ETFS Foreign Exchange Limited. Collateralised Currency Securities

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1 Supplementary prospectus dated 2 March 2010 Bringing Exchange Traded Currencies to the World s Stock Exchanges ETFS Foreign Exchange Limited (Incorporated and registered in Jersey under the Companies (Jersey) Law 1991 (as amended) with registered number ) Prospectusfortheissueof Collateralised Currency Securities Supplementaryprospectus Thisdocument(the Supplementary Prospectus ),whichcomprisesasupplementaryprospectusfor thepurposesof section87gofthefinancialservicesandmarketsact2000(the FSMA )andarticle 16ofDirective2003/71/EC,shouldbereadinconjunctionwiththeprospectus(the Prospectus )of the Issuer dated 5 November 2009.Terms used in this document, unless otherwise stated bear the samemeaningsasintheprospectus. ThisdocumenthasbeenfiledwiththeFinancialServicesAuthority(the FSA )andmadeavailableto the public in accordance with Rule PR 3.2 of the Prospectus Rules and Articles 14 and 16 of the ProspectusDirective.ThisdocumenthasbeenapprovedasasupplementaryprospectusbytheFSA undersection87aofthefsmaandarticles13and16oftheprospectusdirective. ETFS Foreign Exchange Limited (the Issuer ) has established a programme under which CollateralisedCurrency Securitiesmaybeissuedfromtimetotime.TheIssuerreservestherightto increasethenumberof CollateralisedCurrency Securitiesthatmaybeissued. Anyprospectiveinvestorintendingtoacquireoracquiringany CollateralisedCurrency Securitiesfrom anyauthorisedparticipantorotherperson(an Offeror )shouldbeawarethat,inthecontextofanoffer to the public as defined in section 102B of FSMA, the Issuer may be responsible to the prospective investorfortheprospectusandthissupplementary Prospectusundersection90ofFSMA,onlyifthe Issuer has authorised that Offeror to make the offer to the prospective investor. Each prospective investorshouldthereforeenquirewhethertheofferorissoauthorisedbytheissuer.iftheofferorisnot soauthorisedbytheissuer,theprospectiveinvestorshouldcheckwiththeofferorwhetheranyoneis responsiblefortheprospectusandthissupplementary Prospectusforthepurposesofsection90of FSMAinthecontextoftheoffertothepublic,and,ifso,whothatpersonis.Iftheprospectiveinvestor isinanydoubtaboutwhetheritcanrelyontheprospectusandthissupplementary Prospectusand/or whoisresponsibleforitscontentsitshouldtakelegaladvice. Each Offeror shall provide prospective investors with all relevant information as regards the offer at the time of such offer. A prospective investor intending to acquire or acquiring any Collateralised Currency Securities from an Offeror will do so, and offers and sales of the Collateralised Currency Securities to a prospective investor by an Offeror will be made, in accordance with any terms and other arrangements in place between such Offeror and such prospective investor including as to price, allocations and settlement arrangements. The Issuer will not be a party to any such arrangements with prospective investors (other than with Authorised Participants) in connection with the offer or sale of the Collateralised Currency Securities and, accordingly, the Prospectus and this Supplementary Prospectus do not and any Pricing Supplement will not contain such information and any prospective investor must obtain such information from the Offeror. AnypersonwhohasagreedwiththeIssueroranOfferortobuyorsubscribefor CollateralisedCurrency Securities prior to publication of this document may, in accordance with section 87Q(4) of FSMA, withdrawhisacceptancebeforetheendoftwoworkingdaysbeginningwiththefirstworkingdateafter thedateofpublicationofthisdocument.accordinglyanysuchpersonwishingtoexercisethestatutory withdrawalrightscontainedinsection87qoffsmamustdosobylodgingawrittennoticeofwithdrawal with the Issuer or the appropriate Offeror(as the case may be) at their registered office or principal

2 placeofbusinessduringnormalbusinesshours(orbyanyothermeansasmaybeagreedwiththe IssuerortheappropriateOfferor(asthecasemaybe))soastobereceivednolaterthan 4March2010. Noticeofwithdrawalwhichisdepositedorreceivedaftersuchdatewillnotconstituteavalidwithdrawal. Application hasbeen madefor thelongandshorteurcurrencysecuritiestobeadmittedtolisting ontheregulatedmarket(generalstandard)(regulierter Markt [General Standard])oftheFrankfurt Stock Exchange (Frankfurter Wertpapierbörse), a regulated market for the purposes of Directive 2004/39/EC(theMarketsinFinancialInstrumentsDirective). The purpose of this Supplementary Prospectus is to provide certain information relevant to or in connection with (a) the Long EUR Developed Currency Securities and the Short EUR Currency Securities(together, the Long and Short EUR Currency Securities),(b) the process for listing the Long and Short EUR Currency Securities on the Regulated Market (General Standard) (Regulierter Markt [General Standard])oftheFrankfurtStockExchange(Frankfurter Wertpapierbörse)and(c)the CollateralisedCurrencySecuritiesgenerally. An investment in Collateralised Currency Securities involves a significant degree of risk. In addition to the other information contained in this document and the Prospectus, the risk factors contained in the section headed Risk Factors in the Prospectus should be carefully considered by prospective investors before deciding whether to invest in Collateralised Currency Securities. It should be remembered that the price of securities can go down as well as up. Collateralised Currency Securities are complex, structured products involving a significant degree of risk and are not suitable or appropriate for all types of investor. They are aimed at sophisticated, professional and institutional investors and any other person wishing to invest must seek appropriate financial, tax and other advice from independent financial advisors with appropriate regulatory authorisation and qualifications. TheIssueracceptsresponsibilityfortheinformationcontainedinthisSupplementary Prospectus.To thebestoftheknowledgeandbeliefoftheissuer(whohastakenallreasonablecaretoensurethat suchisthecase)theinformationcontainedinthissupplementary Prospectusisinaccordancewiththe factsanddoesnotomitanythinglikelytoaffecttheimportoftheinformation. None of the Trustee, the Security Trustee, MSIP or MS&CO nor any other member of the Morgan StanleyGrouphasseparatelyverifiedtheinformationcontainedinthisSupplementary Prospectus.No representation,warrantyorundertaking,expressorimplied,ismade,andnoresponsibilityorliabilityis accepted by the Trustee, the Security Trustee, MSIP, MS&CO or any other member of the Morgan StanleyGroupastotheaccuracyorcompletenessofanyinformationcontainedinthisSupplementary ProspectusoranyotherinformationsuppliedinconnectionwithCollateralisedCurrencySecuritiesor theirdistribution.eachpersonapplyingforcollateralisedcurrencysecuritiesinaccordancewiththe ProspectusandthisSupplementary Prospectusacknowledgesthat(i)suchpersonhasnotreliedon thetrustee,thesecuritytrustee,msiporms&co,noronanypersonaffiliatedwithanyofthemin connectionwithitsinvestmentdecisionoritsinvestigationoftheaccuracyoftheinformationcontained herein;(ii)collateralisedcurrencysecuritiesaredirect,limitedrecourseobligationsoftheissueralone andnotobligationsofanyotherperson,includingthetrustee,thesecuritytrustee,msiporms&co oranyothermemberofthemorganstanleygroup;and(iii)theobligationsoftheissuertosecurity HoldersundertheCollateralisedCurrencySecuritiesarenotguaranteedbyanyotherperson,including thetrustee,thesecuritytrustee,msiporms&cooranyothermemberofthemorganstanleygroup. Neither MSIP nor any other member of the Morgan Stanley Group has structured Collateralised Currency Securities or provided any advice or information in respect of Collateralised Currency Securities (subject to a limited exception for information provided by MSIP in relation to itself) nor accepts any responsibility in respect of this Supplementary Prospectus or any other disclosure document or advertising materials in connection with the Collateralised Currency Securities. The Currency Indices are the exclusive property of MS&CO. MS&CO and the MS&CO index names are servicemark(s)ofms&cooritsaffiliatesandhavebeenlicensedforuseforcertainpurposesbythe Issuer. 2

3 THE COLLATERALISED CURRENCY SECURITIES ARE NOT SPONSORED, ENDORSED, SOLD ORPROMOTEDBYMS&CO,ANYAFFILIATEOFMS&COORANYOTHERPARTYINVOLVEDIN, ORRELATEDTO,MAKINGORCOMPILINGANYCURRENCYINDEXOTHERTHANANYSALEBY ANYAFFILIATE OF MS&CO IN ITS ROLEASANAUTHORISED PARTICIPANT. THE CURRENCY INDICESARE THE EXCLUSIVE PROPERTY OF MS&CO. MS&COAND THE CURRENCY INDEX NAMESARE SERVICE MARK(S) OF MS&CO OR ITSAFFILIATESAND HAVE BEEN LICENSED FORUSEFORCERTAINPURPOSESBYTHEISSUER.NEITHERMS&CO,ANYOFITSAFFILIATES NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING ANY CURRENCYINDEXMAKESANYREPRESENTATIONORWARRANTY,EXPRESSORIMPLIED,TO THEOWNERSOFTHECOLLATERALISEDCURRENCYSECURITIESORANYMEMBEROFTHE PUBLICREGARDINGTHEADVISABILITYOFINVESTINGINFINANCIALSECURITIESGENERALLY OR IN THE COLLATERALISED CURRENCY SECURITIES PARTICULARLY OR THE ABILITY OF ANY CURRENCY INDEX TO TRACK CORRESPONDING CURRENCY EXCHANGE RATE PERFORMANCE.MS&COORITSAFFILIATESARETHELICENSORSOFCERTAINTRADEMARKS, SERVICE MARKS AND TRADE NAMES AND OF THE CURRENCY INDICES WHICH ARE DETERMINED, COMPOSED AND CALCULATED BY MS&CO WITHOUT REGARD TO THE COLLATERALISED CURRENCY SECURITIES OR THE ISSUER OR OWNER OF THE COLLATERALISED CURRENCY SECURITIES. NEITHER MS&CO,ANY OF ITSAFFILIATES NOR ANYOTHERPARTYINVOLVEDIN,ORRELATEDTO,MAKINGORCOMPILINGANYCURRENCY INDEXHASANYOBLIGATIONTOTAKETHENEEDSOFTHEISSUERORSECURITYHOLDERS INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE CURRENCY INDICES. NEITHER MS&CO, ITS AFFILIATES NOR ANY OTHER PARTY INVOLVED IN, OR RELATEDTO,MAKINGORCOMPILINGANYCURRENCYINDEXISRESPONSIBLEFORORHAS PARTICIPATED IN THE DETERMINATION OF THE TIMING OF, PRICESAT, OR QUANTITIES OF THE COLLATERALISED CURRENCY SECURITIESTO BE ISSUED OR INTHE DETERMINATION OR CALCULATION OF THE EQUATION BY WHICH THE COLLATERALISED CURRENCY SECURITIESMAYBEREDEEMEDFORCASH.NEITHERMS&CO,ANYOFITSAFFILIATESNOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, THE MAKING OR COMPILING ANY CURRENCY INDEX HAS ANY OBLIGATION OR LIABILITY TO THE SECURITY HOLDERS IN CONNECTION WITH THE ADMINISTRATION, MARKETING OR OFFERING OF THE COLLATERALISEDCURRENCYSECURITIES. ALTHOUGH MS&CO SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE CURRENCY INDICES FROM SOURCES WHICH MS&CO CONSIDERS RELIABLE,NEITHERMS&CO,ANYOFITSAFFILIATESNORANYOTHERPARTYINVOLVEDIN, OR RELATED TO MAKING OR COMPILING ANY CURRENCY INDEX WARRANTS OR GUARANTEES THE ORIGINALITY, ACCURACY AND/OR THE COMPLETENESS OF ANY CURRENCY INDEX OR ANY DATA INCLUDED THEREIN. NEITHER MS&CO, ANY OF ITS AFFILIATESNORANYOTHERPARTYINVOLVEDIN,ORRELATEDTO,MAKINGORCOMPILING ANYCURRENCYINDEXMAKESANYWARRANTY,EXPRESSORIMPLIED,ASTORESULTSTO BEOBTAINEDBYANYPERSONORENTITYFROMTHEUSEOFANYCURRENCYINDEXORANY DATAINCLUDEDTHEREIN.NEITHERMS&CO,ANYOFITSAFFILIATESNORANYOTHERPARTY INVOLVEDIN,ORRELATEDTO,MAKINGORCOMPILINGANYCURRENCYINDEXSHALLHAVE ANY LIABILITY FORANY ERRORS, OMISSIONS OR INTERRUPTIONS OF OR IN CONNECTION WITHANYCURRENCYINDEXORANYDATAINCLUDEDTHEREIN.FURTHER,NEITHERMS&CO, ANYOFITSAFFILIATESNORANYOTHERPARTYINVOLVEDIN,ORRELATEDTO,MAKINGOR COMPILINGANYCURRENCYINDEXMAKESANYEXPRESSORIMPLIEDWARRANTIESOFANY KIND, AND MS&CO, ANY OF ITS AFFILIATES AND ANY OTHER PARTY INVOLVED IN, OR RELATEDTOMAKINGORCOMPILINGANYCURRENCYINDEXHEREBYEXPRESSLYDISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FORA PARTICULAR PURPOSE, WITH RESPECTTOANYCURRENCYINDEXANDANYDATAINCLUDEDTHEREIN.WITHOUTLIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL MS&CO, ANY OF ITS AFFILIATES OR ANY OTHERPARTYINVOLVEDIN,ORRELATEDTO,MAKINGORCOMPILINGANYCURRENCYINDEX HAVEANY LIABILITY FORANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANYOTHERDAMAGES(INCLUDINGLOSTPROFITS)EVENIFNOTIFIEDOFTHEPOSSIBILITY OFSUCHDAMAGES. 3

4 TABLE OF CONTENTS Page Part 1 General Information 5 Introduction Part 2 Information Relating to the Long and Short EUR Currency Securities 6 ManagementFeeandDailySpread Part 3 Process for Listing Long and Short EUR Currency Securities 7 AdmissiontotheFrankfurtStockExchange(FrankfurterWertpapierbörse) SettlementandDeliveryontheFrankfurtStockExchange (FrankfurterWertpapierbörse) SupplyandInspectionofDocumentsinGermany General Taxation Disclaimer Part 4 Global Bearer Certificates 9 FormoftheGlobalBearerCertificates TextoftheConditionsoftheGlobalBearerCertificates Part 5 Additional Information Relating to Collateralised Currency Securities 13 SummaryofcertainadditionaldocumentsenteredintobytheIssuer AuthorisedParticipantsAgreements ListingandAgentBankAgreement SettlementAgreement DocumentsavailableforInspection Directors,SecretaryandAdvisers Annex 1 Form of the Global Bearer Certificates 15 Annex 2 Text of the Conditions of the Global Bearer Certificates 16 4

5 PART 1 GENERAL INFORMATION Introduction ETFS ForeignExchange Limited(the Issuer )wasincorporatedasa public companyinjerseyon 1 July 2009 under the Companies(Jersey) Law 1991(as amended)(the Law ).The Issuer operates under the Law and secondary legislation made thereunder. It is registered in Jersey under number TheIssuer sregisteredofficeisordnancehouse,31pierroad,sthelier,jersey,channel Islands,JE48PW.AlloftheIssuer sissuedordinarysharesareownedbyetfsecuritieslimited. The CollateralisedCurrency Securitieswhichhavebeenissued priorto thedatehereofhavebeenlisted ontheofficiallistandadmittedtotradingonthemainmarketofthelondonstockexchange(whichis partofitsregulatedmarketforlistedsecuritiesadmittedtotheofficiallist(asmaintainedbythefsa inaccordancewithsection74(1)offsma)). TheIssuernowintendstoissuetheLongandShortEURCurrencySecuritiesandmakeanapplication for their listing for trading on the Regulated Market (General Standard) (Regulierter Markt [General Standard]) of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse), a regulated market ("Regulated Market")forthepurposesofDirective2004/39/EC(theMarketsinFinancialInstruments Directive). TheIssuerhasrequestedtheFSAtoprovidethecompetentauthorityinGermany,theBundesanstalt für Finanzdienstleistungsaufsicht (thegermanfederalfinancialsupervisoryauthority),thecompetent authorityinthenetherlands,theautoriteit Financiële Markten (NetherlandsAuthorityfortheFinancial Markets),thecompetentauthorityinFrance,theAutorité des Marchés Financiers (FranceAuthorityfor thefinancialmarkets)andthecompetentauthorityinitaly,thecommissione Nazionale per le Società e la Borsa (CONSOB)withcertificatesofapprovalattestingthatthisSupplementary Prospectushas beendrawnupinaccordancewithdirective2003/71/ec. The Issuer may request the FSA to provide competent authorities in other EEA Member States with suchcertificates. TheFSAwillremainthecompetentauthorityforthepurposesofapprovingallprospectusespublished bytheissuerundertheprospectusdirective. ThisSupplementary Prospectuscontainscertaininformationrelevanttoorinconnectionwith(a)the LongandShortEURCurrencySecurities,(b)theprocessforlistingtheLongandShortEURCurrency SecuritiesontheRegulatedMarket(GeneralStandard)(Regulierter Markt [General Standard])ofthe FrankfurtStockExchange(Frankfurter Wertpapierbörse)and(c)theCollateralisedCurrencySecurities generally. 5

6 PART 2 INFORMATION RELATING TO THE LONG AND SHORT EUR CURRENCY SECURITIES Management Fee and Daily Spread AsatthedateofthisSupplementary ProspectustheManagementFeeperannumandDailySpreadfor all classes of Long and Short EUR Currency Securities is 0.39 per cent. and per cent. respectively. 6

7 PART 3 PROCESS FOR LISTING LONG AND SHORT EUR CURRENCY SECURITIES Admission to the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) TheIssuerandHSBCTrinkaus&BurkhardtAG(the Bank )ofkönigsallee21/23,40212düsseldorf, FederalRepublicofGermany havefiled anapplicationforlisting ofthe LongandShortEURCurrency Securities for trading on the Regulated Market (General Standard) (Regulierter Markt [General Standard]) of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse), a regulated market ( Regulated Market )forthepurposesofdirective2004/39/ec(themarketsinfinancialinstruments Directive). Public trading of the Long and Short EUR Currency Securities on the Frankfurt Stock Exchangecanoccuronlyaftertheapplicationforsuchadmissionhasbeenapproved.Therecanbeno assurancethatsuchadmissionwillnecessarilybeapproved. Settlement and delivery of the Long and Short EUR Currency Securities on the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) will be capable of being effected through transfer of coownership rights in a Global Bearer Certificate as described in more detail under the heading SettlementandDeliveryontheFrankfurtStockExchange(Frankfurter Wertpapierbörse) below. Settlement and Delivery on the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) Forthepurposeofgooddeliveryofthe LongandShortEURCurrencySecurities onthefrankfurtstock Exchange,ClearstreamBankingAktiengesellschaft( Clearstream ) hasagreedto issue,foreachclass andtherelevantnumberof thelongandshorteurcurrencysecurities,aglobalbearercertificate (eacha Global Bearer Certificate )inthegermanlanguagecreatedundergermanlaw( Collective Safe Custody ).TheGlobalBearerCertificateswillhavethefollowingGermanISINCodes: Type of Global Bearer Certificate ETFSLongCHFShortEUR ETFSShortCHFLongEUR ETFSLongGBPShortEUR ETFSShortGBPLongEUR ETFSLongJPYShortEUR ETFSShortJPYLongEUR ETFSLongNOKShortEUR ETFSShortNOKLongEUR ETFSLongSEKShortEUR ETFSShortSEKLongEUR ISIN DE000A1DFSA1 DE000A1DFSB9 DE000A1DFSC7 DE000A1DFSD5 DE000A1DFSE3 DE000A1DFSF0 DE000A1DFSG8 DE000A1DFSH6 DE000A1DFSJ2 DE000A1DFSK0 A non-bindingenglishlanguagetranslationoftheconditionsoftheglobalbearercertificatesissetout inpart 4 ofthissupplementary ProspectusandthedefinitiveGermanlanguagetextisannexedhereto inannexes1and2. ForeachGlobalBearerCertificate,therelevantnumberandclassofthe LongandShortEURCurrency Securities will be registered in the name of Vidacos Nominees Limited, London, England (the Nominee ) in the Register of Security Holders and credited as underlying stock to a separate safe custody account of Clearstream with Citibank N.A., London, England (the Custodian ). The safe custody account assigned to the Long and Short EUR Currency Securities (the Safe Custody Account ) of each class will be designated Clearstream BankingAktiengesellschaft(Clearstream)- SpecialSafeCustodyAccountfor LongandShortEURCurrencySecurities GlobalBearerCertificate followedbythenameoftheclassof EuroCollateralisedCurrencySecurity concernedassetoutin Annex2. InaccordancewiththeconditionsgoverningeachGlobalBearerCertificate: eachco-ownerthereofwillbeentitled,athisexpense,todemandatanytimethatclearstream arrange for the registration of the co-owner or a third party designated by him, in the relevant RegisterofSecurityHoldersofthenumberandclassof LongandShortEURCurrencySecurities correspondingtohisco-ownershipshareoranyportionthereofintheglobalbearercertificateof thesameclass;and 7

8 any registered holder of Long and Short EUR Currency Securities of any relevant class will be entitled, at his expense, to have his Long and Short EUR Currency Securities delivered to the CustodianforcreditingtotheSafeCustodyAccountagainstacorrespondingco-ownershipshare intheglobalbearercertificate. Wheneverthenumberof LongandShortEURCurrencySecurities representedbytheglobalbearer Certificateofanyclasschanges(asaresult,forexample,ofdeliveriestotheSafeCustodyAccount, withdrawalsfromthesafecustodyaccountorissuesorredemptionsof LongandShortEURCurrency Securities,Clearstream hasagreedthatitwill amendtherelevantglobalbearercertificateaccordingly. Unless otherwise agreed, the Issuer will treat the Nominee as one single security holder so far as fractionalrightsandentitlementsareconcerned. Cash Payments and Exercise of Subscription Rights and Other Rights: Cashpaymentsarecreditedto Clearstream scashaccountwiththecustodianandpaidbyclearstreamtotherespectiveco-owners. Any subscription rights or other rights and any fractional rights relating to the Long and Short EUR CurrencySecurities inthesafecustodyaccountwillbeheldbyclearstreamatthebank sdisposal. Upon the request of the Bank, Clearstream will give instructions to the Custodian for the exercise, purchaseorsaleofsuchsubscriptionrights,otherrightsorfractionalrights.incaseofanyflowofcash amountsresultingoutofsuchtransactions,clearstreamwillwithoutdelayinformthebankbyfaxofthe net proceeds or the net costs, respectively, and the related value date.the net proceeds or the net costs, respectively, must be credited or debited to the Bank s cash account with Clearstream or as otherwiseagreedbetweenclearstreamandthebank. Nothing in the foregoing purports to create additional subscription rights in respect of Collateralised CurrencySecuritiesand/oramendtheConditions. Clearstream Banking AG: Clearstreamisacompanythatwasincorporatedon12July1949inFrankfurt underthelawsofthefederalrepublicofgermany.clearstreamisaregulatedcreditinstitutionunder the German BankingAct and licensed as the German Central Securities Depository pursuant to the GermanSecuritiesDepositAct,i.e.aprofessionaldepositorythatholdssecuritiesforitscustomersand facilitatestheclearanceandsettlementofsecuritiestransactionsamongthemthroughelectronicbookentry transfers between their accounts, thereby eliminating the need for physical movement of the securities. Clearstream also provides other services to its customers, including safekeeping, administration,clearanceandsettlementofinternationally-tradedsecuritiesandsecuritieslendingand borrowing. Clearstream s customers are worldwide financial institutions, including underwriters, securitiesbrokersanddealers,banks,trustcompaniesandclearingcorporations. ClearstreamconductsitsbusinessinthelegalformofaGermanstockcorporation(Aktiengesellschaft), registeredinthecommercialregisteratthelocalcourtinfrankfurtundernumberhrb7500,andwith registeredofficeatneuebörsenstraße1,d60487frankfurtammain,federalrepublicofgermany. Supply and Inspection of Documents in Germany ForthedurationoftheProgrammeorsolongasany LongandShortEURCurrencySecurities remain outstanding,copiesoftheprospectus(oranyreplacementprospectus),thegermantranslationofthe summarythereto,thissupplementary Prospectusandallfinancialinformationaswellasthecontracts requiredtobedisclosedbytheissuerpursuanttotheapplicableruleswillbeavailableforinspection duringnormalbusinesshoursonanyweekday(saturdays,sundaysandpublicholidaysexcepted)at theregisteredofficeofthebank,andacopyofthedocumentsreferredabovemayberequestedby contactingthebank. General Taxation InformationregardingUnitedKingdom,Jersey,Dutch,German,FrenchandItaliantaxationinrespect oftheprogrammeandthecollateralisedcurrencysecuritiesissetoutinpart14oftheprospectus.if aninvestorisinanydoubtaboutthetaxposition,itshouldconsultaprofessionaladviser. Disclaimer Nopersonhasbeenauthorisedtogiveanyinformationortomakeanyrepresentationinconnection withtheofferingofthe CollateralisedCurrencySecurities otherthanthosecontainedintheprospectus andthissupplementary Prospectusand,ifgivenormade,suchinformationorrepresentationmustnot berelieduponashavingbeenauthorisedbytheissuer. 8

9 PART 4 GLOBAL BEARER CERTIFICATES The following is a non-binding English language translation of the form of Global Bearer Certificates. The definitive German language text, of which the following is a direct and accurate translation, of the form of the Global Bearer Certificates and the Conditions of the Global Bearer Certificates is set out in Annexes 1 and 2 of this Supplementary Prospectus. Form of the Global Bearer Certificates (non-binding translation) Global Bearer Certificate for registered[seeannex1][classofcollateralizedcurrency]securities of ETFS Foreign Exchange Limited OrdnanceHouse,31PierRd,StHelier,Jersey,ChannelIslands,JE48PW dividedintosecuritieswithaprincipalamountof[ ] [seeannex1]each As underlying stock for this Global Bearer Certificate the Clearstream Banking Aktiengesellschaft,FrankfurtamMain,FederalRepublicofGermany(hereinafterreferred to as Clearstream ), is holding registered [see Annex 1] [class of Collateralized Currency] Securities (hereinafter referred to as Notes ), of ETFS Foreign Exchange Limited,Jersey,ChannelIslands(hereinafterreferredtoasthe Company ),constitutedby atrustinstrumentbetweenthecompanyandthelawdebenturetrustcorporationp.l.c. as amended/supplemented from time to time (hereinafter referred to as the Trust Instrument )andsecuredasdescribedthereinanddividedintosecuritieswithaprincipal amountof[ ] [seeannex1]each,registeredinthenameofvidacosnomineeslimited, London,England,andheldinaspecialSafeCustodyAccountwithCitibankN.A.,London, England.Eachco-ownerofthisGlobalBearerCertificateisentitledtodemandatanytime from Clearstream to arrange for the delivery and registration in the relevant Register of Security Holders in his name or in the name of a third party designated by him of such numberofnotesascorrespondstohisshareinthisglobalbearercertificate. Inrespectofallfurthermatters,theConditionsattachedtothisGlobalBearerCertificate andforminganessentialpartthereofshallapply. FrankfurtamMain, Clearstream Banking Aktiengesellschaft 9

10 Text of the Conditions of the Global Bearer Certificates (non-binding translation) Conditions of the Certificate 1. ThisGlobalBearerCertificatebearsthesignatureoftwomanagingdirectors,oronemanaging directorandoneholderofprocuration,oftheclearstreambankingaktiengesellschaft,frankfurt ammain,federalrepublicofgermany,(hereinafterreferredtoas Clearstream ). 2. Each co-owner of this Global Bearer Certificate is entitled to demand at any time from ClearstreamthedeliveryandtheregistrationintherelevantRegisterofSecurityHolders,inhis name or in the name of a third party designated by him of such number of registered[ ] [see Annex1][classofCollateralizedCurrency]Securities(hereinafterreferredtoas Notes )ofetfs Foreign Exchange Limited, Jersey, Channel Islands, (hereinafter referred as Company ) constituted by a Trust Instrument between the Company and The Law Debenture Trust Corporation p.l.c. as amended/supplemented from time to time (hereinafter referred to as the TrustInstrument )andsecuredasdescribedthereinanddividedintosecuritieswithaprincipal amountof [ ] [seeannex1]each,ascorrespondstohisco-ownershipshareinthisglobalbearer Certificate. Such demand shall be made by the co-owner through his depositary bank to Clearstream,statingtowhomtheNotesshallbedelivered,respectively,theaddresstowhichthe certificateevidencingtheregistrationshallb edbytheregistrar. Inadditiontothedelivery,respectively,transferfeedeterminedbyClearstreampursuantto 315 ofgermancivilcode,theco-ownershallbearanyexpenses,taxes,feesordutiesarisingfrom suchdeliveryresp.transferandregistration. Theco-ownersofthisGlobalBearerCertificatearenotentitledtodemanddeliveryofindividual bearercertificatesoutofthisglobalbearercertificate. 3. As a rule, Clearstream shall convey to the co-owner, through his depositary bank and in proportiontohisshareintheglobalbearercertificate,allrightsarisingfromthenotesunderthe lawsofenglandandjersey,channelislands. Paymentsofcapital,interestsand/orotheramountsduewillbepassedonbyClearstreamtothe co-owner.furthermore,anytermsandconditionsannouncedbyclearstreamshallapply. Allpaymentstotheco-ownershallbemadeinEuro. 4. As a rule, Clearstream shall not exercise voting rights arising in a noteholder meeting. On demanditshallcauseavotingproxytobeissuedtotheco-ownerorathirdpartyindicatedby him. TheCompanyhasundertakentopublishtheagendaofanynoteholdermeetingaswellasthe conditionsforparticipatinginthemeetingandexercisingthevotingrightsbeforeeachmeeting. 5. ShouldtheissuanceoftheGlobalBearerCertificatebesubjectatanytimetoanytaxes,feesor duties in the Federal Republic of Germany or in Jersey, Channel Islands, the co-owners shall bearsuchtaxes,feesordutiesinproportiontotheirsharesintheglobalbearercertificate. Clearstreamisentitledtodivideamongallco-ownersinproportiontotheirco-ownershipshares intheglobalbearercertificatealltaxes,feesanddutiestowhichitmayatanytimebesubject in the Federal Republic of Germany or in Jersey, Channel Islands, by the mere fact that it is holdingthenotes. 6. IfforanyreasontheNotesshouldbereplacedbyothernotesorsomeothervaluable,thecoowner srighttothenotesshallconvertintoarighttotherelevantsubstitutes.insucheventthese Conditionsshallapplymutatismutandis. 7. Clearstream is entitled to substitute another entity for Citibank N.A., London, England (hereinafterreferredtoas Custodian )initsfunctionascustodianorvidacosnomineeslimited, London, England (hereinafter referred to as Nominee ) in its function as Nominee. In such event,clearstreamshallnotberesponsibleformorethancarefulselection.thisdoesnotaffect Clearstream'srighttoassumeitselfthefunctionsoftheCustodianortheNominee.Inthecase where the Custodian or the Nominee are replaced, any reference to the Custodian or the NomineeintheseConditionsshallbedeemedtorefertothenewCustodianorNominee. 10

11 8. ShouldtheNotesbecomegooddeliveryonGermanstockexchangesinawaywhichwouldnot requireclearstream'sassistanceinthepresentformorshouldtheadmissionofthenotesinthe formofco-ownershipsharesintheglobalbearercertificatetotradingandofficialquotationon German stock exchanges be withdrawn, Clearstream shall request from the co-owners instructions as provided for in Clause 2. paragraph 1 above. Should such instructions not be givenwithin3monthsfromthepublicationoftherelevantrequest,clearstreamshallbeentitled atitsdiscretiontoarrangeforregistrationofthenotesinthenameoftheco-ownerorathirdparty designatedinitsrequestandtodeposittherelevantnotesattheco-owner'sriskandexpense withadepositarydesignatedinitsrequest.allobligationsofclearstreamarisingfromtheglobal BearerCertificateshallceasetherewith. 9. All notices concerning the Global Bearer Certificate shall be published in at least one supraregional newspaper designated by the German stock exchanges to publish obligatory noticesofeachgermanstockexchangeonwhichthenotesinformofco-ownershipsharesin the Global Bearer Certificate are traded and quoted on the Regulated Market (General Standard). 10. Theco-ownersshallbearproportionatelyanyprejudiceordamage,whethereconomicorlegal, which may affect the Notes held as underlying stock for the Global Bearer Certificate in consequence of force majeure, governmental decrees, war, riots, official action at home or abroadoranyothercircumstancesbeyondclearstream'sorthecustodian'scontrol. ClearstreamshallperformallitsobligationsarisingfromtheGlobalBearerCertificatewiththe duecareofapropermerchant.ifbyreasonofforcemajeure,governmentaldecrees,war,riots, officialactionathomeorabroadorbyanyothercircumstancesbeyonditscontrolitisprevented fromperformingitsobligations,itshallnotberesponsible. TheCustodianandtheNomineeareresponsibletowardsClearstreamforthedueperformance of their functions. Any claims against the Custodian or the Nominee shall be pursued by Clearstream on the co-owners' behalf. Beyond that Clearstream shall only be responsible for carefulselectionofthecustodianandthenominee. 11. Should any of these conditions be or become fully or partly invalid or impracticable, the other conditionsshallremainunaffected.anysuchinvalidorimpracticableconditionshallbereplaced inaccordancewiththeintentandpurposeofthiscontractualagreement. 12. Alllegalrelationsbetweentheco-ownerandClearstreamshallbegovernedbythelawsofthe FederalRepublicofGermany.TheexclusivecourtofvenueshallbeFrankfurtamMain. 13. Exceptwhererequiredbylaw,analterationoftheseConditionsshallbepermittedonlyinsofar asitdoesnotimpairtherightsoftheco-owners. 11

12 Annex 1 Annex1maybeamendedfromtimetotimeifadditionaltypesofNotesareissued byetfsforeignexchangelimitedunderitsmulti-classprogramme. Original ISIN LSE Principal Type (of the Notes) Code Amount (EUR) ETFSLongCHFShortEUR JE00B3MR2Q90 EUCH 1.00 ETFSShortCHFLongEUR JE00B3L54023 CHEU 1.00 ETFSLongGBPShortEUR JE00B3LXVB68 EUGB 1.00 ETFSShortGBPLongEUR JE00B3MVPQ29 GBEU 1.00 ETFSLongJPYShortEUR JE00B3MWC642 EUJP 1.00 ETFSShortJPYLongEUR JE00B3KNMS14 JPEU 1.00 ETFSLongNOKShortEUR JE00B3MRDD32 EUNO 1.00 ETFSShortNOKLongEUR JE00B3LGQQ51 NOEU 1.00 ETFSLongSEKShortEUR JE00B3MQG751 EUSE 1.00 ETFSShortSEKLongEUR JE00B3NXB475 SEEU

13 PART 5 ADDITIONAL INFORMATION RELATING TO COLLATERALISED CURRENCY SECURITIES Summary of certain additional documents entered into by the Issuer Authorised Participants Agreements InadditiontotheAuthorisedParticipantAgreemententeredintobytheIssuerandETFSwithMSSLon theeffectivedate,theissuerandetfshaveenteredintoauthorisedparticipantagreementswith(i) Fortis Bank Global Clearing N.V dated 11 November 2009, (ii) Merrill Lynch International dated 25 November 2009 and (iii) Knight Capital Europe Limited dated 25 November 2009 (together the Additional Authorised Participant Agreements). Listing and Agent Bank Agreement In connection with the arrangements for listing the Long and Short EUR Currency Securities on the Regulated Market (General Standard) (Regulierter Markt [General Standard]) of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) described in Part 3 of the Supplementary Prospectus, the IssuerwillenterintoaGermanlawgovernedlistingandagentbankagreementonorabout 2March 2010 withetfsandthebank(thelisting and Agent Bank Agreement).Pursuanttothetermsofthe ListingandAgentBankAgreement: thebankshallactastheissuer'sagenttoeffectthelistingofthelongandshorteurcurrency SecuritiesontheRegulatedMarket(GeneralStandard)(Regulierter Markt [General Standard]) ofthefrankfurtstockexchange(frankfurter Wertpapierbörse); theissuershallprovidethebankwithallrelevantinformationtoenableittoeffectsuchlisting; and ETFS and the Issuer (subject to certain limited recourse provisions) shall be responsible for payingallfeesandexpensesofthebank. Settlement Agreement In connection with arrangements for settlement and delivery of the Long and Short EUR Currency SecuritiesontheFrankfurtStockExchangedescribedinPart3oftheSupplementary Prospectus,the IssuerhasenteredintoaGermanlawgovernedsettlementagreementonorabout 2March 2010 with ETFS,theBankandClearstream(theSettlement Agreement).PursuanttothetermsoftheSettlement Agreement: ClearstreamwillundertaketoissueGlobalBearerCertificatesonthetermssetoutandperform thefunctionsdescribedinpart3ofthissupplementary Prospectus; and ETFS and the Issuer (subject to certain limited recourse provisions) shall be responsible for payingallfeesandexpensesofclearstream. Documents available for Inspection In addition to the documents specified in paragraph 12 of Part 14 (Additional Information) of the Prospectusundertheheading DocumentsavailableforInspection"copiesof: theadditionalauthorisedparticipantagreements; thelistingandagentbankagreement(includingtheformofglobalbearercertificatesandtext oftheconditionsoftheglobalbearercertificates); and thesettlementagreement willbeavailableforinspectionduringnormalbusinesshoursonanyweekday(saturdays,sundaysand publicholidaysexcepted)attheregisteredofficeoftheissuerforthedurationoftheprogrammeorso longasanycollateralisedcurrencysecuritiesremainoutstanding. Directors, Secretary and Advisers In addition to the advisers listed under Directors, Secretary and Advisers in the Prospectus, the following are the Issuer's legal adviser and listing and paying agent in Germany in relation to the Programme: 13

14 German Legal Adviser to the Issuer: DechertLLP Theresienstrase Munich Germany German Listing and Paying Agent HSBCTrinkaus&BurkhardtAG Königsallee21/ Dusseldorf Germany 14

15 ANNEX 1 [FORM OF THE GLOBAL BEARER CERTIFICATES] INHABER-SAMMELZERTIFIKAT für [sieheanhang1][klassedercollateralized-currency] Namensschuldverschreibungen der ETFS Foreign Exchange Limited OrdnanceHouse,31PierRd,StHelier,Jersey,ChannelIslands,JE48PW eingeteiltinteilschuldverschreibungenimnennbetragvonje[ ] [sieheanhang1] Für dieses Inhaber-Sammelzertifikat hält die Clearstream Banking Aktiengesellschaft mit Sitz in Frankfurt am Main, Bundesrepublik Deutschland (im Folgenden Clearstream genannt), als Deckung [ ] [siehe Anhang 1] [Klasse der Collateralized-Currency] Namensschuldverschreibungen (im Folgenden Schuldverschreibungen genannt) der ETFS Foreign Exchange Limited, Jersey, Channel Islands (im Folgenden Gesellschaft genannt). Die durch den Treuhandvertrag zwischen der Gesellschaft und der The Law Debenture Trust Corporation p.l.c. in seiner jeweils geänderten/ergänzten Fassung (im Folgenden Treuhandvertrag ) begründeten Schuldverschreibungen sind, wie im Treuhandvertrag näher dargelegt, besichert und in Namensteilschuldverschreibungen mit einemnennbetragvonje[ ] [sieheanhang1]eingeteilt.dieschuldverschreibungensindauf Vidacos Nominees Limited, London, England, eingetragen und in einem bei der Citibank, N.A., London, England unterhaltenen Sonderdepot verwahrt. Jeder Miteigentümer dieses Sammelzertifikats ist berechtigt, jederzeit von der Clearstream die Auslieferung und Registrierung einer seinem Miteigentumsanteil entsprechenden Stückzahl von SchuldverschreibungenderGesellschaftaufseinenNamenoderdenNameneinesvonihm benannten Dritten in das maßgebliche Schuldverschreibungsregister der ETFS Foreign ExchangeLimited,Jersey,ChannelIslands,zuverlangen. ImübrigengeltendiediesemInhaber-SammelzertifikatbeigefügtenZertifikatsbedingungen, diebestandteildieserurkundesind. FrankfurtamMain,den Clearstream Banking Aktiengesellschaft 15

16 ANNEX 2 [TEXT OF THE CONDITIONS OF THE GLOBAL BEARER CERTIFICATES] Zertifikatsbedingungen 1. Dieses Inhaber-Sammelzertifikat trägt die Unterschriften zweier Vorstandsmitglieder oder eines Vorstandsmitgliedes und eines Prokuristen der Clearstream Banking Aktiengesellschaft, Frankfurt am Main, Bundesrepublik Deutschland, (im Folgenden Clearstream genannt). 2. Jeder Miteigentümer dieses Inhaber-Sammelzertifikats ist berechtigt, jederzeit von der Clearstream die Auslieferung und Registrierung einer seinem Miteigentumsanteil entsprechendenstückzahlvon [ ] [sieheanhang1][klassedercollateralized-currency] Namensschuldverschreibungen (im Folgenden Schuldverschreibungen genannt) der ETFSForeignExchangeLimited,Jersey,ChannelIslands,(imFolgenden Gesellschaft genannt)aufseinennamenoderdennameneinesvonihmbenanntendrittenindas maßgebliche Schuldverschreibungsregister zu verlangen. Die durch den Treuhandvertrag zwischen der Gesellschaft und der The Law Debenture Trust Corporation p.l.c. in seiner jeweils geänderten/ergänzten Fassung (im Folgenden Treuhandvertrag ) begründeten Schuldverschreibungen sind, wie im Treuhandvertrag näher dargelegt, besichert und in Namensteilschuldverschreibungen mit einem Nennbetragvonje [ ] [sieheanhang1]eingeteilt.einenentsprechendenauftraghatder Miteigentümer der Clearstream über seine Depotbank zu erteilen, wobei die Lieferadressebzw.dieAdresse,anwelchedieUrkundebezüglichderEintragungindas Schuldverschreibungsregister durch den Registrar versandt werden soll, angegeben seinmuss. AußerdervonderClearstreamimRahmendes 315desBürgerlichenGesetzbuches bestimmten Gebühr für die Auslieferung bzw. Übertragung hat der Miteigentümer etwaigemitderauslieferungbzw.übertragungundumschreibungentstehendesonstige Kosten,Steuern,GebührenoderAbgabenzutragen. DieAuslieferungvonEinzelstückenausdiesemInhaber-Sammelzertifikatkannvonden Miteigentümernnichtverlangtwerden. 3. DieClearstreamvermitteltdemMiteigentümerüberdessenDepotbanknachMaßgabe seines Anteils am Inhaber-Sammelzertifikat grundsätzlich alle Rechte aus den Schuldverschreibungen,soweitsieihrnachMaßgabedesenglischenRechtsbzw.des RechtsvonJersey,ChannelIslands,zustehen. Zinsen, Ausschüttungen, Kapital und etwaige sonstige Barzahlungen leitet die ClearstreamandenMiteigentümerweiter. ImübrigengeltendievonderClearstreamgegebenenfallsbekanntzugebendenFristen undbedingungen. SämtlicheZahlungenandenMiteigentümererfolgeninEuro. 4. Ein etwaiges Stimmrecht anläßlich einer Gläubigerversammlung wird die Clearstream grundsätzlich nicht ausüben. Sie wird dem Miteigentümer oder einem von diesem benanntendrittenaufverlangeneinevollmachtzurausübungdesstimmrechtserteilen lassen. DieGesellschafthatsichverpflichtet,dieTagesordnungvonGläubigerversammlungen sowie die Voraussetzungen zur Teilnahme an der Gläubigerversammlung und zur Ausübung des Stimmrechts im Vorfeld einer solchen Gläubigerversammlung bekanntzugeben. 5. Sollte die Ausgabe des Inhaber-Sammelzertifikats zu irgendeinem Zeitpunkt in der BundesrepublikDeutschlandoderaufJersey,ChannelIslands,irgendwelchenSteuern, Gebühren oder Abgaben unterliegen, so haben die Miteigentümer diese Steuern, Gebühren oderabgaben nach Maßgabe ihreranteile am Inhaber-Sammelzertifikat zu tragen. 16

17 DieClearstreamistberechtigt,Steuern,GebührenoderAbgaben,denensiezuirgendeinem Zeitpunkt in der Bundesrepublik Deutschland oder auf Jersey, Channel Islands, allein auf Grund der Tatsache unterworfen wird, daß sie die Schuldverschreibungen hält, auf alle MiteigentümernachMaßgabeihrerAnteileamInhaber-Sammelzertifikatumzulegen. 6. Treten aus irgendeinem Grunde an die Stelle der Schuldverschreibungen andere Schuldverschreibungen oder ein sonstiger Vermögenswert, so wandelt sich das Recht der Miteigentümer auf die Schuldverschreibungen in ein Recht auf den Ersatzgegenstand. Die Zertifikatsbedingungengeltendannsinngemäß. 7. DieClearstreamistberechtigt,dieCitibank,N.A.,London,England(imFolgenden Verwahrer genannt)inihrerfunktionalsverwahreroderdievidacosnomineeslimited,london,england (imfolgenden Nominee genannt)inihrerfunktionalsnomineedurcheineandereperson zuersetzen.diehaftungderclearstreambeschränktsichhierbeiaufdiesorgfältigeauswahl. Unberührt bleibt die Befugnis der Clearstream, die Funktion des Verwahrers oder des Nomineesselbstwahrzunehmen.ImFallderErsetzungdesVerwahrersoderdesNominees geltenallebezugnahmenaufdenverwahrerbzw.dennomineeindiesenbedingungenals BezugnahmenaufdenneuenVerwahrerbzw.Nominee. 8. WerdendieSchuldverschreibungenineinerdieMitwirkungderClearstreamindieserForm nicht mehr erfordernden Weise an deutschen Wertpapierbörsen lieferbar oder wird die Zulassung der Schuldverschreibungen in Form von Miteigentumsanteilen am Inhaber- Sammelzertifikat zum Handel und zur amtlichen Notierung an deutschen Wertpapierbörsen zurückgenommen, so wird die Clearstream die Miteigentümer auffordern, ihr einenauftrag gemäßziffer2.abs.1zuerteilen.wirddieserauftragnichtinnerhalbeinerfristvon3monaten seit Veröffentlichung deraufforderung erteilt, so ist die Clearstream nach ihrem Ermessen berechtigt, die Eintragung der Schuldverschreibungen auf den Namen des Miteigentümers oder eines in der Aufforderung benannten Dritten zu veranlassen und die Schuldverschreibungen bei einer in der Aufforderung angegebenen Stelle für den MiteigentümeraufdessenKostenundGefahrzuhinterlegen.DamiterlöschendiePflichtender ClearstreamausdemInhaber-Sammelzertifikat. 9. AlledasInhaber-SammelzertifikatbetreffendenBekanntmachungenwerdeninmindestensje einem überregionalen Börsenpflichtblatt der deutschen Wertpapierbörsen veröffentlicht werden,andenendieschuldverschreibungeninformvonmiteigentumsanteilenaminhaber- SammelzertifikatgehandeltundamReguliertenMarkt(GeneralStandard)notiertwerden. 10. DieMiteigentümertragenanteiligallewirtschaftlichenundrechtlichenNachteileundSchäden, die den für das Inhaber-Sammelzertifikat als Deckung gehaltenen Bestand an Schuldverschreibungen infolge höherer Gewalt, Regierungserlassen, Krieg, Aufruhr, VerfügungenvonhoherHandimIn-oderAuslandoderandererUmständetreffensollten,die dieclearstreamoderderverwahrernichtzuvertretenhaben. DieClearstreamwirdalleVerpflichtungenausdemInhaber-SammelzertifikatmitderSorgfalt einesordentlichenkaufmanneserfüllen.wirdsiedurchhöheregewalt,regierungserlasse, Krieg,Aufruhr,VerfügungenvonhoherHandimIn-oderAuslandoderandereUmstände,die sienichtzuvertretenhat,andererfüllungihrerverpflichtungengehindert,sotrifftsiekeine Verantwortung. Der Verwahrer und der Nominee sind der Clearstream gegenüber zur ordnungsgemäßen WahrnehmungderihnenobliegendenAufgabenverpflichtet.EtwaigeAnsprüchegegenden Verwahrer oder den Nominee wird die Clearstream zugunsten der Miteigentümer geltend machen.darüberhinaushaftetdieclearstreamnurfürdiesorgfältigeauswahldesverwahrers unddesnominees. 11. Sollte irgendeine dieser Bestimmungen ganz oder teilweise rechtsunwirksam oder undurchführbarseinoderwerden,sobleibendieübrigenbestimmungenhiervonunberührt. FürunwirksameoderundurchführbareBestimmungensolleinedemSinnundZweckdieses VertragsverhältnissesentsprechendeRegelunggelten. 12. AlleRechtsbeziehungenzwischendemMiteigentümerundderClearstreamunterliegendem RechtderBundesrepublikDeutschland.AusschließlicherGerichtsstandistFrankfurtamMain. 13. EineÄnderungdieserZertifikatsbedingungenistnurzulässig,soweitdurchsiedieRechteder Miteigentümer nicht beeinträchtigt werden, es sei denn, dass sie durch gesetzliche Vorschriftenbedingtist. 17

18 Anhang 1 SofernETFSForeignExchangeLimitedweitereSchuldverschreibungenimRahmenihres Programms begibt,kannanhang1jederzeitgeändertwerden. Name Urspüngliche ISIN (der LSE (der Nennbetrag EUR Schuldverschreibung) Schuldverschreibung) ETFSLongCHFShortEUR JE00B3MR2Q90 EUCH 1.00 ETFSShortCHFLongEUR JE00B3L54023 CHEU 1.00 ETFSLongGBPShortEUR JE00B3LXVB68 EUGB 1.00 ETFSShortGBPLongEUR JE00B3MVPQ29 GBEU 1.00 ETFSLongJPYShortEUR JE00B3MWC642 EUJP 1.00 ETFSShortJPYLongEUR JE00B3KNMS14 JPEU 1.00 ETFSLongNOKShortEUR JE00B3MRDD32 EUNO 1.00 ETFSShortNOKLongEUR JE00B3LGQQ51 NOEU 1.00 ETFSLongSEKShortEUR JE00B3MQG751 EUSE 1.00 ETFSShortSEKLongEUR JE00B3NXB475 SEEU