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Important notice

This communication is made by ETF Securities Marketing LLP of 6th Floor, 2 London Wall Buildings, London EC2M 5UU. Any references in the following document to ETF Securities Limited making this communication should be construed as references to ETF Securities Marketing LLP.

With effect from 1 January 2011, ETFS Management Company (Jersey) Limited has replaced ETF Securities Limited as the Product Manager of each of ETFS Commodity Securities Limited, ETFS Foreign Exchange Limited, ETFS Industrial Metal Securities Limited, ETFS Metal Securities Limited, ETFS Oil Securities Limited and Gold Bullion Securities Limited. Any references in the following document to ETF Securities Limited shall be construed as references to ETF Securities Management Company (Jersey) Limited. ETFS Management Company (Jersey) Limited is regulated by the Jersey Financial Services Commission. ETF Securities Marketing LLP is not regulated by the Jersey Financial Services Commission.

This communication is provided for your general information only and does not constitute investment advice or an offer to sell or the solicitation of an offer to buy any investment. The terms and conditions applicable to investors will be set out in the relevant Prospectus.

Nothing in this communication is advice on the merits of any product or investment. Nothing in this communication constitutes investment, legal, tax or any other advice nor is it to be relied on in making an investment or other decision. You should take your own independent investment, tax and legal advice as you think fit.

This communication is directed only at persons who: (a) are outside the European Economic Area; or (b) are investment professionals falling within Article 19(5) of the United Kingdom Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "FPO"), who have professional experience in matters relating to investments; or (c) are high net worth organisations falling within Article 49(2) of the FPO (broadly, companies or partnerships with net assets of £5m sterling or more and trustees of trusts with assets of £10m or more); or (d) are persons to whom it may otherwise lawfully be communicated (all such persons together being referred to as "exempt persons"). This communication must not be acted upon or relied on by persons who are not exempt persons.

Download Document

Important notice

This communication is made by ETF Securities Marketing LLP of 6th Floor, 2 London Wall Buildings, London EC2M 5UU. Any references in the following document to ETF Securities Limited making this communication should be construed as references to ETF Securities Marketing LLP. With effect from 1 January 2011, ETFX Investment Management LLP has replaced ETF Securities Limited as the Promoter of the Company. Any references in the following document to ETF Securities Limited (other than references to ETF Securities Limited making this communication) shall be construed as references to ETFX Investment Management LLP. ETFX Investment Management LLP is not regulated by the Jersey Financial Services Commission but is authorised and regulated by the United Kingdom Financial Services Authority. ETF Securities Marketing LLP is not regulated by the Jersey Financial Services Commission.

This communication is provided for your general information only and does not constitute investment advice or an offer to sell or the solicitation of an offer to buy any investment. The terms and conditions applicable to investors will be set out in the relevant Prospectus.

Nothing in this communication is advice on the merits of any product or investment. Nothing in this communication constitutes investment, legal, tax or any other advice nor is it to be relied on in making an investment or other decision. You should take your own independent investment, tax and legal advice as you think fit.

This communication is directed only at persons who: (a) are outside the European Economic Area; or (b) are investment professionals falling within Article 19(5) of the United Kingdom Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "FPO"), who have professional experience in matters relating to investments; or (c) are high net worth organisations falling within Article 49(2) of the FPO (broadly, companies or partnerships with net assets of £5m sterling or more and trustees of trusts with assets of £10m or more); or (d) are persons to whom it may otherwise lawfully be communicated (all such persons together being referred to as "exempt persons"). This communication must not be acted upon or relied on by persons who are not exempt persons.

QUICK LINKS

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Simply contact us or give us a call on: +44(0) 207 448 4330

OUR PRODUCTS

ETFS 3x Short USD Long GBP

Liquidity

Key facts

Allocation

Download daily collateral

Investment objective

ETFS 3x Short USD Long GBP is designed to track the MSFX^SM Triple Short US Dollar/GBP Index (TR). This index aims to reflect three times the daily percentage change between the two currencies, plus generates a collateral yield on the cash invested.

Safety and Structure

The ETC is a debt security issued by ETFS Foreign Exchange Ltd (FXL) and is backed by Currency Transactions entered into with Currency Transaction Counterparties (CTCs). Counterparty risk is minimised by way of daily marked-to-market payments, and cash is used to enter into repo transactions with CTCs in exchange for eligible collateral. The eligible collateral is held by the collateral manager BNY Mellon in a custody account and valued daily.

FXL Counterparty Risk Factsheet

Prospectus

Index Description

MSFX^SM Triple Short US Dollar/GBP Index (TR) is a total return index reflecting the performance of a fully collateralised position in currency forward contracts which are rolled on a daily basis. The index provides short exposure to (i) movements in exchange rates between the local currency (USD) and GBP and (ii) an interest differential component based on GBP interest rates less local borrowing costs - to the extent either are incorporated in forward contract prices.

The methodology which Morgan Stanley & Co. Inc. uses in order to calculate the index is set out in the MSFX^SM Indices Manual available here.

Triple Short Currency Indices reflect a leveraged exposure to the Daily Currency Exposure of minus three times (-3x). Each Triple Short Currency Index provides the same Daily Collateral Yield as the corresponding Short Currency Index.

Investments which provide a short and/or leveraged exposure may only be suitable for professional investors with knowledge of the risks and benefits of these strategies and who understand leverage, compounded daily returns and are willing to magnify potential losses by comparison to securities that provide an unleveraged exposure. FXL securities which provide leveraged short or leveraged long exposure are designed to provide a specific exposure to daily changes in currency exchange rates. Over periods of greater than one day, they do not necessarily provide security holders with a return equivalent to the return from the unleveraged long or unleveraged short securities multiplied by the relevant leverage factor.

Liquidity

ETCs are debt securities which can be created or redeemed on demand (by authorised participants). It trades on exchange just like an equity and its pricing and tracking operate similarly to an Exchange Traded Fund.

Exchange List

Market Makers List

Brokers List

Daily security data

Click here for information on how NAV is determined

Click here to view the latest LSE trading and price performance

Key facts

Inception date	November '10
Management fee	0.98%
Base Currency	GBX
Trading Currency	GBX
Minimum investment	One security
Type of security	Secured, undated, debt security
Taxes	No stamp duty or SDRT
Index	MSFX^SM Triple Short US Dollar/GBP Index (TR)

Trading information

Exchange	London Stock Exchange
Exchange code	PUS3
Bloomberg code	PUS3 LN
Reuters code	PUS3.L
SEDOL	B43NB44
ISIN	JE00B43NB445

Index disclaimer: The Morgan Stanley Indices are the exclusive property of Morgan Stanley & Co. Incorporated (“Morgan Stanley”). Morgan Stanley and the Morgan Stanley index names are service mark(s) of Morgan Stanley or its affiliates and have been licensed for use for certain purposes by the Issuer and ETF Securities Limited. The financial securities referred to herein are not sponsored, endorsed or promoted by Morgan Stanley and Morgan Stanley bears no liability with respect to any such financial securities. The FXL prospectus contains a more detailed description of the limited relationship Morgan Stanley has with the Issuer and any related financial securities. No purchaser, seller or holder of this product, or any other person or entity, should use or refer to any Morgan Stanley trade name, trademark or service mark to sponsor, endorse, market or promote this product without first contacting Morgan Stanley to determine whether Morgan Stanley’s permission is required. Under no circumstances may any person or entity claim any affiliation with Morgan Stanley without the prior written permission of Morgan Stanley.