1695 小麦ＥＴＦ 2019-09-09 11:00:00
令和元年12月期 中間決算短信（平成31年1月1日～令和元年6月30日） [pdf]
令和元年12月期 中間決算短信（平成31年1月1日～令和元年6月30日）
令和元年9月9日
上場取引所 東京証券取引所
銘柄名 コード番号 連動対象指標 主要投資資産 売買単位
ETFS総合上場投資信託 ブルームバーグ総合商品指数
1684 （注2） 10
(注1) (注1)
天然ガス、原油、ガソリ
ETFSエネルギー上場投資信託(注1) 1685 ブルームバーグエネルギー商品指数(注1) 10
ン、灯油
ブルームバーグ産業用金属商品指数(注 アルミニウム、銅、ニッ
ETFS産業用金属上場投資信託(注1) 1686 10
１) ケル、亜鉛
ETFS農産物上場投資信託(注1) 1687 ブルームバーグ農産物商品指数(注１) （注3） 10
ETFS穀物上場投資信託 ブルームバーグ穀物商品指数 小麦、とうもろこし、大
1688 10
(注1) (注１) 豆
ETFS天然ガス上場投資信託 1689 ブルームバーグ天然ガス商品指数(注１) 天然ガス 100
ブルームバーグ原油商品指数
ETFSWTI原油上場投資信託 1690 WTI原油 10
(注１)
ETFSガソリン上場投資信託 1691 ブルームバーグガソリン商品指数(注1) ガソリン 10
ブルームバーグアルミニウム商品指数(注
ETFSアルミニウム上場投資信託 1692 アルミニウム 100
１)
ETFS銅上場投資信託 1693 ブルームバーグ銅商品指数(注1) 銅 10
ETFSニッケル上場投資信託 1694 ブルームバーグニッケル商品指数(注1) ニッケル 10
ブルームバーグ小麦商品指数
ETFS小麦上場投資信託 1695 小麦 100
(注1)
ブルームバーグとうもろこし商品指数(注
ETFSとうもろこし上場投資信託 1696 とうもろこし 100
1)
ブルームバーグ大豆商品指数
ETFS大豆上場投資信託 1697 大豆 10
(注1)
（注1） 平成26年7月1日より、連動対象指標をDJ-UBSCI提供のものからブルームバーグ提供のものに変更し、併せて銘柄名を変更
しました。
（注2） 天然ガス、WTI原油、ブレンド原油、ガソリン、灯油、アルミニウム、銅、亜鉛、ニッケル、金、銀、生体牛、赤身豚肉、
小麦、トウモロコシ、大豆、砂糖、綿花、コーヒー、大豆油
（注3） 小麦、トウモロコシ、大豆、砂糖、綿花、コーヒー、大豆油
外 国 投 資 法 人 イーティーエフエス・メタル・セキュリティーズ・リミテッド
代 表 者 名 ヒラリー・ジョーンズ
管 理 会 社 ETFセキュリティーズ・マネジメント・カンパニー・リミテッド
https://www.wisdomtree.eu/en-gb/resource-library/prospectus-and-regulatory-reports#tab-2A942D42-5AA1-4008-9080-3C2DADB050A7
代 表 者 名 ヒラリー・ジョーンズ
問合せ先責任者 ＴＭＩ総合法律事務所 （中川秀宣） TEL 03-6438-5660
有価証券報告書提出予定日 令和元年9月30日提出(予定）
分配金支払い開始予定日 該当なし
Ⅰファンドの運用状況
1. 2019年12月中間決算期の運用状況（平成31年1月1日～令和元年6月30日）
(1)資産内訳 （百万円未満切捨て）
主要投資資産 合計（資産）
構成比
金額 金額 構成比
百万円 ％ 百万円 ％
ETFS総合上場投資信託 2019年12月中間決算期 21,667 (100) 21,667 (100)
(注1)
2018年12月中間決算期 35,979 (100) 35,979 (100)
百万円 ％ 百万円 ％
ETFSエネルギー上場投資信託(注1) 2019年12月中間決算期 5,488 (100) 5,488 (100)
2018年12月中間決算期 11,786 (100) 11,786 (100)
百万円 ％ 百万円 ％
ETFS産業用金属上場投資信託(注1) 2019年12月中間決算期 19,336 (100) 19,336 (100)
2018年12月中間決算期 32,703 (100) 32,703 (100)
百万円 ％ 百万円 ％
ETFS農産物上場投資信託(注1) 2019年12月中間決算期 21,783 (100) 21,783 (100)
2018年12月中間決算期 30,599 (100) 30,599 (100)
百万円 ％ 百万円 ％
ETFS穀物上場投資信託 2019年12月中間決算期 2,279 (100) 2,279 (100)
(注1)
2018年12月中間決算期 2,243 (100) 2,243 (100)
百万円 ％ 百万円 ％
ETFS天然ガス上場投資信託 2019年12月中間決算期 4,224 (100) 4,224 (100)
2018年12月中間決算期 4,681 (100) 4,681 (100)
百万円 ％ 百万円 ％
ETFSWTI原油上場投資信託 2019年12月中間決算期 50,560 (100) 50,560 (100)
2018年12月中間決算期 64,126 (100) 64,126 (100)
百万円 ％ 百万円 ％
ETFSガソリン上場投資信託 2019年12月中間決算期 373 (100) 373 (100)
2018年12月中間決算期 689 (100) 689 (100)
百万円 ％ 百万円 ％
ETFSアルミニウム上場投資信託 2019年12月中間決算期 4,471 (100) 4,471 (100)
2018年12月中間決算期 12,824 (100) 12,824 (100)
百万円 ％ 百万円 ％
ETFS銅上場投資信託 2019年12月中間決算期 18,574 (100) 18,574 (100)
2018年12月中間決算期 29,927 (100) 29,927 (100)
百万円 ％ 百万円 ％
ETFSニッケル上場投資信託 2019年12月中間決算期 54,804 (100) 54,804 (100)
2018年12月中間決算期 36,412 (100) 36,412 (100)
百万円 ％ 百万円 ％
ETFS小麦上場投資信託 2019年12月中間決算期 6,315 (100) 6,315 (100)
2018年12月中間決算期 10,972 (100) 10,972 (100)
百万円 ％ 百万円 ％
ETFSとうもろこし上場投資信託 2019年12月中間決算期 2,815 (100) 2,815 (100)
2018年12月中間決算期 5,848 (100) 5,848 (100)
百万円 ％ 百万円 ％
ETFS大豆上場投資信託 2019年12月中間決算期 962 (100) 962 (100)
2018年12月中間決算期 2,307 (100) 2,307 (100)
（注1） 平成26年7月1日より、連動対象指標をDJ-UBSCI提供のものからブルームバーグ提供のものに変更し、併せて銘柄名を変更
しました。
（注2） 主要投資資産は、令和元年8月24日午前零時（ロンドン時間2019年8月23日午後4時）現在のものとしてブルームバーグに
よって表示される為替レート（スポット・レート）（1米ドル＝105.39円、1ポンド＝129.306円）に基づいて円換算して
います。(以下同じ)
(2)設定・償還実績
前営業期間末 設定口数 償還口数 当営業期間末
発行済口数 発行済口数
(①) (②) (③) （①+②-③）
千口 千口 千口 千口
ETFS総合上場投資信託 2019年12月中間決算期 38,421 7,833 21,199 25,055
(注1)
2018年12月中間決算期 43,430 12,368 17,377 38,421
千口 千口 千口 千口
ETFSエネルギー上場投資信 2019年12月中間決算期 25,674 32,739 44,264 14,149
託(注1)
2018年12月中間決算期 23,222 25,176 22,723 25,674
千口 千口 千口 千口
ETFS産業用金属上場投資信 2019年12月中間決算期 24,452 40,455 48,507 16,399
託(注1)
2018年12月中間決算期 12,592 29,545 17,685 24,452
千口 千口 千口 千口
ETFS農産物上場投資信託 2019年12月中間決算期 66,492 51,577 68,450 49,619
(注1)
2018年12月中間決算期 58,057 37,868 29,433 66,492
千口 千口 千口 千口
ETFS穀物上場投資信託 2019年12月中間決算期 6,740 1,544 1,469 6,815
(注1)
2018年12月中間決算期 6,536 1,307 1,103 6,740
千口 千口 千口 千口
ETFS天然ガス上場投資信託 2019年12月中間決算期 1,358,477 887,468 692,163 1,553,781
2018年12月中間決算期 1,572,719 322,419 536,661 1,358,477
千口 千口 千口 千口
ETFSWTI原油上場投資信託 2019年12月中間決算期 57,484 129,509 131,523 55,469
2018年12月中間決算期 81,244 40,893 64,653 57,484
千口 千口 千口 千口
ETFSガソリン上場投資信託 2019年12月中間決算期 221 441 526 136
2018年12月中間決算期 188 300 266 221
千口 千口 千口 千口
ETFSアルミニウム上場投資 2019年12月中間決算期 36,108 57,087 77,975 15,220
信託
2018年12月中間決算期 40,973 15,760 20,625 36,108
千口 千口 千口 千口
ETFS銅上場投資信託 2019年12月中間決算期 7,914 13,843 14,729 7,028
2018年12月中間決算期 8,530 8,120 8,736 7,914
千口 千口 千口 千口
ETFSニッケル上場投資信託 2019年12月中間決算期 23,918 26,097 7,461 42,554
2018年12月中間決算期 9,958 22,194 8,234 23,918
千口 千口 千口 千口
ETFS小麦上場投資信託 2019年12月中間決算期 162,173 52,998 123,547 91,624
2018年12月中間決算期 158,778 96,031 92,636 162,173
千口 千口 千口 千口
ETFSとうもろこし上場投資 2019年12月中間決算期 67,929 22,872 61,117 29,684
信託
2018年12月中間決算期 46,816 45,603 24,489 67,929
千口 千口 千口 千口
ETFS大豆上場投資信託 2019年12月中間決算期 1,215 858 1,539 534
2018年12月中間決算期 715 1,199 698 1,215
（注1） 平成26年7月1日より、連動対象指標をDJ-UBSCI提供のものからブルームバーグ提供のものに変更し、併せて銘柄名を変更
しました。
（注2） 上記の設定・償還実績については、営業期末時点の未決済上場投信を含んでいません。
(3)基準価額
売買単位当たり基準価額
総資産 負債（注） 資産 （（③/当営業期間末
発行済口数）×売買単位）
百万円 百万円 百万円 円
ETFS総合上場投資信
託 2019年12月中間決算期 21,667 - 21,667 8,647
(注1)
2018年12月中間決算期 35,979 - 35,979 9,364
百万円 百万円 百万円 円
ETFSエネルギー上場 2019年12月中間決算期 5,488 - 5,488 3,878
投資信託(注1)
2018年12月中間決算期 11,786 - 11,786 4,590
百万円 百万円 百万円 円
ETFS産業用金属上場 2019年12月中間決算期 19,336 - 19,336 11,790
投資信託(注1)
2018年12月中間決算期 32,703 - 32,703 13,373
百万円 百万円 百万円 円
ETFS農産物上場投資
2019年12月中間決算期 21,783 - 21,783 4,390
信託(注1)
2018年12月中間決算期 30,599 - 30,599 4,601
百万円 百万円 百万円 円
ETFS穀物上場投資信
託 2019年12月中間決算期 2,279 - 2,279 33,445
(注1)
2018年12月中間決算期 2,243 - 2,243 33,276
百万円 百万円 百万円 円
ETFS天然ガス上場投
2019年12月中間決算期 4,224 - 4,224 271
資信託
2018年12月中間決算期 4,681 - 4,681 344
百万円 百万円 百万円 円
ETFSWTI原油上場投
2019年12月中間決算期 50,560 - 50,560 9,114
資信託
2018年12月中間決算期 64,126 - 64,126 11,155
百万円 百万円 百万円 円
ETFSガソリン上場投
2019年12月中間決算期 373 - 373 27,296
資信託
2018年12月中間決算期 689 - 689 31,079
百万円 百万円 百万円 円
ETFSアルミニウム上
2019年12月中間決算期 4,471 - 4,471 29,377
場投資信託
2018年12月中間決算期 12,824 - 12,824 35,516
百万円 百万円 百万円 円
ETFS銅上場投資信託 2019年12月中間決算期 18,574 - 18,574 26,426
2018年12月中間決算期 29,927 - 29,927 37,813
百万円 百万円 百万円 円
ETFSニッケル上場投 2019年12月中間決算期 54,804 - 54,804 12,878
資信託
2018年12月中間決算期 36,412 - 36,412 15,223
百万円 百万円 百万円 円
ETFS小麦上場投資信
2019年12月中間決算期 6,315 - 6,315 6,892
託
2018年12月中間決算期 10,972 - 10,972 6,766
百万円 百万円 百万円 円
ETFSとうもろこし上
2019年12月中間決算期 2,815 - 2,815 9,485
場投資信託
2018年12月中間決算期 5,848 - 5,848 8,610
百万円 百万円 百万円 円
ETFS大豆上場投資信
2019年12月中間決算期 962 - 962 18,008
託
2018年12月中間決算期 2,307 - 2,307 18,975
（注1） 平成26年7月1日より、連動対象指標をDJ-UBSCI提供のものからブルームバーグ提供のものに変更し、併せて銘柄名を変更
しました。
（注2） 売買単位は、総合商品指数、エネルギー商品指数、産業用金属商品指数、農産物商品指数、原油、ガソリン、銅、
ニッケル、及び大豆については10口、穀物商品指数、天然ガス、アルミニウム、小麦及びとうもろこしについて
は100口となります。
（注3） 商品上場投資信託1単位当たりの資産は、商品上場投資信託1単位当たりの基準価額に基づいたものとなってい
ます。商品上場投資信託1単位当たりの基準価額は、相応する商品上場投資信託1単位当たりの商品契約の価
格に相当するものとなります。各々の商品上場投資信託の裏付けとなっている商品契約の総価値は、相応する商
品上場投資信託の残高と等しくなります。このために、純資産額は零となり、総資産額は、商品上場投資信託の
裏付けとなる商品契約の総額と等しくなります。
［参考］外国投資法人の財政状態
総資産額 総負債額 投資主持分額
百万円 百万円 百万円
2019年12月中間決算期 365,966 368,629 -2,663
2018年12月中間決算期 417,862 418,192 -329
(注1) 商品上場投資信託は、期限の定めのない、請求権の限定されている発行体による債務です。全出資口は、親会社
であるイーティーエフ・セキュリティーズ・リミテッドにより保有されています。投資主持分額は、総資産額か
ら総負債額を差し引いたものです。
2. 会計方針の変更
① 会計基準等の改正に伴う変更 有・無
② ①以外の変更 有・無
ご参考： 会計基準等の改正
(a） 2019年1月1日に発効した基準、修正及び解釈指針：
以下の新規及び改訂後の基準ならびに解釈指針が当年度に適用されましたが、当財務諸表への影響はないと判断しております。
・ 国際財務報告基準(「IFRS」)第16号「リース」
・ IFRS第9号「金融商品」
・ IAS第28号「関連会社及び共同支配企業に対する投資－連結の例外の適用」
・ IAS第19号「従業員給付」
ETFS Commodity Securities Limited
Registered No: 90959
Unaudited Interim Financial Report for the
Six Months to 30 June 2019
ETFS Commodity Securities Limited
Contents
Directors’ Report 1-3
Condensed Statement of Profit or Loss and Other Comprehensive Income 4
Condensed Statement of Financial Position 5
Condensed Statement of Cash Flows 6
Condensed Statement of Changes in Equity 7
Notes to the Condensed Interim Financial Statements 8-14
www.etfs.wisdomtree.eu
ETFS Commodity Securities Limited
Directors’ Report
The directors of ETFS Commodity Securities Limited (“CSL” or the “Company”) submit herewith the
unaudited interim financial report and interim financial statements of the Company for the period ended 30
June 2019.
Directors
The names and particulars of the directors of the Company during or since the end of the financial period
are:
Gregory Barton (resigned 15 March 2019)
Hilary Jones
Steven Ross
Peter Ziemba
Directors’ Interests
No director has an interest in the Ordinary Shares of the Company as at the date of this report.
Principal Activities
During the period there were no significant changes in the nature of the Company’s activities.
Review of Operations
As at 30 June 2019 the Company had the following number of classes, in aggregate, of Commodity
Securities in issue and admitted to trading on the following exchanges:
London NYSE- Tokyo
Stock Borsa Deutsche Euronext Stock
Exchange Italiana Börse Paris Exchange
Classic & Longer Dated
Commodity Securities 55 34 41 9 14
Short & Leveraged
Commodity Securities 86 86 27 4 -
Total Commodity Securities 141 120 68 13 14
As at 30 June 2019, the fair value of assets under management amounted to USD 3,161.7 million (31
December 2018: USD 3,092.0 million). The Company recognises its financial assets (Commodity Contracts)
and financial liabilities (Commodity Securities) at fair value in the Condensed Statement of Financial Position.
During the period, the Company generated income from creation and redemption fees, management fees
and licence allowance as follows:
30 June 2019 30 June 2018
USD USD
Creation and Redemption Fees 311,928 340,644
Management Fees and Licence Allowance 9,915,500 11,303,519
Total Fee Income 10,227,428 11,644,163
Under the terms of the service agreement with ETFS Management Company (Jersey) Limited (“ManJer”),
the Company accrued expenses equal to the management fees and licence allowance and creation and
redemption fees, which, after taking into account other operating income and expenses, resulted in an
operating result for the period of USD Nil (30 June 2018: USD Nil).
-1- www.etfs.wisdomtree.eu
ETFS Commodity Securities Limited
Directors’ Report (Continued)
Review of Operations (continued)
The gain or loss on Commodity Securities and Commodity Contracts is recognised in the Condensed
Statement of Profit or Loss and Other Comprehensive Income in line with the Company’s accounting policies.
The Company has entered into contractual obligations to issue and redeem Commodity Securities at set
prices on each trading day. These prices are based on an agreed formula published in the Prospectus, and
are equal to the published net asset value (“NAV”) of each class of Commodity Security.
IFRS 13 requires the Company to identify the principal market and to utilise the available market price within
that principal market. The directors consider that the stock exchanges where the Commodity Securities are
listed to be the principal market and as a result the fair value of the Commodity Securities is the on-
exchange price as quoted on those stock exchanges demonstrating active trading. As a result of the
difference in valuation methodology between Commodity Contracts and Commodity Securities there is a mis-
match between the accounting values, and the results of the Company reflect a gain or loss on the difference
between the agreed formula price of the Commodity Contracts and the market price of Commodity Securities.
This gain or loss would be reversed on a subsequent redemption of the Commodity Securities and
cancellation of the corresponding Commodity Contracts. This is presented in more detail in note 6 to these
interim financial statements.
Future Developments
United Kingdom's (“UK’s”) withdrawal from the European Union (“EU”)
The process for the UK's withdrawal from the EU is still ongoing. The UK’s future relationship with the EU is
still uncertain and the renegotiations of treaties and agreements, together with legislation changes, have yet
to be completed.
The Company is domiciled in Jersey, outside of the EU, and the Commodity Securities are distributed in the
EU under the EU Prospectus Directive which requires their offering to the public to be approved by an EU
Member State regulator. To date, the Company has chosen the UK Financial Conduct Authority (“FCA”) as
its Member State regulator for these purposes. Request is then made to the FCA, as the chosen Member
State regulator, for the passporting of the offering across the EU, once again, under the EU Prospectus
Directive.
It is currently expected that, if necessary, the Company would select an alternate EU Member State regulator
through which to seek approval and request passporting for its offering. As the Commodity Securities already
comply with the European wide requirements of the EU Prospectus Directive, this is not expected to cause
any disruption or alteration to the terms or nature of the Commodity Securities.
The Commodity Securities continue to comply with all applicable laws and regulations. Continued
assessment of the impact will be required throughout the withdrawal process.
The board of directors (the “Board”) are not aware of any other developments that might have a significant
effect on the operations of the Company in subsequent financial periods not already disclosed in this report
or the attached interim financial statements.
Directors’ Remuneration
No director has a service contract with the Company. The directors of the Company who were employees
within the ETF Securities Limited group or are employees within the WisdomTree group do not receive
separate remuneration in their capacity as directors of the Company. R&H Fund Services (Jersey) Limited
(“R&H” or the “Administrator”) receives a fee in respect of the directors of the Company who are employees
of R&H.
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ETFS Commodity Securities Limited
Directors’ Report (Continued)
Directors’ Remuneration (continued)
The directors’ fees which have been paid by ManJer on behalf of the Company for the period:
30 June 2019 30 June 2018
GBP GBP
Gregory Barton Nil Nil
Christopher Foulds Nil 1,750
Hilary Jones 4,000 Nil
Steven Ross 4,000 4,000
Peter Ziemba Nil Nil
Going Concern
The nature of the Company’s business dictates that the outstanding Commodity Securities may be
redeemed at any time by the holder and in certain circumstances may be redeemed by the Company. As
the redemption of Commodity Securities will coincide with the cancellation of an equal amount of Commodity
Contracts, no net liquidity risk is considered to arise. All other expenses of the Company are met by ManJer;
therefore the directors consider the Company to be a going concern for the foreseeable future and have
prepared the interim financial statements on this basis.
Directors Statement
With regard to Regulation 2004/109/EC of the European Union (the "EU Transparency Directive"), the
directors confirm that to the best of their knowledge that:
• the interim financial statements for the period ended 30 June 2019 give a true and fair view of the
assets, liabilities, financial position and profit or loss of the Company as required by law and in
accordance with International Financial Reporting Standards as issued by the International
Accounting Standards Board; and
• the Directors’ Report gives a fair view of the development of the Company’s business, financial
position and the important events that have occurred during the period and their impact on these
interim financial statements.
On behalf of the directors
Hilary Jones
Director
Jersey
30 August 2019
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ETFS Commodity Securities Limited
Condensed Statement of Profit or Loss and Other Comprehensive Income
Period ended 30 June
2019 2018
Unaudited Unaudited
Notes USD USD
Revenue 2 10,227,428 11,644,163
Expenses 2 (10,227,428) (11,644,163)
Operating Result - -
Net Gain Arising on Contractual and Fair Value of
Commodity Contracts 4 313,981,462 132,572,960
Net Loss Arising on Fair Value of Commodity
Securities 5 (310,116,255) (159,480,696)
Result and Total Comprehensive Income for
the Period 3,865,207 (26,907,736)
1
Adjustment from Market Value to Contractual
Value (as set out in the Prospectus) of
Commodity Securities 6 (3,865,207) 26,907,736
Adjusted Result and Total Comprehensive
Income for the Period - -
The directors consider the Company’s activities as continuing.
1
An explanation of the non-statutory adjustment is set out on pages 11 and 12 This represents the movement in the
difference between the Contractual Value of the Commodity Contracts and the market price of Commodity Securities.
The notes on pages 8 to 14 form part of these condensed interim financial statements
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ETFS Commodity Securities Limited
Condensed Statement of Financial Position
As at
30 June 2019 31 December 2018
Unaudited Audited
Notes USD USD
Current Assets
Trade and Other Receivables 2,290,915 3,286,424
Commodity Contracts 4 3,161,702,112 3,091,983,052
Amounts Receivable on Commodity Securities
Awaiting Settlement 5 250,931,681 13,874,417
Amounts Receivable on Commodity Contracts
Awaiting Settlement 4 57,568,165 11,959,380
Total Assets 3,472,492,873 3,121,103,273
Current Liabilities
Commodity Securities 5 3,186,970,467 3,121,116,614
Amounts Payable on Commodity Contracts
Awaiting Settlement 4 250,931,681 13,874,417
Amounts Payable on Commodity Securities
Awaiting Settlement 5 57,568,165 11,959,380
Trade and Other Payables 2,290,913 3,286,422
Total Liabilities 3,497,761,226 3,150,236,833
Equity
Stated Capital 2 2
Revaluation Reserve (25,268,355) (29,133,562)
Total Equity (25,268,353) (29,133,560)
Total Equity and Liabilities 3,472,492,873 3,121,103,273
The condensed interim financial statements on pages 4 to 14 were approved and authorised for issue by the
board of directors and signed on its behalf on 30 August 2019.
Hilary Jones
Director
The notes on pages 8 to 14 form part of these condensed interim financial statements
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ETFS Commodity Securities Limited
Condensed Statement of Cash Flows
Period ended 30 June
2019 2018
Unaudited Unaudited
USD USD
Operating Result for the Period - -
Changes in Operating Assets and Liabilities
Decrease/(Increase) in Receivables 995,509 (248,038)
(Decrease)/Increase in Payables (995,509) 248,038
Cash Generated from Operating Activities - -
Net Increase in Cash and Cash Equivalents - -
Cash and Cash Equivalents at the Beginning of the
Period - -
Net Increase in Cash and Cash Equivalents - -
Cash and Cash Equivalents at the End of the Period - -
Commodity Securities are issued through a receipt of cash directly with the Commodity Contract
Counterparties or redeemed by the transfer of cash directly by the Commodity Contract Counterparties.
Cash flows in respect of the issue and redemption of Commodity Securities and the creation and
cancellation of Commodity Contracts have been netted off in the Condensed Statement of Cash Flows.
The notes on pages 8 to 14 form part of these condensed interim financial statements
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ETFS Commodity Securities Limited
Condensed Statement of Changes in Equity
Stated Retained Revaluation Total Adjusted Total
Capital Earnings Reserve 2 Equity Equity
Notes USD USD USD USD USD
Audited Opening Balance at 1 January 2018 2 - 23,933,244 23,933,246 2
Result and Total Comprehensive Income for the Period - (26,907,736) - (26,907,736) (26,907,736)
Transfer to Revaluation Reserve - 26,907,736 (26,907,736) - -
3
Adjustment from Market Value to Contractual Value
(as set out in the Prospectus) of Commodity Securities - - - - 26,907,736
Unaudited Balance at 30 June 2018 2 - (2,974,492) (2,974,490) 2
Unaudited Opening Balance at 1 July 2018 2 - (2,974,492) (2,974,490) 2
Result and Total Comprehensive Income for the Period - (26,159,070) - (26,159,070) (26,159,070)
Transfer to Revaluation Reserve - 26,159,070 (26,159,070) - -
3
Adjustment from Market Value to Contractual Value
(as set out in the Prospectus) of Commodity Securities - - - - 26,159,070
Audited Balance at 31 December 2018 2 - (29,133,562) (29,133,560) 2
Audited Opening Balance at 1 January 2019 2 - (29,133,562) (29,133,560) 2
Result and Total Comprehensive Income for the Period - 3,865,207 - 3,865,207 3,865,207
Transfer to Revaluation Reserve 6 - (3,865,207) 3,865,207 - -
3
Adjustment from Market Value to Contractual Value
(as set out in the Prospectus) of Commodity Securities 6 - - - - (3685,207)
Unaudited Balance at 30 June 2019 2 - (25,268,355) (25,268,353) 2
2
This represents the difference between the Contractual Value of the Commodity Contracts and the market price of Commodity Securities.
3 An explanation of the non-statutory adjustment is set out on pages 11 and 12.
The notes on pages 8 to 14 form part of these condensed interim financial statements
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ETFS Commodity Securities Limited
Notes to the Condensed Interim Financial Statements
1. Accounting Policies
The main accounting policies of the Company are described below.
Basis of Preparation
The interim financial statements for the six months ended 30 June 2019 have been prepared in accordance
with IAS 34 “Interim Financial Reporting” as issued by the International Accounting Standards Board (“IASB”)
and interpretations issued by the International Financial Reporting Interpretations Committee of the IASB.
The interim financial statements have been prepared under the historical cost convention, as modified by the
revaluation of financial assets and financial liabilities held at fair value through profit or loss.
The interim financial statements do not include all the information and disclosures required in the annual
financial statements and should be read in conjunction with the Company’s annual financial statements for
the year ended 31 December 2018. Except as described below under Changes in Accounting Standards the
accounting policies adopted are consistent with those of the annual financial statements for the year ended
31 December 2018. The changes in accounting policies are also expected to be reflected in the financial
statements for the year ended 31 December 2019.
The presentation of interim financial statements in conformity with International Financial Reporting
Standards (“IFRSs”) requires the use of certain critical accounting estimates. It also requires management to
exercise its judgement in the process of applying the Company’s accounting policies.
The Company makes estimates and assumptions that affect the reported amounts of assets and liabilities.
Estimates are continually evaluated and based on historical experience and other factors, including
expectations of future events that are believed to be reasonable under the circumstances. The only key
accounting judgement required to prepare these interim financial statements is in respect of the valuation of
Commodity Contracts and Commodity Securities held at fair value through profit or loss as disclosed in notes
4, 5 and 6. Actual results could vary from these estimates.
This half yearly report has not been audited or reviewed by the Company’s auditors.
Changes in Accounting Standards
On 1 January 2019 the Company adopted IFRS 16, IFRS 9, IAS 28, IAS 19 and annual improvements and
have assessed that the adoption of these revised and amended accounting standards has not resulted in
any changes to the accounting policies and disclosures within these financial statements.
2. Operating Result
Operating result for the period comprised:
Period ended 30 June
2019 2018
Unaudited Unaudited
USD USD
Management Fees 9,093,433 10,361,493
Licence Allowance 822,067 942,026
Creation and Redemption Fees 311,928 340,644
Total Revenue 10,227,428 11,644,163
ManJer Fees (10,227,428) (11,644,163)
Total Operating Expenses (10,227,428) (11,644,163)
Operating Result - -
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ETFS Commodity Securities Limited
Notes to the Condensed Interim Financial Statements (Continued)
3. Segmental Reporting
The Company reports information on its operations for each of the Company’s business segments only, as
the Company only has one geographic segment which is Europe. In addition the Company has no single
major customer from which greater than 10% of revenue is generated. The directors believe that the
Company has two operating segments; Classic & Longer Dated and Short & Leveraged. The Company
earns revenues from each of these sources.
For the period ended Classic & Short &
30 June 2019 Longer Dated Leveraged Central Total
Unaudited USD USD USD USD
Management Fees 7,019,083 2,074,350 - 9,093,433
Licence Allowance 716,233 105,834 - 822,067
Creation and Redemption Fees 156,605 155,323 - 311,928
Total Revenue 7,891,921 2,335,507 - 10,227,428
Total Operating Expenses (7,891,921) (2,335,507) - (10,227,428)
Segmental Result - - - -
For the period ended Classic & Short &
30 June 2018 Longer Dated Leveraged Central Total
Unaudited USD USD USD USD
Management Fees 8,102,215 2,259,278 - 10,361,493
Licence Allowance 826,757 115,269 - 942,026
Creation and Redemption Fees 172,667 167,977 - 340,644
Total Revenue 9,101,639 2,542,524 - 11,644,163
Total Operating Expenses 9,101,639 2,542,524 - 11,644,163
Segmental Result - - - -
Additional information relating to the assets and liabilities associated with these securities is disclosed in
notes 4, 5 and 6.
4. Commodity Contracts
Change in Fair Value Period ended 30 June
2019 2018
Unaudited Unaudited
USD USD
Classic & Longer Dated Commodity Contracts 280,492,939 123,100,920
Short & Leveraged Commodity Contracts 33,488,523 9,472,040
313,981,462 132,572,960
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ETFS Commodity Securities Limited
Notes to the Condensed Interim Financial Statements (Continued)
4. Commodity Contracts (continued)
Fair Value of Commodity Contracts As at
30 June 2019 31 December 2018
Unaudited Audited
USD USD
Classic & Longer Dated Commodity Contracts 2,765,376,385 2,735,862,976
Short & Leveraged Commodity Contracts 396,325,727 356,120,076
Total Commodity Contracts 3,161,702,112 3,091,983,052
As at 30 June 2019, there were certain Commodity Contracts awaiting settlement in respect of the creation
or redemption of Commodity Securities with transaction dates before the period end and settlement dates in
the following period:
• The amount payable on Commodity Contracts as a result of unsettled creations of Commodity
Securities is USD 250,931,681 (31 December 2018: USD 13,874,417).
• The amount receivable on Commodity Contracts as a result of unsettled redemptions of Commodity
Securities is USD 57,568,165 (31 December 2018: USD 11,959,380).
5. Commodity Securities
Change in Fair Value Period ended 30 June
2019 2018
Unaudited Unaudited
USD USD
Classic & Longer Dated Commodity Contracts (277,148,540) (144,802,055)
Short & Leveraged Commodity Contracts (32,967,715) (14,678,641)
(310,116,255) (159,480,696)
Fair Value of Commodity Securities As at
30 June 2019 31 December 2018
Unaudited Audited
USD USD
Classic & Longer Dated Commodity Contracts 2,787,661,524 2,761,492,515
Short & Leveraged Commodity Contracts 399,308,943 359,624,100
Total Commodity Contracts 3,186,970,467 3,121,166,614
As at 30 June 2019, there were certain Commodity Securities awaiting settlement in respect of creations or
redemptions with trade dates before the period end and settlement dates in the following period:
• The amount payable as a result of unsettled redemptions of Commodity Securities is USD
57,568,165 (31 December 2018: USD 11,959,380).
• The amount receivable as a result of unsettled creations of Commodity Securities is USD
250,931,681 (31 December 2018: USD 13,874,417).
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ETFS Commodity Securities Limited
Notes to the Condensed Interim Financial Statements (Continued)
6. Adjustment from Market Value to Contractual Value of Commodity Securities
The Commodity Contracts are priced by reference to the value of the commodity indices calculated and
published by Bloomberg L.P. or Bloomberg Finance L.P. (together “Bloomberg”) and a multiplier calculated
by the Company and agreed with the Commodity Contract Counterparties. The multiplier takes into account
the daily accrual of the management fee, licence allowance and swap spread as well as the incremental
capital enhancement component of the Commodity Security, and is the same across all Commodity
Securities of the same type (i.e. all Classic Commodity Securities use the same multiplier). This price is
calculated based on the formula set out in the Prospectus, and is referred to as the ‘Contractual Value’.
The Company measures the Commodity Securities at their market value rather than their Contractual Value
(as described in the Prospectus) because IFRS 13 requires the Company to identify the principal market and
to utilise the available market price within that principal market. The directors consider that the stock
exchanges where the Commodity Securities are listed to be the principal market and as a result the fair
value of the Commodity Securities is the on-exchange price as quoted on those stock exchanges
demonstrating active trading.
Consequently a difference arises between the value of Commodity Contracts (at Contractual Value) and
Commodity Securities (at market value) presented in the Statement of Financial Position. This difference is
reversed on a subsequent redemption of the Commodity Securities and cancellation of the corresponding
Commodity Contracts.
Whilst the Commodity Securities are quoted on the open market, the Company’s liability relates to its
contractual obligations to issue and redeem Commodity Securities at set prices on each trading day and the
prices are equal to the published NAVs of each class of Commodity Security. The actual contractual issue
and redemption of Commodity Securities occur at a price that corresponds to gains or losses on the
Commodity Contracts and as a result the Company has no net exposure to gains or losses on the
Commodity Securities and Commodity Contracts.
The contractual redemption values and movements in unrealised gains/losses during the period/year based
on the contractual settlement values are:
Change in Contractual Value Period ended 30 June
2019 2018
Unaudited Unaudited
USD USD
Classic & Longer Dated Commodity Contracts (280,492,939) (123,100,920)
Short & Leveraged Commodity Contracts (33,488,523) (9,472,040)
(313,981,462) (132,572,960)
Contractual Value of Commodity Securities As at
30 June 2019 31 December 2018
Unaudited Audited
USD USD
Classic & Longer Dated Commodity Contracts 2,765,376,385 2,735,862,976
Short & Leveraged Commodity Contracts 396,325,727 356,120,076
Total Commodity Contracts 3,161,702,112 3,091,983,052
Through the mis-matched accounting values, the results of the Company reflect a gain or loss which
represents the movement in the cumulative difference between the agreed Contractual Value (based on the
formula set out in the prospectus) of the Commodity Contracts and the market price of Commodity Securities.
The results of the Company are adjusted through the presentation of a non-statutory movement entitled
‘Adjustment from Market Value to Contractual Value (as set out in the Prospectus) of Commodity Securities’.
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ETFS Commodity Securities Limited
Notes to the Condensed Interim Financial Statements (Continued)
6. Adjustment from Market Value to Contractual Value of Commodity Securities (continued)
The mismatched accounting values are as shown below and represent the non-statutory adjustment
presented in the Condensed Statement of Profit or Loss and Other Comprehensive Income:
Period ended 30 June
2019 2018
Unaudited Unaudited
USD USD
Net Gain Arising on Contractual and Fair Value of
Commodity Contracts 313,981,462 132,572,960
Net(Loss Arising on Fair Value of Commodity Securities (310,116,255) (159,480,696)
3,865,207 (26,907,736)
The gain or loss on the difference between the Contractual Value of the Commodity Contracts and the
market price of Commodity Securities would be reversed on a subsequent redemption of the Commodity
Securities and cancellation of the corresponding Commodity Contracts. This gain or loss is transferred to a
Revaluation Reserve which is non-distributable and a reconciliation of the movements throughout the
period/year is detailed below.
2019 2018
Unaudited Audited
USD USD
Balance brought forward at 1 January (29,133,562) 23,933,244
Adjustment from Market Value to Contractual Value (as
set out in the Prospectus) of Commodity Securities:
Period 1 January to 30 June 3,865,207 (26,907,736)
Period 1 July to 31 December - (26,159,070)
3,865,207 (53,066,806)
Closing balance at 30 June / 31 December (25,268,355) (29,133,562)
7. Fair Value Hierarchy
The fair value hierarchy levels are defined as follows:
• Level 1 Fair value based on quoted prices in active markets for identical assets.
• Level 2 Fair values based on valuation techniques using observable inputs other than quoted
prices within level 1.
• Level 3 Fair values based on valuation techniques using inputs that are not based on observable
market data.
Categorisation within the hierarchy is determined on the basis of the lowest level input that is significant to
the fair value measurement of each relevant asset/liability.
The Company’s rights in respect of Commodity Contracts relate to its contractual obligations to issue and
redeem Commodity Securities at set prices on each trading day. These prices are based on an agreed
formula (set out in the Prospectus), and are equal to the published NAV’s of each class of Commodity
Security. Therefore, Commodity Contracts are classified as level 2 financial assets, as the value is
calculated using third party pricing sources supported by observable, verifiable inputs.
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ETFS Commodity Securities Limited
Notes to the Condensed Interim Financial Statements (Continued)
7. Fair Value Hierarchy (continued)
The Company measures the Commodity Securities at their market value which is deemed to be the prices
quoted on stock exchanges or other markets where the Commodity Securities are listed or traded. The
Commodity Securities are priced using the closing mid-market price on the Statement of Financial Position
date. Therefore Commodity Securities are classified as level 1 financial liabilities.
The categorisation of the Company’s assets and (liabilities) are as shown below:
Period ended Year ended
30 June 2019 31 December 2018
Unaudited Audited
USD USD
Level 1
Commodity Securities (3,186,970,467) (3,121,166,614)
Level 2
Commodity Contracts 3,161,702,112 3,091,983,052
The Commodity Securities and the Commodity Contracts are recognised at fair value through profit or loss
upon initial recognition in line with the Company’s accounting policy. There are no assets or liabilities
classified in level 3. There were no reclassifications during the period.
8. Related Party Disclosures
Entities and individuals which have a significant influence over the Company, either through ownership or by
virtue of being a director of the Company, are related parties.
Fees charged by ManJer during the period:
Period ended 30 June
2019 2018
Unaudited Unaudited
USD USD
ManJer Fees 10,227,428 11,644,163
The following balances were due to ManJer at period end:
As at
30 June 2019 31 December 2018
Unaudited Audited
USD USD
ManJer Fees Payable 2,290,913 3,286,424
At 30 June 2019, USD 2 is receivable from ManJer (31 December 2018: USD 2).
As disclosed in the Directors’ Report, ManJer paid directors’ fees in respect of the Company of GBP 8,000
(30 June 2018: GBP 5,750).
Hilary Jones and Steven Ross are directors of R&H Fund Services (Jersey) Limited (“R&H”), the
administrator. During the period, R&H charged ManJer administration fees in respect of the Company of
GBP 166,500 (30 June 2018: GBP 156,000), of which GBP 83,250 (30 June 2018: GBP 83,250) was
outstanding at the period end.
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ETFS Commodity Securities Limited
Notes to the Condensed Interim Financial Statements (Continued)
9. Events Occurring After the Reporting Period
There have been no significant events since the reporting period that require disclosure.
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The intelligent
alternative.
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