Exchange Traded Products Handbook 2015

Delta One Navigator Exchange Traded Products Handbook 2015

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Contents

1. WHAT ARE EXCHANGE TRADED FUNDS 8 2. REGULATORY FRAMEWORK 11 3. INDEX CONSTRUCTIONS 15 4. DIFFERENT ETF REPLICATION METHODS 17 5. SPECIAL FEATURES OF ETPS 23 6. LIQUIDITY OF AN ETF 29 7. ETF TRADING 33 8. CHOOSING THE RIGHT PRODUCT, THE RIGHT ETP 42 9. ETF LENDING & SECURITIES LENDING IN ETFS 46 10. EXCHANGE TRADED NOTES / COMMODITIES 49 11. LINEAR CERTIFICATES 57 12. BETA PRODUCTS: ETFs, FUTURES & SWAPS 60 13. MARKET CAP WEIGHTED ETFs / ETCs 69 14. SMART ßETA STRATEGY ETFs 104 4 5

PREFACE

Dear Investor,

the global stage is flooded with news from different regions all over the world. Besides the usual economic insecurity, the world looks closely at the strained situation in Russia, the IS war and the resultant migratory waves as well as the future political development in Greece.

But despite these rather threatening political situations, the lower oil price, a weaker euro and a strengthen US economy generates significant positive impulses for the ongoing macro environment in 2015. Furthermore the predicted FED interest rate increase in June and the EZB quantitative easing policy remain the financial markets exciting in 2015. Regarding to this development the UniCredit economists forecast lower yields, flatter curves, tighter spreads and lower EUR-USD-exchange rate.

In this framework ETFs are more than ever a rock solid investment vehicle, that allows the investor to translate ideas and opinions into trading decisions.

The width of asset classes is still increasing. Although one can see a soft cleansing of the ETF landscape through delisting and fund closures, new asset classes such as smart beta strategies and actively managed ETFs extend the original use of ETFs.

But whatever challenges the ETP market will have to meet in the future: The UniCredit has been part of the Europe ETF market for more than thirteen years now. UniCredit is and will be a reliable partner in analyzing, evaluating and trading ETFs for institutional investors.

In this issue of the Delta One Navigator you will find a broadened and more detailed view on the different structures of ETPs. Our Delta One Navigator should give you the needed transparency on ETC structures and particularly on each replication method. Even good old-fashioned topics like the Creation- / Redemption- Process or trading issues are presented to you in a new and more comprehensive way.

We hope that our Delta One Navigator will guide you safe and well informed through the ETP jungle. The Delta One Navigator should help you to find the right fitting product and determine your investment goals. It does not matter if you are bullish or bearish on the current environment, we will always assist you personally and promptly to fulfil your investment goals.

Life is full of ups and downs. We’re there for both.

Best wishes

Your UniCredit ETF Advisory & Trading Team

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ABOUT US

Since June 2000 UniCredit has been among the pioneers in the market making segment for exchange traded funds. UniCredit’s suc- cessful ETF Advisory & Trading Team has a long term expertise in the European ETF market and offers much more than just ETF quotes.

UniCredit offers you tailormade analysis on ETPs and compares independently products according to your needs. Beginning with simple product overviews and market screenings up to detailed performance comparisons. Besides these product-specific services UniCre- dit’s ETF Advisory & Trading unit is now able to bond with UniCredits Cross Asset Research team, in which three research professionals with long term experience analysis markets and developments across all asset classes.

By combining the research capabilities of UniCredit and its trading expertise, the insititutional investor has a unique source of ETP intelligence. With eight market makers and six dedicated ETF advisors in three locations, ETFs are continually quoted and traded on Europe’s most important exchanges. Due to the approved trading infrastructure and because of the dedicated ETF / ETC Advisory & Trading Team for sure, today UniCredit is the major independent ETP market making investment bank in Europe by volume and number of traded products.

FIGURES AND FACTS OF UNICREDIT

UniCredit quotes ETFs for all issuers on the major European exchanges, such as: XETRA Frankfurt, Germany LSE ETFPlus Milan, Italy NYSE Euronext Paris, France NYSE Euronext Amsterdam, Netherlands NYSE Euronext Brussels, Belgium UniCredit quotes all ETFs globally over the counter for institutional investors.

In the Deutsches Risk Magazin survey UniCredit-Team has been rated #1 Market Maker on ETFs in Europe in 2003 throughout 2014.

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UniCredits long-time expertise in the indexing business, which started 14 years ago with ETF market making, reaches out also to UniCredits linear certificate and derivative business as well as index derivative market making on EUREX.

Since July 2014 UniCredits ETF Unit is integral part of the Institutional Equity Derivatives (IED) Team: UniCredits IED Germany Team, consists of the ETF Team, the IED Futures & Options and the Structured Equity Team. Those groups focus on institutional investors investing for their own account (banks, insurance companies, asset managers). They concentrate on the strengths of UniCredit equity derivatives platform, the recycling of risks from retail-driven business and the structured equity business for institutional clients.

The Institutional Equity Business offers exchange traded equity derivatives such as convertible bonds, Delta 1 products, equity vanilla derivatives and linear derivatives. The expertise is reflected in various awards and rankings (including No. 1 ETF House 2003 – 2014).

The IED Structured Equity is looking at dedicated investment, hedging or optimization solutions for institutional Equity and Funds investors.

The deep integration of specialised ETF and Derivatives Business allows UniCredit to offer a broad range of institutional investment products and structured solutions. That contains not only equity products, such as futures and flow derivatives but also more complex and tailormade instruments. The following overview gives a brief summary of UniCredits capabilities:

OVERVIEW – INSTITUTIONAL INVESTMENT PRODUCTS & SOLUTIONS

Equities Commodities

Investment Solutions (access, risk profiles, etc.) Commodity indices and futures Risk Management / Strategic Stakes: Efficient Beta Hedging, yield enhancement, disposal and Smart Beta Equities Commodities acquisition strategies Systematic Alpha Unit-linked solutions (on indices & funds) Ad-hoc opportunities (aktive market screening) Financing & Securities Lending Inflation/deflation tail risk hedging

Convertible Bonds Quantitative Strategies Convertible Quantitative Primary and secondary (market maker) Multi-Asset Trend Strategy (Quixmat) Bonds Strategies European market leader convertibles E-Trading Volatility Absolute Return Strategy (VOLARE) & ETFs Focus List: Core regions D, A, I and CEE Dynamic Dividend Long/Short Strategy (DDLS) Cross Commodity Long/Short Fund (CCLS) ETFs

#1 ETF House Germany 2003 – 2014 (Risk Magazine) Market-leading ETF Market Maker / Advisor

Wrapping & Re-packaging

Actively Managed OTC & Listed Securitized Fund Solutions Certificate SPV Promissory Note (option, swap, fwd., etc.) (note, certificate) (Structured Invest, Lux.) (cross asset)

This table outlines the profile of UniCredits ETF Advisory & Trading Desk and summarizes the advantages and service standards for the institutional investor. The width of products enables the investor to get access to all wrappers and kinds of structures to optimize risk profiles and implement investment ideas.

UniCredit offers several publications focussing on the ETP market and on indexing. We do not only provide information on the product itself, but also trading strategies, which can be implemented with ETPs, as well as a market outlook and an opinion on the European Equity markets in the current complicated environment.

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The following publications are released regularly or can be generated by request: The Delta One Navigator is our comprehensive ETF and ETC Handbook, The Smart ETF Investor is our research publication on quantitative strategies, that can be implemented with ETFs, The Equity Strategy Quarterly gives a macro economic outlook on the European and global equity market, The Weekly Market Update provides a short overview on the recent development of all asset classes, The ETF Market Observer is a monthly news flash on new products and delistings, And finally our detailed ETP Analysis provides a detailed picture on several ETFs by comparing statistical and performance data.

AVAILABLE PUBLICATIONS

The Smart ETF Investor Equity Strategy Quarterly Delta One Navigator

Weekly Market Update ETF Market Update ETP Analysis

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1. WHAT ARE EXCHANGE TRADED FUNDS

ETF stands for exchange traded funds. But the abbreviation could also stand for the advantages of these passively managed, publicly traded investment funds: Easy of use, transparency and flexibility.

Exchange traded funds can be traded as easily and flexibly as stocks. They can be bought and sold at any time during regular trading hours, thus offering much greater flexibility than conventional funds. Another major advantage of exchange traded funds is their transparency. Traditional actively managed funds generally inform their investors on the composition of the portfolio only on a monthly, quarterly or even semi-annual basis.

By contrast, the exact composition of an ETF can be obtained at any time the stock exchange is open. Moreover, the so-called indicative net asset value (iNAV) for ETFs is continually recalculated during trading hours. All of this makes exchange traded funds one of the most transparent types of investment around.

Another benefit of ETFs is their cost efficiency: Usually ETFs have a much lower TER and management fee than regular mutual funds. The choice of ETFs can serve different purposes. Investors can use ETFs to strategically position themselves for the long term. Exchange Traded Funds can be used to emulate broad market indices with a regional focus, or can simply be part of a core portfolio’s orientation. If investors wish to select particular investment strategies that are more in line with their own investment philosophy, there are products for literally almost any demand.

UniCredit is official Market Maker and Authorized Participant for the following ETF issuers:

Amundi ETF BlackRock / iShares IE ComStage Invesco Powershares DB X-Trackers Lyxor EasyETF Ossiam DEKA ETF RBS ETF Exchange SPDR ETF Securities Source ETF HSBC ETF UBS ETFs BlackRock / iShares DE Wisdom Tree ETF Source: UniCredit 2015

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In recent years ETFs have been in the centre of a discussion, whether they pose a thread to the stability of the financial system or not. ETF issuer gave quite diverse responses to the three ETF-related studies that came from regulators in quick-fire succession in the middle of April 2011. Issuers commented on the three different publications and while doing so they caused some confusion about how to respond to regulators. Nevertheless, there are some common themes which came out in the responses: ETFs are regulated funds in Europe and are compliant with the existing regulations. Active funds often engaged in the same activities (e.g. securities lending or use of derivatives) and are not subject to the same scrutiny as it is currently applied to the ETF market; the gross level of derivatives exposure in ETFs is not that meaningful when compared to the overall size of the derivatives market (listed and OTC).

At the same time there seems to be an acceptance that further regulatory guidelines on disclosure are on the way. Indeed, the ETF industry has arguably been pre-empting any such new rules. An example is the fact that several swap-based ETF issuers started to publish details of their collateral baskets and the swap-ratio in the last years.

However, there are still several underlying activities in the ETF market that remain either completely or substantially opaque to the end-investor: Securities lending practices; collateral management policies in synthetically replicated funds; and the contractual details of the total return swap themselves.

But who are the main actors in this highly dynamic European market? iShares is still the largest ETF provider in terms of both number of products, assets under management of EUR 175 bn and a market share of 48%; db x-trackers is second with assets under management of EUR 44 bn, reflecting more than 12% market share; followed by Lyxor Asset Management with assets of EUR 38 bn, and 11% market share at the End of Year 2014.

Since ETFs were first introduced to Europe in the year 2000, the total investment volume of exchange traded index funds has grown at a very dynamic rate. In April 2015, the European ETF industry had 1,429 ETFs and assets of EUR 476 bn, from 41 providers on 23 exchanges. This compares to 1,053 ETF and assets of EUR 229 bn at the end of 2010.

MARKET SHARE PER ETF ISSUER (ASSETS UNDER MANAGEMENT)

iShares 48.1% db x 12.2% Lyxor 10.9% UBS 5.2% Amundi 4.2% Source 3.2% Vanguard 3.4% State Street 2.8% Deka 1.6% ZKB 1.5% Comstage 1.6% Others 5.3% 0% 10% 20% 30% 40% 50% 60%

Source: Deutsche Bank 2015

Since its inception in the year 2000, the development of the ETF market has been highly dynamic. Reliable figures on the investment volume in specific markets are not available, however, because most ETFs are listed on a number of different European exchanges. ETF markets are thus not purely domestic markets, but rather pan-European markets.

2015 marks the 15th anniversary of ETFs in Europe. The majority of the funds are still issued in Luxembourg and Ireland, due to a easier inception process. Per end of June 2014 EUR 95 bn were invested in synthetic products, while EUR 225 bn were invested in full / optimized replicating ETFs (almost 70,6% of all European AuM in ETFs). Most ETF trades are not required to be reported in Europe as ETFs are not yet covered by the European Union directive on markets in financial instruments (MiFID). Nevertheless market maker and broker are keen to report their OTC turnovers on Bloomberg or markit for marketing purposes.

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Interestingly are some ETF issuers who were known for synthetic replication switching to the full replicating model.

MARKET SHARE PER ETC ISSUER (ASSETS UNDER MANAGEMENT)

ETF Securities 65.4% db ETC 11.3% Dt. Börse Comm. 9.1% Source Markets 9.9% RBS 1.4% BlackRock 1.6% Börse Stuttgart 0.6% Boost 0.8% Commerzbank 0.0% 0% 10% 20% 30% 40% 50% 60% 70%

Source: Deutsche Bank 2015

Also the growth of ETC Assets has shown a tremendous performance in the past years. The product class ETC has been established as recognized investment vehicle with a similar transparency as it is known in the ETF space. Nevertheless is the invested amount in ETCs only a small percentage of the existing ETF assets.

ASSETS UNDER MANAGEMENT ON THE EUROPEAN ETF-MARKET IN EUR BN

450 1,600 ETF Equity (LS) ETF Fixed Income Assets (LS) 1,400 350 ETP Commodity Assets (LS) ETF Other Assets (LS) 1,200 ETF (RS) ETP (RS) 250 1,000 800 EUR 150 600 400 50 200 -50 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Source: Blackrock, Deutsche Bank, UniCredit 2015

In 2015 the number of products seems to stabilise and product grow only with a reduced momentum, however assets under management are still surging to new record highs. On the contrary one can see currently a relatively high number of fund closures, which reflects a consolidation process that the industry is currently undergoing.

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2. REGULATORY FRAMEWORK

ETFs are investment funds, which are in the European Union usually issued under the UCITS directives (Undertakings for Collective Investment in Transferable Securities). UCITS are a set of European Union Directives that aim to allow collective investment schemes to operate freely throughout the EU on the basis of a single authorisation from one member state. In practice many EU member nations have imposed additional regulatory requirements that have impeded free operation with the effect of protecting local asset managers. Nevertheless allows the directive institutional investors to invest in all listed ETFs within the EU.

Index Tracking UCITS funds, such as ETFs, are those which seek to replicate the composition of an Eligible Index. An Eligible Index must be: Sufficiently diversified in relation to its invested underlying strategies (i.e. underlying holdings must not be overly correlated to one another); An adequately representative benchmark for the market which it refers to; Liquid and subject to regular rebalancing through a detailed re-balancing methodology; Calculated in an appropriate manner and published in the public domain; and Managed independently from the Management Company of the UCITS fund.

The benefit of this specific strategy is that Index Tracking UCITS funds do not strictly have to comply with the maximum 10% concen- tration limits when dealing with one issuer of an underlying investment. The EU Member State regulator may permit this limit to be raised to 20%, or if justified even 35%, where the investment policy of the Index Tracking UCITS fund is to replicate an Eligible Index which has been approved by the regulator. The ability to create tailormade Eligible Indices has resulted in a number of managers creat ing bespoke market indices for their own Index Tracking UCITS fund’s investment strategy, which must be independently managed. Hedge fund indices may also be considered as an Eligible Index subject to the EU Member State regulator’s approval.

UCITS FRAMEWORK

10% per issuer as limit for investments. In case of special supervision or guarantees This may be expanded to 20% in case of up to 25%, 35% respectively, can be index funds. invested.

Total exposure to one issuer must not 20% as maximum investment volume in exceed 20%. bank deposits (per bank). UCITS Up to a level of 35% in case shares held Limits always need to be checked at are composed of at least six different group level. issues.

Acquisition of shares issued by one debtor 25% as maximum investment in any other are limited to 10% of voting rights. foreign or domestic fund.

Formally under the UCITS III Directive there was a need for UCITS funds to have a Simplified Prospectus as a condensed version of the Prospectus summarising key information in the Prospectus for investors. The Simplified Prospectus would include some additional

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information, such as the performance history of the UCITS fund, the Total Expense Ratio (“TER”) and the portfolio’s turnover rate. This document was also reviewed and approved by the EU Member State regulator. Through market practise, however, the Simplified Pro- spectus could often become a complicated and extensive document not achieving the tenet of the UCITS III Directive to provide clear and concise information to the investors. To counter this development the UCITS IV Directive has now introduced an obligation for UCITS funds to prepare a “short” document containing key investor information (the “Key Investor Information Document” or “KIID”). The KIID replaces the requirement for a Simplified Prospectus and a separate KIID must be prepared for each sub-fund within an um- brella UCITS fund and even for each class of shares within a UCITS fund. The KIID provides information to investors in an easy-to-understand format, and should be no longer than a couple of pages so as to facilitate understanding. Key elements of the KIID will need to be kept up-to-date and investors should have free access to the KIID via a website or in paper form at their request. A UCITS fund must also provide the KIID and any amendments there to, to the relevant EU Member State regulator.

In a clear, concise and non-misleading way the KIID should include the following information: The name of the UCITS fund; A short description of its investment objectives and investment policy; Past performance presentation, or where relevant, performance scenarios, costs and associated charges; and Risk / reward profile of the investment, including appropriate guidance and warnings in relation to the risks associated with investments in the relevant UCITS.

Some investment managers are already seeing the benefits of preparing KIIDs to promote UCITS funds across Europe. The succinct form of document is a major asset for marketing purposes. Existing UCITS funds subject to the UCITS III Directive must replace their Simplified Prospectus with the KIID by 1 July 2012.

Defintion of the term “UCITS compliant”: When used in relation to a fund, usually means that the fund is compliant with the UCITS Directive. “UCITS eligible” refers to an investment that, while not itself compliant with the UCITS Directive, is capable of being an eligible investment for a UCITS fund if invested within the rules of that fund.

New regulatory Guidelines for UCITS ETFs: On 25 July 2013 the European Securities and Markets Authority (ESMA) issued an extensive set of guidelines relating to UCITS compliant exchange traded funds (ETFs) and other UCITS products. The new guidelines effectively tighten the regulations that govern UCITS ETFs and UCITS funds generally, and therefore introduces a number of new procedures and requirements for UCITS ETF providers. UCITS ETF providers must meet these requirements no later than the latter part of 2013 (a date has yet to be specified by ESMA) though certain requirements, including where new UCITS ETFs are launched, will need to be complied with earlier than that.

Main changes for UCITS compliant ETFs will be:

UCITS that fall under the definition of UCITS ETFs will have to carry the identifier “UCITS ETF” in their name.

UCITS ETFs will have to ensure appropriate redemption conditions for secondary market investors by opening the fund for direct redemptions when the liquidity in the secondary market is not satisfactory.

UCITS entering into efficient portfolio management techniques (EPM) like securities lending activities will have to inform investors clearly about these activities and the related risks. All revenues net of operating costs generated by these activities should be returned to the UCITS. When a UCITS enters into securities lending arrangements, it should be able at any time to recall any securities lent or terminate any agreement into which it has entered.

UCITS receiving collateral to mitigate counterparty risk from OTC financial derivative transactions or for EPM techniques should ensure that the collateral complies with very strict qualitative criteria and specific limits in relation to the diversification.

UCITS investing in financial indices will have to ensure that investors are provided with the full calculation methodology of such financial indices. Also, UCITS should only invest in financial indices which respect strict criteria regarding, amongst other things, their rebalancing frequency and their diversification.

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Financial Transaction Taxes: A financial transaction tax is a levy placed on a specific type of monetary transaction for a particular purpose. The concept has been most commonly associated with the financial sector; it is not usually considered to include consumption taxes paid by consumers. France and Italy implemented in 2012 and early 2013 a financial transaction tax on equity shares. ETF shares themselves are not subject of the tax, but the underlying is impacted by the regulation.

France The Financial Transaction Tax (FTT) of 0.2% on certain french securities has to be paid from 1 August 2012. Only securities with a market capitalisation of more than EUR 1 bn are impacted by the tax. The tax is levied on purchases only.

Italy The IFTT will apply on transactions executed as of 1 March 2013, with respect to trades on shares, participating financial instruments and other securities and high-frequency trading on securities, if traded after 28 February and as of 1 July 2013, with respect to deriva tive financial instruments and other transferable securities and high-frequency trading on derivatives.

The tax is to be paid and reported by broker dealers (defined as “tax is paid by the one who receives the order to execute the trans action directly from purchaser or final counterparty”). Cash Equity securities are in scope above a market capitalisation of EUR 500 mn.

The tax is levied on purchases only and the following rates apply: 12 bps for On-Exchange Equity Transactions. 22 bps for OTC Equity Transactions. 2 bps for High Frequency Equity Transactions.

Interestingly is the creation process for ETFs charged with 12 bps if the broker buys the equity shares on exchange in the closing auction on behalf of the fund. But if transferred OTC to the fund, the transaction is taxed with 22 bps.

European Financial Transaction Tax The European Council agreed on an enhanced cooperation in the area of Financial Transaction Tax. Eleven member states agreed to implement such a tax that will harmonise existing regulation in the individual member states.

There are two main objectives of this tax: “Harmonisation of indirect tax legislation!” and “Fair and substantial contribution of the financial sector!”. To “Create appropriate disincentives for certain transactions” can be regarded as secondary objective.

The European Union financial transaction tax (EU FTT) is a proposal made by the European Commission to introduce a financial transaction tax (FTT) within some of the member states of the European Union by 2014. The tax would impact financial transactions between financial institutions charging 0.1% against the exchange of shares and bonds and 0.01% across derivative contracts. On 14 February 2013, the European Commission put forward a revised proposal for the details of the FTT to be enacted under enhanced cooperation. This proposal must be unanimously approved by the participating states and be reviewed by the European Parliament before coming into force. The levy that 11 Eurozone countries were expected to introduce on 1 January 2014 could raise as much as EUR 35 bn a year. As of now the tax will very likely be postponed by one year to 2015, as it is not ratified by the Member States and there are objections by the national governments. Indeed currently there are strong objections by governments and industry, that makes it less likely that the tax will be introduced as planned.

In scope transactions Transactions on regulated / organised markets as well as over-the-counter transactions. Transactions (such as sale / purchase, lending / borrowing, transfer of ownership, conclusion or modification of derivative contracts) in financial instruments, financial institutions (banking and “shadow-banking” sector) from the EU that are party to the transaction acting either for their own account, or for the account of another person, or are acting in the name of a party to the transaction. The “residence principle”, has been complemented with elements of the “issuance principle” for certain financial instruments. A financial institution or other party can also be deemed to be established in the territory of a participating Member State when the product in question has been issued in that Member State. The rule is applicable

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to transactions in instruments such as shares, bonds, structured products, money market instruments, units of collective investment funds and derivatives traded on organised trade venues or platforms.

Out of scope transactions Transactions with the ECB, EFSF, ESM and the EU are out of scope and also Member States when managing their public debt are out of scope.

Possible Exemptions Exempting some of the products from the scope of the tax (such as government bonds or derivatives) would, thus, not only negatively affect the tax neutrality of the proposed approach but also have significant revenue implications. So would have the exemption of certain actors (such as pension funds, UCITS, regional or local authorities or “professional dealers”) or certain transactions of actors (such as “market making”).

Expected Market Reaction: “Market reactions” should not be confused with “geographical relocation”. Instead they are in most cases the result of less frequent trading (e.g. less HFT), less risk exposure (“go for the net-risk only”), more passive and conservative risk hedging and an overall eclin ing demand. The current modelling assumptions foresee a reduction of trading volumes in shares and bonds by minus 15% and in derivatives by minus 75%.

The effects on ETFs are not fully clear at this stage! But cascading tax effects are likely under the current proposal. The worst case for creation of an DAX ETF would have the following effects: Broker buys equity shares: Tax applies for both parties (10 bps broker dealer). Broker transfers shares to fund company: Tax applies for both parties (10 bps broker dealer, 10 bps fund company). Fund company transfers ETF shares to broker dealer: Tax applies for both parties (10 bps broker dealer, 10 bps fund company). Additional taxation applies of 50 bps for creating the fund. Redemption is taxed identically.

This should lead to an increase of the bid / ask spread by 100 bps due to the FTT. Taxation exempts on these constellations are not defined yet! But it is likely that the broker can buy the shares on behalf of the fund, what might be a solution to avoid at least a part of the taxes.

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3. INDEX CONSTRUCTIONS

A index is a statistical measure of change in an economy or a securities market. In the case of financial markets, an index is an ima- ginary portfolio of securities representing a particular market or a portion of it. Each index has its own calculation methodology and is usually expressed in terms of a change from a base value. Thus, the percentage change is more important than the actual numeric value.

All major index providers have developed their own criteria to screen securities for inclusion in its broadest global market index. Despite some technical differences, a number of common factors exist across providers. For example, all indexes are market-cap-weighted and adjusted for free float. In addition, each security in an index must meet a predetermined liquidity requirement and free-float threshold to ensure that the indexes are fully investable and accessible to all investors. Finally, providers may treat stocks identified as small-cap differently when defining their broadest geographic coverage. For example, the S&P Global Broad Market Index (or S&P Global BMI) includes large-, mid-, and small-cap securities, while the FTSE All-World-Index includes only large- and midcap securities. Both FTSE and MSCI offer separate indexes dedicated to small-cap stocks for many of their respective Tier 1 and Tier 2 indexes.

As a result, it’s important for investors to be aware that similarities in geographic coverage across providers do not always signify similarities in the depth of market coverage, and that, for complete market coverage using FTSE or MSCI indexes, investors must consciously include an allocation to a fund or ETF focused on small-cap stocks. Although specific criteria for classifying an economy as developed or emerging differ from provider to provider, several themes recur.

MARKET CAP WEIGHTED INDEX METHODOLOGY

Tier 1 Global Broad Markets (ACWI) Broad Markets

Tier 2 Emerging Markets Developed Markets Economic

Tier 3 Country Exposure Regional Exposure Geographic

Tier 4 Growth Value Small Cap Mid Cap Style

For several price indices one or two Total Return indices are calculated and disseminated at the same frequency: The Gross Total Return: Is obtained by reinvesting in the index the ordinary gross dividends declared by the index constituents. The Net Total Return: Is obtained by reinvesting the net dividend, which is equal to the ordinary gross dividend minus the amount of withholding tax.

MARKET CAP WEIGHTED INDEX TYPES

Gross Total Withholding Net Total Price Index Dividends + = Return - Taxes = Return

Usually ETFs are tracking Net Total Return Indices such as Euro Stoxx 50 Net Total Return Index for Euro Stoxx 50 ETFs. In fact most ETFs are able to outperform this specific benchmark due to taxation advantages. Other ETFs are tracking a gross total return index such as the German DAX. That means the ETF will always underperform the index.

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Smart ßeta ETFs – Strategy ETFs Smart Beta indices are innovative tools which are based on an alternative weighting scheme rather than free float market capitaliza tion. The indices cover different strategies and are available for different regions and countries. Like all other Indices, Smart Beta Indices are based on clear rules.

“Smart ßeta” is a term applied to the comparatively new strategies that capture return premiums (sometimes referred to as risk pre- mia) from one or more asset classes in a systematic and transparent fashion. The term “beta” may be defined in a number of different ways. For example, we define the beta of a stock or a portfolio as a measure of its risk relative to the market as a whole.

Smart beta strategies aim to break the link between the price of a stock (or other security) and its weight in a portfolio. The term “smart beta” is therefore somewhat misleading, because smart beta portfolios are not intended to offer beta in the traditional sense by being passive or mirroring the return of a traditional market capitalization-weighted portfolio. Because smart beta strategies seek to escape the constraints of capitalization-weighting in portfolio construction, investors should view them as more transparent forms of active management.

Smart beta is often compared to enhanced indexing. That comparison is reasonable, but it can also be misleading. The comparison is reasonable because both types of strategies tend to be used by systematic asset managers as lower-cost means of gaining exposure to specific markets.

But the comparison is also misleading because smart beta strategies ignore market capitalization, unlike enhanced index, passive and traditional active strategies that are based on market capitalization indices. And while enhanced index strategies typically do not deviate far from benchmark weights, they tend to rely on proprietary information and lack the transparency that is an essential part of smart beta strategies.

Most equity smart beta strategies can be grouped into two categories. In the first group are strategies that seek added return from one or more fundamental characteristics, such as earnings yield, cash flow, or dividends. In the second category are strategies that focus more on managing risk, whether they seek to deliver a portfolio that has the lowest possible overall volatility or one that seeks to deliver greater diversification.

To reflect the fast paced development we decided to segregate all ETFs under this definifition in our ETF overview as Smart Beta Pro- ducts next to market cap weighted indices.

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4. DIFFERENT ETF REPLICATION METHODS

The rapid growth of the ETF market in recent years has led to a range of new products emerging. Each product has its own unique exposure, risk and tax implications, so investors need to research these areas before selecting the most suitable product. There are two major constructions of ETF: Physical ETFs and swap-based ETFs. In addition, there are other exchange traded products that are often confused as ETFs, the most significant being Exchange Traded Commodities (ETCs), also known as Exchange Traded Notes (ETNs). A physical ETF generally buys all of the securities in the underlying index and holds them as fund assets (a process known as “full replication”). In some instances, however, a physical fund will only hold a subset of the underlying index, or even a portfolio designed to better emulate the overall performance of the underlying index (a process known as “optimisation”).

ETP FAMILY

ETPs

ETF ETF ETF/ETC ETF/ETN

Equity Fixed Income Commodity Exotic

Covered/ Credit/ Developed Emerging Government Single Basket Currency Corporate Volatility

Short Leveraged Short Long Short Leveraged Short Long

Source: UniCredit 2011 A swap-based ETF uses total return index swaps to replicate an index performance. Swap-based ETFs can, in some instances, reduce tracking error and provide a more tax-efficient investment. However, the fund does have a managed exposure to the swap counterparties which involves consideration of counterparty risk. An ETN is most commonly issued to give investors exposure to the commodities sector (hence they are also known as ETCs). ETNs can track a specific commodity or a general commodity index. Importantly, ETNs are not collective investment schemes and are not regulated as funds. Importantly, ETNs are debt securities, investors in ETNs will generally take some credit risk to the issuer of the security.

ETP FAMILY / UNDERLYING

ETPs

ETF ETC ETN ETT

Funds Note Note Note

Full Physical Uncol- Swap based Collateralised Collateralised Uncollateralised replicating backed lateralised

Source: UniCredit 2011

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Full Replication An ETF that adopts the strategy of full replication actually has all shares in its portfolio that belong to an index – and therefore tracks the exact weighting of the various securities in the index concerned. A fully replicated DAX-ETF index therefore holds exactly 30 shares. And if BMW AG has a weighting of 3.5% on the DAX (as was the case on 7 February 2013), then the fully replicating ETF will also invest 3.5% of its assets in BMW shares. If the composition of an index changes, then this is exactly replicated by the ETF. This is referred to as rebalancing – the ETF adjusts its composition to that of the index it tracks, bringing its portfolio back into equilibrium.

The process is most suitable for large indices in which shares are weighted by market capitalisation. It can be problematic if a fund tracks an index of small shares that are not traded in significant volumes. In addition, the costs incurred in using this method can be a drawback: A fully replicating ETF that tracks the U.S. S&P 500 index needs to hold 500 different shares – and if changes occur to the index, the ETF may need to buy and sell a large volume of shares, which incurs transaction costs. Issuers like iShares, DEKA ETF, UBS and others manage the tracking of their ETFs using the full replication method.

FULL REPLICATING ETF

Equity A Equity A Cash/Equity Basket Equity B Equity B Full Authorised Equity C Equity C Replicating/ Index Participant ETF Equity D Equity D

ETF Shares Equity E Equity E Equity F Equity F

Source: UniCredit 2011

Optimised sampling One means of minimising the above-mentioned transaction costs is sampling. Instead of purchasing all components of the index, the ETF is adjusted by excluding small, non-liquid securities with little influence on index performance, with the index weightings adjusted accordingly. This is because the performance of an index is driven by the heavyweights, which are therefore indispensible for replicating it. By contrast, securities with a weighting amounting to just a few basis points do not play a decisive role in relation to performance.

This approximation, provided that it only produces a minimal tracking error, can save clearing and settlement costs, and can thus benefit the investor. Which securities are selected and which are omitted will depend on the portfolio manager. In addition to the weighting and liquidity, the industry and country weighting also often play a role in the sampling.

OPTIMISED SAMPLING ETF

Equity A Equity A Cash/Equity Basket Equity B Equity B Optimised Authorised Equity C Sampling Index Participant Equity D ETF Equity D

ETF Shares Equity E Equity F Equity F

Source: UniCredit 2011

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Synthetic replication (“swap-based replication”) In the case of the “swap-based” variant, derivative instruments – as a rule, equity linked or total return swaps – are used to simulate the performance of the index tracked. The issuer of the ETF enters into a transaction with a swap partner. Depending on whether the index is a stock or bond index, the issuer holds a basket of shares or bonds and swaps its performance for that of the index. The swap is limited to 10% of the total volume of the ETF, however. Total return swaps are a highly accurate method of tracking non-dividend paying indices (so-called performance indices such as the DAX). Most global indices are price indices, however, that do not take dividends into account, which means that the ETF must make regular payments to investors. In these cases, equity swap ETFs must also have cash on hand to make these payments. This, in turn, may increase the tracking error. Exchange-traded funds (ETFs) using synthetic replication techniques have been at the epicentre of the most recent round of high profile warnings on the risks associated with ETPs from the likes of the International Monetary Fund (IMF), Financial Stability Board (FSB), and Bank for International Settlements (BIS), amongst others. These funds’ added layer of complexity vis-à-vis traditional physical replication funds has led to a good deal of confusion amongst those investors unfamiliar with the mechanics of swaps — which ultimately provide investors with the return of the reference index within synthetic ETFs. The main source of risk (aside from investment risk) that investors face in synthetic ETFs is counterparty risk to a certain extent. Fund investors are relying on one or multiple swap counterparties to provide them with the performance of the fund’s reference index. Should a swap counterparty default, fund shareholders face the risk of permanent capital impairment. Each of these funds has built-in protections against counterparty default. First and foremost, a large majority of European synthetic ETFs are Undertakings for Collective Investment in Transferable Securities (UCITS) and as such can never have more than 10% exposure to a swap counterparty. In practice, as you will see in the provider profiles, most providers hold assets or collateral in amounts that are either near, equal to, or greater than their fund’s net asset values. Some providers engage multiple swap counterparties in order to diversify their funds’ exposure. These are just a handful of the most important safeguards that have been put in place to protect investors in synthetic ETFs from counterparty risk.

Issuers like Lyxor AM, db x-trackers or Comstage use the “swap-based” method to manage the tracking of their ETFs.

UNFUNDED SWAP ETF STRUCTURE

Index Return

Cash Swap Basket Return Authorised Swap Swap ETF Participant Counterparty Cash ETF Shares

Substitute Basket

Source: UniCredit 2011 The unfunded swap model was the first method to be used in Europe to synthetically track the performance of an index. Under this structure, the ETF uses cash from investors to buy and hold a basket of securities from a swap counterparty (often the investment bank of the provider’s parent). The swap counterparty then commits to deliver the reference index’s performance (less swap fees where applicable) in exchange for the performance of the securities held by the fund. The basket of securities bought by the fund is often referred to as the “fund holdings” or “substitute basket” and often does not include the constituents of the index the ETF is tracking but can have high correlation with the index. This basket however must comply with UCITS regulations on asset type, liquidity and often also complies with UCITS on diversification, although it is not obliged to. It usually consists of liquid equities and bonds that the investment bank acting as the swap counterparty may have within its inventory. The securities are held by the ETF in a segregated account at a custodian, where they are regularly monitored and verified. It is important to note that at all times the fund remains the owner of these assets and has direct access to them.

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This means that if the swap counterparty defaults, in theory, the ETF provider should be able to liquidate the assets swiftly should this option be chosen. Some providers may engage multiple swap counterparties in an effort to minimise exposure to any one swap counterparty. Counterparty risk is measured as the difference between the net asset value (NAV) of the ETF and the value of the substitute basket (in other words, the swap mark-to-market). To mitigate this risk, UCITS regulations stipulate that exposure to the swap counterparty may not exceed 10% of the fund’s NAV (note that some swap counterparties will see their UCITS limits reduced to 5%). This means that the daily NAV of the substitute basket should amount to at least 90% of the ETF’s NAV. The swap is marked-to-market on a daily basis and is reset whenever the counterparty exposure approaches the UCITS limit (or a lower limit set at the discretion of the ETF provider). In this case, the fund will ask the counterparty to pay the swap mark-to-market, which the fund will use to buy additional securities for the substitute basket.

EXAMPLE OF DAILY COUNTERPARTY EXPOSURE Day Index Sub.Basket Swap Value ETF NAV Counterparty Exposure Value Day 1 100 100 0 100 0 / 100 = 0% Initial investment of 100, starting level of the index 100, swap value is 0. Day 2 105 100 5 105 5 / 105 = 4.76% The index rises whereas the basket remains flat: Swap value is 5. Day 3 110 108 2 110 2 / 110 = 1.82% Both the index and the basket rise: Swap value is 2. Day 4 Before 115 103 12 115 12 / 115 = 10.43% Under UCITS III, counterparty exposure is limited Reset to a maximum of + / -10%, so the swap is reset. Resetting to zero involves a payment of 12 from the swap counterparty to the ETF (reinvestment in the substitute basket). Day 4 After Reset 115 115 0 115 0 / 115 = 0% Day 5 Before 102 113 -11 102 -11 / 102 = The swap value falls below -10%, so the swap is Reset -10.78% reset. Resetting involves a payment of 11 from the ETF to the counterparty (securities from the substitute basket are sold). Day 5 After Reset 102 102 0 102 0 / 102 = 0% Source: Morningstar 2011

In practice, swap reset policies vary greatly from one ETF provider to another and from one ETF to another. Some providers reset swaps more frequently than others, depending on their own internal thresholds. Some apply much stricter reset triggers than the 10% UCITS rule, thus minimising the level of counterparty risk faced by fund shareholders at any given point in time. Also, some ETFs reset their swaps daily, either as a result of daily creation / redemption activity or simply because the provider has made it its policy. Finally, swaps are not necessarily reset to zero. Some providers opt to reset their swaps to a level that still represents a net exposure to their funds’ swap counterparty, but sits comfortably within the UCITS-mandated 10% maximum. Some providers also do not reset the swaps based on the fund owing the swap counterparty money.

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The funded swap model was introduced in Europe in early 2009. Under this structure, the ETF doesn’t use the investor’s cash to build a substitute basket – as is the case in those ETFs using un-funded swaps. Instead, the fund transfers investors’ cash to a single swap counterparty (or multiple swap counterparties) in exchange for the index performance (less swap fees). The counterparty then posts collateral assets in a segregated account with a third party custodian. The account can be opened either in the name of the fund (in the case of a transfer of title) or in the name of the counterparty and pledged in favour of the fund. With a transfer of title, the collateral is treated as the property of the fund. This means that if the swap counterparty defaults, in theory, the ETF provider should be able to gain access to the assets without prior approval and dispose of them. Under a pledge structure, the fund would have to claim ownership of the collateral assets before it can sell them. Enforcing the pledge could take some time and lead to a delay in liquidating the fund if the bankruptcy administrator decides to freeze the assets. The posted collateral basket is usually composed of securities that come from the swap counterparty’s inventory (typically OECD country equities, bonds, cash and funds) and is diversified in accordance with UCITS requirements. The collateral, which is of equal or greater value than the net asset value of the ETF on any given day, is monitored on a daily basis. Whenever the exposure of the ETF to the swap counterparty becomes positive, the ETF provider requests that the swap counterparty deliver additional collateral. This is to ensure that the level of collateralisation is maintained and the net counterparty risk exposure remains zero, or negative. Swaps can be over-collateralised depending on the assets posted as collateral and the regulation in the country where the fund is domiciled. In Luxembourg for example, the CSSF considers on an indicative basis that “an adjustment of approximately 20% is appropriate for shares which are comprised in a main index”. It’s then up to the fund provider’s board of directors and custodian to determine the appropriate haircuts. In Ireland, since 1 July 2011 with the implementation of UCITS IV, the Central Bank stipulates that “where the collateral issuer is not rated A-1 or equivalent, conservative haircuts must be applied.” It’s then up to the fund provider’s board of directors to set any haircuts.

Most recently some issuers tend to have more than one counterparty for the total return swap. The distribution of the swap over more counterparties intends to reduce the bankruptcy risk. Equal weight distributions of counterparty-risk is only given at beginning as crea tion and redemption activities of the respective counterparties could possibly change the distribution.

DIFFERENCES OF ETP TYPES Characteristics ETC / ETN – Exch- Physical based Swap based Swap based Swap based ETFs, Swap based ETFs, ange Traded Notes ETFs ETFs ETFs with mul- over collateralised multiple swap Fully replicated tiple counterparts and over and optimised counterparties collateralised Exchange listed Yes Yes Yes Yes Yes Yes Holds underlying only physicals Yes No No No No index securities Operational Depends No Yes Diversified Yes Diversified counterparty risk Counterparty expo- Up to 100% No exposure Capped by Capped by Capped by UCITS Capped by UCITS IV sure limit UCITS IV at UCITS IV at IV at 10% per at 10% per counter- 10% 10% counterparty party Over collateralisa- N / A N / A No No Up to 20% Up to 20% tion UCITS compliance No Yes / depen- Yes Yes Yes Yes possible dent on Index Multiple APs Yes Yes Yes Yes Yes Yes Securities Lending No Yes Depending on Depending on Depending on Depending on issuer in ETP issuer issuer issuer In kind No Yes Depends No No No Creation / Redempti- on Management fees Low Low Low Low Low Low Dividends No Yes Depends No No No Performance indices Reinvesting Reinvesting Reinvesting Reinvesting Reinvesting Reinvesting Price indices N / A Dividend Dividend N / A N / A N / A payout payout Source: UniCredit / BlackRock / Morningstar 2011

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Companies that rely on synthetic replication primarily justify this approach with lower costs and a lower tracking error. Ultimately, in the ideal case, the contractual partner guarantees the exact target performance – and the fund manager does not even have to buy and sell stocks to track changes in the index. A stock market sales tax such as the stamp duty in the UK, can also be dealt with by synthetically replicating ETFs: They do not buy British stocks even when tracking the leading British index, the FTSE 100.

In some cases the one or other replication method has its strengths and weaknesses, finally the investor has to decide under his own restrictions and guidelines what is the right instrument for his portfolio.

OVERVIEW REPLICATION METHODS ETF-Issuer Swap-Partner Rating CP Custodian #Physical # Synthetical (S&P / Fitch / replicating replicating Moody’s) ETF / ETC ETF / ETC

Amundi ETF Credit Agricole CIB A/A/A2 Caceis, Bank of New York Mellon 3 / – 114 / – Société Générale S.A. A/A/A2 BlackRock Credit Suisse BBB+/A/A2 State Street 285 / 4 1 / – UBS A/A/A2– Royal Bank of Scotland BBB–/A/Baa2 Boost ETP BNP Paribas S.A. A+/A+/A1 Bank of New York Mellon – / – – / 38 Comstage Commerzbank AG A–/A+/Baa1– BNP Paribas Securities 1 / – 95 / – db x-trackers Deutsche Bank AG A–/A+/A3– State Street 23 / 11 182 / 21 EasyETF BNP Paribas S.A. A+/A+/A1 BNP Paribas Securities 8 / – 34 / 1 ETFLab Deka Bank A/NR/A1 Deka Bank 39 / 0 2 / – ETF Securities (ETC) UBS A/A/A2– Bank of New York Mellon 2 / 20 21 / 338 Merrill Lynch Commodities A–/A/Baa2+ Citigroup A–/A/Baa2 HSBC ETF Full Replication 25 / – – / – Invesco Powershares Morgan Stanley A–/A/Baa2+ 16 / – 3 / – Lyxor Société Générale S.A. A/A/A2 SocGen Seurities 16 / 0 190 / – Ossiam Morgan Stanley A–/A/Baa2+ State Street 1 / – 7 / – JP Morgan A/A+/A3 Natixis A/A/A2 RBS Royal Bank of Scotland BBB–/A/Baa2 RBC Dexia – / – 13 / 2 Source BofA/Merrill Lynch A–/A/Baa2+ BNP Paribas Securities, 10 / 3 54 / 6 Deutsche Bank Goldman Sachs A–/A/Baa1+ Morgan Stanley A–/A/Baa2+ JP Morgan A/A+/A3 Nomura BBB+/A–/Baa1 SPDR – State Street Full Replication 48 / – – / – Think Capital 6 / – 4 / – UBS ETF UBS A/A/A2– State Street 69 / – 21 / 3 XACT Svenska Handelsbanken AA–/AA–/Aa3+ Brown Brothers Harriman 5 / 3 11 / – Wisdom Tree ETF Full Replication 6 / – – / – Zürcher Kantonalbank Full Replication 5 / – – / – Source: UniCredit 2015 / Deutsche Bank 2015

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5. SPECIAL FEATURES OF ETPS

Currency Hedged ETFs In recent years ETF issuers have started to create ETFs which contain a currency hedging mechanism to reduce implicit currency risks within ETFs that track non-EUR Indices. Currency exposure within international portfolios can introduce an unintended and often un- desirable risk into the portfolio. Given the recent volatility experienced by global currency markets, it is now more important than ever to consider currency exposure when investing internationally. Investors employing a currency-hedged strategy seek to eliminate the risk of currency fluctuations and are willing to sacrifice potential currency gains.

Forward Hedge The main part of a currency hedging strategy using forward contracts is to sell foreign exchange forward contracts for those currencies which have to be hedged. Standard maturities of forward contracts are one, two, three, six or twelve months. Utilizing the one-month forward is the industry norm. This enables the investor to lock in current exchange rates and thus manage their currency risk. Profits (losses) from the forward contracts offset the currency losses (profits) in the underlying asset values, thereby eliminating currency exposure.

Currency-hedged ETFs follow the rules of the S&P and MSCI currency-hedged indices. In addition to the physical equity component of fully replicating ETFs, there will be a 1-month forward contract for each of the underlying currencies. These forwards are used to hedge the corresponding foreign currency exposure into the base currency of the fund. The resulting Net Asset Value (NAV) of the fund will be a sum of the equity positions and the gain or loss on the currency hedge. A currency forward is a derivative instrument used to manage currency exposure. It is a contract between two parties such as a fund, and a bank (the counterparty), to exchange one currency for another at a pre-specified future point in time, at a rate and quantity agreed today. Currency forwards are used to secure an exchange rate between two currencies, protecting the buyer of the forward from changes in the exchange rate between the two currencies. Currency forwards are instruments with a maturity date, and must be periodically rolled in order to maintain a constant hedge. The management of currency hedging and rolling of the currency forwards is outsourced to a specialist currency hedging manager which rolls the currency forwards on a monthly basis in accordance with the methodology of each fund’s benchmark index.

According to the convention used by the leading index providers, such as MSCI and S&P, 1-month currency forwards are used to hedge currency exposure. At the end of each month, the currency forward expires and the gain or loss is realised and reinvested (or raised in the event of an FX loss) in the underlying equity index. A new forward transaction is then set up for an amount representing the new month-end value of the index. The hedge is not adjusted during the month to account for changes in the indices due to price move ments of securities, corporate events, additions, deletions or any other changes. In other words, the amount hedged – equal to the value of the index as of the close of the last trading day of the month – is kept constant over the whole month. The monthly hedging approach used by the index means that the index will not be perfectly hedged during the month. If the underlying equity market(s) have appreciated, then the index will be under-hedged. Conversely, if the equity market(s) have depreciated then the index will be over-hedged. In addition to that the index methodology assumes that no gains or losses from the currency hedge are reinvested into the portfolio until the end of the month. This means that exposure to equities will be less than 100% (i.e. underinvested) if there is a gain on the hedge or greater than 100% (i.e. leveraged) if there is a loss on the hedge.

For any intra-month creation and redemption activity, the hedge will need to be adjusted in-line with the benchmark index. For example, when a creation occurs the actual amount hedged may be different to the value of the creation depending on whether the benchmark index is under- or over-hedged at the point in time. In addition to adjusting the hedge in order to allow for the creation or redemption, the equity exposure of the fund has to be matched with that of the benchmark index. This is achieved by investing the same proportion of the cash flow in equities that the index has currently invested. For example, if the hedged index is only 98% invested in equities because there is unrealised gain on the currency hedge (representing 2% of NAV), then only 98% of any new fund creation will be invested in the equity index, with the remainder held in cash.

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Index Computation The following information is derived from the MSCI Hedged Index calculation formula. There are two components to a MSCI Hedged Index return: The performance of the unhedged index in the home currency The Hedge Impact (aimed to represent the gain or loss on the forward contracts) in the home currency

Daily Hedged S&P and MSCI also offer daily currency hedged indices for clients who require benchmarks with more frequent currency hedging. The daily currency hedged indices differ from the standard currency hedged indices by adjusting the amount of the forward contracts, that mature at the end of month, on daily basis according to the performance of the underlying index. This further reduces the currency risk from under-hedging or over-hedging resulting from index movement between two monthly rolling periods.

Marking to Market the forward Contracts on a Daily Basis The daily calculation of MSCI Hedged Indices marks to market the one-month forward contracts on a daily basis by using an equal and offsetting forward position. For instance, after 8 days, the forward would be marked to market using a 22-days offsetting forward in the case of a month when the last business day of the month is the 30th (i.e. 30 – 8 = 22).

Pricing the Offsetting forward Typically, only a limited number of standard duration of forwards is available in the market. These rates are called “tenors”, and represent one day, one week, one month, etc. This means that other durations for forwards (called odd-days forwards) are generally not available, but must be calculated. For the sake of simplicity, when calculating MSCI Hedged Indices, MSCI uses a linear interpola- tion based solely on the 1-month forwards to estimate the value of odd-days forwards every day during the whole month. Odd-days forwards are computed simply as the spot rate plus the 1-month forward premium or discount pro-rated for the number of days until the last business day of the month.

Interest Rate Hedged ETFs A fundamental principle of bond investing is that market interest rates and bond prices generally move in opposite directions. When market interest rates rise, prices of fixed-rate bonds fall, this phenomenon is known as interest rate risk. Interest Rate Hedged ETFs enable investors to hold bond exposure while seeking to mitigate interest rate risk in a single fund. With government bond yields at historic lows and investors increasingly seeking out extra income by investing in corporate bonds, Interest Rate Hedged ETFs will likely appeal to those investors who want to obtain that extra yield but are concerned about what may happen to corporate bond prices if interest rates start to rise.

DURATION HEDGED SOLUTION

Yield components of a Duration Hedged corporate bond portfolio Strategy 1. Credit spread Investor compensation Same credit risk as Yield for taking extra credit the original portfolio risk 2. Government bond yield Mitigate interest rate risk Investor compensation by selling bond futures for interest rate risk

Interest rate risk (duration risk) is the risk that an investment's value will change due to changes in the level of interest rates When interest rates rise, bond prices fall

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Interest Rate Hedged ETFs protect against such a potential upward shift by hedging out the interest rate risk using government bond futures. The hedging methodology consists of selling government bond futures contracts in order to target a portfolio duration of zero. The short position in government bond futures contracts would profit from falling bond prices, a consequence of rising interest rates. Therefore losses in the corporate bond portfolio due to rising interest rates are offset by gains in the hedging process. By selling govern ment bond futures, the investor can lock in current interest rates at a pre-specified future point in time, at a rate and quantity agreed today and thus manage the interest rate risk. The return on the future contracts is subtracted on a monthly basis from the performance of the underlying index.

INDEX HEDGING METHODOLOGY

Euro Corporates Index

Buy 0 – 3 year 3 – 5 year 5+ year bonds Euro Corporate bonds Euro Corporate bonds Euro Corporate bonds

Match duration Match duration Match duration

Sell 2 year German 5 year German 10 year German futures government bond futures government bond futures government bond futures

Euro corporate bonds, target duration: 0

Source: Barclays, BlackRock

As can be seen in the graphic above, the interest rate risk is hedged by matching the duration of futures and corporate bonds. Given the overall low yield environment, total returns for Euro investment grade corporate bonds are highly dependent on the performance of German rates. Apart from the above mentioned correlation, German bonds provide a low default risk. Interest rate hedging may offer a solution for investors looking to protect their corporate bond portfolio from the increased volatility of German rates. For example, the Barclays Euro Corporates Interest Rate Hedged Index is designed to capture the excess return of EUR denominated corporate bonds over German government bonds. The exposure of EUR corporate bonds is isolated by creating a basket of German futures which is weighted to match the duration of Barclays Euro Corporate Index.

Short ETFs The first generation of ETFs offered investors cost-efficient market exposure to different asset classes including equities, bonds, commodities, currencies and credits. The benchmark replication methodologies used for these first generation ETFs were full replication or sometimes representative sampling. In recent years, the increasingly popular use of synthetic replication techniques involving the use of innovative derivatives, such as equity-linked swaps, has enabled issuers to launch a number of ETFs and ETCs tracking sophisticated strategy indices, including leveraged, protective put, covered call and short indices. In the current highly volatile environment, strategy indices have gained increasing attention from sophisticated investors following active risk management practices or seeking investments for sideways trading and bear markets. Among the strategy indices, short indices are of particular interest, as they allow the investor to:

Trade negative market views. Implement sector or cross asset pair trades. Hedge a particular market or sector risk out of a cross asset portfolio.

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Below we focus on short equity indices. However, since demand for short indices is obviously not restricted to equities, short indices have been created for a variety of asset classes including government bond indices (e.g. Short EUR Sovereign Eurozone Total Return Index) and credits (e.g. Markit iTraxx Short Total Return Indices).

In this section, the basic methodology of short equity indices will be illustrated in more detail. A short equity index replicates the performance of an investor attaining the negative daily performance of the underlying total return equity index, or, in other words, short selling the index with a daily rebalance. The cost of dividends and the benefit of earning interest are taken into account in the calculation of the short index.

PERFORMANCE COMPONENTS

Investment Short index performance

cash position

+100

interest short +200 performance interest -x% +100

short position +x% -100 short index (t ) short index (t ) index short 1 2 performance performance

Source: UniCredit Research 2008

The performance components of a short equity index like the Dow Jones EURO STOXX 50 Short index or the ShortDAX are depicted together with the investment methodology in the scheme above In detail, the performance of the short index is calculated as follows: I (t ) EONIA (1) I(t ) = I(t )⋅(2− TR 2 )+I(t )⋅ ⋅d⋅2 2 1 I (t ) 1 360 TR 1  inverse performance term interest accruing term In equation (1) we use the following notation:

 I(t) Short index at time t

 ITR (t) Underlying total return equity index at time t  ECONIA Overnight interest rate

 t2 time of index calculation

 t1 close of last trading day prior to t2

 d number of calendar days between t 2 and t1

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The “inverse performance term” describes the effect of the total return index changes on the short index. The “interest accruing term” reveals the additional interest profit, which results from selling the underlying total return index followed by a risk free investment of the capital received from shortening the underlying. Euro Overnight Index Average (EONIA) is the effective reference rate computed daily as a weighted average of all overnight unsecured lending transactions undertaken in the interbank market by the European Central Bank since 1 January 1999. Up to this date, the daily interest provided by Deutsche Bundesbank was used for historical backtesting purposes.

As mentioned above the index is constructed with a daily rebalancing in order to avoid a total loss of the investment, hence it is not possible to track the actual negative development of the original long index. Hence the investor is always restricted by the convexity of the short index methodology. The example below assumes a short and a index starting at 100. The long index gains 10 every day, the short index in reduced accordingly by assuming accruing interest rate of 2%. The indices are calculated over a period of 5 trading days, which shows the convexity of the short index.

Much more extreme is the development in a volatile environment. The more volatile the long index develops, the more uncertain is he outcome of the short index investment. Caused by the daily rebalancing the performance of the short index is path dependent. The tables below demonstrate the effect of the above mentioned movements on the short index:

INDEX DEVELOPMENT DAILY REBALANCING

160 120 Long Index Long Index 150 Short Index 115 140 Short Index 110 130 120 105 110 100 100 95 90 90 80 70 85 60 80 0 1 2 3 4 5 0 1 2 3 4 5

Day Long Index Short Index Day Long Index Short Index 0 100 100 0 100 100 1 110 90 1 105 95 2 120 81.82 2 95 104.05 3 130 75 3 90 109.52 4 140 69.23 4 110 85.19 5 150 64.29 5 100 92.93 Source: UniCredit 2012

Besides the index constructions that involve a daily rebalancing, which incurs a strong path dependency in the product there is also a possibility to reduce the rebalancings from a daily to a monthly basis. In the light of this feature ETF providers developed products which are calculated with a leverage (long and short) and a monthly rebalancing.

In order to understand how these products work, it is necessary to analyse the monthly leveraged long / short indices that they track. The return of each monthly leveraged long (short) index is calculated as two times (minus two times) the return of the corresponding reference index (with) minus the financing component (plus the interest component) over a reset period using as a basis date for the calculation the last reset day. The reset day is the day on which a monthly leveraged long or short index is rebased by resetting its leverage to a factor of two (minus two). Reset dates are scheduled to occur monthly (and there may be additional reset days in the case of a Stop-Loss event).

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For long Leveraged ETFs: The financing component is a function of an interest rate that represents the cost of borrowing to obtain leverage and for short Leveraged ETFs: The interest component represents the additional interest generated by taking a short position in the reference index (selling the portfolio of constituents) and the risk-free investment of the sale proceeds.

The monthly leveraged indices have an in-built Stop-Loss mechanism. It is activated in the case of extreme market movements and aims to limit extreme drops in the monthly leveraged indices, thus alleviating the risk of a total loss.

For a monthly leveraged long (short) index, the Stop-Loss mechanism is triggered when the reference index drops (rises) by 40% or more (always using the last reset day as the reference point for the calculation of the percentage change).

When a Stop-Loss event occurs – the leverage factor is reset to two (monthly leveraged long indices) or minus two (monthly leveraged short indices) and the closing value of the monthly leveraged index on that day is the new basis for the calculation of the monthly leveraged index (until the next reset day).

INDEX DEVELOPMENT MONTHLY REBALANCING (STOP LOSS EVENT INCLUDED)

160 130 Index Value 140 Index Value Leverage/Short Index 120 120 Leverage/Short Index 100 110 80 100 60 90 40 20 80 0 1 2 3 4 5 0 1 2 3 4 5

Day Index Value Short Index Day Index Value Short Index 0 100 100 0 100 100 1 110 80 1 105 90 2 120 60 2 95 110 3 130 40 3 90 120 4 140 33.85 4 110 80 5 150 27.69 5 100 100 Source: UniCredit 2012

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6. LIQUIDITY OF AN ETF

The liquidity of an ETF is another key consideration. The more liquid an ETF, the easier and more cost-effective it will be to trade. Con- versely, poor liquidity can translate into difficulties in entering and exiting positions, alongside higher trading costs.

An ETF generates liquidity in two ways. One is through daily trading on the secondary market, and the other method is by relying on the creation / redemption process that is carried out in the primary market. This runs in the background as far as the investor is concerned. However, the creation / redemption process is of enormous importance to ETFs and constitutes the very basis for many benefits of this product class. Initially, the creation / redemption process begins with an exact overview of all index instruments, including their weighting. This so-called composition file made available by the issuer to the market maker each day represents the basis for the process as a whole. It should be noted in this regard that only the market maker (~ authorised participant) can carry out the creation / redemption process. If the market maker wants to create ETF units, it first needs to obtain the necessary underlying cover on the capital markets, done by buying or borrowing securities. If the market maker has purchased the portfolio to match the relevant index, it will use the portfolio to acquire what are termed creation units. Usually, 50,000 ETF units are equivalent to one creation unit, but this may vary from product to product. Under physical replication, only a swap of securities takes place (“in-kind transactions”). No cash is exchanged. Moreover, all transaction costs are not withdrawn from the fund but are borne by the market maker. If the latter then delivers the basket of shares to the ETF issuer, the market maker will receive ETF units in return, equivalent in value to the basket of shares delivered.

ETF-Issuer ETF Basket ETF - Shares Basket - Shares

Designated Sponsor (UniCredit) ETF ETF - Shares/Cash - Shares/Cash Creation Redemption

Investor

Source: UniCredit 2012

The market maker places its quotes in the trading system and sells the ETF units on the secondary market via the securities exchange or, in bilateral sale, directly to institutional investors (OTC trading). The opposite of the creation process is the redemption process. Redemption literally means “to take back”. If the market maker buys a sufficient number of ETF units on the capital market, it can swap these back with the issuer against the basket of shares. If the market maker borrowed the shares, it can return them to the

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lender thereof. If the shares were purchased, then the market maker can sell them on the capital market. No cash is exchanged in the redemption process either.

Again, the costs of these “background transactions” are not withdrawn from the fund but borne by the market maker. ETFs have what is referred to as an “open structure” since the creation / redemption process can be carried out in either direction at any time and, additionally, is not restricted to a maximum number of units.

1st Prejudice Fact ETFs are traded on exchanges like equity shares. Pricing of ETF and equity shares are determined by Their pricing and their liquidity is influenced by the different factors and processes. same drivers as equities.

2nd Prejudice Fact The liquidity of an ETF is directly proportional to Adequate measure of an ETFs liquidity is the its ADV (Average Daily Trading Volume) traded on liquidity of the shares of the underlying index. exchange. Cross listings of an ETF and derivative or structured instruments (futures & index certificates) can increase or even overtop the liquidity of the underlying.

3rd Prejudice Fact Investors of ETF with low Assets under Manage- ETFs trading close at NAV (tight spread) are not ment (AuM) or/and low traded volumes are not influenced by the traded volume or AuM. Even ETF able to close their positions rapidly without a with low AuM can be traded in large volumes over massive discount on the NAV (respectively the day (e.g. Lyxor ETF Dax). But also ETF with high premium on the NAV if investor buys). AuMdo not provide necessarily high trading volumes (e.g. SPDRE on the S&P Europe 350 index).

Liquidity on Exchange

Secondary Market Liquidity – OTC – non displayed

Underlying Assets Liquidity

Source: UniCredit 2010

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As explained in the section on NAV trading, commissions and costs for executing creations and redemptions are vital for the role of the market maker to ensure liquidity on the secondary market and to offer bid-ask spreads, that are more competitive compared to the alternative of executing orders at NAV + or – the respective commissions and costs for creations and redemptions.

The following example should provide an idea on the above described effect: ETF with Russian stocks (MSCI EM, or Russia, etc.) Creation costs: 0.12% (up to 0.2%) Redemption costs: 0.12% (up to 0.2%) Average bid-ask of the underlying GDRs’ basket on LSE: 0.5%

DIFFERENCE TRADING PRICES VS NAV COSTS

Basket BID – 0.12% Basket BID iNAV Basket ASK Basket ASK + 0.12%

0.25% 0.25% 0.37% 0.37%

Source: UniCredit 2008

If the MM priced the ETF considering the full bid-ask of the underlying and also the creation / redemption costs, the overall bid-ask of the ETF would be as wide as 0.75%.

Typically, we have two scenarios: The MM does not own any ETF, thus he will bid close to the iNAV (or even higher) hopefully being able to buy the ETF at a cheaper price than the creation price or the MM owns lot of ETFs, thus he will offer close to the iNAV (or even lower) hopefully being able to sell the ETF at a richer price than the redemption price.

That’s why the spread of the ETF is trading tighter than the underlying basket. Due to this ability of ETFs, these products usually guarantee a cheaper entry into a diversified market. But occasionally it is possible, that due to restrictions by the issuer the ETF trades with a premium, that might make it cheaper to buy the individual stocks.

The Market Maker ensures liquidity even when the Emerging underlying markets are closed. The during the Chinese New Year 2012 some markets are closed which affects massively the MSCI Emerging Markets Index as well as products on Korea, Taiwan, China, Malaysia, Philippines, Indonesia, India, Egypt and Brazil.

The Taiwan stock exchange is closed for 7 consecutive days, with last opening day 18th of January and open again only on 30th of January. In total 12 exchanges are closed during these 7 working days.

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ETP RELEVANT EXCHANGES Thursday Friday Monday Tuesday Wednesday Thursday Friday MSCI Emer- ging

Country 19 Jan 20 Jan 23 Jan 24 Jan 25 Jan 26 Jan 27 Jan 78.6%

Open Open Open Open Open Open Australia No Emerg) Closed 0%

Open Open Open Open Open South Korea Closed Closed 16.8%

Taiwan Closed Closed Closed Closed Closed Closed Closed 12.1%

Open Open China Closed Closed Closed Closed Closed 20.1%

Open Open Open Open Hong Kong (No Emerg) Closed Closed Closed 0%

Open Open Open Open Open Singapore (No Emerg) Closed Closed 0%

Open Open Open Open Open Malaysia Closed Closed 3.7%

Open Open Open Open Open Open Philippines Closed 0.7%

Open Open Open Open Open Open Indonesia Closed 3.1%

Open Open Open Open Open Open India Closed 6.5%

Open Open Open Open Egypt Closed Closed Closed 0.2%

Open Open Open Open Open Open Brazil Closed 15.7%

MSCI Emerg Closed 12.1% 12.3% 56.5% 52.7% 48.1% 38.7% 32.4% 78.55%

Source: UniCredit 2012

ETF Market Maker quote from 8.45 till 17.40 CET also with closed markets. This is a peculiarity of ETFs versus Mutual Funds, Futures and Single Stocks.

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7. ETF TRADING

Stock exchange trading Various methods can be used for trading in ETFs. For one thing, trades can be carried out directly on the stock exchange, on which the final and binding prices are determined by market makers and investors. This is the classical variant, which – as a rule – is excellent for small-scale volumes. In the process, a limited or unlimited order is simply placed on the market and carried out accordingly.

EXAMPLE OF AN ORDER BOOK AT EURONEXT PARIS

Source: UniCredit 2010

The admission rules to the respective stock exchanges serve to ensure the accessibility and constant presence of the market makers. For instance, the following requirements apply to market making on the Frankfurt Securities Exchange and are checked in a performance measurement.

During the performance measurement, it is checked whether all quotes meet the quality requirements concerning: Minimum quantity Maximum bid-ask spread Minimum quotation time in continuous trading Participation rate in opening auctions Participation rate in regular auctions Participation rate in volatility interruptions

These criteria are used to assess the performance of the respective Designated Sponsor. In case the respective Designated Sponsor does not fulfil the minimum requirements, the exchange can withdraw the Designated Sponsor status. The Designated Sponsor is granted certain privileges for complying with his obligation of placing quotes and meeting the quality standards. Currently, transaction fees for trades executed as a Designated Sponsor will be remitted in full at the end of a period due to his performance in one equity.

Moreover, on a monthly average the market maker is required to quote for at least 50% of the effective trading time. The effective trading time is equivalent to the time between ending the opening auction and opening the closing auction after deducting the time for intra-day auctions.

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OTC trading

UNICREDIT OTC TRADING

Investor

UniCredit ETF Advisory & Trading

Equity & Fixed Income ETF Commodity ETP On-Exchange 4 Market Maker 2 Market Maker

OTC OTC OTC ETF Issuers (e.g. Lyxor, iShares, ETFS, Xmtch, UBS ETF, db x-trackers, Easy ETF, PowerShares, ETFlab, Source, …)

XETRA XETRA LSE ETFPLUS SIX EURON. EURON. EURON. WSE DE AT UK IT CH PAR, FR AMS, NL BRU, BE PL

Source: UniCredit 2008

For large volumes, many products can be conveniently traded over the counter (OTC trading). This results in an off-market transaction being concluded between a broker / Market Maker and an investor. In the process, the market maker does not trade the ETF units directly on the securities exchange; instead, the market maker directly trades the underlying, i.e. the specific components of the ETF. The benefits of market makers are their enormous flexibility and in-depth expertise in the relevant markets. Over the years, UniCredit has established an infrastructure that enables the various asset classes to be traded directly by the respective trading specialists, who are able to make a precise assessment of the market conditions prevailing from time to time.

Usually the ETF Market Maker is able to hedge his position with the respective future contract of the underlying, before he swaps the futures position step by step in an equity basket. This equity basket is used for the creation to increase the funds volume. By using this method the Market Maker minimises the market impact on the underlying stocks and the position can be closed much faster, which results in tighter prices for the investor (see example below).

But unfortunately there is not for every underlying a liquid future available. For most ETFs the hedge has several components, such as futures, index heavy weights, ADRs and GDRs and currencies. At least the asset must be highly correlated to minimise and contain the market risk for the market maker and the investor.

But the market maker does not always have to place a creation with the ETF issuer, usually market maker hold high volumes of the so called inventory, this might be the ETF itself but also the constituents of the product. By using this inventory the market maker is able to quote prices without suffering the creation costs and is hence able to quote tighter than creations and redemptions implicate. But one has to keep in mind that these existing shares might be cleared in different markets e.g. the market maker sells 100,000 shares of a MSCI Emerging Markets ETF to an investor in Germany in the German listing of the ETF. The market maker has 30,000 shares available in Switzerland in USD, another 40,000 shares in GBP in London and the remaining 40,000 shares in Germany. Hence the market maker

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needs to transfer the shares from Switzerland and London to Germany. This might take longer than the settlement convention t+2 for Germany and explains why sometimes the settlement of an German listed ETF is longer than the usual t+2, but t+3 or even longer.

HEDGING PROCESS OF THE ETF MARKET MAKER

Market Maker Book ETF-Issuer

Sell to client: + Stoxx 600 Short-Term Hedge – Euro Stoxx 50 – Stoxx 600 Telecom. ETF Shares/ + Euro Stoxx 50 Future Future Telecom ETF Equitybasket Cash

Market Maker (UniCredit)

Creation/Redemption Short-term Hedge with liquid, Swap from Short-term Hedge to with Equity basket or high-correlated Assets real Underlying Cash

Source: UniCredit 2010

Short-term Hedge, to control the market risk on bigger position with liquid Futures Euro Stoxx 50, Sector futures – but less liquid. Immediate market impact on Equity Market is reduced and stretched over a specific time period. Future Hedge is permanently reduced and substituted by the real Equity basket. After the substitution, the market maker is able to deliver the equity basket to the ETF issuer in exchange for the ETF shares (Creation- / Redemption Process).

NAV trading The NAV of an ETF is the value of each share in a fund, measured by the value of its underlying holdings. The NAV of an ETF is calculated in accordance with the standard formula for valuing mutual fund shares at the close of regular trading: The value of the fund’s assets minus its liabilities, divided by the number of shares outstanding. This official value of an equity ETF is based on the closing, or last traded prices of the fund’s underlying securities, depending on the methodology used. For ETFs whose underlying securities trade in different time zones, the NAV calculation is slightly different from ETFs where the underlying securities trade in just one time zone. For example, an ETF with international exposure such as the MSCI World – where the underlying stocks trade in three broad regions across several time zones – the NAV is calculated using closing prices from the different exchanges at different times. As international exchanges close at different times, some global funds are unable to provide a same-day NAV. For these funds, the NAV is calculated on a T+1 basis.

Trading at NAV in ETFs differs from trading mutual funds at NAV, since in a mutual funds all relevant transaction costs are imposed on all investors who are holding the fund. That means that a new investors just pays the regular NAV without further costs. When trading an ETF at NAV the relevant transaction costs are fully paid by the new investor. This guarantees that the ETF is able to track its benchmark. Otherwise it would result in a massive tracking difference. This is illustrated in the graphics below, where the differences between trading mutual funds and ETFs are explained in detail:

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TRADING AT NAV – DIFFERENCE TO MUTUAL FUNDS

Trading a mutual fund at NAV Trading an ETF at NAV

t t+1 t+2 t t+1 t+2 NAV = 100 NAV = 99.90 NAV = 100 NAV = 100

EUR 100 mn EUR 100 mn EUR 100 mn EUR 100 mn EUR 100 mn EUR 100 mn Fund Assets Fund Assets Fund Assets Fund Assets Fund Assets Fund Assets Portfolio Portfolio Manager Manager 10 mn buys Assets EUR 10 mn 10 mn buys Assets EUR 10 mn Cash Inflow for the fund, Fund Assets Cash Inflow for the fund, Fund Assets but trans- transaction action costs costs are are imposed paid by new on all Transaction investor only investors Costs = 100k Transaction Costs = 100k

Source: UniCredit / Blackrock 2010

It is important to distinguish between the NAV and the price of an ETF, especially when evaluating funds with international exposures. As global markets are open at different times throughout the day, the NAV and the closing price of an international ETF will reflect the fund’s value at different points in time. As we said above, the NAV is calculated using the closing prices of the underlying securities on their respective exchanges, while the closing price reflects the fund’s last traded price at the end of the trading day ont the ETF ex change. It is worth highlighting that index levels and NAVs are both calculated using daily closing prices. This makes the two measures easy to compare.

TRADING HOURS ETF & UNDERLYING

European Trading Hours

0:00 1:00 2:00 3:00 4:00 5:00 6:00 7:00 8:00 9:00 10:00 11:00 12:00 13:00 14:00 15:00 16:00 17:00 17:30 19:00 20:00 21:00 22:00 22:30 0:00 iShares Euro Stoxx 50 iShares S&P 500 Lyxor ETF MSCI India db x FSTE China 25 Powershares NASDAQ Lyxor ETF MSCI Brazil db x MSCI World iShares EUR Corp Bond iShares USD Corp Bond Comstage Nikkei 225

Trading Hour Underlying WM-Currency Fixing NAV-Fixing (CET) Closing Europe

Source: UniCredit 2009

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UniCredit offers a facility for NAV trading. If an investor would like to buy or sell an ETF at the net asset value of the fund, in theory (to obtain a NAV price) a creation or redemption needs to be effected with the issuer and / or the relevant securities of the underlying index need to be included in the closing auction. Transaction costs are incurred for entering and processing the equities in the closing auction. These rise in proportion to the components of the underlying.

This means: The broader the index, the higher the trading costs, and the more exotic the underlying, the higher the transaction costs will be in the relevant markets.

In the case of indices with British equities, the purchase of the ETFs incurs an additional expense called stamp duty. The exact amount in relation to the volume is calculated on the basis of the value of the British shares in question +50 basis points. As a result, this proportion changes on a daily basis. Stamp duties and transaction taxes also arise in many other markets (particularly in emerging market countries) on the purchase and sale of equities, increasing the trading costs further.

In the final analysis, it is important to understand that ETFs merely represent a form of packaging for baskets of different underlyings (equities, bonds, currencies, commodities, etc.) and are therefore subject to different rules and regulations.

In the case of ETF on exchange trading, these various rules and regulations have largely been harmonised in order to do justice to the homogeneity required for this trading platform. When trading at NAV, however, these differences need to be subjected to closer scrutiny.

The graph below illustrates the composition of the spread of an ETFs, but this composition more or less equals the costs, that occur, if an investor is trading the ETF at NAV.

COMPOSITION OF THE SPREADS OF AN ETF

P&L Market Maker Tracking Error/Management Fee for holding the ETF Creation Fees Offer Forex Hedge Costs Stamp Duties

Underlying (NAV) Brokerage Fees

Spread Brokerage Fees

Stamp Duties

Bid Forex Hedge Costs Redemption Fees

P&L Market Maker

Source: UniCredit 2009

Fixed Income ETFs Bond investors are often faced with a number of difficulties. A direct investment is often only possible with large sums, because most bonds are only traded in high denominations; additionally, short-notice entry and exit is not always possible. Actively managed bond funds do indeed reduce the entry amount, but they often come at relatively high costs. Due to the often lower yields, particularly in the case of government bonds - a relatively safe option compared to other investment products - the charges have a negative impact on the returns.

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For this reason, ETFs can be an attractive alternative, especially for bonds. Bond-fund ETFs are based on an investment index and give the investor the opportunity to trade an index of an entire portfolio of investments easily and with a single instruction. There is no front-end loading associated with acquiring ETFs.

The indices are usually calculated on a total return basis, i.e. coupon payments are reinvested into the index. The return on each bond - and consequently the index - depends above all on the change in the bond price, as well as the coupon payment. As a rule of thumb, falling interest rates lead to rising prices and vice versa. The extent to which the bond price fluctuates depends on various factors, including the residual time to maturity of the bond, which is known as the duration. The longer this residual period, the more the bond price is affected by changes in interest rates. Conversely, changes in the interest rate have a lesser impact on bonds with a shorter duration.

It‘s important to pay attention to duration when designing a portfolio. In times of rising interest rates, bonds with a short residual period are a good way of avoiding price drops. In the case of falling interest rates, price gains can be made on bonds with a longer duration.

There are some significant differences between bond ETFs and equity ETFs: On the electronic “Eurex Bonds” platform, generally used for bonds, there are no auctions and the minimum trading size of the bonds is several million Euros. Some bonds cannot be traded in smaller volumes due to the higher than required denomination of the instrument. In addition, the NAVs are calculated on the basis of the bid prices most recently available on “Eurex bonds” (for iBoxx products, the middle prices of various investment banks are used for guidance). As a result, the following problems occur compared with the usual form of placing orders: the NAV calculated on the basis of bid prices needs to be adjusted to determine the “fair value” at which the underlying bonds can be traded. Since the valuation of the NAV is only a “snapshot” of the index constituents at specific point of time. In addition, the underlying bonds cannot simply be traded risk-free in a closing auction but need to be traded in the market to determine the NAV; in this context, this gives rise to an execution risk.

In summary, what can be said on the subject of bond ETFs: a cost benefit of placing an order at NAV does not apply to bond ETFs. How ever, no additional costs are incurred either. Due to the width of the spreads occurring in the bond market, (particularly in the case of long maturities of government or corporate as well as covered bonds), there is also more movement in terms of surcharges on bid prices.

The price of a Bond ETF is driven by four main factors: Value of the underlying securities Level of supply and demand in the secondary market Cost of share creation through the underlying fixed income markets Fixed income market volatility

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CHARACTERISTICS FOR NAV TRADES

ETF Offer P/L Market Maker XETRA Performance Loss Creation Fees Forex Hedge Costs Stamp Duties Brokerage Fees

Underlying Ask

Spread Spread implies credit risk Widening

NAV Underlying Bid

Brokerage Fees

Stamp Duties

Forex Hedge Costs

Redemption Fees ETF Bid XETRA P/L Market Maker

Source: UniCredit 2009

Given that the ETF’s price is linked to the price at which its underlying exposure can be transacted, it is common to define the NAV of the ETF as equal to the value of its individual underlying securities and cash component if any. The value of the underlying securities can, in turn, be defined using some pricing convention such as the last price of the underlying holdings. Once a NAV is defined, it is then possible to look at the difference between the ETF’s price and its NAV. An ETF whose price is higher than the NAV is described as “trading at a premium” and an ETF whose price is lower than the NAV is “trading at a discount”. For fixed income ETFs, NAV may be valued at bid or mid of the underlying bonds. This convention has the effect of increasing the reported premium for fixed income ETFs.

The chart below shows a two-month indicative NAV (referred to as “iNAV”) defined as the bid-quote of the underlying exposure and the respective bid and ask prices for the ETF in the same timeframe. Very obvious in this chart is the fact that the iNAV is constantly trading below bid and ask prices on exchange. This indicates that the NAV is calculated on the bid side and that the offer of the ETFs equals the offer of the underlying. That is consistent with an average spread of the underlying of 60 basis points. The relatively high bid price for the ETF demonstrates the maximum spread the market maker is allowed to show on screen. The spread which could be expected should trade theoretically around the NAV (roughly 60 – 65 bps in this example).

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SPREAD WIDENING IN RELATION TO BID, ASK AND INAV – COVERED BOND ETF

107 bid ask NAV 106.8

106.6

106.4

106.2

106

105.8

105.6

105.4

105.2

105 1/4/2012 1/6/2012 1/8/2012 2/1/2012 2/3/2012 2/5/2012 2/7/2012 2/9/2012 1/4/2012 1/6/2012 1/8/2012 2/1/2012 2/3/2012 2/5/2012 2/7/2012 2/9/2012 1/2/2012 1/2/2012 1/10/2012 1/12/2012 1/14/2012 1/16/2012 1/18/2012 1/20/2012 1/22/2012 1/24/2012 1/26/2012 1/28/2012 1/30/2012 2/11/2012 2/13/2012 2/15/2012 2/17/2012 2/19/2012 1/10/2012 1/12/2012 1/14/2012 1/16/2012 1/18/2012 1/20/2012 1/22/2012 1/24/2012 1/26/2012 1/28/2012 1/30/2012 2/11/2012 2/13/2012 2/15/2012 2/17/2012 2/19/2012 2/21/2012 2/23/2012 2/25/2012 2/27/2012 2/29/2012 2/21/2012 2/23/2012 2/25/2012 2/27/2012 2/29/2012

Source: UniCredit / Bloomberg 2012

Due to the OTC nature of the bond market, transparency of underlying bond prices within an ETF is limited. Usually ETF provider publish the bond holdings of any fixed income ETF, with maturity, coupon and weight on a daily basis, enabling the Market Makers to price the fund. The NAVs calculation of the fund uses either bid or mid prices. While NAV is calculated once a day, various sources (including Deutsche Börse) also publish indicative Net Asset Value (iNAV) during European trading hours. iNAV can be often seen as a good estimate for the fair value of a bond ETF. But in some cases the iNAV is calculated on mid prices of the bonds, but the NAV is calculated on bid prices. This can cause a mismatch between NAV and iNAV and can mislead at times.

Looking at more exotic fixed income indices (Emerging Markets, High Yield, etc.), it is possible that the ETF may trade with a premium or a discount. This effect is caused by changes in the spread environment of the underlying or by pure demand / supply behaviour by market participants.

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PREMIUM AND DISCOUNT VERSUS NAV – CORPORATE BOND ETF

0.60% NAV Last Price vs. NAV 0.50% 0.40% 0.30% 0.20% 0.10% 0.00% -0.10% -0.20% -0.30% -0.40% -0.50% 02/01/2012 02/02/2012 02/03/2012 02/04/2012 02/05/2012 02/06/2012 02/07/2012 02/08/2012 02/09/2012 02/10/2012 02/11/2012 02/12/2012 02/01/2013 02/02/2013 02/03/2013 02/04/2013 02/05/2013 02/06/2013 02/07/2013 02/08/2013 02/09/2013 02/10/2013 02/11/2013 02/12/2013

Source: UniCredit / Bloomberg 2014

It is the bid / offer spread of the underlying bonds that drives the spread of a bond ETF. The ETF spread and the brokerage commission are the main constituents of the cost of a trade. If there is strong demand for a FI ETF in the secondary market, its price can rise above its fair value (i.e. NAV plus or minus the cost of creating / redeeming units). A similar process applies when there is strong selling of a bond ETF, resulting in its units trading at a discount to its fair value. If the price of the ETF moves sufficiently far outside the bid / offer band of the underlying basket of securities, then an arbitrage opportunity exists.

A bond ETF can trade at a premium or discount to its fair value and this can continue for as long as the premium or the discount is not large enough to trigger an arbitrage opportunity.

Fixed Income ETFs in summary: Bonds do not have a closing auction Valuation prices are determined at a key point / depending on the valuation of the ETF and on the index Many bond ETFs value bonds at EUREX bid prices Widening spreads in the underlying have a corresponding impact on the ETF However, market makers are also required to keep maximum spreads Consequently, the NAV can deliberately be traded outside the bid / ask range by the market maker

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8. CHOOSING THE RIGHT PRODUCT, THE RIGHT ETP

The motivation for using beta products, such as ETFs, has expanded. Not only the ever relevant cost advantage and the broad market access as well as themes that have emerged in the past years. Some of the implemented strategies include tactical and strategic positions and an increased diversification by using different kinds of beta products. These broader product range enables the investor to take negative positions in asset classes, either as hedging position or to reflect a negative view on the underlying.

This expansion has been fuelled by the increase in the range of asset classes, which are accessible through ETFs and other beta products. Moreover the introduction of more exotic asset classes, such as Emerging Markets, Property and Commodities, enabled many investors a greater asset breadth.

The growth in beta investments in recent years has been driven by a number of factors. On the one hand the challenging market conditions, and on the other hand the decreased risk appetite of many institutional investors led to an increased demand for fairly simple structured products, such as beta trackers.

The question that remains open is, what kind of product should be chosen for an beta investment. The following table should give an idea of possible product classes and the factors one should consider:

CHOOSING THE RIGHT PRODUCT

Considerations Questions Questions Products

What is my How can I gain long Portfolio Transparency benchmark? and/or short exposure? Trading What are my regulatory How can securities ETPs Client Service guidelines? lending add value? (ETFs/ETCs/ETNs) What are my mandate What is my time Product Choice Swaps constraints? horizon? What are my counter- What are my liquidity Liquidity Options party risk guidelines? requirements? Portfolio What are my tracking What costs are Futures Management risk guidelines? involved?

Source: UniCredit 2011

Exchange Traded Products (ETPs) have expanded beyond the conventional open-ended funds, which track an index by holding all index constituents. ETPs also include Exchange Traded Notes (ETNs) and such funds which track an index through the use of derivatives, for example swaps. However, each structure has unique exposure, risk and tax implications, making some more appropriate for certain investors than others. When considering an investment in an ETF the investor has to exercise a due diligence of the product. This process starts already by assessing the investment goals. The investor needs to check the individual risks of the considered ETF (i.e. political, economic, currency risks, tax implications). Also regulatory issues should be taken into consideration when planning an investment. For sure also the choice of the ETF issuer itself is important: does the company disclose all relevant information? Is a sufficient liquidity guaranteed? But besides these soft facts, the product itself should pass the performance and tracking check.

The enormous range of beta products such as ETPs has also led to a due diligence process, which is needed to narrow the product range which should be taken into consideration.

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ETF SELECTION PROCESS

Filtering Process

Asset Class & Replication Dividend Performance Advise AssetSize Class & Size ReplicationMethod Method DividendPolicy Policy PerformanceAnalysis Analysis Advise

Source: UniCredit 2012

Understandably costs are a key consideration when selecting an ETF. The Total Expense Ratio (TER) – the total paid to cover the costs of fund management, trustees, licensing and operational costs – is an integral part of the decision making process. However, an ETF’s TER forms just one element of its total costs. Investors should also consider the impact of additional implicit costs such as trading costs and portfolio rebalancing. On the other hand, ETF portfolio managers can also take a number of actions that provide additional revenue which can be used to offset these costs. Any proper evaluation of the different ETF options should also consider the likely impact of these extra revenue sources.

Trading costs – The market price of an ETF is typically reflected in the bid / ask spread. ETF spreads tend to be lower for larger funds (higher assets under management) and funds with higher daily trading volumes. In addition, the more liquid the underlying securities of the index, the lower the spreads for the corresponding ETF can be. Since ETFs are bought and sold like ordinary stocks, brokerage commissions will also apply. Both these costs (bid / ask spreads and broker commissions) become more important as the investor’s investment horizon shortens.

Rebalance costs – Index providers, such as FTSE, S&P, MSCI and Dow Jones, amongst others, rebalance their indices to include securities that reflect their selection criteria most closely. The resulting inflow and outflow of securities will generate costs for ETFs. Rebalancing costs will vary depending on the ETF structure.

Other considerations – A positive feature of ETFs is the opportunity to earn additional revenue which can help to offset the various costs of ownership. Securities lending is perhaps the most notable example of this. Lending can take place at two levels: within the fund and lending of the fund units. At the first level, the fund manager can lend out the basket of stocks that constitute the holding of the fund to generate extra income. This income is in some cases shared with the fund, in other cases totally transferred to the fund, thus offsetting the TER. The second level lies with the final investor, who can lend out the ETF units owned to generate additional returns (this lending process works in exactly the same way as with any other stock). This can be done via in-house lending desks.

Additional sources of revenue can include dividend enhancement and the intelligent management of index events. The combined impact of all of the highlighted revenue gaining techniques can sometimes be sufficient to completely offset the TER incurred while holding an ETF position. Some ETFs use advantages arising from intergovernmental tax treaties, e.g. funds issued under the Irish regulation are able to retain the complete withholding tax.

But finally it is important to understand, that the TER is to some extend only a price label on the ETF. One should always consider the

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performance after costs as really comparable measure. It does not matter, if the ETF has a TER of zero if the after all performance does not outrank other products with a (higher) management fee.

WAYS TO ANALYSE AN ETF

What data is used for analysing ETF Performance? What exactly is the Tracking Error?

 iNAV Data provided by the Deutsche Börse or Euronext.  The tracking error is a risk measure and has no  Ideally the original NAV data provided by the issuer. significance for the performance of an ETF.  NEVER compare ETF Perfomance on a closing or last  Nevertheless is it a valuable measure to determine the price basis! quality of an ETF.

Cautious with Data Statistical Formulas

 Which Index is tracked by the ETF?  Calculation of the variance of the differences between  Has the Index the same currency as the ETF NAV? ETF performance and benchmark performance.  How are dividends managed – Decrease in the NAV?  Square of the variance is the standard deviation of the  Not all iNAV data are correct! performance = Tracking Error.

Source: UniCredit 2011

The key factors for are determined by several factors.

Some aspects are of a more structural nature: Payment of dividends Frequency and type of payments (real dividends or derivative related income) Swap or Cash-Based Compliance to regulatory needs

These facts are mostly found in the Key Investor Information Document (KIID) or in the respective factsheet of the product. They are easy to assess and help to narrow the range of ETPs, which are suitable for the investor by comparing individual features of the ETP.

Other aspects reflect the strategy of the respective portfolio management of the ETF: Dividend enhancement Equity lending within the ETF Transfer ratio of income out of Equity lending Steering of the swap ratio to improve performance

These factors are not that easy to assess, since the investor needs a transparent comparable methodology of how to evaluate and calculate the performance and tracking difference / tracking error.

These factors combined give the investor guidance which product is appropriate to invest in and if the product is suitable to fulfil investors needs.

In the graphs below it is demonstrated how a analysis for the tracking analysis and the performance of several products on the same index on NAV basis can look like and what conclusions an investor can draw from these results.

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TRACKING DIFFERENCE AND PERFORMANCE – EXAMPLES FOR DJ EURO STOXX 50 AND DAX

0.1% 130.0% 0.0% 120.0% -0.1% -0.2% 110.0% -0.3% 100.0% -0.4% 90.0% -0.5% DB X-TRACKERS DAX ISHARES DAX DE -0.6% ISHARES DAX DE 80.0% LYXOR ETF DAX -0.7% LYXOR ETF DAX DB X-TRACKERS DAX -0.8% ETFLAB DAX 70.0% -0.9% 60.0% ETFLAB DAX Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan 10 10 10 10 10 10 11 11 11 11 11 11 12 10 10 10 10 10 10 11 11 11 11 11 11 12

2.5% 110.0% DBX-TRACKERS EURO STXX 50 2.0% ISHARES EURO STOXX 50 DE 100.0% 1.5% LYXOR ETF EURO STOXX 50 ETFLAB EURO STOXX 50 90.0% 1.0% 80.0% ISHARES EURO STOXX 50 DE 0.5% LYXOR ETF EURO STOXX 50 0.0% 70.0% DBX-TRACKERS EURO STXX 50 ETFLAB EURO STOXX 50 -0.5% 60.0% Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan 10 10 10 10 10 10 11 11 11 11 11 11 12 10 10 10 10 10 10 11 11 11 11 11 11 12

Source: UniCredit 2012

Besides the tracking difference, it is important for evaluating the portfolio management performance of an ETF, that investors need to know how well the product tracks its underlying index. It is important that investors understand the sources of tracking error (TE), which is an industry standard risk measure, as well as how to estimate tracking error accurately.

For a physically replicating ETF, the key driver of tracking error is the difference between fund holdings and index constituents. This difference is a function of replication style and the instruments held in the underlying portfolio. Tax, cash management and trading costs from rebalancing can also have an impact on tracking error as well as the return differential between the ETF and the index. Importantly, the impact can be either positive or negative depending on the underlying circumstances. For example, if an ETF has excess cash during a market rally the fund would likely underperform the reference index. Similarly, excess cash would tend to cause outperformance of the underlying reference index in periods where the underlying market is falling.

When measuring the TE we need to carefully analyse the ETF and index data to come up with an accurate estimate for tracking error. Common sources of error, when calculating the TE, include a misalignment between the time of valuing the ETF and the index; total return versus price return NAVs and indices; data outliers, or missing data. It is also important to compare the frequency of the underlying data for the tracking error calculation, establishing whether it is based on daily, weekly or monthly data. Any of these factors can have a vital impact on the calculated TE. More often than not tracking error is a figure that is more important to a tactical investor who trades in and out of ETFs on a regular basis, often holding an ETF for the period of only a few days or weeks. For a buy-to-hold investor with a longer investment time horizon, such as a long-only asset manager or a retail investor, the tracking difference between the fund and the index over the target investment period (for example, a one-year or three-year horizon) is more important.

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9. ETF LENDING & SECURITIES LENDING IN ETFS

ETF Lending An Exchange Traded Fund (ETF) unit trades and settles like any other equity, which allows investors to either sell them short (and borrow them to settle the transaction) or to buy them to take a long position. One of the main advantages of shorting an ETF is that it allows investors to hedge their long positions at an index level with just one transaction. Borrowing ETF-shares units can also be a competitive hedging solution when compared to using futures or Over-the-Counter (OTC) derivatives. On the supply side, the ability of large shareholders to lend their ETF-shares units offers them the potential for additional revenue streams which, in some cases, can partially or entirely offset the cost (Total Expense Ratio (TER)) of holding an ETF.

With UniCredit it is possible to use securities lending transactions to represent short selling transactions with ETFs. This makes it possible to benefit from falling indices without having to trade in futures or take on short swap positions. Conversely, the investor can act as the lender and earn additional income by lending ETFs to UniCredit.

ETF lending terms can be agreed from trade to trade to permit better pricing of market supply and demand. This makes this process highly flexible. Forward transactions are possible both with fixed maturities and on an open-ended basis.

However, short positions will result in losses in a rising market. In a sideways trend, costs are incurred equal to the lending fee, and may exceed income. If an investor acts as a lender, a counterparty risk is incurred vis-à-vis the borrower (UniCredit).

Basis The basis for lending ETFs is the master agreement for securities lending. This agreement allows either party to borrow or lend securities, so that either counterparty can assume the role of the lender. The lender can cancel the lending transaction with three days’ notice. Short sellers can liquidate their lending positions giving one day’s notice (cut-off time: 3.00 p.m. local time for the recipient).

Collateral The collateral to cover the position is provided by the investor (short seller) and may take the form of cash, bonds or even stocks. Collateral discounts in the case of stocks must be taken into account. Depending on the rating, the collateral must be between 100% and 105%.

ETF LENDING FACILITY

1. ETF Lending 2. ETF Return

Lender Returnof Collateral Lender Collateral ETF Lending ETF Lending Fee Return

Short Seller Short Seller

ETF Sale Market Price Market Price ETF Purchase

Market Market

Source: UniCredit 2009

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ETFs as collateral When using non-cash collateral, eligibility has until recently been largely limited to equities and high quality government bonds. Given the growth in importance of ETFs in global trading volumes, these instruments are poised to fulfil a more active role as a form of collateral. This subject is one that has provoked mixed opinion. There has been some lack of understanding of how ETFs are structured and how liquid they are. On the other hand, there is enthusiasm from some market participants who consider ETFs a better form of collateral than others. Using single stocks, lenders often determine haircuts based on a fully weighted basket of an index. As index constituents have different weightings within the index, large amounts of collateral can be pledged from less liquid names within an index, potentially resulting in difficulty liquidating. Accepting an ETF with a physical structure however provides an underlying weighting equivalent to the index and assures larger weightings in the liquid securities. Although the Average Daily Trading Volume (ADTV) approach addresses this liquidity issue, ETFs offer the advantage of already holding securities according to their index weighting. In addition, the open-ended structure of ETFs allows for the possibility to liquidate in the primary market, via an authorised participant, and in the secondary market should the need arise. A common correlation model assumption is that the borrower will pledge a perfect slice of one index and borrow a perfect slice of another, for example, FTSE 100 versus S&P 500. In reality, however, lent and borrowed securities are not perfect index slices. ETF collateral partially addresses this issue as physically replicating ETFs resemble the collateral index. In challenging market conditions, the nature of an ETF and the fact that in itself, it offers diversified exposure to a spread of stocks within an index, means that its volatility should be lower than a concentrated basket of securities. In summary, as ETF trading volumes increase, demand for its use as collateral is likely to also increase. By adding ETFs to their collateral schedules, lenders can help reduce risk and attract additional balances.

Securities Lending in ETFs Not only the ETF itself can be lent out, also the constituents of an ETF can be subject of securities lending. Securities lending is a mechanism which allows investors to express negative as well as positive views on markets and supports an efficient two-way pricing mechanism for market makers allowing them to manage risk. This in turn improves liquidity, which contributes to tighter trading spreads and therefore lowers costs for investors. Securities lending is used in most fund structures, including index and active mutual funds, segregated mandates, and physically and derivative replicating ETFs. If conducted under appropriate controls it is considered a low-risk activity. There can, however, be significant differences in the returns generated, risk management standards and the level of transparency that is provided in different securities lending programmes. For an investor, the primary benefit of securities lending is the extra revenue generated, which in some cases can significantly offset the cost of holding an ETF or even outperform the replicated index. Investors should consider additional revenue generated by securities lending as an important factor in their total return assessment. Securities lending may be undertaken in both physically and derivative replicating ETFs, though the process and the level of transparency may differ significantly across providers. It is important to emphasise that securities lending transactions are over-collateralised according to well-defined and transparent collateral parameters, and loans and collateral are marked to market on a daily basis.

The ratio of revenues which is transferred in the ETFs differ significantly: In the European iShares funds, 60% of all securities lending revenue is paid directly into the ETFs, while BlackRock receives 40% of the revenue and covers all the operational costs resulting from securities lending transactions. Other providers, for example DEKA ETF, pay 100% of the lending revenues to the fund directly, which improves the overall performance by far.

According to German Investment Law there is no clear definition about the fees paid by the borrower, just that they should be adequate and comply with market standards. The volume which is available for lending to a single counterparty is limited to 10% of the assets of the ETF (15% when the lending period is limited). The lent out volume can even reach 100% if the counterparty is an eligible institution, that grants an over-collateralisation (Clearstream). Securities lending may also be undertaken within derivative replicating funds and can be executed in two ways. In an unfunded derivative replicating ETF structure, securities lending may take place within the reference / substitute basket. This is not common practice for the majority of derivative replicating funds as the reference basket tends to contain securities that do not have high borrowing demand. Alternatively, securities lending may be performed by lending the constituents of the “hedge basket”. This is a basket of securities purchased by the swap counterparty to hedge exposure to the appropriate index, and is held outside the fund.

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In this instance, securities lending within the hedge basket is performed outside the derivative replicating fund structure, and so this process does not directly impact the fund’s counterparty risk exposure. As with active-, index- and physically replicating funds, securities lending within derivative replicating funds generates additional revenue. The transparency of this process and the amount of revenue shared with the fund is not always fully disclosed.

The way in which securities lending is conducted by various fund providers may differ significantly. Critically important, is that the ETF issuer are transparent about their processes, risk management and the revenues generated. This should provide investors with the key information they require to assess the risk / return profile of the securities lending programme.

The primary risk in securities lending is that a borrower will default on their commitment to return lent securities while the value of the liquidated collateral does not exceed the cost of repurchasing the securities. The risk profile of a securities lending programme therefore depends on how well it mitigates counterparty and collateral risks.

Create to Lend The creation / redemption process is also the basis for “Create to Lend”, whereby APs create (or redeem) ETF creation units with the specific intent of lending ETF shares.

There are potentially three reasons as to why a firm might engage in Create to Lend.

First is where a client wishes to short an ETF that is not available for borrowing in the market. This client facilitation function allows the client to execute the short sale.

Second is to generate a profit. To the extent that a bank or investor can create an ETF cost effectively and lend to a client or counterparty at a higher spread, the goal here is pure spread profit.

Third is that where a bank or investor uses the underlying long positions to create some, most or all of the ETF, and then that ETF can be loaned out, the company is not only generating a spread profit, but also getting funding for its long inventory at a profit. In most conventional cases, long positions are used as collateral for other transactions and generally entail a carrying cost, as would be the case in an equity repo transaction. So where a company can lend out the long position directly or use it to create an ETF that can generate revenues, it has a double positive impact generating a fee and obtaining funding without cost.

However Create to Lend has drawbacks that limit its utilisation in Europe. When a new unit is created the fund manager assesses creation charges. These creation charges are based on the market value of the creation and are an absolute figure. Where a borrower keeps the ETF shares borrowed for an extended period, the creator / lender can earn back the charges. However, where an ETF is returned earlier than originally anticipated, the creator / lender has a dilemma. Aside from possibly not recouping the creation fees, they must do something with the asset. Preferably they would lend it out to another borrower. However in the absence of a continuous lending / borrowing marketplace, it is a random chance as to whether a replacement borrower will be found. Failing that, use of the ETF as collateral might be an equitable parking place while finding another borrower. Here again, the market reality of few takers of ETFs as acceptable collateral limits the holder’s options. This results in a premature redemption, possibly incurring additional fees. The “Create to Lend” issues are a microcosm of the issues faced by the ETF trading and financing industry in Europe. The planned implementation of a Financial Transaction Tax in certain countries will have a negative impact on the “Create to Lend” process involving purchases of the underlying assets due to the higher costs in creating ETF units.

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10. EXCHANGE TRADED NOTES / COMMODITIES

A type of unsecured, unsubordinated debt security is an Exchange Traded Note (ETN), that was first issued by Barclays Bank PLC. This type of debt security differs from other types of bonds and notes because ETN returns are based upon the performance of a market index minus applicable fees, no period coupon payments are distributed and no principal protections exists.

ETNs have similar features to ETFs in that they are exchange traded delta one products that track a benchmark and can be bought and sold intra day either through a broker or directly with the issuer. The key difference is that ETNs are investment vehicles backed by debt and can be unsecured (full credit risk of issuer) or secured (collateralised). For an unsecured ETN an investor is fully exposed to the ability of issuer to deliver the objective of the ETN, i.e. 100% counterparty risk. There are different sub-categories of ETNs available and these present different levels of counterparty risk which investors may be exposed to. Maturities of ETNs range from 10 to 50 years, although they can also be undated. ETNs are UCITS-eligible but not UCITS-compliant instruments. This is because the UCITS III rules set an absolute maximum exposure of 35% to a single commodity or group of closely related commodities and many of the ETNs deliver single commodity exposure. For UCITS investors this means that not more than 10% of the portfolio assets may be allocated to these notes. In Europe the most popular exposure provided by the ETN structure is commodities and they are commonly referred to as Exchange Traded Commodities (ETCs). The largest ETCs in Europe provide exposure to gold and over 95% of these assets are backed by physical holdings of gold bullion in an ETN structure.

Exchange traded commodities are passive index trackers that track the performance of classical and roll-optimised commodity indices, subindices and individual commodities.

The difference between stock market and commodity indices begins with the fact that the latter always consist of futures. Consequent- ly, continual transactions (rollovers) are needed to track the index performance, which may result in rollover gains or losses, depending on the term structure curve.

EXCESS RETURN VS TOTAL RETURN

Nearby Excess Collateral Total Futures Roll Return Return + = Return + Return = Return

Source: UniCredit 2011

Classical ETCs issued by the ETF Securities group of companies earn a Total Return (excluding those backed by physical bullion). A total return is the return that an investor can earn by holding a long only, fully collateralised position in commodity futures. A total return consists of three sources of return: Commodity Price (“Spot”) Return, Roll Return, and Collateral Return. Commodity returns are measured using total return because the spot return is not an investable return. The spot return is not an investable return because most commodities held for investment purposes are unsuitable to be held in physical form.

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The asset class “Commodities” is priced by UniCredit Commodities for all main issuers:  In physical backed products the inventory is held by a trustee. ETF/ETC Futures Certificates  Commodity Index Futures are a efficient way to get exposure to commodities. Physical/Synthetic Exotic  Certificates allow the investor to invest in Single Comodity securities tracking spot prices at low costs. Single Basket Commodities Indices

Short Leveraged Long/Short Long/Quanto

Source: UniCredit 2008

ETCs offer similar liquidity to conventional stock market ETFs. However, in the case of commodity indices, which underlie most ETCs, it is important to note that the futures are at their most liquid during trading hours in the USA. Although even the traditional commodity exchanges are beginning to move towards electronic trading outside traditional trading hours, we undoubtedly still have a while to wait before we can say that these markets are characterised by good liquidity. Particularly with agricultural commodities, which still have a long break in trading (from 12 noon until 3.30 p.m. GMT), it is not advisable to trade before 3.30 p.m. GMT, especially in view of the recent high volatility. In the case of precious metals, industrial metals and energy, liquidity is normally quite good during the entire European trading day.

In case of insolvency the issuer has no access to the corresponding assets, similar to the case of an SPV in a fund setting.

In order to reduce the tracking error to the benchmark index, some ETF Securities’ products use a swap structure. To minimise credit exposure to swap counterparties products are backed by cash collateral or Eligible Collateral posted by the counterparty. ETF Securities has agreed a set of criteria which apply to all its collateralised products and defines the assets that constitute Eligible Collateral, how those assets are valued and the process for ensuring swap counterparty exposure is collateralised on a daily basis. The Eligible Collate- ral requirements are consistent with the repo collateral requirements under UCITS guidelines. As a result ETF Securities’ products seek to minimise tracking error with limited credit exposure.

CONSTRUCTION METHODS OF ETCS AT ETF SECURITIES Issuer Economic Exposure Swap Based Credit Risk MSL, GBS, IML Precious & Industrial Metals No No – All exposure physically backed (metal in vault or LME approved warehouse) CSL DJ UBS commodity indices Yes Credit exposure against swap providers ba- FXL MSFX indices Yes cked by collateral posted with and monitored by an independent custodian (The Bank of ETFX Equity indices Yes New York Mellon) Source: ETF Securities 2011

Under the CSL structure each swap provider posts Eligible Collateral to a pledge account in its name, held with and monitored by an independent collateral manager, the Bank of New York Mellon (BONY). Each swap provider must contact BONY prior to removing any Eligible Collateral from the account. Exposure to each swap provider is reconciled, marked to market daily, and backed by Eligible Col- lateral targeting at least 100% of this mark to market value. If the swap provider defaults on its obligations, the issuer (CSL) will take ownership of the Eligible Collateral and realise it.

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ETFS CSL STRUCTURE

ETFS Acess if CP defaults Cash CLS Cash Swap Investor BONY (APs)

Swap Pledged Counterparty post collateral daily a/c (CP)

Source: UniCredit / ETFS 2011

Under this structure the cash held by the issuer (FXL) is delivered to the swap provider and Eligible Collateral is transferred under a repurchase agreement (Repo) (to which FXL receives legal title). The collateral manager (BONY) will only release the cash to the swap provider upon Eligible Collateral being posted. For FXL the cash inflows are 100% collateralised and there is a daily mark to market of swap exposure.

ETFS FXL STRUCTURE

Legal Ownership ETFX Cash ETFS FXL Cash Swap Investor BONY (APs)

Cash Swap Pledged Counterparty a/c (CP) post collateral

Source: UniCredit / ETFS 2011

ETFX currently has four swap providers on the platform. Swap positions are collateralised differently according to the swap provider. Citigroup and Bank of America Merrill Lynch swaps are unfunded and similar to the FXL structure above. The cash is mainly invested in Eligible Collateral by way of a repo and any remaining cash is invested in money market funds with daily liquidity (in order to satisfy

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any margin calls from these swap providers). For market moves on the relevant index which affects the swap value, exposure is reduced (as often as daily) using cash transferred between the relevant sub-fund and the relevant swap provider. These swaps are reset monthly where the profit or loss is paid or received between the swap provider and the relevant sub-fund while the corresponding Eligible Col- lateral and / or money market funds are liquidated as necessary.

Barclays and Rabobank are the other swap providers, each of which provides fully-funded swaps that reset daily. With Barclays, the exposure for the swap is collateralised in a similar fashion to CSL above where Eligible Collateral is transferred to the relevant sub-fund through BONY according to the previous business day’s closing positions (including anything receivable by the sub-fund for pending trades). Rabobank does not transfer Eligible Securities but instead transfers cash equating to 102% of the swap value from the previous business day’s close (including anything receivable by the sub-fund for pending trades) in the base currency of the relevant sub-fund. This cash received as collateral is invested in AAA money market funds. A large number of ETCs are based on the DJ UBS Commodity Index which consists of five different commodity sectors (precious metals, industrial metals, energy, agricultural products and livestock). All sectors and the related individual commodities can be reflected in various investment strategies (short, leveraged, classical and forward). The forward ETCs provide access to subindices with roll-optimised index concepts, and are therefore very well suited to investors with a strategic approach.

COLLATERALISATION PROCESS

3. BONY values the collateral ETF according to schedules Securities and makes sure it covers at least the exposure. If necessary BONY will 1. Positions 2. Provide BONY ask for additional marked to with the exposure collateral to be posted market and BONY amount reconciled Collateral daily

Swap Counterparty (CP)

4. Additional collateral to be posted if required by BONY

Source: UniCredit ETFS 2011

The exchange traded commodities (T-ETCs) issued by Source have now been on the market for two years. These ETCs track the S&P GSCI and its subindices as well as individual commodities such as corn and cotton. To eliminate the inherent issuer risk, the T-ETCs are fully backed at all times by G7 sovereign bonds or cash, in the same way as the well-known ETCs.

Physical ETCs, i.e. ETCs whose name includes the word “physical”, are fully backed by physical deposits of precious metals or in some cases industrial metals. So far physical ETCs have been available for gold, silver, platinum, palladium and as a basket comprised of all four of these precious metals. The advantage is the elimination of credit risk through the physical deposit of the metals. In addition, these ETCs track the spot price of the metal in question.

The increasing interest in gold among investors cannot be solely attributed to the fact that the price of gold has become fully delinked from global stock markets, but rather is also a reflection of the role of gold as a hedge against inflation and a weak US Dollar.

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Because central banks around the world have dropped their prime lending rates to historical lows in response to the global economic crisis, and with government economic stimulus programmes sending public debt soaring, investors everywhere fear the return of high inflation rates. In the current economic environment gold is therefore becoming increasingly attractive as an effective hedge against rising inflation.

The global financial and banking crisis has had a drastic impact on the trust in investment products involving credit risk. As a result, investments in “physical gold” are in heavy demand as the ultimate solution.

Gold – global demand GLOBAL DEMAND IN PHYSICAL GOLD IN TONS

1.600 Jewellery Total bar and coin invest Technology Official Sector ETFs and smilar

1.100

600

100

-400

-900 Q2 '06 Q4 '06 Q2 '07 Q4 '07 Q2 '08 Q4 '08 Q2 '09 Q4 '09 Q2 '10 Q4 '10 Q2 '11 Q4 '11 Q2 '12 Q4 '12 Q2 '13 Q4 '13 Q2 '14 Q4'14

Source: World Gold Council 2015

From a regulatory standpoint, most investors are banned from investing in physical gold or other physical commodities. Nevertheless, alternative investments are available that comply with the guidelines.

An alternative to direct investments in gold are the above-mentioned exchange traded commodities (ETCs), which are directly backed by physical gold deposits. The precious metal is deposited with HSBC in London as a trust asset in the investor’s name, which means that there is no credit risk or issuer risk. The issued securities are fully collateralised and, in case of insolvency, cannot be included by the issuer in the bankruptcy assets.

Physical ETCs thus combine the advantages of a physical investment in gold with the flexibility of exchange trading. Europe’s largest UCITS / OGAW-eligible physical gold ETCs (100% gold backing) are: Gold Bullion Securities (DE000A0LP781), USD 3.83 bn in assets under management ETFS Physical Gold (DE000A0N62G0), USD 4.67 bn in assets under management Source Physical Markets Gold P-ETC (IE00B579F325), USD 1.84 bn in assets under management

The products of Zürcher Kantonalbank (ZKB), particularly ZKB Gold (CH0024391002) function in a similar way. Here, too, investments are made exclusively in physical gold, and the fund is a special purpose vehicle under Swiss law which is regarded as a certificate in Germany. ZKB Gold is not UCITS -eligible.

Xetra-Gold (DE000A0S9GB0), which is listed on the Frankfurt Stock Exchange, is an exchange-traded security issued by Deutsche Börse Commodities GmbH in the form of a no-par bearer bond. Each bond grants the investor the right to demand the delivery of one gram of gold from the Issuer. The Issuer holds a corresponding amount of physical gold and a limited amount of account gold with a precious metals company. The fact that Xetra-Gold takes the form of a security makes it fungible and as easy to transfer as a share.

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However, Xetra-Gold has only 95% gold backing. The remaining 5% is backed by so-called account gold as claims against Umicor, the gold supplier. To the amount of the upper limit on account gold (5% of the volume), investors therefore bear the risk of default by the account gold debtor from an economic standpoint. The only question that remains is, how likely is an default?

CHOOSING THE RIGHT GOLD ETC

But when choosing the right Gold Tracker one should consider the following factors: Investors should not be exposed to any credit risk towards the Issuer or the Custodian or any other counterparty. Issuers should be a separate, bankruptcy remote entity (segregated from the issuer’s other assets and liabilities). Bullion should be identified as owned by the Issuer held in allocated form, and as a result segregated from any other assets held by the Custodian (both physically and in its books and records). Physically-backed ETCs should have independent Authorised Participants, Market Makers and Custodians. Such independence has long been a hallmark of good corporate governance for the fund management industry, increases transparency and reduces any potential conflicts of interests. The ratio of the security’s Net Asset Value to the London Gold PM fix should be stable (reflecting only the historical cost) and easy to calculate to allow Market Makers to efficiently trade the product and provide best prices and execution to the market. Fees should be clearly identified, broken down and their impact on the Net Asset Value should be easy to calculate. For greater transparency and to insure that the ETC is effectively backed at all times by physical bullion, the issuer’s allocated account should be audited by both the Custodian’s own rigorous internal audit procedures and by an independent, LBMA approved, independent Bullion assayer. The Audit procedure should consist of semi-annual audits, at least one of which should be random and encompass both a physical inspection of the vault and a reconciliation of the bullion with both the Custodian’s and the Issuer’s records .

Both the Issuer and investors should receive updated account statements of the Bullion backing the ETCs. The Custodian should provide the Issuer with a bar list, updated daily for creations and redemptions, showing recognisable identifiers for each bar held. These generally comprise: brand name, serial number, weight and assay. These should be available to investors. Bar list allows investors to perform independent checks (to confirm there are no duplicates and that bars are LBMA good delivery) against the LBMA approved list. The structure should allow for multiple APs to reduce tracking error. Products with only one AP may trade at a premium as there are no independent arbitrageurs ensuring that prices remain consistent with the underlying physical gold price. The structure should allow for multiple market makers to provide liquidity, reduce spreads and to ensure the prices are made around NAV and not trading at a premium. Multiple market makers and APs also reduce operational risk in the event any one AP or MM is no longer able to participate in the Market. Physically-backed ETCs should provide access to Bullion with the security, reliability and strength of the London wholesale OTC Bullion market, therefore the bullion should be held in the form of London Good Delivery bars.

The custodian should be a member firm of the LBMA and the LPMCL: Custodians that trade in these markets have vaults that are internationally recognised as meeting required standards for security and storage space. Bullion should be LBMA good delivery bars: These bars have a set number of ounces and a required fineness (purity) of 99.5%. They must bear the stamp of an LBMA- approved smelter / assayer. They are the only bars permitted for delivery in the London OTC market. They are the only bars permitted for delivery in the London OTC market. Bullion held Loco London is the most liquid, If held anywhere else (e.g., loco Zurich), Bullion should be held with a Custodian or sub-custodian who is an LBMA / LPMCL member. Holding gold bullion outside London may result in meta trading at a premium or a discount to the London fixing price. Creating outside London may also require a loco swap with London; in the event of a shortage of metal, the swap price could increase dramatically. For example, loco Tokyo Bullion could trade 20bps either side of the London price (and can spike dramatically if demand outweighs available supply).

Source: UniCredit / ETFS 2011

Other investment opportunities are offered by ETCs which track the performance of the DJ-UBS Gold Index: ETFS Gold, ETFS Leveraged Gold, ETFS Short Gold and Source S&P GSCI Gold TR.

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In addition to direct investments in gold, it is also possible to take the indirect route of investing in the stock of gold producing companies. Global gold mining stocks can be traded easily and conveniently with ETFs. Another possible alternative or complement to a direct exposure to gold is the ETFS Russell Global Gold Fund or Market Access AMEX Gold Bugs.

Commodity Indices are a very convenient way to access the commodity market with a broader approach than single commodities. They can represent the asset class as a whole or particular sub-sectors, such as industrial metals or energy.

These indices differ in their way how they are constructed, either they track future or spot prices, the methods for rebalancing, and last but not least in their weightings, are some sub-sectors capped or do they track the exact development of their underlyings.

The main commodity indices and their weightings are shown below:

COMPOSITION OF THE MAIN COMMODITY INDICES Rogers International Commodity Index Thomson Reuters Jefferies CRB Index SummerHaven Dynamic Commodity Index 7% 7% 7% 3% 7% 14% 32% 34% 21% 13% 44%

21% 44% 39% Dow Jones UBS Commodity Index S&P Goldman Sachs Commodity Index Deutsche Bank Liquid Commodities Index 4% 13% 5% 16% 16% 7% 6% 32% 0% 32%

18% 19%

34% 30% 68%

Thomson Reuters Equal Weight Continuous Commerzbank Commodity EW Index Auspice Broad Commodity Index

18% 17% 25% 26% 0% 9% 41% 46% 12% 0%

6% 25% 24% 33% 18%

Agriculture Energy Industrial metals Livestock Precious metals Source: UniCredit, S&P, Goldman Sachs, Lyxor 2013

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Roll Optimisation Some ETCs and even some ETFs obtain their performance by the use of “futures contracts”. By the usage of “futures contracts” it is not possible to replicate the spot price. Reasons for that are roll-costs (Backwardation and Contango). This deviation is caused by the cost of carry (costs include warehousing fees and interest forgone on money tied up, less income from leasing out the commodity if possible).

CONTANGO & BACKWARDATION

Contango refers to the market condition wherein the price of a for- Backwardation refers to the market condition wherein the price of a ward or futures contract is trading above the present spot price. The forward or futures contract is trading below the present spot price. resulting futures or forward curve would typically be upward sloping The resulting futures or forward curve would typically be downward (i.e. “normal”), since contracts for further dates would typically trade sloping (i.e. “inverted”), since contracts for farther dates would typi- at even higher prices. cally trade at even lower prices.

A contango is normal for a non-perishable commodity that has a cost A backwardation starts when the difference between the forward of carry. Such costs include warehousing fees and interest forgone on price and the spot price is less than the cost of carry, or when there money tied up, less income from leasing out the commodity if pos- can be no delivery arbitrage because the asset is not currently avai- sible. The contango should not exceed the cost of carry, because pro- lable for purchase. ducers and consumers can compare the futures contract price against the spot price plus storage, and choose the better one.

Source: UniCredit

Is it possible to diminish the performance gap between spot price and futures-markets? Deutsche Bank has begun to implement roll optimisations in some products. This needs the following requirements: Roll into the next future before expiry. The portfolio is adjusted with a optimum yield method. Positive effects are maximised and negative effects are minimised. Roll optimisation only works with a stable term structure, moving towards contango. Roll optimisation is not effective in a backwardation environment.

ROLL OPTIMISATION

130 130 125 125 b=120 Spot Price 120 120 115 115 A=10 a=110 110 B=20 110 B=20 a=110 105 A=10 105 100 100 Spot Price b=100 95 95 90 90 85 85 next future 1 year next future 1 year

According to OY-Strategy roll in Future B, hence less roll costs According to OY-Strategy roll in Future A, hence higher roll profit compared to Future A. compared to Future B. Investment in A – Roll-Yield USD 3 x 12 Months = -USD 36 Investment in A – Roll-Yield USD 3 x 12 Months = USD 36 Investment in B – Roll-Yield USD 25 x 1 = -USD 25 Investment in B – Roll-Yield USD 25 x 1 = USD 25 Source: UniCredit, Deutsche Bank 2010

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11. LINEAR CERTIFICATES

With an experience of more than ten years and a multi awards winning team, UniCredit is offering a wide range of linear certificates through trading & sales teams available in five different countries. Currently roughly 700 certificates are issued by UniCredit, more than 50 per cent of the issued products are referring on a net total return index like most ETFs, which enables the investor to participate on dividend payments.

In legal terms, certificates are bonds. Unlike conventional bonds, however, certificates do not earn fixed interest but grant participation rights to the success or failure of a securities exchange transaction. Accordingly, certificates can entail completely different yield opportunities and risks of losses being incurred.

Index certificates (= promissory note) possess an issuer risk. This means in the case of a default the issuer may not fulfil his obligations. Due to the fact that bankruptcy cannot be completely eliminated, there is also the possibility of collateralising the issuer risk.

Index certificates are based on a share, securities or commodity index as an underlying factor. Index certificates track the underlying index in a ratio of 1 : 1. Index certificates are an alternative to ETFs, which likewise track an index. Compared with index funds, index certificates usually incur lower costs but are subject to the issuer risk (in the case of the products presented, the issuer risk of UniCredit Bank AG). If the certificate is based on a share index, it should be ascertained whether the certificate relates to a performance index or a price index. In the case of a performance index, dividend payments are included, whereas this does not apply to a price index; in specific cases, this difference may amount to a yield differential of several per cent per annum.

Unlike the situation in ETF trading, when it comes to certificates there are not numerous market makers that provide the corresponding order book depth for each product to enable sales to be cushioned accordingly. However, the respective issuers provide quotes on exchanges such as Scoach or Euwax on which investors can trade. To assess the quality of pricing trends and response times, statistics are published by Scoach to enable a better judgment to be made of the particular issuers:

STATISTICS Convertibles Capital Protection Certificates Index-Certificates Issuer Jun 12 Issuer Jun 12 Issuer Jun 12 UniCredit 27.66% DZ Bank 50.56% Deutsche Bank 21.55% LBBW 13.72% UniCredit 12.50% RBS 20.55% DZ Bank 13.17% West LB 6.73% UBS 17.47% Deutsche Bank 12.54% LBB 6.55% Commerzbank 10.55% Commerzbank 10.57% LBBW 6.45% DZ Bank 8.22% HSBC Trinkaus 6.23% Deutsche Bank 3.82% UniCredit 5.03% Bayern LB 3.61% Commerzbank 3.77% Société Générale 4.47% Source: DDV 09 / 2012

Investing in certificates provides several advantages that should be taken into consideration: Large product range – almost every trading universe performance can be tracked 1:1, similar to the ETF market Tight spreads – cheaper as a direct share investment in all single index components Cheapest investment product – cheaper than any other index tracker (e.g. funds), no hidden cost Dividend participation – on performance certificates dividends can be earned identical to the index Several currencies – certificates are available in all major currencies Longer trading times – you can trade at any time between 9 am and 8 pm CET Several trading places – you can trade on major stock exchanges, via brokers and of course also directly with the market maker OTC Any liquidity – the market maker provides you with every liquidity you are looking for and in addition he supports you with execution proposals in relation to market liquidity analysis

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Individual Delta One solutions In addition to using certificates for tracking existing indices, from a certain investment volume UniCredit also offers to its investors the possibility of securitising individual asset baskets consisting of bonds, equities, funds and commodities if requested to do so. Based on the requirements of the investor, one of the following wrapping vehicles can be created for individual client portfolios:

CUSTOMIZED PRODUCTS

Wrapping Solutions for Individual Client Portfolios

Certificates Funds Swaps Forwards (Fwd’s) Promissory note

Additional Features Available e.g.: Several individual strategies existing e.g.:  Management fees  Fund of Funds  High watermark calculation  Individual Advisor Portfolios  Discounted dividends  Minimum Varianz Portfolios  FX structures  Cash Management

UniCredit coordinates all the relevant parameters such as the term to maturity, currency, subscription ratio and weightings in the underlying with the client at the beginning of the transaction. It can be chosen between a fixed basket that can be changed by the clients volition and rule-based adjustments. UniCredit will be pleased to provide assistance in finding the suitable method. The possibilities range from a simple, non-recurring wrapping of a basket all the way through to an individual index calculation along with appropriate adjustments. There are several product ideas which UniCredit has already listed as certificates for institutional investors. Wrapped underlyings in these products are hedge funds, mutual funds, managed futures, infrastructure funds, private equity funds an so on. Additional to these underlyings there are also strategy certificates listed with the following strategies: Global macro (diversified, multi strategy), event driven (special situation, merger arbitrage), relative value (arbitrage strategies, ABS), directional (long / short equity, fundamental-strategy), fund of funds. Also different tranches for institutional- and retail investors are realizable.

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SECURITISED TRADING – CUSTOMISED PRODUCTS

Customized Products – Structure and Process

UniCredit Markets & product solution Investment Banking

statistical data based Structuring Certificates Funds Swaps model based Strategy Wrapping Fwd's Promissory note etc. client or advisor Trading based

Offered Service Range Advantages  Index calculation  Customized hedge  Reallocations / Reweightings  Optimized statistical parameter (e.g. beta)  Secondary market making with contribution on several exchanges  Adjustable to market situations and distribution on several information servers (e.g. Reuters,  Independency from standardized underlyings Bloomberg,…)  Individual rule set

To provide you with investment support also in terms of risk aspects, UniCredit will be pleased to deliver reports on the vehicle in question at regular intervals. The key ratios and intervals in question are flexibly coordinated with investors.

Some investors are already making use of the opportunities in this field, allowing our expertise to work for them, and this accounts for a total of EUR 1.6 bn in assets under management.

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12. BETA PRODUCTS: ETFs, FUTURES & SWAPS

The three major Equity / Delta One products available to investors in the market today are futures, swaps and ETFs. Following the instruments are furthermore explained and differences outlined to each other. The operational requirements for all three Delta One investments differ significantly. While ETFs are mutual funds and require little daily management or monitoring, futures positions require daily mark-to-market, margin maintenance and rolling over at expiry. In the case of swaps, cash flows and collateral need to be monitored and netted on a daily basis. On-exchange pricing for ETFs and futures provides transparency, especially for daily valuations. Term swaps are the least efficient in terms of flexibility with respect to opening, maintaining and closing of positions. The (OTC) swaps market provides an extra degree of complexity with respect to selecting multiple counterparties in order to manage risk, as well as agreeing upon the precise terms of trading and pricing. Equity exposure, outside of owning the full basket of underlying equities, is often managed through synthetic products such as ETFs, index futures that trade on-exchange and OTC swaps. Investors with a very short-term trading focus of typically less than three months, with a need to implement short positions and a strong preference for high intraday liquidity, will find futures the instrument of choice assuming a liquid matching future exists. Long-term holdings of futures incorporate substantial and variable implicit costs and risks relating to contract pricing, forecast dividends and interest rates. Inves- tors looking for highly customised solutions with minimal TE risk, are likely to favour swaps. However, since they are both derivative products, futures and swaps can be operationally challenging, requiring major changes to risk management, settlement and reporting infrastructure. ETFs have emerged in recent years as an increasingly viable and cost effective solution. ETFs benefit from a stable and transparent cost structure as well as operational ease of use.

FUTURES

In finance, a futures contract is a standardised contract between two parties to exchange a specified asset of standardised quantity and quality for a price agreed today (the futures price or the strike price) with delivery occurring at a specified future date, the delivery date. The contracts are traded on a futures exchange. The party agreeing to buy the underlying asset in the future, the “buyer” of the contract, is said to be “long”, and the party agreeing to sell the asset in the future, the “seller” of the contract, is said to be “short”. The terminology reflects the expectations of the parties – the buyer hopes or expects that the asset price is going to increase, while the seller hopes or expects that it will decrease. Note that the contract itself costs nothing to enter; the buy / sell terminology is a linguistic convenience reflecting the position each party is taking (long or short). In many cases, the underlying asset to a futures contract may not be traditional commodities at all – that is, for financial futures the underlying asset or item can be currencies, securities or financial instruments and intangible assets or referenced items such as stock indexes and interest rates. While the futures contract specifies a trade taking place in the future, the purpose of the futures exchange institution is to act as intermediary and minimise the risk of default by either party. Thus the exchange requires both parties to put up an initial amount of cash, the margin. Additionally, since the futures price will generally change daily, the difference in the prior agreed-upon price and the daily futures price is settled daily also. The exchange will draw money out of one party’s margin account and put it into the other, so that each party has the appropriate daily loss or profit. If the margin account goes below a certain value, then a margin call is made and the account owner must replenish the margin account. This process is known as marking to market. Thus on the delivery date, the amount exchanged is not the specified price on the contract but the spot value (since any gain or loss has already been previously settled by marking to market). Tracking error for futures, relative to the underlying cash index, can be difficult to estimate given that most futures contracts trade for significantly longer periods than the cash market. This yields significant differences in the closing price of the futures relative to the index. Additional TE will exist if a basket of futures has to be constructed in order to proxy an index. Finally, since futures are derivative instruments, the documentation requirements are relatively high.

Source: UniCredit 2011

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SWAPS

Swaps are OTC contracts which allow investors to gain exposure to a wide set of returns from both a long and short perspective. Virtually all equity index exposures that are achievable through futures can also be achieved through swaps. For example, a swap agreement might involve one party receiving the return on the EURO STOXX 50 Index in exchange for a cash-based payment (e.g. London Interbank Offered Rate [LIBOR] + a spread) to the swap counterparty. Most swaps are traded over-the-counter (OTC), “tailor-made” for the counterparties. Some types of swaps are also exchanged on futures markets such as the Chicago Mercantile Exchange Holdings Inc., the largest U.S. futures market, the Chicago Board Options Exchange, Intercontinental Exchange and Frankfurt-based Eurex AG. The flexibility of a swap contract ranges from the index being tracked to the length of the swap exposure. The ability to tailor a swap agreement precisely, for example, by requiring the equity payer to pay the exact return on a particular index, means that TE should be zero or very close to zero. An additional advantage of swap agreements is that they offer exposure without the risk of periodic or regular margin calls, as would be the case with futures. However, swaps do have regular cash flows associated with them depending on the performance of the asset held within the swap. Swap pricing in recent years has tended to reflect the significant level of institutional usage, especially with respect to term-based total return swaps on key benchmark indices. The market has become more and more competitive, which has resulted in a pricing environment that reflects the full economics of a swap, including the ability to achieve enhanced returns relative to the index. Depending on the benchmark, swap pricing can differ from the equivalent pricing in associated futures contracts with potentially more aggressive pricing for long swaps compared to short swaps depending on the demand for the underlying assets in other parts of the synthetic equity market. Such additional return in a swap structure can be compared with the additional revenue fed back into ETF returns as it is known from securities lending. Other costs, such as LIBOR bid / offer spreads and fees, tend to increase with the degree of customisation required in swap agreements. Since swaps are fixed-term contracts, cancelling them ahead of their maturity date can be difficult, resulting in early termination fees payable by one of the counterparties. Alternatively, a swap agreement could be negated by entering into a separate offsetting swap agreement, which would also incur additional costs. Finally, there is significant potential for counterparty risk in swap agreements. In order to mitigate some element of counterparty risk, swaps also have an element of collateralisation.

Source: UniCredit 2011

ETFS

ETF stands for exchange traded funds. But the abbreviation could also stand for the advantages of these passively managed, publicly traded investment funds: Easy of use, transparency and flexibility. ETFs are funds that track an index offering assetclassexposure. Exchange traded funds can be traded as easily and flexibly as stocks. They can be bought and sold at any time during regular trading hours, thus offering much greater flexibility than conventional funds. Another major advantage of exchange traded funds is their transparency. Traditional actively managed funds generally inform their investors on the composition of the portfolio only on a monthly, quarterly or even semi-annual basis. By contrast, the exact composition of an ETF can be obtained at any time the stock exchange is open. Moreover, the so-called indicative net asset value (iNAV) for ETFs is continually recalculated during trading hours. All of this makes exchange traded funds one of the most transparent types of investment around. Futures and swaps are less operationally efficient in comparison to ETFs. Futures and swaps are classified as derivative instruments; their documentation requirements are more onerous than those of ETFs. ETFs avoid the basic risk and additional transaction costs that stem from rolling futures positions forward in each quarter. ETFs can offer beta exposure in a number of areas where no comparable future exists. Overall, ETFs can be a more viable solution for institutions that seek index exposure, but cannot use futures either as a matter of internal policy or other imposed restrictions. In comparison to swaps, physical ETFs have the major advantage of minimal counterparty risk because the fund’s underlying securities are held in ring-fenced separate accounts. Counterparty risk is more of a concern for swap-based ETFs as there is a possibility that the entity responsible for providing the index return might fail. However, UCITS rules serve to limit counterparty risk to 10% of an ETF’s Net Asset Value (NAV). On the other hand, in addition to trading commissions, investors in ETFs have to take into account the TER. This is an all-inclusive annualised measure of a fund’s management and administrative costs and is deducted proportionately on a daily basis from the fund’s NAV.

Source: UniCredit 2011

Operational factors The operational requirements for all three Delta One investments vary considerably and this has a significant impact on the level of usage by different clients. The main issues relating to futures and swaps occur with respect to the ongoing operational management of positions: ETFs and futures are traded on-exchange, they tend to benefit from greater pricing transparency, which aids overall operational efficiency. The swaps market, due to its OTC nature provides an extra level of challenges with respect to pricing.

Much of the documentation needed for derivatives stems from the due diligence process, which takes place when establishing a working relationship with clearing brokers or exchange members, and from meeting the regulatory requirements of different exchanges. There are a number of considerations with equity swaps, which investors must decide upon before entering an agreement. Selecting the most appropriate counterparty with which to transact will require a structured approach to credit risk. Likewise, careful consideration will be required in order to agree upon the precise terms of the trade, including the maturity of the contract which means knowing the exact timeframe of an investment beforehand. Once the agreement is in place, time and resources will also be taken up by monitoring any credit risks that arise and the management of any collateral which has been posted to mitigate these risks.

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INSTRUMENT COMPARISON ETFs Futures Swaps Legal structure Mutual fund Derivative Derivative Round trip execution costs Commissions Commissions Commissions, possible early termination fees Holding cost Total Expense Ratio (TER) Contract roll costs Annual financing fee Notional investment 100% Margin Collateral (variable amount) Tracking error Low Low, if a single matching future 0% or very low exists. Higher for basket of futures, or future that does not match benchmark Minimum investment size Single share Single mini contract Customised (typically based on minimum volume criteria) Expiry dates None Quarterly (usually) Fixed expiry date (agreed at initiation) Liquidity sources On-exchange and OTC (with multi- On-exchange / block-traders / OTC (with single market-maker) ple market-makers and creation / crossing only (with multiple redemption) market-makers) Source: UniCredit / Blackrock 2011

The day-to-day management of futures positions requires the appropriate level of technology and resources to enable mark-to-market pricing and effective risk control. The management of swaps requires the daily monitoring and netting of cash flows by each party in the agreement. In comparison to futures and swaps, ETFs do not have any particular features that would necessitate either daily management or monitoring. Since both futures and swaps have predetermined termination dates, futures investors who wish to extend their holding period beyond the contract’s standard lifetime must “roll over” to the next contract by liquidating their near-month position and re-establishing a position in a contract with an alternative expiry date. This process gives rise to a number of costs including commissions and “calendar roll mispricing”. In relation to swaps, extending the maturity of a contract is a more straightforward process negotiated by both counterparties at an appropriate time. However, if either party needed to close an agreement earlier than the agreed timeframe, then early termination fees become payable. In contrast to futures and swaps, ETFs have an open-ended structure that enables a great deal of flexibility in terms of opening, maintaining and closing of exposures.

REQUIREMENTS Requirement ETFs Futures Swaps Establishing relationships with clearing brokers or exchange members before initial investment    Reinvestment of distributions  Investing cash for fully funded positions  Management of contract rolling process (including settlement and documentation)  Position of margins and management of margin cells  Adjustment for tracking broad indices (i.e. tracking with futures baskets)  Management of currency exposure  Posting of collateral  Monitoring of counterparty risk and collateral positions  Hedging of counterparty risk  Cash flow management (netting, investing received cash flow and liquidating stocks to meet funding require-  ments) Administration and documentation in case of early termination  Source: UniCredit / Blackrock 2011

Cost efficiency Traditionally, investors have focused a great deal on the issue of cost when comparing futures and ETFs. Swaps are somewhat different in this regard because they are not standardised products. Swaps are usually characterised by high set-up and operational costs. The process of price discovery is complicated due to the fact that they only exist in an OTC environment. When considering costs, three major distinctions can be made between explicit costs, implicit costs and additional income.

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Explicit costs Explicit costs are easily identified because they always have a definite direction. Commissions, bid / offer spreads and taxes are all examples of explicit costs:

ETFs: Commissions and spreads can vary greatly according to: the type of client, the type of broker (agency versus on-line broker), the size of the investment, trading volumes, the frequency of trading, order type and length of maturity. Taxes at the ETF level depend upon the jurisdiction of the fund and the corresponding tax rates that apply. The indices on which futures are based typically assume average withholding tax rates, whilst the market may price futures on the basis of the tax treatment available to the majority of market participants. Futures: Commission includes execution costs, clearing commission as well as an exchange fee. For a one year investment these costs can occur at least eight times, given that there will be six trades spread over three rolls, plus two trades for entering and exiting the market. In the case of a full twelve month holding period that does not coincide with futures expiry dates, trading costs will be higher, as investors will have four rolls to manage. But the Investor is also able to invest the not required cash to offset trading costs. Swap agreements: The major cost factors to take into account are annual fees and financing costs. These costs can vary greatly depending on the underlying index, the size of the investment and the maturity period of the agreement. Most swap agreements typically involve the posting of collateral that is equivalent to 25% of the swap’s notional amount and the payment of interest on the remaining 75%.

Implicit costs Implicit costs are variable and could impact performance either positively or negatively. Examples of implicit costs include the market impact of trades and the calendar spread mispricing of futures contracts. Contract mispricing occurs when the price paid for a futures contract is either higher or lower than the fair value of the underlying index. The futures roll (or calendar spread) refers to the price difference between the far month and near month contract during the process of rolling a contract. The fair value of the roll can be calculated by deducting the fair value of the near month contract from the fair value of the far month contract. Futures can also roll at a premium to fair value when the market has been long futures. Importantly there are few major futures contracts in the world that consistently roll at a discount or a premium to fair value.

Additional income When considering total costs, any additional income sources need to be accounted for, since these can have a valuable offsetting impact. In the case of ETFs, additional income can, for example, be earned through securities lending.

Risk There are various risk considerations which apply to futures, swaps and ETFs such as contract mispricing and tracking error; the two most important risk factors which need to be considered when evaluating futures. The third major risk factor to be considered is counterparty risk, an area which has gained importance since the credit crisis.

Dividend risk and interest rate risk Dividend risk and interest rate risk are inherent in futures contracts’ pricing. The fair value of a futures contract is equal to the spot price of the underlying assets plus estimated interest, which could be earned on a cash position over the life of the future, minus estimated dividends, which are foregone by futures investors. This ensures that the value of holding cash and the futures contract is equal to holding the underlying securities of the equity index (i.e. in equilibrium).

F = S + E (i) – E (d) F = Futures price today S = Spot price of assets underlying the futures contract E (i) = Estimated interest until maturity of the future E (d) = Estimated dividends until maturity of the future

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The future contracts have LIBOR priced in, but investors are most likely to achieve Euro Over Night Index Average (EONIA) when investing their cash position. The spread between LIBOR and EONIA therefore represents an additional implicit cost.

As the equation shows, the calculation of fair value for futures contracts is dependent on the term structure of interest rates and estimated dividends. The inclusion of estimates necessarily implies that there is some risk of mispricing in futures contracts and the degree of risk varies during the year. The interest rate used to calculate futures contract prices is usually an interbank offered rate, for example, LIBOR. Financial institutions and other market participants in derivatives markets traditionally assume LIBOR rates to be risk-free rates.

Furthermore, if one considers dividends incorporated in the pricing of future contracts, in the case of the EURO STOXX 50 Index, the degree of risk due to the forecasts is variable over the course of the year. This is due to European companies paying their dividends mainly between March and June. Another factor relating to dividends, both announced and forecast, is that different market participants can achieve varying fair values depending on their ability to obtain close to gross dividend returns. This factor is important in explaining some of the mispricing that occurs around dividend season. Overall it is apparent that the Q1 rolls are the most important from the perspective of dividend arbitrage trades.

Tracking error Whenever futures are used as a means of achieving beta exposure, TE is one of the most important risk factors that need to be considered. It refers to the amount by which the return on a futures contract differs from that of the index, which is being tracked. This difference can mainly be measured by taking into account how well “forecast fair value” matched “realised fair value”. From an operational and risk management perspective, futures have the added complexity of trading until long after their underlying cash market has closed. This creates pricing differentials between the index, the theoretical fair value and the actual closing price of the futures from a mark-to-market perspective. The trade-off allows the majority of investors to hedge and manage risk on a more continuous basis especially with respect to market events in the US. European listed ETFs covering European indices have the advantage of trading the same hours as the underlying cash market, allowing them to track their index much more closely. Tracking is most important when considering baskets of futures which track broad benchmarks, such as the MSCI Europe Index. The higher the tracking error estimate, the less closely a futures contract will track an index. When there are no directly matching futures available in the market, investors may decide to construct a basket of futures as a means of tracking the returns of a particular index. For example, an investor that wishes to create exposure to the MSCI Europe Index could construct a basket of futures comprised of existing regional futures and single country contracts such as EURO STOXX 50 to cover Eurozone equities, FTSE 100 for the UK, SMI for Switzerland and OMXS30 for Sweden.

The size of tracking error in such instances (i.e. when a basket of futures has to be constructed) can be relatively high. In addition, TE risk for baskets of futures is volatile over time as futures tend to be based on liquid large capitalisation indices that have higher volatility, whilst for the ETF and swaps it tends to be more stable suggesting that ETFs and swaps are better options for longer-term investors seeking beta exposure when no exact matching future exists. Mathematically the Tracking Error can be described as:

TRACKING ERROR – MATHEMATICAL TERM

TE = STD(R ETF – R Index )

Source: UniCredit 2011

Counterparty risk OTC swap agreements are subject to credit risk which could arise from either of the two swap counterparties. Credit Default Swap (CDS) spreads show that the cost of hedging against counterparty risk has surged in the last year. For ETFs, the importance of counterparty

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risk depends on the type of ETF. Physical ETFs have the major advantage of minimal counterparty risk because the funds’ underlying securities are held in separate ring-fenced accounts. Should the fund provider fail, the investor would have direct recourse to this ring-fenced pool of underlying assets. When investing in ETFs that also earn income through securities lending, it is necessary to ensure the associated risk is mitigated through full collateralisation and proper risk management. Counterparty risk is more of a concern for swap-based ETFs because there is a possibility that the swap counterparty, usually an investment bank, responsible for providing the index return, might fail. However, UCITS rules serve to limit counterparty risk to 10% of an ETF’s NAV. In addition, the new generation of swap-based ETFs improves counterparty risk management by the use of over collateralisation and / or multi-counterparties. Finally, for futures, counterparty risk is not a relevant risk factor because all trading takes place on-exchange and is guaranteed by clearing houses.

Conclusion For investors seeking beta exposure, the choice between futures, swaps and ETFs will depend to a large extent on individual requirements, preferences and constraints. The desired holding period is likely to be one of the most important deciding factors. For investors with a very short-term trading focus and a strong preference for high intraday liquidity and shorting, futures will be the instrument of choice. Longer-term holding periods for futures incorporate substantial and variable implicit costs and risk relating to contract pricing, forecast dividends and interest rates. On the other hand, investors looking for highly customised solutions with minimal TE risk, swaps are likely to represent the best option. However, since they are both derivative products, futures and swaps can be operationally challenging, reducing their amenability to smaller investors. Given the operational complexity of managing OTC positions, swaps in particular, may only be feasible for larger institutions. ETFs have emerged in recent years as an increasingly viable and cost effective Delta One investment / Synthetic Equity solution for many investors. The appeal of ETFs is grounded in the ever increasing range of index exposures available in the market and the remarkable ease with which they can be traded, something which contributes to a clear operational advantage over the other two Delta One solutions. More importantly investors can estimate in advance the total costs of ownership using ETFs with a far higher degree of certainty compared to futures. Finally, it is clear that the credit crisis has served to make counterparty risk a significant concern for many investors. This greater attention to counterparty risk and credit risk more generally, has had an impact on demand for OTC swaps, where there is 100% counterparty risk relating to returns, and to a lesser extent swap-based ETFs, where the maximum exposure is limited to 10%. In turn, this could result in a positive substitution effect in favour of futures and cash-based ETFs.

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No.1 ETF House 2003 – 20132014 66 67

No.1 ETF House 2003 – 2013 LEGEND

REGIONAL DISTRIBUTION

Developed Americas Developed Asia-Pacific Emerging EMEA

Developed Europe Emerging Asia Emerging Americas

ABBREVIATIONS Focus General Exposure of the instrument Name Official Name of the Instrument Bloomberg ISIN Identifiers for Bloomberg (plus “Equity”-Key) and ISIN-Code Crcy Trading Currency on Exchange (is not always equivalent to Fund Currency) AuM Assets under Management in Million of the trading currency Fee Management Fee of the instrument (in most cases also Total Expense Ratio) Type Product Type (ETF, ETN, ETC, etc.) Rep Replication Method: Full Replicating (F), Derivative Based (D), Physical Backed, Optimised Sampling (O) FX Instrument is equipped with a currency hedge UC Instrument is compliant with UCITS in its current version AT Instrument fulfills Austrian Tax Requirements (KESt-Meldestatus) DE Instrument fulfills German Tax Requirements (Steuertransparenz) Div Dividend policy of the instrument is Accumulating or Distributing

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13. MARKET CAP WEIGHTED ETFs / ETCs

EQUITY Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT World Investable

World Investable – Global ACWI SPDR MSCI ACWI UCITS ETF SPYY GY Equity IE00B44Z5B48 EUR 373 0.50 O ETF û ü û ü ü ACWI SPDR MSCI ACWI IMI UCITS ETF SPYI GY Equity IE00B3YLTY66 EUR 21 0.55 O ETF û ü û ü ü ACWI LYXOR ETF MSCI ALL COUNTRY ACWI FP Equity FR0011079466 EUR 330 0.45 D ETF û ü û ü ü ACWI ISHARES MSCI ACWI IUSQ GY Equity DE000A1JS9A4 EUR 359 0.60 O ETF û ü û ü ü ACWI HSBC WORLDWIDE EQUITY UCITS HWWA LN Equity IE00BKZGB098 GBP 216 0.25 O ETF û ü û û ACWI DBX MSCI AC WORLD (DR) XMAW GY Equity IE00BGHQ0G80 EUR 306 0.50 F ETF û ü û ü ü ACWI ISHARES MSCI ACWI ISAC LN Equity IE00B6R52259 USD 401 0.60 O ETF û ü û ü ü ACWI LYXOR ETF MSCI ACWI ACWU LN Equity FR0011093418 USD 7 0.45 D ETF û ü û ü FTSE All World VANGUARD FTSE ALL-WORLD UCIT VWRD LN EQUITY IE00B3RBWM25 USD 877 0.25 F ETF û ü ü ü

EQUITY EMERGING Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Emerging World

Emerging World - Global Emerging Markets ISHARES MSCI EMERGING MARKET IQQE GY Equity IE00B0M63177 EUR 4,574 0.75 O ETF û ü ü ü ü Emerging Markets LYXOR ETF MSCI EMER MKTS-A LEM FP Equity FR0010429068 EUR 1,233 0.55 D ETF û ü ü ü ü Emerging Markets ISHARES MSCI EM-ACC EUNM GY Equity DE000A0YBR46 EUR 307 0.68 F ETF û ü û ü ü Emerging Markets DBX EMERGING MRKTS XMEM GY Equity LU0292107645 EUR 2,128 0.65 D ETF û ü û ü ü Emerging Markets ISHARES MSCI EM-ACC SEMA LN Equity IE00B4L5YC18 GBP 223 0.68 F ETF û ü û ü ü Emerging Markets SOURCE MSCI EMERGING MARKETS MXFS LN Equity IE00B3DWVS88 USD 309 0.45 D ETF û ü û ü ü Emerging Markets AMUNDI ETF MSCI EMERGING MAR AUEM FP Equity FR0010959692 USD 522 0.20 D ETF û ü û ü ü Emerging Markets AMUNDI ETF MSCI EMERGING MAR AEEM FP Equity FR0010959676 EUR 468 0.20 D ETF û ü û ü ü Emerging Markets UBS ETF MSCI EMERG. MARKETS EMMUSA SW Equity LU0480132876 USD 364 0.45 O ETF û ü ü ü ü Emerging Markets SPDR MSCI EMERGING MARKETS SPYM GY Equity IE00B469F816 EUR 186 0.65 O ETF û ü û ü ü Emerging Markets UBS ETF MSCI EMERG. MARK. EGUSAS SW Equity IE00B3Z3FS74 USD 1,298 0.45 D ETF û ü û ü ü Emerging Markets COMSTAGE ETF MSCI EMR MKTS E127 GY Equity LU0635178014 EUR 59 0.25 D ETF û ü û ü ü Emerging Markets HSBC MSCI EMERGING MARKETS U HMEM LN Equity IE00B5SSQT16 USD 332 0.60 O ETF û ü ü ü Emerging Markets VANGUARD FTSE EMERGING MARKE VDEM LN Equity IE00B3VVMM84 USD 586 0.25 F ETF û ü ü ü Emerging Markets DEKA MSCI EMERGING MARKETS U ETFEMMA GY Equity DE000ETFL342 EUR 18 0.65 D ETF û ü û ü ü Emerging Markets ISHARES CORE EM IMI UCITS ET EMIM LN Equity IE00BKM4GZ66 GBP 822 0.25 O ETF û ü û ü Emerging Markets LYXOR PEA MSCI EMERGING MRKT PLEM FP Equity FR0011440478 EUR 15 0.55 D ETF û ü û û Emerging World - Regional BRIC EASYETF DJ BRIC 50-EUR EBR FP Equity LU0339362732 EUR 41 0.55 D ETF û ü û ü ü BRIC RBS MARKET ACCESS DAXGL BRIC M9SH GY Equity LU0269999792 EUR 27 0.65 D ETF û ü û ü ü BRIC ISHARES BRIC 50 BRIC LN Equity IE00B1W57M07 GBP 248 0.74 F ETF û ü ü ü ü BRIC ISHARES FTSE BRIC 50 IQQ9 GY Equity DE000A0MSAE7 EUR 345 0.74 F ETF û ü ü ü ü BRIC DBX MSCI BRIC XB4R GY Equity LU0589685956 EUR 11 0.65 D ETF û ü û ü ü BRIC HSBC S&P BRIC 40 UCITS ETF HSBR LN Equity IE00B5YLK706 USD 12 0.60 F ETF û ü ü ü û BRIC SPDR MSCI EM BEYOND BRIC ZPRB GY Equity IE00BCBJFC69 EUR 7 0.55 O ETF û ü û ü ü BRIC LYXOR UCITS MSCI EM BYND BRI BBEM FP Equity FR0011637925 EUR 9 0.55 D ETF û ü û ü ü SMIT COMSTAGE S&P SMIT 40 INDEX E129 GY Equity LU0860821874 EUR 11 0.60 D ETF û ü û ü ü Frontier & Next 11 DBX S&P SELECT FRONTIER XSFR GY Equity LU0328476410 EUR 80 0.95 D ETF û ü û ü ü Frontier & Next 11 BNP PARIBAS NEXT 11 EMERGING U11 FP Equity FR0010626861 USD 5 0.90 D ETF û ü û ü û Frontier & Next 11 RBS MARKET ACCESS MSCI FRONT M9SY GY Equity LU0667622202 EUR 20 0.90 D ETF û ü û ü ü Emerging Markets LYXOR UCITS MSCI SEL OECD EM LEMO FP Equity FR0011645605 EUR 57 0.55 D ETF û ü û ü

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EQUITY EMERGING Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Emerging World - Sector Consumer Discretionary DBX MSCI EM CON DISCRETI XMKD GY Equity LU0592216476 EUR 5 0.65 D ETF û ü û ü ü Energy DBX MSCI EM ENERGY XMKE GY Equity LU0592216633 EUR 7 0.65 D ETF û ü û ü ü Financial Services DBX MSCI EM FINANCIALS XMKF GY Equity LU0592216807 EUR 11 0.65 D ETF û ü û ü ü Healthcare DBX MSCI EM HEALTHCARE XMKH GY Equity LU0592216989 EUR 35 0.65 D ETF û ü û ü ü Industrial Goods & Services DBX MSCI EM INDUSTRIALS XMKI GY Equity LU0592217011 EUR 7 0.65 D ETF û ü û ü ü Information Technology DBX MSCI EM INFORMATION TECH XMK1 GY Equity LU0592217102 EUR 97 0.65 D ETF û ü û ü ü Infrastructure ISHARES EM INFRASTRUCTURE IEMI LN Equity IE00B2NPL135 GBP 69 0.74 F ETF û ü ü ü ü Islamic ISHARES MSCI EMERG MARK ISL IUSE GY Equity DE000A0NA0M3 EUR 21 0.85 F ETF û ü ü ü ü Materials DBX MSCI EM MATERIALS XMKM GY Equity LU0592217284 EUR 5 0.65 D ETF û ü û ü ü Telecom DBX MSCI EM TELECOM XMKT GY Equity LU0592217367 EUR 4 0.65 D ETF û ü û ü ü Utilities DBX MSCI EM UTILITIES XMKU GY Equity LU0592217441 EUR 5 0.65 D ETF û ü û ü ü Emerging World - Size Small Cap ISHARES MSCI EMERG SMALL CAP EUNI GY Equity DE000A0YBR04 EUR 343 0.74 F ETF û ü ü ü ü Small Cap ISHARES MSCI EM SMALL CAP IEMS LN Equity IE00B3F81G20 USD 384 0.74 F ETF û ü ü ü ü Small Cap SPDR MSCI EMERG MKTS S/C SPYX GY Equity IE00B48X4842 EUR 28 0.65 O ETF û ü û ü ü Emerging Asia

Emerging Asia - Regional Asia RBS MARKET ACCESS DAXGL ASIA M9SF GY Equity LU0259323235 EUR 13 0.65 D ETF û ü û ü ü Asia DBX MSCI EM ASIA XMAS GY Equity LU0292107991 EUR 903 0.65 D ETF û ü û ü ü Asia ISHARES MSCI EM ASIA CSEMAS SW Equity IE00B5L8K969 USD 260 0.52 O ETF û ü û ü ü Asia SPDR MSCI EM ASIA UCITS ETF SPYA GY Equity IE00B466KX20 EUR 233 0.65 O ETF û ü û ü ü Asia AMUNDI ETF MSCI EM ASIA UCIT AASU FP Equity FR0011018316 USD 632 0.20 D ETF û ü û ü ü Asia AMUNDI ETF MSCI EM ASIA UCIT AASI FP Equity FR0011020965 EUR 566 0.20 D ETF û ü û ü ü Asia-Pacific ex Japan LYXOR ETF MSCI ASIAPAC EX JP PAEJ FP Equity FR0011869312 EUR 10 0.60 D ETF û ü û û Asia-Pacific ex Japan DBX MSCI F-EAST EX JP (DR) XAFE GY Equity IE00BGDWNL65 EUR 75 0.70 O ETF ü ü û ü ü Asia-Pacific ex Japan LYXOR ETF MSCI ASIAPAC EX JP AEJ FP Equity FR0010312124 EUR 425 0.62 D ETF û ü ü ü ü Asia-Pacific ex Japan ISHARES MSCI AC FAR EAST XJP IQQF GY Equity DE000A0HGZS9 EUR 2,466 0.74 F ETF û ü ü ü ü Asia-Pacific ex Japan DBX MSCI AC ACIA EX JP XAXJ GY Equity LU0322252171 EUR 1,103 0.65 D ETF û ü û ü ü Asia-Pacific ex Japan UBS ETF MSCI PACIFIC EX JPN PACUSA SW Equity LU0446734526 USD 184 0.30 F ETF û ü ü ü ü Asia-Pacific ex Japan HSBC MSCI PACIFIC EX JAPAN U HMXJ LN Equity IE00B5SG8Z57 GBP 103 0.40 F ETF û ü ü ü Asia-Pacific ex Japan HSBC MSCI EM FAR EAST UCITS HMFD LN Equity IE00B5LP3W10 USD 27 0.60 O ETF û ü ü û Asia-Pacific ex Japan LYXOR ETF MSCI AC ASIAXJP LYXAPX GY Equity FR0010652867 EUR 51 0.50 D ETF û ü ü ü ü Asia-Pacific ex Japan HSBC MSCI AC FAR EAST EX JAP HMAD LN Equity IE00BBQ2W338 USD 143 0.60 O ETF û ü û ü Emerging Asia - Country China AMUNDI ETF MSCI CHINA UCITS CC1 FP Equity FR0010713784 EUR 133 0.55 D ETF û ü û ü ü China DJ BRIC CHINA 15 THEAM EAST EXCEUR FP Equity FR0010636589 EUR 23 0.60 D ETF û ü û ü û China ISHARES FTSE CHINA 25 IQQC GY Equity DE000A0DPMY5 EUR 1,069 0.74 F ETF û ü ü ü ü China ISHR DJ CHINAOFFSHORE 50 DE DJCHOEX GY Equity DE000A0F5UE8 EUR 67 0.61 F ETF û ü ü ü ü China DB X-TRACKERS FTSE CHINA 50 XX25 GY Equity LU0292109856 EUR 435 0.60 F ETF û ü û ü ü China COMSTAGE ETF HSI C022 GY Equity LU0488316729 EUR 29 0.55 D ETF û ü û ü ü China COMSTAGE ETF HSCI C023 GY Equity LU0488316992 EUR 28 0.55 D ETF û ü û ü ü China DEKA MSCI CHINA UCITS ETF ETFCHINA GY Equity DE000ETFL326 EUR 33 0.65 F ETF û ü ü ü ü China LYXOR UCITS ETF CHINA ENTERP ASI FP Equity FR0010204081 EUR 925 0.65 D ETF û ü ü ü ü China LYXOR ETF HONG KONG HSI HSI FP Equity FR0010361675 EUR 244 0.65 D ETF û ü ü ü ü China HSBC MSCI CHINA UCITS ETF HMCH LN Equity IE00B44T3H88 GBP 219 0.60 O ETF û ü ü û China DBX MSCI CHINA XCS6 GY Equity LU0514695690 EUR 275 0.65 F ETF û ü û ü ü China AMUNDI ETF MSCI CHINA CC1U FP Equity FR0010871111 USD 148 0.55 D ETF û ü û ü ü China DBX CSI 300 XCHA GY EQUITY LU0779800910 EUR 439 0.50 D ETF û ü û ü ü China DBX HARVEST CSI 300 (DR) RQFI GY Equity LU0875160326 EUR 502 0.45 F ETF û ü û ü ü China CSOP SOURCE FTSE CHINA A50 U CHNA LN Equity IE00BGSHB123 USD 35 0.99 F ETF û ü û ü ü China COMSTAGE FTSE CHINA A50 UCIT C024 GY Equity LU0947415054 EUR 22 0.40 D ETF û ü û ü ü China LYXOR UCITS ETF CSI 300 A-SH CSIA FP Equity FR0011526904 EUR 70 0.40 D ETF û ü û ü ü China LYXOR PEA HONG KONG HSI PHSI FP Equity FR0011871094 EUR 2 0.65 D ETF û ü û û

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EQUITY EMERGING Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT China LYXOR UCITS PEA CHINA ENTERP PASI FP Equity FR0011871078 EUR 21 0.65 D ETF û ü û û China ETFS-E MSCI CHINA A GO UCITS CASH LN Equity IE00BHBFDF83 USD 53 0.88 O ETF û ü û ü China LYXOR FORTUNE SG MSCI CHINA CNAA FP Equity FR0011720911 EUR 91 0.85 O ETF û ü û ü China ISHARES MSCI CHINA A UCITS CNYA LN Equity IE00BQT3WG13 USD 40 0.65 O ETF û ü û û India AMUNDI ETF MSCI INDIA UCITS CI2 FP Equity FR0010713727 EUR 105 0.80 D ETF û ü û ü ü India LYXOR ETF MSCI INDIA INR FP Equity FR0010361683 EUR 1,367 0.85 D ETF û ü û ü ü India LYXOR ETF MSCI INDIA LYINR SW Equity FR0010375766 USD 226 0.85 D ETF û ü û ü ü India DBX CNX NIFTY XNIF GY Equity LU0292109690 EUR 275 0.85 D ETF û ü û ü ü India EASYETF DJ INDIA-EUR EIA FP Equity LU0339363383 EUR 23 0.55 D ETF û ü û ü ü India DBX MSCI INDIA XCS5 GY Equity LU0514695187 EUR 117 0.75 D ETF û ü û ü ü India AMUNDI ETF MSCI INDIA CI2U FP Equity FR0010869784 USD 116 0.80 D ETF û ü û ü ü India LYXOR PEA MSCI INDIA PINR FP Equity FR0011869320 EUR 10 0.85 D ETF û ü û û Indonesia HSBC MSCI INDONESIA UCITS ET HIDR LN Equity IE00B46G8275 GBP 19 0.60 F ETF û ü ü ü û Indonesia LYXOR ETF MSCI INDONESIA INDO FP Equity FR0011067511 EUR 26 0.55 D ETF û ü û ü ü Korea HSBC MSCI KOREA UCITS ETF HKOR LN Equity IE00B3Z0X395 GBP 6 0.60 F ETF û ü ü ü û Korea LYXOR UCITS ETF PEA MSCI KOR PKRW FP Equity FR0011869338 EUR 2 0.65 D ETF û ü û û Malaysia LYXOR ETF MALAYSIA LYXMAL GY Equity FR0010397554 EUR 43 0.65 D ETF û ü ü ü ü Malaysia HSBC MSCI MALAYSIA UCITS ETF HMYR LN Equity IE00B3X3R831 GBP 4 0.60 F ETF û ü ü û Malaysia DBX MSCI MALAYSIA XCS3 GY Equity LU0514694370 EUR 24 0.50 F ETF û ü û ü ü South Korea ISHARES MSCI KOREA ACC CSKR SW Equity IE00B5W4TY14 USD 60 0.52 F ETF û ü û ü ü South Korea DJ SOUTH KOREA TITANS 30 EAS EEKEUR FP Equity FR0010636530 EUR 9 0.55 D ETF û ü û ü û South Korea ISHARES MSCI KOREA IQQK GY Equity DE000A0HG2L3 EUR 503 0.74 F ETF û ü ü ü ü South Korea LYXOR ETF KOREA KRW FP Equity FR0010361691 EUR 98 0.65 D ETF û ü û ü ü South Korea DB X-TRACKERS MSCI KOREA TRN XMKO GY Equity LU0292100046 EUR 341 0.65 F ETF û ü û ü ü Taiwan COMSTAGE ETF MSCI TAIWAN-I CBNDEUST GY Equity LU0392495619 EUR 19 0.60 D ETF û ü û ü ü Taiwan TSEC TAIWAN THEAM EASY UCITS EEWEUR FP Equity FR0010636563 EUR 15 0.60 D ETF û ü û û Taiwan ISHARES MSCI TAIWAN IQQT GY Equity DE000A0HG2K5 EUR 682 0.74 F ETF û ü ü ü ü Taiwan LYXOR ETF TAIWAN TWN FP Equity FR0010444786 EUR 33 0.65 D ETF û ü ü ü ü Taiwan DB X-TRACKERS MSCI TAIWAN IN XMTW GY Equity LU0292109187 EUR 223 0.65 F ETF û ü û ü ü Taiwan HSBC MSCI TAIWAN UCITS ETF HTWN LN Equity IE00B3S1J086 GBP 9 0.60 F ETF û ü ü û Thailand DB X-TRACKERS MSCI THAILAND XCS4 GY Equity LU0514694701 EUR 49 0.50 F ETF û ü û ü ü Thailand LYXOR ETF THAILAND THA FP Equity FR0011067529 EUR 19 0.45 D ETF û ü û ü ü Vietnam DBX FTSE VIETNAM XFVT GY Equity LU0322252924 EUR 305 0.85 D ETF û ü û ü ü Phlippines DBX MSCI PHILIPPINES IM XPQP GY Equity LU0592215403 EUR 79 0.65 F ETF û ü û ü ü Bangladesh DBX MSCI BANGLADESH IM XBAN GY Equity LU0659579220 EUR 19 0.85 D ETF û ü û ü ü Singapore DBX MSCI SINGAPORE XBAS GY Equity LU0659578842 EUR 43 0.50 F ETF û ü û ü ü Pakistan DBX MSCI PAKISTAN IM XBAK GY Equity LU0659579147 EUR 25 0.85 D ETF û ü û ü ü Emerging Asia - Sector Banks DBX CSI 300 BANKS XCHB GY Equity LU0781021877 EUR 6 0.50 D ETF û ü û ü ü Consumer Discretionary DBX CSI 300 CON DISCR XCHD GY Equity LU0781021950 EUR 17 0.50 D ETF û ü û ü ü Consumer Staples LYXOR MSCI ASIA EX J STAPLES STAA LN Equity FR0010934877 USD 4 0.65 D ETF û ü û ü ü Energy DBX CSI 300 ENERGY XCHE GY Equity LU0781022172 EUR 2 0.50 D ETF û ü û ü ü Healthcare DBX CSI 300 HEALTH CARE XCHC GY Equity LU0781022339 EUR 7 0.50 D ETF û ü û ü ü Information Technology LYXOR ASIA EX JAPAN INFO TEC TNOA LN Equity FR0010934562 USD 3 0.65 D ETF û ü û ü ü Real Estate DBX CSI 300 REAL ESTATE XCHR GY Equity LU0781022099 EUR 4 0.50 D ETF û ü û ü ü Information Technology LYXOR ETF MSCI ASIAXJP IT TNOA FP Equity FR0010930511 EUR 3 0.65 D ETF û ü û ü ü Real Estate DBX CSI 300 REAL ESTATE XCHR GY Equity LU0781022099 EUR 1 0.50 D ETF û ü û ü ü Emerging Asia - Size Small Cap ISHARES MSCI AC FE EX-JPN SC IDFE LN Equity IE00B2QWDR12 USD 74 0.74 F ETF û ü ü ü ü Emerging EMEA

Emerging EMEA - Regional EMEA DBX MSCI EM EMEA XMEA GY Equity LU0292109005 EUR 82 0.65 D ETF û ü û ü ü Eastern Europe AMUNDI ETF MSCI EASTERN EURO CE9 FP Equity FR0010717074 EUR 29 0.20 D ETF û ü û ü ü Eastern Europe COMSTAGE ETF MSCI EM EA EU-I CBNDUEEM GY Equity LU0392495379 EUR 15 0.60 D ETF û ü û ü ü

ETF TRADING LINES: MILAN: +39 02 8862-0660 MUNICH: +49 89 378-17585 LONDON: +44 207 826-6444 70 71

EQUITY EMERGING Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Eastern Europe LYXOR ETF EASTERN EUROPE CEC FP Equity FR0010204073 EUR 216 0.50 D ETF û ü ü ü ü Eastern Europe ISHARES MSCI EAST EUR 10/40 IQQR GY Equity DE000A0HGZV3 EUR 235 0.74 F ETF û ü ü ü ü Eastern Europe SPDR MSCI EM EUROPE ETF SPYB GY Equity IE00B431K857 EUR 5 0.65 O ETF û ü û ü ü Eastern Europe DBX MSCI EM EAST EUROPE X4ME GY Equity LU0592217870 EUR 6 0.65 D ETF û ü û ü ü Eastern Europe AMUNDI ETF EAST EU EX RUSSIA CE9U FP Equity FR0010871129 USD 32 0.20 D ETF û ü û ü ü Eastern Europe LYXOR PEA ETF EASTERN EUROPE PCEC FP Equity FR0011871086 EUR 13 0.50 D ETF û ü û û Africa DBX MSCI AFRICA TOP 50 XMKA GY Equity LU0592217524 EUR 29 0.65 D ETF û ü û ü ü Africa RBS MARKET ACCESS MSCI AFRIC M9SZ GY Equity LU0667622384 EUR 20 0.85 D ETF û ü û ü ü Africa LYXOR ETF PAN AFRICA PAF FP Equity FR0010636464 EUR 66 0.85 D ETF û ü ü ü ü Arabia ISHARES MSCI GCC EX-SA IGCC LN Equity IE00B3F81623 USD 17 0.80 F ETF û ü ü ü ü Arabia ISHARES MSCI GCC X-SAUDI EUN7 GY Equity DE000A0RM470 EUR 15 0.80 F ETF û ü ü ü ü Arabia UBS ETF MSCI EU & MID.E. SRI UIMR GY Equity LU0629460675 EUR 27 0.28 F ETF û ü ü ü ü Arabia DBX GCC SELECT XGLF GY Equity IE00BQXKVQ19 EUR 20 0.45 D ETF û ü û ü Emerging EMEA - Country Hungary BUX ETF BUXETF HB Equity HU0000704960 HUF 3,581 0.50 F ETF û û û û Greece & Turkey NBGAM GREECE AND TURKEY 30 ETFGT30P GA Equity GRF000055001 EUR 3 0.95 F ETF û ü û ü û Greece & Turkey FINANSBANK GT30 A TIPI GT30 TI Equity TRYFNBK00253 TRY 1 0.73 F ETF û û û ü û Poland LYXOR ETF WIG20 ETFW20L PW Equity LU0459113907 PLN 85 0.45 D ETF û ü ü ü ü Poland ISHARES MSCI POLAND IPOL LN Equity IE00B4M7GH52 USD 62 0.74 F ETF û ü û ü ü Poland LYXOR UCITS ETF WIG 20-C-EUR WIG FP Equity LU0959211672 EUR 1 0.35 D ETF û ü û ü û Russia COMSTAGE ETF MSCI RUSS 30-I CBMRUC30 GY Equity LU0392495536 EUR 11 0.60 D ETF û ü û ü ü Russia RBS MARKET ACCESS DAXGL RUS M9SJ GY Equity LU0269999958 EUR 14 0.65 D ETF û ü û ü ü Russia LYXOR UCITS ETF RUSSIA DJ RUS FP Equity FR0010326140 EUR 364 0.65 D ETF û ü ü ü ü Russia DBX MSCI RUSSIA CAPPED XMRC GY Equity LU0322252502 EUR 172 0.65 D ETF û ü û ü ü Russia DJ RUSSIA GDR EASY UCITS ETF ERR FP Equity LU0339363110 EUR 12 0.55 D ETF û ü û ü ü Russia SOURCE RDX UCITS ETF RDXS LN Equity IE00B5NDLN01 USD 114 0.65 D ETF û ü ü ü ü Russia ISHARES MSCI RUSSIA ADR/GDR CSRU Sw Equity IE00B5V87390 USD 392 0.52 F ETF û ü û ü ü Russia HSBC MSCI RUSSIA CAPPED UCIT HRUD LN Equity IE00B5LJZQ16 USD 56 0.60 F ETF û ü ü ü ü Russia LYXOR UCITS ETF RUSSIA DJ-D RUSL LN Equity FR0011495944 GBP 3 0.65 D ETF û ü û û Russia LYXOR PEA UCITS ETF RUSSIA PRUS FP Equity FR0011869387 EUR 6 0.65 D ETF û ü û û South Africa LYXOR ETF SOUTH AFRICA AFS FP Equity FR0010464446 EUR 62 0.65 D ETF û ü ü ü ü South Africa RBS MARKET ACCESS AFRI TOP40 M9SK GY Equity LU0270000028 EUR 10 0.65 D ETF û ü û ü ü South Africa ISHARES MSCI SOUTH AFRICA UC SRSA LN Equity IE00B52XQP83 GBP 15 0.65 F ETF û ü û ü ü South Africa ISHARES MSCI SOUTH AFRICA B CSZA SW Equity IE00B4ZTP716 USD 14 0.52 F ETF û ü û ü ü South Africa HSBC MSCI SOUTH AFRICA UCITS HZAR LN Equity IE00B57S5Q22 GBP 4 0.60 F ETF û ü ü û South Africa LYXOR PEA ETF SOUTH AFRICA PAFS FP Equity FR0011871144 EUR 6 0.65 D ETF û ü û û Turkey DJ TURKEY TITANS 20 THEAM EA EETEUR FP Equity FR0010636555 EUR 5 0.65 D ETF û ü û û Turkey ISHARES MSCI TURKEY ITKY LN Equity IE00B1FZS574 GBP 136 0.74 F ETF û ü ü ü ü Turkey RBS MARKET ACCESS DJ TURKEY M9SE GY Equity LU0269999362 EUR 9 0.60 D ETF û ü û ü ü Turkey ISHARES MSCI TURKEY IQQ5 GY Equity DE000A0LGQN1 EUR 187 0.74 F ETF û ü ü ü ü Turkey HSBC MSCI TURKEY UCITS ETF HTRD LN Equity IE00B5BRQB73 USD 10 0.60 F ETF û ü ü ü û Turkey LYXOR ETF TURKEY TUR FP Equity FR0010326256 EUR 156 0.65 D ETF û ü ü ü ü Turkey UBS ETF MSCI TURKEY UIMK GY Equity LU0629459404 EUR 7 0.43 F ETF û ü ü ü ü Turkey DBX MSCI TURKEY (DR) XDTK GY Equity IE00B9L63S81 EUR 8 0.65 F ETF û ü û ü ü Turkey LYXOR PEA TURKEY TITANS 20 ETUR FP Equity FR0011869395 EUR 5 0.65 D ETF û ü û û Emerging EMEA - Sector Banks TURKISH LARGE-CP BNKS ETF-A BNKTR TI Equity TRYFNBK00048 TRY 10 0.73 F ETF û û û û Emerging America

Emerging America - Regional Latin America ISHARES MSCI EM LATIN AMERIC LTAM LN Equity IE00B27YCK28 GBP 127 0.74 F ETF û ü ü ü ü Latin America LYXOR ETF MSCI EM LAT AMER-C LTM FP Equity FR0010410266 EUR 70 0.65 D ETF û ü ü ü ü Latin America ISHARES MSCI EM LAT AM-INC IUSC GY Equity DE000A0NA0K7 EUR 176 0.74 F ETF û ü ü ü ü Latin America DBX MSCI EM LATAM XMLA GY Equity LU0292108619 EUR 149 0.65 D ETF û ü û ü ü Latin America ISHARES MSCI EM LATAM ACC CSEMLA SW Equity IE00B5KMFT47 USD 12 0.47 O ETF û ü û ü ü

ETF TRADING LINES: MILAN: +39 02 8862-0660 MUNICH: +49 89 378-17585 LONDON: +44 207 826-6444 72 73

EQUITY EMERGING Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Latin America SPDR MSCI EM LATIN AMERICA SPYL GY Equity IE00B454X613 EUR 6 0.65 O ETF û ü û ü ü Latin America HSBC MSCI EM LATIN AMERICA U HMLD LN Equity IE00B4TS3815 USD 11 0.60 F ETF û ü ü û Latin America AMUNDI ETF MSCI EM LATIN AME ALAU FP Equity FR0011018324 USD 54 0.20 D ETF û ü û ü ü Latin America AMUNDI ETF MSCI EM LATIN AME ALAT FP Equity FR0011020973 EUR 48 0.20 D ETF û ü û ü ü Latin America LYXOR MSCI EM LATAM PEA LTMP FP Equity FR0011551019 EUR 2 0.65 D ETF û ü û ü û Emerging America - Country Brazil HSBC MSCI BRAZIL UCITS ETF HMBR LN Equity IE00B5W34K94 USD 11 0.60 F ETF û ü ü û Brazil ISHARES MSCI BRAZIL ACC CSBR SW Equity IE00B59L7C92 USD 115 0.52 F ETF û ü û ü ü Brazil UBS ETF MSCI BRAZIL UBUF GY Equity IE00B6SBCY47 EUR 2 0.43 F ETF û ü ü ü ü Brazil EASYETF DJ BRAZIL 15-EUR EEB FP Equity LU0339362906 EUR 14 0.55 D ETF û ü û ü ü Brazil AMUNDI ETF MSCI BRAZIL UCITS BRZ FP Equity FR0010821793 USD 34 0.55 D ETF û ü û ü ü Brazil ISHARES MSCI BRAZIL IQQB GY Equity DE000A0HG2M1 EUR 318 0.74 F ETF û ü ü ü ü Brazil LYXOR ETF BRAZIL IBOVESPA RIO FP Equity FR0010408799 EUR 262 0.65 D ETF û ü û ü ü Brazil DB X-TRACKERS MSCI BRAZIL IN XMBR GY Equity LU0292109344 EUR 114 0.65 F ETF û ü û ü ü Brazil LYXOR PEA BRAZIL IBOVESPA PRIO FP Equity FR0011869205 EUR 4 0.65 D ETF û ü û û Chile ISHARES MSCI CHILE CSCL SW Equity IE00B5NLL897 USD 20 0.39 F ETF û ü û ü ü Chile DBX MSCI CHILE X4MC GY Equity LU0592217797 EUR 7 0.65 D ETF û ü û ü ü Mexico DBX MSCI MEXICO (DR) D5BI GY Equity LU0476289466 EUR 83 0.65 F ETF û ü û ü ü Mexico ISHARES MSCI MEXICO CAPPED CSMXCP SW Equity IE00B5WHFQ43 USD 91 0.52 F ETF û ü û ü ü Mexico HSBC MSCI MEXICO CAPPED UCIT HMEX LN Equity IE00B3QMYK80 GBP 11 0.60 F ETF û ü ü û Mexico LYXOR UCITS ETF MSCI MEXICO MEXI FP Equity FR0011614114 EUR 10 0.55 D ETF û ü û ü ü

EQUITY DEVELOPED Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Developed World

Developed World - Global MSCI World DBX MSCI WORLD (DR) XDWD LN Equity IE00BJ0KDQ92 USD 724 0.19 O ETF û ü û ü MSCI World COMSTAGE ETF MSCI WORLD-I CBNDDUWI GY Equity LU0392494562 EUR 585 0.20 D ETF û ü û ü ü MSCI World AMUNDI ETF MSCI WORLD UCITS CW8 FP Equity FR0010756098 EUR 314 0.38 D ETF û ü û ü ü MSCI World ISHARES MSCI WORLD UCITS ET IQQW GY Equity IE00B0M62Q58 EUR 6,311 0.50 F ETF û ü ü ü ü MSCI World SOURCE MSCI WORLD UCITS ETF SMSWLD GY Equity IE00B60SX394 EUR 481 0.35 D ETF û ü û ü ü MSCI World ISHARES CORE MSCI WORLD UCIT EUNL GY Equity IE00B4L5Y983 EUR 3,561 0.20 F ETF û ü û ü ü MSCI World LYXOR ETF MSCI WORLD WLD FP Equity FR0010315770 EUR 1,167 0.45 D ETF û ü ü ü ü MSCI World DBX MSCI WORLD INDEX XMWO GY Equity LU0274208692 EUR 1,961 0.45 D ETF û ü û ü ü MSCI World HSBC MSCI WORLD UCITS ETF HMWD LN Equity IE00B4X9L533 USD 381 0.35 O ETF û ü ü ü MSCI World ISHARES MSCI WRLD GBP HEDGED IGWD LN Equity IE00B42YS929 GBP 174 0.55 F ETF ü ü û ü ü MSCI World ISHARES MSCI WRLD EUR HEDGED IWDE LN Equity IE00B441G979 EUR 713 0.55 F ETF ü ü û ü ü MSCI World UBS ETF MSCI WORLD WRDGBA SW Equity LU0340285161 GBP 829 0.30 O ETF û ü ü ü ü MSCI World UBS ETF MSCI WORLD UBU7 GY Equity IE00B7KQ7B66 EUR 41 0.30 F ETF û ü ü ü ü MSCI World ISHARES MSCI WRLD CHF HEDGED IWDC SW Equity IE00B8BVCK12 CHF 410 0.55 O ETF ü ü û ü ü MSCI World AMUNDI ETF MSCI WORLD UCITS CW8U FP Equity FR0010871160 USD 352 0.38 D ETF û ü û ü ü MSCI World DBX MSCI WORLD EUR XWEH GY Equity LU0659579733 EUR 27 0.52 D ETF ü ü û ü ü MSCI World LYXOR UCITS MSCI WRLD MTH HG WLDU LN Equity FR0011669845 USD 66 0.45 D ETF ü ü û û MSCI World LYXOR UCITS MSCI WRLD MTH HG WLDH FP Equity FR0011660927 EUR 31 0.45 D ETF ü ü û ü MSCI World LYXOR UCITS ETF PEA MSCI WOR EWLD FP Equity FR0011869353 EUR 21 0.45 D ETF û ü û û MSCI World DBX MSCI WRLD 1D XDWL GY Equity IE00BK1PV551 EUR 164 0.09 O ETF û ü û ü FTSE All World VANGUARD FTSE DV WRLD UCITS VDEV LN Equity IE00BKX55T58 USD 26 0.19 O ETF û ü û ü World ex EMU AMUNDI ETF MSCI WORLD EX EMU CM9 FP Equity FR0010756114 EUR 107 0.35 D ETF û ü û ü ü World ex Europe AMUNDI ETF MSCI WORLD EX EUR CE8 FP Equity FR0010756122 EUR 30 0.35 D ETF û ü û ü ü World ex Europe AMUNDI ETF W EX EU CE8USD SW Equity FR0010871186 USD 34 0.35 D ETF û ü û ü World ex UK DBX FTSE ALL-WORLD EX UK XWXU LN Equity LU0322254383 GBP 34 0.40 D ETF û ü û ü ü World ex Europe AMUNDI ETF W EX EU CE8USD SW Equity FR0010871186 USD 43 0.35 D ETF û ü û ü World ex UK DBX FTSE ALL-WORLD EX UK XWXU LN Equity LU0322254383 GBP 31 0.40 D ETF û ü û ü ü

ETF TRADING LINES: MILAN: +39 02 8862-0660 MUNICH: +49 89 378-17585 LONDON: +44 207 826-6444 72 73

EQUITY DEVELOPED Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Developed World - Sector Agriculture ETFS S-NETWORK GLOBAL AGRI B AGRI LN Equity IE00B3CNHD93 USD 24 0.65 D ETF û ü ü ü ü Agriculture ETFX S-NET ITG GBL AGRI ETLV GY Equity DE000A0Q8NA2 EUR 22 0.65 D ETF û ü û ü ü Agriculture EASYETF S-BOX BNP PRB GL AGR EAGEUR FP Equity FR0010616318 EUR 5 0.60 D ETF û ü û û Agriculture POWERSHARES GLOBAL AGRICULTU PSU IM Equity IE00B3BQ0418 EUR 9 0.75 F ETF û ü ü ü ü Agriculture ISHARES AGRIBUSINESS SPAG LN Equity IE00B6R52143 GBP 24 0.55 F ETF û ü û ü ü Agriculture ISHARES AGRIBUSINESS IS0C GY Equity DE000A1JS9B2 EUR 33 0.55 F ETF û ü û ü ü Clean Energy & Conservation POWERSHARES GLOBAL CLEAN ENE PSBW LN Equity IE00B23D9133 GBP 9 0.75 F ETF û ü ü ü ü Clean Energy & Conservation ISHARES S&P GL CLEAN ENERGY IQQH GY Equity DE000A0M5X10 EUR 122 0.65 F ETF û ü ü ü ü Clean Energy & Conservation LYXOR ETF NEW ENERGY NRJ FP Equity FR0010524777 EUR 49 0.60 D ETF û ü ü ü ü Consumer Discretionary DBX MSCI WORLD CON DISCR DBPP GY Equity LU0540979720 EUR 38 0.45 D ETF û ü û ü ü Consumer Discretionary LYXOR WORLD CONSUMER DISCR DISW LN Equity LU0533032180 USD 3 0.40 D ETF û ü û ü ü Consumer Discretionary LYXOR ETF MSCI WLD CON DISCR DISW IM Equity LU0533032008 EUR 91 0.40 D ETF û ü û ü ü Consumer Staples DBX MSCI WORLD CON STAPL DBPQ GY Equity LU0540980066 EUR 58 0.45 D ETF û ü û ü ü Consumer Staples LYXOR WORLD CONS STAPLES STAW LN Equity LU0533032347 USD 6 0.40 D ETF û ü û ü ü Consumer Staples LYXOR ETF MSCI WLD CON STAPL STAW IM Equity LU0533032263 EUR 90 0.40 D ETF û ü û ü ü Energy DBX MSCI WORLD ENERGY DBPW GY Equity LU0540980736 EUR 46 0.45 D ETF û ü û ü ü Energy LYXOR MSCI WORLD ENERGY TR NRGW LN Equity LU0533032776 USD 28 0.40 D ETF û ü û ü ü Energy LYXOR ETF MSCI WORLD ENERGY ENERW IM Equity LU0533032420 EUR 23 0.40 D ETF û ü û ü ü Energy AMUNDI ETF MSCI WORLD ENERGY CWE FP Equity FR0010791145 EUR 85 0.35 D ETF û ü û ü ü Energy AMUNDI ETF MSCI WORLD ENERGY CWEUSD SW Equity FR0010871178 USD 94 0.35 D ETF û ü û ü Energy LYXOR UCITS PEA NEW ENERGY PNRJ FP Equity FR0011869379 EUR 1 0.60 D ETF û ü û û Financial Services DBX MSCI WORLD FINANCIAL DBPR GY Equity LU0540980140 EUR 18 0.45 D ETF û ü û ü ü Financial Services LYXOR WORLD FINANCIALS FINW LN Equity LU0533033071 USD 6 0.40 D ETF û ü û ü ü Financial Services LYXOR ETF MSCI WORLD FINCLS FINSW IM Equity LU0533032859 EUR 12 0.40 D ETF û ü û ü ü Financial Services AMUNDI ETF MSCI WORLD FINANC CWF FP Equity FR0010791152 EUR 134 0.35 D ETF û ü û û Financial Services AMUNDI ETF MSCI WORLD FINANC CWFUSD SW Equity FR0010871194 USD 150 0.35 D ETF û ü û ü û Healthcare DBX MSCI WORLD HEALTH DBPS GY Equity LU0540980223 EUR 182 0.45 D ETF û ü û ü ü Healthcare LYXOR MSCI WORLD HEALTH C TR HLTW LN Equity LU0533033311 USD 73 0.40 D ETF û ü û ü ü Healthcare LYXOR ETF MSCI WORLD H-CARE HLTW IM Equity LU0533033238 EUR 246 0.40 D ETF û ü û ü ü Industrial Goods & Services DBX MSCI WORLD INDUSTRIA DBPX GY Equity LU0540981387 EUR 28 0.45 D ETF û ü û ü ü Industrial Goods & Services LYXOR WORLD INDUSTRIALS TR INDW LN Equity LU0533033584 USD 6 0.40 D ETF û ü û ü ü Industrial Goods & Services LYXOR ETF MSCI WRLD INDUSTLS INDGW IM Equity LU0533033402 EUR 67 0.40 D ETF û ü û ü ü Information Technology DBX MSCI WORLD IT DBPT GY Equity LU0540980496 EUR 113 0.45 D ETF û ü û ü ü Information Technology LYXOR ETF MSCI WRLD INFOTECH TNOW IM Equity LU0533033667 EUR 18 0.40 D ETF û ü û ü ü Infrastructure DBX S&P GLOBAL INFRASTRUCT XSGI GY Equity LU0322253229 EUR 112 0.60 D ETF û ü û ü ü Infrastructure NMX30 INFRASTRUCTURE GLOBAL ENG FP Equity LU0315440411 EUR 35 0.50 F ETF û ü û ü ü Infrastructure ISHARES MACQ GBL INFRA 100 IQQI GY Equity DE000A0LGQM3 EUR 378 0.65 F ETF û ü ü ü ü Infrastructure ETFS US ENERGY INFRASTRUCTUR MLPI LN Equity IE00BHZKHS06 USD 92 0.45 D ETF û ü û ü Islamic ISHARES MSCI WORLD ISLAMIC IUSD GY Equity DE000A0NA0L5 EUR 83 0.60 F ETF û ü ü ü ü Islamic DBX DJ ISLAMIC MRKT TITANS XIMT GY Equity LU0328475529 EUR 23 0.50 D ETF û ü û ü ü Materials DBX MSCI WORLD MATERIALS XWSM LN Equity LU0540980819 GBP 7 0.45 D ETF û ü û ü ü Materials LYXOR MSCI WORLD MATERIALS MATW LN Equity LU0533034046 USD 13 0.40 D ETF û ü û ü ü Materials LYXOR ETF MSCI WORLD MATERLS MATW IM Equity LU0533033824 EUR 33 0.40 D ETF û ü û ü ü Mining LYXOR ETF GOLD USD GLDU FP Equity LU0854423927 USD 1 0.50 D ETF û ü ü ü ü Mining LYXOR ETF GOLD EUR GLDM FP Equity LU0854423687 EUR 5 0.50 D ETF û ü ü ü ü Mining ETFS DAXGLOBAL GOLD MINING G AUCO LN Equity IE00B3CNHG25 USD 57 0.65 D ETF û ü û ü ü Mining ETFX DAXGLOBAL GOLD MINING ETLX GY Equity DE000A0Q8NC8 EUR 52 0.65 D ETF û ü û ü ü Mining RBS MARKET ACCESS NYSE ARCA M9SD GY Equity LU0259322260 EUR 94 0.65 D ETF û ü û ü ü Mining ISHARES GOLD PRODUCERS IAUP LN Equity IE00B6R52036 USD 198 0.55 F ETF û ü û ü ü Mining UBS ETF STOXX GL. RARE EART. UIMV GY Equity LU0671492899 EUR 8 0.45 F ETF û ü û ü ü Mining ISHARES GOLD PRODUCERS IS0E GY Equity DE000A1JS9D8 EUR 179 0.55 F ETF û ü û ü ü Mining COMSTAGE ETF GOLD BUGS CD91 GY Equity LU0488317701 EUR 178 0.65 D ETF û ü û ü ü Mining MV GOLD MINERS UCITS ETF GDX LN Equity IE00BQQP9F84 USD 104 0.55 F ETF û ü û û Mining MV JR. GOLD MINERS UCITS ETF GDXJ LN Equity IE00BQQP9G91 USD 6 0.59 F ETF û ü û û Oil & Gas ISHARES OIL & GAS E&P IOGP LN Equity IE00B6R51Z18 USD 149 0.55 F ETF û ü û ü ü Oil & Gas ISHARES OIL & GAS E&P IS0D GY Equity DE000A1JS9C0 EUR 134 0.55 F ETF û ü û ü ü Private Equity ISHARES LISTED PRIVATE EQ IPRV LN Equity IE00B1TXHL60 GBP 267 0.75 F ETF û ü ü ü ü

ETF TRADING LINES: MILAN: +39 02 8862-0660 MUNICH: +49 89 378-17585 LONDON: +44 207 826-6444 74 75

EQUITY DEVELOPED Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Private Equity POWERSHARES GLOBAL LISTED PR PSSP LN Equity IE00B23D8Z06 GBP 3 0.75 F ETF û ü ü ü ü Private Equity ISHARES S&P LISTED PRIVATE E IQQL GY Equity DE000A0MSAF4 EUR 371 0.75 F ETF û ü ü ü ü Private Equity DBX LPX PRIVATE EQUITY XLPE GY Equity LU0322250712 EUR 198 0.70 D ETF û ü û ü ü Real Estate ISHARES FTSE EPRA/NAR DEV MK IQQ6 GY Equity DE000A0LGQL5 EUR 2,694 0.59 F ETF û ü ü ü ü Real Estate ISHARES DEV MARK PROP YIELD IWDP LN Equity IE00B1FZS350 GBP 1,938 0.59 F ETF û ü ü ü ü Real Estate THINK GLOBAL REAL ESTATE UCI TRET NA Equity NL0009690239 EUR 101 0.25 F ETF û ü ü ü û Real Estate SPDR DJ GLOBAL REAL ESTATE SPYJ GY Equity IE00B8GF1M35 EUR 29 0.40 O ETF û ü ü ü ü Robotics GO UCITS ROBO-STOX ROBO LN Equity IE00BMW3QX54 USD 36 0.95 D ETF û ü û ü Technology LYXOR MSCI WORLD TECHNO TR TNOW LN Equity LU0533033741 USD 8 0.40 D ETF û ü û ü ü Telecom LYXOR ETF MSCI WORLD COMMN TELEW IM Equity LU0533034129 EUR 15 0.40 D ETF û ü û ü ü Telecom DBX MSCI WORLD TELECOM XWST LN Equity LU0540980579 GBP 5 0.45 D ETF û ü û ü ü Telecom LYXOR MSCI TELECOMMUNICATION TELW LN Equity LU0533034392 USD 2 0.40 D ETF û ü û ü ü Timber ISHARES GLOB TIMBER&FORESTRY WOOD LN Equity IE00B27YCF74 GBP 50 0.65 F ETF û ü ü ü ü Timber ISHARES S&P GBL TIM&FORST IUSB GY Equity DE000A0NA0H3 EUR 69 0.65 F ETF û ü ü ü ü Utilities DBX MSCI WORLD UTILITIES XWSU LN Equity LU0540980652 GBP 4 0.45 D ETF û ü û ü ü Utilities LYXOR MSCI UTILITIES TR UTIW LN Equity LU0533034632 USD 5 0.40 D ETF û ü û ü ü Utilities LYXOR ETF MSCI WORLD UTILS UTIW IM Equity LU0533034558 EUR 30 0.40 D ETF û ü û ü ü Water ISHARES GLOBAL WATER UCITS IH2O LN Equity IE00B1TXK627 GBP 249 0.65 F ETF û ü ü ü ü Water POWERSHARES NASDAQ GLOBAL WA PSHO LN Equity IE00B23D9026 GBP 4 0.75 F ETF û ü ü ü ü Water ISHARES GLOBAL WATER UCITS IQQQ GY Equity DE000A0MSAG2 EUR 346 0.65 F ETF û ü ü ü ü Water LYXOR ETF WORLD WATER WAT FP Equity FR0010527275 EUR 279 0.60 D ETF û ü ü ü ü Water LYXOR ETF PEA WORLD WATER AWAT FP Equity FR0011882364 EUR 3 0.60 D ETF û ü û û Developed World - Size Global Titans LYXOR ETF UCITS DJ GLOBAL TI MGT FP Equity FR0007075494 EUR 41 0.40 D ETF û ü ü ü ü Global Titans ISHARES DJ GLOBALTITAN50 DE DJGTEEX GY Equity DE0006289382 EUR 148 0.50 F ETF û ü ü ü ü Global Titans LYXOR ETF UCITS DJ GLOBAL TI MGTU LN Equity FR0011523505 USD 0 0.40 D ETF û ü û û Global Titans LYXOR ETF DJ GLOBAL TITANS PMGT FP Equity FR0011872043 EUR 1 0.40 D ETF û ü û ü û Small Cap SPDR MSCI WORLD SMALL CAP ZPRS GY Equity IE00BCBJG560 EUR 31 0.45 O ETF û ü û ü ü Developed Asia

Developed Asia - Regional Asia-Pacific ex Japan COMSTAGE ETF MSCI PAC X-JP-I CBNDDUPX GY Equity LU0392495296 EUR 20 0.45 D ETF û ü û ü ü Asia-Pacific ex Japan AMUNDI ETF MSCI PACIFIC EX J CP9 FP Equity FR0010713669 EUR 188 0.45 D ETF û ü û ü ü Asia-Pacific ex Japan ISHARES MSCI PACIFIC EX-JAPA IPXJ LN Equity IE00B4WXJD03 USD 478 0.60 F ETF û ü ü ü ü Asia-Pacific ex Japan ISHARES MSCI PACIFIC X-JPN EUNJ GY Equity DE000A0YBR12 EUR 428 0.60 F ETF û ü ü ü ü Asia-Pacific ex Japan DBX MSCI PACIFIC EX JAPAN XPXJ GY Equity LU0322252338 EUR 571 0.45 F ETF û ü û ü ü Asia-Pacific ex Japan AMUNDI ETF ASI XJP CP9U FP Equity FR0010871137 USD 213 0.45 D ETF û ü û ü ü Asia-Pacific COMSTAGE ETF MSCI PACIFIC-I CBNDDUP GY Equity LU0392495023 EUR 54 0.45 D ETF û ü û ü ü Pacific ex Japan ISHARES CORE MSCI PAC EX JAP CSPXJ SW Equity IE00B52MJY50 USD 143 0.20 F ETF û ü û ü ü Developed Asia - Country Australia DBX S&P/ASX 200 (DR) XAUS GY Equity LU0328474803 EUR 83 0.50 F ETF û ü û ü ü Australia ISHARES MSCI AUSTRALIA SAUS LN Equity IE00B5377D42 GBP 154 0.50 F ETF û ü û ü ü Australia ISHARES MSCI AUSTRALIA B CSAU SW Equity IE00B5V70487 USD 40 0.34 F ETF û ü û ü ü Australia UBS ETF MSCI AUSTRAL. H. EUR AUEUWH SW Equity IE00BD4TY899 EUR 5 0.50 F ETF ü ü û ü ü Australia UBS ETF MSCI AUSTRALIA AUSCHW SW Equity IE00BD4TY451 CHF 33 0.40 F ETF û ü û ü ü Australia UBS ETF MSCI AUSTRAL. H. CHF AUCHWH SW Equity IE00BD4TY675 CHF 6 0.50 F ETF ü ü û ü ü Japan COMSTAGE ETF MSCI JAPAN-I CBNDDUJN GY Equity LU0392495452 EUR 10 0.25 D ETF û ü û ü ü Japan COMSTAGE ETF NIKKEI 225 CBNKY GY Equity LU0378453376 EUR 46 0.25 D ETF û ü û ü ü Japan COMSTAGE ETF TOPIX CBTPX GY Equity LU0392496773 EUR 22 0.25 D ETF û ü û ü ü Japan AMUNDI ETF MSCI JAPAN UCITS CJ1 FP Equity FR0010688242 EUR 537 0.45 D ETF û ü û ü ü Japan EASYETF TOPIX-CAP EUR EJP FP Equity FR0010713610 EUR 30 0.50 D ETF û ü û û Japan DEKA MSCI JAPAN UCITS ETF ETFJPAC GY Equity DE000ETFL300 EUR 20 0.50 F ETF û ü ü ü ü Japan UBS ETF MSCI JAPAN JPNEUA GY Equity LU0136240974 EUR 829 0.35 F ETF û ü ü ü ü Japan ISHR NIKKEI225 UCITS ETF DE NKYEX GY Equity DE000A0H08D2 EUR 171 0.51 F ETF û ü ü ü ü Japan ISHARES MSCI JAPAN FUND IQQJ GY Equity DE000A0DPMW9 EUR 2,394 0.59 F ETF û ü ü ü ü Japan LYXOR ETF JAPAN TOPIX JPN FP Equity FR0010245514 EUR 819 0.45 D ETF û ü ü ü ü

ETF TRADING LINES: MILAN: +39 02 8862-0660 MUNICH: +49 89 378-17585 LONDON: +44 207 826-6444 74 75

EQUITY DEVELOPED Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Japan SOURCE MSCI JAPAN UCITS ETF SMSJPN GY Equity IE00B60SX287 EUR 58 0.40 D ETF û ü û ü ü Japan ISHARES CORE MSCI JAPAN UCIT EUNN GY Equity DE000A0YBR53 EUR 1,037 0.20 F ETF û ü û ü ü Japan DBX MSCI JAPAN XMJP GY Equity LU0274209740 EUR 1,020 0.50 F ETF û ü û ü ü Japan ISHARES CORE MSCI JAPAN UCIT SJPA LN Equity IE00B4L5YX21 GBP 751 0.20 F ETF û ü û ü ü Japan HSBC MSCI JAPAN UCITS ETF HMJP LN Equity IE00B5VX7566 GBP 157 0.40 F ETF û ü ü ü û Japan ISHARES MSCI JPN EUR HEDGED IJPE LN Equity IE00B42Z5J44 EUR 4,304 0.64 F ETF ü ü û ü ü Japan ISHARES MSCI JAPAN ACC CSJP SW Equity IE00B53QDK08 JPY 105,262 0.36 F ETF û ü û ü ü Japan ISHARES NIKKEI 225 CSNKY SW Equity IE00B52MJD48 JPY 43,130 0.48 F ETF û ü û ü ü Japan UBS ETF MSCI JAPAN JPJYAS SW Equity IE00B54HQ477 JPY 3,563 0.33 D ETF û ü û ü ü Japan RBS MARKET ACCESS TOPIX EURH M9SW GY Equity LU0562666403 EUR 9 0.50 D ETF ü ü û ü ü Japan ISHARES MSCI JPN GBP HEDGED IJPH LN Equity IE00B7XYN974 GBP 570 0.64 F ETF ü ü û ü ü Japan DB X-TRACKERS MSCI JAPAN EUR XMK9 GY Equity LU0659580079 EUR 356 0.60 F ETF ü ü û ü ü Japan ISHARES MSCI JPN CHF HEDGED IJPC SW Equity IE00B8J37J31 CHF 658 0.64 O ETF ü ü û ü ü Japan AMUNDI ETF JAPAN TOPIX EUR H TPXH FP Equity FR0011314277 EUR 1,182 0.48 D ETF ü ü û ü ü Japan DBX NIKKEI 225 (DR) XDJP GY Equity LU0839027447 EUR 70 0.09 F ETF û ü ü ü ü Japan LYXOR ETF JPN TOPIX DLY-HG-E JPNH FP Equity FR0011475078 EUR 122 0.45 D ETF ü ü ü ü ü Japan AMUNDI ETF MSCI JP CJ1JPY SW Equity FR0010871202 JPY 71,787 0.45 D ETF û ü û ü Japan ISHARES MSCI JAPAN USD-H-A IJPD LN Equity IE00BCLWRG39 USD 954 0.64 O ETF ü ü û ü Japan UBS ETF MSCI JAPAN H. GBP JPGBBH SW Equity LU0969638583 GBP 47 0.45 F ETF ü ü û ü ü Japan COMSTAGE ETF MSCI JAP EUR DH C025 GY Equity LU1033694107 EUR 9 0.45 D ETF ü ü û ü ü Japan UBS ETF MSCI JAPAN H. SGD JPSGBH SW Equity LU1048313206 SGD 23 0.45 F ETF ü ü û ü ü Japan LYXOR PEA JAPAN TOPIX PJPN FP Equity FR0011871102 EUR 33 0.45 D ETF û ü û ü û Japan LYXOR PEA JPN TOPIX DLY-HG-E PJPH FP Equity FR0011884121 EUR 1 0.45 D ETF ü ü û ü û Japan LYXOR JPX-NIKKEI 400 JPX4 FP Equity FR0012144582 EUR 488 0.25 D ETF û ü û ü ü Japan SOURCE JPX-NIKKEI 400 UCITS SMLN GY Equity DE000A119T29 EUR 100 0.20 D ETF û ü û ü û Japan LYXR JPX-NK400 DLY HDG-C EUR JPXH FP Equity FR0012154821 EUR 26 0.25 D ETF ü ü û ü Japan NOMURA NIKKEI225 USD-H ETF NXKU LN Equity IE00BSMSXM06 USD 22 0.60 F ETF ü ü û û Japan NOMURA NIKKEI225 EUR-H ETF NXKE LN Equity IE00BSKS1J57 EUR 30 0.60 F ETF ü ü û û Japan AMUNDI ETF JPX-NIKKEI 400 -B JPNY FP Equity FR0012205623 JPY 36,883 0.18 D ETF û ü û û Japan AMUNDI ETF JPX-NIKKEI 400 -A JPNK FP Equity FR0012205631 EUR 274 0.18 D ETF û ü û ü Japan LYXOR JPX-NK400 DLY H-USD JPXU LN Equity FR0012329159 USD 216 0.25 D ETF ü ü û ü Japan LYXOR JPX-NK400 DLY H-GBP JPXX LN Equity FR0012329142 GBP 11 0.25 D ETF ü ü û û Japan ISHARES MSCI JPN MONTH EU HD IBCG GY Equity DE000A1H53P0 EUR 4,308 0.64 F ETF ü ü û ü Japan DBX TRACKER-JPX NIKKEI 4003C XDNE GY Equity IE00BRB36B93 EUR 0 0.20 O ETF ü ü û ü Japan SOURCE JPX-NKY 400 EUR HDG NS4E GY Equity IE00BVGC6645 EUR 4 0.20 D ETF ü ü û ü Japan SOURCE JPX-NKY 400 USD HDG N4US LN Equity IE00BVGC6751 USD 2 0.20 D ETF ü ü û ü Japan ISHARES JPX-NIKKEI 400 EUR-H NK4E LN Equity IE00BQT3W831 EUR 21 0.45 O ETF ü ü û ü Japan DBX TRACKER-JPX NIKKEI 4001C XDNY GY Equity IE00BPVLQD13 EUR 30 0.10 O ETF û ü û ü Developed Asia - Sector Real Estate ISHARES ASIA PROPERTY YIELD IASP LN Equity IE00B1FZS244 GBP 158 0.59 F ETF û ü ü ü ü Real Estate ISHARES EPRA ASIA PROPTY YLD IQQ4 GY Equity DE000A0LGQJ9 EUR 217 0.59 F ETF û ü ü ü ü Developed Asia - Size Large Cap DEKA MSCI JAPAN LC UCITS ETF ETFJPLC GY Equity DE000ETFL102 EUR 9 0.50 F ETF û ü ü ü ü Mid Cap DEKA MSCI JAPAN MC UCITS ETF ETFJPMC GY Equity DE000ETFL318 EUR 6 0.50 F ETF û ü ü ü ü Small Cap ISHARES MSCI JAPAN SMALLCAP IDJP LN Equity IE00B2QWDY88 USD 222 0.59 F ETF û ü ü ü ü Developed America

Developed America - Regional North America COMSTAGE ETF MSCI NRTH AM-I CBNDDUNA GY Equity LU0392494992 EUR 282 0.25 D ETF û ü û ü ü North America ISHARES MSCI NORTH AMERICA IQQN GY Equity DE000A0J2060 EUR 2,451 0.40 F ETF û ü ü ü ü North America LYXOR UCITS ETF MSCI USA USAC FP Equity FR0011363423 EUR 146 0.30 D ETF û ü ü ü û North America VANGUARD FTSE NA UCITS ETF VDNR LN Equity IE00BKX55R35 USD 12 0.10 O ETF û ü û ü North America LYXOR MSCI N AMERICA UCITS NORA FP Equity FR0012647428 EUR 14 0.20 D ETF ü ü û ü USA - S&P500 S&P 500 THEAM EASY UCITS ETF ESDD FP Equity FR0011550680 USD 110 0.20 D ETF û ü û û USA - S&P500 S&P 500 THEAM EASY UCITS ETF ESD FP Equity FR0011550177 USD 231 0.20 D ETF û ü û û USA - S&P500 S&P 500 THEAM EASY UCITS ETF ESE FP Equity FR0011550185 EUR 293 0.20 D ETF û ü û û

ETF TRADING LINES: MILAN: +39 02 8862-0660 MUNICH: +49 89 378-17585 LONDON: +44 207 826-6444 76 77

EQUITY DEVELOPED Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Developed America - Country Canada UBS ETF MSCI CANADA CANCDA SW Equity LU0446734872 CAD 208 0.33 F ETF û ü ü ü ü Canada DBX MSCI CANADA D5BH GY Equity LU0476289540 EUR 57 0.35 D ETF û ü û ü ü Canada ISHARES MSCI CANADA CSCA SW Equity IE00B52SF786 CAD 715 0.36 F ETF û ü û ü ü Canada UBS ETF MSCI CANADA CACDAS SW Equity IE00B5TZCY80 CAD 79 0.28 D ETF û ü û ü ü Canada HSBC MSCI CANADA UCITS ETF HCAN LN Equity IE00B51B7Z02 GBP 24 0.35 F ETF û ü ü û Canada UBS ETF MSCI CANADA H. USD CAHUSA SW Equity LU1130155861 USD 23 0.43 F ETF ü ü û ü Canada UBS ETF MSCI CANADA H. EUR U1FA GY Equity LU1130155606 EUR 22 0.43 F ETF ü ü û ü Canada UBS ETF MSCI CANADA H. CHF CAHCHA SW Equity LU1130155432 CHF 11 0.43 F ETF ü ü û ü Canada UBS ETF MSCI CANADA H. GBP UC87 LN Equity LU1130156323 GBP 2 0.43 F ETF ü ü û ü USA - Dow Jones COMSTAGE ETF DJ INDUS AVG CBINDU GY Equity LU0378437502 EUR 69 0.45 D ETF û ü û ü ü USA - Dow Jones SPDR DJIA TRUST DIA NA Equity US78467X1090 EUR - 0.18 F ETF û û û ü û USA - Dow Jones LYXOR ETF DJ IND AVG-D EUR DJE FP Equity FR0007056841 EUR 534 0.50 D ETF û ü ü ü ü USA - Dow Jones ISHARE DJ INDUSTRIAL AVRG DE INDUEX GY Equity DE0006289390 EUR 205 0.50 F ETF û ü ü ü ü USA - Dow Jones ISHARES DJ INDUSTRIAL AVERAG CSINDU SW Equity IE00B53L4350 USD 238 0.22 F ETF û ü û ü ü USA - Dow Jones LYXOR DOE JONES IND AVG CEUR PDJE FP Equity FR0011869270 EUR 11 0.50 D ETF û ü û ü û MSCI USA DBX MSCI USA D5BU GS Equity LU0380864214 EUR 4 0.20 D ETF û ü û ü ü MSCI USA UBS ETF MSCI USA H. EUR USEUWH SW Equity IE00BD4TYG73 EUR 311 0.30 F ETF ü ü û ü ü MSCI USA UBS ETF MSCI USA H. GBP USGBWH SW Equity IE00BD4TYJ05 GBP 18 0.30 F ETF ü ü û ü ü MSCI USA AMUNDI ETF MSCI USA CU2U FP Equity FR0010871152 USD 869 0.28 D ETF û ü û ü ü MSCI USA COMSTAGE ETF MSCI USA-I CBNDDUUS GY Equity LU0392495700 EUR 504 0.10 D ETF û ü û ü ü MSCI USA AMUNDI ETF MSCI USA UCITS ET CU2 FP Equity FR0010688275 EUR 778 0.28 D ETF û ü û ü ü MSCI USA DEKA MSCI USA UCITS ETF ETFUSAC GY Equity DE000ETFL268 EUR 430 0.30 F ETF û ü ü ü ü MSCI USA UBS ETF MSCI USA USAEUA GY Equity LU0136234654 EUR 1,491 0.20 F ETF û ü ü ü ü MSCI USA SOURCE MSCI USA UCITS ETF SMSUSA GY Equity IE00B60SX170 EUR 169 0.30 D ETF û ü û ü ü MSCI USA LYXOR UCITS ETF MSCI USA USA FP Equity FR0010296061 EUR 697 0.30 D ETF û ü ü ü ü MSCI USA DBX MSCI USA XMUS GY Equity LU0274210672 EUR 1,490 0.30 D ETF û ü û ü ü MSCI USA UBS ETF MSCI USA MUUSAS SW Equity IE00B3SC9K16 USD 298 0.15 D ETF û ü û ü ü MSCI USA UBS ETF MSCI USA UBU3 GY Equity IE00B77D4428 EUR 26 0.20 F ETF û ü ü ü ü MSCI USA ISHARES MSCI USA DIVIDEND IQ HDIQ LN Equity IE00BKM4H312 GBP 49 0.35 F ETF û ü û ü MSCI USA LYXOR UCITS ETF PEA MSCI USA PUSA FP Equity FR0011869346 EUR 91 0.30 D ETF û ü û ü û MSCI USA DBX MSCI USA (DR) XD9U GY Equity IE00BJ0KDR00 EUR 981 0.07 F ETF û ü û ü ü USA - Nasdaq COMSTAGE ETF NASDAQ 100 CBNDX GY Equity LU0378449770 EUR 150 0.25 D ETF û ü û ü ü USA - Nasdaq POWERSHARES EQQQ NASDAQ-100 EQQQ LN Equity IE0032077012 GBP 785 0.30 F ETF û ü ü ü ü USA - Nasdaq ISHR NASDAQ100 UCITS ETF DE NDXEX GY Equity DE000A0F5UF5 EUR 785 0.31 F ETF û ü ü ü ü USA - Nasdaq LYXOR ETF NASDAQ 100 UST FP Equity FR0007063177 EUR 420 0.30 D ETF û ü ü ü ü USA - Nasdaq AMUNDI ETF NDX 100 ANX FP Equity FR0010892216 EUR 123 0.23 D ETF û ü û ü ü USA - Nasdaq AMUNDI ETF NASDAQ-100 EUR HE NDXH FP Equity FR0010949479 EUR 37 0.35 D ETF ü ü û ü USA - Nasdaq AMUNDI ETF NASDAQ 100 ANXU FP Equity FR0010912568 USD 137 0.23 D ETF û ü û ü ü USA - Nasdaq LYXOR UCITS PEA NASDAQ-100 PUST FP Equity FR0011871110 EUR 21 0.30 D ETF û ü û ü û USA - Russell SOURCE RUSSELL 2000 UCITS ET SR2000 GY Equity IE00B60SX402 EUR 25 0.45 D ETF û ü û ü ü USA - Russell DBX RUSSELL 2000 USA XRU2 GY Equity LU0322248658 EUR 392 0.45 D ETF û ü û ü ü USA - Russell EASYETF RUSSELL 1000-EUR EREEUR FP Equity FR0010616292 EUR 115 0.40 D ETF û ü û û USA - Russell RUSSELL 1000 THEAM EASY UCIT ERDUSD FP Equity FR0010618835 USD 15 0.40 D ETF û ü û û USA - Russell AMUNDI ETF RUSSELL 2000 UCIT RS2K FP Equity FR0011636190 EUR 146 0.35 D ETF û ü û ü ü USA - Russell LXYOR ETF RUSSELL 2000-C-USD RUS2 LN Equity FR0011119254 USD 12 0.40 D ETF û ü û ü ü USA - Russell SPDR RUSSELL 3000 US TOTAL M ZPR3 GY Equity IE00BKY7WX37 EUR 6 0.25 O ETF û ü û ü ü USA - Russell DBX RUSL MID XRSM GY Equity IE00BJZ2DC62 EUR 2 0.15 F ETF û ü û ü USA - Russell DBX RUSL 2000 XRS2 GY Equity IE00BJZ2DD79 EUR 1 0.30 F ETF û ü û ü USA - S&P500 LYXOR UCITS ETF S&P 500-D-EU SP5H FP Equity LU0959211243 EUR 141 0.15 D ETF ü ü û ü ü USA - S&P500 ISHARES S&P 500 UCITS ETF DI IUSA GY Equity IE0031442068 EUR 9,965 0.40 F ETF û ü ü ü ü USA - S&P500 ISHARES CORE S&P 500 UCITS E CSSPX SW Equity IE00B5BMR087 USD 11,682 0.07 F ETF û ü û ü ü USA - S&P500 LYXOR ETF S&P 500-A LYPS GY Equity LU0496786574 EUR 731 0.20 D ETF û ü ü ü ü USA - S&P500 LYXOR ETF S&P 500 LSPU LN Equity LU0496786657 USD 313 0.20 D ETF û ü ü ü ü USA - S&P500 COMSTAGE ETF S&P 500 C012 GY Equity LU0488316133 EUR 96 0.12 D ETF û ü û ü ü USA - S&P500 HSBC S&P 500 UCITS ETF HSPX LN Equity IE00B5KQNG97 GBP 1,303 0.09 F ETF û ü ü ü ü USA - S&P500 AMUNDI ETF S&P 500 UCITS ETF 500 FP Equity FR0010892224 EUR 935 0.15 D ETF û ü û ü ü USA - S&P500 ISHARES S&P 500 GBP HEDGED IGUS LN Equity IE00B3Y8X563 GBP 96 0.45 F ETF ü ü û ü ü

ETF TRADING LINES: MILAN: +39 02 8862-0660 MUNICH: +49 89 378-17585 LONDON: +44 207 826-6444 76 77

EQUITY DEVELOPED Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT USA - S&P500 ISHARES S&P 500 EUR HEDGED IUSE LN Equity IE00B3ZW0K18 EUR 1,071 0.45 F ETF ü ü û ü ü USA - S&P500 DBX S&P 500 D5BM GY Equity LU0490618542 EUR 1,492 0.20 D ETF û ü û ü ü USA - S&P500 UBS ETF S&P 500 INDEX S5USAS SW Equity IE00B4JY5R22 USD 192 0.05 D ETF û ü û ü ü USA - S&P500 SPDR S&P 500 ETF SPY5 GY Equity IE00B6YX5C33 EUR 1,115 0.15 F ETF û ü ü ü ü USA - S&P500 VANGUARD S&P 500 UCITS ETF VUSA LN EQUITY IE00B3XXRP09 GBP 7,279 0.07 F ETF û ü ü ü ü USA - S&P500 AMUNDI ETF S&P 500 EUR HEDGE H1D5 GY Equity FR0011133644 EUR 196 0.28 D ETF ü ü û ü ü USA - S&P500 UBS ETF S&P 500 UBU9 GY Equity IE00B7K93397 EUR 125 0.12 F ETF û ü ü ü ü USA - S&P500 ISHARES S&P 500 CHF HEDGED U IUSC SW Equity IE00B88DZ566 CHF 73 0.45 O ETF ü ü û ü ü USA - S&P500 AMUNDI ETF S&P 500 500U FP Equity FR0010912576 USD 1,043 0.15 D ETF û ü û ü ü USA - S&P500 DBX S&P 500 EQUAL W (DR) XDEW GY Equity IE00BLNMYC90 EUR 337 0.15 F ETF û ü û ü ü USA - S&P500 COMSTAGE ETF S&P500 EUR DH C014 GY Equity LU1033694362 EUR 6 0.30 D ETF ü ü û ü ü USA - S&P500 LYXOR S&P 500 C-EUR PSP5 FP Equity FR0011871128 EUR 13 0.15 D ETF û ü û ü û USA - S&P500 SOURCE S&P 500 EUR HEDGED E500 GY Equity IE00BRKWGL70 EUR 63 0.15 D ETF ü ü û ü USA - S&P500 DBX S&P500 EUR XDPE GY Equity IE00BM67HW99 EUR 2 0.15 F ETF ü ü û ü Developed America - Sector Construction & Materials SOURCE MATERIALS S&P US SECT XLBS LN Equity IE00B3XM3R14 USD 6 0.30 D ETF û ü û ü ü Construction & Materials LYXOR S&P 500 MATERIALS MATU LN Equity FR0011192798 USD 1 0.20 D ETF û ü û ü ü Consumer Discretionary SOURCE CONS DISC S&P US SECT XLYS LN Equity IE00B449XP68 USD 219 0.30 D ETF û ü û ü ü Consumer Discretionary LYXOR S&P 500 CONSUMER DISCR CODU LN Equity FR0011192699 USD 6 0.20 D ETF û ü û ü ü Consumer Staples SOURCE CONS STAP S&P US SECT XLPS LN Equity IE00B435BG20 USD 25 0.30 D ETF û ü û ü ü Consumer Staples LYXOR S&P 500 CONSUMER STAPL COSU LN Equity FR0011192707 USD 2 0.20 D ETF û ü û ü ü Energy SOURCE ENERGY S&P US SECTOR XLES LN Equity IE00B435CG94 USD 188 0.30 D ETF û ü û ü ü Energy LYXOR S&P 500 ENERGY NRGU LN Equity FR0011158153 USD 1 0.20 D ETF û ü û ü ü Financial Services SOURCE FINANCIAL S&P US SECT XLFS LN Equity IE00B42Q4896 USD 358 0.30 D ETF û ü û ü ü Financial Services LYXOR UCITS ETF S&P 500 CAPP FINU LN Equity FR0011192731 USD 1 0.20 D ETF û ü û ü ü Financial Services LYXOR S&P 500 FINANCIALS UTLU LN Equity FR0011192830 USD 2 0.20 D ETF û ü û ü ü Healthcare SOURCE HLTH CARE S&P US SECT XLVS LN Equity IE00B3WMTH43 USD 127 0.30 D ETF û ü û ü ü Healthcare LYXOR S&P 500 HEALTH CARE HLTU LN Equity FR0011192855 USD 2 0.20 D ETF û ü û ü ü Healthcare SOURCE NASDAQ BIOTECH UCITS SBIO LN Equity IE00BQ70R696 USD 44 0.40 D ETF û ü û ü Industrial Goods & Services SOURCE INDUSTRIA S&P US SECT XLIS LN Equity IE00B3YC1100 USD 74 0.30 D ETF û ü û ü ü Industrial Goods & Services LYXOR S&P 500 INDUSTRIALS INDS LN Equity FR0011192764 USD 2 0.20 D ETF û ü û ü ü Islamic ISHARES MSCI USA ISLAMIC ISUS LN Equity IE00B296QM64 GBP 27 0.50 F ETF û ü ü ü ü Islamic ISHARES MSCI USA ISLAMIC IUSF GY Equity DE000A0NA0N1 EUR 37 0.50 F ETF û ü ü ü ü Real Estate ISHARES EPRA US PROPTY YLD IQQ7 GY Equity DE000A0LGQK7 EUR 613 0.40 F ETF û ü ü ü ü Technology SOURCE TECHNOLOG S&P US SECT XLKS LN Equity IE00B3VSSL01 USD 495 0.30 D ETF û ü û ü ü Utilities SOURCE UTILITIES S&P US SECT XLUS LN Equity IE00B3VPKB53 USD 10 0.30 D ETF û ü û ü ü Developed America - Size Large Cap COMSTAGE ETF MSCI USA L/C-I CBMLCUUS GY Equity LU0392495882 EUR 35 0.25 D ETF û ü û ü ü Large Cap DEKA MSCI USA LC UCITS ETF ETFUSLC GY Equity DE000ETFL094 EUR 58 0.30 F ETF û ü ü ü ü Mid Cap DBX RUSSELL MIDCAP XMKR GY Equity LU0592217953 EUR 158 0.35 D ETF û ü û ü ü Mid Cap SPDR S&P 400 US MID CAP SPY4 GY Equity IE00B4YBJ215 EUR 636 0.30 F ETF û ü û ü ü Mid Cap COMSTAGE ETF MSCI USA M/C-I CBMMDUUS GY Equity LU0392495965 EUR 35 0.35 D ETF û ü û ü ü Mid Cap DEKA MSCI USA MC UCITS ETF ETFUSMC GY Equity DE000ETFL276 EUR 31 0.30 F ETF û ü ü ü ü Mid Cap SOURCE RUSSELL EU SMID 300 SMLM GY Equity IE00BJVD4K83 EUR 10 0.35 D ETF û ü û ü ü Small Cap SPDR RUSSELL 2000 US SM CAP ZPRR GY Equity IE00BJ38QD84 EUR 32 0.30 O ETF û ü û ü ü Small Cap COMSTAGE ETF MSCI USA S/C-I CBNCUDUS GY Equity LU0392496005 EUR 73 0.35 D ETF û ü û ü ü Small Cap ETFX RUSSELL 2000 FUND ETLZ GY Equity DE000A0Q8NE4 EUR 32 0.45 D ETF û ü û ü ü Small Cap ETFS RUSSELL 2000 US SMALL C RTWO LN Equity IE00B3CNHJ55 USD 36 0.45 D ETF û ü ü ü ü Small Cap ISHARES S&P SMALLCAP 600 IUS3 GY Equity DE000A0RFEB1 EUR 335 0.40 F ETF û ü ü ü ü Small Cap ISHARES MSCI US SMALL CAP CSUSS SW Equity IE00B3VWM098 USD 468 0.30 O ETF û ü û ü ü Developed Europe

Developed Europe - Regional Eurozone LYXOR EURO STOXX 300 DR MFED FP Equity LU0908501058 EUR 15 0.30 F ETF û ü û ü ü Eurozone DBX MSCI PAN-EURO (DR) XMPE GY Equity LU0412624271 EUR 114 0.30 F ETF û ü û ü ü

ETF TRADING LINES: MILAN: +39 02 8862-0660 MUNICH: +49 89 378-17585 LONDON: +44 207 826-6444 78 79

EQUITY DEVELOPED Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Eurozone ISHARES PLC-FTSEUROFST 80 IQQ8 GY Equity DE000A0DPM08 EUR 38 0.40 F ETF û ü ü ü ü Euro Stoxx EURO STOXX THEAM EASY UCITS ETX FP Equity FR0010230516 EUR 98 0.35 D ETF û ü û ü û Euro Stoxx ISHR EUROSTOXX UCITS ETF DE SXXEEX GY Equity DE000A0D8Q07 EUR 1,135 0.19 F ETF û ü ü ü ü Euro Stoxx 50 SOURCE EURO STOXX 50 UCITS E SDJE50 GY Equity IE00B60SWX25 EUR 423 0.05 D ETF û ü û ü ü Euro Stoxx 50 DBX EURO STX 50 (DR) XESC GY Equity LU0380865021 EUR 1,857 0.09 F ETF û ü û ü ü Euro Stoxx 50 DBX EURO STX 50 (DR) XESX GY Equity LU0274211217 EUR 2,338 0.09 F ETF û ü ü ü ü Euro Stoxx 50 SOURCE EURO STOXX 50 UCITS E SDJE5D GY Equity IE00B5B5TG76 EUR 38 0.05 D ETF û ü ü ü ü Euro Stoxx 50 HSBC EURO STOXX 50 UCITS ETF H50E LN Equity IE00B4K6B022 GBP 73 0.15 F ETF û ü ü ü ü Euro Stoxx 50 EURO STOXX 50 THEAM EASY UCI ETB FP Equity FR0010129064 EUR 247 0.25 F ETF û ü ü ü û Euro Stoxx 50 COMSTAGE ETF EURO STOXX 50 F C054 GY Equity LU0488317297 EUR 30 0.15 D ETF û ü ü ü ü Euro Stoxx 50 AMUNDI ETF EURO STOXX 50 UCI CD5 FP Equity FR0010908251 EUR 115 0.15 D ETF û ü û ü ü Euro Stoxx 50 ISHARES CORE EURO STOXX 50 CSSX5E SW Equity IE00B53L3W79 EUR 928 0.10 F ETF û ü û ü ü Euro Stoxx 50 DB X-TRACKERS MSCI EMU INDEX XD5E GY Equity LU0846194776 EUR 183 0.15 F ETF û ü ü ü ü Euro Stoxx 50 LYXOR EURO STOXX 50 DR MSED FP Equity LU0908501215 EUR 43 0.20 F ETF û ü ü ü ü Euro Stoxx 50 BBVA-ACCION DJ EURO STOXX 50 BBVAE SM Equity ES0105321030 EUR 146 0.15 F ETF û ü ü û Euro Stoxx 50 AMUNDI ETF EURO STOXX 50 UCI C50 FP Equity FR0010654913 EUR 1,156 0.15 D ETF û ü û ü ü Euro Stoxx 50 COMSTAGE ETF DJ EUR STO 50-I CBSX5T GY Equity LU0378434079 EUR 327 0.08 D ETF û ü û ü ü Euro Stoxx 50 EURO STOXX 50 THEAM EASY UCI ETD FP Equity FR0010129072 EUR 455 0.25 F ETF û ü ü û Euro Stoxx 50 DEKA EURO STOXX 50 UCITS ETF ETFSX5E GY Equity DE000ETFL029 EUR 1,390 0.15 F ETF û ü ü ü ü Euro Stoxx 50 UBS ETF EURO STOXX 50 E50EUA SW Equity LU0136234068 EUR 747 0.15 F ETF û ü ü ü ü Euro Stoxx 50 ISHARES EURO STOXX50 UCITS D SX5EEX GY Equity DE0005933956 EUR 7,001 0.15 F ETF û ü ü ü ü Euro Stoxx 50 ISHARES EURO STOXX 50 UCITS EUN2 GY Equity IE0008471009 EUR 6,392 0.15 F ETF û ü ü ü ü Euro Stoxx 50 LYXOR UCITS ETF EURO STOXX 5 MSE FP Equity FR0007054358 EUR 7,100 0.20 D ETF û ü ü ü ü Euro Stoxx 50 LYXOR EUR STX50-M HDG D USD MSEU LN Equity FR0012399806 USD 34 0.20 D ETF ü ü û ü Euro Stoxx 50 LYXOR EUR STX50-M HDG C GBP MSEX LN Equity FR0012399772 GBP 2 0.20 D ETF ü ü û û Euro Stoxx 50 ex Fin DBX EUR STX 50 EX FIN (DR) XD5F GY Equity LU0835262626 EUR 25 0.20 F ETF û ü ü ü ü Euro Stoxx 50 ex Fin ISHARES EURO STOXX 50 EX FIN EXFN LN Equity IE00BD5J2G21 EUR 52 0.20 F ETF û ü û ü ü Europe AMUNDI ETF S&P EUROPE 350 UC SPE FP Equity IE0031091428 EUR 100 0.35 F ETF û ü û û Europe AMUNDI ETF S&P EURO UCITS SPO FP Equity IE0031091642 EUR 28 0.35 F ETF û ü û û Europe LYXOR EURO STOXX 300 DR-D EU MFDD FP Equity LU0908501132 EUR 150 0.30 F ETF û ü û ü û EMU COMSTAGE ETF MSCI EMU-I CBNDDUEM GY Equity LU0392494729 EUR 8 0.25 D ETF û ü û ü ü EMU AMUNDI ETF MSCI EMU UCITS CMU FP Equity FR0010655688 EUR 1,069 0.25 D ETF û ü û ü ü EMU LYXOR ETF MSCI EMU MFE FP Equity FR0007085501 EUR 208 0.30 D ETF û ü ü ü ü EMU ISHARES MSCI EMU CSEMU SW Equity IE00B53QG562 EUR 1,304 0.20 F ETF û ü û ü ü EMU UBS ETF MSCI EMU EMEUAS SW Equity IE00B5B1MZ58 EUR 203 0.02 D ETF û ü û ü ü EMU UBS ETF MSCI EMU EMUCHA SW Equity LU0147308422 CHF 2,382 0.23 F ETF û ü ü ü ü EMU SPDR MSCI EMU UCITS ETF ZPRE GY Equity IE00B910VR50 EUR 262 0.25 F ETF û ü ü ü ü EMU UBS ETF MSCI EMU H. GBP EUGBBH SW Equity LU0950669688 GBP 187 0.33 F ETF ü ü û ü ü EMU UBS ETF MSCI EMU H. SGD EUSGBH SW Equity LU1048312653 SGD 17 0.33 F ETF ü ü û ü ü ex EMU AMUNDI ETF MSCI EUROPE EX EM CU9 FP Equity FR0010821819 EUR 247 0.30 D ETF û ü û ü ü ex EMU DEKA MSCI EUROPE EX EMU ETF ELF5 GY Equity DE000ETFL458 EUR 67 0.30 F ETF û ü û ü ex Switzerland AMUNDI ETF MSCI EUROPE EX SW CS9 FP Equity FR0010821835 EUR 81 0.30 D ETF û ü û ü ü ex UK ISHARES MSCI EUROPE EX.UK IQQU GY Equity DE000A0J2094 EUR 1,819 0.40 F ETF û ü ü ü ü ex UK AMUNDI ETF MSCI EUROPE EX UK AEXK FP Equity FR0010988642 EUR 18 0.29 D ETF û ü û ü û ex UK LYXOR FTSE DEV EUROPE X UKDR EXUK FP Equity FR0012034809 EUR 3 0.20 F ETF û ü û ü û ex UK UBS ETF MSCI EUROPE EX UK UIM0 GY Equity LU1048312067 EUR 15 0.20 F ETF û ü û ü ü ex UK VANGUARD FTSE DEV EURP EX UK VERX LN Equity IE00BKX55S42 GBP 41 0.12 F ETF û ü û ü ex UK DB FTSE DEV EUROPE X UK PROP XREA GY Equity IE00BP8FKB21 EUR 191 0.20 F ETF û ü û ü ü ex UK ISHARES MSCI ERP X-UK GBP-HG EUXS LN Equity IE00BVDPJP67 GBP 10 0.40 O ETF ü ü û ü MSCI Europe ISHARES MSCI EUROPE-ACC EUNK GY Equity IE00B4K48X80 EUR 671 0.33 F ETF û ü û ü ü MSCI Europe HSBC MSCI EUROPE UCITS ETF HMEU LN Equity IE00B5BD5K76 GBP 141 0.30 F ETF û ü ü û MSCI Europe AMUNDI ETF MSCI EUROPE UCITS CEU FP Equity FR0010655696 EUR 1,021 0.28 D ETF û ü û ü ü MSCI Europe SPDR MSCI EUROPE ETF ERO FP Equity IE00BKWQ0Q14 EUR 722 0.25 F ETF û ü û ü MSCI Europe DEKA MSCI EUROPE UCITS ETF ETFEUAC GY Equity DE000ETFL284 EUR 360 0.30 F ETF û ü ü ü ü MSCI Europe ISHARES MSCI EUROPE IQQY GY Equity IE00B1YZSC51 EUR 5,294 0.35 F ETF û ü ü ü ü MSCI Europe LYXOR ETF MSCI EUROPE MEU FP Equity FR0010261198 EUR 1,655 0.30 D ETF û ü ü ü ü MSCI Europe SOURCE MSCI EUROPE UCITS ETF SMSEUR GY Equity IE00B60SWY32 EUR 536 0.20 D ETF û ü û ü ü MSCI Europe DBX MSCI EUROPE (DR) XMEU GY Equity LU0274209237 EUR 2,584 0.30 F ETF û ü û ü ü

ETF TRADING LINES: MILAN: +39 02 8862-0660 MUNICH: +49 89 378-17585 LONDON: +44 207 826-6444 78 79

EQUITY DEVELOPED Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT MSCI Europe UBS ETF MSCI EUROPE EUREUA SW Equity LU0446734104 EUR 111 0.20 F ETF û ü ü ü ü MSCI Europe LYXOR STOXX EUR 600 DR MEUD FP Equity LU0908500753 EUR 4 0.30 F ETF û ü ü ü ü MSCI Europe COMSTAGE ETF MSCI EUROPE-I CBNDDUE1 GY Equity LU0392494646 EUR 82 0.25 D ETF û ü û ü ü MSCI Europe Ex Financials AMUNDI ETF MSCI EUROPE EX FI EUXF FP Equity FR0011340413 EUR 12 0.30 D ETF û ü û ü ü Scandinavia AMUNDI ETF MSCI NORDIC UCITS CN1 FP Equity FR0010655738 EUR 433 0.25 D ETF û ü û ü ü Scandinavia XACT NORDEN 30 XACTVINX SS Equity SE0001710914 SEK 6,964 0.15 F ETF û ü ü û Scandinavia DBX MSCI NORDIC (DR) XDN0 GY Equity IE00B9MRHC27 EUR 42 0.30 F ETF û ü û ü ü Stoxx Europe 50 DEKA STOXX EUROPE 50 UCITS E ETFSTX5 GY Equity DE000ETFL250 EUR 25 0.19 F ETF û ü ü ü ü Stoxx Europe 50 ISHARES STOXX EUROPE 50 DE SX5PEX GY Equity DE0005933949 EUR 537 0.50 F ETF û ü ü ü ü Stoxx Europe 50 ISHARES STOXX EUROPE 50 EUN1 GY Equity IE0008470928 EUR 788 0.35 F ETF û ü ü ü ü Stoxx Europe 50 AMUNDI ETF STOXX EUROPE 50 U C5E FP Equity FR0010790980 EUR 157 0.15 D ETF û ü û û Stoxx Europe 600 COMSTAGE ETF DJ ST 600 TR-I CBSXXR GY Equity LU0378434582 EUR 173 0.25 D ETF û ü û ü ü Stoxx Europe 600 ISHARES STOXX EUROPE 600 DE SXXPIEX GY Equity DE0002635307 EUR 5,038 0.20 F ETF û ü ü ü ü Stoxx Europe 600 SOURCE STOXX EUROPE 600 UCIT SDJ600 GY Equity IE00B60SWW18 EUR 411 0.19 D ETF û ü û ü ü Stoxx Europe 600 DBX STX EUROPE 600 (DR) XSX6 GY Equity LU0328475792 EUR 1,316 0.20 O ETF û ü û ü ü Stoxx Europe 600 AMUNDI ETF STOXX EUROPE 600 C6E FP Equity FR0010791004 EUR 144 0.18 D ETF û ü û ü Stoxx Europe 600 STOXX EUR 600 THEAM EASY-C/D ETZD FP Equity FR0011550672 EUR 378 0.30 D ETF û ü û û Stoxx Europe 600 STOXX EUR 600 THEAM EASY-C ETZ FP Equity FR0011550193 EUR 575 0.30 D ETF û ü û ü Developed Europe - Country Austria COMSTAGE ETF ATX CBATX GY Equity LU0392496690 EUR 18 0.25 D ETF û ü û ü ü Austria ISHARES ATX UCITS ETF DE ATXEX GY Equity DE000A0D8Q23 EUR 63 0.32 F ETF û ü ü ü ü Belgium LYXOR UCITS ETF BEL 20 TR BEL BB Equity FR0000021842 EUR 41 0.50 D ETF û ü û ü ü Finland OMX HELSINKI 25 EXCH TR FUND H25ETF FH Equity FI0008805627 EUR 172 0.17 F ETF û ü û û France AMUNDI ETF CAC 40 UCITS ETF C40 FP Equity FR0007080973 EUR 509 0.25 F ETF û ü û ü ü France LYXOR UCITS ETF CAC 40 CAC FP Equity FR0007052782 EUR 3,470 0.25 F ETF û ü ü ü ü France CAC 40 THEAM EASY UCITS ETF E40 FP Equity FR0010150458 EUR 323 0.25 F ETF û ü ü û France AMUNDI ETF MSCI FRANCE UCITS CF1 FP Equity FR0010655704 EUR 38 0.25 D ETF û ü û ü û France DBX CAC 40 (DR) X40 FP Equity LU0322250985 EUR 54 0.20 F ETF û ü ü ü ü France LYXOR ETF CAC MID 60 CACM FP Equity FR0011041334 EUR 10 0.50 D ETF û ü ü ü France COMSTAGE ETF CAC 40 CD40 GY Equity LU0419740799 EUR 14 0.20 D ETF û ü û ü ü France LYXOR UCITS ETF PEA PME-D PEAP FP Equity FR0011770775 EUR 7 0.50 D ETF û ü û û France ISHARES MSCI FRANCE UCITS ISFR LN Equity IE00BP3QZJ36 GBP 4 0.25 F ETF û ü û ü Germany ISHARES TECDAX UCITS ETF DE TDXPEX GY Equity DE0005933972 EUR 178 0.50 F ETF û ü ü ü ü Germany AMUNDI ETF MSCI GERMANY UCIT CG1 FP Equity FR0010655712 EUR 193 0.25 D ETF û ü û ü ü Germany ISHARES MDAX UCITS ETF DE MDAXEX GY Equity DE0005933923 EUR 1,469 0.50 F ETF û ü û ü ü Germany COMSTAGE ETF SDAX TR C005 GY Equity LU0603942888 EUR 62 0.70 D ETF û ü û ü ü Germany COMSTAGE ETF F.A.Z. INDEX C006 GY Equity LU0650624025 EUR 25 0.15 D ETF û ü û ü ü Germany DEKA DAX EX FINANC 30 UCIT E ELF0 GY Equity DE000ETFL433 EUR 57 0.30 F ETF û ü û ü ü Germany LYXOR GERMANY MID-CAP MDAX MD4X GY Equity FR0011857234 EUR 7 0.40 D ETF ü ü û ü ü Germany DEKA MDAX UCITS ETF ELF1 GY Equity DE000ETFL441 EUR 97 0.30 F ETF û ü û ü ü Germany COMSTAGE MDAX TR UCITS ETF C007 GY Equity LU1033693638 EUR 26 0.30 D ETF û ü û ü ü Germany DBX MTLSTND&MIDCAP GER (DR) XDGM GY Equity IE00B9MRJJ36 EUR 29 0.40 F ETF û ü û ü ü Germany - DAX COMSTAGE ETF DAX TR-I CBDAX GY Equity LU0378438732 EUR 514 0.08 D ETF û ü û ü ü Germany - DAX DEKA DAX UCITS ETF ETFDAX GY Equity DE000ETFL011 EUR 1,430 0.15 F ETF û ü ü ü ü Germany - DAX DEKA DAX AUSSCHUETTEND UCIT ETFDAXK GY Equity DE000ETFL060 EUR 425 0.15 F ETF û ü ü ü ü Germany - DAX LYXOR ETF DAX LYXDAX GY Equity LU0252633754 EUR 1,040 0.15 F ETF û ü û ü ü Germany - DAX ISHARES CORE DAX UCITS ETF D DAXEX GY Equity DE0005933931 EUR 8,434 0.15 F ETF û ü û ü ü Germany - DAX DBX DAX (DR) XDAX GY Equity LU0274211480 EUR 4,195 0.09 F ETF û ü û ü ü Germany - DAX COMSTAGE ETF DAX FR C002 GY Equity LU0488317024 EUR 61 0.15 F ETF û ü ü ü ü Europe ISHARES PLC-FTSEUROFST 100 IQQ1 GY Equity DE000A0DPM16 EUR 55 0.40 F ETF û ü ü ü ü Greece LYXOR ETF FTSE ATHEX 20 GRE FP Equity FR0010405431 EUR 208 0.45 D ETF û ü ü ü ü Ireland WISDOMTREE ISEQ 20 UCITS ETF WTIE ID Equity IE00BVFB1H83 EUR 29 0.49 F ETF û ü û û Italy AMUNDI ETF MSCI ITALY UCITS CI1 FP Equity FR0010655720 EUR 39 0.25 D ETF û ü û ü ü Italy LYXOR ETF FTSE MIB ETFMIB IM Equity FR0010010827 EUR 1,087 0.35 D ETF û ü ü ü ü Italy ISHARES FTSE MIB UCITS ETF D IMIB LN Equity IE00B1XNH568 GBP 667 0.35 F ETF û ü ü ü ü Italy DBX FTSE MIB (DR) XMIB GY Equity LU0274212538 EUR 304 0.30 F ETF û ü ü ü ü Italy AMUNDI ETF FTSE MIB UCITS ET FMI FP Equity FR0010892208 EUR 110 0.18 D ETF û ü û ü û Italy ISHARES FTSE MIB ACC CSMIB Sw Equity IE00B53L4X51 EUR 234 0.20 F ETF û ü û ü ü

ETF TRADING LINES: MILAN: +39 02 8862-0660 MUNICH: +49 89 378-17585 LONDON: +44 207 826-6444 80 81

EQUITY DEVELOPED Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Italy COMSTAGE MSCI ITALY TRN UCTS C032 GY Equity LU1104574725 EUR 23 0.25 D ETF û ü û ü Netherlands SPDR AEX INDEX UCITS ETF AEXT NA Equity IE00BKWQ0B60 EUR 51 0.30 F ETF û ü ü ü Netherlands AMUNDI ETF MSCI NETHERLANDS CH1 FP Equity FR0010688259 EUR 31 0.25 D ETF û ü û û Netherlands ISHARES AEX IAEX LN Equity IE00B0M62Y33 GBP 183 0.30 F ETF û ü ü ü ü Netherlands THINK AMX UCITS ETF TMX NA Equity NL0009272756 EUR 17 0.45 F ETF û ü ü û Netherlands THINK AEX UCITS ETF TDT NA Equity NL0009272749 EUR 89 0.30 F ETF û ü ü ü û Norway DNB OBX OBXEDNB NO Equity NO0010257801 NOK 914 0.30 F ETF û ü ü û Norway XACT OBX OBXEXACT NO Equity NO0010262249 NOK 1,526 0.30 F ETF û ü ü û Portugal COMSTAGE ETF PSI 20 PPP PL Equity LU0444605215 EUR 98 0.35 D ETF û ü û ü ü Spain BBVA-ACCION IBEX 35 ETF BBVAI SM Equity ES0105336038 EUR 402 0.33 F ETF û ü ü û Spain AMUNDI ETF MSCI SPAIN UCITS CS1 FP Equity FR0010655746 EUR 190 0.25 D ETF û ü û ü ü Spain LYXOR ETF IBEX 35 LYXIB SM Equity FR0010251744 EUR 1,097 0.30 F ETF û ü ü ü ü Spain LYXOR UCITS ETF IBEX MID IBXM SM Equity FR0011855188 EUR 9 0.50 D ETF û ü û ü Spain DBX IBEX 35 (DR) DXIBD SM Equity LU0994505336 EUR 20 0.10 F ETF û ü û ü ü Spain COMSTAGE MSCI SPAIN TRN UCTS C033 GY Equity LU1104577314 EUR 22 0.25 D ETF û ü û ü Sweden XACT OMXS30 XACTOMX SS Equity SE0000693293 SEK 11,492 0.10 F ETF û ü ü ü û Sweden XACT OMXSB UTDELANDE XACTSBX SS Equity SE0001056045 SEK 2,617 0.15 F ETF û ü ü ü û Sweden SPOTR OMXS30 SPOTROMX SS Equity LU0561878983 SEK 590 0.20 F ETF û ü û û Sweden SWEDBANK ROBUR UCITS ETF OMX SWERBEAR SS EQUITY SE0004545150 SEK - 0.60 D ETF û ü ü ü û Sweden SWEDBANK ROBUR UCITS ETF OMX SWERBUL2 SS EQUITY SE0004545143 SEK - 0.60 D ETF û ü û ü û Sweden SWEDBANK ROBUR UCITS ETF OMX SWEROMX SS EQUITY SE0004545135 SEK - 0.30 F ETF û ü û û Switzerland AMUNDI ETF MSCI SWITZERLAND CSW FP Equity FR0010655753 EUR 173 0.25 D ETF û ü û ü ü Switzerland UBS ETF SMI SMICHA SW Equity CH0017142719 CHF 1,569 0.20 F ETF û û ü ü ü Switzerland ISHARES SLI UCITS ETF DE SMIEX GY Equity DE0005933964 EUR 228 0.50 F ETF û ü ü ü ü Switzerland UBS ETF SLI SLICHA SW Equity CH0032912732 CHF 323 0.20 F ETF û û ü ü ü Switzerland ISHARES SLI CH CSSLI SW Equity CH0031768937 CHF 542 0.35 F ETF û û ü ü ü Switzerland ISHARES SMI CH CSSMI SW Equity CH0008899764 CHF 3,172 0.35 F ETF û û ü ü ü Switzerland ISHARES SMIM CH CSSMIM SW Equity CH0019852802 CHF 1,150 0.45 F ETF û û ü ü ü Switzerland DBX SLI UCITS ETF XSLI GY Equity LU0322248146 EUR 37 0.35 D ETF û ü ü ü ü Switzerland DBX SMI (DR) XSMI GY Equity LU0274221281 EUR 632 0.30 F ETF û ü ü ü ü Switzerland UBS ETF SMIM SMMCHA SW Equity CH0111762537 CHF 349 0.25 F ETF û û ü ü ü Switzerland UBS ETF SPI SPICHA SW Equity CH0131872431 CHF 302 0.15 O ETF û û ü ü ü Switzerland UBS ETF SPI MID SPMCHA SW Equity CH0130595124 CHF 43 0.25 F ETF û û ü ü ü Switzerland COMSTAGE ETF SPI TR C029 GY Equity LU0603946798 EUR 17 0.40 D ETF û ü û ü ü Switzerland AMUNDI ETF MS SWI CSWCHF SW Equity FR0010871145 CHF 181 0.25 D ETF û ü û ü Switzerland UBS ETF MSCI SWITZ.H. SGD S2SGBH SW Equity LU1048313628 SGD 8 0.30 F ETF ü ü û ü ü Switzerland ISHARES CORE SPI CH CHSPI SW Equity CH0237935652 CHF 314 0.10 F ETF û û û ü UK AMUNDI ETF MSCI UK UCITS ETF CU1 FP Equity FR0010655761 EUR 242 0.25 D ETF û ü û ü ü UK ISHARES MSCI UK CSUK SW Equity IE00B539F030 GBP 119 0.21 F ETF û ü û ü ü UK UBS ETF MSCI UNITED KINGDOM UKGBPB SW Equity LU0950670850 GBP 506 0.20 F ETF û ü û ü ü UK UBS ETF MSCI UK H. SGD UKSGBH SW Equity LU1048313032 SGD 8 0.30 F ETF ü ü û ü ü UK - FTSE 100 DBX FTSE 100 (DR) XDUK GY Equity LU0838780707 EUR 72 0.09 F ETF û ü û ü ü UK - FTSE 100 SOURCE FTSE 100 UCITS ETF S100 LN Equity IE00B60SWT88 GBP 172 0.20 D ETF û ü û ü ü UK - FTSE 100 ISHARES CORE FTSE 100 UCITS ISF LN Equity IE0005042456 GBP 3,779 0.07 F ETF û ü ü ü ü UK - FTSE 100 LYXOR UCITS ETF FTSE 100 L100 LN Equity FR0010438127 GBP 407 0.15 D ETF û ü ü ü ü UK - FTSE 100 UBS ETF FTSE 100 100EUA GY Equity LU0136242590 EUR 168 0.20 F ETF û ü ü ü ü UK - FTSE 100 DBX FTSE 100 (DR) - INC XUKX GY Equity LU0292097234 EUR 327 0.30 F ETF û ü ü ü ü UK - FTSE 100 AMUNDI ETF FTSE 100 UCITS ET C1U FP Equity FR0010791129 EUR 22 0.25 D ETF û ü û û UK - FTSE 100 HSBC FTSE 100 UCITS ETF HUKX LN Equity IE00B42TW061 GBP 217 0.35 F ETF û ü ü û UK - FTSE 100 UBS ETF FTSE 100 F1GBAS SW Equity IE00B3X0KQ36 GBP 53 0.30 D ETF û ü û ü ü UK - FTSE 100 COMSTAGE ETF FTSE 100 TR 8H81 GY Equity LU0488316216 EUR 10 0.09 D ETF û ü û ü ü UK - FTSE 100 ISHARES FTSE 100 UCITS ACC CSUKX SW Equity IE00B53HP851 GBP 235 0.07 F ETF û ü û ü ü UK - FTSE 100 VANGUARD FTSE 100 UCITS ETF VUKE LN EQUITY IE00B810Q511 GBP 1,605 0.09 F ETF û ü ü ü UK - FTSE 100 AMUNDI ETF FTSE 100 C1UGBP SW Equity FR0010910646 GBP 16 0.25 D ETF û ü û ü û UK - FTSE 250 SOURCE FTSE 250 UCITS ETF S250 LN Equity IE00B60SWV01 GBP 10 0.25 D ETF û ü û ü ü UK - FTSE 250 ISHARES FTSE 250 MIDD LN Equity IE00B00FV128 GBP 968 0.40 F ETF û ü ü ü ü UK - FTSE 250 LYXOR ETF FTSE 250 L250 LN Equity FR0010438135 GBP 14 0.35 D ETF û ü ü ü

ETF TRADING LINES: MILAN: +39 02 8862-0660 MUNICH: +49 89 378-17585 LONDON: +44 207 826-6444 80 81

EQUITY DEVELOPED Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT UK - FTSE 250 DBX FTSE 250 (DR) XMCX GY Equity LU0292097317 EUR 182 0.35 F ETF û ü ü ü ü UK - FTSE 250 HSBC FTSE 250 UCITS ETF HMCX LN Equity IE00B64PTF05 GBP 51 0.35 F ETF û ü ü ü û UK - FTSE 250 UBS ETF FTSE 250 FRC1 GY Equity LU1048312737 EUR 22 0.25 F ETF û ü û ü ü UK - FTSE 250 VANGUARD FTSE 250 UCITS ETF VMID LN Equity IE00BKX55Q28 GBP 53 0.10 F ETF û ü û ü UK - FTSE All Share LYXOR ETF FTSE ALL-SHARE LFAS LN Equity FR0010438150 GBP 19 0.40 D ETF û ü ü ü ü UK - FTSE All Share DBX FTSE ALL-SHARE (DR) XASX GY Equity LU0292097747 EUR 200 0.40 F ETF û ü ü ü ü Developed Europe - Sector Automobiles & Parts LYXOR ETF STOXX AUTOML-PARTS AUT FP Equity FR0010344630 EUR 65 0.30 D ETF û ü ü ü ü Automobiles & Parts COMSTAGE ETF DJ ST 600 A&P-I CBSXAR GY Equity LU0378435043 EUR 18 0.25 D ETF û ü û ü ü Automobiles & Parts ISHARE EUR 600 AUTO&PARTS DE SXAPEX GY Equity DE000A0Q4R28 EUR 107 0.45 F ETF û ü ü ü ü Automobiles & Parts STOXX EUROPE 600 AUTOMOBILES SYA FP Equity FR0010018333 EUR 23 0.30 D ETF û ü û ü û Automobiles & Parts SRCE STX 600 OPT AUTO PARTS XAPS GY Equity IE00B5NLX835 EUR 125 0.30 D ETF û ü û ü ü Banks LYXOR ETF STOXX BANKS BNK FP Equity FR0010345371 EUR 1,006 0.30 D ETF û ü ü ü ü Banks AMUNDI ETF MSCI EUROPE BANKS CB5 FP Equity FR0010688176 EUR 47 0.25 D ETF û ü û ü ü Banks COMSTAGE ETF DJ ST 600 BKS-I CBSX7R GY Equity LU0378435399 EUR 71 0.25 D ETF û ü û ü ü Banks ISHR STOXX EUR 600 BANKS DE SX7PEX GY Equity DE000A0F5UJ7 EUR 503 0.45 F ETF û ü ü ü ü Banks ISHARES EURO STOXX BANKS 30- SX7EEX GY Equity DE0006289309 EUR 1,440 0.50 F ETF û ü ü ü ü Banks STOXX EUROPE 600 BANKS THEAM SYB FP Equity FR0007068077 EUR 108 0.30 D ETF û ü û û Banks SRCE STX 600 OPT BANKS X7PS GY Equity IE00B5MTWD60 EUR 123 0.30 D ETF û ü û ü ü Banks DBX STX EUROPE BANKS XS7R GY Equity LU0292103651 EUR 174 0.30 D ETF û ü û ü ü Banks SOURCE EURO STOXX OPTIMISED S7XE GY Equity IE00B3Q19T94 EUR 344 0.30 D ETF û ü û ü ü Banks LYXOR UCITS ETF EU STOX BANK BNKE FP Equity FR0011645647 EUR 245 0.30 D ETF û ü û ü ü Basic Resources LYXOR ETF STOXX BASIC RSRCES BRE FP Equity FR0010345389 EUR 142 0.30 D ETF û ü ü ü ü Basic Resources COMSTAGE ETF SICAV- COMSTAGE CBSXPR GY Equity LU0378435472 EUR 20 0.25 D ETF û ü û ü ü Basic Resources ISH EUR600 BASICRESOURCE DE SXPPEX GY Equity DE000A0F5UK5 EUR 142 0.45 F ETF û ü ü ü ü Basic Resources SRCE STX 600 OPT BASIC RES XPPS GY Equity IE00B5MTWY73 EUR 25 0.30 D ETF û ü û ü ü Basic Resources DBX STX EUROPE BASIC RES XSPR GY Equity LU0292100806 EUR 56 0.30 D ETF û ü û ü ü Chemicals COMSTGE ETF DJ ST 600 CHEM-I CBSX4R GY Equity LU0378435555 EUR 17 0.25 D ETF û ü û ü ü Chemicals LYXOR ETF STOXX CHEMICALS CHM FP Equity FR0010345470 EUR 122 0.30 D ETF û ü ü ü ü Chemicals ISHARES STOXX EUR600 CHEM DE SX4PEX GY Equity DE000A0H08E0 EUR 81 0.46 F ETF û ü ü ü ü Chemicals SRCE STX 600 OPT CHEMICALS X4PS GY Equity IE00B5MTY077 EUR 12 0.30 D ETF û ü û ü ü Construction & Materials COMSTAGE ETF DJ ST 600 C&M-I CBSXOR GY Equity LU0378435639 EUR 7 0.25 D ETF û ü û ü ü Construction & Materials LYXOR ETF STOXX CNST MATERLS CST FP Equity FR0010345504 EUR 21 0.30 D ETF û ü ü ü ü Construction & Materials ISHR EUR600 CNSTRN&MTRLS DE SXOPEX GY Equity DE000A0H08F7 EUR 50 0.46 F ETF û ü ü ü ü Construction & Materials SPDR MSCI EUROPE MATERIALS E STP FP Equity IE00BKWQ0L68 EUR 17 0.30 F ETF û ü û ü Construction & Materials STOXX EUROPE 600 CONSTRUCTIO SYC FP Equity FR0010018341 EUR 48 0.30 D ETF û ü û û Construction & Materials SRCE STX 600 OPT CONSTRUCT XOPS GY Equity IE00B5MTY309 EUR 9 0.30 D ETF û ü û ü ü Construction & Materials AMUNDI ETF MSCI EUROPE MATER C8M FP Equity FR0010791137 EUR 48 0.25 D ETF û ü û û Consumer Discretionary AMUNDI ETF MSCI EUROPE CONSU CD6 FP Equity FR0010688184 EUR 31 0.25 D ETF û ü û û Consumer Discretionary SPDR MSCI EUROPE CONSUMER DI STR FP Equity IE00BKWQ0C77 EUR 118 0.30 F ETF û ü û ü Consumer Staples AMUNDI ETF MSCI EUROPE CONSU CS5 FP Equity FR0010688168 EUR 20 0.25 D ETF û ü û û Consumer Staples SPDR MSCI EUROPE CONSUMER ST STS FP Equity IE00BKWQ0D84 EUR 32 0.30 F ETF û ü û ü Energy SPDR MSCI EUROPE ENERGY ETF STN FP Equity IE00BKWQ0F09 EUR 18 0.30 F ETF û ü û ü Energy AMUNDI ETF MSCI EUROPE ENERG ANRJ FP Equity FR0010930644 EUR 9 0.25 D ETF û ü û û Financial Services COMSTAGE STOXX EURP600 F/S-I CBSXFR GY Equity LU0378435712 EUR 6 0.25 D ETF û ü û ü ü Financial Services ISHR EUR600 FIN SERVICES DE SXFPEX GY Equity DE000A0H08G5 EUR 44 0.46 F ETF û ü ü ü ü Financial Services LYXOR ETF STOXX FINCL SERVCS FIN FP Equity FR0010345363 EUR 47 0.30 D ETF û ü ü ü ü Financial Services SPDR MSCI EUROPE FINANCIALS STZ FP Equity IE00BKWQ0G16 EUR 307 0.30 F ETF û ü û ü Financial Services SRCE STX 600 OPT FINANC SERV XFPS GY Equity IE00B5MTYK77 EUR 16 0.30 D ETF û ü û ü ü Food & Beverage COMSTAGE ETF DJ ST 600 F&B-I CBSX3R GY Equity LU0378435803 EUR 43 0.25 D ETF û ü û ü ü Food & Beverage LYXOR ETF STOXX FOOD BEVERGE FOO FP Equity FR0010344861 EUR 106 0.30 D ETF û ü ü ü ü Food & Beverage ISH EUR600 FOOD&BEVERAGE DE SX3PEX GY Equity DE000A0H08H3 EUR 130 0.46 F ETF û ü ü ü ü Food & Beverage SRCE STX 600 OPT FOOD & BEV X3PS GY Equity IE00B5MTYL84 EUR 7 0.30 D ETF û ü û ü ü Food & Beverage DBX STX EUROPE FOOD&BEV XS3R GY Equity LU0292105359 EUR 94 0.30 D ETF û ü û ü ü Healthcare COMSTAGE ETF DJ ST 600 H/C-I CBSXDR GY Equity LU0378435985 EUR 69 0.25 D ETF û ü û ü ü Healthcare AMUNDI ETF MSCI EUROPE HEALT CH5 FP Equity FR0010688192 EUR 57 0.25 D ETF û ü û û Healthcare ISHR EUR 600 HEALTH CARE(DE) SXDPEX GY Equity DE000A0Q4R36 EUR 570 0.45 F ETF û ü ü ü ü Healthcare LYXOR ETF STOXX HEALTH CARE HLT FP Equity FR0010344879 EUR 224 0.30 D ETF û ü ü ü ü

ETF TRADING LINES: MILAN: +39 02 8862-0660 MUNICH: +49 89 378-17585 LONDON: +44 207 826-6444 82 83

EQUITY DEVELOPED Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Healthcare SPDR MSCI EUROPE HEALTH CARE STW FP Equity IE00BKWQ0H23 EUR 198 0.30 F ETF û ü û ü Healthcare STOXX EUROPE 600 HEALTH CARE SYH FP Equity FR0007068093 EUR 14 0.30 D ETF û ü û û Healthcare SRCE STX 600 OPT HEALTH XDPS GY Equity IE00B5MJYY16 EUR 177 0.30 D ETF û ü û ü ü Healthcare DBX STX EUROPE HEALTH XSDR GY Equity LU0292103222 EUR 192 0.30 D ETF û ü û ü ü Healthcare DBX STX EUROPE HEALTH SHORT XSDS GY Equity LU0322249466 EUR 3 0.50 D ETF û ü û ü ü Industrial Goods & Services CMSTG ETF DJ ST 600 IN G&S-I CBSXNR GY Equity LU0378436017 EUR 10 0.25 D ETF û ü û ü ü Industrial Goods & Services AMUNDI ETF MSCI EUROPE INDUS CIN FP Equity FR0010688218 EUR 53 0.25 D ETF û ü û û Industrial Goods & Services ISHR EUR600 IND GDS&SERV(DE) SXNPEX GY Equity DE000A0H08J9 EUR 65 0.46 F ETF û ü ü ü ü Industrial Goods & Services LYXOR ETF STOXX INDUSTRIALS IND FP Equity FR0010344887 EUR 81 0.30 D ETF û ü ü ü ü Industrial Goods & Services SPDR MSCI EUROPE INDUSTRIALS STQ FP Equity IE00BKWQ0J47 EUR 11 0.30 F ETF û ü û ü Industrial Goods & Services SRCE STX 600 OPT INDUSTRIAL XNPS GY Equity IE00B5MJYX09 EUR 184 0.30 D ETF û ü û ü ü Industrial Goods & Services DBX STX EUROPE INDUSTR XSNR GY Equity LU0292106084 EUR 20 0.30 D ETF û ü û ü ü Insurance COMSTAGE ETF DJ ST 600 INS-I CBSXIR GY Equity LU0378436108 EUR 13 0.25 D ETF û ü û ü ü Insurance AMUNDI ETF S&P GLOBAL LUXUR GLUX FP Equity FR0010688226 EUR 24 0.25 D ETF û ü û ü Insurance ISHARES EUR600 INSURANCE(DE) SXIPEX GY Equity DE000A0H08K7 EUR 68 0.46 F ETF û ü ü ü ü Insurance LYXOR ETF STOXX INSURANCE INS FP Equity FR0010344903 EUR 77 0.30 D ETF û ü ü ü ü Insurance STOXX EUROPE 600 INSURANCE T SYI FP Equity FR0007068101 EUR 13 0.30 D ETF û ü û û Insurance SRCE STX 600 OPT INSURANCE XIPS GY Equity IE00B5MTXJ97 EUR 155 0.30 D ETF û ü û ü ü Insurance DBX STX EUROPE INSURANCE XSIR GY Equity LU0292105193 EUR 28 0.30 D ETF û ü û ü ü Luxury AMUNDI ETF S&P GLOBAL LUXURY LUXU FP Equity FR0011708130 USD 27 0.25 D ETF û ü û ü û Media COMSTAGE ETF DJ ST 600 MED-I CBSXMR GY Equity LU0378436363 EUR 8 0.25 D ETF û ü û ü ü Media ISHARES EUR 600 MEDIA (DE) SXMPEX GY Equity DE000A0H08L5 EUR 36 0.46 F ETF û ü ü ü ü Media LYXOR ETF STOXX MEDIA MDA FP Equity FR0010344929 EUR 24 0.30 D ETF û ü ü ü ü Media STOXX EUROPE 600 MEDIA THEAM SYM FP Equity FR0007068051 EUR 37 0.30 D ETF û ü û û Media SRCE STX 600 OPT MEDIA XMPS GY Equity IE00B5MTZ488 EUR 8 0.30 D ETF û ü û ü ü Oil & Gas COMSTAGE ETF DJ ST 600 O&G-I CBSXER GY Equity LU0378436447 EUR 26 0.25 D ETF û ü û ü ü Oil & Gas ISHR EUROPE600 OIL & GAS DE SXEPEX GY Equity DE000A0H08M3 EUR 416 0.46 F ETF û ü ü ü ü Oil & Gas LYXOR ETF STOXX OIL & GAS OIL FP Equity FR0010344960 EUR 247 0.30 D ETF û ü ü ü ü Oil & Gas STOXX EUROPE 600 OIL&GAS THE SYE FP Equity FR0007068085 EUR 11 0.30 D ETF û ü û û Oil & Gas SRCE STX 600 OPT OIL & GAS XEPS GY Equity IE00B5MTWH09 EUR 34 0.30 D ETF û ü û ü ü Oil & Gas DBX STX EUROPE OIL & GAS XSER GY Equity LU0292101796 EUR 86 0.30 D ETF û ü û ü ü Personal & Household Goods COMSTAGE ETF DJ ST 600 P&H-I CBSXQR GY Equity LU0378436520 EUR 11 0.25 D ETF û ü û ü ü Personal & Household Goods ISHR EUR600 PERSNL&HOUSE DE SXQPEX GY Equity DE000A0H08N1 EUR 38 0.46 F ETF û ü ü ü ü Personal & Household Goods LYXOR ETF STOXX PERS & HOUSE PHG FP Equity FR0010344978 EUR 29 0.30 D ETF û ü ü ü ü Personal & Household Goods SRCE STX 600 OPT HOUSE GOODS XQPS GY Equity IE00B5MTZ595 EUR 13 0.30 D ETF û ü û ü ü Private Equity LYXOR ETF PRIVEX PVX FP Equity FR0010407197 EUR 38 0.70 D ETF û ü ü ü ü Real Estate UBS ETF SXI REAL ESTATE SRFCHA SW Equity CH0124758522 CHF 15 0.25 F ETF û û ü û Real Estate HSBC FTSE EPRA/NAREIT DEV. U HPRO LN Equity IE00B5L01S80 GBP 93 0.40 F ETF û ü ü ü û Real Estate COMSTAGE ETF DJ STOXX 600 RE CBSX86R GY Equity LU0378436793 EUR 26 0.25 D ETF û ü û ü ü Real Estate EASYETF FTSE EPRA EUROPE EEP FP Equity LU0246033426 EUR 328 0.45 F ETF û ü ü ü ü Real Estate ISHR EUR600 REAL ESTATE (DE) SREEEX GY Equity DE000A0Q4R44 EUR 110 0.46 F ETF û ü ü ü ü Real Estate ISHARES UK PROPERTY IUKP LN Equity IE00B1TXLS18 GBP 834 0.40 F ETF û ü ü ü ü Real Estate UBS ETF SXI REAL ESTATE FU. SRECHA SW Equity CH0105994401 CHF 334 0.25 F ETF û û ü ü û Real Estate AMUNDI ETF FTSE EPRA EUROPE EPRE FP Equity FR0010791160 EUR 24 0.35 D ETF û ü û ü û Real Estate ISHARES FTSE/EPRA EUR PRPRTY IQQP GY Equity DE000A0HG2Q2 EUR 1,513 0.40 F ETF û ü ü ü ü Real Estate EASYETF FTSE EPRA EUROZONE EEE FP Equity LU0192223062 EUR 519 0.45 F ETF û ü ü ü ü Real Estate DBX FTSE EPRA DEV EUR (DR) D5BK GY Equity LU0489337690 EUR 282 0.40 O ETF û ü û ü ü Real Estate LYXOR ETF EPRA/NAREIT EUROPE PMEH FP Equity FR0011869304 EUR 7 0.40 D ETF û ü û ü û Real Estate ISHARES MSCI TRGT UK RL EST UKRE LN Equity IE00BRHZ0398 GBP 5 0.40 O ETF û ü û ü Retail COMSTAGE ETF DJ ST 600 RET-I CBSXRR GY Equity LU0378436876 EUR 7 0.25 D ETF û ü û ü ü Retail ISHARES EUROPE600 RETAIL DE SXRPEX GY Equity DE000A0H08P6 EUR 16 0.46 F ETF û ü ü ü ü Retail LYXOR ETF STOXX RETAIL RTA FP Equity FR0010344986 EUR 59 0.30 D ETF û ü ü ü ü Retail SRCE STX 600 OPT RETAIL XRPS GY Equity IE00B5MTZM66 EUR 9 0.30 D ETF û ü û ü ü Technology COMSTAGE ETF DJ ST TEC 600-I CBSX8R GY Equity LU0378437098 EUR 10 0.25 D ETF û ü û ü ü Technology ISHR STOXX EUR 600 TECH DE SX8PEX GY Equity DE000A0H08Q4 EUR 40 0.45 F ETF û ü ü ü ü Technology SPDR MSCI EUROPE INFORMATION STK FP Equity IE00BKWQ0K51 EUR 8 0.30 F ETF û ü û ü Technology STOXX EUROPE 600 TECHNOLOGY SYQ FP Equity FR0007068069 EUR 28 0.30 D ETF û ü û û Technology LYXOR ETF STOXX TECHNOLOGY TNO FP Equity FR0010344796 EUR 44 0.30 D ETF û ü ü ü ü

ETF TRADING LINES: MILAN: +39 02 8862-0660 MUNICH: +49 89 378-17585 LONDON: +44 207 826-6444 82 83

EQUITY DEVELOPED Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Technology SRCE STX 600 OPT TECHNOLOGY X8PS GY Equity IE00B5MTWZ80 EUR 38 0.30 D ETF û ü û ü ü Technology DBX STX EUROPE TECH XS8R GY Equity LU0292104469 EUR 48 0.30 D ETF û ü û ü ü Telecom COMSTAGE ETF DJ ST 600 TEL-I CBSXKR GY Equity LU0378437171 EUR 13 0.25 D ETF û ü û ü ü Telecom AMUNDI ETF MSCI EUROPE TELEC CT5 FP Equity FR0010713735 EUR 48 0.25 D ETF û ü û û Telecom ISHARES EUR 600 TELECOMS DE SXKPEX GY Equity DE000A0H08R2 EUR 146 0.45 F ETF û ü ü ü ü Telecom ISHARES EURO STOXX TELECOMMU SXKEEX GY Equity DE0006289317 EUR 82 0.50 F ETF û ü ü ü ü Telecom SPDR MSCI EUROPE TELECOMMUNI STT FP Equity IE00BKWQ0N82 EUR 11 0.30 F ETF û ü û ü Telecom STOXX EUROPE 600 TELECOMMUNI SYT FP Equity FR0007068044 EUR 39 0.30 F ETF û ü û û Telecom LYXOR ETF STOXX TELECOMMS TEL FP Equity FR0010344812 EUR 130 0.30 D ETF û ü ü ü ü Telecom SRCE STX 600 OPT TELECOMS XKPS GY Equity IE00B5MJYB88 EUR 27 0.30 D ETF û ü û ü ü Telecom DBX STX EUROPE TELECOM XSKR GY Equity LU0292104030 EUR 32 0.30 D ETF û ü û ü ü Travel & Leisure COMSTAGE ETF DJ ST 600 T&L-I CBSXTR GY Equity LU0378437254 EUR 11 0.25 D ETF û ü û ü ü Travel & Leisure ISHR EUR 600 TRAVEL&LEIS DE SXTPEX GY Equity DE000A0H08S0 EUR 42 0.46 F ETF û ü ü ü ü Travel & Leisure LYXOR ETF STOXX TRAVL LEISRE TRV FP Equity FR0010344838 EUR 22 0.30 D ETF û ü ü ü ü Travel & Leisure SRCE STX 600 OPT TRAVEL XTPS GY Equity IE00B5MJYC95 EUR 13 0.30 D ETF û ü û ü ü Utilities COMSTAGE ETF DJ ST 600 UTI-I CBSX6R GY Equity LU0378437338 EUR 15 0.25 D ETF û ü û ü ü Utilities AMUNDI ETF MSCI EUROPE UTILI CU5 FP Equity FR0010688234 EUR 42 0.25 D ETF û ü û ü û Utilities ISHARES EUR 600 UTILITIES DE SX6PEX GY Equity DE000A0Q4R02 EUR 192 0.46 F ETF û ü ü ü ü Utilities SPDR MSCI EUROPE UTILITIES E STU FP Equity IE00BKWQ0P07 EUR 17 0.30 F ETF û ü û ü Utilities STOXX EUROPE 600 UTILITIES T SYU FP Equity FR0007068036 EUR 11 0.30 D ETF û ü û ü û Utilities LYXOR ETF STOXX UTILITIES UTI FP Equity FR0010344853 EUR 129 0.30 D ETF û ü ü ü ü Utilities SRCE STX 600 OPT UTILITIES X6PS GY Equity IE00B5MTXK03 EUR 11 0.30 D ETF û ü û ü ü Utilities DBX STX EUROPE UTILITIES XS6R GY Equity LU0292104899 EUR 28 0.30 D ETF û ü û ü ü Developed Europe - Size Large Cap COMSTAGE ETF MSCI EUR L/C-I CBMLCUEU GY Equity LU0392496187 EUR 8 0.25 D ETF û ü û ü ü Large Cap DEKA MSCI EUROPE LC UCITS ET ETFEULC GY Equity DE000ETFL086 EUR 35 0.30 F ETF û ü ü ü ü Large Cap ISHARES STOXXEURLARGE200 DE LCXPEX GY Equity DE0005933980 EUR 46 0.20 F ETF û û ü ü ü Large Cap ISHARES MSCI UK LARGE CAP CSUKL SW Equity IE00B3VWKZ07 GBP 16 0.36 F ETF û ü û ü ü Large Cap ISHARES MSCI EMU LARGE CAP IS3G GY Equity IE00BCLWRF22 EUR 228 0.49 O ETF û ü û ü ü Mid Cap COMSTAGE ETF MSCI EUR M/C-I CBMMDUEU GY Equity LU0392496260 EUR 15 0.35 D ETF û ü û ü ü Mid Cap AMUNDI ETF MSCI EUROPE MID C CEM FP Equity FR0010612218 EUR 30 0.40 D ETF û ü û ü Mid Cap DEKA MSCI EUROPE MC UCITS ET ETFEUMC GY Equity DE000ETFL292 EUR 11 0.30 F ETF û ü ü ü ü Mid Cap ISHARES STOXX EUR MID200 DE MCXPEX GY Equity DE0005933998 EUR 334 0.20 F ETF û û ü ü ü Mid Cap ISHARES EURO STOXX MID IQQM GY Equity DE000A0DPMX7 EUR 295 0.40 F ETF û ü ü ü ü Mid Cap SOURCE STOXX EUROPE MID 200 SDJMID GY Equity IE00B60SX063 EUR 131 0.35 D ETF û ü û ü ü Mid Cap DBX MSCI EUROPE MID CAP (DR) XEUM GY Equity LU0322253732 EUR 33 0.40 F ETF û ü û ü ü Mid Cap ISHARES MSCI EMU MID CAP IS3H GY Equity IE00BCLWRD08 EUR 274 0.49 O ETF û ü û ü ü Mid Cap LYXOR MSCI EUROPE MID CAP-D MIDE FP Equity FR0011779073 EUR 7 0.40 D ETF û ü û ü Mid Cap LYXOR MSCI EMU MID CAP D-EUR MEMU FP Equity FR0011779065 EUR 38 0.40 D ETF û ü û ü Small Cap COMSTAGE ETF MSCI EUR S/C-I CBNCUDE1 GY Equity LU0392496344 EUR 34 0.35 D ETF û ü û ü ü Small Cap ISHARES STOXXEURSMALL200 DE SCXPEX GY Equity DE000A0D8QZ7 EUR 341 0.20 F ETF û ü ü ü ü Small Cap ISHARES EURO STOXX SMALL IQQS GY Equity DE000A0DPMZ2 EUR 408 0.40 F ETF û ü ü ü ü Small Cap LYXOR ETF MSCI EMU SMALL CAP MMS FP Equity FR0010168773 EUR 267 0.40 D ETF û ü ü ü ü Small Cap SOURCE STOXX EUROPE SMALL 20 SDJSML GY Equity IE00B60SWZ49 EUR 24 0.35 D ETF û ü û ü ü Small Cap SPDR MSCI EUROPE SMALL CAP E SMC FP Equity IE00BKWQ0M75 EUR 53 0.30 O ETF û ü û ü Small Cap ISHARES MSCI UK SMALL CAP CSUKS SW Equity IE00B3VWLG82 GBP 55 0.42 O ETF û ü û ü ü Small Cap DBX MSCI EU SMALL CAP (DR) XXSC GY Equity LU0322253906 EUR 415 0.40 F ETF û ü û ü ü Small Cap ISHARES MSCI EMU SMALL CAP SXRJ GY Equity IE00B3VWMM18 EUR 390 0.42 O ETF û ü û ü ü Small Cap AMUNDI ETF EURO STOXX SMALL ESM FP Equity FR0010900076 EUR 39 0.30 D ETF û ü û ü ü Small Cap UBS ETF MSCI EMU SMALL CAP UEFD GY Equity LU0671493277 EUR 40 0.33 F ETF û ü ü ü ü Small Cap LYXOR MSCI EUROPE SMALL CAP SMAE FP Equity FR0011779081 EUR 9 0.40 D ETF û ü û ü Small Cap WT EUROPE SMALLCAP DIV UCITS DFE LN Equity IE00BQZJC527 GBP 20 0.38 F ETF û ü û û

EQUITY LEVERAGE Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Emerging World - Global Emerging Markets COMSTAGE EMER MKT 2X TRN C128 GY Equity LU0675401409 EUR 11 0.75 D ETF û ü û ü ü

ETF TRADING LINES: MILAN: +39 02 8862-0660 MUNICH: +49 89 378-17585 LONDON: +44 207 826-6444 84 85

EQUITY LEVERAGE Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Developed Asia - Country Japan BOOST TOPIX 2X ETP 2JAL LN Equity IE00BBGBF537 GBP 1 1.75 D ETN û û û û Developed America - Country USA LYXOR ETF NASDAQ-100 DLY LEV LQQ FP Equity FR0010342592 EUR 41 0.60 D ETF û ü û ü USA BOOST NASDAQ 100 3X LEVERAGE QQQ3 LN Equity IE00B8W5C578 USD 4 0.75 D ETN û û û û USA AMUNDI ETF LEV USA CL2USD SW Equity FR0010871095 USD 81 N/A D ETF û ü û ü û USA AMUNDI ETF LEVERAGED MSCI US CL2 FP Equity FR0010755611 EUR 72 0.35 D ETF û ü û û USA DBX S&P 500 2X LEVERAGED XSL2 LN Equity LU0411078552 GBP 45 0.60 D ETF û ü û ü ü USA BOOST US LARGE CAP 3X LEVERA 3USL LN Equity IE00B7Y34M31 USD 2 0.75 D ETN û û û û Developed Europe - Regional Euro Stoxx 50 COMSTAGE DJ EU STOXX 50 LV-I CBSX5EL GY Equity LU0392496930 EUR 11 0.35 D ETF û ü û ü ü Euro Stoxx 50 LYXOR UCITS ETF EURO STOXX 5 LVE FP Equity FR0010468983 EUR 224 0.40 D ETF û ü û ü ü Euro Stoxx 50 AMUNDI ETF LEVERAGED EURO ST C5L FP Equity FR0010756072 EUR 21 0.30 D ETF û ü û û Euro Stoxx 50 BOOST EURO STOXX 50 3X LEVER 3EUL LN Equity IE00B7SD4R47 EUR 8 0.75 D ETN û û û û MSCI Europe AMUNDI ETF LEVERAGED MSCI EU CLE FP Equity FR0010756080 EUR 15 0.35 D ETF û ü û û MSCI Europe AMUNDI ETF LEVERAGED MSCI EU CLE FP Equity FR0010756080 EUR 10 0.35 D ETF û ü û û Developed Europe - Country France COMSTAGE ETF CAC 40 LEVERAGE CD42 GY Equity LU0419741094 EUR 7 0.30 D ETF û ü û ü ü France AMUNDI ETF LEVERAGED CAC 40 CL4 FP Equity FR0010756064 EUR 10 0.30 D ETF û ü û ü ü Germany ETFX DAX 2X LONG FUND DEL2 GY Equity DE000A0X8994 EUR 75 0.40 D ETF û ü û ü ü Germany LYXOR DAILY LEVDAX UCITS ETF LYXLEDAX GY Equity LU0252634307 EUR 261 0.40 D ETF û ü û ü ü Germany DBX LEV DAX DAILY DBPE GY Equity LU0411075376 EUR 88 0.35 D ETF û ü û ü ü Germany ETFX DAX 2X LONG FUND DEL2 LN Equity IE00B4QNHH68 EUR 75 0.40 D ETF û ü û ü ü Germany BOOST LEVDAX 3X DAILY ETP 3DEL LN Equity IE00B878KX55 EUR 9 0.75 D ETN û û û û Germany COMSTAGE LEVDAX X2 UCITS ETF E043 GY Equity LU1104579369 EUR 34 0.30 D ETF û ü û ü Italy LYXOR ETF FTSEMIB DAILY LEV LEVMIB IM Equity FR0010446658 EUR 283 0.60 D ETF û ü û ü Italy BOOST FTSE MIB 3X LEV DAILY 3ITL IM Equity IE00B8NB3063 EUR 27 0.75 D ETN û û û û Italy LYXOR ETF FTSEMIB DAILY LEV PLMI FP Equity FR0011883396 EUR 1 0.60 D ETF û ü û ü û Portugal COMSTAGE ETF PSI 20 LEVERAGE PP2 PL Equity LU0444605306 EUR 31 0.35 D ETF û ü û ü ü Spain LYXOR ETF IBEX 35 DOBLE IBEXA SM Equity FR0011042753 EUR 89 0.40 D ETF û ü û ü Sweden BULL OMX X3 H-A BULLOMX3 SS Equity SE0003038074 SEK - - D ETN û û û û Sweden SPOTR BULL OMXS30 SPBULOMX SS Equity LU0561879106 SEK 222 0.20 F ETF û ü û û Sweden XACT BULL XACBULL SS Equity SE0001342395 SEK 665 0.60 F ETF û û û û Sweden XACT BULL 2 XABULL2 SS Equity SE0003051010 SEK 785 0.60 F ETF û û û û Switzerland LYXOR ETF DAILY LVRD SMI LYSLE SW Equity FR0010908426 CHF 10 0.40 D ETF û ü û ü ü UK ETFS FTSE100 LEV DLY2X LUK2 LN Equity IE00B4QNJJ23 GBP 8 0.50 D ETF û ü û û UK BOOST FTSE 100 3X LEVERAGE 3UKL LN Equity IE00B88D2999 GBP 5 0.75 D ETN û û û û UK BOOST FTSE 100 2X ETP 2UKL LN Equity IE00B94QKC83 GBP 1 0.49 D ETN û û û û UK BOOST FTSE 250 2X ETP 2MCL LN Equity IE00B94QKJ52 GBP 3 0.60 D ETC û û û û

EQUITY SHORT Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Emerging Asia - Country China DBX HSI SHORT DAILY XHSS GY Equity LU0429790313 EUR 5 0.75 D ETF û ü û ü ü Developed Asia - Country Japan BOOST TOPIX 1X SHORT ETP 1JAS LN Equity IE00BBGBF420 GBP 0 0.75 D ETN û û û û Developed America - Country USA DBX S&P500 INVERSE DXS3 GY Equity LU0322251520 EUR 282 0.50 D ETF û ü û ü ü USA AMUNDI ETF SHORT MSCI USA DA C2U FP Equity FR0010791194 EUR 150 0.35 D ETF û ü û û USA DBX S&P 500 2X INVERSE DBPK GY Equity LU0411078636 EUR 75 0.70 D ETF û ü û ü ü USA BOOST NASDAQ 100 3X SHORT QQQS LN Equity IE00B8VZVH32 USD 6 0.80 D ETN û û û û USA BOOST US LARGE CAP 3X SHORT 3USS LN Equity IE00B8K7KM88 USD 1 0.80 D ETN û û û û Developed Europe - Regional Eurozone LYXOR PEA EUROSTOXX50 -2X EBXX FP Equity FR0011872050 EUR 2 0.60 D ETF û ü û ü û Eurozone LYXOR PEA EURO STOXX 50 D SH PBSX FP Equity FR0011872068 EUR 1 0.40 D ETF û ü û ü û Euro Stoxx 50 DBX EURO STOXX 50 SHORT XSSX GY Equity LU0292106753 EUR 478 0.40 D ETF û ü û ü ü Euro Stoxx 50 DEKA EURO STOXX 50 DAILY SHO ETFSX5TS GY Equity DE000ETFL334 EUR 1 0.40 D ETF û ü û ü ü

ETF TRADING LINES: MILAN: +39 02 8862-0660 MUNICH: +49 89 378-17585 LONDON: +44 207 826-6444 84 85

EQUITY SHORT Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Euro Stoxx 50 LYXOR ETF EURO STOXX 50 D SH BSX FP Equity FR0010424135 EUR 118 0.40 D ETF û ü û ü Euro Stoxx 50 LYXOR UCITS ETF EURO STOXX 5 BXX FP Equity FR0010424143 EUR 104 0.60 D ETF û ü û ü Euro Stoxx 50 AMUNDI ETF SHORT EURO STOXX C5S FP Equity FR0010757781 EUR 25 0.30 D ETF û ü û ü ü Euro Stoxx 50 COMSTAGE DJ EU STOXX 50 SH-I CBSX5TS GY Equity LU0392496856 EUR 10 0.35 D ETF û ü û ü ü Euro Stoxx 50 BOOST EURO STOXX 50 3X SHORT 3EUS LN Equity IE00B8JF9153 EUR 12 0.80 D ETN û û û û MSCI Europe AMUNDI ETF SHORT MSCI EUROPE C8E FP Equity FR0010791186 EUR 6 0.35 D ETF û ü û û Developed Europe - Country France LYXOR ETF CAC 40 DAILY 2XSHT BX4 FP Equity FR0010411884 EUR 176 0.60 D ETF û ü û ü France LYXOR UCITS ETF DAILY SHORT SHC FP Equity FR0010591362 EUR 27 0.40 D ETF û ü û û France AMUNDI ETF SHORT CAC 40 DAIL C4S FP Equity FR0010717124 EUR 4 0.35 D ETF û ü û û France COMSTAGE ETF CAC 40 SHORT TR CD41 GY Equity LU0419740955 EUR 3 0.35 D ETF û ü û ü ü Germany COMSTAGE SHORTMDAX UCITS ETF E044 GY Equity LU1104582231 EUR 46 0.45 D ETF û ü û ü Germany - DAX DBX SHORT DAX DAILY XSDX GY Equity LU0292106241 EUR 447 0.40 D ETF û ü û ü ü Germany - DAX ETFX DAX 2X SHORT FUND DES2 GY Equity DE000A0X9AA8 EUR 90 0.60 D ETF û ü û ü ü Germany - DAX ETFX DAX 2X SHORT FUND DES2 LN Equity IE00B4QNHZ41 EUR 89 0.60 D ETF û ü û ü ü Germany - DAX DBX SHORT DAX 2X DAILY DBPD GY Equity LU0411075020 EUR 113 0.60 D ETF û ü û ü ü Germany - DAX LYXOR ETF DAILY SHORTDAX X2 DSD FP Equity FR0010869495 EUR 78 0.60 D ETF û ü û ü ü Germany - DAX COMSTAGE ETF SHORTDAX TR C004 GY Equity LU0603940916 EUR 50 0.30 D ETF û ü û ü ü Germany - DAX BOOST SHORTDAX 3X DAILY ETP 3DES LN Equity IE00B8GKPP93 EUR 6 0.80 D ETN û û û û Germany - DAX LYXOR PEA DAILY SHORTDAX X2 PDSD FP Equity FR0011869247 EUR 4 0.60 D ETF û ü û ü û Italy LYXOR ETF FTSEMIB DAILY 2XSH XBRMIB IM Equity FR0010446666 EUR 120 0.60 D ETF û ü û û Italy LYXOR ETF FTSEMIB DAILY SHT BERMIB IM Equity FR0010446146 EUR 51 0.60 D ETF û ü û ü Italy BOOST FTSE MIB 3X SHRT DAILY 3ITS IM Equity IE00B873CW36 EUR 13 0.80 D ETN û û û û Italy LYXOR ETF FTSEMIB DAILY SHT PSMI FP Equity FR0011883412 EUR 2 0.60 D ETF û ü û ü û Italy LYXOR ETF FTSEMIB DAILY 2XSH PXMI FP Equity FR0011883388 EUR 0 0.60 D ETF û ü û ü û Spain LYXOR UCITS ETF IBEX 35 INVE INVEX SM Equity FR0010762492 EUR 26 0.40 D ETF û ü û ü ü Spain LYXOR ETF IBEX 35 DOBLE INVE 2INVE SM Equity FR0011036268 EUR 24 0.60 D ETF û ü û ü Sweden XACT BEAR XACBEAR SS Equity SE0005466513 SEK 665 0.60 F ETF û û û û Sweden XACT BEAR 2 XABEAR2 SS Equity SE0005466505 SEK 644 0.60 F ETF û û û û Sweden BEAR OMX X3 H BEAROMX3 SS Equity SE0003038066 SEK - - D ETN û û û û Sweden SPOTR BEAR OMXS30 SPBEAOMX SS Equity LU0561879361 SEK 81 0.20 D ETF û ü û û Switzerland LYXOR ETF DAILY DOUBLE SHORT LYSSL SW Equity FR0010869438 CHF 39 0.60 D ETF û ü û ü ü UK ETFS FTSE 100 SUPER SHORT ST SUK2 LN Equity IE00B4QNK008 GBP 19 0.60 D ETF û ü û û UK DBX FTSE 100 SHORT XUKS GY Equity LU0328473581 EUR 47 0.50 D ETF û ü û ü ü UK BOOST FTSE 100 3X SHORT 3UKS LN Equity IE00B7VB3908 GBP 4 0.80 D ETN û û û û UK BOOST FTSE 100 1X SHORT ETP SUK1 LN Equity IE00B94QKG22 GBP 0 0.49 D ETN û û û û UK BOOST FTSE 100 2X SHORT ETP 2UKS LN Equity IE00B94QKF15 GBP 0 0.55 D ETN û û û û UK BOOST FTSE 250 1X SHORT ETP 1MCS LN Equity IE00BBGBF313 GBP 0 0.65 D ETN û û û û Developed Europe - Sector Banks DBX STX EUROPE BANKS SHORT XS7S GY Equity LU0322249037 EUR 22 0.50 D ETF û ü û ü ü Basic Resources DBX STX BASIC RESOURCES SHRT XBRS LN Equity LU0412624354 GBP 2 0.50 D ETF û ü û ü ü Industrial Goods & Services DBX STX INDU GOODS SHORT XIGS LN Equity LU0412624511 GBP 2 0.50 D ETF û ü û ü ü Oil & Gas DBX STX EUR OIL & GAS SHORT XSES GY Equity LU0322249623 EUR 2 0.50 D ETF û ü û ü ü

FIXED INCOME Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT World Investable - Global Government Bonds Global ISHARES GLOBAL GOV BOND EUN3 GY Equity DE000A0RM439 EUR 593 0.20 F ETF û ü ü ü ü Global PIMCO STERLING SHORT MATURIT QUID LN Equity IE00B622SG73 GBP 77 0.35 O ETF û ü ü ü ü Global DBX II GLOBAL SOV (EUR) DBZB GY Equity LU0378818131 EUR 304 0.25 D ETF ü ü û ü ü Global ISHARES GLOBAL GOVT BND IGLO LN Equity IE00B3F81K65 USD 660 0.20 F ETF û ü ü ü ü World Investable - Regional Government Bonds Global DBX II GLOBAL SOVEREIGN XG7S GY Equity LU0908508731 EUR 5 0.25 D ETF û ü û ü ü World Investable - High Yield Global ISHARES GL CORP BD GB HEDGED GHYS LN Equity IE00B8KQFS66 GBP 70 0.55 O ETF ü ü û ü ü Global ISHARES GL CORP BD EU HEDGED IBCQ GY Equity DE000A1W2KG9 EUR 688 0.25 O ETF ü ü û ü ü Emerging World - Global

ETF TRADING LINES: MILAN: +39 02 8862-0660 MUNICH: +49 89 378-17585 LONDON: +44 207 826-6444 86 87

FIXED INCOME Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Govies LYXOR UCITS ETF IBOXX USD LI LEMB FP Equity FR0010967323 USD 129 0.30 D ETF û ü û ü ü Govies ISHARES JPM USD EM BND IEMB LN Equity IE00B2NPKV68 USD 4,295 0.45 F ETF û ü ü ü ü Govies DBX EM LIQ EUR BOND EUR XEMB GY Equity LU0321462953 EUR 361 0.55 D ETF ü ü û ü ü Govies AMUNDI ETF GLOBAL EMERGING B AGEB FP Equity FR0010959668 USD 57 0.30 D ETF û ü û ü ü Govies SPDR BOFA ML 0-5YR EM USD GV ZPR5 GY Equity IE00BP46NG52 EUR 19 0.42 O ETF û ü û ü Govies ISHARES JPM USD EM BD CHF-HG EMBC SW Equity IE00B9M04V95 CHF 35 0.50 O ETF ü ü û û Govies - Local Crcy ISHARES EM LOCAL GOV BND SEML LN Equity IE00B5M4WH52 GBP 1,224 0.50 F ETF û ü ü ü ü Govies - Local Crcy SPDR EMERGING MKTS LOCAL BD SYBM GY Equity IE00B4613386 EUR 1,337 0.55 O ETF û ü ü ü ü Govies - Local Crcy PIMCO EMERGING MARKETS ADVAN EMLB LN Equity IE00B4P11460 USD 201 0.60 O ETF û ü û ü ü Govies - Local Crcy ISHARES EM LOCAL GOV BND IUSP GY Equity DE000A1JB4Q0 EUR 1,712 0.50 F ETF û ü ü ü ü Govies - Local Crcy SPDR EM INFLATION LOCAL BD SYBI GY Equity IE00B7MXFZ59 EUR 41 0.55 O ETF û ü ü ü ü Govies - Local Crcy LYXOR EM LOCAL CURR BOND EMBD FP Equity LU0908501645 EUR 17 0.55 O ETF û ü û ü ü Govies - Local Crcy ASHMORE SICAV EMR MRK TR ATRF LN Equity LU1076322715 USD 0 1.10 F ETF û ü û ü ü Emerging World - Regional Government Bonds Emerging Markets PIMCO EMERGING MARKETS ADVAN EMLI LN Equity IE00BH3X8336 USD 10 0.60 O ETF û ü û ü ü Emerging Asia - Regional Government Bonds Govies SPDR CITI ASIA LOCAL GOV BD SYBX GY Equity IE00B7GBL799 EUR 10 0.50 O ETF û ü ü ü ü Govies ISHARES EM ASIA LCL GOV BND IS0S GY Equity DE000A1J0ZB9 EUR 116 0.50 O ETF û ü ü ü ü Emerging Asia - Country Indonesia DBX II IBX ABF INDONESIA GOV XIDR GY Equity LU0378818214 EUR 4 0.40 D ETF û ü û ü ü Emerging Asia - Corporate Bonds Emerging Markets ISHARES JPM EM BOND EUR HD IS3C GY Equity DE000A1W0PN8 EUR 478 0.50 O ETF ü ü û ü ü Emerging Asia - Money Market China COBA CCBI RQFII MM UCITS RMB CCMR LN Equity GB00BVJF7G73 CNY 96 0.65 F ETF û ü û û Developed World - Aggregate Global DBX II BARC GLB AGG USD (H) XBAU SW Equity LU0942970285 USD 2 0.30 D ETF ü ü û ü ü Global DBX II BARC GLB AGG (UNH) XBAG GY Equity LU0942970103 EUR 55 0.30 D ETF û ü û ü ü Global DBX II BARC GLB AGG EUR (H) XBAE GY Equity LU0942970798 EUR 223 0.30 D ETF ü ü û ü ü Developed World - Covered Bonds Global SPDR STERLING CORP BD ETF SYBS GY EQUITY IE00B4694Z11 EUR 244 0.20 O ETF û ü ü ü ü Developed World - Money Market Australia DBX II AUSTR DOLLAR CASH XCSD GY Equity LU0482518031 EUR 27 0.20 D ETF û ü ü ü ü Developed World - Convertible Bonds Global SPDR REUTERS GL CONVERTIBLE ZPRC GY Equity IE00BNH72088 EUR 314 0.50 O ETF û ü û ü ü Developed Asia - Country Government Bonds Japan DBX II IBX JAPAN SOVEREIGN XJSE GY Equity LU0952581584 EUR 36 0.15 D ETF û ü û ü ü Developed America - Aggregate USA SPDR US AGGREGATE BOND ETF SYBU GY Equity IE00B459R192 EUR 38 0.20 O ETF û ü ü ü ü USA ISHARES US AGGREGATE BND IUAG LN Equity IE00B44CGS96 USD 529 0.25 F ETF û ü ü ü ü Developed America - Treasury Bonds USA DBX II IBX USD TREASURIES XUTD LN Equity LU0429459356 USD 75 0.15 D ETF û ü û ü ü USA SPDR US TREASURY BOND ETF SYBT GY Equity IE00B44CND37 EUR 63 0.15 O ETF û ü ü ü ü USA 1-3 ISHARES USD TREASURY BND 1-3 IUSU GY Equity DE000A0J2078 EUR 2,075 0.20 F ETF û ü ü ü ü USA 1-3 ISHARES TREASURY BOND 1-3YR CSBGU3 SW Equity IE00B3VWN179 USD 42 0.20 O ETF û ü û ü ü USA 1-3 DBX II IBX USD TREASUR 1-3 XUT3 LN Equity LU0429458895 USD 40 0.15 D ETF û ü û ü ü USA 1-3 AMUNDI ETF US TREASURY 1-3 U US1 FP Equity FR0010892281 USD 12 0.14 D ETF û ü û û USA 1-3 LYXOR UCITS ETF IBOXX USD T US13 LN Equity FR0010960955 USD 123 0.17 F ETF û ü û ü ü USA 1-3 UBS ETF BAR. CAP. US TR. 1-3 UEFF GY Equity LU0721552544 EUR 122 0.20 F ETF û ü ü ü ü USA 1-3 SPDR BARCLAYS 1-3 US TREAS B SYBW GY Equity IE00BC7GZJ81 EUR 149 0.15 O ETF û ü û ü ü USA 3-7 ISHARES $ TREASURY BOND 3-7Y CSBGU7 SW Equity IE00B3VWN393 USD 434 0.20 O ETF û ü û ü ü USA 3-7 AMUNDI ETF US TREASURY 3-7 U US3 FP Equity FR0010892299 USD 6 0.14 D ETF û ü û û USA 5-7 LYXOR UCITS ETF IBOXX USD T US57 LN Equity FR0010961011 USD 27 0.17 F ETF û ü û ü ü USA 7-10 ISHARES USD TREASURY BND7-10 IUSM GY Equity DE000A0LGQB6 EUR 1,693 0.20 F ETF û ü ü ü ü USA 7-10 ISHARES USD TREAS BOND 7-10 CSBGU0 SW Equity IE00B3VWN518 USD 49 0.20 O ETF û ü û ü ü USA 7-10 AMUNDI ETF US TREASURY 7-10 US7 FP Equity FR0010892307 USD 5 0.14 D ETF û ü û û USA 7-10 UBS ETF BAR. CA. US TR. 7-10 UEFI GY Equity LU0721552973 EUR 133 0.20 F ETF û ü ü ü ü USA 10+ LYXOR UCITS ETF IBOXX USD T US10 LN Equity FR0010961003 USD 149 0.17 F ETF û ü û ü ü USA 20+ ISHARES USD TSRY 20PLS UCITS IDTL LN Equity IE00BSKRJZ44 USD 33 0.20 O ETF û ü û ü

ETF TRADING LINES: MILAN: +39 02 8862-0660 MUNICH: +49 89 378-17585 LONDON: +44 207 826-6444 86 87

FIXED INCOME Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Developed America - Money Market Canada DBX II CANAD DOLLAR CASH XCXC GY Equity LU0892103994 EUR 22 0.20 D ETF û ü û ü ü USA PIMCO US DOLLAR SHORT MATURI MINT LN Equity IE00B67B7N93 USD 1,268 0.35 F ETF û ü û ü ü Fed Fund COMSTAGE ETF COMMERZ FED FND CBFEDFER GY Equity LU0378437767 EUR 87 0.10 D ETF û ü û ü ü Fed Fund DBX II FED FUNDS EFF-RATE XFFE GY Equity LU0321465469 EUR 548 0.15 D ETF û ü û ü ü Developed Europe - Aggregate Global UBS ETF SBI FO. AAA-BBB 5-10 UEFZ GY Equity LU0879399441 EUR 71 0.20 F ETF û ü û ü ü Global UBS ETF SBI FO. AAA-BBB 1-5 UEFY GY Equity LU0879397742 EUR 126 0.20 F ETF û ü û ü ü Eurozone ISHARES B EURO AGG BOND EUN4 GY Equity DE000A0RM447 EUR 1,922 0.25 F ETF û ü ü ü ü Developed Europe - Regional Government Bonds Eurozone AMUNDI ETF GOVT BOND EUROMTS CB3 FP Equity FR0010754192 EUR 245 0.14 D ETF û ü û ü ü Eurozone IBOXX® LIQUID SOVEREIGNS GLO ISM FP Equity FR0010276949 EUR 162 0.15 F ETF û ü û û Eurozone LYXOR UCITS ETF EURMTS GL IN MTX FP Equity FR0010028860 EUR 891 0.17 F ETF û ü û ü ü Eurozone ISHARES CORE EURO GOV BOND U IEGA LN Equity IE00B4WXJJ64 EUR 1,230 0.20 F ETF û ü ü ü ü Eurozone ISHARES CORE EURO GOV BOND U EUNH GY Equity DE000A0YBRZ7 EUR 1,229 0.20 F ETF û ü ü ü ü Eurozone DBX II IBX SOV EUROZONE XGLE GY Equity LU0290355717 EUR 1,257 0.15 D ETF û ü û ü ü Eurozone LYXOR UCITS ETF EUROMTS HIGH MAA FP Equity FR0010820258 EUR 178 0.17 F ETF û ü û ü ü Eurozone COMSTAGE EU LQ SV DV OV TR-I CBOXESOV GY Equity LU0444605645 EUR 75 0.12 D ETF û ü û ü ü Eurozone AMUNDI ETF GOVT BOND LOWEST X1G FP Equity FR0010892190 EUR 1,829 0.14 D ETF û ü û ü ü Eurozone COMSTAGE ETF BOND FUTURE TR 5X60 GY Equity LU0508799334 EUR 15 0.20 D ETF û ü û ü ü Eurozone AMUNDI ETF GOVT BOND HIGHEST AM3A FP Equity FR0010930636 EUR 118 0.14 D ETF û ü û ü ü Eurozone DBX II IBX SOV YIELD PLUS XY4P GY Equity LU0524480265 EUR 2,081 0.15 D ETF û ü û ü ü Eurozone DBX II IBX SOV EURO AAA XBAT GY Equity LU0484969463 EUR 79 0.15 D ETF û ü û ü ü Eurozone ISHARES EURO AGGREGATE BND IEAG LN Equity IE00B3DKXQ41 EUR 1,924 0.25 F ETF û ü ü ü ü Eurozone SPDR EURO AGGREGATE BOND ETF SYBA GY Equity IE00B41RYL63 EUR 42 0.20 O ETF û ü ü ü ü Eurozone LYXOR UCITS ETF EUROMTS HIGH MA13 FP Equity FR0011146315 EUR 19 0.17 F ETF û ü û ü ü Eurozone DBX II IBX SOV EURO 4% X03F GY Equity LU0643975591 EUR 25 0.15 D ETF û ü û ü ü Eurozone AMUNDI ETF GOVT BOND HIGHEST AA13 FP Equity FR0011161215 EUR 14 0.14 D ETF û ü û ü ü Eurozone THINK IBOXX AAA-AA GOVERNMEN TAT NA Equity NL0010273801 EUR 286 0.15 F ETF û ü ü û Eurozone CMSTGE IBXX LQD SV DIV 3M 1 CBOXES3M GY Equity LU0444605728 EUR 45 0.12 D ETF û ü û ü ü Eurozone DBX II IBX SOV EURO AAA XBAI GY Equity LU0975326215 EUR 64 0.15 D ETF û ü û ü ü Eurozone DBX II IBX SOV EUR YIELD+IRH XHYP GY Equity LU0952581402 EUR 11 0.15 D ETF û ü û ü ü Eurozone LYXOR FTSEMTS 25Y MTH FP Equity FR0012538148 EUR 67 0.17 F ETF û ü û ü Eurozone 1-3 ISHARES EURO GOVERNMENT BOND CSBGE3 SW Equity IE00B3VTMJ91 EUR 82 0.20 O ETF û ü û ü ü Eurozone 1-3 AMUNDI ETF GOVT BOND EUROMTS C13 FP Equity FR0010754135 EUR 113 0.14 D ETF û ü û ü ü Eurozone 1-3 DEKA IBOXX EUR LQD SOV D 1-3 ETFES13 GY Equity DE000ETFL128 EUR 96 0.15 F ETF û ü ü ü ü Eurozone 1-3 LYXOR UCITS ETF EUROMTS 1-3Y MTA FP Equity FR0010222224 EUR 494 0.17 F ETF û ü û ü ü Eurozone 1-3 ISHARES EURO GOV BND 0-1 IEGE LN Equity IE00B3FH7618 EUR 103 0.20 F ETF û ü ü ü ü Eurozone 1-3 ISHARES EURO GOV BND 1-3 IBCA GY Equity DE000A0J21A7 EUR 854 0.20 F ETF û ü ü ü ü Eurozone 1-3 ISH EU GVTBNDCAP 1.5-2.5 DE IB85EX GY Equity DE000A0H0793 EUR 39 0.15 F ETF û ü ü ü ü Eurozone 1-3 ISHARES EURO GOV BND 0-1 EUN6 GY Equity DE000A0RM462 EUR 103 0.20 F ETF û ü ü ü ü Eurozone 1-3 DBX II IBX SOV EUROZ 1-3 X13E GY Equity LU0290356871 EUR 301 0.15 D ETF û ü û ü ü Eurozone 1-3 COMSTAGE EU SOV GR CP 3M-2-I CBOXGS3M GY Equity LU0444606700 EUR 6 0.12 D ETF û ü û ü ü Eurozone 1-3 CMSTGE IBXX LIQ SOV DIV 1 3 CBOXES1 GY Equity LU0444605991 EUR 101 0.12 D ETF û ü û ü ü Eurozone 1-3 SPDR 1-3 EURO GOV BOND SYB3 GY Equity IE00B6YX5F63 EUR 286 0.15 O ETF û ü ü ü ü Eurozone 1-3 DBX II IBX SOV YIELD+ 1-3 XYP1 GY Equity LU0925589839 EUR 1,021 0.15 D ETF û ü û ü ü Eurozone 1-3 AMUNDI GVT BG LOW RATE 1-3 X13G FP Equity FR0011807015 EUR 155 0.14 D ETF û ü û ü ü Eurozone 3-5 ISH EU GVTBNDCAP 2.5-5.5 DE IB89EX GY Equity DE000A0H08A8 EUR 63 0.16 F ETF û ü ü ü ü Eurozone 3-5 DBX II IBX SOV EUROZ 3-5 X35E GY Equity LU0290356954 EUR 482 0.15 D ETF û ü û ü ü Eurozone 3-5 CMSTGE IBXX LQD SOV DIV 3-5 CBOXES3 GY Equity LU0444606023 EUR 371 0.12 D ETF û ü û ü ü Eurozone 3-5 LYXOR UCITS ETF EUROMTS HIGH MA35 FP Equity FR0011146349 EUR 29 0.17 F ETF û ü û ü ü Eurozone 3-5 CMSTGE IBX GER CVRD CPD 3 5 C541 GY Equity LU0488317370 EUR 22 0.17 D ETF û ü û ü ü Eurozone 3-5 ISHARES EUR GOV BND 3-7 ACC CSBGE7 SW Equity IE00B3VTML14 EUR 97 0.20 O ETF û ü û ü ü Eurozone 3-5 AMUNDI ETF GOVT BOND EUROMTS C33 FP Equity FR0010754168 EUR 103 0.14 D ETF û ü û ü ü Eurozone 3-5 DEKA IBOXX EUR LIQUID SOV DI ETFES35 GY Equity DE000ETFL136 EUR 38 0.15 F ETF û ü ü ü ü Eurozone 3-5 LYXOR UCITS ETF EUROMTS 3-5Y MTB FP Equity FR0010037234 EUR 687 0.17 F ETF û ü û ü ü Eurozone 3-5 ISHARES EURO GOV BND 3-5 IBCN GY Equity DE000A0LGQD2 EUR 1,386 0.20 F ETF û ü ü ü ü Eurozone 3-5 SPDR Barclays 3-5Y EURO GOV SYB4 GY Equity IE00BS7K8821 EUR 28 0.15 F ETF û ü û ü

ETF TRADING LINES: MILAN: +39 02 8862-0660 MUNICH: +49 89 378-17585 LONDON: +44 207 826-6444 88 89

FIXED INCOME Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Eurozone 5-7 CMSTG ETF IBOXX LQD SOV DIV CBOXES5 GY Equity LU0444606296 EUR 367 0.12 D ETF û ü û ü ü Eurozone 5-7 CMSTGE IBXX GER CVD CPD 5 7 C542 GY Equity LU0488317453 EUR 6 0.17 D ETF û ü û ü ü Eurozone 5-10 ISHARES EURO GOVERNMENT BOND CSBGE0 SW Equity IE00B3VTN290 EUR 38 0.20 O ETF û ü û ü ü Eurozone 5-10 AMUNDI ETF GOVT BOND EUROMTS C53 FP Equity FR0010754176 EUR 94 0.14 D ETF û ü û ü ü Eurozone 5-10 AMUNDI ETF GOVT BOND EUROMTS C73 FP Equity FR0010754184 EUR 153 0.14 D ETF û ü û ü ü Eurozone 5-10 DEKA IBOXX EUR LQD SOV D 5-7 ETFES57 GY Equity DE000ETFL144 EUR 146 0.15 F ETF û ü ü ü ü Eurozone 5-10 DEKA IBOXX EUR LIQUID SOV DI ETFES71 GY Equity DE000ETFL151 EUR 138 0.15 F ETF û ü ü ü ü Eurozone 5-10 LYXOR UCITS ETF EUROMTS 5-7Y MTC FP Equity FR0010411413 EUR 464 0.17 F ETF û ü û ü ü Eurozone 5-10 LYXOR ETF EUROMTS 7-10 Y MTD FP Equity FR0010411439 EUR 333 0.17 F ETF û ü û ü ü Eurozone 5-10 ISHARES EURO GOV BND 5-7 IEGY LN Equity IE00B4WXJG34 EUR 173 0.20 F ETF û ü ü ü ü Eurozone 5-10 ISHARES EURO GOV BND 7-10 IBCM GY Equity DE000A0LGQH3 EUR 564 0.20 F ETF û ü ü ü ü Eurozone 5-10 IS EU GVTBNDCAP 5.5-10.5 DE IB8ZEX GY Equity DE000A0H08B6 EUR 72 0.16 F ETF û ü ü ü ü Eurozone 5-10 DBX II IBX SOV EUROZ 5-7 X57E GY Equity LU0290357176 EUR 273 0.15 D ETF û ü û ü ü Eurozone 5-10 DB X-TR IBX EUR SOV EZ 7-10 X710 GY Equity LU0290357259 EUR 180 0.15 D ETF û ü û ü ü Eurozone 5-10 SPDR EURO GOVERNMENT BOND SYBB GY Equity IE00B3S5XW04 EUR 53 0.15 O ETF û ü ü ü ü Eurozone 5-10 LYXOR UCITS ETF EUROMTS HIGH MA57 FP Equity FR0011146356 EUR 9 0.17 F ETF û ü û ü ü Eurozone 7-10 CMSTG IBXX LQ SOV DIV 7 10 CBOXES7 GY Equity LU0444606379 EUR 68 0.12 D ETF û ü û ü ü Eurozone 7-10 CMSTG IBXX GER CVRD CPD 710 C543 GY Equity LU0488317537 EUR 9 0.17 D ETF û ü û ü ü Eurozone 1-10 DEKA IBOXX EUR LIQUID SOV DI ETFES11 GY Equity DE000ETFL110 EUR 35 0.15 F ETF û ü ü ü ü Eurozone 1-10 IS EU GVTBNDCAP 1.5-10.5 DE IB83EX GY Equity DE000A0H0785 EUR 228 0.15 F ETF û ü ü ü ü Eurozone 1-10 THINK IBOXX GOVERNMENT BOND TGBT NA Equity NL0009690254 EUR 113 0.15 F ETF û ü ü û Eurozone 10+ AMUNDI ETF GOVT BOND EUROMTS C10 FP Equity FR0010754143 EUR 101 0.14 D ETF û ü û ü ü Eurozone 10+ DEKA IBOXX EUR LIQUID SOV DI ETFES10 GY Equity DE000ETFL169 EUR 19 0.15 F ETF û ü ü ü ü Eurozone 10+ LYXOR UCITS ETF EUROMTS10-15 MTE FP Equity FR0010037242 EUR 343 0.17 F ETF û ü û ü ü Eurozone 10+ ISHARES EURO GOV BND 10-15 EUN8 GY Equity DE000A0YBRX2 EUR 129 0.20 F ETF û ü ü ü ü Eurozone 10+ DB X-TR IBX EUR SOV EZ10-15 X105 GY Equity LU0290357333 EUR 178 0.15 D ETF û ü û ü ü Eurozone 10+ DBX II IBX SOV EUROZ 15+ X15E GY Equity LU0290357507 EUR 58 0.15 D ETF û ü û ü ü Eurozone 10+ COMSTAGE EU LQ SV DV 10-15-I CBOXES10 GY Equity LU0444606452 EUR 55 0.12 D ETF û ü û ü ü Eurozone 15+ LYXOR UCITS ETF EUROMTS 15+Y MTF FP Equity FR0010481093 EUR 264 0.17 F ETF û ü û ü ü Eurozone 15+ ISHARES EURO GOV BND 15-30 IBCL GY Equity DE000A0LGQC4 EUR 343 0.20 F ETF û ü ü ü ü Eurozone 15+ ISHARES BC EUR GOV BD 5-7 EUN9 GY Equity DE000A0YBRY0 EUR 173 0.20 F ETF û ü ü ü ü Eurozone 15+ COMSTAGE EU LQ SV DV 15+TR-I CBOXES15 GY Equity LU0444606536 EUR 40 0.12 D ETF û ü û ü ü Eurozone 20+ DBX II IBX SOV EUROZ 25+ X25E GY Equity LU0290357846 EUR 43 0.15 D ETF û ü û ü ü Eurozone 20+ COMSTAGE EU LQ SV DV 25+TR-I CBOXES25 GY Equity LU0444606619 EUR 81 0.12 D ETF û ü û ü ü Eurozone 20+ ISHARES EURO GOV 20Y TRG DUR E20Y LN Equity IE00BSKRJX20 EUR 7 0.15 O ETF û ü û ü Developed Europe - Country Government Bonds Austria ISHARES AUSTRIA GOV BND IS0H GY EQUITY DE000A1J0BA2 EUR 13 0.20 O ETF û ü ü ü ü Belgium ISHARES BELGIUM GOV BND IS0I GY EQUITY DE000A1J0BB0 EUR 36 0.20 O ETF û ü ü ü ü Finland ISHARES FINLAND GOV BND IS0J GY EQUITY DE000A1J0BC8 EUR 10 0.20 O ETF û ü ü ü ü France ISHARES FRANCE GOV BND IS0K GY EQUITY DE000A1J0BD6 EUR 23 0.20 O ETF û ü ü ü ü Germany ISHAR EB.REXX GVT GERMANY DE RXRGEX GY Equity DE0006289465 EUR 343 0.15 F ETF û ü ü ü ü Germany DEKA DB EUROGOV GERMANY UCIT ETFGS11 GY Equity DE000ETFL177 EUR 423 0.15 F ETF û ü ü ü ü Germany DBX II IBX GERMANY XBTR GY Equity LU0468896575 EUR 106 0.15 D ETF û ü û ü ü Germany DBX II IBX GERMANY 4% X03G GY Equity LU0643975161 EUR 7 0.15 D ETF û ü û ü ü Germany ISHARES GERMANY GOV BND IS0L GY EQUITY DE000A1J0BE4 EUR 14 0.20 O ETF û ü ü ü ü Italy ISHARES ITALY GOV BND IS0M GY EQUITY DE000A1J0BF1 EUR 818 0.20 O ETF û ü ü ü ü Italy LYXOR MTS BTP 1-3Y ITALY GOV MI13 FP Equity FR0011313741 EUR 86 0.17 F ETF û ü û ü ü Italy LYXOR ETF BOT MTS EX-BANK IT BOT FP Equity FR0011360676 EUR 56 0.15 F ETF û ü û ü Italy DBX II MTS EX BOI 3-5 XIT3 GY Equity LU0877808484 EUR 3 0.20 D ETF û ü û ü ü Italy LYXOR MTS BTP 10Y ITALY GOV MI10 FP Equity FR0011548106 EUR 41 0.17 F ETF û ü û ü ü Italy DBX II MTS EX BOI 1-3 XI13 GY Equity LU0877808211 EUR 4 0.15 D ETF û ü û ü ü Netherlands ISHARES NETHERLANDS GOV BND IS0N GY EQUITY DE000A1J0BG9 EUR 22 0.20 O ETF û ü ü ü ü Spain ISHARES SPAIN GOV BND IS0P GY EQUITY DE000A1J0BH7 EUR 897 0.20 O ETF û ü ü ü ü Spain LYXOR ETF BONO 10Y - MTS SP ES10 FP Equity FR0011384148 EUR 41 0.17 F ETF û ü ü ü ü Spain LYXOR UCITS ETF 1-3Y SPAIN-C ES13 FP Equity FR0011501618 EUR 16 0.17 F ETF û ü û ü ü Spain DBX II IBX SPAIN 1-3 X1ES GY Equity LU0925589672 EUR 10 0.15 D ETF û ü û ü ü Spain DBX II IBX SPAIN XIES GY Equity LU0925589755 EUR 7 0.20 D ETF û ü û ü ü UK ISHARES CORE UK GILTS UCITS IGLT LN Equity IE00B1FZSB30 GBP 1,151 0.20 F ETF û ü ü ü ü

ETF TRADING LINES: MILAN: +39 02 8862-0660 MUNICH: +49 89 378-17585 LONDON: +44 207 826-6444 88 89

FIXED INCOME Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT UK ISHARES UK GILTS 0-5YR IGLS LN Equity IE00B4WXJK79 GBP 746 0.20 F ETF û ü ü ü ü UK DBX II IBX GBP GILTS 1-5 XG5D LN Equity LU0429458978 GBP 3 0.20 D ETF û ü û ü ü UK LYXOR UCITS ETF IBOXX GBP GI GILI LN Equity FR0010961045 GBP 12 0.22 F ETF û ü û ü ü UK LYXOR UCITS ETF IBOXX GBP GI GILS LN Equity FR0010961029 GBP 23 0.18 F ETF û ü û ü ü UK SPDR 1-5 YEAR GILT ETF SYB5 GY EQUITY IE00B6YX5K17 EUR 365 0.15 F ETF û ü ü ü ü UK SPDR UK GILT ETF SYBG GY Equity IE00B3W74078 EUR 151 0.15 F ETF û ü ü ü ü UK SPDR 15+ YEAR GILT ETF SYBL GY EQUITY IE00B6YX5L24 EUR 54 0.15 F ETF û ü ü ü ü UK VANGUARD UK GOVERNMENT BOND VGOV LN EQUITY IE00B42WWV65 GBP 78 0.12 F ETF û ü ü ü Turkey FTSE ISTANBUL BOND FBIST TI Equity TRYFNBK00097 TRY 5 0.51 F ETF û û û û France 1-3 DEKA DEUTSCHE BORSE EUROGOV ETFFS13 GY Equity DE000ETFL391 EUR 7 0.15 F ETF û ü ü ü ü France 1-3 LYXOR MTS 1-3Y FRANCE GOV MF13 FP Equity FR0011313733 EUR 16 0.17 F ETF û ü û ü ü France 3-5 DEKA DEUTSCHE BORSE EUROGOV ETFFS35 GY Equity DE000ETFL409 EUR 10 0.15 F ETF û ü ü ü ü France 5-10 DEKA DEUTSCHE BORSE EUROGOV ETFFS51 GY Equity DE000ETFL417 EUR 11 0.15 F ETF û ü ü ü ü France 1-10 DEKA DEUTSCHE BORSE EUROGOV ETFFS11 GY Equity DE000ETFL425 EUR 9 0.15 F ETF û ü ü ü ü Germany 1-3 ISHARES GVT GMNY 1.5-2.5 DE RXP1EX GY Equity DE0006289473 EUR 289 0.15 F ETF û û ü ü ü Germany 1-3 DEKA DB EUROGOV GERMANY 1-3 ETFGS13 GY Equity DE000ETFL185 EUR 186 0.15 F ETF û ü ü ü ü Germany 1-3 DBX II IBX GERMANY 1-3 XB13 GY Equity LU0468897110 EUR 210 0.15 D ETF û ü û ü ü Germany 1-5 COMSTAGE EU SOV GR CAP 1-5-I CBOXGS1 GY Equity LU0444606882 EUR 8 0.12 D ETF û ü û ü ü Germany 3-5 ISHR GVT GERMANY 2.5-5.5 DE RXP2EX GY Equity DE0006289481 EUR 197 0.15 F ETF û ü ü ü ü Germany 3-5 DEKA DB EUROGOV GERMANY 3-5 ETFGS35 GY Equity DE000ETFL193 EUR 185 0.15 F ETF û ü ü ü ü Germany 5-10 ISHAR GVT GMNY 5.5-10.5YR DE RXP5EX GY Equity DE0006289499 EUR 334 0.15 F ETF û ü ü ü ü Germany 5-10 DEKA DB EUROGOV GERMANY 5-1 ETFGS51 GY Equity DE000ETFL201 EUR 203 0.15 F ETF û ü ü ü ü Germany 5-10 COMSTAGE EU SV GR CAP 5-10-I CBOXGS5 GY Equity LU0444606965 EUR 45 0.12 D ETF û ü û ü ü Germany 10+ ISH EB.REXX GVTGRMNY10.5 DE RXPXEX GY Equity DE000A0D8Q31 EUR 73 0.15 F ETF û û ü ü ü Germany 10+ DEKA DB EUROGOV GERMANY 10+ ETFGS10 GY Equity DE000ETFL219 EUR 75 0.15 F ETF û ü ü ü ü Germany 10+ COMSTAGE EU SV GR CAP 10+-I CBOXGS10 GY Equity LU0444607005 EUR 122 0.12 D ETF û ü û ü ü Switzerland 1-3 ISHARES SBIDG 1-3 CH CSBGC3 SW Equity CH0102530786 CHF 73 0.15 F ETF û û û ü ü Switzerland 1-3 UBS ETF SBI DOM. GOVERN. 1-3 SB1CHA SW Equity CH0118923876 CHF 100 0.15 F ETF û û ü û Switzerland 1-5 UBS ETF SBI DOM. PFAND. 1-5 SP1CHA SW Equity CH0184305016 CHF 17 0.20 F ETF û û ü û Switzerland 3-7 ISHARES SBIDG 3-7 CH CSBGC7 SW Equity CH0016999846 CHF 416 0.15 F ETF û û û ü ü Switzerland 3-7 UBS ETF SBI DOM. GOVERN. 3-7 SB3CHA SW Equity CH0118923892 CHF 95 0.15 F ETF û û ü û Switzerland 5-10 UBS ETF SBI DOM. PFAND. 5-10 SP5CHA SW Equity CH0184308952 CHF 7 0.20 F ETF û û ü û Switzerland 7-15 ISHARES SWISS DOMESTIC GOVER CSBGC0 SW Equity CH0016999861 CHF 108 0.15 F ETF û û û ü ü Switzerland 7-15 UBS ETF SBI DOM. GOVER. 7-15 SB7CHA SW Equity CH0118923918 CHF 9 0.15 F ETF û û ü û Developed Europe - Covered Bonds Eurozone ISHARES EURO COVERED BND ICOV LN Equity IE00B3B8Q275 EUR 1,107 0.20 F ETF û ü ü ü ü Eurozone LYXOR UCITS ETF EUROMTS COVE ECB FP Equity FR0010481127 EUR 164 0.17 D ETF û ü û ü ü Eurozone DBX IBX EUR LIQ COVERED XLIQ GY Equity LU0820950128 EUR 69 0.20 D ETF û ü û ü ü Germany ISH PFANDBRIEFE UCITS ETF DE R1JKEX GY Equity DE0002635265 EUR 1,023 0.10 O ETF û ü ü ü ü Germany COMSTAGE ETF IBOXX GERMANY C540 GY Equity LU0488317610 EUR 8 0.12 D ETF û ü û ü ü Germany DBX II IBX GERMANY COVERED XBCT GY Equity LU0321463506 EUR 195 0.15 D ETF û ü û ü ü Germany DEKA IBOXX EUR LIQUID GERMAN ETFIBOXG GY Equity DE000ETFL359 EUR 186 0.09 F ETF û ü ü ü ü Germany DBX II IBX GERMANY COVERED XBCD GY Equity LU0962081203 EUR 3 0.15 D ETF û ü û ü ü Germany DB X GERMANY COV 1-3 TR X03A GY Equity LU0548059699 EUR 23 0.15 D ETF û ü û ü ü Developed Europe - Convertible Bonds Europe UC THOMSON REUTERS BAL EURO ECBD GY Equity LU1199448058 EUR 42 0.50 D ETF û ü û ü ü CONVERTIBLE BOND UCITS ETF Developed Europe - Money Market Eurozone AMUNDI ETF CASH 3 MONTHS EUR C3M FP Equity FR0010754200 EUR 378 0.14 D ETF û ü û ü ü Eurozone POWERSHARES EUROMTS CASH 3M PEU IM Equity IE00B3BPCH51 EUR 78 0.15 F ETF û ü û ü ü Eurozone PIMCO EURO SHORT MATURITY SO PJS1 GY Equity IE00B5ZR2157 EUR 1,914 0.35 F ETF û ü ü ü ü Germany ISHARES EB.REXX MONEY MKT DE EBMMEX GY Equity DE000A0Q4RZ9 EUR 146 0.13 F ETF û ü ü ü ü Germany DEKA DB EUROGOV GERMANY MM ETFGSMM GY Equity DE000ETFL227 EUR 69 0.12 F ETF û ü ü ü ü EONIA COMSTAGE ETF COMMERZ EONIA CBEONIA GY Equity LU0378437684 EUR 64 0.10 D ETF û ü û ü ü EONIA LYXOR ETF EURO CASH CSH FP Equity FR0010510800 EUR 403 - D ETF û ü û ü ü EONIA DBX II EONIA - 1D XEOD GY Equity LU0335044896 EUR 15 0.15 D ETF û ü ü ü ü EONIA DBX II EONIA - 2C XEON GY Equity LU0290358497 EUR 438 0.15 D ETF û ü û ü ü EONIA LYXOR UCITS SMART CASH C-EUR CSH2 FP Equity LU1190417599 EUR 506 0.05 D ETF û ü û ü

ETF TRADING LINES: MILAN: +39 02 8862-0660 MUNICH: +49 89 378-17585 LONDON: +44 207 826-6444 90 91

FIXED INCOME Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT SONIA DBX II STERLING CASH XSTR GY Equity LU0321464652 EUR 59 0.15 D ETF û ü ü ü ü CHF Denominated - Corporate Bonds Global ISHARES GL HY CORP BOND CHFH GHYC SW Equity IE00B988C465 CHF 138 0.55 O ETF ü ü û ü Switzerland ISHARES CORE CHF CORPORATE B CHCORP SW Equity CH0226976816 CHF 391 0.15 O ETF û û û ü EUR Denominated - High Yield Eurozone DBX II IBX SOV YIELD PLUS XYPD GY Equity LU0962071741 EUR 126 0.15 D ETF û ü û ü ü Eurozone ISHARES EURO HY CORP BND IHYG LN Equity IE00B66F4759 EUR 4,097 0.50 F ETF û ü ü ü ü Eurozone LYXOR UCITS ETF IBOXX EUR YIEL FP Equity FR0010975771 EUR 358 0.45 D ETF û ü û ü ü Eurozone DBX HY BOND EUR XHYG GY Equity LU1109942653 EUR 75 0.25 D ETF ü ü û ü Eurozone DBX HY 1-3 EUR XHY1 GY Equity LU1109939865 EUR 39 0.25 D ETF û ü û ü Eurozone LYXOR IBOXX EUR LQD HY BB HYBB FP Equity LU1215415214 EUR 50 0.35 D ETF û ü û û Eurozone ex Financials AMUNDI ETF EUR HY LIQ BD IBX AHYE FP Equity FR0011494822 EUR 146 0.40 D ETF û ü û ü ü EUR Denominated - Corporate Bonds Eurozone AMUNDI ETF EURO CORPORATES U CC4 FP Equity FR0010754119 EUR 284 0.16 D ETF û ü û ü ü Eurozone ISHARES EURO CORP BND LC IBCS GY Equity DE0002511243 EUR 4,494 0.20 F ETF û ü ü ü ü Eurozone ISHARES CORE EURO CORP BOND EUN5 GY Equity IE00B3F81R35 EUR 6,571 0.20 F ETF û ü ü ü ü Eurozone DBX II IBX EUR LIQUID CORP XBLC GY Equity LU0478205379 EUR 312 0.20 D ETF û ü û ü ü Eurozone DBX II EUR LIQ CORP 12.5 D3V3 GS Equity IE00B3Z66S39 EUR 565 0.35 D ETF û ü û ü ü Eurozone LYXOR ETF EURO CORP BOND CRP FP Equity FR0010737544 EUR 1,017 0.20 D ETF û ü û ü ü Eurozone DEKA IBOXX EUR LIQUID CORPOR ETFLCD GY Equity DE000ETFL375 EUR 132 0.09 F ETF û ü ü ü ü Eurozone DBX -TR EUR LIQ CORP EX FIN XB4N GY Equity LU0484968655 EUR 33 0.20 D ETF û ü û ü ü Eurozone DBX -TR IBX EUR LIQ CORP-FIN XB4F GY Equity LU0484968812 EUR 20 0.20 D ETF û ü û ü ü Eurozone THINK IBOXX CORPORATE BOND U TCBT NA Equity NL0009690247 EUR 98 0.15 F ETF û ü ü û Eurozone AMUNDI ETF EURO CORPORATE FI AFIN FP Equity FR0011020957 EUR 124 0.16 D ETF û ü û ü ü Eurozone ISHARES EURO CORP BND IRH IRCP LN Equity IE00B6X2VY59 EUR 713 0.25 O ETF û ü ü ü ü Eurozone ISHARES EURO ULTRASHORT BOND IS3M GY Equity DE000A1W4WF2 EUR 146 0.09 O ETF û ü û ü ü Eurozone DBX II IBX EUR LIQ CORP IRH XHCP GY Equity LU0967438234 EUR 2 0.20 D ETF û ü û ü ü Eurozone DBX II IBX LCORP FIN (IRH) XHCF GY Equity LU0967515593 EUR 0 0.20 D ETF û ü û ü ü Eurozone DBX II IBX EUR LIQ XFIN IRH XHCN GY Equity LU0967515676 EUR 0 0.20 D ETF û ü û ü ü Eurozone AMUNDI FLOT R EUR CORP 1-3 AFRN FP Equity FR0012005734 EUR 125 0.18 D ETF û ü û ü ü Eurozone UBS ETF B. EUR AR.LIQ.C. 1-5 CBEU5 SW Equity LU1048314196 EUR 117 0.18 O ETF û ü û ü ü Eurozone ISHARES EUR CORP BOND BBB-BB IEBB LN Equity IE00BSKRK281 EUR 259 0.25 O ETF û ü û ü Eurozone UBS ETF B. EUR AR.LIQ.C. 1-5 CBEU5U SW Equity LU1048314436 USD 3 0.23 O ETF ü ü û ü Eurozone UBS ETF B.EU.AR.LIQ.C.1-5CHF CBEU5S SW Equity LU1048314865 CHF 3 0.23 O ETF ü ü û û UK SPDR EURO CORPORATE BOND ETF SYBC GY Equity IE00B3T9LM79 EUR 99 0.20 O ETF û ü ü ü ü Eurozone Financials ISHARES EURO CORP BOND FINAN EUCF LN Equity IE00B87RLX93 EUR 36 0.20 O ETF û ü ü ü ü Duration Focus PIMCO LOW DUR EURO CORP BOND LDCE GY Equity IE00BP9F2J32 EUR 122 0.39 O ETF û ü û ü Duration Focus LYXOR BRCL FLT EUR 0-7Y-CEUR FLOT FP Equity FR0012386696 EUR 81 0.10 D ETF û ü û ü Eurozone ex Financials LYXOR UCITS ETF EURO CORPORA CNB FP Equity FR0010814236 EUR 182 0.20 D ETF û ü û ü ü Eurozone ex Financials ISHARES EURO CORP BND EX-FIN EEXF LN Equity IE00B4L5ZG21 GBP 1,631 0.20 F ETF û ü ü ü ü Eurozone ex Financials DEKA IBOXX EUR LIQUID NON-FI EFQ8 GY Equity DE000ETFL383 EUR 503 0.20 F ETF û ü ü ü ü Eurozone ex Financials AMUNDI ETF EURO CORPORATE EX AXFI FP Equity FR0011020940 EUR 8 0.16 D ETF û ü û ü ü Eurozone 1-3 SPDR BARCLAYS 0-3 EUR CORP B SYBD GY Equity IE00BC7GZW19 EUR 186 0.20 O ETF û ü û ü ü Eurozone 1-5 ISHARES EURO CORP BND 1-5YR SE15 LN Equity IE00B4L60045 GBP 981 0.20 F ETF û ü ü ü ü GBP Denominated - Corporate Bonds Eurozone LYXOR UCITS ETF IBOXX GBP LI COUK LN Equity FR0010961037 GBP 4 0.20 D ETF û ü û ü ü Global ISHARES GBP CRP BD INT HEDGE SLXH LN Equity IE00BCLWRC90 GBP 18 0.25 O ETF û ü û ü UK ISHARES CORE GBP CORPORATE SLXX LN Equity IE00B00FV011 GBP 1,428 0.20 F ETF û ü ü ü ü UK UBS ETF B. US LQ. C. H. GBP UC85 LN Equity LU1048317298 GBP 78 0.23 O ETF ü ü û ü UK 1-5 ISHARES GBP CORP BND 1-5YR IS15 LN Equity IE00B5L65R35 GBP 675 0.20 F ETF û ü ü ü ü UK 1-5 UBS ETF US L. C. H. GBP 1-5 UC82 LN Equity LU1048315326 GBP 130 0.23 O ETF û ü û ü UK ex Financials ISHARES GBP CORP BND EX-FIN ISXF LN Equity IE00B4L60H17 GBP 301 0.20 F ETF û ü ü ü ü USD Denominated - High Yield Global ISHARES GLOBAL HY CORP BND HYLD LN Equity IE00B74DQ490 USD 349 0.50 O ETF û ü ü ü ü USA ISHARES USD HY CORP BND IHYU LN Equity IE00B4PY7Y77 USD 2,555 0.50 F ETF û ü ü ü ü USA DBX II CDX NAMERICA HY XH7Y LN Equity LU0742068595 USD 4 0.24 D ETF û ü û ü ü USA ACCESS IBOXX USD HIGH YIELD AA1RMS GF Equity DE000AA1RMS6 EUR - 0.50 D ETN û û û û USA PIMCO SHORT- TERM HIGH YIELD STHE LN Equity IE00BF8HV600 EUR 142 0.60 O ETF ü ü û ü

ETF TRADING LINES: MILAN: +39 02 8862-0660 MUNICH: +49 89 378-17585 LONDON: +44 207 826-6444 90 91

FIXED INCOME Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT USA ISHARES USD SHORT DUR HI YLD IS3K GY Equity DE000A1W4WD7 EUR 221 0.45 O ETF û ü û ü ü USA SPDR BARCLAYS 0-5 YR US HY SYBK GY Equity IE00B99FL386 EUR 131 0.40 O ETF û ü û ü ü USD Denominated - Corporate Bonds Global ISHARES GLOBAL CORP BND CORP LN Equity IE00B7J7TB45 USD 393 0.20 O ETF û ü ü ü ü Global ISHARES USD CRP BD INT HEDGE IS3F GY Equity DE000A1W4V85 EUR 59 0.25 O ETF û ü û ü ü Global UBS ETF B. US LQ. C. H. EUR UEF0 GY Equity LU1048317025 EUR 124 0.23 O ETF ü ü û ü ü USA ISHARES MARKIT IBOXX USD BD IBCD GY Equity DE000A0DPYY0 EUR 2,710 0.20 F ETF û ü ü ü ü USA DBX II CDX NAMERICA IG XLIG LN Equity LU0742068082 USD 3 0.18 D ETF û ü û ü ü USA ISHARES USD ULTRASHORT BOND IS3L GY Equity DE000A1W4WE5 EUR 97 0.09 O ETF û ü û ü ü USA ISHARES USD SHORT DUR CP BND IS3J GY Equity DE000A1W4WC9 EUR 339 0.20 O ETF û ü û ü ü USA UBS ETF B. US LQ. C. H. CHF CBUSS SW Equity LU1048317538 CHF 18 0.23 O ETF ü ü û ü ü USA UBS ETF US L. C. H. CHF 1-5 CBUS5S SW Equity LU1048315755 CHF 20 0.23 O ETF ü ü û ü USA ISHARES IBDS SEP18 USD CORP UI18 LN Equity IE00BVC3VM20 USD 51 0.10 O ETF û ü û ü USA UBS ETF US L. C. H. EUR 1-5 CBUS5E SW Equity LU1048315243 EUR 12 0.23 D ETF û ü û û UK ISHARES GBP ULTRASHORT BOND ERNS LN Equity IE00BCRY6441 GBP 146 0.09 O ETF û ü û ü Emerging Markets ISHARES USD EM CORP BND IS0Q GY Equity DE000A1J0BJ3 EUR 140 0.50 O ETF û ü ü ü ü Emerging Markets ASHMORE SICAV EMR MRK CRP DB ACDF LN Equity LU1076323952 USD 0 1.15 F ETF û ü û ü ü Duration Focus PIMCO LOW DUR US CORP BONDS LDCU LN Equity IE00BP9F2H18 USD 15 0.39 F ETF û ü û ü Eurozone 1-3 DBX II IBX SOV YIELD+ 1-3 XY1D GY Equity LU0975334821 EUR 29 0.15 D ETF û ü û ü ü UK 1-5 SPDR BARC 0-5 YR ST CORP BND SYBQ GY Equity IE00BCBJF711 EUR 97 0.20 O ETF û ü û ü ü USA 1-3 SPDR BARCLAYS 0-3 YR US CP B SYBF GY Equity IE00BC7GZX26 EUR 123 0.20 O ETF û ü û ü ü USA 1-5 UBS ETF B. US LIQ. CORP. 1-5 UEF7 GY Equity LU1048314949 EUR 61 0.18 O ETF û ü û ü

FIXED INCOME LEVERAGE Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Developed Europe - Regional Government Bonds Eurozone COMSTAGE BOND FUT LEVERAGED 5X61 GY Equity LU0530118024 EUR 6 0.20 D ETF û ü û ü ü Developed Europe - Country Government Bonds Germany LYXOR UCITS ETF DAILY LEVERA DLB FP Equity FR0011023654 EUR 8 0.20 D ETF û ü û ü ü Italy LYXOR UCITS ETF DAILY LEVERA BTPL FP Equity FR0011023639 EUR 75 0.40 D ETF û ü û ü ü

FIXED INCOME SHORT Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Developed Asia - Country Government Bonds Japan DBX II IBX JAPAN SOV SHORT XJSS GY Equity LU0952581667 EUR 6 0.25 D ETF û ü û ü ü Japan LYXOR UCITS DD SHRT 10Y JAP JGBS FP Equity FR0011614189 EUR 1 0.20 D ETF û ü û ü ü Developed America - Treasury Bonds USA DBX II US TREAS 2X SHORT XUDS LN Equity LU0616016605 USD 9 0.30 D ETF ü ü û ü ü USA LYXOR UCITS DD SHRT US TREAS DSUS FP Equity FR0011607084 EUR 72 0.20 D ETF û ü û ü ü USA 7-10 AMUNDI ETF SHORT US TREASURY SU7 FP Equity FR0010892745 USD 130 0.14 D ETF û ü û ü ü Developed Europe - Regional Government Bonds Eurozone DBX II SHORT IBOXX EUR SOV XSGL GY Equity LU0321463258 EUR 164 0.15 D ETF û ü û ü ü Eurozone COMSTAGE COMMERZBANK BUND-FU 5X62 GY Equity LU0530119774 EUR 496 0.20 D ETF û ü û ü ü Eurozone COMSTAGE FUTURE 2X SHORT 5X63 GY Equity LU0530124006 EUR 58 0.20 D ETF û ü û ü ü Euro MTS AMUNDI ETF SHORT GOVT BOND E SB0 FP Equity FR0010821850 EUR 9 0.14 D ETF û ü û ü ü Euro MTS AMUNDI ETF SHORT GOVT BOND E S10 FP Equity FR0010823385 EUR 6 0.14 D ETF û ü û ü ü Developed Europe - Country Government Bonds Germany LYXOR UCITS ETF DAILY DOUBLE DSB FP Equity FR0010869578 EUR 611 0.20 D ETF û ü û ü ü Italy LYXOR UCITS ETF DAILY DOUBLE BTPS FP Equity FR0011023621 EUR 224 0.40 D ETF û ü û ü ü UK DBX II UK GILTS 2X SHORT XUSS LN Equity LU0614583796 GBP 6 0.30 D ETF û ü û ü ü UK LYXOR DD SHORT 10Y UK GILTS DSUK LN Equity FR0011614031 GBP 2 0.20 D ETF û ü û ü ü USD Denominated - High Yield USA DBX II CDX NAMERICA HY SH XH7S LN Equity LU0742068678 USD 1 0.24 D ETF û ü û ü ü USD Denominated - Corporate Bonds USA DBX II CDX NAMERICA IG SH XLIN LN Equity LU0742068165 USD 0 0.18 D ETF û ü û ü ü

ETF TRADING LINES: MILAN: +39 02 8862-0660 MUNICH: +49 89 378-17585 LONDON: +44 207 826-6444 92 93

INFLATION Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT World Investable - Regional Government Bonds Global ISHARES GLBL INF LNKD GB BND EGIL LN Equity IE00B3B8PX14 EUR 544 0.25 F ETF û ü û ü ü Global DBX II IBX GLOBAL INFL EUR XGIN GY Equity LU0290357929 EUR 436 0.25 D ETF ü ü û ü ü Global DBX II GLB INFL EUR UNHEDGED XGIU GY Equity LU0908508814 EUR 6 0.25 D ETF û ü û ü ü World Investable - Corporate Bonds Global DBX II GLB INFL EUR XGII GY Equity LU0962078753 EUR 7 0.25 D ETF ü ü û ü ü Developed America - Treasury Bonds USA ISHARES BG USD TIPS IUST GY Equity IE00B1FZSC47 EUR 1,095 0.25 F ETF û ü û ü ü Developed Europe - Regional Government Bonds Eurozone AMUNDI ETF EURO INFLATION UC CI3 FP Equity FR0010754127 EUR 23 0.16 D ETF û ü û ü ü Eurozone ISHARES EURO INF LNKD GV BND IBCI GY Equity IE00B0M62X26 EUR 850 0.25 F ETF û ü û ü ü Europe DBX II IBX EUR INF-LINK XEIN GY Equity LU0290358224 EUR 337 0.20 D ETF û ü û ü ü Euro MTS LYXOR UCITS ETF EUROMTS INFL MTI FP Equity FR0010174292 EUR 416 0.20 F ETF û ü û ü ü Europe DBX II IBX EUR INF-LINK XEIN GY Equity LU0290358224 EUR 131 0.20 D ETF û ü û ü ü Euro MTS LYXOR UCITS ETF EUROMTS INFL MTI FP Equity FR0010174292 EUR 189 0.20 D ETF û ü û ü ü Developed Europe - Country Government Bonds UK ISHARES GBP INDEX-LINKED GIL INXG LN Equity IE00B1FZSD53 GBP 699 0.25 F ETF û ü û ü ü

VOLATILITY Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Developed America - Country USA BNP ET US VOL LONG ENHANCED VXVXB FP Equity FR0011176437 EUR 3 1.20 D ETN ü û û û USA LYXOR S&P500 VIX ENH ROLL LVO NA Equity LU0832435464 EUR 20 0.60 D ETF û ü û ü ü USA LYXOR S&P500 VIX ENH ROLL LVX NA Equity LU0832435621 USD 1 0.60 D ETF û ü û ü ü USA LYXOR DYN SHORT VIX FUTURES DSVX NA Equity LU0871961602 USD 0 0.40 D ETF û ü û ü û USA LYXOR DYN LONG VIX FUTURES DLVX NA Equity LU0871961438 USD 0 0.75 D ETF û ü û ü û USA LYXOR DYN SHORT VIX FUTURES DSVO NA Equity LU0871961511 EUR 2 0.40 D ETF û ü û ü ü USA LYXOR DYN LONG VIX FUTURES DLVO NA Equity LU0871960976 EUR 3 0.75 D ETF û ü û ü ü USA VOL US ENHAN THEAM EVUSE FP Equity FR0011619444 USD 1 0.50 D ETF û ü û û USA SOURCE S&P 500 VIX FUTURES U VIXS LN Equity IE00B46HPB89 USD 12 0.60 D ETF û ü û ü ü Developed Europe - Regional Europe ETFS BOFAML IVSTOXX GO UCITS VSTX LN Equity IE00B3T1VR88 EUR 13 0.80 D ETF û ü û ü ü

CREDIT Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Developed Europe - Credit Eurozone DBX II ITRX EUROPE XTXE GY Equity LU0290358653 EUR 28 0.18 D ETF û ü û ü ü Eurozone DBX II ITRX CROSSOVER SHORT XTC5 GY Equity LU0321462870 EUR 61 0.24 D ETF û ü û ü ü Eurozone DBX II ITRAXX EUROPE SHORT XTE5 GY Equity LU0321462102 EUR 31 0.18 D ETF û ü û ü ü Eurozone DBX II ITRX CROSSOVER XTXC GY Equity LU0290359032 EUR 283 0.24 D ETF û ü û ü ü

CURRENCY LEVERAGE Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Developed Asia - Short AUD Long EUR ETFS 3X SHORT AUD LONG EUR AUE3 IM Equity JE00B3RXT940 EUR 1 0.98 D ETC û û û û Developed Asia - Short JPY Long EUR ETFS 3X SHORT JPY LONG EUR JPE3 IM Equity JE00B44CBN95 EUR 2 0.98 D ETC û û û û Developed Asia - Long AUD Short EUR ETFS 3X LONG AUD SHORT EUR EAU3 IM Equity JE00B3QYZH88 EUR 1 0.98 D ETC û û û û Short GBP ETFS 3X LONG AUD SHORT GBP AUP3 LN Equity JE00B3T7LF46 GBP 0 0.98 D ETC û û û û Short USD ETFS 3X LONG AUD SHORT USD LAU3 LN Equity JE00B3W2CR59 USD 0 0.98 D ETC û û û û Developed Asia - Long JPY Short GBP ETFS 3X LONG JPY SHORT GBP JPP3 LN Equity JE00B3TVGH32 GBP 0 0.98 D ETC û û û û Short USD ETFS 3X LONG JPY SHORT USD LJP3 LN Equity JE00B3X9GJ56 USD 0 0.98 D ETC û û û û Long EUR ETFS 3X LONG JPY SHORT EUR EJP3 IM Equity JE00B3WDZY68 EUR 2 0.98 D ETC û û û û

ETF TRADING LINES: MILAN: +39 02 8862-0660 MUNICH: +49 89 378-17585 LONDON: +44 207 826-6444 92 93

CURRENCY LEVERAGE Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Developed America - Short USD Long EUR ETFS 3X SHORT USD LONG EUR USE3 IM Equity JE00B3T3K772 EUR 28 0.98 D ETC û û û û Developed America - Short CAD Long EUR ETFS 3X SHORT CAD LONG EUR CAE3 IM Equity JE00B44MN333 EUR 0 0.98 D ETC û û û û Developed America - Long USD Short EUR ETFS 3X LONG USD SHORT EUR EUS3 IM Equity JE00B3QQ4551 EUR 112 0.98 D ETC û û û û Short GBP ETFS 3X LONG USD SHORT GBP USP3 LN Equity JE00B3WCLY57 GBP 1 0.98 D ETC û û û û Developed America - Long CAD Short EUR ETFS 3X LONG CAD SHORT EUR ECA3 IM Equity JE00B3SDPZ16 EUR 1 0.98 D ETC û û û û Developed Europe - Short GBP Long EUR ETFS 3X SHORT GBP LONG EUR GBE3 IM Equity JE00B3RQ6R05 EUR 1 0.98 D ETC û û û û Developed Europe - Short CHF Long EUR ETFS 3X SHORT CHF LONG EUR CHE3 IM Equity JE00B3S71Q64 EUR 5 0.98 D ETC û û û û Developed Europe - Long EUR Short GBP ETFS 3X LONG EUR SHORT GBP EUP3 LN Equity JE00B3VJDN05 GBP 2 0.98 D ETC û û û û Short USD ETFS 3X LONG EUR SHORT USD LEU3 LN Equity JE00B3Y5F176 USD 3 0.98 D ETC û û û û Developed Europe - Long GBP Short EUR ETFS 3X LONG GBP SHORT EUR EGB3 IM Equity JE00B3R2DZ58 EUR 1 0.98 D ETC û û û û Short USD ETFS 3X LONG GBP SHORT USD LGB3 LN Equity JE00B3SBFZ51 USD 0 0.98 D ETC û û û û Developed Europe - Long CHF Short EUR ETFS 3X LONG CHF SHORT EUR ECH3 IM Equity JE00B3XPTF07 EUR 2 0.98 D ETC û û û û

CURRENCY LONG Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Emerging Asia - Long CNY Short USD ETFS LONG CNY SHORT USD XBJE GY Equity DE000A1EK0K5 EUR 2 0.59 D ETC û û û û Emerging Asia - Long INR Short USD ETFS LONG INR SHORT USD XBJG GY Equity DE000A1EK0M1 EUR 0 0.59 D ETC û û û û Developed Asia - Long AUD Short EUR ETFS LONG AUD SHORT EUR XBJJ GY Equity DE000A1EK0P4 EUR 2 0.39 D ETC û û û û Short USD ETFS LONG AUD SHORT USD LAUD LN Equity JE00B68GQH02 USD 0 0.39 D ETC û û û û Developed Asia - Long JPY Short EUR ETFS LONG JPY SHORT EUR SJPS GY Equity DE000A1DFSE3 EUR 1 0.39 D ETC û û û û Short USD ETFS LONG JPY SHORT USD LJPY LN Equity JE00B68GSP26 USD 3 0.39 D ETC û û û û Developed Asia - Long NZD Short EUR ETFS LONG NZD SHORT EUR XBJR GY Equity DE000A1EK0T6 EUR 0 0.39 D ETC û û û û Short USD ETFS LONG NZD SHORT USD LNZD LN Equity JE00B68GT711 USD 0 0.39 D ETC û û û û Developed America - Long USD Short EUR ETFS LONG USD SHORT EUR XBJP GY Equity DE000A1EK0V2 EUR 16 0.39 D ETC û û û û Developed America - Long CAD Short EUR ETFS LONG CAD SHORT EUR XBJL GY Equity DE000A1EK0R0 EUR 1 0.39 D ETC û û û û Short USD ETFS LONG CAD SHORT USD LCAD LN Equity JE00B68GRL13 USD 0 0.39 D ETC û û û û Developed America - Long SEK Short EUR ETFS LONG SEK SHORT EUR XBJD GY Equity DE000A1DFSJ2 EUR 1 0.39 D ETC û û û û Developed Europe - Long EUR Short USD ETFS LONG EUR SHORT USD LEUR LN Equity JE00B68GS416 USD 1 0.39 D ETC û û û û Developed Europe - Long GBP Short EUR ETFS LONG GBP SHORT EUR XBJB GY Equity DE000A1DFSC7 EUR 0 0.39 D ETC û û û û Short USD ETFS LONG GBP SHORT USD LGBP LN Equity JE00B68GR111 USD 0 0.39 D ETC û û û û Developed Europe - Long SEK Short USD ETFS LONG SEK SHORT USD LSEK LN Equity JE00B68GV642 USD 0 0.39 D ETC û û û û Developed Europe - Long NOK Short EUR ETFS LONG NOK SHORT EUR LNOE GY Equity DE000A1DFSG8 EUR 5 0.39 D ETC û û û û Short USD ETFS LONG NOK SHORT USD LNOK LN Equity JE00B68GTQ08 USD 0 0.39 D ETC û û û û Developed Europe - Long CHF Short EUR ETFS LONG CHF SHORT EUR XBJA GY Equity DE000A1DFSA1 EUR 1 0.39 D ETC û û û û Short USD ETFS LONG CHF SHORT USD LCHF LN Equity JE00B68GVR52 USD 0 0.39 D ETC û û û û

ETF TRADING LINES: MILAN: +39 02 8862-0660 MUNICH: +49 89 378-17585 LONDON: +44 207 826-6444 94 95

CURRENCY SHORT Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Emerging Asia - Long USD Short CNY ETFS SHORT CNY LONG USD XBJF GY Equity DE000A1EK0L3 EUR 1 0.59 D ETC û û û û Short INR ETFS SHORT INR LONG USD XBJH GY Equity DE000A1EK0N9 EUR 1 0.59 D ETC û û û û Developed Asia - Long EUR Short AUD ETFS SHORT AUD LONG EUR XBJK GY Equity DE000A1EK0Q2 EUR 0 0.39 D ETC û û û û Short JPY ETFS SHORT JPY LONG EUR SJPL GY Equity DE000A1DFSF0 EUR 1 0.39 D ETC û û û û Short NZD ETFS SHORT NZD LONG EUR XBJN GY Equity DE000A1EK0U4 EUR 1 0.39 D ETC û û û û Developed Asia - Long GBP Short AUD ETFS 3X SHORT AUD LONG GBP SAP3 LN Equity JE00B3WTNN91 GBP 0 0.98 D ETC û û û û Short JPY ETFS 3X SHORT JPY LONG GBP SYP3 LN Equity JE00B3TG7R50 GBP 2 0.98 D ETC û û û û Developed Asia - Long USD Short AUD ETFS SHORT AUD LONG USD SAUD LN Equity JE00B68GQZ83 USD 11 0.39 D ETC û û û û Short AUD ETFS 3X SHORT AUD LONG USD SAU3 LN Equity JE00B3VCN170 USD 2 0.98 D ETC û û û û Short JPY ETFS SHORT JPY LONG USD SJPY LN Equity JE00B68GT596 USD 9 0.39 D ETC û û û û Short JPY ETFS 3X SHORT JPY LONG USD SJP3 LN Equity JE00B3WFMB84 USD 10 0.98 D ETC û û û û Short NZD ETFS SHORT NZD LONG USD SNZD LN Equity JE00B68GTN76 USD 0 0.39 D ETC û û û û Developed America - Long EUR Short USD ETFS SHORT USD LONG EUR XBJQ GY Equity DE000A1EK0W0 EUR 14 0.39 D ETC û û û û Short CAD ETFS SHORT CAD LONG EUR XBJM GY Equity DE000A1EK0S8 EUR 0 0.39 D ETC û û û û Short SEK ETFS SHORT SEK LONG EUR SSEE GY Equity DE000A1DFSK0 EUR 0 0.39 D ETC û û û û Developed America - Long GBP Short USD ETFS 3X SHORT USD LONG GBP PUS3 LN Equity JE00B43NB445 GBP 1 0.98 D ETC û û û û Developed America - Long USD Short CAD ETFS SHORT CAD LONG USD SCAD LN Equity JE00B68GS291 USD 4 0.39 D ETC û û û û Developed Europe - Long EUR Short GBP ETFS SHORT GBP LONG EUR XBJC GY Equity DE000A1DFSD5 EUR 1 0.39 D ETC û û û û Short NOK ETFS SHORT NOK LONG EUR SEN0 GY Equity DE000A1DFSH6 EUR 0 0.39 D ETC û û û û Short CHF ETFS SHORT CHF LONG EUR SCHE GY Equity DE000A1DFSB9 EUR 10 0.39 D ETC û û û û Developed Europe - Long GBP Short EUR ETFS 3X SHORT EUR LONG GBP SUP3 LN Equity JE00B3W0MY68 GBP 3 0.98 D ETC û û û û Developed Europe - Long USD Short EUR ETFS 3X SHORT EUR LONG USD SEU3 LN Equity JE00B3N9C970 USD 25 0.98 D ETC û û û û Short EUR ETFS SHORT EUR LONG USD-USD SEUR LN Equity JE00B68GSM94 USD 12 0.39 D ETC û û û û Short GBP ETFS 3X SHORT GBP LONG USD SGB3 LN Equity JE00B3XJ8K03 USD 2 0.98 D ETC û û û û Short GBP ETFS SHORT GBP LONG USD SGBP LN Equity JE00B68GRJ90 USD 42 0.39 D ETC û û û û Short SEK ETFS SHORT SEK LONG USD SSEK LN Equity JE00B68GV865 USD 1 0.39 D ETC û û û û Short NOK ETFS SHORT NOK LONG USD SNOK LN Equity JE00B68GTS22 USD 0 0.39 D ETC û û û û Short CHF ETFS SHORT CHF LONG USD SCHF LN Equity JE00B68GVT76 USD 3 0.39 D ETC û û û û

COMMODITY Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Single Commodity - Agriculture/Livestock Cocoa CHF DAILY HEDGED COCOA CCOC SW Equity JE00B3N1CW60 CHF 1 0.49 D ETC ü û û û Cocoa ETFS COCOA COCO LN Equity JE00B2QXZK10 USD 9 0.49 D ETC û û û û Coffee ETFS EUR DAILY HEDGED COFFEE ECOF IM Equity JE00B6TK3K31 EUR 1 0.49 D ETC ü û û û Coffee CHF DAILY HEDGED COFFEE CCOF SW Equity JE00B3SRKG91 CHF 1 0.49 D ETC ü û û û Coffee ETFS COFFEE COFF LN Equity GB00B15KXP72 USD 34 0.49 D ETC û û û û Coffee ETFS COFFEE OD7B GY Equity DE000A0KRJT2 EUR 30 0.49 D ETC û û û û Corn ETFS EUR DAILY HEDGED CORN ECRN IM Equity JE00B3ZQRP79 EUR 1 0.49 D ETC ü û û û Corn CHF DAILY HEDGED CORN CCOR SW Equity JE00B5293M25 CHF 1 0.49 D ETC ü û û û Corn ETFS CORN CORN LN Equity GB00B15KXS04 USD 32 0.49 D ETC û û û û Corn ETFS CORN OD7D GY Equity DE000A0KRJV8 EUR 28 0.49 D ETC û û û û Cotton ETFS EUR DAILY HEDGED COTTON ECTN IM Equity JE00B70DCH80 EUR 1 0.49 D ETC ü û û û Cotton CHF DAILY HEDGED COTTON CCTN SW Equity JE00B5LVVK34 CHF 1 0.49 D ETC ü û û û Cotton ETFS COTTON COTN LN Equity GB00B15KXT11 USD 36 0.49 D ETC û û û û Cotton ETFS COTTON OD7E GY Equity DE000A0KRJW6 EUR 33 0.49 D ETC û û û û Lean Hogs ETFS LONGER DATED LEAN HOGS HOGF LN Equity JE00B24DM138 USD 0 0.49 D ETC û û û û

ETF TRADING LINES: MILAN: +39 02 8862-0660 MUNICH: +49 89 378-17585 LONDON: +44 207 826-6444 94 95

COMMODITY Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Lean Hogs ETFS LEAN HOGS HOGS LN Equity GB00B15KXZ70 USD 6 0.49 D ETC û û û û Lean Hogs ETFS LEAN HOGS OD7J GY Equity DE000A0KRJ10 EUR 5 0.49 D ETC û û û û Soybeans ETFS EUR DAILY HEDGED SOYBEA ESOY IM Equity JE00B6SLJ210 EUR 0 0.49 D ETC ü û û û Soybeans CHF DAILY HEDGED SOYBEANS CSOY SW Equity JE00B6XJ0R23 CHF 1 0.49 D ETC ü û û û Soybeans ETFS SOYBEANS OD7Q GY Equity DE000A0KRJ77 EUR 12 0.49 D ETC û û û û Soybeans ETFS SOYBEANS SOYB LN Equity GB00B15KY542 USD 14 0.49 D ETC û û û û Soybeans Oil ETFS SOYBEANS OIL OD7P GY Equity DE000A0KRJ69 EUR 4 0.49 D ETC û û û û Soybeans Oil ETFS SOYBEANS OIL SOYO LN Equity GB00B15KY435 USD 5 0.49 D ETC û û û û Sugar ETFS EUR DAILY HEDGED SUGAR ESUG IM Equity JE00B6X05031 EUR 1 0.49 D ETC ü û û û Sugar CHF DAILY HEDGED SUGAR CSUG SW Equity JE00B6VNPP91 CHF 1 0.49 D ETC ü û û û Sugar ETFS SUGAR SUGA LN Equity GB00B15KY658 USD 71 0.49 D ETC û û û û Sugar ETFS SUGAR OD7R GY Equity DE000A0KRJ85 EUR 64 0.49 D ETC û û û û Wheat ETFS EUR HEDGED WHEAT 00XS GY Equity DE000A1NZLS5 EUR 2 0.49 D ETC ü û û û Wheat CHF DAILY HEDGED WHEAT CWAT SW Equity JE00B5KT3Y60 CHF 1 0.49 D ETC ü û û û Wheat ETFS WHEAT OD7S GY Equity DE000A0KRJ93 EUR 73 0.49 D ETC û û û û Wheat ETFS WHEAT WEAT LN Equity GB00B15KY765 USD 82 0.49 D ETC û û û û Single Commodity - Metals Aluminium CHF DAILY HEDGED ALUMINIUM CALU SW Equity JE00B3MZZJ71 CHF 0 0.49 D ETC ü û û û Aluminium ETFS ALUMINIUM ALUM LN Equity GB00B15KXN58 USD 134 0.49 D ETC û û û û Aluminium ETFS ALUMINIUM OD7A GY Equity DE000A0KRJS4 EUR 119 0.49 D ETC û û û û Copper CHF DAILY HEDGED COPPER CCPP SW Equity JE00B3XJ7Z80 CHF 1 0.49 D ETC ü û û û Copper ETFS COPPER OD7C GY Equity DE000A0KRJU0 EUR 146 0.49 D ETC û û û û Copper ETFS COPPER COPA LN Equity GB00B15KXQ89 USD 164 0.49 D ETC û û û û Copper DB COPPER BOOSTER ETC (EUR) XCOP GY Equity DE000A1XVBJ3 EUR 1 0.45 D ETC û û û û Lead CHF DAILY HEDGED LEAD CLEA SW Equity JE00B5NMHJ59 CHF 0 0.49 D ETC ü û û û Nickel CHF DAILY HEDGED NICKEL CNIK SW Equity JE00B56KNQ51 CHF 1 0.49 D ETC ü û û û Nickel ETFS NICKEL NICK LN Equity GB00B15KY211 USD 131 0.49 D ETC û û û û Nickel ETFS NICKEL OD7M GY Equity DE000A0KRJ44 EUR 119 0.49 D ETC û û û û Rhodium DB PHYSICAL RHODIUM ETC XRH0 LN Equity GB00B684MW17 USD 87 0.95 F ETC û û û û Tin CHF DAILY HEDGED TIN CTIN SW Equity JE00B6TJ2R03 CHF 1 0.49 D ETC ü û û û Tin ETFS TIN TINM LN Equity JE00B2QY0H68 USD 1 0.49 D ETC û û û û Zinc CHF DAILY HEDGED ZINC CZNC SW Equity JE00B4KP3922 CHF 1 0.49 D ETC ü û û û Zinc ETFS ZINC OD7T GY Equity DE000A0KRKA0 EUR 20 0.49 D ETC û û û û Zinc ETFS ZINC ZINC LN Equity GB00B15KY872 USD 22 0.49 D ETC û û û û Zinc ETFS ZINC ZINC LN Equity GB00B15KY872 USD 21 0.49 D ETC û û û û Single Commodity - Precious Metals Gold CHF DAILY HEDGED GOLD CBUL SW Equity JE00B6XMBY53 CHF 1 0.49 D ETC ü û û û Gold ETFS GBP HEDGED GOLD GBSP LN Equity JE00B7VG2M16 GBP 1 0.39 F ETC ü û û û Gold ETFS EUR HEDGED GOLD GBSE GY Equity DE000A1RX996 EUR 9 0.39 F ETC ü û û û Gold ETFS GOLD BULL LN Equity GB00B15KXX56 USD 83 0.49 D ETC û û û û Gold GOLD BULLION SECURITIES LTD GBS LN Equity GB00B00FHZ82 USD 3,270 0.40 F ETC û û û û Gold GOLD BULLION SECURITIES LTD GG9B GY Equity DE000A0LP781 EUR 2,935 0.40 F ETC û û û û Gold SPDR GOLD SHARES GQ9 GB Equity US78463V1070 EUR - 0.40 F ETF û û û û Gold ETFS GOLD OD7H GY Equity DE000A0KRJZ9 EUR 74 0.49 D ETC û û û û Gold ETFS PHYSICAL GOLD PHAU LN Equity JE00B1VS3770 USD 4,281 0.39 F ETC û û û û Gold ETFS PHYSICAL GOLD VZLD GY Equity DE000A0N62G0 EUR 3,847 0.39 F ETC û û û û Gold ZKB GOLD ETF ZGLD SW Equity CH0139101593 CHF 2,361 0.40 F ETF û ü û ü ü Gold ETFS PHYSCL SWISS GOLD SHRS SGOL US Equity US26922Y1055 USD 919 0.39 F ETF û û û û Gold ETFS PHYSICAL SWISS GOLD SGBS LN Equity JE00B588CD74 USD 261 0.39 F ETC û û û û Gold UBS ETF GOLD AUUSI SW Equity CH0106027193 USD 353 0.23 F ETF û û û û Gold DB PHYSICAL GOLD ETC XGLD LN Equity GB00B5840F36 USD 642 0.29 F ETC û û û û Gold ISHARES GOLD CH CSGOLD SW Equity CH0104136236 USD 372 0.30 F ETF û û û û Gold ISHARES PHYSICAL GOLD ETC IGLN LN Equity IE00B4ND3602 USD 319 0.25 F ETC û û û û Gold ZKB GOLD ETF-H-CHF ZGLDHC SW Equity CH0139101601 CHF 743 0.40 F ETF ü ü û ü Gold RAIFFEISEN-SLD GLD OUNCES-A RGLDOU SW Equity CH0221616417 USD 5 0.40 F ETF û û û û Gold BOOST GOLD ETC GLD IM Equity IE00BVFZGK87 EUR 0 0.25 D ETC û û û û Palladium DB PHYSICAL PALLADIUM ETC XPAL LN Equity GB00B5VYVZ75 USD 46 0.45 F ETC û û û û Palladium ETFS PHYSICAL PALLADIUM PHPD LN Equity JE00B1VS3002 USD 335 0.49 F ETC û û û û

ETF TRADING LINES: MILAN: +39 02 8862-0660 MUNICH: +49 89 378-17585 LONDON: +44 207 826-6444 96 97

COMMODITY Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Palladium ETFS PHYSICAL PALLADIUM VZLB GY Equity DE000A0N62E5 EUR 303 0.49 F ETC û û û û Palladium ZKB PALLADIUM ETF ZPAL SW Equity CH0183136065 CHF 175 0.52 F ETF û û û û Palladium UBS ETF PALLADIUM PLCHA SW Equity CH0118929022 CHF 17 0.35 F ETF û û û ü û Palladium SOURCE PHYSICAL PALLADIUM P- SPAL LN Equity IE00B4LJS984 USD 103 0.39 F ETC û û û û Palladium ISHARES PHYSICAL PALLADIUM IPDM LN Equity IE00B4556L06 USD 6 0.40 F ETC û û û û Platinum CHF DAILY HEDGED PLATINUM CPLT SW Equity JE00B5LT6C46 CHF 1 0.49 D ETC ü û û û Platinum DB PHYSICAL PLATINUM ETC XPLA LN Equity GB00B57GJC05 USD 53 0.45 F ETC ü û û û Platinum ETFS PHYSICAL PLATINUM PHPT LN Equity JE00B1VS2W53 USD 368 0.49 F ETC û û û û Platinum ETFS PHYSICAL PLATINUM VZLA GY Equity DE000A0N62D7 EUR 330 0.49 F ETC û û û û Platinum ZKB PLATINUM ETF ZPLA SW Equity CH0183136057 CHF 295 0.50 F ETF û û û û Platinum ETFS PLATINUM PLTT LN Equity JE00B2QY0F45 USD 2 0.49 D ETC û û û û Platinum UBS ETF PLATINUM PTUSA SW Equity CH0116014934 USD 86 0.35 F ETF û û û û Platinum SOURCE PHYSICAL PLATINUM P-E SPPT LN Equity IE00B40QP990 USD 114 0.39 F ETC û û û û Platinum ISHARES PHYSICAL PLATINUM IPLT LN Equity IE00B4LHWP62 USD 10 0.40 F ETC û û û û Silver CHF DAILY HEDGED SILVER CSVR SW Equity JE00B4WB5T20 CHF 0 0.49 F ETC û û û û Silver UBS ETF SILVER H. CHF SVCHAH SW Equity CH0129527336 CHF 13 0.45 F ETF ü û û ü û Silver ETFS SILVER OD7N GY Equity DE000A0KRJ51 EUR 29 0.49 D ETC û û û û Silver ETFS PHYSICAL SILVER PHAG LN Equity JE00B1VS3333 USD 721 0.49 F ETC û ü û û Silver ETFS SILVER SLVR LN Equity GB00B15KY328 USD 32 0.49 D ETC û û û û Silver ETFS PHYSICAL SILVER VZLC GY Equity DE000A0N62F2 EUR 646 0.49 F ETC û ü û û Silver ZKB SILVER ETF ZSIL SW Equity CH0183135976 CHF 695 0.60 F ETF û û û ü ü Silver ETFS PHYSICAL SILVER SHARES SIVR US Equity US26922X1072 USD 297 0.30 F ETF û û û û Silver DB PHYSICAL SILVER ETC XSIL LN Equity GB00B57Y9462 USD 47 0.45 F ETC û û û û Silver UBS ETF SILVER SVUSA SW Equity CH0118929048 USD 44 0.45 F ETF û û û û Silver SOURCE PHYSICAL SILVER P-ETC SSLV LN Equity IE00B43VDT70 USD 13 0.39 F ETC û û û û Silver ISHARES PHYSICAL SILVER ETC ISLN LN Equity IE00B4NCWG09 USD 16 0.40 F ETC û û û û Single Commodity - Energy Brent CHF DAILY HEDGED BRENT CRUDE CBRT SW Equity JE00B51BW993 CHF 5 0.49 D ETC ü û û û Brent ETFS BRENT 3YR OSB3 LN Equity JE00B1YP7409 USD 3 0.49 D ETC û û û û Brent ETFS BRENT 1YR OSB1 LN Equity JE00B1YN4R61 USD 4 0.49 D ETC û û û û Brent ETFS BRENT 2YR OSB2 LN Equity JE00B1YNWG12 USD 0 0.49 D ETC û û û û Brent ETFS BRENT CRUDE BRNT LN Equity JE00B78CGV99 USD 114 0.49 D ETC û û û û Brent ETFS LONGER DATD BRENT CRUDE FBRT LN Equity JE00B78CP782 USD 1 0.49 D ETC û û û û Brent ETFS BRENT 1MTH OIL SECURIT OESA GY Equity DE000A0KRKM5 EUR 355 0.49 D ETC û û û û Brent ETFS BRENT 1MTH OIL SECURIT OILB LN Equity GB00B0CTWC01 USD 397 0.49 D ETC û û û û Brent DB BRENT CRUDE OIL EURO HEDG XETC GY Equity DE000A1AQGX1 EUR 114 0.45 D ETC ü û û û Brent DB BRENT CRUDE OIL BOOST EUR XCTL GY Equity DE000A1KYN55 EUR 58 0.45 D ETC û û û û Brent BOOST BRENT OIL ETC BRND IM Equity IE00BVFZGD11 EUR 0 0.25 D ETC û û û û Carbon ETFS CARBON CARB LN Equity JE00B3CG6315 EUR 1 0.49 D ETC û û û û Gasoline ETFS GASOLINE UGAS LN Equity GB00B15KXW40 USD 11 0.49 D ETC û û û û Heat Oil ETFS LONGER DATED HEATING OI HEAF LN Equity JE00B24DM021 USD 0 0.49 D ETC û û û û Heat Oil ETFS HEATING OIL HEAT LN Equity GB00B15KXY63 USD 8 0.49 D ETC û û û û Heat Oil ETFS HEATING OIL OD7I GY Equity DE000A0KRJ02 EUR 8 0.49 D ETC û û û û Lead ETFS LEAD LEED LN Equity JE00B2QY0436 USD 1 0.49 D ETC û û û û Natural Gas ETFS EUR HEDGED NATURAL GAS 00XP GY Equity DE000A1NZLP1 EUR 2 0.49 D ETC ü û û û Natural Gas CHF DAILY HEDGED NATURAL GAS CNGA SW Equity JE00B6SL9H63 CHF 1 0.49 D ETC ü û û û Natural Gas ETFS NATURAL GAS NGAS LN Equity GB00B15KY104 USD 85 0.49 D ETC û û û û Natural Gas ETFS LONGER DT NATURAL GAS 9GAQ GY Equity DE000A0SVYC2 EUR 2 0.49 D ETC û û û û Natural Gas ETFS LONGER DT NATURAL GAS NGAF LN Equity JE00B24DM351 USD 2 0.49 D ETC û û û û Natural Gas ETFS NATURAL GAS OD7L GY Equity DE000A0KRJ36 EUR 76 0.49 D ETC û û û û Natural Gas DB NATURAL GAS BOOSTER ETC XCT2 LN Equity GB00B438CS06 USD 1 0.45 D ETC û ü û û Natural Gas BOOST NATURAL GAS ETC GASD IM Equity IE00BVFZGL94 EUR 0 0.25 D ETC û û û û Petroleum ETFS LONGER DATED PETROLEUM 9GAH GY Equity DE000A0SVX59 EUR 0 0.49 D ETC û û û û Petroleum ETFS PETROLEUM AIGO LN Equity GB00B15KYC19 USD 19 0.49 D ETC û û û û Petroleum ETFS LONGER DATED PETROLEUM FPET LN Equity JE00B24DMF79 USD 0 0.49 D ETC û û û û Petroleum ETFS PETROLEUM DJ-UBSCISM OD72 GY Equity DE000A0KRKJ1 EUR 17 0.49 D ETC û û û û Unleaded Gas ETFS GASOLINE OD7G GY Equity DE000A0KRJY2 EUR 10 0.49 D ETC û û û û WTI DB WTI CRUDE OIL BOOSTER XCT9 LN Equity GB00B3SC0P31 USD 84 0.45 D ETC û ü û û

ETF TRADING LINES: MILAN: +39 02 8862-0660 MUNICH: +49 89 378-17585 LONDON: +44 207 826-6444 96 97

COMMODITY Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT WTI ETFS LONGER DATED WTI CRUDE FCRU LN Equity JE00B24DLX86 USD 3 0.49 D ETC û û û û WTI ETFS WTI CRUDE OIL CRUD LN Equity GB00B15KXV33 USD 687 0.49 D ETC û û û û WTI ETFS WTI CRUDE OIL OD7F GY Equity DE000A0KRJX4 EUR 617 0.49 D ETC û û û û WTI ETFS HEDGED WTI CRUDE OIL 00XM GY Equity DE000A1NZLM8 EUR 37 0.49 D ETC ü û û û WTI CHF DLY HDGD WTI CRUDE OIL CCRD SW Equity JE00B5T20675 CHF 4 0.49 D ETC û û û û WTI ETFS WTI 2MTH OIL SECUR OESB GY Equity DE000A0KRKN3 EUR 47 0.49 D ETC û û û û WTI ETFS WTI 2MTH OIL SECUR OILW LN Equity GB00B0CTWK84 USD 52 0.49 D ETC û û û û WTI ETFS WTI 1YR OSW1 LN Equity JE00B1YPB605 USD 3 0.49 D ETC û û û û WTI ETFS WTI 2YR OSW2 LN Equity JE00B1YPB712 USD 1 0.49 D ETC û û û û WTI ETFS WTI 3YR OSW3 LN Equity JE00B1YPB936 USD 0 0.49 D ETC û û û û WTI UBS ETF CMCI OIL H. CHF OILCHA SW Equity CH0116015352 CHF 49 0.26 D ETF ü û û û WTI BOOST WTI OIL ETC WTID IM Equity IE00BVFZGC04 EUR 0 0.25 D ETC û û û û Commodity Basket - Precious Metals Gold DB PHYSICAL GOLD ETC EUR XAD5 GY Equity DE000A1E0HR8 EUR 353 0.29 F ETC û û û û Palladium DB PHYSICAL PALLADIUM EURO XAD4 GY Equity DE000A1EK3B8 EUR 15 0.75 F ETC ü û û û Platinum DB PHYSICAL PLATINUM EURO XAD3 GY Equity DE000A1EK0H1 EUR 30 0.75 D ETC ü û û û Silver DB PHYSICAL SILVER ETC EUR XAD6 GY Equity DE000A1E0HS6 EUR 59 0.45 F ETC û û û û Commodity Basket - Sector Agriculture/Livestock RBS MARKET ACCESS RICI AGRI M9SB GY Equity LU0259321452 EUR 48 0.70 D ETF û ü û ü ü Agriculture/Livestock ETFS LONGER DATD AGRICULTURE 9GAL GY Equity DE000A0SVX83 EUR 15 0.49 D ETC û û û û Agriculture/Livestock ETFS AGRICULTURE AIGA LN Equity GB00B15KYH63 USD 247 0.49 D ETC û û û ü Agriculture/Livestock ETFS LIVESTOCK AIGL LN Equity GB00B15KYK92 USD 8 0.49 D ETC û û û û Agriculture/Livestock ETFS LONGER DATD AGRICULTURE FAGR LN Equity JE00B24DMK23 USD 17 0.49 D ETC û û û û Agriculture/Livestock ETFS LONGER DATED LIVESTOCK FLIV LN Equity JE00B24DMM47 USD 2 0.49 D ETC û û û û Agriculture/Livestock ETFS LIVESTOCK DJ-UBSCISM OD71 GY Equity DE000A0KRKH5 EUR 8 0.49 D ETC û û û û Agriculture/Livestock ETFS SOTFS DJ-UBSCISM OD74 GY Equity DE000A0KRKL7 EUR 4 0.49 D ETC û û û û Agriculture/Livestock ETFS AGRICULTURE DJ-UBSCI OD7U GY Equity DE000A0KRKB8 EUR 222 0.49 D ETC û û û ü Agriculture/Livestock ETFS LONGER DATED SOFTS 9GAM GY Equity DE000A0SVX91 EUR 0 0.49 D ETC û û û û Agriculture/Livestock ETFS LONGER DATED GRAINS 9GAP GY Equity DE000A0SVYB4 EUR 2 0.49 D ETC û û û û Agriculture/Livestock ETFS GRAINS GBP AIGG LN Equity GB00B15KYL00 USD 26 0.49 D ETC û û û û Agriculture/Livestock ETFS SOFT AIGS LN Equity GB00B15KYJ87 USD 5 0.49 D ETC û û û û Agriculture/Livestock ETFS FORWARD LIVE CATTLE CATF LN Equity JE00B24DM245 USD 0 0.49 D ETC û û û û Agriculture/Livestock ETFS LIVE CATTLE CATL LN Equity GB00B15KY096 USD 4 0.49 D ETC û û û û Agriculture/Livestock ETFS LONGER DATED GRAINS GRAF LN Equity JE00B24DMN53 USD 2 0.49 D ETC û û û û Agriculture/Livestock ETFS LIVE CATTLE OD7K GY Equity DE000A0KRJ28 EUR 4 0.49 D ETC û û û û Agriculture/Livestock ETFS GRAINS DJ-UBSCISM OD7Y GY Equity DE000A0KRKF9 EUR 23 0.49 D ETC û û û û Agriculture/Livestock ETFS LONGER DATED SOFTS SOFF LN Equity JE00B24DML30 USD 0 0.49 D ETC û û û û Agriculture/Livestock ETFS EUR DAILY HEDGED LONGER EFAG IM Equity JE00B7651712 EUR 3 0.49 D ETC ü û û û Agriculture/Livestock ETFS EUR HEDGED AGRICULTURE 00XJ GY Equity DE000A1NZLJ4 EUR 1 0.49 D ETC ü û û û Agriculture/Livestock CHF DAILY HEDGED AGRICULTURE CAGT SW Equity JE00B3YLVV71 CHF 0 0.49 D ETC ü û û û Agriculture/Livestock CHF DLY HDGD LNGR DTD AGR CFAG SW Equity JE00B5NB9Z24 CHF 0 0.49 D ETC ü û û û Precious Metals ETFS PRECIOUS METALS AIGP LN Equity GB00B15KYF40 USD 45 0.49 D ETC û û û û Precious Metals ETFS PREC METALS DJ-UBSCISM OD73 GY Equity DE000A0KRKK9 EUR 40 0.49 D ETC û û û û Precious Metals ETFS PHYSICAL PM BASKET PHPM LN Equity JE00B1VS3W29 USD 192 0.44 F ETC û û û ü Precious Metals ETFS PHYSICAL PM BASKET VZLE GY Equity DE000A0N62H8 EUR 172 0.44 F ETC û û û ü Precious Metals DB PHYSICAL GOLD EURO HEDGED XAD1 GY Equity DE000A1EK0G3 EUR 556 0.29 F ETC ü û û û Precious Metals DB PHYSICAL SILVER EURO HEDG XAD2 GY Equity DE000A1EK0J7 EUR 69 0.45 F ETC ü û û û Precious Metals ISHARES GOLD CHF HDG CH CSGLDC SW Equity CH0104136285 CHF 339 0.35 F ETF ü û û ü û Precious Metals ISHARES GOLD EUR HDG CH CSGLDE SW Equity CH0104136319 EUR 78 0.35 F ETF ü û û ü û Precious Metals DB PHYSICAL GOLD GBP HEDGED XGLS LN Equity GB00B68FL050 GBP 10 0.29 F ETC ü û û û Precious Metals ETFS EUR HEDGED PREC METALS 00XQ GY Equity DE000A1NZLQ9 EUR 0 0.49 D ETC ü û û û Precious Metals ETFS EUR HEDGED GOLD 00XN GY Equity DE000A1NZLN6 EUR 4 0.49 D ETC ü û û û Precious Metals ETFS EUR HEDGED SILVER 00XR GY Equity DE000A1NZLR7 EUR 1 0.49 D ETC ü û û û Precious Metals CHF DLY HDG PRECIOUS METALS CPMT SW Equity JE00B6S2Y294 CHF 0 0.49 D ETC ü û û û Metals LYXOR INDUSTRIAL METALS METL LN Equity LU0692031080 USD 5 0.35 D ETF û ü û ü ü Metals DB S&P GSCI INDUSTRIAL METAL XET7 LN Equity GB00B3YH0180 USD 18 0.45 D ETC û ü û û Metals ETFS LONGER DT IND METALS 9GAK GY Equity DE000A0SVX75 EUR 42 0.49 D ETC û û û û Metals ETFS INDUSTRIAL METALS AIGI LN Equity GB00B15KYG56 USD 174 0.49 D ETC û û û û

ETF TRADING LINES: MILAN: +39 02 8862-0660 MUNICH: +49 89 378-17585 LONDON: +44 207 826-6444 98 99

COMMODITY Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Metals ETFS LONGER DT IND METALS FIND LN Equity JE00B24DMJ18 USD 47 0.49 D ETC û û û û Metals ETFS INDUST MTLS DJ-UBSCISM OD7Z GY Equity DE000A0KRKG7 EUR 156 0.49 D ETC û û û û Metals AMUNDI ETF COMMODITIES S&P G CME FP Equity FR0010821744 USD 25 0.30 D ETF û ü û ü ü Metals ETFS LONGER DT IND METALS 9GAK GY Equity DE000A0SVX75 EUR 28 0.49 D ETC û û û û Metals ETFS INDUSTRIAL METALS AIGI LN Equity GB00B15KYG56 USD 193 0.49 D ETC û û û û Metals ETFS LONGER DT IND METALS FIND LN Equity JE00B24DMJ18 USD 35 0.49 D ETC û û û û Metals ETFS INDUST MTLS DJ-UBSCISM OD7Z GY Equity DE000A0KRKG7 EUR 154 0.49 D ETC û û û û Metals S&P GSCI IND MET SOURCE TETC SIMETL GY Equity XS0417130381 EUR 8 0.49 D ETC û ü û û Metals AMUNDI ETF COMMODITIES S&P G CME FP Equity FR0010821744 USD 26 0.30 D ETF û ü û ü ü Metals DB INDUSTRIAL METALS EUR HDG XETD GY Equity DE000A1AQGY9 EUR 9 0.45 D ETC ü û û û Metals ETFS EUR DAILY HEDGED ALUMIN EALU IM Equity JE00B6VG2P72 EUR 1 0.49 D ETC ü û û û Metals ETFS EUR DAILY HEDGED ZINC EZNC IM Equity JE00B78NNM23 EUR 0 0.49 D ETC ü û û û Metals ETFS EUR DAILY HEDGED NICKEL ENIK IM Equity JE00B6XL6W59 EUR 1 0.49 D ETC ü û û û Metals ETFS EUR DAILY HEDGED INDUST EIMT IM Equity JE00B78NPW60 EUR 0 0.49 D ETC ü û û û Metals CHF DLY HEDG INDUSTRIAL MTLS CIMT SW Equity JE00B62ZNX81 CHF 1 0.49 D ETC ü û û û Softs CHF DAILY HEDGED SOFTS CSFT SW Equity JE00B4VVB066 CHF 0 0.49 D ETC ü û û û Grain CHF DAILY HEDGED GRAINS CGRN SW Equity JE00B4JY4H57 CHF 1 0.49 D ETC ü û û û Metals & Energy DB MTLS & ENRGY BOOST ETC XCTA GY Equity DE000A1NY0U7 EUR 2 0.45 D ETC û û û û Energy ETFS LONGER DATED ENERGY 9GAG GY Equity DE000A0SVX42 EUR 42 0.49 D ETC û û û û Energy ETFS ENERGY AIGE LN Equity GB00B15KYB02 USD 147 0.49 D ETC û û û û Energy ETFS FRW ENR DJ-AIGCI-F3SM ENEF LN Equity JE00B24DMD55 USD 47 0.49 D ETC û û û û Energy ETFS ENERGY DJ-UBSCISM OD7W GY Equity DE000A0KRKD4 EUR 131 0.49 D ETC û û û û Energy DB S&P GSCI ENERGY ETC XET8 LN Equity GB00B455N087 USD 11 0.45 D ETC û ü û û Energy UBS ETF CMCI OIL USD OILUSA SW Equity CH0109967858 USD 102 0.26 D ETF û û û ü û Energy UBS ETF CMCI OIL H. EUR OILEUA SW Equity CH0109967908 EUR 11 0.26 D ETF ü û û û Energy RBS MARKET ACCESS RICI METAL M9SC GY Equity LU0259320728 EUR 25 0.60 D ETF û ü û ü ü Energy CHF DLY HDGD LNGR DTD ENERGY CFEN SW Equity JE00B783KL02 CHF 0 0.49 D ETC ü û û û Energy CHF DAILY HEDGED ENERGY CEGY SW Equity JE00B6ZZH003 CHF 0 0.49 D ETC ü û û û Energy RBS MARKET ACCESS RICI METAL M9SC GY Equity LU0259320728 EUR 25 0.60 U ETF û ü û ü ü Energy CHF DLY HDGD LNGR DTD ENERGY CFEN SW Equity JE00B783KL02 CHF 1 0.49 D ETC ü û û û Energy CHF DLY HDG ENEG DJ UBS FDSM CEGY SW Equity JE00B6ZZH003 CHF 1 0.49 D ETC ü û û û Commodity Basket - Broad Index All Commodities LYXOR ETF COMMODITIES THOMSO CRB FP Equity FR0010270033 EUR 608 0.35 D ETF û ü û ü ü All Commodities RBS MARKET ACCESS ROGERS INT M9SA GY Equity LU0249326488 EUR 156 0.70 D ETF û ü û ü ü All Commodities COMSTAGE ETF COM X-AGRI TR-I CBCOMM GY Equity LU0419741177 EUR 362 0.30 D ETF û ü û ü ü All Commodities ISH DIV COMDTY SWAP DE DJCOMEX GY Equity DE000A0H0728 EUR 626 0.46 D ETF û ü û ü ü All Commodities ETFS LONGER DATED ALL COMMO 9GAF GY Equity DE000A0SVX34 EUR 6 0.49 D ETC û û û ü All Commodities ETFS ALL COMMODITIES AIGC LN Equity GB00B15KY989 USD 310 0.49 D ETC û û û ü All Commodities ETFS LONGER DATED ALL COMMO FAIG LN Equity JE00B24DMC49 USD 6 0.49 D ETC û û û ü All Commodities ETFS ALL COMMOD DJ-UBSCISM OD7V GY Equity DE000A0KRKC6 EUR 277 0.49 D ETC û û û ü All Commodities DBX DBLCI - OY BALANCED XBCU LN Equity LU0460391732 USD 96 0.55 D ETF û ü û ü ü All Commodities ETFS LONGER DATED ALL COMMOD COMF LN Equity IE00B4WPHX27 USD 118 0.55 D ETF û ü û ü ü All Commodities DB COMMODITY BOOSTER ETC XCT5 LN Equity GB00B3WH1Q22 USD 10 0.45 D ETC û ü û û All Commodities S&P GSCI CAPPED CMPNT 35/20 GSCIEUR GY Equity LU0203243414 EUR 170 0.30 D ETF û ü û ü ü All Commodities DB S&P GSCI ETC XET5 LN Equity GB00B3WP6619 USD 11 0.45 D ETC û ü û û All Commodities UBS ETF CMCI COMPOS. USD CCUSAS SW Equity IE00B53H0131 USD 349 0.45 D ETF û ü û ü ü All Commodities UBS ETF BBG COMMODITY USD DCUSAS SW Equity IE00B5B3W843 USD 21 0.45 D ETF ü ü û ü ü All Commodities UBS ETF CMCI COMPOS. H. CHF CCCHAS SW Equity IE00B58FQX63 CHF 130 0.45 D ETF û ü û ü ü All Commodities UBS ETF CMCI COMPOS. H. EUR CCEUAS SW Equity IE00B58HMN42 EUR 49 0.45 D ETF û ü û ü ü All Commodities SOURCE LGIM COMMODITY COMPOS LGCU LN Equity IE00B4TXPP71 USD 257 0.40 D ETF û ü û ü ü All Commodities DBX CMDTY BOOSTER (EUR) XCBE GY Equity LU0429790743 EUR 70 0.95 D ETF ü ü û ü ü All Commodities DBX DBLCI - OY BALANCED XDBC GY Equity LU0292106167 EUR 231 0.55 D ETF ü ü û ü ü All Commodities UBS ETF BBG COMMODITY H. CHF DCCHAS SW Equity IE00B598DX38 CHF 16 0.45 D ETF ü ü û ü ü All Commodities UBS ETF BBG COMMODITY H. EUR DCEUAS SW Equity IE00B58ZM503 EUR 18 0.45 D ETF ü ü û ü ü All Commodities UBS ETF BBG COMMODITY H. GBP DCGBAS SW Equity IE00B5993T22 GBP 1 0.45 D ETF ü ü û ü ü All Commodities ETFS EUR DAILY HEDGED LONGER EFCM IM Equity JE00B460QR00 EUR 1 0.49 D ETC ü û û û All Commodities ETFS EUR ALL COMMODITIES 00XK GY Equity DE000A1NZLK2 EUR 8 0.49 D ETC ü û û û All Commodities CHF DLY HDG LNGR DTD ALL COM CFCM SW Equity JE00B61VMP20 CHF 0 0.49 D ETC ü û û û

ETF TRADING LINES: MILAN: +39 02 8862-0660 MUNICH: +49 89 378-17585 LONDON: +44 207 826-6444 98 99

COMMODITY Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT All Commodities OSSIAM RISK WEIGHT COMM X GR OSXC GY Equity LU0876440578 EUR 37 0.45 D ETF û ü û ü ü All Commodities OSSIAM RISK WEIGHT COMM X GR CRWU LN Equity LU0876440222 USD 8 0.45 D ETF û ü û ü ü Light Energy S&P GSCI CAPPED CMPNT 35/20 GSCIUSD SW Equity LU0203243844 USD 106 0.30 D ETF û ü û ü ü Light Energy DBX CMDTY BOOSTER LIGHT ENGY XCBL GY Equity LU0411078123 EUR 7 0.95 D ETF ü ü û ü ü Non Energy LYXOR ETF COMMODITIES REUTER CRN FP Equity FR0010346205 EUR 207 0.35 D ETF û ü û ü ü Non Energy ETFS LONGER DATED EX-ENERGY 9GAJ GY Equity DE000A0SVX67 EUR 0 0.49 D ETC û û û û Non Energy ETFS LONGER DATED EX-ENERGY EXEF LN Equity JE00B24DMG86 USD 0 0.49 D ETC û û û û Non Energy ETFS EX-ENERGY DJ-UBSCISM OD7X GY Equity DE000A0KRKE2 EUR 1 0.49 D ETC û û û û Non Energy ETFS EX-ENERGY AIGX LN Equity GB00B15KYD26 USD 1 0.49 D ETC û û û û

COMMODITY LEVERAGE Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Single Commodity - Agriculture/Livestock Cocoa ETFS DAILY LVRG COCOA 4RUP GY Equity DE000A0V9ZE9 EUR 3 0.98 D ETC û ü û û Cocoa ETFS DAILY LVRG COCOA LCOC LN Equity JE00B2NFV803 USD 3 0.98 D ETC û ü û û Coffee ETFS DAILY LVRG COFFEE 4RT2 GY Equity DE000A0V9YT0 EUR 28 0.98 D ETC û ü û û Coffee ETFS DAILY LVRG COFFEE LCFE LN Equity JE00B2NFTD12 USD 31 0.98 D ETC û ü û û Corn ETFS DAILY LEVERAGED CORN 4RT4 GY Equity DE000A0V9YV6 EUR 8 0.98 D ETC û ü û û Corn ETFS DAILY LEVERAGED CORN LCOR LN Equity JE00B2NFTG43 USD 9 0.98 D ETC û ü û û Cotton ETFS DAILY LEVERAGED COTTON 4RT5 GY Equity DE000A0V9YW4 EUR 3 0.98 D ETC û ü û û Cotton ETFS DAILY LEVERAGED COTTON LCTO LN Equity JE00B2NFTH59 USD 3 0.98 D ETC û ü û û Heat Oil ETFS DAILY LVRD HEATING OIL LHEO LN Equity JE00B2NFTM03 USD 1 0.98 D ETC û ü û û Lead ETFS DAILY LEVERAGED LEAD 4RUL GY Equity DE000A0V9ZB5 EUR 1 0.98 D ETC û ü û û Lean Hogs ETFS DAILY LVRG LEAN HOGS 4RUA GY Equity DE000A0V9Y16 EUR 2 0.98 D ETC û ü û û Lean Hogs ETFS DAILY LVRG LEAN HOGS LLHO LN Equity JE00B2NFTN10 USD 2 0.98 D ETC û ü û û Soybeans ETFS DAILY LVRG SOYBEANS 4RUG GY Equity DE000A0V9Y73 EUR 1 0.98 D ETC û ü û û Soybeans ETFS DAILY LVRG SOYBEANS LSOB LN Equity JE00B2NFTV93 USD 1 0.98 D ETC û ü û û Soybeans Oil ETFS DAILY LVRG SOYBEAN OIL LSYO LN Equity JE00B2NFTT71 USD 2 0.98 D ETC û ü û û Sugar ETFS DAILY LVRG SUGAR 4RUH GY Equity DE000A0V9Y81 EUR 18 0.98 D ETC û ü û û Sugar ETFS DAILY LVRG SUGAR LSUG LN Equity JE00B2NFTW01 USD 21 0.98 D ETC û ü û û Wheat ETFS DAILY LVRG WHEAT 4RUJ GY Equity DE000A0V9Y99 EUR 40 0.98 D ETC û ü û û Wheat ETFS DAILY LVRG WHEAT LWEA LN Equity JE00B2NFTX18 USD 45 0.98 D ETC û ü û û Single Commodity - Metals Aluminium ETFS DAILY LVRG ALUMINIUM 4RT1 GY Equity DE000A0V9YS2 EUR 3 0.98 D ETC û ü û û Aluminium ETFS DAILY LVRG ALUMINIUM LALU LN Equity JE00B2NFTC05 USD 4 0.98 D ETC û ü û û Copper ETFS DAILY LEVERAGED COPPER 4RT3 GY Equity DE000A0V9YU8 EUR 10 0.98 D ETC û ü û û Copper ETFS DAILY LEVERAGED COPPER LCOP LN Equity JE00B2NFTF36 USD 11 0.98 D ETC û ü û û Copper BOOST COPPER 3X LEVERAGE 3HCL LN Equity IE00B8JVMZ80 USD 1 0.99 D ETC û û û û Lead ETFS DAILY LEVERAGED LEAD LLEA LN Equity JE00B2NFTZ32 USD 1 0.98 D ETC û ü û û Nickel ETFS DAILY LEVERAGED NICKEL 4RUD GY Equity DE000A0V9Y40 EUR 12 0.98 D ETC û ü û û Nickel ETFS DAILY LEVERAGED NICKEL LNIK LN Equity JE00B2NFTR57 USD 13 0.98 D ETC û ü û û Tin ETFS DAILY LVRG TIN 4RUN GY Equity DE000A0V9ZD1 EUR 2 0.98 D ETC û ü û û Tin ETFS DAILY LVRG TIN LTIM LN Equity JE00B2NFV241 USD 2 0.98 D ETC û ü û û Zinc ETFS DAILY LEVERAGED ZINC 4RUK GY Equity DE000A0V9ZA7 EUR 2 0.98 D ETC û ü û û Zinc ETFS DAILY LEVERAGED ZINC LZIC LN Equity JE00B2NFTY25 USD 2 0.98 D ETC û ü û û Single Commodity - Precious Metals Gold ETFS DAILY LEVERAGED GOLD 4RT8 GY Equity DE000A0V9YZ7 EUR 42 0.98 D ETC û û û û Gold ETFS DAILY LEVERAGED GOLD LBUL LN Equity JE00B2NFTL95 USD 48 0.98 D ETC û û û û Gold BOOST GOLD 3X LEVERAGE DAILY 3GOL LN Equity IE00B8HGT870 USD 4 0.99 D ETC û û û û Gold BOOST GOLD 2X DAILY ETP 2GOL LN Equity IE00B94QKS44 USD 6 0.44 D ETC û û û û Palladium BOOST PALLADIUM 2X ETP 2PAL LN Equity IE00B94QLN63 USD 1 0.95 D ETC û û û û Platinum ETFS DAILY LVRG PLATINUM 4RUM GY Equity DE000A0V9ZC3 EUR 5 0.98 D ETC û û û û Platinum ETFS DAILY LVRG PLATINUM LPLA LN Equity JE00B2NFV134 USD 6 0.98 D ETC û û û û Silver ETFS DAILY LVRG SILVER 4RUE GY Equity DE000A0V9Y57 EUR 69 0.98 D ETC û ü û û Silver ETFS DAILY LVRG SILVER LSIL LN Equity JE00B2NFTS64 USD 78 0.98 D ETC û ü û û Silver BOOST SILVER 3X LEVERAGE 3SIL LN Equity IE00B7XD2195 USD 9 0.99 D ETC û û û û Silver BOOST SILVER 2X ETP 2SIL LN Equity IE00B94QL699 USD 0 0.44 D ETC û û û û

ETF TRADING LINES: MILAN: +39 02 8862-0660 MUNICH: +49 89 378-17585 LONDON: +44 207 826-6444 100 101

COMMODITY LEVERAGE Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Single Commodity - Energy Brent ETFS DAILY LEVERAGED BRENT C LBRT LN Equity JE00B789ZG89 USD 10 0.98 D ETC û ü û û Heat Oil ETFS LVRD HEATING OIL 4RT9 GY Equity DE000A0V9Y08 EUR 1 0.98 D ETC û ü û û Natural Gas ETFS DAILY LVRG NATURAL GAS 4RUC GY Equity DE000A0V9Y32 EUR 68 0.98 D ETC û ü û û Natural Gas ETFS DAILY LVRG NATURAL GAS LNGA LN Equity JE00B2NFTQ41 USD 76 0.98 D ETC û ü û û Natural Gas BOOST NAT GAS 3X LEVERAGE 3NGL LN Equity IE00B8VC8061 USD 42 0.99 D ETC û û û û Natural Gas BOOST NAT GAS 2X ETP 2NGL LN Equity IE00B94QKX96 USD 0 0.44 D ETC û û û û Unleaded Gas ETFS DAILY LEVERAGD GASOLINE 4RT7 GY Equity DE000A0V9YY0 EUR 2 0.98 D ETC û ü û û Unleaded Gas ETFS DAILY LEVERAGD GASOLINE LGAS LN Equity JE00B2NFTK88 USD 2 0.98 D ETC û ü û û WTI BOOST WTI OIL 3X LEVERAGE 3OIL LN Equity IE00B7ZQC614 USD 70 0.99 D ETC û û û û WTI UBS ETC 2X LG CMCI WTI CR OIL2L SW Equity CH0035730362 USD 4 0.98 D ETC û û û û WTI UBS ETC 2X SH CMCI WTI CR 3M OIL2S SW Equity CH0035730370 USD 0 0.98 D ETC û û û û WTI ETFS DY LEVERAGED CRUDE OIL 4RT6 GY Equity DE000A0V9YX2 EUR 113 0.98 D ETC û ü û û WTI ETFS DY LEVERAGED CRUDE OIL LOIL LN Equity JE00B2NFTJ73 USD 128 0.98 D ETC û ü û û WTI BOOST WTI OIL 2X LVRG DAILY 2OIL IM Equity IE00BVFZGG42 EUR 0 0.65 D ETC û û û û Commodity Basket - Sector Agriculture/Livestock ETFS DY LVRG AGRI DJ-UBSCI 4RTR GY Equity DE000A0V9YG7 EUR 4 0.98 D ETC û ü û û Agriculture/Livestock ETFS LONGER DATED LIVESTOCK 9GAN GY Equity DE000A0SVYA6 EUR 2 0.49 D ETC û û û û Agriculture/Livestock ETFS DAILY LVG AGRICULTURE LAGA LN Equity JE00B2NFT427 USD 4 0.98 D ETC û ü û û Agriculture/Livestock ETFS DAILY LVG LIVESTOCK LLST LN Equity JE00B2NFT864 USD 0 0.98 D ETC û ü û û Agriculture/Livestock ETFS DLY LVRG SFT DJ-UBSCISM 4RT0 GY Equity DE000A0V9YR4 EUR 0 0.98 D ETC û ü û û Agriculture/Livestock ETFS DY LVRG GRAINS DJ-UBSCI 4RTV GY Equity DE000A0V9YL7 EUR 1 0.98 D ETC û ü û û Agriculture/Livestock ETFS DAILY LVRG LIVE CATTLE 4RUB GY Equity DE000A0V9Y24 EUR 0 0.98 D ETC û ü û û Agriculture/Livestock ETFS DAILY LVG GRAINS LGRA LN Equity JE00B2NFT757 USD 1 0.98 D ETC û ü û û Agriculture/Livestock ETFS DAILY LVRG LIVE CATTLE LLCT LN Equity JE00B2NFTP34 USD 1 0.98 D ETC û ü û û Agriculture/Livestock ETFS DAILY LVR SOFTS LSFT LN Equity JE00B2NFTB97 USD 0 0.98 D ETC û ü û û Metals ETFS DLY LV IND MET DJ-UBSCI 4RTW GY Equity DE000A0V9YM5 EUR 2 0.98 D ETC û ü û û Metals ETFS DAILY LVRG PREC METALS 4RTZ GY Equity DE000A0V9YQ6 EUR 1 0.98 D ETC û ü û û Metals ETFS DAILY LVG IM LIME LN Equity JE00B2NFV688 USD 2 0.98 D ETC û ü û û Metals ETFS DAILY LVRG PREC METALS LPMT LN Equity JE00B2NFV795 USD 1 0.98 D ETC û ü û û Energy ETFS DAILY LVRGD PETROLEUM LPET LN Equity JE00B2NFT971 USD 3 0.98 D ETC û ü û û Energy ETFS DAILY LVG ENERGY LNRG LN Equity JE00B2NFT534 USD 0 0.98 D ETC û ü û û Commodity Basket - Broad Index All Commodities UBS ETC 2X LONG CMCI ESSENCE ESS2L SW Equity CH0100722740 USD - 0.99 D ETC û û û û All Commodities ETFS DY LVR ALL CMD DJ-UBSCI 4RTS GY Equity DE000A0V9YH5 EUR 2 0.98 D ETC û ü û û All Commodities ETFS DAILY LVR ALL COMMO LALL LN Equity JE00B2NFV571 USD 3 0.98 D ETC û ü û û Non Energy ETFS DAILY LVG EX-ENERGY LNEY LN Equity JE00B2NFT641 USD 0 0.98 D ETC û ü û û

COMMODITY SHORT Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Single Commodity - Agriculture/Livestock Cocoa ETFS DAILY SHORT COCOA 4RTQ GY Equity DE000A0V9YF9 EUR 1 0.98 D ETC û ü û û Cocoa ETFS DAILY SHORT COCOA SCOC LN Equity JE00B2NFT310 USD 1 0.98 D ETC û ü û û Coffee ETFS DAILY SHORT COFFEE 9GA3 GY Equity DE000A0V9XU0 EUR 2 0.98 D ETC û ü û û Coffee ETFS DAILY SHORT COFFEE SCFE LN Equity JE00B24DK538 USD 2 0.98 D ETC û ü û û Corn ETFS DAILY SHORT CORN 9GA5 GY Equity DE000A0V9XW6 EUR 1 0.98 D ETC û ü û û Corn ETFS DAILY SHORT CORN SCOR LN Equity JE00B24DK751 USD 1 0.98 D ETC û ü û û Cotton ETFS DAILY SHORT COTTON 9GA6 GY Equity DE000A0V9XX4 EUR 2 0.98 D ETC û ü û û Cotton ETFS DAILY SHORT COTTON SCTO LN Equity JE00B24DK868 USD 2 0.98 D ETC û ü û û Lead ETFS DAILY SHORT LEAD 4RTM GY Equity DE000A0V9YC6 EUR 0 0.98 D ETC û ü û û Lean Hogs ETFS DAILY SHORT LEAN HOGS 4RTB GY Equity DE000A0V9X25 EUR 1 0.98 D ETC û ü û û Lean Hogs ETFS DAILY SHORT LEAN HOGS SLHO LN Equity JE00B24DKF30 USD 1 0.98 D ETC û ü û û Soybeans ETFS DAILY SHORT SOYBEANS 4RTH GY Equity DE000A0V9X82 EUR 1 0.98 D ETC û ü û û Soybeans ETFS DAILY SHORT SOYBEANS SSOB LN Equity JE00B24DKP38 USD 2 0.98 D ETC û ü û û Soybeans Oil ETFS DAILY SHORT SOYBEAN OIL 4RTG GY Equity DE000A0V9X74 EUR 1 0.98 D ETC û ü û û Soybeans Oil ETFS DAILY SHORT SOYBEAN OIL SSYO LN Equity JE00B24DKL99 USD 1 0.98 D ETC û ü û û Sugar ETFS DAILY SHORT SUGAR 4RTJ GY Equity DE000A0V9X90 EUR 1 0.98 D ETC û ü û û

ETF TRADING LINES: MILAN: +39 02 8862-0660 MUNICH: +49 89 378-17585 LONDON: +44 207 826-6444 100 101

COMMODITY SHORT Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Sugar ETFS DAILY SHORT SUGAR SSUG LN Equity JE00B24DKQ45 USD 2 0.98 D ETC û ü û û Wheat ETFS DAILY SHORT WHEAT 4RTK GY Equity DE000A0V9YA0 EUR 1 0.98 D ETC û ü û û Wheat ETFS DAILY SHORT WHEAT SWEA LN Equity JE00B24DKR51 USD 1 0.98 D ETC û ü û û Single Commodity - Metals Metals ETFS DAILY SHORT ZINC SZIC LN Equity JE00B24DKS68 USD 0 0.98 D ETC û ü û û Aluminium ETFS DAILY SHORT ALUMINIUM SALU LN Equity JE00B24DK421 USD 1 0.98 D ETC û ü û û Copper ETFS DAILY SHORT COPPER SCOP LN Equity JE00B24DK645 USD 37 0.98 D ETC û ü û û Copper ETFS DAILY SHORT COPPER 9GA4 GY Equity DE000A0V9XV8 EUR 33 0.98 D ETC û ü û û Copper BOOST COPPER 3X SHORT DAILY 3HCS LN Equity IE00B8KD3F05 USD 1 0.99 D ETC û û û û Lead ETFS DAILY SHORT LEAD SLEA LN Equity JE00B2NFT088 USD 0 0.98 D ETC û ü û û Nickel ETFS DAILY SHORT NICKEL 4RTE GY Equity DE000A0V9X58 EUR 1 0.98 D ETC û ü û û Nickel ETFS DAILY SHORT NICKEL SNIK LN Equity JE00B24DKJ77 USD 1 0.98 D ETC û ü û û Tin ETFS DAILY SHORT TIN 4RTP GY Equity DE000A0V9YE2 EUR 1 0.98 D ETC û ü û û Tin ETFS DAILY SHORT TIN STIM LN Equity JE00B2NFT203 USD 2 0.98 D ETC û ü û û Single Commodity - Precious Metals Gold ETFS DAILTY SHORT GOLD 9GA9 GY Equity DE000A0V9X09 EUR 22 0.98 D ETC û ü û û Gold ETFS DAILY SHORT GOLD SBUL LN Equity JE00B24DKC09 USD 25 0.98 D ETC û ü û û Gold BOOST GOLD 3X SHORT DAILY 3GOS LN Equity IE00B6X4BP29 USD 1 0.99 D ETC û û û û Gold BOOST GOLD 2X SHORT ETP 2GOS LN Equity IE00B94QKT50 USD 0 0.49 D ETC û û û û Gold BOOST GOLD 1X SHORT ETP 1GOS LN Equity IE00B94QKW89 USD 0 0.44 D ETC û û û û Palladium BOOST PALLADIUM 1X SHORT ETP 1PAS LN Equity IE00B94QLR02 USD 1 0.95 D ETC û û û û Platinum ETFS DAILY SHORT PLATINUM 4RTN GY Equity DE000A0V9YD4 EUR 1 0.98 D ETC û ü û û Platinum ETFS DAILY SHORT PLATINUM SPLA LN Equity JE00B2NFT195 USD 1 0.98 D ETC û ü û û Silver ETFS DAILY SHORT SILVER 4RTF GY Equity DE000A0V9X66 EUR 4 0.98 D ETC û ü û û Silver ETFS DAILY SHORT SILVER SSIL LN Equity JE00B24DKK82 USD 5 0.98 D ETC û ü û û Silver BOOST SILVER 3X SHORT DAILY 3SIS LN Equity IE00B8JG1787 USD 1 0.99 D ETC û û û û Silver BOOST SILVER 2X SHORT ETP 2SIS LN Equity IE00B94QL921 USD 0 0.70 D ETC û û û û Single Commodity - Energy Brent ETFS DAILY SHORT BRENT CRUDE SBRT LN Equity JE00B78DPL57 USD 3 0.98 D ETC û ü û û Heat Oil ETFS DAILY SHORT HEATING OIL SHEA LN Equity JE00B24DKD16 USD 1 0.98 D ETC û ü û û Natural Gas ETFS SHORT NATURAL GAS 4RTD GY Equity DE000A0V9X41 EUR 4 0.98 D ETC û ü û û Natural Gas ETFS DAILY SHORT NATURAL GAS SNGA LN Equity JE00B24DKH53 USD 4 0.98 D ETC û ü û û Natural Gas BOOST NAT GAS 3X SHORT DAILY 3NGS LN Equity IE00B76BRD76 USD 6 0.99 D ETC û û û û Natural Gas BOOST NAT GAS 2X SHORT 2NGS LN Equity IE00B94QL251 USD 1 0.70 D ETC û û û û Petroleum ETFS DLY SHORT PETRO DJ-UBSC 9GAZ GY Equity DE000A0V9XQ8 EUR 0 0.98 D ETC û ü û û Petroleum ETFS DAILY SHORT PETROLEUM SPET LN Equity JE00B24DKW05 USD 0 0.98 D ETC û ü û û Unleaded Gas ETFS DAILY SHORT GASOLINE 9GA8 GY Equity DE000A0V9XZ9 EUR 1 0.98 D ETC û ü û û Unleaded Gas ETFS DAILY SHORT GASOLINE SGAS LN Equity JE00B24DKB91 USD 1 0.98 D ETC û ü û û WTI BOOST WTI OIL 3X SHORT DAILY 3OIS LN Equity IE00B7SX5Y86 USD 22 0.99 D ETC û û û û WTI ETFS DLY SHRT WTI CRUDE OIL 9GA7 GY Equity DE000A0V9XY2 EUR 11 0.98 D ETC û ü û û WTI ETFS DLY SHRT WTI CRUDE OIL SOIL LN Equity JE00B24DK975 USD 12 0.98 D ETC û ü û û WTI BOOST WTI OIL 1X SHORT DAILY OILZ IM Equity IE00BVFZGF35 EUR 0 0.49 D ETC û û û û WTI BOOST WTI OIL 2X SHORT DAILY 2OIS IM Equity IE00BVFZGH58 EUR 0 0.65 D ETC û û û û Commodity Basket - Sector Agriculture/Livestock ETFS DAILY SHORT LIVE CATTLE SLCT LN Equity JE00B24DKG47 USD 1 0.98 D ETC û ü û û Agriculture/Livestock ETFS DAILY SHORT SOFTS SSFT LN Equity JE00B24DL163 USD 0 0.98 D ETC û ü û û Agriculture/Livestock ETFS DAILY SHRT AGR DJ-UBSCI 9GAS GY Equity DE000A0V9XH7 EUR 0 0.98 D ETC û ü û û Agriculture/Livestock ETFS DLY SH GRAINS DJ-UBSCI 9GAW GY Equity DE000A0V9XM7 EUR 1 0.98 D ETC û ü û û Agriculture/Livestock ETFS DLY SH LIVESTK DJ-UBSC 9GAY GY Equity DE000A0V9XP0 EUR 0 0.98 D ETC û ü û û Agriculture/Livestock ETFS DAILY SHORT AGRICULTURE SAGR LN Equity JE00B24DL056 USD 0 0.98 D ETC û ü û û Agriculture/Livestock ETFS DAILY SHORT LIVESTOCK SLST LN Equity JE00B24DL270 USD 0 0.98 D ETC û ü û û Agriculture/Livestock ETFS DAILY SHORT CATTLE 4RTC GY Equity DE000A0V9X33 EUR 1 0.98 D ETC û ü û û Agriculture/Livestock ETFS DAILY SHORT GRAINS SGRA LN Equity JE00B24DL387 USD 1 0.98 D ETC û ü û û Metals ETFS DAILY SHRT PREC METALS 9GA0 GY Equity DE000A0V9XR6 EUR 0 0.98 D ETC û ü û û Metals ETFS DLY SHT MTL DJ-UBSCISM 9GAX GY Equity DE000A0V9XN5 EUR 1 0.98 D ETC û ü û û Metals ETFS DAILY SHORT IM SIMT LN Equity JE00B24DKZ36 USD 1 0.98 D ETC û ü û û Metals ETFS DAILY SHRT PREC METALS SPMT LN Equity JE00B24DKY29 USD 0 0.98 D ETC û ü û û Energy ETFS DLY SHRT ENRGY DJ-UBSCI 9GAU GY Equity DE000A0V9XK1 EUR 0 0.98 D ETC û ü û û

ETF TRADING LINES: MILAN: +39 02 8862-0660 MUNICH: +49 89 378-17585 LONDON: +44 207 826-6444 102 103

COMMODITY SHORT Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Energy ETFS DAILY SHORT ENERGY SNRG LN Equity JE00B24DKV97 USD 0 0.98 D ETC û ü û û Energy ETFS DLY SHRT ENRGY DJ-UBSCI 9GAU GY Equity DE000A0V9XK1 EUR 0 0.98 D ETC û ü û û Energy ETFS DAILY SHORT ENERGY SNRG LN Equity JE00B24DKV97 USD 0 0.98 D ETC û ü û û Commodity Basket - Broad Index All Commodities ETFS DLY SHR COMM DJ-UBSCISM 9GAT GY Equity DE000A0V9XJ3 EUR 1 0.98 D ETC û ü û û All Commodities ETFS DLY SHR ALL COMMON SALL LN Equity JE00B24DKT75 USD 2 0.98 D ETC û ü û û Non Energy ETFS DAILY SHORT EX-ENERGY SNEY LN Equity JE00B24DKX12 USD 0 0.98 D ETC û ü û û

ETF TRADING LINES: MILAN: +39 02 8862-0660 MUNICH: +49 89 378-17585 LONDON: +44 207 826-6444 102 103

14. SMART ßETA STRATEGY ETFs

DIVIDEND STRATEGY Region Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Maximum Dividend - Equity Developed Developed Europe ISHARES FTSE UK DIVIDEND PL IQQD GY Equity DE000A0HG2R0 EUR 1,099 0.40 F ETF û ü ü ü ü Developed Europe DEKA DAXPLUS MAXIMUM DIVIDEN ETFDXMD GY Equity DE000ETFL235 EUR 245 0.30 F ETF û ü ü ü ü Dividend - Equity Emerging Emerging World ISHARES EM DIVIDEND IEDY LN Equity IE00B652H904 USD 244 0.65 F ETF û ü ü ü ü Emerging World ISHARES DJ EMER MKTS DVD EUNY GY Equity DE000A1JXDN6 EUR 220 0.65 F ETF û ü ü ü ü Emerging World SPDR S&P EMERGING MKTS DVD SPYV GY Equity IE00B6YX5B26 EUR 65 0.65 O ETF û ü ü ü ü Emerging World WT EMERG MARKET SMALLCAP DVD DGSE LN Equity IE00BQZJBM26 GBP 1 0.54 O ETF û ü û û Developed America WT US SMALLCAP DIV UCITS DESE LN Equity IE00BQZJBT94 GBP 5 0.38 F ETF û ü û û Dividend - Equity Developed Developed World ISHR STOXX GBL SELDIV100 DE SDGPEX GY Equity DE000A0F5UH1 EUR 1,051 0.46 F ETF û ü ü ü ü Developed World DBX STX GLB SELECT DIV 100 XGSD GY Equity LU0292096186 EUR 748 0.50 D ETF û ü ü ü ü Developed World UBS ETF DJ GL. SELECT DVD. UBUM GY Equity IE00BMP3HG27 EUR 19 0.30 F ETF û ü û ü ü Developed Asia ISHARES DJ ASIA/PAC SL DV 30 IQQX GY Equity DE000A0J2086 EUR 382 0.59 F ETF û ü ü ü ü Developed Asia ISHARE ASIA PAC SELDIV 30 DE APSDEX GY Equity DE000A0H0744 EUR 197 0.31 F ETF û ü ü ü ü Developed America SPDR S&P US DVD ARISTOCRATS SPYD GY Equity IE00B6YX5D40 EUR 2,308 0.35 F ETF û ü ü ü ü Developed America ISHARES DJ US SEL DIV DE DJDVPEX GY Equity DE000A0D8Q49 EUR 224 0.31 F ETF û ü ü ü ü Developed America DBX MSCI NAMER HIGH DIV (DR) XDND GY Equity IE00BH361H73 EUR 84 0.29 F ETF û ü û ü ü Developed Europe ALTA-EUROPE MPEU SV Equity SI0021400013 EUR - 0.50 O OEF û ü û ü û Developed Europe ISHARES EUROSTOXX SEL DVD 30 IQQA GY Equity DE000A0HG2P4 EUR 808 0.40 F ETF û ü ü ü ü Developed Europe ISHARE EUR STOXX SELDIV30 DE SD3EEX GY Equity DE0002635281 EUR 494 0.30 F ETF û ü ü ü ü Developed Europe ISHARES DIVDAX UCITS ETF DE DDAXKEX GY Equity DE0002635273 EUR 576 0.31 F ETF û ü ü ü ü Developed Europe ISHR EUROPE SEL DIV 30 DE SD3PEX GY Equity DE0002635299 EUR 435 0.30 F ETF û ü ü ü ü Developed Europe DBX EURO STX DIV 30 (DR) XD3E GY Equity LU0292095535 EUR 160 0.30 F ETF û ü ü ü ü Developed Europe LYXOR STOXX EUR SEL DVD 30 SEL FP Equity FR0010378604 EUR 146 0.30 D ETF û ü ü ü ü Developed Europe DEKA EURO STOXX SELECT DIVID ETFSD3E GY Equity DE000ETFL078 EUR 119 0.30 F ETF û ü ü ü ü Developed Europe ISHARES SWISS DIVIDEND (CH) CHDVD SW Equity CH0237935637 CHF 109 0.15 F ETF û û û ü Developed Europe AMUNDI ETF MSCI EUROPE HIGH CD9 FP Equity FR0010718874 EUR 97 0.30 D ETF û ü û ü ü Developed Europe CMSTGE ETF DJ EU ST S/D 30-I CBSD3T GY Equity LU0378434236 EUR 56 0.25 D ETF û ü û ü ü Developed Europe AMUNDI ETF MSCI EMU HIGH DIV CD8 FP Equity FR0010717090 EUR 49 0.30 D ETF û ü û ü Developed Europe COMSTAGE ETF DIVDAX TR C003 GY Equity LU0603933895 EUR 49 0.25 D ETF û ü û ü ü Developed Europe AMUNDI ETF FTSE UK DIVIDEND AUKD FP Equity FR0010988634 GBP 13 0.30 D ETF û û û ü û Developed Europe LYXOR ETF EURO STOXX 50 DVD DIV FP Equity FR0010869529 EUR 7 0.25 D ETF û ü û ü ü Developed Europe LYXOR ETF EURO STOXX 50 DVD EDIV FP Equity FR0011882349 EUR 1 0.70 D ETF û ü û ü û Income - Equity Emerging Emerging World WT EMERGING MARKETS EQ INC DEM LN Equity IE00BQQ3Q067 GBP 14 0.46 O ETF û ü û û Income - Equity Developed Developed World LYXOR SG GLOBAL QUALITY INC SGQI FP Equity LU0832436512 EUR 163 0.45 D ETF û ü ü ü ü Developed World LYXOR GLOBAL QUALITY INC SGQL LN Equity LU0855692520 GBP 145 0.45 D ETF û ü ü ü û Developed World LYXOR SG GLOBAL QUALITY INC SGQU FP Equity LU0832436603 USD 11 0.45 D ETF û ü ü ü ü Developed World DBX PORTFOLIO INCOME ETF XS7W GY Equity IE00B3Y8D011 EUR 18 0.65 F ETF û ü ü ü ü Developed Europe LYXOR SG EUR QUALITY INC NTR SGQE FP Equity LU0959210278 EUR 111 0.45 D ETF û ü û ü ü Developed Europe WT EUROPE EQTY INCOME UCITS EEI LN Equity IE00BQZJBX31 GBP 11 0.29 F ETF û ü û û Developed America WT US EQTY INCOME UCITS DHS LN Equity IE00BQZJBQ63 GBP 3 0.29 F ETF û ü û û

EQUAL WEIGHT Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Equal Weight - Equity Developed Developed Europe OSSIAM STOXX EUROPE 600 EQUA OSX6 GY Equity LU0599613147 EUR 68 0.35 D ETF û ü û ü ü Developed Europe THINK EURPN EQY UCITS ETF TEET NA Equity NL0010731816 EUR 19 0.20 F ETF û ü û û Style - Equity Developed Developed Europe THINK TOTAL MARKET UCITS ETF TOF NA Equity NL0009272780 EUR 4 0.60 O ETF û ü ü ü û Developed Europe THINK TOTAL MARKET UCITS ETF NTM NA Equity NL0009272772 EUR 4 0.60 F ETF û ü ü û Developed Europe THINK TOTAL MARKET UCITS ETF DTM NA Equity NL0009272764 EUR 2 0.60 O ETF û ü ü ü û

ETF TRADING LINES: MILAN: +39 02 8862-0660 MUNICH: +49 89 378-17585 LONDON: +44 207 826-6444 104 105

RISK WEIGHTED Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Equal Risk - Equity Developed Developed Europe LYXOR ETF MSCI EUROPE ERC ERC FP EQUITY LU0776635921 EUR 109 0.25 D ETF û ü ü ü ü Developed Europe SOURCE R EQUAL-RISK EURO EQ REQR GY Equity DE000A12D253 EUR 26 0.48 D ETF û ü û û Low Volatility - Equity World Investable LYXOR ETF MSCI WORLD RISK WE WLDR FP EQUITY LU0776636812 EUR 22 0.45 D ETF û ü ü ü ü Low Volatility - Equity Developed Developed World DBX-EQUITY LOW BETA FACTOR XDEB GY Equity IE00BL25JN58 EUR 19 0.15 O ETF û ü û ü ü Developed America SPDR S&P 500 LOW VOLATILITY SPY1 GY Equity IE00B802KR88 EUR 57 0.35 F ETF û ü û ü ü Developed America SPDR EURO STOXX LOW VOL UCIT ZPRL GY Equity IE00BFTWP510 EUR 16 0.30 F ETF û ü û ü ü

MINIMUM VARIANCE Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Minimum Variance - Equity Emerging Emerging World ISHARES MSCI EM MIN VOL EMMV LN Equity IE00B8KGV557 USD 314 0.40 O ETF û ü û ü ü Emerging World OSSIAM ETF EMERGING MARKETS OSX9 GY Equity LU0705291903 EUR 170 0.75 D ETF û ü û ü ü Minimum Variance - Equity Developed Developed World ISHARES MSCI WORLD MIN VOL MVOL LN Equity IE00B8FHGS14 USD 894 0.30 O ETF û ü û ü ü Developed World OSSIAM ETF WORLD MIN VARIANC WOMV IM Equity LU0799656698 EUR 59 0.65 D ETF û ü ü ü ü Developed World OSSIAM WORLD MIN VARIANCE WDMV LN Equity LU0799656342 USD 15 0.65 D ETF û ü ü ü ü Developed America ISHARES S&P 500 MIN VOL SPMV LN Equity IE00B6SPMN59 USD 598 0.20 O ETF û ü û ü ü Developed America OSSIAM ETF US MINIMUM VARIAN OSX2 GY Equity LU0599612685 EUR 269 0.65 D ETF û ü û ü ü Developed Europe OSSIAM ETF EUROPE MIN VAR OSX4 GY Equity LU0599612842 EUR 437 0.65 D ETF û ü û ü ü Developed Europe ISHARES MSCI EUROPE MIN VOL MVEU LN Equity IE00B86MWN23 EUR 429 0.25 O ETF û ü û ü ü Developed Europe AMUNDI ETF MSCI EUROPE MINIM MIVO FP Equity FR0010713768 EUR 60 0.23 D ETF û ü û ü ü Developed Europe OSSIAM ETF FTSE 100 MINIMUM UKMV LN Equity LU0705291739 GBP 35 0.45 F ETF û ü û ü ü

STRATEGY Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Hedge Fund - Equity Developed Developed World UBS ETF HFRX GL. HF H. EUR UIQC GY Equity IE00B54DDP56 EUR 26 0.60 D ETF ü ü û ü ü Developed World UBS ETF HFRX GL. HF H. CHF HFCHAS SW Equity IE00B5280Y01 CHF 10 0.60 D ETF ü ü û ü ü Developed World UBS ETF HFRX GL. HF USD UIQE GY Equity IE00B53PTF40 USD 7 0.60 D ETF ü ü û ü ü Developed World SOURCE JPM MACRO HEDGE US TR MHUU LN Equity IE00B3P1F038 USD 5 0.25 D ETF û ü ü ü ü Developed World DBX EQ STRAT HEDGE FUND CHF XHFE LN Equity LU0519153562 USD 3 0.90 D ETF ü ü û ü ü Developed World DBX EQ STRAT HEDGE FUND EUR DBPZ GY Equity LU0519153489 EUR 3 0.90 D ETF ü ü û ü ü Developed Europe DBX DB HEDGE FUND EUR XHFI GY Equity LU0328476337 EUR 169 0.90 D ETF ü ü û ü ü Developed Europe DBX DB HEDGE FUND USD XHFD LN Equity LU0434446117 USD 106 0.90 D ETF ü ü û ü ü Developed Europe DBX DB HEDGE FUND GBP XHFG LN Equity LU0434446208 GBP 104 0.90 D ETF ü ü û ü ü Developed World UBS ETF HFRX GL. HF H. GBP HFGBAS SW Equity IE00B53B4246 GBP 1 0.60 D ETF ü ü û ü ü Sector Selection - Equity Developed Developed Europe EUROPE SECTORTREND UCITS ETF ES5R GY Equity LU0861095221 EUR 55 0.95 D ETF û ü û ü ü Developed Europe UBS ETF MSCI EMU CYCLICAL UBUN GY Equity IE00BMP3HJ57 EUR 30 0.25 F ETF û ü û ü ü Developed Europe UBS ETF MSCI EMU DEFENSIVE UBUP GY Equity IE00BMP3HL79 EUR 9 0.25 F ETF û ü û ü ü Stiftung - Equity Developed Developed World DBX STIFTUNGS STABILITAT XSBT GY Equity IE00B4WRDS59 EUR 6 0.75 F ETF û ü ü ü ü Strategy - Equity Developed Developed World SOURCE MAN GLG EUROPE PLUS U MPFE GY Equity IE00B59D1459 EUR 187 0.75 D ETF û ü û ü ü Volatility - Volatility World Investable SOURCE NOMURA VOLTAGE MID-TE VOLT LN Equity IE00B3LK4075 USD 4 0.30 D ETF û ü û ü ü Developed America VOL US ARBITRAGE THEAM EASY EVAUS FP Equity FR0011528348 USD 32 0.50 D ETF û ü û û Smart Exposure - Equity Developed Developed World COMSTAGE MSCI WRLD EM MK EXP E130 GY Equity LU0947416961 EUR 4 0.50 D ETF û ü û ü ü Developed America ISHRS MSCI TRGT US REAL EST USPR LN Equity IE00BRHZ0620 GBP 8 0.40 O ETF û ü û ü

ETF TRADING LINES: MILAN: +39 02 8862-0660 MUNICH: +49 89 378-17585 LONDON: +44 207 826-6444 104 105

FACTOR Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Growth - Equity Emerging Emerging World ISHARES MSCI EM CONSUMER GRW IEMG LN Equity IE00BKM4H197 GBP 3 0.60 O ETF û ü û ü Growth - Equity Developed Developed America LYXOR ETF RUSSELL 1000GROWTH RUSG LN Equity FR0011119171 USD 23 0.40 D ETF û ü û ü ü Developed Europe ISHARES EURO ST TL MKT GRW-L IQQG GY Equity DE000A0HG3L1 EUR 277 0.40 F ETF û ü ü ü ü Developed Europe AMUNDI ETF MSCI EUROPE GROWT CG9 FP Equity FR0010717108 EUR 21 0.35 D ETF û ü û ü Developed Europe LYXOR ETF MSCI EMU GROWTH GWT FP Equity FR0010168765 EUR 23 0.40 D ETF û ü ü ü ü Developed Europe DEKA STOXX EUROPE STRONG GRO ETFSG2P GY Equity DE000ETFL037 EUR 6 0.65 F ETF û ü ü ü ü Momentum - Equity Developed Developed World ISHARES MSCI WORLD MOMENTUM IWMO LN Equity IE00BP3QZ825 USD 28 0.30 O ETF û ü û ü Developed World DBX-EQUITY MOMENTUM FACTOR XDEM GY Equity IE00BL25JP72 EUR 19 0.15 O ETF û ü û ü ü Developed World SPDR MNSTR MLT AST GLB INFRA ZPRI GY Equity IE00BQWJFQ70 EUR 45 0.40 O ETF û ü û ü Developed Europe ISHARES MSCI EUROPE MTM FCTR IEMO LN Equity IE00BQN1K786 EUR 31 0.25 O ETF û ü û ü Multi Factor - Equity Emerging Emerging World FIRST TRUST EMERGING MARKETS FEM LN Equity IE00B8X9NX34 GBP 3 0.80 F ETF û ü û ü Multi Factor - Equity Developed Developed World SOURCE GS EFI WORLD EFIW LN Equity IE00BFG1RG61 USD 563 0.65 D ETF û ü û ü ü Developed World AMUNDI GL EQ MLTI SM SC BETA SMRU FP Equity FR0011839943 USD 422 0.40 D ETF û ü û ü û Developed World AMUNDI GL EQ MLTI SM SC BETA SMRT FP Equity FR0011829084 EUR 372 0.40 D ETF û ü û ü ü Developed World AMUNDI GL EQ MLTI SM SC BETA SMRP FP Equity FR0011839950 GBP 273 0.40 D ETF û ü û ü û Developed World MS SCIENTIFIC BETA GLOBAL EQ GEF LN Equity IE00BLY1QG30 USD 131 0.40 D ETF û ü û û Developed Asia SOURCE MKT-MAN GLG ASIA PLUS MPAS LN Equity IE00BCRYLF04 USD 96 0.95 D ETF û ü û ü ü Developed America FIRST TRUST US LARGE CAP COR FEX LN Equity IE00B8X9NW27 GBP 35 0.75 F ETF û ü û ü Developed Europe SOURCE MKT-MAN GLG CONT EU P MPCE LN Equity IE00BCRYLD89 GBP 39 0.75 D ETF û ü û ü ü Developed Europe SOURCE GS EFI EUROPE EFIE LN Equity IE00BMW3NY56 GBP 174 0.55 D ETF û ü û ü Developed Europe SOURCE MKT-MAN GLG CONT EU P MPCX LN Equity IE00BGDWP215 EUR 25 0.75 D ETF û ü û ü ü Developed Europe FIRST TRUST EUROZONE ALPHADX FEUZ LN Equity IE00B8X9NY41 GBP 15 0.65 F ETF û ü û ü Developed Europe FIRST TRUST UNITED KINGDOM A FKU LN Equity IE00B8X9NZ57 GBP 8 0.65 F ETF û ü û ü Multi Factor - Fixed Income Developed Europe LYXOR ULTRA LG LOW-R EUR GOV MTHL FP Equity FR0012612547 EUR 46 0.17 F ETF û ü û û Quality - Equity Developed Developed World DBX-EQUITY QUALITY FACTOR XDEQ GY Equity IE00BL25JL35 EUR 26 0.15 O ETF û ü û ü ü Developed World ISHARES MSCI WORLD QUALITY IWQU LN Equity IE00BP3QZ601 USD 16 0.30 O ETF û ü û ü Developed Europe ISHARES MSCI EUROPE QLY FCTR IEQU LN Equity IE00BQN1K562 EUR 9 0.25 O ETF û ü û ü Size - Equity Developed Developed World ISHARES MSCI WORLD SIZE IWSZ LN Equity IE00BP3QZD73 USD 33 0.30 O ETF û ü û ü Developed Europe ISHARES MSCI EUROPE SZ FCTR IESZ LN Equity IE00BQN1KC32 EUR 9 0.25 O ETF û ü û ü Value - Equity Developed Developed World THINK GLOBAL EQUITY UCITS ET TGET NA Equity NL0009690221 EUR 304 0.20 F ETF û ü ü û Developed World LYXOR SG GLOBAL VALUE BETA SGVB FP Equity LU1081771369 EUR 145 0.40 D ETF û ü û ü ü Developed World DBX-EQUITY VALUE FACTOR XDEV GY Equity IE00BL25JM42 EUR 25 0.15 O ETF û ü û ü ü Developed World ISHARES MSCI WORLD VALUE IWVL LN Equity IE00BP3QZB59 USD 16 0.30 O ETF û ü û ü Developed America UBS ETF MSCI USA VALUE UBU5 GY Equity IE00B78JSG98 EUR 237 0.20 F ETF û ü ü ü ü Developed America SPDR MSCI USA VALUE WEIGHTED ZPRU GY Equity IE00BSPLC520 EUR 11 0.25 O ETF û ü û ü Developed America LYXOR ETF RUSSELL 1000 VALUE RUSV LN Equity FR0011119205 USD 3 0.40 D ETF û ü û ü ü Developed America SPDR MSCI ERP SM VAL WEIGHTD ZPRX GY Equity IE00BSPLC298 EUR 99 0.30 O ETF û ü û ü Developed Europe LYXOR ETF MSCI EMU VALUE VAL FP Equity FR0010168781 EUR 322 0.40 D ETF û ü ü ü ü Developed Europe ISHARES EURO STOXX-TMV-LARGE IQQV GY Equity DE000A0HG2N9 EUR 139 0.40 F ETF û ü ü ü ü Developed Europe OSSIAM SHLR BCLY CAPE ERP SV CAPE FP Equity LU1079842321 EUR 46 0.65 D ETF û ü û û Developed Europe UBS ETF MSCI EMU VALUE EMVEUA SW Equity LU0446734369 EUR 19 0.25 F ETF û ü ü ü ü Developed Europe AMUNDI ETF MSCI EUROPE VALUE CV9 FP Equity FR0010717116 EUR 18 0.35 D ETF û ü û ü ü Developed Europe SPDR MSCI EUROPE VALUE WGHT ZPRW GY Equity IE00BSPLC306 EUR 13 0.25 O ETF û ü û ü Developed Europe DEKA STOXX EUROPE STRONG VAL ETFSV2P GY Equity DE000ETFL045 EUR 20 0.65 F ETF û ü ü ü ü Developed Europe ISHARES MSCI EUROPE VAL FCTR IEVL LN Equity IE00BQN1K901 EUR 12 0.25 O ETF û ü û ü Developed Europe DBX MSCI EUROPE VALUE D5BL GY Equity LU0486851024 EUR 28 0.40 D ETF û ü û ü ü Developed Europe SPDR MSCI US SM-CP VAL WGHT ZPRV GY Equity IE00BSPLC413 EUR 94 0.30 O ETF û ü û ü

ETF TRADING LINES: MILAN: +39 02 8862-0660 MUNICH: +49 89 378-17585 LONDON: +44 207 826-6444 106 107

ETHICAL / SOCIAL RESPONSIBLE Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Sustainability - Equity Developed Developed World ISHARES DJ GLB SUSTAINABILIT IUSL GY Equity DE000A1JB4P2 EUR 160 0.60 F ETF û ü û ü ü Developed Europe ISHARES GLOBAL SUST SCREENED IGSU LN Equity IE00B57X3V84 USD 179 0.60 F ETF û ü û ü ü Developed Europe ISHARES EUROPE SUST SCREENED IESE LN Equity IE00B52VJ196 EUR 157 0.45 F ETF û ü û ü ü Developed Europe ISHARES DJ EUROPE SUSTAIN IUSK GY Equity DE000A1JB4N7 EUR 156 0.45 F ETF û ü û ü ü Developed Europe ISHR DJEUR SUSTAINABILITY DE SUBEEX GY Equity DE000A0F5UG3 EUR 143 0.41 F ETF û ü ü ü ü Developed Europe LOW CARBON 100 EUROPE THEAM ECN FP Equity FR0010655597 EUR 83 0.60 F ETF û ü û û Developed Europe LYXOR FINV SUST LOWVOL EUR FINE FP Equity FR0011928159 EUR 66 0.60 D ETF û ü û ü ü Developed Europe FTSE ENVIRONMENTAL OPPORTUNI EEVEUR FP Equity FR0010616284 EUR 12 0.45 D ETF û ü û ü û Social Responsible Investments - Equity Emerging Emerging World UBS ETF MSCI EMERG. MAR. SRI UEF5 GY Equity LU1048313891 EUR 18 0.53 O ETF û ü û ü ü Emerging Asia UBS ETF MSCI PACIFIC SRI UIMT GY Equity LU0629460832 EUR 20 0.40 F ETF û ü ü ü ü Developed World UBS ETF MSCI WORLD SRI UIMM GY Equity LU0629459743 EUR 87 0.38 F ETF û ü ü ü ü Social Responsible Investments - Equity Developed Developed America UBS ETF MSCI NORTH AMER. SRI UIMP GY Equity LU0629460089 EUR 141 0.33 F ETF û ü ü ü ü Developed Europe UBS ETF MSCI UK IMI SRI UKSR LN Equity IE00BMP3HN93 GBP 30 0.28 F ETF û ü û ü

FUNDAMENTAL Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Buyback - Equity Developed Developed America POWERSHARES GL BUYBACK ACHIE BUYB LN Equity IE00BLSNMW37 USD 123 0.39 F ETF û ü û û Developed America AMUNDI S&P 500 BUYBACK - EUR BYBE FP Equity FR0012395473 EUR 71 0.15 D ETF û ü û ü Developed America ISHARES US EQY BYBCK ACHVRS BACS LN Equity IE00BQT3VN15 GBP 7 0.55 O ETF û ü û ü Style - Equity Developed Developed World HSBC ESI WORLDWIDE EQUITY HEWA LN Equity IE00BKZG9Y92 GBP 681 0.25 F ETF û ü û û Developed America POWERSHARES DYNAMIC US MARKE PSWC LN Equity IE00B23D9240 GBP 29 0.75 F ETF û ü ü ü ü Developed Europe DEKA STOXX EUROPE STRONG STY ETFSS4P GY Equity DE000ETFL052 EUR 4 0.65 F ETF û ü ü ü ü Style - Fixed Income Developed World ETFS LO IM GLOBAL CORP BOND CRED LN Equity IE00BSVYHV63 USD 44 0.35 O ETF û ü û ü Developed World ETFS LO IM GLOBAL GOV BOND CORE LN Equity IE00BSVYHQ11 USD 18 0.25 O ETF û ü û ü Developed World ETFS LO IM EUR CORP BOND FWEC LN Equity IE00BSVYHT42 EUR 31 0.30 O ETF û ü û ü RAFI - Equity Developed Developed World POWERSHARES FTSE RAFI GLOBAL PSRD LN Equity IE00B23D8W74 GBP 6 0.50 F ETF û ü ü ü ü Developed World POWERSHARES FTSE RAFI ASIA-P PSRA LN Equity IE00B23D9463 GBP 4 0.49 F ETF û ü ü ü ü Developed Asia POWERSHARES FTSE RAFI HONG K PSRH LN Equity IE00B3BPCG45 GBP 3 0.55 F ETF û ü ü ü û Developed America POWERSHARES FTSE RAFI US 100 PSRF LN Equity IE00B23D8S39 GBP 153 0.39 F ETF û ü ü ü ü Developed America LYXOR ETF FTSE RAFI US 1000 RUA FP Equity FR0010400804 EUR 29 0.60 D ETF û ü ü ü ü Developed America LYXOR FTSE RAFI US 1000-CEUR PRUA FP Equity FR0011882356 EUR 1 0.60 D ETF û ü û ü û Developed Europe POWERSHARES FTSE RAFI UK 100 PSRU LN Equity IE00B23LNN70 GBP 43 0.50 F ETF û ü ü ü û Developed Europe POWERSHARES FTSE RAFI EUROPE PSES LN Equity IE00B23D8Y98 GBP 16 0.50 F ETF û ü ü ü ü Developed Europe POWERSHARES FTSE RAFI EUROPE PSRE LN Equity IE00B23D8X81 GBP 13 0.50 F ETF û ü ü ü ü Developed Europe POWERSHARES FTSE RAFI ALL WO PSRW LN Equity IE00B23LNQ02 GBP 11 0.50 F ETF û ü ü ü û Developed Europe LYXOR ETF FTSE RAFI EUROPE REU FP Equity FR0010400770 EUR 9 0.60 D ETF û ü ü ü ü Developed Europe POWERSHARES FTSE RAFI EMERGI PSRM LN Equity IE00B23D9570 GBP 6 0.65 F ETF û ü ü ü ü Developed Europe POWERSHARES FTSE RAFI SWITZ PDI IM Equity IE00B23LNR19 EUR 4 0.50 F ETF û ü ü ü û Developed Europe POWERSHARES FTSE RAFI IT 30 PTI IM Equity IE00B23LNP94 EUR 2 0.50 F ETF û ü ü ü û

ACTIVELY MANAGED Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Smart Equity - Equity Emerging Emerging World NORDEA ACTIVE EM EQ UCITS EMAETF SS Equity FI4000064282 SEK - 2.00 O ETF û ü û û Emerging World JB SMART EQ ETF EMERGING MRK JB6M GY EQUITY LU0747924131 EUR 9 0.45 O ETF û ü û ü ü Emerging Asia JB SP-SMART EQ ETF ASIA-SUSD JBSEAU SW Equity LU0747924487 USD 11 0.45 O ETF û ü û ü ü Emerging Asia JB SMART EQUITY ETF ASIA JB6A GY EQUITY LU0747924560 EUR 9 0.45 O ETF û ü û ü ü Emerging World JB SMART EQUITY ETF EM-SUSD JBSEMU SW Equity LU0747924057 USD 2 0.79 O ETF û ü û ü ü Smart Equity - Equity Developed

ETF TRADING LINES: MILAN: +39 02 8862-0660 MUNICH: +49 89 378-17585 LONDON: +44 207 826-6444 106 107

ACTIVELY MANAGED Focus Name BB Ticker ISIN Crncy AuM Mgt Fee R Type FX UC Div DE AT Developed World NORDEA ACTIVE STABLE UCITS STABAETF SS Equity FI4000064274 SEK - 1.50 O ETF û ü û û Developed World JB SMART EQTY ETF EUROPE JB6E GY EQUITY LU0747923752 EUR 36 0.45 O ETF û ü û ü ü Developed World SOURCE JPM MACRO H TRGT 4% MHVT LN Equity IE00BGSGTQ00 USD 19 0.25 D ETF û ü û ü Developed World JB SMART EQUITY ETF WORLD JB6W GY EQUITY LU0747923240 EUR 17 0.45 O ETF û ü û ü ü Developed Europe SOURCE MS EUROPE MEMO+ UCITS EMSE GY Equity DE000A1XFCF2 EUR 35 0.30 D ETF û ü û ü û Developed World JB SMART EQTY ETF WORLD-SUSD JBSEWU SW Equity LU0747923083 USD 2 0.74 O ETF û ü û ü ü Covered Bonds - Fixed Income Developed World PIMCO COVERED BOND SOURCE COVR GY Equity IE00BF8HV717 EUR 447 0.43 O ETF û ü û ü ü

ETF TRADING LINES: MILAN: +39 02 8862-0660 MUNICH: +49 89 378-17585 LONDON: +44 207 826-6444 108 109

BLOOMBERG ETF RELATED FUNCTIONS

BASICS TECHNICAL ANALYSIS ACTIVATE WITH GO TICKER EXCHANGE + EQUITY GO AQR VWAP/Volume-weighted Average Price DAXEX GY + EQUITY GO CORR Correlation between different ETFs/Stocks/Indices HVG Historical Volatility Graph RESEARCH FUNCTIONS ACTIVATE WITH HS Historical Spread (ETF vs iNAV) EXTF Various ETF Data / Overviews NAV Historical Premium/Discount UCGR UniCredit Global Research – Equity Strategy SGIP ETF vs Underlying Spread Analysis ETFP BlackRock ETF Research (ETF Landscape) DAXEX GY EQUITY + DAXINAV INDEX + SGIP GO

GENERAL FUNCTIONS ACTIVATE WITH GO TRADING ANALYSIS ACTIVATE WITH GO BQ Composite Quote BBO Live Order Book (Best Bid Offer) CACS Corporate Action Calendar BMQ Bloomberg Quote Monitor CN Corporate News IIRA Published OTC Trades COMP Performance Comparison IOIA Existing Trades DES Description of ETF, incl. link to iNAV MDM Market Depth Monitor DVD Dividend Summary QR Trade recap with time and volume GIP Intraday Chart QRM Trades and spreads throughout the day GIT Intraday Volume and Price information GIPT Intraday Bid / Ask-Spread GP Price Graph OMON Option Monitor to listed Options on Stocks and ETFs GPO Historical Charting HVET UniCredit’s Fixed Income ETF Trading Platform HDS Institutional Holders of ETF HP Historical Prices HPA Historical Portfolio Analysis HRA Regression Analysis MHD Daily Holdings IGPO Intraday Price Graph

ETF TRADING LINES: MILAN: +39 02 8862-0660 MUNICH: +49 89 378-17585 LONDON: +44 207 826-6444 108 109

DISCLAIMER

This publication is presented to you by:

Corporate & Investment Banking UniCredit Bank AG Arabellastr. 12 D-81925 Munich The information in this publication is based on carefully selected sources believed to be reliable. However we do not make any representation as to its accuracy or completeness. Any opinions herein reflect our judgement at the date hereof and are subject to change without notice. Any investments presented in this report may be unsuitable for the investor depending on his or her specific investment objectives and financial position. Any reports provided herein are provided for general information purposes only and cannot substitute the obtaining of independent financial advice. Private investors should obtain the advice of their banker/broker about any investments concerned prior to making them. Nothing in this publication is intended to create contractual obligations. Corporate & Investment Banking of UniCredit consists of UniCredit Bank AG, Munich, UniCredit Bank Austria AG, Vienna, UniCredit S.p.A., Rome and other members of the UniCredit. UniCredit Bank AG is regulated by the German Financial Supervisory Authority (BaFin), UniCredit Bank Austria AG is regulated by the Austrian Financial Market Authority (FMA) and UniCredit S.p.A. is regulated by both the Banca d‘Italia and the Commissione Nazionale per le Società e la Borsa (CONSOB).

Note to UK Residents: In the United Kingdom, this publication is being communicated on a confidential basis only to clients of Corporate & Investment Banking of UniCredit (acting through UniCredit Bank AG, London Branch) who (i) have professional experience in matters relating to investments being investment professionals as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (“FPO”); and/or (ii) are falling within Article 49(2) (a) – (d) (“high net worth companies, unincorporated associations etc.”) of the FPO (or, to the extent that this publication relates to an unregulated collective scheme, to professional investors as defined in Article 14(5) of the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 and/or (iii) to whom it may be lawful to communicate it, other than private investors (all such persons being referred to as “Relevant Persons”). This publication is only directed at Relevant Persons and any investment or investment activity to which this publication relates is only available to Relevant Persons or will be engaged in only with Relevant Persons. Solicitations resulting from this publication will only be responded to if the person concerned is a Relevant Person. Other persons should not rely or act upon this publication or any of its contents. The information provided herein (including any report set out herein) does not constitute a solicitation to buy or an offer to sell any securities. The information in this publication is based on carefully selected sources believed to be reliable but we do not make any representation as to its accuracy or completeness. Any opinions herein reflect our judgement at the date hereof and are subject to change without notice.

We and/or any other entity of Corporate & Investment Banking of UniCredit may from time to time with respect to securities mentioned in this publication (i) take a long or short position and buy or sell such securities; (ii) act as investment bankers and/or commercial bankers for issuers of such securities; (iii) be represented on the board of any issuers of such securities; (iv) engage in “market making” of such securities; (v) have a consulting relationship with any issuer. Any investments discussed or recommended in any report provided herein may be unsuitable for investors depending on their specific investment objectives and financial position. Any information provided herein is provided for general information purposes only and cannot substitute the obtaining of independent financial advice. UniCredit Bank AG, London Branch is regulated by the Financial Services Authority for the conduct of business in the UK as well as by BaFin, Germany. Notwithstanding the above, if this publication relates to securities subject to the Prospectus Directive (2005) it is sent to you on the basis that you are a Qualified Investor for the purposes of the directive or any relevant implementing legislation of a European Economic Area (“EEA”) Member State which has implemented the Prospectus Directive and it must not be given to any person who is not a Qualified Investor. By being in receipt of this publication you undertake that you will only offer or sell the securities described in this publication in circumstances which do not require the production of a prospectus under Article 3 of the Prospectus Directive or any relevant implementing legislation of an EEA Member State which has implemented the Prospectus Directive.

Note to US Residents: The information provided herein or contained in any report provided herein is intended solely for institutional clients of Corporate & Investment Banking of UniCredit acting through UniCredit Bank AG, New York Branch and UniCredit Capital Markets LLC (together “UniCredit”) in the United States, and may not be used or relied upon by any other person for any purpose. It does not constitute a solicitation to buy or an offer to sell any securities under the Securities Act of 1933, as amended, or under any other US federal or state securities laws, rules or regulations. Invest- ments in securities discussed herein may be unsuitable for investors, depending on their specific investment objectives, risk tolerance and financial position. In jurisdictions where UniCredit is not registered or licensed to trade in securities, commodities or other financial products, any transaction may be effected only in accordance with applicable laws and legislation, which may vary from jurisdiction to jurisdiction and may require that a transaction be made in accordance with applicable exemptions from registration or licensing requirements. All information contained herein is based on carefully selected sources believed to be reliable, but UniCredit makes no representations as to its accuracy or completeness. Any opinions contained herein reflect UniCredit’s judgement as of the original date of publication, without regard to the date on which you may receive such information, and are subject to change without notice. UniCredit may have issued other reports that are inconsistent with, and reach different conclusions from, the information presented in any report provided herein. Those reports reflect the different assumptions, views and analytical methods of the analysts who prepared them. Past performance should not be taken as an indication or guarantee of further performance, and no representation or warranty, express or implied, is made regarding future performance. We and/or any other entity of Corporate & Investment Banking of UniCredit may from time to time, with respect to any securities discussed herein: (i) take a long or short position and buy or sell such securities; (ii) act as investment and/or commercial bankers for issuers of such securities; (iii) be represented on the board of such issuers; (iv) engage in “market-making” of such securities; and (v) act as a paid consultant or adviser to any issuer. The information contained in any report provided herein may include forward-looking statements within the meaning of US federal securities laws that are subject to risks and uncertainties. Factors that could cause a company’s actual results and financial condition to differ from its expectations include, without limitation: Political uncertainty, changes in economic conditions that adversely affect the level of demand for the company’s products or services, changes in foreign exchange markets, changes in international and domestic financial markets, competitive environments and other factors relating to the foregoing. All forward-looking statements contained in this report are qualified in their entirety by this cautionary statement. This product is offered by UniCredit Bank AG who is solely responsible for the Product and its performance and/or effectiveness. UEFA and its affiliates, member associations and sponsors (excluding UniCredit and UniCredit Bank AG) do not endorse, approve or recommend the Product and accept no liability or responsibility whatsoever in relation thereto

Corporate & Investment Banking UniCredit Bank AG, Munich as of 28 March 2014

ETF TRADING LINES: MILAN: +39 02 8862-0660 MUNICH: +49 89 378-17585 LONDON: +44 207 826-6444 110 111

OUR DEDICATED INSTITUTIONAL EQUITY DERIVATIVES TEAM

Institutional Equity Derivatives – MUNICH Institutional Equity Derivatives – LONDON Roland Lang Brian Hatton Co-Head of IED Futures & Options GER/AT Head of IED Futures & Options Tel. +49 89 378-13849 Tel. +44 207 826-6859 [email protected] [email protected]

Sushil Krishan Douglass Welch Tel. +49 89 378-11490 Tel. +44 207 826-6882 [email protected] [email protected]

Fabian Schlederer Moustafa El-Baqqaly Tel. +49 89 378-17586 Tel. +44 207 826-6473 [email protected] [email protected]

Cross Asset Research Team Institutional Equity Derivatives – MILAN Dr. Tammo Greetfeld Vincenzo Spadaro [email protected] Head of IED Futures & Options ITALY Tel. +39 02 88620910 Christian Stocker [email protected] [email protected] Dajana Plaickner Dr. Stefan Schulz Tel. +39 02 88620725 [email protected] [email protected]

Equity Derivatives Strategy Mauro Lobbia Tommaso Cotroneo Tel. +39 02 88620611 Tel. +44 207 826-6657 [email protected] [email protected]

ETF Trading Equity/Fixed Income Paolo Giulianini Head of ETF Trading Tel. +44 207 826-6921 [email protected]

ETF TRADING LINES: MILAN: +39 02 8862-0660 MUNICH: +49 89 378-17585 LONDON: +44 207 826-6444 Your Contacts

ETF Sales & Advisory Team Munich & Milan Florian Lenhart Oliver Kilian Tel. +49 89 378-12710 Tel. +49 89 378-13689 [email protected] [email protected]

Franco Rossetti Matthias Klaubert Tel. +39 02 8862-0660 Tel. +49 89 378-12007 [email protected] [email protected]

Andrea Manciocco Francesco Branda Tel. +39 02 8862-0839 Tel. +39 02 8862-0809 [email protected] [email protected]

UniCredit Bank AG Corporate & Investment Banking www.unicredit.eu etf.unicredit-cib.eu

ETF/ETC Advisory & Trading Arabellastraße 12 D-81925 Munich Tel. +49 89 378-17585 – Fax +49 89 378-16007