Barclay BTOP FX Index

We would like to call your attention to recent changes implemented in the BTOP FX Index.

Effective August 1, 2011 the BTOP FX index will be rebalanced to an equal weighting at month end. Effective September 1, 2011 the BTOP FX index is investable and found on the CitiFX Access Platform ®.

In order to better reflect the returns of a truly investable index in the currency space each trader trades a fixed amount of capital regardless of gain or loss. To better reflect this reality daily rates of return are not compounded from September 1, 2011 going forward.

Additionally, in response to numerous comments we have received over the years on the BTOP FX index we have decided to standardize the volatility levels of the constituents. All constituents have been asked to target a level of volatility of 10-15% for index calculation purposes. The standardized volatility is reflected in the constituent returns from September 1, 2011 onwards.

The BTOP FX Index seeks to replicate the overall composition of the currency sector of the managed futures industry with regard to trading style and overall market exposure. The BTOP FX Index employs a top-down approach in selecting its constituents. The largest investable currency trading programs, as measured by assets under management, are selected for inclusion in the BTOP FX Index . In each calendar year the selected currency trading programs represent, in aggregate, no less than 50% of the investable assets of the Barclay Currency Traders Universe. To be included in the BTOP FX Index , the following criteria must be met:

• Program must trade exclusively currencies, either futures or interbank.
• Program must be open for investment.
• Program must be willing to provide Barclay with daily rates of return on a timely basis.
• The BTOP FX Index will be equally weighted among the selected programs at the beginning of each calendar year and will be rebalanced annually.

	May-16-2013 ROR†	MTD†	YTD†
BTOP FX Index	-0.01%	1.11%	3.62%
†Estimated performance as of May-18-2013 14:10 US CST

 
Past performance is not necessarily indicative of future trading results. The funds represent speculative investments and involve a high degree of risk. An investor could lose all or a substantial portion of his or her investment.