CreditSuisse Réplicationbeta

How to get delta one exposure: instruments available to an institutional investor
Product Overview
Whats Available in the Market Place for Beta Exposure
Delta One platform provides a broad range of products to help investors efficiently address asset allocation, financing and hedging needs
Challenges
Products
Single stock swaps
Solutions
Smart asset utilisation
Asset use:
Hedge risk Product costs Optimise investment returns Access desired markets or underlying Manage cash flow efficiently Portfolio taxation Diversification
Fund structure:
Index and sector swaps Thematic swaps Investor defined baskets Term swaps Swaps on futures ETFs Certificates
Reduced transaction cost Risk management Managing cash flows Inventory optimisation Term financing Iliquid asset financing
Index replication and outperformance Market access Strategic themes
Regulatory and tracking risk guidelines Liquidity and leverage requirements Mandate constraints Investment horizon
Benchmark mandates:
Delta One partners with investors to deliver suited solutions
Customised beta Precision hedging Structural efficiency
Optimise portfolio for risk / return Minimise dilution of alpha Reduce counterparty risk Deliver certainty Perfect beta
Futures Structured solutions
Cash optimisation and leverage
Please see Important Information at the end of this material for important disclosures regarding the data and information contained and the views and opinions expressed in this material.
Slide 1
Swaps
Swaps Overview
Single Stock Swaps Index & Sector Swaps Term Swaps (6-12 months)
Vanilla product for gaining leveraged access to global markets with economic and operational benefits Gain access to emerging markets, especially in restricted, illiquid or frontier markets where standardized products may not exist (e.g. Middle East, Korea, India, China) Distributions can potentially differ between swap and cash Efficient management of Fin 48 reporting
Facilitates exposure to a broad range of sectors and indices in a single instrument Access to markets and country indices that can otherwise be difficult to trade and maintain
A single, index or sector swap can be structured as a term swap At inception the swap price may take into account any anticipated events throughout the life of the swap (cash flows, dividends, stock loan costs or benefits etc.) Such anticipated events can increase or reduce the spread charged or paid Cost and operationally-efficient for investors that know swap term at inception
Swap on Futures
Investor Defined Swaps
Thematic Swaps
Cost-efficient instruments providing highly customisable solutions Gain long or short exposure to a broad range of equities, indices, sectors or baskets in a single packaged instrument Bespoke swaps can be tailored to specific needs down to individual components
Counterparties usually provide ideas for the composition of specific baskets based on in-house research and analysis For example Credit Suisse is leveraging off its market leading Equity Research, HOLT and Derivatives Strategy
Provides access to futures on all major exchanges No borrow of underlying required for short positions Ideal for counterparties that are subject to CFTC constraints
Slide 2
Swaps
Benefits to the Investor

Swaps combine the tracking efficiency and leverage of futures with the added advantage of customisation into a single OTC product Access Leverage Outperformance Flexibility and customisation Improved benchmark tracking Execution anonymity Efficiency Gain long or short exposure to a broad range of equities, indices and sectors across countries Product requires only initial and variation margin Ability to generate incremental returns through portfolio optimisation Swaps can be customised to meet unique investor needs (bespoke swaps) A more targeted instrument than listed alternatives, with zero tracking slippage Investor receives swap economics, but Credit Suisse is the beneficial owner of the underlying No management fee, low administration and maintenance costs
Slide 3
ETFs
Exchange Traded Funds Overview

ETFs are exchange listed investment funds (some structured as ETNs or ETCs) providing investors with quick, simple, and transparent instrument to gain exposure to broad benchmark indices, sectors, countries, asset classes or investment styles Simple and efficient way to invest in different asset types: equities, fixed income, commodities, currencies, real estate, money markets ETFs can be based on physical or swap backed replication Open ended structure of ETFs allows for easy creation and redemption Creation and redemption process ensures that ETFs trade close to NAV ETFs liquidity is function of liquidity of the underlying securities in the basket as well as of secondary market trading volumes ETFs are fully funded instruments, 100% of the notional is paid at inception Exchange traded, providing for reduced counterparty risk Position reporting is the same as a custodian or prime broker would provide for equity securities No ISDA documentation required May be UCITS compliant
Slide 4
ETFs

ETFs offer a much wider choice of benchmark exposure than futures, retaining trading flexibility and cost effectiveness when frequent trading of positions is required Broad asset classes Not a derivative Shorting Simplicity Reduced counterparty risk Swiftness Flexibility Liquid instrument Execution flexibility Equities, fixed income, commodities, currencies, real estate, money markets Solution for institutions seeking index exposure, but cannot use futures or swaps Borrow ETFs for shorting or buy directionally short ETFs Stable and transparent cost structure as well as operational ease of use At the level of securities lending if physically replicated or swap provider if swap replicated Provide immediate exposure to a predetermined index, asset class or fund Wide choice of ETFs are available, listed, with continuous pricing throughout the day Function of secondary market trading volume and liquidity of the underlying Ability to trade with multiple counterparties
Slide 5
Certificates
Certificates Overview
Certificates are securities issued by Credit Suisse, terms and conditions of the certificate are specified at the time of issue
Certificates are suitable for investors who have restrictions on leverage or holding derivative positions and/or need a listed security Provide long, short or combined long-short exposures to a broad range of equities, indices, sectors or bespoke baskets Investor places an order for a certificate detailing execution price limits and volume constraints as necessary Issuance process usually takes several days, no documentation required, subject only to broker approval of suitability for the investor Fully funded instrument; 100% of the notional is paid at inception, with transparent pricing set upfront American-style, allowing full flexibility of unwind, subject to terms Generally sold as private placement, but can also be listed on exchange, with pricing published daily on Bloomberg or Reuters Certificates listed on an exchange, ownership can be transferred between parties without the involvement of the issuer The liquidity of the certificate is the result of the liquidity in the underlying Positions may be held in a standard equity securities trading account
Slide 6
Certificates

Certificates enable investors to gain customised exposure to a defined underlying, according to investor investment objectives, offering the tracking efficiency of swaps in a non-derivative instrument Access Not a derivative Shorting Customised Flexibility Outperformance Improved benchmark tracking Transparency Market access to countries or products that may be otherwise inaccessible Alternatives for investors who have restrictions trading derivatives Can be structured as short or combined long or short exposure Complete flexibility to accommodate any equity reference whether standardised or custom Investor has 100% control of the basket composition and rebalance methodology Possibility to generate incremental revenue from inventory optimisation A more targeted instrument than listed alternatives, with zero tracking slippage Certificate composition and intraday price is known at any time
Slide 7
Futures
Futures Overview
Futures are standardised, exchange-traded contracts, with significant depth and liquidity, giving immediate leveraged exposure to the desired underlying Futures expire quarterly and in some cases monthly Contracts are settled either through the physical delivery of the underlying security (for single stocks), or via a cash payment (for index products) based on the closing out of the position at a price equal to the reference index level at maturity Facing the clearing houses, futures benefit from minimal counterparty risk Efficiency of electronic trading in the majority of futures markets helps support large trading volumes Futures are characterised by high levels of liquidity both on and off-exchange The product offering for futures is narrower than for other products and is limited to the more popular broad sector indices and highly-liquid single stocks Investors receive standard position reporting provided by their custodian or prime broker
Slide 8
Futures

Futures are easy way to go long or short, offering high levels of liquidity and generally low transaction costs, making them especially well suited for higher frequency trading Swiftness Flexibility Liquidity Outperformance Leverage Shorting Swap on futures Immediate, liquid, exchange traded access to main market benchmarks Ability to customise exposure by varying weights of contracts High intraday liquidity Incremental return from rolls may be available Contracts are traded on margin offering the potential to create leveraged positions Short exposure can be created via futures Ideal for counterparties who are subject to CFTC constraints
Ease of portfolio construction Holding a few futures contacts to replicate holding hundreds of stocks
Slide 9
To Recap
FOCUS OF THIS PRESENTATION
Selection of the most efficient beta exposure or hedge is largely driven by specific trading needs, tracking error tolerance, transaction size and/or transaction frequency
Type of security
Stocks
Advantages
Customisation Flexibility and control
Considerations
Trading desk Infrastructure Administrative costs OTC Counterparty risk Set-up documentation
Best suited to
Small portfolios Infrastructure in place Low anticipated turnover Large portfolio Longer term trades Low anticipated turnover More customised exposure High frequency trading More granular exposure (than futures allow)
Explicit costs
Commissions Bid/Offer spread
Variable costs
Expensive infrastructure Stock borrow costs Tracking error Counterparty risk Cost of customisation Break fees term swaps Funding/interest rate risk Tracking error Dividend treatment (depending on ETF structure) Rolling risk Dividend risk Tracking error Funding/interest rate risk Counterparty risk Cost of customisation
Swaps
Leverage Customisation Confidentiality Lower funding costs Liquidity Ease of use Variety of offerings Multiple trading ctps Leverage Low commission Liquidity (certain benchmarks) Customisation Confidentiality Fully funded instrument
Commissions Bid/Offer spreads Documentation
ETFs
Total Expense Ratio Tracking error No leverage
Commissions Bid/Offer spreads Management fees
Futures
Roll risk Limited exposure Few benchmarks tracked
High turnover Shorter duration Trades popular benchmarks
Commissions Bid/Offer spread
Certificates
Total Expense Ratio No leverage
Longer term trades Low anticipated turnover More customised exposure
Commissions Bid/Offer spreads Management fees
Slide 10
Main ETF Applications for Investors

Asset Managers Mutual Funds Pension Plans Private Banks Hedge Funds Retail Investors
Strategic Market exposure: Implement a wide variety of investment strategies using broad local or international market reach Directional views: Use long or shorts to implement directional market views Strategic asset allocation: Implement core or satellite strategies Rebalancing: Attaining or adjusting asset allocation, sector or style exposure Hedging: Achieve neural market or sector exposure Dynamic portfolio construction: Fill allocations required by the investment strategy; gain exposure to size, style, yield, sector and country
Tactical: Transition tool: Maintain exposure to a given market while searching for a specific market Cash management: Able to invest cash rapidly and cost efficiently to gain desired market exposure Derivatives alternative: Ability to set similar or even wider Delta 1 exposures with single line cash-based settlement Exposure management: Easily shift portfolio emphasis by adjusting exposures (e.g. duration, credit) Thematic: Implement thematic exposures Active risk budgeting: Combine ETFs in managing total portfolio volatility
Slide 11
Trends in ETF Construction and Usage
The ETF Value Chain
Manufacturing Index Providers Exchanges PUSH Regulators IB swap structuring Index fund mgmt. Custodians/Others Tax Authorities
Distribution
Liquidity
ETF Sales PUSH Authorised Participants AM Sales IB Sales Third Party Distributors IFA, e-broker
PU
th ro w MG AU
PUSH
Clients
PULL
Bra n
Slide 13
Marketing, Advertising and PR
H US P
dA
Hedge Funds Institutions Private Banks
wa ren
ess
SH
H US P
and retail
Construction of ETFs
Direct Replication Full replication buys all index components Optimized Sampling buys some index components Swap-Backed Invests directly in basket of equities, and achieves index performance via total return swap Distinguish from ETCs/ETNs Issuer is a SPV not a Fund Typically uses a lightly-regulated/unregulated structure Investor owns a debt security rather than an equity Investor is an (un)secured creditor in bankruptcy event
Slide 14
Construction of ETFs
Direct Replication Swap-backed
Pays performance of the Index
ETF
ETF
Total Return Swap

Pays performance of the Equity Basket
Swap Counterparty
Index Components
Basket of Equities
Slide 15
Evolution of ETF Construction Methodologies

Direct Replication Benefits transparent, limited counterparty risk (securities lending) Drawbacks tracking error, especially for hard-to-access markets Swap-Backed Benefits minimises tracking error, can access wider range of underlyings Drawbacks counterparty exposure via swap & securities lending subject to legal caps Future Trends It will be the investors making the decisions, not the issuers Increased focused on transparency and risk reduction, regardless of methodology Transparency on collateral posted by swap counterparties for swap-backed ETFs Transparency on substitute basket components for swap-backed ETFs Stock lending processes Customized ETF payoff structures (hybrid between direct replication and swap-backed) Greater differentiation between ETFs and ETNs/ETCs
Slide 16
How Investors Can Use ETFs

Core/satellite strategy ETFs as the core or the satellite Tactical or strategic allocation Access Alternative to direct investments in hard-to-access markets, e.g. Emerging Markets Cash equitisation Active asset manager trying to minimise cash drag alternative to futures Enhance risk management/liquidity ETFs are regulated, funded instruments typically with capped counterparty exposures Benchmark ETFs often trade with greater liquidity than underlying basket Flexible trade execution - can use stop-losses, limit orders, risk prices, closing NAV etc Shorting Investors looking to short indices/sectors can either borrow ETFs or use short ETFs Buy-and-hold investors can lend their ETFs to generate additional revenues
Slide 17
Case Study 1 Hedge Fund

Tactical allocations High frequency dealing Low operational cost simple bookings, no ISDA, no margin calls Pairs trading/relative value Long Sector ETF vs. short Single Stock, vice versa Long Country A/short Region or Country B Implement short strategies Create to Borrow market ETF tracking a short index
Slide 18
Case Study 2 Private Bank

Uses ETFs to construct a portfolio via building block strategy Regional Single Country Sectors Themes Complementary to active stock-picking strategy Delivers lower cost exposures
Developed Equity (27)
Regional Pac ex. Japan All cap MSCI Europe Eurozone (EMU) MSCI Dow Jones Australia Canada Italy Japan
Emerging Equity (13)
Fixed income (11)

Single country Switzerland
Commodities (3)
UK
US
FTSE
MSCI
MSCI
FTSE
MSCI
MSCI
MSCI Dow Nasdaq Jones S&P 500
Large cap
MSCI
MSCI
Nikkei
SLI
SMI
MSCI
MSCI
Mid cap
MSCI
SMM
Small cap
MSCI
MSCI
MSCI
MSCI
Source: Credit Suisse
Slide 19
Case Study 3 Asset Manager

Access cheap strategic beta via ETFs on regions/single countries Implement tactical allocations via ETFs (or single stocks) Cash equitisation pending active asset allocations alternative to futures Earn enhanced revenues via lending ETFs
Slide 20
Conclusions
The Manufacturing Segment of the ETF Value Chain is where economies of scale should favour a few large players Traditional indexing and low-cost infrastructure create strong economies of scale for direct replication manufacturing Strong balance sheet and competitive swap capabilities will support synthetic replication and lead development of new ETF product development initiatives, i.e., emerging markets and alternatives Until the pan-European ETF distribution model is properly solved, the Distribution Segment of the ETF Value Chain will likely remain fragmented Barriers to entry remain relatively low (reputational risk is main barrier to exit) ETF Distribution represents option value for banks (less profitable than OTC derivatives businesses, but huge potential to European aggregate retail market and hedge against potential future adverse regulatory developments, i.e. Basel III, etc.) The War between Direct Replication and Synthetic Replication ETF Manufacturing is over!!! THE LONG-TERM WINNERS WILL BE ETF INVESTORS In the long-run those ETF issuers who combine efficient manufacturing capabilities for both construction methodologies with the highest levels of transparency will become the industry leaders Short-to-medium term, investor education will remain paramount
Slide 21
Exchange Traded Funds Liquidity, Execution and Shorting
Presentation Outline
Liquidity Europe vs. US; perceived and real liquidity Execution pricing / hedging and total costs of trading ETFs Shorting of ETFs borrow availability in the European market
Slide 23
European ETFs: The Perceived Lack of Liquidity

European ETF volumes only a fraction of the volumes seen in the US; estimated total $6-8bln / day in Europe vs. $50bln in US Around 65% of volume in Europe is traded OTC -> US on-exchange volume around 20x bigger Lower volumes in Europe due to: 1. Market fragmentation in Europe a) multiple cross-listings from various issuers b) different settlement cycles / systems and buy-in rules across exchanges c) operationally intense to move shares from one listing to another Limited post-trade transparency Different ETF user base in Europe vs. US Lack of an active ETF borrow market
2. 3. 4.
Perceived lack of liquidity in the European ETF market
Slide 24
Real ETF Liquidity: The Creation / Redemption Process
Primary Market ETF Issuer (e.g. iShares, Lyxor)
Securities Authorised Participant (AP) ETFs
Cash Client ETF
A) B)
Create ETFs with the issuer by delivering the basket of stocks and receiving ETF units or Trade the ETF directly in the secondary market
Cash
ETFs
Secondary Market (e.g. LSE, Xetra)
Slide 25
ETF Costs and Pricing

Costs involved in trading ETFs Spread in the ETF Broker charges and trading commission Total Expense Ratio (TER) = Management Fees + Expenses. Management fees are set by the provider and is known in advance. Expenses vary widely, depending on the complexity of the underlying portfolio and costs of replication. For ETFs on plain-vanilla broad indices, TER can be as low as 10bps, for more complex benchmarks and non-equity underliers it can be well over 100bps. TER is deducted daily from the NAV Pricing: What drives the spread? Starting point: NAV or proxy NAV if the underlying markets closed Market impact costs: Liquidity consideration and spread of underlying basket Taxes: Stamp duty on underlying components of physically replicated ETFs Execution costs: Brokerage fees on underlying components in some markets (e.g. 30bps sell tax in Korea) Creation or redemption cost: Can be fixed or a percentage of notional Tracking Error: Restricted stocks, closed markets
Slide 26
Execution: Different Ways to Place Your Order

Intra-day risk investor pays a risk premium but implements the trade immediately. Generally speaking more expensive but no market risk Intra-day agency investor does not pay a risk premium and can determine how the trade should be implemented (VWAP, TWAP etc.). Lower cost but investor keeps market risk until trade completion Closing NAV Very transparent as it is easy to compare quotes from different brokers. However, investor keeps full market risk Closing print in the ETF generally speaking only advisable for small orders (below creation / redemption sizes) in liquid ETFs. Investor also bears the full market risk from placing the order to market close in the ETF itself
Slide 27
Shorting ETFs in Europe

ETF borrow market in Europe substantially smaller than US ($1.5bln vs. $25-30bln value on loan) Main ETFs in the US can be easily borrowed at costs often close to the management fee while in Europe the borrow cost can be a multiple
DEMAND Limited demand due to lower HF usage of ETFs
SUPPLY Create-to-lend not really existent in Europe due to: High creation costs due to fees and stamp taxes Dividend Costs
Recent developments: Source provides daily gross-to-net dividend adjustment figures -> increased HF usage MS announcement regarding European ETF create-to-lend
Slide 28
Credit Suisse ETFs: The New Generation of ETFs

The partnership Credit Suisse ETFs are a joint venture between the Asset Management and Investment Bank divisions of Credit Suisse, with the co-operation of the Private Banking division Combining the trust and experience of an asset manager with the trading and structuring expertise of an investment bank. Where we stand today
The largest ETF provider in Switzerland - 29% market share in 2010 4th largest ETF provider in Europe - $15.9bn AUM One of the most experienced ETF providers in the European market: ETFs since 2001, indexing solutions since 1994 Building block approach with 54 ETFs to replicate all the main markets by geography and market cap 40 Equity, 11 Fixed Income and 3 physically-backed Commodity ETF ETF Range - UCITS III Irish & Luxembourg-based funds, and non-UCITS III Swiss-domiciled funds
The future
To become the leading client-driven ETF provider in the marketplace

Cost competitive, in particular on a riskadjusted basis Utilize both physically-backed and swap-based ETF solutions Promote transparency Comprehensive product suite covering all asset classes, sectors and geographical regions Drive ETF innovation
As per January 2011 Source: Credit Suisse
Slide 29
The Evolution of European ETFs

Prior Generations Direct Replication Prior Generations Swap-backed with Single Swap Counterparty
Methodology: Buys a swap from a single investment bank Benefit: Solves tracking error issue associated with direct replication ETFs Issue: single counterparty risk and lack of transparency
Prior Generations Swap-backed with Multiple Swap Counterparties

Methodology: Buys swaps from multiple investment banks Benefit: Solves single counterparty risk issue of generation 2 Issue: Still have counterparty risk and lack of transparency
Credit Suisse New Generation Client Focused Solutions: Higher Quality Replication & Swap-backed
Methodology: Direct replication with fund holding constituent securities of the benchmark index Benefit: Transparent Issue: Potential for tracking error
Methodology: Both replication and swap methodologies to offer clients the best solution Benefits: Minimises counterparty risk Minimises tracking error Fund holds high quality liquid assets, published daily In-house solution Offers investors both formats
Credit Suisse is using best-inclass technology to deliver high quality, low risk, transparent ETFs to clients
Slide 30
Why Credit Suisses New Generation ETFs?

Credit Suisses unique News Generation ETF platform leverages the extensive cross-division expertise of the Credit Suisse Group to deliver a comprehensive suite of industry leading, higher quality products which are all run in-house Our new, optimised swap-backed ETFs address a number of critical issues raised by investors in existing ETFs, including:
Issue
Counterparty risk
Solution
Swaps reset daily, minimising counterparty risk to just that days index movement Swap counterparty risk is at all times only with Credit Suisse, rather than a large number of potential counterparties Fund holds high quality assets (blue chip European equities), with full transparency holdings are published daily on website Swaps will typically pay 100% of the index performance, with no spread or other performance drag Credit Suisse aims to be transparent and highly competitive on the pricing of its ETFs
Lack of transparency regarding funds underlying assets Lack of transparency over performance and costs
Outsourcing of certain functions in Credit Suisse is able to deliver all aspects of direct replication and the delivery of ETFs increases investor risk swap-backed ETFs utilising our award winning in-house expertise*
Slide 31
Important Information
This document was produced by Credit Suisse AG and/or its affiliates (hereafter CS") with the greatest of care and to the best of its knowledge and belief. However, CS provides no guarantee with regard to its content and completeness and does not accept any liability for losses which might arise from making use of this information. The opinions expressed in this document are those of CS at the time of writing and are subject to change at any time without notice. If nothing is indicated to the contrary, all figures are unaudited. This document is provided for information purposes only and is for the exclusive use of the recipient. It does not constitute an offer or a recommendation to buy or sell financial instruments or banking services and does not release the recipient from exercising his/her own judgment. The recipient is in particular recommended to check that the information provided is in line with his/her own circumstances with regard to any legal, regulatory, tax or other consequences, if necessary with the help of a professional advisor. This document may not be reproduced either in part or in full without the written permission of CS. It is expressly not intended for persons who, due to their nationality or place of residence, are not permitted access to such information under local law. Neither this document nor any copy thereof may be sent, taken into or distributed in the United States or to any US person. Credit Suisse Exchange Traded Funds (CS ETFs) may not be suitable for all investors. Credit Suisse AG does not guarantee the performance of the shares or funds. The value of the investment involving exposure to foreign currencies can be affected by exchange rate movements. We remind you that the levels and bases of, and reliefs from, taxation can change. Affiliated companies of Credit Suisse AG may make markets in the securities mentioned in this document. Further, Credit Suisse AG and/or its affiliated companies and/or their employees from time to time may hold shares or holdings in the underlying shares of, or options on, any security included in this document and may as principal or agent buy or sell securities.
Slide 32

CreditSuisse Réplicationbeta

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CreditSuisse Réplicationbeta

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How to get delta one exposure: instruments available to an institutional investor

Whats Available in the Market Place for Beta Exposure

Index replication and outperformance Market access Strategic themes

Delta One partners with investors to deliver suited solutions

Customised beta Precision hedging Structural efficiency

Futures Structured solutions

Cash optimisation and leverage

Investor Defined Swaps

Benefits to the Investor

Exchange Traded Funds Overview

Benefits to the Investor

Benefits to the Investor

Benefits to the Investor

FOCUS OF THIS PRESENTATION

Commissions Bid/Offer spreads Documentation

Total Expense Ratio Tracking error No leverage

Commissions Bid/Offer spreads Management fees

Roll risk Limited exposure Few benchmarks tracked

High turnover Shorter duration Trades popular benchmarks

Commissions Bid/Offer spread

Total Expense Ratio No leverage

Longer term trades Low anticipated turnover More customised exposure

Commissions Bid/Offer spreads Management fees

Main ETF Applications for Investors

Trends in ETF Construction and Usage

The ETF Value Chain

Marketing, Advertising and PR

Hedge Funds Institutions Private Banks

Total Return Swap

Evolution of ETF Construction Methodologies

How Investors Can Use ETFs

Case Study 1 Hedge Fund

Case Study 2 Private Bank

Emerging Equity (13)

Fixed income (11)

MSCI Dow Nasdaq Jones S&P 500

Source: Credit Suisse

Case Study 3 Asset Manager

Exchange Traded Funds Liquidity, Execution and Shorting

European ETFs: The Perceived Lack of Liquidity

Perceived lack of liquidity in the European ETF market

Real ETF Liquidity: The Creation / Redemption Process

Primary Market ETF Issuer (e.g. iShares, Lyxor)

Securities Authorised Participant (AP) ETFs

Cash Client ETF

Secondary Market (e.g. LSE, Xetra)

ETF Costs and Pricing

Execution: Different Ways to Place Your Order

Shorting ETFs in Europe

DEMAND Limited demand due to lower HF usage of ETFs

Credit Suisse ETFs: The New Generation of ETFs

To become the leading client-driven ETF provider in the marketplace

As per January 2011 Source: Credit Suisse

The Evolution of European ETFs

Prior Generations Swap-backed with Multiple Swap Counterparties

Why Credit Suisses New Generation ETFs?

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