asia-pac monthly etf insights · (+$667mn), india (+$324mn) and south korea (+$300mn). asia-pac...

Deutsche Bank Markets Research

Asia

Synthetic Equity & Index Strategy

Asia-Pac Monthly ETF Insights

Date

13 April 2016

Global assets pass $3tn, Strong inflows to EM/China

Data in this report is as of 31st March 2016

________________________________________________________________________________________________________________

Deutsche Bank AG/Hong Kong

Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1.MCI (P) 057/04/2016.

Author

Shan Lan

Strategist

(+852) 22036716

[email protected]

Team Contacts

Ari Rajendra

Strategist

(+44) 20 754-52282

[email protected]

Sebastian Mercado

Strategist

(+1) 212 250-8690

[email protected]

Related recent research Date

ETF Annual Review & Outlook - Strong Growth to Continue Despite Volatile Markets

21 Jan 2016

Source: Deutsche Bank

Global ETP assets cross $3 trillion mark Global ETP AUM surpassed $3 trillion mark for the first time in the history supported by market rally and robust inflows in March. On a year-to-date basis global ETP AUM is up by 2.7% ($80.3bn). Asia-Pac listed ETP assets are moving closer to $300bn mark and closed the month at $287.3bn. ETPs listed globally received notable inflows of over +$40bn over the last month taking YTD total to +$61bn. US ETPs made a comeback with +$32.4bn inflows, followed by Europe (+$5.8bn) and Asia (+$2.1bn). In US and Asia region inflows were dominated by equity ETFs while European region inflows were dominated by fixed income ETFs.

Global ETF investor positioning: Global EM and DM preferred in March, Europe retreated, Outflows from offshore DM ETFs but EMs favored Based on March flows to ETFs listed globally with regional focus, Broad (global) EM and Broad (global) DM have been most preferred, while investors continued to be bearish on Europe. Investor preference reversed for Broad EM in March which was not being preferred till February.

Equity ETFs listed offshore with investment focus in Asia experienced net outflows of -$1bn in March (-$3.1bn in Feb’16). Major outflows were recorded by DMs, primarily from Japan (-$2.8bn). In contrast to DMs and previous two months, EMs recorded inflows of +$1.9bn in March, primarily into China (+$667mn), India (+$324mn) and South Korea (+$300mn).

Asia-Pac Listed ETFs: Inflows continued in March Asia-Pacific ETPs continued to register inflows recording +$2.1bn worth of new money in March (+$6.3bn in Feb’16 and +$9.6bn in Jan’16) taking YTD total to +$18bn. Last month, inflows were dominated by equity ETFs (+$4.4bn) amid market rally, partially offset by fixed income ETFs (primarily money markets ETFs in China) recording outflows of -$2.4bn.

RQFII and JPX-Nikkei 400 ETFs attract investor attention During last two months RQFII ETFs gained back investor attention and attracted inflows of +$200mn and +$400mn in February and March respectively. JPX-Nikkei 400 ETFs have attracted inflows of +$188mn in March taking YTD total to just under +$650mn with total assets at $7.2bn.

New launches in Asia: Leveraged/short strategy and India focused ETFs Asia-Pacific ETP market continued to bring more variety in terms of non-traditional with 9 new product launches in March. Major highlights of the month were 4 leveraged/short ETFs and introduction of India focused ETFs on Taiwan Stock Exchange.

Low Volatility ETF traction continues Low Volatility ETFs tend to attract attention during market turmoil when the volatility rises. This is evident since start of the year when these ETFs registered regular inflows totaling +$8.7bn on YTD basis globally amid high volatility period. On exchange trading activity also risen recording average monthly turnover of around $10bn this year which is over two times of 2015 monthly average.

13 April 2016



Table of Contents

1. Market and Industry Overview ................................................... 3 Market review: Market rally in March reduces YTD losses ..................................................... 3 Global ETP assets cross $3 trillion mark ................................................................................. 4

2. Global Investor Positioning ......................................................... 5 Regional positioning: Global EM and DM preferred in March, Europe retreated .................... 5 Global Investor positioning in Asia: Outflows from DMs but EMs favored in March ............. 5 China ETF Market Insights: Notable inflows in March ............................................................ 7

3. Regional Flow Trend .................................................................... 8 Asia-Pac Listed ETFs: Inflows continued in March ................................................................. 8 ETP flow summary – Other markets ....................................................................................... 9

4. Product Insights ......................................................................... 10 New launches – 10 new products globally with Asia-Pac focus ........................................... 10 RQFII ETFs received inflows in February and March ............................................................ 10 JPX-Nikkei 400 ETFs continue to receive steady inflows in 2016 ......................................... 11 Low Volatility ETF traction continues .................................................................................... 12

5. ETF vs Mutual Funds .................................................................. 13 ETF vs. Mutual Funds ........................................................................................................... 13

6. Performance and Growth .......................................................... 14 Performance and growth for ETFs listed globally with investment focus in Asia-Pac .......... 14 Top ETPs – Asia-Pac listed .................................................................................................... 16 Top ETPs – Other regions with Asia-Pac focus ..................................................................... 19

7. Asia-Pac Listed ETPs – Market Overview ................................. 23 Country Breakdown .............................................................................................................. 24 Issuer Rankings..................................................................................................................... 25

8. ETP – Net Flows ......................................................................... 33 Investment Focus ................................................................................................................. 33 Sub Segment ........................................................................................................................ 34 Issuer .................................................................................................................................... 37 Index Provider ....................................................................................................................... 38 Underlying Index/Security ..................................................................................................... 39

9. ETP – Turnover ........................................................................... 40 Investment Focus ................................................................................................................. 40 Sub Segment ........................................................................................................................ 41 Exchange .............................................................................................................................. 43 Issuer .................................................................................................................................... 44 Index Provider ....................................................................................................................... 45 Underlying Index/Security ..................................................................................................... 45

10. ETP – Assets under Management ........................................... 46 Investment Focus ................................................................................................................. 46 Sub Segment ........................................................................................................................ 47 Issuer .................................................................................................................................... 49 Index Provider ....................................................................................................................... 50 Underlying Index/Security ..................................................................................................... 50

Appendix A: Glossary .................................................................... 52

Appendix B: How we define ETPs ................................................ 53

13 April 2016



1. Market and Industry Overview

Market review: Market rally in March reduces YTD losses

Markets recovered globally in March with partially or fully wiping out losses accumulated over the previous two months. China equity market saw the biggest rally with about 12% return in March, followed by India returning over 10%. US were up by +6.6% while Europe lagged behind with only about +1% positive return. On YTD basis, Taiwan, South Korea and US reached to positive territory while other markets are still in negative territory.

Following is the snapshot of major benchmarks’ recent performance:

Benchmarks Mar - 16 (MoM)

Feb - 16 (MoM)

YTD TTM

Japan (Nikkei 225) 4.57% -8.51% -11.95% -12.75%

South Korea (KOSPI2) 4.79% 1.09% 2.28% -4.44%

China (CSI 300) 11.84% -2.33% -13.75% -20.56%

Taiwan (TWSE) 3.97% 4.09% 4.88% -8.78%

Hong Kong (HSI) 8.71% -2.90% -5.19% -16.56%

India (Sensex) 10.17% -7.51% -2.97% -9.36%

Singapore (FSSTI) 6.54% 1.42% -1.45% -17.58%

Australia (S&P/ASX 200) 4.14% -2.49% -4.02% -13.73%

US (S&P 500) 6.60% -0.41% 0.77% -0.39%

Europe (STOXX Europe 600) 1.08% -2.44% -7.73% -15.04% Source: Deutsche Bank, Bloomberg Finance LP

Figure 1: Mar-16 (MoM) benchmark performance Figure 2: TTM benchmark performance

95

97

99

101

103

105

107

109

111

113

115

Ind

ex L

evels

Reb

ase

d (1

00

)

CSI 300

Sensex

HSI

S&P 500

FSSTI

KOSPI2

Nikkei 225

S&P/ASX 200TWSE

STOXX Europe 600

CSI 300

STOXX Europe 600

70

80

90

100

110

120

130

140

Ind

ex L

evels

Reb

ase

d (1

00

)

S&P 500

KOSPI2

TWSE

Sensex

Nikkei 225

S&P/ASX 200STOXX Europe 600HSI

FSSTI

CSI 300

S&P 500

CSI 300

Source: Deutsche Bank, Bloomberg Finance LP

13 April 2016



Global ETP assets cross $3 trillion mark

Global ETP assets moved above $3 trillion amid strong inflows and market rally Global ETP AUM surpassed $3 trillion mark for the first time in the history supported by market rally and robust inflows in March. On a year-to-date basis global ETP AUM is up by 2.7% ($80.3bn). Asia-Pac listed ETP assets are moving closer to $300bn mark and closed the month at $287.3bn. ETPs listed globally received notable inflows of over +$40bn over the last month taking YTD total to +$61bn. US ETPs made a comeback with +$32.4bn inflows, followed by Europe (+$5.8bn) and Asia (+$2.1bn). In US and Asia region inflows were dominated by equity ETFs while European region inflows were dominated by fixed income ETFs.

Asia-Pac ETP AUM marching towards $300bn mark with continuous inflows Asia-Pac listed ETP assets closed the month at $287.3bn. These ETPs attracted inflows of +$2.1bn in March, primarily driven by equity ETFs (+$4.4bn) but partially offset by money market ETFs (-$2.5bn), primarily in China.

Figure 3: Global ETP regional asset growth historically

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*

RoW 5.8 7.9 12.1 16.1 24.0 21.2 42.5 54.0 56.3 75.6 76.6 81.1 74.7 83.0

Asia-Pac 34.8 39.9 42.8 49.2 61.8 52.9 67.0 84.2 91.3 136.3 168.8 202.2 280.4 287.3

Europe 20.5 33.0 51.3 91.4 131.7 144.9 243.8 309.3 297.5 368.3 415.7 458.8 507.3 523.2

US 144.4 205.8 297.8 427.1 611.8 536.7 783.5 996.8 1,046.4 1,333.5 1,677.9 1,979.2 2,113.5 2,162.6

Global 205.6 286.6 404.0 583.7 829.3 755.7 1,136.8 1,444.3 1,491.5 1,913.6 2,338.9 2,721.3 2,975.8 3,056.1

0

500

1,000

1,500

2,000

2,500

3,000

3,500

AU

M ($

bn

)

*As of last month except for RoW which is as of 4th Mar 2016 Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Figure 4: Global flows summary by region Figure 5: Regional flows as a % of AUM

Mar-16 Feb-16 YTD

Asia-Pac 2,095 6,309 17,963

Europe 5,794 2,248 10,487

US 32,368 1,179 32,563

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

Net

Flo

ws ($

mn

)

Mar-16 Feb-16 YTD

US 1.6% 0.1% 1.5%

Europe 1.2% 0.5% 2.1%

Asia-Pac 0.8% 2.4% 6.4%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

Net

Flo

ws a

s a

% o

f A

UM

Source: Deutsche Bank, Bloomberg Finance LP, Reuters

13 April 2016



2. Global Investor Positioning

Regional positioning: Global EM and DM preferred in March, Europe retreated

Based on March flows to ETFs listed globally with regional focus, Broad (global) EM and Broad (global) DM have been most favored, while investors continued to be bearish on Europe. Investor preference reversed for Broad EM in March which was not being favored till February.

Figure 6: Broad market flows movement – Mar-16* Figure 7: Broad market flows movement – YTD*

-8.0

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

Cu

mu

lati

ve F

low

s ($

bn

)

DM - Europe DM - Broad DM - Asia PacEM - Asia Pac Broad - Asia Pac EM - BroadEM - EMEA EM - LATAM

(10)

(8)

(6)

(4)

(2)

-

2

4

6

8

Cu

mu

lati

ve F

low

s ($

bn

)

DM - Europe DM - Broad DM - Asia PacEM - Asia Pac Broad - Asia Pac EM - BroadEM - EMEA EM - LATAM

*These figures includes globally listed broad market focused ETFs from all the segments within equity asset class (i.e. country, regional, sector, size, strategy, style and thematic). Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Global Investor positioning in Asia: Outflows from DMs but EMs favored in March

Total assets of equity ETFs listed globally (offshore only) with investment focus in the Asia-Pacific region closed the month at $122.7bn with a MoM increase of 8.2%.

Offshore equity ETFs experienced net outflows of -$1bn in March (-$3.1bn in Feb’16). Major outflows were recorded by DMs, primarily from Japan (-$2.8bn). In contrast to DMs and previous two months, EMs recorded inflows of +$1.9bn in March, primarily into China (+$667mn), India (+$324mn) and South Korea (+$300mn).

13 April 2016



Figure 8: Offshore equity ETFs listed globally with investment focus in Asia*

Investment Focus Mar-16% of

AUMFeb-16 Jan-16 YTD Mar-16 Feb-16

MoM AUM

Change (%)

Emerging Markets

Bangladesh 0 0.0% 0 -1 -1 21 21 -3.0%

China 667 2.4% 45 -189 523 32,194 27,944 15.2%

India 324 4.3% -181 -372 -229 8,923 7,541 18.3%

Indonesia 119 18.2% 138 -19 238 794 652 21.7%

Malaysia 69 23.7% 20 -3 85 398 290 37.5%

Pakistan 0 1.4% 0 -1 -1 26 25 5.8%

Philippines 46 16.5% 16 -24 38 361 276 30.6%

South Korea 300 7.5% 19 -169 150 4,871 4,015 21.3%

Taiwan 157 5.7% -80 -522 -445 3,114 2,732 14.0%

Thailand 91 32.7% 10 -5 96 390 278 40.4%

Vietnam -4 -0.6% -16 -21 -42 650 653 -0.4%

EM Asia Broad 159 10.0% -19 -111 30 1,933 1,588 21.8%

Total 1,927 4.2% -47 -1,437 442 53,676 46,015 16.6%

Developed Markets

Australia 250 11.5% 2 44 296 2,701 2,178 24.0%

Hong Kong -136 -6.1% -423 -177 -736 2,302 2,234 3.1%

Japan -2,798 -5.7% -2,549 -1,139 -6,486 49,102 49,220 -0.2%

New Zealand 16 25.3% -2 -7 7 87 61 41.2%

Singapore 18 3.5% -37 -10 -28 602 523 15.1%

DM Asia Broad -141 -1.9% -14 86 -69 8,019 7,437 7.8%

Total -2,790 -4.5% -3,022 -1,203 -7,016 62,813 61,654 1.9%

Asia Broad Indices -144 -2.5% -72 -347 -563 6,211 5,733 8.4%

Grand Total -1,008 -0.9% -3,141 -2,988 -7,137 122,700 113,401 8.2%

AUM ($ million)Cash Flows ($ million)

*This figure includes ETFs (offshore only) from all the segments within equity asset class (i.e. country, regional, sector, size, strategy, style and thematic). Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Figure 9: Flows by DM country – March 2016* Figure 10: Flows by EM country – March 2016*

-3,000 -2,500 -2,000 -1,500 -1,000 -500 0 500

Japan

Hong Kong

New Zealand

Singapore

Australia

March Flows ($mn)

-100 0 100 200 300 400 500 600 700 800

Vietnam

Philippines

Malaysia

Thailand

Indonesia

Taiwan

South Korea

India

China

March Flows ($mn)


13 April 2016



Figure 11: YTD Flows by country – DM* Figure 12: YTD Flows by country – EM*

-7,000 -6,000 -5,000 -4,000 -3,000 -2,000 -1,000 0 1,000

Japan

Hong Kong

Singapore

New Zealand

Australia

YTD Flows ($mn)

-600 -400 -200 0 200 400 600

Taiwan

India

Vietnam

Philippines

Malaysia

Thailand

South Korea

Indonesia

China

YTD Flows ($mn)


China ETF Market Insights: Notable inflows in March

After two months of sell off, Chinese equities saw strong recovery in March. Amid positive market signals, global investors started allocating money to offshore China ETFs which received notable inflows for the first time this year totaling +$667mn in March. These inflows were dominated by Hong Kong listed ETFs recording +$633mn in new money. Both A-share and H-share ETFs registered positive flows in March totaling +$435mn and +$232mn respectively. A-share ETF inflows were mainly driven by RQFII ETFs which received +$400mn worth of inflows. However, onshore China ETFs experienced outflows of over -$400mn.

Figure 13: Offshore China ETF Flows – March 2016* Figure 14: Offshore China ETF Flows – YTD 2016*

100

102

104

106

108

110

112

114

(200)

(100)

-

100

200

300

400

500

Ind

ex L

evels

Reb

ase

d (1

00

)

Ch

ina O

ffsh

ore

ET

Fs C

um

. Flo

ws $

mn

A-share ETFs H-share & OthersCSI 300 (rhs) MSCI China (rhs)

80

85

90

95

100

105

(400)

(300)

(200)

(100)

-

100

200

300

400

500

600

Ind

ex L

evels

Reb

ase

d (1

00

)

Ch

ina O

ffsh

ore

ET

Fs C

um

. Flo

ws $

mn

A-share ETFs H-share & OthersCSI 300 (rhs) MSCI China (rhs)


13 April 2016



3. Regional Flow Trend

Asia-Pac Listed ETFs: Inflows continued in March

Inflows into Japan and China equities, outflows from China money market ETFs Asia-Pacific ETPs continued to register inflows recording +$2.1bn worth of new money in March (+$6.3bn in Feb’16 and +$9.6bn in Jan’16) taking YTD total to +$18bn. Last month, inflows were dominated by equity ETFs (+$4.4bn) amid market rally, partially offset by fixed income ETFs (primarily money markets ETFs in China) recording outflows of -$2.4bn.

Within equity, Japan received largest inflows recording +$4.2bn in new money, followed by China (+$431mn), while Taiwan focused ETFs saw outflows (-$340mn). Leveraged long (+$1.8bn) and inverse (-$1.8bn) ETFs also witnessed major flows activity in March but in opposite direction. Fixed income ETF flows were driven by China listed money market ETFs experiencing outflows of -$2.6bn amid market recovery.

Figure 15: Major flow activity by country – Mar 2016 Figure 16: Major flow activity by country – YTD

(3)

(2)

(1)

-

1

2

3

4

5

6

Cu

mu

lati

ve N

et

Flo

ws ($

bn

)

China Japan South Korea Hong Kong

Taiwan Australia India

(10)

(5)

-

5

10

15 C

um

ula

tive N

et

Flo

ws ($

bn

)

Japan China South Korea Hong Kong

Taiwan Australia India

*Includes Asia listed equity and fixed income ETFs by investment focus country Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Wins and losses: At ETP level, largest inflows were received by TOPIX ETF (1306 JP), Nomura Nikkei 225 ETF (1321 JP) and Daiwa ETF - Nikkei 225 (1320 JP) collecting +$1.5bn, +$902mn and +$838mn respectively. Largest redemptions were experienced by Fortune SGAM Xianjin Tianyi Money Market (511990 CH), E Fund Money Market Fund (511800 CH) and Samsung KODEX Leverage ETF (122630 KS) with outflows of -$1.3bn, -$1bn and -$872mn respectively.

Turnover: Floor activity moved up by 27.5% in March Asia-Pac listed ETP turnover activity spiked (+27.5%) in March and totaled $227.3bn. On a country level, stock exchanges in China topped the turnover ranking with aggregate turnover of $139.7bn, followed by Japan ($52.5bn), South Korea ($13.6bn) and Hong Kong ($13.2bn).

At ETP level, Fortune SGAM Xianjin Tianyi Money Market (511990 CH), Next Funds Nikkei 225 Leveraged Index ETF (1570 JP) and Yinhua Traded Money Market Fund (511880 CH) were the most traded products of the month recording total turnovers of $50.7bn, $38.1bn and $30.6bn respectively.

AUM: Assets closed the month at $287.3bn Asia-Pac listed ETP assets moved up by 7.8% in March and closed the month at $287.3bn. On a year-to-date basis, assets are up by 2.7% or $7.5bn.

13 April 2016



ETP flow summary – Other markets

Europe: Inflows of +€5.2bn in March driven by Fixed Income ETFs Europe domiciled ETPs recorded inflows of +€5.2bn in March (+€2.2bn in Feb’16). Fixed Income ETFs took the lead with inflows of +€6.1bn followed by Commodity ETPs (+€1.1bn) while equity ETFs recorded outflows of -€1.9bn.

Within equities, the following segments and sub-segments saw significant activity:

Segments: Emerging Markets (+€1.4bn), Strategy (+€871mn), Style (+€498mn) and Developed Markets (-€4.3bn).

Sub-segments: EM Global Broad (+€990mn), Quantitative (+€795mn), UK (+€448mn), Dividend (+€408mn), DM Europe Broad (-€3.5bn), Japan (-€463mn).

Within fixed income, major inflows were recorded by ETFs benchmarked to corporate bonds (+€5bn), followed by sovereign bond ETFs (+€525mn). Among commodity ETPs, Gold ETPs registered inflows of +€844mn during March’16.

US: Strong inflows for US ETPs US domiciled ETPs registered healthy inflows of +$32.4bn in Mar’2016 (+$1.2bn in Feb’16). Equity ETFs which have been in negative territory in the first two months of 2016 registered strong inflows of +$21bn during March. Fixed Income ETFs and Commodity ETPs continued the positive momentum throughout March with inflows of +$8.9bn and +$1.6bn.

Within equities, the following segments and sub-segments saw significant activity:

Segments: Size (+$8bn), Emerging Markets (+$7.1bn), Strategy (+$3.9bn), Style (+$3bn) and Developed Markets (-$2.8bn).

Sub-segments: EM Global Broad (+$5.2bn), Large Cap (+$5.1bn), Dividend (+$2.3bn), DM Europe Broad (-$3bn) and Japan (-$2.3bn).

Within fixed income, major inflows were recorded by ETFs benchmarked to corporate bonds (+$7bn), while sovereign bond ETFs saw outflows of -$3.9bn. Among commodity ETPs, Gold ETPs registered inflows of +$1.7bn during March’16.

13 April 2016



4. Product Insights

New launches – 10 new products globally with Asia-Pac focus

Asia-Pac listings: Leveraged/short strategy and India focused ETFs Asia-Pacific ETP market continued to bring more variety in terms of non-traditional or plain vanilla products with 9 new product launches in March. All of these are equity ETFs except one fixed income ETF. Major highlights of the month were 4 leveraged/short ETFs and introduction of India focused ETFs on Taiwan Stock Exchange.

US – Japan focused smart beta ETF One ETF was launched in US by Goldman Sachs providing quantitative strategy based exposure to Japan (GSJY US).

Figure 17: New Launches in March

ETP Name BBG IssuerAsset Class

& StructureExchange TER

Asia-Pac

Fubon NIFTY Bull 2X ETF 00653L TT Fubon Securities Investment Trust Co Equity ETF Taiwan - TSEC 1.27%

Fubon NIFTY Bear -1X ETF 00654R TT Fubon Securities Investment Trust Co Equity ETF Taiwan - TSEC 1.27%

Fubon NIFTY ETF 00652 TT Fubon Securities Investment Trust Co Equity ETF Taiwan - TSEC 1.27%

Cathay FTSE China A50 Daily Inversed ETF 00656R TT Cathay Securities Investment Trust Equity ETF Taiwan - TSEC 1.22%

Cathay FTSE China A50 Daily Leveraged 2X ETF 00655L TT Cathay Securities Investment Trust Equity ETF Taiwan - TSEC 1.25%

KIM Kindex Japan Nikkei 225 ETF H - Equity-Derivatives 238720 KS Korea Investment Trust Mg Equity ETF South Korea - KSE 0.50%

Hanwha Arirang Credit Bond 50 ETF 239660 KS Hanwha Investment Trust Management Fixed Income ETF South Korea - KSE 0.14%

MAXIS Japan Quality 150 Index ETF 1460 JP Mitsubishi UFJ Asset Mg Equity Japan - Tokyo SE na

LIC Nomura MF Exchange Traded Fund - Nifty 100 LICN100 IN LIC Nomura MF Asset Management Co Equity ETF India - NSE na

US*

Goldman Sachs ActiveBeta Japan Equity ETF GSJY US Goldman Sachs Equity ETF US - NYSE Arca 0.25% *US listing is for Asia-Pac focus ETFs only Source: Deutsche Bank, Bloomberg Finance LP, Reuters

RQFII ETFs received inflows in February and March

Currently there are 41 RQFII ETFs globally including 24 in Asia-Pac, 11 in US and 6 in Europe. This comprises 35 equity and 6 fixed income ETFs. Assets under management for these ETFs were at $11.2bn at the end of 2014 which has now reduced to $5.7bn amid volatile China equity markets, A to H share switch and heavy redemptions till January 2016. However, during last two months these ETFs gained back investor attention and attracted inflows of +$200mn and +$400mn in February and March respectively.

13 April 2016



Figure 18: Evolution of RQFII ETFs

2012 2013 2014 2015 2016*

AUM 7,061 6,324 11,195 6,206 5,724

Net Flows 6,340 (128) 335 (5,533) 190

# of ETFs 5 13 28 40 41

-

5

10

15

20

25

30

35

40

45

-6,000

-4,000

-2,000

0

2,000

4,000

6,000

8,000

10,000

12,000

Nu

. o

f E

TFs

$b

n

*As of 31 March 2016 Source: Deutsche Bank, Bloomberg Finance LP, Reuters, ICI

JPX-Nikkei 400 ETFs continue to receive steady inflows in 2016

ETFs tracking JPX-Nikkei 400 Index have been on spotlight since its inception in January 2014. ETF providers across the regions have joined the race by offering JPX-Nikkei 400 based ETFs. Presently there are 26 ETFs available globally offering long only, leveraged/short and currency hedged exposures. These ETFs have attracted inflows of +$188mn in March taking YTD total to just under +$650mn with total assets at $7.2bn.

JPX-Nikkei 400 is a new index only launched in January 2014, mainly designed for Government Pension Investment Fund (GPIF) of Japan. GPIF makes a historic move in its policy asset mix starting from 2014. It has significantly increased its allocation to equities, including new benchmarks such as Nikkei 400, to boost returns. JPX-Nikkei 400 is designed to encourage investment in stocks with high return on equity, which is a measure of how well companies use shareholders’ money to generate income. This new index aims to promote the quality, corporate governance and capital efficiency of Japanese companies using the power of the market. JPX-Nikkei 400 Index has attracted lots of attention since the launch, and accumulated significant assets tracking it.

13 April 2016



Figure 19: JPX-Nikkei 400 ETF Snapshot Figure 20: JPX-Nikkei 400 ETF flows - YTD

Mar'16 YTD* 2015 Mar'16 2015 2016* 2015

Asia-Pac 181 560 1,857 5,155 4,883 15 15

Europe 9 64 1,250 1,864 1,942 7 7

US (2) 25 67 169 151 4 4

Global 188 648 3,144 7,187 6,976 26 26

Flows AUM Nu. Of Products

-100

0

100

200

300

400

500

600

700

Cu

m. Flo

ws ($

mn

)

Asia-Pac Europe US

*As of 31 Mar 2016 Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Low Volatility ETF traction continues

Low volatility ETFs track equities with lower volatility characteristics relative to the broader market. These ETFs may help to reduce losses during declining markets while still experiencing gains during rising markets. So, low Volatility ETFs tend to attract attention when the volatility rises. This is evident since start of the year when these ETFs registered regular inflows totaling +$8.7bn on YTD basis globally amid high volatility period. On exchange trading activity also risen recording average monthly turnover of around $10bn this year which is over two times of 2015 monthly average.

Figure 21: Low Volatility ETF Snapshot

Mar-16 2015 Mar-16 2015 Mar-16 YTD Avg 2015 Avg Mar-16 YTD Avg 2015 Avg

US 25 26 32,950 24,364 2,565 2,355 834 9,450 9,344 4,356

Europe 21 19 6,307 4,495 628 512 70 775 845 531

Asia-Pac 5 5 149 91 20 18 (1) 9 9 13

Global 51 50 39,406 28,951 3,214 2,884 904 10,234 10,197 4,900

Low Vol ETFs

Listing

Region

# of ETFs AUM ($mn) Monthly Flows ($mn) Monthly Turnover ($mn)


13 April 2016



5. ETF vs Mutual Funds

ETF vs. Mutual Funds

Asia-Pac ETPs comprised 6.3% of the continent’s mutual fund industry as of Q4 2015 according to mutual fund industry data published by the Investment Company Institute (ICI). This has steadily grown from 4.6% at the end of Q1 2014. US ETPs comprised 16.4% while Europe ETPs comprised 3.5% of respective region’s mutual fund industry as of Q4 2015. Within Asia-Pac, Japan is on the top with ETP assets accounting for 11.3% of mutual fund assets. It was 7.3% at the end of Q1 2014.

Figure 22: Asia-Pac ETP vs. mutual fund assets

Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15

ETP AUM 171,157 189,613 190,048 206,763 227,940 243,017 267,108 280,359

ETP vs Mutual Funds 4.6% 4.8% 5.0% 5.4% 5.7% 5.6% 6.6% 6.3%

4.0%

4.5%

5.0%

5.5%

6.0%

6.5%

7.0%

0

50,000

100,000

150,000

200,000

250,000

300,000

ETP

vs

Mu

tual Fu

nd

s

ETP

AU

M (

$m

n)

Source: Deutsche Bank, Bloomberg Finance LP, Reuters, ICI

Figure 23: Asia-Pac ETP vs. mutual fund flows

Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15

Mutual Funds 1.7% 1.4% 2.5% 3.1% 8.3% 0.5% 5.9%

ETPs 5.8% -0.2% 1.0% 1.9% 2.0% 26.8% -1.6%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

Qu

art

erl

y F

low

s as

a %

of

AU

M($

mn

)

Source: Deutsche Bank, Bloomberg Finance LP, Reuters, ICI

13 April 2016



6. Performance and Growth

Performance and growth for ETFs listed globally with investment focus in Asia-Pac

ETF Performance - Winners and losers Amid market rally in China, most of the top 10 performing ETFs in March were China focused ETFs. One ETF tracking S&P 500 VIX Short-term Futures Index was the least performer of the month along with some of the gold ETFs.

Figure 24: Top 10 best performance

ETF Name Bloomberg Underlying Index 31-Mar-16 29-Feb-16 29-Jan-16 YTD

E Fund ChiNext Price Index ETF 159915 CH ChiNext Index 19.7% -5.8% -26.0% -16.5%

E Fund CSI 300 Financials Ex Banks Index ETF 512070 CH CSI 300 Financials Ex Banks Index 19.1% -4.1% -24.4% -13.6%

Market Vectors India Small-Cap Index ETF SCIF US Market Vectors India Small-Cap 17.8% -16.0% -10.7% -11.6%

China CSI 500 ETF 510500 CH CSI 500 Index 16.6% -2.9% -28.0% -18.5%

WISE - CSI 300 China Tracker 2827 HK CSI 300 Index 16.1% -1.1% -20.4% -8.6%

Guangfa CSI 500 ETF 510510 CH CSI 500 Index 15.9% -2.4% -28.0% -18.6%

WisdomTree India Earnings Fund EPI US WisdomTree India Earnings 15.6% -9.2% -6.4% -1.8%

iShares FTSE A50 China Index ETF 2823 HK FTSE China A50 Index 15.0% -0.1% -19.0% -7.0%

China SME ETF 159902 CH Shenzhen SME Index 14.6% -4.3% -25.4% -18.2%

db x-trackers CSI300 Index UCITS ETF 1C XCHA LN CSI 300 Index 14.5% -1.7% -23.3% -13.7%

Universe: All Asia-Pac listed ETPs + US & Europe listed ETPs with investment focus in Asia-Pacific, Long only, AUM >$100mn as of previous month Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Figure 25: Top 3 ETFs by performance in March – Daily performance -YTD

-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%

5%

Daily P

erf

orm

an

ce

159915 CH 512070 CH SCIF US


13 April 2016



Figure 26: Top 10 least performance

ETF Name Bloomberg Underlying Index 31-Mar-16 29-Feb-16 29-Jan-16 YTD

Kokusai S&P500 VIX Short Term Futures Index ETF 1552 JP S&P 500 VIX Short-Term Futures Index -29.5% -5.9% 29.2% -14.3%

Gold Bullion Securities GOLD AU Commodity Gold -6.9% 7.5% 10.2% 10.3%

BETASHARES US DOLLAR ETF USD AU Other -6.9% -0.4% 2.7% -4.8%

db x-trackers FTSE Vietnam UCITS ETF XFVT GR FTSE Vietnam -5.5% 1.9% na -6.2%

GS Gold BeES GBEES IN Commodity Gold -3.2% 9.3% 6.3% 12.5%

Reliance Gold Exchange Traded Fund REGOLD IN Commodity Gold -2.5% 9.2% 6.3% 13.2%

Mirae Asset MAPS Tiger China Consumer ETF 150460 KS FnGuide China Consumer Index -1.6% -7.1% 0.0% -8.6%

Huaan Yifu Gold ETF 518880 CH Commodity Gold -1.5% 9.5% 5.9% 14.2%

ABF Hong Kong Bond Index Fund 2819 HK iBoxx ABF Hong Kong Index -1.5% 0.1% -0.5% -1.9%

Vanguard MSCI Index International Shares ETF VGS AU MSCI World ex-Australia -0.8% 0.1% -5.7% -6.3%


Figure 27: Bottom 3 ETFs by performance in March – Daily performance - YTD

-0.20

-0.10

-

0.10

0.20

0.30

0.40

0.50

Daily P

erf

orm

an

ce

1552 JP GOLD AU USD AU


ETP flow growth - Winners and losers Some of the inverse ETFs were largest fund flow receivers as a percentage of AUM during last month. One European ETF focusing on Heng Seng Index saw biggest outflows as a percentage of AUM over the last month.

Figure 28: Top 10 Inflows as a % of AUM

ETF Name Bloomberg Underlying Index % of AUMCashflows

($mn)

AUM

($mn)

% of

AUM

Cashflows

($mn)% of AUM

Cashflow

s ($mn)

% of

AUM

Cashflow

s ($mn)

Simplex Nikkei225 Bear -1x ETF 1580 JP Nikkei 225 Inverse Index 250.5% 260.7 364.3 0.8% 0.7 -8.3% -7.5 280.9% 253.9

Yuanta/P-shares Taiwan Top 50 1X Bear ETF 00632R TT Taiwan Top 50 Index 119.7% 674.3 1,235.7 38.6% 162.4 -10.1% -46.9 170.5% 789.8

Samsung KODEX Inverse ETF 114800 KS F-KOSPI200 Index 93.8% 414.8 882.2 51.4% 155.1 -30.9% -132.9 101.6% 437.0

Kokusai S&P500 VIX Short Term Futures Index ETF 1552 JP S&P 500 VIX Short-Term Futures Index 60.2% 75.8 156.3 -4.7% -6.4 -31.6% -40.6 22.4% 28.8

DIAM ETF Topix 1473 JP TOPIX 47.7% 143.4 461.1 -15.1% -55.3 9.8% 35.7 34.1% 123.9

Huaan Yifu Gold ETF 518880 CH Commodity Gold 42.7% 160.4 533.5 104.1% 181.3 53.2% 58.5 363.7% 400.2

Amundi ETF MSCI EM Asia UCITS ETF AASI FP MSCI EM Asia 42.2% 179.4 660.6 -0.8% -3.3 -17.7% (102.7) 12.6% 73.5

Next Funds Nikkei 225 Double Inverse Index ETF 1357 JP Nikkei 225 Double Inverse Index 41.1% 135.7 427.5 31.9% 65.8 -47.6% -144.2 18.9% 57.2

DIAM ETF JPX-Nikkei400 1474 JP JPX Nikkei Index 400 37.5% 97.8 371.0 -18.3% -60.5 6.2% 20.9 17.2% 58.2

iShares MSCI Thailand Capped ETF THD US MSCI Thailand IMI 25/50 36.6% 86.5 340.9 4.3% 9.3 -2.7% (5.9) 41.1% 90.0

Mar-16 Feb-16 Jan-16 YTD

Universe: All Asia-Pac listed ETPs + US & Europe listed ETPs with investment focus in Asia-Pacific, AUM >$100mn as of previous month Source: Deutsche Bank, Bloomberg Finance LP, Reuters

13 April 2016



Figure 29: Top 10 outflows as a % of AUM

ETF Name Bloomberg Underlying Index % of AUMCashflows

($mn)

AUM

($mn)

% of

AUM

Cashflows

($mn)% of AUM

Cashflow

s ($mn)

% of

AUM

Cashflow

s ($mn)

Lyxor ETF Hong Kong (HSI) HSI FP Hang Seng Index -47.3% (82.2) 101.3 -5.1% -9.7 0.1% 0.1 -43.5% (91.7)

Samsung KODEX Leverage ETF 122630 KS KOSPI 200 Index -42.1% (871.7) 1,509.3 -16.4% (411.6) 78.2% 1,147.8 -9.2% (135.5)

E Fund - Guranteed Income Money Market Fund 159001 CH Other -30.3% (65.6) 153.7 17.5% 32.2 33.6% 46.5 9.5% 13.1

Yuanta S&P GSCI Crude Oil ER Futures ETF 00642U TT S&P GSCI Crude Oil Excess Reurn Index -26.9% (106.2) 334.5 95.1% 198.4 152.7% 120.3 269.7% 212.5

Amundi ETF MSCI Japan UCITS ETF CJ1 FP MSCI Japan -25.3% (125.8) 395.6 43.7% 154.8 -2.5% (9.9) 4.8% 19.0

E Fund Money Market Fund 511800 CH Other -22.9% (1,014.9) 3,463.4 -5.2% (243.3) -43.2% (3,595.7) -58.3% (4,853.9)

Invesco Great Wall Traded Money Market Fund 511890 CH Other -20.1% (61.4) 247.4 -16.8% (61.4) -7.1% (28.6) -37.8% (151.4)

KB KSTAR 200 ETF 148020 KS KOSPI 200 Index -16.6% (120.7) 701.4 -1.3% (9.9) 12.7% 88.4 -6.1% (42.2)

Nomura Topix Banks 1615 JP TOPIX Banks Index -16.3% (34.1) 188.7 -32.2% -125.3 0.0% (0.0) -34.6% (159.4)

Direxion Daily FTSE China Bull 3X Shares YINN US FTSE China 50 -15.7% (18.1) 136.4 -0.4% (0.6) 26.7% 36.9 13.2% 18.2

Mar-16 Feb-16 Jan-16 YTD

Universe: All Asia-Pac listed ETPs + US & Europe listed ETPs with investment focus in Asia-Pacific, AUM >$100mn as of previous month Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Top ETPs – Asia-Pac listed

Figure 30: Top 20 ETPs by AUM (US$ Million)

ETP Name Issuer BBG TickerAsset Class

& StructureTER

AUM

US$ MM

Nomura Nikkei 225 ETF Nomura Asset Management 1321 JP Equity ETF 0.24% 29,015.3

TOPIX ETF Nomura Asset Management 1306 JP Equity ETF 0.28% 25,267.9

Fortune SGAM Xianjin Tianyi Money Market Fortune SGAM Fund Management 511990 CH Fixed Income ETF 0.35% 22,249.4

Nikko Exchange Traded Index 225 Nikko Asset Management 1330 JP Equity ETF 0.28% 13,241.3

Daiwa ETF - Nikkei 225 Daiwa Asset Management 1320 JP Equity ETF 0.22% 13,165.7

Daiwa ETF - Topix Daiwa Asset Management 1305 JP Equity ETF 0.17% 11,347.7

Nikko ETF Topix Nikko Asset Management 1308 JP Equity ETF 0.14% 11,057.0

Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% 9,431.0

Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% 8,007.4

Maxis Nikkei 225 ETF Mitsubishi UFJ Asset Mg 1346 JP Equity ETF 0.21% 6,867.1

Hang Seng H-Share Index ETF Hang Seng Investment Management 2828 HK Equity ETF 0.60% 6,586.8

Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% 6,207.3

Hang Seng Index ETF Hang Seng Investment Management 2833 HK Equity ETF 0.13% 5,184.8

Samsung KODEX 200 Samsung Asset Management 069500 KS Equity ETF 0.26% 4,769.0

China 50 ETF China Asset Management 510050 CH Equity ETF 0.60% 4,323.6

iShares FTSE A50 China Index ETF BlackRock 2823 HK Equity ETF 0.99% 4,259.5

Huatai-Pinebridge CSI 300 ETF Huatai-PineBridge Fund Management Co 510300 CH Equity ETF 0.50% 3,691.3

E Fund Money Market Fund E Fund Management 511800 CH Fixed Income ETF 0.30% 3,463.4

MAXIS TOPIX ETF Mitsubishi UFJ Asset Mg 1348 JP Equity ETF 0.12% 3,423.3

ABF Pan-Asia Bond Index Fund State Street 2821 HK Fixed Income ETF 0.19% 2,994.8


13 April 2016



Figure 31: Top 20 ETPs by AUM change(US$ Million)


& StructureTER

AUM

Change

US$ MM


Nomura Nikkei 225 ETF Nomura Asset Management 1321 JP Equity ETF 0.24% 2,451.1

Daiwa ETF - Nikkei 225 Daiwa Asset Management 1320 JP Equity ETF 0.22% 1,516.3


Fortune SGAM Xianjin Tianyi Money Market Fortune SGAM Fund Management 511990 CH Fixed Income ETF 0.35% (967.0)

E Fund Money Market Fund E Fund Management 511800 CH Fixed Income ETF 0.30% (966.0)

Maxis Nikkei 225 ETF Mitsubishi UFJ Asset Mg 1346 JP Equity ETF 0.21% 882.1

Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% 783.2

Samsung KODEX 200 Samsung Asset Management 069500 KS Equity ETF 0.26% 695.9

Yuanta/P-shares Taiwan Top 50 1X Bear ETF Yuanta Securities Inv trust Co Ltd. 00632R TT Equity ETF 1.08% 672.6

Nikko Exchange Traded Index 225 Nikko Asset Management 1330 JP Equity ETF 0.28% 651.2

Samsung KODEX Leverage ETF Samsung Asset Management 122630 KS Equity ETF 0.64% (561.6)

CSOP FTSE China A50 ETF CSOP Asset Management 82822 HK Equity ETF 1.08% 560.2

Daiwa ETF - Topix Daiwa Asset Management 1305 JP Equity ETF 0.17% 516.5

Nikko ETF Topix Nikko Asset Management 1308 JP Equity ETF 0.14% 503.3

iShares Nikkei 225 BlackRock 1329 JP Equity ETF 0.17% 443.0

Samsung KODEX Inverse ETF Samsung Asset Management 114800 KS Equity ETF 0.64% 440.2

Hang Seng Index ETF Hang Seng Investment Management 2833 HK Equity ETF 0.13% 439.7

Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% (438.9)

Huatai-Pinebridge CSI 300 ETF Huatai-PineBridge Fund Management Co 510300 CH Equity ETF 0.50% 398.3 Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Figure 32: Top 20 ETPs by inflow (US$ Million)


& StructureTER

Net Flow

US$ MM


Nomura Nikkei 225 ETF Nomura Asset Management 1321 JP Equity ETF 0.24% 902.1

Daiwa ETF - Nikkei 225 Daiwa Asset Management 1320 JP Equity ETF 0.22% 837.8

Yuanta/P-shares Taiwan Top 50 1X Bear ETF Yuanta Securities Inv trust Co Ltd. 00632R TT Equity ETF 1.08% 674.3

Maxis Nikkei 225 ETF Mitsubishi UFJ Asset Mg 1346 JP Equity ETF 0.21% 532.4

Samsung KODEX Inverse ETF Samsung Asset Management 114800 KS Equity ETF 0.64% 414.8

Hang Seng H-Share Index ETF Hang Seng Investment Management 2828 HK Equity ETF 0.60% 403.2

China Southern Cash Management Money Market Fund ETF China Southern Fund Management Co Ltd 511810 CH Fixed Income ETF 0.30% 338.5

iShares Nikkei 225 BlackRock 1329 JP Equity ETF 0.17% 307.5


Simplex Nikkei225 Bear -1x ETF Simplex Asset Management Co Ltd 1580 JP Equity ETF 0.76% 260.7

Daiwa ETF Japan Nikkei225 Inverse Index Daiwa Asset Management 1456 JP Equity ETF 0.75% 175.9

Huaan Yifu Gold ETF Huaan Fund Management 518880 CH Commodity ETF 0.50% 160.4

DIAM ETF Topix DIAM Asset Management 1473 JP Equity ETF 0.08% 143.4

Next Funds Nikkei 225 Double Inverse Index ETF Nomura Asset Management 1357 JP Equity ETF 0.87% 135.7

Samsung KODEX 200 Samsung Asset Management 069500 KS Equity ETF 0.26% 131.2

Bosera Security Deposit Real-time Traded Money Market Fund Bosera Fund Management Co Ltd 511860 CH Fixed Income ETF 0.30% 122.8

China AMC CSI 300 Index ETF China Asset Management 83188 HK Equity ETF 0.83% 98.9

DIAM ETF JPX-Nikkei400 DIAM Asset Management 1474 JP Equity ETF 0.17% 97.8

Fubon SSE180 ETF Fubon Securities Investment Trust Co 006205 TT Equity ETF 1.09% 89.8 Source: Deutsche Bank, Bloomberg Finance LP, Reuters

13 April 2016



Figure 33: Top 20 ETPs by outflow (US$ Million)


& StructureTER

Net Flow

US$ MM

Fortune SGAM Xianjin Tianyi Money Market Fortune SGAM Fund Management 511990 CH Fixed Income ETF 0.35% (1,254.2)

E Fund Money Market Fund E Fund Management 511800 CH Fixed Income ETF 0.30% (1,014.9)

Samsung KODEX Leverage ETF Samsung Asset Management 122630 KS Equity ETF 0.64% (871.7)

Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% (840.7)

Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% (563.7)

Yuanta/P-Shares Taiwan Top 50 ETF Yuanta Securities Inv trust Co Ltd. 0050 TT Equity ETF 0.36% (339.9)

iShares FTSE A50 China Index ETF BlackRock 2823 HK Equity ETF 0.99% (166.1)

China CSI 500 ETF China Southern Fund Management Co Ltd 510500 CH Equity ETF 0.50% (141.2)

KB KSTAR 200 ETF KB Asset Management 148020 KS Equity ETF 0.07% (120.7)

China 50 ETF China Asset Management 510050 CH Equity ETF 0.60% (117.3)

Yuanta S&P GSCI Crude Oil ER Futures ETF Yuanta Securities Inv trust Co Ltd. 00642U TT Commodity ETF 1.23% (106.2)

Nikko Exchange Traded Index 225 Nikko Asset Management 1330 JP Equity ETF 0.28% (74.8)

Yuanta/P-shares CSI 300 2X Bull ETF Yuanta Securities Inv trust Co Ltd. 00637L TT Equity ETF 1.26% (70.9)

E Fund - Guranteed Income Money Market Fund E Fund Management 159001 CH Fixed Income ETF 0.56% (65.6)

Invesco Great Wall Traded Money Market Fund Invesco Great Wall Fund Management Co. Ltd 511890 CH Fixed Income ETF 0.30% (61.4)

E Fund SI100 Index Fund E Fund Management 159901 CH Equity ETF 0.50% (58.2)

KITM Kindex 200 ETF Korea Investment Trust Mg 105190 KS Equity ETF 0.15% (56.3)

E Fund ChiNext Price Index ETF E Fund Management 159915 CH Equity ETF 0.50% (55.0)

Kyobo AXA Power K200 ETF Kyobo AXA Investment Mg Co Ltd 152870 KS Equity ETF 0.15% (52.8)

Nikko ETF Topix Nikko Asset Management 1308 JP Equity ETF 0.14% (48.5) Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Figure 34: Top 20 ETPs by Monthly Turnover (US$ Million)


& StructureTER

Turnover

US$ MM


Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% 38,088.6


China Southern Cash Management Money Market Fund ETF China Southern Fund Management Co Ltd 511810 CH Fixed Income ETF 0.30% 14,244.5


China Universal Quick Gains Money Market Fund China Universal Asset Management Co 159005 CH Fixed Income ETF 0.28% 5,581.0

Bosera Security Deposit Real-time Traded Money Market Fund Bosera Fund Management Co Ltd 511860 CH Fixed Income ETF 0.30% 5,093.2

E Fund ChiNext Price Index ETF E Fund Management 159915 CH Equity ETF 0.50% 4,448.0



Penghua Profit Added Traded Money Market Fund Penghua Fund Management Co Ltd 511820 CH Fixed Income ETF 0.00% 3,528.0

Next Funds Nikkei 225 Double Inverse Index ETF Nomura Asset Management 1357 JP Equity ETF 0.87% 3,285.8

Samsung KODEX Leverage ETF Samsung Asset Management 122630 KS Equity ETF 0.64% 3,161.0


Samsung KODEX 200 Samsung Asset Management 069500 KS Equity ETF 0.26% 2,958.2

CSOP FTSE China A50 ETF CSOP Asset Management 82822 HK Equity ETF 1.08% 2,884.1

Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% 2,640.2

Simplex Nikkei225 Bull 2x ETF Simplex Asset Management Co Ltd 1579 JP Equity ETF 0.76% 2,559.5

iShares FTSE A50 China Index ETF BlackRock 2823 HK Equity ETF 0.99% 2,545.5

Samsung KODEX Inverse ETF Samsung Asset Management 114800 KS Equity ETF 0.64% 2,336.5


13 April 2016



Figure 35: Top 20 ETPs by Monthly Turnover change (US$ Million)


& StructureTER

Turnover

Change

US$ MM


Bosera Security Deposit Real-time Traded Money Market Fund Bosera Fund Management Co Ltd 511860 CH Fixed Income ETF 0.30% (18,995.3)


China Southern Cash Management Money Market Fund ETF China Southern Fund Management Co Ltd 511810 CH Fixed Income ETF 0.30% 9,748.4

Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% (5,793.8)

China Universal Quick Gains Money Market Fund China Universal Asset Management Co 159005 CH Fixed Income ETF 0.28% 4,764.0

Penghua Profit Added Traded Money Market Fund Penghua Fund Management Co Ltd 511820 CH Fixed Income ETF 0.00% 3,035.9

E Fund ChiNext Price Index ETF E Fund Management 159915 CH Equity ETF 0.50% 2,216.5

Next Funds Nikkei 225 Double Inverse Index ETF Nomura Asset Management 1357 JP Equity ETF 0.87% (2,097.0)





Fubon SSE180 Leveraged 2X Index ETF Fubon Securities Investment Trust Co 00633L TT Equity ETF 1.26% 1,268.7

Samsung KODEX Leverage ETF Samsung Asset Management 122630 KS Equity ETF 0.64% (1,141.7)

China SME ETF China Asset Management 159902 CH Equity ETF 0.60% 1,001.4


Huatai-PB Traded Money Market Fund Huatai-PineBridge Fund Management Co 511830 CH Fixed Income ETF 0.43% 819.5

Huaan Yifu Gold ETF Huaan Fund Management 518880 CH Commodity ETF 0.50% 802.0

Nikkei Average Bear Double Exchange Trade Fund / Simplex Simplex Asset Management Co Ltd 1360 JP Equity ETF 0.80% (781.6) Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Top ETPs – Other regions with Asia-Pac focus

Figure 36: Top 20 ETPs by AUM (US$ Million)

ETP Name Issuer BBG TickerAsset Class &

StructureTER

AUM

US$ MM

iShares MSCI Japan ETF BlackRock EWJ US Equity ETF 0.48% 17,129.3

WisdomTree Japan Hedged Equity Fund WisdomTree DXJ US Equity ETF 0.48% 9,794.8

iShares China Large-Cap ETF BlackRock FXI US Equity ETF 0.73% 4,783.0

iShares MSCI South Korea Capped ETF BlackRock EWY US Equity ETF 0.62% 3,663.3

iShares MSCI India ETF BlackRock INDA US Equity ETF 0.68% 3,477.8

Vanguard FTSE Pacific ETF Vanguard VPL US Equity ETF 0.12% 2,787.2

iShares MSCI Japan EUR Hedged UCITS ETF Blackrock IJPE LN Equity ETF 0.64% 2,731.8

iShares MSCI Japan UCITS ETF (Inc) BlackRock IJPN LN Equity ETF 0.59% 2,601.2

iShares MSCI Taiwan ETF BlackRock EWT US Equity ETF 0.62% 2,548.3

iShares MSCI All Country Asia ex Japan ETF BlackRock AAXJ US Equity ETF 0.69% 2,376.4

iShares MSCI China ETF BlackRock MCHI US Equity ETF 0.62% 2,005.0

iShares MSCI Pacific ex Japan ETF BlackRock EPP US Equity ETF 0.49% 1,993.5

db x-trackers MSCI Japan Index UCITS ETF 1C Deutsche AWM XMJP GR Equity ETF 0.50% 1,972.7

iShares MSCI Hong Kong ETF BlackRock EWH US Equity ETF 0.48% 1,831.8

iShares MSCI AC Far East ex-Japan UCITS ETF BlackRock IFFF LN Equity ETF 0.74% 1,612.4

iShares MSCI Australia ETF BlackRock EWA US Equity ETF 0.48% 1,520.2

WisdomTree India Earnings Fund WisdomTree EPI US Equity ETF 0.83% 1,475.6

iShares Core MSCI Japan IMI UCITS ETF BlackRock SJPA LN Equity ETF 0.20% 1,302.8

Lyxor ETF MSCI India Lyxor INR FP Equity ETF 0.85% 1,211.7

Deutsche X-trackers MSCI Japan Currency-Hedged Equity ETF Deutsche AWM DBJP US Equity ETF 0.50% 1,113.6 Source: Deutsche Bank, Bloomberg Finance LP, Reuters

13 April 2016



Figure 37: Top 20 ETPs by AUM change (US$ Million)


StructureTER

AUM

Change

US$ MM

iShares MSCI South Korea Capped ETF BlackRock EWY US Equity ETF 0.62% 715.2

iShares MSCI India ETF BlackRock INDA US Equity ETF 0.68% 509.7

iShares MSCI Japan ETF BlackRock EWJ US Equity ETF 0.48% (370.3)

iShares China Large-Cap ETF BlackRock FXI US Equity ETF 0.73% 353.6

iShares MSCI Australia ETF BlackRock EWA US Equity ETF 0.48% 350.7

WisdomTree Japan Hedged Equity Fund WisdomTree DXJ US Equity ETF 0.48% (347.9)

iShares MSCI Taiwan ETF BlackRock EWT US Equity ETF 0.62% 330.4

WisdomTree India Earnings Fund WisdomTree EPI US Equity ETF 0.83% 273.1

iShares MSCI Pacific ex Japan ETF BlackRock EPP US Equity ETF 0.49% 262.2

iShares MSCI China ETF BlackRock MCHI US Equity ETF 0.62% 242.9

iShares MSCI All Country Asia ex Japan ETF BlackRock AAXJ US Equity ETF 0.69% 237.9

Amundi ETF MSCI EM Asia UCITS ETF Amundi AASI FP Equity ETF 0.45% 235.4

Lyxor ETF MSCI India Lyxor INR FP Equity ETF 0.85% 150.6

iShares MSCI Hong Kong ETF BlackRock EWH US Equity ETF 0.48% 132.5

iShares MSCI Indonesia ETF BlackRock EIDO US Equity ETF 0.62% 122.6

iShares MSCI Australia UCITS ETF BlackRock SAUS LN Equity ETF 0.50% 119.5

iShares MSCI AC Far East ex-Japan UCITS ETF BlackRock IFFF LN Equity ETF 0.74% 115.3

iShares MSCI Thailand Capped ETF BlackRock THD US Equity ETF 0.62% 104.7

iShares India 50 ETF BlackRock INDY US Equity ETF 0.93% 103.7

iShares MSCI Japan UCITS ETF (Inc) BlackRock IJPN LN Equity ETF 0.59% 102.3 Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Figure 38: Top 20 ETPs by inflow (US$ Million)


StructureTER

Net Flow

US$ MM

iShares MSCI South Korea Capped ETF BlackRock EWY US Equity ETF 0.62% 291.6


Amundi ETF MSCI EM Asia UCITS ETF Amundi AASI FP Equity ETF 0.45% 179.4

iShares MSCI Taiwan ETF BlackRock EWT US Equity ETF 0.62% 144.9



iShares MSCI Thailand Capped ETF BlackRock THD US Equity ETF 0.62% 86.5


iShares MSCI Malaysia ETF BlackRock EWM US Equity ETF 0.48% 64.7

Vanguard FTSE Japan UCITS ETF Vanguard VJPN LN Equity ETF 0.19% 58.3

iShares MSCI Pacific ex Japan ETF BlackRock EPP US Equity ETF 0.49% 57.9

Deutsche X-trackers Harvest CSI 300 China A-Shares ETF Deutsche AWM ASHR US Equity ETF 0.80% 47.8

iShares MSCI Philippines ETF BlackRock EPHE US Equity ETF 0.62% 45.7

iShares MSCI Australia UCITS ETF BlackRock SAUS LN Equity ETF 0.50% 41.3

iShares Asia Pacific Dividend UCITS ETF BlackRock IAPD LN Equity ETF 0.59% 38.3

iShares Dow Jones Asia Pacific Select Dividend 30 (DE) BlackRock APSDEX GR Equity ETF 0.31% 34.3


db x-trackers Nikkei 225 UCITS ETF (DR) 1D Deutsche AWM XDJP GR Equity ETF 0.09% 31.5

Goldman Sachs ActiveBeta Japan Equity ETF Goldman Sachs GSJY US Equity ETF 0.25% 31.3

iShares MSCI Korea UCITS ETF (Inc) BlackRock IKOR LN Equity ETF 0.74% 26.6 Source: Deutsche Bank, Bloomberg Finance LP, Reuters

13 April 2016



Figure 39: Top 20 ETPs by outflow (US$ Million)


StructureTER

Net Flow

US$ MM

iShares MSCI Japan ETF BlackRock EWJ US Equity ETF 0.48% (1,215.2)

WisdomTree Japan Hedged Equity Fund WisdomTree DXJ US Equity ETF 0.48% (858.1)

Vanguard FTSE Pacific ETF Vanguard VPL US Equity ETF 0.12% (292.2)

iShares China Large-Cap ETF BlackRock FXI US Equity ETF 0.73% (206.7)

iShares MSCI Japan EUR Hedged UCITS ETF Blackrock IJPE LN Equity ETF 0.64% (153.3)

Amundi ETF MSCI Japan UCITS ETF Amundi CJ1 FP Equity ETF 0.45% (125.8)

db x-trackers MSCI Japan Index UCITS ETF 1C Deutsche AWM XMJP GR Equity ETF 0.50% (96.8)

Lyxor ETF Hong Kong (HSI) Lyxor HSI FP Equity ETF 0.65% (82.2)

db x-trackers MSCI AC Asia ex-Japan TRN Index UCITS ETF Deutsche AWM XAXJ GR Equity ETF 0.65% (80.8)

Lyxor UCITS ETF Japan Topix -D-EUR Lyxor JPN FP Equity ETF 0.45% (79.1)

Deutsche X-trackers MSCI Japan Currency-Hedged Equity ETF Deutsche AWM DBJP US Equity ETF 0.50% (76.0)

iShares Currency Hedged MSCI Japan ETF BlackRock HEWJ US Equity ETF 0.48% (58.6)

Amundi ETF Japan TOPIX UCITS ETF - Daily Hedged EUR Amundi TPXH FP Equity ETF 0.48% (54.2)

iShares MSCI AC Far East ex-Japan UCITS ETF BlackRock IFFF LN Equity ETF 0.74% (45.7)

MAXIS Nikkei 225 Index Fund Precidian NKY US Equity ETF 0.50% (44.2)

SPDR S&P Emerging Asia Pacific ETF State Street GMF US Equity ETF 0.49% (35.6)

iShares MSCI Hong Kong ETF BlackRock EWH US Equity ETF 0.48% (31.1)

iShares MSCI Japan CHF Hedged UCITS ETF BlackRock IJPC SW Equity ETF 0.64% (31.0)

UBS ETF - MSCI Japan 100% hedged to USD UCITS ETF A-acc UBS JPUSBH SW Equity ETF 0.45% (27.2)

SPDR S&P China ETF State Street GXC US Equity ETF 0.59% (27.2) Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Figure 40: Top 20 ETPs by Monthly Turnover (US$ Million)


StructureTER

Turnover

US$ MM

iShares China Large-Cap ETF BlackRock FXI US Equity ETF 0.73% 16,908.0

iShares MSCI Japan ETF BlackRock EWJ US Equity ETF 0.48% 8,825.7

WisdomTree Japan Hedged Equity Fund WisdomTree DXJ US Equity ETF 0.48% 4,803.0

iShares MSCI South Korea Capped ETF BlackRock EWY US Equity ETF 0.62% 2,776.2

iShares MSCI Taiwan ETF BlackRock EWT US Equity ETF 0.62% 2,140.2

WisdomTree India Earnings Fund WisdomTree EPI US Equity ETF 0.83% 1,683.4

iShares MSCI Australia ETF BlackRock EWA US Equity ETF 0.48% 1,634.3

iShares MSCI India ETF BlackRock INDA US Equity ETF 0.68% 1,282.1

iShares MSCI Hong Kong ETF BlackRock EWH US Equity ETF 0.48% 1,158.2

Deutsche X-trackers Harvest CSI 300 China A-Shares ETF Deutsche AWM ASHR US Equity ETF 0.80% 1,037.0


iShares MSCI All Country Asia ex Japan ETF BlackRock AAXJ US Equity ETF 0.69% 849.0

Vanguard FTSE Pacific ETF Vanguard VPL US Equity ETF 0.12% 807.4

iShares MSCI Japan EUR Hedged UCITS ETF Blackrock IJPE LN Equity ETF 0.64% 533.7

PowerShares India Portfolio PowerShares PIN US Equity ETF 0.81% 477.7


Direxion Daily FTSE China Bull 3X Shares DirexionShares YINN US Equity ETF 0.94% 448.3

iShares MSCI Malaysia ETF BlackRock EWM US Equity ETF 0.48% 435.7

iShares Currency Hedged MSCI Japan ETF BlackRock HEWJ US Equity ETF 0.48% 433.9

iShares MSCI Pacific ex Japan ETF BlackRock EPP US Equity ETF 0.49% 417.8 Source: Deutsche Bank, Bloomberg Finance LP, Reuters

13 April 2016



Figure 41: Top 20 ETPs by Monthly Turnover change (US$ Million)


StructureTER

Turnover

Change

US$ MM

iShares MSCI Japan ETF BlackRock EWJ US Equity ETF 0.48% (3,216.2)

WisdomTree Japan Hedged Equity Fund WisdomTree DXJ US Equity ETF 0.48% (2,733.6)

iShares China Large-Cap ETF BlackRock FXI US Equity ETF 0.73% (1,060.1)

iShares MSCI Hong Kong ETF BlackRock EWH US Equity ETF 0.48% (774.5)



Direxion Daily FTSE China Bear 3X Shares DirexionShares YANG US Equity ETF 0.95% (374.3)

iShares Currency Hedged MSCI Japan ETF BlackRock HEWJ US Equity ETF 0.48% (335.9)

Deutsche X-trackers Harvest CSI 300 China A-Shares ETF Deutsche AWM ASHR US Equity ETF 0.80% 325.6

iShares MSCI Taiwan ETF BlackRock EWT US Equity ETF 0.62% (288.0)

Deutsche X-trackers MSCI Japan Currency-Hedged Equity ETF Deutsche AWM DBJP US Equity ETF 0.50% (238.9)

db x-trackers MSCI Japan Index UCITS ETF 1C Deutsche AWM XMJP GR Equity ETF 0.50% (193.5)


Direxion Daily FTSE China Bull 3X Shares DirexionShares YINN US Equity ETF 0.94% 176.5

iShares Nikkei 225 UCITS ETF BlackRock CSNKY SW Equity ETF 0.48% (158.2)

iShares MSCI Japan EUR Hedged UCITS ETF Blackrock IJPE LN Equity ETF 0.64% (154.4)

iShares MSCI South Korea Capped ETF BlackRock EWY US Equity ETF 0.62% (150.3)

Lyxor UCITS ETF CSI 300 A-Share Lyxor CSIA FP Equity ETF 0.40% (148.8)

iShares MSCI All Country Asia ex Japan ETF BlackRock AAXJ US Equity ETF 0.69% (134.9)

iShares MSCI Japan USD Hedged UCITS ETF BlackRock IJPD LN Equity ETF 0.64% (127.9) Source: Deutsche Bank, Bloomberg Finance LP, Reuters

13 April 2016



7. Asia-Pac Listed ETPs – Market Overview

Figure 42: Number of ETPs by Asset Class

Prev. Month End of 2015

Asset Class# of

ETPs

Mkt

Share %

# of

ETPs

# of

ETPs

% # of

ETPs

# of

ETPs

# of

ETPs

% # of

ETPs

Equity 675 81.3% 668 7 1.0% 657 18 2.7%

Fixed income 73 8.8% 72 1 1.4% 71 2 2.8%

Commodity 69 8.3% 69 - 0.0% 70 (1) -1.4%

Currency 8 1.0% 8 - 0.0% 8 - 0.0%

Multi Asset 3 0.4% 3 - 0.0% 2 1 50.0%

Alternative 2 0.2% 2 - 0.0% 2 - 0.0%

Total 830 100% 822 8 1.0% 810 20 2.5%

Current Month MoM Change YTD Change


Figure 43: ETP Net Flows (US$ Million) by Asset Class

Asset ClassNet

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Equity 4,400 2.1% 3,698 1.8% 18,652 8.3%

Fixed income (2,370) -4.5% 2,044 4.1% (1,618) -3.1%

Commodity (24) -0.5% 580 15.0% 909 25.7%

Currency 13 3.1% (14) -3.4% (17) -3.9%

Multi Asset - 0.0% 8 31.1% 8 30.1%

Alternative 76 59.7% (7) -4.8% 29 22.1%

Total 2,095 0.8% 6,309 2.4% 17,963 6.4%

Prev. Month YTDCurrent Month


Figure 44: ETP Turnover (US$ Million) by Asset Class

Prev. Month Year 2015

Asset Class TurnoverMkt

Share %Turnover Turnover

%

TurnoverTurnover Turnover

%

Turnover

Equity 100,857 44.4% 97,781 3,076 3.1% 128,113 (27,256) -21.3%

Fixed income 123,069 54.1% 78,123 44,946 57.5% 101,616 21,453 21.1%

Commodity 2,961 1.3% 2,003 958 47.8% 906 2,055 226.7%

Currency 130 0.1% 98 33 33.7% 87 44 50.6%

Multi Asset 3 0.0% 2 2 107.8% 2 1 68.3%

Alternative 260 0.1% 219 41 18.5% 237 23 9.5%

Total 227,282 100% 178,226 49,056 27.5% 230,961 (3,680) -1.6%

Current Month MoM Change Change from 2015


13 April 2016



Figure 45: ETP AUM (US$ Million) by Asset Class


Asset Class AUMMkt

Share %AUM AUM % AUM AUM AUM % AUM

Equity 230,816 80.3% 209,112 21,704 10.4% 224,297 6,519 2.9%

Fixed income 51,027 17.8% 52,209 (1,182) -2.3% 51,401 (373) -0.7%

Commodity 4,833 1.7% 4,650 184 4.0% 3,544 1,290 36.4%

Currency 425 0.1% 409 16 3.9% 442 (16) -3.7%

Multi Asset 37 0.0% 33 3 10.0% 27 10 36.8%

Alternative 158 0.1% 127 31 24.0% 130 28 21.3%

Total 287,297 100% 266,541 20,756 7.8% 279,840 7,457 2.7%



Figure 46: New Listings

ETP Name IssuerAsset Class

& StructureExchange TER

Bloom-

berg

Reuters

Code

New launches

KIM Kindex Japan Nikkei 225 ETF H - Equity-Derivatives Korea Investment Trust Mg Equity ETF KSE 0.50% 238720 KS 238720.KS

Hanwha Arirang Credit Bond 50 ETF Hanwha Investment Trust Management Fixed Income ETF KSE 0.14% 239660 KS 239660.KS

MAXIS Japan Quality 150 Index ETF Mitsubishi UFJ Asset Mg Equity ETF Tokyo SE 0.24% 1460 JP 146.T

Fubon NIFTY Bull 2X ETF Fubon Securities Investment Trust Co Equity ETF TSEC 1.27% 00653L TT 00653L.TW

Fubon NIFTY Bear -1X ETF Fubon Securities Investment Trust Co Equity ETF TSEC 1.27% 00654R TT 00654R.TW

Fubon NIFTY ETF Fubon Securities Investment Trust Co Equity ETF TSEC 1.27% 00652 TT 00652.TW

Cathay FTSE China A50 Daily Inversed ETF Cathay Securities Investment Trust Equity ETF TSEC 1.22% 00656R TT 00656R.TW

Cathay FTSE China A50 Daily Leveraged 2X ETF Cathay Securities Investment Trust Equity ETF TSEC 1.25% 00655L TT 00655L.TW

LIC Nomura MF Exchange Traded Fund - Nifty 100 LIC Nomura MF Asset Management Co Equity ETF NSE na LICN100 IN LICN100.NS Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Country Breakdown

Figure 47: ETF Summary by Country

Country #ETFs #Listings CF (US$m) Mkt Share (CF) TO (US$m) Mkt Share (TO) AUM (US$m)Mkt Share

(AUM)

Australia 96 121 263 12.5% 1,087 0.5% 10,339 3.6%

China 127 127 (2,859) -136.5% 139,656 61.4% 67,042 23.3%

Hong Kong 97 163 581 27.7% 13,169 5.8% 35,287 12.3%

India 58 58 16 0.8% 488 0.2% 2,223 0.8%

Indonesia 8 8 (18) -0.8% 0 0.0% 107 0.0%

Japan 150 197 4,251 203.0% 52,521 23.1% 140,998 49.1%

Philippines 1 1 (5) -0.3% 4 0.0% 23 0.0%

Korea 206 206 (532) -25.4% 13,617 6.0% 20,699 7.2%

Vietnam 1 1 - 0.0% 0 0.0% 15 0.0%

Malaysia 7 7 - 0.0% 0 0.0% 438 0.2%

New Zealand 9 9 1 0.0% 6 0.0% 689 0.2%

Singapore 9 92 0 0.0% 228 0.1% 1,537 0.5%

Taiwan 41 44 404 19.3% 6,500 2.9% 7,761 2.7%

Thailand 20 20 (6) -0.3% 5 0.0% 138 0.0%

Total 830 1054 2,095 100.0% 227,282 100.0% 287,297 100.0%


13 April 2016



Figure 48: ETF Product Breakdown and Asset Class Market Share by Country – AUM US$ Million

Country Country Regional Sector Size Style Strategy Thematic Equity TotalFixed

IncomeComdty Other Equity Total

Fixed

IncomeComdty

Australia 4,532 543 1,118 204 1,197 226 31 7,850 1,683 446 360 78.7% 16.9% 4.5%

China 23,186 - 1,534 110 1,003 116 233 26,183 40,170 689 - 39.1% 59.9% 1.0%

Hong Kong 31,114 95 88 38 235 54 5 31,630 3,546 112 - 89.6% 10.0% 0.3%

India 278 - 26 5 2 3 512 828 81 1,314 - 37.2% 3.6% 59.1%

Indonesia 65 - 23 - - - 19 107 - - - 100.0% 0.0% 0.0%

Japan 124,471 242 4,209 106 716 9,483 21 139,250 120 1,470 158 98.9% 0.1% 1.0%

Philippines 23 - - - - - - 23 - - - 100.0% 0.0% 0.0%

Korea 10,204 57 987 43 408 3,228 1,058 15,987 4,192 418 102 77.6% 20.4% 2.0%

Vietnam 15 - - - - - - 15 - - - 100.0% 0.0% 0.0%

Malaysia 4 1 - - - - 82 87 351 - - 19.8% 80.2% 0.0%

New Zealand 304 - 31 44 - - - 379 311 - - 54.9% 45.1% 0.0%

Singapore 909 41 - - 14 - - 964 573 - - 62.7% 37.3% 0.0%

Taiwan 3,907 - 64 41 254 3,131 12 7,409 - 353 - 95.5% 0.0% 4.5%

Thailand 88 2 12 1 2 - - 105 - 33 - 76.3% 0.0% 23.7%

Total 199,102 981 8,093 593 3,832 16,242 1,974 230,816 51,027 4,833 620 80.5% 17.8% 1.7%

Equity Product Type Asset Class Mkt Share by country


Figure 49: ETF Turnover (US$ Million) by Country Figure 50: ETF AUM (US$ Million) by Country

- 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000

Indonesia

Vietnam

Malaysia

Philippines

Thailand

New Zealand

Vietnam

India

Australia

Taiwan

Hong Kong

Korea

Japan

China

TO (US$ Million)

- 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000

Vietnam

Philippines

Indonesia

Thailand

Malaysia

New Zealand

Vietnam

India

Taiwan

Australia

Korea

Hong Kong

China

Japan

AUM (US$ Million)


Issuer Rankings

Net Flows

Figure 51: ETP inflows (US$ Million) by Issuer – Top 10

Issuer Equity Fixed Commo- Other Total YTD Total

Nomura Asset Management 1,799 - (21) - 1,778 7,220

Daiwa Asset Management 1,036 - - - 1,036 1,893

Mitsubishi UFJ Asset Mg 521 - - - 521 675

Hang Seng Investment Management 398 - - - 398 848

DIAM Asset Management 294 - - - 294 158

BlackRock 285 8 - - 293 418

CSOP Asset Management 281 - - - 281 180

Simplex Asset Management Co Ltd 279 - (20) - 259 468

China Southern Fund Management Co Ltd (164) 338 - - 174 993

Yuanta Securities Inv trust Co Ltd. 268 - (108) - 159 902

Total Top 10 (Inflows) 4,996 346 (149) - 5,192 13,755

Current Month inflows (US$ Million)


13 April 2016



Figure 52: ETP outflows (US$ Million) by Issuer – Top 10

Issuer Equity Fixed Commo- Other Total YTD Total

Fortune SGAM Fund Management (0) (1,254) - - (1,255) 2,479

E Fund Management (128) (1,080) 2 - (1,207) (4,255)

Yinhua Fund Management (0) (564) - - (564) 211

Samsung Asset Management (322) 44 (4) - (281) 823

Mirae Asset MAPS Global Investments (62) (14) (36) - (112) 348

KB Asset Management (121) 12 - - (108) (13)

Huatai-PineBridge Fund Management Co (29) (46) - - (75) 609

Kyobo AXA Investment Mg Co Ltd (69) (3) - - (72) (136)

Korea Investment Trust Mg (46) (20) - - (67) 249

Invesco Great Wall Fund Management Co. Ltd 8 (61) - - (54) (145)

Total Top 10 (Outflows) (770) (2,987) (37) - (3,794) 170

Current Month outflows (US$ Million)


13 April 2016



Turnover

Turnover information

Monthly Turnover definition: The turnover figure reported in this publication corresponds to the aggregated dollar value traded turnover (in US$) over a 1 month span. It is calculated by multiplying the on exchange daily volume in shares by the end of day price for the ETP, for each day within a certain month, after which the daily turnover is aggregated for all the days within the month generating the total monthly turnover figure.

Note on Turnover The liquidity of an ETF is not fully captured by its exchange turnover as exchange turnover does not reflect over-the-counter (OTC) trades or trades done at net asset value (NAV). The presence of a market marker is mandatory in most exchanges. The market marker is legally obliged to provide continuous price quotes for an ETF even when the ETF is not being actively traded.

Figure 53: ETP Turnover (US$ Million) by Issuer – Top 40

Issuer EquityFixed

Income

Commo-

dityOther Total

Mkt

Share %

Fortune SGAM Fund Management 3.6 50,665.5 - - 50,669.1 22.3%

Nomura Asset Management 44,834.8 - 205.1 - 45,039.9 19.8%

Yinhua Fund Management 0.1 30,634.8 - - 30,634.9 13.5%

China Southern Fund Management Co Ltd 1,044.8 14,244.5 - - 15,289.3 6.7%

E Fund Management 6,035.8 7,380.8 130.5 - 13,547.2 6.0%

Samsung Asset Management 9,149.6 68.0 22.7 - 9,240.3 4.1%

China Asset Management 6,003.0 - - - 6,003.0 2.6%

China Universal Asset Management Co 5.3 5,581.0 - - 5,586.3 2.5%

Bosera Fund Management Co Ltd 9.0 5,093.8 115.6 - 5,218.3 2.3%

Huatai-PineBridge Fund Management Co 3,799.3 1,363.4 - - 5,162.7 2.3%

Simplex Asset Management Co Ltd 4,391.0 - 201.6 - 4,592.7 2.0%

Hang Seng Investment Management 3,990.2 - 0.2 - 3,990.4 1.8%

Yuanta Securities Inv trust Co Ltd. 3,263.8 - 365.0 - 3,628.9 1.6%

Penghua Fund Management Co Ltd 2.6 3,528.0 - - 3,530.6 1.6%

BlackRock 2,954.2 36.4 - - 2,990.6 1.3%

CSOP Asset Management 2,920.1 2.3 - - 2,922.4 1.3%

State Street 2,824.1 4.7 73.1 - 2,901.9 1.3%

Fubon Securities Investment Trust Co 2,675.9 - - - 2,675.9 1.2%

Mirae Asset MAPS Global Investments 2,104.0 9.1 126.9 - 2,240.0 1.0%

China Merchants Fund Management Co 0.4 1,561.8 - - 1,562.2 0.7%

Huaan Fund Management 173.1 - 1,344.5 - 1,517.6 0.7%

Woori Asset Management 50.7 1,028.0 - 20.3 1,099.1 0.5%

Daiwa Asset Management 1,074.0 - - - 1,074.0 0.5%

Guotai Asset Management Co Ltd 53.0 806.1 187.8 - 1,046.9 0.5%

Nikko Asset Management 650.1 4.7 - - 654.8 0.3%

Rakuten Investment Management 506.7 - - - 506.7 0.2%

Invesco Great Wall Fund Management Co. Ltd 15.6 465.3 - - 480.8 0.2%

Goldman Sachs 46.1 406.2 15.8 - 468.1 0.2%

KB Asset Management 437.6 9.3 - 3.3 450.1 0.2%

Korea Investment Trust Mg 370.0 2.0 10.7 - 382.7 0.2%

Vanguard 255.8 34.4 - - 290.1 0.1%

BetaShares Capital Ltd 85.6 88.2 16.4 87.7 277.9 0.1%

Kokusai Asset Management Co Ltd - - - 260.0 260.0 0.1%

Mitsubishi UFJ Asset Mg 188.6 - - - 188.6 0.1%

Harvest Fund Management Co 177.3 0.2 - - 177.6 0.1%

Hanwha Investment Trust Management 145.7 1.8 - 0.0 147.6 0.1%

Deutsche AWM 113.5 5.6 0.0 - 119.1 0.1%

GF Fund Management Co Ltd 108.6 - - - 108.6 0.0%

Cathay Securities Investment Trust 106.5 - - - 106.5 0.0%

Mitsubishi UFJ Trust and Banking Corporation - - 87.8 - 87.8 0.0%

Total (Top 40) 100,570 123,026 2,904 371 226,871 99.8%

Current Month Turnover (US$ Million)


13 April 2016



Figure 54: ETP Turnover (US$ Million) by Issuer – Contd.

Issuer EquityFixed

Income

Commo-

dityOther Total

Mkt

Share %

Fuh-Hwa Securities Investment Trust 87.14 - - - 87.14 0.04%

Kyobo AXA Investment Mg Co Ltd 31.55 1.49 - - 33.04 0.01%

ETF Securities - - 32.98 - 32.98 0.01%

HFT Investment Management Co Ltd 0.62 32.12 - - 32.74 0.01%

BOCI - Prudential Asset Man Ltd 31.86 - - - 31.86 0.01%

Kiwoom Asset Management Co Ltd 0.01 - - 22.52 22.53 0.01%

Van Eck Funds 22.50 - - - 22.50 0.01%

ICBC Credit Suisse Asset Management 19.78 - - - 19.78 0.01%

Russell Investments 9.51 7.79 - - 17.30 0.01%

Enhanced Investment Products Limited 15.70 - - - 15.70 0.01%

Value Partners 3.99 - 8.20 - 12.19 0.01%

Dacheng Fund Management Co Ltd 8.64 - - - 8.64 0.00%

Horizons ETFs 6.40 - - - 6.40 0.00%

Smartshares Ltd 4.04 1.75 - - 5.80 0.00%

Kotak Mahindra Asset Man 2.79 - 2.20 - 4.99 0.00%

SBI Funds Management 0.27 - 4.46 - 4.74 0.00%

First Metro Asset Management 4.24 - - - 4.24 0.00%

Lyxor 4.13 - 0.05 - 4.18 0.00%

ANZ Asset Management 2.47 - 0.68 0.00 3.15 0.00%

China Life AMP Asset Management Co 3.13 - - - 3.13 0.00%

Wanjia Asset Management 2.70 - - - 2.70 0.00%

BMO Global Asset Management 2.44 0.22 - - 2.66 0.00%

Reliance Capital Asset Management 0.54 - 1.99 - 2.53 0.00%

UTI Asset Management 0.08 - 2.41 - 2.49 0.00%

BOCOM Schroders 2.48 - - - 2.48 0.00%

DIAM Asset Management 2.44 - - - 2.44 0.00%

One Asset Management Ltd 2.41 - - - 2.41 0.00%

HDFC Asset Management Co Ltd 0.92 - 1.36 - 2.27 0.00%

Lion Fund Management Co Ltd 2.26 - - - 2.26 0.00%

UBS 1.92 - - - 1.92 0.00%

Krung Thai Asset Management 1.08 - 0.62 - 1.69 0.00%

GTJA Allianze Fund Management Co 1.16 - - - 1.16 0.00%

Haitong International 0.98 - - - 0.98 0.00%

BNP Paribas 0.70 - 0.04 - 0.74 0.00%

Passive Funds Management Ltd 0.56 - - - 0.56 0.00%

Prudential ICICI Asset Management 0.18 - 0.38 - 0.55 0.00%

UOB Asset Management Ltd 0.55 - - - 0.55 0.00%

Yuanda Chinese Holdings Ltd 0.53 - - - 0.53 0.00%

Kasikorn Asset Management - - 0.53 - 0.53 0.00%

IDBI Asset Management - - 0.49 - 0.49 0.00%

Fullgoal Fund Management Co 0.40 - - - 0.40 0.00%

China International Fund Mgmt 0.37 - - - 0.37 0.00%

Canara Robeco - - 0.37 - 0.37 0.00%

CIMB-GK Securities Pte Ltd 0.36 - - - 0.36 0.00%

Bank of China Investment Management 0.33 - - - 0.33 0.00%

NZAM 0.33 - - - 0.33 0.00%

CCB Principal Asset Management Co Ltd. 0.32 - - - 0.32 0.00%

Thanachart Fund Management - - 0.29 - 0.29 0.00%

SinoPac Securities Investment Trust Co 0.26 - - - 0.26 0.00%

Quantum Asset Management 0.03 - 0.23 - 0.25 0.00%

Motilal Oswal Mutual Fund 0.25 - - - 0.25 0.00%

Axis Asset Management - - 0.25 - 0.25 0.00%

Heungkuk Asset Management 0.24 - - - 0.24 0.00%

Sumitomo Mitsui Asset Management 0.22 - - - 0.22 0.00%

Total 100,856 123,069 2,961 394 227,281 100.00%



13 April 2016



Figure 55: ETP Turnover (US$ Million) by Issuer – Completion

Issuer EquityFixed

Income

Commo-

dityOther Total

Mkt

Share %

Yurie Asset Management 0.14 - - - 0.14 0.0%

HSBC Inv Funds Ltd/Hong Kong - 0.14 - - 0.14 0.0%

Birla Sun Life Asset Management Co 0.01 - 0.10 - 0.11 0.0%

Maybank Asset Management Thailand Co Ltd 0.11 - - - 0.11 0.0%

i-VCAP Management 0.08 - - - 0.08 0.0%

Religare Mutual Fund 0.00 - 0.07 - 0.07 0.0%

Midas Asset Management Co 0.07 - - - 0.07 0.0%

Daishin Investment Trust Mg 0.06 - - - 0.06 0.0%

Viet Fund Management 0.06 - - - 0.06 0.0%

Mizuho Asset Management Co Ltd - - 0.05 - 0.05 0.0%

Dongbu Asset Management 0.04 - - - 0.04 0.0%

AmInvestment Services Berhad/Malaysia 0.01 0.03 - - 0.04 0.0%

Lippo Investments Management 0.04 - - - 0.04 0.0%

Ping An of China Asset Management 0.03 - - - 0.03 0.0%

BBL Asset Management Co - - 0.03 - 0.03 0.0%

Indo Premier Securities 0.03 - - - 0.03 0.0%

Edelweiss Asset Management 0.03 - - - 0.03 0.0%

TMB Asset Management 0.03 - - - 0.03 0.0%

UBS Hana Asset Management Co Ltd 0.02 - - - 0.02 0.0%

Tong Yang Investment Trust Mg 0.02 - - - 0.02 0.0%

KDB Asset Management Co Ltd/Korea 0.00 - - - 0.00 0.0%

Total ( All Local Issuers) 100,857 123,069 2,961 394 227,282 100.0%



13 April 2016



AUM

AUM information

Assets Under Management (AUM): Calculated as NAV times Number of Shares Outstanding or Price times Number of Shares Outstanding.

AUM Universe The Assets Under Management (AUM) of the ETFs that have been cross-listed in Asia is not taken in account in this report. Please refer to Figure 59 for a detail of Foreign Issuer's AUMs

Figure 56: ETP AUM (US$ Million) ranking by Local Issuer – Top 40

Issuer EquityFixed

Income

Commo-

dityOther Total

Mkt

Share %

Nomura Asset Management 66,517 - 480 - 66,997 23.3%

Nikko Asset Management 26,525 560 - - 27,085 9.4%

Daiwa Asset Management 26,262 - - - 26,262 9.1%

Fortune SGAM Fund Management 32 22,249 - - 22,281 7.8%

State Street 13,299 3,019 - - 16,318 5.7%

Hang Seng Investment Management 11,825 - 9 - 11,834 4.1%

Mitsubishi UFJ Asset Mg 11,630 - - - 11,630 4.0%

Samsung Asset Management 8,623 1,899 74 - 10,597 3.7%

BlackRock 9,832 460 - - 10,293 3.6%

China Asset Management 8,993 - - - 8,993 3.1%

Yinhua Fund Management 15 8,007 - - 8,022 2.8%

E Fund Management 3,484 3,624 39 - 7,148 2.5%

China Southern Fund Management Co Ltd 3,246 2,721 - - 5,968 2.1%

Yuanta Securities Inv trust Co Ltd. 5,247 - 353 - 5,600 1.9%

Mirae Asset MAPS Global Investments 3,738 682 327 - 4,748 1.7%

Huatai-PineBridge Fund Management Co 3,846 325 - - 4,171 1.5%

Huaan Fund Management 2,639 - 534 - 3,172 1.1%

Harvest Fund Management Co 3,073 65 - - 3,138 1.1%

CSOP Asset Management 3,001 90 - - 3,091 1.1%

Vanguard 2,485 350 - - 2,834 1.0%

Simplex Asset Management Co Ltd 1,465 - 465 - 1,931 0.7%

BetaShares Capital Ltd 628 733 75 359 1,796 0.6%

DIAM Asset Management 1,790 - - - 1,790 0.6%

Fubon Securities Investment Trust Co 1,746 - - - 1,746 0.6%

Bosera Fund Management Co Ltd 115 1,394 83 - 1,591 0.6%

KB Asset Management 839 480 - 28 1,348 0.5%

Korea Investment Trust Mg 1,146 151 17 - 1,314 0.5%

Goldman Sachs 671 81 426 - 1,178 0.4%

Hanwha Investment Trust Management 619 371 - 9 998 0.3%

HFT Investment Management Co Ltd 13 965 - - 978 0.3%

NZAM 801 - - - 801 0.3%

Kyobo AXA Investment Mg Co Ltd 521 238 - - 758 0.3%

Woori Asset Management 346 370 - 31 747 0.3%

GF Fund Management Co Ltd 700 - - - 700 0.2%

Smartshares Ltd 321 311 - - 632 0.2%

Guotai Asset Management Co Ltd 500 69 34 - 602 0.2%

BOCI - Prudential Asset Man Ltd 568 - - - 568 0.2%

Mitsubishi UFJ Trust and Banking Corporation - - 523 - 523 0.2%

Russell Investments 239 261 - - 500 0.2%

China Merchants Fund Management Co 33 447 - - 479 0.2%

Total (Top 40) 227,374 49,924 3,439 427 281,164 97.9%

Current Month AUM (US$ Million)


13 April 2016



Figure 57: ETP AUM (US$ Million) ranking by Local Issuer – Contd.

Issuer EquityFixed

Income

Commo-

dityOther Total

Mkt

Share %

Reliance Capital Asset Management 18 - 413 - 430 0.15%

Invesco Great Wall Fund Management Co. Ltd 182 247 - - 429 0.15%

Sumitomo Mitsui Asset Management 426 - - - 426 0.15%

ETF Securities - - 384 - 384 0.13%

HSBC Inv Funds Ltd/Hong Kong - 372 - - 372 0.13%

AmInvestment Services Berhad/Malaysia 1 351 - - 352 0.12%

China Universal Asset Management Co 215 63 - - 278 0.10%

Fuh-Hwa Securities Investment Trust 246 - - - 246 0.09%

Van Eck Funds 202 - - - 202 0.07%

Kotak Mahindra Asset Man 33 - 157 - 189 0.07%

Cathay Securities Investment Trust 162 - - - 162 0.06%

Kokusai Asset Management Co Ltd - - - 158 158 0.05%

BMO Global Asset Management 80 70 - - 150 0.05%

Horizons ETFs 147 - - - 147 0.05%

Dacheng Fund Management Co Ltd 144 - - - 144 0.05%

Value Partners 54 - 88 - 142 0.05%

Indo Premier Securities 107 - - - 107 0.04%

UBS 103 - - - 103 0.04%

BOCOM Schroders 99 - - - 99 0.03%

Rakuten Investment Management 99 - - - 99 0.03%

HDFC Asset Management Co Ltd - - 98 - 98 0.03%

Prudential ICICI Asset Management 76 - 18 - 94 0.03%

UTI Asset Management - - 86 - 86 0.03%

i-VCAP Management 82 - - - 82 0.03%

One Asset Management Ltd 81 - - - 81 0.03%

ICBC Credit Suisse Asset Management 69 - - - 69 0.02%

Enhanced Investment Products Limited 69 - - - 69 0.02%

China Life AMP Asset Management Co 63 - - - 63 0.02%

CIMB-GK Securities Pte Ltd 59 - - - 59 0.02%

Passive Funds Management Ltd 58 - - - 58 0.02%

Yurie Asset Management 55 - - - 55 0.02%

Haitong International 45 - - - 45 0.02%

Lion Fund Management Co Ltd 45 - - - 45 0.02%

Kiwoom Asset Management Co Ltd 9 - - 35 44 0.02%

SBI Funds Management 3 - 35 - 38 0.01%

Axis Asset Management - - 35 - 35 0.01%

Dongbu Asset Management 33 - - - 33 0.01%

Midas Asset Management Co 31 - - - 31 0.01%

CCB Principal Asset Management Co Ltd. 30 - - - 30 0.01%

Krung Thai Asset Management 18 - 10 - 28 0.01%

Penghua Fund Management Co Ltd 27 - - - 27 0.01%

UOB Asset Management Ltd 25 - - - 25 0.01%

First Metro Asset Management 23 - - - 23 0.01%

GTJA Allianze Fund Management Co 22 - - - 22 0.01%

Fullgoal Fund Management Co 22 - - - 22 0.01%

Motilal Oswal Mutual Fund 21 - - - 21 0.01%

UBS Hana Asset Management Co Ltd 19 - - - 19 0.01%

Ping An of China Asset Management 19 - - - 19 0.01%

Birla Sun Life Asset Management Co 5 - 12 - 17 0.01%

ANZ Asset Management 14 - 1 1 16 0.01%

IDBI Asset Management - - 15 - 15 0.01%

Yuanda Chinese Holdings Ltd 15 - - - 15 0.01%

BNP Paribas 15 - - - 15 0.01%

Viet Fund Management 15 - - - 15 0.01%

Total 230,758 51,027 4,792 620 287,197 100%



13 April 2016



Figure 58: ETP AUM (US$ Million) ranking by Local Issuer – Completion

Issuer EquityFixed

Income

Commo-

dityOther Total

Mkt

Share %

Daishin Investment Trust Mg 10 - - - 10 0.00%

Quantum Asset Management 1 - 9 - 10 0.00%

Lippo Investments Management 9 - - - 9 0.00%

BBL Asset Management Co - - 8 - 8 0.00%

Heungkuk Asset Management 8 - - - 8 0.00%

Kasikorn Asset Management - - 8 - 8 0.00%

SinoPac Securities Investment Trust Co 8 - - - 8 0.00%

Religare Mutual Fund 0 - 7 - 8 0.00%

Thanachart Fund Management - - 6 - 6 0.00%

KDB Asset Management Co Ltd/Korea 5 - - - 5 0.00%

Bank of China Investment Management 4 - - - 4 0.00%

Maybank Asset Management Thailand Co Ltd 4 - - - 4 0.00%

Wanjia Asset Management 3 - - - 3 0.00%

TMB Asset Management 2 - - - 2 0.00%

Edelweiss Asset Management 2 - - - 2 0.00%

Changsheng Fund 2 - - - 2 0.00%

Canara Robeco - - 2 - 2 0.00%

China International Fund Mgmt 1 - - - 1 0.00%

Tong Yang Investment Trust Mg 1 - - - 1 0.00%

Mizuho Asset Management Co Ltd - - 1 - 1 0.00%

Total ( All Local Issuers) 230,816 51,027 4,833 620 287,297 100%



Figure 59: ETP AUM (US$ Million) ranking by Foreign Issuer

Issuer EquityFixed

IncomeCommodity Other Total

Mkt

Share %

BlackRock 289,502 - - - 289,502 45.1%

State Street 196,909 - 32,572 - 229,481 35.8%

Vanguard 71,521 - - - 71,521 11.1%

Deutsche AWM 24,239 2,891 403 - 27,532 4.3%

Lyxor 7,427 - 1,023 - 8,450 1.3%

ETF Securities - - 7,763 - 7,763 1.2%

UBS 7,110 - - - 7,110 1.1%

BNP Paribas - - 230 - 230 0.0%

Total ( All Foreign Issuers) 596,708 2,891 41,991 - 641,590 100%



The Foreign Issuer AUM

ranking includes the AUM of

all products cross listed in the

Asia-Pacific Region, with a

domicile region outside Asia-

Pacific (e.g. the US or Europe)

13 April 2016



8. ETP – Net Flows

Investment Focus

Figure 60: ETP Net Flows (US$ Million) by Investment Focus – Equity

Investment Focus - EquityNet

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Developed Markets 4,320 3.3% 2,772 2.1% 11,757 8.4%

Emerging Markets 9 0.0% 934 1.9% 2,880 5.1%

Global Markets 1 0.5% 1 0.7% 9 4.3%

Sectors 17 0.2% (44) -0.6% 128 1.7%

Capitalization (4) -0.7% 9 1.7% 22 3.8%

Strategy (14) -0.1% (140) -0.9% 3,340 24.0%

Style 90 2.7% 161 4.9% 516 15.1%

Thematic (19) -1.1% 4 0.2% 1 0.0%

Total 4,400 2.1% 3,698 1.8% 18,652 8.3%

Current Month Prev. Month YTD


Figure 61: ETP Net Flows (US$ Million) by Investment Focus – Fixed Income

Investment Focus - Fixed IncomeNet

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Sovereign 23 0.4% (151) -2.8% (405) -7.0%

Corporates 68 4.9% 4 0.3% 64 4.6%

Money Market (2,478) -5.5% 2,169 5.1% (1,344) -3.1%

Overall 18 2.1% 22 2.7% 67 8.4%

Total (2,370) -4.5% 2,044 4.1% (1,618) -3.1%



Figure 62: ETP Net Flows (US$ Million) by Investment Focus – Commodity

Investment Focus - CommodityNet

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Precious Metals 158.1 5.2% 217.5 8.4% 417.8 17.1%

Overall - n.a - 0.0% - 0.0%

Energy (183.1) -12.0% 362.8 29.5% 489.1 47.3%

Agriculture 1.0 2.4% - 0.0% 2.5 5.9%

Industrial Metals (0.3) -2.6% (0.4) -3.2% (0.3) -2.4%

Total (24) -0.5% 580 15.0% 909 25.7%

YTDPrev. MonthCurrent Month


13 April 2016



Sub Segment

Figure 63: ETP Net Flows (US$ Million) by Investment Focus Sub Segment – Equity – Developed Markets

Investment Focus

Developed Markets - Equity

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Australia 82 2.0% 7 0.2% (17) -0.4%

Hong Kong (49) -0.4% 183 1.3% 670 4.5%

Japan 4,246 3.7% 2,541 2.2% 10,942 9.2%

New Zealand 1 0.4% 2 1.0% 4 2.4%

Singapore 3 0.9% 17 4.7% 63 17.7%

Asia Pacific 4,283 3.2% 2,750 2.1% 11,662 8.4%

US 25 14.8% 7 4.3% 44 26.5%

Germany (0) -0.8% (1) -2.9% (1) -1.5%

Global broad indices 12 2.0% 16 2.9% 52 8.7%

DM Total 4,320 3.3% 2,772 2.1% 11,757 8.4%



Figure 64: ETP Net Flows (US$ Million) by Investment Focus Sub Segment – Equity – Emerging Markets

Investment Focus

Emerging Markets - Equity

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

China 431 1.2% 493 1.4% 2,511 5.8%

India 44 5.9% (5) -0.7% 8 0.9%

Indonesia (0) -0.3% 0 0.2% (0) 0.0%

Malaysia - 0.0% - 0.0% - 0.0%

Philippines (5) -19.4% (1) -2.8% (7) -21.8%

South Korea (116) -1.3% 566 6.8% 697 8.1%

Taiwan (340) -13.5% (116) -4.6% (322) -12.8%

Thailand (5) -6.2% (0) -0.1% (8) -9.9%

Vietnam - 0.0% (1) -3.7% (0) -2.8%

Asia Pacific broad - 0.0% - 0.0% - 0.0%

Asia Pacific 9 0.0% 936 1.9% 2,879 5.2%

Brazil 0 0.0% (0) 0.0% 1 4.2%

LATAM broad - 0.0% - 0.0% - 0.0%

Latin America 0 0.0% (0) 0.0% 1 3.9%

Russia (0) 0.0% (0) 0.0% 2 10.2%

South Africa 0 0.0% (0) -0.1% (0) 0.0%

Global broad indices - 0.0% (1) -1.6% (1) -1.4%

EM Total 9 0.0% 934 1.9% 2,880 5.1%

YTDCurrent Month Prev. Month


13 April 2016



Figure 65: ETP Net Flows (US$ Million) by Investment Focus Sub Segment – Equity – Others

Investment Focus

Sub segments - Equity

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Consumer Discretionary (16) -6.1% (4) -1.6% (4) -1.3%

Consumer Staples (22) -3.6% (13) -2.1% (46) -6.5%

Energy 0 0.1% (0) -0.1% 3 4.8%

Financials 52 0.9% (75) -1.4% 91 1.6%

Healthcare (4) -1.3% 31 11.0% 51 15.7%

Industrials 1 1.5% (0) -0.3% 1 1.5%

Information Technology (3) -1.4% 9 3.7% 10 3.8%

Materials (1) -1.2% 1 0.8% 1 1.1%

Telecommunication Services (3) -14.1% 9 91.7% 4 31.6%

Utilities 5 89.2% 0 0.1% 5 84.4%

Overall 9 6.3% (0) -0.1% 12 6.6%

Sector 17 0.2% (44) -0.6% 128 1.7%

Large Cap (2) -0.5% 9 2.8% 25 7.4%

Mid Cap (1) -1.2% 0 0.1% (2) -1.9%

Small Cap (1) -0.9% 0 0.1% (1) -0.7%

Capitalization (4) -0.7% 9 1.7% 22 3.8%

Short 1,600 81.8% 313 19.8% 1,212 56.2%

Leveraged (1,840) -16.1% (519) -3.9% 1,998 19.0%

Leveraged Short 198 32.7% 90 22.3% 67 12.3%

Quantitative 19 4.8% (31) -7.1% 40 9.3%

Fundamental 9 3.7% 7 3.1% 22 8.7%

Strategy (14) -0.1% (140) -0.9% 3,340 24.0%

Growth (41) -5.3% 50 6.4% 208 25.8%

Value (4) -2.5% 27 17.4% 24 14.3%

Dividend 136 5.7% 84 3.6% 284 11.6%

Style 90 2.7% 161 4.9% 516 15.1%

Sustainability 1 3.6% 6 18.7% 7 19.5%

Commodities (1) -2.0% 0 1.9% 0 1.3%

Other Theme (20) -1.1% (2) -0.1% (7) -0.3%

Thematic (19) -1.1% 4 0.2% 1 0.0%

Total 70 0.3% (10) 0.0% 4,006 14.5%



13 April 2016



Figure 66: ETP Net Flows (US$ Million) by Investment Focus Sub Segment – Commodity

Investment Focus

Sub Segment - Commodity

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Overall

Overall - 0.0% - 0.0% - 0.0%

Agriculture

Overall 1 3.9% - 0.0% 3 7.7%

Corn - 0.0% - 0.0% - 0.0%

Soybeans - 0.0% - 0.0% - 0.0%

Wheat (0) -74.3% - 0.0% (0) -71.0%

Grains (0) -65.7% - 0.0% (0) -64.3%

Energy

Overall - 0.0% - 0.0% - 0.0%

Crude Oil (183) -12.0% 363 29.5% 489 47.3%

Oil & Gas - n.a - n.a - n.a

Natural Gas (0) -80.6% - 0.0% (0) -58.1%

Industrial Metals

Overall - 0.0% - 0.0% - 0.0%

Copper (0) -3.2% (0) -3.9% (0) -3.0%

Precious Metals

Overall - 0.0% - 0.0% - 0.0%

Gold 156 5.5% 219 9.2% 413 18.3%

Palladium - 0.0% - 0.0% 0 6.9%

Platinum 0 0.0% (0) 0.0% 3 3.8%

Silver 2 2.0% (1) -1.3% 1 1.1%

Total (24) -0.5% 580 15.0% 909 25.7%

Prev. MonthCurrent Month YTD


13 April 2016



Issuer

Figure 67: ETP inflows (US$ Million) by Issuer – Top 10

Issuer Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUMNomura Asset Management 1,778 2.9% 1,418 2.3% 7,220 11.4%

Daiwa Asset Management 1,036 4.3% 390 1.6% 1,893 7.4%

Mitsubishi UFJ Asset Mg 521 4.9% 174 1.6% 675 5.8%

Hang Seng Investment Management 398 3.9% 257 2.5% 848 7.3%

DIAM Asset Management 294 20.7% (187) -11.4% 158 9.0%

BlackRock 293 3.2% (329) -3.4% 418 3.9%

CSOP Asset Management 281 11.2% 162 6.8% 180 5.6%

Simplex Asset Management Co Ltd 259 16.6% 14 0.8% 468 29.8%

China Southern Fund Management Co Ltd 174 3.3% 691 14.9% 993 17.8%

Yuanta Securities Inv trust Co Ltd. 159 3.2% 312 6.8% 902 20.1%

Total Top 10 (Inflows) 5,192 4.0% 2,901 2.1% 13,755 9.9%



Figure 68: ETP outflows (US$ Million) by Issuer – Top 10

IssuerNet

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Fortune SGAM Fund Management (1,255) -5.4% 569 2.5% 2,479 12.6%

E Fund Management (1,207) -15.4% (4) -0.1% (4,255) -36.1%

Yinhua Fund Management (564) -6.7% 855 11.3% 211 2.7%

Samsung Asset Management (281) -2.9% 182 1.9% 823 8.9%

Mirae Asset MAPS Global Investments (112) -2.6% 192 4.5% 348 8.0%

KB Asset Management (108) -8.3% 49 3.8% (13) -1.0%

Huatai-PineBridge Fund Management Co (75) -2.0% 23 0.6% 609 17.2%

Kyobo AXA Investment Mg Co Ltd (72) -9.6% 3 0.5% (136) -15.7%

Korea Investment Trust Mg (67) -5.4% 186 17.5% 249 24.6%

Invesco Great Wall Fund Management Co. Ltd (54) -11.8% (64) -12.3% (145) -23.6%

Total Top 10 (Outflows) (3,794) -4.6% 1,992 2.4% 170 0.2%



13 April 2016



Index Provider

Figure 69: ETP Net Flows (US$ Million) by Index Provider – Equity

(1,000) (500) - 500 1,000 1,500 2,000 2,500

KRX

Other

CSI

Maekyung FnGuide

STOXX

MSCI

IISL

S&P Dow Jones

HSIL

FTSE

Topix

Nikkei

Net Cashflow (US$ Million)

Figure 70: ETP Net Flows (US$ Million) by Index Provider – Fixed Income

(2,500) (2,000) (1,500) (1,000) (500) - 500

Other

SSE

Markit iBoxx

CSI

S&P Dow Jones

Barclays

Maekyung FnGuide

UBS

KRX


Figure 71: ETP Net Flows (US$ Million) by Index Provider – Commodity

(150) (100) (50) - 50 100 150 200

S&P Dow Jones

Other

UBS

Nikkei

Commodity



13 April 2016



Underlying Index/Security

Figure 72: ETP inflows (US$ Million) by Underlying Index

– Equity (Top 10)

Figure 73: ETP outflows (US$ Million) by Underlying

Index – Equity (Top 10)

- 1,000 2,000 3,000

TSE REIT Index

Nikkei 225 Double Inverse Index

FTSE China A50 Index

JPX Nikkei Index 400

Hang Seng China Enterprise …

F-KOSPI200 Index

Nikkei 225 Inverse Index

Taiwan Top 50 Index

TOPIX

Nikkei 225

Inflow (US$ Million)

(1,200) (1,000) (800) (600) (400) (200) -

TOPIX Banks Index

ChiNext Index

Hang Seng Index

SI100 Index

CSI 300 Daily Return Leveraged 2X Index

SSE 50 Index

CSI 500 Index

TSEC Taiwan 50 Index

Nikkei 225 Leveraged Index

KOSPI 200 Index

Outflow (US$ Million)

Figure 74: ETP inflows (US$ Million) by Underlying Index

– Fixed Income (Top 10)


Index – Fixed Income

- 100 200 300 400

Bloomberg AusBond Composite …

Korea Government Bonds 10 Year

MK Korea Monetary Stabilization …

Bloomberg AusBond 0+ Yr …

MaeKyung Money Market TR Index

KRW Cash Plus Index

KRW Cash Index TR

30 day Bank Bill Swap Rate

KOBI Half Credit Index

China PBOC Benchmark Notice …


(3,000) (2,500) (2,000) (1,500) (1,000) (500) -

CSI Gilt -Edged Medium Term Treasury …

Citi RMB Bond Capped Index

Markit iBoxx USD Liquid High Yield Index

J.P. Morgan USD Asia Credit Bond Index

MKF TB Index

iBoxx ABF Pan-Asia Index

KIS MSB 3M Index

SSE 5-Year China Treasury Note Index

KIS MSB Short Term Index

Other


Figure 76: ETP inflows (US$ Million) by Underlying

Index/Security – Commodity


Index/Security – Commodity

0 50 100 150 200

Nikkei-TOCOM Platinum Index

S&P GSCI Agriculture

Enhanced Select Index

S&P GSCI Sliver TR Index

Commodity Gold


-120 -100 -80 -60 -40 -20 0

Dow Jones-UBS Agriculture Subindex

Dow Jones-UBS Copper Subindex

Dow Jones-UBS Grains Subindex

Dow Jones-UBS Brent Crude Subindex

S&P GSCI Gold Excess Return Index

S&P GSCI Gold Index

UBS Bloomberg Constant Maturity …

Nomura Crude Oil Long Index

S&P GSCI Crude Oil Enhanced Index

S&P GSCI Crude Oil Excess Reurn Index



13 April 2016



9. ETP – Turnover

Turnover information

Monthly Turnover definition: The turnover figure reported in this publication corresponds to the aggregated dollar value traded turnover (in US$) over a 1 month span. It is calculated by multiplying the on exchange daily volume in shares by the end of day price for the ETP, for each day within a certain month, after which the daily turnover is aggregated for all the days within the month generating the total monthly turnover figure.

Note on Turnover The liquidity of an ETF is not fully captured by its exchange turnover as exchange turnover does not reflect over-the-counter (OTC) trades or trades done at net asset value (NAV). The presence of a market marker is mandatory in most exchanges. The market marker is legally obliged to provide continuous price quotes for an ETF even when the ETF is not being actively traded.

Investment Focus

Figure 78: ETP Monthly Turnover (US$ Million) by Investment Focus – Equity


Investment Focus - Equity TurnoverMkt


%


%

Turnover

Size 147 0.1% 133 14 10.6% 605 (458) -75.7%

Regional 222 0.2% 154 68 44.3% 285 (63) -22.1%

Style 4,852 4.8% 2,493 2,360 94.7% 4,440 412 9.3%

Sector 656 0.7% 505 151 29.8% 3,597 (2,941) -81.8%

Country 36,527 36.2% 27,236 9,292 34.1% 73,638 (37,110) -50.4%

Strategy 58,377 57.9% 67,162 (8,785) -13.1% 44,245 14,132 31.9%

Thematic 76 0.1% 99 (23) -23.3% 1,304 (1,228) -94.2%

Total 100,857 100% 97,781 3,076 3.1% 128,113 (27,256) -21.3%


Source: Deutsche Bank, Bloomberg Finance LP.

Figure 79: ETP Monthly Turnover (US$ Million) by Investment Focus – Fixed Income


Investment Focus - Fixed

IncomeTurnover

Mkt


%


%

Turnover

Sovereign 1,282 1.0% 605 677 111.8% 2,351 (1,069) -45.5%

Corporates 39 0.0% 20 19 92.2% 24 15 65.1%

Money Market 121,698 98.9% 77,464 44,234 57.1% 99,179 22,519 22.7%

Overall 51 0.0% 34 17 50.7% 63 (12) -19.1%

Total 123,069 100% 78,123 44,946 57.5% 101,616 21,453 21.1%

Change from 2015MoM ChangeCurrent Month


Figure 80: ETP Monthly Turnover (US$ Million) by Investment Focus – Commodity


Investment Focus -

CommodityTurnover

Mkt


%


%

Turnover

Precious Metals 2,068 69.8% 1,052 1,016 96.6% 401 1,667 415.4%

Overall 1 0.0% 0 0 201.0% 1 (1) -57.8%

Energy 886 29.9% 947 (60) -6.4% 494 392 79.5%

Agriculture 5 0.2% 4 1 25.0% 9 (4) -46.4%

Industrial Metals 2 0.1% 1 1 82.0% 1 0 27.0%

Total 2,961 100% 2,003 958 47.8% 906 2,055 226.7%

MoM ChangeCurrent Month Change from 2015


13 April 2016



Sub Segment

Figure 81: ETP Monthly Turnover (US$ Million) by Investment Focus Sub Segment – Equity


Investment Focus

Sub Segment - EquityTurnover

Mkt


%


%

Turnover

Country

Asia Pac Developed 7,639 7.6% 8,578 (939) -10.9% 9,086 (1,447) -15.9%

Developed non-Asia Pac 72 0.1% 43 30 70.3% 349 (277) -79.3%

Emerging Country 28,816 28.6% 18,615 10,201 54.8% 64,202 (35,387) -55.1%

Regional

Asia Pacific 8 0.0% 9 (1) -14.2% 18 (10) -56.0%

Asia Pacific ex-Japan 44 0.0% 3 41 1573.0% 16 27 166.1%

Emerging Markets 23 0.0% 16 7 44.8% 76 (53) -70.1%

Eurozone 0 0.0% 0 (0) -48.1% 1 (0) -63.8%

Europe 46 0.0% 40 6 15.0% 53 (7) -12.9%

Global 99 0.1% 85 14 16.6% 118 (19) -16.4%

Greater China 2 0.0% 0 1 342.0% 2 (0) -10.8%

Sector

Global 21 0.0% 16 5 29.4% 30 (10) -32.0%

Other Sector 71 0.1% 35 37 105.2% 337 (266) -78.8%

Asian Country 564 0.6% 454 109 24.0% 3,229 (2,666) -82.5%

Size

Large Cap 140 0.1% 119 22 18.4% 389 (249) -63.9%

Mid Cap 3 0.0% 3 (1) -18.1% 204 (201) -98.7%

Small Cap 4 0.0% 11 (7) -65.1% 12 (8) -68.6%

Style

Growth 4,485 4.4% 2,240 2,246 100.3% 3,590 895 24.9%

Value 13 0.0% 16 (3) -18.5% 223 (210) -94.1%

Dividend 354 0.4% 237 117 49.3% 627 (273) -43.5%

Strategy

Short 3,709 3.7% 3,046 663 21.8% 2,831 878 31.0%

Leveraged 49,928 49.5% 55,846 (5,918) -10.6% 37,855 12,072 31.9%

Quantitative 28 0.0% 28 0 1.7% 343 (315) -91.8%

Fundamental 9 0.0% 6 4 68.6% 43 (34) -78.1%

Thematic

Sustainability 2 0.0% 1 1 260.2% 2 (0) -21.0%

Commodities 8 0.0% 11 (3) -28.8% 289 (282) -97.4%

Other Theme 67 0.1% 88 (21) -24.2% 1,012 (946) -93.4%

Total 100,857 100% 97,781 3,076 3.1% 128,113 (27,256) -21.3%



13 April 2016



Figure 82: ETP Monthly Turnover (US$ Million) by Investment Focus Sub Segment – Commodity


Investment Focus

Sub Segment - CommodityTurnover

Mkt


%


%

Turnover

Overall

Overall 0.54 0.0% 0.17 0.36 212.4% 1.19 (0.65) -55.0%

Overall ex Energy 0.00 0.0% 0.01 (0.00) -50.5% 0.09 (0.08) -95.5%

Overall Light Energy - 0.0% - - n.a. 0.00 (0.00) -100.0%

Agriculture

Overall 3.89 0.1% 3.04 0.85 28.0% 7.66 (3.77) -49.2%

Corn 0.03 0.0% 0.08 (0.05) -58.8% 0.09 (0.06) -65.2%

Soybeans 0.37 0.0% 0.27 0.10 35.6% 0.62 (0.25) -40.2%

Wheat 0.13 0.0% 0.30 (0.17) -55.9% 0.23 (0.10) -42.2%

Grains 0.20 0.0% 0.01 0.19 2583.9% 0.02 0.18 1029.3%

Energy

Overall 0.03 0.0% 0.00 0.03 1604.6% 0.00 0.03 628.5%

Crude Oil 885.40 29.9% 946.07 (60.67) -6.4% 493.56 391.84 79.4%

Oil & Gas - 0.0% - - n.a. - - n.a

Gasoline 0.01 0.0% 0.00 0.01 372.5% 0.00 0.01 202.3%

Natural Gas 0.83 0.0% 0.54 0.30 55.2% 0.28 0.55 197.5%

Industrial Metals

Overall 0.09 0.0% 0.03 0.06 219.9% 0.12 (0.04) -28.6%

Copper 1.62 0.1% 0.91 0.70 77.1% 1.23 0.39 31.3%

Nickel 0.02 0.0% 0.01 0.01 192.3% 0.00 0.02 1665.4%

Precious Metals

Overall 0.49 0.0% 1.00 (0.51) -50.8% 0.43 0.06 14.6%

Gold 2,036.57 68.8% 1,022.48 1,014.08 99.2% 369.62 1,666.95 451.0%

Palladium 0.62 0.0% 0.30 0.33 109.6% 1.05 (0.43) -40.6%

Platinum 15.71 0.5% 15.18 0.53 3.5% 13.65 2.05 15.0%

Silver 14.89 0.5% 13.04 1.85 14.2% 16.52 (1.63) -9.9%

Total 2,961 100% 2,003 958 47.8% 906 2,055 226.7%



13 April 2016



Exchange

Figure 83: ETP Monthly Turnover (US$ Million) by Exchange


Exchange Name TurnoverMkt


%


%

Turnover

China - Shanghai 124,759.28 54.9% 80,364.41 44,394.87 55.2% 133,304.01 (8,544.72) -6.4%

Japan - Osaka 41,111.53 18.1% 47,889.49 (6,777.97) -14.2% 31,468.99 9,642.54 30.6%

China - Shenzhen 14,896.60 6.6% 6,339.39 8,557.22 135.0% 15,195.41 (298.80) -2.0%

Korea - KSE 13,616.53 6.0% 13,098.45 518.08 4.0% 12,708.77 907.76 7.1%

Hong Kong - HKE 13,169.30 5.8% 9,693.12 3,476.18 35.9% 23,301.45 (10,132.15) -43.5%

Japan - Tokyo SE 11,409.59 5.0% 16,347.91 (4,938.32) -30.2% 9,031.96 2,377.63 26.3%

Taiwan - TSEC 6,499.86 2.9% 2,935.74 3,564.12 121.4% 4,190.11 2,309.74 55.1%

Australia - ASX 1,087.25 0.5% 1,021.95 65.31 6.4% 1,286.98 (199.72) -15.5%

India - NSE 487.31 0.2% 372.62 114.69 30.8% 284.91 202.40 71.0%

Singapore - SGX 228.29 0.1% 148.59 79.70 53.6% 171.63 56.67 33.0%

New Zealand - NZ 6.36 0.0% 7.30 (0.95) -13.0% 6.91 (0.55) -7.9%

Thailand - SET 5.09 0.0% 4.40 0.69 15.6% 7.08 (2.00) -28.2%

Philippines - PSE 4.24 0.0% 1.50 2.74 182.9% 1.58 2.66 168.4%

India - Bombay 0.21 0.0% 0.81 (0.60) -74.0% 0.10 0.11 110.1%

Malaysia - Kuala Lumpur 0.17 0.0% 0.25 (0.08) -32.7% 0.69 (0.52) -75.3%

Vietnam - HOSE 0.06 0.0% 0.07 (0.01) -14.3% 0.68 (0.62) -91.5%

Indonesia - Jakarta 0.03 0.0% 0.03 (0.00) -2.7% 0.09 (0.05) -63.2%

Japan - Nagoya 0.03 0.0% 0.07 (0.05) -65.0% 0.15 (0.12) -82.0%

Total 227,282 100% 178,226 49,056 27.5% 230,961 (3,680) -1.6%



13 April 2016



Issuer

Figure 84: ETP Monthly Turnover (US$ Million) by Top 40 Issuer Prev. Month Year 2015

Issuer TurnoverMkt


%


%

Turnover

Fortune SGAM Fund Management 50,669 22.3% 23,667 27,002 114.1% 68,670 (18,001) -26.2%

Nomura Asset Management 45,040 19.8% 54,002 (8,963) -16.6% 34,451 10,589 30.7%

Yinhua Fund Management 30,635 13.5% 14,982 15,652 104.5% 16,134 14,501 89.9%

China Southern Fund Management Co Ltd 15,289 6.7% 5,295 9,994 188.7% 6,784 8,505 125.4%

E Fund Management 13,547 6.0% 8,776 4,772 54.4% 12,735 812 6.4%

Samsung Asset Management 9,240 4.1% 9,953 (713) -7.2% 9,268 (27) -0.3%

China Asset Management 6,003 2.6% 2,942 3,062 104.1% 17,095 (11,092) -64.9%

China Universal Asset Management Co 5,586 2.5% 823 4,763 578.7% 392 5,194 1325.2%

Bosera Fund Management Co Ltd 5,218 2.3% 24,135 (18,916) -78.4% 1,047 4,171 398.4%

Huatai-PineBridge Fund Management Co 5,163 2.3% 2,913 2,250 77.2% 11,965 (6,802) -56.9%

Simplex Asset Management Co Ltd 4,593 2.0% 6,255 (1,662) -26.6% 3,436 1,157 33.7%

Hang Seng Investment Management 3,990 1.8% 2,570 1,420 55.3% 3,459 531 15.4%

Yuanta Securities Inv trust Co Ltd. 3,629 1.6% 1,665 1,964 118.0% 1,893 1,736 91.7%

Penghua Fund Management Co Ltd 3,531 1.6% 494 3,037 615.0% 103 3,427 3321.0%

BlackRock 2,991 1.3% 2,505 486 19.4% 7,865 (4,874) -62.0%

CSOP Asset Management 2,922 1.3% 2,006 917 45.7% 6,832 (3,909) -57.2%

State Street 2,902 1.3% 2,594 308 11.9% 4,156 (1,254) -30.2%

Fubon Securities Investment Trust Co 2,676 1.2% 1,213 1,463 120.7% 2,002 674 33.7%

Mirae Asset MAPS Global Investments 2,240 1.0% 1,729 511 29.6% 1,805 435 24.1%

China Merchants Fund Management Co 1,562 0.7% 1,563 (1) -0.1% 1,706 (144) -8.4%

Huaan Fund Management 1,518 0.7% 607 911 150.1% 4,130 (2,612) -63.2%

Woori Asset Management 1,099 0.5% 584 515 88.1% 673 426 63.2%

Daiwa Asset Management 1,074 0.5% 1,651 (577) -35.0% 1,037 37 3.5%

Guotai Asset Management Co Ltd 1,047 0.5% 500 547 109.3% 4,097 (3,050) -74.4%

Nikko Asset Management 655 0.3% 816 (162) -19.8% 769 (114) -14.9%

Rakuten Investment Management 507 0.2% 795 (288) -36.3% 141 365 258.3%

Invesco Great Wall Fund Management Co. Ltd 481 0.2% 538 (57) -10.6% 600 (119) -19.8%

Goldman Sachs 468 0.2% 343 125 36.3% 264 204 77.0%

KB Asset Management 450 0.2% 319 131 41.1% 325 125 38.6%

Korea Investment Trust Mg 383 0.2% 404 (21) -5.2% 498 (115) -23.1%

Vanguard 290 0.1% 173 117 67.4% 235 55 23.3%

BetaShares Capital Ltd 278 0.1% 253 25 9.9% 262 16 6.1%

Kokusai Asset Management Co Ltd 260 0.1% 219 41 18.5% 237 23 9.5%

Mitsubishi UFJ Asset Mg 189 0.1% 295 (106) -36.1% 248 (60) -24.1%

Harvest Fund Management Co 178 0.1% 62 116 188.7% 2,452 (2,274) -92.8%

Hanwha Investment Trust Management 148 0.1% 64 83 129.5% 82 65 79.5%

Deutsche AWM 119 0.1% 54 65 120.8% 101 19 18.4%

GF Fund Management Co Ltd 109 0.0% 36 72 198.4% 471 (363) -77.0%

Cathay Securities Investment Trust 107 0.0% 22 85 392.0% 139 (32) -23.3%

Mitsubishi UFJ Trust and Banking Corporation 88 0.0% 82 6 6.7% 59 29 48.4%

Total Top 40 226,871 99.8% 177,899 48,973 27.5% 228,617 (1,746) -0.8%

MoM Change Change from 2015Current Month


13 April 2016



Index Provider Underlying Index/Security

Figure 85: ETP Monthly Turnover (US$ Million) by Index

Provider – Equity (Top 10)

Figure 86: ETP Monthly Turnover (US$ Million) by

Underlying Index – Equity (Top 10)

- 10,000 20,000 30,000 40,000 50,000

MSCI

S&P Dow Jones

Topix

SSE

FTSE

CSI

HSIL

Other

KRX

Nikkei

Turnover (US$ Million)

- 10,000 20,000 30,000 40,000 50,000

Hang Seng Index

Nikkei 225

SSE 50 Index

Nikkei 225 Double Inverse Index

ChiNext Index

Hang Seng China Enterprise Index


CSI 300 Index

KOSPI 200 Index




Provider – Fixed Income


Underlying Index – Fixed Income

- 20,000 40,000 60,000 80,000 100,000 120,000 140,000

Citigroup

CSI

S&P Dow Jones

Deutsche Bank

Markit iBoxx

UBS

KRX

Maekyung FnGuide

SSE

Other


- 30,000 60,000 90,000 120,000

Bloomberg AusBond 0+ Yr Composite Index

Pledgeable urban Investment Bond Index

KRW Cash Index TR


Active

MK Korea Monetary Stabilization Index

MaeKyung Money Market TR Index

SSE 5-Year China Treasury Note Index

China PBOC Benchmark Notice Deposit 7 …

Other



Provider – Commodity


Underlying Index/Security – Commodity (Top 10)

- 500 1,000 1,500 2,000 2,500

Deutsche Bank

Reuters/Jefferies

Reuters/Jefferies

Nikkei

Other

UBS

S&P Dow Jones

Commodity


- 500 1,000 1,500 2,000 2,500

S&P WCI Gold Excess Return Index

S&P GSCI Crude Oil Index

S&P GSCI Gold Excess Return Index

S&P GSCI Gold Index

Commodity Platinum





Commodity Gold



13 April 2016



10. ETP – Assets under Management

AUM information

Assets Under Management (AUM): Calculated as NAV times Number of Shares Outstanding or Price times Number of Shares Outstanding.

AUM Universe The Assets Under Management (AUM) of the ETFs that have been cross-listed in Asia is not taken in account in this report. Please refer to Figure 59 for a detail of Foreign Issuer's AUMs.

Investment Focus

Figure 91: ETP AUM (US$ Million) by Investment Focus – Equity


Investment Focus - Equity AUMMkt


Size 593 0.3% 543 50 9.2% 577 15 2.7%

Regional 981 0.4% 885 95 10.8% 910 71 7.8%

Style 3,832 1.7% 3,328 504 15.1% 3,418 415 12.1%

Sector 8,093 3.5% 7,569 524 6.9% 7,720 373 4.8%

Country 199,102 86.3% 180,318 18,784 10.4% 195,671 3,431 1.8%

Strategy 16,242 7.0% 14,662 1,581 10.8% 13,923 2,319 16.7%

Thematic 1,974 0.9% 1,807 167 9.2% 2,078 (104) -5.0%

Total 230,816 100% 209,112 21,704 10.4% 224,297 6,519 2.9%



Figure 92: ETP AUM (US$ Million) by Investment Focus – Fixed Income


Investment Focus - Fixed Income AUMMkt


Sovereign 5,632 11.0% 5,321 311 5.8% 5,777 (145) -2.5%

Corporates 1,473 2.9% 1,372 101 7.4% 1,388 86 6.2%

Money Market 43,007 84.3% 44,669 (1,662) -3.7% 43,435 (428) -1.0%

Overall 915 1.8% 847 68 8.0% 801 115 14.3%

Total 51,027 100% 52,209 (1,182) -2.3% 51,401 (373) -0.7%

YTD ChangeCurrent Month MoM Change


Figure 93: ETP AUM (US$ Million) by Investment Focus – Commodity


Investment Focus - Commodity AUMMkt


Precious Metals 3,235 66.9% 3,062 173 5.6% 2,448 786 32.1%

Overall 6 0.1% 5 1 10.4% 6 0 -90.1%

Energy 1,533 31.7% 1,529 4 0.2% 1,034 498 48.2%

Agriculture 48 1.0% 41 6 15.2% 43 4 9.9%

Industrial Metals 12 0.3% 12 1 4.6% 12 0 1.6%

Total 4,833 100% 4,650 184 4.0% 3,544 1,290 36.4%



13 April 2016



Sub Segment

Figure 94: ETP AUM (US$ Million) by Investment Focus Sub Segment – Equity


Investment Focus

Sub Segment - EquityAUM

Mkt


Country

Asia Pac Developed 144,343 62.5% 131,883 12,460 9.4% 139,549 4,794 3.4%

Developed non-Asia Pac 246 0.1% 207 39 18.9% 205 40 19.7%

Emerging Country 54,513 23.6% 48,229 6,285 13.0% 55,917 (1,404) -2.5%

Regional

Asia Pacific 53 0.0% 49 5 10.1% 50 4 7.5%

Asia Pacific ex-Japan 32 0.0% 29 3 11.3% 32 0 1.4%

Emerging Markets 115 0.0% 101 13 13.2% 111 3 2.9%

Global 690 0.3% 628 63 10.0% 638 52 8.2%

Greater China 38 0.0% 33 5 15.9% 36 2 4.1%

Sector

Other Sector 456 0.2% 390 66 17.0% 485 (29) -5.9%

Asian Country 7,636 3.3% 7,179 458 6.4% 7,235 402 5.6%

Size

Large Cap 360 0.2% 332 28 8.5% 335 25 7.5%

Mid Cap 96 0.0% 86 9 10.9% 106 (10) -9.8%

Small Cap 137 0.1% 124 12 9.9% 136 1 0.4%

Style

Growth 903 0.4% 779 124 15.9% 805 98 12.2%

Value 190 0.1% 174 16 9.1% 171 19 11.0%

Dividend 2,740 1.2% 2,376 364 15.3% 2,442 298 12.2%

Strategy

Short 3,542 1.5% 1,956 1,585 81.0% 2,155 1,386 64.3%

Leveraged 11,234 4.9% 11,464 (230) -2.0% 10,541 693 6.6%

Quantitative 463 0.2% 401 62 15.5% 434 29 6.8%

Fundamental 269 0.1% 233 36 15.4% 248 21 8.4%

Thematic

Sustainability 41 0.0% 36 5 14.9% 35 6 16.3%

Commodities 28 0.0% 26 2 9.1% 30 (2) -6.7%

Other Theme 1,905 0.8% 1,746 159 9.1% 2,013 (108) -5.4%

Total 230,816 100% 209,112 21,704 10.4% 224,297 6,519 2.9%

YTD ChangeCurrent Month MoM Change


13 April 2016



Figure 95: ETP AUM (US$ Million) by Investment Focus Sub Segment – Commodity


Investment Focus

Sub Segment - CommodityAUM

Mkt


Overall

Overall 6 0.1% 5 1 n.a 6 0 5.2%

Agriculture

Overall 43 0.9% 37 6 16.7% 38 4 11.5%

Corn 0 0.0% 0 (0) -8.6% 0 (0) -8.7%

Soybeans 5 0.1% 4 1 13.7% 4 0 7.0%

Wheat 0 0.0% 0 (0) -69.4% 0 (0) -70.8%

Grains 0 0.0% 0 (0) -62.2% 1 (0) -63.0%

Energy

Overall 0 0.0% 0 0 7.8% 0 (0) -9.9%

Oil & Gas - 0.0% - - n.a - - n.a

Crude Oil 1,533 31.8% 1,529 4 0.2% 1,034 499 48.2%

Natural Gas 0 0.0% 0 (0) -71.3% 0 (0) -79.3%

Industrial Metals

Overall 2 0.0% 2 0 7.4% 2 0 2.5%

Copper 10 0.2% 9 0 3.9% 10 0 1.3%

Precious Metals

Overall 7 0.2% 7 0 6.2% 6 1 15.2%

Gold 3,020 62.6% 2,860 160 5.6% 2,256 764 33.9%

Palladium 7 0.1% 6 1 14.5% 7 1 8.8%

Platinum 96 2.0% 91 4 4.6% 86 10 11.7%

Silver 104 2.2% 97 7 7.3% 94 10 11.1%

Total 4,833 100.1% 4,650 184 4.0% 3,544 1,290 36.4%



13 April 2016



Issuer

Figure 96: ETP AUM (US$ Million) by Top 40 Local Issuer


Issuer AUMMkt


Nomura Asset Management 66,997 23.3% 61,477 5,521 9.0% 63,510 3,487 5.5%

Nikko Asset Management 27,085 9.4% 25,730 1,355 5.3% 26,557 528 2.0%

Daiwa Asset Management 26,262 9.1% 23,901 2,360 9.9% 25,671 590 2.3%

Fortune SGAM Fund Management 22,281 7.8% 23,245 (964) -4.1% 19,659 2,622 13.3%

State Street 16,318 5.7% 14,983 1,336 8.9% 16,197 121 0.7%

Hang Seng Investment Management 11,834 4.1% 10,215 1,619 15.9% 11,624 210 1.8%

Mitsubishi UFJ Asset Mg 11,630 4.0% 10,541 1,089 10.3% 11,588 42 0.4%

Samsung Asset Management 10,597 3.7% 9,668 929 9.6% 9,274 1,323 14.3%

BlackRock 10,293 3.6% 9,137 1,155 12.6% 10,655 (362) -3.4%

China Asset Management 8,993 3.1% 8,025 967 12.1% 9,899 (906) -9.2%

Yinhua Fund Management 8,022 2.8% 8,459 (437) -5.2% 7,712 310 4.0%

E Fund Management 7,148 2.5% 7,817 (669) -8.6% 11,773 (4,626) -39.3%

China Southern Fund Management Co Ltd 5,968 2.1% 5,287 681 12.9% 5,577 390 7.0%

Yuanta Securities Inv trust Co Ltd. 5,600 1.9% 4,992 608 12.2% 4,492 1,108 24.7%

Mirae Asset MAPS Global Investments 4,748 1.7% 4,352 396 9.1% 4,324 424 9.8%

Huatai-PineBridge Fund Management Co 4,171 1.5% 3,797 373 9.8% 3,547 623 17.6%

Huaan Fund Management 3,172 1.1% 2,741 431 15.7% 3,138 35 1.1%

Harvest Fund Management Co 3,138 1.1% 2,786 352 12.7% 3,470 (331) -9.5%

CSOP Asset Management 3,091 1.1% 2,510 581 23.1% 3,193 (103) -3.2%

Vanguard 2,834 1.0% 2,417 417 17.3% 2,484 350 14.1%

Simplex Asset Management Co Ltd 1,931 0.7% 1,559 372 23.8% 1,574 357 22.7%

BetaShares Capital Ltd 1,796 0.6% 1,590 205 12.9% 1,591 205 12.9%

DIAM Asset Management 1,790 0.6% 1,416 374 26.4% 1,750 40 2.3%

Fubon Securities Investment Trust Co 1,746 0.6% 1,371 374 27.3% 1,391 354 25.5%

Bosera Fund Management Co Ltd 1,591 0.6% 1,440 152 10.5% 1,428 163 11.4%

KB Asset Management 1,348 0.5% 1,304 44 3.3% 1,299 49 3.8%

Korea Investment Trust Mg 1,314 0.5% 1,227 88 7.1% 1,011 303 30.0%

Goldman Sachs 1,178 0.4% 1,100 78 7.1% 1,174 4 0.3%

Hanwha Investment Trust Management 998 0.3% 864 134 15.5% 1,049 (51) -4.9%

HFT Investment Management Co Ltd 978 0.3% 972 7 0.7% 973 5 0.5%

NZAM 801 0.3% 826 (24) -2.9% 696 105 15.1%

Kyobo AXA Investment Mg Co Ltd 758 0.3% 745 13 1.7% 863 (104) -12.1%

Woori Asset Management 747 0.3% 608 139 22.8% 553 194 35.1%

GF Fund Management Co Ltd 700 0.2% 540 160 29.6% 685 15 2.1%

Smartshares Ltd 632 0.2% 582 50 8.5% 596 36 6.0%

Guotai Asset Management Co Ltd 602 0.2% 556 46 8.4% 741 (138) -18.7%

BOCI - Prudential Asset Man Ltd 568 0.2% 486 82 16.9% 652 (84) -12.9%

Mitsubishi UFJ Trust and Banking Corporation 523 0.2% 526 (2) -0.4% 457 66 14.5%

Russell Investments 500 0.2% 457 44 9.5% 465 35 7.5%

China Merchants Fund Management Co 479 0.2% 480 (0) 0.0% 539 (59) -11.0%

Total Top 40 281,164 97.9% 260,731 20,433 7.8% 273,833 7,331 2.7%

MoM Change YTD ChangeCurrent Month


13 April 2016



Index Provider Underlying Index/Security

Figure 97: ETP AUM (US$ Million) by Index Provider –

Equity (Top 10)

Figure 98: ETP AUM (US$ Million) by Underlying Index –

Equity (Top 10)

- 20,000 40,000 60,000 80,000 100,000

MSCI

S&P …

SSE

FTSE

Other

KRX

CSI

HSIL

Topix

Nikkei

AUM (US$ Million)

- 15,000 30,000 45,000 60,000 75,000

SSE 50 Index

JPX Nikkei Index 400



Hang Seng China Enterprise Index

KOSPI 200 Index

CSI 300 Index

Hang Seng Index

TOPIX

Nikkei 225

AUM (US$ Million)


Fixed Income

Figure 100: ETP AUM (US$ Million) by Underlying Index –

Fixed Income (Top 10)

- 10,000 20,000 30,000 40,000 50,000

Barclays

S&P Dow Jones

CSI

SSE

UBS

KRX

Maekyung FnGuide

Deutsche Bank

Markit iBoxx

Other

AUM (US$ Million)

- 7,000 14,000 21,000 28,000 35,000 42,000

Active

iBoxx ABF Singapore Bond Index

KIS MSB 3M Index

KRW Cash Plus Index


Pledgeable urban Investment Bond Index

KRW Cash Index TR

China PBOC Benchmark Notice Deposit 7 …

iBoxx ABF Pan-Asia Index

Other

AUM (US$ Million)


Commodity

Figure 102: ETP AUM (US$ Million) by Underlying

Index/Security – Commodity (Top 10)

- 500 1,000 1,500 2,000 2,500 3,000 3,500

Nikkei

Other

UBS

S&P Dow Jones

Commodity

AUM (US$ Million)

- 500 1,000 1,500 2,000 2,500 3,000

S&P GSCI Sliver TR Index

S&P GSCI Agriculture Enhanced Select Index

S&P GSCI Gold Index

Commodity Silver

Commodity Platinum





Commodity Gold

AUM (US$ Million)


13 April 2016



The authors of this report wish to acknowledge the contribution made by Vibhor

Mahalwala and Varun Sachdeva, employees of Evalueserve, a third party provider to

Deutsche Bank of offshore research support services.

13 April 2016



Appendix A: Glossary

ETF Glossary

Term Definition

Cross Listing A Cross Listing is an additional listing of a previously existing ETF on a trading venue different from the ETF’s Primary Listing Exchange. A Cross Listing is a symbol of the number of investment options available in the local market.

Primary Listing ETFs may trade on multiple exchanges but they always have one primary exchange. The listing on the primary exchange is referred as the primary listing, which usually corresponds also to the first/oldest listing. A primary listing offers access to a new product which was not available for trading before. The number of primary listings is a symbol of the distinct investment options available across different markets.

TER Total Expense Ratio or TER is the overall cost borne by a fund’s share holder for a 1 year ownership period. It usually includes the management fee and other expenses paid by the fund. TER is, in general, expressed as a percentage of the amount invested and it is proportionally discounted according to the actual holding period.

13 April 2016



Appendix B: How we define ETPs Exchange-Traded Products (ETPs)

We define an exchange-traded product (ETP) as a secure (funded or collateralized) open-ended delta-one exchange-

traded equity or debt instrument with no embedded optionality and market-wide appeal to investors. This includes

exchange traded funds, exchange-traded commodities (Europe) and exchange-traded vehicles (US).

The figure below provides a summary of our current coverage universe by region and structure type as on 31 December

2014.

The vast majority of instruments are ETFs (97%, 3,906 products, $2,641bn) with the remainder being ETCs (0.7%, 451

products, $20.4bn) in Europe and ETVs (2.1%, 70 products, $56.7bn) in the US.

Figure 103: ETP Coverage Universe Summary

Region Products US$ Mil. % Products US$ Mil. % Products US$ Mil. %

US 1,450 1,979,179 72.7% 1,380 1,922,462 70.6% 70 56,717 2.1%

Europe 1,869 459,225 16.9% 1,418 438,870 16.1% 451 20,355 0.7%

Asia Pacific 674 201,756 7.4% 659 201,354 7.4% 15 405 0.0%

RoW 454 81,059 3.0% 449 77,846 2.9% 5 3,213 0.1%

Global 4,447 2,721,220 100.0% 3,906 2,640,532 97.0% 541 80,691 3.0%

ETPs ETFs ETC/Vs

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Exchange-Traded Funds (ETFs, 97%)

US (71%): Fund structures that issue shares that are traded on an exchange much the same way as equities. ETFs

indexed to equity and fixed income benchmarks are registered under the investment company act of 1940. Only

physical index replication techniques are permissible by this legislation while synthetic replication is not allowed.

Europe (16%): Fund structures that issue units or shares that are traded on an exchange much the same way as

equities. The vast majorities of European ETFs are UCITS III compliant and are primarily domiciled in Dublin and

Luxemburg. The Undertakings for Collective Investment in Transferable Securities (UCITS) are a set of European Union

directives that aim to allow collective investment schemes to operate freely throughout the EU on the basis of a single

authorization from one member state. Both physical and synthetic index replication is permissible by UCITS and funds

are allowed to track equity, fixed income as well as diversified commodity indices.

Asia (7%): Both European and US ETFs are cross sold into the Asian market.

Exchange-Traded Collateralized Instruments (3%)

Exchange-Traded Commodities (ETCs, 1%)

In Europe as UCITS III does not permit the creation of funds tracking non diversified commodity indices (for example

wheat or oil), exchange-traded products that track single commodity profiles are issued under the EU Prospectus

Directive in two structures that have become widely known as exchange-traded commodities (ETCs). ETCs can either

be physically backed or they can be issued through a bankruptcy remote special purpose vehicle (SPV). Both forms

utilize offshore domiciles, such as Jersey, and are classed as debt instruments. Physically-backed ETCs are fully backed

with securities that closely resemble the composition of a product’s benchmark index. SPV structures are collateralized

by assets which could bear no resemblance to those of their respective benchmark index and ensure replication of their

index return through a total return swap structure or by holding other derivative instruments such as futures. In the vast

majority of cases, both types of ETCs are fully collateralized with secure assets such as money market instruments,

government bonds and gold. For more information, please refer to our research report issued on March 11 2010 titled

‘The race for assets in the European Exchange-Traded Products Market”.

Exchange-traded vehicles (ETVs, 2%)

This terminology typically refers to grantor trusts that exist in the US market. These instruments track primarily

commodity benchmarks. They differ from ETFs in that they are registered under the Securities Act of 1933 and not the

investment Company Act of 1940, hence they are not classed as funds. Vehicles that replicate commodity benchmarks,

more often known as pools, and funds targeting alternative index returns are formed under the Commodities Exchange

Act and are listed under the 33 Securities Act, and report under 34 Corporate Act.

13 April 2016



Appendix 1

Important Disclosures

Additional information available upon request

*Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from local exchanges via Reuters, Bloomberg and other vendors . Other information is sourced from Deutsche Bank, subject companies, and other sources. For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of this research, please see the most recently published company report or visit our global disclosure look-up page on our website at http://gm.db.com/ger/disclosure/DisclosureDirectory.eqsr

Analyst Certification

The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s). In addition, the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in this report. Shan Lan

Equity rating key Equity rating dispersion and banking relationships

Buy: Based on a current 12- month view of total share-holder return (TSR = percentage change in share price from current price to projected target price plus pro-jected dividend yield ) , we recommend that investors buy the stock.

Sell: Based on a current 12-month view of total share-holder return, we recommend that investors sell the stock

Hold: We take a neutral view on the stock 12-months out and, based on this time horizon, do not recommend either a Buy or Sell.

Newly issued research recommendations and target prices supersede previously published research.

54 %

35 %

11 %18 %17 % 16 %

050

100150200250300350400450500

Buy Hold Sell

Asia-Pacific Universe

Companies Covered Cos. w/ Banking Relationship

http://gm.db.com/ger/disclosure/DisclosureDirectory.eqsr

13 April 2016



Regulatory Disclosures

1.Additional Information

Information on ETFs is provided strictly for illustrative purposes and should not be deemed an offer to sell or a

solicitation of an offer to buy shares of any fund that is described in this document. Consider carefully any fund's

investment objectives, risk factors, and charges and expenses before investing. This and other information can be found

in the fund's prospectus. Prospectuses about db X-trackers funds and Powershares DB funds can be obtained by calling

1-877-369-4617 or by visiting www.DBXUS.com. Read prospectuses carefully before investing. Past performance is not

necessarily indicative of future results. Investing involves risk, including possible loss of principal. To better understand

the similarities and differences between investments, including investment objectives, risks, fees and expenses, it is

important to read the products' prospectuses. Shares of ETFs may be sold throughout the day on an exchange through

any brokerage account. However, shares may only be redeemed directly from an ETF by authorized participants, in very

large creation/redemption units. Transactions in shares of ETFs will result in brokerage commissions and will generate

tax consequences. ETFs are obliged to distribute portfolio gains to shareholders. Deutsche Bank may be an issuer,

advisor, manager, distributor or administrator of, or provide other services to, an ETF included in this report, for which it

receives compensation. db X-trackers and Powershares DB funds are distributed by ALPS Distributors, Inc. The opinions

expressed are those of the authors and do not necessarily reflect the views of DB, ALPS or their affiliates.

Aside from within this report, important conflict disclosures can also be found at https://gm.db.com/equities under the

"Disclosures Lookup" and "Legal" tabs. Investors are strongly encouraged to review this information before investing.

2. Short-Term Trade Ideas

Deutsche Bank equity research analysts sometimes have shorter-term trade ideas (known as SOLAR ideas) that are

consistent or inconsistent with Deutsche Bank's existing longer term ratings. These trade ideas can be found at the

SOLAR link at http://gm.db.com.

http://www.dbxus.com/

http://gm.db.com/

13 April 2016



Additional Information

The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively

"Deutsche Bank"). Though the information herein is believed to be reliable and has been obtained from public sources

believed to be reliable, Deutsche Bank makes no representation as to its accuracy or completeness.

If you use the services of Deutsche Bank in connection with a purchase or sale of a security that is discussed in this

report, or is included or discussed in another communication (oral or written) from a Deutsche Bank analyst, Deutsche

Bank may act as principal for its own account or as agent for another person.

Deutsche Bank may consider this report in deciding to trade as principal. It may also engage in transactions, for its own

account or with customers, in a manner inconsistent with the views taken in this research report. Others within

Deutsche Bank, including strategists, sales staff and other analysts, may take views that are inconsistent with those

taken in this research report. Deutsche Bank issues a variety of research products, including fundamental analysis,

equity-linked analysis, quantitative analysis and trade ideas. Recommendations contained in one type of communication

may differ from recommendations contained in others, whether as a result of differing time horizons, methodologies or

otherwise. Deutsche Bank and/or its affiliates may also be holding debt securities of the issuers it writes on.

Analysts are paid in part based on the profitability of Deutsche Bank AG and its affiliates, which includes investment

banking revenues.

Opinions, estimates and projections constitute the current judgment of the author as of the date of this report. They do

not necessarily reflect the opinions of Deutsche Bank and are subject to change without notice. Deutsche Bank has no

obligation to update, modify or amend this report or to otherwise notify a recipient thereof if any opinion, forecast or

estimate contained herein changes or subsequently becomes inaccurate. This report is provided for informational

purposes only. It is not an offer or a solicitation of an offer to buy or sell any financial instruments or to participate in any

particular trading strategy. Target prices are inherently imprecise and a product of the analyst’s judgment. The financial

instruments discussed in this report may not be suitable for all investors and investors must make their own informed

investment decisions. Prices and availability of financial instruments are subject to change without notice and

investment transactions can lead to losses as a result of price fluctuations and other factors. If a financial instrument is

denominated in a currency other than an investor's currency, a change in exchange rates may adversely affect the

investment. Past performance is not necessarily indicative of future results. Unless otherwise indicated, prices are

current as of the end of the previous trading session, and are sourced from local exchanges via Reuters, Bloomberg and

other vendors. Data is sourced from Deutsche Bank, subject companies, and in some cases, other parties.

Macroeconomic fluctuations often account for most of the risks associated with exposures to instruments that promise

to pay fixed or variable interest rates. For an investor who is long fixed rate instruments (thus receiving these cash

flows), increases in interest rates naturally lift the discount factors applied to the expected cash flows and thus cause a

loss. The longer the maturity of a certain cash flow and the higher the move in the discount factor, the higher will be the

loss. Upside surprises in inflation, fiscal funding needs, and FX depreciation rates are among the most common adverse

macroeconomic shocks to receivers. But counterparty exposure, issuer creditworthiness, client segmentation, regulation

(including changes in assets holding limits for different types of investors), changes in tax policies, currency

convertibility (which may constrain currency conversion, repatriation of profits and/or the liquidation of positions), and

settlement issues related to local clearing houses are also important risk factors to be considered. The sensitivity of fixed

income instruments to macroeconomic shocks may be mitigated by indexing the contracted cash flows to inflation, to

FX depreciation, or to specified interest rates – these are common in emerging markets. It is important to note that the

index fixings may -- by construction -- lag or mis-measure the actual move in the underlying variables they are intended

to track. The choice of the proper fixing (or metric) is particularly important in swaps markets, where floating coupon

rates (i.e., coupons indexed to a typically short-dated interest rate reference index) are exchanged for fixed coupons. It is

also important to acknowledge that funding in a currency that differs from the currency in which coupons are

denominated carries FX risk. Naturally, options on swaps (swaptions) also bear the risks typical to options in addition to

the risks related to rates movements.

13 April 2016



Derivative transactions involve numerous risks including, among others, market, counterparty default and illiquidity risk.

The appropriateness or otherwise of these products for use by investors is dependent on the investors' own

circumstances including their tax position, their regulatory environment and the nature of their other assets and

liabilities, and as such, investors should take expert legal and financial advice before entering into any transaction similar

to or inspired by the contents of this publication. The risk of loss in futures trading and options, foreign or domestic, can

be substantial. As a result of the high degree of leverage obtainable in futures and options trading, losses may be

incurred that are greater than the amount of funds initially deposited. Trading in options involves risk and is not suitable

for all investors. Prior to buying or selling an option investors must review the "Characteristics and Risks of Standardized

Options”, at http://www.optionsclearing.com/about/publications/character-risks.jsp. If you are unable to access the

website please contact your Deutsche Bank representative for a copy of this important document.

Participants in foreign exchange transactions may incur risks arising from several factors, including the following: ( i)

exchange rates can be volatile and are subject to large fluctuations; ( ii) the value of currencies may be affected by

numerous market factors, including world and national economic, political and regulatory events, events in equity and

debt markets and changes in interest rates; and (iii) currencies may be subject to devaluation or government imposed

exchange controls which could affect the value of the currency. Investors in securities such as ADRs, whose values are

affected by the currency of an underlying security, effectively assume currency risk.

Unless governing law provides otherwise, all transactions should be executed through the Deutsche Bank entity in the

investor's home jurisdiction.

United States: Approved and/or distributed by Deutsche Bank Securities Incorporated, a member of FINRA, NFA and

SIPC. Analysts employed by non-US affiliates may not be associated persons of Deutsche Bank Securities Incorporated

and therefore not subject to FINRA regulations concerning communications with subject companies, public appearances

and securities held by analysts.

Germany: Approved and/or distributed by Deutsche Bank AG, a joint stock corporation with limited liability incorporated

in the Federal Republic of Germany with its principal office in Frankfurt am Main. Deutsche Bank AG is authorized under

German Banking Law and is subject to supervision by the European Central Bank and by BaFin, Germany’s Federal

Financial Supervisory Authority.

United Kingdom: Approved and/or distributed by Deutsche Bank AG acting through its London Branch at Winchester

House, 1 Great Winchester Street, London EC2N 2DB. Deutsche Bank AG in the United Kingdom is authorised by the

Prudential Regulation Authority and is subject to limited regulation by the Prudential Regulation Authority and Financial

Conduct Authority. Details about the extent of our authorisation and regulation are available on request.

Hong Kong: Distributed by Deutsche Bank AG, Hong Kong Branch.

India: Prepared by Deutsche Equities India Pvt Ltd, which is registered by the Securities and Exchange Board of India

(SEBI) as a stock broker. Research Analyst SEBI Registration Number is INH000001741. DEIPL may have received

administrative warnings from the SEBI for breaches of Indian regulations.

Japan: Approved and/or distributed by Deutsche Securities Inc.(DSI). Registration number - Registered as a financial

instruments dealer by the Head of the Kanto Local Finance Bureau (Kinsho) No. 117. Member of associations: JSDA,

Type II Financial Instruments Firms Association and The Financial Futures Association of Japan. Commissions and risks

involved in stock transactions - for stock transactions, we charge stock commissions and consumption tax by

multiplying the transaction amount by the commission rate agreed with each customer. Stock transactions can lead to

losses as a result of share price fluctuations and other factors. Transactions in foreign stocks can lead to additional

losses stemming from foreign exchange fluctuations. We may also charge commissions and fees for certain categories

of investment advice, products and services. Recommended investment strategies, products and services carry the risk

of losses to principal and other losses as a result of changes in market and/or economic trends, and/or fluctuations in

market value. Before deciding on the purchase of financial products and/or services, customers should carefully read the

relevant disclosures, prospectuses and other documentation. "Moody's", "Standard & Poor's", and "Fitch" mentioned in

this report are not registered credit rating agencies in Japan unless Japan or "Nippon" is specifically designated in the

name of the entity. Reports on Japanese listed companies not written by analysts of DSI are written by Deutsche Bank

Group's analysts with the coverage companies specified by DSI. Some of the foreign securities stated on this report are

http://www.optionsclearing.com/about/publications/character-risks.jsp

13 April 2016



not disclosed according to the Financial Instruments and Exchange Law of Japan.

Korea: Distributed by Deutsche Securities Korea Co.

South Africa: Deutsche Bank AG Johannesburg is incorporated in the Federal Republic of Germany (Branch Register

Number in South Africa: 1998/003298/10).

Singapore: by Deutsche Bank AG, Singapore Branch or Deutsche Securities Asia Limited, Singapore Branch (One Raffles

Quay #18-00 South Tower Singapore 048583, +65 6423 8001), which may be contacted in respect of any matters

arising from, or in connection with, this report. Where this report is issued or promulgated in Singapore to a person who

is not an accredited investor, expert investor or institutional investor (as defined in the applicable Singapore laws and

regulations), they accept legal responsibility to such person for its contents.

Taiwan: Information on securities/investments that trade in Taiwan is for your reference only. Readers should

independently evaluate investment risks and are solely responsible for their investment decisions. Deutsche Bank

research may not be distributed to the Taiwan public media or quoted or used by the Taiwan public media without

written consent. Information on securities/instruments that do not trade in Taiwan is for informational purposes only and

is not to be construed as a recommendation to trade in such securities/instruments. Deutsche Securities Asia Limited,

Taipei Branch may not execute transactions for clients in these securities/instruments.

Qatar: Deutsche Bank AG in the Qatar Financial Centre (registered no. 00032) is regulated by the Qatar Financial Centre

Regulatory Authority. Deutsche Bank AG - QFC Branch may only undertake the financial services activities that fall

within the scope of its existing QFCRA license. Principal place of business in the QFC: Qatar Financial Centre, Tower,

West Bay, Level 5, PO Box 14928, Doha, Qatar. This information has been distributed by Deutsche Bank AG. Related

financial products or services are only available to Business Customers, as defined by the Qatar Financial Centre

Regulatory Authority.

Russia: This information, interpretation and opinions submitted herein are not in the context of, and do not constitute,

any appraisal or evaluation activity requiring a license in the Russian Federation.

Kingdom of Saudi Arabia: Deutsche Securities Saudi Arabia LLC Company, (registered no. 07073-37) is regulated by the

Capital Market Authority. Deutsche Securities Saudi Arabia may only undertake the financial services activities that fall

within the scope of its existing CMA license. Principal place of business in Saudi Arabia: King Fahad Road, Al Olaya

District, P.O. Box 301809, Faisaliah Tower - 17th Floor, 11372 Riyadh, Saudi Arabia.

United Arab Emirates: Deutsche Bank AG in the Dubai International Financial Centre (registered no. 00045) is regulated

by the Dubai Financial Services Authority. Deutsche Bank AG - DIFC Branch may only undertake the financial services

activities that fall within the scope of its existing DFSA license. Principal place of business in the DIFC: Dubai

International Financial Centre, The Gate Village, Building 5, PO Box 504902, Dubai, U.A.E. This information has been

distributed by Deutsche Bank AG. Related financial products or services are only available to Professional Clients, as

defined by the Dubai Financial Services Authority.

Australia: Retail clients should obtain a copy of a Product Disclosure Statement (PDS) relating to any financial product

referred to in this report and consider the PDS before making any decision about whether to acquire the product. Please

refer to Australian specific research disclosures and related information at

https://australia.db.com/australia/content/research-information.html

Australia and New Zealand: This research, and any access to it, is intended only for "wholesale clients" within the

meaning of the Australian Corporations Act and New Zealand Financial Advisors Act respectively.

Additional information relative to securities, other financial products or issuers discussed in this report is available upon

request. This report may not be reproduced, distributed or published without Deutsche Bank's prior written consent.

Copyright © 2016 Deutsche Bank AG

https://australia.db.com/australia/content/research-information.html

David Folkerts-Landau Chief Economist and Global Head of Research

Raj Hindocha Global Chief Operating Officer

Research

Marcel Cassard Global Head

FICC Research & Global Macro Economics

Steve Pollard Global Head

Equity Research

Michael Spencer Regional Head

Asia Pacific Research

Ralf Hoffmann Regional Head

Deutsche Bank Research, Germany

Andreas Neubauer Regional Head

Equity Research, Germany

International Locations

Deutsche Bank AG

Deutsche Bank Place

Level 16

Corner of Hunter & Phillip Streets

Sydney, NSW 2000

Australia

Tel: (61) 2 8258 1234

Deutsche Bank AG

Große Gallusstraße 10-14

60272 Frankfurt am Main

Germany

Tel: (49) 69 910 00

Deutsche Bank AG

Filiale Hongkong

International Commerce Centre,

1 Austin Road West,Kowloon,

Hong Kong

Tel: (852) 2203 8888

Deutsche Securities Inc.

2-11-1 Nagatacho

Sanno Park Tower

Chiyoda-ku, Tokyo 100-6171

Japan

Tel: (81) 3 5156 6770

Deutsche Bank AG London

1 Great Winchester Street

London EC2N 2EQ

United Kingdom

Tel: (44) 20 7545 8000

Deutsche Bank Securities Inc.

60 Wall Street

New York, NY 10005

United States of America

Tel: (1) 212 250 2500

asia-pac monthly etf insights · (+$667mn), india (+$324mn) and south korea (+$300mn). asia-pac...

Documents