1. Monthly Commodity Themes
June 2012

2. Contents
Product Offering……………………………………………………………………………………….....................
The Macro Context…………………......………………………………………………............................................................
Scenario Analysis: What performs when growth is falling?.……………………............................................................
What’s driving the gold price and 2012/13 outlook..........................................................................................................
Using a physical precious metals basket as a portfolio diversifier…………………..........................................................
Platinum and Palladium: the industrial precious metals...................................................................................................
Copper: Canary in the coalmine......................................................................................................................................
Hedged Commodity ETPs – How do they work and how can they be used? ................................................................
Performance Tables...………………….………………………………………………………………………...................….....
Equities………………………………………………………………………………...................................…..............................................…..
- Commodities………………………………………………………...……………………...................................................................................
FX……………………………………………………………………………………………….............................................................................
Appendix
- (1) Scenario Analysis: What Performs When Growth is Rising?..................................…....................................................................…...
•
Page 2 For Professional Investors Only, Not For Public Dissemination

3. Our product offerings
Commodity ETCs Currency ETCs Equity ETFs
Diversified Broad
Agriculture Long or Short US Equities
Industrial Metals USD/EUR/GBP vs G10 Commodities
Energy USD vs EMs (CNY & INR) European Equities
Livestock Thematic Equities
Precious Metals
Long (1x) Long (1x) Long (1x)
Short (-1x) Short (-1x) Double Short (-2x)
Double Leveraged (2x) Triple Long (3x) Double Leveraged (2x)
Physical (1x) Triple Short (-3x)
Forward (1x)
These products are listed on one or more of the following exchanges: London, New York, Tokyo, Frankfurt, Amsterdam, Paris, Sydney, Milan and Dublin
Page 3 For Professional Investors Only, Not For Public Dissemination

4. ETPs: a practical primer to product structure
Stock Exchange
Exchange Traded Product
• Intra day trading on exchange
• Open-ended security
• All asset classes
• Delta-one, short & leveraged
Physically Backed Collateralised
• Hold 100% of constituent
• Hold less than 100% of the Uncollateralised
constituent assets • Unsecured risks to the issuer
assets • Use collateral to cover risks or a bank balance sheet.
• No lending allowed arising from securities lending or
swap exposure
• ETFS Metal Securities
Limited • ETFS Commodities
• Gold Bullion Securities Securities Limited • ETFS Oil Securities Limited
Limited • ETFS Foreign Exchange
• ETFS Industrial Metal Limited
Securities Limited
Page 4 For Professional Investors Only, Not For Public Dissemination

5. ETCs
Instrument to facilitate investment in commodities
Increased demand for commodities exposure
Investor Demand
Limited investment options to invest in commodities because
European Undertakings for Collective Investment in
The Challenge
Transferable Securities funds (UCITS) are not allowed to invest
in physical commodities or derivatives directly and they need to
be diversified
There is a need for a new exchange traded instrument to
provide a simple access to commodities in a more flexible way
(single commodity) with close correlation to the underlying
Creation of ETCs to replicate the characteristics of an exchange
Introduction of ETCs traded UCITS fund
□ Open ended, cost efficient, transparent and bankruptcy remote
□ Trustee structure and English-law security charges provide
significant protections against issuer and counterparty risk
□ ETCs are eligible for investment by UCITS funds as transferable
securities that do not embed a derivative
Page 5 For Professional Investors Only, Not For Public Dissemination

6. The Macro Context

7. Greek concerns spur flight to safety
Even following Greece’s orderly debt restructuring earlier this year, its debt remains above 120% of GDP, a level
considered unsustainable by most analysts. With pro-reform parties knocked out of power in Greece’s early
May elections, there are growing concerns that Greece may opt for a disorderly default and leave the Euro.
Fears of possible highly disruptive contagion are keeping investors on the sidelines.
Spain and Italy – Spain in particular – have also been dragged back towards crisis, with government bond
spreads widening sharply as fiscal and growth concerns have returned.
Therefore, while the initial Greek debt restructuring and large liquidity interventions by the ECB staved off a
broad European sovereign crisis earlier this year, the root structural problems are far from being resolved. This
will likely keep markets on edge and keep central banks in easing mode for the foreseeable future.
Investors Flee to Safety Spanish and Italian Bond Spreads Surge
% (10-yr US Treasury and German Bund yields)
4.0
10-yr spreads to German Bunds (Bps), From May 19, 2010 to May 18, 2012
600
Spain Italy
3.5
500
3.0
400
2.5
2.0 300
US
Germany
1.5
200
1.0
100
0.5
Source: Bloomberg, ETF Securities 0
Apr-10
Feb-11
Apr-11
Feb-12
Apr-12
Aug-10
Sep-10
Oct-10
Mar-11
Aug-11
Sep-11
Oct-11
Mar-12
May-10
Dec-10
Jan-11
May-11
Dec-11
Jan-12
May-12
Jun-10
Jul-10
Nov-10
Jun-11
Jul-11
Nov-11
0.0
Source: Bloomberg, ETF Securities
Page 7 For Professional Investors Only, Not For Public Dissemination

8. Mixed global growth prospects
US jobs, housing and manufacturing data have been improving, supporting the household sector.
Despite a weak payrolls report for May, over 2 million jobs have been added to US economy over
the past 15 months. The manufacturing ISM has been on a rising trend since November 2011,
helping drive a global industrial recovery.
The Eurozone, however, has been showing distinct signs of economic weakness, with most
countries in recession and only Germany currently managing to hold growth above zero.
China’s economy has slowed, but with GDP growth of 8.1% in 1Q 2012, it is still strong. China’s
authorities are now reacting strongly, cutting bank reserve requirements, easing credit controls and
announcing new fiscal stimulus. While the growth moderation may continue in the near-term, the
substantial fiscal and monetary resources available should help support continued healthy growth.
Manufacturing PMI: Europe, China and US
Index level, Monthly Data, From May 31, 2007 to May 31, 2012 % More Stimulus to Come %
65 25 10
China Reserve Ratio Requirement
60
20 Chinese CPI 7
55
50 15 4
45
10 1
40
35 5 -2
30 Source: Bloomberg, ETF Securities
EU PMI US PMI China PMI
25
0 -5
Nov 07
Nov 08
Nov 09
Nov 10
Nov 11
May 07
May 08
May 09
May 10
May 11
May 12
Source: ETF Securities, Bloomberg
Page 8 For Professional Investors Only, Not For Public Dissemination

9. Accommodative monetary policy here to stay
Low interest rates and more liquidity to offset fiscal retrenchment and support weak financial sectors
are likely to remain key features of the global central bank policy in 2012.
The US Federal Reserve committed to loose monetary policy until late 2014. Potential for QE3.
Bank of England pumped another £50bn into the UK economy at the beginning of February, with the Bank of
Japan also adding ¥10tn (approx. US$125bn) to its asset purchase scheme during the same period.
The ECB balance sheet is expanding rapidly: the second round of Long-Term Refinancing Operation (LTRO) at
the end of February 2012 added €530bn to bank balance sheets after pumping in €489bn in December 2011.
Banks have the liquidity for 3 years.
China has reduced bank reserve requirements three times in past six months to support the real economy and
more recently has started to relax credit controls.
Gold price vs. US real interest rate
US Base Money * % p.a. Daily data, 03/23/1977 - 03/23/2012 USD/oz
Monthly, in US$bn, April 30, 1960 - April 30, 2012 -10 2250
3,000 Real interest rate (inverted)*
Gold spot price (RHS axis)
2,500 -6 1750
2,000
-2 1250
1,500
2 750
1,000
500 6 250
0
10 -250
1960
1962
1964
1966
1968
1970
1972
1974
1976
1978
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
2012
Mar 77 Mar 82 Mar 87 Mar 92 Mar 97 Mar 02 Mar 07 Mar 12
Source: Bloomberg, ETF Securities Source: Bloomberg, ETF Securities
* Currency in circulation and commercial banks reserves with the US Federal Reserve. From first available data. * 2 year US governement bond rates ajusted for current month inflation rate (per annum).
Page 9 For Professional Investors Only, Not For Public Dissemination

10. Long-term structural factors remain commodity supportive
Despite near-term volatility, long-term structural factors remain supportive of commodity
prices.
The continued industrialisation and increasing incomes of large population developing
economies such as China and India are supporting long-term commodity demand. Supply
remains constrained and increasingly difficult to access, pushing commodity prices higher.
More recently, high and rising developed economy debt levels and unprecedented
monetary expansion have increased demand for “hard assets” as a hedge against inflation
and potential currency debasement.
Rising per Capita Incomes Drive Commodity Demand
9,000
$US Asian Development Rates
Energy Use (Kg of oil equivalent per capita)
45,000
USA
Japan (t=0, 1962)
40,000
Gross National Income (per capita)
Korea (t=0, 1974) Australia
35,000 6,000
China (t=0, 1995)
30,000
Russia
India (t=0, 2002) Germany
25,000 France
Japan
Malaysia (t=0, 1973)
UK
20,000 3,000 Italy
Malaysia
15,000
India China China Mexico
10,000 Brazil
Egypt
India
5,000
Data: Annual 0
Source: World Bank, ETF Securities
- 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 GDP per capita (current US$)
Time (years)
Sources: World Bank, ETF Securities
Data: As of 2008.
Page 10 For Professional Investors Only, Not For Public Dissemination

11. Strategies for 2012 – barbell approaches in favour
US economic recovery has continued but most of Europe remains in
recession.
The still substantial macro and political risks are keeping investors cautious
and aiding demand for risk hedges. ‘Barbell’ strategies are thus preferred.
An uncertain economic outlook, coupled with the flood of central bank
stimulus has historically been supportive of defensive assets such as precious
metals - gold in particular - high dividend yield stocks and areas where
investors feel there is more certainty.
Supply shocks in commodity markets are constraining supplies and in turn
providing price support:
□ Middle-East upheaval has added a supply risk premium to oil prices that has reduced recently but is unlikely to
disappear.
□ Social unrest in South Africa has lifted platinum and palladium prices as supplies have been reduced.
□ Copper faced with supply disruptions last year and this year on labour strikes and weather problems in Chile.
Strong income stream and defensive equities:
□ Gold mining companies provide investors with an indirect exposure to the gold price.
□ Companies with a history of providing stable dividends can give investors exposure to stable income streams.
Page 11 For Professional Investors Only, Not For Public Dissemination

12. Scenario Analysis: What performs when growth is falling?

13. -5%
-4%
-3%
-2%
-1%
0%
1%
2%
3%
4%
ETFS Sugar
Page 13
ETFS Physical Gold
ETFS Gold
ETFS Precious Metals DJ-UBSCI SM
ETFS Physical PM Basket
ETFS Silver
ETFS Physical Silver
ETFS Platinum
ETFS Physical Platinum
Source: Bloomberg, ETF Securities
ETFS Physical Palladium
ETFS Coffee
ETFS Forward Softs DJ-UBSCI SM
ETFS Forward Natural Gas
ETFS Forward Lean Hogs
ETFS Cocoa
ETFS Soybeans
ETFS Forward Ex-Energy DJ-UBSCI SM
ETFS Lead
ETFS Physical Lead
ETFS Forward Agriculture DJ-UBSCI SM
ETFS Forward Livestock DJ-UBSCI SM
ETFS Forward All Commodities DJ-…
ETFS Forward Grains DJ-UBSCI SM
ETFS Forward Live Cattle
ETFS Forward Heating Oil
For Professional Investors Only, Not For Public Dissemination
ETFS Forward Energy DJ-UBSCI SM
ETFS Gasoline
ETFS Soybean Oil
ETFS Nickel
ETFS Physical Nickel
ETFS Forward Petroleum DJ-UBSCI SM
the above indexes during the worst 20% months of growth performance over the past 5 years.
ETFS Corn
outperformed when growth is falling
ETFS Brent 2yr
ETFS Forward Brent Crude
ETFS Forward WTI Crude Oil
ETFS WTI 3yr
ETFS Copper
ETFS Physical Copper
ETFS Zinc
ETFS Physical Zinc
ETFS Wheat
ETFS WTI 2yr
ETFS Brent 1yr
ETFS Forward Industrial Metals DJ-…
ETFS Brent 3yr
Long gold, precious metals and sugar ETCs have
ETFS Physical Aluminum
ETFS Tin
ETFS Physical Tin
ETFS WTI 1yr
ETFS Aluminium
ETFS Brent 1mth
ETFS Carbon
Growth is calculated as the simple average of US ISM and EU PMI growth on a 3 month moving average basis. The chart above looks at the performance of
ETFS WTI 2mth
ETFS Cotton

14. Long IVSTOXX, gold miners and agribusiness have
outperformed when growth is falling
10%
8%
6%
4%
2%
0%
-2%
-4%
ETFX DAXglobal Gold Mining Fund
ETFX DAXglobal Shipping Fund
ETFX Russell 2000 US Small Cap Fund
ETFX DAXglobal Alternative Energy Fund
ETFX WNA Global Nuclear Energy Fund
ETFX Dow Jones Global Select Dividend
ETFX AEX® Fund
ETFX AMX® Fund
ETFX-BofAML IVSTOXX ETF
ETFX DAXglobal Coal Mining Fund
ETFX DAXglobal Coal Mining Fund
ETFX S-Net ITG Global Agri Business
Fund
Fund
Source: Bloomberg, ETF Securities
Growth is calculated as the simple average of US ISM and EU PMI growth on a 3 month moving average basis. The chart above looks at the performance of
the above indexes during the worst 20% months of growth performance over the past 5 years.
Page 14 For Professional Investors Only, Not For Public Dissemination

15. What’s driving the gold price and 2012/13 outlook

16. The world has changed: reserve currencies are being
debased
Historically, gold has tended to perform best during periods of low real interest rates and during periods
of high monetary expansion.
Most major reserve currency central banks have put in place quantitative and other forms of highly
expansionary monetary policy in order to support banks, financial markets and growth. Given continued
large debt burdens and weak financial systems, these policies are likely to remain in place for some
time.
The large increases in money supply have raised currency debasement fears and have kept investor
demand for gold as an alternative store of value.
US$ millions Federal Reserve Balance Sheet €millions ECB Balance Sheet
2,500,000 Weekly, From Apr 20, 1999 to Mar 20, 2012 Weekly, From Apr 20, 1999 to Mar 20, 2012
3,250,000
2,750,000
2,000,000
2,250,000
1,500,000
1,750,000
1,250,000
1,000,000
750,000
500,000
250,000
Source: Bloomberg, ETF Securities Source: ECB, ETF Securities
0 -250,000
Oct-1999
Oct-2000
Oct-2001
Oct-2002
Oct-2003
Oct-2004
Oct-2005
Oct-2006
Oct-2007
Oct-2008
Oct-2009
Oct-2010
Oct-2011
Oct-1999
Oct-2000
Oct-2001
Oct-2002
Oct-2003
Oct-2004
Oct-2005
Oct-2006
Oct-2007
Oct-2008
Oct-2009
Oct-2010
Oct-2011
Apr-1999
Apr-2000
Apr-2001
Apr-2002
Apr-2003
Apr-2004
Apr-2005
Apr-2006
Apr-2007
Apr-2008
Apr-2009
Apr-2010
Apr-2011
Apr-2012
Apr-1999
Apr-2000
Apr-2001
Apr-2002
Apr-2003
Apr-2004
Apr-2005
Apr-2006
Apr-2007
Apr-2008
Apr-2009
Apr-2010
Apr-2011
Apr-2012
Page 16 For Professional Investors Only, Not For Public Dissemination

17. Central banks have switched from net sellers to large net
buyers of gold
Private investors are not the only ones buying gold. The official sector (mostly central banks) have also been
increasing holdings, with monetary authorities accounting for 10% of global gold demand in 2011 according to
the World Gold Council (May 2012). These investors were a net annual supplier of 12% into the market
between 2001 and 2009, indicating a net switch of over 20 percentage points in gold’s global supply/demand
balance.
Rising official net purchases have been spearheaded by surplus emerging market countries. These countries
have been looking to diversify their foreign exchange holdings on rising sovereign debt concerns across much
of the developed world.
Latest IMF data shows that central banks remained strong net gold buyers through the first 4 months of 2012.
Official Gold Sales (% Total Global Supply)
Annual, Past 10 Years , 2001 - 2011
20%
15%
10%
5%
0%
-5%
-10%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Source: ETF Securities, GFMS Thomson Reuters, World Gold Council
Page 17 For Professional Investors Only, Not For Public Dissemination

18. China a growing force driving physical demand for gold
China is a growing force driving global gold demand. At the end of Q4 2011 China accounted for 25% of
total world gold demand, up from only 9% 10 years ago. Jewelry, investment and manufacturing are all
seeing large increases in demand.
In the same way that the combination of China’s rising per capita income and its large population is driving
a structural increase in demand for a wide range of commodities and other goods, gold is also seeing a
structural upward shift in demand as China and other emerging market economies continue to develop.
Over the past year China’s imports of gold through Hong Kong have soared. While these numbers may be
affected by factors other than pure new demand (for example, use as trade collateral), they are generally
regarded as one of the better windows onto what is otherwise quite an opaque market. Jan-Apr gold
imports through HK are already more than half last year’s full year numbers, indicating continued robust
China gold demand this year.
China Gold Imports from Hong Kong
Global Gold Consumption by Country Annual (2012 excluded), 2001-2012 % demand
Tonnes Tonnes (LHS axis) and % of Global Demand (Labels) 500 25%
250 China imports (tonnes, LHS axis) % global demand
2011 (Q4) 450
25% 2001 (Q4) 400 20%
200 21%
350
21%
300 15%
150
15% 250
200 10%
100 150
9%
7% 100 5%
50 5% 50
4%
3%
1% 0 0%
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Jan - Apr
2012*
0
India China* Germany Turkey USA
Source: World Gold Council, ETF Securities. Countries listed are the top 5 global gold consumers as at end Q4 2011. Consumption defined as
Source: Thomson Reuters GFMS, World Gold Council, Hong Kong Census and Statistics Department, ETF Securities
investment and jewellery demand.
* Greater China including Taiwan, Hong Kong Note: Global gold demand is as of Q1 2012, as latest available.
Page 18 For Professional Investors Only, Not For Public Dissemination

19. Emerging market gold reserve holdings still low
China’s central bank gold holdings stand at around only 1.7% of total reserves. This compares to a
world average of 12% and 76% for the US. Most large developed countries hold more than 60% of their
reserves in gold and this level has been increasing recently.
Given that China’s total reserves now stand at US$3.3tn, an increase in its gold reserve holdings just to
the world’s average of around 11% would equate to over US$350bn of gold purchases at today’s prices
or 194mn ounces, around 1.5 times the world’s total annual gold output. An increase to US levels would
be equivalent to around 10 years of current annual gold output.
Central Bank Gold Holdings as % of Total Reserves
% Total Reserves, Quarterly data, From Q3 2001 to Q3 2011
90
China France Germany India United States
80
70
60
50
40
30
20
10
0
Q3 2001
Q1 2002
Q3 2002
Q1 2003
Q3 2003
Q1 2004
Q3 2004
Q1 2005
Q3 2005
Q1 2006
Q3 2006
Q1 2007
Q3 2007
Q1 2008
Q3 2008
Q1 2009
Q3 2009
Q1 2010
Q3 2010
Q1 2011
Q3 2011
Source: World, Gold Council, ETF Securities
Page 19 For Professional Investors Only, Not For Public Dissemination

20. Gold still a small part of global portfolio assets
Gold accounts for just 1% of global financial portfolios according to World Gold Council estimates.
Low weighting despite the fact that gold market liquidity is extremely high with around US$250bn traded
daily based on London Bullion Market Association estimates1.
On these numbers, if gold holdings were to increase to just 2% of global financial portfolios, it would be
equal to nearly 6 years of 2011 annual gold supply.
Global Portfolio Allocations Across Financial Markets
Gold
Alternatives
1%
4%
Money
Markets
9%
Bonds
49%
Equities
37%
Figures estimated as at December 2010, World Gold Council study
1LBMA Gold Turnover Survey for Q1 2011. http://www.lbma.org.uk/assets/Loco_London_Liquidity_Surveyrv.pdf
Page 20 For Professional Investors Only, Not For Public Dissemination

21. Is gold in a “bubble?”
The rise of the gold price in recent years has been relatively steady, even taking recent price volatility into
account. The pace of price gains so far is still just a fraction of those seen in previous asset “bubble” episodes
such as the gold price rise in the 1972-1982 period and the NASDAQ dot.com bubble of 1995-2005.
So far the gold price has not experienced the typical exponential rise seen in the run-up to the collapse of
previous asset price bubbles.
Is Gold in a Bubble?
Index level, Daily data rebased to 100
3,200
Gold Price (31/08/1968 - 31/08/1985) Gold Price (24/05/2002 - 24/05/2012)
2,800 NASDAQ Index (31/08/1988 - 31/08/2005)
2,400
2,000
1,600
1,200
800
400
0
0 1 2 3 4 5 6 7 8 9 10 12 13 14 15 16
Number of Years
Source: Bloomberg, ETF Securities
Page 21 For Professional Investors Only, Not For Public Dissemination

22. Gold investor positioning
Most investors in gold ETPs have medium-to-long term time horizons, buying for portfolio diversification and as
a hedge for inflation, risk and currency debasement. In August and September 2011 when prices corrected
sharply, gold ETP holdings held firm and rose further in October. During the most recent gold price correction
gold ETP holdings have also held relatively firm.
Most of the short-term speculative investment takes place in the gold futures market as reflected in sharp
swings in futures positioning during both upward and downward price corrections. After building up large net
longs in Jan and Feb 2012, net speculative longs have now dropped back to end 2008 lows, indicating that
much of the speculative froth in the market has been cleared.
Gold Global ETP Holdings (mn oz) COMEX Gold
Daily Data, From 25 Apr 07 to 25 May 2012 Daily Data, From Jun 01, 2011 to Jun 01, 2012
90 '000 contracts '000 contracts
500
80 Trading Volume (LHS)
450 300
Net Non-Commercial Positions
70 400
60 350 250
50 300
250
40 200
200
30
150
20 100 150
10 50
0 0 100
Apr 07 Apr 08 Apr 09 Apr 10 Apr 11 Jun 11 Aug 11 Oct 11
Apr 12 Sources: ETF Securities, Bloomberg Dec 11 Feb 12 Apr 12 Jun 12
Sources: ETF Securities, Bloomberg
Page 22 For Professional Investors Only, Not For Public Dissemination

23. Using a physical precious metals basket as a
portfolio diversifier

24. ETFS Physical PM Basket (PHPM)
A basket of all four precious metals: Gold, Silver, Platinum and Palladium.
Methodology: fixed quantity of metal with implied US dollar weights changing based on
relative performance over time.
Tracks spot prices less the annual management fee (0.44% per annum as at 31 May 2012).
ETFS Physical PM Basket – Metal Weights
Metal 24/04/2007* 31/05/2012
Palladium 11.7% 10.0%
Platinum 20.3% 11.5%
Silver 25.8% 27.5%
Gold 42.2% 51.1%
Source: ETF Securities. * Listing date.
Page 24 For Professional Investors Only, Not For Public Dissemination

25. Precious metals vs broad commodity indexes
• Precious metals as a group have outperformed most major asset classes, including most broad
commodity benchmarks over the past ten years.
• They have also tended to have a lower correlation with most global equity benchmarks.
• Volatility has been modestly higher than broad commodities and similar or lower than most
equity benchmarks.
Asset Class Returns (EUR returns to 22 May 2012)
Cumulative Returns (EUR) Correlations with
Sharpe
Eurostoxx Volatility
YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs FTSE 100 S&P 500 DAX30 Ratio
50
Physical PM Basket 5% 7% 83% 104% 163% 0.09 0.00 0.04 0.02 18.7% 0.489
DJ-UBS Commodity 3 Month Forward Index -3% -7% 31% 7% 121% 0.38 0.29 0.32 0.28 16% 0.44
EuroStoxx 50 Index -3% -19% 0% -42% -15% 0.86 1.00 0.52 0.94 26% -0.10
S&P 500 Index 7% 13% 74% 2% 8% 0.50 0.52 1.00 0.56 23% -0.01
MSCI AC World Index 4% 2% 49% -10% 14% 0.76 0.76 0.89 0.76 18% 0.02
Hedge Fund Multi Strategy Index 7% 14% 38% 20% 34% -0.05 -0.01 -0.01 0.00 10% 0.19
EUR/USD Currency -2% -9% -9% -5% 38% 0.00 0.13 -0.32 0.09 10% 0.21
All returns, correlations and volatilities are based on actual index data or underlying commodity prices excluding fees. Returns are in EUR, dates are from the 22nd May 2002
to the 22nd May 2012, unless otherwise stated. Sharpe ratios are based on 10 year returns, 10 year volatility and a risk free rate of 1.04% (average of US 5Yr rates over 1
Physical PM Basket includes gold, silver, platinum and palladium. Weights as of 31/5/12 were gold-51%, silver-28%, Palladium 11%, platinum 10%.
Source: ETF Securities, Bloomberg
Page 25 For Professional Investors Only, Not For Public Dissemination