european monthly etf market reviewmb.cision.com/main/7293/9758069/368299.pdf · european monthly...

Deutsche Bank Markets Research

Europe

Synthetic Equity & Index Strategy

European Monthly ETF Market Review

Date

9 April 2015

Strong Inflows Continue, European and Japanese Equities Benefit

Data in this report is as of 31st March 2015

________________________________________________________________________________________________________________

Deutsche Bank AG/London

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) 148/04/2014.

Author

Ari Rajendra

Strategist

(+44) 20 754-52282

[email protected]

Team Contacts

Shan Lan

Strategist

(+852) 22036716

[email protected]

Sebastian Mercado

Strategist

(+1) 212 250-8690

[email protected]

March European ETP Highlights

As of the end of March 2015, global ETP assets were at $2.8 trillion with

European ETP assets at $493bn (€459bn). European ETPs continued the

positive trend and registered a net inflow of +€7bn over the last month

(+€30.2bn YTD). Fixed Income and Equity ETFs were the major contributors to

inflows receiving +€3.8bn and +€3.5bn respectively. Commodity ETPs

experienced outflows of -€306mn after two consecutive months of inflows.

Preference for European equities over US equities continues into March

Investors trading European listed ETPs continued to show preference for

European equities over US equities in March. This was evident following a total

monthly inflow of +€5.8bn into developed Europe focused ETFs versus

outflows of -€2.1bn from US focused ETFs.

Significant inflows into Japan focused ETFs

European listed ETFs tracking Japanese equities gathered +€1.1bn of cash

flows in March, primarily into ETFs tracking MSCI Japan and JPX-Nikkei 400

indices. Among these, the largest recipient of inflows was Lyxor’s JPX-Nikkei

400 (JPX4 FP) collecting +€441mn.

Broad based EM ETFs saw redemptions

ETFs benchmarked to emerging markets indices reversed previous month’s

inflows by recording outflows of -€582mn in March. These redemptions were

primarily from MSCI EM benchmarked ETFs which saw aggregated outflows

of -€472mn. YTD flows for EM ETFs have now reached to -€1.1bn which

suggests that ETF investors may be shying away from emerging market

exposure.

Fixed Income ETP flows dominated by investment grade Corporate Bonds

In March, fixed income ETF flow activity was similar to the previous month,

recording +€3.8bn of inflows (+€4bn in Feb’15). Corporate bonds ETFs

continued its dominance by attracting +€2.3bn over the last month followed

by Sovereigns (+€1.5bn). Unlike the previous month, preference was for

Investment Grade Corporate bonds over High Yield with +€1.5bn inflows.

Crude oil ETPs continue to accumulate assets while gold ETPs saw significant redemptions

Commodity ETP flows ended the month in negative territory recording

outflows of -€306mn. This was primarily driven by redemptions from gold ETPs

(-€688mn), partially offset by inflows into crude oil ETPs (+€256mn). Crude oil

ETPs have now attracted +€1.2bn in YTD flows which may be driven by low oil

prices.

9 April 2015



Table of Contents

European Investment Trends ................................................................................... 3 ETF Comparatives: Mutual Funds, cash equity turnover ......................................... 5 Product Launch Activity ........................................................................................... 5 Other regions’ cash flow summary.......................................................................... 6

1. Investment Trends ...................................................... 7 Cross-Asset Class ETPs ........................................................................................... 7 Equity ETFs .............................................................................................................. 7 Fixed Income ETFs .................................................................................................10 Commodity ETPs ....................................................................................................10

2. Market Metrics .......................................................... 11 ETF Industry Asset Evolution ..................................................................................11 ETFs vs. Cash Equities ............................................................................................14 ETFs vs. Unlisted Mutual Funds .............................................................................16 European ETF Industry Replication Structure Composition (Synthetic vs.

Physical) ..................................................................................................................18 Industry Growth Analysis ........................................................................................20

3. Cash Flow Analysis ................................................... 22 Regional Cash Flow Analysis ..................................................................................22 Asset Class Cash Flow Analysis .............................................................................22 Product Rankings ....................................................................................................27

4. Product Review ......................................................... 29 New Products Launched in the Month ...................................................................29 Average TERs .........................................................................................................31

5. Provider Rankings ..................................................... 33 Global Provider Rankings ........................................................................................33 European Provider Rankings – General ...................................................................35 European Provider Rankings – by Asset Class ........................................................39 European Provider Analysis by Replication Method ...............................................42

6. Trading Perspective .................................................. 43 ETP Monthly Turnover Analysis by Asset Class, by Instrument..............................43 Asset Class Analysis ...............................................................................................43 Product Rankings ....................................................................................................48

7. European ETF Exchanges ............................................ 53

8. Assets ......................................................................... 55 ETP Monthly AUM Analysis by Asset Class ...........................................................55 Asset Class Analysis ...............................................................................................55 Product Rankings ....................................................................................................60

9. ETF Broker rankings .................................................. 62 US ETP Broker Rankings .........................................................................................62 European ETP Broker Rankings ..............................................................................64

Appendix A: How we define ETPs ..................................... 66

Appendix B: The road from beta to alpha ......................... 67

9 April 2015



European Investment Trends

European ETPs continue to experience notable inflows

2015 started with healthy inflows into European listed ETPs and this trend

continued in March with +€7bn of inflows, taking the YTD total to over

+€30bn. To put this magnitude in perspective, net inflows in Q1 2015 has now

approached 2/3rds of the total net inflows collected in the 2014 (+€45bn).

Fixed Income and Equity ETFs had strong inflows recording +€3.8bn and

+€3.5bn respectively. Commodity ETPs saw redemptions amounting to over

-€300mn in March following two consecutive months of inflows.

It is worth noting that US listed ETPs had a solid month in March where we

observed c.+$28bn in new money. Equity ETFs dominated flows with

+$29.3bn of inflows while fixed income and commodity ETPs saw small

outflows.

Preference for European equities over US equities continues into March

One of our key observations was that Investors trading European ETPs

continued to show preference for European equities over US equities in March.

We also observed this pattern both in January and February this year. Our

analysis shows that +€5.8bn flowed into Developed Europe focused ETFs

versus outflows of -€2.1bn from US focused ETFs. Figure 1 below compares

the quarterly net flows for ETFs with exposure to Europe and US respectively.

We can see that Q1’15 net flows for these categories now amount to +€17bn

and -€2.1bn respectively.

Figure 1: Quarterly inflows into European ETPs with exposure to European and

US equities

(5,000)

-

5,000

10,000

15,000

20,000

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

Qu

art

erl

y F

low

s (€

mn

)

Europe US

Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Significant inflows into Japan focused ETFs

ETFs tracking Japanese equities also gathered significant inflows where we

observed +€1.1bn of cash flows in March. Flows were primarily into ETFs

tracking MSCI Japan and JPX-Nikkei 400 indices. We have listed the most

popular ETFs in Europe with exposure to Japan in Figure 2 below. Among

these, Lyxor’s JPX Nikkei 400 ETF (JPX4 FP) benefitted from the largest inflow

(+€441mn).

9 April 2015



Figure 2: Top 5 Japan focused ETFs by net inflows for March 2015

Ticker Name TER Net Flows (€mn) AUM (€mn)

JPX4 FP Lyxor UCITS ETF JPX-Nikkei 400 0.25% 441.3 860

XMJP GR db x-trackers MSCI Japan Index UCITS ETF 1C 0.50% 278.8 1,802

IJPN LN iShares MSCI Japan UCITS ETF (Inc) 0.59% 130.4 2,300

CSJP SW iShares MSCI Japan - B UCITS ETF 0.48% 121.6 791

SJPA LN iShares Core MSCI Japan IMI UCITS ETF 0.20% 92.6 986 Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Broad based EM ETFs saw redemptions while India received more inflows in

March

ETFs benchmarked to Emerging Markets indices reversed previous month’s

inflows by recording outflows of -€582mn in March. These redemptions were

primarily from MSCI EM benchmarked ETFs which saw aggregated outflows

of -€472mn. YTD flows for EM ETFs have now approached -€1.1bn which

indicates that investors may be shying away from emerging market exposure.

Among all of the EM sub-segments, Indian equity based ETFs was the only

sub-segment receiving new money on a consistent basis, recording +€142mn

in March and c.+€400mn in YTD flows.

Fixed Income ETP flows dominated by investment grade Corporate Bonds

In March, fixed income ETF flow activity was similar to the previous month

recording +€3.8bn of inflows (+€4bn in Feb’15). Corporate bonds ETFs

continued their dominance by attracting +€2.3bn over the last month (+€2.5bn

in Feb’15), followed by Sovereigns (+€1.5bn in Mar’15 and +€1.6bn in Feb’15).

Unlike the previous month where investors allocated equally between

Investment Grade and High Yield Corporate Bonds, this month’s preference

was for Investment Grade with +€1.5bn inflows.

Crude oil ETPs continue to accumulate assets while gold ETPs saw significant

redemptions

Commodity ETP flows ended the month in negative territory recording

outflows of -€306mn. This was primarily driven by redemptions from gold ETPs

(-€688mn) but partially offset by inflows into crude oil ETPs (+€256mn). Crude

oil ETPs have been the most popular commodity ETPs attracting +€1.2bn in

YTD flows which may be attributed to the low oil prices.

Other segments contributing towards European ETP inflows

Among other segments, short strategy (+€325mn), small caps (+€300mn),

quantitative strategy (+€214mn) and Germany (+€204mn) focused ETFs were

the major contributors towards overall flows in the European region. ETFs

focused on Swiss equities saw -€260mn worth of outflows over the last

month.

9 April 2015



ETF Comparatives: Mutual Funds, cash equity turnover

European ETF turnover1 as a percentage of the region’s cash equities

turnover2, increased to 9.5% (from 8.7% in Feb’15) as of the end of March

2015. The equivalent number for the US market also increased to 25.4%

over the same period (from 23.3% in Feb’15).

European ETFs comprised 3.3% of the continent’s mutual fund industry as

of January 2015. European domiciled ETFs registered inflows of +€11.3bn

through January 2015, while UCITS mutual funds registered inflows

totalling +€54.7bn in the same period, according to mutual fund industry

data published by the European Fund and Asset Management Association

(EFAMA).

US ETFs comprised 14.8% of the mutual fund industry as of the end of

February 2015. US domiciled ETFs registered strong inflows of +$31.8bn

in February 2015, while US mutual funds registered inflows of +$29bn

over the same period, according to mutual fund industry data published by

the Investment Company Institute (ICI).

Product Launch Activity

ETP launch calendar in March: 6 new launches

European ETP industry registered six new product launches during March

including three equity and three fixed income ETFs.

ETF launches:

Equity

Deutsche AWM listed two equity ETFs on the Deutsche Borse. One ETF

tracks Russell 2000 Index (XRS2 GY) while the other tracks Russell

MIDCAP Index (XRSM GY). ETFs with similar exposure are already

available in the European ETP market but with indirect replication, while

the new ETFs from Deutsche AWM follow direct replication style.

BlackRock launched one equity ETF (UKRE LN) providing exposure to UK

real estate sector. This ETF was listed on the London Stock Exchange.

Fixed Income

Lyxor listed one fixed income ETF (MTH FP) focusing on long duration

Eurozone government bonds. This ETF was listed on Euronext Paris.

BlackRock listed one fixed income ETF (EI18 LN) on the London Stock

Exchange providing exposure to USD corporate bonds maturing in

September 2018.

Commerzbank AG launched first UCITS regulated RQFII money market ETF

in Europe (CCMR LN) providing exposure to Chinese money market

instruments. This ETF was listed on the London Stock Exchange.

For additional information on new product launches and listings please refer to

Figure 62.

1 On exchange turnover, excludes over the counter turnover figures as they are not currently consistently

reported across Europe. 2 Cash equities turnover represents total on-exchange euro value of all traded security types in Europe, as

reported by Bloomberg

9 April 2015



Other regions’ cash flow summary

US: Equity registered strong inflows, fixed income witness outflows

US domiciled ETPs continued the previous month trend with inflows of

+$27.8bn (+$33.2bn in Feb’15) during March. Equity ETFs registered strong

inflows of +$29.3bn (+$17.4bn in Feb’15) while Fixed Income ETFs reversed

previous month’s trend and experienced outflows of -$0.8bn (+$14bn in

Feb’15). Commodity ETPs comes in the negative territory with outflows of

-$1.2bn (+$1.5bn in Feb’15).

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

activity:

Segments: Developed Markets (+$19.8bn), Strategy (+$4.6bn), Sector

(+$4.4bn) and Size (-$1bn).

Sub-segments: Europe DM broad (+$7.8bn), Global DM broad (+$6.9bn), Small

Cap (+$3.1bn), Japan (+$2.7bn), Consumer Discretionary (+$2.5bn), Healthcare

(+$2.3bn), Quantitative (+$2bn), Large Cap (-$4.4bn) and Consumer Staples

(-$2.1bn).

Within fixed income, sovereign bonds experienced outflows of -$3bn while

corporate bonds registered inflows of +$0.8bn for Mar’15. Among commodity

ETPs, gold based ETPs registered outflows of -$1.4bn while crude oil witness

inflows of +$0.9bn over the same period.

Asia: China focused ETFs recede while Japan ETFs continue to attract new money

Asia-Pacific ETPs landed into negative territory in terms of net flows at the end

of March. These ETPs experienced outflows of -$1.1bn last month (+$2.4bn in

Feb’15) bringing YTD flows total to +$2.3bn.

Majority of the region’s outflows were from equity ETFs recording -$1.4bn in

redemptions, partially offset by inflows into commodity ETPs (+$470mn).

Within equity, China focused ETFs experienced heavy outflows worth of

-$4.2bn, followed by South Korea (-$1bn). On the contrary, Japan focused ETFs

recorded healthy inflows of +$2.2bn, followed by Hong Kong ETFs (+$222mn)

over the last month. Among other equity segments, Short and leveraged short

strategy ETFs witnessed notable inflows of +$1.3bn and +$266mn

respectively.

Within commodities, crude oil based ETPs continue to attracted inflows

bringing in +$410mn in March and taking YTD total to +$1bn.

9 April 2015



1. Investment Trends3

Cross-Asset Class ETPs

Figure 3: Cash flows by asset class – YTD

| ETPs | Europe |

Figure 4: Cash flows by asset class – Month

| ETPs | Europe |

-5,000

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

€m

illio

ns

Equity Commodity Fixed Income Others

-1,000

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

€m

illio

ns

Equity Commodity Fixed Income Others

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.


Equity ETFs

Figure 5: Top 3 aggregate equity segments – YTD

| ETFs | Europe |

Figure 6: Top 3 aggregate equity segments – Month

| ETFs | Europe |

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

€m

illio

ns

Developed Markets Style Strategy

(1,000)

(500)

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

€m

illio

ns

Developed Markets Strategy Emerging Markets



3 Investment trends as expressed by cumulative monthly and YTD cash flows

9 April 2015



Figure 7: Top 3 DM countries – YTD | ETFs | Europe | Figure 8: Top 3 DM countries – Month | ETFs | Europe |

-3,000

-2,000

-1,000

0

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3,000

4,000

€m

illio

ns

US Germany Japan

-3,000

-2,500

-2,000

-1,500

-1,000

-500

0

500

1,000

1,500

€m

illio

ns

US Japan Switzerland



Figure 9: Top 3 DM regions – YTD

| ETFs | Europe |

Figure 10: Top 3 DM regions – Month

| ETFs | Europe |

(2,000)

-

2,000

4,000

6,000

8,000

10,000

12,000

€m

illio

ns

Europe Asia Pacific North America

(1,000)

-

1,000

2,000

3,000

4,000

5,000

6,000

€m

illio

ns

Europe Global North America



Figure 11: Top 3 EM countries – YTD

| ETFs | Europe |

Figure 12: Top 3 EM countries – Month

| ETFs | Europe |

-1,000

-800

-600

-400

-200

0

200

400

600

€m

illio

ns

China India South Korea

-200

-150

-100

-50

0

50

100

150

200

€m

illio

ns

India China South Korea



9 April 2015



Figure 13: Top 3 EM regions – YTD

| ETFs | Europe |

Figure 14: Top 3 EM regions – Month

| ETFs | Europe |

(1,200)

(1,000)

(800)

(600)

(400)

(200)

-

200

400

600

€m

illio

ns

Global Asia Pacific Latin America

(700)

(600)

(500)

(400)

(300)

(200)

(100)

-

100

200

€m

illio

ns

Global Latin America Middle East & Africa



Figure 15: Top 3 sectors – YTD

| ETFs | Europe |

Figure 16: Top 3 sectors – Month

| ETFs | Europe |

(200)

-

200

400

600

800

1,000

1,200

€m

illio

ns

Financials Energy Consumer Discretionary

(200)

(150)

(100)

(50)

-

50

100

150

€m

illio

ns

Information Technology Financials Industrials



Figure 17: Top 3 strategy segments – YTD

| ETFs | Europe |

Figure 18: Top 3 strategy segments – Month

| ETFs | Europe |

(200)

-

200

400

600

800

1,000

1,200

1,400

1,600

1,800

€m

illio

ns

Quantitative Short Leveraged Short

-

100

200

300

400

500

600

700

€m

illio

ns

Short Quantitative Leveraged Short



9 April 2015



Fixed Income ETFs

Figure 19: Top 3 aggregate fixed income segments –

YTD | ETFs | Europe |

Figure 20: Top 3 aggregate fixed income segments –

Month | ETFs | Europe |

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

€m

illio

ns

Corporates Sovereign Overall

-1,000

-500

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

€m

illio

ns

Corporates Sovereign Covered Bonds



Commodity ETPs

Figure 21: Top 3 aggregate commodity segments –

YTD | ETPs | Europe |

Figure 22: Top 3 aggregate commodity segments –

Month | ETPs | Europe |

-500

0

500

1,000

1,500

2,000

2,500

€m

illio

ns

Energy Overall Precious Metals

-1,000

-800

-600

-400

-200

0

200

400

600

€m

illio

ns

Precious Metals Energy Overall



Figure 23: Top 5 commodity sub-segments – YTD

| ETPs | Europe |

Figure 24: Top 5 commodity sub-segments – Month

| ETPs | Europe |

-500

0

500

1,000

1,500

2,000

2,500

€m

illio

ns

Crude Oil Commodity Overall Gold Silver Palladium

-1,000

-800

-600

-400

-200

0

200

400

600

€m

illio

ns

Gold Crude Oil Commodity Overall Silver Energy Overall



9 April 2015



2. Market Metrics

ETF Industry Asset Evolution

Figure 25: Global ETP regional asset growth | ETPs | Global |

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

Asia Pacific ($) 34.8 39.9 42.8 48.4 60.8 53.4 65.7 85.6 91.3 136.0 169.0 201.9 221.5

Europe ($) 20.5 33.0 51.3 91.4 131.7 144.9 243.9 309.8 298.1 369.2 416.5 459.1 493.1

US ($) 149.9 225.9 306.0 429.3 583.2 558.0 781.5 994.9 1,046.4 1,333.5 1,677.9 1,979.1 2,069.9

US, Europe & Asia Pacific ($) 205.3 298.8 400.1 569.1 775.7 756.3 1,091.1 1,390.3 1,435.9 1,838.7 2,263.4 2,640.1 2,784.5

Europe (€) 16.3 24.3 43.3 69.3 90.1 104.2 170.0 230.9 229.6 280.1 302.2 379.4 459.1

Number of ETPs* 269 324 432 737 1,213 1,666 2,042 2,582 3,128 3,494 3,713 3,993 4,050

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

0

500

1,000

1,500

2,000

2,500

3,000

Num

ber

of

ETP

s

$ b

illion

Source: Deutsche Bank, Bloomberg Finance LP, Reuters. *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month

Figure 26: Global ETPs (ETF,ETV & ETC) asset growth | ETPs | Global |

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

ETCs - 0.7 1.3 2.0 5.2 7.4 17.6 26.8 28.7 35.8 21.7 20.7 21.5

ETVs 5.8 8.5 14.0 24.9 34.3 41.7 75.2 101.6 107.1 119.3 63.5 56.7 59.3

ETFs 199.5 289.7 384.8 542.3 736.2 707.2 998.4 1,261.8 1,300.1 1,683.6 2,178.2 2,562.6 2,703.7

Total 205.3 298.8 400.1 569.1 775.7 756.3 1,091.1 1,390.3 1,435.9 1,838.7 2,263.4 2,640.1 2,784.5

Number of ETPs* 269 324 432 737 1,213 1,666 2,042 2,582 3,128 3,494 3,713 3,993 4,050

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

0

500

1,000

1,500

2,000

2,500

3,000

Num

ber

of

ETP

s

$ b

illio

n


9 April 2015



Figure 27: Global ETF regional asset growth | ETFs | Global |

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

Asia Pacific ($) 34.8 39.9 42.8 48.4 60.3 53.1 65.1 84.9 90.7 135.2 168.6 201.5 221.1

Europe ($) 20.5 32.3 50.0 89.4 127.1 137.7 226.9 283.6 270.1 334.2 395.2 438.7 472.0

US ($) 144.1 217.4 292.0 404.5 548.8 516.3 706.3 893.3 939.3 1,214.2 1,614.4 1,922.4 2,010.6

US, Europe & Asia Pacific ($) 199.5 289.7 384.8 542.3 736.2 707.2 998.4 1,261.8 1,300.1 1,683.6 2,178.2 2,562.6 2,703.7

Europe (€) 16.3 23.8 42.2 67.8 86.9 99.1 158.2 211.4 208.1 253.5 286.8 362.6 439.5

Number of ETFs* 257 310 415 677 1,116 1,481 1,803 2,233 2,700 3,004 3,183 3,457 3,517

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

0

500

1,000

1,500

2,000

2,500

3,000

Num

ber

of

ETFs

$ b

illion


Figure 28: European ETF asset growth by asset class | ETFs | Europe |

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

Other - - - - 96 168 1,078 1,995 1,549 1,620 1,516 1,410 1,599

Commodity - - 340 1,402 2,314 3,591 10,570 19,310 23,057 26,152 14,512 13,412 14,804

Fixed Income 801 2,034 4,002 9,370 13,743 29,857 35,915 42,538 43,725 54,193 60,444 86,151 102,87

Equity 15,532 21,815 37,907 57,029 70,776 65,473 110,59 147,53 139,72 171,52 210,35 261,60 320,21

Total 16,332 23,849 42,249 67,801 86,930 99,089 158,16 211,37 208,05 253,48 286,83 362,57 439,49

Number of ETFs* 100 114 163 267 419 614 819 1,053 1,215 1,311 1,350 1,418 1,430

0

300

600

900

1,200

1,500

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

Num

ber

of

ETFs

€m

illion


9 April 2015



Figure 29: European Commodity ETP (ETF & ETC) asset growth by segment | ETPs | Europe |

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

Livestock - - 1 21 63 49 67 59 40 17 19 21

Industrial Metals - - 4 44 99 413 828 734 1,063 713 777 720

Agriculture - - 58 799 507 1,553 1,825 1,356 1,093 895 826 834

Energy - 50 153 174 349 1,918 2,056 1,494 1,547 1,397 1,078 2,419

Overall - - 1,103 1,444 981 3,531 5,580 4,439 4,846 3,779 3,580 4,099

Precious Metals 520 886 1,595 2,993 6,713 14,930 28,256 36,334 43,887 22,813 23,555 25,955

Total 520 936 2,914 5,475 8,712 22,395 38,612 44,417 52,475 29,614 29,835 34,047

Number of ETPs* 1 3 40 76 144 185 249 326 423 416 391 390

-

90

180

270

360

450

0

10,000

20,000

30,000

40,000

50,000

60,000

Num

ber

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ETP

s

€m

illion


Figure 30: European ETPs (ETF & ETC) asset growth | ETPs | Europe |

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

ETCs - 491 1,077 1,512 3,161 5,121 11,847 19,514 21,587 26,581 15,415 16,813 19,650

ETFs 16,332 23,849 42,249 67,801 86,930 99,089 158,16 211,37 208,05 253,48 286,83 362,57 439,49

Total 16,332 24,340 43,326 69,313 90,091 104,21 170,00 230,89 229,64 280,06 302,24 379,38 459,14

Number of ETPs 100 115 165 299 476 738 995 1,332 1,565 1,749 1,794 1,869 1,879

-

400

800

1,200

1,600

2,000

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

Num

ber

of

ETP

s

€m

illion


9 April 2015



ETFs vs. Cash Equities

Figure 31: ETFs vs. cash equities turnover – US market | ETFs | US |

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

ETFs v

s c

ash e

quitie

s

$ b

illion

Cash Equities ETF Turnover ETFs vs Cash Equities (right axis) Source: Deutsche Bank , Bloomberg Finance LP, Reuters

Figure 32: ETFs vs. cash equities turnover – European market | ETFs | Europe |

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

0

100

200

300

400

500

600

700

800

900

ETFs v

s c

ash e

quitie

s

€billion

Cash Equities ETF Turnover ETFs vs Cash Equities (right axis)

Source: Deutsche Bank , Bloomberg Finance LP, Reuters

9 April 2015



Figure 33: Turnover Comparatives – ETF vs. Cash equities | ETFs | Global |

Region:

Statistic: ETFs Cash Equities1

ETFs vs CEs3 ETFs Cash Equities

2ETFs vs CEs

3 ETFs vs

CEsCEs ETFs

Date (A) (B) A/B (C) (D) C/D

Jan-11 44,775 678,671 6.6% 1,139,729 4,891,202 23.3% 3.5x 7.2x 25.5x

Feb-11 39,727 677,042 5.9% 1,111,786 4,644,687 23.9% 4.1x 6.9x 28.0x

Mar-11 56,650 800,579 7.1% 1,651,335 5,817,073 28.4% 4.0x 7.3x 29.2x

Apr-11 37,241 579,786 6.4% 1,077,243 4,638,417 23.2% 3.6x 8.0x 28.9x

May-11 43,260 689,545 6.3% 1,306,334 5,163,662 25.3% 4.0x 7.5x 30.2x

Jun-11 40,248 629,445 6.4% 1,521,226 5,323,852 28.6% 4.5x 8.5x 37.8x

Jul-11 49,408 637,911 7.7% 1,319,878 4,868,052 27.1% 3.5x 7.6x 26.7x

Aug-11 78,618 849,520 9.3% 2,607,718 7,953,225 32.8% 3.5x 9.4x 33.2x

Sep-11 60,255 664,144 9.1% 1,829,995 5,775,005 31.7% 3.5x 8.7x 30.4x

Oct-11 47,315 586,541 8.1% 1,766,121 5,688,208 31.0% 3.8x 9.7x 37.3x

Nov-11 48,824 585,429 8.3% 1,518,554 4,881,775 31.1% 3.7x 8.3x 31.1x

Dec-11 37,754 470,322 8.0% 1,222,458 4,126,527 29.6% 3.7x 8.8x 32.4x

Jan-12 38,802 532,019 7.3% 1,058,682 4,325,076 24.5% 3.4x 8.1x 27.3x

Feb-12 38,274 562,071 6.8% 1,098,599 4,534,757 24.2% 3.6x 8.1x 28.7x

Mar-12 40,586 603,623 6.7% 1,208,186 4,916,705 24.6% 3.7x 8.1x 29.8x

Apr-12 35,556 547,570 6.5% 1,127,926 4,511,294 25.0% 3.9x 8.2x 31.7x

May-12 40,192 567,481 7.1% 1,371,490 5,127,965 26.7% 3.8x 9.0x 34.1x

Jun-12 34,637 544,748 6.4% 1,227,990 4,568,078 26.9% 4.2x 8.4x 35.5x

Jul-12 34,709 516,002 6.7% 1,008,950 4,115,109 24.5% 3.6x 8.0x 29.1x

Aug-12 33,065 438,534 7.5% 905,592 3,908,430 23.2% 3.1x 8.9x 27.4x

Sep-12 35,699 515,771 6.9% 938,537 4,047,495 23.2% 3.4x 7.8x 26.3x

Oct-12 33,246 516,668 6.4% 1,015,281 4,273,995 23.8% 3.7x 8.3x 30.5x

Nov-12 31,865 457,274 7.0% 1,102,650 4,300,950 25.6% 3.7x 9.4x 34.6x

Dec-12 29,990 388,295 7.7% 1,043,483 4,035,958 25.9% 3.3x 10.4x 34.8x

Jan-13 41,368 520,486 7.9% 1,050,769 4,571,220 23.0% 2.9x 8.8x 25.4x

Feb-13 38,177 522,341 7.3% 1,014,370 4,333,513 23.4% 3.2x 8.3x 26.6x

Mar-13 37,049 537,460 6.9% 1,005,941 4,211,982 23.9% 3.5x 7.8x 27.2x

Apr-13 43,335 533,294 8.1% 1,282,375 4,988,895 25.7% 3.2x 9.4x 29.6x

May-13 41,900 545,873 7.7% 1,273,888 5,101,501 25.0% 3.3x 9.3x 30.4x

Jun-13 45,363 553,979 8.2% 1,548,668 5,079,507 30.5% 3.7x 9.2x 34.1x

Jul-13 36,399 504,648 7.2% 1,130,701 4,533,650 24.9% 3.5x 9.0x 31.1x

Aug-13 32,071 463,703 6.9% 1,110,628 4,343,795 25.6% 3.7x 9.4x 34.6x

Sep-13 33,269 520,579 6.4% 1,126,546 4,420,293 25.5% 4.0x 8.5x 33.9x

Oct-13 35,928 569,482 6.3% 1,389,248 5,458,653 25.5% 4.0x 9.6x 38.7x

Nov-13 32,917 522,320 6.3% 1,034,383 4,422,205 23.4% 3.7x 8.5x 31.4x

Dec-13 35,290 470,474 7.5% 1,152,234 4,694,747 24.5% 3.3x 10.0x 32.7x

Jan-14 47,555 615,780 7.7% 1,363,583 5,725,248 23.8% 3.1x 9.3x 28.7x

Feb-14 40,439 574,557 7.0% 1,318,969 5,440,230 24.2% 3.4x 9.5x 32.6x

Mar-14 41,224 629,592 6.5% 1,448,238 5,675,181 25.5% 3.9x 9.0x 35.1x

Apr-14 37,627 553,711 6.8% 1,387,681 5,746,223 24.1% 3.6x 10.4x 36.9x

May-14 35,846 542,175 6.6% 1,095,590 4,784,563 22.9% 3.5x 8.8x 30.6x

Jun-14 36,412 525,127 6.9% 1,027,002 4,772,810 21.5% 3.1x 9.1x 28.2x

Jul-14 39,749 534,478 7.4% 1,171,060 5,149,704 22.7% 3.1x 9.6x 29.5x

Aug-14 41,212 486,201 8.5% 1,112,387 4,529,181 24.6% 2.9x 9.3x 27.0x

Sep-14 40,885 569,717 7.2% 1,283,754 5,295,777 24.2% 3.4x 9.3x 31.4x

Oct-14 65,854 764,882 8.6% 2,181,253 7,491,505 29.1% 3.4x 9.8x 33.1x

Nov-14 46,065 606,888 7.6% 1,058,826 4,755,269 22.3% 2.9x 7.8x 23.0x

Dec-14 55,198 588,307 9.4% 1,733,218 6,081,196 28.5% 3.0x 10.3x 31.4x

Jan-15 69,583 734,963 9.5% 1,718,582 6,112,460 28.1% 3.0x 8.3x 24.7x

Feb-15 58,143 665,512 8.7% 1,221,851 5,242,460 23.3% 2.7x 7.9x 21.0x

Mar-15 75,698 796,097 9.5% 1,539,062 6,060,125 25.4% 2.7x 7.6x 20.3x

Period 2,195,251 29,491,614 7.4% 65,960,549 255,459,386 27.0% 3.5x 8.7x 30.4x

Total 2011 584,074 7,848,935 7.4% 18,072,376 63,771,684 28.3% 3.8x 8.1x 30.9x

Total 2012 426,623 6,190,055 6.9% 13,107,366 52,665,812 24.9% 3.6x 8.6x 30.8x

Total 2013 453,065 6,264,638 7.2% 14,119,751 56,159,960 25.1% 3.5x 9.0x 31.3x

Total 2014 528,065 6,991,414 7.6% 16,181,562 65,446,885 24.9% 3.3x 9.4x 30.6x

Total 2015 203,424 2,196,571 9.3% 4,479,494 17,415,045 25.7% 2.8x 7.9x 22.0x

3 On-exchange turnover comparision between ETFs and Cash Equities.

Europe (€ million) USA ($ million)

Turnover

US vs Europe comparatives

1As reported by Bloomberg.The figure equals total on-exchange euro value of all traded security types in Europe.

2 As reported by Bloomberg.The figure equals total dollar value of all traded security types on every US Exchange.

Source: Deutsche Bank , Bloomberg Finance LP, Reuters

9 April 2015



ETFs vs. Unlisted Mutual Funds

Figure 34: European ETP vs mutual fund assets | ETPs | Europe |

Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15*

ETCs 19 19 21 22 23 23 28 27 26 18 18 15 17 17 17 17 19

ETFs 217 222 201 208 228 222 242 254 268 256 271 287 299 326 344 363 395

ETPs vs mutual funds 2.9% 3.0% 2.9% 2.9% 3.0% 2.9% 3.1% 3.1% 3.1% 3.0% 3.1% 3.1% 3.1% 3.3% 3.3% 3.4% 3.5%

ETFs vs mutual funds 2.7% 2.7% 2.6% 2.6% 2.7% 2.6% 2.8% 2.8% 2.8% 2.8% 2.9% 2.9% 3.0% 3.1% 3.1% 3.2% 3.3%

1.7%

1.9%

2.1%

2.3%

2.5%

2.7%

2.9%

3.1%

3.3%

3.5%

3.7%

0

50

100

150

200

250

300

350

400

450

ETP

vs m

utu

al fu

nds

ETP

AU

M (

€billion)

*Data as of 31-Jan-2015. Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP

Figure 35: European ETP vs mutual fund cash flows | ETPs | Europe |

-40

-20

0

20

40

60

80

Cash F

low

s (

€billion)

Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15

ETCs 0.28 -0.46 -0.60 -0.20 -0.99 -0.95 -0.77 -0.03 -0.11 -0.13 -0.13 -0.68 -0.13 0.18 0.40 0.13 -0.16 -0.08 0.38 0.07 -0.46 -0.12 0.24 0.06 0.90

ETFs 4.56 1.64 0.22 -0.30 0.65 -1.02 3.16 0.39 0.99 2.93 2.78 1.64 3.69 3.36 0.88 6.20 4.68 4.20 7.57 5.98 -1.78 5.68 4.13 0.06 11.26

Mutual funds 53.30 40.50 40.90 49.40 39.10 -25.30 34.60 0.50 9.40 25.90 20.60 26.80 41.90 50.40 46.70 63.20 48.00 36.90 40.90 32.10 28.10 22.70 30.80 16.10 54.70

Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP

9 April 2015



Figure 36: US ETP vs mutual fund assets | ETPs | US |

Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15*

ETVs 108 108 111 107 116 108 125 119 109 72 76 64 67 67 61 57 62

ETFs 954 976 848 939 1,077 1,054 1,158 1,214 1,340 1,348 1,467 1,614 1,645 1,767 1,776 1,922 2,005

ETPs vs mutual funds 11.2% 11.3% 11.4% 11.7% 12.1% 12.0% 12.6% 12.9% 13.1% 12.8% 13.3% 13.6% 13.6% 14.0% 14.2% 15.1% 15.2%

ETFs vs mutual funds 10.1% 10.2% 10.1% 10.5% 10.9% 10.9% 11.4% 11.7% 12.1% 12.2% 12.6% 13.1% 13.0% 13.5% 13.7% 14.6% 14.8%

1.7%

3.7%

5.7%

7.7%

9.7%

11.7%

13.7%

15.7%

17.7%

0

500

1,000

1,500

2,000

2,500

ETP

vs m

utu

al fu

nds

ETP

AU

M (

$ b

illion)

*Data as of 27-Feb-2015. Source: Deutsche Bank, Bloomberg Finance LP, ICI

Figure 37: US ETP vs mutual fund cash flows | ETPs | US |

-80

-60

-40

-20

0

20

40

60

80

100

120

Cash flo

ws (

$ b

illion)

Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15

ETVs -0.71 -3.70 -1.75 -8.19 -3.92 -2.58 -1.18 -0.19 -0.41 -2.47 -1.37 -3.56 -0.93 0.70 0.33 -1.24 0.07 0.10 1.16 -0.10 -1.19 -0.46 -0.41 0.07 3.67 1.41

ETFs 30.19 11.50 18.83 17.80 22.03 -8.23 41.32 -18.25 32.85 28.33 14.22 23.19 -14.27 18.19 10.54 20.70 12.56 25.20 16.43 14.92 17.65 26.76 42.45 51.51 -7.88 31.79

Mutual funds 80.34 42.92 37.97 29.02 23.61 -58.82 10.28 -17.17 -4.90 10.30 9.10 -20.05 27.88 32.65 26.88 16.94 14.94 13.02 3.37 7.42 22.76 -3.00 13.76 -47.08 25.20 29.05

Source: Deutsche Bank, Bloomberg Finance LP, ICI

9 April 2015



European ETF Industry Replication Structure Composition (Synthetic vs. Physical)

Figure 38: Historical Composition by ETF Structure | ETFs | Europe |

0

100

200

300

400

500

600

700

800

900

-

50

100

150

200

250

300

350

400

450

500

Num

ber

of

ETFs

AU

M (

€billion)

Physical-AUM Synthetic-AUM Physical-funds Synthetic -funds


Figure 39: European AUM ETF market historical asset class analysis by replication

technique | ETFs | Europe |

Physical Synthetic Physical Synthetic Physical Synthetic

AUM (€ million)

Equity 135,822 74,558 188,495 73,101 232,953 87,264

Fixed Income 45,672 14,773 67,114 19,062 80,142 22,729

Commodity 10,892 3,620 10,027 3,385 10,837 3,968

Others 352 1,175 344 1,065 444 1,154

Total 192,737 94,126 265,980 96,614 324,377 115,114

Equity 421 516 474 523 491 522

Fixed Income 165 161 179 164 184 156

Commodity 23 35 22 27 22 27

Others 9 20 9 20 9 19

Total 618 732 684 734 706 724

Equity 18,302 -3,209 22,993 3,072 3,046 453

Fixed Income 7,760 326 16,880 3,265 2,284 1,469

Commodity -4,360 -697 -1,577 160 46 135

Others 62 -231 -34 -101 32 -3

Total 21,764 -3,810 38,263 6,398 5,409 2,054

ETFs (number of products)

Cash Flows (€ million)

Mar-152013 2014


9 April 2015



Figure 40: European ETF AUM by replication method

| ETFs | Europe |

Figure 41: European ETF flows by replication method

| ETFs | Europe |

€192,737

€265,980

€324,377

€94,126

€96,614

€115,114

0% 20% 40% 60% 80% 100%

2013

2014

Mar-15

Physical Synthetic

€21,764

€38,263

€22,513

€5,409

-€3,810

€6,398

€6,476

€2,054

-20% 0% 20% 40% 60% 80% 100%

2013

2014

2015

Mar-15

Physical Synthetic



Figure 42: European ETFs product count by replication

method | ETFs | Europe |

Figure 43: European Equity ETFs AUM by replication

method | ETFs | Europe |

618

684

706

732

734

724

0% 20% 40% 60% 80% 100%

2013

2014

Mar-15

Physical Synthetic

€135,822

€188,495

€232,953

€74,558

€73,101

€87,264

0% 20% 40% 60% 80% 100%

2013

2014

Mar-15

Physical Synthetic



Figure 44: European Fixed Income ETFs AUM by

replication method | ETFs | Europe |

Figure 45: European Commodity ETFs AUM by

replication method | ETFs | Europe |

€45,672

€67,114

€80,142

€14,773

€19,062

€22,729

0% 20% 40% 60% 80% 100%

2013

2014

Mar-15

Physical Synthetic

€10,892

€10,027

€10,837

€3,620

€3,385

€3,968

0% 20% 40% 60% 80% 100%

2013

2014

Mar-15

Physical Synthetic



9 April 2015



Industry Growth Analysis

Figure 46: Global ETF Industry growth attribution | ETFs | Global |

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

-1.5%

-1.0%

-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

ETF a

sset pri

ce g

row

th c

ontr

ibution (l

ine)

ETF c

ash flo

w g

row

th c

ontr

ibuti

on (B

ars

)

Jan-13 Feb-13Mar-13 Apr-13May-13Jun-13 Jul-13 Aug-13Sep-13Oct-13Nov-13Dec-13Jan-14 Feb-14Mar-14 Apr-14May-14Jun-14 Jul-14 Aug-14Sep-14Oct-14Nov-14Dec-14Jan-15 Feb-15Mar-15

Other flows 0.0% 0.0% 0.0% 0.0% 0.0% -0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Fixed Income flows 0.1% 0.2% 0.3% 0.5% 0.3% -0.5% 0.3% -0.3% 0.4% -0.1% 0.0% 0.0% 0.1% 0.9% -0.1% 0.3% 0.6% 0.0% 0.1% 0.5% -0.1% 0.9% 0.2% 0.3% 0.6% 0.7% 0.1%

Equity flows 2.0% 0.6% 0.9% 0.5% 1.2% 0.3% 2.2% -0.5% 1.5% 1.7% 0.8% 1.3% -0.4% 0.4% 0.6% 1.2% 0.3% 1.5% 1.1% 0.5% 0.6% 0.6% 1.4% 2.0% -0.3% 1.0% 1.2%

Price growth 3.4% -0.7% 1.4% 1.9% -0.6% -3.2% 3.6% -2.0% 4.0% 3.2% 1.1% 0.7% -3.0% 3.8% -0.2% 0.4% 1.7% 1.6% -1.5% 2.1% -3.3% 1.1% 1.5% -1.4% -0.5% 3.6% -0.9%

Total growth 5.6% 0.1% 2.6% 2.9% 0.9% -3.4% 6.1% -2.8% 5.8% 4.8% 2.0% 2.0% -3.3% 5.2% 0.3% 1.9% 2.6% 3.1% -0.2% 3.1% -2.7% 2.5% 3.1% 0.9% -0.3% 5.4% 0.4%


Figure 47: US ETF Industry growth attribution | ETFs | US |

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

-1.5%

-1.0%

-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

ETF a

sset pri

ce g

row

th c

ontr

ibution (L

ine)

ETF c

ash flo

ws g

row

th c

ontr

ibution (B

ars

)

Jan-13Feb-13Mar-13Apr-13May-13Jun-13 Jul-13 Aug-13Sep-13Oct-13Nov-13Dec-13Jan-14Feb-14Mar-14Apr-14May-14Jun-14 Jul-14 Aug-14Sep-14Oct-14Nov-14Dec-14Jan-15Feb-15Mar-15

Other flows 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Fixed Income flows 0.1% 0.1% 0.4% 0.5% 0.3% -0.6% 0.4% -0.5% 0.4% -0.2% 0.0% 0.0% 0.1% 1.1% -0.4% 0.2% 0.7% -0.1% 0.0% 0.5% -0.1% 1.0% 0.1% 0.2% 0.4% 0.7% 0.0%

Equity flows 2.4% 0.7% 1.0% 0.8% 1.3% 0.0% 2.7% -0.7% 2.0% 2.1% 0.9% 1.5% -0.9% 0.0% 1.0% 1.0% 0.0% 1.6% 0.9% 0.3% 1.1% 0.5% 2.2% 2.5% -0.8% 0.9% 1.5%

Price growth 3.4% -0.2% 2.0% 1.7% -0.3% -3.0% 3.7% -2.3% 3.5% 3.3% 1.2% 0.8% -2.7% 3.9% 0.0% 0.3% 1.8% 1.6% -1.6% 2.8% -3.3% 1.8% 1.4% -1.7% -1.0% 4.1% -1.1%

Total growth 5.9% 0.7% 3.5% 3.0% 1.3% -3.6% 6.7% -3.6% 5.8% 5.3% 2.2% 2.3% -3.6% 5.0% 0.6% 1.6% 2.6% 3.1% -0.7% 3.7% -2.4% 3.3% 3.7% 1.0% -1.4% 5.7% 0.3%


9 April 2015



Figure 48: European ETF Industry growth attribution | ETFs | Europe |

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

-1.0%

-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

ETF a

sset pri

ce g

row

th c

ontr

ibution (L

ine)

ETF c

ash flo

ws g

row

th c

ontr

ibution (B

ars

)

Jan-13 Feb-13Mar-13 Apr-13May-13Jun-13 Jul-13 Aug-13Sep-13Oct-13Nov-13Dec-13Jan-14 Feb-14Mar-14 Apr-14May-14Jun-14 Jul-14 Aug-14Sep-14Oct-14Nov-14Dec-14Jan-15 Feb-15Mar-15

Other flows -0.1% -0.1% -0.1% -0.3% -0.4% -0.3% -0.2% -0.1% -0.1% -0.1% -0.1% -0.2% -0.1% 0.0% 0.0% 0.1% -0.1% -0.1% 0.0% 0.0% -0.1% -0.1% -0.1% -0.1% -0.1% 0.1% 0.0%

Fixed Income flows 0.4% 0.3% 0.1% 0.6% 0.2% -0.2% 0.1% 0.3% 0.5% 0.4% 0.2% 0.2% 0.5% 0.7% 0.6% 0.8% 0.4% 0.3% 0.6% 0.7% 0.0% 0.6% 0.6% 0.4% 1.3% 1.0% 0.9%

Equity flows 1.5% 0.5% 0.1% -0.4% 0.4% 0.1% 1.3% 0.0% 0.1% 0.8% 0.8% 0.6% 0.9% 1.0% -0.3% 1.2% 1.2% 1.1% 1.7% 1.1% -0.5% 1.1% 0.6% -0.3% 2.0% 1.5% 0.8%

Price growth 0.6% 0.9% 1.5% 0.0% 0.6% -4.4% 2.3% -0.8% 2.4% 3.3% 0.2% -0.1% -1.2% 2.4% -0.3% 0.5% 2.5% 0.7% -0.4% 2.1% 0.3% 0.1% 2.1% 0.2% 8.1% 2.2% 2.2%

Total growth 2.3% 1.5% 1.6% -0.2% 0.8% -4.8% 3.5% -0.6% 2.9% 4.4% 1.1% 0.5% 0.1% 4.0% -0.1% 2.6% 4.0% 2.0% 1.9% 3.9% -0.2% 1.7% 3.3% 0.2% 11.3% 4.7% 4.0%


Figure 49: European ETC Industry growth attribution | ETCs | Europe |

-20.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

ETC

asset pri

ce g

row

th c

ontr

ibution (l

ine)

ETC

cash flo

ws g

row

th c

ontr

ibution (B

ars

)

Jan-13Feb-13Mar-13Apr-13May-13Jun-13 Jul-13 Aug-13Sep-13Oct-13Nov-13Dec-13Jan-14Feb-14Mar-14Apr-14May-14Jun-14 Jul-14 Aug-14Sep-14Oct-14Nov-14Dec-14Jan-15Feb-15Mar-15

Currency Flows 0.0% 0.0% 0.0% -0.1% 0.1% 0.1% 0.0% 0.1% 0.2% -0.1% -0.1% 0.1% 0.1% 0.1% 0.1% 0.3% 0.1% -0.1% 0.0% -0.3% -0.2% -0.1% 0.1% -0.1% -0.1% -0.2% 0.1%

Commodity Flows 1.1% -1.8% -2.3% -0.7% -4.4% -4.5% -4.4% 0.1% -0.9% -0.5% -0.7% -4.1% -0.9% 1.0% 2.5% 0.5% -0.9% -0.5% 2.2% 0.8% -2.4% -0.6% 1.4% 0.4% 5.5% 4.4% -2.4%

Price growth -1.7% -1.2% 2.1% -9.6% -2.8% -11.8% 5.5% 6.5% -6.6% -0.7% -4.6% -3.6% 4.6% 3.6% -1.8% -0.6% -0.7% 3.5% 0.1% 1.0% -2.6% -3.0% 0.1% 1.6% 10.5% -1.6% 0.5%

Total growth -0.6% -3.0% -0.2% -10.4% -7.1% -16.3% 1.2% 6.7% -7.3% -1.4% -5.3% -7.6% 3.7% 4.7% 0.8% 0.2% -1.5% 3.0% 2.3% 1.6% -5.2% -3.7% 1.6% 2.0% 15.9% 2.7% -1.8%


9 April 2015



3. Cash Flow Analysis

Regional Cash Flow Analysis

Figure 50: Global ETP cash flows by region and asset class | ETPs | Global |

Asset Class US EU ($) EU (€) Asia Total US EU ($) EU (€) Asia Total US EU ($) EU (€) Asia Total

ETFs

Equity 29,308 3,824 3,499 -1,428 31,703 17,389 6,841 6,011 2,175 26,405 30,921 18,763 16,536 112 49,797

Fixed income -770 4,064 3,753 -227 3,067 13,981 4,523 3,995 -113 18,391 21,179 13,783 12,203 1,025 35,987

Commodity 18 195 181 479 692 350 265 234 254 870 396 221 213 1,027 1,644

Currency 14 0 0 21 36 41 0 0 -1 40 -9 0 0 29 20

Multi Asset 113 5 5 0 118 101 17 15 -2 116 167 50 44 -3 214

Alternative 44 26 24 69 139 -75 12 10 54 -8 -15 -8 -6 130 108

Total 28,727 8,115 7,463 -1,087 35,755 31,787 11,658 10,264 2,367 45,813 52,639 32,810 28,989 2,320 87,769

ETCs/ETVs

Commodity -1,218 -513 -487 -9 -1,740 1,106 981 863 -10 2,078 3,459 1,536 1,302 -18 4,977

Currency 214 13 12 0 227 -73 -50 -44 0 -124 302 -73 -63 0 230

Alternative 40 0 0 0 40 373 0 0 0 373 355 0 0 0 355

Total -964 -500 -475 -9 -1,473 1,406 931 818 -10 2,328 4,116 1,464 1,239 -18 5,562

ETPs

Equity 29,308 3,824 3,499 -1,428 31,703 17,389 6,841 6,011 2,175 26,405 30,921 18,763 16,536 112 49,797

Fixed income -770 4,064 3,753 -227 3,067 13,981 4,523 3,995 -113 18,391 21,179 13,783 12,203 1,025 35,987

Commodity -1,200 -318 -306 470 -1,048 1,457 1,247 1,096 244 2,948 3,855 1,758 1,515 1,009 6,621

Currency 228 13 12 21 263 -33 -50 -44 -1 -84 293 -73 -63 29 250

Multi Asset 113 5 5 0 118 101 17 15 -2 116 167 50 44 -3 214

Alternative 84 26 24 69 179 299 12 10 54 365 341 -8 -6 130 463

Total 27,763 7,614 6,987 -1,096 34,282 33,193 12,590 11,083 2,358 48,141 56,755 34,274 30,227 2,302 93,330

All figures in $ million except where otherwise stated

Mar-15 Feb-15 YTD


Asset Class Cash Flow Analysis

Figure 51: European Equity ETF cash flow summary (€ million) | ETFs | Europe |

Equity Cash Flows

All figures in € million Beta Beta+Semi-

activeAlpha Total Beta Beta+

Semi-


Semi-

activeAlpha Total

Developed Markets 3,092 0 0 1 3,093 3,097 0 0 -13 3,083 12,434 0 0 -39 12,395

Emerging Markets -582 0 0 0 -582 543 0 0 0 543 -1,092 0 0 0 -1,092

Global Markets -109 0 0 0 -109 111 0 0 0 111 -17 0 0 0 -17

Sector -112 0 0 0 -112 371 0 0 0 371 897 0 0 0 897

Capitalization 444 0 0 0 444 172 0 0 0 172 705 0 0 0 705

Strategy 222 416 -4 -22 611 404 201 153 -10 748 785 570 297 -45 1,607

Style 42 0 0 0 42 779 0 0 0 779 1,623 0 0 0 1,623

Thematic 113 0 0 0 113 204 0 0 0 204 416 0 0 0 416

Total equities 3,110 416 -4 -22 3,499 5,679 201 153 -23 6,011 15,752 570 297 -83 16,536

Mar-15 Feb-15 YTD


9 April 2015



Figure 51A: European Equity ETF cash flow summary - A (€ Million) | ETFs | Europe |

Equity Cash Flows



Semi-


Semi-

activeAlpha Total

Sector -112 0 0 0 -112 371 0 0 0 371 897 0 0 0 897

Consumer discretionary 43 0 0 0 43 114 0 0 0 114 253 0 0 0 253

Consumer staples -46 0 0 0 -46 -18 0 0 0 -18 -36 0 0 0 -36

Energy 24 0 0 0 24 139 0 0 0 139 319 0 0 0 319

Financials -58 0 0 0 -58 179 0 0 0 179 366 0 0 0 366

Healthcare 6 0 0 0 6 -48 0 0 0 -48 -38 0 0 0 -38

Industrials 47 0 0 0 47 136 0 0 0 136 159 0 0 0 159

Information Technology -83 0 0 0 -83 -105 0 0 0 -105 -84 0 0 0 -84

Materials 16 0 0 0 16 -2 0 0 0 -2 53 0 0 0 53

Telecommunications -37 0 0 0 -37 -41 0 0 0 -41 -42 0 0 0 -42

Utilities -23 0 0 0 -23 16 0 0 0 16 -53 0 0 0 -53

Capitalization 444 0 0 - 444 172 0 0 0 172 705 0 0 0 705

Large Cap -34 0 0 0 -34 3 0 0 0 3 -31 0 0 0 -31

Mid Cap 178 0 0 0 178 74 0 0 0 74 275 0 0 0 275

Small Cap 300 0 0 0 300 95 0 0 0 95 461 0 0 0 461

Strategy 222 416 -4 -22 611 404 201 153 -10 748 785 570 297 -45 1,607

Fundamental 44 0 -63 0 -19 155 0 84 0 239 196 0 84 0 280

Leveraged Long 0 -11 0 0 -11 0 -88 0 0 -88 0 -340 0 0 -340

Leveraged Short 0 101 0 0 101 0 108 0 0 108 0 410 0 0 410

Options Strategy 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Quantitative 178 0 59 -22 214 200 0 69 -10 259 540 0 213 -45 708

Short 0 325 0 0 325 49 181 0 0 230 49 500 0 0 549

Style 42 0 0 0 42 779 0 0 0 779 1,623 0 0 0 1,623

Dividend -63 0 0 0 63- 594 0 0 0 594 1,132 0 0 0 1,132

Growth 90 0 0 0 90 70 0 0 0 70 159 0 0 0 159

Value 14 0 0 0 14 115 0 0 0 115 332 0 0 0 332

Thematic 113 0 0 0 113 204 0 0 0 204 416 0 0 0 416

Commodities 20 0 0 0 20 59 0 0 0 59 85 0 0 0 85

Faith 10 0 0 0 10 -6 0 0 0 6- -5 0 0 0 5-

Other Theme 35 0 0 0 35 84 0 0 0 84 159 0 0 0 159

Sustainability 48 0 0 0 48 66 0 0 0 66 177 0 0 0 177

Total 708 416 -4 -22 1,097 1,929 201 153 -10 2,274 4,426 570 297 -45 5,249

Mar-15 Feb-15 YTD


9 April 2015



Figure 51B: European Equity ETF cash flow summary – B (€ million) | ETFs | Europe |

Equity Cash Flows



Semi-


Semi-

activeAlpha Total

Developed Markets

Europe 4,713 0 0 1 4,714 3,420 0 0 -13 3,406 13,041 0 0 -39 13,002

Austria -38 0 0 0 -38 -3 0 0 0 -3 -30 0 0 0 -30

Belgium -1 0 0 0 -1 1 0 0 0 1 2 0 0 0 2

Finland 0 0 0 0 0 12 0 0 0 12 6 0 0 0 6

France 4 0 0 0 4 -19 0 0 0 -19 -62 0 0 0 -62

Germany 204 0 0 0 204 1,121 0 0 0 1,121 1,841 0 0 0 1,841

Greece -11 0 0 0 -11 49 0 0 0 49 24 0 0 0 24

Ireland 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Italy 62 0 0 0 62 -29 0 0 0 -29 106 0 0 0 106

Netherlands 15 0 0 0 15 9 0 0 0 9 -41 0 0 0 -41

Norway 6 0 0 0 6 -10 0 0 0 -10 10 0 0 0 10

Portugal 10 0 0 0 10 7 0 0 0 7 17 0 0 0 17

Spain 99 0 0 0 99 19 0 0 0 19 114 0 0 0 114

Sweden 3 0 0 0 3 -5 0 0 0 -5 0 0 0 0 0

Switzerland -260 0 0 0 -260 -317 0 0 0 -317 -323 0 0 0 -323

UK -124 0 0 0 -124 64 0 0 0 64 889 0 0 0 889

Europe broad 4,744 0 0 1 4,745 2,520 0 0 -13 2,506 10,489 0 0 -39 10,450

Americas -2,099 0 0 0 -2,099 -858 0 0 0 -858 -2,340 0 0 0 -2,340

US -2,048 0 0 0 -2,048 -850 0 0 0 -850 -2,372 0 0 0 -2,372

Canada 35 0 0 0 35 19 0 0 0 19 59 0 0 0 59

North America -86 0 0 0 -86 -27 0 0 0 -27 -26 0 0 0 -26

Asia 1,111 0 0 0 1,111 334 0 0 0 334 1,735 0 0 0 1,735

Australia 16 0 0 0 16 18 0 0 0 18 38 0 0 0 38

Hong Kong -16 0 0 0 -16 4 0 0 0 4 74 0 0 0 74

Japan 1,102 0 0 0 1,102 326 0 0 0 326 1,655 0 0 0 1,655

Singapore 0 0 0 0 0 2 0 0 0 2 2 0 0 0 2

Asia Pacific broad 9 0 0 0 9 -17 0 0 0 -17 -36 0 0 0 -36

Global -633 0 0 0 -633 201 0 0 0 201 -2 0 0 0 -2

Broad indices -633 0 0 0 -633 201 0 0 0 201 -2 0 0 0 -2

DM Total 3,092 0 0 1 3,093 3,097 0 0 -13 3,083 12,434 0 0 -39 12,395

Mar-15 Feb-15 YTD


9 April 2015



Figure 51C: European Equity ETF cash flow summary – C (€ million) | ETFs | Europe |

Equity Cash Flows



Semi-


Semi-

activeAlpha Total

Emerging Markets

BRIC 13 0 0 0 13 26 0 0 0 26 -433 0 0 0 -432

Brazil 7 0 0 0 7 -11 0 0 0 -11 -11 0 0 0 -11

Russia -45 0 0 0 -45 69 0 0 0 69 38 0 0 0 38

India 142 0 0 0 142 112 0 0 0 112 398 0 0 0 398

China -91 0 0 0 -91 -144 0 0 0 -144 -858 0 0 0 -858

Latin America -72 0 0 0 -72 3 0 0 0 3 -90 0 0 0 -90

Chile -2 0 0 0 -2 9 0 0 0 9 8 0 0 0 8

Mexico -26 0 0 0 -26 -1 0 0 0 -1 -30 0 0 0 -30

LATAM broad -45 0 0 0 -45 -5 0 0 0 -5 -67 0 0 0 -67

Asia -61 0 0 0 -61 189 0 0 0 189 285 0 0 0 285

Bangladesh 0 0 0 0 0 0 0 0 0 0 3 0 0 0 3

Indonesia 0 0 0 0 0 -9 0 0 0 -9 -3 0 0 0 -3

Malaysia -13 0 0 0 -13 0 0 0 0 0 -9 0 0 0 -9

Pakistan 0 0 0 0 0 1 0 0 0 1 1 0 0 0 1

Philippines -8 0 0 0 -8 12 0 0 0 12 7 0 0 0 7

South Korea -51 0 0 0 -51 0 0 0 0 0 -67 0 0 0 -67

Taiwan 24 0 0 0 24 36 0 0 0 36 33 0 0 0 33

Thailand -2 0 0 0 -2 3 0 0 0 3 1 0 0 0 1

Vietnam -6 0 0 0 -6 -6 0 0 0 -6 -7 0 0 0 -7

Asia Pacific broad -5 0 0 0 -5 151 0 0 0 151 326 0 0 0 326

EMEA 7 0 0 0 7 14 0 0 0 14 -20 0 0 0 -20

Kuwait 1 0 0 0 1 1 0 0 0 1 4 0 0 0 4

Poland 2 0 0 0 2 2 0 0 0 2 8 0 0 0 8

South Africa -3 0 0 0 -3 16 0 0 0 16 9 0 0 0 9

Turkey 5 0 0 0 5 -17 0 0 0 -17 5 0 0 0 5

Europe broad -9 0 0 0 -9 7 0 0 0 7 -65 0 0 0 -65

Middle East & Africa 11 0 0 0 11 6 0 0 0 6 18 0 0 0 18

Global Markets -469 0 0 0 -469 311 0 0 0 311 -834 0 0 0 -834

Global -469 0 0 0 -469 311 0 0 0 311 -834 0 0 0 -834

EM Total -582 0 0 0 -582 543 0 0 0 543 -1,092 0 0 0 -1,092

Total (EM + DM) 2,511 0 0 1 2,511 3,639 0 0 -13 3,626 11,342 0 0 -39 11,304

Mar-15 Feb-15 YTD


Figure 52: European Fixed Income ETF cash flows (€ million) | ETFs | Europe |

Fixed Income Cash Flows



Semi-


Semi-

activeAlpha Total

Overall 145 0 0 9 155 98 0 0 -13 85 531 0 0 -9 522

Corporates 2,222 0 0 109 2,331 2,441 0 0 16 2,457 6,794 0 0 124 6,918

Covered Bonds -295 0 0 7 -288 34 0 0 44 78 -229 0 0 30 -199

Credit Exposure 61 7 0 0 68 21 0 0 0 21 116 7 0 0 123

Sovereign 1,519 30 0 0 1,549 1,457 97 0 5 1,559 4,645 255 0 -33 4,867

Money Market -62 0 0 0 -62 -206 0 0 0 -206 -28 0 0 0 -28

Total Fixed Income 3,591 37 0 126 3,753 3,847 96 0 52 3,995 11,829 262 0 112 12,203

Mar-15 Feb-15 YTD


9 April 2015



Figure 53: European Commodity ETP cash flow summary (€ million) | ETPs | Europe |

Commodity Cash Flows



Semi-


Semi-

activeAlpha Total

Overall 120 0 1 0 121 198 -5 0 0 193 424 -5 -21 0 398

Overall 110 0 1 0 111 189 -5 0 0 184 412 -5 -21 0 386

Overall ex Energy 10 0 0 0 10 8 0 0 0 8 11 0 0 0 11

Overall Light Energy 0 0 0 0 0 1 0 0 0 1 1 0 0 0 1

Overall Ultra Light Energy 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Agriculture 27 6 0 0 34 2 6 0 0 8 -6 16 0 0 10

Overall 25 0 0 0 25 -1 0 0 0 -1 -51 0 0 0 -51

Cocoa 0 -1 0 0 -1 -1 0 0 0 -1 -1 0 0 0 -1

Coffee 8 3 0 0 11 0 5 0 0 5 10 10 0 0 20

Corn -12 0 0 0 -12 -1 0 0 0 -1 -7 -1 0 0 -8

Cotton -2 0 0 0 -2 -1 -2 0 0 -3 -2 -2 0 0 -4

Grains -2 0 0 0 -2 0 0 0 0 0 -3 0 0 0 -3

Softs 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Soybean Oil 0 0 0 0 0 0 0 0 0 -1 0 0 0 0 0

Soybeans 0 0 0 0 0 0 -1 0 0 -1 -1 0 0 0 -1

Sugar 5 4 0 0 9 0 1 0 0 1 44 4 0 0 48

Wheat 5 1 0 0 5 7 3 0 0 10 5 5 0 0 10

Energy 226 85 0 0 311 308 98 0 0 407 1,073 262 0 0 1,336

Overall 38 0 0 0 38 38 0 0 0 38 45 0 0 0 46

Carbon 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Crude Oil 187 68 0 0 256 264 92 0 0 357 1,013 223 0 0 1,235

Gasoline 0 0 0 0 1 0 0 0 0 1 3 1 0 0 4

Heating Oil 0 0 0 0 0 2 0 0 0 2 4 0 0 0 4

Natural Gas 1 17 0 0 18 4 5 0 0 9 9 38 0 0 46

Electricity 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Uranium 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Industrial Metals 20 6 0 0 26 22 -34 0 0 -12 -68 -20 0 0 -88

Overall 30 0 0 0 30 15 -19 0 0 -3 5 -18 0 0 -13

Aluminium -11 -2 0 0 -12 4 0 0 0 4 -46 -1 0 0 -47

Copper -4 6 0 0 2 -2 -16 0 0 -18 1 -4 0 0 -3

Lead 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Nickel 4 1 0 0 6 4 1 0 0 5 -29 3 0 0 -26

Tin 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1

Zinc 0 0 0 0 0 0 0 0 0 -1 1 0 0 0 1

Precious Metals -645 -155 0 0 -800 476 24 0 0 500 -8 -135 0 0 -143

Overall 4 0 0 0 4 31 0 0 0 31 3 0 0 0 3

Gold -585 -103 0 0 -688 470 18 0 0 487 -49 -83 0 0 -132

Palladium -25 0 0 0 -25 -21 0 0 0 -21 -68 0 0 0 -68

Platinum -28 1 0 0 -28 -20 1 0 0 -19 -24 1 0 0 -23

Rhodium 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Silver -10 -53 0 0 -63 16 6 0 0 22 130 -53 0 0 77

Livestock 1 1 0 0 2 2 -1 0 0 1 2 0 0 0 2

Overall 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0

Cattle 0 0 0 0 0 0 -1 0 0 0 0 0 0 0 0

Lean Hogs 0 1 0 0 1 1 0 0 0 1 2 0 0 0 2

Total -250 -57 1 0 -306 1,008 89 0 0 1,096 1,418 118 -21 0 1,515

Mar-15 Feb-15 YTD


9 April 2015



Product Rankings

Figure 54: Top 10 monthly Equity ETF inflows (€ million) | ETFs | Europe |

ETF Name BBG Ticker Issuer Invest.

Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

iShares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock Beta 858.9 105.9 1,010.5

UBS ETF - MSCI EMU 100% hedged to USD UCITS ETF A-acc EUUSBH SW UBS Beta 473.7 84.7 808.1

Lyxor UCITS ETF JPX-Nikkei 400 JPX4 FP Lyxor Beta 441.3 -1.3 452.2

UBS-ETF MSCI EMU EMUEUA GR UBS Beta 374.7 60.1 723.5

db x-trackers Stoxx® Europe 600 UCITS ETF (DR) XSX6 GR Deutsche AWM Beta 347.0 99.4 543.9

iShares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 313.9 300.6 861.5

Lyxor UCITS ETF MSCI Europe MEU FP Lyxor Beta 308.7 360.3 844.0

db x-trackers MSCI Japan Index UCITS ETF 1C XMJP GR Deutsche AWM Beta 278.8 136.7 528.3

iShares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 247.7 -40.4 554.6

UBS ETF - MSCI EMU 100% hedged to GBP UCITS ETF A-acc EUGBBH SW UBS Beta 236.3 45.1 468.0 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 55: Top 10 monthly Fixed Income ETF inflows (€ million) | ETFs | Europe |


Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

iShares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta 652.7 349.6 1,435.7

iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 435.6 655.0 1,487.8

ComStage ETF iBoxx Euro Liquid Sovereigns Diversified3-5 TR CBOXES3 GR ComStage Beta 360.4 0.0 360.4

ComStage ETF iBoxx Euro Liquid Sovereigns Diversified 5-7 TR CBOXES5 GR ComStage Beta 360.0 0.0 360.0

iShares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 210.3 330.5 661.2

iShares Euro Corporate Bond BBB-BB UCITS ETF ISBB LN BlackRock Beta 175.5 64.3 239.7

iShares Euro Government Bond UCITS ETF IEGA LN BlackRock Beta 145.7 -31.9 174.4

Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G FP Amundi Beta 132.1 75.6 240.2

PIMCO Low Duration Euro Corporate Bond Source UCITS ETF LDCE GY Source Alpha 109.3 1.0 109.1

iShares Euro Inflation Linked Government Bond UCITS ETF IBCI LN BlackRock Beta 104.3 32.6 193.5 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 56: Top 10 monthly Commodity ETP inflows (€ million) | ETPs | Europe |

ETP Name BBG Ticker Issuer Invest.

Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

ETFS WTI Crude Oil CRUD LN ETF Securities Ltd Beta 100.2 127.5 429.7

ComStage ETF Commerzbank Commodity EW Index TR CBCOMM GR ComStage Beta 65.8 39.6 105.4

Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 40.9 128.3 184.3

Boost Wti Oil 3X Leverage Daily ETP 3OIL LN Boost Beta+ 35.1 33.1 90.5

ETFS Energy AIGE LN ETF Securities Ltd Beta 35.0 26.8 21.0

ETFS EUR Daily Hedged WTI Crude Oil 00XM GY ETF Securities Ltd Beta 31.0 9.8 71.5

UBS ETFs plc – CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW UBS Beta 28.4 68.6 114.3

UBS-IS Silver ETF A SVUSA SW UBS Beta 25.5 0.0 27.4

db Physical Gold ETC (EUR) XAD5 GR Deutsche AWM Beta 24.3 0.0 27.4

UBS ETF (CH) – Gold (USD) I-dis AUUSI SW UBS Beta 24.3 37.1 83.0 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

9 April 2015



Figure 57: Top 10 monthly Equity ETF outflows (€ million) | ETFs | Europe |


Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

iShares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta -627.7 -666.2 -1,972.2

iShares MSCI World UCITS ETF (Inc) IWRD LN BlackRock Beta -487.5 -224.4 -745.1

UBS ETFs plc - MSCI Emerging Markets TRN Index SF USD-A EGUSAS SW UBS Beta -360.9 18.7 -295.1

iShares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta -332.6 238.7 808.6

UBS-ETF MSCI USA USACHA SW UBS Beta -287.2 -8.8 -484.2

db x-trackers MSCI World Index UCITS ETF 1C XMWO GR Deutsche AWM Beta -267.8 77.0 -215.0

db x-trackers MSCI USA Index UCITS ETF (DR) XD9U GY Deutsche AWM Beta -232.5 3.7 -173.0

UBS ETF (CH) - SMI (CHF) A-dis SMICHA SW UBS Beta -172.7 -39.2 145.5

iShares SMI CH CSSMI SW BlackRock Beta -163.7 -28.1 70.8

iShares Developed Markets Property Yield UCITS ETF IWDP LN BlackRock Beta -134.0 4.5 27.3 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 58: Top 10 monthly Fixed Income ETF outflows (€ million) | ETFs | Europe |


Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

iShares Euro Covered Bond UCITS ETF SCOV LN BlackRock Beta -290.0 5.0 -244.8

iShares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta -132.1 54.3 -63.3

Deka Deutsche Borse EUROGOV Germany 5-10 UCITS ETF ETFGS51 GR Deka Investment GmbH Beta -128.3 12.9 -89.8

db x-trackers II Fed Funds Effective Rate TR Index UCITS ETF XFFE GR Deutsche AWM Beta -77.0 -130.6 16.1

iShares UK Gilts UCITS ETF IGLT LN BlackRock Beta -76.3 89.2 133.4

iShares Euro Government Bond 1-3yr UCITS ETF IBGS LN BlackRock Beta -71.8 68.9 -17.3

UBS-ETF Markit iBoxx EUR Germany 1-3 A UEFL GY UBS Beta -69.3 -19.9 42.0

Lyxor ETF SGI Daily Double Short Bund ETF DSB FP Lyxor Beta+ -53.7 90.0 48.4

Lyxor ETF Euro Corporate Bond CRP FP Lyxor Beta -39.8 53.3 65.2

PIMCO US Dollar Enhanced Short Maturity Source ETF MINT LN Source Alpha -36.5 -53.1 -57.2 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 59: Top 10 monthly Commodity ETP outflows (€ million) | ETPs | Europe |

ETP Name BBG Ticker Issuer Invest.

Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

ETFS Physical Gold PHAU LN ETF Securities Ltd Beta -551.3 36.5 -363.5

Gold Bullion Securities GBS LN ETF Securities Ltd Beta -194.6 121.5 37.9

ETFS Daily Short Gold SBUL LN ETF Securities Ltd Beta+ -101.8 4.3 -94.0

ETFS Daily Short Silver SSIL LN ETF Securities Ltd Beta+ -50.0 0.8 -48.0

ETFS Physical Platinum PHPT LN ETF Securities Ltd Beta -31.7 -1.7 -8.1

ETFS Physical Silver PHAG LN ETF Securities Ltd Beta -25.1 22.0 117.0

iShares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR BlackRock Beta -17.1 34.6 40.3

ZKB Silver ETF ZSIL SW Zuercher Kantonalbank Beta -15.6 -4.7 -25.4

ETFS Physical Palladium PHPD LN ETF Securities Ltd Beta -13.1 -9.3 -34.6

ETFS Corn CORN LN ETF Securities Ltd Beta -11.7 -1.7 -7.3 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

9 April 2015



4. Product Review

New Products Launched in the Month

Figure 60: Number of ETPs by Asset Class | ETPs | Global |

Mar-15 Feb-15 End of 2014

Asset Class Nu.Mkt

Share %Nu. Nu. % Nu. Nu. %

ETFs

Equity 2,625 64.8% 2,615 10 65.0% 2,577 48 64.5%

Fixed income 678 16.7% 664 14 16.5% 665 13 16.7%

Commodity 105 2.6% 105 - 2.6% 106 (1) 2.7%

Currency 15 0.4% 16 (1) 0.4% 17 (2) 0.4%

Multi Asset 47 1.2% 47 - 1.2% 47 - 1.2%

Alternative 47 1.2% 45 2 1.1% 45 2 1.1%

Total 3,517 86.8% 3,492 25 86.7% 3,457 60 86.6%

ETC/Vs

Equity - 0.0% 0 - 0.0% 0 - 0.0%

Commodity 404 10.0% 405 (1) 10.1% 406 (2) 10.2%

Currency 125 3.1% 125 - 3.1% 126 (1) 3.2%

Alternative 4 0.1% 4 - 0.1% 4 - 0.1%

Total 533 13.2% 534 (1) 13.3% 536 (3) 13.4%

Total ETPs 4,050 100.0% 4,026 24 100.0% 3,993 57 100.0%

MoM Change YTD Change


Figure 61: Number of ETPs by Asset Class | ETPs | Europe |


Asset Class Nu.Mkt

Share %Nu. Nu. % Nu. Nu. %

ETFs

Equity 1,013 53.9% 1,017 (4) -0.2% 998 15 0.8%

Fixed income 340 18.1% 337 3 0.2% 342 (2) -0.1%

Commodity 49 2.6% 49 - 0.0% 49 - 0.0%

Currency - 0.0% 1 (1) -0.1% 1 (1) -0.1%

Multi Asset 8 0.4% 8 - 0.0% 8 - 0.0%

Alternative 20 1.1% 20 - 0.0% 20 - 0.0%

Total 1,430 76.1% 1,432 (2) -0.1% 1,418 12 0.6%

ETCs

Commodity 341 18.1% 341 - 0.0% 342 (1) -0.1%

Currency 108 5.7% 108 - 0.0% 109 (1) -0.1%

Total 449 23.9% 449 - 0.0% 451 (2) -0.1%

Total ETPs 1,879 100.0% 1,881 (2) -0.1% 1,869 10 0.5%

MoM Change YTD Change


Eu

rop

ean

Mon

thly

ETF M

ark

et R

evie

w

9 A

pril 2

01

5

Pag

e 3

0

Deu

tsch

e B

an

k A

G/L

on

do

n

Figure 62: New ETF launches & cross listings | ETFs | Europe |

Launch/ cross

listing dateBBG Ticker

Reuters

CodeIssuer ETF Name Asset class

Invest.

StrategyFocus

Marke

t flagBenchmark

Long

/Short/

Leverage

TERExchange

Listed

New Launches

10-Mar-15 MTH FP MTH.PA Lyxor Lyxor Ultra Long Duration EUR Govt FTSE MTS 25+Y UCITS ETF DR - C EUR Fixed Income Beta Overall DM EuroMTS Inv Grade Eurozone Govt Bond 25+yr 1L 0.17% Euronext Paris

17-Mar-15 EI18 LN EI18.L BlackRock iShares iBonds Sep 2018 USD Corporate UCITS ETF Fixed Income Beta Overall DM Barclays Sep 2018 maturity US Corporate Index 1L 0.10% London SE

18-Mar-15 UKRE LN UKRE.L BlackRock iShares MSCI Target UK Real Estate UCITS ETF Equity Beta European DM MSCI UK IMI Liquid Real Estate Index 1L 0.40% London SE

23-Mar-15 XRS2 GY XRS2.DE Deutsche AWM db x-trackers Russell 2000 UCITS ETF Prospective DR 1C Equity Beta Developed non-Europe DM Russell 2000 1L 0.45% Deutsche Borse

24-Mar-15 XRSM GY XRSM.DE Deutsche AWM db x-trackers Russell Midcap UCITS ETF (Prospective DR) Equity Beta Mid Cap DM Russell MIDCAP Index 1L 0.35% Deutsche Borse

25-Mar-15 CCMR LN CCMR.L Commerzbank AG Commerzbank CCBI RQFII Money Market UCITS ETF -CNY Fixed Income Beta Overall EM Other 1L 0.65% London SE

Cross-Listings & share classes

2-Mar-15 BACK SW BACK.S BlackRock iShares US Equity Buyback Achievers UCITS ETF Equity Beta Other Theme DM Nasdaq US Select Buyback Achievers Index 1L 0.55% Swiss SE

6-Mar-15 U1FA GY U1FA.DE UBS UBS ETF – MSCI Canada UCITS ETF (hedged to EUR) A-acc Equity Beta Developed non-Europe DM MSCI Canada Total Return Net (EUR hedged) 1L 0.43% Deutsche Borse

6-Mar-15 CAHEUA IM CAHEUA.MI UBS UBS ETF – MSCI Canada UCITS ETF (hedged to EUR) A-acc Equity Beta Developed non-Europe DM MSCI Canada Total Return Net (EUR hedged) 1L 0.43% Borsa Italiana

6-Mar-15 UC88 LN UC88.L UBS UBS ETF – MSCI Canada UCITS ETF (hedged to GBP) A-dis Equity Beta Developed non-Europe DM MSCI Canada Total Return Net (GBP hedged) 1L 0.43% London SE

6-Mar-15 UC87 LN UC87.L UBS UBS ETF – MSCI Canada UCITS ETF (hedged to GBP) A-acc Equity Beta Developed non-Europe DM MSCI Canada Total Return Net (GBP hedged) 1L 0.43% London SE

6-Mar-15 CAHGBD SW CAHGBD.S UBS UBS ETF – MSCI Canada UCITS ETF (hedged to GBP) A-dis Equity Beta Developed non-Europe DM MSCI Canada Total Return Net (GBP hedged) 1L 0.43% Swiss SE

6-Mar-15 CAHGBA SW CAHGBA.S UBS UBS ETF – MSCI Canada UCITS ETF (hedged to GBP) A-acc Equity Beta Developed non-Europe DM MSCI Canada Total Return Net (GBP hedged) 1L 0.43% Swiss SE

6-Mar-15 CAHUSA SW CAHUSA.S UBS UBS ETF – MSCI Canada UCITS ETF (hedged to USD) A-acc Equity Beta Developed non-Europe DM MSCI Canada Total Return Net (USD hedged) 1L 0.43% Swiss SE

6-Mar-15 CAHCHA SW CAHCHA.S UBS UBS ETF – MSCI Canada UCITS ETF (hedged to CHF) A-acc Equity Beta Developed non-Europe DM MSCI Canada Total Return Net (CHF hedged) 1L 0.43% Swiss SE

6-Mar-15 CAHEUA SW CAHEUA.S UBS UBS ETF – MSCI Canada UCITS ETF (hedged to EUR) A-acc Equity Beta Developed non-Europe DM MSCI Canada Total Return Net (EUR hedged) 1L 0.43% Swiss SE

10-Mar-15 EEI SW EEI.S WisdomTree WisdomTree Europe Equity Income UCITS ETF Equity Beta Dividend DM Wisdom Tree Europe Equity Income Index 1L 0.29% Swiss SE

10-Mar-15 DESE SW DESE.S WisdomTree WisdomTree US SmallCap Dividend UCITS ETF Equity Beta Dividend DM Wisdom Tree US SmallCap Dividend Index 1L 0.38% Swiss SE

10-Mar-15 DGSE SW DGSE.S WisdomTree WisdomTree Emerging Markets SmallCap Dividend UCITS ETF Equity Beta Dividend EM WisdomTree Emerging Markets SmallCap Dividend Index 1L 0.54% Swiss SE

10-Mar-15 DHS SW DHS.S WisdomTree WisdomTree US Equity Income UCITS ETF Equity Beta Dividend DM Wisdom Tree US Equity Income Index 1L 0.29% Swiss SE

10-Mar-15 DEM SW DEM.S WisdomTree WisdomTree Emerging Markets Equity Income UCITS ETF Equity Beta Dividend EM WisdomTree Emerging Markets Equity Income Index 1L 0.46% Swiss SE

10-Mar-15 DFE SW DFE.S WisdomTree WisdomTree Europe SmallCap Dividend UCITS ETF Equity Beta Dividend DM Wisdom Tree Europe SmallCap Dividend Index 1L 0.38% Swiss SE

10-Mar-15 UC90 LN UC90.L UBS UBS ETF - CMCI Composite SF UCITS ETF A acc GBP Commodity Beta Overall DM UBS Bloomberg CMCI Composite GBP TR 1L 0.45% London SE

10-Mar-15 CCGBAS SW CCGBAS.S UBS UBS ETF - CMCI Composite SF UCITS ETF A acc GBP Commodity Beta Overall DM UBS Bloomberg CMCI Composite GBP TR 1L 0.45% Swiss SE

11-Mar-15 GI18 LN GI18.L BlackRock iShares iBonds Sep 2018 USD Corporate UCITS ETF Fixed Income Beta Overall DM Barclays Sep 2018 maturity US Corporate Index 1L 0.10% London SE

11-Mar-15 UI18 LN UI18.L BlackRock iShares iBonds Sep 2018 USD Corporate UCITS ETF Fixed Income Beta Overall DM Barclays Sep 2018 maturity US Corporate Index 1L 0.10% London SE

13-Mar-15 N4US LN N4US.L Source Source JPX-Nikkei 400 UCITS ETF USD Hedged Equity Beta Developed non-Europe DM JPX-nikkei 400 TR Index 1L 0.20% London SE

16-Mar-15 NS4E GY NS4E.DE Source Source JPX-Nikkei 400 UCITS ETF EUR Hedged Equity Beta Developed non-Europe DM JPX-nikkei 400 TR Index 1L 0.20% Deutsche Borse

18-Mar-15 UKPR LN UKPR.L BlackRock iShares MSCI Target UK Real Estate UCITS ETF Equity Beta European DM MSCI UK IMI Liquid Real Estate Index 1L 0.40% London SE

18-Mar-15 FLOT IM FLOT.MI Lyxor Lyxor UCITS ETF Barclays Floating Rate Euro 0-7y Fixed Income Beta Overall DM Barclays Euro Corporate FRN 0-7Y Enhanced Duration 1L 0.10% Borsa Italiana

19-Mar-15 2B7N GY 2B7N.DE BlackRock iShares MSCI Target UK Real Estate UCITS ETF Equity Beta European DM MSCI UK IMI Liquid Real Estate Index 1L 0.40% Deutsche Borse

23-Mar-15 XDPE GY XDPE.DE Deutsche AWM db x-trackers S&P 500 UCITS ETF Prospective DR 1C - EUR Hedged Equity Beta Developed non-Europe DM S&P 500 EUR Hedged Index 1L 0.30% Deutsche Borse

24-Mar-15 PRUS LN PRUS.L PowerShares PowerShares FTSE RAFI US 1000 UCITS ETF Equity Semi ActiveFundamental DM FTSE RAFI US 1000 1L 0.39% London SE

24-Mar-15 PSWU LN PSWU.L PowerShares PowerShares Dynamic US Market UCITS ETF Equity Alpha Quantitative DM Dynamic Market Intellidex (SM) 1L 0.75% London SE

24-Mar-15 EQQU LN EQQU.L PowerShares PowerShares EQQQ Nasdaq-100 UCITS ETF Equity Beta Developed non-Europe DM NASDAQ 100 1L 0.30% London SE

24-Mar-15 XRMU LN XRMU.L Deutsche AWM db x-trackers Russell Midcap UCITS ETF (Prospective DR) Equity Beta Mid Cap DM Russell MIDCAP Index 1L 0.35% London SE

24-Mar-15 XRSS LN XRSS.L Deutsche AWM db x-trackers Russell Midcap UCITS ETF (Prospective DR) Equity Beta Mid Cap DM Russell MIDCAP Index 1L 0.35% London SE

25-Mar-15 CCMG LN CCMG.L Commerzbank AG Commerzbank CCBI RQFII Money Market UCITS ETF -GBP Fixed Income Beta Overall EM Other 1L 0.65% London SE

25-Mar-15 CCME LN CCME.L Commerzbank AG Commerzbank CCBI RQFII Money Market UCITS ETF -EUR Fixed Income Beta Overall EM Other 1L 0.65% London SE

27-Mar-15 FTAL SW FTAL.S State Street SPDR FTSE UK All Share ETF Equity Beta European Developed DM FTSE All Share 1L 0.20% Swiss SE

27-Mar-15 XRSU LN XRSU.L Deutsche AWM db x-trackers Russell 2000 UCITS ETF Prospective DR 1C Equity Beta Developed non-Europe DM Russell 2000 1L 0.45% London SE

27-Mar-15 XRSG LN XRSG.L Deutsche AWM db x-trackers Russell 2000 UCITS ETF Prospective DR 1C Equity Beta Developed non-Europe DM Russell 2000 1L 0.45% London SE

27-Mar-15 XDPG LN XDPG.L Deutsche AWM db x-trackers S&P 500 UCITS ETF (DR) 2C GBP Hedged Equity Beta Developed non-Europe DM S&P 500 1L 0.30% London SE

31-Mar-15 XRSM SW XRSM.S Deutsche AWM db x-trackers Russell Midcap UCITS ETF (Prospective DR) Equity Beta Mid Cap DM Russell MIDCAP Index 1L 0.35% Swiss SE

31-Mar-15 XRLS SW XRLS.S Deutsche AWM db x-trackers Russell 2000 UCITS ETF Prospective DR 2C Equity Beta Developed non-Europe DM Russell 2000 1L 0.20% Swiss SE

31-Mar-15 XRS2 SW XRS2.S Deutsche AWM db x-trackers Russell 2000 UCITS ETF Prospective DR 1C Equity Beta Developed non-Europe DM Russell 2000 1L 0.45% Swiss SE

31-Mar-15 XEOU SW XEOU.S Deutsche AWM db x-trackers MSCI Europe Index UCITS ETF (DR) 2C Equity Beta Europe DM MSCI Europe 1L 0.15% Swiss SE Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

9 April 2015



Average TERs

Figure 63: ETF TERs using simple average | ETFs | Europe |

Asset class Strategy TER Nu. TER Nu. TER Nu.

Equity Alpha 0.70% 7 1.48% 3 0.87% 10

Beta 0.40% 464 0.42% 437 0.41% 901

Beta+ 0.55% 4 0.51% 65 0.51% 69

Semi Active 0.54% 16 0.55% 17 0.55% 33

0.41% 491 0.44% 522 0.43% 1,013

Fixed Income Alpha 0.65% 7 0.39% 2 0.59% 9

Beta 0.24% 177 0.19% 131 0.21% 308

Beta+ NA NA 0.25% 23 0.25% 23

0.25% 184 0.20% 156 0.23% 340

Alternative Alpha NA NA 0.67% 7 0.67% 7

Beta 0.75% 2 0.70% 2 0.73% 4

Beta+ NA NA NA NA NA NA

Semi Active 0.30% 1 0.60% 8 0.57% 9

0.006 3 0.65% 17 0.65% 20

Commodity Beta 0.49% 22 0.49% 26 0.49% 48


Semi Active NA NA 0.45% 1 0.45% 1

0.49% 22 0.49% 27 0.49% 49

Currency Beta NA NA NA NA NA NA

NA NA NA NA NA NA

Multi Asset Alpha 0.60% 6 0.73% 2 0.64% 8

0.60% 6 0.73% 2 0.64% 8

Total 0.38% 706 0.40% 724 0.39% 1,430

Physical Synthetic Total


Figure 64: ETC TERs using simple average | ETCs | Europe |

Asset Class Segment Strategy TER Nu. TER Nu. TER Nu.

Commodity Agriculture Beta NA NA 0.51% 42 0.49% 42

Beta+ NA NA 0.91% 29 0.91% 29

Energy Beta NA NA 0.49% 50 0.47% 50

Beta+ NA NA 0.77% 47 0.77% 47

Industrial Metals Beta NA NA 0.49% 29 0.48% 29

Beta+ NA NA 0.89% 23 0.89% 23

Livestock Beta NA NA 0.49% 6 0.49% 6

Beta+ NA NA 0.98% 6 0.98% 6

Overall Beta NA NA 0.50% 13 0.47% 13

Beta+ NA NA 0.98% 4 0.98% 4

Precious Metals Beta 0.46% 32 0.45% 19 0.44% 51

Beta+ NA NA 0.72% 41 0.72% 41

Commodity 0.46% 32 0.65% 309 0.62% 341

Currency Currency Beta NA NA 0.41% 42 0.41% 42

Beta+ NA NA 0.77% 66 0.77% 66

Currency NA NA 0.63% 108 0.63% 108

Physical Synthetic Total


9 April 2015



Figure 65: ETF TERs using AUM weighted average | ETFs | Europe |

Asset class Strategy TER Nu. TER Nu. TER Nu.

Equity Alpha 0.73% 7 0.95% 3 0.76% 10

Beta 0.33% 464 0.37% 437 0.34% 901

Beta+ 0.58% 4 0.49% 65 0.49% 69

Semi Active 0.58% 16 0.56% 17 0.57% 33

0.34% 491 0.38% 522 0.35% 1,013

Fixed Income Alpha 0.37% 7 0.39% 2 0.37% 9

Beta 0.26% 177 0.18% 131 0.24% 308

Beta+ NA NA 0.23% 23 0.23% 23

0.26% 184 0.19% 156 0.25% 340

Alternative Alpha NA NA 0.83% 7 0.83% 7

Beta 0.75% 2 0.70% 2 0.73% 4


Semi Active 0.30% 1 0.67% 8 0.57% 9

0.72% 3 0.79% 17 0.77% 20

Commodity Beta 0.42% 22 0.44% 26 0.42% 48


Semi Active NA NA 0.45% 1 0.45% 1

0.42% 22 0.44% 27 0.42% 49

Currency Beta NA NA NA NA NA NA

NA NA NA - NA -

Multi Asset Alpha 0.66% 6 0.72% 2 0.72% 8

0.66% 6 0.72% 2 0.72% 8

Total 0.32% 706 0.35% 724 0.33% 1,430

Synthetic TotalPhysical


Figure 66: ETC TERs using AUM weighted average | ETCs | Europe |

Asset Class Segment Strategy TER Nu. TER Nu. TER Nu.

Commodity Agriculture Beta NA NA 0.53% 42 0.53% 42

Beta+ NA NA 0.98% 29 0.98% 29

Energy Beta NA NA 0.52% 50 0.52% 50

Beta+ NA NA 0.97% 47 0.97% 47

Industrial Metals Beta NA NA 0.49% 29 0.49% 29

Beta+ NA NA 0.98% 23 0.98% 23

Livestock Beta NA NA 0.49% 6 0.49% 6

Beta+ NA NA 0.98% 6 0.98% 6

Overall Beta NA NA 0.50% 13 0.50% 13

Beta+ NA NA 0.98% 4 0.98% 4

Precious Metals Beta 0.39% 32 0.37% 19 0.39% 51

Beta+ NA NA 0.92% 41 0.92% 41

Commodity 0.39% 32 0.52% 309 0.44% 341

Currency Currency Beta NA NA 0.39% 42 0.39% 42

Beta+ NA NA 0.91% 66 0.91% 66

Currency NA NA 0.76% 108 0.76% 108

TotalPhysical Synthetic


9 April 2015



5. Provider Rankings

Global Provider Rankings

Figure 67: Global Top 10 ETF Providers ($ million) | ETFs | Global |

Rank Issuer Current AUM Mkt. Share 2014 AUM 2014 Mkt. Share Nu.

Current

Month CF

Current Month

TO YTD CF

1 BlackRock 1,030,631 38.1% 975,205 38.1% 605 11,273 461,451 37,892

2 Vanguard 475,834 17.6% 443,404 17.3% 94 8,088 79,140 23,229

3 State Street 429,297 15.9% 453,738 17.7% 225 -3,180 774,789 -27,224

4 PowerShares 93,367 3.5% 91,378 3.6% 142 614 77,425 306

5 Deutsche AWM 69,853 2.6% 58,319 2.3% 260 4,482 13,806 10,872

6 WisdomTree 55,800 2.1% 39,297 1.5% 76 6,468 24,994 13,283

7 Nomura Asset Management 51,616 1.9% 43,106 1.7% 44 2,865 38,276 4,039

8 Lyxor 51,264 1.9% 46,227 1.8% 215 1,569 17,751 4,823

9 First Trust 38,719 1.4% 33,266 1.3% 98 1,930 8,664 4,150

10 Charles Schwab 31,051 1.1% 26,922 1.1% 21 1,616 4,975 3,551

Total Top 10 2,327,432 86.1% 2,210,862 86.3% 1,780 35,725 1,501,270 74,921

Others 376,301 13.9% 351,762 13.7% 1,737 30 276,823 12,847

Global Total 2,703,733 100.0% 2,562,624 100.0% 3,517 35,755 1,778,093 87,769 Blackrock’s acquisition of Credit Suisse’s ETF business completed on 1-Jul-2013. We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs.


Figure 68: Global Top 10 ETC/V Providers ($ million) | ETCs/Vs | Global |

Rank Issuer Current AUM Mkt. Share 2014 AUM

2014 Mkt.

Share Nu.

Current

Month CF

Current Month

TO YTD CF

1 State Street 28,123 34.8% 27,325 35.3% 1 -1,292 15,119 1,283

2 ETF Securities Ltd 16,527 20.5% 16,586 21.4% 327 -747 4,295 477

3 BlackRock 12,796 15.8% 12,494 16.1% 8 -75 3,221 255

4 PowerShares 6,623 8.2% 7,159 9.2% 11 -140 3,240 -196

5 United States Commodity Funds 4,235 5.2% 2,790 3.6% 11 286 14,183 1,793

6 ProShares 4,199 5.2% 3,282 4.2% 19 275 20,827 1,154

7 Deutsche AWM 2,386 3.0% 2,192 2.8% 39 92 211 341

8 Source 2,079 2.6% 1,920 2.5% 4 37 230 203

9 Deutsche Borse Commodities GmbH 1,918 2.4% 1,902 2.5% 1 0 142 0

10 Guggenheim Investments 985 1.2% 935 1.2% 9 20 4,067 104

Total Top 10 79,872 98.8% 76,584 98.9% 430 -1,544 65,536 5,414

Others 939 1.2% 880 1.1% 103 71 666 148

Global Total 80,811 100.0% 77,464 100.0% 533 -1,473 66,202 5,562


9 April 2015



Figure 69: Global Top 10 ETP Providers ($ million) | ETPs | Global |

Rank Issuer Current AUM Mkt. Share 2014 AUM

2014 Mkt.

Share Nu.

Current

Month CF

Current Month

TO YTD CF

1 BlackRock 1,043,427 37.5% 987,699 37.4% 613 11,198 464,672 38,147

2 Vanguard 475,834 17.1% 443,404 16.8% 94 8,088 79,140 23,229

3 State Street 457,421 16.4% 481,063 18.2% 226 -4,472 789,908 -25,940

4 PowerShares 99,990 3.6% 98,537 3.7% 153 473 80,666 110

5 Deutsche AWM 72,239 2.6% 60,511 2.3% 299 4,575 14,017 11,213

6 WisdomTree 55,800 2.0% 39,297 1.5% 76 6,468 24,994 13,283

7 Nomura Asset Management 51,616 1.9% 43,106 1.6% 44 2,865 38,276 4,039

8 Lyxor 51,264 1.8% 46,227 1.8% 215 1,569 17,751 4,823

9 First Trust 38,719 1.4% 33,266 1.3% 98 1,930 8,664 4,150

10 Charles Schwab 31,051 1.1% 26,922 1.0% 21 1,616 4,975 3,551

Total Top 10 2,377,361 85.4% 2,260,031 85.6% 1,839 34,310 1,523,062 76,605

Others 407,182 14.6% 380,057 14.4% 2,211 -28 321,233 16,726

Global Total 2,784,543 100.0% 2,640,087 100.0% 4,050 34,282 1,844,295 93,330

Blackrock’s acquisition of Credit Suisse’s ETF business completed on 1-Jul-2013. We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs.


9 April 2015



European Provider Rankings – General

Figure 70: European ETF Providers (All) – Assets, Flows, Products, Turnover | ETFs | Europe |

All figures in € million except

products

Issuer Current

Month

End of

2014 Diff.

Current

Month

Prev.

Month YTD

Current

Month

Prev.

Month Diff.

Current

Month

End of

2014 Diff.

BlackRock 211,609 175,377 21% 3,291 4,970 13,258 33,006 26,299 26% 267 256 4%

Deutsche AWM 53,768 44,558 21% 1,192 1,113 3,472 6,965 5,446 28% 234 248 -6%

Lyxor 47,732 38,202 25% 1,432 1,778 4,266 16,264 9,509 71% 215 215 0%

UBS 23,032 17,073 35% 707 544 3,213 2,750 2,274 21% 126 124 2%

Amundi 18,316 15,386 19% 5 440 896 4,849 3,890 25% 99 98 1%

Vanguard 14,755 12,538 18% -194 288 483 2,043 1,844 11% 13 13 0%

Source 14,216 12,625 13% 267 14 120 2,145 1,659 29% 76 76 0%

State Street 12,349 9,274 33% 296 902 1,898 1,783 1,448 23% 64 60 7%

Deka Investment GmbH 7,202 6,433 12% -112 4 29 1,443 2,166 -33% 43 42 2%

ComStage 7,106 5,391 32% 615 183 1,031 670 598 12% 102 98 4%

Zuercher Kantonalbank 6,744 6,032 12% -25 -4 16 325 250 30% 4 4 0%

HSBC 5,847 5,363 9% -45 -129 -270 826 605 37% 28 28 0%

BNP Paribas 4,744 3,756 26% -79 209 378 204 154 33% 38 38 0%

Xact Fonder AB 2,762 2,379 16% 6 30 12 1,215 1,071 13% 10 10 0%

Julius Baer Inv 2,199 2,060 7% -4 -28 -44 104 113 -8% 8 8 0%

Ossiam 1,899 1,574 21% 49 -20 81 149 77 93% 8 7 14%

PowerShares 1,707 1,465 17% -44 16 31 234 153 52% 19 19 0%

ThinkCapital ETFs N.V. 1,002 1,030 -3% -5 -87 -97 141 87 63% 11 11 0%

ETF Securities Ltd 553 456 21% 39 19 77 409 308 33% 14 14 0%

BBVA Gestion SA SGIIC 506 434 17% 19 -16 18 39 38 3% 2 2 0%

Royal Bank of Scotland plc 419 379 11% 7 15 10 30 29 4% 12 12 0%

Seligson & Co Fund Man 178 144 23% 0 12 6 7 18 -59% 1 1 0%

Raiffeisen Schweiz Genossenschaft 165 137 21% 5 7 12 6 12 -49% 3 3 0%

DnB Kapitalforvaltning 125 112 12% 0 -16 -2 28 8 271% 1 1 0%

Fundlogic Global Solutions plc 121 104 17% 0 0 0 2 1 40% 1 1 0%

SEB Investment Management AB 98 82 19% 2 0 2 12 32 -64% 3 3 0%

First Trust 73 53 38% 8 4 11 8 4 82% 4 4 0%

Commerzbank AG 68 49 40% 14 -3 10 0 0 31% 2 1 100%

Nomura Asset Management 49 0 NA 7 0 43 18 9 88% 1 0 NA

WisdomTree 43 13 219% 9 18 27 14 29 -54% 6 6 0%

FinEx Fund Plc 34 28 20% 0 0 0 0 2 -72% 2 2 0%

NCB Stockbrokers 28 24 16% 0 0 0 1 1 -8% 1 1 0%

Swedbank Robur 22 19 18% 0 0 0 4 2 87% 3 3 0%

Alpha Asset Management 14 16 -13% 0 0 0 0 1 -87% 1 1 0%

NBG Asset Management MFMC 5 6 -7% 0 0 0 0 0 -86% 2 2 0%

Boost 1 1 135% 0 1 1 2 1 108% 2 2 0%

Alpcot Capital Management 1 0 1207% 0 0 0 0 0 -52% 1 1 0%

Landsbankinn 0 0 NA 0 0 0 1 0 1827% 1 1 0%

Nordea Investment Funds 0 0 NA 0 0 0 0 0 4745% 2 2 0%

PDR Services LLC 0 0 NA 0 0 0 0 0 -56% 0 0 NA

Total 439,491 362,572 21% 7,463 10,264 28,989 75,698 58,143 30% 1430 1,418 1%

AUM Cash Flow Turnover Products

*New entrant in 2015 is highlighted in light grey. *Blackrock’s acquisition of Credit Suisse’s ETF business completed on 1-Jul-2013. We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

9 April 2015



Figure 71: European ETC Providers (All) – Assets, Flows, Products, Turnover | ETCs | Europe |

All figures in € million except

products

Issuer Current

Month

End of

2014 Diff.

Current

Month

Prev.

Month YTD

Current

Month

Prev.

Month Diff.

Current

Month

End of

2014 Diff.

ETF Securities Ltd 12,851 11,282 14% -673 436 483 3,694 3,427 8% 305 306 0%

Deutsche AWM 2,222 1,811 23% 86 118 304 195 196 0% 39 39 0%

Source 1,936 1,586 22% 33 133 178 212 261 -19% 4 4 0%

Deutsche Borse Commodities GmbH 1,786 1,572 14% 0 0 0 132 149 -12% 1 1 0%

BlackRock 315 179 76% 8 77 114 22 248 -91% 4 4 0%

Royal Bank of Scotland plc 277 251 10% 21 0 21 5 8 -37% 6 7 -14%

Boost 155 42 265% 46 52 131 495 440 13% 21 21 0%

Borse Stuttgart Securities GmbH 109 88 24% 4 4 9 7 9 -25% 1 1 0%

Commerzbank AG 1 1 -1% 0 0 0 32 38 -17% 68 68 0%

Total 19,650 16,813 17% -475 818 1,239 4,794 4,776 0% 449 451 0%

AUM Cash Flow Turnover Products


9 April 2015



Figure 72: European ETP Providers (All) – Assets, Flows, Products, Turnover | ETPs | Europe |

All figures in € million except products

Issuer Current

Month

End of

2014 Diff.

Current

Month

Prev.

Month YTD

Current

Month

Prev.

Month Diff.

Current

Month

End of

2014 Diff.

BlackRock 211,924 175,556 21% 3,300 5,047 13,372 33,028 26,547 24% 271 260 4%

Deutsche AWM 55,990 46,369 21% 1,278 1,231 3,776 7,160 5,643 27% 273 287 -5%

Lyxor 47,732 38,202 25% 1,432 1,778 4,266 16,264 9,509 71% 215 215 0%

UBS 23,032 17,073 35% 707 544 3,213 2,750 2,274 21% 126 124 2%

Amundi 18,316 15,386 19% 5 440 896 4,849 3,890 25% 99 98 1%

Source 16,152 14,212 14% 299 146 298 2,357 1,920 23% 80 80 0%

Vanguard 14,755 12,538 18% -194 288 483 2,043 1,844 11% 13 13 0%

ETF Securities Ltd 13,403 11,738 14% -634 455 560 4,104 3,735 10% 319 320 0%

State Street 12,349 9,274 33% 296 902 1,898 1,783 1,448 23% 64 60 7%

Deka Investment GmbH 7,202 6,433 12% -112 4 29 1,443 2,166 -33% 43 42 2%

ComStage 7,106 5,391 32% 615 183 1,031 670 598 12% 102 98 4%

Zuercher Kantonalbank 6,744 6,032 12% -25 -4 16 325 250 30% 4 4 0%

HSBC 5,847 5,363 9% -45 -129 -270 826 605 37% 28 28 0%

BNP Paribas 4,744 3,756 26% -79 209 378 204 154 33% 38 38 0%

Xact Fonder AB 2,762 2,379 16% 6 30 12 1,215 1,071 13% 10 10 0%

Julius Baer Inv 2,199 2,060 7% -4 -28 -44 104 113 -8% 8 8 0%

Ossiam 1,899 1,574 21% 49 -20 81 149 77 93% 8 7 14%

Deutsche Borse Commodities GmbH 1,786 1,572 14% 0 0 0 132 149 -12% 1 1 0%

PowerShares 1,707 1,465 17% -44 16 31 234 153 52% 19 19 0%

ThinkCapital ETFs N.V. 1,002 1,030 -3% -5 -87 -97 141 87 63% 11 11 0%

Royal Bank of Scotland plc 696 630 10% 28 15 31 35 37 -5% 18 19 -5%

BBVA Gestion SA SGIIC 506 434 17% 19 -16 18 39 38 3% 2 2 0%

Seligson & Co Fund Man 178 144 23% 0 12 6 7 18 -59% 1 1 0%

Raiffeisen Schweiz Genossenschaft 165 137 21% 5 7 12 6 12 -49% 3 3 0%

Boost 156 43 263% 46 52 131 498 441 13% 23 23 0%

DnB Kapitalforvaltning 125 112 12% 0 -16 -2 28 8 271% 1 1 0%

Fundlogic Global Solutions plc 121 104 17% 0 0 0 2 1 40% 1 1 0%

Borse Stuttgart Securities GmbH 109 88 24% 4 4 9 7 9 -25% 1 1 0%

SEB Investment Management AB 98 82 19% 2 0 2 12 32 -64% 3 3 0%

First Trust 73 53 38% 8 4 11 8 4 82% 4 4 0%

Commerzbank AG 69 50 39% 14 -3 10 32 39 -17% 70 69 1%

Nomura Asset Management 49 0 NA 7 0 43 18 9 88% 1 0 NA

WisdomTree 43 13 219% 9 18 27 14 29 -54% 6 6 0%

FinEx Fund Plc 34 28 20% 0 0 0 0 2 -72% 2 2 0%

NCB Stockbrokers 28 24 16% 0 0 0 1 1 -8% 1 1 0%

Swedbank Robur 22 19 18% 0 0 0 4 2 87% 3 3 0%

Alpha Asset Management 14 16 -13% 0 0 0 0 1 -87% 1 1 0%

NBG Asset Management MFMC 5 6 -7% 0 0 0 0 0 -86% 2 2 0%

Alpcot Capital Management 1 0 1207% 0 0 0 0 0 -52% 1 1 0%

PDR Services LLC 0 0 NA 0 0 0 0 0 -56% 0 0 NA

Nordea Investment Funds 0 0 NA 0 0 0 0 0 4745% 2 2 0%

Landsbankinn 0 0 NA 0 0 0 1 0 1827% 1 1 0%

Total 459,141 379,385 21% 6,987 11,083 30,227 80,491 62,918 28% 1,879 1,869 1%

ProductsAUM Cash Flow Turnover


9 April 2015



Figure 73: European ETP Providers tier market share | ETPs | Europe |

Tier Tier 1 Tier 2 Tier 3

Providers 4 10 26

Q1 14 70.5% 24.9% 4.6%

Q2 14 69.8% 24.9% 5.3%

Q3 14 68.9% 26.9% 4.2%

Q4 14 68.6% 27.3% 4.2%

Mar-15 68.7% 27.2% 4.0%

60% 65% 70% 75% 80% 85% 90% 95% 100%

Q1 14

Q2 14

Q3 14

Q4 14

Mar-15

Tier 1 Tier 2 Tier 3


9 April 2015



European Provider Rankings – by Asset Class

Figure 74: European ETF Providers (All) – Assets, Flows, Products, Turnover | ETFs | Europe |

Issuer Equity

Fixed

Income

Comm-

odity Others

Total

AUM

Mkt Share

% Nu.

Current

TO

Current

CF YTD CF

BlackRock 147,300 62,605 1,319 385 211,609 48.1% 267 33,006 3,291 13,258

Deutsche AWM 39,914 12,352 576 926 53,768 12.2% 234 6,965 1,192 3,472

Lyxor 38,440 8,172 1,047 72 47,732 10.9% 215 16,264 1,432 4,266

UBS 19,982 1,284 1,647 119 23,032 5.2% 126 2,750 707 3,213

Amundi 14,089 4,204 22 0 18,316 4.2% 99 4,849 5 896

Vanguard 14,657 98 0 0 14,755 3.4% 13 2,043 -194 483

Source 9,354 4,572 222 69 14,216 3.2% 76 2,145 267 120

State Street 8,286 4,063 0 0 12,349 2.8% 64 1,783 296 1,898

Deka Investment GmbH 4,574 2,628 0 0 7,202 1.6% 43 1,443 -112 29

ComStage 4,669 2,101 336 0 7,106 1.6% 102 670 615 1,031

Zuercher Kantonalbank 0 0 6,744 0 6,744 1.5% 4 325 -25 16

HSBC 5,847 0 0 0 5,847 1.3% 28 826 -45 -270

BNP Paribas 4,331 167 246 0 4,744 1.1% 38 204 -79 378

Xact Fonder AB 2,762 0 0 0 2,762 0.6% 10 1,215 6 12

Julius Baer Inv 69 0 2,130 0 2,199 0.5% 8 104 -4 -44

Ossiam 1,869 0 30 0 1,899 0.4% 8 149 49 81

PowerShares 1,622 81 0 4 1,707 0.4% 19 234 -44 31

ThinkCapital ETFs N.V. 492 499 0 10 1,002 0.2% 11 141 -5 -97

ETF Securities Ltd 444 0 96 13 553 0.1% 14 409 39 77

BBVA Gestion SA SGIIC 506 0 0 0 506 0.1% 2 39 19 18

Royal Bank of Scotland plc 198 0 222 0 419 0.1% 12 30 7 10

Seligson & Co Fund Man 178 0 0 0 178 0.0% 1 7 0 6

Raiffeisen Schweiz Genossenschaft 0 0 165 0 165 0.0% 3 6 5 12

DnB Kapitalforvaltning 125 0 0 0 125 0.0% 1 28 0 -2

Fundlogic Global Solutions plc 121 0 0 0 121 0.0% 1 2 0 0

SEB Investment Management AB 98 0 0 0 98 0.0% 3 12 2 2

First Trust 73 0 0 0 73 0.0% 4 8 8 11

Commerzbank AG 54 14 0 0 68 0.0% 2 0 14 10

Nomura Asset Management 49 0 0 0 49 0.0% 1 18 7 43

WisdomTree 43 0 0 0 43 0.0% 6 14 9 27

FinEx Fund Plc 0 30 3 0 34 0.0% 2 0 0 0

NCB Stockbrokers 28 0 0 0 28 0.0% 1 1 0 0

Swedbank Robur 22 0 0 0 22 0.0% 3 4 0 0

Alpha Asset Management 14 0 0 0 14 0.0% 1 0 0 0

NBG Asset Management MFMC 5 0 0 0 5 0.0% 2 0 0 0

Boost 1 0 0 0 1 0.0% 2 2 0 1

Alpcot Capital Management 1 0 0 0 1 0.0% 1 0 0 0

Landsbankinn 0 0 0 0 0 0.0% 1 1 0 0

PDR Services LLC 0 0 0 0 0 0.0% 0 0 0 0

Total 320,217 102,871 14,804 1,599 439,491 100.0% 1,430 75,698 7,463 28,989



9 April 2015



Figure 75: European ETC Providers (All) – Assets, Flows, Products, Turnover | ETCs | Europe |

Issuer Commodity Currency Total AUM

Mkt

Share % Nu. Current TO Current CF YTD CF

ETF Securities Ltd 12,446 405 12,851 65.4% 305 3,694 -673 483

Deutsche AWM 2,222 0 2,222 11.3% 39 195 86 304

Source 1,936 0 1,936 9.9% 4 212 33 178

Deutsche Borse Commodities GmbH 1,786 0 1,786 9.1% 1 132 0 0

BlackRock 315 0 315 1.6% 4 22 8 114

Royal Bank of Scotland plc 277 0 277 1.4% 6 5 21 21

Boost 152 3 155 0.8% 21 495 46 131

Borse Stuttgart Securities GmbH 109 0 109 0.6% 1 7 4 9

Commerzbank AG 1 0 1 0.0% 68 32 0 0

Total 19,242 408 19,650 100.0% 449 4,794 -475 1,239



9 April 2015



Figure 76: European ETP Providers (All) – Assets, Flows, Products, Turnover | ETPs | Europe |

Issuer Equity

Fixed

Income Commodity Others

Total

AUM

Mkt Share

% Nu.

Current

TO

Current

CF YTD CF

BlackRock 147,300 62,605 1,634 385 211,924 46.2% 271 33,028 3,300 13,372

Deutsche AWM 39,914 12,352 2,798 926 55,990 12.2% 273 7,160 1,278 3,776

Lyxor 38,440 8,172 1,047 72 47,732 10.4% 215 16,264 1,432 4,266

UBS 19,982 1,284 1,647 119 23,032 5.0% 126 2,750 707 3,213

Amundi 14,089 4,204 22 0 18,316 4.0% 99 4,849 5 896

Source 9,354 4,572 2,157 69 16,152 3.5% 80 2,357 299 298

Vanguard 14,657 98 0 0 14,755 3.2% 13 2,043 -194 483

ETF Securities Ltd 444 0 12,542 418 13,403 2.9% 319 4,104 -634 560

State Street 8,286 4,063 0 0 12,349 2.7% 64 1,783 296 1,898

Deka Investment GmbH 4,574 2,628 0 0 7,202 1.6% 43 1,443 -112 29

ComStage 4,669 2,101 336 0 7,106 1.5% 102 670 615 1,031

Zuercher Kantonalbank 0 0 6,744 0 6,744 1.5% 4 325 -25 16

HSBC 5,847 0 0 0 5,847 1.3% 28 826 -45 -270

BNP Paribas 4,331 167 246 0 4,744 1.0% 38 204 -79 378

Xact Fonder AB 2,762 0 0 0 2,762 0.6% 10 1,215 6 12

Julius Baer Inv 69 0 2,130 0 2,199 0.5% 8 104 -4 -44

Ossiam 1,869 0 30 0 1,899 0.4% 8 149 49 81

Deutsche Borse Commodities GmbH 0 0 1,786 0 1,786 0.4% 1 132 0 0

PowerShares 1,622 81 0 4 1,707 0.4% 19 234 -44 31

ThinkCapital ETFs N.V. 492 499 0 10 1,002 0.2% 11 141 -5 -97

Royal Bank of Scotland plc 198 0 498 0 696 0.2% 18 35 28 31

BBVA Gestion SA SGIIC 506 0 0 0 506 0.1% 2 39 19 18

Seligson & Co Fund Man 178 0 0 0 178 0.0% 1 7 0 6

Raiffeisen Schweiz Genossenschaft 0 0 165 0 165 0.0% 3 6 5 12

Boost 1 0 152 3 156 0.0% 23 498 46 131

DnB Kapitalforvaltning 125 0 0 0 125 0.0% 1 28 0 -2

Fundlogic Global Solutions plc 121 0 0 0 121 0.0% 1 2 0 0

Borse Stuttgart Securities GmbH 0 0 109 0 109 0.0% 1 7 4 9

SEB Investment Management AB 98 0 0 0 98 0.0% 3 12 2 2

First Trust 73 0 0 0 73 0.0% 4 8 8 11

Commerzbank AG 54 14 1 0 69 0.0% 70 32 14 10

Nomura Asset Management 49 0 0 0 49 0.0% 1 18 7 43

FinEx Fund Plc 0 30 3 0 34 0.0% 2 0 0 0

NCB Stockbrokers 28 0 0 0 28 0.0% 1 1 0 0

Swedbank Robur 22 0 0 0 22 0.0% 3 4 0 0

Alpha Asset Management 14 0 0 0 14 0.0% 1 0 0 0

NBG Asset Management MFMC 5 0 0 0 5 0.0% 2 0 0 0

Alpcot Capital Management 1 0 0 0 1 0.0% 1 0 0 0

Nordea Investment Funds 0 0 0 0 0 0.0% 2 0 0 0

Landsbankinn 0 0 0 0 0 0.0% 1 1 0 0

PDR Services LLC 0 0 0 0 0 0.0% 0 0 0 0

Total 320,217 102,871 34,047 2,006 459,141 100.0% 1,879 80,491 6,987 30,227



9 April 2015



European Provider Analysis by Replication Method

Figure 77: European ETF Providers list by replication | ETFs | Europe|

AUM (€) ETFs AUM (€) ETFs AUM (€) ETFs AUM (€) ETFs AUM (€) AUM (%) ETFs

European Providers

BlackRock Physical 146,968 173 62,605 86 767 3 385 1 210,725 100% 263

Synthetic 331 3 - - 552 1 - - 884 0% 4

Deutsche AWM Physical 23,409 49 78 1 - - 22 3 23,509 44% 53

Synthetic 16,505 93 12,275 81 576 3 904 4 30,259 56% 181

Lyxor Physical 883 9 4,366 19 - - - - 5,249 11% 28

Synthetic 37,557 152 3,807 22 1,047 6 72 7 42,483 89% 187

UBS Physical 17,907 68 1,281 21 1,027 7 - - 20,215 88% 96

Synthetic 2,075 19 3 1 619 8 119 2 2,817 12% 30

Amundi Physical 1,179 6 - - - - - - 1,179 6% 6

Synthetic 12,910 68 4,204 24 22 1 - - 17,137 94% 93

Vanguard Physical 14,657 12 98 1 - - - - 14,755 100% 13

Source Physical 1,239 9 4,430 9 - - 23 1 5,693 40% 19

Synthetic 8,114 49 142 2 222 1 46 5 8,523 60% 57

State Street Physical 8,286 41 4,063 23 - - - - 12,349 100% 64

Deka Investment GmbH Physical 4,557 23 2,628 19 - - - - 7,185 100% 42

Synthetic 17 1 - - - - - - 17 0% 1

ComStage Physical 93 2 - - - - - - 93 1% 2

Synthetic 4,577 75 2,101 24 336 1 - - 7,014 99% 100

Zuercher Kantonalbank Physical - - - - 6,744 4 - - 6,744 100% 4

HSBC Physical 5,847 28 - - - - - - 5,847 100% 28

BNP Paribas Physical 2,285 17 - - - - - - 2,285 48% 17

Synthetic 2,046 19 167 1 246 1 - - 2,459 52% 21

Xact Fonder AB Physical 2,343 4 - - - - - - 2,343 85% 4

Synthetic 419 6 - - - - - - 419 15% 6

Julius Baer Inv Physical 69 4 - - 2,130 4 - - 2,199 100% 8

Ossiam Physical 45 1 - - - - - - 45 2% 1

Synthetic 1,824 6 - - 30 1 - - 1,854 98% 7

PowerShares Physical 1,599 15 81 1 - - 4 1 1,684 99% 17

Synthetic 23 2 - - - - - - 23 1% 2

ThinkCapital ETFs N.V. Physical 492 5 499 3 - - 10 3 1,002 100% 11

ETF Securities Ltd Synthetic 390 10 - - 96 1 13 1 499 100% 12

Physical 54 2 - - - - - - 54 100% 2

BBVA Gestion SA Physical 506 2 - - - - - - 506 100% 2

RBS plc Synthetic 198 9 - - 222 3 - - 419 100% 12

Seligson & Co Fund Mgmt. Physical 178 1 - - - - - - 178 100% 1

Raiffeisen Schweiz

Genossenschaft

Physical - - - - 165 3 - - 165 100% 3

DnB Kapitalforvaltning Physical 125 1 - - - - - - 125 100% 1

Fundlogic Global Solutions plc Synthetic 121 1 - - - - - - 121 100% 1

SEB Investment Management AB Synthetic 98 3 - - - - - - 98 100% 3

First Trust Physical 73 4 - - - - - - 73 100% 4

Commerzbank AG Synthetic 54 1 - - - - - - 54 100% 1

Physical - - 14 1 - - - - 14 100% 1

Nomura Asset Management Physical 49 1 - - - - - - 49 100% 1

WisdomTree Physical 43 6 - - - - - - 43 100% 6

FinEx Fund Plc Physical - - - - 3 1 - - 3 10% 1

Synthetic - - 30 1 - - - - 30 90% 1

NCB Stockbrokers Physical 28 1 - - - - - - 28 100% 1

Swedbank Robur Physical 22 3 - - - - - - 22 100% 3

Alpha Asset Mgmt. Physical 14 1 - - - - - - 14 100% 1

NBG Asset Mgmt. Physical 3 1 - - - - - - 3 48% 1

Synthetic 3 1 - - - - - - 3 52% 1

Alpcot Capital Mgmt Physical 1 1 - - - - - - 1 100% 1

Boost Synthetic 1 2 - - - - - - 1 100% 2

Landsbankinn Physical - 1 - - - - - - - NA 1

Nordea Investment Funds Synthetic - 2 - - - - - - - NA 2

Total 320,217 1,013 102,871 340 14,804 49 1,599 28 439,490 1,430

Total


Replication

Method Equity Fixed Income Commodity Other


9 April 2015



6. Trading Perspective

ETP Monthly Turnover Analysis by Asset Class, by Instrument

Figure 78: Turnover by asset class and instrument (€ million) | ETPs | Europe | YTD

Asset Class Beta Beta+Semi-


Semi-


Semi-

activeAlpha Total Total

ETFs

Equity 52,422 4,924 311 19 57,677 41,047 3,649 229 17 44,941 31,089 4,428 117 30 35,664 157,477

Fixed income 16,601 252 0 136 16,989 12,105 156 0 64 12,325 7,137 150 0 77 7,364 42,650

Commodity 859 0 1 0 860 750 0 1 0 751 796 0 1 0 797 2,831

Currency 0 0 0 0 0 4 0 0 0 4 1 0 0 0 1 7

Multi Asset 0 0 0 32 32 0 0 0 28 28 0 0 0 15 15 87

Alternative 73 0 10 58 140 52 0 9 32 93 47 0 12 71 131 368

Total 69,955 5,176 322 245 75,698 53,958 3,805 238 141 58,143 39,071 4,577 129 194 43,972 203,420

ETCs

Commodity 3,065 1,286 0 0 4,351 3,466 1,124 0 0 4,590 1,702 429 0 0 2,130 13,686

Currency 39 403 0 0 442 23 163 0 0 186 26 91 0 0 117 956

Total 3,105 1,689 0 0 4,794 3,489 1,287 0 0 4,776 1,728 520 0 0 2,248 14,642

Total ETPs 73,059 6,865 322 245 80,491 57,447 5,092 238 141 62,918 40,799 5,097 129 194 46,220 218,062

Mar-15 Feb-15 2014


Asset Class Analysis

Figure 79: European Equity ETF Turnover Summary (€ million) | ETFs | Europe | YTD

Equity Turnover Beta Beta+Semi-


Semi-


Semi-


Developed Markets 37,850 0 0 16 37,866 29,692 0 0 15 29,706 21,803 0 0 27 21,830 103,810

Emerging Markets 5,610 0 0 0 5,610 4,343 0 0 0 4,343 4,108 0 0 0 4,108 15,883

Global Markets 830 0 0 0 830 656 0 0 0 656 659 0 0 0 659 2,249

Sector 3,699 0 0 0 3,699 3,103 0 0 0 3,103 2,166 0 0 0 2,166 9,814

Capitalization 1,026 0 0 0 1,026 656 0 0 0 656 613 0 0 0 613 2,229

Strategy 457 4,924 311 2 5,695 586 3,649 229 2 4,465 299 4,428 117 3 4,846 16,293

Style 2,428 0 0 0 2,428 1,643 0 0 0 1,643 1,179 0 0 0 1,179 5,719

Thematic 522 0 0 0 522 368 0 0 0 368 263 0 0 0 263 1,479

Total Equities 52,422 4,924 311 19 57,677 41,047 3,649 229 17 44,941 31,089 4,428 117 30 35,664 157,477

Mar-15 Feb-15 2014


9 April 2015



Figure 79A: European Equity ETF Turnover Summary – A (€ million) | ETFs | Europe | YTD



Semi-


Semi-


Sector 3,699 0 0 0 3,699 3,103 0 0 0 3,103 2,166 0 0 0 2,166 9,814

Consumer discretionary 268 0 0 0 268 180 0 0 0 180 109 0 0 0 109 598

Consumer staples 166 0 0 0 166 157 0 0 0 157 72 0 0 0 72 466

Energy 479 0 0 0 479 441 0 0 0 441 238 0 0 0 238 1370

Financials 1589 0 0 0 1,589 1217 0 0 0 1,217 984 0 0 0 984 4,139

Healthcare 295 0 0 0 295 224 0 0 0 224 133 0 0 0 133 754

Industrials 191 0 0 0 191 203 0 0 0 203 144 0 0 0 144 585

Information Technology 291 0 0 0 291 218 0 0 0 218 128 0 0 0 128 692

Materials 227 0 0 0 227 285 0 0 0 285 215 0 0 0 215 667

Telecommunications 98 0 0 0 98 56 0 0 0 56 65 0 0 0 65 260

Utilities 95 0 0 0 95 121 0 0 0 121 78 0 0 0 78 282

Capitalization 1,026 0 0 0 1,026 656 0 0 0 656 613 0 0 0 613 2,229

Large Cap 58 0 0 0 58 27 0 0 0 27 52 0 0 0 52 140

Mid Cap 509 0 0 0 509 266 0 0 0 266 173 0 0 0 173 964

Small Cap 459 0 0 0 459 363 0 0 0 363 388 0 0 0 388 1,126

Strategy 457 4,924 311 2 5,695 586 3,649 229 2 4,465 299 4,428 117 3 4,846 16,293

Fundamental 49 0 98 0 147 25 0 109 0 135 143 0 56 0 199 348

Leveraged Long 0 2,984 0 0 2,984 0 2,018 0 0 2,018 0 2,254 0 0 2,254 7,913

Leveraged Short 0 1,312 0 0 1,312 0 1,142 0 0 1,142 0 1,736 0 0 1,736 4,360

Options Strategy 0 0 0 0 - 0 0 0 0 - 0 0 0 0 - 0

Quantitative 405 0 213 2 620 561 0 119 2 681 155 0 61 3 219 1938

Short 3 629 0 0 632 0 489 0 0 489 0 437 0 0 437 1,734

Style 2,428 0 0 0 2,428 1,643 0 0 0 1,643 1,179 0 0 0 1,179 5,719

Dividend 2,123 0 0 0 2,123 1,481 0 0 0 1,481 1,079 0 0 0 1,079 5,137

Growth 124 0 0 0 124 44 0 0 0 44 23 0 0 0 23 205

Value 182 0 0 0 182 118 0 0 0 118 77 0 0 0 77 377

Thematic 522 0 0 0 522 368 0 0 0 368 263 0 0 0 263 1,479

Commodities 166 0 0 0 166 115 0 0 0 115 96 0 0 0 96 483

Faith 26 0 0 0 26 11 0 0 0 11 20 0 0 0 20 58

Other Theme 130 0 0 0 130 86 0 0 0 86 65 0 0 0 65 466

Sustainability 201 0 0 0 201 156 0 0 0 156 83 0 0 0 83 472

Total 8,132 4,924 311 2 13,370 6,356 3,649 229 2 10,236 4,520 4,428 117 3 9,067 35,534

Mar-15 Feb-15 2014


9 April 2015



Figure 79B: European Equity ETF Turnover Summary – B (€ million) | ETFs | Europe | YTD



Semi-


Semi-


Developed Markets

Europe 21,419 0 0 16 21,435 18,936 0 0 15 18,951 13,795 0 0 27 13,823 64,905

Austria 12 0 0 0 12 37 0 0 0 37 16 0 0 0 16 66

Belgium 6 0 0 0 6 3 0 0 0 3 2 0 0 0 2 15

Finland 7 0 0 0 7 18 0 0 0 18 9 0 0 0 9 38

France 670 0 0 0 670 495 0 0 0 495 342 0 0 0 342 1,727

Germany 4,728 0 0 0 4,728 4,354 0 0 0 4,354 3,368 0 0 0 3,368 15,020

Greece 68 0 0 0 68 159 0 0 0 159 70 0 0 0 70 314

Ireland 1 0 0 0 1 1 0 0 0 1 1 0 0 0 1 5

Italy 896 0 0 0 896 795 0 0 0 795 901 0 0 0 901 2,466

Netherlands 245 0 0 0 245 148 0 0 0 148 99 0 0 0 99 749

Norway 40 0 0 0 40 15 0 0 0 15 49 0 0 0 49 68

Portugal 30 0 0 0 30 21 0 0 0 21 27 0 0 0 27 70

Iceland 1 0 0 0 1 0 0 0 0 - 0 0 0 0 - 1

Spain 408 0 0 0 408 315 0 0 0 315 282 0 0 0 282 1,132

Sweden 331 0 0 0 331 339 0 0 0 339 308 0 0 0 308 855

Switzerland 1,371 0 0 0 1,371 1,376 0 0 0 1,376 824 0 0 0 824 5,956

UK 2,554 0 0 0 2,554 2,634 0 0 0 2,634 2,125 0 0 0 2,125 8,828

Europe broad 10,050 0 0 16 10,066 8,226 0 0 15 8,241 5,373 0 0 27 5,400 27,596

Americas 7,937 0 0 0 7,937 6,179 0 0 0 6,179 4,151 0 0 0 4,151 20,967

US 7,599 0 0 0 7,599 5,884 0 0 0 5,884 3,862 0 0 0 3,862 20,010

Canada 114 0 0 0 114 104 0 0 0 104 109 0 0 0 109 314

North America 225 0 0 0 225 191 0 0 0 191 180 0 0 0 180 643

Asia 5,141 0 0 0 5,141 2,742 0 0 0 2,742 2,217 0 0 0 2,217 10,338

Australia 67 0 0 0 67 79 0 0 0 79 89 0 0 0 89 203

Hong Kong 73 0 0 0 73 54 0 0 0 54 40 0 0 0 40 200

Japan 4,782 0 0 0 4,782 2,474 0 0 0 2,474 1,966 0 0 0 1,966 9,416

Singapore 0 0 0 0 0 1 0 0 0 1 1 0 0 0 1 6

Asia Pacific broad 219 0 0 0 219 133 0 0 0 133 120 0 0 0 120 513

Global 3,352 0 0 0 3,352 1,834 0 0 0 1,834 1,638 0 0 0 1,638 7,601

Broad indices 3,352 0 0 0 3,352 1,834 0 0 0 1,834 1,638 0 0 0 1,638 7,601

DM Total 37,850 0 0 16 37,866 29,692 0 0 15 29,706 21,802 0 0 27 21,830 103,810

Mar-15 Feb-15 2014


9 April 2015



Figure 79C: European Equity ETF Turnover Summary – C (€ million) | ETFs | Europe | YTD



Semi-


Semi-


Emerging Markets

BRIC 2,269 0 0 0 2,269 1,660 0 0 0 1,660 1,319 0 0 0 1,320 6,447

Brazil 231 0 0 0 231 170 0 0 0 170 273 0 0 0 273 590

Russia 323 0 0 0 323 402 0 0 0 402 318 0 0 0 318 980

India 637 0 0 0 637 379 0 0 0 379 220 0 0 0 220 1,581

China 1,078 0 0 0 1,078 708 0 0 0 708 509 0 0 0 509 3,295

Latin America 156 0 0 0 156 111 0 0 0 111 170 0 0 0 170 402

Chile 8 0 0 0 8 16 0 0 0 16 5 0 0 0 5 29

Mexico 64 0 0 0 64 36 0 0 0 36 54 0 0 0 54 147

LATAM broad 84 0 0 0 84 59 0 0 0 59 112 0 0 0 112 226

Asia 870 0 0 0 870 601 0 0 0 601 451 0 0 0 451 2,245

Bangladesh 2 0 0 0 2 2 0 0 0 2 1 0 0 0 1 6

Indonesia 72 0 0 0 72 42 0 0 0 42 35 0 0 0 35 158

Malaysia 22 0 0 0 22 40 0 0 0 40 23 0 0 0 23 87

Pakistan 5 0 0 0 5 3 0 0 0 3 2 0 0 0 2 11

Philippines 18 0 0 0 18 16 0 0 0 16 7 0 0 0 7 45

South Korea 183 0 0 0 183 112 0 0 0 112 149 0 0 0 149 409

Taiwan 161 0 0 0 161 114 0 0 0 114 62 0 0 0 62 396

Thailand 30 0 0 0 30 10 0 0 0 10 21 0 0 0 21 71

Vietnam 40 0 0 0 40 21 0 0 0 21 32 0 0 0 32 95

Asia Pacific broad 337 0 0 0 337 242 0 0 0 242 119 0 0 0 119 966

EMEA 225 0 0 0 225 205 0 0 0 205 334 0 0 0 334 729

Kuwait 3 0 0 0 3 5 0 0 0 5 2 0 0 0 2 9

Poland 10 0 0 0 10 6 0 0 0 6 13 0 0 0 13 27

South Africa 16 0 0 0 16 36 0 0 0 36 29 0 0 0 29 77

Turkey 123 0 0 0 123 112 0 0 0 112 163 0 0 0 163 356

Europe broad 59 0 0 0 59 38 0 0 0 38 114 0 0 0 114 223

Middle East & Africa 14 0 0 0 14 10 0 0 0 10 13 0 0 0 13 38

Global Markets 2,090 0 0 0 2,090 1,766 0 0 0 1,766 1,833 0 0 0 1,833 6,061

Global 2,090 0 0 0 2,090 1,766 0 0 0 1,766 1,833 0 0 0 1,833 6,061

EM Total 5,610 0 0 0 5,610 4,343 0 0 0 4,343 4,108 0 0 0 4,108 15,883

Total (EM + DM) 43,460 0 0 17 43,476 34,035 0 0 15 34,050 25,910 0 0 28 25,938 119,694

Mar-15 Feb-15 2014


Figure 80: European Fixed Income ETF Turnover (€ million) | ETFs | Europe | YTD

Fixed Income Turnover Beta Beta+Semi-


Semi-


Semi-


Overall 439 0 0 128 567 388 0 0 43 431 210 0 0 65 276 1,463

Corporates 4,693 0 0 2 4,695 4,882 0 0 5 4,887 2,496 0 0 1 2,496 14,097

Covered Bonds 153 0 0 5 158 132 0 0 4 135 113 0 0 5 118 465

Credit Exposure 20 9 0 0 28 17 11 0 0 28 14 9 0 0 24 96

Sovereign 10,880 244 0 1 11,125 6,369 145 0 12 6,525 4,054 140 0 7 4,201 24,948

Money Market 416 0 0 0 416 318 0 0 0 318 249 0 0 0 249 1,582

Total Fixed Income 16,601 252 0 136 16,989 12,105 156 0 64 12,325 7,137 150 0 77 7,364 42,650

Mar-15 Feb-15 2014


9 April 2015



Figure 81: European Commodity ETP Turnover summary (€ million) | ETPs | Europe | YTD

Commodity Turnover Beta Beta+Semi-


Semi-


Semi-


Overall 309 1 1 0 310 283 3 1 0 287 273 2 1 0 275 928

Overall 284 1 1 0 286 271 3 1 0 275 254 2 1 0 257 861

Overall ex Energy 25 0 0 0 25 11 0 0 0 11 18 0 0 0 18 67

Overall Light Energy 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Overall Ultra Light Energy 0 0 0 0 - 0 0 0 0 - 0 0 0 0 - 0

Agriculture 105 73 0 0 178 87 61 0 0 148 120 95 0 0 215 501

Overall 18 1 0 0 19 22 0 0 0 22 46 1 0 0 47 88

Cocoa 3 3 0 0 5 3 2 0 0 5 2 2 0 0 4 14

Coffee 18 27 0 0 45 11 22 0 0 32 18 38 0 0 57 112

Corn 8 4 0 0 11 5 4 0 0 9 10 6 0 0 16 32

Cotton 2 2 0 0 4 5 4 0 0 9 5 4 0 0 9 21

Grains 4 0 0 0 4 2 0 0 0 2 5 1 0 0 5 9

Softs 1 0 0 0 1 0 0 0 0 0 1 0 0 0 1 2

Soybean Oil 3 2 0 0 5 1 4 0 0 4 1 2 0 0 3 15

Soybeans 3 1 0 0 4 4 1 0 0 5 5 2 0 0 7 14

Sugar 16 10 0 0 25 7 5 0 0 13 8 10 0 0 18 51

Wheat 29 24 0 0 53 27 19 0 0 45 19 29 0 0 48 143

Energy 930 1,021 0 0 1,951 1,269 909 0 0 2,178 185 208 0 0 393 5,800

Overall 67 0 0 0 68 94 1 0 0 94 16 0 0 0 16 190

Carbon 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Crude Oil 827 798 0 0 1,624 1122 698 0 0 1,820 147 59 0 0 206 4830

Gasoline 2 3 0 0 5 10 6 0 0 16 1 1 0 0 2 32

Heating Oil 1 2 0 0 3 4 1 0 0 5 1 0 0 0 1 11

Natural Gas 32 219 0 0 251 40 204 0 0 243 20 146 0 0 167 736

Electricity 0 0 0 0 - 0 0 0 0 - 0 0 0 0 - 0

Uranium 0 0 0 0 - 0 0 0 0 - 0 0 0 0 - 0

Industrial Metals 172 29 0 0 201 142 58 0 0 200 140 23 0 0 163 602

Overall 62 1 0 0 63 43 21 0 0 64 29 4 0 0 33 158

Aluminium 4 1 0 0 5 11 2 0 0 13 31 2 0 0 33 67

Copper 83 19 0 0 102 76 31 0 0 108 50 11 0 0 61 293

Lead 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 2

Nickel 22 5 0 0 27 9 2 0 0 12 22 5 0 0 27 71

Tin 0 2 0 0 2 0 0 0 0 0 2 0 0 0 2 4

Zinc 2 0 0 0 3 2 0 0 0 2 5 1 0 0 6 7

Precious Metals 2,407 159 0 0 2,566 2,432 87 0 0 2,519 1,776 98 0 0 1,874 8,475

Overall 32 1 0 0 33 24 0 0 0 24 11 1 0 0 11 173

Gold 2046 110 0 0 2,156 2175 38 0 0 2,213 1406 35 0 0 1,441 7181

Palladium 69 1 0 0 69 44 0 0 0 44 90 0 0 0 90 180

Platinum 67 3 0 0 69 76 2 0 0 77 82 2 0 0 83 258

Rhodium 1 0 0 0 1 1 0 0 0 1 3 0 0 0 3 4

Silver 192 45 0 0 237 113 46 0 0 160 185 60 0 0 246 679

Livestock 3 3 0 0 6 4 6 0 0 9 3 4 0 0 7 22

Overall 1 0 0 0 1 0 0 0 0 0 1 0 0 0 1 3

Cattle 0 0 0 0 0 2 1 0 0 3 1 1 0 0 2 6

Lean Hogs 1 3 0 0 4 2 4 0 0 6 2 2 0 0 4 14

Total 3,925 1,286 1 0 5,211 4,216 1,124 1 0 5,341 2,498 429 1 0 2,927 16,328

Mar-15 Feb-15 2014


9 April 2015



Product Rankings

Figure 82: Top 20 Equity ETFs by Turnover (€ million) | ETFs | Europe |


Strategy

Current

Month TO

Prev.

Month TO YTD TO

iShares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 1,922.5 1,568.8 5,492.2

iShares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta 1,674.5 961.8 4,046.3

iShares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta 1,314.6 1,257.3 4,039.5

iShares MSCI World UCITS ETF (Inc) IWRD LN BlackRock Beta 1,289.3 683.5 3,051.3

Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 1,278.9 918.5 3,400.0

iShares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta 1,263.2 995.6 3,075.6

iShares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 1,233.1 917.9 3,623.2

Vanguard S&P 500 ETF VUSA LN Vanguard Beta 1,195.6 1,227.0 3,612.0

iShares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 1,029.3 848.3 2,842.5

Amundi JPX-Nikkei 400 UCITS ETF - EUR JPNK FP Amundi Beta 995.6 284.1 1,282.0

Lyxor ETF Leveraged FTSE/MIB LEVMIB IM Lyxor Beta+ 957.9 509.1 2,058.3

iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 896.2 637.8 2,345.8

db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR Deutsche AWM Beta 894.7 556.5 2,147.7

iShares STOXX 600 (DE) SXXPIEX GR BlackRock Beta 738.1 504.7 1,937.6

db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1D XESX GR Deutsche AWM Beta 725.2 462.5 1,757.7

Lyxor UCITS ETF JPX-Nikkei 400 JPX4 FP Lyxor Beta 658.9 58.5 743.0

Lyxor UCITS ETF MSCI Europe MEU FP Lyxor Beta 624.4 423.8 1,295.3

iShares MSCI Japan EUR Hedged UCITS ETF IJPE LN Blackrock Beta 620.4 581.0 1,784.1

iShares SMI CH CSSMI SW BlackRock Beta 586.6 399.5 2,160.5

Lyxor UCITS ETF FTSE MIB ETFMIB IM Lyxor Beta 575.5 500.0 1,542.2 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 83: Top 20 Fixed Income ETFs by Turnover (€ million) | ETFs | Europe |

ETF Name BBG Code Issuer Invest.

Strategy

Current

Month TO

Prev.

Month TO YTD TO

Lyxor UCITS ETF Daily Double Short 10Y US Treasury DSUS FP Lyxor Beta 4,009.9 18.6 4,047.4

iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta 850.4 657.2 2,309.4

iShares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta 679.2 462.1 1,579.5

iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 662.0 1,352.4 2,710.6

iShares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 593.9 443.8 1,588.9

iShares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta 514.4 490.4 1,457.7

iShares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta 506.8 267.8 999.3

iShares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 422.7 515.6 1,570.2

iShares UK Gilts UCITS ETF IGLT LN BlackRock Beta 342.8 293.5 957.9

iShares France Government Bond UCITS ETF SFRB LN BlackRock Beta 308.4 12.0 332.0

iShares £ Corporate Bond UCITS ETF SLXX LN BlackRock Beta 287.6 300.3 853.9

iShares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta 233.2 253.0 837.4

iShares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock Beta 184.3 218.7 671.9

iShares Euro Government Bond 1-3yr UCITS ETF IBGS LN BlackRock Beta 167.8 124.7 465.2

iShares Euro Government Bond 15-30yr UCITS ETF IEGL LN BlackRock Beta 164.9 72.4 340.9

iShares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 154.6 152.5 507.5

db x-trackers II Fed Funds Effective Rate TR Index UCITS ETF XFFE GR Deutsche AWM Beta 146.7 104.1 420.2

LYXOR ETF iBoxx USD Treasuries 10Y+ US10 FP Lyxor Beta 141.9 29.2 226.1

iShares Euro Government Bond 3-5yr UCITS ETF IEGX LN BlackRock Beta 131.7 77.6 296.7

SPDR Barclays Capital Emerging Market Local Bond ETF SYBM GY State Street Beta 128.4 238.4 698.3


9 April 2015



Figure 84: Top 20 Commodity ETPs by Turnover (€ million) | ETPs | Europe |

ETP Name BBG Code Issuer Invest.

Strategy

Current

Month TO

Prev.

Month TO YTD TO

Gold Bullion Securities GBS LN ETF Securities Ltd Beta 581.7 298.0 1,294.1

ETFS Physical Gold PHAU LN ETF Securities Ltd Beta 509.4 663.6 2,047.6

ETFS WTI Crude Oil CRUD LN ETF Securities Ltd Beta 508.1 530.9 1,625.2

ETFS Daily Leveraged Crude Oil LOIL LN ETF Securities Ltd Beta+ 306.3 263.1 697.3

Boost Wti Oil 3X Leverage Daily ETP 3OIL LN Boost Beta+ 278.9 240.9 595.6

ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta 257.3 194.2 905.4

Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 197.4 249.9 806.9

XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta 131.6 148.8 495.7

ETFS Brent 1mnth Oil OILB LN ETF Securities Ltd Beta 121.3 242.3 531.7

ETFS Physical Silver PHAG LN ETF Securities Ltd Beta 107.5 46.8 269.1

ETFS Daily Short WTI Crude Oil SOIL LN ETF Securities Ltd Beta+ 98.5 65.4 237.0

ETFS Daily Short Gold SBUL LN ETF Securities Ltd Beta+ 91.6 12.1 115.1

ETFS Copper COPA LN ETF Securities Ltd Beta 82.3 75.8 216.3

Lyxor ETF Commodities CRB CRB FP Lyxor Beta 73.6 72.5 227.7

Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta 73.6 73.4 295.3

Boost Natural Gas 3X Leverage Daily ETP 3NGL LN Boost Beta+ 67.2 59.0 183.0

Boost Wti Oil 3X Short Daily ETP 3OIS LN Boost Beta+ 67.2 52.9 182.2

ETFS Energy AIGE LN ETF Securities Ltd Beta 62.5 89.9 170.1

ETFS Industrial Metals AIGI LN ETF Securities Ltd Beta 53.3 40.6 104.6

ETFS Daily Leveraged Natural Gas LNGA LN ETF Securities Ltd Beta+ 52.7 50.8 164.8 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 85: Top 10 ETPs by Turnover (€ million) – Deutsche Borse | ETPs | Europe |

Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover

1 iShares Core DAX UCITS ETF DE DAXEX GR 1,893.11 1 db x-trackers II iBoxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR 104.85

2 iShares Euro STOXX 50 (DE) SX5EEX GR 1,025.29 2 iShares Euro Corporate Bond Large Cap UCITS ETF IBCS GR 73.66

3 db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR 881.83 3 db x-trackers II EONIA TR Index UCITS ETF XEON GR 71.58

4 iShares STOXX 600 (DE) SXXPIEX GR 668.04 4 iShares Markit iBoxx Euro High Yield EUNW GR 69.89

5 iShares EURO STOXX 50 UCITS ETF (Inc) EUN2 GR 636.06 5 iShares Barclays Euro Corporate Bond EUN5 GR 61.86

6 Deka DAX UCITS ETF ETFDAX GR 548.78 6 iShares USD Treasury Bond 1-3 IUSU GR 61.58

7 Deka DAX (ausschüttend) UCITS ETF ETFDAXK GR 323.30 7 UBS-ETF Markit iBoxx EUR Germany 5-10 A UEFN GY 57.15

8 db x-trackers ShortDAX UCITS ETF XSDX GR 316.02 8 Deka Deutsche Borse EUROGOV Germany 5-10 UCITS ETF ETFGS51 GR 49.97

9 iShares MDAX (DE) MDAXEX GR 292.96 9 db x-trackers II iBoxx Euro Sovereigns Eurozone UCITS ETF XGLE GR 45.29

10 iShares Euro STOXX Banks (DE) SX7EEX GR 290.13 10 db x-trackers II iBoxx Euro Sovereigns Eurozone 1-3 TR Index UCITS ETF X13E GR 31.59

Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover

1 XETRA-Gold XAUEUR 131.58 1 db x-trackers Portfolio TR Index UCITS ETF XQUI GR 19.27

2 ETFS Brent Oil OESA GR 48.51 2 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE GR 14.11

3 iShares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR 41.37 3 db x-trackers - db Hedge Fund Index UCITS ETF 1C EUR - Hedged XHFI GR 9.26

4 ETFS WTI Crude Oil OD7F GR 29.79 4 ETFS 5X Long USD Short EUR 5CH5 GY 5.37

5 db Physical Gold Euro Hedged ETC XAD1 GR 27.74 5 ETFS Long USD Short EUR XBJP GR 4.36

6 ETFS Physical Gold VZLD GR 17.82 6 iShares S&P Listed Private Equity Fund IQQL GR 4.31

7 Coba ETC 4x Brent Oil Daily Long X0D2 GY 16.95 7 ETFS Short USD Long EUR XBJQ GR 2.95

8 db x-trackers DBLCI - OY Balanced UCITS ETF 1C EUR - Hedged XDBC GR 16.15 8 Portfolio Income UCITS ETF 1D XS7W GR 2.46

9 db Physical Gold ETC (EUR) XAD5 GR 14.32 9 UBS ETFs plc - HFRX Global Hedge Fund Index SF UIQC GR 2.23

10 Gold Bullion Securities GG9B GR 13.80 10 ETFS Long SEK Short EUR XBJD GR 0.78


9 April 2015



Figure 86: Top 10 ETPs by Turnover (€ million) – London SE | ETPs | Europe | Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover

1 iShares FTSE 100 UCITS ETF (Inc) ISF LN 1,261.39 1 Lyxor UCITS ETF Daily Double Short 10Y US Treasury DSUS LN 3,943.92

2 Amundi JPX-Nikkei 400 UCITS ETF - JPY JPNY LN 887.62 2 iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB LN 631.36

3 Vanguard S&P 500 ETF VUSD LN 690.69 3 iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN 485.27

4 iShares S&P 500 UCITS ETF (Inc) IUSA LN 557.75 4 iShares Euro Corporate Bond UCITS ETF IEAC LN 396.25

5 iShares Core S&P 500 UCITS ETF CSPX LN 461.75 5 iShares $ High Yield Corporate Bond UCITS ETF IHYU LN 395.95

6 Lyxor UCITS ETF JPX-NIKKEI 400 C-EUR USD JPXU LN 353.50 6 iShares $ Corporate Bond UCITS ETF LQDE LN 340.94

7 Vanguard FTSE 100 ETF VUKE LN 326.40 7 iShares UK Gilts UCITS ETF IGLT LN 331.77

8 Vanguard S&P 500 ETF VUSA LN 305.33 8 iShares Euro Corporate Bond Large Cap UCITS ETF IBCX LN 321.36

9 Source MSCI World UCITS ETF MXWO LN 296.57 9 iShares France Government Bond UCITS ETF IFRB LN 297.38

10 iShares MSCI World UCITS ETF (Inc) IDWR LN 286.29 10 iShares £ Corporate Bond UCITS ETF SLXX LN 287.58


1 Gold Bullion Securities GBS LN 497.24 1 ETFS 3x Short EUR Long USD SEU3 LN 47.52

2 ETFS Physical Gold PHAU LN 353.89 2 iShares Listed Private Equity UCITS ETF IPRV LN 27.59

3 ETFS WTI Crude Oil CRUD LN 208.94 3 db x-trackers - db Hedge Fund Index UCITS ETF 3C GBP - Hedged XHFG LN 6.43

4 Source Physical Gold ETC (P-ETC) SGLD LN 172.02 4 db x-trackers - db Hedge Fund Index UCITS ETF 2C USD - Hedged XHFD LN 5.65

5 ETFS Daily Short Gold SBUL LN 85.53 5 ETFS Short EUR Long USDGBP SEUP LN 4.96

6 ETFS Physical Silver PHAG LN 75.69 6 ETFS Short EUR Long USD SEUR LN 4.61

7 ETFS Copper COPA LN 74.59 7 J.P.Morgan Macro Hedge US TR Source ETF MHUU LN 4.58

8 ETFS Energy AIGE LN 60.52 8 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE LN 4.45

9 ETFS Physical Gold GBP PHGP LN 55.96 9 J.P.Morgan Macro Hedge US TR Source ETF MHUE LN 4.38

10 ETFS Daily Short WTI Crude Oil SOIL LN 51.32 10 ETFS Short CHF Long USD SCHF LN 4.29 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 87: Top 10 ETPs by Turnover (€ million) – Swiss SE | ETPs | Europe | Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover

1 iShares SMI CH CSSMI SW 586.56 1 iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB SW 69.59

2 iShares Core S&P 500 UCITS ETF CSSPX SW 334.32 2 iShares CHF Corporate Bond (CH) CHCORP SW 66.71

3 iShares S&P 500 UCITS ETF (Inc) IUSA SW 332.64 3 iShares Swiss Domestic Government Bond 3-7 CH CSBGC7 SW 57.95

4 UBS ETF - MSCI EMU 100% hedged to USD UCITS ETF A-acc EUUSBH SW 285.51 4 iShares $ Treasury Bond 7-10yr UCITS ETF IBTM SW 36.24

5 iShares MSCI EMU UCITS ETF CSEMU SW 174.11 5 iShares JP Morgan $ EM Bond EUR Hedged UCITS ETF EMBE SW 24.32

6 UBS ETF (CH) - SMI (CHF) A-dis SMICHA SW 168.85 6 iShares $ Treasury Bond 1-3yr UCITS ETF IBTS SW 23.05

7 iShares MSCI World UCITS ETF (Inc) IWRD SW 162.19 7 iShares $ TIPS UCITS ETF ITPS SW 22.98

8 iShares MSCI Japan - B UCITS ETF CSJP SW 144.04 8 iShares USD Government Bond 3-7 UCITS ETF CSBGU7 SW 22.41

9 iShares MSCI Japan UCITS ETF (Inc) IJPN SW 143.56 9 iShares $ Corporate Bond UCITS ETF LQDE SW 17.72

10 iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM SW 137.48 10 iShares Swiss Domestic Government Bond 7+ CH CSBGC0 SW 12.16


1 ZKB Gold ETF ZGLD SW 80.56 1 J.P.Morgan Macro Hedge US TR Source ETF MHUU SW 7.63

2 ZKB Gold ETF-A USD ZGLDUS SW 80.06 2 J.P.Morgan Macro Hedge Dual Enchanced TR Source ETF MHDU SW 3.31

3 ZKB Gold ETF-H (CHF) ZGLDHC SW 47.62 3 db x-trackers - db Hedge Fund Index UCITS ETF 5C CHF - Hedged XHFC SW 3.16

4 UBS ETF (CH) – Gold (USD) I-dis AUUSI SW 39.58 4 UBS ETFs plc - HFRX Global Hedge Fund Index SF (USD) A-acc HFUSAS SW 2.50

5 ZKB Gold ETF-A EUR ZGLDEU SW 35.03 5 iShares Listed Private Equity UCITS ETF IPRV SW 2.22

6 ZKB Silver ETF ZSIL SW 33.34 6 db x-trackers - db Hedge Fund Index UCITS ETF 2C USD - Hedged XHFD SW 0.47

7 Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW 25.69 7 UBS ETFs plc - MAP Balanced 7 UCITS ETF SF (USD) A-acc M7USAS SW 0.26

8 Julius Baer Physical Gold Fund (CHF) A JBGOCA SW 21.56 8 UBS ETFs plc - HFRX Global Hedge Fund Index SF (EUR) A-acc HFCHAS SW 0.17

9 UBS ETFs plc – CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW 20.89 9 Lyxor ETF Privex LYPVX SW 0.03

10 iShares Gold EUR Hedged CH CSGLDE SW 18.79 10 PowerShares Global Listed Private Equity UCITS ETF PSP SW 0.01 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

9 April 2015



Figure 88: Top 10 ETPs by Turnover (€ million) – Euronext Paris | ETPs | Europe | Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover

1 Lyxor UCITS ETF Euro STOXX 50 MSE FP 1,112.85 1 Lyxor UCITS ETF EuroMTS 15+Y IG (DR) MTF FP 68.41

2 Lyxor UCITS ETF MSCI Europe MEU FP 548.68 2 Lyxor UCITS ETF Euro Cash CSH FP 52.10

3 Amundi ETF CAC 40 UCITS ETF C40 FP 449.16 3 Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G FP 45.10

4 Lyxor ETF Leverage CAC 40 LVC FP 439.23 4 Lyxor UCITS ETF EuroMTS Inflation Linked IG (DR) MTI FP 35.17

5 Amundi ETF Euro STOXX 50 UCITS ETF C50 FP 257.88 5 Lyxor UCiTS ETF EuroMTS 7-10Y IG (DR) MTD FP 29.46

6 Lyxor ETF MSCI India INR FP 235.50 6 Lyxor UCITS ETF EuroMTS 10-15Y IG (DR) MTE FP 25.63

7 Lyxor ETF XBear CAC 40 BX4 FP 195.96 7 Lyxor UCITS ETF EuroMTS 1-3Y IG (DR) MTA FP 24.03

8 Amundi ETF MSCI EMU UCITS ETF CMU FP 176.48 8 Lyxor ETF Euro Corporate Bond CRP FP 23.36

9 Lyxor UCITS ETF JPX-Nikkei 400 JPX4 FP 174.61 9 Lyxor ETF Daily Leveraged BTP BTPL FP 22.28

10 Lyxor ETF Leveraged Euro STOXX 50 LVE FP 172.16 10 Amundi ETF Euro Corporates UCITS ETF CC4 FP 19.68


1 ETFS WTI Crude Oil CRUDP FP 22.46 1 Lyxor ETF Privex PVX FP 7.79

2 Lyxor ETF Commodities CRB CRB FP 14.29 2 Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVO FP 0.29

3 Gold Bullion Securities GBS FP 13.06 3 PowerShares Global Listed Private Equity UCITS ETF PSP FP 0.11

4 Lyxor ETF Commodities CRB Non-Energy CRN FP 12.52 4 Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVX FP 0.10

5 ETFS Brent 1mnth Oil OILBP FP 10.43 5 iShares Listed Private Equity UCITS ETF PRV FP -

6 ETFS All Commodities AIGCP FP 1.16

7 ETFS Natural Gas NGASP FP 0.64

8 ETFS WTI 2mth Oil OILWP FP 0.62

9 Amundi ETF Commodities S&P GSCI Metals UCITS ETF CME FP 0.44

10 ETFS Precious Metals AIGPP FP 0.37 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 89: Top 10 ETPs by Turnover (€ million) – Borsa Italiana | ETPs | Europe | Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover

1 Lyxor ETF Leveraged FTSE/MIB LEVMIB IM 957.93 1 iShares $ Treasury Bond 1-3yr UCITS ETF IBTS IM 141.36

2 Lyxor UCITS ETF FTSE MIB ETFMIB IM 514.05 2 db x-trackers II Fed Funds Effective Rate TR Index UCITS ETF XFFE IM 139.21

3 iShares S&P 500 UCITS ETF (Inc) IUSA IM 332.65 3 db x-trackers II iBoxx Euro Sovereigns Eurozone 3-5 TR Index UCITS ETF X35E IM 96.05

4 iShares EURO STOXX 50 UCITS ETF (Inc) EUE IM 262.27 4 iShares Euro Government Bond 1-3yr UCITS ETF IBGS IM 95.80

5 Lyxor ETF XBear FTSE/MIB XBRMIB IM 249.76 5 iShares Euro High Yield Corporate Bond UCITS ETF IHYG IM 94.92

6 iShares MSCI World UCITS ETF (Inc) IWRD IM 156.69 6 iShares Euro Corporate Bond UCITS ETF IEAC IM 69.26

7 iShares FTSE MIB UCITS ETF (Inc) IMIB IM 149.93 7 iShares Euro Corporate Bond Large Cap UCITS ETF IBCX IM 67.75

8 iShares MSCI Europe UCITS ETF (Inc) IMEU IM 126.55 8 iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB IM 62.96

9 Lyxor UCITS ETF DAX (DR) DAXX IM 124.26 9 iShares Euro Government Bond 3-5yr UCITS ETF IBGX IM 55.42

10 iShares Core S&P 500 UCITS ETF CSSPX IM 123.91 10 Lyxor UCITS ETF EuroMTS All-Maturity IG (DR) EMG IM 54.20


1 Boost Wti Oil 3X Leverage Daily ETP 3OIL IM 262.74 1 ETFS 3X Long USD Short EUR EUS3 IM 183.18

2 ETFS Daily Leveraged Crude Oil LOIL IM 259.73 2 ETFS 5X Long USD Short EUR EUS5 IM 71.87

3 ETFS WTI Crude Oil CRUD IM 246.92 3 ETFS 3X Short USD Long EUR USE3 IM 31.14

4 Boost Natural Gas 3X Leverage Daily ETP 3NGL IM 65.06 4 UBS ETFs plc - MAP Balanced 7 UCITS ETF SF (USD) A-acc M7USAS IM 7.51

5 ETFS Physical Gold PHAU IM 60.35 5 ETFS 5X Short USD Long EUR USE5 IM 5.30

6 Boost Wti Oil 3X Short Daily ETP 3OIS IM 53.08 6 ETFS Short USD Long EUR USEU IM 4.39

7 Boost Natural Gas 3x Short Daily 3NGS IM 49.94 7 Boost Long USD Short EUR 5x Daily ETP 5USE IM 3.99

8 ETFS Daily Leveraged Natural Gas LNGA IM 46.54 8 ETFS 3X Long JPY Short EUR EJP3 IM 3.32

9 Gold Bullion Securities GBS IM 42.69 9 Lyxor ETF S&P 500 VIX Futures Enhanced Roll D-EUR LVO IM 3.25

10 ETFS Daily Short WTI Crude Oil SOIL IM 40.95 10 ETFS 3X Short CHF Long EUR CHE3 IM 2.60 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

9 April 2015



Figure 90: Top 10 ETPs by Turnover (€ million) – Stockholmborsen & Euronext Amsterdam | ETPs | Europe | Stockholmborsen


1 XACT OMXS30 XACTOMX SS 295.82 No Fixed Income ETFs

2 XACT Bull 2 XABULL2 SS 253.42

3 XACT Bear 2 XABEAR2 SS 231.29

4 XACT Bull XACBULL SS 65.81

5 XACT Bear XACBEAR SS 65.79

6 XACT OMXSB XACTSBX SS 26.86

7 XACT Nordic 30 XACTVINX SS 12.26

8 db x-trackers MSCI Japan Index UCITS ETF 1C XMJP SS 10.87

9 db x-trackers MSCI USA TRN Index UCITS ETF XMUS SS 8.87

10 SpotR OMXS30 SPOTROMX SS 6.90

Euronext Amsterdam


1 iShares MSCI Europe UCITS ETF (Inc) IMEU NA 319.17 1 iShares Euro Corporate Bond UCITS ETF IEAC NA 145.10

2 iShares MSCI World UCITS ETF (Inc) IWRD NA 214.23 2 iShares Euro Aggregate Bond UCITS ETF IEAG NA 95.37

3 iShares S&P 500 UCITS ETF (Inc) IUSA NA 186.42 3 iShares Euro Inflation Linked Government Bond UCITS ETF IBCI NA 58.80

4 iShares EURO STOXX 50 UCITS ETF (Inc) EUEA NA 182.70 4 iShares Euro Government Bond 15-30yr UCITS ETF IBGL NA 45.67

5 Vanguard S&P 500 ETF VUSA NA 174.02 5 iShares Euro Corporate Bond Large Cap UCITS ETF IBCX NA 41.23

6 iShares MSCI Japan EUR Hedged UCITS ETF IJPE NA 131.23 6 iShares $ Treasury Bond 1-3yr UCITS ETF IBTS NA 33.10

7 iShares Core MSCI World UCITS ETF (Acc) IWDA NA 129.57 7 iShares Euro Government Bond 7-10yr UCITS ETF IBGM NA 28.82

8 iShares MSCI Emerging Markets UCITS ETF (Inc) IEMM NA 125.60 8 iShares Euro Covered Bond UCITS ETF ICOV NA 27.71

9 iShares AEX UCITS ETF IAEX NA 117.04 9 iShares Euro Government Bond 3-5yr UCITS ETF IBGX NA 24.10

10 iShares European Property Yield UCITS ETF IPRP NA 77.42 10 iShares Euro Government Bond 1-3yr UCITS ETF IBGS NA 15.24 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

9 April 2015



7. European ETF Exchanges

Figure 91: European on-exchange ETF trading ranking by exchange (€ million) | ETFs | Europe |

Summary Nov-14Market

Share %Dec-14

Market

Share %Jan-15

Market

Share %Feb-15

Market

Share %Mar-15

Market

Share %

Deutche Boerse

Deutsche Borse 10,752 23.3% 14,372 26.0% 18,378 26.4% 14,524 25.0% 17,578 23.2%

LSE

London SE 15,800 34.3% 17,522 31.7% 20,482 29.4% 18,829 32.4% 27,176 35.9%

Borsa Italiana 4,914 10.7% 5,617 10.2% 7,019 10.1% 6,317 10.9% 8,615 11.4%

20,715 45.0% 23,140 41.9% 27,502 39.5% 25,145 43.2% 35,791 47.3%

Euronext

Paris 6,251 13.6% 7,754 14.0% 9,093 13.1% 8,179 14.1% 9,828 13.0%

Amsterdam 2,058 4.5% 2,678 4.9% 3,164 4.5% 2,363 4.1% 3,084 4.1%

Lisbon 14 0.0% 18 0.0% 15 0.0% 22 0.0% 21 0.0%

Brussels 2 0.0% 5 0.0% 6 0.0% 3 0.0% 6 0.0%

8,326 18.1% 10,455 18.9% 12,278 17.6% 10,567 18.2% 12,939 17.1%

Swiss SE 4,581 9.9% 5,586 10.1% 9,618 13.8% 6,217 10.7% 7,541 10.0%

Stockholmborsen 989 2.1% 918 1.7% 894 1.3% 943 1.6% 1,018 1.3%

Oslo Bors 335 0.7% 304 0.6% 324 0.5% 219 0.4% 292 0.4%

BME 342 0.7% 413 0.7% 568 0.8% 506 0.9% 529 0.7%

Others 25 0.1% 9 0.0% 17 0.0% 21 0.0% 10 0.0%

Total 46,065 100.0% 55,198 100.0% 69,578 100.0% 58,143 100.0% 75,698 100.0%


Figure 92: European on-exchange ETC trading ranking by exchange (€ million) | ETCs | Europe |

Summary Nov-14Market

Share %Dec-14

Market

Share %Jan-15

Market

Share %Feb-15

Market

Share %Mar-15

Market

Share %

LSE

London SE 1,591 3.5% 1,439 2.6% 2,878 4.1% 2,491 4.3% 2,319 3.1%

Borsa Italiana 716 1.6% 675 1.2% 1,389 2.0% 1,565 2.7% 1,893 2.5%

2,307 5.0% 2,115 3.8% 4,267 6.1% 4,056 7.0% 4,213 5.6%

Deutche Boerse

Deutsche Borse 297 0.6% 329 0.6% 707 1.0% 617 1.1% 493 0.7%

Euronext

Amsterdam 13 0.0% 12 0.0% 27 0.0% 18 0.0% 25 0.0%

Brussels 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%

28 0.1% 43 0.1% 75 0.1% 71 0.1% 75 0.1%

Others 22 0.0% 11 0.0% 24 0.0% 32 0.1% 13 0.0%

Total 2,654 5.8% 2,497 4.5% 5,072 7.3% 4,776 8.2% 4,794 6.3%


9 April 2015



Figure 93: Total ETP on-exchange Turnover by asset class and by exchange | ETPs | Europe |

Deutsche

BorseLondon SE

Euronext

Paris

Borsa

Italiana

Euronext

AmsterdamSwiss SE

Stockholm

Borsen

Turnover* Mkt Share %

Equity

Developed Markets 31,424.0 25,457.7 14,291.3 9,067.2 5,650.0 15,675.9 1,085.8 102,652.0 47.6%

Emerging Markets 3,077.5 4,949.4 3,507.9 2,005.0 572.8 1,735.2 29.7 15,877.6 7.4%

Global Markets 251.1 1,136.2 263.0 86.5 122.0 387.7 2.9 2,249.5 1.0%

Sector 3,969.4 2,076.7 2,416.8 786.0 258.0 295.0 2.5 9,804.4 4.6%

Capitalization 612.5 853.2 251.6 152.5 55.5 277.4 0.0 2,202.8 1.0%

Style 1,606.9 2,315.9 407.5 487.5 473.5 425.9 0.0 5,717.1 2.7%

Strategy 2,601.7 2,226.9 4,068.6 3,931.4 2.7 375.9 1,734.0 14,941.3 6.9%

Thematic 348.6 660.8 137.0 175.1 64.5 92.5 0.0 1,478.6 0.7%

Total 43,892 39,677 25,344 16,691 7,199 19,265 2,855 154,923.2 71.9%

Fixed Income

Overall 235.1 869.9 4.2 79.9 228.8 44.2 0.0 1,462.1 0.7%

Corporates 1,282.5 10,413.7 200.9 1,239.6 524.9 434.6 0.0 14,096.2 6.5%

Covered Bonds 324.3 38.7 1.1 39.1 60.2 1.4 0.0 464.9 0.2%

Credit Exposure 78.3 1.6 0.0 16.2 0.0 0.1 0.0 96.2 0.0%

Sovereign 3,834.6 14,809.3 1,309.1 3,154.3 566.0 1,271.4 0.0 24,944.8 11.6%

Money Market 446.1 383.1 142.5 581.9 0.0 28.0 0.0 1,581.7 0.7%

Total 6,201 26,516 1,658 5,111 1,380 1,780 - 42,646.0 19.8%

Commodity 0.0%

Overall 236.8 215.9 88.9 118.9 8.3 258.5 0.0 927.3 0.4%

Agriculture 72.6 190.3 1.3 231.1 0.4 5.2 0.0 501.0 0.2%

Energy 671.3 2,012.1 87.0 2,947.0 0.0 82.3 0.0 5,799.8 2.7%

Industrial Metals 40.2 473.6 5.3 81.2 0.0 1.7 0.0 602.0 0.3%

Precious Metals 983.9 4,686.4 56.2 891.5 69.2 1,945.4 0.0 8,632.7 4.0%

Livestock 3.1 10.3 0.0 8.6 0.0 0.0 0.0 21.9 0.0%

Total 2,008 7,589 239 4,278 78 2,293 - 16,484.6 7.7%

Other 0.0%

Alternative 84.1 151.5 11.6 27.7 18.8 74.1 0.0 367.7 0.2%

Currency 45.6 241.5 0.0 673.7 1.4 0.0 0.0 962.3 0.4%

Multi Asset 65.2 0.3 0.0 16.2 4.9 0.6 0.0 87.2 0.0%

Total 195 393 12 718 25 75 - 1,417.2 0.7%

Grand Total 52,295 74,175 27,252 26,798 8,682 23,413 2,855 215,471 100%

* Total turnover year to date (not daily average)

Total

Total Turnover (€ million)


9 April 2015



8. Assets

ETP Monthly AUM Analysis by Asset Class

Figure 94: AUM by asset class and instrument (€ million) | ETPs | Europe |

Asset Class Beta Beta+Semi-


Semi-


Semi-

activeAlpha Total

ETFs

Equity 311,725 4,277 3,750 465 320,217 300,670 3,889 3,654 475 308,688 254,536 3,613 2,975 475 261,600

Fixed income 97,732 1,446 0 3,692 102,871 92,893 1,425 0 3,507 97,825 81,498 1,245 0 3,408 86,151

Commodity 14,775 0 30 0 14,804 14,533 0 29 0 14,561 13,363 0 49 0 13,412

Currency 0 0 0 0 - 13 0 0 0 13 13 0 0 0 13

Multi Asset 0 0 0 374 374 0 0 0 363 363 0 0 0 300 300

Alternative 602 0 87 535 1,224 533 0 91 543 1,168 453 0 97 547 1,097

Total 424,834 5,723 3,866 5,067 439,491 408,641 5,314 3,774 4,889 422,617 349,863 4,858 3,120 4,731 362,572

ETCs

Commodity 18,490 752 0 0 19,242 18,799 835 0 0 19,634 15,780 643 0 0 16,423

Currency 115 293 0 0 408 112 254 0 0 366 144 246 0 0 390

Total 18,606 1,045 0 0 19,650 18,911 1,089 0 0 20,000 15,924 889 0 0 16,813

Total ETPs 443,440 6,768 3,866 5,067 459,141 427,552 6,402 3,774 4,889 442,617 365,786 5,748 3,120 4,731 379,385



Asset Class Analysis

Figure 95: European Equity ETF AUM summary (€ million) | ETFs | Europe |

Equity AUM Beta Beta+Semi-


Semi-


Semi-

activeAlpha Total

Developed Markets 227,990 0 0 354 228,344 219,154 0 0 347 219,502 184,960 0 0 341 185,301

Emerging Markets 27,805 0 0 1 27,806 27,501 0 0 1 27,502 25,192 0 0 0 25,192

Global Markets 6,103 0 0 0 6,103 5,965 0 0 0 5,965 5,244 0 0 0 5,244

Sector 18,949 0 0 0 18,949 18,662 0 0 0 18,662 15,443 0 0 0 15,443

Capitalization 6,043 0 0 0 6,043 5,397 0 0 0 5,397 4,485 0 0 0 4,485

Strategy 4,105 4,277 3,750 110 12,241 3,767 3,889 3,654 127 11,437 2,849 3,613 2,975 134 9,571

Style 17,133 0 0 0 17,133 16,720 0 0 0 16,720 13,549 0 0 0 13,549

Thematic 3,598 0 0 0 3,598 3,504 0 0 0 3,504 2,814 0 0 0 2,814

Total Equities 311,725 4,277 3,750 465 320,217 300,670 3,889 3,654 475 308,688 254,536 3,613 2,975 475 261,600



9 April 2015



Figure 95A: European Equity ETF AUM summary - A (€ million) | ETFs | Europe |



Semi-


Semi-

activeAlpha Total

Sector 18,949 0 0 0 18,949 18,662 0 0 0 18,662 15,443 0 0 0 15,443

Consumer discretionary 1,047 0 0 0 1,047 963 0 0 0 963 624 0 0 0 624

Consumer staples 874 0 0 0 874 920 0 0 0 920 790 0 0 0 790

Energy 1,519 0 0 0 1,519 1,533 0 0 0 1,533 1,102 0 0 0 1,102

Financials 9,762 0 0 0 9,762 9,539 0 0 0 9,539 7,996 0 0 0 7,996

Healthcare 2,212 0 0 0 2,212 2,100 0 0 0 2,100 1,855 0 0 0 1,855

Industrials 673 0 0 0 673 613 0 0 0 613 436 0 0 0 436

Information Technology 1,105 0 0 0 1,105 1,167 0 0 0 1,167 1,027 0 0 0 1,027

Materials 819 0 0 0 819 819 0 0 0 819 670 0 0 0 670

Telecommunications 511 0 0 0 511 551 0 0 0 551 478 0 0 0 478

Utilities 427 0 0 0 427 456 0 0 0 456 466 0 0 0 466

Capitalization 6,043 0 0 0 6,043 5,397 0 0 0 5,397 4,485 0 0 0 4,485

Large Cap 444 0 0 0 444 468 0 0 0 468 408 0 0 0 408

Mid Cap 2,058 0 0 0 2,058 1,813 0 0 0 1,813 1,497 0 0 0 1,497

Small Cap 3,541 0 0 0 3,541 3,116 0 0 0 3,116 2,579 0 0 0 2,579

Strategy 4,105 4,277 3,750 110 12,241 3,767 3,889 3,654 127 11,437 2,849 3,613 2,975 134 9,571

Fundamental 1,354 0 1,118 0 2,472 1,276 0 1,148 0 2,424 1,000 0 892 0 1,893

Leveraged Long 0 1,746 0 0 1,746 0 1,689 0 0 1,689 0 1,583 0 0 1,583

Leveraged Short 0 942 0 0 942 0 893 0 0 893 0 789 0 0 789

Options Strategy 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Quantitative 2,704 0 2,632 110 5,446 2,443 0 2,506 127 5,076 1,849 0 2,082 134 4,065

Short 46 1,589 0 0 1,635 48 1,307 0 0 1,355 0 1,241 0 0 1,241

Style 17,133 0 0 0 17,133 16,720 0 0 0 16,720 13,549 0 0 0 13,549

Dividend 15,368 0 0 0 15,368 15,098 0 0 0 15,098 12,456 0 0 0 12,456

Growth 352 0 0 0 352 253 0 0 0 253 158 0 0 0 158

Value 1,413 0 0 0 1,413 1,369 0 0 0 1,369 935 0 0 0 935

Thematic 3,598 0 0 0 3,598 3,504 0 0 0 3,504 2,814 0 0 0 2,814

Commodities 799 0 0 0 799 854 0 0 0 854 647 0 0 0 647

Faith 191 0 0 0 191 209 0 0 0 209 201 0 0 0 201

Other Theme 921 0 0 0 921 863 0 0 0 863 682 0 0 0 682

Sustainability 1,687 0 0 0 1,687 1,579 0 0 0 1,579 1,285 0 0 0 1,285

Total 49,827 4,277 3,750 110 57,964 48,050 3,889 3,654 127 55,720 39,140 3,613 2,975 134 45,863



9 April 2015



Figure 95B: European Equity ETF AUM summary - B (€ million) | ETFs | Europe |



Semi-


Semi-

activeAlpha Total

Developed Markets

Europe 127,144 0 0 354 127,498 119,523 0 0 347 119,870 96,385 0 0 341 96,726

Austria 360 0 0 0 360 396 0 0 0 396 334 0 0 0 334

Belgium 42 0 0 0 42 42 0 0 0 42 35 0 0 0 35

Finland 178 0 0 0 178 173 0 0 0 173 144 0 0 0 144

France 4,814 0 0 0 4,814 4,723 0 0 0 4,723 4,135 0 0 0 4,135

Germany 21,681 0 0 0 21,681 20,498 0 0 0 20,498 16,129 0 0 0 16,129

Greece 206 0 0 0 206 244 0 0 0 244 211 0 0 0 211

Ireland 28 0 0 0 28 27 0 0 0 27 24 0 0 0 24

Italy 2,877 0 0 0 2,877 2,715 0 0 0 2,715 2,271 0 0 0 2,271

Netherlands 452 0 0 0 452 431 0 0 0 431 431 0 0 0 431

Norway 290 0 0 0 290 285 0 0 0 285 248 0 0 0 248

Portugal 89 0 0 0 89 76 0 0 0 76 58 0 0 0 58

Spain 2,131 0 0 0 2,131 1,965 0 0 0 1,965 1,792 0 0 0 1,792

Sweden 1,585 0 0 0 1,585 1,566 0 0 0 1,566 1,342 0 0 0 1,342

Switzerland 9,906 0 0 0 9,906 9,816 0 0 0 9,816 8,743 0 0 0 8,743

UK 14,342 0 0 0 14,342 14,682 0 0 0 14,682 12,023 0 0 0 12,023

Europe broad 68,164 0 0 354 68,518 61,882 0 0 347 62,230 48,465 0 0 341 48,806

Americas 59,736 0 0 0 59,736 60,356 0 0 0 60,356 54,952 0 0 0 54,952

US 55,820 0 0 0 55,820 56,477 0 0 0 56,477 51,463 0 0 0 51,463

Canada 1,019 0 0 0 1,019 975 0 0 0 975 907 0 0 0 907

North America 2,897 0 0 0 2,897 2,905 0 0 0 2,905 2,582 0 0 0 2,582

Asia 21,789 0 0 0 21,789 19,833 0 0 0 19,833 16,812 0 0 0 16,812

Australia 827 0 0 0 827 795 0 0 0 795 677 0 0 0 677

Hong Kong 260 0 0 0 260 263 0 0 0 263 149 0 0 0 149

Japan 18,912 0 0 0 18,912 17,044 0 0 0 17,044 14,404 0 0 0 14,404

Singapore 23 0 0 0 23 22 0 0 0 22 18 0 0 0 18

Asia Pacific broad 1,767 0 0 0 1,767 1,708 0 0 0 1,708 1,564 0 0 0 1,564

Global 19,321 0 0 0 19,321 19,443 0 0 0 19,443 16,812 0 0 0 16,812

Broad indices 19,321 0 0 0 19,321 19,443 0 0 0 19,443 16,812 0 0 0 16,812

DM Total 227,990 0 0 354 228,344 219,154 0 0 347 219,502 184,960 0 0 341 185,301



9 April 2015



Figure 95C: European Equity ETF AUM summary - C (€ million) | ETFs | Europe |



Semi-


Semi-

activeAlpha Total

Emerging Markets

BRIC 8,734 0 0 1 8,735 8,340 0 0 1 8,341 7,842 0 0 0 7,842

Brazil 751 0 0 0 751 803 0 0 0 803 793 0 0 0 793

Russia 1,005 0 0 1 1,006 1,044 0 0 1 1,045 769 0 0 0 770

India 2,283 0 0 0 2,283 2,149 0 0 0 2,149 1,588 0 0 0 1,588

China 4,695 0 0 0 4,695 4,344 0 0 0 4,344 4,693 0 0 0 4,693

Latin America 627 0 0 0 627 711 0 0 0 711 685 0 0 0 685

Chile 29 0 0 0 29 30 0 0 0 30 19 0 0 0 19

Mexico 197 0 0 0 197 220 0 0 0 220 206 0 0 0 206

LATAM broad 401 0 0 0 401 461 0 0 0 461 460 0 0 0 460

Asia 4,431 0 0 0 4,431 4,337 0 0 0 4,337 3,566 0 0 0 3,566

Bangladesh 22 0 0 0 22 21 0 0 0 21 18 0 0 0 18

Indonesia 159 0 0 0 159 150 0 0 0 150 141 0 0 0 141

Malaysia 72 0 0 0 72 84 0 0 0 84 73 0 0 0 73

Pakistan 26 0 0 0 26 28 0 0 0 28 24 0 0 0 24

Philippines 85 0 0 0 85 89 0 0 0 89 63 0 0 0 63

South Korea 882 0 0 0 882 884 0 0 0 884 813 0 0 0 813

Taiwan 1,012 0 0 0 1,012 961 0 0 0 961 842 0 0 0 842

Thailand 76 0 0 0 76 77 0 0 0 77 66 0 0 0 66

Vietnam 308 0 0 0 308 333 0 0 0 333 310 0 0 0 310

Asia Pacific broad 1,788 0 0 0 1,788 1,710 0 0 0 1,710 1,216 0 0 0 1,216

EMEA 1,179 0 0 0 1,179 1,168 0 0 0 1,168 1,138 0 0 0 1,138

Kuwait 17 0 0 0 17 16 0 0 0 16 13 0 0 0 13

Poland 51 0 0 0 51 47 0 0 0 47 39 0 0 0 39

South Africa 109 0 0 0 109 112 0 0 0 112 87 0 0 0 87

Turkey 395 0 0 0 395 402 0 0 0 402 415 0 0 0 415

Europe broad 465 0 0 0 465 461 0 0 0 461 471 0 0 0 471

Middle East & Africa 142 0 0 0 142 130 0 0 0 130 114 0 0 0 114

Global Markets 12,834 0 0 0 12,834 12,944 0 0 0 12,944 11,960 0 0 0 11,960

Global 12,834 0 0 0 12,834 12,944 0 0 0 12,944 11,960 0 0 0 11,960

EM Total 27,805 0 0 1 27,806 27,501 0 0 1 27,502 25,192 0 0 0 25,192

Total (EM + DM) 255,795 0 0 355 256,151 246,655 0 0 348 247,003 210,151 0 0 341 210,493



Figure 96: European Fixed Income ETF AUM summary (€ million) | ETFs | Europe |

Fixed Income AUM Beta Beta+Semi-


Semi-


Semi-

activeAlpha Total

Overall 3,968 0 0 2,901 6,870 3,757 0 0 2,840 6,597 3,219 0 0 2,763 5,983

Corporates 37,701 0 0 142 37,843 35,215 0 0 31 35,247 29,657 0 0 15 29,672

Covered Bonds 2,860 0 0 458 3,318 3,150 0 0 452 3,602 3,065 0 0 423 3,488

Credit Exposure 308 63 0 0 371 247 57 0 0 303 184 61 0 0 245

Sovereign 51,119 1,383 0 191 52,694 48,718 1,368 0 185 50,271 43,658 1,185 0 206 45,049

Money Market 1,776 0 0 0 1,776 1,806 0 0 0 1,806 1,714 0 0 0 1,714

Total Fixed Income 97,732 1,446 0 3,692 102,871 92,893 1,425 0 3,507 97,825 81,498 1,245 0 3,408 86,151



9 April 2015



Figure 97: European Commodity ETP AUM summary (€ million) | ETPs | Europe |

Commodity AUM Beta Beta+Semi-


Semi-


Semi-

activeAlpha Total

Overall 4,065 4 30 0 4,099 4,012 4 29 0 4,044 3,523 8 49 0 3,580

Overall 3788 4 30 0 3,822 3746 3 29 0 3,778 3270 8 49 0 3,327

Overall ex Energy 268 0 0 0 268 257 0 0 0 257 246 0 0 0 246

Overall Light Energy 8 0 0 0 8 8 0 0 0 8 8 0 0 0 8

Overall Ultra Light Energy 0 0 0 0 - 0 0 0 0 - 0 0 0 0 -

Agriculture 742 92 0 0 834 722 90 0 0 812 737 88 0 0 826

Overall 441 4 0 0 445 419 4 0 0 424 480 4 0 0 484

Cocoa 9 4 0 0 12 9 5 0 0 14 9 4 0 0 13

Coffee 28 18 0 0 46 21 16 0 0 37 21 12 0 0 33

Corn 31 8 0 0 39 43 8 0 0 51 36 9 0 0 45

Cotton 34 5 0 0 39 35 5 0 0 41 31 6 0 0 37

Grains 35 1 0 0 36 37 1 0 0 38 37 1 0 0 38

Softs 5 0 0 0 6 6 0 0 0 6 5 0 0 0 6

Soybean Oil 4 2 0 0 6 4 2 0 0 7 4 2 0 0 6

Soybeans 15 3 0 0 18 16 3 0 0 18 16 3 0 0 18

Sugar 60 15 0 0 75 60 15 0 0 75 24 15 0 0 38

Wheat 79 32 0 0 111 71 30 0 0 101 75 32 0 0 107

Energy 2,032 386 0 0 2,419 1,936 331 0 0 2,267 916 163 0 0 1,078

Overall 178 1 0 0 179 150 0 0 0 150 132 0 0 0 132

Carbon 1 0 0 0 1 1 0 0 0 1 1 0 0 0 1

Crude Oil 1764 282 0 0 2,045 1693 237 0 0 1,931 708 84 0 0 793

Gasoline 9 3 0 0 12 9 3 0 0 12 5 1 0 0 6

Heating Oil 7 1 0 0 8 8 1 0 0 9 3 1 0 0 4

Natural Gas 73 100 0 0 173 75 89 0 0 164 67 76 0 0 142

Electricity 0 0 0 0 - 0 0 0 0 - 0 0 0 0 -

Uranium 0 0 0 0 - 0 0 0 0 - 0 0 0 0 -

Industrial Metals 638 82 0 0 720 608 76 0 0 685 682 95 0 0 777

Overall 283 2 0 0 285 245 2 0 0 247 267 18 0 0 285

Aluminium 44 4 0 0 48 53 6 0 0 59 85 5 0 0 91

Copper 190 61 0 0 251 184 54 0 0 239 174 58 0 0 233

Lead 1 1 0 0 2 1 1 0 0 2 1 1 0 0 2

Nickel 100 9 0 0 109 105 9 0 0 114 136 8 0 0 144

Tin 2 2 0 0 4 2 2 0 0 4 2 2 0 0 4

Zinc 19 2 0 0 20 18 2 0 0 19 17 2 0 0 18

Precious Metals 25,770 185 0 0 25,955 26,038 331 0 0 26,369 23,269 286 0 0 23,555

Overall 199 1 0 0 200 193 1 0 0 194 178 1 0 0 179

Gold 21368 90 0 0 21,457 21635 187 0 0 21,823 19347 156 0 0 19,503

Palladium 715 1 0 0 716 786 1 0 0 787 762 1 0 0 763

Platinum 997 6 0 0 1,004 1026 6 0 0 1,032 973 5 0 0 978

Rhodium 112 0 0 0 112 110 0 0 0 110 107 0 0 0 107

Silver 2378 87 0 0 2,465 2288 136 0 0 2,424 1903 123 0 0 2,026

Livestock 17 4 0 0 21 15 3 0 0 18 15 3 0 0 19

Overall 9 0 0 0 10 8 0 0 0 8 9 0 0 0 10

Cattle 3 1 0 0 4 3 1 0 0 4 3 2 0 0 4

Lean Hogs 5 2 0 0 7 4 2 0 0 6 3 2 0 0 5

Total 33,265 752 30 0 34,047 33,332 835 29 0 34,195 29,143 643 49 0 29,835



9 April 2015



Product Rankings

Figure 98: Top 20 Products by AUM – Equity ETFs (€ million) | ETFs | Europe |

ETF Name BBG Ticker Issuer

Invest.

Strategy

Current Month

AUM

Prev. Month

AUM 2014 AUM

iShares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 11,771.4 11,004.4 8,650.4

iShares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta 10,857.9 11,181.5 11,426.2

iShares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta 10,538.2 10,577.8 8,461.6

Vanguard S&P 500 ETF VUSA LN Vanguard Beta 9,814.8 9,697.8 8,301.8

Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 7,243.1 6,888.5 5,949.9

iShares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 6,826.2 6,664.8 5,193.6

iShares MSCI World UCITS ETF (Inc) IWRD LN BlackRock Beta 6,729.5 7,023.5 6,516.2

iShares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 6,686.2 6,258.2 5,153.8

iShares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock Beta 5,580.4 4,641.8 3,923.6

iShares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta 5,090.1 5,254.7 4,927.9

iShares STOXX 600 (DE) SXXPIEX GR BlackRock Beta 4,828.4 4,588.1 3,681.6

iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 4,546.5 4,500.5 4,185.3

db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1D XESX GR Deutsche AWM Beta 4,121.1 3,981.8 2,879.5

db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR Deutsche AWM Beta 4,109.3 3,929.8 2,972.9

iShares MSCI Japan EUR Hedged UCITS ETF IJPE LN Blackrock Beta 3,971.5 3,983.1 3,566.5

Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP Lyxor Beta 3,385.3 3,325.0 2,920.9

iShares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 3,274.9 2,878.4 2,072.6

iShares SMI CH CSSMI SW BlackRock Beta 3,183.1 3,238.7 2,640.1

iShares Developed Markets Property Yield UCITS ETF IWDP LN BlackRock Beta 2,790.6 2,812.1 2,369.3

iShares MSCI North America UCITS ETF INAA LN BlackRock Beta 2,598.9 2,607.9 2,310.6 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 99: Top 20 Products by AUM – Fixed Income ETFs (€ million) | ETFs | Europe |

ETF Name BBG Ticker Issuer

Invest.

Strategy

Current Month

AUM

Prev. Month

AUM 2014 AUM

iShares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta 6,390.0 5,747.6 4,912.4

iShares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta 4,739.2 4,749.5 4,743.6

iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 4,121.2 3,691.0 2,653.4

iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta 3,927.6 3,728.9 3,066.2

iShares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 2,645.1 2,458.7 1,758.5

iShares Euro Corporate Bond ex-Financials UCITS ETF EEXF LN BlackRock Beta 2,194.0 2,171.2 2,084.6

db x-trackers II iBoxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR Deutsche AWM Beta 2,177.0 2,062.6 1,730.0

iShares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta 2,094.1 2,005.9 2,260.1

iShares £ Corporate Bond UCITS ETF SLXX LN BlackRock Beta 2,030.2 1,908.6 1,612.8

iShares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock Beta 1,968.9 1,921.7 1,641.1

Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G FP Amundi Beta 1,896.9 1,743.4 1,582.3

iShares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 1,847.8 1,577.6 1,003.3

PIMCO Euro Short Maturity Source UCITS ETF PJS1 GR Source Alpha 1,660.7 1,618.6 1,612.1

iShares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 1,638.4 1,742.1 1,563.8

iShares UK Gilts UCITS ETF IGLT LN BlackRock Beta 1,571.5 1,613.0 1,306.5

iShares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta 1,568.0 1,456.4 1,088.3

SPDR Barclays Capital Emerging Market Local Bond ETF SYBM GY State Street Beta 1,458.5 1,460.4 1,113.5

iShares Euro Government Bond 3-5yr UCITS ETF IEGX LN BlackRock Beta 1,410.2 1,369.2 1,311.3

db x-trackers II iBoxx Euro Sovereigns Eurozone UCITS ETF XGLE GR Deutsche AWM Beta 1,352.1 1,284.2 1,329.5

iShares Euro Corporate Bond ex-Financials 1-5yr UCITS ETF EEX5 LN BlackRock Beta 1,294.8 1,332.7 1,300.1 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

9 April 2015



Figure 100: Top 20 Products by AUM – Commodity ETPs (€ million) | ETPs | Europe |

ETP Name BBG Ticker Issuer

Invest.

Strategy

Current Month

AUM

Prev. Month

AUM 2014 AUM

ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta 5,078.0 5,005.0 4,550.0

ETFS Physical Gold PHAU LN ETF Securities Ltd Beta 3,980.6 4,448.8 3,896.5

Gold Bullion Securities GBS LN ETF Securities Ltd Beta 3,026.1 3,158.0 2,684.6

XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta 1,785.6 1,753.0 1,571.8

Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 1,728.3 1,652.2 1,382.3

Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta 1,723.8 1,730.2 1,607.6

ZKB Silver ETF ZSIL SW Zuercher Kantonalbank Beta 1,207.1 1,168.8 1,033.1

Lyxor ETF Commodities CRB CRB FP Lyxor Beta 755.0 753.9 618.9

ETFS Physical Silver PHAG LN ETF Securities Ltd Beta 663.2 657.1 461.4

ETFS WTI Crude Oil CRUD LN ETF Securities Ltd Beta 623.9 549.7 200.7

db Physical Gold ETC XGLD LN Deutsche AWM Beta 597.2 566.8 511.4

iShares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR BlackRock Beta 552.3 574.9 488.2

db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AWM Beta 536.1 530.6 446.0

UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW UBS Beta 495.6 495.5 430.8

db x-trackers DBLCI - OY Balanced UCITS ETF 1C EUR - Hedged XDBC GR Deutsche AWM Beta 484.6 498.8 517.6

UBS ETFs plc – CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW UBS Beta 440.4 422.1 312.8

iShares Gold CH CSGOLD SW BlackRock Beta 362.0 354.1 670.2

ETFS Physical Platinum PHPT LN ETF Securities Ltd Beta 345.9 376.8 337.4

db Physical Gold ETC (EUR) XAD5 GR Deutsche AWM Beta 344.6 313.5 284.2

ETFS Brent 1mnth Oil OILB LN ETF Securities Ltd Beta 337.2 374.2 167.0 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

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9. ETF Broker rankings

US ETP Broker Rankings

Figure 101: Top 20 US ETF Brokers | ETFs | US |

Rank Broker

Advertised

value ($

million)

Market

Share

Advertised

Trades

Advertised

value ($

million)

Market

Share

Advertised

Trades Broker

Advertised

volume

(million)

Market

Share

Advertised

Trades

Advertised

volume

(million)

Market

Share

Advertised

Trades

1 (MLCO) MERRILL LYNCH 389,377 30.68% 50,730 936,872 26.75% 139,522 (MLCO) MERRILL LYNCH 4,440 24.90% 50,731 11,033 22.11% 139,529

2 (KCG) KCG HOLDINGS, INC. 156,997 12.37% 206,986 484,459 13.83% 612,788 (KCG) KCG HOLDINGS, INC. 2,403 13.48% 206,986 7,282 14.59% 612,816

3 (CSFB) CREDIT SUISSE 106,615 8.40% 22,117 325,638 9.30% 62,878 (UBS) UBS INVESTMENT BANK 1,611 9.04% 41,264 4,824 9.67% 120,926

4 (UBS) UBS INVESTMENT BANK 101,872 8.03% 41,264 306,544 8.75% 120,923 (CSFB) CREDIT SUISSE 1,560 8.75% 22,183 4,749 9.52% 63,156

5 (CITI) CITIGROUP GLOBAL MARKE 59,033 4.65% 19,546 176,786 5.05% 55,637 (CITI) CITIGROUP GLOBAL MARKE 935 5.24% 19,546 2,815 5.64% 55,639

6 (DBAB) DEUTSCHE BANK SECURITI 47,410 3.74% 20,284 114,297 3.26% 55,846 (DBAB) DEUTSCHE BANK SECURITI 797 4.47% 20,284 1,922 3.85% 55,847

7 (MSCO) MORGAN STANLEY 40,402 3.18% 15,458 113,771 3.25% 43,291 (GSHT) GOLDMAN, SACHS & CO. 676 3.79% 73,436 1,925 3.86% 226,404

8 (JPM) JP MORGAN 38,946 3.07% 8,781 117,502 3.36% 28,398 (FCM) FIDELITY CAPITAL MARKET 636 3.57% 48,280 1,831 3.67% 138,851

9 (FCM) FIDELITY CAPITAL MARKET 37,190 2.93% 48,280 109,130 3.12% 138,851 (JPM) JP MORGAN 524 2.94% 8,781 1,509 3.02% 28,399

10 (GSHT) GOLDMAN, SACHS & CO. 36,890 2.91% 73,435 104,044 2.97% 226,400 (MSCO) MORGAN STANLEY 499 2.80% 15,458 1,410 2.83% 43,293

11 (GSLT) GOLDMAN SACHS ELECTRON 36,810 2.90% 161,175 114,355 3.27% 424,868 (GSLT) GOLDMAN SACHS ELECTRON 464 2.60% 161,175 1,345 2.69% 424,868

12 (BCAP) BARCLAYS CAPITAL 24,294 1.91% 19,665 72,990 2.08% 53,526 (BCAP) BARCLAYS CAPITAL 384 2.15% 19,665 1,168 2.34% 53,527

13 (LIME) LIME BROKERAGE LLC 21,335 1.68% 22,277 30,523 0.87% 35,139 (LIME) LIME BROKERAGE LLC 304 1.70% 22,286 439 0.88% 35,148

14 (INCA) INSTINET 21,031 1.66% 14,611 57,356 1.64% 40,920 (BCET) BARCLAYS CAPITAL ELEC 283 1.59% 32,568 770 1.54% 90,447

15 (BCET) BARCLAYS CAPITAL ELEC 17,371 1.37% 32,568 49,791 1.42% 90,447 (CANT) CANTOR FITZGERALD L.P. 271 1.52% 9,076 777 1.56% 28,264

16 (CVGX) CONVERGEX 16,041 1.26% 23,274 40,248 1.15% 56,455 (INCA) INSTINET 238 1.34% 14,611 645 1.29% 40,925

17 (CANT) CANTOR FITZGERALD L.P. 15,049 1.19% 9,076 43,485 1.24% 28,261 (BNPP) BNP PARIBAS SECURITIES 238 1.33% 10,756 772 1.55% 26,357

18 (SUSQ) SUSQUEHANNA INTERNATIO 14,002 1.10% 6,717 52,532 1.50% 34,477 (CVGX) CONVERGEX 232 1.30% 23,274 590 1.18% 56,456

19 (BNPP) BNP PARIBAS SECURITIES 13,045 1.03% 10,756 33,729 0.96% 26,357 (SUSQ) SUSQUEHANNA INTERNATIO 213 1.20% 6,717 954 1.91% 34,478

20 (JEFF) JEFFERIES & CO., INC. 11,283 0.89% 9,698 36,441 1.04% 30,502 (WBET) WALLACHBETH CAPITAL LL 160 0.89% 402 452 0.91% 1,367

Other 64,046 5.05% 137,575 181,705 5.19% 398,503 Other 960 5.39% 146,871 2,688 5.39% 427,653

Total 1,269,041 100.00% 954,273 3,502,198 100.00% 2,703,989 Total 17,829 100.00% 954,350 49,900 100.00% 2,704,350

Value Trade Summary Volume Trade Summary

Mar-15 YTD Mar-15 YTD

Source: Deutsche Bank, Bloomberg Finance LP

Note: ETF broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded.

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Figure 102: Top 20 US ETV Brokers | ETVs | US |

Rank Broker

Advertised

value ($

million)

Market

Share

Advertised

Trades

Advertised

value ($

million)

Market

Share

Advertised

Trades Broker

Advertised

volume

(million)

Market

Share

Advertised

Trades

Advertised

volume

(million)

Market

Share

Advertised

Trades

1 (MLCO) MERRILL LYNCH 9,413 22.79% 2,888 23,533 18.22% 8,227 (MLCO) MERRILL LYNCH 385 22.79% 2,888 951 19.51% 8,227

2 (KCG) KCG HOLDINGS, INC. 7,843 18.99% 20,499 25,732 19.93% 59,109 (KCG) KCG HOLDINGS, INC. 322 19.05% 20,499 949 19.48% 59,109

3 (UBS) UBS INVESTMENT BANK 4,730 11.45% 2,408 16,841 13.04% 7,280 (UBS) UBS INVESTMENT BANK 193 11.44% 2,408 635 13.03% 7,280

4 (CITI) CITIGROUP GLOBAL MARKE 3,850 9.32% 1,145 12,052 9.33% 3,271 (CITI) CITIGROUP GLOBAL MARKE 186 11.02% 1,145 498 10.22% 3,271

5 (CSFB) CREDIT SUISSE 3,278 7.94% 1,161 11,420 8.84% 3,315 (CSFB) CREDIT SUISSE 130 7.69% 1,161 410 8.41% 3,319

6 (FCM) FIDELITY CAPITAL MARKET 2,336 5.66% 5,693 7,509 5.81% 17,116 (FCM) FIDELITY CAPITAL MARKET 127 7.49% 5,693 359 7.38% 17,116

7 (GSLT) GOLDMAN SACHS ELECTRON 1,010 2.45% 12,026 3,866 2.99% 34,454 (BCET) BARCLAYS CAPITAL ELEC 32 1.91% 3,118 78 1.60% 8,268

8 (JPM) JP MORGAN 887 2.15% 476 2,726 2.11% 1,436 (GSLT) GOLDMAN SACHS ELECTRON 32 1.87% 12,026 107 2.19% 34,454

9 (DBAB) DEUTSCHE BANK SECURITI 837 2.03% 849 2,417 1.87% 2,358 (JPM) JP MORGAN 31 1.82% 476 105 2.16% 1,436

10 (GSHT) GOLDMAN, SACHS & CO. 825 2.00% 3,744 2,898 2.24% 11,451 (MSCO) MORGAN STANLEY 27 1.62% 1,087 100 2.06% 3,374

11 (MSCO) MORGAN STANLEY 744 1.80% 1,087 2,814 2.18% 3,374 (GSHT) GOLDMAN, SACHS & CO. 27 1.60% 3,744 86 1.76% 11,451

12 (BCET) BARCLAYS CAPITAL ELEC 664 1.61% 3,118 1,844 1.43% 8,268 (DBAB) DEUTSCHE BANK SECURITI 26 1.56% 849 71 1.46% 2,358

13 (INCA) INSTINET 656 1.59% 1,008 2,056 1.59% 2,472 (INCA) INSTINET 24 1.42% 1,008 68 1.40% 2,472

14 (LIME) LIME BROKERAGE LLC 598 1.45% 1,232 993 0.77% 1,956 (CVGX) CONVERGEX 20 1.18% 1,154 69 1.42% 2,969

15 (CVGX) CONVERGEX 529 1.28% 1,154 2,023 1.57% 2,969 (BCAP) BARCLAYS CAPITAL 20 1.15% 1,210 54 1.11% 3,468

16 (SUSQ) SUSQUEHANNA INTERNATIO 457 1.11% 210 2,130 1.65% 2,558 (LIME) LIME BROKERAGE LLC 19 1.11% 1,232 31 0.64% 1,956

17 (BCAP) BARCLAYS CAPITAL 449 1.09% 1,210 1,433 1.11% 3,468 (SUSQ) SUSQUEHANNA INTERNATIO 17 1.01% 210 80 1.63% 2,558

18 (RBC) ROYAL BANK OF CANADA 359 0.87% 540 1,157 0.90% 2,424 (JEFF) JEFFERIES & CO., INC. 13 0.76% 943 22 0.45% 1,622

19 (JEFF) JEFFERIES & CO., INC. 269 0.65% 943 593 0.46% 1,622 (BNPP) BNP PARIBAS SECURITIES 9 0.54% 1,023 28 0.57% 2,285

20 (BNPP) BNP PARIBAS SECURITIES 267 0.65% 1,023 837 0.65% 2,285 (RBC) ROYAL BANK OF CANADA 7 0.39% 540 23 0.48% 2,424

Other 1,298 3.14% 7,573 4,258 3.30% 21,213 Other 43 2.56% 7,573 147 3.02% 21,213

Total 41,299 100.00% 69,987 129,130 100.00% 200,626 Total 1,690 100.00% 69,987 4,873 100.00% 200,630




Note: ETV broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded.

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European ETP Broker Rankings

Figure 103: Top 20 European ETF brokers | ETFs | Europe |

Rank Broker

Advertised

value (€

million)

Market

Share

Advertised

Trades

Advertised

value (€

million)

Market

Share

Advertised

Trades Broker

Advertised

volume

(million)

Market

Share

Advertised

Trades

Advertised

volume

(million)

Market

Share

Advertised

Trades

1 (CBK) COMMERZBANK 15,972 16.53% 21,849 44,152 15.72% 60,628 (CBK) COMMERZBANK 404 15.39% 22,209 1,129 14.15% 61,357

2 (FLOW) FLOW TRADERS 7,473 7.73% 4,854 19,007 6.77% 12,875 (FLOW) FLOW TRADERS 203 7.74% 4,924 539 6.76% 13,082

3 (BNPP) BNP PARIBAS SECURITIES 6,531 6.76% 5,301 18,478 6.58% 14,617 (SIS) SUSQUEHANNA INTERNATION 152 5.79% 2,251 626 7.85% 9,146

4 (CITI) CITIGROUP GLOBAL MARKE 5,782 5.98% 3,158 17,120 6.10% 8,606 (CITI) CITIGROUP GLOBAL MARKE 138 5.24% 3,158 455 5.70% 8,606

5 (JPMH) JPMORGAN CHASE BANK, N 5,300 5.48% 3,075 15,564 5.54% 8,319 (BNPP) BNP PARIBAS SECURITIES 129 4.91% 5,319 362 4.53% 14,692

6 (SIS) SUSQUEHANNA INTERNATION 4,916 5.09% 2,248 20,254 7.21% 9,123 (UBS) UBS INVESTMENT BANK 123 4.68% 791 385 4.83% 2,442

7 (SG) SG SECURITIES 4,508 4.67% 13,950 14,852 5.29% 38,838 (SG) SG SECURITIES 115 4.36% 13,956 415 5.20% 38,853

8 (DBK) DEUTSCHE BANK AG 4,315 4.47% 1,753 14,948 5.32% 5,361 (MSCO) MORGAN STANLEY 112 4.28% 2,043 275 3.44% 5,568

9 (MSCO) MORGAN STANLEY 4,164 4.31% 2,043 10,156 3.62% 5,568 (JPMH) JPMORGAN CHASE BANK, N 112 4.26% 3,085 377 4.73% 8,330

10 (BCAP) BARCLAYS CAPITAL 4,081 4.22% 2,962 10,382 3.70% 7,824 (BCAP) BARCLAYS CAPITAL 110 4.18% 2,965 293 3.67% 7,829

11 (UBS) UBS INVESTMENT BANK 3,680 3.81% 791 10,443 3.72% 2,442 (DBK) DEUTSCHE BANK AG 105 3.99% 1,756 420 5.27% 5,368

12 (CSFB) CREDIT SUISSE 3,548 3.67% 3,338 10,123 3.61% 9,142 (CSFB) CREDIT SUISSE 81 3.08% 3,406 239 3.00% 9,309

13 (UNIC) UNICREDIT 3,521 3.64% 1,218 10,180 3.63% 3,260 (WINS) WINTERFLOOD SECURITIES 81 3.07% 6,826 269 3.38% 18,607

14 (GSHT) GOLDMAN, SACHS & CO. 2,217 2.29% 6,995 7,972 2.84% 21,379 (KCG) KCG HOLDINGS, INC. 75 2.84% 4,424 235 2.95% 12,468

15 (CANT) CANTOR FITZGERALD L.P. 2,194 2.27% 2,298 6,027 2.15% 6,298 (MLCE) BANK OF AMERICA MERRIL 71 2.68% 2,741 166 2.08% 7,038

16 (BFIN) BLUEFIN EUROPE LLP 2,166 2.24% 213 6,267 2.23% 571 (UNIC) UNICREDIT 69 2.62% 1,218 200 2.51% 3,266

17 (WINS) WINTERFLOOD SECURITIES 2,132 2.21% 6,826 5,989 2.13% 18,607 (CANT) CANTOR FITZGERALD L.P. 60 2.28% 2,302 204 2.55% 6,304

18 (MLCO) MERRILL LYNCH 1,688 1.75% 816 3,872 1.38% 2,141 (HSBC) HSBC GROUP PLC 52 1.97% 2,444 136 1.71% 6,677

19 (KCG) KCG HOLDINGS, INC. 1,642 1.70% 4,422 5,076 1.81% 12,466 (GSHT) GOLDMAN, SACHS & CO. 45 1.73% 6,995 152 1.91% 21,382

20 (HSBC) HSBC GROUP PLC 1,324 1.37% 2,443 3,659 1.30% 6,675 (KEPL) KEPLER CAPITAL MARKETS 41 1.58% 3,269 122 1.53% 8,687

Other 9,477 9.81% 30,324 26,254 9.35% 74,959 Other 350 13.33% 25,352 978 12.26% 61,972

Total 96,630 100.00% 120,877 280,778 100.00% 329,699 Total 2,628 100.00% 121,434 7,977 100.00% 330,983




Note: ETF broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded.

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Figure 104: Top 20 European ETC brokers | ETCs | Europe |

Rank Broker

Advertised

value (€

million)

Market

Share

Advertised

Trades

Advertised

value (€

million)

Market

Share

Advertised

Trades Broker

Advertised

volume

(million)

Market

Share

Advertised

Trades

Advertised

volume

(million)

Market

Share

Advertised

Trades

1 (DBK) DEUTSCHE BANK AG 277 9.61% 50 757 7.43% 181 (WINS) WINTERFLOOD SECURITIES 84 17.14% 1,913 286 16.83% 5,516

2 (WINS) WINTERFLOOD SECURITIES 240 8.30% 1,913 674 6.62% 5,516 (MLCE) BANK OF AMERICA MERRIL 83 16.94% 430 103 6.07% 1,148

3 (MSCO) MORGAN STANLEY 202 7.01% 399 788 7.73% 911 (DBKE) DEUTSCHE BANK AG, AUTO 44 9.07% 519 237 13.93% 1,713

4 (MACQ) MACQUARIE SECURITIES 194 6.73% 45 720 7.06% 156 (CANT) CANTOR FITZGERALD L.P. 37 7.61% 484 136 8.02% 1,152

5 (BFIN) BLUEFIN EUROPE LLP 192 6.65% 73 498 4.89% 219 (CITI) CITIGROUP GLOBAL MARKE 30 6.08% 336 86 5.05% 1,027

6 (FLOW) FLOW TRADERS 183 6.35% 201 599 5.88% 671 (KEPL) KEPLER CAPITAL MARKETS 27 5.51% 311 56 3.31% 837

7 (CBK) COMMERZBANK 171 5.93% 771 502 4.93% 2,158 (FLOW) FLOW TRADERS 22 4.48% 201 57 3.36% 679

8 (UBS) UBS INVESTMENT BANK 157 5.45% 132 419 4.11% 402 (BFIN) BLUEFIN EUROPE LLP 20 4.06% 73 71 4.16% 219

9 (HSBC) HSBC GROUP PLC 146 5.06% 232 352 3.46% 726 (EQUI) EQUITA SIM SPA 15 3.14% 118 31 1.81% 279

10 (CSFB) CREDIT SUISSE 108 3.75% 172 503 4.93% 502 (CVGX) CONVERGEX 11 2.35% 577 21 1.24% 589

11 (GSHT) GOLDMAN, SACHS & CO. 100 3.45% 30 190 1.86% 122 (MED) MEDIOBANCA SPA 11 2.16% 1,223 28 1.66% 3,000

12 (SG) SG SECURITIES 87 3.03% 121 555 5.45% 373 (JPMH) JPMORGAN CHASE BANK, N 10 2.12% 156 31 1.83% 492

13 (CITI) CITIGROUP GLOBAL MARKE 86 2.98% 336 648 6.36% 1,027 (UBS) UBS INVESTMENT BANK 9 1.94% 132 54 3.19% 402

14 (CANT) CANTOR FITZGERALD L.P. 84 2.91% 484 265 2.60% 1,152 (PEEL) PEEL HUNT LLP 9 1.76% 412 30 1.75% 1,313

15 (KCG) KCG HOLDINGS, INC. 78 2.69% 397 285 2.80% 1,125 (INCA) INSTINET 7 1.54% 109 98 5.80% 377

16 (BNPP) BNP PARIBAS SECURITIES 77 2.66% 45 280 2.74% 107 (MACQ) MACQUARIE SECURITIES 7 1.51% 45 67 3.95% 156

17 (KEPL) KEPLER CAPITAL MARKETS 72 2.50% 311 231 2.27% 837 (CBK) COMMERZBANK 7 1.39% 777 19 1.12% 2,165

18 (PEEL) PEEL HUNT LLP 57 1.99% 412 156 1.53% 1,313 (SG) SG SECURITIES 7 1.38% 121 30 1.78% 373

19 (DBKE) DEUTSCHE BANK AG, AUTO 55 1.89% 519 164 1.61% 1,713 (CICS) CM-CIC SECURITIES 6 1.27% 25 6 0.37% 71

20 (MLCE) BANK OF AMERICA MERRIL 47 1.64% 430 128 1.26% 1,147 (CSFB) CREDIT SUISSE 6 1.20% 173 16 0.91% 503

Other 272 9.43% 2,670 1,476 14.49% 6,363 Other 36 7.35% 1,619 235 13.87% 4,736

Total 2,886 100.00% 9,743 10,189 100.00% 26,721 Total 487 100.00% 9,754 1,698 100.00% 26,747




Note: ETC broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded.

9 April 2015



Appendix A: 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).

Figure below gives 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 105: 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


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.

9 April 2015



Appendix B: The road from beta to alpha

The figure below illustrates the road from beta (diversified rule based market

access) to alpha (discretionary market access). Moving anti-clockwise from

beta, the potential for return increases, together with the potential risk.

Figure 106: The Roadmap From Beta (β) to Alpha (α)

Beta Alpha

Beta Multiplied Beta Adjusted

Beta Alpha

BetaKey Characteristics:- Diversification rules apply- Long only exposure- Weighting based on market capitalization- Composition based on pre-determined rules- Representative of a pre-defined market segmentReturn profile: Match very closely index return profileRisk profile: Match very closely index risk profile

Semi-active:Key Characteristics:- Diversification rules might apply- Long only exposure- Weighting not based on market capitalization- Composition based on pre-determined rules- Representative of a market segment per seReturn profile: Aims to generate superior returnsRisk profile: Not consistent with a diversified index risk profile

Beta+ (leveraged, long/short)Key Characteristics:- Diversification rules apply- Long, short and/or leveraged exposure- Weighting based on market capitalization- Composition based on pre-determined rules- Representative of a pre-defined market segmentReturn profile: Aims to generate superior returnsRisk profile: Not consistent with a diversified index risk profile

AlphaKey Characteristics:- Diversification rules do not typically apply- Long, short and/or leveraged exposure- Weighting not based on market capitalization- Composition not based on pre-determined rules- Not Representative of a pre-defined market segmentReturn profile: Aims to generate positive returnsRisk profile: Dependent on investment decisions

Source: Deutsche Bank

The performance of beta products is measured against an index; a manager is

most successful when they manage to match the return of a product to its

stated benchmark. The performance of alpha products, or rather the

performance of an alpha product’s manager, is measured by the risk adjusted

return it generates. The highest the return and the lowest the risk [typically

measured by the standard deviation of a product’s returns] the more

successful a product is deemed to be.

There is however a whole host of products that fall between beta and alpha,

we have sought to create a classification system that classifies these products,

taking into consideration a number of variables, ranging from diversification to

what constitutes a market segment.

9 April 2015



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.

9 April 2015



Appendix 1

Important Disclosures

Additional information available upon request

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. Ari Rajendra

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. Notes:

1. Newly issued research recommendations and target prices always supersede previously published research. 2. Ratings definitions prior to 27 January, 2007 were:

Buy: Expected total return (including dividends) of 10% or more over a 12-month period Hold: Expected total return (including dividends) between -10% and 10% over a 12-month period Sell: Expected total return (including dividends) of -10% or worse over a 12-month period

37 %

56 %

7 %47 %

40 %

35 %

0

50

100

150

200

250

300

350

400

Buy Hold Sell

European Universe

Companies Covered Cos. w/ Banking Relationship

http://gm.db.com/ger/disclosure/DisclosureDirectory.eqsr

9 April 2015



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

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9 April 2015



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