Maxwell Gold

Director Investment Strategy

June 6th, 2017

Precious Metals Monitor --- May 2017
Key Highlights

Metals shrug off further Fed rate hikes

After peaking near 2.4% at the start of May, US 10 Year Treasury yields saw a precipitous drop ending the month at 2.2%. This has provided
a buffer for precious metals as US real interest rates fell commensurately despite lower inflation measures and inflation expectations in
recent weeks. With the Federal Reserve (Fed) expected to hike rates in mid-June, investors appear to be less jolted by the prospects of this
potential rate increase compared to prior hikes in this tightening cycle. With inflation below targets, mixed economic data, and weaker than
expected jobs data we may see a steady as she goes approach by the Fed which the market has likely already adjusted.

Green technology and the role for precious metals

Despite the US decision to exit the Paris Climate Accord, the global move toward sustainable energy and green technology is ramping up
with direct impact for precious metals, particularly silver and platinum group metals (PGMs). The fastest growing industrial segment for
silver has been its use in photovoltaic (PV) panels for solar energy, which saw a 34% increase in demand last year and is expected to reach
record levels in 2018, according to the Silver Institute. China, the leader in solar energy, continues to grow its clean energy initiatives by
expanding its solar PV capacity. According to its National Energy Administration, China doubled its PV capacity in 2016 to over 77
gigawatts. A global focus on reducing carbon emissions may continue to spur higher demand for platinum and palladium autocatalysts
which help reduce emissions. A shift to higher adoption of battery electric vehicles may pose a long run risk for gasoline and diesel engines,
but in the near and medium term the impact may be limited. A likely near term path may see a transition from combustion engines to
battery electric vehicles by further utilizing hybrid electric vehicles which still use autocatalysts and PGMs.

Where have all the Eagles gone?

While gold ETF investment demand remains strong this year, physical retail investors have shied away from the gold market year to date.
This can be seen by the lackluster sales in the US Mint bullion coin program year to date through May 2017. US Mint sales of American Gold
Eagle bullion coins for the first 5 months have been the lowest level since 2007 for the same 5 month period. The physical investment
market is typically more price sensitive and may be lagging due to price appreciation as well as strong demand in 2016. Signs of further
increase from US physical retail investors would be a bullish signal for gold providing further support for prices.

Table 1: Performance Returns (as of May 31st, 2017)

Precious metals Spot Price May QTD YTD 1 Year 3 Year 5 Year
Gold ($/ounce) 1,268.9 0.1% 1.6% 10.1% 4.4% 0.5% -4.8%
Silver ($/ounce) 17.3 0.8% -5.1% 8.9% 8.4% -2.7% -9.5%
Platinum ($/ounce) 950.0 0.5% -0.1% 5.2% -3.0% -13.2% -8.0%
Palladium ($/ounce) 819.2 -0.9% 2.6% 20.3% 50.0% -0.7% 6.0%
Key Market Indices Index Level May QTD YTD 1 Year 3 Year 5 Year
ETFS Precious Metals Basket Index 3,375.5 -0.5% -0.8% 9.7% 6.2% -1.9% -5.7%
Bloomberg Commodity Index 82.8 -1.3% -2.8% -5.1% -2.4% -14.6% -8.0%
S&P 500 Index 2,411.8 1.4% 2.4% 8.7% 17.5% 10.1% 16.0%
MSCI Emerging Market (EM) Index 1,005.3 3.0% 5.2% 17.3% 27.4% 1.6% 4.8%
Barclays US Aggregate Bond Index 2,023.34 0.8% 1.5% 2.4% 1.6% 2.5% 2.2%
US Dollar (USD) Index 96.9 -2.1% -3.4% -5.2% 1.1% 6.4% 3.2%
Euro/US Dollar (EUR) 1.12 3.2% 5.6% 6.9% 1.0% -6.2% -2.0%
US Dollar/Japanese Yen (JPY) 110.8 -0.6% -0.5% -5.3% 0.0% 2.9% 7.3%
HFRX Global Hedge Fund Index 1,231.6 0.2% 0.7% 2.3% 6.0% -0.1% 1.9%
*See disclosures for further definitions and details. Yearly returns are annualized. QTD = quarter to date, YTD = year to date. ETF = exchange traded fund.

1
For month ending May 31st, 2017. Past performance is no guarantee of future results.
Gold: +0.1% (May), +1.6% (QTD), +10.1% (YTD)
Investment Outlook Gold price, daily moving average (dma), and volume
Volume (rhs) Gold Price (lhs) 50 dma (lhs) 200 dma (lhs)
Gold was flat on the month ending at $1268.9/ounce (oz). In $1,400 $120,000

our 2017 base case outlook, gold may rise to $1300/oz in the $1,350
$100,000

Fu tures Trading Volume ($mn)

first half of the year, aided by a weaker US Dollar (USD) and low

Fr ont Month Futures Price

$1,300
real rate environment. However, USD strengthening in the $1,250
$80,000
second half of the year and subdued investor interest may drive
$1,200 $60,000
a sell-off, with gold ending the year in the $1230/oz range.
$1,150
$40,000
In a bullish scenario, the Fed would be slow to hike rates while $1,100
inflation rises well above expectations as the USD weakened $20,000
$1,050
pushing gold closer to $1400/oz at year end.
$1,000 $-

Jun-16

Dec-16
Sep-16

Nov-16

Jan-17

Oct-16
May-16

Feb-17

May-17
Apr-17
Mar-17
Jul-16

Aug-16
In a bearish scenario, the Fed may move more aggressively,
seeing the USD appreciate and bursting the bond market bubble
and pushing gold near the $1100/oz level. Source: Bloom berg, ETF Securities. Chart data from 05/31/16 to 05/31/17.

Flows Global known ETF holdings of gold

Cumulative gold stock in ETFs (lhs) Monthly gold net flows in ETFs (rhs)
500
ETFs: In May, global physical gold ETFs saw net inflows of 3.6 2,500
metric tonnes (t) for the 4th consecutive month; thereby raising 400

Metric tonnes of gold (both axes)

cumulative gold ETF holdings to 1,863t, a 4.6% increase YTD. 2,000 300

Inventories: COMEX (Commodity Exchange) gold inventories 200

1,500
fell by 6.3t in May, with sales being driven mostly through 100
eligible inventories. Shanghai Futures Exchange inventories
1,000 -
were unchanged this month.
(100)
Futures: Investor sentiment in gold dipped from last months 500
(200)
high as net managed money positioning fell 23% to 124,133
contracts (as of May 30th). Investors raised gold short positions - (300)

2010

2011

2012

2013

2014

2015

2016

2017
2008

2009

by 9% while long positioning contracted 15% in May.

Source: Bloom berg, ETF Securities. Chart data from 12/31/07 to 05/31/17.

Factors Speculative positioning in gold futures by investors

350,000 Long Short Net
Inflation: US headline consumer price index (CPI) fell further 300,000
in April to 2.2% from 2.4 % the month prior as base effects from
Managed Money Gold Contracts

250,000
low commodity prices continues to roll off, while US core CPI 200,000
dipped from 2.0% to 1.9%. 150,000

Rates: The US 10yr Treasury yield closed the month down at 100,000

2.2% for May while US real interest rates on a 10 year basis 50,000

were unchanged at 0.37% after spiking to 0.54% mid-month. -

(50,000)

USD: The dollar continued to fall in May (-2.1%) on investor (100,000)

concerns for delays on pro-growth US fiscal policies. Year to (150,000)

2010

2011

2012

2013

2014

2015

2016

date the dollar is down 5.4%, a boon for precious metals. 2017
Source: Bloom berg, ETF Securities. Chart data from 12/31/09 to 05/31/17.

Fundamentals Gold demand by sector (excluding ETFs and similar)

Physical Investment Official Sector Industrial Jewelry
Physical demand: US Mint sales for gold coins remained 100%
lackluster in May and have seen the lowest sales figures in the 90% 23.2% 24.1 % 30.6% 31 .1%
27 .7%
first 5 months since 2007. Physical retail investment typically is 80%
more price sensitive and strong demand in 2016 coupled with 70% 1 3.0% 1 3.3% 9.7 % 9.4%
Gold Demand

1 0.1%
price appreciation year to date has likely deterred interest. 60% 7 .8% 7 .7 % 8.7 % 9.0% 8.9%
50%
Supply: According to the Gold Focus 2017 report produced by 40%
Metals Focus, mine production in 2016 increased by only 1% 30%
55.4% 55.5% 53.5% 54.8% 54.3%
while recycling supply (constituting about 1/3 of annual supply) 20%
increased 5% led primarily by higher prices last year in several 10%
key emerging market economies. 0%
2014 2015 2016 2017F 2018F

Source: Metals Focus, ETF Securities. Chart data as of 5/31/17.

2
For month ending May 31st, 2017. Past performance is no guarantee of future results.
Silver: +0.8% (May), -5.1% (QTD), +8.9% (YTD)
Investment Outlook Silver price, daily moving average (dma), and volume
Volume (rhs) Silver Price (lhs) 50 dma (lhs) 200 dma (lhs)
2017 continued to be a wild ride for silver in May, which after $22 $20,000

falling to $16.2/oz on May 9th, closed the month at $17.3/oz. $21 $18,000

Fu tures Trading Volume ($mn)

$20 $16,000
Investor activity was more tepid this month compared to April

Fr ont Month Futures Price

$19 $14,000
with average daily volume in silver front month contracts falling
$18 $12,000
to $7.2 billion from the $10 billion average volume in April.
$17 $10,000

In our 2017 base case, we believe silver may trade in the $21/oz $16 $8,000

range driven by higher inflation, a weakening US dollar (in first $15 $6,000
$14 $4,000
half of year) and improving manufacturing growth.
$13 $2,000
Slowing mine production may continue to be a tailwind for $12 $-

Jun-16

Dec-16
Sep-16

Nov-16

Jan-17
Oct-16
May-16

Feb-17

May-17
Apr-17
Mar-17
Jul-16

Aug-16
silver prices. As mining capital expenditure and investment
continues to decline, this should further weigh on silver supply.
Source: Bloom berg, ETF Securities. Chart data from 05/31/16 to 05/31/17.

Flows Global known ETF holdings of silver

Cumulative silver stock in ETFs (lhs) Monthly silver net flows in ETFs (rhs)
ETFs: Global physically backed silver ETFs surged in May with 25,000 2,500

net inflows of 710 metric tonnes (t), the highest monthly inflow 2,000

Metric tonnes of silv er (both axes)

20,000
since March 2016. Cumulative holdings rose 3.5% to 20,805t. 1,500

1,000
Inventories: COMEX silver inventories rose by 149t in May 15,000
led by eligible inventories which has risen for 4 consecutive 500

months. Shanghai Future Exchange silver stocks fell by 312t in 10,000 -

May for the 3rd consecutive month. (500)
5,000
Futures: Investor sentiment turned in May but still remained (1,000)

positive. Net speculative positioning in futures fell 48% (as of - (1,500)

2010

2011

2012

2013

2014

2015

2016

2017
2008

2009
May 30th), as short positions rose 49% to 28,714 contracts and
long positions fell 29% to 70,790 contracts. Source: Bloom berg, ETF Securities. Chart data from 12/31/07 to 05/31/17.

Factors Speculative positioning in silver futures by investors

120,000 Long Short Net
Gold price: The gold/silver ratio fell slightly from 73.5 to 73 as 100,000
silver stabilized amid investor demand. The ratio, up 0.85%
Managed Money Silver Contracts

80,000
year to date, remains above the long term average of 59 as 60,000
silvers discount to gold continued this month. 40,000

Industrial Cycle: US industrial activity stabilized in May with 20,000

the manufacturing PMI index ticking up slightly to 54.9 from -

54.8 the month prior. The current expansionary level is an (20,000)
encouraging sign for silvers industrial demand. (40,000)
(60,000)
Producer Prices: Input costs to US producers rose in April
(80,000)
with the US producer price index (PPI) ending at 3.9% for
2010

2011

2012

2013

2014

2015

2016

2017
finished goods and rising to 2.5% from 2.3% on a final demand
basis in April. Source: Bloom berg, ETF Securities. Chart data from 12/31/09 to 05/31/17.

Fundamentals Silver demand by sector (excluding ETFs and similar)

Physical Investment Jewelry & Silverware Photography Industrial
Solar panel demand: Silver demand for solar panels is a 100%
growing segment of its industrial demand with record levels 90% 21 .9% 21 .6% 21 .5%
27 .7% 29.1 %
expected in 2018. US saw solar capacity rise 95% in 2016. 80%
International solar usage may spur growth amid climate 70%
Silver Demand

24.4% 24.5% 24.6%

controls and growing energy needs in India and China. 60% 23.4% 23.8%
50% 4.0% 3.8% 3.5%
4.2%
Supply: According to Metals Focus, supply from mine 40%
3.9%

production fell 0.5% in 2016 after over 10 years of increased 30%

output. They estimate silver mine supply will continue to fall 44.6% 43.6% 49.5% 48.9% 48.4%
20%
in 2017 by 1.7% due to cuts in by product output from gold 10%
and base metal mining operations. 0%
2014 2015 2016F 2017F 2018F
Source: Metals Focus, ETF Securities. Chart data as of 2 /24/17

3
For month ending May 31st, 2017. Past performance is no guarantee of future results
Platinum: +0.5% (May), -0.1% (QTD), +5.2% (YTD)
Investment Outlook Platinum price, daily moving average (dma), and volume
Volume (rhs) Platinum Price (lhs) 50 dma (lhs) 200 dma (lhs)
Platinum rebuffed its downward trend last month by rising $1,200 $2,500

0.5% to $950/oz in May, averaging $749 million in daily $1,150

Fu tures Trading Volume ($mn)

Fr ont Month Futures Price
$2,000
futures trading volume. $1,100

We currently like the risk-reward for platinum over the next $1,050 $1,500
year and our base-case sees platinums fair value near $1,000
US$1020/oz as defensive asset demand and global growth $950 $1,000

may support platinum, despite recent weakness. $900

$500
Under a bullish scenario platinum could potentially rise to $850
$1100/oz as geopolitical risk drives gold while a bearish $800 $-
scenario could see platinum falling to $910/oz amid further

Jun-16

Dec-16
Sep-16

Nov-16

Jan-17
Oct-16
May-16

Feb-17

May-17
Apr-17
Mar-17
Jul-16

Aug-16
weakness in the South African Rand (ZAR).
Source: Bloom berg, ETF Securities. Chart data from 05/31/16 to 05/31/17.

Flows Global known ETF holdings of platinum

Cumulative platinum stock in ETFs (lhs) Monthly platinum net flows in ETFs (rhs)
ETFs: Global physically backed platinum ETFs saw a 100 14
12

Metric tonnes of platinum (both axes)

90
significant increase of 3 metric tonnes (t) in May. This
80 10
brought cumulative platinum holdings to 78.3 as of month 8
70
end, up 6.7% year to date. 60
6
4
Inventories: NYMEX (New York Mercantile Exchange) 50
2
40
platinum inventories in May saw drawdowns of 898 ounces, a -
30
0.4% monthly drop. (2)
20 (4)
Futures: Net speculative positioning in platinum futures 10 (6)
turned negative for the first time on record (as of May 30th). - (8)

2010

2011

2012

2013

2014

2015

2016

2017
2008

2009
This was driven by a 75% rise in short positions to near two-
year highs. Source: Bloom berg, ETF Securities. Chart data from 12/31/07 to 05/31/17.

Factors Speculative positioning in platinum futures by investors

50,000 Long Short Net
South African Rand: The South African Rand 40,000
Managed Money Platinum Contracts

strengthened 2% in May continuing its recovery following 30,000

political turmoil and credit downgrades in South Africa.
20,000
Euro Auto Sales: April Western European light vehicle 10,000
sales fell by 37% from March and 7.1% year over year -
(10,000)
Chinese Consumer: Retail sales in China fell slightly to
10.7% in April but remain robust as continued signs of China (20,000)

rotating from industrial led expansion to more consumer led (30,000)

growth may benefit discretionary spending on jewelry. (40,000)

2010

2011

2012

2013

2014

2015

2016

2017
Source: Bloom berg, ETF Securities. Chart data from 12/31/09 to 05/31/17.

Fundamentals Platinum demand by sector (excluding ETFs and similar)

Physical Investment Industrial Jewelry Autocatalyst
Demand: Autocatalyst demand for platinum is expected to 100%
1 .7 % 3.1 % 2.3%
fall 2% in 2017 for the first time since 2013 while jewelry 8.9% 7 .9%
90%
23.4% 21 .8% 21 .8%
demand is expected to rise 1% as Chinese demand stabilizes 80% 20.8% 21 .5%
with gains in US and India, according to the Platinum 2017 70%
Pla tinum Demand

Focus report by Metals Focus. 60% 32.6% 33.8%

33.2% 30.1 % 28.9%
50%
Supply: According to Metals Focus, platinum mine
40%
production is expected to fall again in 2017 by 1% driven by
30%
higher production costs and lower output in Zimbabwe.
20% 41 .6% 40.2% 41 .7 % 42.4% 41 .8%
Turning to South Africa, the worlds largest producer, a 1%
10%
drop is forecast for 2017 following a 3% decrease last year.
0%
Recycling supply is expected to increase from autocatalysts. 2014 2015 2016 2017F 2018F
Source: Metals Focus, ETF Securities. Chart data as of 5/31/17.

4
For month ending May 31st, 2017. Past performance is no guarantee of future results.
Palladium: -0.9% (May), +2.6% (QTD), +20.3% (YTD)
Investment Outlook Palladium price, daily moving average (dma), and volume
Volume (rhs) Palladium Price (lhs) 50 dma (lhs) 200 dma (lhs)
$850 $1,400
Palladium upward trajectory took a breath as the price
realized its first monthly drop in May of 0.9%. After falling to $800

Fu tures Trading Volume ($mn)

$1,200
$759.9/oz on May 19th, palladium quickly rebounded and $750

Fr ont Month Futures Price

$1,000
resumed its momentum higher to end the month at $819.2. $700
$800
Daily volume in palladium front month contracts averaged $650
$600
$511 million in May, well above the $322 million in the prior $600
month. $550
$400

Given palladiums demand is most sensitive to the industrial $500 $200

production cycle, palladium may see further support along $450 $-

with industrial metals in anticipation of a rise in US

Jun-16

Dec-16
Sep-16

Nov-16

Jan-17
Oct-16
May-16

Feb-17

May-17
Apr-17
Mar-17
Jul-16

Aug-16
infrastructure spending and recovery in global growth.
Source: Bloom berg, ETF Securities. Chart data from 05/31/16 to 05/31/17.

Flows Global known ETF holdings of palladium

Cumulative palladium stock in ETFs (lhs) Monthly palladium net flows in ETFs (rhs)
25
ETFs: Global physically backed palladium ETFs posted net 100
20

Metric tonnes of palladium (both axes)

outflows in May of 0.7 metric tonnes (t) as retail investors
remain disinterested. Cumulative palladium holdings totalled 80 15

46.7t which is down 31.5% over the last 12 months. 10

60
5
Inventories: NYMEX palladium inventories continued to
see drawdowns in May amounting to 9,804 ounces (down 40 -

18.7% from last month) with total holdings of 42,750 ounces. (5)
20
(10)
Futures: Net speculative positioning in palladium futures
- (15)
dipped 15% in May to 18,709 contracts (as of May 30th), while

2010

2011

2012

2013

2014

2015

2016

2017
2008

2009
long positions fell 11% and short positions rose 51%.
Source: Bloom berg, ETF Securities. Chart data from 12/31/07 to 05/31/17.

Factors Speculative positioning in palladium futures by investors

30,000 Long Short Net
Global Auto Sales: Chinese passenger vehicle sales fell 18% 25,000
in April partially offsetting the 28% gain in March. US auto
Managed Money Palladium Contracts

20,000
sales rose to 1.51 million in May ending flat on a year over
15,000
year basis and a 6.5% increase from April.
10,000
Market Balance: Expected continued supply deficits, 5,000
growing demand, and drawdowns in above ground stocks
-
have kept the market balance for palladium favorable.
(5,000)
Industrial Metals: Palladiums correlation to industrial (10,000)
metals (0.57) is the highest among precious metals and the (15,000)
recent rally in industrial metals, which are up 16.7% year over
2010

2011

2012

2013

2014

2015

2016

2017
year, has benefitted palladium demand and performance.
Source: Bloom berg, ETF Securities. Chart data from 12/31/09 to 05/31/17.

Fundamentals Palladium demand by sector (excluding ETFs and similar)

Jewelry Industrial Autocatalyst Physical Investment
Demand: Autocatalyst demand for palladium is expected to 100%
3.9% 2.9% 2.7 % 2.5% 2.5%
rise 2% in 2017 after realizing a 5% increase in 2016 demand 90%
21 .3% 21 .1% 1 9.9% 20.5% 20.1 %
led by China, US and India, according to the Platinum 2017 80%
Focus report by Metals Focus. 70%
Pa lladium Demand

60%
Supply: Global palladium supply deficits have persisted
50%
since 2012 making palladiums fundamentals very supportive
40% 7 7 .3% 7 7 .9% 7 7 .8%
for prices. Deficits rose to 1.17 million ounces in 2016 and are 7 4.3% 7 5.7%
30%
expected to persist and grow to 1.38 million ounces in 2017
20%
according to Metals Focus, which should add further support
10%
to palladium. 0.4% 0.1 % 0.1 % 0.2% 0.1 %
0%
2014 2015 2016 2017F 2018F
Source: Metals Focus, ETF Securities. Chart data as of 5/31/17.

5
For month ending May 31st, 2017. Past performance is no guarantee of future results.
Important Risks
The statements and opinions expressed are those of the author and are as of the date of this report. All information is historical and not indicative of
future results and subject to change. Reader should not assume that an investment in any securities and/or precious metals mentioned was or would
be profitable in the future. This information is not a recommendation to buy or sell. Past performance does not guarantee future results.
The ETFS Silver Trust, ETFS Gold Trust, ETFS Platinum Trust, ETFS Palladium Trust and ETFS Precious Metals Basket Trust are
not investment companies registered under the Investment Company Act of 1940 or a commodity pool for purposes of the
Commodity Exchange Act. Shares of the Trusts are not subject to the same regulatory requirements as mutual funds. These
investments are not suitable for all investors. Trusts focusing on a single commodity generally experience greater volatility.
Commodities generally are volatile and are not suitable for all investors. Trusts focusing on a single commodity generally experience
greater volatility. Please refer to the prospectus for complete information regarding all risks associated with the Trusts. Shares in the Trusts are not
FDIC insured and may lose value and have no bank guarantee.
The value of the Shares relates directly to the value of the precious metal held by the Trust and fluctuations in the price could materially adversely
affect investment in the Shares. Several factors may affect the price of precious metals, including:
A change in economic conditions, such as a recession, can adversely affect the price of the precious metal held by the Trust. Some metals are
used in a wide range of industrial applications, and an economic downturn could have a negative impact on its demand and, consequently,
its price and the price of the Shares;
Investors expectations with respect to the rate of inflation;
Currency exchange rates;
interest rates;
Investment and trading activities of hedge funds and commodity funds; and
Global or regional political, economic or financial events and situations. Should there be an increase in the level of hedge activity of the
precious metal held by the trust or producing companies, it could cause a decline in world precious metal prices, adversely affecting the
price of the Shares. Should there be an increase in the level of hedge activity of the precious metal held by the Trusts or producing
companies, it could cause a decline in world precious metal prices, adversely affecting the price of the shares.

Also, should the speculative community take a negative view towards the precious metal held by the Trusts, it could cause a decline in prices,
negatively impacting the price of the shares. There is a risk that part or all of the Trusts physical precious metal could be lost, damaged or stolen.
Failure by the Custodian or Sub-Custodian to exercise due care in the safekeeping of the precious metal held by the Trusts could result in a loss to the
Trusts.
The Trusts will not insure its precious metals and shareholders cannot be assured that the custodian will maintain adequate insurance or any
insurance with respect to the precious metals held by the custodian on behalf of the Trust. Consequently, a loss may be suffered with respect to the
Trusts precious metal that is not covered by insurance.

Commodities generally are volatile and are not suitable for all investors.
Please refer to the prospectus for complete information regarding all risks associated with the Trust.
Investors buy and sell shares on a secondary market (i.e., not directly from Trusts). Only market makers or authorized
participants may trade directly with the Trusts, typically in blocks of 50k to 100k shares.
ETFS Physical Precious Metals Basket Index reflects the daily performance of a basket with the following components and ratios: gold (0.030oz), silver
(1.100oz), platinum (0.004oz) and palladium (0.006oz). Bloomberg Commodity Index (BCOM) is a broadly diversified commodity price index. Futures
contract = agreement traded on an organized exchange to buy or sell assets at a fixed price but to be delivered and paid for later. Long position = buying of an
asset with the expectation the asset will rise in value. Short position = sale of a borrowed asset with the expectation that the asset will fall in value. Spot price =
current market price at which an asset is bought or sold for immediate payment and delivery. S&P 500 Index is a capitalization-weighted index of 500 stocks
selected by the Standard & Poors Index Committee designed to represent the performance of the leading industries in the U.S. economy. MSCI Emerging
Markets (EM) Index is an equity index that captures large and midcap representation across Emerging Markets countries. Barclays US Aggregate Bond Index
is a broad-based flagship benchmark measuring investment grade, US dollar, fixed-rate taxable bond market. The US Dollar (USD) Index is an index (or
measure) of the value of the United States dollar relative to a basket of foreign currencies, often referred to as a basket of US trade partners' currencies. The
Euro/US Dollar exchange rate is the relative pricing of the euro (the official currency of the European Union) and the US dollar. The US Dollar/Japanese Yen
exchange rate is the relative pricing of the yen (the official currency of Japan) and the US dollar. The HFRX Global Hedge Fund Index is designed to be
representative of the overall composition of the hedge fund universe. Year over year = the percent change over a full calendar year. The Consumer Price Index
(CPI) is a measure that examines the weighted average of prices of a basket of consumer goods and services; headline includes all categories while core
excludes food and energy. South African Rand (ZAR) = official currency of South Africa. The Purchasing Manufacturing PMI Index (PMI) is an indicator of the
economic health of the manufacturing sector. Producer Price index (PPI) measures the average change in selling prices received by domestic producers of
goods and services. The Federal Reserve (Fed) is the central banking system of the United States of America. COMEX (Commodity Exchange) is the primary
market for trading metals such as gold, silver, copper and aluminium. NYMEX = New York Mercantile Exchange. The Paris Agreement, or Paris climate accord
and Paris climate agreement, is an agreement within the United Nations Framework Convention on Climate Change (UNFCCC) dealing with greenhouse gas
emissions mitigation, adaptation and finance starting in the year 2020.
Commodities generally are volatile and are not suitable for all investors. This material must be accompanied or preceded by the
prospectus. Carefully consider each Trusts investment objectives, risk factors, and fees and expenses before investing. Please
click here to view the prospectus.
ALPS Distributors, Inc. is the marketing agent for ETFS Silver Trust, ETFS Gold Trust, ETFS Platinum Trust, ETFS Palladium
Trust and ETFS Precious Metals Basket Trust.
Maxwell Gold is a registered representative of ALPS Distributors, Inc.
ETF001167 05/31/18

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