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Thematic investing with ETFs

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Established in 2003, ETF Securities is a specialised issuer of Exchange Traded Products (ETPs) with global assets under management of US$26.3 billion (as at 31 July 2012). ETF Securities is a pioneer in the development of ETPs, which are listed investment vehicles that aim to combine the benefits of access to an underlying commodity, currency, stock market index or investment strategy with the benefits of listing on a recognised and properly regulated exchange. ETPs include Exchange Traded Commodities, Exchange Traded Currencies and Exchange Traded Funds.

The benefits of Exchange Traded Funds (ETFs)

What is thematic investing?

ETF Securities and thematic ETFs0814

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1 ETFX DJ-UBS All Commodities 3 Month Forward Fund

2 ETFX DAXglobal Alternative Energy Fund

3 ETFX DAXglobal Coal Mining Fund

4 ETFX DAXglobal Gold Mining Fund

5 ETFX DAXglobal Shipping Fund

6 ETFX S-Net ITG Global Agri Business Fund

7 ETFX WNA Global Nuclear Energy Fund

8 ETFX Dow Jones Global Select Dividend Fund

ETF Securities (UK) Limited

3 Lombard Street

London EC3V 9AA

United Kingdom

4 | Thematic investing with ETFs

The benefits of Exchange Traded Funds (ETFs)

An Exchange Traded Fund (ETF) is a listed investment vehicle that tracks a specified index. By buying an ETF, an investor gains exposure to the underlying index as easily as if they were buying an ordinary share on a stock exchange.

ETFs offer a number of benefits:

• Accuracy. ETFs are open ended in structure. This means

that the number of shares in issue grows or contracts

depending on the demand for the shares. The market price

of an ETF’s share is generally based on the value of the

underlying index.

• Accessibility. Unlike unlisted funds, ETFs are traded and

settled on regulated stock exchanges. They may be held in

ordinary brokerage or custodial accounts. In these respects,

they are like ordinary listed shares.

• Simplicity. ETFs can provide exposure to an index based on

multiple underlying securities, in one single trade.

• Transparency. Details of the indices on which the ETFs are

based are publicly available. The pricing and performance of

an ETF may therefore be verified independently.

• The flexibility that comes from being listed and traded on a

regulated stock exchange. This is a key difference between

ETFs and conventional investment funds.

• Cost effectiveness. Usually the management fees and other

costs of ETFs are low relative to those in respect of other

funds and collective investment vehicles.


ETF Securities and thematic ETFs

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In 2008, ETF Securities launched ETF Exchange, a platform of ETFs that includes a series of thematic ETFs (the “ETFX Thematic ETFs”). Like other ETFs, these are open-ended, cost-effective investment funds which are designed to track the performance of specified market indices. They are all listed on regulated stock exchanges and are traded and settled like ordinary shares.

The ETFX Thematic ETFs comply with

the European Union’s Undertaking for

Collective Investment in Transferable

Securities (UCITS) directive and are

also eligible for investment by other

UCITS vehicles. They are structured as

sub-funds of ETFX Fund Company plc,

which is an independent, open-ended

investment company that is domiciled

in Ireland.

Rather than investing directly in the

constituents of the underlying indices,

the ETFX Thematic ETFs use swaps in

order to replicate the performance of

the indices. Each ETF enters into swap

agreements with one or more banks,

whereby the ETF receives payments

from the bank when the index goes up

and makes payments to the bank when

the index goes down. By using swaps,

the ETF can efficiently track the upward

or downward performance of the index

without having to actually own the shares

which make up the index. The ETF

pays certain fees and expenses to the

bank for entering into the swaps. This

approach can be more cost effective than

conventional approaches such as buying

the underlying securities separately.

The ETFX Thematic ETF range is

supported by a consortium of four

leading investment banks: Bank of

America Merrill Lynch, Barclays Capital,

Citi and Rabobank International

act as swap counterparties. Using

multiple counterparties has a number

of advantages. The credit risk that

would result from the use of a single

counterparty is reduced. To further

mitigate counterparty risk all ETFs are

targeted to be fully-collaterised, which

means that cash or other transferable

securities are held independently on

behalf of the ETF.


What is thematic investing?

The basic concept behind thematic investing is that there are global, or at least international trends that provide the potential for superior returns to investors in listed companies. Usually the trends are long-run in nature. The companies that benefit from them may be concentrated in one or two national stock markets or may be found in many different countries.

Traditionally, thematic investing has involved an active decision by an investment manager: should a particular stock be included in a portfolio because it provides attractive and suitable access to the trend in question? More recently, investment banks and other index providers have developed indices that are suitable for investors who want to invest thematically. The indices are designed so that they include leading stocks that could reasonably be expected to benefit from the trend in question. Providers of thematic indices generally provide details of their selection criteria for inclusion of stocks in an index.

The creation of these indices has provided a new opportunity for investors.

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ETF Securities has developed eight thematic ETFs:

1 ETFX DJ-UBS All Commodities 3 Month Forward Fund

2 ETFX DAXglobal Alternative Energy Fund


4 ETFX DAXglobal Gold Mining Fund

5 ETFX DAXglobal Shipping Fund

6 ETFX S-Net ITG Global Agri Business Fund


8 ETFX Dow Jones Global Select Dividend Fund


The theme behind the Dow Jones-UBS Commodity Index 3 Month Forward Total ReturnSM: changes to the prices of a basket of commodities

ETFX DJ-UBS All Commodities 3 Month Forward Fund 1

ETFX DJ-UBS All Commodities 3 Month Forward Fund is

designed to track the Dow Jones-UBS Commodity Index 3-Month

Forward Total ReturnSM 5.

According to the index provider (http://www.djindexes.com), the

index is based on the Dow Jones-UBS Commodity IndexSM - ‘a

broadly diversified index that allows investors to track commodity

futures through a single, simple measure.’ Both indices

‘are composed of futures contracts on a variety of physical

commodities. Unlike equities, which typically entitle the holder to

a continuing stake in a corporation, commodity futures contracts

normally specify a certain date for the delivery of the underlying

physical commodity. In order to avoid the delivery process and

maintain a long futures position, nearby contracts must be sold

and contracts that have not yet reached the delivery period

must be purchased. This process is known as “rolling” a futures

position.’3

The fund’s performance will be driven by movements in the value

of these underlying futures contracts, which are for delivery on a

rolling three month basis. The process of rolling helps to reduce

the impact of extreme volatilities in the value of the underlying

commodities.

The ETFX DJ-UBS All Commodities 3 Month Forward Fund

carries a management expense ratio (MER) of 0.55%.

ISIN: IE00B4WPHX27

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2ETFX DAXglobal Alternative Energy Fund

The theme behind the DAXglobal® Alternative Energy Index: demand for clean energy

ETFX DAXglobal Alternative Energy Fund is designed to track the

performance of the DAXglobal® Alternative Energy Index.

According to the index provider (www.dax-indices.com),

‘alternative energies are increasingly considered as an

independent industry sector. Alternative energies not only address

global climate change and energy diversification but also energy

supply and the need for energy availability. Energy experts expect

considerable investments in renewable and alternative energies.

According to the International Energy Agency (IEA), the future

population growth and the increasing need for energy will require

annual investment of approximately € 800 billion until 2030. At the

same time the yearly economic damages will amount to 5 – 20%

of the worldwide GDP, if no considerable measures to reduce

the CO2-emissions are taken. Due to the foreseeable bottlenecks

in the global energy resources of fossil fuel, there will be an

increased demand for alternative energies such as solar, wind

and natural gas. The growing demand for energy in emerging

markets like China and India will provide an additional boost in the

requirement for alternative energies. The DAXglobal® Alternative

Energy Index replicates this global mega trend.’

The index provider notes that the DAXglobal® Alternative Energy

Index ‘replicates the performance of the fifteen largest companies

worldwide in the alternative energy segment. These energy

sources will increasingly replace the traditional fossil fuels oil and

coal in the future. Three companies have been selected from each

of the five energy sub-segments – wind, solar, natural gas, ethanol

and a cluster of geo-thermal, hydro energy and batteries. These

five segments are equally weighted. Within these sub-segments

companies qualify by market capitalisation and an average daily

trade volume of more than US$1million. This results in a balanced

coverage of relevant sub-segments and a broad international

diversification.’1

The ETFX DAXglobal Alternative Energy Fund carries a

management expense ratio (MER) of 0.65%.

ISIN: IE00B3CMS880



The theme behind the DAXglobal® Coal Index: the continuing importance of coal as an energy source

ETFX DAXglobal Coal Mining Fund is designed to track the

performance of the DAXglobal® Coal Index.

According to the index provider (www.dax-indices.com) the index

‘enables investors to profit from the solid demand of coal. Coal is

and will remain one of the main sources of energy, especially in

developing countries. Coal is indispensable for many industries.

For example, 64 % of all smelting furnaces used in the global

steel industry are coal-fired. Liquid coal is also becoming

increasingly important as a crude oil substitute, and coal is the

preferred energy source of the cement industry.’

The index ‘constituents are exclusively companies from the areas

of coal mining, mining equipment and coal transportation that

generate at least 50% of their revenue from this sector.

• Coal mining: companies that explore coal, mine coal or

provide coal mining support.

• Coal equipment: companies that produce equipment for

coal mining, coal processing, coal transport or any other

component of the coal product lifecycle.

• Coal transportation: companies involved in the transportation

of coal. Other: companies operating in any other field of the

coal industry (except power generation).’

‘The selection of the index constituents is based on market

capitalisation and the average daily traded value (ADTV).’1

The ETFX DAXglobal Coal Mining Fund carries a management

expense ratio (MER) of 0.65%.

ISIN: IE00B3CNHF18

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4ETFX DAXglobal Gold Mining Fund

The theme behind the DAXglobal® Gold Miners Index: identifying companies that could benefit from changes in the gold price

ETFX DAXglobal Gold Mining Fund is designed to track the

performance of the DAXglobal® Gold Miners Index.

According to the index provider (www.dax-indices.com), the ‘index

gives investors the opportunity to participate in and track the

performance of attractive growth companies operating around

the world primarily in the areas of gold mining. The constituents

are exclusively companies that generate at least 50% of their

income in this sector.’ The index provider suggests that ‘the index

enables investors to profit from the growing demand for gold

which is perceived as a safe investment, especially in times of

crisis and inflation.’

‘Gold mining covers exploration drilling, geological assessment,

financing, development, extraction, initial refinement, and

delivery of gold doré. The prices of gold mining shares are not

only dependent on the current prices of gold. Other components

are the presumed reserves and the relationship between gold

mining costs and the anticipated value of the gold extracted.’

The portfolio of the DAXglobal® Gold Miners index includes

companies that generate at least 50% of their revenues from

the seven aspects of gold mining identified in the previous

paragraph.



The ETFX DAXglobal Gold Mining Fund carries a management


ISIN: IE00B3CNHG25


The theme behind the DAXglobal® Shipping Index: globalisation and the continuing importance of seaborne trade

ETFX DAXglobal Shipping Fund is designed to track the

performance of the DAXglobal® Shipping Index.

According to the index provider (www.dax-indices.com), the

‘index replicates the performance of the largest and most liquid

companies in the freight shipping industry.’

The industry is seen as consisting of two major sub-sectors:

• Freight transport: ‘companies involved in the transport of

freight by sea, coastal and inland waters shipping, whether

scheduled or not, including the rental of ships or boats

with crew for waterborne cargo transport and the towing or

pushing of barges, oil rigs, etc.’

• Shipbuilders: ‘companies involved in the manufacture of

ships used in freight transport.’

The index provider suggests that the ‘index enables investors

to profit from the growing globalisation and the international

exchange of goods.’

The portfolio of the DAXglobal® Shipping index includes

companies that generate at least 50% of their revenues from the

two major sub-sectors identified above.



The ETFX DAXglobal Shipping Fund carries a management


ISIN: IE00B3CMS880

ETFX DAXglobal Shipping Fund 5

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6ETFX S-Net ITG Global Agri Business Fund

The theme behind the S-Net ITG Agriculture IndexSM: demand for food and other agricultural commodities

ETFX S-Net ITG Global Agri Business Fund is designed to track

the performance of the S-Net ITG Agriculture IndexSM.

According to the index provider (http://www.snetglobalindexes.

com), the index ‘is designed to serve as a fair, impartial

and transparent measure of the performance of the Global

Agriculture Industry.’

The index contains only those companies engaged in “primary”

agriculture and excludes companies engaged in packaged

food production and distribution. Accordingly, it includes only

those companies that produce agricultural commodities and

products and services essential to the production of agricultural

commodities.

The index is ‘inclusive’ in that it ‘strives to include all companies

over a certain size that are significant participants in the global

agriculture industry.’ The index includes companies ‘engaged

in the following agricultural sectors: a) Seeds, Chemicals

and Fertilizers, b) Equipment and Irrigation, c) Commodity

Agricultural Products and d) Livestock Producers’.

Each company in the index ‘must generate at least 50% of

its revenues from its participation in the agricultural sector.’

Collectively, the companies in the index generate over 75% of

their ‘total revenues from agriculture-related activities.’4

The ETFX S-Net ITG Global Agri Business Fund carries a

management expense ratio (MER) of 0.65%.

ISIN: IE00B3CNHD93


The theme behind the WNA Nuclear Energy IndexSM: the global demand for electricity and the impact of this on nuclear power

ETFX WNA Global Nuclear Energy Fund is designed to track the performance of the WNA Nuclear Energy IndexSM.

According to the index provider (http://wna.snetglobalindexes.com), the index ‘is designed

to serve as a fair, impartial and transparent measure of the performance of the Global

Nuclear Energy Industry.’

The index is described as being ‘inclusive’ in that it ‘strives to include all companies over a

certain size that are significant participants in the global nuclear energy industry.’ The index

includes companies from five major sub-sectors: reactor designs; primary construction;

fuels; technology, equipment and service providers; and nuclear power generation. The

companies must ‘must pass minimum hurdles based on revenues derived from their nuclear

energy activities.’5

The ETFX WNA Global Nuclear Energy Fund carries a management expense ratio (MER)

of 0.65%.


ISIN: IE00B3C94706

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The theme behind the Dow Jones Global Select Dividend IndexSM: in a world where interest rates are relatively low, dividend yield can be an important component of total return over time

ETFX Dow Jones Global Select Dividend Fund is designed to track the performance of

the Dow Jones Global Select Dividend IndexSM.

According to the index provider (http://www.djindexes.com), the index seeks ‘to

represent the stock performance of 100 leading dividend-paying companies

worldwide.’ The index is ‘derived from the developed-market portion of the Dow Jones

Global IndexSM.’ Stocks are screened for inclusion in the index on the basis of ‘dividend

per share growth rate, payout ratio and average daily volume.’3

In short, the dividends paid by the component companies must by high and

sustainable. To put further emphasis on dividend performance, constituents of the

index are dividend weighted rather than market capitalisation weighted. The weights of

individual securities are capped to prevent one or several components from dominating

the index.

The ETFX Dow Jones Global Select Dividend Fund carries a management expense ratio

(MER) of 0.50%.

8ETFX Dow Jones Global Select Dividend Fund

ISIN: IE00B67DFL95


Important InformationImportant Information: This financial promotion has been issued and approved for the purpose of section 21 of the Financial Services and Markets Act 2000 by ETF Securities (UK) Limited (“ETFS UK”) which is authorized and regulated by the United Kingdom Financial Services Authority (“FSA”). The products discussed in this document are issued by ETFX Fund Company plc (the “Issuer”), an open-ended investment company with variable capital having segregated liability between its sub-funds and is organised under the laws of Ireland as a public limited company. The Issuer has been authorised by the Central Bank of Ireland (the “Financial Regulator”) as a UCITS pursuant to the European Communities (Undertaking for Collective Investment in Transferable Securities) Regulations, 2003 and shall issue a separate class of shares (the “Shares”) representing each sub-fund. The Shares discussed in this document are issued by the ETFX WNA Global Nuclear Energy Fund, ETFX S-Net ITG Global Agri Business Fund, ETFX DAXglobal Shipping Fund, ETFX DAXglobal Gold Mining Fund, ETFX DAXglobal Coal Mining Fund, ETFX S-Net ITG Global Agri Business Fund, ETFX DAXglobal Alternative Energy Fund, Dow Jones Global Select Total Return IndexSM, ETFX DJ-UBS All Commodities 3 Month Forward Fund (the “Funds”).

This communication constitutes an advertisement within the meaning of Section 31 para. 2 of the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG); it is not a financial analysis pursuant to Section 34b WpHG and consequently does not meet all legal requirements to warrant the objectivity of a financial analysis and is also not subject to the ban on trading prior to the publication of a financial analysis.

No investment advice: ETFS UK is required by the FSA to clarify that it is not acting for you in any way in relation to the investment or investment activity to which this financial promotion relates. In particular, ETFS UK will not provide any investment services to you and or advise you on the merits of, or make any recommendation to you in relation to, the terms of any transaction. No representative of ETFS UK is authorised to behave in any way which would lead you to believe otherwise. ETFS UK is not, therefore, responsible for providing you with the protections afforded to its clients and you should seek your own independent legal, investment and tax or other advice as you see fit.

United States information: This document is not, and under no circumstances is to be construed as, an advertisement or any other step in furtherance of a public offering of shares in the United States or any province or territory thereof, where none of the Issuer or the Shares are authorised or registered for distribution and where no prospectus of the Issuer has been filed with any securities commission or regulatory authority. Neither this document nor any copy hereof should be taken, transmitted or distributed (directly or indirectly) into the United States. Neither the Issuer nor any securities issued by it have been or will be registered under the United States Securities Act of 1933 or the Investment Company Act of 1940 or qualified under any applicable state securities statutes.

No guarantee of accuracy: This document may contain independent market commentary prepared by ETFS UK based on publicly available information. ETFS UK does not warrant, guarantee or otherwise confirm the accuracy or correctness of any information contained herein and any opinions related to product or market activity may change. Any third party data providers used to source the information in this financial promotion make no warranties or claims of any kind relating to such data.

Historical performance is no indication of future performance: Any historical performance included in this document may be based on back testing. Back testing is the process of evaluating an investment strategy by applying it to historical data to simulate what the performance of such strategy would have been. However, back tested performance is purely hypothetical and is provided in this document solely for informational purposes. Back tested data does not represent actual performance and should not be interpreted as an indication of actual or future performance.

No offer for sale: The information contained in this financial promotion is neither an offer for sale nor a solicitation of an offer to buy securities. This financial promotion should not be used as the basis for any investment decision.

Risk Warnings: The Shares are products involving a significant degree of risk and may not be suitable for all types of investor. Any decision to invest should be based on the information contained in the prospectus of the Issuer (or any supplements thereto) which includes, inter alia, information on certain risks associated with an investment. The price of any securities may go up or down and an investor may not get back the amount invested. Securities are priced in US Dollars and the value of the investment in other currencies will be affected by exchange rate movements.

Prospectus: Investors should refer to the section entitled “Risk Factors” in the relevant prospectus for further details of these and other risks associated with an investment in the securities offered by the Issuer.

The information in this document is designed solely for use in Denmark, Finland, France, Germany, the Republic of Ireland, Italy, the Netherlands, Norway, Spain, Sweden and the United Kingdom and complies with the regulatory requirements of these jurisdictions only, and is not intended for residents of any other countries. The distribution of the prospectus and the offering, sale and delivery of Shares in other jurisdictions may be restricted by law.

For Dutch investors: The Fund has been registered with the Netherlands Authority for the Financial Markets following the UCITS passport-procedure pursuant to section 2:72 of the Dutch Financial Supervision Act.

1 http://www.dax-indices.com, as at 8 August 2012

2 http://www.etfsecurities.com, as at 8 August 2012.

3 http://www.djindexes.com, as at 8 August 2012.

4 http://itg.snetglobalindexes.com, as at 8 August 2012.

5 http://wna.snetglobalindexes.com, as at 8 August 2012.

To find out more about us,

visit etfsecurities.com/aboutus

19

For French investors: The Issuer is a UCITS governed by Irish legislation and approved by the Financial Regulator as UCITS compliant with European regulations although may not have to comply with the same rules as those applicable to a similar product approved in France. The Fund has been registered for marketing in France by the Authority Financial Markets (Autorité des Marchés Financiers) and may be distributed to investors in France. Copies of all documents (i.e. the prospectus, the simplified prospectus, any supplements or addenda thereto, the latest annual reports and the memorandum of incorporation and articles of association) are available in France, free of charge, at the French Centralizing Agent, Société Générale, Securities Services, at 29 Boulevard Haussmann 75009 Paris France. Any subscription for Shares of the Fund will be made on the basis of the terms of the prospectus, the simplified prospectus and any supplements or addenda thereto.

For German investors: The offering of the Shares of the Fund has been notified to the German Financial Services Supervisory Authority in accordance with section 132 of the German Investment Act. The prospectus, the simplified prospectuses, any supplements or addenda thereto, copies of the Memorandum and Articles of Association of the Issuer and the annual and semi-annual report can be obtained free of charge upon request at the Paying and Information Agent in Germany, HSBC Trinkaus & Burkhardt AG, Königsallee 21-23, 40212 Düsseldorf. The current offering and redemption prices as well as the net asset value and possible notifications of the investors can also be requested free of charge at the same address. In Germany the Shares will be settled as co-owner shares in a Global Bearer certificate issued by Clearstream Banking AG. This type of settlement only occurs in Germany because there is no direct link between the English and German clearing and settlement systems Crest and Clearstream. For this reason the ISIN used for trading of the shares in Germany differs from the ISIN used in other countries.

For Norwegian Investors: The Issuer and the Fund have been registered with the Financial Supervisory Authority of Norway (Finanstilsynet), and may be marketed and sold to professional investors in Norway.

For Swiss investors: The prospectus, the key investor information document(s), the Articles of Association of the Issuer as well as the annual and semi-annual reports can be obtained free of charge from the representative in Switzerland, State Street Fondsleitung AG, Beethovenstrasse 19, 8027 Zurich, Switzerland. The paying agent of the Issuer in Switzerland is State Street Bank GmbH, Munich, Zurich Branch, Beethovenstrasse 19, 8027 Zurich, Switzerland.

For United Kingdom investors: The Fund is a recognised scheme under section 264 of the Financial Services and Markets Act 2000 and so the prospectus may be distributed to investors in the United Kingdom. Copies of all documents (i.e. the prospectus, the simplified prospectus, the latest previous annual reports and the memorandum of incorporation and the articles of association) are available in the United Kingdom from www.etfsecurities.com.

Third parties: The ETFX WNA Global Nuclear Energy Fund is not sponsored, endorsed, sold or promoted by WNA Global Indexes, LLC, (“WGI”). WGI makes no representation or warranty, express or implied, to the shareholders of the Issuer or any member of the public regarding the advisability of investing in securities generally or in the ETFX WNA Global Nuclear Energy Fund particularly or the ability of the WNA Nuclear Energy IndexSM to track the performance of the securities market. WGI’s only relationship to the Issuer is the licensing of certain service marks and trade names of WGI and of the WNA Nuclear Energy IndexSM to its promoter, which service marks and trade names are determined, composed and calculated by WGI without regard to the Issuer or the ETFX WNA Global Nuclear Energy Fund. WGI has no obligation to take the needs of the ETFX WNA Global Nuclear Energy Fund or its shareholders into consideration in determining, composing or calculating the WNA Nuclear Energy IndexSM. WGI is not responsible for and has not participated in the determination of the prices at which Shares of the ETFX WNA Global Nuclear Energy Fund are issued. WGI has no obligation or liability in connection with the administration, marketing or trading of the ETFX WNA Global Nuclear Energy Fund.

WGI DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE WNA NUCLEAR ENERGY INDEXSM OR ANY DATA INCLUDED THEREIN AND WGI SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. WGI MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ETFX WNA GLOBAL NUCLEAR ENERGY FUND, ITS SHAREHOLDERS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE WNA NUCLEAR ENERGY INDEXSM OR ANY DATA INCLUDED THEREIN. WGI MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE WNA NUCLEAR ENERGY INDEXSM OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL WGI HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

The ETFX S-Net ITG Global Agri Business Fund is not sponsored, endorsed, sold or promoted by S-Network Global Indexes, LLC, (“SNGI”). SNGI makes no representation or warranty, express or implied, to the shareholders of the Issuer or any member of the public regarding the advisability of investing in securities generally or in the ETFX S-Net ITG Global Agri Business Fund particularly or the ability of the S-Network ITG Agriculture IndexSM to track the performance of the securities market. SNGI’s only relationship to the Issuer is the licensing of certain

service marks and trade names of SNGI and of the S-Network ITG Agriculture IndexSM to the Issuer’s promoter, which service marks and trade names are determined, composed and calculated by SNGI without regard to the ETFX S-Net ITG Global Agri Business Fund. SNGI has no obligation to take the needs of the ETFX S-Net ITG Global Agri Business Fund or its shareholders into consideration in determining, composing or calculating the S-Network ITG Agriculture IndexSM. SNGI is not responsible for and has not participated in the determination of the prices at which shares of the ETFX S-Net ITG Global Agri Business Fund are issued. SNGI has no obligation or liability in connection with the administration, marketing or trading of the ETFX S-Net ITG Global Agri Business Fund.

SNGI DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE S-NETWORK ITG AGRICULTURE INDEXSM OR ANY DATA INCLUDED THEREIN AND SNGI SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. SNGI MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ETFX S-NET ITG GLOBAL AGRI BUSINESS FUND, ITS SHAREHOLDERS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S-NETWORK ITG AGRICULTURE INDEXSM OR ANY DATA INCLUDED THEREIN. SNGI MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE S-NETWORK ITG AGRICULTURE INDEXSM OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL SNGI HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

The ETFX DAXglobal Shipping Fund is neither sponsored nor promoted, distributed or in any other manner supported by Deutsche Börse AG (the “Licensor”). The Licensor does not give any explicit or implicit warranty or representation, neither regarding the results deriving from the use of the DAXglobal® Shipping Index and/or the term DAXglobal® (the “Index Trademark”) nor regarding the DAXglobal® Shipping Index value at a certain point in time or on a certain date nor in any other respect. The DAXglobal® Shipping Index is calculated and published by the Licensor. Nevertheless, as far as admissible under statutory law the Licensor will not be liable vis-à-vis third parties for potential errors in the DAXglobal® Shipping Index. Moreover, there is no obligation for the Licensor vis-à-vis third parties, including investors, to point out potential errors in the DAXglobal® Shipping Index. Neither the publication of the DAXglobal® Shipping Index by the Licensor nor the granting of a license to the issuer’s promoter regarding the DAXglobal® Shipping Index as well as the Index Trademark for the utilisation in connection with the ETFX DAXglobal Shipping Fund, which is derived from the DAXglobal® Shipping Index, represents a recommendation by the Licensor for a capital investment or contains in any manner a warranty or opinion by the Licensor with respect to the attractiveness of an investment in the ETFX DAXglobal Shipping Fund. In its capacity as sole owner of all rights to the DAXglobal® Shipping Index and the Index Trademark the Licensor has solely licensed to the promoter of the ETFX DAXglobal Shipping Fund the utilisation of the DAXglobal® Shipping Index and the Index Trademark as well as any reference to the DAXglobal® Shipping Index and the Index Trademark in connection with the ETFX DAXglobal Shipping Fund.

The ETFX DAXglobal Gold Mining Fund is neither sponsored nor promoted, distributed or in any other manner supported by Deutsche Börse AG (the “Licensor”). The Licensor does not give any explicit or implicit warranty or representation, neither regarding the results deriving from the use of the DAXglobal® Gold Miners Index and/or the term DAXglobal® (the “Index Trademark”) nor regarding the DAXglobal® Gold Miners Index value at a certain point in time or on a certain date nor in any other respect. The DAXglobal® Gold Miners Index is calculated and published by the Licensor. Nevertheless, as far as admissible under statutory law the Licensor will not be liable vis-à-vis third parties for potential errors in the DAXglobal® Gold Miners Index. Moreover, there is no obligation for the Licensor vis-à-vis third parties, including investors, to point out potential errors in the DAXglobal® Gold Miners Index. Neither the publication of the DAXglobal® Gold Miners Index by the Licensor nor the granting of a license to the Issuer’s promoter regarding the DAXglobal® Gold Miners Index as well as the Index Trademark for the utilisation in connection with the ETFX DAXglobal Gold Mining Fund, which is derived from the DAXglobal® Gold Miners Index, represents a recommendation by the Licensor for a capital investment or contains in any manner a warranty or opinion by the Licensor with respect to the attractiveness of an investment in the ETFX DAXglobal Gold Mining Fund. In its capacity as sole owner of all rights to the DAXglobal® Gold Miners Index and the Index Trademark the Licensor has solely licensed to the promoter of the ETFX DAXglobal Gold Mining Fund the utilisation of the DAXglobal® Gold Miners Index and the Index Trademark as well as any reference to the DAXglobal® Gold Miners Index and the Index Trademark in connection with the ETFX DAXglobal Gold Mining Fund.

The ETFX DAXglobal Coal Mining Fund is neither sponsored nor promoted, distributed or in any other manner supported by Deutsche Börse AG (the “Licensor”). The Licensor does not give any explicit or implicit warranty or representation, neither regarding the results deriving from the use of the DAXglobal® Coal Mining Index and/or the term DAXglobal® (the “Index Trademark”) nor regarding the DAXglobal® Coal Mining Index value at a certain point in time or on a certain date nor in any other respect. The DAXglobal® Coal Mining Index is calculated and published by the Licensor. Nevertheless, as far as admissible under statutory law the Licensor will not be liable vis-à-vis third parties for potential errors in the DAXglobal® Coal Mining Index.

Moreover, there is no obligation for the Licensor vis-à-vis third parties, including investors, to point out potential errors in the DAXglobal® Coal Mining Index. Neither the publication of the DAXglobal® Coal Mining Index by the Licensor nor the granting of a license to the Issuer’s promoter regarding the DAXglobal® Coal Mining Index as well as the Index Trademark for the utilisation in connection with the ETFX DAXglobal Coal Mining Fund, which is derived from the DAXglobal® Coal Mining Index, represents a recommendation by the Licensor for a capital investment or contains in any manner a warranty or opinion by the Licensor with respect to the attractiveness of an investment in the ETFX DAXglobal Coal Mining Fund. In its capacity as sole owner of all rights to the DAXglobal® Coal Mining Index and the Index Trademark the Licensor has solely licensed to the promoter of the ETFX DAXglobal Coal Mining Fund the utilisation of the DAXglobal® Coal Mining Index and the Index Trademark as well as any reference to the DAXglobal® Coal Mining Index and the Index Trademark in connection with the ETFX DAXglobal Coal Mining Fund.

The ETFX DAXglobal Alternative Energy Fund is neither sponsored nor promoted, distributed or in any other manner supported by Deutsche Börse AG (the “Licensor”). The Licensor does not give any explicit or implicit warranty or representation, neither regarding the results deriving from the use of the DAXglobal® Alternative Energy Index and/or the term DAXglobal® (the “Index Trademark”) nor regarding the DAXglobal® Alternative Energy Index value at a certain point in time or on a certain date nor in any other respect. The DAXglobal® Alternative Energy Index is calculated and published by the Licensor. Nevertheless, as far as admissible under statutory law the Licensor will not be liable vis-à-vis third parties for potential errors in the DAXglobal® Alternative Energy Index. Moreover, there is no obligation for the Licensor vis-à-vis third parties, including investors, to point out potential errors in the DAXglobal® Alternative Energy Index. Neither the publication of the DAXglobal® Alternative Energy Index by the Licensor nor the granting of a license to the Issuer’s promoter regarding the DAXglobal® Alternative Energy Index as well as the Index Trademark for the utilisation in connection with the ETFX DAXglobal Alternative Energy Fund, which is derived from the DAXglobal® Alternative Energy Index, represents a recommendation by the Licensor for a capital investment or contains in any manner a warranty or opinion by the Licensor with respect to the attractiveness of an investment in the ETFX DAXglobal Alternative Energy Fund. In its capacity as sole owner of all rights to the DAXglobal® Alternative Energy Index and the Index Trademark the Licensor has solely licensed to the promoter of the ETFX DAXglobal Alternative Energy Fund the utilisation of the DAXglobal® Alternative Energy Index and the Index Trademark as well as any reference to the DAXglobal® Alternative Energy Index and the Index Trademark in connection with the ETFX DAXglobal Alternative Energy Fund.

The Dow Jones Global Select Total Return IndexSM is a product of Dow Jones Indexes, a licensed trademark of CME Group Index Services LLC (“CME”), and has been licensed for use. “Dow Jones®”, “Dow Jones Global Select Total Return IndexSM” and “Dow Jones Indexes” are service marks of Dow Jones Trademark Holdings, LLC (“Dow Jones”) and have been licensed for use for certain purposes by ETF Securities Limited. ETF Securities’ ETFX Dow Jones Global Select Dividend Fund based on the Dow Jones Global Select Total Return IndexSM is not sponsored, endorsed, sold or promoted by CME Indexes, Dow Jones or their respective affiliates, and CME Indexes, Dow Jones and their respective affiliates make no representation regarding the advisability of trading in such product.

The Dow Jones-UBS Commodity IndexesSM are a joint product of Dow Jones Opco, LLC (“Dow Jones Opco”), a subsidiary of S&P Dow Jones Indices LLC, and UBS Securities LLC (“UBS”), and have been licensed for use. Dow Jones® and DJ are trademarks of Dow Jones Trademark Holdings LLC. UBS® is a registered trademark of UBS AG. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC. ETF Securities Limited’s ETFX DJ-UBS All Commodities 3 Month Forward Fund based on the Dow Jones-UBS Commodity Index 3 Month Forward Total ReturnSM, are not sponsored, endorsed, sold or promoted by Dow Jones, UBS, Dow Jones Opco or any of their respective subsidiaries or affiliates, and none of Dow Jones, UBS, Dow Jones Opco or any of their respective affiliates, makes any representation regarding the advisability of investing in such product(s).

Thematic ETFs

Exchange¹Bloomberg Code

Reuters Code

Exchange Code ISIN

SEDOL Code

Base Currency

Trading Currency MER

ETFX DJ-UBS All Commodities 3 Month Forward Fund

UK COMF LN COMF.L COMF IE00B4WPHX27 B4WPHX2 USD USD 0.55%

UK CMFP LN CMFPP.L CMFP IE00B4WPHX27 B51WGY5 USD GBX 0.55%

DE ETL2 GY ETL2.DE ETL2 DE000A1CXBV8 B3XCCV8 USD EUR 0.55%

CH COMF SW ECCOMF.S COMF IE00B4WPHX27 B7TBX69 USD CHF 0.55%

ETFX DAXglobal Alternative Energy Fund

UK ALTE LN ALTE.L ALTE IE00B3CNHC86 B3CJYF8 EUR EUR 0.65%

UK ALTP LN ALTEP.L ALTP IE00B3CNHC86 B3DWS21 EUR GBX 0.65%

FR & NL ALTE NA ALTE.AS ALTE IE00B3CNHC86 B3D34Y8 EUR EUR 0.65%

DE ETLU GY ETLU.DE ETLU DE000A0Q8M94 B3K69S9 EUR EUR 0.65%

IT ALTE IM ALTE.MI ALTE IE00B3CNHC86 B3L9W33 EUR EUR 0.65%

CH ALTE SW ALTE.S ALTE IE00B3CNHC86 B4ZP8W5 EUR CHF 0.65%

ETFX DAXglobal Coal Mining Fund

UK COAL LN KOAL.L COAL IE00B3CNHF18 B3CJV80 USD USD 0.65%

UK COAP LN COAP.L COAP IE00B3CNHF18 B3DWRK2 USD GBX 0.65%

FR & NL KOAL NA KOAL.AS KOAL IE00B3CNHF18 B3D34T3 USD EUR 0.65%

DE ETLW GY ETLW.DE ETLW DE000A0Q8NB0 B3K69Z6 USD EUR 0.65%

IT AUCO IM AUCO.MI AUCO IE00B3CNHG25 B3L9VL4 USD EUR 0.65%

CH COAL SW KOAL.S COAL IE00B3CNHF18 B71G8J0 USD CHF 0.65%

ETFX DAXglobal Gold Mining Fund

UK AUCO LN AUCO.L AUCO IE00B3CNHG25 B3CJVD5 USD USD 0.65%

UK AUCP LN AUCOP.L AUCP IE00B3CNHG25 B3DWRM4 USD GBX 0.65%

FR & NL AUCO NA AUCO.AS AUCO IE00B3CNHG25 B3D34V5 USD EUR 0.65%

DE ETLX GY ETLX.DE ETLX DE000A0Q8NC8 B3K6B27 USD EUR 0.65%

IT AUCO IM AUCO.MI AUCO IE00B3CNHG25 B3L9VL4 USD EUR 0.65%

CH AUCO SW AUCO.S AUCO IE00B3CNHG25 B71GBH9 USD CHF 0.65%

ETFX DAXglobal Shipping Fund

UK SHIP LN SHIP.L SHIP IE00B3CMS880 B3CPX60 USD USD 0.65%

UK SHPP LN SHPP.L SHPP IE00B3CMS880 B3DWRT1 USD GBX 0.65%

FR & NL SHIP NA SHIP.AS SHIP IE00B3CMS880 B3D34X7 USD EUR 0.65%

DE ETLP GY ETLP.DE ETLP DE000A0Q8M45 B3K69C3 USD EUR 0.65%

IT SHIP IM SHIP.MI SHIP IE00B3CMS880 B3L9VV4 USD EUR 0.65%

CH SHIP SW SHIP.S SHIP IE00B3CMS880 B6YR741 USD CHF 0.65%

ETFX S-Net ITG Global Agri Business Fund

UK AGRI LN MOOO.L AGRI IE00B3CNHD93 B3CJV46 USD USD 0.65%

UK AGRP LN MOOP.L AGRP IE00B3CNHD93 B3DWRH9 USD GBX 0.65%

FR & NL MOOO NA MOOO.AS MOOO IE00B3CNHD93 B3D34S2 USD EUR 0.65%

DE ETLV GY ETLV.DE ETLV DE000A0Q8NA2 B3K69X4 USD EUR 0.65%

IT AGRI IM AGRIT.MI AGRI IE00B3CNHD93 B3L9VG9 USD EUR 0.65%

CH AGRI SW MOOO.S AGRI IE00B3CNHD93 B71G6P2 USD CHF 0.65%

ETFX WNA Global Nuclear Energy Fund

UK NUKE LN NUKE.L NUKE IE00B3C94706 B3CJT08 USD USD 0.65%

UK NUKP LN NUKP.L NUKP IE00B3C94706 B3DWRD5 USD GBX 0.65%

FR & NL NUKE NA NUKE.AS NUKE IE00B3C94706 B3D34Q0 USD EUR 0.65%

DE ETLN GY ETLN.DE ETLN DE000A0Q8M37 B3K6967 USD EUR 0.65%

IT NUKE IM NUKE.MI NUKE IE00B3C94706 B3L66M1 USD EUR 0.65%

CH NUKE SW NUKE.S NUKE IE00B3C94706 B3QRQ29 USD CHF 0.65%

ETFX Dow Jones Global Select Dividend Fund

UK GDIV LN GDIV.L GDIV IE00B67DFL95 B460HS8 USD USD 0.50%

DE ETL5 GY ETL5.DE ETL5 DE000A1H81A3 B625J74 USD EUR 0.50%

CH GDIV SW GDIV.S GDIV IE00B67DFL95 B41XB46 USD CHF 0.50%

1 UK = London Stock Exchange, DE = Deutsche Börse (Xetra), FR & NL = NYSE Euronext, IT = Borsa Italiana, CH = Six Swiss Exchange.

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