Q1 2013 Market Commentary on European ETFs · 2/24 Market Commentary on European ETFs − Debt ETFs captured net new assets of USD 3.52bn in Q1, the fifth consecutive quarter of net

Key points European ETFs recorded net inflows of USD 8.28bn,

in the first quarter of 2013, a 37% increase fromthe same period a year earlier. New efforts by theJapanese authorities to stimulate a revival in thecountry’s economy and anticipation of a turnaroundin the US attracted investors.− Global liquidity is growing rapidly. Yields on less

risky assets are low, encouraging investors toswitch into equities and riskier credits.

− Over the quarter, debt-based trackers ledinflows; equities benefitted from a strongJanuary effect that subsequently slowed.Demand for commodity and money marketETFs continues to recede in Europe.

− Equity ETFs continued to attract inflows, albeitat a slower pace than in the previous quarter, atUSD 7.07bn. Investors favoured emergingmarkets, Japan, US and global equity ETFtrackers. They shied away from euro/EuropeanETF trackers.

For professional and qualified investors only

Q1 2013 Market Commentaryon European ETFs

Global Liquidity Flows toDeveloped Economies in1st quarter of 2013

Q1 2013

James Kingston, Nicholas Low and Marielle Chuangdumrongsomsuk

Credit Suisse ETF Sales Strategy, LondonPhone: +44 20 7888 6454Email: [email protected]

2/24 Market Commentary on European ETFs

− Debt ETFs captured net new assets of USD 3.52bn in Q1, the fifth consecutivequarter of net positive inflows, with investors continuing to invest in emergingmarkets debt, region-focused funds and corporate bonds at the expense ofgovernment ETF debt trackers.

− Money market ETFs continued the negative trend recorded last quarter,incurring a total outflow of USD 1.54bn.

− Gold outflows continued to weigh on commodity ETFs in March and incurred anet outflow of USD 844m in Q1.

As of the end of March 2013, the European ETF market recorded assets of USD 340.65bn, up 3.8% from USD 328.20bn at the end of Q4 last year. Theperiod was marked by the appointment in March of Haruhiko Kuroda as governorof the Bank of Japan with a mandate to end more than a decade of deflation. Thisbuoyed anticipation of a new kind of monetary stimulus from the BoJ. Meanwhilein the US, positive housing market data and other economic indicators persuadedmore investors that the foundations for a recovery were stronger than anticipated.The MSCI World index increased by 7.2% during the quarter.

Provider landscape – At the end of March 2013, the overall picture of the top tenEuropean ETF providers had remained stable throughout the quarter with minordeviations. At the end of Q1 2013, Credit Suisse ETFs had total assets undermanagement (AUM) of USD 17.12bn, a decrease of 2% from the previous monthend.

Physically replicated funds continue to dominate Q1 in-flows, with outflows fromsynthetically replicated funds observed in February and March.

Source: CS ETF Sales Strategy, Bloomberg, 31.03.2013

3/24Market Commentary on European ETFs

As of the end of March 2013, the European ETF market recorded assets of USD 340.65bn, up 0.6% from USD 338.53bn at the end of February 2013.Comparatively over the same period, the MSCI World index increased by 2.1%.

A total of 1522 funds domiciled and listed in Europe were reviewed – 69% of totalAUM was invested in equity trackers, followed by 18% in debt ETFs and 9% incommodity ETFs.

European ETF landscape:

AUM Overview

AUM evolution of ETFs domiciled and listed in Europe (USD bn)



Historical performance indications and financial market scenarios are no reliable indicator for current or future performance.

0

50

100

150

200

250

300

350

400

Asset Allocation Commodity DebtEquity Money Market Real Estate

Mar

201

3

Feb

2013

Jan

2013

Dec

201

2

Nov

201

2

Oct

201

2

Sep

201

2

Aug

201

2

Jul 2

012

Jun

2012

May

201

2

Apr

201

2

Mar

201

2

Feb

2012

Jan

2012

Dec

201

1

Nov

201

1

Oct

201

1

Sep

201

1

Aug

201

1

Jul 2

011

316293

262

285272 270

285 300 300 289

264277

281 293306 310 315 328

346 339 341

ETF AUM (USD m) ETF NNA (USD m)

Asset class # Funds End Mar 2013

End Mar 2013 Vs previous month end (%)

Mar 2013 Previous month YTD 2013

Asset Allocation 39 2,051 -0.43% -43 -67 -109

Commodity 132 30,297 -0.77% -153 -508 -844

Debt 278 67,212 -0.74% 1,105 890 3,522

Equity 1,044 233,403 1.55% 583 1,382 7,068

Money Market 15 4,196 -15.69% -981 -194 -1,544

Real Estate 14 3,492 2.71% 108 56 193

Total 1,522 340,651 0.63% 618 1,559 8,287


Flow trends in March 2013:− European ETFs recorded net inflows of USD 618m, a 60% decrease from

February’s USD 1.56bn− Equity ETFs continued to gather inflows, totaling USD 583m, marking a slowdown

from the first two months of the year. Country-focused funds captured the mostinflows, followed by sector- and strategy-focused funds. Region-focused fundsincurred negative flows

− Growth in net new assets for debt ETFs accelerated in March with inflows ofUSD 1.11bn. Geographically focused debt, emerging markets, asset backedsecurities and government/corporate bond trackers captured the highest inflows

− Money market ETFs continued the negative trend recorded the previous month,incurring a total outflow of USD 981m in March

− Commodity ETFs had another challenging month in March, with fundsexperiencing a net outflow of USD 153m

Q1 2013 flows were dominated by several clear trends:− European ETFs recorded net inflows of USD 8.29bn, a 27% decrease from the

previous the quarter. The USD 11.34bn of inflows into European ETFs in Q4 wasthe highest in two years as investor risk aversion caused by the Eurozone crisisabated

− Equity ETFs continued to gather inflows, though at a slower pace than in Q4, atUSD 7.07bn. Investors favoured emerging markets, Japan, US and global equityETF trackers, while shunning euro/European ETF trackers

− Debt ETFs captured net new assets of USD 3.52bn in Q1, the fifth consecutivequarter of net positive inflows, with investors continuing to invest in emergingmarkets debt, region-focused funds and corporate bonds rather than governmentETF debt trackers

− Money market ETFs continued the negative trend recorded last quarter, incurringa total outflow of USD 1.54bn

− Gold outflows continued to weigh on commodity ETFs in March and incurred anet outflow of USD 844m in Q1


Overview of Net New Assets (NNA) in European ETFs


NNA in ETFs domiciled and listed in Europe, per quarter and asset class (USD m)



Monthly Net New Assets (NNA) in ETFs domiciled and listed in Europe, per asset class (USD m)


0

2000

4000

6000

8000

-8000

-6000

-4000

-2000

Mar

201

3

Feb

2013

Jan

2013

Dec

201

2

Nov

201

2

Oct

201

2

Sep

201

2

Aug

201

2

Jul 2

012

Jun

2012

May

201

2

Apr

201

2

Mar

201

2

Feb

2012

Jan

2012

Dec

201

1

Nov

201

1

Oct

201

1

Sep

201

1


-152

-214

-2,183

-3,291

3,074

1,375 1,579

-4,701

3,234

1,606

3,2152,836

2,9594,107

1,176

6,0526,110

1,559618

0

5000

10000

15000

-15000

-10000

-5000

Q1 2013 Q4 2012 Q3 2012 Q2 2012 Q1 2012 Q4 2011 Q3 2011 Q2 2011 Q1 2011


At the end of March 2013, the overall picture of the top ten European ETF providersremained stable from the previous month-end

The top five providers, with a combined market share of 78%, have remained firmlyin place

NNA performance – Source, iShares and UBS attracted the highest net inflows inMarch; iShares dominated the number one position over the quarter, followed bySource and UBS− In March, Source saw great inflows into its equity ETF trackers including S&P

500, S&P US Financial sector and MSCI World; its debt range, particularly,Pimco euro enhanced short maturity also captured attractive inflows

− iShares attracted strong inflows into its debt ETF trackers in March, including itsEurope government bond (3–5 years), euro covered bond, Europe high yield andemerging markets government bond; its equity ETF trackers, e.g. MSCI Worldand MSCI Japan, also gathered attractive inflows

− UBS continued to see flows into its equity ETFs in March, particularlygeographic-focused funds e.g. MSCI USA, MSCI Japan and MSCI Turkey

Lyxor, Credit Suisse and Comstage registered the highest outflows in March

AUM of top ten providers of ETFs domiciled and listed in Europe (USD m)


Historical performance indications and financial market scenarios are no reliable indicator for currentor future performance.


ETF Providers

0

30000

60000

90000

120000

150000

End Mar 2013End Feb 2013

Juliu

s B

aer

Com

Sta

ge

Sou

rce

Am

undi

UB

S

ZKB

Cre

dit S

uiss

e

Lyxo

r

db X

-tra

cker

s

iSha

res

146,

636

146,

421

50,9

7848

,437

35,9

5137

,490

17,1

1917

,464

14,8

3214

,873

12,9

4012

,918

12,2

4511

,993

10,1

529,

556

6,39

76,

610

6,17

16,

314


March 2013 market share by AUM of providers of ETFs domiciled and listed in Europe


iShares43.05%

Julius Baer1.81%

Lyxor 10.55%

CS ETFs5.03%

ZKB4.35%

UBS 3.59%

Amundi ETF3.80%

ComStage1.88%

db X-trackers14.96%

Source2.98%

Others7.99%

AUM of top ten providers of ETFs domiciled and listed in Europe


Providers AUM (USD m) NNA (USD m)End

Mar 2013Market share

(%)Q2

2012Q3

2012Q4

2012Q1

2013End

Mar 2013YTD2013

iShares 146,636 43.05% 1,786 4,738 7,714 6,092 582 6,092db X-trackers 50,978 14.96% -1,228 1,463 622 359 -38 359Lyxor 35,951 10.55% -1,432 593 400 -1,361 -989 -1,361CS ETFs 17,119 5.03% 181 64 -204 -1,028 -374 -1,028ZKB 14,832 4.35% 319 211 408 -524 -97 -524Amundi ETF 12,940 3.80% 452 384 680 781 91 781UBS 12,245 3.59% -238 -242 -189 885 180 885Source 10,152 2.98% 539 776 1,033 1,008 629 1,008ComStage 6,397 1.88% -220 -238 -324 -243 -193 -243Julius Baer 6,171 1.81% 47 265 1 -272 -101 -272

March 2013 NNA by provider, USD m


Historical performance indications and financial market scenarios are no reliable indicator for current orfuture performance.

-1000 0 1000 2000 3000 4000 5000 6000

Mar 2013YTD 2013

Julius Baer

Comstage

Source

UBS

Amundi

ZKB

Credit Suisse

Lyxor

db x-trackers

iShares 5825,510

397-38

-989-372-374

-654-97

-42791

690180

684629

379-193

-49-101

-171


Replication Method

Overall, investors continued to show a clear preference for physically replicated funds inQ1, with outflows from synthetically replicated funds observed in February and March.

Monthly NNA of ETFs domiciled and listed in Europe, per replication method (USD m)



0

2000

4000

6000

8000

Physical replicationSynthetic replication

-6000

-4000

-2000

Mar

201

3

Feb

2013

Jan

2013

Dec

201

2

Nov

201

2

Oct

201

2

Sep

201

2

Aug

201

2

Jul 2

012

Jun

2012

May

201

2

Apr

201

2

Mar

201

2

Feb

2012

Jan

2012

Dec

201

1

Nov

201

1

Oct

201

1

Sep

201

1

11

-163

1,910

-2,124-2,486

-3,740

-3,614

-409

-1,087

-432 -384 -436 -291 -240

303 4501,763

1,311

1,294

811,988

3,666

1,9902,431

784960

1,8761,264

1,695

3,243

864

1,612

3,726

2,326

4,746

1,364

1,850

858


Assets – As at end of March 2013, European equity ETFs had total assets of USD 233.40bn, this was largely made up of single country funds (c.46%).

Equity ETF assets increased by 1.5% from USD 229.85bn in February 2013. Thiscompares with a 0.4% decline for the EuroStoxx50, while the S&P500 and Nikkei225 indices rose 3.6% and +6.7% respectively in the same period (in local currencyterms)

Flows – March saw a total inflow of USD 583m from European equity ETFs, adecrease of 58% from the preceding month’s inflows of USD 1.38bn. This broughttotal inflows in Q1 to USD 7.07bn– Strong demand for country-focused funds was recorded in March, especially

those offering exposure to the US, Japan, Philippines and Germany– Strategy-focused ETFs also registered net new assets in March, particularly

global equity, growth and income equity trackers– Sector funds experienced a total inflow of USD 565m in March– Sizable outflows were recorded for region-focused funds, especially from

Eurozone/European countries in March

European equity ETFs AUM breakdown: Country, region, strategy, sector, USD m



0

20000

40000

60000

80000

100000

120000

End Mar 2013 End Feb 2013

Sector FundRegion FundStrategyCountry Fund

108,197102,730

49,282 49,15956,901 59,355

19,023 18,606

European Equity ETFs:

Assets and Flows in Detail


European equity ETFs NNA breakdown: Country, region, strategy, sector, USD m


-2000 -1000 0 1000 2000 3000 4000

End Mar 2013 End Feb 2013 YTD

Sector Fund

Region Fund

Strategy

Country Fund1,337

8643,503

272755

3,012

-1,59136

-118

565-274

672

Asset Class # Funds ETF AUM (USD m) ETF NNA (USD m)End Mar 2013 % vs previous month end End Mar 2013 YTD

Equity 1,044 233,403 1,55% 583 7,068Country Funds 313 108,197 5% 1,337 3,503Australia 5 379 11% 40 43Austria 1 100 7% 13 9Belgium 1 38 -1% – -5Brazil 12 2,069 0% 53 187Canada 9 749 -4% -35 -32China 24 4,038 -7% -86 126France 15 4,398 -1% 8 -238Germany 15 30,504 -1% 168 -188India 12 1,728 -2% -38 -124Indonesia 4 182 -7% -14 -9Italy 11 2,078 -3% 50 290Japan 31 8,053 11% 457 1,147Malaysia 3 121 1% -1 8Mexico 4 211 5% 2 29Netherlands 6 474 3% 13 31Philippines 1 3,805 6893% 170 176Russia 9 2,157 -7% -75 -76Singapore 1 12 16% 2 2South Korea 7 1,028 -3% 19 33Spain 8 133 9% 20 63Sweden 12 2,679 3% 63 302Switzerland 11 2,963 3% 69 211Thailand 3 72 0% -1 8UK 37 11,797 1% -61 -140US 71 28,428 6% 503 1,649





Strategy Funds 174 49,282 0% 272 3,012Contrarian 21 1,631 -5% -31 50Derivative 1 13 -2% – -2Emerging Market Equity 42 20,674 -2% -89 1,084Global Equity 47 13,976 4% 212 1,223Growth 18 760 6% 32 361Growth and Income 6 2,394 9% 150 242Growth Large Cap 9 3.945 -2% -113 -385Growth Mid Cap 4 1,390 2% 57 157Growth Small Cap 1 – n.a. – –Income Equity 6 3,434 0% 28 230International Equity 7 100 -6% -5 -43Value 5 380 -1% 8 68Other 7 585 8% 23 28Regional Funds 232 56.901 -4% -1,591 -118Africa 3 134 -2% -1 -39Asia Pac Ex Japan 27 6,262 3% 323 839Asia Pacific 9 2,400 -2% -11 0Eastern Europe 5 746 -9% -27 -83Euro Countries 35 21,808 -8% -1,435 -828Europe 84 13,697 -4% -391 -283Europe Ex UK 3 1,296 0% 18 133European Union 11 3,374 -1% 36 -14Geo Focused Equity 37 2,318 -2% -43 20Iberia 1 – n.a. – –Latin America 11 1,228 -3% -35 -3Middle East 1 5 22% 1 0Nordic 3 1,000 -10% -97 -39North America 2 2,632 6% 69 178Sector Funds 325 19,023 2% 565 682Blend 4 66 16% 8 6Commodity 1 64 6% 1 0Energy 22 809 0% 1 -102Environmentally Friendly 4 121 -3% -3 -21Islamic Equity 5 143 -1% -4 -8Financial Services 29 3,363 -7% -65 85Food & Beverage 7 843 27% 157 118Gaming & Entertainment 1 24 2% – –Health & Biotech 15 1,193 13% 100 138Internet & Telecom 14 548 14% 48 46Leisure Industry 4 82 8% 5 1Precious Metals 6 487 -1% -6 -17Real Estate 15 2,877 4% 72 244Religiously Responsible 1 6 -1% – -8Technology 15 554 1% 10 22Undefined Equity 166 6,942 3% 256 188Utility 16 899 0% -15 -21



European Debt ETFs:

Assets and Flows in Detail

Assets There were 278 debt tracker funds with USD 67.21bn in assets under management

at the end of March 2013.

Flows Fixed income ETFs attracted net inflows of USD 1.11bn (compared with February’s

NNA of USD 890m), bringing the total inflows to USD 3.52bn in Q1 2013. The theme of investors favouring region-focused funds, emerging markets, asset

backed securities and some corporate debt over government sovereign debt continued.

European fixed-income debt ETFs NNA breakdown, USD m



0

5000

10000

15000

20000

25000

30000

35000

End Mar 2013 End Feb 2013

Sec

tor F

und-

Deb

t

Reg

ion

Fund

-Geo

Foc

used

-Deb

t

Inde

x Fu

nd-D

ebt

Gro

wth

Gov

t/A

genc

y-S

hort/

Inte

rmed

Gov

t/A

genc

y-S

hort

Term

Gov

t/A

genc

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ng T

erm

Gov

t/A

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term

edia

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t/A

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term

edia

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Gov

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g Te

rm

Gov

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erm

edia

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ernm

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Cor

pora

te

Gov

ernm

ent/

Age

ncy

Gov

ernm

ent

Glo

bal D

ebt

Emer

ging

Mar

ket-

Deb

t

Cor

pora

te/P

refe

rred-

Inv

Gra

de

Cor

pora

te/P

refe

rred-

Hig

h Y

ld

Cor

pora

te/P

refe

rred

Cor

pora

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Cor

p H

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Yiel

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Ass

et B

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Debt 278 67,212 -1% 1,105 3,522Asset Backed Securities 1 801 25% 170 241Corporate High Yield 1 214 -1% – -59Corporate 13 3,512 -1% -38 -95Corporate/Preferred 14 5,353 1% 87 221Corporate/Preferred High Yld 2 – n.a. – –Corporate/Preferred Inv Grade 3 1,347 2% 51 29Emerging Market Debt 9 5,037 4% 264 793Global Debt 11 1,617 -1% 2 58Government 12 3,097 -10% -290 -647Government/Agency 27 3,500 -1% 19 352Government/Corporate 7 2,196 5% 106 712Govt Intermediate Term 6 1,533 -2% – -81Govt Long Term 10 970 -8% -71 -151Govt Short Term 3 1,291 0% 25 108Govt/Agency Intermediate Term 19 1,413 -3% -24 -13Govt/Agency Intermediate/Long 2 426 -1% 0 -18Govt/Agency Long Term 11 268 -3% 13 -18Govt/Agency Short Term 16 1,561 -35% 61 125Govt/Agency Short/Intermediate 3 759 -3% -8 35Growth 3 214 18% 36 134Index Fund-Debt 1 12 -1% – –Region Fund Geo Focused Debt 90 31,015 1% 715 1,949Sector Fund Debt 14 1,078 -3% -14 -155



At the end of March 2013, Credit Suisse ETFs had a total AUM of USD 17.12bn,a decrease of 2% from the previous month end

Credit Suisse ETFs recorded total outflows of USD 374m in March, bringing thenegative flows over the quarter to a total of USD 1.03bn

In March, CS equity and debt ETFs had outflows of USD 392m and USD 52mrespectively. Commodity ETFs gathered a total inflow of USD 70m, while moneymarket ETFs were flat− ETFs on gold and gold hedged EUR attracted reasonable inflows− Equity index-linked ETFs were a mixed bag: those pegged to the S&P 500,

FTSE MIB and MSCI Korea had positive inflows in March, whereas CS ETFs onthe SMI, MSCI EMU and MSCI USA indices suffered outflows

− CS debt ETFs struggled to attract new assets in March. Outflows from CS ETFson iBoxx EUR GOV 1–3, SBI DOM GOV 3–7 and iBoxx USD/EUR inflationlinked more than offset the inflows into the CS ETF on iBoxx EUR GOV 3–7

Credit Suisse ETFs

AUM evolution of CS ETFs (USD m)



0

4,000

8,000

12,000

16,000

20,000

Commodity DebtEquity Money Market

Mar

201

3

Feb

2013

Jan

2013

Dec

201

2

Nov

201

2

Oct

201

2

Sep

201

2

Aug

201

2

Jul 2

012

Jun

2012

May

201

2

Apr

201

2

Mar

201

2

Feb

2012

Jan

2012

Dec

201

1

Nov

201

1

Oct

201

1

Sep

201

1

15,827

17,23616,579

15,60816,711

17,281 16,954 17,001

15,181 15,938 16,170 16,48617,167 17,136 17,354 17,612

18,21017,464 17,119


Top 10 CS ETFs in terms of AUM (March vs. February) (USD m)


0 500 1000 1500 2000 2500 3000 3500 4000

AUM March AUM Feb

CSETF on SMI

CSETF II on Gold

CSETF on MSCI Emerging Mrkts

CSETF on SMIM

CSETF on MSCI EMU

CSETF on S&P 500

CSETF II on Gold-Hdg CHF

CSETF on MSCI Japan

CSETF on SLI

CSETF on SBI Dom Gov 3–7 489466

616629

717683

735740

811756

9611,074

1,1621,171

1,2811,227

1,5961,549

3,5903,657

NNA of CS ETFs (USD m)

Source: CS ETFs Sales Strategy, Bloomberg, 31.03.2013

NNA of CS ETFs

Source: CS ETFs Sales Strategy, Bloomberg, 31.03.2013


0

200

400

Commodity DebtEquity Money Market

-600

-400

-200

Mar

201

3

Feb

2013

Jan

2013

Dec

201

2

Nov

201

2

Oct

201

2

Sep

201

2

Aug

201

2

Jul 2

012

Jun

2012

May

201

2

Apr

201

2

Mar

201

2

Feb

2012

Jan2

012

Dec

201

1

Nov

201

1

Oct

201

1

Sep

201

1

4859

53

-520

152

-177-221

316

-167

32

135

-49 -21 -46 -96-62

-198

-456 -374

Sep2011

Oct2011

Nov2011

Dec 2011

Jan2012

Feb 2012

Mar 2012

Apr2012

May2012

Jun2012

Jul2012

Aug2012

Sep2012

Oct2012

Nov2012

Dec2012

Jan2013

Feb2013

Mar2013

Money Market – 75 7 -21 – -34 -38 -12 -9 0 1 0 -4 1 – – -19 – –Equity -150 -5 37 -210 215 175 -234 -36 -181 -15 163 -97 50 -74 6 -27 -156 -382 -392Debt 19 -34 7 14 -25 -7 31 14 12 3 -48 21 -81 -12 -60 -15 -36 -67 -52Commodity 19 24 2 -303 -38 39 20 350 10 44 19 27 14 39 -42 -20 14 -6 70Total (USD m) 48 59 53 -520 152 -177 -221 316 -167 32 135 -49 -21 -46 -96 -62 -198 -456 -374


A total of 17 European domiciled ETFs were launched in Q1 2013: Eight new European domiciled equity ETFs were launched in January

− db X-trackers launched five new funds, the first European ETFs launched thatoffer specific exposure to sector indices on Chinese A-class shares: banking,energy, healthcare, real estate and consumer discretionary; the ETFs, which trackthe CSI300 sector index family, are listed on XETRA and are cross listed fromHong Kong

− ComStage launched the first ETF tracking the S&P SMIT 40 index, which offersaccess to companies from South Korea, Mexico, Indonesia and Turkey; the ETFis listed on Deutsche Borse’s Xetra platform

− SPDR launched the new ETF on the MSCI EMU and is UCITS compliant; it islisted on Xetra, as well as, LSE

− Amundi launched its MSCI Europe Ex-Financials ETF on the NYSE EuronextParis platform, offering access to European equity markets without exposure tobanks, insurance, real estate and diversified financials

Eight new European domiciled ETFs were launched during February− Lyxor launched six new funds, including:

Lyxor ETF MTS Spain aims to track Spanish government bonds and was listedon NYSE Euronext Lyxor SG Global Quality Income ETF (D share class) was listed on the LSE ineuros and sterlingLyxor Dynamic Short VIX Futures ETF and a Dynamic Long VIX Futures ETFwere launched on the NYSE Euronext Amsterdam and are denominated in USDand euros

− UBS launched SXI Life Sciences ETF, which intends to track SXI Life SciencesIndex, and it was listed on SIX Swiss Exchange

− Deutsche Asset and Wealth Management launched a direct replication ETF onJapan’s Nikkei 225 index, and it was listed on Deutsche Borse’s ETF platform,Xetra

One new European domiciled ETF was launched in March− Lyxor launched Lyxor MSCI USA C share ETF, which aims to track MSCI Daily

Total Return Net USA USD; the ETF was listed on NYSE Euronext Paris in eurosand it has a total expense ratio of 0.30%

New European domiciled ETF launches


Ticker Name Benchmark Domicile InceptionDate

Fund Type

USAC FP LYXOR ETF MSCI USA C-EUR MSCI Daily TR Net USA USD France 28.03.2013 Exchange Traded FundsXDJP GR DBX NIKKEI 225 UCITS ETF DR NIKKEI 225 Luxembourg 25.02.2013 Exchange Traded FundsLSICHA SW UBS US-SXU LIFE SCIEN CHF A SXI LIFE SCIENCES TR INDX Switzerland 21.02.2013 Exchange Traded FundsSGQP LN LYXOR SG GLOBAL QUAL INCOME SG Gbl Qlty Income Net TR Luxembourg 19.02.2013 Exchange Traded FundsDSVX NA LYXOR DYN SHORT VIX FUTURES CBOE Dyn Short VIX Fut Luxembourg 19.02.2013 Exchange Traded FundsDLVO NA LYXOR DYN LONG VIX FUTURES CBOE Dyn Long VIX Fut In Luxembourg 19.02.2013 Exchange Traded FundsDLVX NA LYXOR DYN LONG VIX FUTURES CBOE Dyn Long VIX Fut In Luxembourg 19.02.2013 Exchange Traded FundsDSVO NA LYXOR DYN SHORT VIX FUTURES CBOE Dyn Short VIX Fut Luxembourg 19.02.2013 Exchange Traded FundsES10 FP LYXOR ETF MTS SPA MTS Spain Government Index All France 18.02.2013 Exchange Traded FundsEUXF FP AMUNDI ETF MSCI EUROPE EX MSCI Europe Excluding Financial France 29.01.2013 Exchange Traded FundsZPRE GR SPDR MSCI EMU UCITS ETF MSCI Daily Net TR EMU Euro Ireland 28.01.2013 Exchange Traded FundsE129 GR COMSTAGE S&P SMIT 40 INDEX S&P SMIT 40 Net TR (EUR) Greece 23.01.2013 Exchange Traded FundsXCHE GR DB X-TRACKERS CSI300 ENERGY CSI 300 ENERGY INDEX Luxembourg 21.01.2013 Exchange Traded FundsXCHB GR DB X-TRACKERS CSI300 BANK CSI 300 Banks Index Luxembourg 21.01.2013 Exchange Traded FundsXCHC GR DB X-TRACKERS CSI300 HEALTH CSI 300 HLTH CARE INDEX Luxembourg 21.01.2013 Exchange Traded FundsXCHR GR DB X-TRACKERS CSI300 REAL ES CSI 300 Real Estate IX Luxembourg 21.01.2013 Exchange Traded FundsXCHD GR DB X-TRACKERS CSI300 CONSUME CSI 300 CONS DISCRE INDX Luxembourg 21.01.2013 Exchange Traded Funds



Global Equity Strategy

Equities: Still more upside (March 2013)

Andrew Garthwaite, Marina Pronina, Mark Richards, Sebastian Raedler,

Robert Griffiths and Nicolas Wylenzek

On 15 March, Andrew Garthwaite and team published a reviewof their year-end targets for global equity indices.

CS Global Equity Strategy recommended index targets as at

15.03.2013

Source: Thomson Reuters, Credit Suisse estimates

Historical performance indications and financial market scenarios are noreliable indicator for current or future performance.

The Global Equity Strategy (GES) team raised the S&P 500 year-end target to 1,640 from 1,550, and remained 4% overweight onequities (and the FTSE 100 target to 7,000 from 6,600), andpreferred equities to both corporate bonds and gold. The positivesfor equities are based on: A good start to the year typically means equity markets

outperform for the rest of the year (more than 90% of the time). OECD excess liquidity re-accelerated in Q4 2012 and is

consistent with a 20% re-rating for global equities. The teambelieves that central banks’ balance sheets are likely toincrease further, by c10% over the next six months, consistentwith further gains in equities.

Excess liquidity remains consistent with ongoing re-rating of 20%

a year

Source: Thomson Reuters, Credit Suisse research

Further central bank balance sheet expansion would be consistent

with further gains in equity markets


Relative valuations continue to look attractive, with theteam’s model suggesting a warranted equity risk premiumshould now be 4.7% (down from 5.4%) – against an actualequity risk premium of 6%.

This is the gap between the actual on IBES numbers and

warranted equity risk premium…



Market Current 2013E Price return

S&P 500 1,555 1,640 5.5%

Euro Stoxx 50 2,705 2,800 3.5%FTSE 100 6,482 7,000 8.0%Nikkei 225 12,240 13,000 6.2%MSCI EMF GEM 1,049 1,160 10.6%

MSCI AC World 387 410 5.9%

18

16

14

12

10

8

6

4

2

0

-2

-41983 1986 1989 1992 1995 1998 2001 2004 2007 2010

120%

190%

80%

60%

40%

20%

0%

-20%

-40%

-60%

OECD excess liquidity (3m lead)Global equities, 12m % change in PE (3mma, rhs)

50%

40%

30%

20%

10%

0%

-10%

-20%

20%

15%

10%

5%

0%

-5%2009 2010 2011 2012 2013

MSCI WorldDM central bank balance sheet (rhs)Assuming a 10% increase in CB balance sheets

3 month % change

11

9

7

5

3

11993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013

US ERP on consensus EPSUS Warranted ERP

13


…the warranted ERP of 4.7%


Since mid-2011, the 12-month forward P/E of the US markethas increased from 10x to 13.7x, in line with rising inflationexpectations (which have increased from 2% to around 3%over the same period). Among the possible drivers of equitymultiples, inflation expectations, together with excess liquidity,have had the highest correlation with multiples over the pastthree years.

Equity numbers have been moved by inflation expectations


Excess liquidity and inflation expectations tend to be the main

drivers of equity multiples


The potential for an asset allocation switch from bonds intoequities, with recent fresh flows coming from two sources:inflows into institutional and retail equity funds – and buyingby corporates.

Since 2008 bond funds have seen around USD 1,270bn of inflows,

while equity funds have experienced about USD 300bn of outflows

Source: EPFR, Credit Suisse research

Inflows into equity funds have risen to a two-year high

Source: EPFR, Credit Suisse research

The tactical indicators are less worrisome than they were andearnings revisions are improving.

US margins are set to stay flat until rates rise or labour has pricepower – the team believes neither is likely before H2 2014.

The key risks for the team’s structural overweight in equities: US GDP growth is too fast (above 2.5%) or too slow (sub

1.5%). If growth was too fast, this may cause an early endto ZIRP which by impacting on margins, growth and multipleswould cause a bear market.

Italian politics. The country has the least to lose from a euro exit,but 55% of the electorate currently support euro memberships.

The team fears that the rise in leverage and reliance ofshadow banking increases the sensitivity of the Chineseeconomy to interest rates, at a time when inflationarypressures are rising. The team also remains nervous aboutthe possibility of a slowdown in Chinese growth to below 7%.


15

14

13

12

11

10

9

82008 2009 2010 2011 2012 2013

3.5

3.0

2.5

2.0

1.5

1.0

0.5

0.0

US 12m fwd P/EUS 5Y 5Y breakdown inflation rate, rhs

0.6

0.5

0.4

0.3

0.2

0.1

0.0

-0.1

Correlation with 12m fwd P/E (last 3yrs, 4wk ch)

OECDexcessliquity

5y 5yinflation

expectations

US 10yrTreasury

yield

US 10yrTIPSyield

S&P 500EPS netupgrades

S&P 50012m fwd

EPSgrowth

-500

0

500

1000

1500

Equities Bonds

Last six months2011Since Jan 2008

-303

1,273

-178

99 100.1207.4

Flows into global funds, USD bn

Model inputs Coeff. t-value Current

US lead indicator – dev.from trend

-0.53 -9.4 1.48

BAA Corp. bond spread 1.01 7.1 2.88

Model output

US warranted ERP(consensus, operating)

4.7

Current ERP 7.4

Post-1991 average 4.4

RSQ 0.66

St. error of estimate 1.25

Intercept 2.6

3-m

onth

ann

ualiz

ed in

flow

s,

% o

f net

ass

ets,

all

regi

ons

25%

20%

15%

10%

5%

0%

-5%

-10%

Equities; AUM = 4.6 Trn USDBonds; AUM = 2.7 Trn USD

Apr 10 Apr 11 Apr 12 Apr 13Oct 10 Oct 11 Oct 12


CS ETFs: Product overview

First Listing Date AUM (USD m,28.03.2013)

TER (in %) Replication

CS ETF (Lux) on MSCI EMU Large Cap 24/10/2002 353 0.49% full replicationCS ETF (Lux) on MSCI EMU Mid Cap 18/09/2007 153 0.50% full replicationCS ETF (Lux) on MSCI Emerging Markets 30/06/2006 1,227 0.68% optimized samplingCS ETF (IE) on MSCI UK Large Cap 03/07/2009 82 0.48% full replicationCS ETF (IE) on MSCI UK Small Cap 03/07/2009 24 0.58% optimized samplingCS ETF (IE) on MSCI USA Large Cap 03/07/2009 62 0.33% full replicationCS ETF (IE) on MSCI USA Small Cap 03/07/2009 179 0.43% optimized samplingCS ETF (IE) on MSCI Japan Large Cap 03/07/2009 32 0.48% full replicationCS ETF (IE) on MSCI Japan Small Cap 03/07/2009 44 0.58% optimized samplingCS ETF (IE) on MSCI EMU Small Cap 03/07/2009 195 0.58% optimized samplingCS ETF (IE) on iBoxx USD Govt 1–3 03/07/2009 31 0.23% optimized samplingCS ETF (IE) on iBoxx USD Govt 3–7 03/07/2009 109 0.23% optimized samplingCS ETF (IE) on iBoxx USD Govt 7–10 03/07/2009 11 0.23% optimized samplingCS ETF (IE) on iBoxx EUR Govt 1–3 03/07/2009 141 0.23% optimized samplingCS ETF (IE) on iBoxx EUR Govt 3–7 03/07/2009 129 0.23% optimized samplingCS ETF (IE) on iBoxx EUR Govt 7–10 03/07/2009 24 0.23% optimized samplingCS ETF (IE) on iBoxx USD Inflation Linked 03/07/2009 51 0.28% optimized samplingCS ETF (IE) on iBoxx EUR Inflation Linked 03/07/2009 50 0.28% optimized samplingCS ETF (IE) on S&P 500 19/05/2010 811 0.20% full replicationCS ETF (IE) on EURO STOXX 50® 27/01/2010 165 0.20% full replicationCS ETF (IE) on Dow Jones Industrial AverageSM 27/01/2010 123 0.33% full replicationCS ETF (IE) on Nasdaq 100 27/01/2010 196 0.33% full replicationCS ETF (IE) on FTSE 100 27/01/2010 114 0.33% full replicationCS ETF (IE) on FTSE MIB 27/01/2010 65 0.33% full replicationCS ETF (IE) on Nikkei 225 27/01/2010 127 0.48% full replicationCS ETF (IE) on MSCI Pacific ex Japan 13/01/2010 74 0.48% full replicationCS ETF (IE) on MSCI Canada 13/01/2010 221 0.48% full replicationCS ETF (IE) on MSCI UK 13/01/2010 295 0.33% full replicationCS ETF (IE) on MSCI USA 13/01/2010 335 0.33% full replicationCS ETF (IE) on MSCI Japan 13/01/2010 717 0.48% full replicationCS ETF (IE) on MSCI Europe 13/01/2010 70 0.33% full replicationCS ETF (IE) on MSCI EMU 13/01/2010 961 0.33% full replicationCS ETF (IE) on MSCI EM EMEA 26/08/2010 13 0.65% swap-basedCS ETF (IE) on MSCI Russia ADR/GDR 26/08/2010 396 0.65% full replicationCS ETF (IE) on MSCI South Africa 26/08/2010 39 0.65% full replicationCS ETF (IE) on MSCI EM Latin America 26/08/2010 21 0.65% optimized samplingCS ETF (IE) on MSCI Brazil 26/08/2010 62 0.65% full replicationCS ETF (IE) on MSCI Chile 26/08/2010 47 0.65% full replicationCS ETF (IE) on MSCI Mexico Capped 26/08/2010 72 0.65% full replicationCS ETF (IE) on CSI 300 26/08/2010 152 0.50% swap-basedCS ETF (IE) on MSCI India 26/08/2010 46 0.75% swap-basedCS ETF (IE) on MSCI Korea 26/08/2010 78 0.65% full replicationCS ETF (IE) on MSCI Taiwan 26/08/2010 24 0.65% swap-basedCS ETF (IE) on MSCI EM Asia 26/08/2010 69 0.65% full replicationCS ETF (IE) on MSCI Australia 26/08/2010 47 0.50% full replicationCS ETF (IE) on MSCI World 10/02/2011 81 0.40% optimized samplingCS ETF (IE) on Credit Suisse Global Alternative Energy 10/02/2011 22 0.65% full replicationCS ETF (IE) on Fed Funds Effective Rate 10/02/2011 10 0.14% swap-basedCS ETF (IE) on EONIA 10/02/2011 9 0.14% swap-based


SIX BBG Ticker Xetra BBG Ticker Borsa BBG Ticker LSE BBG TIcker Euronext Paris BBGTicker

CSEMUL SW XMHA GY CSEMUL IM CEUL LN CEL1 LN CEUL FPCSEMUM SW XMHC GY CSEMUM IM CEUM LN CEM1 LN CEUM FP

CSEM SW XMHB GY CSEM IM CSEM LN CM1 LN CSEM FPCSUKL SW SXRC GY CSUKL IM CUKL LN CUKL FPCSUKS SW SXRD GY CSUKS IM CUKS LN CUKS FPCSUSL SW SXRF GY CSUSL IM CUSL LN CUL1 LN CUSL FPCSUSS SW SXRG GY CSUSS IM CUSS LN CUS1 LN CUSS FPCSJPL SW SXRH GY CSJPL IM CJPL LN CJPL FPCSJPS SW SXRI GY CSJPS IM CJPS LN CJPS FP

CSEMUS SW SXRJ GY CSEMUS IM CEUS LN CES1 LN CESL FPCSBGU3 SW SXRK GY CSBGU3 IM CBU3 LN CU31 LN CBU3 FPCSBGU7 SW SXRL GY CSBGU7 IM CBU7 LN CU71 LN CBU7 FPCSBGU0 SW SXRM GY CSBGU0 IM CBU0 LN CU01 LN CBU0 FPCSBGE3 SW SXRN GY CSBGE3 IM CBE3 LN CE31 LN CBE3 FPCSBGE7 SW SXRP GY CSBGE7 IM CBE7 LN CE71 LN CBE7 FPCSBGE0 SW SXRQ GY CSBGE0 IM CBE0 LN CE01 LN CBE0 FPCSBILU SW SXRR GY CSBILU IM CBIU LN CIU1 LN CBIU FPCSBILE SW SXRS GY CSBILE IM CBIE LN CIE1 LN CBIE FPCSSPX SW SXR8 GY CSSPX IM CSPX LN CSP1 LN CSPX FP

CSSX5E SW SXRT GY CSSX5E IM CSX5 LN CS51 LN CSX5 FPCSINDU SW SXRU GY CSINDU IM CIND LN CID1 LN CIND FPCSNDX SW SXRV GY CSNDX IM CNDX LN CNX1 LN CNDX FPCSUKX SW SXRW GY CSUKX IM CUKX LN CUKX FPCSMIB SW SXRY GY CSMIB IM CMIB LN CMB1 LN CMIB FP

CSNKY SW SXRZ GY CSNKY IM CNKY LN CNKY FPCSPXJ SW SXR1 GY CSPXJ IM CPXJ LN CPJ1 LN CPXJ FPCSCA SW SXR2 GY CSCA IM CSCA LN CSCA FPCSUK SW SXR3 GY CSUK IM CSUK LN CSUK FPCSUS SW SXR4 GY CSUS IM CSUS LN CU1 LN CSUS FPCSJP SW SXR5 GY CSJP IM CSJP LN CSJP FPCSEU SW SXR6 GY CSEU IM CSEU LN CSE1 LN CSEU FP

CSEMU SW SXR7 GY CSEMU IM CEU LN CEU1 LN CEMU FPCSEMEM SW CEBA GY CSEMEM IM CEME LN CME1 LN CEME FP

CSRU SW CEBB GY CSRU IM CSRU LN CRU1 LN CSRU FPCSZA SW CEBC GY CSZA IM CSZA LN CZA1 LN CSZA FP

CSEMLA SW CEBD GY CSEMLA IM CEML LN CML1 LN CEML FPCSBR SW CEBE GY CSBR IM CSBR LN CBR1 LN CSBR FPCSCL SW CEBF GY CSCL IM CSCL LN CCL1 LN CSCL FP

CSMXCP SW CEBG GY CSMXCP IM CMXC LN CMX1 LN CMEX FPCSCSI3 SW CEBH GY CSCSI3 IM CCSI LN CCS1 LN CCSI FP

CSIN SW CEBI GY CSIN IM CSIN LN CIN1 LN CSIN FPCSKR SW CEBJ GY CSKR IM CSKR LN CKR1 LN CSKR FPCSTW SW CEBK GY CSTW IM CSTW LN CTW1 LN CSTW FP

CSEMAS SW CEBL GY CSEMAS IM CEMA LN CEA1 LN CEMA FPCSAU SW CEBM GY CSAU IM CSAU LN CAU1 LN CSAU FPCSWD SW CEBN GY CSWD IM CSWD LN CWD1 LN CSWD FPCSAE SW CEBP GY CSAE IM CSAE LN CAE1 LN CSAE FPCSFF SW CEBQ GY CSFF IM CSFF LN CFF1 LN CSFF FPCSEO SW CEBR GY CSEO IM CSEO LN CEO1 LN CSEO FP

Source: CS ETFs Sales Strategy, 31.03.2013

Database and methodologyOur analysis is based on Bloomberg data. Only ETFs listed and domiciled in Europe were considered. ETFs for which data wasnot regularly published were not included. For AUM figures market prices were taken into account in USD; for NNA figures weworked on the daily change in outstanding shares, at average period NAV, this being equivalent to assuming thecreations/redemption change occurs in the middle of the trading day. The currency was USD for the sake of consistency.

At the end of Q1 2012, the database was reviewed to ensure the accuracy and completeness of our representation of theEuropean Exchange Traded Funds space. Following the review, the size of the database used for this edition of the MarketCommentary on ETFs was increased from that used for previous quarters. To ensure Q1 2012 results were meaningful andconsistent, we have revised all our previously published data for the period 31.12.2011 – 30.03.2012. Data prior to 31.12.2011refers to the database formerly in use.



«CS ETF» is a trademark of Credit Suisse Asset Management Funds SA, Zurich. CS ETF (IE) PLC and CS ETF (Lux) are foreign UCITSadmitted to offer in Italy to qualified investors only. Their units are traded on Borsa Italiana, where the same can be purchased – throughauthorized participants – both from private and institutional investors. Before taking any investment decision, investors must read theprospectus and the listing document available at www.csetf.com and on the Borsa Italiana’s website. The publication of the listing documentrelated to the CS ETFs does not imply any judgment by Consob on the suitability of the investment proposed.This document is addressed to qualified investors and is meant for internal use of the addressee only. It does not contain any offer,recommendation, solicitation or advertisement, addressed to the public or any retail investors, aimed at the sale and subscription of financialinstruments. The disclosure of this document or any contents hereof is strictly forbidden. Under no circumstances, can CS ETF or CS beconsidered responsible for the disclosure to the public and/or any retail investor of this document or for any investment choices made in relationto the information contained herein. This document is not expressly addressed to persons who, by reason of their nationality or place ofresidence, are not authorized to have access to such information according to the laws applicable in their country/place of residence.Any investment bears with itself various risks, in particular with regard to the possibility of fluctuations in the value and returns of theinvestments. ETFs are not actively managed and are exposed to risks similar to equity investments. Investments in foreign currencies bearthe additional risk that the currency may lose value against the investor’s relevant currency. Historic data on performance and financialmarket scenarios are not guarantee of present or future results. Performance data take no account of the fees and costs applied at thetime of the issue and redemption of units and are gross of tax charges. There is no guarantee that the same results will be achieved in the future. Furthermore, there is no guarantee that the benchmark performancewill be achieved or tracked. Save as otherwise specified, all data are not certified. The expressions “maximum 1 year” and “minimum 1 year” underthe heading “Features of the Fund” shall be interpreted, for less than 12 month old funds, as “maximum from launch” and “minimum from launch”.MSCI indexes are the exclusive property of MSCI Inc. MSCI and MSCI index names are a service mark of MSCI or an affiliate of MSCI.Credit Suisse Fund Service (Luxembourg) S.A. and Credit Suisse Fund Management Company (Ireland) Limited have been licensed to useMSCI indexes for specific purposes. iboxx indexes are the exclusive property of International Index Company Limited (“IICL”). iboxx andiboxx index names are a service mark of IICL or an affiliate of IICL. Credit Suisse Fund Management Company (Ireland) Limited has beenlicensed to use iboxx indexes for specific purposes. CS ETF (Lux) and CS ETF (IE), respectively based on MSCI indexes, are not issued,subscribed, guaranteed, sold or promoted by MSCI. MSCI makes no warranty and bears no liability with respect to such funds, themanagement of their assets or the offer of their units. Furthermore MSCI is not involved in the management or sale of such funds. This document has been drawn up by CREDIT SUISSE AG («CS»), with the utmost care and to the best of its knowledge. CS does notgive any warranty in relation to the contents and completeness hereof and waives any liability for any losses arising from using theinformation contained herein. This document contains CS’ opinions at the time it was drafted, which may change at any time without priornotice. This document cannot be reproduced, either partially, without CS’ prior written consent. Copyright © 2013 Credit Suisse Group AG and/or its subsidiaries. All rights reserved.

Nasdaq®, OMX®, NASDAQ OMX®, Nasdaq-100®, and Nasdaq-100 Index®, are registered trademarks of the NASDAQ OMX Group, Inc.(referred to below as “corporation” jointly with its affiliates) and are licensed for use by Credit Suisse Fund Management Company (Ireland)Limited. The corporation bears no liability for the legality or suitability of the products. The products are not issued, subscribed, sold or promotedby the corporation. The corporation makes no warranties and bears no liability with respect to the products. "Dow Jones" and "Dow JonesIndustrial AverageSM” are registered trademarks of Dow Jones & Company, Inc. and are licensed for use for specific purposes by Credit SuisseFund Management Company (Ireland) Limited . The CS ETF (IE) fund of Credit Suisse Fund Management Company (Ireland) Limited based onDow Jones Industrial AverageSM, is not sponsored, subscribed, sold or promoted by Dow Jones, which makes no representation as to thesuitability to deal this product. Nikkei 225 is protected by a copyright and is calculated according to criteria independently developed and createdby Nikkei Inc.. Nikkei Inc. is the only and exclusive owner of the copyrights and other intellectual property rights on Nikkei 225 and on the relevantcalculation criteria. Nikkei Digital Media Inc., upon authorization of Nikkei Inc., licensed the use of Nikkei 225 as index for the fund to the licensee.The intellectual property and any other right related to the trademarks connected with Nikkei and Nikkei 225 are granted to Nikkei Inc.. NikkeiInc. and/or Nikkei Digital Media, Inc. do not sponsor, support, sell or advertise the fund. Nikkei Inc. and/or Nikkei Digital Media, Inc. are notconnected in any way with the fund and license the use of certain trademarks and of Nikkei 225 for the fund itself to the licensee. The licenceagreement between Nikkei Digital Media, Inc. and the licensee grants no right to any third party. The fund is managed at the licensee’s exclusiverisk; Nikkei Inc. and/or Nikkei Digital Media, Inc. assume no obligation or liability with respect to the management and transactions of the fund.Nikkei Inc. and/or Nikkei Digital Media, Inc. bear no liability for the correctness of the fund’s calculations or relevant data. Nikkei Inc. and/orNikkei Digital Media, Inc. have no obligation to continue to publish the Nikkei 225 and are not responsible for any errors, delays, interruptions,suspensions or termination of the relevant publication; Nikkei Inc. and Nikkei Digital Media, Inc. are authorized to change the description ofsecurities, calculation criteria or any other detail of Nikkei 225 and have the right to interrupt or stop the announcement of Nikkei 225 with noresponsibility towards the licensor or any third party. EURO STOXX 50® is the intellectual property (including registered trademarks) of STOXXLimited, Zurich, Switzerland and/or of its licensors (“licensors”), and is used under a licence. The index-based fund is not sponsored, subscribed,sold or promoted by STOXX and its licensors and none of them bear any liability in this respect. "FTSE®”, "FT-SE®", "Footsie®",“FTSE4Good®” and “techMARK are trademarks jointly owned by London Stock Exchange Plc and The Financial Times Limited and are licensedfor use by FTSE International Limited (“FTSE”). “All-World®”, “All-Share®” and “All-Small®” are trademarks of FTSE. FTSE 100 is calculatedby FTSE. FTSE does not sponsor, subscribe or promote this product nor has it any relation with it. Further, it bears no liability with respect to theissue, operation and dealing thereof. “FTSE®” is a trademark of London Stock Exchange plc and Financial Times Limited, “MIB®” is a trademarkof Borsa Italiana SpA (“Borsa Italiana”). Both have been licensed for use by FTSE International Limited (“FTSE”). The FTSE MIB index iscalculated by FTSE along with Borsa Italiana. FTSE, its licensors or Borsa Italiana do not sponsor, subscribe or promote this product nor havethey any relation with it. Further, they bear no liability with respect to the issue, operation and dealing thereof.

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