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Introducción a ETF SecuritiesPioneros en desarrollo de Productos Cotizados (ETPs)
ETP sobre Oro Asiático con
2012Asiático con
respaldo físico en la bolsa de US
Se añade una segunda contraparte
a la plataforma
CSL
2010
2011
2011
2011
2010
Lanzamiento de la
plataforma HCSL con
cobertura de divisa
extranjera
Primer ETP sobre Petróleo
Lanzamiento de la Plataforma
CSL sobre Materias Primas
Lanzamiento de la
Plataforma de Metales con
Primer short y leveraged ETP sobre Materias
Primas
Lanzamiento de Fondos UCITS con
diversas
Metales con respaldo físico en las bolsas
de US y Japón
Listado de la plataforma de ETPs
sobre Materias
Primas en Japón
For Professional Investors Only, Not For Public Dis seminationPage 2
2003 2005 2006 2007 20082008
20092009
2010
2010Metales con respaldo físico
MSL
diversas contrapartes
Lanzamiento de la Plataforma de Divisas
Platino y Paladio con respaldo físico
listados en US
Lanzamiento de laPlataforma de Metales
Industriales IML
Expansión de laPlataforma de Metales
Industriales IML
Primer ETP
sobre Oro
Introducción a ETF SecuritiesEmisor más grande y completo de ETPs sobre materias primas y pionero en ETPs sobre divisas
ETF Securities' Assets by SectorETF Securities' Assets Under Management
3.7%6.7%4.8%
0.2%2.1%
Industrial Metals
Energy
Precious Metals
Agriculture
Livestock
Broad Sector
ETF Securities' Assets by SectorOn 22/03/2012
0
5
10
15
20
25
30
35
Oct
-06
Dec
-06
Feb
-07
Apr
-07
Jun-
07A
ug-0
7O
ct-0
7D
ec-0
7F
eb-0
8A
pr-0
8Ju
n-08
Aug
-08
Oct
-08
Dec
-08
Feb
-09
Apr
-09
Jun-
09A
ug-0
9O
ct-0
9D
ec-0
9F
eb-1
0A
pr-1
0Ju
n-10
Aug
-10
Oct
-10
Dec
-10
Feb
-11
Apr
-11
Jun-
11A
ug-1
1O
ct-1
1
ETF Securities' Assets Under ManagementFrom October 2006 to March 2012, in billions USD
Source: ETF Securities
For Professional Investors Only, Not For Public Dis seminationPage 3
Data: Daily observations, ranging from October 9, 2006 to March 23, 2012.
82.4%Source: ETF SecuritiesOct
-06
Dec
-06
Feb
-07
Apr
-07
Jun-
07A
ug-0
7O
ct-0
7D
ec-0
7F
eb-0
8A
pr-0
8Ju
n-08
Aug
-08
Oct
-08
Dec
-08
Feb
-09
Apr
-09
Jun-
09A
ug-0
9O
ct-0
9D
ec-0
9F
eb-1
0A
pr-1
0Ju
n-10
Aug
-10
Oct
-10
Dec
-10
Feb
-11
Apr
-11
Jun-
11A
ug-1
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1
Conoce lo que comprasSimilitudes y diferencias sobre los Exchange Traded Products
(ETPs)
ETPs = ETFs + ETCs + ETVsTérmino genérico para describir la variedad de productos cotizados
• ETPs es el término genérico para describir el conjunto de
Fondos Cotizados (Exchange Traded Funds - ETFs),
Materias Primas/Divisas cotizadas (Exchange TradedExchange Traded Products (ETPs)
Materias Primas/Divisas cotizadas (Exchange Traded
Commodities/Currencies - ETCs), y otros vehículos
cotizados (Exchange Traded Vehicles - ETVs)
• Se trata de productos cotizados de capital abierto/variable
(open-ended) con ó sin garantía (colateral), negociados en
bolsa y replicando un activo subyacente
For Professional Investors Only, Not For Public Dis seminationPage 5
Commodity ETPs
• El término ETPs de Materias primas se refiere a todos los
instrumentos cotizados que replican el rendimiento de las
Materias Primas. Éstos no incluyen instrumentos que
replican la materia prima vía acciones (Equities)
� Listados en bolsas internacionales de valores
� Negociados y operados como acciones
Características de los ETPsPoseen similitudes y diferencias fácilmente identificables
Características comunes a todos los ETPs
� Negociados y operados como acciones
� Replican un activo subyacente
� Capital abierto (Open-ended Securities) → Creaciones y reembolsos diarios
� Libre del impuesto “Stamp Duty”
� Pérdida máxima limitada a la inversión inicial
Diferencias entre ETCs y ETFs
Fondos
For Professional Investors Only, Not For Public Dis seminationPage 6
� Los ETFs son Fondos
� Los ETCs son valores respaldados de renta fija con cupón cero y sin fecha de vencimiento
� ETFs = Fondos UCITS (Europa)
� ETCs = Activos Aptos conforme a UCITS (Europa)
� Demanda creciente por la exposición a Materias Primas
� Existen opciones limitadas para la inversión en materias primas debido a que a los fondos europeos bajo
ETCsInstrumentos para facilitar la inversión en Materias Primas
Demanda del Inversor
“El reto”materias primas debido a que a los fondos europeos bajo el esquema UCITS no les está permitido invertir físicamente en materias primas ó directamente en derivados y, además, precisan estar diversificados
� Necesidad de un nuevo instrumento cotizado que proporcione mayor facilidad de acceso a las Materias Primas de una manera más flexible buscando una correlación más directa a la misma
� Creación de los ETCs para replicar las características de un fondo UCITS cotizado:
“El reto”
Introducción de los ETCs
For Professional Investors Only, Not For Public Dis seminationPage 7
� Creación de los ETCs para replicar las características de un fondo UCITS cotizado:□ Capital Abierto (Open-ended), eficiente en costo , transparente y con
riesgo de quiebra remoto□ La figura del Trustee (Fideicomiso) así como su categorización de “Valor”
(transferable security) por la regulación inglesa y española proporcionan una protección significativa contra el emisor y el riesgo de contraparte
□ Los ETCs son valores aptos para la inversión en fondos UCITS sin poseer derivados implícitos
ETCs sobre Materias Primas y DivisasIntroducción
ETFS: EXPOSICIÓN & EMISORES
REPLICA
MATERIAS PRIMAS DIVISASACCIONES:SECTORES
TEMATICOS
REPLICA VIA REPLICA REPLICA REPLICA PRECIO AL CONTADO
INDICES BENCHMARCHS
SECTORES TEMATICOS
VOLATILIDAD
ALTOS DIVIDENDOS
EUROPEOS AMERICANOS
REPLICA VIA CONTRATOS
FORWARDS FX
INDICES MORGAN STANLEY
REPLICA VIA
FUTUROS
REPLICA VIA
ACCIONES
INDICES TEMATICOS
INDICES DJ UBS
FORMULA FIJA DE PRECIO
Garantizados con colateral
100%
Garantizados con colateral
100%Garantizados con
Garantizados con colateral
100%
Respaldo Físico: Metales
Preciosos/Industriales
(*) ETCs = Valores (transferable securities) aptosETFs = Fondos UCITS III
Garantizados con colateral 100%
ETCs sobre Materias Primas y DivisasProductos diseñados para cubrir las necesidades de los inversores
Cesta diversificada
Agricultura Long y Short
Materias Primas (ETCs) Divisas (ETCs)
Agricultura
Metales industriales
Energía
Ganadería
Metales Preciosos
Long y ShortUSD/EUR/GBP vs G10
USD vs EMs (CNY & INR)
Long (1x)
Short (-1x)
Doble apalancamiento (2x)
Short (-1x)
Long (1x)
Long (3x)
For Professional Investors Only, Not For Public Dis seminationPage 10
Cotizados en Londres, Nueva York, Tokio, Frankfurt, Ámsterdam, París, Sídney, Milán, México y Dublín
Forward (1x)
Doble apalancamiento (2x)
Respaldo físico (1x) Short (-3x)
Long (3x)
ETCs sobre Materias PrimasIntroducción
ETCs sobre Materias PrimasClase de activo que no puede ser ignorado
• La industrialización continua y el incremento de la riqueza de la población en las principales economíasmundiales justifican la demanda de materias primas a largo plazo
• Recientemente, el aumento en la deuda soberana de los países desarrollados y la expansión monetaria hanincrementado la demanda de “hard assets” como una manera de cubrirse ante la inflación y la potencialdevaluación de las divisasdevaluación de las divisas
• Los activos con mejor comportamiento durante los últimos 10 años continúan siendo las materias primas, conuna volatilidad similar a la de la renta variable de mercados desarrollados y con una tendencia general de bajacorrelación respecto a otras importantes clases de activos
For Professional Investors Only, Not For Public Dis seminationPage 12
Source: Bloomberg, ETF Securities (calculations)Notes: Portfolio analysis based on annualized monthly USD returns from April 30, 2001 to April 30,2011. Proxy for equity returns: S&P 500 Total Return Index. Proxy for bond returns is Barclays CapitalGlobal Bond Index. Proxy for commodity returns: DJ-AIG All Commodity Total Return Index
Plataforma de ETCs sobre Materias Primas
� Plataforma líder mundial con 164 ETCs sobre materias primas:□ DJ-UBS Commodity IndicesSM – Retorno Total con ó sin cobertura de la divisa (EUR/USD)
□ Futuros sobre el Petróleo y el Carbono (ICE Brent, NYMEX WTI, ICE Carbon) – Retorno Total
□ Metales preciosos con respaldo físico: Precios al contado del mercado de Londres (Almacenado en Londres o Zúrich)
□ Metales Industriales: Precios al contado del mercado de Londres ( LME Warrants, Almacenes con garantías LME)□ Metales Industriales: Precios al contado del mercado de Londres ( LME Warrants, Almacenes con garantías LME)
� Con colateral o con respaldo físico
� Listados en 9 bolsas
� Disponibles en 6 monedas: USD, GBP, EUR, JPY, AUD & MXN
Cestas Diversificadas Agricultura Metales Industriale sEnergía Ganado Metales Preciosos
“Long”
Respaldo físico � Los ETCs con respaldo físico replican el precio al contado de la materia prima subyacente
For Professional Investors Only, Not For Public Dis seminationPage 13
“Short” (-1x)
Apalancados (2x)
Futuro vigente
“Forward”
� Los ETCs sobre el contrato de futuro vigente replic an índices de retorno total basados en el futuro de vencimiento más cercano (“front month”)
� Los “Forward” ETCs replican índices de retorno tota l basados en futuros con vencimientos más lejanos ( 3 meses hacia delante sobre los “front months”)
� Los ETCs con la divisa cubierta ofrecen exposición a las materias primas subyacentes + cobertura de la divisa (EUR/USD)
� Los ETCs apalancados replican índices de retorno to tal basados en el futuro vigente con un apalancamie nto diario de 2 veces (2x)
� Los ETCs “Short” replican índices de retorno total basados en el futuro vigente con un apalancamiento diario de --1 veces (-1x)
Cobertura de divisa:EUR/USD
Plataforma de ETCs sobre Materias Primas - Soluciones
Diversified Broad Agriculture Energy Industrial Metals LivestockETFS All Commodities DJ-UBSCISM ETFS Agriculture DJ-UBSCISM ETFS Carbon ETFS Industrial Metals DJ-UBSCISM ETFS Livestock DJ-UBSCISM
ETFS Forward All Commodities DJ-UBSCI-F3SM ETFS Forward Agriculture DJ-UBSCI-F3SM ETFS Energy DJ-UBSCISM ETFS Forward Industrial Metals DJ-UBSCI-F3SM ETFS Forward Livestock DJ-UBSCI-F3SM
ETFS Short All Commodities DJ-UBSCISM ETFS Short Agriculture DJ-UBSCISM ETFS Forward Energy DJ-UBSCI-F3SM ETFS Short Industrial Metals DJ-UBSCISM ETFS Short Livestock DJ-UBSCISM
ETFS Leveraged All Commodities DJ-UBSCISM ETFS Leveraged Agriculture DJ-UBSCISM ETFS Short Energy DJ-UBSCISM ETFS Leveraged Industrial Metal DJ-UBSCISM ETFS Leveraged Livestock DJ-UBSCISM
ETFS Ex-Energy DJ-UBSCISM ETFS Grains DJ-UBSCISM ETFS Leveraged Energy DJ-UBSCISM ETFS Aluminium ETFS Lean HogsETFS Forward Ex-Energy DJ-UBSCI-F3SM ETFS Forward Grains DJ-UBSCI-F3SM ETFS Petroleum DJ-UBSCISM ETFS Short Aluminium ETFS Forward Lean HogsETFS Short Ex-Energy DJ-UBSCISM ETFS Short Grains DJ-UBSCISM ETFS Forward Petroleum DJ-UBSCI-F3SM ETFS Leveraged Aluminium ETFS Short Lean HogsETFS Leveraged Ex-Energy DJ-UBSCISM ETFS Leveraged Grains DJ-UBSCISM ETFS Short Petroleum DJ-UBSCISM ETFS Physical Aluminium ETFS Leveraged Lean HogsETFS Leveraged Ex-Energy DJ-UBSCI ETFS Leveraged Grains DJ-UBSCI ETFS Short Petroleum DJ-UBSCI ETFS Physical Aluminium ETFS Leveraged Lean Hogs
ETFS Softs DJ-UBSCISM ETFS Leveraged Petroleum DJ-UBSCISM ETFS Copper ETFS Live Cattle
Precious Metals ETFS Forward Softs DJ-UBSCI-F3SM ETFS Brent 1mth ETFS Short Copper ETFS Forward Live Cattle
Gold Bullion Securities ETFS Short Softs DJ-UBSCISM ETFS Brent 1yr ETFS Leveraged Copper ETFS Short Live CattleETFS Precious Metals DJ-UBSCISM ETFS Leveraged Softs DJ-UBSCISM ETFS Brent 2yr ETFS Physical Copper ETFS Leveraged Live CattleETFS Short Precious Metals DJ-UBSCISM ETFS Cocoa ETFS Brent 3yr ETFS Lead ETFS Leveraged Precious Metals DJ-UBSCISM ETFS Short Cocoa ETFS Crude Oil ETFS Short Lead
ETFS Physical Gold** ETFS Leveraged Cocoa ETFS Forward Crude Oil ETFS Leveraged Lead
ETFS Physical Swiss Gold** ETFS Coffee ETFS Short Crude Oil ETFS Physical Lead
ETFS Physical Swiss Gold Shares ETFS Short Coffee ETFS Leveraged Crude Oil ETFS Nickel
ETFS Physical Gold (ASX) ETFS Leveraged Coffee ETFS Gasoline ETFS Short Nickel
ETFS Physical Palladium** ETFS Corn ETFS Short Gasoline ETFS Leveraged Nickel
ETFS Physical Palladium (ASX) ETFS Short Corn ETFS Leveraged Gasoline ETFS Physical Nickel
ETFS Physical Palladium Shares ETFS Leveraged Corn ETFS Heating Oil ETFS Tin
ETFS Physical Platinum** ETFS Cotton ETFS Forward Heating Oil ETFS Short Tin
ETFS Physical Platinum (ASX) ETFS Short Cotton ETFS Short Heating Oil ETFS Leveraged Tin
ETFS Physical Platinum Shares ETFS Leveraged Cotton ETFS Leveraged Heating Oil ETFS Physical Tin
ETFS Physical PM Basket** ETFS Soybeans ETFS Natural Gas ETFS Zinc
ETFS Physical PM Basket (ASX) ETFS Short Soybeans ETFS Forward Natural Gas ETFS Short Zinc
ETFS Physical Silver** ETFS Leveraged Soybeans ETFS Short Natural Gas ETFS Leveraged Zinc
For Professional Investors Only, Not For Public Dis seminationPage 14
ETFS Physical Silver** ETFS Leveraged Soybeans ETFS Short Natural Gas ETFS Leveraged Zinc
ETFS Physical Silver (ASX) ETFS Soybean Oil ETFS Leveraged Natural Gas ETFS Physical Zinc
ETFS Physical Silver Shares ETFS Short Soybean Oil ETFS WTI 2mth
ETFS Gold ETFS Leveraged Soybean Oil ETFS WTI 2mth £
ETFS Short Gold ETFS Sugar ETFS WTI 1yr
ETFS Leveraged Gold ETFS Short Sugar ETFS WTI 2yr
ETFS Platinum ETFS Leveraged Sugar ETFS WTI 3yr
ETFS Short Platinum ETFS Wheat
ETFS Leveraged Platinum ETFS Short Wheat
ETFS Silver ETFS Leveraged Wheat
ETFS Short Silver
ETFS Leveraged Silver
These products are listed on one or more of the fol lowing exchanges: LSE, NYSE, TSE, NYSE-Euronext, Bo rsa Italiana, Frankfurt Borse, ASX and BMV
**Shariah compliant precious metal ETC platform
DJ-UBSCISM – Sub-indices and components
For Professional Investors Only, Not For Public Dis seminationPage 15
The Dow Jones - UBS Commodity Index SM. Target weights effective from January 2012
El contexto MacroeconómicoSoluciones y posibilidades de inversión
Top 4 escenarios macro y soluciones de ETF Securities
Escenario Commodity(Materia Prima)
FX Equity(Renta Variable)
Recuperación de EE.UU. Solución al riesgo soberano Europeo
Long Metales Industriales, Plata, Platino, Paladio, Petróleo
y Gasolina y otras materias primas con beta alta
Long AUD, NZD, NOK, CAD Vs
Short Yen, USD
Índices de renta variable apalancados, Russell 2000,
Global Coal, Acereras, Transporte de mercancías, primas con beta alta Transporte de mercancías,
Mineras de oro
Las tensiones geopolíticas se
endurecen en Oriente Medio
Long Petróleo Brent yapalancado, Long Oro, Short Metales Industriales, Short
platino y paladio y otras materias primas con beta alta
Long USD, JPY, CHFVs
EUR
Short ETFs de Índices de renta variable Europeos, Long ETF
sobre Volatilidad
Europa recae en una crisis soberana y el
crecimiento de EE.UU se doblega
Long Oro (tras las ventas previas de los inversores), Short
Metales Industriales, Short platino, paladio, Petróleo y
otras materias primas con beta
Short EURvs.
Long USD, JPY, CHF
Short ETFs de Índices de renta variable Europeos, Long ETF
sobre Volatilidad
For Professional Investors Only, Not For Public Dis seminationPage 17
otras materias primas con beta alta
China - aterrizaje económico fuerte
(GDP<7%)
Short Metales Industriales, Short platino, paladio, Petróleo
y otras materias primas con beta alta
Short AUD, NZD, NOK, CAD Vs
Long Yen, USD
Short ETFs de Índices de renta variable Europeos, Long ETF
sobre Volatilidad
Identificando el instrumento adecuadoCriterios de selección desde el punto de vista de las necesidades del inversor
Criterio de selección – Proceso multinivelPrincipales variables a considerar
� Exposición: Spot – Futuros – Acciones
� Composición: Futuros → Delta 1 (x1), Apalancada (x2 y x3), Short (x-1)
� Rentabilidad/Réplica: □ Swaps (Sintéticos) ó respaldo físico (“en especie”)□ Swaps (Sintéticos) ó respaldo físico (“en especie”)
□ Ventajas y desventajas: Réplica por formula matemática Vs Rebalanceo (Error de replica + Costes de Trading + Préstamo de acciones)
� Terceras partes + Garantías:□ Diversificación del riesgo a través de múltiples contrapartidas independientes
□ Colateral actualizado diariamente
� Liquidez:□ Liquidez real → procedente del subyacente
□ Trading → On screen / OTC
For Professional Investors Only, Not For Public Dis seminationPage 19
□ Trading → On screen / OTC
□ Spread en el mercado → Beneficio de contar con una plataforma respaldada por una gran variedad de Market Makers (órdenes elevadas)
� Activos bajo gestión: Tamaño / Track Record
� Independencia: La independencia de las partes involucradas en la operación de los ETCs/ETFs evita conflictos de intereses y riesgos de concentración□ Emisor – Proveedor del SWAP – PA/MM) evita conflictos de intereses y riesgos de concentración
� ETCs: Transparentes y Líquidos
� ETCs: Elección de producto e Innovación
Resumen
� ETCs: Elección de producto e Innovación
� ETCs ofrecen exposición a Materias Primas y FX sin la
necesidad de invertir en “commodities” físicos o la complejidad
de invertir directamente en derivados → Flexibilidad y Simplicidad
� ETCs son valores aptos (Eligible Transferable Securities) para
For Professional Investors Only, Not For Public Dis seminationPage 20
� ETCs son valores aptos (Eligible Transferable Securities) para
invertir en fondos UCITS
� ETF Securities
□ 3 Lombard Street, London EC3V 9AA, Inglaterra
Contáctenos
□ 3 Lombard Street, London EC3V 9AA, Inglaterra
□ [email protected] (Director, Iberia y América Latina)
+442074484376 / +447827361035
□ [email protected] (Sales Associate, Iberia y América Latina)
+44 20 7448 4375 / +447785611532
□ www.etfsecurities.com
For Professional Investors Only, Not For Public Dis seminationPage 21
□ www.etfsecurities.com
Important information
General
This communication has been provided by ETF Securities (UK) Limited (“ETFS UK”) which is authorised and regulated by the United Kingdom Financial Services Authority. The products discussed in this document are issued by ETFS CommoditySecurities Limited (“CSL”), ETFS Foreign Exchange Limited (“FXL”), ETFS Industrial Metal Securities Limited (“IML”), ETFS Metal Securities Australia Limited (“MSAL”), ETFS Metal Securities Limited (“MSL”), ETFS Oil Securities Limited (“OSL”), GoldBullion Securities Limited (“GBS” and together with CSL, FXL, IML, MSAL, MSL and OSL the “Issuers”) and ETFX Fund Company plc (the “Company”). Each Issuer (other than MSAL) is regulated by the Jersey Financial Services Commission. TheCompany is an open-ended investment company with variable capital having segregated liability between its sub-funds (each a “Fund”) and is organised under the laws of Ireland. The Company is regulated, and has been authorised as a UCITS by theCentral Bank of Ireland (the “Financial Regulator”) pursuant to the European Communities (Undertaking for Collective Investment in Transferable Securities) Regulations, 2003 (as amended).
When being made within Italy, this communication is for the exclusive use of the “qualified investors” and its circulation among the public is prohibited.
This document is not, and under no circumstances is to be construed as, an advertisement or any other step in furtherance of a public offering of shares in the United States or any province or territory thereof, where none of the Issuers, the Company orany securities issued by them are authorised or registered for distribution and where no prospectus for any of the Issuers or the Company has been filed with any securities commission or regulatory authority. Neither this document nor any copy hereofany securities issued by them are authorised or registered for distribution and where no prospectus for any of the Issuers or the Company has been filed with any securities commission or regulatory authority. Neither this document nor any copy hereofshould be taken, transmitted or distributed (directly or indirectly) into the United States. Neither the Issuers, the Company nor any securities issued by them have been or will be registered under the United States Securities Act of 1933 or the InvestmentCompany Act of 1940 or qualified under any applicable state securities statutes.
This document may contain independent market commentary prepared by ETFS UK based on publicly available information. ETFS UK does not warrant or guarantee the accuracy or correctness of any information contained herein and any opinionsrelated to product or market activity may change. Any third party data providers used to source the information in this communication make no warranties or representation of any kind relating to such data.
Any historical performance included in this document may be based on back testing. Back tested performance is purely hypothetical and is provided in this document solely for informational purposes. Back tested data does not represent actualperformance and should not be interpreted as an indication of actual or future performance.
Historical performance is not an indication of or a guide to future performance.
The information contained in this communication is neither an offer for sale nor a solicitation of an offer to buy securities. This communication should not be used as the basis for any investment decision.
ETFS UK is required by the United Kingdom Financial Services Authority ("FSA") to clarify that it is not acting for you in any way in relation to the investment or investment activity to which this communication relates. In particular, ETFS UK will notprovide any investment services to you and or advise you on the merits of, or make any recommendation to you in relation to, the terms of any transaction. No representative of ETFS UK is authorised to behave in any way which would lead you tobelieve otherwise. ETFS UK is not, therefore, responsible for providing you with the protections afforded to its clients and you should seek your own independent legal, investment and tax or other advice as you see fit.
Risk Warnings
Securities issued by CSL, FXL and OSL are complex, structured products involving a significant degree of risk and are not suitable for all types of investor. Securities offered by the Issuers and the Company are aimed at sophisticated, professional andinstitutional investors. Any decision to invest should be based on the information contained in the prospectus (and any supplements thereto) of the relevant Issuer or the Company which includes, inter alia, information on certain risks associated with aninvestment. The price of any securities may go up or down and an investor may not get back the amount invested. Securities may be priced in US Dollars, Euros, or Sterling, and the value of the investment in other currencies will be affected byexchange rate movements. Investments in the securities of the Issuers or the shares of the Company which provide a short and/or leveraged exposure are only suitable for sophisticated, professional and institutional investors who understandleveraged and compounded daily returns and are willing to magnify potential losses by comparison to investments which do not incorporate these strategies. Over periods of greater than one day, investments with a short and/or leveraged exposure donot necessarily provide investors with a return equivalent to a return from the unleveraged long or unleveraged short investments multiplied by the relevant leverage factor.
Investors should refer to the section entitled “Risk Factors” in the relevant prospectus for further details of these and other risks associated with an investment in the securities offered by the Issuers and the Company.
The relevant prospectus for each Issuer and the Company may be obtained from www.etfsecurities.com. Please contact ETFS UK at +44 20 7448 4330 or [email protected] for more information.
For Professional Investors Only, Not For Public Dis seminationPage 22
The relevant prospectus for each Issuer and the Company may be obtained from www.etfsecurities.com. Please contact ETFS UK at +44 20 7448 4330 or [email protected] for more information.
Issuers
General: The FSA has delivered to the regulators listed below certificates of approval attesting that the prospectuses of the Issuers indicated have been drawn up in accordance with Directive 2003/71/EC.
For Dutch, French, German and Italian Investors: The prospectuses (and any supplements thereto) for each of the Issuers have been passported from the United Kingdom into France, Germany, Italy and the Netherlands and have been filed with thel’Autorité des Marchés Financiers (AMF) in France , Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) in Germany, CONSOB and the Bank of Italy in Italy and the Authority Financial Markets (Autoriteit Financiële Markten) in the Netherlands.Copies of prospectuses (and any supplements thereto) and related regulatory documentation, including annual reports, can be obtained in France from HSBC France, 103, Avenue des Champs Elysées, 75008 Paris. , in Germany from HSBC Trinkhaus& Burkhardt, AG, Konsortialgeschäft, Königsalle 21/23, 40212 Dusseldorf and in the Netherlands from ABN AMRO Bank (Nederland) N.V. (t) +31 20 527 2467 or faxed request to +31 20 527 1928. The prospectuses (and any supplements thereto) foreach of the Issuers may be distributed to investors in France, Germany, Italy and the Netherlands.
This document is not a financial analysis pursuant to Section 34b of the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG) and consequently does not meet all legal requirements to warrant the objectivity of a financial analysis and isalso not subject to the ban on trading prior to the publication of a financial analysis.
This document is not addressed to or intended directly or indirectly, to (a) any persons who do not qualify as qualified investors (gekwalificeerde beleggers) within the meaning of section 1:1 of the Dutch Financial Supervision Act as amended from timeto time; and/or (b) in circumstances where other exemptions or dispensations from the prohibition the Dutch Financial Supervision Act or the Exemption Regulation of the Act on Financial Supervision apply.
None of the Issuers is required to have a license pursuant to the Dutch Financial Supervision Act as it is exempt from any licensing requirements and is not regulated by the Netherlands Authority for the Financial Markets and consequently no prudential
and conduct of business supervision will be exercised.
For Austrian, Danish, Finnish, Portuguese, Swedish and Spanish Investors: The prospectuses (and any supplements thereto) for each of CSL, IML, MSL and FXL have been passported from the United Kingdom into Austria, Denmark, Finland,Portugal, Spain, Sweden and have been filed with Österreichische Finanzmarktaufsicht (Austrian Financial Market Authority) in Austria, Finanstilsynet (Financial Supervisory Authority) in Denmark, Finanssivalvonta (Finnish Financial SupervisoryAuthority) in Finland, Comissão do Mercado de Valores Mobiliários (Portuguese Securities Market Commission) in Portugal, Comisión Nacional del Mercado de Valores (Securities Market Commission) in Spain and the Finansinspektionen (FinancialSupervisory Authority) in Sweden. The prospectuses (and any supplements thereto) for these entities may be distributed to investors in Austria, Finland, Portugal, Spain, Denmark and Sweden.
For Belgian Investors: The prospectus (and any supplements thereto) for GBS has been passported from the United Kingdom into Belgium and has been filed with the Commission Bancaire, Financiére et des Assurances in Belgium. The prospectus(and any supplements thereto) for GBS may be distributed to investors in Belgium.
Other than as set out above investors may contact ETFS UK at +44 (0)20 7448 4330 or at [email protected] to obtain copies of prospectuses and related regulatory documentation, including annual reports. Other than as separately indicated, thiscommunication is being made on a “private placement” basis and is intended solely for the professional / institutional recipient to which it is delivered.
Securities issued by each of the Issuers are direct, limited recourse obligations of the relevant Issuer alone and are not obligations of or guaranteed by any of UBS AG (“UBS”), Merrill Lynch Commodities Inc. (“MLCI”), Bank of America Corporation(“BAC”), Shell Trading Switzerland, Shell Treasury, HSBC Bank USA N.A., JP Morgan Chase Bank, N.A., Morgan Stanley & Co International plc, Morgan Stanley & Co. Incorporated, Deutsche Bank AG any of their affiliates or anyone else or any oftheir affiliates. Each of UBS, MLCI, BAC, Shell Trading Switzerland, Shell Treasury, HSBC Bank USA N.A., JP Morgan Chase Bank, N.A., Morgan Stanley & Co International plc, Morgan Stanley & Co. Incorporated and Deutsche Bank AG disclaims alland any liability whether arising in tort, contract or otherwise (save as referred to above) which it might have in respect of this document or its contents otherwise arising in connection herewith.
“Dow Jones,” “UBS”, DJ-UBS CISM,”, “DJ-UBS CI-F3SM,” and any related indices or sub-indices are service marks of Dow Jones Trademark Holdings LLC (“Dow Jones”), CME Group Index Services LLC (“CME Indexes”), UBS or UBS Securities LLC“Dow Jones,” “UBS”, DJ-UBS CISM,”, “DJ-UBS CI-F3SM,” and any related indices or sub-indices are service marks of Dow Jones Trademark Holdings LLC (“Dow Jones”), CME Group Index Services LLC (“CME Indexes”), UBS or UBS Securities LLC(“UBS Securities”), as the case may be, and have been licensed for use by the Issuer. The securities issued by CSL although based on components of the Dow Jones UBS Commodity Index 3 month ForwardSM are not sponsored, endorsed, sold orpromoted by Dow Jones, CME Indexes, UBS, UBS Securities or any of their respective subsidiaries or affiliates, and none of Dow Jones, CME Indexes, UBS, UBS Securities, or any of their respective subsidiaries or affiliates, makes any representationregarding the advisability of investing in such product.
The Morgan Stanley Indices are the exclusive property of Morgan Stanley & Co. Incorporated (“Morgan Stanley”). Morgan Stanley and the Morgan Stanley index names are service mark(s) of Morgan Stanley or its affiliates and have been licensed foruse for certain purposes by ETF Securities Limited in respect of the securities issued by FXL. The securities issued by FXL are not sponsored, endorsed, or promoted by Morgan Stanley, and Morgan Stanley bears no liability with respect to any suchfinancial securities. The prospectus of FXL contains a more detailed description of the limited relationship Morgan Stanley has with FXL and any related financial securities. No purchaser, seller or holder of securities issued by FXL, or any other personor entity, should use or refer to any Morgan Stanley trade name, trademark or service mark to sponsor, endorse, market or promote this product without first contacting Morgan Stanley to determine whether Morgan Stanley’s permission is required.Under no circumstances may any person or entity claim any affiliation with Morgan Stanley without the prior written permission of Morgan Stanley.
The EURO STOXX 50® and STOXX® 600 and their related trademarks are proprietary to STOXX Limited and/or Dow Jones & Company, Inc. The EURO STOXX 50® and the related trademarks have been licensed for certain purposes by ETFSecurities Limited.
Funds
This document has prepared for delivery to professional investors in the Republic of Ireland and other countries of the European Union/European Economic Area in which certain of the Funds are registered with the local financial regulator. Pleasecontact ETFS UK at +44 (0)20 7448 4330 or at [email protected] for further information of the Company and details as to which countries and to which category of investors this document can be communicated.
For Danish Investors: This document cannot be communicated to investors in Denmark except in response to their unsolicited request.
For Dutch Investors: Each Fund has been registered with the Netherlands Authority for the Financial Markets following the UCITS passport-procedure pursuant to section 2:72 of the Dutch Financial Supervision Act.
For French investors: Any subscription for shares of the Funds will be made on the basis of the terms of the prospectus, the simplified prospectus and any supplements or addenda thereto. The Company is a UCITS governed by Irish legislation andapproved by the Financial Regulator as UCITS compliant with European regulations although may not have to comply with the same rules as those applicable to a similar product approved in France. Certain of the Funds have been registered formarketing in France by the Authority Financial Markets (Autorité des Marchés Financiers) and may be distributed to investors in France. Copies of all documents (i.e. the prospectus, the simplified prospectus, any supplements or addenda thereto, thelatest annual reports and the memorandum of incorporation and articles of association) are available in France, free of charge, at the French Centralizing Agent, Société Générale, Securities Services, at 29 Boulevard Haussmann – 75009 Paris –France.
For German investors: The offering of the shares of the ETFX AEX® Fund and of the ETFX AMX® Fund has not been notified to the German Financial Services Supervisory Authority in accordance with Section 132 of the Investment Act. Shares of the
For Professional Investors Only, Not For Public Dis seminationPage 23
For German investors: The offering of the shares of the ETFX AEX® Fund and of the ETFX AMX® Fund has not been notified to the German Financial Services Supervisory Authority in accordance with Section 132 of the Investment Act. Shares of theETFX AEX® Fund and of the ETFX AMX® Fund may not be publicly offered to the investors of the Federal Republic of Germany.
The offering of the shares of the remaining Funds has been notified to the German Financial Services Supervisory Authority in accordance with section 132 of the German Investment Act. The prospectus, the simplified prospectuses, any supplementsor addenda thereto, copies of the Memorandum and Articles of Association of the Company and the annual and semi-annual report can be obtained free of charge upon request at the Paying and Information Agent in Germany, HSBC Trinkaus &Burkhardt AG, Königsallee 21-23, 40212 Düsseldorf. The current offering and redemption prices as well as the net asset value and possible notifications of the investors can also be requested free of charge at the same address. In Germany the shareswill be settled as co-owner shares in a Global Bearer certificate issued by Clearstream Banking AG. This type of settlement only occurs in Germany because there is no direct link between the English and German clearing and settlement systems Crestand Clearstream. For this reason the ISIN used for trading of the shares in Germany differs from the ISIN used in other countries.
For Norwegian Investors: The Company and certain of the Funds have been registered with the Financial Supervisory Authority of Norway (Finanstilsynet), and may be marketed and sold to professional investors in Norway.
Other than as separately indicated, this communication is being made on a “private placement” basis and is intended solely for the professional / institutional recipient to which it is delivered.
None of the index providers of the Funds referred to herein nor their licensors make any warranty or representation whatsoever either as to the results obtained from use of the relevant indices and/or the figures at which such indices stand at anyparticular day or otherwise. None of the index providers shall be liable to any person for any errors or significant delays in the relevant indices nor shall be under any obligation to advise any person of any error or significant delay therein.