【1687】アグリETF平成29年12月期 中間決算短信のIR速報

20170905 09:30、アグリETF(1687)の新着情報を配信します。

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上場取引所 東京証券取引所
(注1)平成26年7月1日より、連動対象指標をDJ-UBSCI提供のものからブルームバーグ提供のものに変更し、併せて銘柄名を
変更しました。
天然ガス、WTI原油、ブレンド原油、ガソリン、灯油、アルミニウム、銅、亜鉛、ニッケル、金、銀、生体牛、
赤身豚肉、小麦、トウモロコシ、大豆、砂糖、綿花、コーヒー、大豆油
(注3)小麦、トウモロコシ、大豆、砂糖、綿花、コーヒー、大豆油
イーティーエフエス・コモディティ・セキュリティーズ・リミテッド
グラハム・タックウェル
ETFセキュリティーズ・マネジメント・カンパニー・リミテッド 
URL http://www.etfsecurities.com/ETFSDocs/APDocuments.aspx
グラハム・タックウェル
TMI総合法律事務所 (中川秀宣)  TEL 03-6438-5660
有価証券報告書提出予定日 平成28年9月29日提出(予定)
分配金支払い開始予定日 該当なし
ETFS大豆上場投資信託 1697
ブルームバーグ大豆商品指数
(注1)
大豆 10
(注2)
外 国 投 資 法 人
代 表 者 名
管 理 会 社
代 表 者 名
問合せ先責任者
ETFS小麦上場投資信託 1695
ブルームバーグ小麦商品指数
(注1)
小麦 100
ETFSとうもろこし上場投資信託 1696
ブルームバーグとうもろこし商
品指数(注1)
とうもろこし 100
ETFS銅上場投資信託 1693 ブルームバーグ銅商品指数(注1) 銅 10
ETFSニッケル上場投資信託 1694
ブルームバーグニッケル商品指
数(注1)
ニッケル 10
ETFSガソリン上場投資信託 1691
ブルームバーグガソリン商品指
数(注1)
ガソリン 10
ETFSアルミニウム上場投資信託 1692
ブルームバーグアルミニウム商
品指数(注1)
アルミニウム 100
ETFS天然ガス上場投資信託 1689
ブルームバーグ天然ガス商品指
数(注1)
天然ガス 100
ETFSWTI原油上場投資信託 1690
ブルームバーグ原油商品指数
(注1)
WTI原油 10
ETFS農産物上場投資信託(注1) 1687
ブルームバーグ農産物商品指数
(注1)
(注3) 10
ETFS穀物上場投資信託
(注1)
1688
ブルームバーグ穀物商品指数
(注1)
小麦、とうもろこ
し、大豆
10
ETFSエネルギー上場投資信託(注
1)
1685
ブルームバーグエネルギー商品
指数(注1)
天然ガス、原油、ガ
ソリン、灯油
10
ETFS産業用金属上場投資信託(注
1)
1686
ブルームバーグ産業用金属商品
指数(注1)
アルミニウム、銅、
ニッケル、亜鉛
10
平成29年12月期 中間決算短信(平成29年1月1日~平成29年6月30日)
平成29年9月5日
銘柄名 コード番号 連動対象指標 主要投資資産 売買単位
ETFS総合上場投資信託
(注1)
1684
ブルームバーグ総合商品指数
(注1)
(注2) 10
Ⅰファンドの運用状況
1. 2017年6月中間決算期の運用状況(平成29年1月1日~平成29年6月30日)
(1)資産内訳 
金額     金額    
% %
2017年6月中間決算期
2016年6月中間決算期
% %
2017年6月中間決算期
2016年6月中間決算期
% %
2017年6月中間決算期
2016年6月中間決算期
% %
2017年6月中間決算期
2016年6月中間決算期
% %
2017年6月中間決算期
2016年6月中間決算期
% %
2017年6月中間決算期
2016年6月中間決算期
% %
2017年6月中間決算期
2016年6月中間決算期
% %
2017年6月中間決算期
2016年6月中間決算期
% %
2017年6月中間決算期
2016年6月中間決算期
% %
2017年6月中間決算期
2016年6月中間決算期
% %
2017年6月中間決算期
2016年6月中間決算期
% %
2017年6月中間決算期
2016年6月中間決算期
% %
2017年6月中間決算期
2016年6月中間決算期
% %
2017年6月中間決算期
2016年6月中間決算期
(注1)平成26年7月1日より、連動対象指標をDJ-UBSCI提供のものからブルームバーグ提供のものに変更し、併せて銘柄名を
変更しました。
(注2)主要投資資産は、平成29年7月1日午前零時(ロンドン時間2017年6月30日午後4時)現在のものとしてブルームバーグに
よって表示される為替レート(スポット・レート)(1米ドル=112.33円)に基づいて円換算しています。(以下同じ)
(100)
734 (100) 734 (100)
ETFS大豆上場投資信託
百万円 百万円
1,057 (100) 1,057
(100)
3,298 (100) 3,298 (100)
(100)
7,716 (100) 7,716 (100)
ETFSとうもろこし上場投資信託
百万円 百万円
4,703 (100)
ETFS小麦上場投資信託
百万円 百万円
11,409 (100) 11,409
4,703
(100)
10,061 (100) 10,061 (100)
(100)
14,816 (100) 14,816 (100)
ETFSニッケル上場投資信託
百万円 百万円
12,846 (100)
ETFS銅上場投資信託
百万円 百万円
31,897 (100) 31,897
12,846
(100)
7,240 (100) 7,240 (100)
(100)
662 (100) 662 (100)
ETFSアルミニウム上場投資信託
百万円 百万円
12,503 (100)
ETFSガソリン上場投資信託
百万円 百万円
587 (100) 587
12,503
(100)
80,757 (100) 80,757 (100)
(100)
6,499 (100) 6,499 (100)
ETFSWTI原油上場投資信託
百万円 百万円
102,987 (100)
ETFS天然ガス上場投資信託
百万円 百万円
5,319 (100) 5,319
102,987
(100)
3,431 (100) 3,431 (100)
(100)
28,885 (100) 28,885 (100)
ETFS穀物上場投資信託
(注1)
百万円 百万円
2,793 (100)
ETFS農産物上場投資信託(注1)
百万円 百万円
23,245 (100) 23,245
2,793
(100)
10,473 (100) 10,473 (100)
(100)
16,100 (100) 16,100 (100)
ETFS産業用金属上場投資信託(注
1)
百万円 百万円
32,438 (100)
ETFSエネルギー上場投資信託(注
1)
百万円 百万円
6,618 (100) 6,618
32,438
(100)
38,050 (100) 38,050 (100)
 (百万円未満切捨て) 
主要投資資産 合計(資産)
構成比  構成比
ETFS総合上場投資信託
(注1)
百万円 百万円
35,873 (100) 35,873
(2)設定・償還実績
当営業期間末
発行済口数
(①) (②) (③) (①+②-③)
千口
2017年6月中間決算期
2016年6月中間決算期
千口 千口
2017年6月中間決算期
2016年6月中間決算期
千口 千口
2017年6月中間決算期
2016年6月中間決算期
千口 千口
2017年6月中間決算期
2016年6月中間決算期
千口
2017年6月中間決算期
2016年6月中間決算期
千口
2017年6月中間決算期
2016年6月中間決算期
千口
2017年6月中間決算期
2016年6月中間決算期
千口 千口
2017年6月中間決算期
2016年6月中間決算期
千口 千口
2017年6月中間決算期
2016年6月中間決算期
千口 千口
2017年6月中間決算期
2016年6月中間決算期
千口
2017年6月中間決算期
2016年6月中間決算期
千口 千口
2017年6月中間決算期
2016年6月中間決算期
千口 千口
2017年6月中間決算期
2016年6月中間決算期
千口 千口
2017年6月中間決算期
2016年6月中間決算期
(注1)平成26年7月1日より、連動対象指標をDJ-UBSCI提供のものからブルームバーグ提供のものに変更し、併せて銘柄名を
変更しました。
(注2)上記の設定・償還実績については、営業期末時点の未決済上場投信を含んでいません。
292 260
ETFS大豆上場投資信託
千口 千口
642 319 491 470
381 171
16,454 13,074 42,729
26,036 8,537 7,857 26,716
127,607
62,330 42,685 21,847 83,168
ETFSとうもろこし上場
投資信託
千口 千口
39,349
2,433 2,022 9,398
ETFS小麦上場投資信託
千口 千口
129,663 58,936 60,992
ETFSニッケル上場投資
信託
千口 千口 千口
9,974 7,415 4,980 12,409
8,987
3,157 10,976
3,547 7,365 4,814 6,098
33,813 8,115 18,037 23,891
ETFS銅上場投資信託
千口 千口
7,247 6,887
652 253
ETFSアルミニウム上場
投資信託
千口 千口
33,526 20,675 17,439 36,763
ETFSガソリン上場投資
信託
千口 千口
215 294 258 252
400 505
58,395 138,394
82,671 71,942 67,704 86,909
458,714 481,714 1,160,694
ETFSWTI原油上場投資信

千口 千口 千口
99,899 96,891
ETFS天然ガス上場投資
信託
千口 千口 千口
1,069,024 571,818 446,425 1,194,417
1,183,694
2,075 5,040 6,653
7,917 533 1,231 7,219
45,670 10,509 12,183 43,996
ETFS穀物上場投資信託
(注1)
千口 千口 千口
9,617
5,874 9,747
ETFS農産物上場投資信
託(注1)
千口 千口
41,658 14,022 14,108 41,573
ETFS産業用金属上場投
資信託(注1)
千口 千口
18,119 19,415 11,476 26,058
9,618 6,003
16,734 18,533
41,375 11,986 16,014 37,346
28,800 16,966 8,106 37,660
ETFSエネルギー上場投
資信託(注1)
千口 千口
21,496 13,772
発行済口数
ETFS総合上場投資信託
(注1)
千口 千口 千口
43,990 17,580 22,841 38,728
前営業期間末 設定口数 償還口数
(3)基準価額
((③/当営業期間末
百万円 百万円
2017年6月中間決算期 -
2016年6月中間決算期 -
百万円 百万円
2017年6月中間決算期 -
2016年6月中間決算期 -
百万円 百万円
2017年6月中間決算期 -
2016年6月中間決算期 -
百万円 百万円
2017年6月中間決算期 -
2016年6月中間決算期 -
百万円 百万円
2017年6月中間決算期 -
2016年6月中間決算期 -
百万円 百万円
2017年6月中間決算期 -
2016年6月中間決算期 -
百万円 百万円
2017年6月中間決算期 -
2016年6月中間決算期 -
百万円 百万円
2017年6月中間決算期 -
2016年6月中間決算期 -
百万円 百万円
2017年6月中間決算期 -
2016年6月中間決算期 -
百万円 百万円
2017年6月中間決算期 -
2016年6月中間決算期 -
百万円 百万円
2017年6月中間決算期 -
2016年6月中間決算期 -
百万円 百万円
2017年6月中間決算期 -
2016年6月中間決算期 -
百万円 百万円
2017年6月中間決算期 -
2016年6月中間決算期 -
百万円 百万円
2017年6月中間決算期 -
2016年6月中間決算期 -
(注1)平成26年7月1日より、連動対象指標をDJ-UBSCI提供のものからブルームバーグ提供のものに変更し、併せて銘柄名を
変更しました。
売買単位は、総合商品指数、エネルギー商品指数、産業用金属商品指数、農産物商品指数、原油、ガソリン、銅、
ニッケル、及び大豆については10口、穀物商品指数、天然ガス、アルミニウム、小麦及びとうもろこしについて
は100口となります。
商品上場投資信託1単位当たりの資産は、商品上場投資信託1単位当たりの基準価額に基づいたものとなってい
ます。商品上場投資信託1単位当たりの基準価額は、相応する商品上場投資信託1単位当たりの商品契約の価
格に相当するものとなります。各々の商品上場投資信託の裏付けとなっている商品契約の総価値は、相応する商
品上場投資信託の残高と等しくなります。このために、純資産額は零となり、総資産額は、商品上場投資信託の
裏付けとなる商品契約の総額と等しくなります。
(注2)
(注3)
ETFS大豆上場投資
信託
百万円 円
1,057 1,057 22,462
734 734 28,199
ETFSとうもろこし
上場投資信託
百万円 円
4,703 4,703 11,007
3,298 3,298 12,344
ETFS小麦上場投資
信託
百万円 円
11,409 11,409 8,941
7,716 7,716 9,278
ETFSニッケル上場
投資信託
百万円 円
12,846 12,846 10,351
10,061 10,061 10,705
ETFS銅上場投資信

百万円 円
31,897 31,897 29,058
14,816 14,816 24,293
ETFSアルミニウム
上場投資信託
百万円 円
12,503 12,503 34,012
7,240 7,240 30,305
ETFSガソリン上場
投資信託
百万円 円
587 587 23,322
662 662 26,081
ETFSWTI原油上場
投資信託
百万円 円
102,987 102,987 7,441
80,757 80,757 9,292
ETFS天然ガス上場
投資信託
百万円 円
5,319 5,319 445
6,499 6,499 559
ETFS穀物上場投資
信託
(注1)
百万円 円
2,793 2,793 41,981
3,431 3,431 47,530
ETFS農産物上場投
資信託(注1)
百万円 円
23,245 23,245 5,591
28,885 28,885 6,565
ETFS産業用金属上
場投資信託(注1)
百万円 円
32,438 32,438 12,448
10,473 10,473 10,743
ETFSエネルギー上
場投資信託(注1)
百万円 円
6,618 6,618 3,570
16,100 16,100 4,311
発行済口数)×売買単位)
ETFS総合上場投資
信託
(注1)
百万円 円
35,873 35,873 9,262
38,050 38,050 10,103
売買単位当たり基準価額
総資産
負債
(注)
資産
[参考]外国投資法人の財政状態
百万円 百万円 百万円
2017年6月中間決算期
2016年6月中間決算期
商品上場投資信託は、期限の定めのない、請求権の限定されている発行体による債務です。全出資口は、親会社
であるイーティーエフ・セキュリティーズ・リミテッドにより保有されています。投資主持分額は、総資産額か
ら総負債額を差し引いたものです。
2. 会計方針の変更
① 会計基準等の改正に伴う変更 有・無
② ①以外の変更 有・無
363,462 364,482 -1,019
(注1) 
総資産額 総負債額 投資主持分額
423,028 419,335 3,693

ETFS Commodity Securities Limited

Registered No: 90959

Unaudited Interim Financial Report for the
Six Months to 30 June 2017

ETFS Commodity Securities Limited

Contents

The intelligent alternative. www.etfsecurities.com

Directors’ Report 1-4
Statement of Directors’ Responsibilities 5
Condensed Statement of Profit or Loss and Other Comprehensive Income 6
Condensed Statement of Financial Position 7
Condensed Statement of Cash Flows 8
Condensed Statement of Changes in Equity 9
Notes to the Condensed Interim Financial Statements 10-18

ETFS Commodity Securities Limited

Directors’ Report

- 1 – The intelligent alternative. www.etfsecurities.com
The directors of ETFS Commodity Securities Limited (“CSL” or the “Company”) submit herewith the
unaudited interim financial report and interim financial statements of the Company for the period ended 30
June 2017.

Directors

The names and particulars of the directors of the Company during or since the end of the financial period
are:

Graham J Tuckwell – Chairman
Christopher J M Foulds
Graeme D Ross (Resigned 7 December 2016)
Steven G Ross (Appointed 7 December 2016)
Joseph L Roxburgh

Directors’ Interests

The following table sets out the directors’ interests in Ordinary Shares as at the date of this report:

Director Ordinary Shares of Nil Par Value
Graham J Tuckwell
(as majority shareholder of ETF Securities Limited (“ETFSL”))

2

Principal Activities

During the period there were no significant changes in the nature of the Company’s activities.

Review of Operations

As at 30 June 2017 the Company had the following number of classes, in aggregate, of Commodity
Securities in issue and admitted to trading on the following exchanges:

London
Stock
Exchange

Borsa
Italiana

Deutsche
Börse
NYSE-
Euronext
Paris
NYSE-
Euronext
Amsterdam
Tokyo
Stock
Exchange

Classic & Longer Dated
Commodity Securities 55 34 41 9 – 14
Short & Leveraged
Commodity Securities 86 86 27 4 4 –

Total Commodity
Securities 141 120 68 13 4 14

As at 30 June 2017, the fair value of assets under management amounted to USD 3,716.6 million (31
December 2016: USD 3,336.0 million). The Company recognises its financial assets (Commodity Contracts)
and financial liabilities (Commodity Securities) at fair value in the Condensed Statement of Financial
Position.

During the period, the Company generated income from creation and redemption fees, management fees
and licence allowance as follows:

30 June 2017 30 June 2016
USD USD

Creation and Redemption Fees 162,812 190,752
Management Fees and Licence Allowance 10,879,512 9,287,949

Total Fee Income 11,042,324 9,478,701

ETFS Commodity Securities Limited

Directors’ Report (Continued)

- 2 – The intelligent alternative. www.etfsecurities.com
Review of Operations (continued)

Under the terms of the service agreement with ETFS Management Company (Jersey) Limited (“ManJer”),
the Company accrued expenses equal to the management fees and licence allowance and creation and
redemption fees, which, after taking into account other operating income and expenses, resulted in an
operating result for the period of USD Nil (30 June 2016: USD Nil).

The gain or loss on Commodity Securities and Commodity Contracts is recognised in the Condensed
Statement of Profit or Loss and Other Comprehensive Income in line with the Company’s accounting policy.

The Company has entered into contractual obligations to issue and redeem Commodity Securities at set
prices on each trading day. These prices are based on an agreed formula published in the prospectus, and
are equal to the published net asset value (“NAV”) of each class of Commodity Security.

IFRS 13 requires the Company to identify the principal market and to utilise the available market price within
that principal market. The directors consider that the stock exchanges where the Commodity Securities are
listed to be the principal market and as a result the fair value of the Commodity Securities is the on-
exchange price as quoted on those stock exchanges demonstrating active trading. As a result of the
difference in valuation methodology between Commodity Contracts and Commodity Securities there is a mis-
match between accounting values, and the results of the Company reflect a gain or loss on the difference
between the agreed formula price of the Commodity Contracts and the market price of Commodity
Securities. This gain or loss would be reversed on a subsequent redemption of the Commodity Securities
and cancellation of the corresponding Commodity Contracts. This is presented in more detail in note 7 to
these interim financial statements.

Future Developments

Referendum of the United Kingdom’s (“UK’s”) membership of the European Union (the “EU Referendum”)

The EU referendum took place on 23 June 2016 and resulted in an overall vote to leave the European Union
(“EU”). The British government invoked Article 50 of the Lisbon Treaty on 29 March 2017 which started the
two-year period during which a leaving agreement is to be negotiated setting out the arrangements for the
withdrawal and outlining the UK’s future relationship with the EU. The exact process for the UK’s withdrawal
is uncertain, although it is generally expected to take longer than two years as this would require the
renegotiation of treaties and agreements, together with legislation changes.

The Company is domiciled in Jersey, outside of the EU, and the Commodity Securities are distributed in the
EU under the EU Prospectus Directive which requires their offering to the public to be approved by an EU
Member State regulator. To date, the Company has chosen the UK Financial Conduct Authority (“FCA”) as
its member state regulator for these purposes. Request is then made to the FCA, as the chosen Member
State regulator, for the passporting of the offering across the EU, once again, under the Prospectus
Directive.

It is currently expected that the Company would select an alternate EU Member State regulator through
which to seek approval and request passporting for its offering. As the Commodity Securities already comply
with the European wide requirements of the Prospectus Directive, this is not expected to cause any
disruption or alteration to the terms or nature of the Commodity Securities.

The Commodity Securities continue to comply with all applicable laws and regulations. Continued
assessment of the impact will be required throughout the withdrawal process.

The board of directors (the “Board”) are not aware of any other developments that might have a significant
effect on the operations of the Company in subsequent financial periods not already disclosed in this report
or the attached interim financial statements.

ETFS Commodity Securities Limited

Directors’ Report (Continued)

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Future Developments (continued)

Commodity Contract Counterparty changes

Commodity Securities are backed by commodity contracts (“Commodity Contracts”) with terms
corresponding to the terms of Commodity Securities. Each time Commodity Securities are issued or
redeemed, matching Commodity Contracts between the Company and a Commodity Contract Counterparty
are created or cancelled by the Company. The Company has entered into Facility Agreements with UBS
Securities AG, London Branch (“UBS”) and Merrill Lynch Commodities, Inc (“Merrill Lynch”) (together the
“Commodity Contract Counterparties”), enabling the Company to create and cancel Commodity Contracts on
an ongoing basis.

On 3 July 2017 the Company announced that it has entered into Facility Agreements with Citigroup Global
Markets Limited (“Citigroup”) appointing Citigroup as a commodity contract counterparty.

The Company also announced its intention to terminate the Facility Agreements with UBS effective on or
before 4 October 2017 (the “Effective Date”). The Company has agreed with Citigroup arrangements under
which the Commodity Contracts held with UBS will be effectively replaced by equivalent Commodity
Contracts held with Citigroup, and there will be no requirement to redeem the Commodity Securities.

The Company has also entered into a novation agreement with Merrill Lynch and Merrill Lynch International
(“MLI”) under which the obligations of Merrill Lynch in respect of the Commodity Contracts entered into under
its Facility Agreements with Merrill Lynch will be assumed by MLI, and has entered into Facility Agreements
with MLI accordingly.

The new Facility Agreements with Citigroup and with MLI are on similar terms to the existing Facility
Agreements with the existing Commodity Contract Counterparties. It is intended that the Facility Agreements
with Citigroup and MLI will also become effective on the Effective Date.

The value of Commodity Securities and the ability of the Company to repay the redemption price is
dependent on the receipt of such amount from the Commodity Contract Counterparties and may be affected
by the credit rating attached to the Commodity Contract Counterparties.

To cover the credit risk under the Commodity Contracts, the Commodity Contract Counterparties are obliged
to place an equivalent amount of collateral into a pledge account with the Bank of New York Mellon based on
the total outstanding value of the Commodity Contracts at the end of the previous trading day. In the event
of default by a Commodity Contract Counterparties, the Company has rights which it can exercise over the
amounts placed in this pledge account.

Dividends

There were no dividends declared or paid in the current or previous period. It is the Company’s policy that
dividends will only be declared when the directors are of the opinion that there are sufficient distributable
reserves.

Employees

The Company does not have any employees. It is the Company’s policy to use the services of specialist
subcontractors or consultants as far as possible.

ETFS Commodity Securities Limited

Directors’ Report (Continued)

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Directors’ Remuneration

No director has a service contract with the Company. The directors of the Company who are employees
within the ETF Securities Group do not receive separate remuneration in their capacity as directors of the
Company. R&H Fund Services (Jersey) Limited (“R&H” or the “Administrator”) receives a fee in respect of
the directors of the Company who are employees of R&H.

The directors’ fees which have been paid by ManJer on behalf of the Company for the period:

30 June 2017 30 June 2016
GBP GBP

Graham J Tuckwell Nil Nil
Christopher J M Foulds Nil Nil
Steven G Ross 4,000 Nil
Graeme D Ross Nil 4,000
Joseph L Roxburgh Nil Nil

On behalf of the directors

Joseph L Roxburgh
Director
Jersey
30 August 2017

ETFS Commodity Securities Limited

Statement of Directors’ Responsibilities

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The directors are responsible for preparing the Directors’ Report and the financial statements in accordance
with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial period. Under that law
they have elected to prepare the financial statements in accordance with International Financial Reporting
Standards (“IFRSs”) as issued by the International Accounting Standards Board (“IASB”) and applicable law.

Under company law the directors must not approve the financial statements unless they are satisfied that
they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company
for that period. In preparing these interim financial statements, the directors are required to:

 select suitable accounting policies and then apply them consistently;

 make judgements and estimates that are reasonable and prudent;

 state whether applicable accounting standards have been followed, subject to any material
departures disclosed and explained in the interim financial statements; and

 prepare the interim financial statements on the going concern basis unless it is inappropriate to
presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and
explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position
of the Company and enable them to ensure that the financial statements comply with the Companies
(Jersey) Law 1991. They have general responsibility for taking such steps as are reasonably open to them
to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information
included on the Company’s website. Legislation in Jersey governing the preparation and dissemination of the
financial statements may differ from legislation in other jurisdictions.

With regard to Regulation 2004/109/EC of the European Union (the “EU Transparency Directive”), the
directors confirm that to the best of their knowledge that:

 the interim financial statements for the period ended 30 June 2017 give a true and fair view of the
assets, liabilities, financial position and profit or loss of the Company as required by law and in
accordance with International Financial Reporting Standards as issued by the IASB; and

 the Directors’ Report gives a fair view of the development of the Company’s business, financial
position and the important events that have occurred during the period and their impact on these
interim financial statements.

By order of the Board

Joseph L Roxburgh
Director
30 August 2017

ETFS Commodity Securities Limited

Condensed Statement of Profit or Loss and Other Comprehensive Income

The notes on pages 10 to 18 form part of these condensed interim financial statements

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Period ended 30 June
2017 2016
Unaudited Unaudited
Notes USD USD

Revenue 2 11,042,324 9,478,701

Expenses 2 (11,042,324) (9,478,701)

Operating Result – –

Net (Loss)/Gain Arising on Contractual and Fair
Value of Commodity Contracts 6 (277,415,834) 380,731,463

Net Gain/(Loss)Gain Arising on Fair Value of
Commodity Securities 7 315,284,062 (416,515,029)

Result and Total Comprehensive Income for
the Period 37,868,228 35,783,566

1
Adjustment from Market Value to Contractual
Value (as set out in the Prospectus) of
Commodity Securities 1 (37,868,228) (35,783,566)

Adjusted Result and Total Comprehensive
Income for the Period – –

The directors consider the Company’s activities as continuing.

1
An explanation of the non-statutory adjustment is set out on page 12. This represents the movement in the difference
between the Contractual Value of the Commodity Contracts and the market price of Commodity Securities.

ETFS Commodity Securities Limited

Condensed Statement of Financial Position

The notes on pages 10 to 18 form part of these condensed interim financial statements

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As at
30 June 2017 31 December 2016
Unaudited Audited
Notes USD USD

Current Assets

Trade and Other Receivables 5 2,056,724 1,938,258
Commodity Contracts 6 3,709,771,043 3,335,980,666
Amounts Receivable on Commodity Securities
Awaiting Settlement 7 23,758,962 30,555,135
Amounts Receivable on Commodity Contracts
Awaiting Settlement 6 30,510,428 36,641,685

Total Assets 3,766,097,157 3,405,115,744

Current Liabilities

Commodity Securities 7 3,676,889,126 3,340,966,977
Amounts Payable on Commodity Contracts
Awaiting Settlement 6 23,758,962 30,555,135
Amounts Payable on Commodity Securities
Awaiting Settlement 7 30,510,428 36,641,685
Trade and Other Payables 8 2,056,722 1,938,256

Total Liabilities 3,733,215,238 3,410,102,053

Equity

Stated Capital 9 2 2
Revaluation Reserve 32,881,917 (4,986,311)

Total Equity 32,881,919 (4,986,309)

Total Equity and Liabilities 3,766,097,157 3,405,115,744

The condensed interim financial statements on pages 6 to 18 were approved and authorised for issue by the
board of directors and signed on its behalf on 30 August 2017.

Joseph L Roxburgh
Director

ETFS Commodity Securities Limited

Condensed Statement of Cash Flows

The notes on pages 10 to 18 form part of these condensed interim financial statements

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Period ended 30 June
2017 2016
Unaudited Unaudited
USD USD

Operating Result for the Period – –

Changes in Operating Assets and Liabilities
(Increase)/Decrease in Receivables (118,466) 304,262
Increase/(Decrease) in Payables 118,466 (304,262)
Cash Generated from Operating Activities – –

Net Increase in Cash and Cash Equivalents – –

Cash and Cash Equivalents at the Beginning of the
Period – –

Net Increase in Cash and Cash Equivalents – –

Cash and Cash Equivalents at the End of the Period – –

Commodity Securities are issued through a receipt of cash directly with the Commodity Contract
Counterparties or redeemed by the transfer of cash directly by the Commodity Contract Counterparties.
Cash flows in respect of the issue and redemption of Commodity Securities and the creation and
cancellation of Commodity Contracts have been netted off in the Condensed Statement of Cash Flows.

ETFS Commodity Securities Limited

Condensed Statement of Changes in Equity

The notes on pages 10 to 18 form part of these condensed interim financial statements

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Stated
Capital
Retained
Earnings
Revaluation
Reserve
2

Total
Equity
Adjusted Total
Equity
Notes USD USD USD USD USD

Audited Opening Balance at 1 January 2016 2 – 26,703,684 26,703,686 2

Result and Total Comprehensive Income for the Period – (35,783,566) – (35,783,566) (35,783,566)
Transfer to Revaluation Reserve – 35,783,566 (35,783,566) – –
3
Adjustment from Market Value to Contractual Value
(as set out in the Prospectus) of Commodity Securities – – – – 35,783,566

Unaudited Balance at 30 June 2016 2 – (9,079,882) (9,079,880) 2

Unaudited Opening Balance at 1 July 2016 2 – (9,079,882) (9,079,880) 2

Result and Total Comprehensive Income for the Period – 4,093,571 – 4,093,571 4,093,571
Transfer to Revaluation Reserve – (4,093,571) 4,093,571 – –
3
Adjustment from Market Value to Contractual Value
(as set out in the Prospectus) of Commodity Securities – – – – (4,093,571)

Audited Balance at 31 December 2016 2 – (4,986,311) (4,986,309) 2

Audited Opening Balance at 1 January 2017 2 – (4,986,311) (4,986,309) 2

Result and Total Comprehensive Income for the Period – 37,868,228 – 37,868,228 37,868,228
Transfer to Revaluation Reserve 7 – (37,868,228) 37,868,228 – –
3
Adjustment from Market Value to Contractual Value
(as set out in the Prospectus) of Commodity Securities 7 – – – – (37,868,228)

Unaudited Balance at 30 June 2017 2 – 32,881,917 32,881,919 2

2
This represents the difference between the Contractual Value of the Commodity Contracts and the market price of Commodity Securities.
3 An explanation of the non-statutory adjustment is set out on page 12.

ETFS Commodity Securities Limited

Notes to the Condensed Interim Financial Statements

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1. Accounting Policies

The main accounting policies of the Company are described below.

Basis of Preparation

The interim financial statements for the six months ended 30 June 2017 have been prepared in accordance
with IAS 34 “Interim Financial Reporting” as issued by the International Accounting Standards Board (“IASB”)
and interpretations issued by the International Financial Reporting Interpretations Committee of the IASB.
The interim financial statements have been prepared under the historical cost convention, as modified by the
revaluation of financial assets and financial liabilities held at fair value through profit or loss.

The accounting policies adopted are consistent with those of the annual financial statements for the year
ended 31 December 2016. The interim financial statements do not include all the information and
disclosures required in the annual financial statements and should be read in conjunction with the
Company’s annual financial statements for the year ended 31 December 2016.

The presentation of interim financial statements in conformity with International Financial Reporting
Standards (“IFRSs”) requires the use of certain critical accounting estimates. It also requires management to
exercise its judgement in the process of applying the Company’s accounting policies.

The Company makes estimates and assumptions that affect the reported amounts of assets and liabilities.
Estimates are continually evaluated and based on historical experience and other factors, including
expectations of future events that are believed to be reasonable under the circumstances. The only key
accounting judgement required to prepare these interim financial statements is in respect of the valuation of
Commodity Contracts and Commodity Securities held at fair value through profit or loss as disclosed in notes
6 and 7. Actual results could vary from these estimates.

This half yearly report has not been audited or reviewed by the Company’s auditors.

Going Concern

The nature of the Company’s business dictates that the outstanding Commodity Securities may be
redeemed at any time by the holder and in certain circumstances may be redeemed by the Company.
Generally only Security Holders who have entered into an authorised participant agreement with the
Company (“Authorised Participant”) can submit applications and redemptions directly with the Company. As
the redemption of Commodity Securities will coincide with the cancellation of an equal amount of Commodity
Contracts, no net liquidity risk is considered to arise. All other expenses of the Company are met by ETFS
Management Company (Jersey) Limited (“ManJer”); therefore the directors consider the Company to be a
going concern for the foreseeable future and have prepared the interim financial statements on this basis.

Accounting Standards

(a) Standards, amendments and interpretations effective on 1 January 2017 and adopted in the period:

In preparing the interim financial statements the Company has adopted all new or revised Standards,
Amendments and Interpretations, including:

 IAS 7 Statement of Cash Flows (Disclosure Initiative).
 IAS 12 Income Taxes.
 IFRS 12 Disclosure of Interests in Other Entities (as part of the Annual Improvements to IFRS).

Of those Standards and Interpretations adopted in the current period, none have resulted in any
significant effect on these interim financial statements.

ETFS Commodity Securities Limited

Notes to the Condensed Interim Financial Statements (Continued)

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1. Accounting Policies (continued)

Accounting Standards (continued)

(b) New and revised standards, amendments and interpretations in issue but not yet effective:

The Company has not applied the following new and revised Standards, Amendments and
Interpretations that have been issued but are not yet effective:

 IFRS 2 Share-based Payments (effective for annual periods beginning on or after 1 January 2018).
 IFRS 4 Insurance Contracts (overlay approach to be applied when IFRS 9 is first applied, deferral
approach effective for annual periods beginning on or after 1 January 2018 and only available for
three years after that date).
 IFRS 9 Financial Instruments (as amended in 2014) (effective for annual periods beginning on or
after 1 January 2018).
 IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint
Ventures (2011) – Sale or Contribution of Assets between an Investor and its Associate or Joint
Venture (no effective date set).
 IFRS 15 Revenue from Contracts with Customers (effective for annual periods beginning on or
after 1 January 2018).
 IFRS 16 Leases (effective for annual periods beginning on or after 1 January 2019).
 IFRS 17 Insurance Contracts (effective for annual periods beginning on or after 1 January 2021).
 IAS 40 Investment Property (effective for annual periods beginning on or after 1 January 2018).
 Annual Improvements to IFRS.

The directors intend to adopt IFRS 9 for the period beginning on 1 January 2018. The directors have
undertaken a preliminary assessment of the impact of adopting IFRS 9 and have concluded that there
would be no impact on the amounts reported in respect of the Company’s financial instruments.
Disclosures in the financial statements will be amended as necessary to meet the requirements of the
standard.

The directors do not expect the adoption of the remaining standards, amendments and interpretations
that are in issue but not yet effective will have a material impact on the financial statements of the
Company in future periods.

The directors have considered other standards and interpretations in issue but not effective and concluded
that they would not have a material impact on the future financial periods when they become available.

Segmental Reporting

IFRS 8 requires operating segments to be identified on the basis of internal reports about components of the
Company that are regularly reviewed by the Chief Operating Decision Maker (“CODM”) in order to allocate
resources to the segments and to assess their performance. The CODM has been determined as the board
of directors. A segment is a distinguishable component of the Company that is engaged either in providing
products or services (business segment), or in providing products and services within a particular economic
environment (geographical segment), which is subject to risks and rewards that are different from those of
other segments.

The Company reports information on its operations for each of the Company’s business segments only, as
the Company only has one geographic segment which is Europe. In addition the Company has no single
major customer from which greater than 10% of revenue is generated. The directors believe that there are
two segments comprising Classic & Longer Dated and Short & Leveraged – and results of each are
disclosed separately in note 3.
ETFS Commodity Securities Limited

Notes to the Condensed Interim Financial Statements (Continued)

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1. Accounting Policies (continued)

Commodity Securities and Commodity Contracts

i) Issue and Redemption

The Company has entered into facility agreements with UBS Securities AG, London Branch (“UBS”) and
Merrill Lynch Commodities, Inc (“Merrill Lynch”) (collectively the “Commodity Contract Counterparties”). The
Facility Agreements permit the Company to create and cancel Commodity Contracts at prices equivalent to
Commodity Securities issued or redeemed on the same day. Each time a Commodity Security is issued or
redeemed by the Company a corresponding number and value of Commodity Contracts are created from or
cancelled with UBS or Merrill Lynch. Refer to note 12 for further information in respect of changes to the
Commodity Contract Counterparties.

Financial assets and liabilities are recognised and de-recognised on the transaction date.

ii) Pricing

The Commodity Contracts are priced by reference to the value of the commodity indices calculated and
published by Bloomberg L.P. or Bloomberg Finance L.P. (together “Bloomberg”) and a multiplier calculated
by the Company and agreed with the Commodity Contract Counterparties. The multiplier takes into account
the daily accrual of the management fee, licence allowance and swap spread as well as the incremental
capital enhancement component of the Commodity Security, and is the same across all Commodity
Securities of the same type (i.e. all Classic Commodity Securities use the same multiplier). This price is
calculated based on the formula set out in the prospectus, and is referred to as the ‘Contractual Value’.

IFRS 13 requires the Company to identify the principal market and to utilise the available market price within
that principal market. The directors consider that the stock exchanges where the Commodity Securities are
listed to be the principal market and as a result the fair value of the Commodity Securities is the on-
exchange price as quoted on those stock exchanges demonstrating active trading. The Commodity
Securities are priced using the closing mid-market price on the Statement of Financial Position date.

Consequently a difference arises between the value of Commodity Contracts (at Contractual Value) and
Commodity Securities (at market value) presented in the Condensed Statement of Financial Position. This
difference is reversed on a subsequent redemption of the Commodity Securities and cancellation of the
corresponding Commodity Contracts.

iii) Designation at fair value through Profit or Loss

Each Commodity Security and Commodity Contract comprises a financial instrument whose redemption or
cancellation price is linked to the performance of the relevant commodity index adjusted by the applicable
fees and expenses.

These instruments are designated at fair value through profit or loss upon initial recognition. This is in order
to enable gains or losses on both the Commodity Securities and Commodity Contracts to be recorded in the
Condensed Statement of Profit or Loss and Other Comprehensive Income.

Through the mis-matched accounting values, the results of the Company reflect a gain or loss which
represents the movement in the cumulative difference between the agreed Contractual Value (based on the
formula set out in the prospectus) of the Commodity Contracts and the market price of Commodity
Securities. This gain or loss is transferred to a Revaluation Reserve which is non-distributable. The results
of the Company are adjusted through the presentation of a non-statutory movement entitled ‘Adjustment
from Market Value to Contractual Value (as set out in the Prospectus) of Commodity Securities’.

ETFS Commodity Securities Limited

Notes to the Condensed Interim Financial Statements (Continued)

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2. Operating Result

Operating result for the period comprised:

Period ended 30 June

2017
Unaudited
2016
Unaudited
USD USD

Management Fees 9,982,624 8,544,812
Licence Allowance 896,888 743,137
Creation and Redemption Fees 162,812 190,752

Total Revenue 11,042,324 9,478,701

ManJer Fees (11,042,324) (9,478,701)

Total Operating Expenses (11,042,324) (9,478,701)

Operating Result – –

3. Segmental Reporting

The Company has two operating segments; Classic & Longer Dated and Short & Leveraged. The Company
earns revenues from each of these sources.

For the period ended
30 June 2017
Unaudited
Classic &
Longer Dated
Short &
Leveraged Central Total
USD USD USD USD

Management Fees 7,596,386 2,386,238 – 9,982,624
Licence Allowance 775,141 121,747 – 896,888
Creation and Redemption Fees 84,571 78,241 – 162,812

Total Revenue 8,456,098 2,586,226 – 11,042,324

Total Operating Expenses 8,456,098 2,586,226 – 11,042,324

Segmental Result – – – –

For the period ended
30 June 2016
Unaudited
Classic &
Longer Dated
Short &
Leveraged Central Total
USD USD USD USD

Management Fees 6,020,682 2,524,130 – 8,544,812
Licence Allowance 614,355 128,782 – 743,137
Creation and Redemption Fees 91,464 99,288 – 190,752

Total Revenue 6,726,501 2,752,200 – 9,478,701

Total Operating Expenses (6,726,501) (2,752,200) – (9,478,701)

Segmental Result – – – –

Additional information relating to the assets and liabilities associated with these securities is disclosed in
notes 6 and 7.

ETFS Commodity Securities Limited

Notes to the Condensed Interim Financial Statements (Continued)

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4. Taxation

The Company is subject to Jersey Income Tax. The Jersey Income Tax rate applicable to the Company for
the foreseeable future is zero percent.

5. Trade and Other Receivables

As at
30 June 2017 31 December 2016
Unaudited Audited
USD USD

Management Fees and Licence Allowance 1,972,988 1,848,661
Creation and Redemption Fees 83,734 89,595
Due from Parent 2 2

2,056,724 1,938,258

The fair value of these receivables is equal to the carrying value.

6. Commodity Contracts

30 June 2017

Change in
Fair Value

Fair Value
Unaudited Unaudited
USD USD

Classic & Longer Dated Commodity Contracts (218,899,361) 3,196,631,945
Short & Leveraged Commodity Contracts (58,516,473) 519,966,768

Total Commodity Contracts (277,415,834) 3,716,598,713

31 December 2016

Change in
Fair Value

Fair Value
Audited Audited
USD USD

Classic & Longer Dated Commodity Contracts 309,635,244 2,875,532,891
Short & Leveraged Commodity Contracts 53,492,131 460,447,775

Total Commodity Contracts 363,127,375 3,335,980,666

As at 30 June 2017, there were certain Commodity Contracts awaiting settlement in respect of the creation
or redemption of Commodity Securities with transaction dates before the period end and settlement dates in
the following period:
 The amount payable on Commodity Contracts as a result of unsettled creations of Commodity
Securities is USD 23,758,962 (31 December 2016: USD 30,555,135).
 The amount receivable on Commodity Contracts as a result of unsettled redemptions of Commodity
Securities is USD 30,510,428 (31 December 2016: USD 36,641,685).

ETFS Commodity Securities Limited

Notes to the Condensed Interim Financial Statements (Continued)

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7. Commodity Securities

Whilst the Commodity Securities are quoted on the open market, the Company’s liability relates to its
contractual obligations to issue and redeem Commodity Securities at set prices on each trading day. These
prices are based on an agreed formula, and are equal to the published NAVs of each class of Commodity
Security. Therefore, the actual contractual issue and redemption of Commodity Securities occur at a price
that corresponds to gains or losses on the Commodity Contracts. As a result the Company has no net
exposure to gains or losses on the Commodity Securities and Commodity Contracts.

The Company measures the Commodity Securities at their market value in accordance with IFRS 13 rather
than their Contractual Value (as described in the prospectus). The market value is deemed to be the prices
quoted on stock exchanges or other markets where the Commodity Securities are listed or traded. However
Commodity Contracts are valued based on the agreed formula set out in the prospectus

The fair values and movements in unrealised gains/losses during the period based on prices available on the
open market as recognised in the interim financial statements are:

30 June 2017

Change in
Fair Value

Fair Value
Unaudited Unaudited
USD USD

Classic & Longer Dated Commodity Securities 252,619,110 3,165,598,817
Short & Leveraged Commodity Securities 62,664,952 518,446,247

Total Commodity Securities 315,284,062 3,684,045,064

The contractual redemption values and movements in unrealised gains/losses during the period based on
the contractual settlement values are:

30 June 2017

Change in
Contractual Value
Contractual
Value
Unaudited Unaudited
USD USD

Classic & Longer Dated Commodity Securities 218,899,361 3,196,631,945
Short & Leveraged Commodity Securities 58,516,473 519,966,768

Total Commodity Securities 277,415,834 3,716,598,713

The gain or loss on the difference between the Contractual Value of the Commodity Contracts and the
market price of Commodity Securities would be reversed on a subsequent redemption of the Commodity
Securities and cancellation of the corresponding Commodity Contracts.

The mismatched accounting values are as shown below and represent the non-statutory adjustment
presented in the Condensed Statement of Profit or Loss and Other Comprehensive Income:

Period Ended
30 June 2017
Year Ended
31 December 2016
Unaudited Audited
USD USD

Net (Loss)/Gain Arising on Contractual and Fair Value
of Commodity Contracts (277,415,834) 363,127,375
Net Gain/(Loss) Arising on Fair Value of Commodity
Securities 315,284,062 (394,817,370)

37,868,228 (31,689,995)

ETFS Commodity Securities Limited

Notes to the Condensed Interim Financial Statements (Continued)

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7. Commodity Securities (continued)

As at 30 June 2017, there were certain Commodity Securities awaiting settlement in respect of creations or
redemptions with trade dates before the period end and settlement dates in the following period:
 The amount payable as a result of unsettled redemptions of Commodity Securities is USD
30,510,428 (31 December 2016: USD 36,641,685).
 The amount receivable as a result of unsettled creations of Commodity Securities is USD 23,758,962
(31 December 2016: USD 30,555,135).

31 December 2016

Change in
Fair Value

Fair Value
Audited Audited
USD USD

Classic & Longer Dated Commodity Securities (332,047,111) 2,878,292,696
Short & Leveraged Commodity Securities (62,770,259) 462,674,281

Total Commodity Securities (394,817,370) 3,340,966,977

31 December 2016

Change in
Contractual Value
Contractual
Value
Audited Audited
USD USD

Classic & Longer Dated Commodity Securities (309,635,244) 2,875,532,891
Short & Leveraged Commodity Securities (53,492,131) 460,447,775

Total Commodity Securities (363,127,375) 3,335,980,666

8. Trade and Other Payables

As at
30 June 2017 31 December 2016
Unaudited Audited
USD USD

ManJer Fees Payable 2,056,722 1,938,256

The fair value of these payables is equal to the carrying value.

9. Stated Capital

As at
30 June 2017 31 December 2016
Unaudited Audited
USD USD

2 Shares of Nil Par Value, Issued at GBP 1 Each 2 2

The Company can issue an unlimited capital of nil par value Shares in accordance with its Memorandum of
Association.

All Shares issued by the Company carry one vote per Share without restriction and carry the right to
dividends. All Shares are held by ETFS Holdings (Jersey) Limited (“HoldCo”). ETF Securities Limited
(“ETFSL”) is the parent company of HoldCo.

ETFS Commodity Securities Limited

Notes to the Condensed Interim Financial Statements (Continued)

- 17 – The intelligent alternative. www.etfsecurities.com
10. Related Party Disclosures

Entities and individuals which have a significant influence over the Company, either through ownership or by
virtue of being a director of the Company, are related parties.

Fees charged by ManJer during the period:

Period Ended 30 June
2017 2016
Unaudited Unaudited
USD USD

ManJer Fees 11,042,324 9,478,701

The following balances were due to ManJer at period end:

As at
30 June 2017 31 December 2016
Unaudited Audited
USD USD

ManJer Fees Payable 2,056,722 1,938,256

The following balances were due from HoldCo at the period/year end:

As at
30 June 2017 31 December 2016
Unaudited Audited
USD USD

Due from Parent 2 2

As disclosed in the Directors’ Report, ManJer paid directors’ fees in respect of the Company of GBP 4,000
(30 June 2016: GBP 4,000).

Steven G Ross is a director of R&H Fund Services (Jersey) Limited (“R&H”), the administrator. During the
period, R&H charged ManJer administration fees in respect of the Company of GBP 159,484 (30 June 2016:
GBP 141,604), of which GBP 79,742 (30 June 2016: GBP 70,802) was outstanding at the period end.

Graham J Tuckwell is also a director of ETFSL, ManJer and HoldCo. Joseph L Roxburgh is also a director
of ManJer and HoldCo. Christopher J M Foulds is the Compliance Officer of ManJer.

11. Ultimate Controlling Party

The immediate parent company is HoldCo, a Jersey registered company. The ultimate controlling party is
Graham J Tuckwell through his majority shareholding in ETFSL. ETFSL is the parent company of HoldCo.

The value of the Commodity Contracts backing the Commodity Securities is wholly attributable to the holders
of the Commodity Securities.

ETFS Commodity Securities Limited

Notes to the Condensed Interim Financial Statements (Continued)

- 18 – The intelligent alternative. www.etfsecurities.com
12. Events Occurring After the Reporting Period

Commodity Securities are backed by commodity contracts (“Commodity Contracts”) with terms
corresponding to the terms of Commodity Securities. Each time Commodity Securities are issued or
redeemed, matching Commodity Contracts between the Company and a Commodity Contract Counterparty
are created or cancelled by the Company. The Company has entered into Facility Agreements with UBS
Securities AG, London Branch (“UBS”) and Merrill Lynch Commodities, Inc (“Merrill Lynch”) (together the
“Commodity Contract Counterparties”), enabling the Company to create and cancel Commodity Contracts on
an ongoing basis.

On 3 July 2017 the Company announced that it has entered into Facility Agreements with Citigroup Global
Markets Limited (“Citigroup”) appointing Citigroup as a commodity contract counterparty.

The Company also announced its intention to terminate the Facility Agreements with UBS effective on or
before 4 October 2017 (the “Effective Date”). The Company has agreed with Citigroup arrangements under
which the Commodity Contracts held with UBS will be effectively replaced by equivalent Commodity
Contracts held with Citigroup, and there will be no requirement to redeem the Commodity Securities.

The Company has also entered into a novation agreement with Merrill Lynch and Merrill Lynch International
(“MLI”) under which the obligations of Merrill Lynch in respect of the Commodity Contracts entered into under
its Facility Agreements with Merrill Lynch will be assumed by MLI, and has entered into Facility Agreements
with MLI accordingly.

The new Facility Agreements with Citigroup and with MLI are on similar terms to the existing Facility
Agreements with the existing Commodity Contract Counterparties. It is intended that the Facility Agreements
with Citigroup and MLI will also become effective on the Effective Date.

www.etfsecurities.com

The intelligent
alternative.

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