docDomande degli investitori A. GENERALE
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Domande degli investitori A. GENERALE
Domande degli investitori A. GENERALE ‐ Perché i titoli vengono delistati? ETF Securities rivede regolarmente i prodotti a disposizione degli investitori e, a questo scopo, ha condotto una verifica su tutti i titoli ETFS Commodity Securities Limited quotati su Borsa Italiana, su Deutsche Boerse e su NYSE Euronext Paris. ETF Securities punta a negoziare prodotti laddove si verifichino condizioni sufficienti di liquidità e differenziali ridotti di spread denaro/lettera. Di conseguenza, abbiamo deciso di procedere al delisting di alcuni titoli emessi da ETFS Commodity Securities Limited su Borsa Italiana, su Deutsche Boerse e su NYSE Euronext Paris, per concentrare le liquidità in un numero più limitato di quotazioni e ridurre gli spread. ‐ Dove continueranno a essere negoziati questi titoli? Tutti i titoli continueranno a essere quotati nel London Stock Exchange e almeno in un’altra borsa europea. Maggiori dettagli sono riportati nelle tabelle alla fine di questo documento, dove sono indicate le borse in cui le quotazioni rimarranno presenti, con i relativi ISIN e codici di borsa. ‐ I titoli sono delistati a causa della chiusura dell’emittente o della classe? No, i titoli non sono delistati né per la chiusura di una classe né per la chiusura della società emittente ETFS Commodity Securities Limited. ‐ Quando diventerà definitivo il delisting? Le borse interessate daranno un preavviso di 3 mesi che notificherà l’intenzione ufficiale di procedere al delisting. Il delisting diventerà attivo dal 7 maggio 2013. ‐ Questo significa che non avrete più alcun impegno verso questi particolari mercati? ETF Securities è impegnata nel sostenere tutti i titoli negoziati laddove il mercato ha dimostrato un chiaro supporto ai suoi prodotti, aspetto dimostrato dal volume delle transazioni. I prodotti delistati hanno presentato volumi di transazione molto ridotti. Pertanto l’intenzione di ETF Securities è puntare ad assicurare un aumento della liquidità attraverso un’altra piazza di contrattazione in cui i titoli resteranno quotati. ‐ Avete effettuato il delisting su questi prodotti per la bassa entità del patrimonio gestito? No, il primo criterio decisionale è creare una maggiore liquidità per i clienti. ‐ Significa che in futuro potreste effettuare il delisting di altri prodotti? Il nostro obiettivo è creare centri di liquidità per far sì che, laddove sono negoziati, i nostri prodotti abbiano una liquidità sufficiente. Questo esercizio consiste nella razionalizzazione delle quotazioni a vantaggio degli investitori e non è correlato ad alcuna decisione futura di cancellazione dal listino di altri prodotti. B. IMPATTO SUGLI INVESTITORI ‐ Che impatto avrà questa operazione sugli investitori? Abbiamo studiato con attenzione l’effetto dell’operazione sugli investitori per riuscire ad attenuare qualsiasi potenziale di preoccupazione e riteniamo che il delisting avrà un effetto limitato sugli investitori per le ragioni seguenti: ‐ È stato divulgato sul mercato un annuncio del piano di delisting e della data in cui entrerà in vigore. Tale annuncio dà agli investitori un preavviso di 3 mesi, periodo durante il quale gli investitori potranno scambiare le loro posizioni con la liquidità normalmente fornita dai market maker. La maggior parte degli investitori sono in grado di negoziare questi prodotti tramite il loro broker o in un’altra borsa. Cosa devo fare prima che il delisting sia attivo? Nel periodo di preavviso di 3 mesi, chi possiede questi titoli può continuare a detenerli e negoziarli come di consueto. Gli investitori dovrebbero consultare il loro broker/consulente per decidere se a seguito del delisting possono avere accesso alle borse in cui i titoli continueranno ad essere scambiati e per conoscere i probabili costi associati all’operazione. In alternativa, possono optare per la vendita dei titoli in loro possesso sulla borsa locale durante il periodo di preavviso di 3 mesi, per evitare di dover sostenere eventuali costi aggiuntivi legati al possesso e alla negoziazione dei titoli su un’altra borsa in un momento successivo. ‐ Come faccio a vendere i miei titoli una volta che il delisting è diventato attivo? I possessori dei titoli potranno ancora continuare a detenerli, ma dovranno venderli su una delle borse in cui i titoli restano quotati. Non potranno più vendere i titoli delistati in loro possesso sulla loro borsa locale. Di conseguenza, i costi legati al possesso e alla vendita di tali titoli potrebbero aumentare, ma gli investitori non sono comunque obbligati a vendere entro una data precisa. Gli investitori che attualmente negoziano i loro titoli sulla Deutsche Boerse mediante la negoziazione di certificati con codici ISIN tedeschi dovranno riconvertirli negli iniziali titoli ISIN Jersey per poterli trasferire e vendere su altre borse una volta delistati; l’operazione comporterà costi supplementari. Per 2 mesi dopo la data di entrata in vigore del delisting (dal 7 maggio 2013 al 5 luglio 2013), ETFS Commodity Securities Limited sosterrà i normali costi di passaggio a favore dei possessori di titoli che desiderano riportare i loro certificati ISIN tedeschi agli iniziali titoli ISIN Jersey. Trascorsi questi due mesi, gli investitori possono ancora negoziare i loro titoli, ma dovranno personalmente sostenere tutti i costi associati con il ritorno al titolo ISIN iniziale. ‐ Come faranno gli investitori a entrare in possesso di questi prodotti? Ci saranno costi aggiuntivi? Gli investitori possono negoziare i prodotti al di fuori del loro mercato nazionale chiedendo al proprio broker di eseguire l’ordine a loro nome. ETF Securities non può commentare la struttura tariffaria di ogni singolo servizio di broker ma, a livello generale, riteniamo che non dovrebbero esserci aumenti significativi dei costi, sempre se ve ne saranno. Maggiori informazioni sono disponibili sul sito web di ETFS Commodity Securities Limited all’indirizzo www.etfsecurities.com o via e-mail scrivendo a [email protected] TITOLI DA DELISTARE E ANCORA IN LISTINO Titoli che saranno delistati da Borsa Italiana Name of Security JERSEY ISIN Remaining listings Exchange codes for remaining listings ISIN on remaining exchanges ETFS LONGER DATED AGRICULTURE JE00B24DMK23 London Stock Exchange FAGR JE00B24DMK23 Deutsche Boerse 9GAL DE000A0SVX83 London Stock Exchange Deutsche Boerse FAIG JE00B24DMC49 9GAF DE000A0SVX34 London Stock Exchange ENEF JE00B24DMD55 Deutsche Boerse 9GAG DE000A0SVX42 London Stock Exchange EXEF JE00B24DMG86 Deutsche Boerse 9GAJ DE000A0SVX67 London Stock Exchange GRAF JE00B24DMN53 Deutsche Boerse 9GAP DE000A0SVYB4 London Stock Exchange FIND JE00B24DMJ18 Deutsche Boerse 9GAK DE000A0SVX75 London Stock Exchange FLIV JE00B24DMM47 Deutsche Boerse 9GAN DE000A0SVYA6 London Stock Exchange NGAF JE00B24DM351 Deutsche Boerse 9GAQ DE000A0SVYC2 London Stock Exchange FPET JE00B24DMF79 Deutsche Boerse 9GAH DE000A0SVX59 London Stock Exchange Deutsche Boerse SOFF JE00B24DML30 9GAM DE000A0SVX91 ETFS LONGER DATED ALL COMMODITIES JE00B24DMC49 ETFS LONGER DATED ENERGY JE00B24DMD55 ETFS LONGER DATED EX-ENERGY ETFS LONGER DATED GRAINS ETFS LONGER DATED INDUSTRIAL METALS ETFS LONGER DATED LIVESTOCK ETFS DATED GAS LONGER NATURAL ETFS LONGER DATED PETROLEUM ETFS LONGER DATED SOFTS JE00B24DMG86 JE00B24DMN53 JE00B24DMJ18 JE00B24DMM47 JE00B24DM351 JE00B24DMF79 JE00B24DML30 ETFS HEATING OIL GB00B15KXY63 London Stock Exchange HEAT GB00B15KXY63 Deutsche Boerse OD7I DE000A0KRJ02 Titoli che saranno delistati da NYSE Euronext Paris Name of Security JERSEY ISIN Remaining listings LSE Code ETFS ALUMINIUM GB00B15KXN58 London Stock Exchange Deutsche Boerse Borsa Italiana ALUM ISIN on remaining exchanges GB00B15KXN58 OD7A ALUM DE000A0KRJS4 GB00B15KXN58 London Stock Exchange Deutsche Boerse Borsa Italiana COFF GB00B15KXP72 OD7B COFF DE000A0KRJT2 GB00B15KXP72 London Stock Exchange CORN GB00B15KXS04 Borsa Italiana CORN GB00B15KXS04 London Stock Exchange Borsa Italiana COTN GB00B15KXT11 COTN GB00B15KXT11 London Stock Exchange Deutsche Boerse Borsa Italiana London Stock Exchange Borsa Italiana AIGE GB00B15KYB02 OD7W AIGE AIGX DE000A0KRKD4 GB00B15KYB02 GB00B15KYD26 AIGX GB00B15KYD26 London Stock Exchange Deutsche Boerse FAGR JE00B24DMK23 9GAL DE000A0SVX83 FAIG JE00B24DMC49 9GAF DE000A0SVX34 ENEF JE00B24DMD55 9GAG DE000A0SVX42 GRAF JE00B24DMN53 9GAP DE000A0SVYB4 NGAF JE00B24DM351 9GAQ DE000A0SVYC2 ETFS COFFEE ETFS CORN ETFS COTTON ETFS ENERGY DJSM UBSCI ETFS EX-ENERGY SM DJ-UBSCI GB00B15KXP72 GB00B15KXS04 GB00B15KXT11 GB00B15KYB02 GB00B15KYD26 ETFS LONGER DATED AGRICULTURE JE00B24DMK23 ETFS LONGER DATED ALL COMMODITIES JE00B24DMC49 ETFS LONGER DATED ENERGY JE00B24DMD55 ETFS LONGER DATED GRAINS ETFS DATED GAS LONGER NATURAL JE00B24DMN53 JE00B24DM351 London Stock Exchange Deutsche Boerse London Stock Exchange Deutsche Boerse London Stock Exchange Deutsche Boerse London Stock Exchange Deutsche Boerse ETFS GASOLINE GB00B15KXW40 ETFS GRAINS DJSM UBSCI ETFS HEATING OIL GB00B15KYL00 GB00B15KXY63 ETFS INDUSTRIAL METALS DJSM UBSCI GB00B15KYG56 ETFS LEAN HOGS GB00B15KXZ70 ETFS LIVE CATTLE ETFS LIVESTOCK DJ-UBSCISM ETFS NICKEL DJ- ETFS SOYBEANS ETFS SOYBEAN OIL ETFS SUGAR ETFS ZINC GB00B15KYK92 GB00B15KY211 ETFS PETROLEUM DJ-UBSCISM ETFS SOFTS UBSCISM GB00B15KY096 GB00B15KYC19 GB00B15KYJ87 GB00B15KY542 GB00B15KY435 GB00B15KY658 GB00B15KY872 London Stock Exchange Borsa Italiana UGAS GB00B15KXW40 UGAS GB00B15KXW40 London Stock Exchange Deutsche Boerse Borsa Italiana AIGG GB00B15KYL00 OD7Y AIGG DE000A0KRKF9 GB00B15KYL00 London Stock Exchange Deutsche Boerse HEAT GB00B15KXY63 OD7I DE000A0KRJ02 London Stock Exchange, AIGI GB00B15KYG56 Deutsche Boerse Borsa Italiana London Stock Exchange Borsa Italiana OD7Z AIGI HOGS DE000A0KRKG7 GB00B15KYG56 GB00B15KXZ70 HOGS DE000A0KRJ10 London Stock Exchange Deutsche Boerse CATL GB00B15KY096 OD7K DE000A0KRJ28 London Stock Exchange Borsa Italiana AIGL GB00B15KYK92 AIGL GB00B15KYK92 London Stock Exchange Deutsche Boerse Borsa Italiana London Stock Exchange Borsa Italiana NICK GB00B15KY211 OD7M NICK AIGO DE000A0KRJ44 GB00B15KY211 GB00B15KYC19 AIGO GB00B15KYC19 London Stock Exchange Borsa Italiana AIGS GB00B15KYJ87 AIGS GB00B15KYJ87 London Stock Exchange Deutsche Boerse Borsa Italiana SOYB GB00B15KY542 OD7Q SOYB DE000A0KRJ77 GB00B15KY542 London Stock Exchange Borsa Italiana SOYO GB00B15KY435 SOYO GB00B15KY435 London Stock Exchange Borsa Italiana SUGA GB00B15KY658 SUGA GB00B15KY658 ZINC GB00B15KY872 OD7T ZINC DE000A0KRKA0 GB00B15KY872 London Stock Exchange Deutsche Boerse Borsa Italiana Titoli che saranno delistati da Deutsche Boerse Name of Security GERMAN ISIN Remaining listings Exchange codes for remaining listings ISIN remaining exchanges ETFS DAILY SHORT EX-ENERGY DJSM UBSCI DE000A0V9XL9 London Exchange SNEY JE00B24DKX12 SNEY JE00B24DKX12 SSFT JE00B24DL163 SSFT JE00B24DL163 SALU JE00B24DK421 Borsa Italiana SALU JE00B24DK421 London Stock Exchange SHEA JE00B24DKD16 Borsa Italiana SHEA JE00B24DKD16 London Stock Exchange SZIC JE00B24DKS68 Borsa Italiana SZIC JE00B24DKS68 London Stock Exchange LNRG JE00B2NFT534 Borsa Italiana LNRG JE00B2NFT534 London Stock Exchange LSYO JE00B2NFTT71 Borsa Italiana LSYO JE00B2NFTT71 London Stock Exchange LLST JE00B2NFT864 Borsa Italiana LLST JE00B2NFT864 London Stock Exchange LNEY JE00B2NFT641 Borsa Italiana LNEY JE00B2NFT641 London Stock Exchange LPET JE00B2NFT971 Borsa Italiana LPET JE00B2NFT971 Stock Borsa Italiana ETFS DAILY SHORT SM SOFTS DJ-UBSCI DE000A0V9XS4 London Exchange Stock Borsa Italiana ETFS DAILY SHORT ALUMINIUM ETFS DAILY SHORT HEATING OIL ETFS DAILY SHORT ZINC DE000A0V9XT2 DE000A0V9X17 DE000A0V9YB8 ETFS DAILY LEVERAGED ENERGY DJUBSCISM DE000A0V9YJ1 ETFS DAILY LEVERAGED SOYBEAN OIL DE000A0V9Y65 ETFS DAILY LEVERAGED LIVESTOCK DJUBSCISM DE000A0V9YN3 ETFS DAILY LEVERAGED EXENERGY DJSM UBSCI DE000A0V9YK9 ETFS DAILY LEVERAGED PETROLEUM DJUBSCISM DE000A0V9YP8 London Exchange Stock on Important Information General This communication has been provided by ETF Securities (UK) Limited ("ETFS UK") which is authorised and regulated by the United Kingdom Financial Services Authority (“FSA”). The products discussed in this document are issued by ETFS Commodity Securities Limited (the "Issuer"). The Issuer is regulated by the Jersey Financial Services Commission. When being made within Italy, this communication is for the exclusive use of the "qualified investors" and its circulation among the public is prohibited. This document is not, and under no circumstances is to be construed as, an advertisement or any other step in furtherance of a public offering of shares in the United States or any province or territory thereof, where none of the Issuer or any securities issued by it are authorised or registered for distribution and where no prospectus of the Issuer has been filed with any securities commission or regulatory authority. Neither this document nor any copy hereof should be taken, transmitted or distributed (directly or indirectly) into the United States. Neither the Issuer nor any securities issued by it have been or will be registered under the United States Securities Act of 1933 or the Investment Company Act of 1940 or qualified under any applicable state securities statutes. This document may contain independent market commentary prepared by ETFS UK based on publicly available information. ETFS UK does not warrant or guarantee the accuracy or correctness of any information contained herein and any opinions related to product or market activity may change. Any third party data providers used to source the information in this communication make no warranties or representation of any kind relating to such data. Any historical performance included in this document may be based on back testing. Back tested performance is purely hypothetical and is provided in this document solely for informational purposes. Back tested data does not represent actual performance and should not be interpreted as an indication of actual or future performance. Historical performance is not an indication of or a guide to future performance. The information contained in this communication is neither an offer for sale nor a solicitation of an offer to buy securities. This communication should not be used as the basis for any investment decision. ETFS UK is required by the FSA to clarify that it is not acting for you in any way in relation to the investment or investment activity to which this communication relates. In particular, ETFS UK will not provide any investment services to you and or advise you on the merits of, or make any recommendation to you in relation to, the terms of any transaction. No representative of ETFS UK is authorised to behave in any way which would lead you to believe otherwise. ETFS UK is not, therefore, responsible for providing you with the protections afforded to its clients and you should seek your own independent legal, investment and tax or other advice as you see fit. Risk Warnings Securities issued by the Issuer are complex, structured products involving a significant degree of risk and are not suitable for all types of investor. Securities offered by the Issuer are aimed at sophisticated, professional and institutional investors. You must seek appropriate financial, tax and other advice from independent financial advisors with appropriate regulatory authorisation and qualifications. Any decision to invest should be based on the information contained in the prospectuses of the Issuer (or any supplements thereto) which includes, inter alia, information on certain risks associated with an investment. The price of any securities may go up or down and an investor may not get back the amount invested. Securities are priced in US Dollars and the value of the investment in other currencies will be affected by exchange rate movements. Investments in the securities of the Issuer which provide a short and/or leveraged exposure are only suitable for sophisticated, professional and institutional investors who understand leveraged and compounded daily returns and are willing to magnify potential losses by comparison to investments which do not incorporate these strategies. Over periods of greater than one day, investments with a short and/or leveraged exposure do not necessarily provide investors with a return equivalent to a return from the unleveraged long or unleveraged short investments multiplied by the relevant leverage factor. Investors should refer to the section entitled "Risk Factors" in the relevant prospectus for further details of these and other risks associated with an investment in the securities offered by the Issuer. The prospectuses of the Issuer may be obtained from www.etfsecurities.com. Please contact ETFS UK at +44 20 7448 4330 or [email protected] for more information. Passporting and Restricted Investors The FSA has delivered to the regulators listed below certificates of approval attesting that the prospectuses of the Issuer have been drawn up in accordance with Directive 2003/71/EC: The prospectuses of the Issuer have been passported from the United Kingdom into Austria, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Portugal, Spain and Sweden and have been filed with Österreichische Finanzmarktaufsicht (Austrian Financial Market Authority) in Austria, Finanstilsynet (Financial Supervisory Authority) in Denmark, Finanssivalvonta (Finnish Financial Supervisory Authority) in Finland, l'Autorité des Marchés Financiers (AMF) in France the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) in Germany, the Central Bank of Ireland in Ireland, CONSOB and the Bank of Italy in Italy, the Authority Financial Markets (Autoriteit Financiële Markten) in the Netherlands, Comissão do Mercado de Valores Mobiliários (Portuguese Securities Market Commission) in Portugal, Comisión Nacional del Mercado de Valores (Securities Market Commission) in Spain and the Finansinspektionen (Financial Supervisory Authority) in Sweden. Copies of prospectuses and related regulatory documentation, including annual reports, can be obtained in France from HSBC France, 103, Avenue des Champs Elysées, 75008 Paris, in Germany from HSBC Trinkhaus & Burkhardt, AG, Konsortialgeschäft, Königsalle 21/23, 40212 Dusseldorf and in the Netherlands from AMN Amro Bank (Nederland) N.V. (t) +31 20 527 2467 or faxed request to +31 20 527 1928. Investors in other countries can obtain the prospectuses from www.etfsecurities.com. Please contact ETFS UK at +44 20 7448 4330 or [email protected] for more information. This document is not a financial analysis pursuant to Section 34b of the German Securities Trading Act (Wertpapierhandelsgesetz WpHG) and consequently does not meet all legal requirements to warrant the objectivity of a financial analysis and is also not subject to the ban on trading prior to the publication of a financial analysis. This document is not addressed to or intended directly or indirectly, to (a) any persons who do not qualify as qualified investors (gekwalificeerde beleggers) within the meaning of section 1:1 of the Dutch Financial Supervision Act as amended from time to time; and/or (b) in circumstances where other exemptions or dispensations from the prohibition the Dutch Financial Supervision Act or the Exemption Regulation of the Act on Financial Supervision apply. The Issuer is not required to have a license pursuant to the Dutch Financial Supervision Act as it is exempt from any licensing requirements and is not regulated by the Netherlands Authority for the Financial Markets and consequently no prudential and conduct of business supervision will be exercised. Other than as set out above investors may contact ETFS UK at +44 (0)20 7448 4330 or at [email protected] to obtain copies of prospectuses and related regulatory documentation, including annual reports. Other than as separately indicated, this communication is being made on a "private placement" basis and is intended solely for the professional / institutional recipient to which it is delivered. Third Parties Securities issued by the Issuer are direct, limited recourse obligations of the relevant Issuer alone and are not obligations of or guaranteed by UBS AG ("UBS"), Merrill Lynch Commodities Inc. ("MLCI"), Bank of America Corporation ("BAC") or any of their affiliates. Each of UBS, MLCI and BAC disclaim all and any liability whether arising in tort, contract or otherwise which they might have in respect of this document or its contents otherwise arising in connection herewith. The Dow Jones-UBS Commodity IndexesSM are a joint product of Dow Jones Opco, LLC (“Dow Jones Opco”), a subsidiary of S&P Dow Jones Indices LLC, and UBS Securities LLC (“UBS”), and have been licensed for use. Dow Jones® and DJ are trademarks of Dow Jones Trademark Holdings LLC. UBS® is a registered trademark of UBS AG. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC. Securities issued by the Issuer based on the Dow Jones-UBS Commodity IndicesSM, are not sponsored, endorsed, sold or promoted by Dow Jones, UBS, Dow Jones Opco or any of their respective subsidiaries or affiliates, and none of Dow Jones, UBS, Dow Jones Opco or any of their respective affiliates, makes any representation regarding the advisability of investing in such product(s).
