adjusted, market capitalization-weighted and reviewed quarterly. To track its index, MCHI may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. Time Period: 3/31/2011 to 8/20/2014 55.00 52.50 50.00 47.50 45.00 42.50 40.00 37.50 35.00 32.50 ishares MSCI China Price 8/2011 2/2012 8/2012 2/2013 8/2013 2/2014 8/2014 40.6 27.3 30.7 1.2 0.1 0.1 0.0 0.0 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Large Mid Small ishares MSCI China NAV Tencent Holdings Ltd. China Mobile Ltd China Construction Bank Corp H Shares Industrial And Commercial Bank Of China Ltd H Shares Bank Of China Ltd. H Shares CNOOC Ltd PetroChina Co Ltd H Shares China Petroleum & Chemical Corp H Shares China Life Insurance Co Ltd H Shares Ping An Insurance Group H Shares Market Cap % Market Cap Giant 70.7 Market Cap Large 27.9 Market Cap Mid 1.4 Market Cap Small 0.0 Market Cap Micro 0.0 0.0 10.0 20.0 30.0 40.0 10.4 8.1 6.8 6.2 4.6 3.9 3.4 3.1 2.8 2.1 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 147
ishares China Large-Cap FXI China Intraday NAV ishares China Large-Cap (Market) 7.0 20.4 1.0 1.6 ishares China Large-Cap (NAV) 9.7 21.4 1.7 1.7 FXI FXIIV BlackRock Fund s 41.21 5,844 15,843,172 0.73 28 60.3 10/5/2004 1.01 0.94 0.77 0.63 0.55 24.3-24.2 0.19 The ishares China Large-Cap ETF (FXI) seeks to track the performance of the FTSE China 25 Index. The index is designed to reflect the performance of the 25 largest and most liquid Chinese stocks that are listed and traded on the Stock Exchange of Hong Kong. This includes H-shares, which are incorporated in China, and Red and P Chips, which are incorporated outside of China but derive at least 50% of revenue or assets from China. The index is free-float adjusted market capitalization-weighted with individual companies capped at 10% and is rebalanced quarterly. To track its index, FXI typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 50.00 47.50 45.00 42.50 40.00 37.50 35.00 32.50 30.00 27.50 ishares China Large-Cap Price 53.7 24.4 21.9 0.0 0.0 0.0 0.0 0.0 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Large Mid Small ishares China Large-Cap NAV Tencent Holdings Ltd. China Construction Bank Corp H Shares China Mobile Ltd Industrial And Commercial Bank Of China Ltd H Shares Bank Of China Ltd. H Shares China Overseas Land & Investment Ltd China Life Insurance Co Ltd H Shares Ping An Insurance Group H Shares PetroChina Co Ltd H Shares China Shenhua Energy Co Ltd H Shares Market Cap % Market Cap Giant 98.3 Market Cap Large 1.7 Market Cap Mid 0.0 Market Cap Small 0.0 Market Cap Micro 0.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 10.1 8.4 8.3 6.9 5.4 4.4 4.0 3.9 3.9 3.8 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 148
ishares MSCI Hong Kong EWH Hong Kong Intraday NAV EWH EWHIV BlackRock Fund s 24.00 22.00 20.00 18.00 16.00 14.00 ishares MSCI Hong Kong (Market) ishares MSCI Hong Kong (NAV) YTD 9.6 10.9 22.67 2,729 2,855,941 0.51 42 60.7 3/12/1996 0.61 0.50 0.41 0.45 0.38 1 Year 3 Years 5 Years 10 Years 19.0 8.9 10.8 11.4 19.5 9.2 10.7 11.4 19.7-21.5 0.54 The ishares MSCI Hong Kong ETF (EWH) seeks to track the performance of the MSCI Hong Kong Index. The index is designed to reflect the performance of large- and mid-cap stocks in Hong Kong covering approximately 85% of the available market cap. The index is free-float adjusted, market capitalization-weighted and reviewed quarterly. To track its index, EWH may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 12.00 ishares MSCI Hong Kong Price 36.7 26.1 37.2 0.0 0.0 0.0 0.0 0.0 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Large Mid Small AIA Group Ltd Hutchison Whampoa Ltd Cheung Kong Holdings Ltd Hong Kong Exchanges and Clearing Ltd Sun Hung Kai Properties Ltd Galaxy Entertainment Group Ltd Sands China Ltd CLP Holdings Ltd Hong Kong and China Gas Co Ltd Link Real Estate Investment Trust ishares MSCI Hong Kong NAV Market Cap % Market Cap Giant 82.2 Market Cap Large 17.8 Market Cap Mid 0.0 Market Cap Small 0.0 Market Cap Micro 0.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 15.6 7.4 7.0 5.9 5.8 4.6 4.3 3.7 3.3 3.1 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 149
WisdomTree India Earnings ETF EPI India Intraday NAV WisdomTree India Earnings ETF (Market) 26.7 42.3-1.1 4.0 WisdomTree India Earnings ETF (NAV) 28.7 43.6-0.7 4.0 EPI EPIIV WisdomTree Asset Management, Inc. 22.82 1,948 4,192,627 0.83 170 41.7 2/22/2008 0.13 0.16 0.16 0.14 0.06 31.1-39.0 0.12 The WisdomTree India Earnings Fund (EPI) seeks to track the performance of the WisdomTree India Earnings Index. The index includes companies large-, mid-, and small-cap stocks in India that meet the following eligibility requirements: incorporated in India, listed on a major stock exchange in India, have generated at least $5 million in earnings in their fiscal year prior to the index measurement date, have a market capitalization of at least $200 million, have P/E ratio of at least two, and the meet certain liquidity requirements. Companies are weighted based on their earnings (determined using net income) with an adjustment that takes into account shares available to foreign investors. The index is rebalanced annually and the maximum weight of any particular sector is capped at 25% at the rebalance. To track its index, EPI may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 30.00 28.00 26.00 24.00 22.00 20.00 18.00 16.00 14.00 12.00 WisdomTree India Earnings ETF Price 9.4 33.1 46.4 4.6 4.2 1.5 0.4 0.2 0.1 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Large Mid Small Reliance Industries Ltd Infosys Ltd Oil & Natural Gas Corp Ltd Housing Development Finance Corp Ltd ICICI Bank Ltd Tata Motors Ltd Tata Consultancy Services Ltd State Bank of India Cairn India Ltd Bharat Heavy Electricals Ltd WisdomTree India Earnings ETF NAV Market Cap % Market Cap Giant 51.3 Market Cap Large 37.6 Market Cap Mid 10.3 Market Cap Small 0.7 Market Cap Micro 0.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 8.3 6.2 5.0 4.8 3.8 3.3 3.1 2.8 2.0 2.0 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for WisdomTree ETFs current to the most recent month end by clicking on the following link: http://www.wisdomtree.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 150
ishares MSCI India INDA India Intraday NAV INDA INDAIV BlackRock Fund s Time Period: 2/2/2012 to 8/20/2014 32.00 30.00 28.00 26.00 24.00 22.00 20.00 ishares MSCI India (Market) 20.5 31.5 ishares MSCI India (NAV) 23.0 32.4 30.89 1,410 427,495 0.67 71 51.8 2/2/2012 0.15 0.11 The ishares MSCI India ETF (INDA) seeks to track the performance of the MSCI India Total Return Index. The index is designed to reflect the performance of large- and mid-cap stocks in India covering approximately 85% of the available market cap. The index is free-float adjusted, market capitalization-weighted with an adjustment that takes into account the shares available to foreign investors and reviewed quarterly. To track its index, INDA may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 18.00 ishares MSCI India Price 5/2012 8/2012 11/2012 2/2013 5/2013 8/2013 11/2013 2/2014 5/2014 8/2014 5.6 22.6 69.5 0.0 1.6 0.7 0.0 0.0 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Large Mid Small Housing Development Finance Corp Ltd Infosys Ltd Reliance Industries Ltd Tata Consultancy Services Ltd ITC Ltd Sun Pharmaceuticals Industries Ltd Hindustan Unilever Ltd Larsen & Toubro Ltd Mahindra & Mahindra Ltd HCL Technologies Ltd ishares MSCI India NAV Market Cap % Market Cap Giant 67.5 Market Cap Large 30.2 Market Cap Mid 2.3 Market Cap Small 0.0 Market Cap Micro 0.0 0.0 5.0 10.0 15.0 20.0 25.0 9.4 9.2 7.7 7.2 4.7 3.4 3.1 2.8 2.4 2.3 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 151
WisdomTree Japan Hedged Equity ETF DXJ Japan Intraday NAV DXJ DXJIV WisdomTree Asset Management, Inc. 55.00 50.00 45.00 40.00 35.00 WisdomTree Japan Hedged Equity ETF (Market) -0.6 14.2 14.6 6.7 WisdomTree Japan Hedged Equity ETF (NAV) 1.3 14.8 14.9 7.0 50.20 9,954 3,727,177 0.48 304 35.2 6/16/2006 0.62 0.55 0.75 0.45 0.52 17.1-15.2 0.90 The WisdomTree Japan Hedged Equity Fund (DXJ) seeks to track the performance of the WisdomTree Japan Hedged Equity Index. The index is designed to reflect the performance of Japanese equities while hedging the exposure of fluctuations in the value of the Japanese Yen relative to the U.S. Dollar. To be included in the index, stocks must be incorporated in Japan, traded on the Tokyo Stock Exchange, have paid out at least $5 million in cash dividends in the annual cycle prior to the annual index reconstitution, derive less than 80% of their revenue from sources in Japan, have a market cap of at least $100 million, and meet certain liquidity requirements. Companies are weighted based on annual cash dividends paid subject to a cap of 5% and the index is reconstituted annually. To track its index, DXJ may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 30.00 WisdomTree Japan Hedged Equity ETF Price 34.4 32.3 19.9 3.0 3.3 4.0 1.2 1.3 0.5 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Large Mid Small Toyota Motor Corp Mitsubishi UFJ Financial Group Inc Japan Tobacco Inc Canon Inc Mizuho Financial Group Inc Nissan Motor Honda Motor Co Ltd Mitsubishi Corp Takeda Pharmaceutical Co Ltd Mitsui & Co Ltd WisdomTree Japan Hedged Equity ETF NAV Market Cap % Market Cap Giant 58.6 Market Cap Large 28.0 Market Cap Mid 10.4 Market Cap Small 3.0 Market Cap Micro 0.0 0.0 5.0 10.0 15.0 20.0 25.0 5.1 4.9 4.0 3.5 3.3 3.3 3.0 2.9 2.7 2.6 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for WisdomTree ETFs current to the most recent month end by clicking on the following link: http://www.wisdomtree.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 152
ishares MSCI Japan EWJ Japan Intraday NAV ishares MSCI Japan (Market) ishares MSCI Japan (NAV) EWJ EWJIV BlackRock Fund s 11.95 14,933 23,983,279 0.50 310 21.7 3/12/1996 0.13 0.19 0.19 0.14 0.14-0.5 8.4 5.6 5.7 3.3 1.0 9.3 6.0 5.9 3.4 14.1-15.0 0.48 The ishares MSCI Japan ETF (EWJ) seeks to track the performance of the MSCI Japan Index. The index is designed to reflect the performance of large- and mid-cap stocks in Japan covering approximately 85% of the available market cap. The index is free-float adjusted, market capitalization-weighted and reviewed quarterly. To track its index, EWJ may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 12.50 12.00 11.50 11.00 10.50 10.00 9.50 9.00 8.50 ishares MSCI Japan Price 30.8 32.2 28.9 2.5 3.0 2.6 0.0 0.0 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Large Mid Small Toyota Motor Corp Mitsubishi UFJ Financial Group Inc SOFTBANK Corp Honda Motor Co Ltd Sumitomo Mitsui Financial Group Inc Mizuho Financial Group Inc Japan Tobacco Inc Hitachi Ltd Canon Inc Takeda Pharmaceutical Co Ltd ishares MSCI Japan NAV Market Cap % Market Cap Giant 53.3 Market Cap Large 38.5 Market Cap Mid 8.1 Market Cap Small 0.0 Market Cap Micro 0.0 0.0 5.0 10.0 15.0 20.0 25.0 5.9 2.7 2.5 2.1 1.9 1.6 1.4 1.4 1.4 1.3 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 153
Deutsche X-trackers MSCI Japan Hedged Eq DBJP Japan Intraday NAV Deutsche X-trackers MSCI Japan Hedged Eq (Market) -2.9 13.5 Deutsche X-trackers MSCI Japan Hedged Eq (NAV) -1.2 DBJP DBJPIV DBX s LLC 13.9 15.2 15.8 37.30 539 105,404 0.45 312 22.3 6/9/2011 0.71 0.41 0.17 18.5-16.1 0.88 The db X-trackers MSCI Japan Hedged Equity Fund (DBJP) seeks to track the performance of the MSCI Japan US Dollar Hedged Index. The index is designed to provide exposure to large- and mid-cap stocks in Japan while hedging the fluctuations between the U.S. Dollar and the Japanese Yen. The index is free-float adjusted, market capitalization-weighted and reviewed quarterly. To track its index, DBJP may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. Time Period: 6/9/2011 to 8/20/2014 40.00 37.50 35.00 32.50 30.00 27.50 25.00 22.50 20.00 8/2011 11/2011 2/2012 5/2012 8/2012 11/2012 2/2013 5/2013 8/2013 11/2013 2/2014 5/2014 8/2014 Deutsche X-trackers MSCI Japan Hedged Eq Price Portfolio Date: 6/30/2014 30.7 32.1 29.1 2.7 2.9 2.6 0.0 0.0 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Portfolio Date: 6/30/2014 Large Mid Small Toyota Motor Corp Mitsubishi UFJ Financial Group Inc SOFTBANK Corp Honda Motor Co Ltd Sumitomo Mitsui Financial Group Inc Mizuho Financial Group Inc Japan Tobacco Inc Canon Inc Takeda Pharmaceutical Co Ltd Hitachi Ltd Deutsche X-trackers MSCI Japan Hedged Eq NAV Market Cap % Market Cap Giant 53.8 Market Cap Large 38.0 Market Cap Mid 8.2 Market Cap Small 0.0 Market Cap Micro 0.0 0.0 5.0 10.0 15.0 20.0 25.0 6.0 2.8 2.6 2.0 1.9 1.7 1.4 1.3 1.3 1.3 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Deutsche Bank ETFs current to the most recent month end by clicking on the following link: http://www.dbxus.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 154
ishares MSCI Singapore EWS Singapore Intraday NAV EWS EWSIV BlackRock Fund s 15.00 14.25 13.50 12.75 12.00 11.25 10.50 ishares MSCI Singapore (Market) ishares MSCI Singapore (NAV) 13.92 981 1,024,044 0.51 32 66.6 3/12/1996 0.50 0.54 0.47 0.42 0.32 8.3 9.2 3.3 10.0 12.7 9.0 10.5 3.5 10.2 12.6 20.0-22.6 0.27 The ishares MSCI Singapore ETF (EWS) seeks to track the performance of the MSCI Singapore Index. The index is designed to reflect the performance of large- and mid-cap stocks in Singapore covering approximately 85% of the available market cap. The index is free-float adjusted, market capitalizationweighted and reviewed quarterly. To track its index, EWS may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 9.75 ishares MSCI Singapore Price 36.0 57.5 6.6 0.0 0.0 0.0 0.0 0.0 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Large Mid Small Singapore Telecommunications Limited DBS Group Holdings Ltd United Overseas Bank Ltd Oversea-Chinese Banking Corp Ltd Keppel Corp Ltd CapitaLand Ltd Global Logistic Properties Ltd Genting Singapore PLC Singapore Press Holdings Ltd Jardine Cycle & Carriage Ltd ishares MSCI Singapore NAV Market Cap % Market Cap Giant 54.5 Market Cap Large 45.5 Market Cap Mid 0.0 Market Cap Small 0.0 Market Cap Micro 0.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 12.6 12.3 11.7 10.1 4.6 3.5 3.3 3.2 2.6 2.6 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 155
ishares MSCI South Korea Capped EWY South Korea Intraday NAV EWY EWYIV BlackRock Fund s 75.00 70.00 65.00 60.00 55.00 50.00 45.00 ishares MSCI South Korea Capped (Market) 2.2 20.1 1.1 10.6 12.6 ishares MSCI South Korea Capped (NAV) 4.9 20.9 1.5 10.9 12.7 66.31 4,801 1,871,726 0.61 104 47.8 5/9/2000 0.90 0.36 0.70 0.44 0.32 20.7-24.7 0.17 The ishares MSCI South Korea Capped ETF (EWY) seeks to track the performance of the MSCI Korea 25/50 Index. The index is designed to reflect the performance of large- and mid-cap stocks in Korea and to be compliant with the diversification requirements of regulated investment companies in the US. The Barra Optimizer is used with the primary objective of minimizing differences between the 25/50 Index and the parent index while maintaining low turnover. The index is modified market capitalization-weighted such that no single issuer can exceed 25% of the index weight and the sum of all issuer weights above 5% does not exceed 50% of the index weight. It is rebalanced quarterly. To track its index, EWY may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 40.00 ishares MSCI South Korea Capped Price 39.5 41.6 13.9 3.9 1.2 0.0 0.0 0.0 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Samsung Electronics Co Ltd Hyundai Motor Co SK Hynix Inc POSCO Shinhan Financial Group Co Ltd Hyundai Mobis Co Ltd NAVER Corp Kia Motors Corp KB Financial Group Inc LG Chem Ltd Large Mid Small ishares MSCI South Korea Capped NAV Market Cap % Market Cap Giant 54.9 Market Cap Large 40.0 Market Cap Mid 5.1 Market Cap Small 0.0 Market Cap Micro 0.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 19.8 5.7 3.8 3.4 3.3 3.2 3.2 2.5 2.4 2.1 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 156
ishares MSCI Taiwan EWT Taiwan Intraday NAV ishares MSCI Taiwan (Market) 9.2 17.7 4.0 9.3 7.6 ishares MSCI Taiwan (NAV) 11.2 18.3 4.3 9.6 7.6 EWT EWTIV BlackRock Fund s 16.24 3,247 6,405,605 0.61 107 48.6 6/20/2000 0.26 0.27 0.47 0.29 0.21 16.4-21.4 0.34 The ishares MSCI Taiwan ETF (EWT) seeks to track the performance of the MSCI Taiwan Index. The index is designed to reflect the performance of large- and mid-cap stocks in Taiwan covering approximately 85% of the available market cap. The index is free-float adjusted, market capitalizationweighted and reviewed quarterly. To track its index, EWT may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 16.50 15.75 15.00 14.25 13.50 12.75 12.00 11.25 10.50 ishares MSCI Taiwan Price 11.8 45.2 34.0 6.1 2.7 0.3 0.0 0.0 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Large Mid Small Taiwan Semiconductor Manufacturing Co Ltd Hon Hai Precision Ind Co Ltd MediaTek Inc Cathay Financial Holding Co Ltd Delta Electronics Inc Chunghwa Telecom Co Ltd Nan Ya Plastics Corp Formosa Plastics Corp Fubon Financial Holdings Co Ltd China Steel Corp ishares MSCI Taiwan NAV Market Cap % Market Cap Giant 49.0 Market Cap Large 41.9 Market Cap Mid 9.1 Market Cap Small 0.0 Market Cap Micro 0.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 19.8 7.7 4.4 2.8 2.5 2.3 2.2 2.2 2.1 2.0 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 157
Vanguard FTSE Europe ETF VGK Broad Europe Intraday NAV Vanguard FTSE Europe ETF (Market) Vanguard FTSE Europe ETF (NAV) VGK VGKIV Vanguard Group, Inc. 57.21 15,390 3,742,131 0.12 516 18.5 3/4/2005 1.63 1.47 1.91 2.31 1.91 0.6 15.2 8.9 9.9 1.3 15.5 8.9 10.0 18.3-20.4 0.55 The Vanguard FTSE Europe ETF (VGK) seeks to track the performance of the FTSE Developed Europe Index. The index is designed to reflect the performance of developed markets stocks located in Europe and captures approximately 86% of the market cap by country. It is free-float adjusted, market capitalization-weighted and reviewed quarterly. To track its index, VGK typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 65.00 60.00 55.00 50.00 45.00 40.00 35.00 Vanguard FTSE Europe ETF Price Top 10 Country Exposure Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Nestle SA HSBC Holdings PLC Roche Holding AG vartis AG Royal Dutch Shell PLC Class A BP PLC Total SA Sanofi Banco Santander SA GlaxoSmithKline PLC Vanguard FTSE Europe ETF NAV % Belgium 1.8 Denmark 2.4 France 13.6 Germany 12.9 Italy 3.6 Netherlands 4.2 Spain 5.3 Sweden 4.6 Switzerland 13.7 United Kingdom 33.4 Other 4.5 Total 100.0 0.0 5.0 10.0 15.0 20.0 25.0 2.6 2.3 2.3 2.3 1.8 1.7 1.5 1.3 1.3 1.3 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Vanguard ETFs current to the most recent month end by clicking on the following link: https://advisors.vanguard.com/vgapp/iip/site/advisorsec/home. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 158
WisdomTree Europe SmallCap Dividend ETF DFE Broad Europe Intraday NAV WisdomTree Europe SmallCap Dividend ETF (Market) 0.0 26.1 15.4 16.9 WisdomTree Europe SmallCap Dividend ETF (NAV) 2.0 28.2 15.3 17.3 DFE DFEIV WisdomTree Asset Management, Inc. 56.18 1,236 414,191 0.58 345 12.3 6/16/2006 1.38 1.47 2.06 0.96 1.30 19.9-20.3 0.81 The WisdomTree Europe SmallCap Dividend Fund (DFE) seeks to track the performance of the WisdomTree Europe SmallCap Dividend Index. The index is designed to reflect the performance of small-cap stocks in Europe. Small-cap stocks are those that comprise the bottom 25% of the market capitalization of the WisdomTree Europe Dividend Index after the 300 largest companies have been removed. To be included in the index, companies must have paid out at least $5 million in cash dividends in the annual cycle prior to the annual index reconstitution, have a market capitalization of at least $100 million, and meet certain liquidity requirements. Companies are weighted based on annual cash dividends paid subject to a cap of 5% and the index is reconstituted annually. To track its index, DFE may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 65.00 60.00 55.00 50.00 45.00 40.00 35.00 30.00 WisdomTree Europe SmallCap Dividend ETF Price Top 10 Country Exposure Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Drillisch AG Test abc ERG SPA Holmen AB Class B Iren SpA Cembra Money Bank AG Konecranes Oyj Tieto Corp Peab AB Class B Axis AB WisdomTree Europe SmallCap Dividend ETF NAV % Denmark 2.4 Finland 8.6 France 2.6 Germany 8.7 Ireland 2.9 Italy 10.2 rway 2.9 Sweden 13.5 Switzerland 5.1 United Kingdom 31.9 Other 11.1 Total 100.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 1.9 1.6 1.5 1.3 1.2 1.1 1.0 1.0 1.0 0.9 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for WisdomTree ETFs current to the most recent month end by clicking on the following link: http://www.wisdomtree.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 159
ishares MSCI EMU EZU Eurozone Intraday NAV 39.30 8,675 4,779,609 0.50 246 24.7 7/25/2000 ishares MSCI EMU (Market) ishares MSCI EMU (NAV) EZU EZUIV BlackRock Fund s 0.92 0.91 1.17 0.92 1.04-2.0 15.2 6.7 6.6 6.2-0.9 15.9 6.5 6.8 6.2 21.7-27.8 0.40 The ishares MSCI EMU ETF (EZU) seeks to track the performance of the MSCI EMU Index. The index is designed to reflect the performance of large- and mid-cap stocks from countries within the European Economic and Monetary Union covering approximately 85% of the available market cap. It includes 10 developed market countries and over 200 constituents. The index is freefloat adjusted, market capitalization-weighted and reviewed quarterly. To track its index, EZU may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 45.00 40.00 35.00 30.00 25.00 20.00 ishares MSCI EMU Price Top 10 Country Exposure Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Total SA Sanofi Banco Santander SA Bayer AG Siemens AG Basf SE Anheuser-Busch Inbev SA Daimler AG Allianz SE Banco Bilbao Vizcaya Argentaria SA ishares MSCI EMU NAV % Austria 0.8 Belgium 4.0 Finland 2.9 France 30.9 Germany 28.3 Ireland 1.0 Italy 8.1 Netherlands 9.9 Spain 12.1 Other Countries 1.1 Other 0.9 Total 100.0 0.0 5.0 10.0 15.0 20.0 25.0 3.4 3.1 2.9 2.7 2.4 2.4 2.1 2.0 1.9 1.8 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 160
WisdomTree Europe Hedged Equity ETF HEDJ Eurozone Intraday NAV WisdomTree Europe Hedged Equity ETF (Market) 1.7 12.7 10.7 WisdomTree Europe Hedged Equity ETF (NAV) 3.2 13.2 10.8 HEDJ HEDJIV WisdomTree Asset Management, Inc. 56.67 2,193 527,639 0.58 124 45.3 12/31/2009 1.04 1.08 1.40 1.65 12.2-10.8 0.90 The WisdomTree Europe Hedged Equity Fund (HEDJ) seeks to track the performance of the WisdomTree Europe Hedged Equity Index. The index is designed to reflect the performance of European equities while hedging the exposure of fluctuations in the value of the Euro relative to the U.S. Dollar. To be included in the index, stocks must be domiciled in Europe, traded in Euros, have paid out at least $5 million in cash dividends in the annual cycle prior to the annual index reconstitution, derive at least 50% of their revenue in the latest fiscal year from countries outside of Europe, have a market cap of at least $1 billion, and meet certain liquidity requirements. Companies are weighted based on annual cash dividends paid subject to a cap of 5% and the index is reconstituted annually. Country and sector weights are capped at 25%. To track its index, HEDJ may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. Time Period: 12/31/2009 to 8/20/2014 65.00 60.00 55.00 50.00 45.00 40.00 35.00 8/2010 2/2011 8/2011 2/2012 8/2012 2/2013 8/2013 2/2014 8/2014 WisdomTree Europe Hedged Equity ETF Price Top 10 Country Exposure Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Anheuser-Busch Inbev SA Banco Bilbao Vizcaya Argentaria SA Telefonica SA Banco Santander SA Sanofi Unilever NV DR Siemens AG Daimler AG Bayer AG L'Oreal SA WisdomTree Europe Hedged Equity ETF NAV % Austria 0.7 Belgium 7.9 Finland 3.1 France 24.9 Germany 25.4 Ireland 0.1 Italy 2.1 Netherlands 15.8 Portugal 0.4 Spain 19.6 Total 100.0 0.0 5.0 10.0 15.0 20.0 25.0 6.0 5.8 5.6 4.9 4.7 4.4 4.2 4.0 3.1 3.0 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for WisdomTree ETFs current to the most recent month end by clicking on the following link: http://www.wisdomtree.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 161
ishares MSCI France EWQ France Intraday NAV 26.98 287 602,237 0.51 75 48.2 3/12/1996 ishares MSCI France (Market) ishares MSCI France (NAV) EWQ EWQIV BlackRock Fund s 0.69 0.63 0.67 0.66 0.63-2.3 9.7 5.8 6.8 5.8-1.6 10.3 5.7 7.0 5.8 21.4-26.6 0.36 The ishares MSCI France ETF (EWQ) seeks to track the performance of the MSCI France Index. The index is designed to reflect the performance of largeand mid-cap stocks in France covering approximately 85% of the available market cap. The index is free-float adjusted, market capitalization-weighted and reviewed quarterly. To track its index, EWQ may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 32.00 30.00 28.00 26.00 24.00 22.00 20.00 18.00 16.00 ishares MSCI France Price 33.8 40.3 18.8 3.8 2.6 0.6 0.0 0.0 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Large Mid Small Total SA Sanofi BNP Paribas LVMH Moet Hennessy Louis Vuitton SA Schneider Electric SE Air Liquide SA AXA SA Danone L'Oreal SA GDF Suez ishares MSCI France NAV Market Cap % Market Cap Giant 54.3 Market Cap Large 38.7 Market Cap Mid 7.0 Market Cap Small 0.0 Market Cap Micro 0.0 0.0 5.0 10.0 15.0 20.0 10.5 9.6 5.4 3.7 3.4 3.3 3.2 3.1 3.1 2.9 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 162
ishares MSCI Germany EWG Germany Intraday NAV 28.79 4,817 4,107,377 0.51 57 58.6 3/12/1996 ishares MSCI Germany (Market) -6.4 13.0 6.6 10.0 9.3 ishares MSCI Germany (NAV) -5.2 13.4 6.6 10.2 9.2 EWG EWGIV BlackRock Fund s 0.43 0.58 0.67 0.29 0.56 23.8-28.2 0.39 The ishares MSCI Germany ETF (EWG) seeks to track the performance of the MSCI Germany Index. The index is designed to reflect the performance of large- and mid-cap stocks in Germany covering approximately 85% of the available market cap. The index is free-float adjusted, market capitalizationweighted and reviewed quarterly. To track its index, EWG may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 34.00 32.00 30.00 28.00 26.00 24.00 22.00 20.00 18.00 16.00 ishares MSCI Germany Price 22.7 45.1 25.3 0.8 4.3 1.8 0.0 0.0 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Bayer AG Siemens AG Basf SE Daimler AG Allianz SE SAP AG Deutsche Telekom AG Deutsche Bank AG Bayerische Motoren Werke AG Munchener Ruck AG Large Mid Small ishares MSCI Germany NAV Market Cap % Market Cap Giant 61.0 Market Cap Large 32.1 Market Cap Mid 6.9 Market Cap Small 0.0 Market Cap Micro 0.0 0.0 5.0 10.0 15.0 20.0 9.1 8.1 7.9 6.6 6.3 6.0 4.2 3.9 3.3 3.2 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 163
ishares MSCI Italy Capped EWI Italy Intraday NAV EWI EWIIV BlackRock Fund s 22.00 20.00 18.00 16.00 14.00 12.00 10.00 15.47 1,499 4,250,534 0.50 28 66.5 3/12/1996 ishares MSCI Italy Capped (Market) 6.3 28.3 4.0 1.2 1.1 ishares MSCI Italy Capped (NAV) 7.6 29.0 3.8 1.5 1.1 0.33 0.32 0.56 0.32 0.43 27.9-35.9 0.27 The ishares MSCI Italy Capped ETF (EWI) seeks to track the performance of the MSCI Italy 25/50 Index. The index is designed to reflect the performance of large- and mid-cap stocks in Italy and to be compliant with the diversification requirements of regulated investment companies in the US. The Barra Optimizer is used with the primary objective of minimizing differences between the 25/50 Index and the parent index while maintaining low turnover. The index is modified market capitalization-weighted such that no single issuer can exceed 25% of the index weight and the sum of all issuer weights above 5% does not exceed 50% of the index weight. It is rebalanced quarterly. To track its index, EWI may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 8.00 ishares MSCI Italy Capped Price 34.6 20.3 23.8 3.9 10.2 2.9 4.3 0.0 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Large Mid Small Eni SpA ENEL Ente Nazionale per L'Energ Elet SPA Intesa Sanpaolo UniCredit SpA Snam SpA Banca Monte dei Paschi di Siena Assicurazioni Generali Atlantia Tenaris SA Luxottica Group SpA ishares MSCI Italy Capped NAV Market Cap % Market Cap Giant 42.6 Market Cap Large 36.1 Market Cap Mid 17.0 Market Cap Small 0.0 Market Cap Micro 4.3 0.0 10.0 20.0 30.0 40.0 16.8 8.8 8.2 8.1 4.5 4.3 4.3 4.0 3.9 3.6 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 164
Global X MSCI rway ETF NORW rway Intraday NAV Global X MSCI rway ETF (Market) Global X MSCI rway ETF (NAV) NORW NORWIV Global X Management Company LLC 17.25 209 150,897 0.50 61 67.8 11/9/2010 0.39 0.43 0.36 0.01 2.1 10.6 5.4 3.2 11.3 5.3 24.2-24.7 0.33 The Global X MSCI rway ETF (NORW) seeks to track the performance of the MSCI rway Investable Market Index 25/50. The index is designed to reflect the performance of large-, mid-cap, and small-cap stocks in rway and to be compliant with the diversification requirements of regulated investment companies in the US. The Barra Optimizer is used with the primary objective of minimizing differences between the 25/50 Index and the parent index while maintaining low turnover. The index is modified market capitalization-weighted such that no single issuer can exceed 25% of the index weight and the sum of all issuer weights above 5% does not exceed 50% of the index weight. It is rebalanced quarterly. To track its index, NORW typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. Time Period: 11/9/2010 to 8/20/2014 19.00 18.00 17.00 16.00 15.00 14.00 13.00 12.00 11.00 2/2011 8/2011 2/2012 8/2012 2/2013 8/2013 2/2014 8/2014 Global X MSCI rway ETF Price 36.1 16.2 5.1 6.3 9.9 8.9 7.1 5.7 4.9 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Statoil ASA DNB ASA Telenor ASA Seadrill Ltd rsk Hydro ASA Orkla ASA Yara International ASA Subsea 7 SA Gjensidige Forsikring ASA Schibsted ASA Large Mid Small Global X MSCI rway ETF NAV Market Cap % Market Cap Giant 18.9 Market Cap Large 38.4 Market Cap Mid 25.1 Market Cap Small 14.7 Market Cap Micro 3.0 0.0 10.0 20.0 30.0 40.0 50.0 18.9 9.6 8.9 7.2 5.0 4.8 4.6 3.0 2.9 2.7 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Global X ETFs current to the most recent month end by clicking on the following link: http://www.globalxfunds.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 165
Market Vectors Russia ETF RSX Russia Intraday NAV RSX RSXIV Van Eck Associates Corporation 45.00 40.00 35.00 30.00 25.00 Market Vectors Russia ETF (Market) -16.8-4.7-13.2 2.5 Market Vectors Russia ETF (NAV) -16.1-4.3-12.9 2.6 25.14 1,683 6,165,994 0.63 51 59.7 4/24/2007 0.74 0.73 0.58 0.18 0.08 31.3-37.9-0.28 The Market Vectors Russia ETF (RSX) seeks to track the performance of the Market Vectors Russia Index. The index is designed to reflect the performance of companies that are domiciled and primarily listed in Russia or that generate at least 50% of their revenues in Russia. The index captures approximately 90% of the investable universe. To be included in the index, companies must have a market cap exceeding $150 million, a three-month average daily trading volume of at least $1 million, and a minimum trading volume of 250,000 shares each month over the last six months. The index is modified market capitalization-weighted with company weightings capped at 8% and is rebalanced quarterly. To track its index, RSX may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 20.00 Market Vectors Russia ETF Price 40.4 28.9 18.9 7.4 1.9 0.2 2.3 0.0 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities OAO Lukoil ADR OAO Gazprom ADR OJSC Magnit GDR MMC rilsk Nickel JSC ADR Sberbank Of Russia ADR Mobile Telesystems OJSC ADR OAO vatek GDR OAO Tatneft ADR Surgutneftegas OJSC ADR OJSC Rosneft Oil Co GDR Large Mid Small Market Vectors Russia ETF NAV Market Cap % Market Cap Giant 27.8 Market Cap Large 55.8 Market Cap Mid 13.3 Market Cap Small 2.6 Market Cap Micro 0.5 0.0 10.0 20.0 30.0 40.0 8.2 7.7 7.4 6.7 6.1 5.2 5.1 5.0 4.4 4.3 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Market Vector ETFs current to the most recent month end by clicking on the following link: http://vaneck.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 166
ishares MSCI Russia Capped ERUS Russia Intraday NAV ishares MSCI Russia Capped (Market) ishares MSCI Russia Capped (NAV) ERUS ERUSIV BlackRock Fund s 19.24 293 501,800 0.61 23 73.6 11/9/2010 0.59 0.53 0.35-15.5-7.3-12.5-13.6-6.4-12.2 30.6-37.1-0.27 The ishares MSCI Russia Capped ETF (ERUS) seeks to track the performance of the MSCI Russia 25/50 Index. The index is designed to reflect the performance of large- and mid-cap stocks in Russia and to be compliant with the diversification requirements of regulated investment companies in the US. The Barra Optimizer is used with the primary objective of minimizing differences between the 25/50 Index and the parent index while maintaining low turnover. The index is modified market capitalization-weighted such that no single issuer can exceed 25% of the index weight and the sum of all issuer weights above 5% does not exceed 50% of the index weight. It is rebalanced quarterly. To track its index, ERUS may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. Time Period: 11/9/2010 to 8/20/2014 32.00 30.00 28.00 26.00 24.00 22.00 20.00 18.00 16.00 14.00 2/2011 8/2011 2/2012 8/2012 2/2013 8/2013 2/2014 8/2014 ishares MSCI Russia Capped Price 55.5 26.7 10.5 4.5 2.7 0.0 0.0 0.0 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities OAO Gazprom OAO Lukoil Sberbank Of Russia OJSC Magnit GDR MMC rilsk Nickel JSC OAO Tatneft OJSC Rosneft Oil Co OAO vatek GDR JSC VTB Bank Mobile Telesystems OJSC ADR Large Mid Small ishares MSCI Russia Capped NAV Market Cap % Market Cap Giant 52.5 Market Cap Large 40.2 Market Cap Mid 7.3 Market Cap Small 0.0 Market Cap Micro 0.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 20.5 12.7 9.7 5.2 5.1 4.6 4.3 4.2 3.9 3.9 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 167
ishares MSCI Spain Capped EWP Spain Intraday NAV 39.85 2,441 1,105,058 0.51 25 73.1 3/12/1996 ishares MSCI Spain Capped (Market) ishares MSCI Spain Capped (NAV) 7.5 8.8 34.7 36.0 7.7 7.6 3.5 3.8 8.6 8.6 EWP EWPIV BlackRock Fund s 1.10 1.40 2.92 2.15 2.05 27.7-41.8 0.40 The ishares MSCI Spain Capped ETF (EWP) seeks to track the performance of the MSCI Spain 25/50 Index. The index is designed to reflect the performance of large- and mid-cap stocks in Spain and to be compliant with the diversification requirements of regulated investment companies in the US. The Barra Optimizer is used with the primary objective of minimizing differences between the 25/50 Index and the parent index while maintaining low turnover. The index is modified market capitalization-weighted such that no single issuer can exceed 25% of the index weight and the sum of all issuer weights above 5% does not exceed 50% of the index weight. It is rebalanced quarterly. To track its index, EWP may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 55.00 50.00 45.00 40.00 35.00 30.00 25.00 20.00 15.00 ishares MSCI Spain Capped Price 65.8 4.2 25.2 1.4 3.5 0.0 0.0 0.0 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Large Mid Small Banco Santander SA Banco Bilbao Vizcaya Argentaria SA Telefonica SA Iberdrola SA Inditex Repsol SA Amadeus IT Holding SA Gas Natural SDG SA Banco de Sabadell SA Banco Popular Español S.A. ishares MSCI Spain Capped NAV Market Cap % Market Cap Giant 53.2 Market Cap Large 41.9 Market Cap Mid 4.9 Market Cap Small 0.0 Market Cap Micro 0.0 0.0 10.0 20.0 30.0 40.0 50.0 21.8 12.2 11.1 5.3 4.7 4.3 4.0 3.4 3.2 3.1 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 168
ishares MSCI Switzerland Capped EWL Switzerland Intraday NAV 33.33 1,062 368,551 0.51 40 71.5 3/12/1996 ishares MSCI Switzerland Capped (Market) ishares MSCI Switzerland Capped (NAV) 1.7 2.8 12.4 13.2 10.2 10.3 13.4 13.6 10.4 10.4 EWL EWLIV BlackRock Fund s 0.60 0.63 0.55 0.32 0.30 15.8-17.4 0.69 The ishares MSCI Switzerland Capped ETF (EWL) seeks to track the performance of the MSCI Switzerland 25/50 Index. The index is designed to reflect the performance of large- and mid-cap stocks in Switzerland and to be compliant with the diversification requirements of regulated investment companies in the US. The Barra Optimizer is used with the primary objective of minimizing differences between the 25/50 Index and the parent index while maintaining low turnover. The index is modified market capitalizationweighted such that no single issuer can exceed 25% of the index weight and the sum of all issuer weights above 5% does not exceed 50% of the index weight. It is rebalanced quarterly. To track its index, EWL may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 36.00 34.00 32.00 30.00 28.00 26.00 24.00 22.00 20.00 18.00 ishares MSCI Switzerland Capped Price 9.9 48.5 32.7 2.8 2.7 3.5 0.0 0.0 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Nestle SA Roche Holding AG vartis AG ABB Ltd CIE FINANCIERE RICHEMONT SA UBS AG Zurich Insurance Group AG Credit Suisse Group Syngenta AG Swiss Re AG Large Mid Small ishares MSCI Switzerland Capped NAV Market Cap % Market Cap Giant 67.8 Market Cap Large 22.6 Market Cap Mid 9.6 Market Cap Small 0.0 Market Cap Micro 0.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 17.2 14.2 13.9 4.5 4.3 4.0 3.9 3.7 3.0 2.8 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 169
ishares MSCI Turkey TUR Turkey Intraday NAV ishares MSCI Turkey (Market) ishares MSCI Turkey (NAV) TUR TURIV BlackRock Fund s 54.07 508 321,620 0.61 90 59.4 3/26/2008 1.12 1.01 1.16 1.27 0.84 22.3 3.8 2.9 7.2 23.3 3.1 2.6 7.3 31.0-26.8 0.23 The ishares MSCI Turkey ETF (TUR) seeks to track the performance of the MSCI Turkey Investable Market Index. The index is designed to reflect the performance of large-, mid-cap, and small-cap stocks in Turkey covering approximately 99% of the market cap. The index is free-float adjusted, market capitalization-weighted and reviewed quarterly. To track its index, TUR may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 80.00 75.00 70.00 65.00 60.00 55.00 50.00 45.00 40.00 35.00 ishares MSCI Turkey Price 7.7 33.9 11.5 8.2 10.0 15.7 4.5 5.8 2.8 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Large Mid Small Turkiye Garanti Bankasi AS Akbank TAS Turkcell Iletisim Hizmetleri AS Bim Birlesik Magazalar AS Turkiye Halk Bankasi AS Turkiye Is Bankasi AS Class C Haci Omer Sabanci Holding AS Koc Holding AS Turkiye Petrol Rafinerileri AS Eregli Demir Ve Celik Fabrikalari TAS ishares MSCI Turkey NAV Market Cap % Market Cap Giant 0.0 Market Cap Large 53.1 Market Cap Mid 33.8 Market Cap Small 9.7 Market Cap Micro 3.4 0.0 10.0 20.0 30.0 40.0 50.0 11.4 8.6 6.9 6.0 5.7 5.3 5.1 4.0 3.7 3.6 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 170
ishares MSCI United Kingdom EWU United Kingdom Intraday NAV EWU EWUIV BlackRock Fund s 24.00 22.00 20.00 18.00 16.00 14.00 20.38 4,207 2,203,307 0.51 113 40.3 3/12/1996 ishares MSCI United Kingdom (Market) ishares MSCI United Kingdom (NAV) 0.50 0.64 0.53 0.42 0.42 2.4 15.2 9.3 11.3 6.5 3.5 16.7 9.5 11.5 6.6 16.0-15.4 0.64 The ishares MSCI United Kingdom ETF (EWU) seeks to track the performance of the MSCI United Kingdom Index. The index is designed to reflect the performance of large- and mid-cap stocks in the United Kingdom covering approximately 85% of the available market cap. The index is free-float adjusted, market capitalization-weighted and reviewed quarterly. To track its index, EWU may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 12.00 ishares MSCI United Kingdom Price 44.2 28.2 19.0 2.8 3.8 2.0 0.0 0.0 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities HSBC Holdings PLC Royal Dutch Shell PLC Class A BP PLC GlaxoSmithKline PLC British American Tobacco PLC Royal Dutch Shell PLC Class B AstraZeneca PLC Vodafone Group PLC Diageo PLC Rio Tinto PLC Large Mid Small ishares MSCI United Kingdom NAV Market Cap % Market Cap Giant 69.4 Market Cap Large 21.9 Market Cap Mid 8.6 Market Cap Small 0.0 Market Cap Micro 0.0 0.0 5.0 10.0 15.0 20.0 25.0 6.9 5.5 5.2 4.0 3.8 3.6 3.2 3.0 2.6 2.5 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 171
ishares Latin America 40 ILF Latin America Intraday NAV ishares Latin America 40 (Market) 7.0 11.4-4.7 3.6 15.3 ishares Latin America 40 (NAV) 7.2 11.1-4.8 3.6 15.4 ILF ILFIV BlackRock Fund s 41.04 1,273 600,171 0.49 44 57.9 10/25/2001 1.23 1.14 1.40 1.17 0.75 22.0-27.8-0.12 The ishares Latin America 40 ETF (ILF) seeks to track the performance of the S&P Latin America 40 Index. The index is designed to reflect the performance of large-cap Latin American equities. It is one of seven headline indices that make up the S&P Global 1200, which captures approximately 70% of the world market capitalization. It is float-adjusted market capitalizationweighted and for comparably sized companies, the higher the 12-month value traded, the more likely its inclusion. Preference is also given to developed market listings of an index constituent, when applicable. Changes to the index are made when necessary throughout the year. To track its index, ILF may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 55.00 50.00 45.00 40.00 35.00 30.00 ishares Latin America 40 Price Top 10 Country Exposure Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities ishares Latin America 40 NAV % Brazil 56.4 Chile 9.2 Colombia 3.1 Mexico 27.6 Peru 2.4 Philippines 0.0 Portugal 0.0 Russia 0.0 Singapore 0.0 United States 1.3 Total 100.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 America Movil SAB de CV Class L Itau Unibanco Holding SA ADR Petroleo Brasileiro SA Petrobras ADR Bank Bradesco ADR Ambev SA ADR Vale SA ADR Fomento Economico Mexicano SAB de CV Units (1 Series B, 4 Series D) BRF SA ADR Grupo Financiero Banorte SAB de CV Class O Cemex SAB de CV 10.4 8.7 7.1 6.6 6.4 5.3 3.7 3.2 3.2 3.1 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 172
ishares MSCI Brazil Capped EWZ Brazil Intraday NAV EWZ EWZIV BlackRock Fund s 82.50 75.00 67.50 60.00 52.50 45.00 51.04 4,992 15,457,300 0.61 75 50.9 7/10/2000 ishares MSCI Brazil Capped (Market) 10.7 15.2-9.1 0.0 15.4 ishares MSCI Brazil Capped (NAV) 11.4 15.0-8.7-0.1 15.4 1.44 0.61 1.51 2.81 2.72 28.0-38.9-0.19 The ishares MSCI Brazil Capped ETF (EWZ) seeks to track the performance of the MSCI Brazil 25/50 Index. The index is designed to reflect the performance of large- and mid-cap stocks in Brazil and to be compliant with the diversification requirements of regulated investment companies in the US. The Barra Optimizer is used with the primary objective of minimizing differences between the 25/50 Index and the parent index while maintaining low turnover. The index is modified market capitalization weighted such that no single issuer can exceed 25% of the index weight and the sum of all issuer weights above 5% does not exceed 50% of the index weight. It is rebalanced quarterly. To track its index, EWZ may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 37.50 ishares MSCI Brazil Capped Price 20.1 17.3 40.3 4.4 6.3 11.7 0.0 0.0 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Itau Unibanco Holding S.A. Petroleo Brasileiro SA Petrobras Ambev SA Banco Bradesco Sa Brad Vale SA Pfd Shs -A- Petroleo Brasileiro SA Petrobras BRF SA Vale SA Cielo SA Itausa Investimentos ITAÚ S.A. Large Mid Small ishares MSCI Brazil Capped NAV Market Cap % Market Cap Giant 46.8 Market Cap Large 30.9 Market Cap Mid 22.3 Market Cap Small 0.0 Market Cap Micro 0.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 8.8 7.2 6.6 6.5 4.7 4.6 3.7 3.5 3.0 2.3 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 173
ishares MSCI Chile Capped ECH Chile Intraday NAV ECH ECHIV BlackRock Fund s 82.50 75.00 67.50 60.00 52.50 45.00 ishares MSCI Chile Capped (Market) ishares MSCI Chile Capped (NAV) 43.71 336 202,908 0.61 39 61.7 11/12/2007 0.65 0.92 1.03 0.51 0.60-7.2-9.2-13.2 0.0-5.4-9.3-13.4 0.1 24.3-40.1-0.47 The ishares MSCI Chile Capped ETF (ECH) seeks to track the performance of the MSCI Chile Investable Market Index 25/50. The index is designed to reflect the performance of large-, mid-cap, and small-cap stocks in Chile and to be compliant with the diversification requirements of regulated investment companies in the US. The Barra Optimizer is used with the primary objective of minimizing differences between the 25/50 Index and the parent index while maintaining low turnover. The index is modified market capitalization-weighted such that no single issuer can exceed 25% of the index weight and the sum of all issuer weights above 5% does not exceed 50% of the index weight at each quarterly rebalance. To track its index, ECH may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 37.50 ishares MSCI Chile Capped Price 19.3 19.7 24.9 11.0 12.2 2.2 3.9 1.5 5.3 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Large Mid Small S AC I Falabella Enersis SA Empresas COPEC SA Empresa Nacional de Electricidad SA LATAM Airlines Group SA Cencosud SA Banco Santander Chile Banco De Chile Empresas CMPC SA Soc Quimica Y Minera Chile B Common Stock Npv ishares MSCI Chile Capped NAV Market Cap % Market Cap Giant 0.0 Market Cap Large 63.5 Market Cap Mid 25.2 Market Cap Small 8.0 Market Cap Micro 3.3 0.0 5.0 10.0 15.0 20.0 25.0 30.0 10.2 9.1 7.6 6.5 5.1 5.1 4.8 4.6 4.3 4.1 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 174
Global X MSCI Colombia ETF GXG Colombia Intraday NAV GXG GXGIV Global X Management Company LLC 24.00 22.00 20.00 18.00 16.00 14.00 Global X MSCI Colombia ETF (Market) 11.6 7.5 2.1 13.0 Global X MSCI Colombia ETF (NAV) 12.0 8.0 1.9 13.1 20.22 117 78,319 0.61 27 65.9 2/5/2009 0.75 0.45 0.21 0.13 0.53 20.1-26.4 0.19 The Global X MSCI Colombia ETF (GXG) seeks to track the performance of the MSCI All Colombia Capped Index. The index includes large-, mid-, and smallcap stocks in Colombia that meet certain market cap and liquidity requirements. The index is free-float adjusted, market capitalizationweighted with adjustments so that no single index constituent may exceed 25% of the index weight and the sum of all constituents with index weights greater than 5% may not exceed 50% at each quarterly rebalance. To track its index, GXG may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 12.00 Global X MSCI Colombia ETF Price 16.8 34.3 6.3 9.0 10.0 15.5 4.5 3.7 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Large Mid Small Ecopetrol SA ADR BanColombia SA ADR Pacific Rubiales Energy Corp Grupo de Inversiones Suramericana SA Banco Davivienda SA Pfd Isagen SA Cemex Latam Holdings SA Corporacion Financiera Colombiana SA Celsia SA Esp Empresa de Energia de Bogota SA ESP Global X MSCI Colombia ETF NAV Market Cap % Market Cap Giant 13.6 Market Cap Large 43.6 Market Cap Mid 34.5 Market Cap Small 4.5 Market Cap Micro 3.8 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 12.0 11.9 7.9 6.3 4.9 4.8 4.6 4.4 4.4 4.3 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Global X ETFs current to the most recent month end by clicking on the following link: http://www.globalxfunds.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 175
ishares MSCI Mexico Capped EWW Mexico Intraday NAV 71.15 3,232 1,851,964 0.50 60 59.5 3/12/1996 ishares MSCI Mexico Capped (Market) ishares MSCI Mexico Capped (NAV) EWW EWWIV BlackRock Fund s 1.33 0.74 0.78 0.54 0.70 0.9 5.2 4.9 12.4 15.4 2.1 5.2 4.9 12.5 15.3 20.5-20.1 0.33 The ishares MSCI Mexico Capped ETF (EWW) seeks to track the performance of the MSCI Mexico Investable Market Index 25/50. The index is designed to reflect the performance of large-, mid-cap, and small-cap stocks in Mexico and to be compliant with the diversification requirements of regulated investment companies in the US. The Barra Optimizer is used with the primary objective of minimizing differences between the 25/50 Index and the parent index while maintaining low turnover. The index is modified market capitalization-weighted such that no single issuer can exceed 25% of the index weight and the sum of all issuer weights above 5% does not exceed 50% of the index weight. It is rebalanced quarterly. To track its index, EWW may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 80.00 75.00 70.00 65.00 60.00 55.00 50.00 45.00 40.00 ishares MSCI Mexico Capped Price 25.8 24.5 28.1 1.2 7.7 7.7 1.2 2.3 1.5 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Large Mid Small ishares MSCI Mexico Capped NAV Market Cap % Market Cap Giant 43.0 Market Cap Large 35.4 Market Cap Mid 16.6 Market Cap Small 4.5 Market Cap Micro 0.5 0.0 5.0 10.0 15.0 20.0 25.0 America Movil SAB de CV Class L Fomento Economico Mexicano SAB de CV Units (1 Series B, 4 Series D) Grupo Televisa SAB Ord.Part.Cert. Repr. 25 Shs-A- + 35 Shs-L- + 35 Shs-D- + Grupo Financiero Banorte SAB de CV Class O Cemex SAB de CV Grupo Mexico SAB de CV Wal - Mart de Mexico SAB de CV Class V Fibra Uno Administracion SA de CV Series 11 Alfa, S.A.B. de C.V. Grupo Financiero Inbursa SAB de CV Class O 15.9 6.6 6.4 5.9 5.0 4.5 4.3 3.7 3.7 3.5 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 176
ishares MSCI South Africa EZA South Africa Intraday NAV EZA EZAIV BlackRock Fund s 80.00 75.00 70.00 65.00 60.00 55.00 ishares MSCI South Africa (Market) ishares MSCI South Africa (NAV) 70.24 585 355,646 0.61 52 62.6 2/3/2003 1.57 2.16 1.92 1.81 2.07 8.2 18.8 2.6 9.9 12.3 10.0 19.2 2.6 10.2 12.4 19.7-16.3 0.23 The ishares MSCI South Africa ETF (EZA) seeks to track the performance of the MSCI South Africa Index. The index is designed to reflect the performance of large- and mid-cap stocks in South Africa covering approximately 85% of the available market cap. The index is free-float adjusted, market capitalization-weighted and reviewed quarterly. To track its index, EZA may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 50.00 ishares MSCI South Africa Price 10.5 10.7 42.0 8.7 11.0 15.9 0.3 0.4 0.5 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Large Mid Small Naspers Ltd Class N Mtn Group Ltd Sasol Ltd Standard Bank Group Ltd Firstrand Ltd Remgro Ltd Sanlam Ltd Steinhoff International Holdings Ltd Aspen Pharmacare Holdings PLC Bidvest Group Ltd ishares MSCI South Africa NAV Market Cap % Market Cap Giant 16.1 Market Cap Large 47.2 Market Cap Mid 35.6 Market Cap Small 1.1 Market Cap Micro 0.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 15.7 11.2 10.2 5.2 4.0 3.3 3.3 2.9 2.8 2.7 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 177
ishares MSCI Canada EWC Canada Intraday NAV EWC EWCIV BlackRock Fund s 36.00 34.00 32.00 30.00 28.00 26.00 24.00 32.42 3,752 919,943 0.51 98 41.9 3/12/1996 ishares MSCI Canada (Market) ishares MSCI Canada (NAV) 0.69 0.59 0.56 0.50 0.33 11.1 18.9 3.6 8.0 10.3 11.5 19.2 3.6 8.2 10.3 15.8-17.2 0.30 The ishares MSCI Canada ETF (EWC) seeks to track the performance of the MSCI Canada Index. The index is designed to reflect the performance of large- and mid-cap stocks in Canada covering approximately 85% of the available market cap. The index is free-float adjusted, market capitalizationweighted and reviewed quarterly. To track its index, EWC may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 22.00 ishares MSCI Canada Price 31.0 24.4 34.8 3.0 2.4 4.1 0.2 0.0 0.0 Value Blend Growth Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Large Mid Small Royal Bank Of Canada Toronto Dominion Bank Bank of va Scotia Suncor Energy Inc Canadian National Railway Co Bank of Montreal Canadian Natural Resources Ltd Enbridge Inc Manulife Financial Corporation Valeant Pharmaceuticals International Inc ishares MSCI Canada NAV Market Cap % Market Cap Giant 52.9 Market Cap Large 37.3 Market Cap Mid 9.5 Market Cap Small 0.2 Market Cap Micro 0.0 0.0 10.0 20.0 30.0 40.0 7.3 6.6 5.6 4.1 3.8 3.3 3.2 2.8 2.6 2.6 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 178
Vanguard Total World Stock ETF VT Global Equity Intraday NAV Vanguard Total World Stock ETF (Market) Vanguard Total World Stock ETF (NAV) 4.3 4.6 15.6 15.7 10.6 10.7 12.1 12.2 VT VTIV Vanguard Group, Inc. 62.29 3,650 264,912 0.18 6,353 7.0 6/24/2008 1.22 1.14 1.02 0.92 0.66 14.4-16.6 0.77 The Vanguard Total World Stock Index Fund (VT) seeks to track the performance of the FTSE All-World Index. The index is designed to reflect the performance of large-, mid-, and small-cap global stocks from developed and emerging markets countries. It includes approximately 8,000 stocks from over 47 countries capturing 98% of the available market cap. The index is market capitalization-weighted and rebalanced quarterly. To track its index, VT may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 65.00 60.00 55.00 50.00 45.00 40.00 35.00 Vanguard Total World Stock ETF Price Top 10 Country Exposure Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Apple Inc Exxon Mobil Corporation Microsoft Corp Johnson & Johnson Wells Fargo & Co General Electric Co Chevron Corp Nestle SA JPMorgan Chase & Co Procter & Gamble Co Vanguard Total World Stock ETF NAV % Australia 2.9 Canada 3.9 China 1.9 France 2.9 Germany 2.9 Japan 7.9 South Korea 1.7 Switzerland 3.2 United Kingdom 8.0 United States 48.7 Other 16.0 Total 100.0 0.0 5.0 10.0 15.0 20.0 25.0 1.3 1.0 0.7 0.6 0.6 0.6 0.6 0.6 0.5 0.5 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Vanguard ETFs current to the most recent month end by clicking on the following link: https://advisors.vanguard.com/vgapp/iip/site/advisorsec/home. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 179
ishares MSCI ACWI ACWI Global Equity Intraday NAV ishares MSCI ACWI (Market) ishares MSCI ACWI (NAV) ACWI ACWIIV BlackRock Fund s 60.50 6,151 949,310 0.34 1,310 8.3 3/26/2008 1.09 1.08 1.01 0.81 0.55 4.5 16.1 10.5 11.8 5.1 16.3 10.6 12.0 14.3-16.1 0.77 The ishares MSCI ACWI ETF (ACWI) seeks to track the performance of the MSCI ACWI Index. The index is designed to reflect the performance of largeand mid-cap global stocks from developed and emerging market markets countries. It includes approximately 2,500 stocks from 46 countries capturing 85% of the available market capitalization. The index is free-float adjusted, market capitalization-weighted and reviewed quarterly. To track its index, ACWI may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 65.00 60.00 55.00 50.00 45.00 40.00 35.00 ishares MSCI ACWI Price Top 10 Country Exposure Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Apple Inc Exxon Mobil Corporation Microsoft Corp Johnson & Johnson Wells Fargo & Co Nestle SA General Electric Co Chevron Corp JPMorgan Chase & Co Roche Holding AG ishares MSCI ACWI NAV % Australia 2.9 Canada 3.9 China 1.9 France 3.3 Germany 3.1 Japan 7.4 South Korea 1.7 Switzerland 3.6 United Kingdom 8.1 United States 48.5 Other 15.8 Total 100.0 0.0 5.0 10.0 15.0 20.0 25.0 1.6 1.2 0.9 0.7 0.7 0.7 0.7 0.7 0.6 0.6 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 180
ishares Global 100 IOO Global Equity Intraday NAV ishares Global 100 (Market) ishares Global 100 (NAV) IOO IOOIV BlackRock Fund s 78.44 1,718 45,664 0.40 110 30.9 12/5/2000 1.83 1.79 1.79 1.37 1.67 2.5 12.9 10.2 10.6 6.1 2.8 13.1 10.2 10.6 6.1 13.9-14.8 0.76 The ishares Global 100 ETF (IOO) seeks to track the performance of the S&P Global 100 Index. The index is designed to reflect the performance of the 100 largest and most liquid global stocks drawn from the S&P Global 1200. These companies are global in nature and must derive a substantial portion of their operating income, assets, and employees from multiple countries. The index also mirrors the sector weights of the broader universe of stocks from the S&P Global 1200 universe. Stocks must have a minimum float-adjusted market capitalization of $5 billion and float turnover is factored into the selection process. The index is float-adjusted market capitalization-weighted and changes are made when necessary throughout the year. To track its index, IOO typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 85.00 80.00 75.00 70.00 65.00 60.00 55.00 50.00 ishares Global 100 Price Top 10 Country Exposure Sector Breakdown (%) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities Apple Inc Exxon Mobil Corporation Microsoft Corp Johnson & Johnson General Electric Co Chevron Corp Nestle SA vartis AG JPMorgan Chase & Co Procter & Gamble Co ishares Global 100 NAV % Australia 1.2 France 6.6 Germany 6.7 Japan 4.2 Netherlands 1.7 South Korea 1.5 Spain 2.9 Switzerland 6.7 United Kingdom 13.4 United States 54.7 Other 0.5 Total 100.0 0.0 5.0 10.0 15.0 20.0 25.0 5.8 4.3 3.3 2.9 2.5 2.5 2.4 2.4 2.2 2.1 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 181
Market Vectors Unconvnt Oil & Gas ETF FRAK Global Energy Intraday NAV Market Vectors Unconvnt Oil & Gas ETF (Market) 13.5 21.3 Market Vectors Unconvnt Oil & Gas ETF (NAV) 13.2 21.6 FRAK FRAKIV Van Eck Associates Corporation 32.32 97 43,868 0.54 63 53.1 2/14/2012 0.14 0.22 The Market Vectors Unconventional Oil & Gas ETF (FRAK) seeks to track the performance of the Market Vectors Global Unconventional Oil & Gas Index. The index includes companies that derive at least 50% of their revenue (or have the potential to do so) from unconventional oil and gas, which is defined as coalbed methane (CBM), coal seam gas (CSG), shale oil, shale gas, tight natural gas, tight oil and tight sands. Stocks must have full market capitalizations exceeding $150 million and meet certain liquidity requirements. The index is modified market capitalization-weighted with individual companies capped at 8% and it is reviewed on a quarterly basis. To track its index, FRAK typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. Time Period: 2/14/2012 to 8/20/2014 35.00 32.50 30.00 27.50 25.00 22.50 20.00 17.50 5/2012 8/2012 11/2012 2/2013 5/2013 8/2013 11/2013 2/2014 5/2014 8/2014 Market Vectors Unconvnt Oil & Gas ETF Price Top 10 Country Exposure Sector/Industry Breakdown (%) Oil & Gas Exploration & Production Oil & Gas Integrated Oil & Gas Midstream Anadarko Petroleum Corp Occidental Petroleum Corp EOG Resources Inc Hess Corp Devon Energy Corp Pioneer Natural Resources Co Cenovus Energy Inc ble Energy Inc Crescent Point Energy Corp Encana Corp Market Vectors Unconvnt Oil & Gas ETF NAV % Canada 25.2 Netherlands 0.0 New Zealand 0.0 Philippines 0.0 Poland 0.0 Portugal 0.0 Russia 0.0 Singapore 0.0 Slovakia 0.0 United States 74.8 Total 100.0 93.0 6.2 0.8 8.3 8.2 7.2 5.7 5.3 4.5 4.4 3.6 3.1 3.0 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Market Vector ETFs current to the most recent month end by clicking on the following link: http://vaneck.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 182
First Trust ISE Cloud Computing ETF SKYY Global Information Technology Intraday NAV First Trust ISE Cloud Computing Index (Market) First Trust ISE Cloud Computing Index (NAV) 0.9 0.9 14.2 14.4 12.4 12.5 SKYY SKYYIV First Trust s L.P. 27.76 344 54,566 0.60 41 35.3 7/6/2011 0.00 0.01 20.5-15.4 0.67 The First Trust ISE Cloud Computing Index Fund (SKYY) seeks to track the performance of the ISE Clould Computing Index. The index includes companies engaged in business activity supporting or utilizing the cloud computing space that are listed on an index-eligible global exchange and have a market capitalization of at least $100 million. Securities included are classified into three segments: pure play cloud computing, non pure play cloud computing, and technology conglomerate cloud computing. The technology conglomerates classification receives a 10% weight. The weight to non pure play companies is calculated by dividing the non pure play companies' market capitalizations by the sum of the market capitalizations of all three segments and the remainder of the index weight is allocated to pure play companies. Stocks within each classification are equally weighted and the index is reconstituted and rebalanced semi-annually. To track its index, SKYY typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. Time Period: 7/6/2011 to 8/20/2014 30.00 28.00 26.00 24.00 22.00 20.00 18.00 16.00 14.00 11/2011 2/2012 5/2012 8/2012 11/2012 2/2013 5/2013 8/2013 11/2013 2/2014 5/2014 8/2014 First Trust ISE Cloud Computing ETF Price Top 10 Country Exposure Sector/Industry Breakdown (%) Software - Application Software - Infrastructure Communication Equipment Internet Content & Information Data Storage Information Technology Services Electronic Gaming & Multimedia Pay TV Specialty Retail Consumer Electronics Open Text Corp Facebook Inc Class A Red Hat Inc EMC Corp NetApp Inc VMWare Inc Equinix Inc SAP SE ADR Cisco Systems Inc NetSuite Inc First Trust ISE Cloud Computing ETF NAV % Belgium 0.9 Canada 3.2 Germany 3.4 India 0.9 Israel 0.9 Portugal 0.0 Russia 0.0 Singapore 0.0 Slovakia 0.0 United States 90.7 Total 100.0 29.0 17.2 11.5 10.4 10.3 6.2 4.0 3.2 3.1 2.6 3.8 3.7 3.6 3.6 3.5 3.4 3.4 3.4 3.3 3.3 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for First Trust ETFs current to the most recent month end by clicking on the following link: http://www.ftportfolios.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 183
Market Vectors Gold Miners ETF GDX Gold Miners Intraday NAV Market Vectors Gold Miners ETF (Market) 22.6-3.1-22.5-7.6 Market Vectors Gold Miners ETF (NAV) 22.5-3.0-22.5-7.6 GDX GMI Van Eck Associates Corporation 26.66 8,007 28,947,892 0.53 41 68.2 5/16/2006 0.19 0.46 0.15 0.40 0.11 32.4-65.5-0.62 The Market Vectors Gold Miners ETF (GDX) seeks to track the performance of the NYSE Arca Gold Miners Index. The index includes common stocks, ADRs, or GDRs of selected companies that derive at least 50% of their revenues from gold mining and related activities. The index can include up to 20% in companies that either derive at least 50% of their revenue from silver mining or that have greater exposure to silver than gold mining and have a combined gold/silver mining revenue exposure of greater than 50%. There are also additional market capitalization and liquidity requirements. The index is modified market capitalization-weighted with individual companies capped at 20% and is rebalanced quarterly. To track its index, GDX typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 67.50 60.00 52.50 45.00 37.50 30.00 22.50 15.00 Market Vectors Gold Miners ETF Price Top 10 Country Exposure Sector/Industry Breakdown (%) Gold Silver Industrial Metals & Minerals Goldcorp Inc Barrick Gold Corp Newmont Mining Corp Silver Wheaton Corp Franco-Nevada Corp Randgold Resources Ltd ADR Newcrest Mining Ltd Agnico Eagle Mines Ltd Yamana Gold Inc Anglogold Ashanti Ltd ADR Market Vectors Gold Miners ETF NAV % Australia 4.6 Canada 65.6 China 1.2 Hong Kong 0.4 Peru 1.9 Portugal 0.0 Russia 0.0 South Africa 8.4 United Kingdom 5.7 United States 12.2 Total 100.0 86.0 9.3 4.7 13.8 13.0 7.9 5.7 5.1 4.9 4.8 4.7 4.6 4.3 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Market Vector ETFs current to the most recent month end by clicking on the following link: http://vaneck.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 184
Market Vectors Agribusiness ETF MOO Agribusiness Intraday NAV Market Vectors Agribusiness ETF (Market) Market Vectors Agribusiness ETF (NAV) -2.6-2.6 8.6 8.4 0.8 0.8 8.4 8.3 MOO MOOIV Van Eck Associates Corporation 54.45 1,768 539,525 0.55 78 58.1 8/31/2007 1.04 0.97 0.30 0.33 0.42 18.8-20.1 0.13 The Market Vectors Agribusiness ETF (MOO) seeks to track the performance of the Market Vectors Global Agribusiness Index. The index includes companies that generate at least 50% of their revenues from agri-chemicals and fertilizers, seeds and traits, farm/irrigation equipment, farm machinery, agricultural products (including grain, tobacco, meat, poultry and sugar), aquaculture and fishing, livestock, plantations, and trading of agricultural products. Eligible companies must meet certain market capitalization and liquidity requirements. The index is modified market capitalization-weighted with individual companies capped at 8% and is rebalanced quarterly. To track its index, MOO typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 60.00 55.00 50.00 45.00 40.00 35.00 Market Vectors Agribusiness ETF Price Top 10 Country Exposure Sector/Industry Breakdown (%) Agricultural Inputs Farm Products Farm & Construction Equipment Chemicals Drug Manufacturers - Specialty & Generic Specialty Retail Packaged Foods Tools & Accessories Diagnostics & Research Food Distribution Monsanto Co Syngenta AG ADR Deere & Co Potash Corp of Saskatchewan Inc Archer-Daniels Midland Co Kubota Corp Zoetis Inc Mosaic Co Agrium Inc CF Industries Holdings Inc Market Vectors Agribusiness ETF NAV % Canada 10.7 Germany 1.8 Japan 6.5 Malaysia 4.0 Netherlands 3.5 rway 3.6 Russia 1.8 Singapore 3.9 Switzerland 7.7 United States 48.2 Other 8.2 Total 100.0 39.6 26.8 16.0 6.6 4.8 2.4 1.2 0.9 0.9 0.4 7.9 7.8 6.7 6.5 6.5 5.2 4.8 4.4 4.1 3.7 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Market Vector ETFs current to the most recent month end by clicking on the following link: http://vaneck.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 185
FlexShares Mstar Glbl Upstrm Nat Res ETF GUNR Natural Resources Intraday NAV FlexShares Mstar Gbl Upstrm Nat Res ETF (Market) FlexShares Mstar Gbl Upstrm Nat Res ETF (NAV) GUNR GUNRIV rthern Trust Investments, Inc. YTD 1 Year 3 Years 5 Years 10 Years 7.4 16.2 The FlexShares Morningstar Global Upstream Natural Resources Index ETF (GUNR) seeks to track the performance of the Morningstar Global Upstream Natural Resources Index. The index includes companies included in Morningstar's Global ex. U.S. and U.S. Market Indexes that engage in upstream industries of 5 general categories: Energy, Metals, Agriculture, Timber, and Water and meet certain market capitalization and liquidity requirements. The 30 largest companies by float-adjusted market capitalization for Energy, Metals, and Agriculture and the 15 largest for Timber and Water are included. There is preference given to specific industries within each segment. The index is float-adjusted market capitalization-weighted with 30% weights to Energy, Metals, and Agriculture and 5% weights to Timber and Water. Emerging market exposure is capped at 20%, U.S. exposure at 40% and individual securities at 5%. The index is rebalanced and reconstituted annually. To track its index, GUNR may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 7.4 16.6 37.38 3,165 122,965 0.48 155 37.5 9/16/2011 0.70 0.37 0.09 Time Period: 9/16/2011 to 8/20/2014 40.00 38.00 36.00 34.00 32.00 30.00 28.00 11/2011 2/2012 5/2012 8/2012 11/2012 2/2013 5/2013 8/2013 11/2013 2/2014 5/2014 8/2014 FlexShares Mstar Glbl Upstrm Nat Res ETF Price Top 10 Country Exposure Sector/Industry Breakdown (%) Oil & Gas Integrated Industrial Metals & Minerals Agricultural Inputs Oil & Gas Exploration & Production Gold Farm Products Utilities - Regulated Water Copper Lumber & Wood Production Chemicals BHP Billiton Ltd Exxon Mobil Corporation Monsanto Co Glencore PLC Rio Tinto PLC Syngenta AG Chevron Corp Potash Corp of Saskatchewan Inc Archer-Daniels Midland Co Anglo American PLC FlexShares Mstar Glbl Upstrm Nat Res ETF NAV % Australia 6.7 Brazil 1.4 Canada 13.7 France 3.2 rway 1.8 Russia 2.3 South Africa 1.5 Switzerland 3.4 United Kingdom 18.7 United States 36.9 Other 10.5 Total 100.0 20.5 19.9 17.8 9.6 7.0 6.9 4.2 3.0 2.1 1.7 4.9 4.7 4.6 3.9 3.9 3.5 3.4 3.1 3.0 2.3 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for FlexShares ETFs current to the most recent month end by clicking on the following link: https://www.flexshares.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 186
Guggenheim S&P Global Water ETF CGW Water Intraday NAV Guggenheim S&P Global Water ETF (Market) 2.8 17.5 12.5 13.6 Guggenheim S&P Global Water ETF (NAV) 3.5 18.2 12.4 13.8 CGW CGWIV Guggenheim Funds Investment s LLC 29.02 367 52,318 0.70 50 51.5 5/14/2007 0.42 0.45 0.41 0.42 0.20 13.6-12.9 0.93 The Guggenheim S&P Global Water Index ETF (CGW) seeks to track the performance of the S&P Global Water NR Index. The index uses a proprietary scoring metric that defines the relative exposure to the global water industry and screens for companies with a developed market listing with total and floatadjusted market capitalizations of at least $250 and $100 million, respectively. The index includes approximately 50 companies that are classified in the water industry by Standard & Poor's Capital IQ industry classification and that fall within two clusters: water utilities and infrastructure and water equipment and materials. The 25 largest for each cluster are selected based on the scoring metric. The index is modified market capitalization-weighted with constituents capped at 10% and is rebalanced semi-annually. To track its index, CGW typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 32.00 30.00 28.00 26.00 24.00 22.00 20.00 18.00 16.00 Guggenheim S&P Global Water ETF Price Top 10 Country Exposure Sector/Industry Breakdown (%) Utilities - Regulated Water Diversified Industrials Waste Management Building Materials Pollution & Treatment Controls Engineering & Construction Industrial Distribution Agricultural Inputs Security & Protection Services Agricultural Inputs United Utilities Group PLC Geberit AG Pentair PLC American Water Works Co Inc Severn Trent PLC Danaher Corp Veolia Environnement SA Alfa Laval AB Suez Environnement Co SA Xylem Inc Guggenheim S&P Global Water ETF NAV % Brazil 2.2 China 6.1 France 7.9 Japan 3.4 Netherlands 2.9 South Korea 3.1 Sweden 3.8 Switzerland 8.3 United Kingdom 26.1 United States 28.6 Other 7.5 Total 100.0 34.9 32.6 7.8 6.7 5.6 3.0 2.1 1.9 1.9 1.9 6.8 6.7 6.7 5.6 5.2 5.1 4.5 3.8 3.6 3.4 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Guggenheim ETFs current to the most recent month end by clicking on the following link: http://guggenheiminvestments.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 187
ishares rth American Natural Resources IGE Natural Resources Intraday NAV ishares rth American Natural Resources (Market) 11.5 20.2 4.4 11.6 10.8 ishares rth American Natural Resources (NAV) 11.6 20.3 4.5 11.6 10.8 IGE IGEIV BlackRock Fund s 48.52 2,416 196,133 0.48 150 42.0 10/22/2001 0.65 0.60 0.45 0.58 0.36 20.8-24.1 0.31 The ishares rth American Natural Resources ETF (IGE) seeks to track the performance of the S&P rth American Technology-Software Index. The index includes companies that are classified as Energy or Materials by the Global Industry Classification Standard and meet certain market capitalization and liquidity requirements. Companies within the Chemicals and Steel sub-industries are excluded. The index is modified market capitalization-weighted with individual stocks capped at 7.5%. The index is reconstituted semi-annually and rebalanced quarterly. To track its index, IGE typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 55.00 50.00 45.00 40.00 35.00 30.00 25.00 ishares rth American Natural Resources Price Top 10 Country Exposure Sector/Industry Breakdown (%) Oil & Gas Exploration & Production Oil & Gas Integrated Oil & Gas Equipment & Services Oil & Gas Midstream Oil & Gas Refining & Marketing Gold Packaging & Containers Oil & Gas Drilling Copper Industrial Metals & Minerals Chevron Corp Exxon Mobil Corporation Schlumberger NV ConocoPhillips Occidental Petroleum Corp Suncor Energy Inc EOG Resources Inc Halliburton Co Anadarko Petroleum Corp Canadian Natural Resources Ltd ishares rth American Natural Resources NAV % Canada 13.3 Colombia 0.1 Netherlands 0.3 Philippines 0.0 Poland 0.0 Portugal 0.0 Switzerland 1.4 United Kingdom 1.0 United States 83.8 Other Countries 0.0 Total 100.0 34.8 18.8 16.6 6.2 5.5 4.4 4.1 3.2 1.8 1.4 7.7 7.3 6.4 4.6 3.5 2.8 2.7 2.7 2.5 2.2 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 188
Vanguard Total Bond Market ETF BND Broad Fixed Income INAV ticker Vanguard Total Bond Market ETF (Market) Vanguard Total Bond Market ETF (NAV) 3.5 3.7 3.7 3.9 2.9 3.0 4.3 4.4 BND BNDIV Vanguard Group, Inc. 82.18 21,471 1,711,666 0.08 4/3/2007 2.03 2.22 2.60 2.79 3.16 2.8-3.8 1.05 The Vanguard Total Bond Market ETF (BND) seeks to track the performance of the Barclays U.S. Aggregate Float Adjusted Index. The index is designed to reflect the performance of the U.S. investment grade taxable fixed income market, which includes fixed-rate government, agency, and corporate debt as well as mortgage pass-through securities and asset-backed securities. To be included in the index, securities must be investment grade rated, dollardenominated, have at least one year to final maturity, be publicly issued, and meet minimum par amount outstanding requirements. The index is floatadjusted market capitalization-weighted and rebalanced monthly. To track its index, BND may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 86.00 85.00 84.00 83.00 82.00 81.00 80.00 79.00 78.00 77.00 Vanguard Total Bond Market ETF Price Fixed Income Sectors Portfolio Date: 6/30/2014 Portfolio Statistics # of Holdings 30-Day SEC Yield (%) SEC Yield Date Average Effective Duration Maturity 1-3 Yr (%) Maturity 3-5 Yr (%) Maturity 5-7 Yr (%) Maturity 7-10 Yr (%) Maturity 10-15 Yr (%) Maturity 15-20 Yr (%) Maturity 20-30 Yr (%) Maturity 30+ Yr (%) Credit Quality Breakdown (%) AAA/U.S. Govt. AA A BBB BB B Below B t Rated Vanguard Total Bond Market ETF NAV % Government 43.9 Government Related 5.7 Taxable Municipal 0.9 Convertible 0.0 Corporate Bond 19.5 Preferred Stock 0.0 Agency MBS 21.3 n-agency Residential MBS 0.6 CMBS 3.3 Asset-Backed 0.6 Cash & Equivalents 4.2 Total 100.0 16,057 5.2 2.1 8/20/2014 5.6 24.4 16.5 11.6 9.7 4.7 4.1 27.1 1.7 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Vanguard ETFs current to the most recent month end by clicking on the following link: https://advisors.vanguard.com/vgapp/iip/site/advisorsec/home. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 189
ishares Core US Aggregate Bond AGG Broad Fixed Income INAV ticker AGG AGGIV BlackRock Fund s 109.39 18,473 1,148,074 0.08 9/22/2003 2.46 2.83 3.15 3.69 4.01 114.00 112.00 110.00 108.00 106.00 104.00 102.00 ishares Core US Aggregate Bond Price Fixed Income Sectors ishares Core US Aggregate Bond NAV % Government 37.0 Government Related 4.6 Taxable Municipal 0.8 Convertible 0.0 Corporate Bond 16.9 Preferred Stock 0.0 Agency MBS 25.9 n-agency Residential MBS 0.4 CMBS 1.0 Asset-Backed 0.1 Cash & Equivalents 13.2 Total 100.0 ishares Core US Aggregate Bond (Market) 3.5 3.8 2.9 4.2 4.6 ishares Core US Aggregate Bond (NAV) 3.7 4.0 2.9 4.3 4.6 2.7-3.8 1.06 The ishares Core U.S. Aggregate Bond ETF (AGG) seeks to track the performance of the Barclays U.S. Aggregate Bond Index. The index is designed to reflect the performance of the U.S. investment grade taxable fixed income market, which includes fixed-rate government, agency, and corporate debt as well as mortgage pass-through securities and assetbacked securities. To be included in the index, securities must be investment grade rated, dollar-denominated, have at least one year to final maturity, be publicly issued, and meet minimum par amount outstanding requirements. The index is market capitalization-weighted and rebalanced monthly. To track its index, AGG may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. Portfolio Statistics # of Holdings 30-Day SEC Yield (%) SEC Yield Date Average Effective Duration Maturity 1-3 Yr (%) Maturity 3-5 Yr (%) Maturity 5-7 Yr (%) Maturity 7-10 Yr (%) Maturity 10-15 Yr (%) Maturity 15-20 Yr (%) Maturity 20-30 Yr (%) Maturity 30+ Yr (%) Credit Quality Breakdown (%) AAA AA/U.S. Govt. A BBB BB B Below B t Rated 2,709 14.2 2.0 8/20/2014 5.3 22.4 16.4 9.3 10.2 4.6 4.7 30.5 1.8 0.0 20.0 40.0 60.0 80.0 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 190
PIMCO Total Return ETF BOND Broad Fixed Income INAV ticker BOND BONDIV Pacific Investment Management Co LLC Time Period: 2/29/2012 to 8/20/2014 112.00 110.00 108.00 106.00 104.00 102.00 100.00 109.21 3,587 199,813 0.55 2/29/2012 2.52 1.87 98.00 5/2012 8/2012 11/2012 2/2013 5/2013 8/2013 11/2013 2/2014 5/2014 8/2014 PIMCO Total Return ETF Price Fixed Income Sectors (%) U.S. Credit Mortgage n-u.s. Developed U.S. Government-Related Emerging Markets Other PIMCO Total Return ETF NAV 32.8 24.1 20.7 13.8 0.9 7.8 PIMCO Total Return ETF (Market) PIMCO Total Return ETF (NAV) 4.3 5.2 4.2 4.9 The PIMCO Total Return Exchange-Traded Fund (BOND) is an actively managed ETF that primarily invests broadly in investment grade rated debt securities. BOND has the flexibility to invest up to 10% of its total assets in high yield securities, up to 30% in securities denominated in foreign currencies, and up to 15% in securities and instruments tied to emerging market countries. The fund will typically limit its foreign currency exposure to 20% of its total assets. The average portfolio duration will typically vary within two years (plus or minus) of the benchmark, the Barclays U.S. Aggregate Index. BOND may not use futures, options, or swaps. Bill Gross is the lead portfolio manager. Portfolio Statistics # of Holdings 30-Day SEC Yield (%) SEC Yield Date Average Effective Duration Maturity 1-3 Yr (%) Maturity 3-5 Yr (%) Maturity 5-7 Yr (%) Maturity 7-10 Yr (%) Maturity 10-15 Yr (%) Maturity 15-20 Yr (%) Maturity 20-30 Yr (%) Maturity 30+ Yr (%) Credit Quality Breakdown (%) Government AAA AA A BBB BB B Below B A1-A3 t Rated 744 32.6 2.5 7/28/2014 4.8 10.0 24.0 7.5 23.1 2.1 4.4 22.3 6.7 31.3 1.7 17.8 17.3 16.1 11.2 3.2 1.3 0.1 0.0 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for PIMCO ETFs current to the most recent month end by clicking on the following link: http://www.pimcoetfs.com/pages/default.aspx. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 191
PIMCO Enhanced Short Maturity ETF MINT Short-Term Fixed Income INAV ticker MINT MINTIV Pacific Investment Management Co LLC Time Period: 3/21/2014 to 8/20/2014 102.00 101.75 101.50 101.25 101.45 3,839 252,380 0.35 11/16/2009 0.74 1.09 0.95 0.73 0.04 101.00 3/2014 4/2014 5/2014 6/2014 7/2014 8/2014 PIMCO Enhanced Short Maturity ETF Price Fixed Income Sectors PIMCO Enhanced Short Maturity ETF NAV % Government 1.3 Government Related 4.4 Taxable Municipal 1.4 Municipal 0.3 Corporate Bond 49.8 Agency MBS 3.8 n-agency Residential MBS 2.5 CMBS 5.6 Asset-Backed 7.9 Cash & Equivalents 22.9 Total 100.0 PIMCO Enhanced Short Maturity ETF (Market) 0.5 0.9 1.1 PIMCO Enhanced Short Maturity ETF (NAV) 0.5 0.9 1.1 0.6-0.7 1.67 The PIMCO Enhanced Short Maturity Exchange-Traded Fund (MINT) is an actively managed ETF that primarily invests in short duration investment grade rated debt securities. MINT must invest at least 65% of its total assets in a portfolio of fixed income instruments of varying maturities, which may be represented by forwards. Fixed income instruments include bonds, debt securities, and other similar instruments issued by various U.S. and non-u.s. public- or privatesector entities. The average portfolio duration will vary based on PIMCO's views but will generally not exceed one year. MINT may not use futures, options, or swaps. Jerome Schneider is the lead portfolio manager. Portfolio Statistics # of Holdings 30-Day SEC Yield (%) SEC Yield Date Average Effective Duration Maturity 1-3 Yr (%) Maturity 3-5 Yr (%) Maturity 5-7 Yr (%) Maturity 7-10 Yr (%) Maturity 10-15 Yr (%) Maturity 15-20 Yr (%) Maturity 20-30 Yr (%) Maturity 30+ Yr (%) Credit Quality Breakdown (%) Government AAA AA A BBB BB B Below B A1-A3 t Rated 619 11.4 0.5 8/20/2014 0.7 68.1 14.5 2.9 3.4 0.8 1.0 5.9 3.5 12.8 8.8 11.3 38.0 14.2 0.2 0.0 0.0 6.4 8.2 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for PIMCO ETFs current to the most recent month end by clicking on the following link: http://www.pimcoetfs.com/pages/default.aspx. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 192
Guggenheim Enhanced Short Dur ETF GSY Short-Term Fixed Income GSY INAV ticker GSYIV Guggenheim Funds Investment s LLC 50.17 713 126,156 0.28 2/12/2008 0.55 0.32 0.15 0.01 0.12 50.40 50.30 50.20 50.10 50.00 49.90 49.80 49.70 49.60 49.50 Guggenheim Enhanced Short Dur ETF Price Fixed Income Sectors Guggenheim Enhanced Short Dur ETF NAV % Government 0.6 Government Related 0.9 Municipal 2.2 Bank Loan 4.7 Convertible 0.1 Corporate Bond 18.0 n-agency Residential MBS 1.4 CMBS 0.5 Asset-Backed 4.9 Cash & Equivalents 66.8 Total 100.0 Guggenheim Enhanced Short Dur ETF (Market) 0.5 1.1 1.2 0.7 Guggenheim Enhanced Short Dur ETF (NAV) 0.5 1.2 1.1 0.7 0.4-0.3 2.95 The Guggenheim Enhanced Short Duration ETF (GSY) is an actively managed ETF that primarily invests in U.S. dollar-denominated investment grade debt securities, including U.S. Treasury securities and investment grade rated corporate bonds. The fund also has the flexibility to invest up to 10% of its assets in high yield securities, up to 10% in sovereign and corporate debt denominated in foreign currencies, up to 10% in mortgage-backed securities or other assetbacked securities, and up to 25% in municipal securities. GSY expects to have a duration of less than 1 year and will not invest in options, futures, or swaps. The fund is team managed at Guggenheim Funds Investment s, LLC. Portfolio Statistics # of Holdings 30-Day SEC Yield (%) SEC Yield Date Average Effective Duration Maturity 1-3 Yr (%) Maturity 3-5 Yr (%) Maturity 5-7 Yr (%) Maturity 7-10 Yr (%) Maturity 10-15 Yr (%) Maturity 15-20 Yr (%) Maturity 20-30 Yr (%) Maturity 30+ Yr (%) Credit Quality Breakdown (%) AAA AA A BBB BB B Below B t Rated 199 11.4 1.1 7/31/2014 0.5 40.0 19.4 16.0 9.0 6.6 0.9 6.3 1.8 0.0 10.0 20.0 30.0 40.0 50.0 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Guggenheim ETFs current to the most recent month end by clicking on the following link: http://guggenheiminvestments.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 193
ishares Core US Treasury Bond GOVT U.S. Treasury INAV ticker ishares Core US Treasury Bond (Market) ishares Core US Treasury Bond (NAV) GOVT GOVTIV BlackRock Fund s 24.85 181 63,199 0.15 2/14/2012 0.23 0.21 2.4 2.0 2.5 1.9 The ishares Core U.S. Treasury Bond ETF (GOVT) seeks to track the performance of the Barclays U.S. Treasury Bond Index. The index includes publicly-issued U.S. Treasury securities that have a remaining maturity of one year or more, $250 million or more outstanding face value, and are fixed-rate and U.S. dollar denominated. The index is market capitalization-weighted and is rebalanced monthly. To track its index, GOVT may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. Time Period: 2/14/2012 to 8/20/2014 25.60 25.40 25.20 25.00 24.80 24.60 24.40 24.20 24.00 5/2012 8/2012 11/2012 2/2013 5/2013 8/2013 11/2013 2/2014 5/2014 8/2014 ishares Core US Treasury Bond Price Portfolio Statistics # of Holdings 30-Day SEC Yield (%) SEC Yield Date Average Effective Duration Maturity 1-3 Yr (%) Maturity 3-5 Yr (%) Maturity 5-7 Yr (%) Maturity 7-10 Yr (%) Maturity 10-15 Yr (%) Maturity 15-20 Yr (%) Maturity 20-30 Yr (%) Maturity 30+ Yr (%) US Treasury te 1.25% US Treasury te 3.25% US Treasury te 4.5% US Treasury te 0.875% US Treasury te 5.125% US Treasury Bond 7.125% US Treasury te 0.375% US Treasury Bond 4.375% US Treasury te 2.5% US Treasury te 3.125% ishares Core US Treasury Bond NAV 72 49.1 1.3 8/20/2014 5.0 43.5 18.7 17.0 8.6 1.4 0.6 10.2 0.0 9.9 8.7 8.4 5.9 4.2 3.2 3.1 2.6 2.5 2.1 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 194
SPDR Barclays 1-3 Month T-Bill BIL U.S. Treasury INAV ticker BIL BILIV SSgA Funds Management Inc 45.75 1,052 382,823 0.13 5/25/2007 0.00 0.04 45.90 45.88 45.86 45.84 45.82 45.80 45.78 45.76 45.74 SPDR Barclays 1-3 Month T-Bill Price SPDR Barclays 1-3 Month T-Bill NAV Portfolio Statistics # of Holdings 10 30-Day SEC Yield (%) -0.1 SEC Yield Date 8/19/2014 Average Effective Duration 0.2 SPDR Barclays 1-3 Month T-Bill (Market) SPDR Barclays 1-3 Month T-Bill (NAV) 0.0-0.1-0.1 0.0-0.1-0.1-0.1 0.0 0.0-0.2-12.52 The SPDR Barclays 1-3 Month T-Bill ETF (BIL) seeks to track the performance of the Barclays 1-3 Month U.S. Treasury Bill Index. The index includes all publicly issued zero coupon U.S. Treasury bills that have a remaining maturity between 1 and 3 months, $250 million or more of outstanding face value, are fixed-rate, and rated investment grade. The index is market capitalizationweighted and rebalanced monthly. To track its index, BIL typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for SPDR ETFs current to the most recent month end by clicking on the following link: https://www.spdrs.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 195
ishares Short Treasury Bond SHV U.S. Treasury INAV ticker SHV SHVIV BlackRock Fund s 110.27 2,249 281,754 0.15 1/5/2007 0.00 0.01 0.08 0.09 0.38 110.50 110.25 110.00 109.75 ishares Short Treasury Bond Price ishares Short Treasury Bond NAV Portfolio Statistics # of Holdings 22 30-Day SEC Yield (%) 0.1 SEC Yield Date 8/20/2014 Average Effective Duration 0.5 ishares Short Treasury Bond (Market) 0.0 0.0 0.0 0.1 ishares Short Treasury Bond (NAV) 0.0 0.0 0.0 0.1 0.1 0.0-0.53 The ishares Short Treasury Bond ETF (SHV) seeks to track the performance of the Barclays U.S. Short Treasury Bond Index. The index includes all publicly issued U.S. Treasury bills, notes, and bonds that have a remaining maturity between 1 and 12 months, $250 million or more of outstanding face value, are fixed-rate, and rated investment grade. The index is market capitalization-weighted and rebalanced monthly. To track its index, SHV typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 196
ishares 1-3 Year Treasury Bond SHY U.S. Treasury INAV ticker ishares 1-3 Year Treasury Bond (Market) 0.3 0.4 0.4 1.0 2.4 ishares 1-3 Year Treasury Bond (NAV) 0.2 0.4 0.4 1.0 2.5 SHY SHYIV BlackRock Fund s 84.54 9,138 1,196,109 0.15 7/22/2002 0.22 0.31 0.69 0.86 1.40 0.4-0.2 0.72 The ishares 1-3 Year Treasury Bond ETF (SHY) seeks to track the performance of the Barclays U.S. 1-3 Year Treasury Bond Index. The index includes all publicly issued U.S. Treasury notes and bonds that have a remaining maturity between 1 and 3 years, $250 million or more of outstanding face value, are fixed-rate, and rated investment grade. The index is market capitalizationweighted and rebalanced monthly. To track its index, SHY typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 84.75 84.50 84.25 84.00 83.75 83.50 83.25 83.00 82.75 ishares 1-3 Year Treasury Bond Price Portfolio Statistics # of Holdings 30-Day SEC Yield (%) SEC Yield Date Average Effective Duration Maturity 1-3 Yr (%) Maturity 3-5 Yr (%) Maturity 5-7 Yr (%) Maturity 7-10 Yr (%) Maturity 10-15 Yr (%) Maturity 15-20 Yr (%) Maturity 20-30 Yr (%) Maturity 30+ Yr (%) US Treasury te 1.5% US Treasury te 0.875% US Treasury te 1% US Treasury te 0.5% US Treasury te 0.25% US Treasury te 0.625% US Treasury te 1% US Treasury te 1.25% US Treasury te 0.625% US Treasury te 1% ishares 1-3 Year Treasury Bond NAV 74 59.3 0.3 8/20/2014 1.9 94.1 5.9 0.0 0.0 0.0 0.0 0.0 0.0 14.2 12.1 6.6 5.3 5.2 3.8 3.7 3.4 3.4 3.3 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 197
ishares 3-7 Year Treasury Bond IEI U.S. Treasury INAV ticker ishares 3-7 Year Treasury Bond (Market) ishares 3-7 Year Treasury Bond (NAV) 1.5 1.5 1.2 1.2 1.5 1.5 3.4 3.4 IEI IEIIV BlackRock Fund s 121.77 3,885 321,330 0.15 1/5/2007 0.93 1.07 2.04 2.44 2.65 2.6-3.0 0.58 The ishares 3-7 Year Treasury Bond ETF (IEI) seeks to track the performance of the Barclays U.S. 3-7 Year Treasury Bond Index. The index includes all publicly issued U.S. Treasury notes and bonds that have a remaining maturity between 3 and 7 years, $250 million or more of outstanding face value, are fixed-rate, and rated investment grade. The index is market capitalizationweighted and rebalanced monthly. To track its index, IEI typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 126.00 124.00 122.00 120.00 118.00 116.00 114.00 112.00 110.00 ishares 3-7 Year Treasury Bond Price Portfolio Statistics # of Holdings 30-Day SEC Yield (%) SEC Yield Date Average Effective Duration Maturity 1-3 Yr (%) Maturity 3-5 Yr (%) Maturity 5-7 Yr (%) Maturity 7-10 Yr (%) Maturity 10-15 Yr (%) Maturity 15-20 Yr (%) Maturity 20-30 Yr (%) Maturity 30+ Yr (%) US Treasury te 1.5% US Treasury te 2.25% US Treasury te 0.75% US Treasury te 1% US Treasury te 1.375% US Treasury te 0.75% US Treasury te 1.25% US Treasury te 1.25% US Treasury te 2.125% US Treasury te 1.5% ishares 3-7 Year Treasury Bond NAV 44 55.0 1.4 8/20/2014 4.5 0.0 58.1 41.9 0.0 0.0 0.0 0.0 0.0 11.2 7.7 6.6 5.4 5.1 4.7 4.3 3.7 3.5 3.0 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 198
ishares 7-10 Year Treasury Bond IEF U.S. Treasury INAV ticker ishares 7-10 Year Treasury Bond (Market) 5.1 3.2 3.5 5.1 5.5 ishares 7-10 Year Treasury Bond (NAV) 4.9 3.3 3.5 5.2 5.5 IEF IEFIV BlackRock Fund s 104.17 7,838 2,707,688 0.15 7/22/2002 1.76 1.92 2.69 3.04 3.00 5.7-7.4 0.62 The ishares 7-10 Year Treasury Bond ETF (IEF) seeks to track the performance of the Barclays U.S. 7-10 Year Treasury Bond Index. The index includes all publicly issued U.S. Treasury notes and bonds that have a remaining maturity between 7 and 10 years, $250 million or more of outstanding face value, are fixed-rate, and rated investment grade. The index is market capitalizationweighted and rebalanced monthly. To track its index, IEF typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 110.00 107.50 105.00 102.50 100.00 97.50 95.00 92.50 90.00 87.50 ishares 7-10 Year Treasury Bond Price Portfolio Statistics # of Holdings 30-Day SEC Yield (%) SEC Yield Date Average Effective Duration Maturity 1-3 Yr (%) Maturity 3-5 Yr (%) Maturity 5-7 Yr (%) Maturity 7-10 Yr (%) Maturity 10-15 Yr (%) Maturity 15-20 Yr (%) Maturity 20-30 Yr (%) Maturity 30+ Yr (%) US Treasury te 2.5% US Treasury te 1.625% US Treasury te 2.75% US Treasury te 1.625% US Treasury te 2.125% US Treasury te 1.75% US Treasury te 2.5% US Treasury te 1.75% US Treasury te 2.25% US Treasury te 3.125% ishares 7-10 Year Treasury Bond NAV 16 96.8 2.2 8/20/2014 7.6 0.0 0.0 17.5 82.5 0.0 0.0 0.0 0.0 19.4 13.8 13.1 12.8 9.8 9.1 7.0 5.6 5.4 1.4 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 199
ishares 20+ Year Treasury Bond TLT U.S. Treasury INAV ticker TLT TLTIV BlackRock Fund s 135.00 127.50 120.00 112.50 105.00 97.50 90.00 ishares 20+ Year Treasury Bond (Market) 13.6 9.3 8.3 7.4 7.2 ishares 20+ Year Treasury Bond (NAV) 13.9 9.5 8.4 7.4 7.2 115.99 4,060 7,822,577 0.15 7/22/2002 3.32 3.25 4.00 3.92 3.64 14.1-17.8 0.63 The ishares 20+ Year Treasury Bond ETF (TLT) seeks to track the performance of the Barclays U.S. 20+ Year Treasury Bond Index. The index includes all publicly issued U.S. Treasury notes and bonds that have a remaining maturity greater than 20 years, $250 million or more of outstanding face value, are fixed-rate, and rated investment grade. The index is market capitalizationweighted and rebalanced monthly. To track its index, TLT typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 82.50 ishares 20+ Year Treasury Bond Price Portfolio Statistics # of Holdings 30-Day SEC Yield (%) SEC Yield Date Average Effective Duration Maturity 1-3 Yr (%) Maturity 3-5 Yr (%) Maturity 5-7 Yr (%) Maturity 7-10 Yr (%) Maturity 10-15 Yr (%) Maturity 15-20 Yr (%) Maturity 20-30 Yr (%) Maturity 30+ Yr (%) US Treasury Bond 3.125% US Treasury Bond 3.625% US Treasury Bond 4.25% US Treasury Bond 3.75% US Treasury Bond 4.375% US Treasury Bond 2.75% US Treasury Bond 4.625% US Treasury Bond 3.125% US Treasury Bond 3.375% US Treasury Bond 3.75% ishares 20+ Year Treasury Bond NAV 26 71.9 3.0 8/20/2014 16.7 0.0 0.0 0.0 0.0 0.0 0.0 100.0 0.0 13.6 10.8 8.2 7.7 7.3 6.2 5.1 4.7 4.4 4.3 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 200
ishares TIPS Bond TIP U.S. TIPS INAV ticker TIP TIPIV BlackRock Fund s 114.75 13,385 492,655 0.20 12/4/2003 1.26 2.69 4.78 2.69 4.04 125.00 120.00 115.00 110.00 105.00 100.00 ishares TIPS Bond Price ishares TIPS Bond NAV Portfolio Statistics # of Holdings 39 53.9 Maturity 1-3 Yr (%) 15.4 Maturity 3-5 Yr (%) 18.0 Maturity 5-7 Yr (%) 13.4 Maturity 7-10 Yr (%) 26.7 Maturity 10-15 Yr (%) 17.4 Maturity 15-20 Yr (%) 0.7 Maturity 20-30 Yr (%) 8.5 Maturity 30+ Yr (%) 0.0 ishares TIPS Bond (Market) ishares TIPS Bond (NAV) 5.7 3.3 2.1 5.3 5.0 5.8 3.6 2.1 5.4 5.0 5.0-9.2 0.43 The ishares TIPS Bond ETF (TIP) seeks to track the performance of the Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L). The index includes all publicly issued U.S. TIPS that have at least one year remaining to maturity, $250 million or more of outstanding face value, are fixed-rate, and rated investment grade. The index is market capitalization-weighted and rebalanced monthly. To track its index, TIP typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. US Treasury TIP US Treasury TIP US Treasury TIP US Treasury TIP US Treasury TIP 1.125% US TREASURY TIP US TREASURY TIP US Treasury TIP 0.125% US Treasury TIP US TREASURY TIP 11.6 6.7 5.2 5.1 5.0 4.8 4.7 3.8 3.3 3.1 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 201
Vanguard Short-Term Bond ETF BSV U.S. Treasury/Credit INAV ticker BSV BSVIV Vanguard Group, Inc. 80.21 14,714 930,465 0.10 4/3/2007 0.95 1.24 1.54 1.80 2.20 82.50 82.00 81.50 81.00 80.50 80.00 79.50 79.00 Vanguard Short-Term Bond ETF Price Fixed Income Sectors Portfolio Date: 6/30/2014 Vanguard Short-Term Bond ETF NAV % Government 59.3 Government Related 12.3 Taxable Municipal 0.1 Corporate Bond 24.2 Preferred Stock 0.1 Agency MBS 0.1 Asset-Backed 0.0 Cash & Equivalents 3.9 Total 100.0 Vanguard Short-Term Bond ETF (Market) 0.8 1.1 1.2 2.2 Vanguard Short-Term Bond ETF (NAV) 0.8 1.2 1.2 2.3 1.1-1.1 1.05 The Vanguard Short-Term Bond ETF (BSV) seeks to track the performance of the Barclays U.S. 1-5 Year Government/Credit Float Adjusted Index. The index includes publicly issued U.S. Treasury securities, agencies, corporate debt, and foreign debentures that have maturities between 1 and 5 years, $250 million or more of outstanding face value, are fixed-rate, dollardenominated, and rated investment grade. The index is floatadjusted market capitalization-weighted and rebalanced monthly. To track its index, BSV may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. Portfolio Statistics # of Holdings 30-Day SEC Yield (%) SEC Yield Date Average Effective Duration Maturity 1-3 Yr (%) Maturity 3-5 Yr (%) Maturity 5-7 Yr (%) Maturity 7-10 Yr (%) Maturity 10-15 Yr (%) Maturity 15-20 Yr (%) Maturity 20-30 Yr (%) Maturity 30+ Yr (%) Credit Quality Breakdown (%) AAA/U.S. Govt. AA A BBB BB B Below B t Rated 2,012 12.2 0.9 8/20/2014 2.7 59.5 39.1 1.3 0.0 0.0 0.0 0.0 0.2 0.0 20.0 40.0 60.0 80.0 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Vanguard ETFs current to the most recent month end by clicking on the following link: https://advisors.vanguard.com/vgapp/iip/site/advisorsec/home. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 202
Vanguard Intermediate-Term Bond ETF BIV U.S. Treasury/Credit INAV ticker BIV BIVIV Vanguard Group, Inc. 92.00 90.00 88.00 86.00 84.00 82.00 80.00 78.00 84.87 Vanguard Intermediate-Term Bond ETF Price Vanguard Intermediate-Term Bond ETF NAV 4,020 230,415 0.10 4/3/2007 Fixed Income Sectors Portfolio Date: 6/30/2014 % Government 52.9 2.52 2.76 3.18 3.33 Government Related 5.2 Taxable Municipal 0.2 Convertible 0.1 Corporate Bond 40.7 Asset-Backed 0.2 Cash & Equivalents 0.7 3.47 Total 100.0 Vanguard Intermediate-Term Bond ETF (Market) 4.7 4.5 4.0 6.0 Vanguard Intermediate-Term Bond ETF (NAV) 4.7 4.4 4.0 6.1 4.1-6.0 0.96 Portfolio Statistics # of Holdings 30-Day SEC Yield (%) SEC Yield Date Average Effective Duration Maturity 1-3 Yr (%) Maturity 3-5 Yr (%) Maturity 5-7 Yr (%) Maturity 7-10 Yr (%) Maturity 10-15 Yr (%) Maturity 15-20 Yr (%) Maturity 20-30 Yr (%) Maturity 30+ Yr (%) 1,554 23.5 2.5 8/20/2014 6.5 0.0 1.0 51.0 47.7 0.1 0.0 0.1 0.0 The Vanguard Intermediate-Term Bond ETF (BIV) seeks to track the performance of the Barclays U.S. 5-10 Year Government/ Credit Float Adjusted Index. The index includes publicly issued U.S. Treasury securities, agencies, corporate debt, and foreign debentures that have maturities between 5 and 10 years, $250 million or more of outstanding face value, are fixed-rate, dollardenominated, and rated investment grade. The index is floatadjusted market capitalization-weighted and rebalanced monthly. To track its index, BIV may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. Credit Quality Breakdown (%) AAA/U.S. Govt. AA A BBB BB B Below B t Rated 0.0 10.0 20.0 30.0 40.0 50.0 60.0 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Vanguard ETFs current to the most recent month end by clicking on the following link: https://advisors.vanguard.com/vgapp/iip/site/advisorsec/home. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 203
ishares MBS MBB MBS INAV ticker ishares MBS (Market) ishares MBS (NAV) MBB MBBIV BlackRock Fund s 107.90 6,111 366,852 0.27 3/13/2007 1.33 1.98 3.60 3.73 3.73 3.7 3.9 2.0 3.4 3.5 4.0 2.0 3.4 2.3-3.2 0.83 The ishares MBS ETF (MBB) seeks to track the performance of the Barclays U.S. MBS Index. The index includes investment grade rated, fixed-rate mortgage-backed pass through securities issued by Ginnie Mae, Fannie Mae, and Freddie Mac that have a weighted average maturity of at least one year and a par amount outstanding of at least $250 million. Hybrid adjustable rate mortgages are also included but must be one year away from initial reset. n-agency and jumbo securities as well as collateralized mortgage obligations are not included in the index. The index is market capitalization-weighted and rebalanced monthly. To track its index, MBB may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 111.00 110.00 109.00 108.00 107.00 106.00 105.00 104.00 103.00 102.00 ishares MBS Price Portfolio Statistics # of Holdings 30-Day SEC Yield (%) SEC Yield Date Average Effective Duration Sector Breakdown (%) Conventional 30 Year GNMA 30 Year Conventional 15 Year Conventional 20 Year Other ishares MBS NAV 552 20.5 2.0 8/20/2014 4.6 57.2 21.2 14.8 2.5 4.3 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 204
ishares CMBS CMBS CMBS INAV ticker CMBS CMBSIV BlackRock Fund s 51.74 110 16,138 0.25 2/14/2012 1.02 1.15 Time Period: 2/14/2012 to 8/20/2014 52.50 52.00 51.50 51.00 50.50 50.00 49.50 5/2012 8/2012 11/2012 2/2013 5/2013 8/2013 11/2013 2/2014 5/2014 8/2014 ishares CMBS Price ishares CMBS NAV Portfolio Statistics # of Holdings 259 9.8 30-Day SEC Yield (%) 2.3 SEC Yield Date 8/20/2014 Average Effective Duration 3.2 ishares CMBS (Market) ishares CMBS (NAV) 2.4 3.7 2.1 3.1 The ishares CMBS ETF (CMBS) seeks to track the performance of the Barclays U.S. CMBS (ERISA Only) Index. The index includes investment grade rated CMBS that are ERISA eligible, part of an original aggregate transaction with a minimum deal size of $500 million and a minimum tranche size of $25 million, have an expected life of at least one year, and a fixed-rate weighted average coupon or capped weighted averaged coupons. To remain in the index, aggregate outstanding transaction sizes must be at least $300 million. The index is market capitalizationweighted and rebalanced monthly. To track its index, CMBS may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. Credit Quality Breakdown (%) AAA AA A BBB BB B Below B t Rated / Other Portfolio Date: 8/19/2014 FHLMC CMO 5.085% FHLMC CMO 3.23% FHLMC CMO 2.699% FHLMC CMO 3.389% FHLMC CMO FHLMC CMO GREENWICH CAP CMBS 2007-GG9 FHLMC CMO 2.9676% FHLMC CMO FNMA CMO 61.8 8.7 6.1 2.9 0.0 0.0 0.0 20.5 1.1 1.0 1.0 1.0 1.0 1.0 1.0 1.0 0.9 0.9 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 205
ishares Agency Bond AGZ Agency INAV ticker ishares Agency Bond (Market) 2.2 2.3 1.6 2.2 ishares Agency Bond (NAV) 2.1 2.1 1.6 2.4 AGZ AGZIV BlackRock Fund s 112.80 360 10,466 0.20 11/5/2008 1.32 1.39 1.88 2.06 2.06 1.7-2.2 0.92 The ishares Agency Bond ETF (AGZ) seeks to track the performance of the Barclays U.S. Agency Bond Index. The index includes publicly issued U.S. Agency securities that have at least one year to final maturity, $250 million or more of outstanding face value, are fixed-rate, dollardenominated, and rated investment grade. Agency securities include U.S. government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. government. Both callable and noncallable agency securities are included. The index is float-adjusted market capitalization-weighted and rebalanced monthly. To track its index, AGZ may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 115.00 114.00 113.00 112.00 111.00 110.00 109.00 108.00 107.00 ishares Agency Bond Price Portfolio Statistics # of Holdings 30-Day SEC Yield (%) SEC Yield Date Average Effective Duration Maturity 1-3 Yr (%) Maturity 3-5 Yr (%) Maturity 5-7 Yr (%) Maturity 7-10 Yr (%) Maturity 10-15 Yr (%) Maturity 15-20 Yr (%) Maturity 20-30 Yr (%) Maturity 30+ Yr (%) Credit Quality Breakdown (%) AAA AA A BBB BB B Below B t Rated ishares Agency Bond NAV 109 58.3 1.1 8/20/2014 3.8 56.9 19.2 10.3 4.1 1.0 5.9 2.4 0.2 0.0 20.0 40.0 60.0 80.0 100.0 FNMA FNMA 4.375% FNMA 2.25% FNMA 1.25% Arab Rep Egypt 4.45% Private Expt Fdg 4.95% FHLMC 0.625% FHLMC 6.25% FHLMC 1.2% Financing Corporation 10.35% 18.0 7.8 6.8 5.3 4.6 3.3 3.1 2.8 2.8 2.8 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 206
ishares iboxx $ Invst Grade Crp Bond LQD Investment Grade Credit INAV ticker ishares iboxx $ Invst Grade Crp Bond (Market) ishares iboxx $ Invst Grade Crp Bond (NAV) 5.6 6.2 7.3 7.9 5.8 6.0 7.1 7.6 5.8 5.8 LQD LQDIV BlackRock Fund s 119.20 17,767 1,249,108 0.15 7/22/2002 4.38 4.63 4.99 5.28 5.73 5.4-6.5 1.11 The ishares iboxx $ Investment Grade Corporate Bond ETF (LQD) seeks to track the performance of the Markit iboxx USD Liquid Investment Grade Index. The index includes publicly issued, investment grade rated corporate debt that is fixed-rate, dollar-denominated, has an outstanding face value that is greater than or equal to $750 million, and is from an issuer that has $2 billion or more face value of bonds outstanding. Bonds must also have at least three years remaining to maturity. The index is modified market capitalization-weighted with an issuer cap of 3% and is rebalanced on a monthly basis. To track its index, LQD may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 125.00 122.50 120.00 117.50 115.00 112.50 110.00 107.50 105.00 102.50 ishares iboxx $ Invst Grade Crp Bond Price Portfolio Statistics # of Holdings 30-Day SEC Yield (%) SEC Yield Date Average Effective Duration Maturity 1-3 Yr (%) Maturity 3-5 Yr (%) Maturity 5-7 Yr (%) Maturity 7-10 Yr (%) Maturity 10-15 Yr (%) Maturity 15-20 Yr (%) Maturity 20-30 Yr (%) Maturity 30+ Yr (%) Credit Quality Breakdown (%) AAA AA A BBB BB B Below B t Rated ishares iboxx $ Invst Grade Crp Bond NAV 1,229 3.7 3.0 8/20/2014 7.7 0.7 29.2 14.6 23.8 0.8 4.1 26.5 0.2 0.0 10.0 20.0 30.0 40.0 50.0 Verizon Comms 6.55% Verizon Comms 5.15% Merrill Lynch Co Inc Mtn Be 6.875% Goldman Sachs Grp 6.75% General Elec Cap Corp Mtn Be 5.875% Verizon Comms 6.4% General Elec Cap Corp Mtn Be 6.75% At&T 5.35% Apple 2.4% Deutsche Telekom Intl Fin B V 8.25% 0.8 0.4 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.3 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 207
ishares 1-3 Year Credit Bond CSJ Investment Grade Credit INAV ticker CSJ CSJIV BlackRock Fund s 105.45 11,682 700,230 0.20 1/5/2007 1.23 1.65 1.98 2.59 3.87 106.00 105.50 105.00 104.50 104.00 103.50 103.00 102.50 102.00 101.50 ishares 1-3 Year Credit Bond Price ishares 1-3 Year Credit Bond NAV Fixed Income Sectors % Government 4.3 Government Related 22.7 Taxable Municipal 0.2 Corporate Bond 72.0 Asset-Backed 0.1 Cash & Equivalents 0.7 Total 100.0 ishares 1-3 Year Credit Bond (Market) ishares 1-3 Year Credit Bond (NAV) 0.4 1.1 1.5 2.1 0.7 1.4 1.5 2.6 1.0-0.7 1.41 The ishares 1-3 Year Credit Bond ETF (CSJ) seeks to track the performance of the Barclays U.S. 1-3 Year Credit Bond Index. The index includes publicly issued U.S. corporate and specified foreign debentures and secured notes that have maturities between 1 and 3 years, $250 million or more of outstanding face value, are fixed-rate, dollar-denominated, and rated investment grade. The index is market capitalization-weighted and rebalanced monthly. To track its index, CSJ may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. Portfolio Statistics # of Holdings 30-Day SEC Yield (%) SEC Yield Date Average Effective Duration Maturity 1-3 Yr (%) Maturity 3-5 Yr (%) Maturity 5-7 Yr (%) Maturity 7-10 Yr (%) Maturity 10-15 Yr (%) Maturity 15-20 Yr (%) Maturity 20-30 Yr (%) Maturity 30+ Yr (%) Credit Quality Breakdown (%) AAA AA A BBB BB B Below B t Rated 884 6.3 0.7 8/20/2014 2.0 97.4 2.5 0.0 0.0 0.0 0.0 0.0 0.1 0.0 10.0 20.0 30.0 40.0 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 208
Vanguard Short-Term Corporate Bond ETF VCSH Investment Grade Credit INAV ticker Vanguard Short-Term Corporate Bond ETF (Market) Vanguard Short-Term Corporate Bond ETF (NAV) 1.3 1.6 2.6 2.8 2.7 2.7 VCSH VCSHIV Vanguard Group, Inc. 80.20 8,405 483,951 0.12 11/19/2009 1.46 1.72 1.80 1.79 0.17 2.0-1.6 1.30 The Vanguard Short-Term Corporate Bond ETF (VCSH) seeks to track the performance of the Barclays U.S. 1-5 Year Corporate Bond Index. The index includes publicly issued U.S. corporate bonds that have maturities between 1 and 5 years, $250 million or more of outstanding face value, are fixed-rate, dollardenominated, and rated investment grade. The index is market capitalization-weighted and rebalanced monthly. To track its index, VCSH may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. Time Period: 11/19/2009 to 8/20/2014 81.00 80.25 79.50 78.75 78.00 77.25 76.50 75.75 75.00 74.25 8/2010 2/2011 8/2011 2/2012 8/2012 2/2013 8/2013 2/2014 8/2014 Vanguard Short-Term Corporate Bond ETF Price Portfolio Statistics # of Holdings 30-Day SEC Yield (%) SEC Yield Date Average Effective Duration Maturity 1-3 Yr (%) Maturity 3-5 Yr (%) Maturity 5-7 Yr (%) Maturity 7-10 Yr (%) Maturity 10-15 Yr (%) Maturity 15-20 Yr (%) Maturity 20-30 Yr (%) Maturity 30+ Yr (%) Credit Quality Breakdown (%) AAA AA A BBB BB B Below B t Rated Vanguard Short-Term Corporate Bond ETF NAV 1,781 3.4 1.4 8/20/2014 2.9 45.0 53.7 0.5 0.0 0.0 0.0 0.1 0.7 0.0 10.0 20.0 30.0 40.0 50.0 60.0 CMT Market Liquidity Rate US Treasury te 0.5% Verizon Comms 3.65% Merrill Lynch Co Inc Mtn Be 6.875% General Elec 5.25% Goldman Sachs Grp 6.15% Jpmorgan Chase 6% US Treasury te 1.625% Bk Amer 5.65% Jpmorgan Chase 3.15% 1.1 0.7 0.4 0.4 0.3 0.3 0.3 0.3 0.3 0.3 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Vanguard ETFs current to the most recent month end by clicking on the following link: https://advisors.vanguard.com/vgapp/iip/site/advisorsec/home. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 209
Vanguard Intermediate-Term Corp Bd ETF VCIT Investment Grade Credit INAV ticker Vanguard Intermediate-Term Corp Bd ETF (Market) Vanguard Intermediate-Term Corp Bd ETF (NAV) 5.8 5.8 6.7 6.8 5.4 5.5 VCIT VCITIV Vanguard Group, Inc. 86.51 3,984 278,836 0.12 11/19/2009 2.69 2.84 3.17 3.24 0.41 4.7-5.8 1.14 The Vanguard Intermediate-Term Corporate Bond ETF (VCIT) seeks to track the performance of the Barclays U.S. 5-10 Year Corporate Bond Index. The index includes publicly issued U.S. corporate bonds that have maturities between 5 and 10 years, $250 million or more of outstanding face value, are fixed-rate, dollar-denominated, and rated investment grade. The index is market capitalization-weighted and rebalanced monthly. To track its index, VCIT may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. Time Period: 11/19/2009 to 8/20/2014 90.00 88.00 86.00 84.00 82.00 80.00 78.00 76.00 74.00 8/2010 2/2011 8/2011 2/2012 8/2012 2/2013 8/2013 2/2014 8/2014 Vanguard Intermediate-Term Corp Bd ETF Price Portfolio Statistics # of Holdings 30-Day SEC Yield (%) SEC Yield Date Average Effective Duration Maturity 1-3 Yr (%) Maturity 3-5 Yr (%) Maturity 5-7 Yr (%) Maturity 7-10 Yr (%) Maturity 10-15 Yr (%) Maturity 15-20 Yr (%) Maturity 20-30 Yr (%) Maturity 30+ Yr (%) Credit Quality Breakdown (%) AAA AA A BBB BB B Below B t Rated Vanguard Intermediate-Term Corp Bd ETF NAV 1,478 4.0 3.0 8/20/2014 6.5 0.0 0.2 38.6 60.6 0.3 0.0 0.3 0.1 0.0 10.0 20.0 30.0 40.0 50.0 60.0 CMT Market Liquidity Rate Verizon Comms 5.15% Apple 2.4% Goldman Sachs Grp 5.75% Bk Amer 3.3% Verizon Comms 4.5% Bk Amer 5.7% Morgan Stanley 5.625% Hsbc Fin 6.676% Goldman Sachs Grp 5.25% 1.1 1.0 0.4 0.4 0.4 0.3 0.3 0.3 0.3 0.3 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Vanguard ETFs current to the most recent month end by clicking on the following link: https://advisors.vanguard.com/vgapp/iip/site/advisorsec/home. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 210
ishares Intermediate Credit Bond CIU Investment Grade Credit INAV ticker ishares Intermediate Credit Bond (Market) ishares Intermediate Credit Bond (NAV) 2.9 3.1 3.9 4.1 3.6 3.6 5.2 5.5 CIU CIUIV BlackRock Fund s 110.09 6,015 251,836 0.20 1/5/2007 2.94 3.51 3.99 4.38 4.86 2.9-3.3 1.20 The ishares Intermediate Credit Bond ETF (CIU) seeks to track the performance of the Barclays U.S. Intermediate Credit Bond Index. The index includes publicly issued U.S. corporate and specified foreign debentures and secured notes that have maturities between 1 and 10 years, $250 million or more of outstanding face value, are fixed-rate, dollar-denominated, and rated investment grade. The index is market capitalizationweighted and rebalanced monthly. To track its index, CIU may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 114.00 112.00 110.00 108.00 106.00 104.00 102.00 100.00 98.00 ishares Intermediate Credit Bond Price Fixed Income Sectors Portfolio Statistics # of Holdings 30-Day SEC Yield (%) SEC Yield Date Average Effective Duration Maturity 1-3 Yr (%) Maturity 3-5 Yr (%) Maturity 5-7 Yr (%) Maturity 7-10 Yr (%) Maturity 10-15 Yr (%) Maturity 15-20 Yr (%) Maturity 20-30 Yr (%) Maturity 30+ Yr (%) Credit Quality Breakdown (%) AAA AA A BBB BB B Below B t Rated ishares Intermediate Credit Bond NAV % Government 5.6 Government Related 11.9 Taxable Municipal 0.3 Convertible 0.0 Corporate Bond 79.7 Preferred Stock 0.1 CMBS 0.1 Asset-Backed 0.2 Cash & Equivalents 2.2 Total 100.0 2,830 3.0 2.0 8/20/2014 4.2 28.4 30.4 16.0 24.8 0.2 0.0 0.1 0.2 0.0 10.0 20.0 30.0 40.0 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 211
Vanguard Long-Term Corporate Bond ETF VCLT Investment Grade Credit INAV ticker VCLT VCLTIV Vanguard Group, Inc. Time Period: 11/19/2009 to 8/20/2014 95.00 90.00 85.00 80.00 75.00 Vanguard Long-Term Corporate Bond ETF (Market) 10.9 Vanguard Long-Term Corporate Bond ETF (NAV) 12.0 YTD 1 Year 3 Years 5 Years 12.6 12.3 8.4 8.6 90.45 859 91,971 0.12 11/19/2009 4.01 3.98 3.95 4.21 0.50 10 Years 8.6-9.6 1.00 The Vanguard Long-Term Corporate Bond ETF (VCLT) seeks to track the performance of the Barclays U.S. 10+ Year Corporate Bond Index. The index includes publicly issued U.S. corporate bonds that have maturities greater than 10 years, $250 million or more of outstanding face value, are fixed-rate, dollardenominated, and rated investment grade. The index is market capitalization-weighted and rebalanced monthly. To track its index, VCLT may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 70.00 8/2010 2/2011 8/2011 2/2012 8/2012 2/2013 8/2013 2/2014 8/2014 Vanguard Long-Term Corporate Bond ETF Price Portfolio Statistics # of Holdings 30-Day SEC Yield (%) SEC Yield Date Average Effective Duration Maturity 1-3 Yr (%) Maturity 3-5 Yr (%) Maturity 5-7 Yr (%) Maturity 7-10 Yr (%) Maturity 10-15 Yr (%) Maturity 15-20 Yr (%) Maturity 20-30 Yr (%) Maturity 30+ Yr (%) Credit Quality Breakdown (%) AAA AA A BBB BB B Below B t Rated Vanguard Long-Term Corporate Bond ETF NAV 1,337 5.9 4.4 8/20/2014 13.5 0.0 0.0 0.0 0.1 6.9 14.7 75.9 2.4 0.0 10.0 20.0 30.0 40.0 50.0 Verizon Comms 6.55% General Elec Cap Corp Mtn Be 5.875% Verizon Comms 6.4% CMT Market Liquidity Rate General Elec Cap Corp Mtn Be 6.75% General Elec Cap Corp Mtn Be 6.875% Goldman Sachs Grp 6.75% Deutsche Telekom Intl Fin B V 8.25% British Telecom 8.625% Conocophillips 6.5% 1.6 0.6 0.6 0.6 0.5 0.5 0.5 0.4 0.4 0.4 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Vanguard ETFs current to the most recent month end by clicking on the following link: https://advisors.vanguard.com/vgapp/iip/site/advisorsec/home. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 212
ishares Floating Rate Bond FLOT Investment Grade Credit INAV ticker FLOT FLOTIV BlackRock Fund s 50.78 4,143 610,028 0.20 6/14/2011 0.24 0.51 0.19 Time Period: 6/14/2011 to 8/20/2014 51.00 50.75 50.50 50.25 50.00 49.75 49.50 49.25 49.00 48.75 8/2011 11/2011 2/2012 5/2012 8/2012 11/2012 2/2013 5/2013 8/2013 11/2013 2/2014 5/2014 8/2014 ishares Floating Rate Bond Price ishares Floating Rate Bond NAV Fixed Income Sectors % Government 0.2 Government Related 6.4 Corporate Bond 72.0 CMBS 1.3 Cash & Equivalents 20.0 Total 100.0 ishares Floating Rate Bond (Market) 0.4 0.7 1.2 ishares Floating Rate Bond (NAV) 0.4 0.9 1.3 1.1-1.8 1.09 The ishares Floating-Rate Bond ETF (FLOT) seeks to track the performance of the Barclays U.S. Floating Rate te < 5 Years Index. The index includes floating-rate bonds from corporate and non-corporate sectors that are rated investment grade, dollar-denominated, have a maturity between 1 month and five years, at least $300 million outstanding, and an original maturity of at least 18 months. Floating-rate notes include those with step-up coupons and 3-month LIBOR based fixed spread securities. The index is market capitalization-weighted and is rebalanced monthly. To track its index, FLOT may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. Portfolio Statistics # of Holdings 30-Day SEC Yield (%) SEC Yield Date Average Effective Duration Maturity 1-3 Yr (%) Maturity 3-5 Yr (%) Maturity 5-7 Yr (%) Maturity 7-10 Yr (%) Maturity 10-15 Yr (%) Maturity 15-20 Yr (%) Maturity 20-30 Yr (%) Maturity 30+ Yr (%) Credit Quality Breakdown (%) AAA AA A BBB BB B Below B t Rated 392 8.7 0.3 8/20/2014 0.2 76.4 23.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10.0 20.0 30.0 40.0 50.0 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 213
ishares iboxx $ High Yield Corporate Bd HYG High Yield Corporate INAV ticker ishares iboxx $ High Yield Corporate Bd (Market) ishares iboxx $ High Yield Corporate Bd (NAV) 2.4 3.3 5.4 6.9 7.2 7.6 9.5 10.4 HYG HYGIV BlackRock Fund s 94.36 12,638 3,608,225 0.50 4/4/2007 5.67 6.16 6.72 7.45 8.33 7.4-7.3 1.02 The ishares iboxx $ High Yield Corporate Bond ETF (HYG) seeks to track the performance of the Markit iboxx USD Liquid High Yield Index. The index includes publicly issued, high yield rated corporate debt that is fixed-rate, dollar-denominated, has an outstanding face value that is greater than or equal to $400 million, and is from an issuer that has $1 billion or more face value of bonds outstanding. Bonds must also have at least one year remaining to maturity. The index is modified market capitalization-weighted with an issuer cap of 3% and is rebalanced on a monthly basis. To track its index, HYG may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 98.00 96.00 94.00 92.00 90.00 88.00 86.00 84.00 82.00 80.00 ishares iboxx $ High Yield Corporate Bd Price Portfolio Statistics # of Holdings 30-Day SEC Yield (%) SEC Yield Date Average Effective Duration Maturity 1-3 Yr (%) Maturity 3-5 Yr (%) Maturity 5-7 Yr (%) Maturity 7-10 Yr (%) Maturity 10-15 Yr (%) Maturity 15-20 Yr (%) Maturity 20-30 Yr (%) Maturity 30+ Yr (%) Credit Quality Breakdown (%) AAA AA A BBB BB B Below B t Rated ishares iboxx $ High Yield Corporate Bd NAV 958 4.3 4.8 8/20/2014 3.9 7.6 22.0 35.5 33.3 0.7 0.0 0.1 0.8 0.0 10.0 20.0 30.0 40.0 50.0 Sprint 144A 7.875% Numericable Grp Sa 144A 6% First Data 12.625% Sprint Nextel 144A 9% Chrysler Grp Llc / Cg Co-Iss 8.25% Hca 6.5% Chs / Cmnty Health Sys 144A 6.875% Reynolds Grp Issuer 5.75% Tenet Healthcare 8.125% Heinz H J 4.25% 0.6 0.5 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 214
SPDR Barclays High Yield Bond JNK High Yield Corporate INAV ticker JNK JNKIV SSgA Funds Management Inc 42.00 41.00 40.00 39.00 38.00 37.00 36.00 SPDR Barclays High Yield Bond (Market) SPDR Barclays High Yield Bond (NAV) 2.9 3.7 6.7 7.6 7.3 7.5 10.5 11.2 41.34 9,408 4,177,769 0.40 11/28/2007 2.45 2.75 2.96 3.71 4.71 7.9-8.3 0.95 The SPDR Barclays High Yield Bond ETF (JNK) seeks to track the performance of the Barclays High Yield Very Liquid Index. The index includes publicly issued, high yield rated corporate debt that is fixed-rate, dollar-denominated, with $500 million or more of outstanding face value of bonds, and at least one year remaining to maturity. The three largest bonds with a maximum age of five years can be included in the index. The index is modified market capitalization-weighted with an issuer cap of 2% and is rebalanced on a monthly basis. To track its index, JNK may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 35.00 SPDR Barclays High Yield Bond Price Portfolio Statistics # of Holdings 30-Day SEC Yield (%) SEC Yield Date Average Effective Duration Maturity 1-3 Yr (%) Maturity 3-5 Yr (%) Maturity 5-7 Yr (%) Maturity 7-10 Yr (%) Maturity 10-15 Yr (%) Maturity 15-20 Yr (%) Maturity 20-30 Yr (%) Maturity 30+ Yr (%) Credit Quality Breakdown (%) AAA AA A BBB BB B Below B t Rated SPDR Barclays High Yield Bond NAV 721 5.3 5.2 8/19/2014 4.4 2.6 20.6 40.1 34.6 0.7 0.0 0.9 0.5 0.0 10.0 20.0 30.0 40.0 50.0 First Data 12.625% Sprint 144A 7.875% Numericable Grp Sa 144A 6% T Mobile Usa 6.625% Wind Acquisition Fin Sa 144A 7.375% Hca 6.5% Sprint Nextel 144A 9% Reynolds Grp Issuer 5.75% Chs / Cmnty Health Sys 144A 6.875% Tenet Healthcare 8.125% 0.7 0.7 0.6 0.5 0.5 0.5 0.5 0.5 0.5 0.4 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for SPDR ETFs current to the most recent month end by clicking on the following link: https://www.spdrs.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 215
SPDR BarCap ST High Yield Bond ETF SJNK High Yield Corporate INAV ticker SPDR BarCap ST High Yield Bond ETF (Market) SPDR BarCap ST High Yield Bond ETF (NAV) 1.0 1.5 4.5 5.1 SJNK SJNKIV SSgA Funds Management Inc 30.51 3,964 1,142,459 0.40 3/14/2012 1.65 1.53 The SPDR Barclays Short Term High Yield Bond ETF (SJNK) seeks to track the performance of the Barclays U.S. High Yield 350mn Cash Pay 0-5 Yr 2% Capped Index. The index includes publicly issued, high yield rated corporate debt that is fixed-rate, dollardenominated, has $350 million or more of outstanding par value of bonds, and less than 5 years remaining to maturity. The index is modified market capitalization-weighted with an issuer cap of 2% and is rebalanced on a monthly basis. To track its index, SJNK may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. Time Period: 3/14/2012 to 8/20/2014 31.25 31.00 30.75 30.50 30.25 30.00 29.75 29.50 29.25 29.00 5/2012 8/2012 11/2012 2/2013 5/2013 8/2013 11/2013 2/2014 5/2014 8/2014 SPDR BarCap ST High Yield Bond ETF Price Portfolio Statistics # of Holdings 30-Day SEC Yield (%) SEC Yield Date Average Effective Duration Maturity 1-3 Yr (%) Maturity 3-5 Yr (%) Maturity 5-7 Yr (%) Maturity 7-10 Yr (%) Maturity 10-15 Yr (%) Maturity 15-20 Yr (%) Maturity 20-30 Yr (%) Maturity 30+ Yr (%) Credit Quality Breakdown (%) AAA AA A BBB BB B Below B t Rated SPDR BarCap ST High Yield Bond ETF NAV 493 7.0 4.7 8/19/2014 2.5 25.5 74.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10.0 20.0 30.0 40.0 50.0 Sprint Nextel 144A 9% Springleaf Fin 6.9% Vpii Escrow 144A 6.75% Numericable Grp Sa 144A 4.875% Kinetic Concepts 10.5% Harrahs Oper 11.25% Sallie Mae 8.45% Peabody Engy 6% Arcelormittal Sa Luxembourg 6.125% Arcelormittal Sa Luxembourg 4.5% 0.9 0.7 0.7 0.7 0.7 0.7 0.7 0.6 0.6 0.5 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for SPDR ETFs current to the most recent month end by clicking on the following link: https://www.spdrs.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 216
PIMCO 0-5 Year High Yield Corp Bd ETF HYS High Yield Corporate INAV ticker PIMCO 0-5 Year High Yield Corp Bd ETF (Market) PIMCO 0-5 Year High Yield Corp Bd ETF (NAV) 0.9 1.4 4.8 5.4 6.6 6.8 HYS HYSIV Pacific Investment Management Co LLC 105.88 4,063 498,477 0.55 6/16/2011 4.63 5.57 3.04 5.2-5.8 1.28 The PIMCO 0-5 Year High Yield Corporate Bond Index Exchange Traded Fund (HYS) seeks to track the performance of BofA Merrill Lynch 0-5 Year US High Yield Constrained Index. The index includes publicly issued high yield bonds that are dollardenominated, have $100 million of outstanding face value, a fixed coupon schedule, and less than five years remaining until maturity. The index is modified market capitalization-weighted with an issuer cap of 2% and is rebalanced on a monthly basis. To track its index, HYS may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. Time Period: 6/16/2011 to 8/20/2014 108.00 106.00 104.00 102.00 100.00 98.00 96.00 94.00 92.00 90.00 8/2011 11/2011 2/2012 5/2012 8/2012 11/2012 2/2013 5/2013 8/2013 11/2013 2/2014 5/2014 8/2014 PIMCO 0-5 Year High Yield Corp Bd ETF Price Portfolio Statistics # of Holdings 30-Day SEC Yield (%) SEC Yield Date Average Effective Duration Maturity 1-3 Yr (%) Maturity 3-5 Yr (%) Maturity 5-7 Yr (%) Maturity 7-10 Yr (%) Maturity 10-15 Yr (%) Maturity 15-20 Yr (%) Maturity 20-30 Yr (%) Maturity 30+ Yr (%) Credit Quality Breakdown (%) Government AAA AA A BBB BB B Below B t Rated Cdx Hy22 5y Bp Ice Cdx Hy20 5y Bp Ice Sprint Nextel 6% Cit Grp 5% Sabine Pass Lng L P 7.5% Springleaf Fin 6.9% Cit Grp 4.25% Echostar Dbs 7.125% Sprint Nextel 144A 9% Algeco Scotsman Global Fin 144A 8.5% PIMCO 0-5 Year High Yield Corp Bd ETF NAV 377 2.7 3.6 8/20/2014 2.0 42.0 55.3 1.7 0.9 0.0 0.0 0.0 0.1 4.4 0.0 0.0 0.0 4.6 36.9 28.8 13.2 12.1-5.3-3.0 1.5 1.4 1.3 1.2 1.2 1.2 1.2 1.1 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for PIMCO ETFs current to the most recent month end by clicking on the following link: http://www.pimcoetfs.com/pages/default.aspx. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 217
SPDR Blackstone/GSO Senior Loan ETF SRLN Senior Loan INAV ticker SRLN SRLNIV SSgA Funds Management Inc 49.54 606 76,084 0.70 4/3/2013 0.95 Time Period: 4/3/2013 to 8/20/2014 50.40 50.20 50.00 49.80 49.60 49.40 5/2013 8/2013 11/2013 2/2014 5/2014 8/2014 SPDR Blackstone/GSO Senior Loan ETF Price SPDR Blackstone/GSO Senior Loan ETF NAV Portfolio Statistics # of Holdings 168 14.2 30-Day SEC Yield (%) 3.7 SEC Yield Date 8/19/2014 SPDR Blackstone/GSO Senior Loan ETF (Market) 1.2 2.6 SPDR Blackstone/GSO Senior Loan ETF (NAV) 1.0 2.3 The SPDR Blackstone / GSO Senior Loan ETF (SRLN) is an actively managed ETF that primarily invests in senior loans. SRLN will typically invest at least 80% of its net assets (plus any borrowings for investment purposes) in first lien senior secured floating rate bank loans. The fund anticipates investing approximately 50% to 75% of its net assets in senior loans that are eligible for inclusion in its primary and secondary benchmarks, which are the Markit iboxx USD Liquid Leveraged Loan Index and the S&P/LSTA U.S. Leveraged Loan 100 Index, respectively. SRLN's senior loan investments are expected to have no less than $250 million par outstanding. The fund is sub-advised by GSO / Blackstone Debt Funds Management LLC and the portfolio managers are Daniel T. McMullen and Lee Shaiman. Credit Quality Breakdown (%) AAA AA A BBB BB B Below B Clear Channel Comms 9% Dell Intl Llc Term Loan B Caesars Entmt Resort Pptys Llc Term Loan B Las Vegas Sands Llc Term Loan B Mph Acquisition Hldgs Llc Term Loan Interactive Data Corp Term Loan Minerals Technology Inc. Term Loan B Caesars Entertainment Extended Maturity Term B Quintiles Transnational Corp Term Loan B 3 Ineos Us Fin Llc Dollar Term Loan 0.0 0.0 0.0 4.4 30.7 57.3 7.6 2.0 1.9 1.4 1.3 1.3 1.2 1.2 1.2 1.1 1.1 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for SPDR ETFs current to the most recent month end by clicking on the following link: https://www.spdrs.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 218
PowerShares Senior Loan ETF BKLN Senior Loan INAV ticker BKLN BKLNIV Invesco PowerShares Capital Mgmt LLC Time Period: 3/3/2011 to 8/20/2014 25.50 25.00 24.50 24.00 23.50 23.00 24.63 6,826 2,538,980 0.65 3/3/2011 1.09 1.20 0.81 22.50 8/2011 2/2012 8/2012 2/2013 8/2013 2/2014 8/2014 PowerShares Senior Loan ETF Price PowerShares Senior Loan ETF NAV Portfolio Statistics # of Holdings 162 15.3 30-Day SEC Yield (%) 4.9 SEC Yield Date 7/31/2014 PowerShares Senior Loan ETF (Market) PowerShares Senior Loan ETF (NAV) 1.2 2.7 4.5 1.8 3.3 4.9 4.7-5.2 1.02 The PowerShares Senior Loan Portfolio (BKLN) seeks to track the performance of the S&P/LSTA U.S. Leveraged Loan 100 Index. The index consists of 100 of the largest loans from the S&P/LSTA Leveraged Loan Index. To be included in the index, loans must be senior secured, have a minimum initial term of 1-year, a minimum initial spread of LIBOR + 125 basis points, and be dollardenominated. BKLN can invest up to 20% of its portfolio in securities that are not included in the benchmark including, but not limited to, loan closed-end funds and high yield bonds. The index is market capitalization-weighted and is rebalanced semi-annually. Loans that exceed 2% are reduced to 1.9% at weekly reviews. To track its index, BKLN may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. Credit Quality Breakdown (%) AAA AA A BBB BB B Below B H.J. Heinz Comp 06/05/20 Fortescue Metal 06/30/2019 Asurion Corp 05/24/19 Tribune Company Tl 12/27/20 Intelsat Jackso 06/30/19 Avago Tech. Finance Pte Ltd. 05/06/21 Chrysler Auto Tl 5/24/17 Neiman Marcus H.J. Heinz Company 06/07/19 Dell International Llc 04/29/20 0.0 0.0 0.0 9.0 42.0 38.0 7.0 1.8 1.8 1.7 1.6 1.4 1.4 1.3 1.3 1.3 1.3 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for PowerShares ETFs current to the most recent month end by clicking on the following link: https://www.invesco.com/portal/site/us/investors/etfs/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 219
ishares US Preferred Stock PFF Preferred Stock INAV ticker PFF PFFIV BlackRock Fund s 39.85 10,466 1,757,410 0.47 3/26/2007 2.43 2.38 2.49 2.84 2.89 42.00 41.00 40.00 39.00 38.00 37.00 36.00 35.00 34.00 33.00 ishares US Preferred Stock Price ishares US Preferred Stock NAV Portfolio Statistics # of Holdings 325 15.1 30-Day SEC Yield (%) 5.7 SEC Yield Date 7/31/2014 ishares US Preferred Stock (Market) ishares US Preferred Stock (NAV) 10.6 8.9 7.2 9.1 10.2 8.9 7.2 9.2 7.3-6.5 0.98 The ishares U.S. Preferred Stock ETF (PFF) seeks to track the performance of the S&P U.S. Preferred Stock Index. The index includes preferred stocks trading on the NYSE (including the NYSE Arca and NYSE Amex), the NASDAQ Global Select Market, the NASDAQ Select Market or the NASDAQ Capital Market that do not have a mandatory conversion or scheduled maturity within the next 12 months, a market capitalization of more than $100 million, and that meet certain liquidity requirements. The index includes convertible preferreds, at least 15 trust preferreds, as well as preferreds that pay floating or variable rates. The index is modified market capitalization-weighted with issuers capped at 10% and it is rebalanced on a quarterly basis. To track its index, PFF may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. Hsbc Hldgs Pfd Gmac Cap Tr I Pfd Barclays Bank Plc Wells Fargo & Co, San Francisco Ca Pfd Citigroup Cap Xiii Pfd Hsbc Hldgs Pfd Deutsche Bk Contingent Cap Tr Iii Pfd Arcelormittal Preferred Stock 01/16 6. Wells Fargo & Co New Pfd Rbs Cap Fd Vii Pfd 2.5 1.8 1.7 1.5 1.5 1.4 1.3 1.3 1.1 1.1 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 220
PowerShares Preferred ETF PGX Preferred Stock INAV ticker PGX PGXIV Invesco PowerShares Capital Mgmt LLC 15.50 15.00 14.50 14.00 13.50 13.00 14.56 2,251 719,257 0.50 1/31/2008 0.91 0.95 0.93 0.95 1.09 12.50 PowerShares Preferred ETF Price PowerShares Preferred ETF NAV Portfolio Statistics # of Holdings 209 25.6 30-Day SEC Yield (%) 6.1 SEC Yield Date 8/20/2014 PowerShares Preferred ETF (Market) 11.2 9.2 7.5 8.9 PowerShares Preferred ETF (NAV) 10.9 9.2 7.5 9.1 5.5-5.9 1.34 The PowerShares Preferred Portfolio (PGX) seeks to track the performance of the BofA Merrill Lynch Core Plus Fixed Rate Preferred Securities Index. The index includes both traditional and other preferreds, which include preferreds issued by foreign companies in the form of ADRs as well as senior and subordinate debt securities. The preferred securities must have a rating of at least B3, an investment grade country risk profile and be fixed rate and dollar-denominated. The index is market capitalizationweighted and is rebalanced monthly. To track its index, PGX may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. Credit Quality Breakdown (%) AAA AA A BBB BB B Below B t Rated 0.0 10.0 20.0 30.0 40.0 50.0 Barclays Bank Plc Hsbc Hldgs Pfd Wells Fargo & Co, San Francisco Ca Pfd Morgan Stanley Cap Tr Vii Pfd Hsbc Hldgs Pfd Deutsche Bk Contingent Cap Tr V Pfd Gmac Cap Tr I Pfd Citigroup Cap Xiii Pfd Ing Groep Nv Pfd Public Storage Pfd 3.8 3.0 2.8 2.8 2.6 2.6 2.2 2.1 1.9 1.8 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for PowerShares ETFs current to the most recent month end by clicking on the following link: https://www.invesco.com/portal/site/us/investors/etfs/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 221
PowerShares Financial Preferred ETF PGF Preferred Stock PGF INAV ticker PGFIV Invesco PowerShares Capital Mgmt LLC 18.14 1,410 220,677 0.64 12/1/2006 1.12 1.16 1.23 1.25 1.43 19.00 18.50 18.00 17.50 17.00 16.50 16.00 15.50 15.00 14.50 PowerShares Financial Preferred ETF Price PowerShares Financial Preferred ETF NAV Portfolio Statistics # of Holdings 85 35.9 30-Day SEC Yield (%) 6.0 SEC Yield Date 8/20/2014 PowerShares Financial Preferred ETF (Market) 10.1 9.1 7.6 9.6 PowerShares Financial Preferred ETF (NAV) 9.9 9.0 7.7 9.8 8.3-6.9 0.93 The PowerShares Financial Preferred Portfolio (PGF) seeks to track the performance of the Wells Fargo Hybrid Preferred Securities Financial Index. The index includes fixed-rate preferred securities that are issued by financial institutions, listed on the New York Stock Exchange, have a par amount of $25, maintain a minimum par amount of $250 million outstanding, pay income that is qualified dividend income eligible, are rated B3 or above by Moody's or B- or above by S&P, and meet certain liquidity requirements. Trust and convertible preferreds are not included. The index is market capitalization-weighted and rebalanced monthly. To track its index, PGF may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. Credit Quality Breakdown (%) AAA AA A BBB BB B Below B t Rated 0.0 10.0 20.0 30.0 40.0 50.0 Hsbc Hldgs Pfd Barclays Bank Plc Ing Groep Nv Pfd Wells Fargo & Co, San Francisco Ca Pfd Hsbc Hldgs Pfd Pnc Finl Svcs Grp Pfd Bb&T Pfd Wells Fargo & Co New Pfd Ing Groep N V Pfd Royal Bank of Scotland Group (The) PLC 7.8 4.2 4.1 3.6 3.4 3.1 2.8 2.4 2.4 2.3 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for PowerShares ETFs current to the most recent month end by clicking on the following link: https://www.invesco.com/portal/site/us/investors/etfs/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 222
SPDR Barclays Capital Convertible Secs CWB Convertible Securities INAV ticker SPDR Barclays Capital Convertible Secs (Market) YTD 1 Year 3 Years 5 Years 10 Years 7.5 15.3 11.6 12.6 SPDR Barclays Capital Convertible Secs (NAV) 7.8 15.5 11.6 12.8 CWB CWBIV SSgA Funds Management Inc 50.64 2,932 522,687 0.40 4/14/2009 1.71 1.55 1.28 1.76 1.36 10.1-10.9 1.14 The SPDR Barclays Convertible Securities ETF (CWB) seeks to track the performance of the Barclays U.S. Convertible Bond > $500MM Index. The index includes convertible securities with outstanding issue sizes greater than $500 million, be a noncalled and non-defaulted security, have at least 31 days until maturity, be dollar-denominated, and are either registered or a convertible tranche issued under Rule 144A of the Securities Act of 1933. The index is market capitalization-weighted and is rebalanced monthly. To track its index, CWB may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 52.00 50.00 48.00 46.00 44.00 42.00 40.00 38.00 36.00 34.00 SPDR Barclays Capital Convertible Secs Price Portfolio Statistics # of Holdings 30-Day SEC Yield (%) SEC Yield Date Credit Quality Breakdown (%) AAA AA A BBB Below BBB t Rated Wells Fargo & Co, San Francisco Ca Pfd Gilead Sciences Cv 1.625% Bk Amer Pfd Intel Cv 3.25% Wellpoint Cv 2.75% Mylan Cv 3.75% Intel Cv 2.95% Arcelormittal Preferred Stock 01/16 6. Verisign Cv 3.25% Microchip Tech Cv 2.125% SPDR Barclays Capital Convertible Secs NAV 98 26.3 1.9 8/19/2014 0.3 0.0 8.8 26.6 34.3 29.9 4.6 3.7 3.4 3.2 2.2 2.0 2.0 2.0 2.0 1.9 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for SPDR ETFs current to the most recent month end by clicking on the following link: https://www.spdrs.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 223
PowerShares Build America Bond ETF BAB Taxable Municipal INAV ticker PowerShares Build America Bond ETF (Market) 10.8 11.2 8.2 PowerShares Build America Bond ETF (NAV) 10.6 10.5 8.1 BAB BABIV Invesco PowerShares Capital Mgmt LLC 29.52 685 102,569 0.28 11/17/2009 1.41 1.47 1.49 1.48 6.4-9.5 1.24 The PowerShares Build America Bond Portfolio (BAB) seeks to track the performance of the BofA Merrill Lynch Build America Bond Index. The index includes investment grade rated Build America Bonds issued by U.S. states and territories that have a minimum amount outstanding of $1 million, at least 18 months remaining until final maturity at the time of issuance, at least one year remaining to final maturity, and a fixed coupon schedule. The index is market capitalization-weighted and is rebalanced monthly. To track its index, BAB may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. Given that the Build America Bond program was discontinued in 2010, BAB's adviser will monitor the fund's holdings and may propose changes to the fund's investment strategies that it believes are in the best interests of the fund and its shareholders. Time Period: 11/17/2009 to 8/20/2014 32.00 31.00 30.00 29.00 28.00 27.00 26.00 25.00 24.00 8/2010 2/2011 8/2011 2/2012 8/2012 2/2013 8/2013 2/2014 8/2014 PowerShares Build America Bond ETF Price Portfolio Statistics # of Holdings 30-Day SEC Yield (%) SEC Yield Date Average Effective Duration Maturity 1-3 Yr (%) Maturity 3-5 Yr (%) Maturity 5-7 Yr (%) Maturity 7-10 Yr (%) Maturity 10-15 Yr (%) Maturity 15-20 Yr (%) Maturity 20-30 Yr (%) Maturity 30+ Yr (%) Credit Quality Breakdown (%) AAA AA A BBB BB B Below B t Rated PowerShares Build America Bond ETF NAV 258 18.9 4.1 7/31/2014 0.0 2.0 4.0 3.5 7.4 34.6 44.3 4.2 0.0 10.0 20.0 30.0 40.0 50.0 rth Tex Twy Auth 8.91% Invesco Treasurer's Ser Tr Prem Instl Illinois St Go Bds 5.563% California St Go Bds 7.5% Chicago Ill Brd Ed Go Bds 6.138% California St Go Bds 6.509% Univ Tex Univ Revs Fing Sys 4.644% Illinois St Go Bds 6.9% Municipal Elec Auth 7.055% New Jersey St Transn Tr Fd Aut Tr 6.561% 2.9 2.8 2.4 2.4 2.0 1.9 1.7 1.5 1.5 1.4 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for PowerShares ETFs current to the most recent month end by clicking on the following link: https://www.invesco.com/portal/site/us/investors/etfs/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 224
ishares National AMT-Free Muni Bond MUB Municipal Bond INAV ticker ishares National AMT-Free Muni Bond (Market) ishares National AMT-Free Muni Bond (NAV) 6.5 6.0 7.9 6.9 4.7 4.5 4.8 4.9 MUB MUBIV BlackRock Fund s 109.38 3,476 172,532 0.25 9/7/2007 3.13 3.20 3.58 3.77 3.71 4.3-7.2 1.05 The ishares National AMT-Free Muni Bond ETF (MUB) seeks to track the performance of the S&P National AMT-Free Municipal Bond Index. The index includes fixed-rate municipal bonds that are investment grade rated, have an outstanding par value of greater than or equal to $25 million, and are issued in part of a deal where the deal's original offering amount was at least $100 million. Taxable municipal bonds, municipal bonds that are subject to the alternative minimum tax, housing bonds, non-rated bonds, and tobacco bonds are excluded from the index. The index is market capitalization-weighted and rebalanced monthly. To track its index, MUB may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 115.00 112.50 110.00 107.50 105.00 102.50 100.00 97.50 95.00 ishares National AMT-Free Muni Bond Price Portfolio Statistics # of Holdings 30-Day SEC Yield (%) SEC Yield Date Average Effective Duration Maturity 1-3 Yr (%) Maturity 3-5 Yr (%) Maturity 5-7 Yr (%) Maturity 7-10 Yr (%) Maturity 10-15 Yr (%) Maturity 15-20 Yr (%) Maturity 20-30 Yr (%) Maturity 30+ Yr (%) Credit Quality Breakdown (%) AAA AA A BBB BB B Below B t Rated ishares National AMT-Free Muni Bond NAV 2,203 2.8 1.8 8/20/2014 6.2 8.1 9.1 8.1 9.7 16.5 16.7 27.2 4.7 0.0 10.0 20.0 30.0 40.0 50.0 60.0 California St Go Bds 6% California St Go Bds 5% New York St Twy Auth 5% rth Tex Twy Auth 5.125% California St Go Bds 5% Salt River Proj Ariz Agric Imp Elec S 5% Texas St Pub Fin Auth 4% New York N Y Go Bds 5% California St Go Bds 5% New York N Y City Mun Wtr Fin Rev Bds 5% 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.2 0.2 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 225
SPDR Nuveen Barclays Capital Muni Bond TFI Municipal Bond INAV ticker SPDR Nuveen Barclays Capital Muni Bond (Market) SPDR Nuveen Barclays Capital Muni Bond (NAV) 6.7 6.3 9.1 7.7 4.9 4.8 5.1 5.1 TFI TFIIV SSgA Funds Management Inc 23.87 1,067 194,776 0.23 9/11/2007 0.61 0.69 0.77 0.82 0.85 4.7-7.8 1.00 The SPDR Nuveen Barclays Municipal Bond ETF (TFI) seeks to track the performance of the Barclays Municipal Managed Money Index. The index includes fixed-rate municipal bonds that are rated Aa3/AA- or higher, have an outstanding par value of at least $7 million, issued in part of a transaction of at least $75 million, and have been issued within the last five years. Taxable municipal bonds, municipal bonds that are subject to the alternative minimum tax, housing bonds, hospital bonds, airline bonds, and tobacco bonds are excluded from the index. The index is market capitalization-weighted with issuers capped at 10% and is rebalanced monthly. To track its index, TFI may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 25.50 25.00 24.50 24.00 23.50 23.00 22.50 22.00 21.50 21.00 SPDR Nuveen Barclays Capital Muni Bond Price Portfolio Statistics # of Holdings 30-Day SEC Yield (%) SEC Yield Date Average Effective Duration Maturity 1-3 Yr (%) Maturity 3-5 Yr (%) Maturity 5-7 Yr (%) Maturity 7-10 Yr (%) Maturity 10-15 Yr (%) Maturity 15-20 Yr (%) Maturity 20-30 Yr (%) Maturity 30+ Yr (%) Credit Quality Breakdown (%) AAA AA A BBB BB B Below B t Rated SPDR Nuveen Barclays Capital Muni Bond NAV 436 12.3 2.0 8/19/2014 7.8 6.8 11.4 15.4 14.6 16.0 16.6 15.9 3.1 0.0 20.0 40.0 60.0 80.0 Wisconsin St Go Bds 5% Salt Riv Proj Agric Impt & Pwr Ref Re 5% Milwaukee Wis Go Prom N 5% New York N Y Go Bds 5% New York N Y Go Bds 5% New York St Dorm Auth 5% Pennsylvania St Go Bds 5% Connecticut St Go Bds 5% Univ Calif Revs For Prev Rev Bds 5% San Francisco Calif City & Cnt Ref Co 5% 2.2 1.3 1.2 1.2 1.2 1.1 1.1 1.1 1.1 1.1 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for SPDR ETFs current to the most recent month end by clicking on the following link: https://www.spdrs.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 226
ishares ST National AMTFree Muni Bnd SUB Municipal Bond INAV ticker ishares ST National AMTFree Muni Bnd (Market) ishares ST National AMTFree Muni Bnd (NAV) 0.4 0.6 1.3 1.2 1.0 0.9 1.0 1.5 SUB SUBIV BlackRock Fund s 106.37 887 37,491 0.25 11/5/2008 0.89 1.05 1.36 1.34 1.51 0.8-0.6 1.10 The ishares Short-Term National AMT-Free Muni Bond ETF (SUB) seeks to track the performance of the S&P Short-Term National AMT-Free Municipal Bond Index. The index includes fixed-rate municipal bonds with effective maturities between 1 month and 5 years that are investment grade rated, have an outstanding par value of greater than or equal to $25 million, and issued in part of a deal where the deal's original offering amount was at least $100 million. Taxable municipal bonds, municipal bonds that are subject to the alternative minimum tax, housing bonds, non-rated bonds, and tobacco bonds are excluded from the index. The index is market capitalization-weighted and rebalanced monthly. To track its index, SUB may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 108.00 107.25 106.50 105.75 105.00 104.25 103.50 102.75 102.00 ishares ST National AMTFree Muni Bnd Price Portfolio Statistics # of Holdings 30-Day SEC Yield (%) SEC Yield Date Average Effective Duration Maturity 1-3 Yr (%) Maturity 3-5 Yr (%) Maturity 5-7 Yr (%) Maturity 7-10 Yr (%) Maturity 10-15 Yr (%) Maturity 15-20 Yr (%) Maturity 20-30 Yr (%) Maturity 30+ Yr (%) Credit Quality Breakdown (%) AAA AA A BBB BB B Below B t Rated ishares ST National AMTFree Muni Bnd NAV 742 6.8 0.3 8/20/2014 2.0 41.1 41.7 1.1 4.8 4.8 2.4 2.5 1.5 0.0 10.0 20.0 30.0 40.0 50.0 60.0 New York St Twy Auth 5% New York St Dorm Auth 5% Massachusetts St Go Bds 5% Univ Tex Univ Revs Fing Sys 5% Illinois St Toll Hwy Auth 5% Massachusetts St Sch Bldg Auth 5% California St Dept Wtr Res Pwr Rev Bd 5% California St Various P 5% California St Go Bds 5% Louisiana St Go Ref Bd 5% 1.4 0.7 0.7 0.6 0.6 0.6 0.6 0.5 0.5 0.5 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 227
SPDR Nuveen Barclays Capital S/T Muni Bd SHM Municipal Bond INAV ticker SHM SHMIV SSgA Funds Management Inc 24.60 24.40 24.20 24.00 23.80 23.60 23.40 SPDR Nuveen Barclays Capital S/T Muni Bd (Market) 0.9 1.9 1.5 1.8 SPDR Nuveen Barclays Capital S/T Muni Bd (NAV) 0.9 2.0 1.3 1.8 24.39 2,321 489,122 0.20 10/10/2007 0.24 0.29 0.35 0.38 0.49 1.3-1.2 0.98 The SPDR Nuveen Barclays Short Term Municipal Bond ETF (SHM) seeks to track the performance of the Barclays Managed Money Municipal Short Term Index. The index includes fixed-rate municipal bonds with maturities between 1 and 5 years that are rated Aa3/AA- or higher, have an outstanding par value of at least $7 million, and issued in part of a transaction of at least $75 million. Taxable municipal bonds, municipal bonds that are subject to the alternative minimum tax, housing bonds, hospital bonds, airline bonds, and tobacco bonds are excluded from the index. The index is market capitalization-weighted with issuers capped at 10% and is rebalanced monthly. To track its index, SHM may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 23.20 SPDR Nuveen Barclays Capital S/T Muni Bd Price Portfolio Statistics # of Holdings 30-Day SEC Yield (%) SEC Yield Date Average Effective Duration Maturity 1-3 Yr (%) Maturity 3-5 Yr (%) Maturity 5-7 Yr (%) Maturity 7-10 Yr (%) Maturity 10-15 Yr (%) Maturity 15-20 Yr (%) Maturity 20-30 Yr (%) Maturity 30+ Yr (%) Credit Quality Breakdown (%) AAA AA A BBB BB B Below B t Rated SPDR Nuveen Barclays Capital S/T Muni Bd NAV 551 10.9 0.5 8/19/2014 2.9 45.4 48.9 1.8 0.0 0.0 0.4 1.8 1.6 0.0 20.0 40.0 60.0 80.0 State Street Instl Tax Free MMkt Invsmt California St Dept Wtr Res Pwr Pwr Su 5% Washington St For Issues Dtd P Ref Bd 4% Hawaii St Go Bds 5% Maryland St Go Bds Sa 5% Pennsylvania St Go Bds 5% Michigan St Go Ref Bd 5% New Mexico Mun Engy Acquisit Ref Bds 5% Florida Hurricane Catastrophe Rev Bds 5% Minnesota St Go St Var 5% 1.5 1.3 1.2 1.1 1.1 1.0 1.0 0.9 0.9 0.9 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for SPDR ETFs current to the most recent month end by clicking on the following link: https://www.spdrs.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 228
Market Vectors Short Municipal ETF SMB Municipal Bond INAV ticker SMB SMBIV Van Eck Associates Corporation 18.00 17.80 17.60 17.40 17.20 17.00 Market Vectors Short Municipal ETF (Market) 0.8 1.5 1.6 2.2 Market Vectors Short Municipal ETF (NAV) 1.2 1.9 1.6 2.5 17.61 252 60,510 0.20 2/22/2008 0.24 0.28 0.34 0.35 0.42 1.6-1.6 1.00 The Market Vectors Short Municipal Index ETF (SMB) seeks to track the performance of the Barclays AMT-Free Short Continuous Municipal Index. The index includes fixed-rate municipal bonds with maturities between 1 and 6 years that are investment grade rated, have an outstanding par value of at least $7 million, issued in part of a transaction of at least $75 million, and have a dated-date within the last five years. Taxable municipal bonds and those that are subject to the alternative minimum tax are excluded from the index. The index is market capitalizationweighted and rebalanced monthly. To track its index, SMB may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 16.80 Market Vectors Short Municipal ETF Price Portfolio Statistics # of Holdings 30-Day SEC Yield (%) SEC Yield Date Average Effective Duration Maturity 1-3 Yr (%) Maturity 3-5 Yr (%) Maturity 5-7 Yr (%) Maturity 7-10 Yr (%) Maturity 10-15 Yr (%) Maturity 15-20 Yr (%) Maturity 20-30 Yr (%) Maturity 30+ Yr (%) Credit Quality Breakdown (%) AAA AA A BBB BB B Below B t Rated Market Vectors Short Municipal ETF NAV 302 12.0 0.9 8/20/2014 3.1 36.8 47.4 9.2 0.3 0.4 2.0 2.1 1.8 0.0 10.0 20.0 30.0 40.0 50.0 Illinois St Go Ref Bd 5% Illinois St Go Bds 4% Baltimore Cnty Md Cons Pub 5% rth Carolina St Go Ref Bd 5% Cook Cnty Ill G O Ref B 5% Rochester Minn Health Care Fac Rev Bd 4% New Jersey St Transn Tr Fd Aut Transp 5% New Jersey St Transn Tr Fd Aut Trans 5% Gwinnett Cnty Ga Sch Dist 4.5% Chicago Ill Go Bds 5% 1.8 1.4 1.3 1.3 1.3 1.2 1.1 1.1 1.1 1.0 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Market Vector ETFs current to the most recent month end by clicking on the following link: http://vaneck.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 229
Market Vectors Intermediate Muni ETF ITM Municipal Bond INAV ticker Market Vectors Intermediate Muni ETF (Market) Market Vectors Intermediate Muni ETF (NAV) 6.0 ITM ITMIV Van Eck Associates Corporation YTD 1 Year 3 Years 5 Years 7.0 8.3 5.2 6.8 4.9 5.3 5.4 23.39 709 141,805 0.24 12/4/2007 0.58 0.62 0.74 0.73 0.76 10 Years 5.0-7.4 0.98 The Market Vectors Intermediate Municipal Index ETF (ITM) seeks to track the performance of the Barclays AMT-Free Intermediate Continuous Municipal Index. The index includes fixed-rate municipal bonds with maturities between 6 and 17 years that are investment grade rated, have an outstanding par value of at least $7 million, issued in part of a transaction of at least $75 million, and have a dated-date within the last five years. Taxable municipal bonds and those that are subject to the alternative minimum tax are excluded from the index. The index is market capitalization-weighted and rebalanced monthly. To track its index, ITM may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 24.50 24.00 23.50 23.00 22.50 22.00 21.50 21.00 20.50 20.00 Market Vectors Intermediate Muni ETF Price Portfolio Statistics # of Holdings 30-Day SEC Yield (%) SEC Yield Date Average Effective Duration Maturity 1-3 Yr (%) Maturity 3-5 Yr (%) Maturity 5-7 Yr (%) Maturity 7-10 Yr (%) Maturity 10-15 Yr (%) Maturity 15-20 Yr (%) Maturity 20-30 Yr (%) Maturity 30+ Yr (%) Credit Quality Breakdown (%) AAA AA A BBB BB B Below B t Rated Market Vectors Intermediate Muni ETF NAV 725 5.1 2.2 8/20/2014 7.3 0.0 0.0 13.7 35.8 39.2 11.0 0.0 0.2 0.0 10.0 20.0 30.0 40.0 50.0 60.0 California St Go Bds 5% New Jersey St Transn Tr Fd Aut Tra 5.25% New York St Twy Auth 5% Louisiana St Go Bds 4% Ohio State Go Hwy Ca 5% New York N Y City Transitional Future 5% New York St Dorm Auth 5% Harris Cnty Tex Cultural Ed Fa Hosp 5% Rhode Island Health & Edl Bldg Higher 5% Arkansas St Fed Hwy G 4% 0.7 0.6 0.5 0.5 0.5 0.5 0.5 0.5 0.4 0.4 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Market Vector ETFs current to the most recent month end by clicking on the following link: http://vaneck.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 230
PowerShares National AMT-Free MuniBd ETF PZA Municipal Bond INAV ticker PowerShares National AMT-Free MuniBd ETF (Market) 10.4 12.0 6.4 6.5 PowerShares National AMT-Free MuniBd ETF (NAV) 9.3 10.3 6.2 6.5 PZA PZAIV Invesco PowerShares Capital Mgmt LLC 24.91 678 141,205 0.28 10/11/2007 0.98 1.06 1.10 1.10 1.11 5.8-10.8 1.05 The PowerShares Insured National Municipal bond Portfolio (PZA) seeks to track the performance of the BofA Merrill Lynch National Long-Term Core Plus Municipal Securities Index. The index includes municipal bonds with maturities of 15 years or more that are investment grade rated, have a fixed coupon schedule, and a minimum par amount outstanding of $25 million. Taxable municipal bonds, municipal bonds that are subject to the alternative minimum tax, single- and multi-family housing bonds, and tobacco bonds are excluded from the index. The index is market capitalization-weighted and rebalanced monthly. To track its index, PZA may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 27.00 26.25 25.50 24.75 24.00 23.25 22.50 21.75 21.00 PowerShares National AMT-Free MuniBd ETF Price Portfolio Statistics # of Holdings 30-Day SEC Yield (%) SEC Yield Date Average Effective Duration Maturity 1-3 Yr (%) Maturity 3-5 Yr (%) Maturity 5-7 Yr (%) Maturity 7-10 Yr (%) Maturity 10-15 Yr (%) Maturity 15-20 Yr (%) Maturity 20-30 Yr (%) Maturity 30+ Yr (%) Credit Quality Breakdown (%) AAA AA A BBB BB B Below B t Rated PowerShares National AMT-Free MuniBd ETF NAV 176 26.1 2.8 8/20/2014 0.0 0.0 0.0 0.0 4.4 16.5 67.1 11.9 0.0 20.0 40.0 60.0 80.0 100.0 Chicago Ill Wastewater Transmi Rev Bd 5% Miami-Dade Cnty Fla Wtr & Swr Wtr Swr 5% Jasper Ala Go Wts 5% Inland Vy Dev Agy Calif Succes Tax Al 5% rth Tex Twy Auth 5.75% New Jersey St Transn Tr Fd Aut Tran 5.5% Metropolitan Transn Auth 5% Puerto Rico Comwlth Pub Impt 5% Pittsburg Calif Uni Sch Dist 5.5% New York N Y City Mun Wtr Fin Second 5% 4.0 3.4 3.3 2.8 2.8 2.6 2.2 2.2 2.0 1.9 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for PowerShares ETFs current to the most recent month end by clicking on the following link: https://www.invesco.com/portal/site/us/investors/etfs/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 231
Market Vectors Long Municipal ETF MLN Municipal Bond INAV ticker MLN MLNIV Van Eck Associates Corporation 21.00 20.25 19.50 18.75 18.00 17.25 16.50 Market Vectors Long Municipal ETF (Market) 11.9 13.1 6.7 6.5 Market Vectors Long Municipal ETF (NAV) 10.2 11.0 6.2 6.6 19.39 82 24,157 0.24 1/2/2008 0.78 0.78 0.85 0.82 0.85 7.2-13.6 0.87 The Market Vectors Long Municipal Index ETF (MLN) seeks to track the performance of the Barclays AMT-Free Short Continuous Municipal Index. The index includes fixed-rate municipal bonds with maturities of 17 years or more that are investment grade rated, have an outstanding par value of at least $7 million, issued in part of a transaction of at least $75 million, and have a dated-date within the last five years. Taxable municipal bonds and those that are subject to the alternative minimum tax are excluded from the index. The index is market capitalizationweighted and rebalanced monthly. To track its index, MLN may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 15.75 Market Vectors Long Municipal ETF Price Portfolio Statistics # of Holdings 30-Day SEC Yield (%) SEC Yield Date Average Effective Duration Maturity 1-3 Yr (%) Maturity 3-5 Yr (%) Maturity 5-7 Yr (%) Maturity 7-10 Yr (%) Maturity 10-15 Yr (%) Maturity 15-20 Yr (%) Maturity 20-30 Yr (%) Maturity 30+ Yr (%) Credit Quality Breakdown (%) AAA AA A BBB BB B Below B t Rated Market Vectors Long Municipal ETF NAV 151 13.2 3.5 8/20/2014 13.4 0.0 0.0 0.0 0.0 0.0 25.2 64.9 9.9 0.0 10.0 20.0 30.0 40.0 50.0 Tampa Fla Health Sys Rev Rev Bds 5% New York Liberty Dev Corp Libe Lib 5.75% New Jersey St Transn Tr Fd Aut Trans 5% Ohio St Higher Edl Fac Commn R Hosp 5% Lower Colo Riv Auth 5% Illinois Fin Auth 4% Metropolitan Transn Auth 3.5% Arizona Health Facs Auth 3.75% Oregon St For Issues Dtd Prior Go Bds 5% Miami-Dade Cnty Fla Tran Sys S Sales 5% 1.7 1.6 1.5 1.4 1.4 1.2 1.2 1.2 1.1 1.1 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Market Vector ETFs current to the most recent month end by clicking on the following link: http://vaneck.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 232
Market Vectors High-Yield Municipal ETF HYD HY Municipal INAV ticker Market Vectors High-Yield Municipal ETF (Market) Market Vectors High-Yield Municipal ETF (NAV) 9.5 8.9 6.9 6.6 7.0 6.5 7.7 8.2 HYD HYDIV Van Eck Associates Corporation 30.41 1,127 409,664 0.35 2/4/2009 1.69 1.64 1.75 1.76 1.73 6.4-11.6 1.02 The Market Vectors High-Yield Municipal Index ETF (HYD) seeks to track the performance of the Barclays Municipal Custom High Yield Composite Index. The index includes 75% in non-investment grade municipal bonds and 25% in Baa/BBB-rated investment grade municipal bonds to help with liquidity and balance. To be included in the index, high yield municipal bonds must have an outstanding par value of at least $3 million, 50% of the high yield bonds must have been issued as part of transactions of at least $100 million in value, and 25% must have been issued as part of transactions of $20-$100 million in value. Investment grade municipal bonds must have an outstanding par value of at least $7 million and issued as part of transactions of at least $100 million in value. All municipal bonds included need to be fixed-rate and have a dated-date after 12/31/90. The index is market capitalization-weighted and rebalanced monthly. To track its index, HYD may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 33.75 33.00 32.25 31.50 30.75 30.00 29.25 28.50 27.75 27.00 Market Vectors High-Yield Municipal ETF Price Portfolio Statistics # of Holdings 30-Day SEC Yield (%) SEC Yield Date Average Effective Duration Maturity 1-3 Yr (%) Maturity 3-5 Yr (%) Maturity 5-7 Yr (%) Maturity 7-10 Yr (%) Maturity 10-15 Yr (%) Maturity 15-20 Yr (%) Maturity 20-30 Yr (%) Maturity 30+ Yr (%) Credit Quality Breakdown (%) AAA AA A BBB BB B Below B t Rated Market Vectors High-Yield Municipal ETF NAV 602 9.4 4.9 8/20/2014 10.5 0.7 0.6 2.0 6.9 12.7 19.1 40.2 17.8 0.0 10.0 20.0 30.0 40.0 50.0 Overland Park Kans Dev Corp Re Re 5.125% Sanger Tex Indl Dev Corp Indl Rev Bds 8% Foothill / Eastern Transn Corr Ref 5.5% Jefferson Cnty Ala Swr Rev Swr Rev 6.5% Dreyfus Tax Exempt Cash Mmt Class B Salt Verde Finl Corp Sr Gas Re Senior 5% South Carolina Jobs-Economic D Hos 5.25% Metropolitan Wash D C Arpts Au Second 5% Texas Mun Gas Acquisition & Su Sr 6.25% New Jersey Econ Dev Auth 6.625% 1.6 1.0 1.0 0.9 0.9 0.9 0.8 0.8 0.8 0.8 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Market Vector ETFs current to the most recent month end by clicking on the following link: http://vaneck.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 233
Vanguard Total International Bond ETF BNDX Intl. Broad Market Fixed Income INAV ticker BNDX BNDXIV Vanguard Group, Inc. Time Period: 5/31/2013 to 8/20/2014 52.00 51.50 51.00 50.50 50.00 49.50 49.00 3-Month Average Daily Volume (Shares) Vanguard Total International Bond ETF (Market) Vanguard Total International Bond ETF (NAV) 4.8 4.9 5.8 5.6 51.90 1,604 189,292 0.20 5/31/2013 0.43 The Vanguard Total International Bond ETF (BNDX) seeks to track the performance of the Barclays Global Aggregate ex-usd Float Adjusted RIC Capped Index (USD Hedged). The index seeks to provide exposure to the global, investment grade rated fixed income markets and includes both developed and emerging markets debt while hedging the currency risk. To be included in the index, bonds must pay a fixed rate, rated investment grade, have a remaining maturity of at least 1 year, and meet certain market capitalization requirements. The index is rebalanced monthly and is floatadjusted market capitalization-weighted with exposure to any particular bond issuer (including foreign governments) capped at 20%. To track its index, BNDX may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 48.50 Vanguard Total International Bond ETF Price Country Breakdown (%) Portfolio Date: 6/30/2014 Portfolio Statistics # of Holdings SEC Yield SEC Yield Date Average Eff Duration Maturity 1-3 Yr % Maturity 3-5 Yr % Maturity 5-7 Yr % Maturity 7-10 Yr % Maturity 10-15 Yr % Maturity 15-20 Yr % Maturity 20-30 Yr % Maturity 30+ Yr % 8/2013 11/2013 2/2014 5/2014 8/2014 Credit Quality Breakdown (%) AAA % AA % A % BBB % BB % B % Below B % t Rated % Vanguard Total International Bond ETF NAV % Australia 2.8 Canada 5.4 France 11.9 Germany 9.4 Italy 8.3 Japan 22.2 Netherlands 4.6 Spain 5.8 United Kingdom 8.0 Other Countries 3.5 Other 18.2 Total 100.0 2,749 4.6 1.3 7/31/2014 6.7 23.0 19.2 14.4 17.5 8.9 6.4 8.3 2.3 0.0 10.0 20.0 30.0 40.0 50.0 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Vanguard ETFs current to the most recent month end by clicking on the following link: https://advisors.vanguard.com/vgapp/iip/site/advisorsec/home. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 234
SPDR Barclays International Treasury Bd BWX International Treasury INAV ticker BWX BWXIV SSgA Funds Management Inc 64.00 62.00 60.00 58.00 56.00 54.00 3-Month Average Daily Volume (Shares) SPDR Barclays International Treasury Bd (Market) SPDR Barclays International Treasury Bd (NAV) 4.4 4.5 5.7 6.0 1.0 0.9 3.1 3.4 59.86 2,417 205,512 0.50 10/2/2007 1.07 1.24 1.97 0.53 0.49 6.6-7.0 0.16 The SPDR Barclays International Treasury Bond ETF (BWX) seeks to track the performance of the Barclays Global Treasury ex-us Capped Index. The index includes government bonds issued by investment grade rated developed and emerging markets countries outside of the United States that are issued in local currency, have a remaining maturity of one year or more, pay a fixed rate, and meet minimum amount of debt outstanding requirements. The index is modified market capitalizationweighted and is rebalanced monthly. To track its index, BWX may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 52.00 SPDR Barclays International Treasury Bd Price Country Breakdown (%) Portfolio Statistics # of Holdings SEC Yield SEC Yield Date Average Eff Duration Maturity 1-3 Yr % Maturity 3-5 Yr % Maturity 5-7 Yr % Maturity 7-10 Yr % Maturity 10-15 Yr % Maturity 15-20 Yr % Maturity 20-30 Yr % Maturity 30+ Yr % Credit Quality Breakdown (%) AAA % AA % A % BBB % BB % B % Below B % t Rated % SPDR Barclays International Treasury Bd NAV % Australia 4.6 Belgium 6.2 Canada 6.6 France 5.5 Germany 6.6 Italy 7.2 Japan 20.8 Netherlands 3.9 Spain 5.7 United Kingdom 9.8 Other 23.1 Total 100.0 565 6.9 1.1 8/19/2014 7.2 22.4 20.8 10.4 19.0 8.7 6.2 9.7 2.7 0.0 10.0 20.0 30.0 40.0 50.0 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for SPDR ETFs current to the most recent month end by clicking on the following link: https://www.spdrs.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 235
ishares International Treasury Bond IGOV International Treasury INAV ticker 3-Month Average Daily Volume (Shares) ishares International Treasury Bond (Market) ishares International Treasury Bond (NAV) 4.2 4.5 6.7 6.5 0.9 1.0 2.3 2.7 IGOV IGOVIV BlackRock Fund s 103.69 572 49,635 0.35 1/21/2009 1.32 2.19 4.05 2.31 2.00 7.0-8.5 0.16 The ishares International Treasury Bond ETF (IGOV) seeks to track the performance of the S&P/Citigroup International Treasury Bond Index Ex-US. The index includes international, developed market Treasury securities that pay a fixed rate, have at least one year remaining to maturity, and meet minimum country level issuance thresholds. The index is modified market capitalization-weighted and is rebalanced monthly. Country index weights are set annually. To track its index, IGOV may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 112.50 110.00 107.50 105.00 102.50 100.00 97.50 95.00 92.50 ishares International Treasury Bond Price Country Breakdown (%) Portfolio Statistics # of Holdings SEC Yield SEC Yield Date Average Eff Duration Maturity 1-3 Yr % Maturity 3-5 Yr % Maturity 5-7 Yr % Maturity 7-10 Yr % Maturity 10-15 Yr % Maturity 15-20 Yr % Maturity 20-30 Yr % Maturity 30+ Yr % Credit Quality Breakdown (%) AAA % AA % A % BBB % BB % B % Below B % t Rated % ishares International Treasury Bond NAV % Australia 4.8 Belgium 4.9 France 6.5 Germany 5.9 Ireland 4.7 Italy 7.0 Japan 23.9 Netherlands 4.9 Spain 4.6 United Kingdom 5.6 Other 27.4 Total 100.0 547 7.5 0.8 8/20/2014 6.9 19.8 19.4 14.2 18.9 9.3 6.2 9.9 2.2 0.0 10.0 20.0 30.0 40.0 50.0 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 236
SPDR DB Intl Govt Infl-Protected Bond WIP Intl. Inflation Protected INAV ticker 3-Month Average Daily Volume (Shares) SPDR DB Intl Govt Infl-Protected Bond (Market) SPDR DB Intl Govt Infl-Protected Bond (NAV) WIP WIPIV SSgA Funds Management Inc YTD 1 Year 3 Years 5 Years 10 Years 7.2 8.7 2.6 5.5 6.1 8.0 2.4 61.45 947 54,726 0.50 3/13/2008 5.7 1.39 1.57 2.64 1.37 0.42 9.1-8.2 0.29 The SPDR DB International Government Inflation-Protected Bond ETF (WIP) seeks to track the performance of the DB Global Government ex-us Inflation-Linked Bond Capped Index. The index includes international inflation-linked government bonds from developed and emerging markets countries that are denominated in and pay a coupon in the local currency, meet minimum debt outstanding requirements, and have at least one year remaining to maturity. They must also pay a fixed, step-up, or zero notional coupon. The index is modified market capitalizationweighted and rebalanced monthly. To track its index, WIP may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 66.0 64.0 62.0 60.0 58.0 56.0 54.0 52.0 50.0 SPDR DB Intl Govt Infl-Protected Bond Price Country Breakdown (%) Portfolio Statistics # of Holdings Maturity 1-3 Yr % Maturity 3-5 Yr % Maturity 5-7 Yr % Maturity 7-10 Yr % Maturity 10-15 Yr % Maturity 15-20 Yr % Maturity 20-30 Yr % Maturity 30+ Yr % Credit Quality Breakdown (%) AAA % AA % A % BBB % BB % B % Below B % t Rated % SPDR DB Intl Govt Infl-Protected Bond NAV % Australia 5.8 Canada 6.4 Chile 3.8 France 19.4 Germany 6.3 Israel 4.2 Poland 4.7 South Korea 3.8 Sweden 6.1 United Kingdom 23.3 Other 16.3 Total 100.0 106 23.9 17.5 4.9 15.6 21.0 10.5 11.1 11.4 8.0 0.0 10.0 20.0 30.0 40.0 50.0 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for SPDR ETFs current to the most recent month end by clicking on the following link: https://www.spdrs.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 237
ishares JPMorgan USD Emerg Markets Bond EMB EM External Debt INAV ticker EMB EMBIV BlackRock Fund s 125.00 120.00 115.00 110.00 105.00 100.00 3-Month Average Daily Volume (Shares) ishares JPMorgan USD Emerg Markets Bond (Market) ishares JPMorgan USD Emerg Markets Bond (NAV) 8.3 9.0 9.9 10.0 5.7 6.1 8.5 9.0 114.83 4,678 938,168 0.60 12/17/2007 5.14 5.12 5.30 5.51 5.73 8.4-10.9 0.73 The ishares J.P. Morgan USD Emerging Markets Bond ETF (EMB) seeks to track the performance of the J.P. Morgan EMBI Global Core Index. The index provides exposure to US dollar denominated emerging markets debt that is issued by sovereign and quasi-sovereign entities, has a current face amount outstanding of $1 billion or more, and at least 2.5 years remaining until maturity. The index is modified market capitalization-weighted and is rebalanced monthly. To track its index, EMB may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 95.00 ishares JPMorgan USD Emerg Markets Bond Price Country Breakdown (%) Portfolio Statistics # of Holdings SEC Yield SEC Yield Date Average Eff Duration Maturity 1-3 Yr % Maturity 3-5 Yr % Maturity 5-7 Yr % Maturity 7-10 Yr % Maturity 10-15 Yr % Maturity 15-20 Yr % Maturity 20-30 Yr % Maturity 30+ Yr % Credit Quality Breakdown (%) AAA % AA % A % BBB % BB % B % Below B % t Rated % ishares JPMorgan USD Emerg Markets Bond NAV % Brazil 5.4 Colombia 4.5 Hungary 4.2 Indonesia 5.5 Mexico 4.9 Philippines 5.5 Russia 5.3 South Africa 4.4 Turkey 5.9 Other Countries 30.6 Other 23.7 Total 100.0 268 10.7 4.4 8/20/2014 7.1 5.9 13.1 17.4 28.0 8.0 8.3 16.7 2.7 0.0 10.0 20.0 30.0 40.0 50.0 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 238
PowerShares Emerging Markets Sov Dbt ETF PCY EM External Debt INAV ticker 3-Month Average Daily Volume (Shares) PowerShares Emerging Markets Sov Dbt ETF (Market) 10.1 10.7 6.6 9.1 PowerShares Emerging Markets Sov Dbt ETF (NAV) 10.6 11.0 6.9 9.7 PCY PCYIV Invesco PowerShares Capital Mgmt LLC 29.12 2,199 595,663 0.50 10/11/2007 1.27 1.45 1.49 1.57 1.61 9.5-13.1 0.75 The PowerShares Emerging Markets Sovereign Debt Portfolio (PCY) seeks to track the performance of the DB Emerging Market USD Liquid Balanced Index. To be included in the index, emerging markets bonds must be dollar-denominated, issued by sovereign or quasi-sovereign entities, have at least $500 million amount outstanding, have at least 3 years remaining until maturity, and pay a fixed rate. The index includes 1-3 bonds per country that have the widest Z-spread, which is being used to select bonds with the highest outperformance potential versus swaps among a group of bonds from the same country with similar risks and very high correlations. The countries are selected on an annual basis. Countries within the index are equally weighted and bonds within each country are equally weighted as well. The index is rebalanced and reviewed quarterly. To track its index, PCY may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. 32.00 31.00 30.00 29.00 28.00 27.00 26.00 25.00 24.00 PowerShares Emerging Markets Sov Dbt ETF Price Country Breakdown (%) Portfolio Statistics # of Holdings SEC Yield SEC Yield Date Average Eff Duration Maturity 1-3 Yr % Maturity 3-5 Yr % Maturity 5-7 Yr % Maturity 7-10 Yr % Maturity 10-15 Yr % Maturity 15-20 Yr % Maturity 20-30 Yr % Maturity 30+ Yr % Credit Quality Breakdown (%) AAA % AA % A % BBB % BB % B % Below B % t Rated % PowerShares Emerging Markets Sov Dbt ETF NAV % Brazil 4.4 Colombia 4.5 Hungary 4.4 Indonesia 4.5 Mexico 4.6 Peru 4.3 South Korea 4.3 Turkey 4.6 Venezuela 4.6 Other Countries 34.7 Other 25.0 Total 100.0 67 19.0 4.5 7/31/2014 1.5 6.4 20.9 16.4 5.9 13.1 34.3 1.5 0.0 10.0 20.0 30.0 40.0 50.0 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for PowerShares ETFs current to the most recent month end by clicking on the following link: https://www.invesco.com/portal/site/us/investors/etfs/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 239
Market Vectors EM Local Currency Bd ETF EMLC EM Local Debt INAV ticker 3-Month Average Daily Volume (Shares) Market Vectors EM Local Currency Bd ETF (Market) Market Vectors EM Local Currency Bd ETF (NAV) 4.8 4.8 3.7 3.4 0.0 0.2 EMLC EMLCIV Van Eck Associates Corporation 23.88 889 289,784 0.47 7/22/2010 1.22 1.12 1.40 0.49 12.9-10.4 0.07 The Market Vectors Emerging Markets Local Currency Bond ETF (EMLC) seeks to track the performance of the J.P. Morgan GBI- EMG Core Index. The index includes local currency bonds issued by emerging market governments that are fixed-rate, noncallable, have at least 13 months remaining to maturity, and that meet liquidity criteria around pricing, availability, and replication costs. The index is modified market capitalizationweighted with country floors set at 3% and caps set at 10%. The index is rebalanced monthly. To track its index, EMLC may utilize optimization techniques to invest in a subset of the full index that approximates the key characteristics of the index. Time Period: 7/22/2010 to 8/20/2014 28.50 27.75 27.00 26.25 25.50 24.75 24.00 23.25 22.50 21.75 2/2011 8/2011 2/2012 8/2012 2/2013 8/2013 2/2014 8/2014 Market Vectors EM Local Currency Bd ETF Price Country Breakdown (%) Portfolio Statistics # of Holdings SEC Yield SEC Yield Date Average Eff Duration Maturity 1-3 Yr % Maturity 3-5 Yr % Maturity 5-7 Yr % Maturity 7-10 Yr % Maturity 10-15 Yr % Maturity 15-20 Yr % Maturity 20-30 Yr % Maturity 30+ Yr % Credit Quality Breakdown (%) AAA % AA % A % BBB % BB % B % Below B % t Rated % Market Vectors EM Local Currency Bd ETF NAV % Brazil 7.4 Colombia 5.7 Indonesia 6.7 Malaysia 8.9 Mexico 6.7 Poland 9.4 South Africa 9.9 Thailand 6.4 Turkey 7.2 Other Countries 9.6 Other 22.0 Total 100.0 247 18.2 4.8 6/30/2014 4.5 25.8 14.7 18.0 19.3 11.3 4.5 5.8 0.6 0.0 10.0 20.0 30.0 40.0 50.0 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Market Vector ETFs current to the most recent month end by clicking on the following link: http://vaneck.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 240
PowerShares DB Commodity Tracking ETF DBC Broad Commodity Intraday NAV DBC DBCIIV DB Commodity Services, LLC Partnership (3C1) K-1 32.00 30.00 28.00 26.00 24.00 22.00 PowerShares DB Commodity Index Tracking (Market) -1.3-2.4-5.8 1.9 PowerShares DB Commodity Index Tracking (NAV) -1.1-2.2-5.8 1.9 24.85 5,482 1,800,088 0.85 30 85.4 2/3/2006 15.1-17.9-0.32 The PowerShares DB Commodity Index Tracking Fund (DBC) seeks to track the performance of the DBIQ Optimum Yield Diversified Commodity Index Excess Return plus the interest income from the fund's holdings of U.S. Treasury securities less expenses. The index includes 14 commodities drawn from energy, precious metals, industrial metals, and agriculture sectors. The index employs an Optimum Yield roll methodology that is designed to maximize the potential roll returns by selecting the futures contract that expire within the next 13 months with the highest implied roll yield (maximize the benefit in backwardated markets and minimize the losses in contangoed markets). The index is rebalanced annually in vember to fixed weights. 20.00 PowerShares DB Commodity Tracking ETF Price Sector Breakdown (%) Energy Agriculture Industrial Metals Precious Metals Livestock Commodity Breakdown (%) Light Crude Brent Crude RBOB Gasoline Heating Oil Gold Natural Gas Sugar #11 Soybeans Zinc Wheat Corn Aluminum Copper - Grade A Silver PowerShares DB Commodity Tracking ETF NAV 57.6 19.2 13.4 9.8 0.0 (%) 13.3 13.0 12.9 12.8 7.9 5.7 5.2 5.2 5.0 4.5 4.4 4.3 4.1 1.9 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for PowerShares ETFs current to the most recent month end by clicking on the following link: https://www.invesco.com/portal/site/us/investors/etfs/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 241
GreenHaven Continuous Commodity ETF GCC Broad Commodity Intraday NAV GreenHaven Continuous Commodity ETF (Market) GreenHaven Continuous Commodity ETF (NAV) 3.5 3.6 2.3 2.4-8.3-8.3 2.5 2.6 GCC GCCIV Greenhaven Commodity Services LLC Partnership (3C1) K-1 26.01 342 57,117 0.85 50 13.6 1/24/2008 14.3-27.0-0.53 The GreenHaven Continuous Commodity Index Fund (GCC) seeks to track the performance of the Thomson Reuters Equal Continuous Commodity Total Return Index. This index is an equally weighted index of 17 commodities drawn from the energy, precious metals, industrial metals, agriculture, and livestock sectors plus an additional Treasury bill yield. The roll periods for the futures contract take place during the week leading up to the second Friday of January, February, April, June, August, and vember of every year and contracts are rolled over a five day period. The ETF is rebalanced every day in order to maintain each commodity's weight as close to 1/17th of the total as possible. 38.00 36.00 34.00 32.00 30.00 28.00 26.00 24.00 22.00 GreenHaven Continuous Commodity ETF Price Sector Breakdown (%) Agriculture Energy Precious Metals Livestock Industrial Metals Commodity Breakdown (%) Cocoa Coffee Copper Corn Cotton Crude oil Gold Heating oil Lean hogs Live cattle Natural gas Platinum Silver Soy oil Soybeans Sugar Wheat GreenHaven Continuous Commodity ETF NAV 47.1 17.6 17.6 11.8 5.9 5.9 5.9 5.9 5.9 5.9 5.9 5.9 5.9 5.9 5.9 5.9 5.9 5.9 5.9 5.9 5.9 5.9 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Greenhaven ETFs current to the most recent month end by clicking on the following link: http://www.greenhavenfunds.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 242
PowerShares DB Agriculture ETF DBA Commodity - Agriculture Intraday NAV DBA DBAIV DB Commodity Services, LLC Partnership (3C1) K-1 36.00 34.00 32.00 30.00 28.00 26.00 24.00 PowerShares DB Agriculture ETF (Market) 10.6 8.9-6.0 1.1 PowerShares DB Agriculture ETF (NAV) 10.5 9.0-6.0 1.2 25.84 1,184 686,775 0.85 28 91.7 1/5/2007 14.5-28.8-0.36 The PowerShares DB Agriculture Index Tracking Fund (DBA) seeks to track the performance of the DBIQ Optimum Yield Diversified Agriculture Index Excess Return plus the interest income from the fund's holdings of U.S. Treasury securities less expenses. The index includes 11 agriculture commodities and employs an Optimum Yield roll methodology that is designed to maximize the potential roll returns by selecting the futures contract that expire within the next 13 months with the highest implied roll yield (maximize the benefit in backwardated markets and minimize the losses in contangoed markets). The index is rebalanced annually in vember to fixed weights. 22.00 PowerShares DB Agriculture ETF Price Sector Breakdown (%) Agriculture Livestock Commodity Breakdown (%) Coffee "C" Live cattle Cocoa Sugar #11 Soybeans Corn Lean hogs Kansas wheat Feeder cattle Wheat Cotton #2 PowerShares DB Agriculture ETF NAV 72.7 27.3 (%) 17.8 14.1 12.3 10.9 10.6 9.0 8.2 5.2 5.1 4.7 2.3 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for PowerShares ETFs current to the most recent month end by clicking on the following link: https://www.invesco.com/portal/site/us/investors/etfs/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 243
United States Oil USO Commodity - Energy Intraday NAV United States Oil (Market) 2.8-2.8-1.0-0.3 United States Oil (NAV) 3.2-2.6-0.9-0.3 USO UOI United States Commodity Funds LLC Partnership (3C1) K-1 34.86 712 2,930,036 0.61 10 50.3 4/10/2006 23.2-17.9 0.07 The United States Oil Fund (USO) seeks to track the price movement of West Texas Intermediate light, sweet crude oil less expenses. The benchmark is the near month, WTI light sweet crude oil contract delivered to Cushing, Oklahoma traded on the NYMEX. When the near month contract is within two weeks of expiration, the benchmark will be the next month contract to expire. USO will typically invest in crude oil futures contracts and other oil related futures contracts. It may also invest in forwards and swap contracts. The collateral is invested in cash, cash equivalents, and US government obligations with two years or less remaining until maturity. In implementing the roll, USO will sell the near month contract and buy the next month contract over a four-day period. 47.50 45.00 42.50 40.00 37.50 35.00 32.50 30.00 27.50 United States Oil Price Sector Breakdown (%) United States Oil NAV Energy 100.0 Holdings Breakdown NYMEX WTI crude oil futures US Treasury bills Cash All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for USCF ETFs current to the most recent month end by clicking on the following link: http://www.unitedstatescommodityfunds.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 244
United States Natural Gas UNG Commodity - Energy Intraday NAV UNG UNGIV United States Commodity Funds LLC Partnership (3C1) K-1 100.00 80.00 60.00 40.00 20.00 United States Natural Gas (Market) United States Natural Gas (NAV) 21.07 696 5,937,287 0.85 9 49.4 4/18/2007 2.0 15.9-20.5-27.1 2.7 15.9-20.4-26.8 35.3-61.8-0.47 The United States Natural Gas Fund (UNG) seeks to track the price movement of natural gas less expenses. The benchmark is the near month, natural gas contract delivered to at the Henry Hub, Louisiana traded on the NYMEX. When the near month contract is within two weeks of expiration, the benchmark will be the next month contract to expire. UNG will typically invest in natural gas futures contracts and other natural gas related futures contracts. It may also invest in forwards and swap contracts. The collateral is invested in cash, cash equivalents, and US government obligations with two years or less remaining until maturity. In implementing the roll, UNG will sell the near month contract and buy the next month contract over a four-day period. 0.00 United States Natural Gas Price Sector Breakdown (%) United States Natural Gas NAV Energy 100.0 Holdings Breakdown NYMEX natural gas futures ICE natural gas futures US Treasury bills Cash All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for USCF ETFs current to the most recent month end by clicking on the following link: http://www.unitedstatescommodityfunds.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 245
ETFS Physical PM Basket ETF GLTR Commodity - Precious Metals Intraday NAV ETFS Physical PM Basket Shares (Market) 6.7 0.2-12.2 ETFS Physical PM Basket Shares (NAV) 7.5 0.8-12.0 GLTR GLTRIV ETF Securities Ltd Grantor Trust 69.46 177 8,465 0.60 4 100.0 10/22/2010 25.2-42.0-0.38 The ETFS Physical Precious Metals Basket Shares (GLTR) seeks to track the price of a basket of gold, silver, platinum, and palladium net of trust expenses. The trust holds the metals that in an allocated account with the custodian, JP Morgan Bank, N.A., in vaults in London, UK / Zurich, and Switzerland. The metals must be in the form of London Good Delivery Bars and the weighting is 0.030 oz gold, 1.100 oz silver, 0.004 oz platinum, and 0.006 oz palladium. The amount of precious metal represented by the shares will continue to gradually decline as metal is sold to pay the fund's expenses. For tax purposes, long-term gains are taxed as collectibles and subject to a maximum rate of 28%. Time Period: 10/22/2010 to 8/20/2014 120.00 112.50 105.00 97.50 90.00 82.50 75.00 67.50 60.00 2/2011 8/2011 2/2012 8/2012 2/2013 8/2013 2/2014 8/2014 ETFS Physical PM Basket ETF Price Sector Breakdown (%) ETFS Physical PM Basket ETF NAV Precious Metals 100.0 Commodity Breakdown (%) Gold Silver Platinum Palladium (%) 53.7 31.0 8.1 7.2 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ETF Securities ETFs current to the most recent month end by clicking on the following link: http://www.etfsecurities.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 246
SPDR Gold Shares GLD Commodity - Precious Metals Intraday NAV GLD GLDIV World Gold Trust Services, LLC Grantor Trust 124.22 33,300 6,398,962 0.40 1 100.0 11/18/2004 200.00 180.00 160.00 140.00 120.00 100.00 80.00 SPDR Gold Shares Price SPDR Gold Shares NAV Sector Breakdown (%) Precious Metals 100.0 SPDR Gold Shares (Market) 6.3-3.6-8.0 5.7 SPDR Gold Shares (NAV) 6.7-2.6-8.0 6.1 21.0-34.8-0.29 The SPDR Gold Shares (GLD) seeks to track the price of gold net of trust expenses. The trust holds allocated gold bullion that is kept in the form of London Good Deliver bars and held in an allocated account with the custodian, HSBC Bank USA, in its London vault or in the vaults of its subcustodians. The initial pricing was based on the price of 1/10th of an ounce of gold but the amount of gold represented by the shares will continue to gradually decline as gold is sold to pay the fund's expenses. For tax purposes, long-term gains are taxed as collectibles and subject to a maximum rate of 28%. Top Holdings (%) Gold 100.0 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for SPDR ETFs current to the most recent month end by clicking on the following link: https://www.spdrs.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 247
ishares Gold Trust Intraday NAV IAU IAU IAUIV BlackRock Fund s Grantor Trust 12.50 6,928 2,222,148 0.25 1 100.0 1/21/2005 Commodity - Precious Metals 20.00 18.00 16.00 14.00 12.00 10.00 8.00 ishares Gold Trust Price ishares Gold Trust NAV Sector Breakdown (%) Precious Metals 100.0 ishares Gold Trust (Market) ishares Gold Trust (NAV) 6.3-3.4-7.8 5.8 6.8-2.5-7.8 5.8 22.1-34.6-0.26 The ishares Gold Trust (IAU) seeks to track the price of gold net of trust expenses. The trust holds allocated gold bullion that is kept in the form of London Good Deliver bars and held in an allocated account with the custodian, JPMorgan Chase Bank N.A, London branch, in vaults in New York, Toronto, and London. The pricing is based on the price of 1/100th of an ounce of gold but the amount of gold represented by the shares will continue to gradually decline as gold is sold to pay the fund's expenses. For tax purposes, long-term gains are taxed as collectibles and subject to a maximum rate of 28%. Top Holdings (%) Gold 100.0 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 248
ishares Silver Trust Intraday NAV SLV SLV SLVIV BlackRock Fund s Grantor Trust 18.72 6,412 6,096,872 0.50 1 100.0 4/21/2006 Commodity - Precious Metals 50.00 45.00 40.00 35.00 30.00 25.00 20.00 15.00 10.00 ishares Silver Trust Price ishares Silver Trust NAV Sector Breakdown (%) Precious Metals 100.0 ishares Silver Trust (Market) 4.6 2.3-20.4 7.4 ishares Silver Trust (NAV) 5.8 3.3-19.9 8.2 36.0-54.8-0.43 The ishares Silver Trust (SLV) seeks to track the price of silver net of trust expenses. The trust holds allocated silver bullion that is kept in allocated and unallocated accounts with the custodian, JPMorgan Chase Bank N.A, London branch, in vaults in New York and London. The silver bullion must be in the form of London Good Delivery Bars and the value of silver in the trust is based on the LBMA Fix. The daily limit for silver held in unallocated form is 1100 ounces. The amount of silver represented by the shares will continue to gradually decline as silver is sold to pay the fund's expenses. For tax purposes, long-term gains are taxed as collectibles and subject to a maximum rate of 28%. Top Holdings (%) Silver 100.0 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ishares ETFs current to the most recent month end by clicking on the following link: http://www.ishares.com/us/index. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 249
ETFS Physical Silver ETF Intraday NAV SIVR SIVR SIVRIV ETF Securities Ltd Grantor Trust 19.22 361 75,230 0.30 1 100.0 7/24/2009 Commodity - Precious Metals 50.00 45.00 40.00 35.00 30.00 25.00 20.00 15.00 10.00 ETFS Physical Silver ETF Price ETFS Physical Silver ETF NAV Sector Breakdown (%) Precious Metals 100.0 ETFS Physical Silver Shares (Market) 5.0 2.8-20.2 7.7 ETFS Physical Silver Shares (NAV) 5.9 3.4-19.7 8.4 36.0-54.6-0.43 The ETFS Physical Silver Shares (SIVR) seeks to track the price of silver net of trust expenses. The trust holds allocated silver bullion that is kept in allocated and unallocated accounts with the custodian, HSBC Bank USA in its vault in London. The silver bullion must be in the form of London Good Delivery Bars and the value of silver in the trust is based on the LBMA Fix. The amount of silver held in unallocated form is not expected to exceed 1,100 ounces on any given day. The amount of silver represented by the shares will continue to gradually decline as silver is sold to pay the fund's expenses. For tax purposes, long-term gains are taxed as collectibles and subject to a maximum rate of 28%. Top Holdings (%) Silver 100.0 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for ETF Securities ETFs current to the most recent month end by clicking on the following link: http://www.etfsecurities.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 250
PowerShares DB US Dollar Bullish ETF UUP Currency Intraday NAV UUP UUPIV DB Commodity Services, LLC Partnership (3C1) K-1 21.92 833 796,108 0.75 12 2/20/2007 26.25 25.50 24.75 24.00 23.25 22.50 21.75 21.00 20.25 PowerShares DB US Dollar Bullish ETF Price Currency Breakdown (%) Euro Japanese Yen British Pound Canadian Dollar Swedish Krona Swiss Franc PowerShares DB US Dollar Bullish ETF NAV 57.6 13.6 11.9 9.1 4.2 3.6 PowerShares DB US Dollar Bullish ETF (Market) 1.0-1.6 1.1-1.4 PowerShares DB US Dollar Bullish ETF (NAV) 1.0-1.5 1.1-1.4 Holdings Breakdown USDX futures contracts U.S. Treasury bills Cash 7.1-7.5 0.18 The PowerShares DB US Dollar Index Bullish Fund (UUP) seeks to track the performance of the Deutsche Bank Long US Dollar Index (USDX) Futures Index Excess Return plus the interest income from the fund's U.S. Treasury securities less expenses. The index is composed of long U.S. Dollar Index futures contracts that trade on the ICE futures exchange and replicates the performance of being long the U.S. dollar against a basket of six major world currencies in the following weights: 57.6% euro, 13.6% Japanese Yen, 11.9% British Pound, 9.1% Canadian Dollar, 4.2%, Swedish Krona, and 3.6% Swiss Franc. The underlying contracts of the index are rolled quarterly over three consecutive business days. All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for PowerShares ETFs current to the most recent month end by clicking on the following link: https://www.invesco.com/portal/site/us/investors/etfs/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 251
CurrencyShares Australian Dollar ETF FXA Currency FXA Guggenheim Investments Grantor Trust 92.95 266 58,694 0.40 1 6/21/2006 1.91 3.23 4.11 3.10 1.86 115.00 110.00 105.00 100.00 95.00 90.00 85.00 80.00 CurrencyShares Australian Dollar ETF Price CurrencyShares Australian Dollar ETF NAV Currency Breakdown (%) Australian Dollars 100.0 CurrencyShares Australian Dollar ETF (Market) CurrencyShares Australian Dollar ETF (NAV) YTD 5.2 5.0 1 Year 3 Years 5 Years 10 Years 5.2-3.0 5.1 5.4-3.0 5.2 12.7-15.5-0.18 The CurrencyShares Australian Dollar Trust (FXA) seeks to track the fluctuations of the Australian Dollar versus the U.S. Dollar net of trust expenses. The trust holds deposits in Australian dollars that accrue interest daily. The rate at which interest accrues is based upon the British Bankers Association LIBOR Overnight rate for the Australian Dollar and it represents the interest rate banks charge each other on overnight loans. Interest income is used to pay expenses and any excess is distributed to shareholders on a monthly basis. If interest income is insufficient to cover expenses, Australian dollars will be withdrawn to cover the shortfall. JPMorgan Chase Bank, N.A, London Branch, is the depository and if the depository were to default, the trust is an unsecured creditor of the depository. All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Guggenheim ETFs current to the most recent month end by clicking on the following link: http://guggenheiminvestments.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 252
CurrencyShares Euro ETF FXE Currency FXE Guggenheim Specialized Products, LLC Grantor Trust 130.78 190 305,519 0.40 1 12/9/2005 0.30 0.01 0.48 155.00 150.00 145.00 140.00 135.00 130.00 125.00 120.00 115.00 CurrencyShares Euro ETF Price CurrencyShares Euro ETF NAV Currency Breakdown (%) Euros 100.0 CurrencyShares Euro ETF (Market) CurrencyShares Euro ETF (NAV) YTD -2.9-3.1 1 Year 3 Years 5 Years 10 Years 0.3-2.6-1.5 0.4-2.6-1.4 8.9-14.6-0.26 The CurrencyShares Euro Dollar Trust (FXE) seeks to track the fluctuations of the euro versus the U.S. Dollar net of trust expenses. The trust holds deposits in euros that accrue interest daily. The rate at which interest accrues is based upon the Euro OverNight Index Average. Interest income is used to pay expenses and any excess is distributed to shareholders on a monthly basis. If interest income is insufficient to cover expenses, euros will be withdrawn to cover the shortfall. JPMorgan Chase Bank, N.A, London Branch, is the depository and if the depository were to default, the trust is an unsecured creditor of the depository. All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Guggenheim ETFs current to the most recent month end by clicking on the following link: http://guggenheiminvestments.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 253
CurrencyShares Japanese Yen ETF FXY Currency FXY Guggenheim Specialized Products, LLC Grantor Trust 135.00 127.50 120.00 112.50 105.00 97.50 93.89 71 63,873 0.40 1 2/12/2007 90.00 CurrencyShares Japanese Yen ETF Price CurrencyShares Japanese Yen ETF NAV Currency Breakdown (%) Japanese Yen 100.0 CurrencyShares Japanese Yen ETF (Market) CurrencyShares Japanese Yen ETF (NAV) 2.1-5.2 2.0-4.7-9.6-2.0-9.5-1.9 7.8-28.0-1.24 The CurrencyShares Japanese Yen Trust (FXY) seeks to track the fluctuations of the Japanese Yen versus the U.S. Dollar net of trust expenses. The trust holds deposits in Yen that accrue interest daily. The rate at which interest accrues is based upon the Bank of Japan Overnight Call Rate. Interest income is used to pay expenses and any excess is distributed to shareholders on a monthly basis. If interest income is insufficient to cover expenses, Yen will be withdrawn to cover the shortfall. JPMorgan Chase Bank, N.A, London Branch, is the depository and if the depository were to default, the trust is an unsecured creditor of the depository. All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Guggenheim ETFs current to the most recent month end by clicking on the following link: http://guggenheiminvestments.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 254
CurrencyShares Swiss Franc ETF FXF Currency FXF Guggenheim Specialized Products, LLC Grantor Trust 106.96 231 12,109 0.40 1 6/21/2006 142.50 135.00 127.50 120.00 112.50 105.00 97.50 90.00 82.50 CurrencyShares Swiss Franc ETF Price CurrencyShares Swiss Franc ETF NAV Currency Breakdown (%) Swiss Franc 100.0 CurrencyShares Swiss Franc ETF (Market) -2.1 1.5-5.1 2.9 CurrencyShares Swiss Franc ETF (NAV) -2.4 1.8-5.0 3.0 10.3-19.5-0.46 The CurrencyShares Swiss Franc Trust (FXF) seeks to track the fluctuations of the Swiss Franc versus the U.S. Dollar net of trust expenses. The trust holds deposits in Franc that accrue interest daily. The rate at which interest accrues is based upon the Tom-Next Overnight Indexed Swap rate and it represents the interest rate banks charge each other on overnight loans. Interest income is used to pay expenses and any excess is distributed to shareholders on a monthly basis. If interest income is insufficient to cover expenses, Swiss Franc will be withdrawn to cover the shortfall. JPMorgan Chase Bank, N.A, London Branch, is the depository and if the depository were to default, the trust is an unsecured creditor of the depository. All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for Guggenheim ETFs current to the most recent month end by clicking on the following link: http://guggenheiminvestments.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 255
IQ Hedge Multi-Strategy Tracker ETF QAI Alternatives Intraday NAV QAI QAIIV IndexIQ s LLC 30.75 30.00 29.25 28.50 27.75 27.00 26.25 IQ Hedge Multi-Strategy Tracker ETF (Market) IQ Hedge Multi-Strategy Tracker ETF (NAV) 2.2 2.2 6.2 6.3 3.5 3.5 3.5 3.5 29.96 817 116,551 0.94 57 48.5 3/25/2009 0.37 0.31 0.37 0.41 0.23 4.2-3.0 0.82 The IQ Hedge Multi-Strategy Tracker ETF (QAI) seeks to track the performance of the IQ Hedge Multi-Strategy Index. The index is designed to replicate the risk-adjusted return characteristics of hedge funds by analyzing historical hedge funds returns and using ETFs as the implementation vehicle. First the index seeks to replicate the risk-adjusted returns of hedge fund styles including long/short equity, global macro, market neutral, eventdriven, fixed income arbitrage, and emerging markets. The multi-strategy index is an optimized weighted composite of all of the hedge fund styles. The index is reconstituted on an annual basis and rebalanced monthly. To track its index, QAI typically employs a full replication strategy in which it seeks to hold all of the underlying index securities in substantially the same weights as the index. 25.50 IQ Hedge Multi-Strategy Tracker ETF Price Asset Allocation Breakdown (%) Broad Bonds Convertible Bonds Short-Term Bonds US Equity Volatility International Equity International Bonds Real Estate High Yield Bonds Commodities Currencies Corporate Bonds Top 10 Long Holdings (%) SPDR Barclays Convertible Securities ETF Vanguard Total Bond Market Index Fund ishares Core U.S. Aggregate Bond ETF Vanguard Short Term Bond Index Fund ETF PowerShares Senior Loan Portfolio ishares 1-3 Year Treasury Bond ETF ishares Russell 1000 Growth ETF ishares Russell 2000 Growth ETF Vanguard FTSE Europe ETF Vanguard Growth Index Fund IQ Hedge Multi-Strategy Tracker ETF NAV Top 10 Short Holdings (%) ishares iboxx USD Investment Grade Corp. Bond ETF ishares Russell 2000 ETF ishares Russell 2000 Value ETF 33.2 23.1 20.8 16.5 8.6 8.0 2.1 1.9-0.6-0.8-2.5-10.4 23.1 17.6 15.1 11.8 9.0 6.4 5.8 5.2 3.8 3.6-10.7-3.5-3.1 All performance figures were obtained from Morningstar Direct, and are current as of the most recent month end. You may obtain performance data for IndexIQ ETFs current to the most recent month end by clicking on the following link: http://www.indexiq.com/. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. UBS CIO WM Research 25 August 2014 256
Structure An ETF is an investment vehicle that invests in a basket of securities and trades on an exchange. Shares of ETFs can be created and redeemed throughout the trading day and while most are passively managed, actively managed ETFs are available as well. There are multiple different types of ETFs structures. The structure will impact certain aspects of an ETF such as tax reporting, dividend reinvestment, and index replication methodology. Figure 1 highlights the various types of ETF structures and some of the basic differences. Most ETFs are structured as open-end investment companies. This structure permits for dividend reinvestment, securities lending, and derivatives. It also enables ETF managers to invest in a representative sampling in order to track the underlying index as opposed to the unit investment trust (UIT) structure, which requires the index to be fully replicated. There are only eight U.S.-listed ETFs that are structured as UITs. Of the ETFs that are still in existence, the most recent ETFs structured as UITs were launched in 2002. UITs hold a static portfolio and there is no board of directors or investment advisors managing the portfolio. This structure is much less flexible than the open-end investment company. It requires indices to be fully replicated and generally does not permit dividend reinvestment, securities lending, or derivative usage. The grantor trust structure is utilized by ETFs that provide exposure to physical commodities and currencies. ETFs structured as grantor trusts must have fixed portfolios and are able to invest in alternative investments that may not be permitted in the openend structure. ETFs structured as grantor trusts are registered under the Securities Act of 1933, which means they do not have any of the additional investor protections that are required by the Investment Company Act of 1940. ETFs structured as partnerships typically provide exposure to commodities and currencies through investments in futures contracts and other types of derivatives. While ETFs structured as partnerships provide access to a broader range of investments, they do issue K-1s (tax document issued by trusts, partnerships, and S-corporations), which results in more complex tax reporting for investors. Fig. 1 Comparison of ETF structures Over 94% of U.S.-listed ETFs are structured as open-end funds Open-end fund Unit investment trust Grantor trust Limited partnership Registration Investment Company Act Investment Company Act of 1940 of 1940 Securities Act of 1933 Securities Act of 1933 Replication can fully replicate or methodology optimize must fully replicate n/a varies Dividend reinvestment yes no no varies Securities lending yes no n/a n/a Derivatives permitted yes no yes yes Tax reporting K-1 Source: ETF providers, UBS CIO WMR UBS CIO WM Research 25 August 2014 257
Creation/Redemption Process The creation/redemption process drives many of the benefits of an ETF. It helps to enhance liquidity, manage capital gains exposure, keep market prices in line with net asset values (NAVs), and lower expenses through the reduction of trading costs. The creation/redemption process facilitates an arbitrage in which authorized participants (APs) can profit from the difference in value between an ETF's market price and NAV. APs are typically large broker-dealers, market makers, and/or specialists that have signed an agreement with the ETF sponsor enabling them to create/redeem shares directly with the fund. Creation/redemption units are typically blocks of 50,000 or 100,000 shares. Creations/redemptions are typically done in-kind, in which shares of the ETF are exchanged for the underlying securities. It is the AP that transacts in the secondary market, not the ETF, which lowers transaction costs for the ETF. The in-kind redemption process is also key to the tax-efficiency of ETFs. ETFs are able to deliver out lower cost basis holdings to meet redemptions and therefore avoid having to sell these positions within the ETF. In comparison, for open-end mutual funds, redemptions can force transactions to occur within the fund potentially creating a taxable event for shareholders. t all ETFs use an in-kind creation/redemption process. For some ETFs, the creations/redemption process may have a cash component or be done completely in cash. With a cash creation/redemption process, the AP exchanges cash instead of securities for ETF shares and the ETF itself transacts in the secondary market. There is often a fee to cover transaction costs incurred by the ETF and the fees may be fixed or variable. The cash process is not as taxefficient as the in-kind process given the higher portfolio turnover within the ETF, and if redemptions are done in cash, the inability to deliver out low basis holdings. The more liquid the underlying market, the more efficient the creation/redemption process operates. In less liquid markets and/or environments, the cost of trading and/or hedging the underlying securities increases and prices will deviate from NAVs until it a point where the arbitrage exists. This is more common in less liquid markets such as municipal and high yield bonds. The size of the creation/redemption units and fees associated with the process will also impact the spread between the ETF's market price and NAV. Creation: If an ETF is trading at a discount to its NAV, APs can buy the ETF while simultaneously selling short the underlying securities. The AP then exchanges the ETF shares for the underlying securities to cover its short position. The AP profits from the spread and the price of the ETF is driven higher closer to its NAV. Fig. 2 ETF in-kind creation process Source: UBS CIO WMR Redemption: If an ETF is trading at a premium to its NAV, APs can sell short the ETF while simultaneously purchasing the underlying securities. The AP then exchanges the underlying securities for the ETF shares to cover its short position. The AP profits from the spread and the price of the ETF is driven down closer to its NAV. Fig. 3 ETF in-kind redemption process Source: UBS CIO WMR UBS CIO WM Research 25 August 2014 258
Advantages & Disadvantages of ETFs Advantages Diversification and transparency: ETFs enable investors to obtain diversified exposure to various market classes in a low cost, liquid manner. Most ETFs disclose their holdings on a daily basis and NAVs are available throughout the trading day. Liquidity: ETFs trade throughout the day on major exchanges. In addition to secondary market transactions, shares can be created or redeemed throughout the day by APs providing a second level of liquidity. Therefore, investors can execute trades well in excess of a fund's size or average trading volume. For better execution on these types of trades, investors should reach out to internal trading desks or the ETF provider to facilitate the process. Tax efficiency: The in-kind redemption process helps to minimize capital gains distributions as low cost basis holdings can be delivered out of the ETF through redemptions, as opposed to being sold by the fund. Losses recognized from portfolio turnover can also be used to offset gains, which is not unique to ETFs. Tax efficiency will vary by ETF and market segment. Low cost: The average and weighted average expense ratio on all US-listed ETFs is 0.57% and 0.28%, respectively. This compares favorably to other investment products. Securities lending can also be used to further reduce fund expenses. Flexibility: Since ETFs are traded on an exchange, investors can use various types of orders such as limit orders and stop-limit orders. ETFs can also be sold short, purchased on margin, and many have listed options available, which increase the strategies that can be implemented through ETFs. Fig. 4 ETF versus open-end mutual fund expenses On average, ETFs provide similar exposure at a lower cost Active management underperformance: While the performance of active managers relative to their benchmark can be volatile in the short term, the longer-term track record of active manager performance highlights the value of including passive investments within portfolios. Fig. 5 Active managers versus benchmark Percentage of funds outperformed by benchmarks over the past 3- and 5-years 3-Yr 5-Yr 3-Yr 5-Yr U.S. Equity U.S. Fixed Income Large-cap 80.0 72.7 Short Gov't 56.8 41.9 Mid-cap 74.0 77.7 Intermediate Gov't 72.5 46.5 Small-cap 87.3 66.8 Long Gov't 96.7 46.9 International Equity 59.5 71.0 High Yield 87.1 91.3 Small-cap 43.6 45.0 Global Fixed Income 48.7 46.0 EM 60.9 80.0 EM Fixed Income 94.3 64.3 Global Equity 71.8 66.2 General Municipal 44.6 40.0 Source: S&P Indices Versus Active Funds U.S. Scorecard for year-end 2013, UBS CIO WMR. Disadvantages Tracking error: A primary risk with all index-linked ETFs is tracking error. Tracking error refers to the difference in performance between an ETF's net asset value and the return of its underlying index. Factors impacting tracking error include, but are not limited to, not holding all of the index constituents in substantially the same weights, transaction costs, expense ratios, and other operational challenges such as implementing index rebalances or reconstitutions. Trading costs: These costs include commissions, bidask spreads, and potentially premiums/discounts. Smaller ETFs and those investing in less liquid markets may exhibit wider spreads and premiums/discounts increasing the costs of obtaining exposure. Foregoing opportunity to outperform: By investing in index-linked ETFs, investors are foregoing the opportunity to outperform benchmark indices. Increasing complexity: As the ETF market continues to expand, the complexity of the products increases. Extra due diligence and research is required to ensure that the ETF selected provides the desired exposure. Premiums/discounts: The creation/redemption process generally keeps market prices in line with NAVs. However, in more extreme environments, premiums/discounts can increase in magnitude resulting in returns that meaningfully deviate from the NAV returns., UBS CIO WMR UBS CIO WM Research 25 August 2014 259
Analysis & Applications Analyzing ETFs Below are some of the main criteria to evaluate when analyzing ETFs. Index methodology: The main components of the methodology that need to be evaluated are: How the eligible universe is defined. How securities are selected from the eligible universe. How securities are weighted within the index. These components ultimately drive the exposure provided by the index and thus the ETF. Index rebalancing and reconstitution frequency are additional factors to consider. Index replication methodology: ETFs may fully replicate the underlying index, which involves investing in all of the securities in the underlying index in substantially the same weights as the index. Alternatively, ETFs may use a representative sampling process to track the underlying index, which involves using optimization techniques to invest in a subset of the index that approximates the key risk and return characteristics of the index. In general, ETFs that rely more heavily on optimization are at risk of higher tracking error relative to peers that more fully replicate the underlying index. Tracking error: The ultimate goal of an index-linked ETF is to track the underlying index it is designed to replicate. Therefore, in selecting a passively managed ETF, tracking error is important as it is the primary measure of manager performance. Costs & liquidity: This includes expense ratios, bidask spreads, and turnover. Performance: The differences in index methodologies results in different portfolios and thus performance. While historical returns and risk statistics are important, past performance may not be indicative of future results. Portfolio exposure: This includes geographic, asset class, sector/industry breakdowns as well as other metrics such as style characteristics, market capitalization breakdowns, and credit quality. The portfolio data helps to select ETFs that provide the desired exposure. ETF applications The following are some of the main investment applications/strategies involving ETFs. Implementation of models: The diversification, low cost, tax-efficiency, and targeted exposure provided by ETFs make them great solutions for implementing asset allocation models. Core-satellite: ETFs can serve as the core holding of a portfolio providing exposure to desired asset classes or market segments. They can also be used as satellite investments (with an actively managed core) to gain and manage more tactical exposure. Examples include overweighting favored sectors or countries. Liquidity management: Given that ETFs trade throughout the day on an exchange, ETFs can be used to manage liquidity needs within a portfolio. For example, ETFs can be used to invest cash and gain market exposure while trying to identify individual security opportunities or when transitioning between active managers. Additionally, investors in actively managed products or individual securities can invest a portion of the assets in a liquid, low cost, passively managed ETF. The ETF allocation can be used to meet liquidity needs, giving the active manager or individual security the chance to outperform throughout the whole cycle, and lower the costs of trading when compared to individual securities. Tax swaps: ETFs can be used to execute on tax swaps. For example, an investor of an individual health care stock or fund, can swap out of the position, and invest in a health care focused ETF to maintain market exposure until wash sale criteria is satisfied. Hedging: ETFs can be sold short in order to protect a portfolio from market declines. Many ETFs have options available, which can also be used to implement strategies that serve to hedge against declining markets. There are also inverse and leveraged inverse ETFs available that can be purchased in order to obtain short exposure. tably, these inverse and leveraged inverse ETFs have daily return targets and are not appropriate for all investors. Portfolio completion: ETFs can be used to gain exposure to markets that may be inaccessible to certain investors or to gain exposure to more difficult to access markets in a more efficient manner. UBS CIO WM Research 25 August 2014 260
Morningstar definitions Cash equivalents - fixed-income securities with a maturity of one year or less Market cap breakpoints - Rather than using a fixed number of large cap or small cap stocks, Morningstar uses a flexible system that isn't adversely affected by overall movements in the market. Stocks are divided into seven style zones based on their country of domicile (Africa stocks are included in the Europe style zone). Within each zone, the market cap of each stock is converted to a common currency, the stocks are organized in descending order by size, and the cumulative capitalization as a percentage of total sample capitalization is calculated for each stock. Giant-cap stocks are defined as the group that accounts for the top 40% of the capitalization of the style zone; large-cap stocks represent the next 30%; mid-cap stocks represent the next 20%; small-cap stocks represent the next 7%; and microcap stocks represent the balance. For the traditional Style Box, giant is included in the large and micro is included in small. Maximum drawdown - The peak to trough decline during a specific record period of an investment or fund. It is usually quoted as the percentage between the peak to the trough. Sharpe ratio - A risk-adjusted measure developed by bel Laureate William Sharpe. It is calculated by using standard deviation and excess return to determine reward per unit of risk. The higher the, the better the portfolio s historical risk-adjusted performance. The can be used to compare two portfolios directly with regard to how much excess return each portfolio achieved for a certain level of risk. Morningstar first calculates a monthly and then annualizes it to put the number in a more useful one-year context. Volatility (standard deviation) - The statistical measurement of dispersion about an average, which depicts how widely a stock or portfolio's returns varied over a certain period of time. Investors use the standard deviation of historical performance to try to predict the range of returns that is most likely for a given investment. When a stock or portfolio has a high standard deviation, the predicted range of performance is wide, implying greater volatility. UBS CIO WM Research 25 August 2014 261
Credit rating definitions UBS CIO WM Research 25 August 2014 262