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So
urc
e E
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ha
ng
e t
rad
ed
pro
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cts
ove
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Succeeding through innovation
For institutional investors only
Source has been recognised for excellence within the
ETP market by the following awards:
ETF Express Awards
Award winners in: 2010, 2011, 2012, 2013 and 2014
FERI EuroRating Awards
Award winners in: 2012
Global ETF Awards
Award winners in: 2012
Investors Chronicle Awards
Award winners in: 2013
Structured Products Europe Awards
Award winners in: 2010 and 2012
Succeeding through innovation
Source is one of the fastest growing ETP providers in Europe, having
raised over US$ 15 billion and having more than US$ 550 billion traded
in its products since launch in April 2009.1
Partnering with the market
Through its partners, Source aims to design highly liquid
products. Owned by fi ve of the world’s largest trading houses
– BofA Merrill Lynch, Goldman Sachs, J.P. Morgan,
Morgan Stanley and Nomura – Source has leveraged its
core partners as well as over 20 other trading partners, to
deliver improved returns through reduced trading costs.
More recently, Source has partnered with PIMCO, Man GLG,
CSOP and Legal & General Investment Management in order
to deliver innovative products designed specifi cally to respond
to the challenges investors face in the current markets.
Trading liquidity
Source stands out through its focus on enhancing investor
returns. It aims to achieve this by increasing trading
volumes which result in reduced trading costs. Despite its
short history, the Source model is already delivering these
benefi ts to investors.
Controlled counterparty risk
Source’s model is built to provide a robust and transparent
solution to managing counterparty risk. Investors are
concerned about counterparty exposure in all ETFs
(including ‘physical replication’ products). Source’s unique
approach combines counterparty diversifi cation, strict risk
limits and a high level of investor transparency with full
investment in traded securities.
1 Data: Source as of March 2014.
1
2
In thisbrochure
Source overview Source believes that Europe deserves a
more effi cient market for Exchange Traded
Products (ETPs). Source is a specialist
provider of ETPs with a unique approach
and deep roots in the trading community.
Source offers investors compelling exposure
to equity, commodity, alternative and fi xed
income markets through expertly engineered
Exchange Traded Products (ETFs and ETCs).
Source’s product range includes 52 equity
ETFs, 5 alternative asset ETFs, 8 fi xed income
ETFs, 1 commodity ETF, 7 commodity
T-ETCs and 4 physical commodity P-ETCs.
Today’s investors expect not only the best
risk management and potential return, but
also the highest quality investment vehicle.
Source ETFs offer transparency and a robust
structure across the operational process.
Source ETCs are securities (rather than funds)
that deliver commodity exposure and are
backed by US T-Bills (T-ETC) or by physical
commodity holdings (P-ETC).
How to trade Source ETPsTo buy or sell Source ETPs, please contact
one of our trading partners. You will fi nd further
detail about the source product range within
this section.
Important information
and risks
p.4.
p.18.
p.24.
3
Source offers investors compelling exposure to equity,
commodity, alternative and fi xed income markets through
expertly engineered Exchange Traded Products (ETFs and
ETCs). Our ETFs are UCITS compliant funds domiciled in
Ireland. Our ETCs (T-ETCs and P-ETCs) are exchange
traded securities offering UCITS compliant market
exposure where a fund structure is not available.
Source believes that Europe deserves a more effi cient
market for Exchange Traded Products (ETPs). Source’s
open architecture, multi-partner approach taps into this
opportunity, delivering enhanced liquidity, increased
transparency, diminished counterparty risk and improved
market performance. Source and its partners recognise
the value in creating a new, common standard for ETPs.
Why are we doing this?
Source is a leading provider of exchange traded products
(ETFs and ETCs) offering exposure to equity, commodity
and fi xed income benchmarks. Source has 77 products,
over US$ 15 billion in assets and ranked number two in
Europe for asset gathering in 2012. Source offers a range of
traditional passive funds tracking mainstream benchmarks
such as Euro STOXX 50, S&P 500 and FTSE 100 as well as
value-added products from our partners which include
CSOP, J.P. Morgan, Legal and General Investment
Management, Man Group, Nomura and PIMCO.
Source ETPs – impressive growth
We are creating innovative ETPs because they are naturally
great products but we can make them even better. In the
past, there has been a proliferation of almost identical
products from different providers offering access to overlapping
indices across multiple exchanges with less than clear
counterparty exposure. This ‘format war’ reduces the value
available to European investors. It fragments liquidity and
detracts from the quality of the investment opportunity.
Our clients and our partners are active and enthusiastic
participants in the global ETP markets. We have come
together to harness our unparalleled collective experience
and expertise in ETPs and the broader universe of passive
investment products.
Top 5 Source products AuM
Source Physical Gold P-ETC US$ 2.0 billion
PIMCO US Dollar Short Maturity Source ETF US$ 1.6 billion
PIMCO Euro Short Maturity Source ETF US$ 1.4 billion
PIMCO Short-Term High Yield Source ETF US$ 910 million
Source MSCI Europe UCITS ETF US$ 890 million
Investors, traders, market makers and other industry participants have
spoken clearly. They want more from the European ETP market.
They want more liquidity, more effi ciency and more protection against
credit risk.
Source is designed to deliver more
Source overview
Data: Source as of March 2014
4
Source overview
Liquidity
Source has a simple approach to enhancing liquidity. First,
we bring together fi ve of the world’s largest equity trading
houses. Second, we partner with Europe’s most respected
on-screen market makers. Third, we make our ETFs
available to borrow and short. Concentrating the signifi cant
transaction fl ow of these leading market participants
means a deeper and more effi cient trading experience for
everyone. The results are clear. Today, Source has some of
the most liquid and actively traded products in the market.
Effi ciency
Source ETPs bring together the effi ciency of swap
enhanced funds with the broad based broker support
associated with physical replication products. Uniquely, we
offer total return performance across our range of equity
funds, providing continuous and frictionless reinvestment
for investors. Coupled with competitive fee structures,
Source’s products aim to bring a new level of effi ciency to
the European market.
Protection
Source products are designed to bring a new level of
protection to ETP investors. Source’s model delivers a
robust and transparent solution, managing counterparty
risk in the market. Investors are concerned about counterparty
exposure in all ETFs (including ‘physical replication’
products). Source’s unique approach combines counterparty
diversifi cation, strict risk limits and investor transparency
with full investment in traded securities. In fact, Source’s
T-ETCs are the only ETPs in the market that are exclusively
backed by US Treasury Bills and cash.
5
Source overview
Milestones and AuM growth
18
16
2
10
6
0
12
4
14
8
Sou
rce
AuM
(US
$ bi
llion)
2009 2010 2011
Apr 09 Apr 10 Apr 11
June 2009Physical gold P-ETC Launched
July 2009European Optimised Sectors launched
January 2010Crude Oil Enhanced launchedUS Sectors launchedRDX launched
June 2010First volatility product launched (S&P 500 VIX Futures Source ETF)
February 2011Man GLG Europe Plus
ETF launchedUS MINT launched
April 2011Further 3 P-ETCs
launched
June 2011Sterling
MINT launched
SeptemEMLB la
6
Source overview
2012 2013 2014
Equity and alternativeETFs
CommodityETCs
Fixed incomeETFs
Mar 13 Mar14Mar 12
mber 2011aunched
March 2012STHY launched
December 2012#2 in Europe for asset
gathering in 2012
May 2013MLP ETF launched
September 2013Man GLG Continental Europe
Plus and Asia Plus ETFs launched
January 2014COVR launched
CSOP Source FTSE China A50 ETF launched
GS Equity Factor Index World ETF launched
7
Product highlights
Source overview
Source launches fi rst actively managed ETFs in Europe
In December 2010, Source expanded its footprint in the
fi xed income space, by entering into an agreement with PIMCO,
a leading global investment management fi rm, to launch
and distribute the PIMCO Source fi xed income ETF range.
In 2011, PIMCO and Source launched the fi rst fi ve PIMCO
Source fi xed income products. Among the products
launched were Europe’s fi rst actively managed ETFs: the
PIMCO Short Maturity ETFs in USD, EUR and GBP,
offering the potential for enhanced yield versus cash or
money market funds.
Two further products were launched in 2012: the PIMCO
Source Short-Term High Yield Corporate Bond ETF
(STHY), giving investors access to bonds within the
short-term segment of the high yield market and the
PIMCO German Government Bond Index Source ETF
(BUND), giving investors exposure to German bonds,
without the use of securities lending.
The most recent product, the PIMCO Covered Bond
Source UCITS ETF (COVR) was launched in January 2014.
It seeks to maximise total return, consistent with prudent
investment management and a high degree of liquidity.
PIMCO Source fi xed income ETFs combine the
transparency and operational ease that investors expect
from Source ETFs with PIMCO’s four decades of
investment management expertise and thought leadership.
PIMCO Source fi xed income ETFs have now grown to
have over US$ 4 billion in assets.
Source Physical Gold (SGLD LN) – The second most
traded ETP on the LSE in 2012
Source’s Physical Gold P-ETC (SGLD LN) has seen strong
infl ows since inception. In 2012, it saw over US$ 1.6 billion
in net new assets and over US$ 7.5 billion in turnover, making it
the second most traded ETP on the London Stock Exchange.1
SGLD currently has US$ 2 billion in assets, making it one
of the largest gold products in Europe. Building on this
success, Source expanded its range of Physical
Commodity P-ETCs in 2011 to include Silver, Platinum
and Palladium.
Source’s P-ETCs combine the convenience and liquidity of
an exchange traded product with the reassurance of
physical investment. All Source P-ETCs are listed on the
LSE and trade in US dollars. SGLD also trades on SIX
Swiss Exchange in US dollars, the Deutsche Börse in EUR
and on the LSE in GBP.
Source Man GLG Europe Plus UCITS ETF - turning
ideas into alpha
In February 2011, Source teamed up with one of the largest
global hedge funds, Man GLG, to launch the Source
Man GLG Europe Plus UCITS ETF. This ground-breaking
Source aims to offer the highest quality exposure in each asset class.
To complement our range of benchmark index products, we work with our
partners – each leaders in their fi elds – to deliver innovative new products.
These fl agship products are central to Source’s value proposition.
8
Source overview
product provides exposure to an active strategy
developed by Man Systematic Strategies via the Man GLG
Europe Plus strategy. The long only total return European
equity index is designed to capture outperformance
from broker ideas provided specifi cally to Man GLG. The
underlying strategy targets returns of 2% to 5% above the
broad European equity market. The strategy has
outperformed the MSCI Europe Index for 5 of the past 6
years. Since its launch, the Source Man GLG Europe Plus
UCITS ETF has seen impressive infl ows, taking its assets
to €530 million, as of March 2014. In September 2013,
Source and Man launched two further ETFs, the Source
Man GLG Continental Europe Plus UCITS ETF and the
Source Man GLG Asia Plus UCITS ETF. The underlying
strategies also leverage Man’s systematic approach to
evaluating broker ideas specifi c to continental Europe (ex
UK) and Asia (ex Japan).
Source LGIM Commodity Composite UCITS ETF
In January 2012, Source partnered with Legal & General
Investment Management (LGIM), one of the UK’s leading
index managers, to launch the ground-breaking Source
LGIM Commodity Composite UCITS ETF. The fund,
which tracks the LGIM Commodity Composite Index, is
designed to offer high quality, diversifi ed exposure to
commodities in a UCITS compliant ETF. The underlying
LGIM Commodity Composite index is a new kind of
benchmark for broad-based commodity exposure. Using
LGIM’s expertise as an index manager and an in-depth
quantitative and qualitative screening process, it offers
exposure to the global commodity market through a
selection of ‘best of breed’ commodity indices.
Source Optimised Supersector ETFs –
Impressive liquidity
Source Optimised Supersector ETFs have gained
increasing popularity, absorbing investor demand to reach
over € 1.5 billion in AuM. They currently have a 69% share
of the European sector ETF market turnover on Deutsche
Börse.2 The sector indices underlying the Source ETFs
were created by STOXX and Source to deliberately
enhance trading liquidity by addressing concentration and
securities lending concerns.
Source Volatility ETFs – impressive growth
Over the course of 2013, Source saw strong infl ows in its
volatility products, particularly in the Nomura Voltage
Source ETFs and the launched J.P. Morgan Macro Hedge
Source ETFs. Year to date, Source volatility products
captured over 43% of European volatility market share3,
taking Source total volatility assets to over US$ 130 million.
US Energy Infrastructure MLP UCITS ETF - exposure
to the US mid-stream energy sector
In May 2013, Source launched the fi rst UCITS compliant
European ETF to offer exposure to the burgeoning US
energy infrastructure sector via Master Limited Partnerships
(MLPs), the Source Morningstar US Energy Infrastructure
MLP UCITS ETF. MLPs trade on exchange like traditional
equities and engage in activities such as pipeline, tanker or
barge transportation, providing storage and operating
processing facilities. The underlying index targets the top
97% of the investable energy MLP universe by market
capitalisation with weightings determined by the dollar
value of their annual distributions. Individual constituents
are capped at a maximum weighting of 10%. The fund is
available in both a reinvesting and distributing share class
and has raised around US$ 130 million since launch.
1 Data: Deutsche Bank Markets Research as at 11th January 2013, London Stock Exchange as at end of December 2013.2 Data: Deutsche Börse, March 2013 – February 2014. Includes cascade (OTC) turnover.3 Data: Bloomberg, 17 March 2014.All data as of March 2014, unless otherwise specifi ed.
9
Exposure to equity market indices
Cash and basket performance
Security basket and index performance/dividends
Basket performance
Security basket
Cash
ETF
Cash
ETF
Dividends (if any)
InvestorPurchases Source ETFs on exchange or through market counterparty
Authorised ParticipantDelivers cash to Source Markets PLC
Source Markets PLC (SMP)Investment Manager buys basket of securities and enters into total return swap
Swap counterpartySells basket of securities and enters into total return swap
Custodian/Fund Administrator Holds basket of securities & administers fund on behalf of SMP
Source equity and alternative ETFs are open-ended funds
that can be created or redeemed on demand. They are
traded and settled both OTC and on exchange and have
market maker support providing liquidity and robust
bid-offer spreads.
Source equity and alternative ETF structure
Source equity and alternative Exchange Traded Funds
(‘ETFs’) are UCITS compliant funds which track a
benchmark index by investing in listed equities and
entering into total return swaps to achieve the index
performance. Swap-enhanced ETFs provide an effi cient
way of index tracking resulting in lower tracking error while
the swap counterparties (Bank of America Merrill Lynch,
Goldman Sachs, J.P. Morgan, Morgan Stanley and
Nomura) bear the risk and cost of tracking the index.
Source equity and alternative ETFs may receive their index
exposure from multiple counterparties, thus diversifying
the risk away from any single counterparty although some
products with specialised index exposure may only use
one swap counterparty. Any counterparty must satisfy and
maintain predefi ned credit criteria in order to transact with
the funds as well as observing strict exposure limits. This
combination of effi cient index tracking performance and
robust management of counterparty risk provides the
investor with a signifi cantly enhanced product.
Source equity and alternative
ETFs enable an investor to gain
exposure to the performance of
various equity market indices in
a single trade. They are linked to
broad, regional, country and
alternative asset indices as well
as a variety of sectors.
Source swap-enhanced ETF structure
Source overview10
Key features
Liquidity
Source’s multi broker/dealer approach can enhance daily
liquidity and provides robust bid-offer spreads both OTC
and on exchange. Source equity and alternative ETFs
have similar liquidity characteristics to their underlying
traded securities.
Flexibility
By using Source equity and alternative ETFs on a number
of indices, an investor can build or customise a range of
exposures and with intraday liquidity can adjust these
exposures dynamically. Source ETFs can be lent and
borrowed, allowing investors to go long and short indices.
Transparency
Source equity and alternative ETFs aim to replicate the
performance of the underlying index. Additionally, they
benefi t from a transparent fund and cost-structure.
Benchmark constituents and weightings are published
daily on www.source.info.
Simplicity
Source ETFs help investors gain exposure to a wide range
of indices while executing only one trade.
Accessibility
Source ETFs are traded and settled on regulated stock
exchanges and can be purchased and held in ordinary
brokerage or custodial accounts.
Cost-effectiveness
Source ETFs aim to have signifi cantly lower management
fees or total expense ratios (TERs) than many actively
managed funds.
Source overview 11
A smarter solution forfi xed income
Investors looking to navigate this complex asset class
need an experienced manager, who performs more than
just a mechanical role in the fund management process. A
specialist fi xed income manager can select and manage a
portfolio, but they can also do more. They can guide
investors by creating an intelligent product range, with a
mix of active funds for real outperformance and passive
funds with carefully selected benchmarks.
PIMCO is one of the world’s leading fi xed income
managers. PIMCO Source ETFs combine the transparency
and operational simplicity that investors expect from
Source ETFs with world-class product design and portfolio
management expertise: an effective and effi cient way to
access the fi xed income market.
Index investing is an established
and well-honed process in the
equity world. For fi xed income
investors, getting effi cient
generic or benchmark exposure
is less straightforward.
Source overview12
PIMCO Source ETFs: Key features
• Investor choice - a well-engineered range of fi xed
income products
• PIMCO expertise - direct access to world-class
portfolio management, credit research and economic
forecasting expertise
• Full transparency - investors can see what each fund
owns, on a daily basis
• Liquidity - ETFs are traded and priced throughout the day
PIMCO Source ETFs are designed to meet demand for
more than the traditional benchmark exposure. We are
focused on offering the right strategy for each market
segment, including a mix of active funds for real outperformance
and passive funds with carefully selected benchmarks:
• Active management: our actively managed funds
benefi t directly from PIMCO’s portfolio management,
credit analysis and interest rate forecasting expertise
• Better benchmarks: our passive funds may use
benchmarks such as PIMCO’s innovative, forward-
looking Global AdvantageTM indices
Rather than taking a commoditised approach, our product
range is engineered to meet specifi c investor needs. In
time, we expect the product range to cover all the major
areas of the fi xed income market, from short-term to
longer-term products, across the full spectrum of sectors
and geographies. However, in every case, we aim to offer
intelligent products that are the most appropriate solution
for that market segment.
Cash
ETF
Cash
ETF
Dividends (if any)
InvestorPurchases PIMCO Source ETFs on exchange or through market counterparty
Authorised ParticipantDelivers cash to PIMCO Source ETF
PIMCO Source ETFInvestment Advisor (PIMCO) invests in fixed income securities
Custodian / Fund AdministratorHolds securities and administers fund on behalf of PIMCO Source ETF
PIMCO Source ETF physical investment structure
Source overview 13
Delivering better commodity exposure
Source T-ETCs
Each Source T-ETC is a certifi cate which is secured with
US Treasury Bills and cash. The issuer of the certifi cates,
Source Commodity Markets PLC (Source CMP), is an
Irish-domiciled company administered by Deutsche Bank
Ireland. The US Treasury Bills and cash are held in a
segregated account with Wells Fargo acting as Portfolio
Administrator and Deutsche Bank as Trustee. The
investment return is achieved by entering into collateralised
total return swaps with approved swap counterparties.
Source T-ETCs are exchange traded certifi cates and not
funds or exchange traded funds (‘ETFs’).
Source P-ETCs
Source P-ETCs are certifi cates secured by physical
quantities of metal. The bars are held in J.P. Morgan
Chase Bank’s London vaults with Deutsche Bank as the
trustee. The vast majority of the physical metal is held in
allocated bars. Any residual value that cannot be split into
standard bars will be put into un-allocated metal. The
metal is valued daily according to the relevant London
fi xing price. The issuer of the certifi cates, Source Physical
Markets PLC (Source PMP), is an Irish-domiciled company
administered by Deutsche Bank London. Source P-ETCs
are exchange traded certifi cates and not funds or
exchange traded funds.
Source ETCs are securities
(rather than funds) that deliver
commodity exposure and are
backed by US T-Bills (T-ETC) or
by physical commodity holdings
(P-ETC).
T-Bill performance
Index performance
T-Bill performance
T-Bill & cash
Cash
SourceT-ETC
Cash
SourceT-ETC
InvestorPurchases Source T-ETCs on exchange or through market counterparty
Authorised ParticipantDelivers cash to Source CMP
Source Commodity Markets CMPInstructs US T-Bills purchase by the Portfolio Administrator
Swap counterpartySwaps total return performance of the index for T-Bill performance with Source CMP
TrusteeCustodies the T-Bills and cash in segregated ringfenced accounts
Source swap-enhanced T-ETC structure
Source overview14
Key features
Collateralisation
Source T-ETCs are secured by US Treasury Bills and cash,
which are held in a segregated account with Wells Fargo
acting as Portfolio Administrator and Deutsche Bank as
the Trustee.
Security
Source P-ETCs are secured by physical metal in the form
of allocated bars with residual positions in un-allocated
bars held in J.P. Morgan’s London vaults.
Cost
Source P-ETCs are among the most effi cient physically
secured tracking products currently on the market.
Liquidity
Source T-ETCs and P-ETCs are certifi cates and can be
created and redeemed in response to market demand.
Source T-ETCs and P-ETCs have similar liquidity
characteristics to their underlying traded commodities.
Flexibility
By using Source T-ETCs and P-ETCs on a number of
indices and physically backed products, an investor can
build or customise a range of exposures and, with intraday
liquidity, can adjust these exposures dynamically.
Transparency
Source T-ETCs and P-ETCs aim to provide the
performance of the underlying commodity. They benefi t
from a transparent cost-structure with regular updates on
benchmark constituents and weightings.
Simplicity
Source T-ETCs and P-ETCs help investors gain exposure
to commodities without the complications and costs of
either buying and managing futures positions (e.g. margin
calls, expiry and rolls) or buying and storing physical
commodities.
Accessibility
Source T-ETCs and P-ETCs are traded and settled either
OTC or on regulated stock exchanges and can be purchased
and held in standard brokerage or custodial accounts.
Cash
Source P-ETC
Physical metal or cash
Source P-ETC
Physical metal
InvestorPurchases Source P-ETCs on exchange or through market counterparty
Authorised participantDelivers physical metal or cash to the Issuer (Source PMP)
Source Physical Markets plcCustody account
receives physical metal
or portfolio administrator
uses cash proceeds to
purchase physical metal
SecurityPhysical metal secured by custodian in favour of the trustee (Deutsche Bank) on behalf of the holders of certificates
Source P-ETC structure
Source overview 15
Exposure to the global commodities market
Physically invested in US T-Bills with swap overlay
Source’s ETF structure allows effi cient tracking of the
Reference Index, while minimising counterparty risk.
The Fund invests fully in high quality securities, typically
US Treasury Bills (“T-Bills”). The Fund also enters into total
return swaps to deliver the Reference Index performance.
The swap counterparties bear the risk and cost of tracking
the component indices, resulting in lower tracking error.
The Fund will receive its index exposure from multiple
counterparties, thus diversifying the risk away from any
single counterparty Each counterparty must satisfy and
maintain predefi ned credit criteria in order to transact with
Source ETF and must also observe strict exposure limits.
In addition, any positive performance above a set
threshold is collateralised1 on a daily basis, thus minimising
exposure to any counterparty.
Counterparty risk
Through the Fund, investors are exposed to counterparty
risk resulting from the use of derivatives to provide exposure
to the index. In line with UCITS guidelines and Source
policies, the exposure to any derivative counterparty is
tightly controlled but the default of a derivative counterparty
may cause a loss to the Fund. It is recommended that
potential investors study the Fund prospectus before investing.
1 With cash, US T-Bills, UK Gilts or German government bonds.
The Source LGIM Commodity Composite UCITS ETF aims to provide
the performance of the LGIM Commodity Composite Index.
Cash and basket performance
Security basket and index performance/dividends
Basket performance
Security basket
Cash
ETF
Cash
ETF
Dividends (if any)
InvestorPurchases Source ETFs on exchange or through market counterparty
Authorised ParticipantDelivers cash to Source Markets PLC
Source Markets PLC (SMP)Investment Manager buys basket of securities and enters into total return swap
Swap counterpartySells basket of securities and enters into total return swap
Custodian/Fund Administrator Holds basket of securities & administers fund on behalf of SMP
Source Commodity ETF swap-enhanced ETF structure
Source overview16
Trading Source ETPs
Authorised participants
Buying and selling Source ETFs, T-ETCs and P-ETCs is
very simple. Exchange Traded Products (ETPs) trade and
settle as cash instruments throughout the trading day.
The primary market
The Authorised Participants have the capacity and
authority to create and redeem Source ETPs directly with
the fund or certifi cate in line with daily demand. Having
multiple Approved Dealers enables the products to trade
with maximum liquidity.
The secondary market
Source has an extensive network of Approved Dealers and
Market Makers supporting the secondary market which
ensure tight bid / offer spreads, maximum price transparency
and liquidity. Unlike the traditional view of the cash equity
markets, on-exchange turnover is not the only measure of
ETP liquidity. Depth-of-Market is equally important.
Bid / offer prices are posted by market makers for sizes in
which they can commit to execute a trade. As a result,
Source ETPs refl ect the liquidity of their underlying market.
Depending on the product, Source has up to ten Authorised
Participants whose main focus is ‘OTC’ trading and over
fi fteen Approved Dealers, who trade both OTC and/or
on-exchange.
Trading and settlement
Source ETFs, T-ETCs and P-ETCs are currently traded on
the Deutsche Börse (Xetra), the London Stock Exchange
and/or SIX Swiss Exchange. Source ETFs, T-ETCs and
P-ETCs settle through Clearstream, Euroclear and CREST.
Source contact information
Call us on +44 (0)20 3370 1100
Email us at [email protected]
Visit our website www.source.info
Trading partners
To invest in Source ETPs please contact your local broker.
You will fi nd Source’s trading partners listed on the right.
For further information, please contact Source directly.
How to trade Source ETPs
Bank of America
Merrill Lynch
Marcus Miholich / Jorge Soltero
T. +44 (0)20 7996 1034
Goldman Sachs Ben Reuter / Marijn van Diessen
T. +44 (0)20 7552 1256
T. +44 (0)20 7552 3788
J.P. Morgan Cyril Dosmond
T. +44 (0)20 7742 4276
Morgan Stanley Dorcas Phillips / Jason Warr
T. +44 (0)20 7425 6362
Nomura Patrick Houel / Tariq Khalifa
T. +44 (0)20 7103 4493
T. +44 (0)20 7103 5629
18
Approved dealers
Virtu Financial
(Offi cial Market Maker
& AP for fi xed income
products and Source
P-ETCs)
Christiaan Scholtes / Bo Bjurgert
T. +44 (0)207 861 9887
Flow Traders
(Offi cial Market Maker
& AP for fi xed income
products and Gold
P-ETC)
Soufi ane Jbara / Christian Oetterich
T. +31 (0)20 799 6777
[email protected] owtraders.com
Goldenberg
Hehmeyer
(Offi cial Market Maker
& AP for fi xed income
products)
Stephen Jordan
T. +44 (0)20 7390 3457
Bluefi n Europe
(AP for fi xed income
products)
Lee Williams
T. +44 (0)20 7509 7059
E. source@bluefi ntrading.com
Citigroup
(AP for LGIM
Commodity Composite
ETF)
Sharon Duah / Peter McIntyre
T. +44 (0)20 7986 1855
T. +44 (0)20 7986 8839
Jane Street
(AP for fi xed income
products)
Chris Foxon / Ian Schaad
T. +44 (0)20 3100 3400
KCG
(AP for fi xed income
products)
Aidan Hsu
T. +44 (0)20 7997 2072
UBS
(AP for Man GLG
Europe Plus Source
ETF)
Chris Neale
T. +44 (0)20 7568 8416
ABN Amro Sharma de Wilde / Michael Mooijer
T. +31 2038 36609 /+31 2038 36607
Baader Bank Christian Grabbe
T. +49 (0) 69 1388 1191
Banca IMI Pietro Fiocchi
T. +39 (0)2 7261 5781
E. pietro.fi [email protected]
Commerzbank Frank Mohr / Andreas Bartels /
Martina Schröttle
T. +49 (0)69 136 22088
Credit Suisse Keith Shea
T. +44 (0)20 7888 3999
DekaBank Martin Velten
T. +49 (0)69 7147 7777
Exane BNP Paribas ETF Sales Trading
T. +44 20 7595 1414
HSBC Stephane Labidurie / Loic Lebrun
T. +44 (0)20 7991 1374
Jefferies Zubin Ramdarshan / Nicola Santoni
T. +44 (0)20 7898 7372 /
+44 (0)20 7898 7374
Natixis Sandrine Guirao / Isira Perera
T. +33 (0)1 5855 8318
T. +33 (0)1 5855 8411
Newedge Antoine Delassus / Arnaud Picard
Tel:+33 (0)1 55 07 36 41 /
+33 (0)1 55 07 23 91
Email: [email protected]
Email: [email protected]
Optiver Maarten Botman
T. +31 (0)20 708 7820
RBS Pablo De Mattos
T. +44 (0)20 7678 9218
UniCredit Paolo Giulianini
T. +44 (0)20 7826 6921
How to trade Source ETPs 19
Source products in detail
ETF ticker Index ticker ETF info
Exchange Bloomberg
Bloomberg
(INAV) Reuters ISIN Bloomberg Mgmnt fee
Base / Trading
currency Replication method
Global Exposure
Goldman Sachs Equity
Factor Index WorldLSE
EFIW LN EFIWIN EFIW.L IE00BFG1RG61 GSRPEXWN 0.65% USD / USD Physical with swap overlay
EFIS LN EFISIN EFIS.L IE00BFG1RG61 GSRPEXWN 0.65% USD / GBP Physical with swap overlay
MSCI WorldLSE MXWO LN INMXWO MXWO.L IE00B60SX394 NDDUWI 0.45% USD / USD Physical with swap overlay
XETRA SMSWLD GR SMSWLDIN SMSWLD.DE IE00B60SX394 NDDUWI 0.45% USD / EUR Physical with swap overlay
Nomura Modelled PERI LSE PERI LN PERIIN PERI.L IE00B988TC33 NMQPERIN 0.30% USD / USD Physical with swap overlay
Asia Exposure
Man GLG Asia Plus LSE MPAS LN INMPAS MPAS.L IE00BCRYLF04 GLGAXJPL 0.95% USD / USD Physical with swap overlay
MSCI JapanLSE MXJP LN INMXJP MXJP.L IE00B60SX287 NDDUJN 0.40% USD / USD Physical with swap overlay
XETRA SMSJPN GR SMSJPNIN SMSJPN.DE IE00B60SX287 NDDUJN 0.40% USD / EUR Physical with swap overlay
Emerging Market Exposure
FTSE Emerging EMEA 40 LSE EM40 LN EM40IN EM40.L IE00B646J647 EMEA40CU 0.60% USD / USD Physical with swap overlay
CSOP Source FTSE China A50 LSECHNA LN CHNAIN CHNA.L IE00BGSHB123 XIN9I 0.99% RMB / USD Physical
CHNP LN CHNPIN CHNP.L IE00BGSHB123 XIN9I 0.99% RMB / GBP Physical
MSCI China LSE MXCS LN INMXCS MXCS.L IE00B4LXWX21 NDEUCHF 0.65% USD / USD Physical with swap overlay
MSCI Emerging Markets
LSE MXFS LN INMXFS MXFS.L IE00B3DWVS88 NDUEEGF 0.45% USD / USD Physical with swap overlay
SIX MXFS SW INMXFS MXFS.S IE00B3DWVS88 NDUEEGF 0.45% USD / USD Physical with swap overlay
XETRA EMSM GR EMSMIN EMSM.DE DE000A1JM6G3 NDUEEGF 0.45% USD / EUR Physical with swap overlay
RDX LSE RDXS LN RDXSIN RDXS.L IE00B5NDLN01 RDXUSD 0.65% USD / USD Physical with swap overlay
US Exposure
MSCI USA
LSE MXUS LN INMXUS MXUS.L IE00B60SX170 NDDUUS 0.30% USD / USD Physical with swap overlay
SIX MXUS SW INMXUS MXUS.S IE00B60SX170 NDDUUS 0.30% USD / USD Physical with swap overlay
XETRA SMSUSA GR SMSUSAIN SMSUSA.DE IE00B60SX170 NDDUUS 0.30% USD / EUR Physical with swap overlay
Russell 2000®LSE RTYS LN INRTYS RTYS.L IE00B60SX402 RU20INTR 0.45% USD / USD Physical with swap overlay
XETRA SR2000 GR SR2000IN SR2000.DE IE00B60SX402 RU20INTR 0.45% USD / EUR Physical with swap overlay
S&P 500
LSE SPXS LN SPXSIN SPXS.L IE00B3YCGJ38 SPTR500N 0.20% USD / USD Physical with swap overlay
SIX SPXS SW SPXSIN SPXS.S IE00B3YCGJ38 SPTR500N 0.20% USD / USD Physical with swap overlay
XETRA P500 GR P500IN P500.DE DE000A1JM6F5 SPTR500N 0.20% USD / EUR Physical with swap overlay
US Sector Exposure
Consumer DiscretionaryLSE XLYS LN XLYSIN XLYS.L IE00B449XP68 SPSUCDN 0.30% USD / USD Physical with swap overlay
SIX XLYS SW XLYSIN XLYS.S IE00B449XP68 SPSUCDN 0.30% USD / USD Physical with swap overlay
Consumer StaplesLSE XLPS LN XLPSIN XLPS.L IE00B435BG20 SPSUCSN 0.30% USD / USD Physical with swap overlay
SIX XLPS SW XLPSIN XLPS.S IE00B435BG20 SPSUCSN 0.30% USD / USD Physical with swap overlay
EnergyLSE XLES LN XLESIN XLES.L IE00B435CG94 SPSUEN 0.30% USD / USD Physical with swap overlay
SIX XLES SW XLESIN XLES.S IE00B435CG94 SPSUEN 0.30% USD / USD Physical with swap overlay
FinancialsLSE
XLFS LN XLFSIN XLFS.L IE00B42Q4896 SPSUFN 0.30% USD / USD Physical with swap overlay
XLFQ LN INXLFQ XLFQ.L IE00B42Q4896 SPSUFN 0.30% USD / GBP Physical with swap overlay
SIX XLFS SW XLFSIN XLFS.S IE00B42Q4896 SPSUFN 0.30% USD / USD Physical with swap overlay
Health CareLSE XLVS LN XLVSIN XLVS.L IE00B3WMTH43 SPSUHCN 0.30% USD / USD Physical with swap overlay
SIX XLVS SW XLVSIN XLVS.S IE00B3WMTH43 SPSUHCN 0.30% USD / USD Physical with swap overlay
IndustrialsLSE XLIS LN XLISIN XLIS.L IE00B3YC1100 SPSUIN 0.30% USD / USD Physical with swap overlay
SIX XLIS SW XLISIN XLIS.S IE00B3YC1100 SPSUIN 0.30% USD / USD Physical with swap overlay
MaterialsLSE XLBS LN XLBSIN XLBS.L IE00B3XM3R14 SPSUMN 0.30% USD / USD Physical with swap overlay
SIX XLBS SW XLBSIN XLBS.S IE00B3XM3R14 SPSUMN 0.30% USD / USD Physical with swap overlay
TechnologyLSE
XLKS LN XLKSIN XLKS.L IE00B3VSSL01 SPSUTN 0.30% USD / USD Physical with swap overlay
XLKQ LN INXLKQ XLKQ.L IE00B3VSSL01 SPSUTN 0.30% USD / GBP Physical with swap overlay
SIX XLKS SW XLKSIN XLKS.S IE00B3VSSL01 SPSUTN 0.30% USD / USD Physical with swap overlay
UtilitiesLSE XLUS LN XLUSIN XLUS.L IE00B3VPKB53 SPSUUN 0.30% USD / USD Physical with swap overlay
SIX XLUS SW XLUSIN XLUS.S IE00B3VPKB53 SPSUUN 0.30% USD / USD Physical with swap overlay
How to trade Source ETPs20
ETF ticker Index ticker ETF info
Exchange Bloomberg
Bloomberg
(INAV) Reuters ISIN Bloomberg
Mgmnt
fee
Base / Trading
currency Replication method
US Energy Infrastructure
Morningstar US Energy
Infrastructure MLP
LSE
MLPS LN INMLPS MLPS.L IE00B94ZB998 MSMLPCT 0.50% USD / USD Physical with swap overlay
MLPQ LN INMLPQ MLPQ.L IE00B94ZB998 MSMLPCT 0.50% USD / GBP Physical with swap overlay
SIX MLPS SW INMLPS MLPS.S IE00B94ZB998 MSMLPCT 0.50% USD / USD Physical with swap overlay
Morningstar US Energy
Infrastructure MLP (Distr.)
LSE
MLPD LN INMLPD MLPD.L IE00B8CJW150 MSMLPCT 0.50% USD / USD Physical with swap overlay
MLPP LN INMLPP MLPP.L IE00B8CJW150 MSMLPCT 0.50% USD / GBP Physical with swap overlay
SIX MLPD SW INMLPD MLPD.S IE00B8CJW150 MSMLPCT 0.50% USD / USD Physical with swap overlay
European Exposure
Euro STOXX 50® XETRA SDJE50 GR SDJE50IN SDJE50.DE IE00B60SWX25 SX5T 0.15% EUR / EUR Physical with swap overlay
Euro STOXX 50® Distributing XETRA SDJE5D GR SDJE5DIN SDJE5D.DE IE00B5B5TG76 SX5T 0.15% EUR / EUR Physical with swap overlay
FTSE 100 LSE S100 LN S100IN S100.L IE00B60SWT88 TUKXG 0.20% GBP / GBP Physical with swap overlay
FTSE 250 LSE S250 LN S250IN S250.L IE00B60SWV01 FTPTT250 0.25% GBP / GBP Physical with swap overlay
Man GLG Europe Plus
LSE MPFE LN INMPFS MPFE.L IE00B59D1459 GLGEURPL 0.75% EUR / GBP Physical with swap overlay
SIX MPFE SW INMPFE MPFE.S IE00B59D1459 GLGEURPL 0.75% EUR / EUR Physical with swap overlay
XETRA MPFE GR INMPFE MPFE.DE IE00B59D1459 GLGEURPL 0.75% EUR / EUR Physical with swap overlay
Man GLG Continental
Europe Plus (GBP)LSE MPCE LN INMPCE MPCE.L IE00BCRYLD89 GLGEUXPL 0.75% GBP / GBP Physical with swap overlay
Man GLG Continental
Europe Plus (EUR)LSE MPCX LN INMPCX MPCX.L IE00BGDWP215 GLGEUXPE 0.75% GBP / EUR Physical with swap overlay
MSCI Europe XETRA SMSEUR GR SMSEURIN SMSEUR.DE IE00B60SWY32 MSDEE15N 0.30% EUR / EUR Physical with swap overlay
MSCI Europe Value XETRA EMSV GR EMSVIN EMSV.DE IE00B3LK4Z20 MSVEUNTR 0.35% EUR / EUR Physical with swap overlay
STOXX® Europe 600 XETRA SDJ600 GR SDJ600IN SDJ600.DE IE00B60SWW18 SXXR 0.19% EUR / EUR Physical with swap overlay
European Small/Mid Cap Exposure
STOXX® Europe Mid 200 XETRA SDJMID GR SDJMIDIN SDJMID.DE IE00B60SX063 MCXR 0.35% EUR / EUR Physical with swap overlay
STOXX® Europe Small 200 XETRA SDJSML GR SDJSMLIN SDJSML.DE IE00B60SWZ49 SCXR 0.35% EUR / EUR Physical with swap overlay
European Optimised Sector Exposure
EURO STOXX® Opt. Banks XETRA S7XE GR S7XEIN S7XE.DE IE00B3Q19T94 SXO7T 0.30% EUR / EUR Physical with swap overlay
STOXX® Europe 600 Opt. Autos XETRA XAPS GR XAPSIN XAPS.DE IE00B5NLX835 SXOAR 0.30% EUR / EUR Physical with swap overlay
STOXX® Europe 600 Opt. Banks
LSE X7PS LN X7PSIN X7PS.L IE00B5MTWD60 SXO7R 0.30% EUR / EUR Physical with swap overlay
XETRA X7PS GR X7PSIN X7PS.DE IE00B5MTWD60 SXO7R 0.30% EUR / EUR Physical with swap overlay
STOXX® Europe 600 Opt. Chemicals XETRA X4PS GR X4PSIN X4PS.DE IE00B5MTY077 SXO4R 0.30% EUR / EUR Physical with swap overlay
STOXX® Europe 600 Opt. Construction XETRA XOPS GR XOPSIN XOPS.DE IE00B5MTY309 SXOOR 0.30% EUR / EUR Physical with swap overlay
STOXX® Europe 600 Opt. Financials XETRA XFPS GR XFPSIN XFPS.DE IE00B5MTYK77 SXOFR 0.30% EUR / EUR Physical with swap overlay
STOXX® Europe 600 Opt. Food & Bev XETRA X3PS GR X3PSIN X3PS.DE IE00B5MTYL84 SXO3R 0.30% EUR / EUR Physical with swap overlay
STOXX® Europe 600 Opt. Health Care XETRA XDPS GR XDPSIN XDPS.DE IE00B5MJYY16 SXODR 0.30% EUR / EUR Physical with swap overlay
STOXX® Europe 600 Opt. Household XETRA XQPS GR XQPSIN XQPS.DE IE00B5MTZ595 SXOQR 0.30% EUR / EUR Physical with swap overlay
STOXX® Europe 600 Opt. Industrials XETRA XNPS GR XNPSIN XNPS.DE IE00B5MJYX09 SXONR 0.30% EUR / EUR Physical with swap overlay
STOXX® Europe 600 Opt. Insurance XETRA XIPS GR XIPSIN XIPS.DE IE00B5MTXJ97 SXOIR 0.30% EUR / EUR Physical with swap overlay
STOXX® Europe 600 Opt. Media XETRA XMPS GR XMPSIN XMPS.DE IE00B5MTZ488 SXOMR 0.30% EUR / EUR Physical with swap overlay
STOXX® Europe 600 Opt. Oil & Gas XETRA XEPS GR XEPSIN XEPS.DE IE00B5MTWH09 SXOER 0.30% EUR / EUR Physical with swap overlay
STOXX® Europe 600 Opt. Resources XETRA XPPS GR XPPSIN XPPS.DE IE00B5MTWY73 SXOPR 0.30% EUR / EUR Physical with swap overlay
STOXX® Europe 600 Opt. Retail XETRA XRPS GR XRPSIN XRPS.DE IE00B5MTZM66 SXORR 0.30% EUR / EUR Physical with swap overlay
STOXX® Europe 600 Opt. Technology XETRA X8PS GR X8PSIN X8PS.DE IE00B5MTWZ80 SXO8R 0.30% EUR / EUR Physical with swap overlay
STOXX® Europe 600 Opt. Telecoms XETRA XKPS GR XKPSIN XKPS.DE IE00B5MJYB88 SXOKR 0.30% EUR / EUR Physical with swap overlay
STOXX® Europe 600 Opt. Travel XETRA XTPS GR XTPSIN XTPS.DE IE00B5MJYC95 SXOTR 0.30% EUR / EUR Physical with swap overlay
STOXX® Europe 600 Opt. Utilities XETRA X6PS GR X6PSIN X6PS.DE IE00B5MTXK03 SXO6R 0.30% EUR / EUR Physical with swap overlay
How to trade Source ETPs 21
ETF ticker Index ticker ETF info
Exchange Bloomberg
Bloomberg
(INAV) Reuters ISIN Bloomberg Mgmnt fee
Base / Trading
currency Replication method
J.P. Morgan Macro Hedge US TRLSE
MHUU LN INMHUU MHUU.L IE00B3P1F038 JPMZMHUT 0.25% USD / USD Equities with swap overlay
MHUE LN INMHUE MHUE.L IE00B3P1F038 JPMZMHUT 0.25% USD / EUR Equities with swap overlay
SIX MHUU SW INMHUU MHUU.S IE00B3P1F038 JPMZMHUT 0.25% USD / USD Equities with swap overlay
J.P. Morgan Macro Hedge Dual TRLSE
MHDU LN MHDUIN MHDU.L IE00B675BN95 JPMZMHHT 0.25% EUR / EUR Equities with swap overlay
MHDX LN MHDXIN MHDX.L IE00B675BN95 JPMZMHHT 0.25% EUR / USD Equities with swap overlay
SIX MHDU SW MHDUIN MHDU.S IE00B675BN95 JPMZMHHT 0.25% EUR / EUR Equities with swap overlay
Nomura Voltage Mid-Term
LSE VOLT LN VOLTIN VOLT.L IE00B3LK4075 NMEDVMU3 0.30% USD / USD Equities with swap overlay
SIX VOLT SW VOLTIN VOLT.S IE00B3LK4075 NMEDVMU3 0.30% USD / USD Equities with swap overlay
XETRA NVLT GR NVLTIN NVLT.DE DE000A1JQQZ6 NMEDVMU3 0.30% USD / EUR Equities with swap overlay
Nomura Voltage Short-Term LSE VOLS LN VOLSIN VOLS.L IE00B3M09679 NMEDVSU3 0.30% USD / USD Equities with swap overlay
S&P 500 VIX Futures LSE VIXS LN VIXSIN VIXS.L IE00B46HPB89 SPVIXSTR 0.60% USD / USD Equities with swap overlay
ETF ticker Index ticker ETF info
Exchange Bloomberg
Bloomberg
(INAV) Reuters ISIN Bloomberg Mgmnt fee
Base / Trading
currency Replication method
PIMCO Covered Bond XETRA COVR GY INCOVR COVR.DE IE00BF8HV717 BEA3TREU 0.38% EUR / EUR Physical
PIMCO EM AdvantageLSE
EMLB LN INEMLB EMLB.L IE00B4P11460 EMAD 0.60% USD / USD Physical
EMLP LN INEMLP EMLP.L IE00B4P11460 EMAD 0.60% USD / GBP Physical
SIX EMLB SW INEMLB EMLB.S IE00B4P11460 EMAD 0.60% USD / USD Physical
PIMCO EM Advantage (Distributing) LSE EMLI LN INEMLI EMLI.L IE00BH3X8336 EMAD 0.60% USD / USD Physical
PIMCO Euro Government Bond Index XETRA PJS2 GY PJS2IN PJS2.DE IE00B5VJLZ27 PGLAEGTR 0.30% EUR / EUR Physical
PIMCO Euro Short Maturity XETRA PJS1 GY PJS1IN PJS1.DE IE00B5ZR2157 EMTSDEO 0.35% EUR / EUR Physical
PIMCO German Government
Bond IndexXETRA BUND GY INBUND BUND.DE IE00B87LHK09 QW3A 0.15% EUR / EUR Physical
PIMCO Short-Term HY
Corporate Bond
LSE
STHY LN INSTHY STHY.L IE00B7N3YW49 HUCD 0.55% USD / USD Physical
SSHY LN INSSHY SSHY.L IE00B7N3YW49 HUCD 0.55% USD / GBP Physical
SIX STHY SW INSTHY STHY.S IE00B7N3YW49 HUCD 0.55% USD / USD Physical
PIMCO Short-Term HY Corporate
Bond (EUR Hedged)
LSE STHE LN INSTHE STHE.L IE00BF8HV600 HUCE 0.60% USD / EUR Physical
SIX STHE SW INSTHE STHE.S IE00BF8HV600 HUCE 0.60% USD / EUR Physical
PIMCO Sterling Short Maturity LSE QUID LN QUIDIN QUID.L IE00B622SG73 L3BP 0.35% GBP / GBP Physical
PIMCO USD Short Maturity LSE MINT LN INMINT MINT.L IE00B67B7N93 SBMMTB3 0.35% USD / USD Physical
ETF ticker Index ticker ETF info
Exchange Bloomberg
Bloomberg
(INAV) Reuters ISIN Bloomberg Mgmnt fee
Base / Trading
currency Replication method
Diversifi ed Commodity Exposure
LGIM Commodity Composite LSELGCU LN LGCUIN LGCU.L IE00B4TXPP71 TGPLGCC 0.40% USD / USD US Treasury Bills with swap overlay
LGCF LN LGCFIN LGCF.L IE00B4TXPP71 TGPLGCC 0.40% USD / GBP US Treasury Bills with swap overlay
Physical
ETC ticker Index ticker ETC info
Exchange Bloomberg Reuters ISIN Bloomberg Fixed fee
Base / Trading
currency Replication method
Source Physical Gold
LSESGLD LN SGLD.L IE00B579F325 GOLDLNPM 0.29% USD / USD Physical
SGLP LN SGLP.L IE00B579F325 GOLDLNPM 0.29% USD / GBP Physical
SIX SGLD SW SGLD.S IE00B579F325 GOLDLNPM 0.29% USD / USD Physical
XETRA 8PSG GR 8PSG.DE DE000A1MECS1 GOLDLNPM 0.29% USD / EUR Physical
Source Physical Palladium LSE SPAL LN SPAL.L IE00B4LJS984 PLDMLNPM 0.39% USD / USD Physical
Source Physical Platinum LSE SPPT LN SPPT.L IE00B40QP990 PLTMLNPM 0.39% USD / USD Physical
Source Physical Silver LSE SSLV LN SSLV.L IE00B43VDT70 SLVRLN 0.39% USD / USD Physical
How to trade Source ETPs22
ETC ticker Index ticker ETC info
Exchange Bloomberg Reuters ISIN Bloomberg Fixed fee
Base / Trading
currency Replication method
Commodity Sector Exposure
S&P GSCITM Agriculture TR
SIX SFARM SW SFARM.S XS0417183406 SPGSAGTR 0.49% USD / USD US Treasury Bills with swap overlay
XETRA SFARM GR SFARM.DE XS0417183406 SPGSAGTR 0.49% USD / EUR US Treasury Bills with swap overlay
S&P GSCITM Energy TR
SIX SENERG SW SENERG.S XS0417135695 SPGSENTR 0.49% USD / USD US Treasury Bills with swap overlay
XETRA SENERGY GR SENERGY.DE XS0417135695 SPGSENTR 0.49% USD / EUR US Treasury Bills with swap overlay
S&P GSCITM Industrial Metals TR
SIX SIMETL SW SIMETL.S XS0417130381 SPGSINTR 0.49% USD / USD US Treasury Bills with swap overlay
XETRA SIMETL GR SIMETL.DE XS0417130381 SPGSINTR 0.49% USD / EUR US Treasury Bills with swap overlay
Individual Commodity Exposure
S&P GSCITM Brent Crude Oil
Enhanced TRSIX BOIL SW BOILS.S XS0766094972 SGECBRTR 0.49% USD / USD US Treasury Bills with swap overlay
S&P GSCITM Copper TR
SIX SCOPP SW SCOPP.S XS0470829432 SPGSICTR 0.49% USD / USD US Treasury Bills with swap overlay
XETRA SCOPP GR SCOPP.DE XS0470829432 SPGSICTR 0.49% USD / EUR US Treasury Bills with swap overlay
S&P GSCITM Crude Oil
Enhanced TR
SIX SEWTI SW SEWTI.S XS0454792184 SGESCLTR 0.49% USD / USD US Treasury Bills with swap overlay
XETRA SEWTI GR SEWTI.DE XS0454792184 SGESCLTR 0.49% USD / EUR US Treasury Bills with swap overlay
S&P GSCITM Gold TR XETRA SGOLD GR SGOLD.DE XS0417127916 SPGSGCTR 0.49% USD / EUR US Treasury Bills with swap overlay
How to trade Source ETPs 23
Important information and risks
Investors in Source products should note that the value of your investment
may go down as well as up. As a result you may not get back the amount of
capital you invest.
Key ETF disclaimer Information
This booklet of ETF factsheets contains a short summary description of the
above mentioned funds (each a “Fund”) and is for discussion purposes only. This
brochure is not for distribution to, or for the attention of, US or Canadian
persons. The prospectus and KIID documenting the issue of shares by the Fund
can be downloaded from www.source.info.
Without limitation, this brochure does not constitute an offer or a recommendation
to enter into any transaction. When making an investment decision, you should
rely solely on the fi nal documentation and any prospectus relating to the
transaction and not this summary. Investment strategies involve numerous risks.
Investors should consult their own business, tax, legal and accounting advisors
with respect to a purchase of shares and you should refrain from entering into a
transaction unless you have fully understood the associated risks and have
independently determined that the transaction is appropriate for you. In no way
should Source UK Services Limited (“Source”) be deemed to be holding itself out
as a fi nancial adviser or a fi duciary of the recipient hereof.
Risk factors
The investments of the Fund in securities are subject to normal market
fl uctuations and other risks inherent in investing in securities. The value of
investments and the income from them, and therefore the value of and income
from shares relating to each Fund can go down as well as up and an investor
may not get back the amount invested. Changes in exchange rates between
currencies or the conversion from one currency to another may also cause the
value of the investments to diminish or increase. Due to charges which may be
payable on the shares, an investment in shares in the Fund should be viewed as
medium to long term. An investment in a Fund should not constitute a substantial
proportion of an investment portfolio and may not be appropriate for all investors.
There is no assurance that any Fund will achieve its investment objective. As a
Fund whose target performance is linked to a reference index will often be invested
in securities which differ from the constituents of the index and derivative
techniques will be used to achieve the performance. While the prudent use of
such derivatives can be benefi cial, derivatives also involve risks which, in certain
cases, can be greater than the risks presented by investing directly in the
constituents of the index.
Index disclaimers
The EURO STOXX® Select Dividend 30 index and its related trademarks are
proprietary to STOXX Limited. The EURO STOXX® Select Dividend 30 index and
the related trademarks have been licensed for certain purposes by Source. The
EURO STOXX® Select Dividend 30 Source ETF is not sponsored, sold, endorsed
or promoted by STOXX Limited.
The EURO STOXX 50® index and its related trademarks are proprietary to
STOXX Limited. The EURO STOXX 50® index and the related trademarks have
been licensed for certain purposes by Source. The EURO STOXX 50® Source
ETF is not sponsored, sold, endorsed or promoted by STOXX Limited.
The STOXX Europe 50® index and its related trademarks are proprietary to
STOXX Limited. The STOXX Europe 50® index and the related trademarks have
been licensed for certain purposes by Source. The STOXX Europe 50® Source
ETF is not sponsored, sold, endorsed or promoted by STOXX Limited.
The STOXX® Europe 600 index and its related trademarks are proprietary to
STOXX Limited. The STOXX® Europe 600 index and the related trademarks have
been licensed for certain purposes by Source. The STOXX® Europe 600 Source
ETF is not sponsored, sold, endorsed or promoted by STOXX Limited.
The STOXX® Europe Small 200 index and its related trademarks are proprietary
to STOXX Limited. The STOXX® Europe Small 200 index and the related trademarks
have been licensed for certain purposes by Source. The STOXX® Europe Small
200 Source ETF is not sponsored, sold, endorsed or promoted by STOXX Limited.
The STOXX® Europe Mid 200 index and its related trademarks are proprietary to
STOXX Limited. The STOXX® Europe Mid 200 index and the related trademarks
have been licensed for certain purposes by Source. The STOXX® Europe Mid
200 Source ETF is not sponsored, sold, endorsed or promoted by STOXX Limited.
“FTSE” is a trademark of the London Stock Exchange Plc and The Financial
Times Limited and is used by FTSE International Limited (“FTSE”) under licence.
Source is licensed by FTSE to redistribute the FTSE® 100. All rights in and to the
FTSE 100 vest in FTSE and/or its licensors. All information is provided for
reference only. Neither FTSE nor its licensors shall be responsible for any error or
omission in the FTSE® 100.
“FTSE” is a trademark of the London Stock Exchange Plc and The Financial
Times Limited and is used by FTSE International Limited (“FTSE”) under licence.
Source is licensed by FTSE to redistribute the FTSE® 250. All rights in and to the
FTSE 100 vest in FTSE and/or its licensors. All information is provided for
reference only. Neither FTSE nor its licensors shall be responsible for any error or
omission in the FTSE® 250.
“FTSE” is a trademark of the London Stock Exchange Plc and The Financial
Times Limited and is used by FTSE International Limited (“FTSE”) under licence.
Source UK Services Limited is licensed by FTSE to redistribute the FTSE
Emerging EMEA 40 Index. All rights in and to the FTSE Emerging EMEA 40 Index
vest in FTSE and/or its licensors. All information is provided for reference only.
Neither FTSE nor its licensors shall be responsible for any error or omission in the
FTSE Emerging EMEA 40 Index.
The funds or securities referred to herein are not sponsored, endorsed, or
promoted by MSCI, and MSCI bears no liability with respect to any such funds or
securities or any index on which such funds or securities are based. The
prospectus contains a more detailed description of the limited relationship MSCI
has with Source and any related funds.
The Russian Depositary Index is a securities index calculated and published by
Weiner Börse AG (“WBAG”). Russian Depositary Index® and RDX® are registered
trademarks of WBAG and have been licensed for use by Source. The mentioned
ETF is not sponsored, endorsed, sold or promoted by WBAG or its affi liates, and
WBAG and its affi liates make no representation, warranty or condition regarding
the advisability of buying, selling or holding units/shares in such ETF.
The Russell 2000® Index is a trademark of Frank Russell Company and has
been licensed for use by Source. The Product(s) is/are not sponsored, endorsed,
sold or promoted by Frank Russell Company and Frank Russell Company makes
no representation regarding the advisability of investing in the Product. Russell
Investment Group is the source and owner of the trademarks, service marked
and copyrights related to the Russell Indexes. Russell® is a trademark of Russell
Investment Group.
The STOXX® Europe Optimised indices and related trademarks are proprietary
to STOXX Limited and have been licensed for certain purposes by Source. The
Important information and risks24
Important information and risks
Funds tracking the STOXX® Europe Optimised indices are not sponsored, sold,
endorsed or promoted by STOXX Limited and have been licensed for use by Source.
Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s
Financial Services LLC (“S&P”) and have been licensed for use by Source. The
Source ETFs are not sponsored, endorsed, sold or promoted by S&P or its affi liates,
and S&P and its affi liates make no representation, warranty or condition regarding
the advisability of buying, selling or holding units/shares in the Source ETFs.
The Reference Index is calculated under licence from GLG Partners LP (“GLG”).
Man GLG Europe Plus Index® is a registered trade mark of GLG and has been
licensed for use by Source. GLG, a member of the Man Group plc, does not approve,
endorse, sponsor, market or recommend Source or the Fund. Data relating to the
Reference Index is for information purposes only and should not be used or
considered as an offer or a solicitation to sell or buy the securities comprising the
Reference Index. No representation, warranty or condition, express or implied,
statutory or otherwise, as to veracity, condition, satisfactory quality, performance
or fi tness for purpose are given or assumed by GLG in respect of the Reference
Index or any data included in it or the use by any person or entity of the
Reference Index or that data and all those representations, warranties and
conditions are excluded save to the extent that such exclusion is prohibited by
law. GLG shall have no liability or responsibility to any person or entity for any
loss, damages (whether direct, special, punitive, indirect, consequential or
otherwise), costs, lost profi ts, charges, expenses or other liabilities whether
caused by the negligence of GLG or otherwise, even if notifi ed of the possibility
of such liabilities, arising in connection with the use of the Reference Index. GLG
is responsible for determining the composition of the Reference Index. There is
no requirement for GLG to take into account the needs of the Fund or shareholders
of the Fund in determining the composition of the Reference Index. GLG’s names
and logos and all related trademarks and other intellectual property are the
property of GLG and cannot be used without the prior written permission of GLG.
The Reference Index is administered and calculated by Markit, a leading global
index provider. Markit is a fi nancial information services company with more than
1,100 employees in Europe, North America and Asia-Pacifi c. Markit makes no
representation and expressly disclaims all warranties of accuracy, merchantability
or fi tness for a particular purpose or use with respect to the Reference Index or
any data included therein, or any data from which it is based or as to results to
be obtained from the use of the Reference Index. Markit does not sponsor,
endorse, sell, or promote any investment fund or other vehicle that is offered by
GLG Partners LP or any of its affi liates or third parties that seeks to provide an
investment return based on the returns of the Reference Index. For more
information on Markit, see www.markit.com.
Key Alternative ETF disclaimer information
This brochure contains a short summary description of the above mentioned ETF
(the “Fund”) and is for discussion purposes only. This brochure is not for
distribution to, or for the attention of, US or Canadian persons. The prospectus
and KIID documenting the issue of shares by the Fund can be downloaded from
www.source.info.
Without limitation, this brochure does not constitute an offer or a recommendation
to enter into any transaction. When making an investment decision, you should
rely solely on the fi nal documentation and any prospectus relating to the
transaction and not this summary. Investment strategies involve numerous risks.
The use of volatility products or products which incorporate exposure to volatility
as part of an investor’s portfolio is complex and requires sophisticated analysis.
For example and as noted below, in the event of a protracted period of contango,
the performance of the Fund may be adversely affected. Unsophisticated investors
should not invest in this product without consulting their own business, tax, legal
and accounting advisors with respect to a purchase of shares and should refrain
from entering into a transaction unless they have fully understood the associated
risks and have independently determined that the transaction is appropriate for
them. In no way should Source UK Services Limited (“Source”) be deemed to be
holding itself out as a fi nancial adviser or a fi duciary of the recipient hereof.
Risk factors
The investments of the Fund in securities are subject to risks inherent in investing
in securities. The value of shares relating to each Fund can go down as well as
up and an investor may not get back the amount invested. Changes in exchange
rates between currencies or the conversion from one currency to another may
also cause the value of the investments to diminish or increase. An investment in
a Fund should not constitute a substantial proportion of an investment portfolio
and may not be appropriate for all investors.
There is no assurance that the Fund will achieve its investment objective. As a
Fund whose target performance is linked to a reference index will often be
invested in securities which differ from the constituents of the index, derivative
techniques will be used to achieve the performance. While the prudent use of
such derivatives can be benefi cial, derivatives also involve risks which, in certain
cases, can be greater than the risks presented by investing directly in the
constituents of the reference index.
Risks related to commodity indices
The Fund is an index-linked Fund and the amount payable in respect of the Fund
depends upon, among other things, the performance of the Reference Index.
Through its exposure to the commodity indices, the Reference Index is calculated
by reference to the prices of certain commodity contracts and is therefore subject
to many of the risks of direct investment in commodities. In addition to general
economic and other factors, the commodity markets are subject to temporary
distortions or other disruptions due to the various factors, including changes in
supply and demand, the lack of liquidity in those markets, speculation and
government regulation and intervention, any of which may increase the risk of
price volatility. Commodity futures markets are subject to regulations that limit the
amount of fl uctuation in prices that may occur during a single business day.
Commodities are also subject to changes in regulation that may affect their price
or liquidity, reduced liquidity of underlying contracts may affect the level of the
Reference Index or require changes to their components of methodology.
“Rolling” and its impact on the performance of a futures index
The S&P 500 VIX Short-Term Futures Total Return Index (the ‘Reference Index’)
replicates an actual investment in futures contracts, where futures contracts that
are nearing expiration are sold and longer-dated contracts are bought. This
process is known as “rolling” and has an impact on the performance of the
Index. When the price of the futures contract in the fi rst delivery month (which is
sold) is greater than the price of the futures contract in the second delivery month
(which is bought), the market for such contracts is referred to as being in
“backwardation”. A period of backwardation will have a positive impact on the
performance of the Reference Index. When the price of the futures contract in the
fi rst delivery is lower than the price of the futures contract in the second delivery
month, the market for such contracts is referred to as being in “contango”. There
have been periods of time when there has been consistent and/or signifi cant
contango, and the process of rolling futures has had a strongly negative impact
on the performance of the Reference Index.
Interest rates
The value of the Reference Index incorporates interest accrual on the notional
value of the Reference Index, based on the 3-month US Treasury Rate. A
decrease in the relevant rate of interest will adversely impact the value of the
Reference Index and, therefore, the value of the shares in the fund.
25
Index disclaimers
Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s
Financial Services LLC (“S&P”) and have been licensed for use by Source. The
Fund is not sponsored, endorsed, sold or promoted by S&P or its affi liates, and
S&P and its affi liates make no representation, warranty or condition regarding the
advisability of buying, selling or holding units/shares in the Fund.
The Bank of America Merrill Lynch Marks and the Factor Model (“Bank of
America Merrill Lynch IP”) are property of Merrill Lynch, Pierce, Fenner & Smith
Incorporated or its affi liates (“Bank of America Merrill Lynch”) and have been
licensed for use by Source. Certain trademarks and other marks (the
“Component Sponsor Marks”) are trademarks of Standard & Poor’s, a division of
The McGraw-Hill Companies, Inc. and Standard & Poor’s Financial Services LLC,
MSCI, Inc. or Frank Russell Company or any of their respective affi liates
(collectively, the “Component Sponsors”) and have been licensed for use by
Bank of America Merrill Lynch. Neither Source nor the fund are sponsored,
endorsed, passed on, recommended, sold, or promoted by Bank of America
Merrill Lynch or the Component Sponsors. Bank of America Merrill Lynch IP and
the Component Sponsor’s marks are licensed on an “as is where is” basis.
Neither Bank of America Merrill Lynch nor any of the Component Sponsors
makes any warranties including about their suitability, quality, accuracy,
timeliness, and/or completeness and have no liability in connection with their use
or the fund.
Source acknowledges that no products that have the J.P. Morgan Macro Hedege
US TR Index as their underlying interest that are issued, sold, or traded by
Source or any third party pursuant to the license from Standard & Poor’s
Financial Services LLC (“S&P”) to J.P. Morgan are to be deemed sponsored,
endorsed, sold or promoted by S&P or the Chicago Board Options Exchange,
Inc. (“CBOE”). S&P’s and CBOE’s only relationship to Source and J.P. Morgan
with respect to any such products, if any, is that CBOE has agreed that S&P may
license CBOE’s trademarks and the values of the CBOE Volatility Index® (VIX®)
(the “CBOE Values”) to J.P. Morgan. Neither S&P nor CBOE have any obligation
to take the needs of persons having an interest in any such products into
consideration in determining, composing or calculating the CBOE Values. Neither
S&P nor CBOE have any obligation or liability in connection with the
administration, marketing or trading of any such products.
Legal & General Investment Management Limited (“LGIM”) its associates,
subsidiaries and group undertakings (collectively, “Legal & General”) is not the
issuer or producer of the LGIM Commodity Composite Source ETF (the “Fund”)
and has no responsibilities, obligations or duties to any person (investor or
otherwise) and accepts no liability for any costs, losses, liabilities or expenses
arising in any manner out of or in connection with the Fund or the LGIM
Commodity Composite Index (the “Reference Index”). Without limiting the
generality of the foregoing, and to the extent permitted by law, Legal & General
shall not be liable for any loss whether direct, indirect, incidental, special or
consequential howsoever caused and on any theory of liability, whether in
contract or tort (including negligence) or otherwise, even if Legal & General had
been advised of the possibility of such loss. The Reference Index is a registered
trademark owned by LGIM and licensed for use solely by Source UK Services
Limited as the promoter of the Fund and is not for use by the owners of the
Fund, investors or other third parties. All proprietary rights in the Reference Index
are reserved by LGIM and shall remain the exclusive property of LGIM. Legal &
General does not sponsor or endorse the Fund and makes no representation or
warranty, express or implied, in connection with the Fund or the Reference Index
(including, without limitation, regarding the advisability of investing in the Fund or
the advisability of investing in securities generally or the ability of the Reference
Index to track corresponding or relative market performance or as to the quality,
accuracy, suitability or completeness of the Reference Index or any part thereof).
LGIM reserves the right to change the methods of calculation or publication, or to
cease the calculation or publication of the Reference Index, and LGIM shall not
be liable for any miscalculation of or any incorrect delayed, or interrupted publication
with respect to the Reference Index. The Reference Index is maintained and
calculated by FTSE International Limited (FTSE). FTSE does not accept any
liability for any errors or omissions in the Reference Index or underlying data.
Barclays Bank PLC and its affi liates (“Barclays”) is not the issuer or producer of
the Fund or the LGIM Commodity Composite Index and Barclays has no responsibilities,
obligations or duties to investors in the Fund. The Barclays Capital Commodity
Index Pure Beta Total Return Index is a trademark owned by Barclays Bank PLC
and licensed for use by Source Markets plc as the issuer of the Fund (the
“Issuer”). While the Issuer of the Fund, may for itself execute transaction(s) with
Barclays in or relating to the Barclays Capital Commodity Index Pure Beta Total
Return Index in connection with the Fund, investors acquire shares in the Fund
from the Issuer and investors neither acquire any interest in Barclays Capital
Commodity Index Pure Beta Total Return Index nor enter into any relationship of
any kind whatsoever with Barclays upon making an investment in the Fund. The
Fund is not sponsored, endorsed, sold or promoted by Barclays and Barclays
makes no representation regarding the advisability of the Fund or use of the
Barclays Capital Commodity Index Pure Beta Total Return Index or any data
included therein. Barclays shall not be liable in any way to the Issuer, investors or
to other third parties in respect of the use or accuracy of the Barclays Capital
Commodity Index Pure Beta Total Return Index or any data included therein.
Citigroup and any of its affi liates (“Citi”) is not the issuer or producer of the Fund
and Citi has no responsibilities, obligations or duties to any person (investor or
otherwise) in the Fund. The Citi CUBES Index Total Return (“Citi CUBES”) is a
trademark owned by Citi and licensed for use by Source Markets plc as the
issuer of the Fund. The Fund is not sponsored, endorsed, sold or promoted by
Citi and Citi makes no representation regarding the advisability of the Fund. Citi
does not guarantee the accuracy and/or uninterrupted calculation of Citi CUBES
or any data included therein. Citi makes no representation or warranty, express or
implied, (a) as to the results obtained or to be obtained by any person or entity
from the use of Citi CUBES or any data included therein; and (b) on the quality,
merchantability or fi tness for a particular purpose with respect to Citi CUBES
and/or any data included therein. Without limiting any of the foregoing, Citi shall
not be liable for any loss of profi ts or business, or any special, incidental, punitive,
indirect or consequential damages suffered or incurred as a result of the use (or
inability to use) of Citi CUBES and/or any data include therein.
The JPMCCI ex-Front Month Energy Light Index (“JPMCCI Index”) has been
licensed to Source UK Services Limited and LGIM (the “Licensees”) for the
Licensees’ benefi t. Neither the Licensee nor the Fund (the “Non-JPM Product”) is
sponsored, operated, endorsed, recommended, sold or promoted by J.P.
Morgan Securities Ltd. (“JPMSL”) or any of its affi liates (together and individually,
“JPMorgan”). JPMorgan makes no representation and gives no warranty, express
or implied, to investors in or those otherwise taking exposure to the Non-JPM
Product. Such persons should seek appropriate professional advice before
making any investment. The JPMCCI Index has been designed and is compiled,
calculated, maintained and sponsored by JPMSL without regard to the
Licensees, the Non-JPM Product or any investor. JPMSL is under no obligation
to continue compiling, calculating, maintaining or sponsoring the JPMCCI Index.
JPMorgan may independently issue or sponsor other indices or products that are
Important information and risks26
Important information and risks
similar to and may compete with the JPMCCI Index and the Non-JPM Product.
They may also transact in assets referenced in the JPMCCI Index (or in fi nancial
instruments such as derivatives that reference those assets). These activities
could have a positive or negative effect on the value of the JPMCCI Index and
the Non-JPM Product. JPMorgan does not give any representation, warranty or
undertaking, of any type (whether express or implied, statutory or otherwise) in
relation to the JPMCCI Index, as to condition, satisfactory quality, performance or
fi tness for purpose or as to the results to be achieved by an investment in the
Non-JPM Product or any data included in or omissions from the JPMCCI Index,
or the use of the JPMCCI Index in connection with the Non-JPM Product or the
veracity, currency, completeness or accuracy of the information on which the
JPMCCI Index is based (and without limitation, JPMorgan accepts no liability to
any Investor for any errors or omissions in that information or the results of any
interruption to it and JPMorgan shall be under no obligation to advise any person
of any such error, omission or interruption). To the extent any such
representation, warranty or undertaking could be deemed to have been given by
JPMorgan, it is excluded save to the extent that such exclusion is prohibited by
law. To the fullest extent permitted by law, JPMorgan shall have no liability or
responsibility to any person or entity (including, without limitation, any Investors)
for any loss, damages, costs, charges, expenses or other liabilities howsoever
arising, including, without limitation, liability for any special, punitive, indirect or
consequential damages (including loss of business or loss of profi t, loss of time
and loss of goodwill), even if notifi ed of the possibility of the same, arising in
connection with the design, compilation, calculation, maintenance or sponsoring
of the JPMCCI Index or in connection with the Non-JPM Product.
UBS Bloomberg Constant Maturity Commodity Index
This material is for distribution only under such circumstances as may be permitted
by applicable law. It has no regard to the specifi c investment objectives, fi nancial
situation or particular needs of any recipient. It is for information purposes only
and should not be construed as an offer, recommendation or solicitation to
conclude a transaction and should not be treated as giving investment advice.
UBS makes no representation or warranty, express or implied, regarding the
appropriateness of investing in products referenced to the UBS Bloomberg
Constant Maturity Commodity Index Family (“CMCI”), commodity products in
general or of the ability of the CMCI to track commodity market performance. In
determining the constituents of the CMCI and any amendment thereto, UBS has
no obligation to consider the needs of any counterparties that have products
referenced to the CMCI. © UBS 2011. The key symbol and UBS are among the
registered and unregistered trademarks of UBS. UBS Bloomberg Constant
Maturity Commodity Index, UBS Bloomberg CMCI and CMCI are service marks
of UBS and/or Bloomberg. Other marks may be trademarks of their respective
owners. All rights reserved. UBS assumes sole responsibility for this marketing
material, which has not been reviewed by Bloomberg.
CMCI is compiled and calculated, in part, using data obtained from a number of
futures exchanges (“Exchanges”) with their permission. The Exchange’s data is
provided “as is” and without representation or warranty on their part. The
Exchanges have no involvement with and accept no responsibility for the CMCI,
its suitability as an investment or its future performance.
UBS DOES NOT GUARANTEE THE QUALITY, ACCURACY AND/OR THE
COMPLETENESS OF THE CMCI OR ANY DATA INCLUDED THEREIN AND
SHALL NOT HAVE ANY LIABILITY FOR ANY ERRORS OR OMISSION. UBS
MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE
OBTAINED BY OR FROM THE USE OF THE CMCI OR ANY DATA INCLUDED
THEREIN OR FOR ANY OTHER USE (WHETHER DIRECTLY OR VIA ANY
PRODUCT REFERENCED THERETO). UBS MAKES NO EXPRESS OR IMPLIED
WARRANTIES, AND TO THE EXTENT PERMITTED BY LAW HEREBY
EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR
FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE
CMCI OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE
FOREGOING, TO THE EXTENT PERMITTED BY LAW UBS DISLAIMS ANY
LIABILITY FOR ANY PUNITIVE, INDIRECT, SPECIAL, OR CONSEQUENTIAL
DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE
POSSIBILITY OF SUCH.
Key Fixed Income ETF disclaimer information
This brochure contains information about the PIMCO Source ETFs product range
(each a “Fund” and collectively, the “Funds”). It is for discussion purposes only
and is not for distribution to, or for the attention of, US or Canadian persons. This
brochure is not for use within any country or with respect to any person(s) where
such use could constitute a violation of the applicable law. The relevant
prospectus (including any supplements or KIIDS thereto) documenting the issue
of shares by the Funds can be downloaded from www.source.info.
Without limitation, this brochure does not constitute an offer or a
recommendation to enter into any transaction. When making an investment
decision, an investor should rely solely on the fi nal documentation and any
prospectus relating to the transaction and not the information contained in this
brochure. Investment strategies involve numerous risks. Investors should consult
their own business, tax, legal and accounting advisors with respect to a purchase
of shares and should refrain from entering into any transaction unless they have
fully understood the associated risks and have independently determined that the
transaction is appropriate for them. In no way should Source UK Services Limited
or PIMCO Europe Limited be deemed to be holding themselves out as fi nancial
advisers or fi duciaries of the recipient hereof.
Certain features of the PIMCO European Advantage Government Bond Index are
patent pending. GLOBAL ADVANTAGE and GLADI are trademarks of Pacifi c
Investment Management Company LLC. Registered trademarks or trademarks
contained herein are the property of Pacifi c Investment Management Company
LLC and/or Allianz Global Investors of America L.P in the United States and/or
other countries.
Risk factors
The investments of the Funds in securities are subject to normal market
fl uctuations and other risks inherent in investing in securities. The value of
investments and the income from them, and therefore the value of and income
from shares relating to each Fund can go down as well as up and an investor
may not get back the amount invested. Changes in exchange rates between
currencies or the conversion from one currency to another may also cause the
value of the investments to diminish or increase. There is no assurance that any
Fund will achieve its investment objective. Past performance is not a guarantee
or a reliable indicator of future results.
The value of most bond funds and fi xed income securities are impacted by
changes in interest rates and the risk that the manager’s investment decisions
might not produce the desired results. Bonds and bond fund investments with
longer durations tend to be more sensitive and more volatile than securities with
shorter durations; bond prices generally fall as interest rates rise. The Funds may
use derivative techniques for hedging purposes or as part of its investment
strategy. While the prudent use of such derivatives can be benefi cial, use of
derivatives may involve certain costs and risks.
27
Important information and risks
Key T-ETC disclaimer Information
This booklet of T-ETC factsheets contains a short summary description of the
above mentioned Source Treasury Bill Secured ETCs (the “T-ETCs” or the
“Certifi cates”) and is for discussion purposes only. A complete description of the
Certifi cates is set out in the prospectus of the above mentioned T-ETC. This
brochure is not for distribution to, or for the attention of, US or Canadian
persons. The Base Prospectus documenting the issue of T-ETCs can be
downloaded from www.source.info.
Without limitation, this brochure does not constitute an offer or a recommendation
to enter into any transaction. When making an investment decision, you should
rely solely on the fi nal documentation and any prospectus relating to the
transaction and not this summary. Investment strategies involve numerous risks.
Investors should consult their own business, tax, legal and accounting advisors
with respect to this proposed transaction and they should refrain from entering
into a transaction unless they have fully understood the associated risks and
have independently determined that the transaction is appropriate for them. In no
way should Source UK Services Limited (“Source”) be deemed to be holding
itself out as a fi nancial adviser or a fi duciary of the recipient hereof.
An investment in the T-ETCs involves a signifi cant degree of risk and investors
should read carefully and ensure they understand the “Risk Factors” section of the
Base Prospectus before deciding whether to invest in T-ETCs. Risks affecting an
investment include: T-ETCs are not principal protected. Past performance is not an
indication of expected performance and the investment performance of the T-ETCs
could be volatile. The T-ETCs are limited recourse obligations which are payable
solely out of the US Treasury Bills and cash allocated to the relevant series of
T-ETCs which may be insuffi cient to cover amounts which would otherwise be
payable under the T-ETCs. There can be no assurance that the continual issuance
and repurchase and the role of authorised participants or market makers will be
successful in minimising any tracking error between the price at which the T-ETCs
trade on the exchanges and their net asset value. The issuer’s ability to make
payments under the T-ETCs will depend on Wells Fargo, acting as Collateral
Administrator, being able to sell the US Treasury Bills such that it has funds to
make such payments. The commodity indices to which the T-ETCs are linked may
go down as well as up throughout the term of the T-ETCs. There can be no
assurance of future performance of such commodity indices. The commodity
indices replicate an actual investment in commodity contracts and therefore are
affected by the need to “roll” the commodity contracts included in such index. As
the contracts included in the commodity indices approach expiration, they are sold
and contracts with a later expiration are purchased. This is known as “rolling”. If the
price of the contracts being sold is higher than that of the contracts being
purchased (a situation known as “contango”) and spot prices remain unchanged,
this could result in negative performance of the relevant commodity index which
could adversely affect the price of the T-ETCs. Futures exchanges have the
potential to suffer from market disruption or suspension of trading. Such events
could cause a delay in settlement of any subscription, buyback and/or redemption
process for the T-ETCs which may therefore adversely affect potential or existing
holders of T-ETCs. Redemption amounts payable on the T-ETCs will be made in
cash and holders will have no right to receive delivery of any index commodity.
The derivative counterparties and their affi liates actively trade in physical
commodities and derivative instruments on a wide variety of commodities
including those that underlie the commodity indices to which T-ETCs are linked.
This trading activity could adversely affect the value of the commodity indices
and therefore the return on and the value of the T-ETCs.
The GSCI marks are trademarks of Standard & Poor’s Financial Services LLC
and have been licensed for use by Source.
Key P-ETC disclaimer information
This fact sheet contains a short summary description of the above mentioned
Source Physical Gold ETC, Source Physical Silver P-ETC, Source Physical
Platinum P-ETC and Source Physical Palladium P-ETC (the “P-ETCs” or the
“Certifi cates”) and is for discussion purposes only. A complete description of the
Certifi cates is set out in the prospectus of the above mentioned P-ETCs. This
fact sheet is not for distribution to, or for the attention of, US or Canadian
persons. The Base Prospectus documenting the issue of P-ETCs can be
downloadable from www.source.info.
Without limitation, this fact sheet does not constitute an offer or a recommendation
to enter into any transaction. When making an investment decision, you should
rely solely on the fi nal documentation and any prospectus relating to the
transaction and not this summary. Investment strategies involve numerous risks.
Investors should consult their own business, tax, legal and accounting advisors
with respect to this proposed transaction and they should refrain from entering
into a transaction with us unless they have fully understood the associated risks
and have independently determined that the transaction is appropriate for them.
In no way should Source UK Services Limited (“Source”) be deemed to be
holding itself out as a fi nancial adviser or a fi duciary of the recipient hereof. An
investment in the P-ETCs involves a signifi cant degree of risk and investors
should read carefully and ensure they understand the “Risk Factors” section of
the Base Prospectus before deciding whether to invest in P-ETCs. Risks affecting
an investment include: P-ETCs are not principal protected. Past performance is
not an indication of expected performance and the investment performance of
the P-ETCs could be volatile. The P-ETCs are limited recourse obligations which
are payable solely out of the metal collateral which may be insuffi cient to cover
amounts which would otherwise be payable under the P-ETCs.
There can be no assurance that the continual issuance and repurchase and the
role of authorised participants or market makers will be successful in minimising
any tracking error between the price at which the P-ETCs trade on the exchanges
and their value. The value of gold to which the P-ETCs are linked may go down
as well as up throughout the term of the P-ETCs. There can be no assurance of
future performance of such the underlying. Certifi cateholders’ only proprietary
interest in the underlying gold is through certain security interests created by the
issuer in favour of the trustee for the trustee itself and as trustee for the other
secured creditors.
This document has been communicated by Source UK Services Limited, 110
Cannon Street, London, EC4N 6EU, authorised and regulated by the Financial
Conduct Authority.
© 2014 Source UK Services Limited. All rights reserved.
March 2014
28
110 Cannon Street
London EC4N 6EU
T +44 (0)20 3370 1100
F +44 (0)20 3370 1101
www.source.info
Authorised and Regulated by the Financial Conduct Authority