european monthly etf market review10 july 2015 european monthly etf market review page 6 deutsche...

Deutsche Bank Markets Research

Europe

Synthetic Equity & Index Strategy

European Monthly ETF Market Review

Date

10 July 2015

Inflows into European Equities Despite Greek Crisis

Data in this report is as of 30th June 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) 124/04/2015.

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]

European ETP Highlights

As of the end of June 2015, global ETP assets stood at $2.8 trillion with

European ETP assets amounting to $499bn (€448bn). Equity ETFs registered

inflows of +€2.8bn which were partly offset by outflows from Fixed Income

ETFs (-€1.1bn) during the month of June. Commodity ETPs listed in Europe

saw outflows of -€0.2bn.

European equities, particularly German equities favoured over US equities

European equities were, again, preferred over US Equities, both among

European and US investors. European equities exposed ETFs gathered over

+€3.3bn of inflows compared to +€164mn of inflows into ETFs exposed to US

equities. In both listing regions, German equities commanded significant

inflows.

Fixed income ETFs experience outflows for the second consecutive month

The selloff in bond markets which had started in late April continued in June

resulting in bond yields to rise to its highest level for the year in early June.

Correspondingly, European fixed income ETPs saw net outflows for the second

consecutive month in 2015 (-€1.1bn). This was driven mainly by sovereign and

corporate bonds based ETFs.

Greece crisis triggers significant increase in Greek ETF turnover

Greece focused ETFs listed globally saw an increase in on-exchange activity as

the Greek crisis escalated in June ($506mn of turnover in June vs $262mn in

May’15). However, total assets remained flat during the month ($563mn).

Greek ETFs listed in Europe halted trading on June 26th but an ETF listed in US

(GREK US) has continued to trade despite the Greek stock market closure in

late June.

China outflows continue as equity markets sell off

Since mid June, the Shanghai Composite Index had lost over 32%. This rout

had resulted in China focused ETFs listed globally to experience -$3.3bn of

outflows in June (-$18bn so far this year).

New thematic, smart beta and currency hedged product launches

Source launched two thematic ETFs that provide exposure to European and

Japanese exporting companies while Lyxor launched two min variance ETFs

on the FTSE Developed Europe and FTSE Emerging benchmarks. Several

currency hedged ETFs (details on pg 7) were also launched by UBS and

Blackrock.

10 July 2015



Table of Contents

European Investment Trends ................................................................................... 3 ETF Comparatives: Mutual Funds, cash equity turnover ......................................... 6 Product Launch Activity ........................................................................................... 6 Other regions’ cash flow summary.......................................................................... 7

1. Investment Trends ...................................................... 8 Cross-Asset Class ETPs ........................................................................................... 8 Equity ETFs .............................................................................................................. 8 Fixed Income ETFs .................................................................................................11 Commodity ETPs ....................................................................................................11

2. Market Metrics .......................................................... 12 ETF Industry Asset Evolution ..................................................................................12 ETFs vs. Cash Equities ............................................................................................15 ETFs vs. Unlisted Mutual Funds .............................................................................17 European ETF Industry Replication Structure Composition (Synthetic vs. Physical)

................................................................................................................................19 Industry Growth Analysis ........................................................................................21

3. Cash Flow Analysis ................................................... 23 Regional Cash Flow Analysis ..................................................................................23 Asset Class Cash Flow Analysis .............................................................................23 Product Rankings ....................................................................................................28

4. Product Review ......................................................... 30 New Products Launched in the Month ...................................................................30 Average TERs .........................................................................................................33

5. Provider Rankings ..................................................... 36 Global Provider Rankings ........................................................................................36 European Provider Rankings – General ...................................................................38 European Provider Rankings – by Asset Class ........................................................42 European Provider Analysis by Replication Method ...............................................45

6. Trading Perspective .................................................. 46 ETP Monthly Turnover Analysis by Asset Class, by Instrument..............................46 Asset Class Analysis ...............................................................................................46 Product Rankings ....................................................................................................51

7. European ETF Exchanges ............................................ 56

8. Assets ......................................................................... 58 ETP Monthly AUM Analysis by Asset Class ...........................................................58 Asset Class Analysis ...............................................................................................58 Product Rankings ....................................................................................................63

9. ETF Broker rankings .................................................. 65 US ETP Broker Rankings .........................................................................................65 European ETP Broker Rankings ..............................................................................67

Appendix A: How we define ETPs ..................................... 69

Appendix B: The road from beta to alpha ......................... 70

10 July 2015



European Investment Trends

Equities continued its positive run while Fixed Income ETFs saw redemptions

European domiciled ETPs recorded yet another month of inflows where we

observed +€1.6bn of inflows into ETPs. Equity ETFs registered inflows of

+€2.8bn which were partly offset by outflows from Fixed Income ETFs (-

€1.1bn) during the month of June. Commodity ETPs listed in Europe saw

outflows of -€0.2bn. Year-to-date flows for European listed ETPs is at +€35.9bn

as of the end of June.

US listed ETPs had another strong month with +$17.8bn of net inflow in June

(+$11.6bn in May). The equity segment was the largest contributor drawing

+$20bn of inflows. Flows for fixed income and commodity ETPs were negative

recording outflows of -$1.6bn and -$0.5mn respectively.

European equities, particularly German equities favoured over US equities

ETF investors, both in Europe and US, continued their preference for European

equities over US Equities. European equities exposed ETFs gathered over

+€3.3bn of inflows while ETFs with US equity exposure saw inflows of

€164mm in June. ETFs with exposure to German equities in particular

witnessed strong demand as shown in Figure 1 below. The top two European

products by inflows in Europe were ETFs benchmarked to the DAX (iShares

and db x-Trackers) while in the US, two products benchmarked to MSCI

Germany made it to the top 5 European exposed products.

Figure 1: Top 5 European exposed ETFs by monthly flows in Europe and US

ETF Name Bloomberg TER Underlying IndexJune '15

Flows ($mn)

Europe Listed

iShares Core DAX UCITS ETF DE DAXEX GR 0.16% DAX 544.5

db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR 0.09% DAX 456.7

db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1D XESX GR 0.09% Euro STOXX 50 326.8

Vanguard FTSE 100 ETF VUKE LN 0.10% FTSE 100 319.3

iShares EURO STOXX 50 UCITS ETF (Inc) EUNE SW 0.35% Euro STOXX 50 316.4

US Listed

WisdomTree Europe Hedged Equity Fund HEDJ US 0.58% WisdomTree Europe Hedged Equity 685.4

iShares MSCI Germany ETF EWG US 0.48% MSCI Germany 563.9

iShares MSCI United Kingdom ETF EWU US 0.47% MSCI United Kingdom 562.6

Vanguard FTSE Europe ETF VGK US 0.12% FTSE Developed Europe 432.0

iShares Currency Hedged MSCI Germany ETF HEWG US 0.53% MSCI Germany 266.2

Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Fixed income ETFs experienced outflows for the second consecutive month

The selloff in bond markets which had started in late April continued in June

resulting in bond yields to rise to its highest level for the year in early June. As

a result European fixed income ETPs experienced net outflows for the second

consecutive month in 2015 (-€1.1bn). This was driven mainly by sovereign and

corporate bonds based ETFs from where investors’ pulled out over -€1.1bn and

-€0.5bn respectively which were partially offset by inflows into money markets

ETFs (+€0.5bn). Figure 3 illustrates the monthly trend of flows into Fixed

Income ETFs over the last 12 months.

10 July 2015



Figure 2: Monthly inflows into Fixed Income ETFs over the last one year

(2,000)

(1,000)

-

1,000

2,000

3,000

4,000

5,000

6,000

Mo

nth

ly F

low

s (€

mn

)

Fixed Income ETFs

Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Greece crisis triggers significant increase in Greek ETF turnover

At the end of the June, the Greece crisis worsened as the government

announced the imposition of capital controls, closing of Greek banks and stock

exchanges for the short term. The referendum held by the Prime Minsiter

revealed that 61% of voters were against the proposed austerity measures by

the European Union. The Greece focused ETFs listed globally reacted to the

build up of these events in June and experienced $506mn of turnover in June

vs $262mn in May’15. However, total assets remained flat during June

($563mn).

Figure 3 below shows Greece equity ETFs listed globally with current assets,

turnover and monthly performance. GREK US is the only ETF that has

continued to trade despite the Greek stock market closure in late June. This

explains the significant difference in performance to the other ETFs listed

below.

Figure 3: Greece focused ETFs listed globally

Ticker Name TERJune'15

TO ($mn)

AUM

($mn)

Monthly

Perf. %

GREK US Global X FTSE Greece 20 ETF 0.65% 392 304.0 -17%

GRE FP Lyxor ETF FTSE Athex 20 0.45% 110 240.8 -4%

AETF GA Alpha ETF FTSE Athex 20 Large Cap Equity 0.38% 3 15.7 -7%

ETFASE GA NBGAM ETF Athex General Domestic Equities Fund 0.50% 0 3.0 -3% Monthly Performance was calculated by taking price of 29May vs 30 June 2015. Aum as of 30-June-2015. Source: Deutsche Bank, Bloomberg Finance LP, Reuters

China outflows continue as equity markets sell off

Chinese stock market had hit its all time high in June but has since sold off

significantly wiping out trillions of dollars from the country’s stock market.

Since mid June, the Shanghai Composite Index had lost over 32%. This rout

had resulted in China focused ETFs listed globally to experience -$3.3bn of

outflows in June (-$18bn so far this year).

10 July 2015



Figure 4: Monthly flows into China focused ETFs listed globally

(10,000)

(8,000)

(6,000)

(4,000)

(2,000)

-

2,000

4,000

Mo

nth

ly F

low

s (

$m

n)

China focused ETFs

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

10 July 2015



ETF Comparatives: Mutual Funds, cash equity turnover

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

turnover2, increased to 8.8% (from 8.6% in May’15) as of the end of June

2015. The equivalent number for the US market also increased to 24.6%

over the same period (from 23.4% in May’15).

European ETFs comprised 3.5% of the continent’s mutual fund industry as

of April 2015. European domiciled ETFs registered inflows of +€4.2bn

through April 2015, while UCITS mutual funds registered inflows totalling

+€67bn in the same period, according to mutual fund industry data

published by the European Fund and Asset Management Association

(EFAMA).

US ETFs comprised 15% of the mutual fund industry as of the end of May

2015. US domiciled ETFs registered inflows of +$13bn in May 2015, while

US mutual funds registered inflows of +$3bn over the same period,

according to mutual fund industry data published by the Investment

Company Institute (ICI).

Product Launch Activity

ETP launch calendar in June: 14 new launches

European ETP industry registered 14 new product launches during June

including 12 equity and 2 fixed income ETFs.

Equity

Source launched four equity ETFs during June. Two of these ETFs provide

USD hedged (EZXU LN) and unhedged (EZEX GY) exposure to European

exporting companies and another two provide EUR hedged (JEXE GY) and

unhedged (JPEX LN) exposure to Japanese exporting companies allowing

international exposure to investors. These ETFs were listed on the London

Stock Exchange and Deutsche Borse.

UBS launched four equity ETFs on the SIX Swiss Exchange. Two of these

ETFs provide GBP (S2HGBD SW) and SGD hedged (S2HSGA SW) exposure

to MSCI Switzerland 20/35 Index. Another two ETFs tracks performance of

MSCI Hong Kong Index (HKDU SW) and MSCI Singapore Index (SGPDU

SW).

Lyxor listed two quantitative strategy equity ETFs during June tracking

FTSE Developed Europe Min Variance Index (MVAE FP) and FTSE

Emerging Min Variance Index (MVMX LN). These ETFs were listed on

Euronext Paris and London Stock Exchanges respectively.

BlackRock listed an equity ETF (EMUC SW) tracking MSCI EMU 100%

Hedged to CHF Index. This ETF was listed on Six Swiss Exchange.

PowerShares listed quantitative strategy equity ETF (SPVX LN) during June

tracking S&P 500 Dynamic Veqtor Index. This ETF was listed on the

London Stock Exchange.

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

10 July 2015



Fixed Income

Lyxor launched one fixed income ETF (SMART IM) on the Borsa Italiana

tracking EuroMTS Eonia Investable Index.

Source listed one fixed income ETF (STHC SW) providing exposure to the

BofA Merrill Lynch 0-5 Year US High Yield Constrained Index. This ETF

was listed on Six Swiss Exchange.

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

Figure .

Other regions’ cash flow summary

US: Equity registered strong inflows, fixed income witness outflows

US domiciled ETPs recorded strong inflows of +$17.8bn (+$11.6bn in May’15)

taking YTD flows total to +$99.6bn. Most of the inflows were contributed by

equity ETFs registering +$20.1bn (+$12.9bn in May’15) while fixed income

ETFs experienced outflows of -$1.6bn during June 15. Commodity ETPs

remains in negative territory with outflows of -$0.5bn.

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

activity:

Segments: Developed Markets (+$10bn), Size (+$3.3bn), Sector (+$2.8bn),

Strategy (+$2.5bn), Style (+$1.5bn) and Emerging Markets (-$1.4bn)

Sub-segments: Global DM broad (+$4.3bn), Small Cap (+$3.9bn), Healthcare

(+$2.2bn), Europe DM broad (+$1.7bn), Japan (+$1.6bn), Financials (+$1.5bn),

and Large Cap (-$2bn).

Within fixed income, major outflows were recorded by ETFs benchmarked to

corporate bonds (-$3.5bn) which were partially offset by inflows into Sovereign

& Corporate bonds indices (+$0.6bn). Among commodity ETPs, cure oil and

gold based ETPs saw outflows of -$0.4bn and -$0.1bn respectively over the

last month.

Asia: Japan and Taiwan focused ETFs registered healthy inflows while China

saw outflows

Asia-Pacific ETPs comes into positive territory in terms of net flows at the end

of June. These ETPs experienced inflows of +$5bn last month (+$4.7bn in

May’15) bringing YTD flows total to +$5bn.

Majority of the region’s inflows were from equity ETFs recording +$4.6bn in

new money followed by inflows into fixed income ETFs (+$552mn). Within

equity, Japan and Taiwan focused ETFs registered inflows of +$3.5bn and

+$3.3bn respectively while China and South Korea focused ETFs experienced

outflows of -$3.1bn and -$0.5bn during Jun’15. Among other equity segments,

leveraged long strategy ETFs witnessed notable inflows of +$1.8bn in the

month of June.

Within fixed income, money market bond ETFs attracted +$447mn in new

money. While among commodities, crude oil based ETPs, recorded outflows of

-$153mn in June.

10 July 2015



1. Investment Trends3

Cross-Asset Class ETPs

Figure 5: Cash flows by asset class – YTD

| ETPs | Europe |

Figure 6: 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

40,000

€m

illio

ns

Equity Commodity Fixed Income Others

-2,000

-1,500

-1,000

-500

0

500

1,000

1,500

2,000

2,500

3,000

€m

illio

ns

Equity Commodity Fixed Income Others



Equity ETFs

Figure 7: Top 3 aggregate equity segments – YTD

| ETFs | Europe |

Figure 8: 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 Strategy Capitalization

(1,000)

(500)

-

500

1,000

1,500

2,000

2,500

3,000

3,500

€m

illio

ns

Developed Markets Capitalization Global Markets



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

10 July 2015



Figure 9: Top 3 DM countries – YTD | ETFs | Europe | Figure 10: Top 3 DM countries – Month | ETFs | Europe |

-5,000

-4,000

-3,000

-2,000

-1,000

0

1,000

2,000

3,000

4,000

5,000

€m

illio

ns

Japan US Germany

-500

0

500

1,000

1,500

2,000

€m

illio

ns

Germany UK Switzerland



Figure 11: Top 3 DM regions – YTD

| ETFs | Europe |

Figure 12: Top 3 DM regions – Month

| ETFs | Europe |

(2,000)

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

€m

illio

ns

Europe North America Global

(600)

(400)

(200)

-

200

400

600

800

1,000

1,200

1,400

€m

illio

ns

Europe Asia Pacific Global



Figure 13: Top 3 EM countries – YTD

| ETFs | Europe |

Figure 14: Top 3 EM countries – Month

| ETFs | Europe |

-2,000

-1,500

-1,000

-500

0

500

1,000

1,500

€m

illio

ns

China India South Korea

-600

-500

-400

-300

-200

-100

0

100

200

300

400

€m

illio

ns

China India South Korea



10 July 2015



Figure 15: Top 3 EM regions – YTD

| ETFs | Europe |

Figure 16: Top 3 EM regions – Month

| ETFs | Europe |

(1,200)

(1,000)

(800)

(600)

(400)

(200)

-

200

400

600

€m

illio

ns

Global Asia Pacific Europe

(250)

(200)

(150)

(100)

(50)

-

50

100

150

€m

illio

ns

Global Asia Pacific Latin America



Figure 17: Top 3 sectors – YTD

| ETFs | Europe |

Figure 18: Top 3 sectors – Month

| ETFs | Europe |

(200)

-

200

400

600

800

1,000

€m

illio

ns

Financials Consumer Discretionary Consumer Staples

(200)

(150)

(100)

(50)

-

50

100

150

€m

illio

ns

Energy Healthcare Information Technology



Figure 19: Top 3 strategy segments – YTD

| ETFs | Europe |

Figure 20: Top 3 strategy segments – Month

| ETFs | Europe |

(500)

-

500

1,000

1,500

2,000

2,500

€m

illio

ns

Quantitative Short Fundamental

(150)

(100)

(50)

-

50

100

150

200

250

300

350

€m

illio

ns

Leveraged Long Leveraged Short Short



10 July 2015



Fixed Income ETFs

Figure 21: Top 3 aggregate fixed income segments –

YTD | ETFs | Europe |

Figure 22: Top 3 aggregate fixed income segments –

Month | ETFs | Europe |

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

€m

illio

ns

Corporates Sovereign Overall

-2,000

-1,500

-1,000

-500

0

500

1,000

1,500

€m

illio

ns

Sovereign Money Market Corporates



Commodity ETPs

Figure 23: Top 3 aggregate commodity segments –

YTD | ETPs | Europe |

Figure 24: 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

-300

-250

-200

-150

-100

-50

0

50

100

150

200

€m

illio

ns

Precious Metals Overall Industrial Metals



Figure 25: Top 5 commodity sub-segments – YTD

| ETPs | Europe |

Figure 26: 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 Energy Overall Copper

-400

-300

-200

-100

0

100

200

€m

illio

ns

Gold Commodity Overall Crude Oil Platinum Industrial Metals Overall



10 July 2015



2. Market Metrics

ETF Industry Asset Evolution

Figure 27: 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 91.3 136.0 169.0 202.2 234.6

Europe ($) 20.5 33.0 51.3 91.4 131.7 144.9 243.9 309.8 298.1 369.2 416.5 458.6 498.7

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 2,091.2

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 2,639.9 2,824.5

Europe (€) 16.3 24.3 43.3 69.3 90.1 104.2 170.0 230.9 229.6 280.1 302.2 379.0 447.6

Number of ETPs* 269 324 432 737 1,213 1,666 2,042 2,582 3,127 3,494 3,713 3,996 4,147

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 28: 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 21.2

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 57.0

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 2,562.4 2,746.2

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 2,639.9 2,824.5

Number of ETPs* 269 324 432 737 1,213 1,666 2,042 2,582 3,127 3,494 3,713 3,996 4,147

-

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


10 July 2015



Figure 29: 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 90.7 135.2 168.6 201.8 234.2

Europe ($) 20.5 32.3 50.0 89.4 127.1 137.7 226.9 283.6 270.1 334.2 395.2 438.3 477.9

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 2,034.2

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 2,562.4 2,746.2

Europe (€) 16.3 23.8 42.2 67.8 86.9 99.1 158.2 211.4 208.1 253.5 286.8 362.2 428.9

Number of ETFs* 257 310 415 677 1,116 1,481 1,803 2,233 2,699 3,004 3,183 3,460 3,624

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 30: 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 1,620 955 1,410 1,607

Commodity - - 340 1,402 2,314 3,591 10,570 19,310 23,057 26,152 14,512 13,412 14,600

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

Equity 15,532 21,815 37,907 57,029 70,776 65,473 110,59 147,53 139,72 171,52 210,35 261,22 310,33

Total 16,332 23,849 42,249 67,801 86,930 99,089 158,16 211,37 208,05 253,48 286,27 362,19 428,89

Number of ETFs* 100 114 163 267 419 614 819 1,053 1,215 1,311 1,350 1,417 1,451

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

illio

n


10 July 2015



Figure 31: 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 18

Industrial Metals - - 4 44 99 413 828 734 1,063 713 777 681

Agriculture - - 58 799 507 1,553 1,825 1,356 1,093 895 826 954

Energy - 50 153 174 349 1,918 2,056 1,494 1,547 1,397 1,078 2,304

Overall - - 1,103 1,444 981 3,531 5,580 4,439 4,846 3,779 3,580 4,440

Precious Metals 520 886 1,595 2,993 6,713 14,930 28,256 36,334 43,887 22,813 23,555 24,567

Total 520 936 2,914 5,475 8,712 22,395 38,612 44,417 52,475 29,614 29,835 32,965

Number of ETPs* 1 3 40 76 144 185 249 326 423 416 391 386

-

90

180

270

360

450

0

10,000

20,000

30,000

40,000

50,000

60,000

Num

ber

of

ETP

s

€m

illio

n


Figure 32: 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 18,735

ETFs 16,332 23,849 42,249 67,801 86,930 99,089 158,16 211,37 208,05 253,48 286,83 362,19 428,89

Total 16,332 24,340 43,326 69,313 90,091 104,21 170,00 230,89 229,64 280,06 302,24 379,00 447,62

Number of ETPs 100 115 165 299 476 738 995 1,332 1,565 1,749 1,794 1,868 1,889

-

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


10 July 2015



ETFs vs. Cash Equities

Figure 33: 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 34: 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

10 July 2015



Figure 35: 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

Apr-15 65,644 718,989 9.1% 1,297,812 5,518,235 23.5% 2.6x 7.7x 19.8x

May-15 57,277 668,610 8.6% 1,197,595 5,111,824 23.4% 2.7x 7.6x 20.9x

Jun-15 67,201 766,139 8.8% 1,420,153 5,762,644 24.6% 2.8x 7.5x 21.1x

Period 2,385,373 31,645,352 7.5% 69,876,110 271,852,089 25.7% 3.4x 8.7x 29.8x

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 24.7% 3.3x 9.4x 30.6x

Total 2015 393,546 4,350,309 9.0% 8,395,055 33,807,748 24.8% 2.7x 7.8x 21.3x

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

10 July 2015



ETFs vs. Unlisted Mutual Funds

Figure 36: 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 Q2-15*

ETCs 19 19 21 22 23 23 28 27 26 18 18 15 17 17 17 17 20 2

ETFs 217 222 201 208 228 222 242 254 268 256 271 287 299 326 344 363 439 438

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% 3.7% 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% 3.5% 3.5%

1.7%

2.2%

2.7%

3.2%

3.7%

4.2%

0

50

100

150

200

250

300

350

400

450

500

ETP

vs m

utu

al fu

nds

ETP

AU

M (

€billion)

*Data as of 30-Apr-2015 Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP

Figure 37: European ETP vs mutual fund cash flows | ETPs | Europe |

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 Mar-15 Apr-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 0.82 -0.48 0.07

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 10.26 7.18 4.18

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 71.40 71.40 66.50

-40

-20

0

20

40

60

80

100

Cash F

low

s (

€billion)

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

10 July 2015



Figure 38: 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 Q2-15*

ETVs 108 108 111 107 116 108 125 119 109 72 76 64 67 67 61 57 59 58

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 2,011 2,068

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% 15.3% 15.5%

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% 14.9% 15.1%

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 5/29/2015. Source: Deutsche Bank, Bloomberg Finance LP, ICI

Figure 39: 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 Mar-15 Apr-15 May-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 -0.96 -0.42 -1.30

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 28.73 13.80 12.91

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 14.54 5.39 2.95

Source: Deutsche Bank, Bloomberg Finance LP, ICI

10 July 2015



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

Figure 40: 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 41: 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 73,101 224,702 85,631

Fixed Income 45,672 14,773 67,114 19,062 79,144 23,208

Commodity 10,892 3,620 10,027 3,385 10,324 4,276

Others 352 1,175 344 1,065 470 1,138

Total 192,737 94,126 265,980 96,614 314,640 114,253

Equity 421 516 474 523 501 526

Fixed Income 165 161 179 164 190 159

Commodity 23 35 22 27 22 27

Others 9 20 9 20 10 16

Total 618 732 684 734 723 728

Equity 18,302 -3,209 22,993 3,072 2,554 276

Fixed Income 7,760 326 16,880 3,265 -1,105 -9

Commodity -4,360 -697 -1,577 160 -39 137

Others 62 -231 -34 -101 3 81

Total 21,764 -3,810 38,263 6,398 1,414 484

ETFs (number of products)

Cash Flows (€ million)

Jun-152013 2014


10 July 2015



Figure 42: European ETF AUM by replication method

| ETFs | Europe |

Figure 43: European ETF flows by replication method

| ETFs | Europe |

€192,737

€265,980

€314,640

€94,126

€96,614

€114,253

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

2013

2014

Jun-15

Physical Synthetic

€21,764

€38,263

€24,927

€1,414

-€3,810

€6,398

€9,958

€484

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

2013

2014

2015

Jun-15

Physical Synthetic



Figure 44: European ETFs product count by replication

method | ETFs | Europe |

Figure 45: European Equity ETFs AUM by replication

method | ETFs | Europe |

618

684

723

732

734

728

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

2013

2014

Jun-15

Physical Synthetic

€135,822

€188,495

€224,702

€74,558

€73,101

€85,631

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

2013

2014

Jun-15

Physical Synthetic



Figure 46: European Fixed Income ETFs AUM by

replication method | ETFs | Europe |

Figure 47: European Commodity ETFs AUM by

replication method | ETFs | Europe |

€45,672

€67,114

€79,144

€14,773

€19,062

€23,208

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

2013

2014

Jun-15

Physical Synthetic

€10,892

€10,027

€10,324

€3,620

€3,385

€4,276

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

2013

2014

Jun-15

Physical Synthetic



10 July 2015



Industry Growth Analysis

Figure 48: 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-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-15Apr-15May-15Jun-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% 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% 0.4% -0.1% -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% 0.2% 0.7% 1.0%

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% 2.0% -0.2% -2.4%

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% 2.6% 0.5% -1.5%


Figure 49: 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

)


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% 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% 0.2% 0.0% -0.1%

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% 0.5% 0.6% 1.0%

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% 1.1% 0.4% -2.5%

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% 1.8% 1.0% -1.6%


10 July 2015



Figure 50: 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

)


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% 0.0% 0.0% 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% 1.2% -0.2% -0.2%

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% -0.2% 0.2% 0.5%

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% -1.2% 1.0% -3.5%

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% -0.2% 1.0% -3.2%


Figure 51: 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

)


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% 0.1% 0.0% -0.2%

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% 0.2% 0.0% -1.4%

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% -1.9% 1.9% -3.4%

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% -1.5% 1.8% -4.9%


10 July 2015



3. Cash Flow Analysis

Regional Cash Flow Analysis

Figure 52: 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 20,112 3,172 2,830 4,584 27,869 12,871 1,090 996 5,524 19,486 72,975 21,395 18,824 2,219 96,590

Fixed income -1,633 -1,262 -1,114 552 -2,344 -281 -927 -813 -806 -2,014 23,762 17,226 15,495 1,750 42,738

Commodity -42 111 98 -134 -66 73 239 213 -75 237 426 528 490 729 1,683

Currency -149 0 0 -6 -154 154 0 0 27 181 35 -14 -13 71 92

Multi Asset 38 -10 -9 0 28 -16 18 16 3 4 390 127 116 0 517

Alternative 66 104 93 9 179 111 -141 -127 13 -17 152 -31 -27 225 346

Total 18,393 2,115 1,898 5,005 25,512 12,913 279 284 4,686 17,878 97,740 39,232 34,885 4,993 141,966

ETCs/ETVs

Commodity -447 -304 -273 5 -745 -1,249 -8 -8 0 -1,257 1,190 1,266 1,057 -13 2,444

Currency -12 -38 -34 0 -50 -52 7 5 0 -45 355 -82 -72 0 273

Alternative -103 0 0 0 -103 -3 0 0 0 -3 285 0 0 0 285

Total -562 -342 -307 5 -898 -1,304 -2 -3 0 -1,306 1,831 1,185 985 -13 3,002

ETPs

Equity 20,112 3,172 2,830 4,584 27,869 12,871 1,090 996 5,524 19,486 72,975 21,395 18,824 2,219 96,590

Fixed income -1,633 -1,262 -1,114 552 -2,344 -281 -927 -813 -806 -2,014 23,762 17,226 15,495 1,750 42,738

Commodity -489 -193 -174 -129 -811 -1,176 231 205 -75 -1,020 1,616 1,795 1,546 716 4,126

Currency -160 -38 -34 -6 -205 103 7 5 27 136 390 -95 -84 71 366

Multi Asset 38 -10 -9 0 28 -16 18 16 3 4 390 127 116 0 517

Alternative -37 104 93 9 76 108 -141 -127 13 -21 437 -31 -27 225 631

Total 17,831 1,772 1,590 5,011 24,614 11,608 278 281 4,686 16,572 99,571 40,417 35,870 4,980 144,968

All figures in $ million except where otherwise stated

Jun-15 May-15 YTD


Asset Class Cash Flow Analysis

Figure 53: 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 3,069 0 0 0 3,069 1,251 0 0 -53 1,198 14,099 0 0 -208 13,891

Emerging Markets -305 0 0 0 -305 648 0 0 0 648 -710 0 0 0 -710

Global Markets -396 0 0 0 -396 -81 0 0 0 -81 -261 0 0 0 -261

Sector -43 0 0 0 -43 -265 0 0 0 -265 727 0 0 0 727

Capitalization 414 0 0 0 414 114 0 0 0 114 1,361 0 0 0 1,361

Strategy 100 124 -129 1 96 30 -3 -57 10 -20 1,161 900 237 -18 2,280

Style 51 0 0 0 51 -546 0 0 0 -546 1,043 0 0 0 1,043

Thematic -56 0 0 0 -56 -52 0 0 0 -52 492 0 0 0 492

Total equities 2,833 124 -129 1 2,830 1,099 -3 -57 -43 996 17,913 900 237 -226 18,824

Jun-15 May-15 YTD


10 July 2015



Figure 53A: European Equity ETF cash flow summary - A (€ Million) | ETFs | Europe |

Equity Cash Flows



Semi-


Semi-

activeAlpha Total

Sector -43 0 0 0 -43 -265 0 0 0 -265 727 0 0 0 727

Consumer discretionary 20 0 0 0 20 -34 0 0 0 -34 203 0 0 0 203

Consumer staples -28 0 0 0 -28 24 0 0 0 24 -129 0 0 0 -129

Energy -65 0 0 0 -65 -253 0 0 0 -253 22 0 0 0 22

Financials 5 0 0 0 5 151 0 0 0 151 557 0 0 0 557

Healthcare -47 0 0 0 -47 -32 0 0 0 -32 -92 0 0 0 -92

Industrials -15 0 0 0 -15 -82 0 0 0 -82 79 0 0 0 79

Information Technology 42 0 0 0 42 -6 0 0 0 -6 -42 0 0 0 -42

Materials 11 0 0 0 11 -78 0 0 0 -78 60 0 0 0 60

Telecommunications 27 0 0 0 27 75 0 0 0 75 81 0 0 0 81

Utilities 7 0 0 0 7 -31 0 0 0 -31 -12 0 0 0 -12

Capitalization 414 0 0 - 414 114 0 0 0 114 1,361 0 0 0 1,361

Large Cap -11 0 0 0 -11 -10 0 0 0 -10 -51 0 0 0 -51

Mid Cap 155 0 0 0 155 35 0 0 0 35 525 0 0 0 525

Small Cap 271 0 0 0 271 89 0 0 0 89 888 0 0 0 888

Strategy 100 124 -129 1 96 30 -3 -57 10 -20 1,161 900 237 -18 2,280

Fundamental 9 0 -9 0 0 9 0 -6 0 3 290 0 268 0 558

Leveraged Long 0 251 0 0 251 0 -14 0 0 -14 0 -130 0 0 -130

Leveraged Short 0 -97 0 0 -97 0 -43 0 0 -43 0 433 0 0 433

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

Quantitative 91 0 -120 1 -28 36 0 -51 10 -5 837 0 -31 -18 788

Short 0 -30 0 0 -30 -15 54 0 0 39 34 597 0 0 631

Style 51 0 0 0 51 -546 0 0 0 -546 1,043 0 0 0 1,043

Dividend 108 0 0 0 108 -538 0 0 0 538- 972 0 0 0 972

Growth -2 0 0 0 2- -6 0 0 0 6- 192 0 0 0 192

Value -55 0 0 0 55- -2 0 0 0 2- -121 0 0 0 121-

Thematic -56 0 0 0 -56 -52 0 0 0 -52 492 0 0 0 492

Commodities -6 0 0 0 6- -127 0 0 0 127- 70 0 0 0 70

Faith -7 0 0 0 7- 0 0 0 0 - -40 0 0 0 40-

Other Theme -29 0 0 0 29- 2 0 0 0 2 162 0 0 0 162

Sustainability -13 0 0 0 13- 73 0 0 0 73 300 0 0 0 300

Total 466 124 -129 1 462 -719 -3 -57 10 -769 4,784 900 237 -18 5,903

Jun-15 May-15 YTD


10 July 2015



Figure 53B: European Equity ETF cash flow summary – B (€ million) | ETFs | Europe |

Equity Cash Flows



Semi-


Semi-

activeAlpha Total

Developed Markets

Europe 2,941 0 0 0 2,941 1,340 0 0 -53 1,287 13,818 0 0 -208 13,611

Austria 2 0 0 0 2 3 0 0 0 3 -32 0 0 0 -32

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

Finland 0 0 0 0 0 1 0 0 0 1 4 0 0 0 4

France -74 0 0 0 -74 213 0 0 0 213 224 0 0 0 224

Germany 1,151 0 0 0 1,151 1,019 0 0 0 1,019 677 0 0 0 677

Greece 10 0 0 0 10 2 0 0 0 2 39 0 0 0 39

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

Italy 16 0 0 0 16 72 0 0 0 72 -2 0 0 0 -2

Netherlands 48 0 0 0 48 2 0 0 0 2 -5 0 0 0 -5

Norway -41 0 0 0 -41 2 0 0 0 2 -29 0 0 0 -29

Portugal 0 0 0 0 0 0 0 0 0 0 22 0 0 0 22

Spain 0 0 0 0 0 16 0 0 0 16 288 0 0 0 288

Sweden -24 0 0 0 -24 -45 0 0 0 -45 -7 0 0 0 -7

Switzerland 210 0 0 0 210 -188 0 0 0 -188 -277 0 0 0 -277

UK 381 0 0 0 381 -596 0 0 0 -596 437 0 0 0 437

Europe broad 1,262 0 0 0 1,262 840 0 0 -53 787 12,480 0 0 -208 12,272

Americas -46 0 0 0 -46 -529 0 0 0 -529 -2,912 0 0 0 -2,912

US 30 0 0 0 30 -388 0 0 0 -388 -2,622 0 0 0 -2,622

Canada -26 0 0 0 -26 -16 0 0 0 -16 -14 0 0 0 -14

North America -50 0 0 0 -50 -124 0 0 0 -124 -276 0 0 0 -276

Asia 250 0 0 0 250 264 0 0 0 264 2,919 0 0 0 2,919

Australia 7 0 0 0 7 -86 0 0 0 -86 -309 0 0 0 -309

Hong Kong -17 0 0 0 -17 12 0 0 0 12 103 0 0 0 103

Japan 391 0 0 0 391 327 0 0 0 327 3,226 0 0 0 3,226

Singapore -2 0 0 0 -2 3 0 0 0 3 3 0 0 0 3

Asia Pacific broad -129 0 0 0 -129 8 0 0 0 8 -104 0 0 0 -104

Global -76 0 0 0 -76 175 0 0 0 175 273 0 0 0 273

Broad indices -76 0 0 0 -76 175 0 0 0 175 273 0 0 0 273

DM Total 3,069 0 0 0 3,069 1,251 0 0 -53 1,198 14,099 0 0 -208 13,891

Jun-15 May-15 YTD


10 July 2015



Figure 53C: European Equity ETF cash flow summary – C (€ million) | ETFs | Europe |

Equity Cash Flows



Semi-


Semi-

activeAlpha Total

Emerging Markets

BRIC -195 0 0 0 -196 -47 0 0 0 -47 -907 0 0 0 -908

Brazil 22 0 0 0 22 9 0 0 0 9 32 0 0 0 32

Russia 55 0 0 0 55 -3 0 0 0 -3 75 0 0 0 75

India 237 0 0 0 237 68 0 0 0 68 687 0 0 0 687

China -509 0 0 0 -509 -121 0 0 0 -121 -1,702 0 0 0 -1,702

Latin America -42 0 0 0 -42 32 0 0 0 32 -72 0 0 0 -72

Chile -3 0 0 0 -3 0 0 0 0 0 0 0 0 0 0

Mexico -10 0 0 0 -10 0 0 0 0 0 -42 0 0 0 -42

LATAM broad -30 0 0 0 -30 32 0 0 0 32 -31 0 0 0 -31

Asia 105 0 0 0 105 140 0 0 0 140 788 0 0 0 788

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

Indonesia -3 0 0 0 -3 -1 0 0 0 -1 -5 0 0 0 -5

Malaysia -3 0 0 0 -3 -1 0 0 0 -1 -9 0 0 0 -9

Pakistan -2 0 0 0 -2 0 0 0 0 0 0 0 0 0 0

Philippines -14 0 0 0 -14 0 0 0 0 0 -7 0 0 0 -7

South Korea 86 0 0 0 86 278 0 0 0 278 405 0 0 0 405

Taiwan -39 0 0 0 -39 -16 0 0 0 -16 -43 0 0 0 -43

Thailand -2 0 0 0 -2 -3 0 0 0 -3 -4 0 0 0 -4

Vietnam 7 0 0 0 7 -10 0 0 0 -10 0 0 0 0 0

Asia Pacific broad 75 0 0 0 75 -108 0 0 0 -108 447 0 0 0 447

EMEA 4 0 0 0 4 31 0 0 0 31 3 0 0 0 3

Kuwait 0 0 0 0 0 0 0 0 0 0 4 0 0 0 4

Poland 1 0 0 0 1 6 0 0 0 6 17 0 0 0 17

South Africa 3 0 0 0 3 -12 0 0 0 -12 2 0 0 0 2

Turkey 14 0 0 0 14 13 0 0 0 13 25 0 0 0 25

Europe broad -23 0 0 0 -23 21 0 0 0 21 -79 0 0 0 -79

Middle East & Africa 10 0 0 0 10 3 0 0 0 3 34 0 0 0 34

Global Markets -176 0 0 0 -176 492 0 0 0 492 -521 0 0 0 -521

Global -176 0 0 0 -176 492 0 0 0 492 -521 0 0 0 -521

EM Total -305 0 0 0 -305 648 0 0 0 648 -710 0 0 0 -710

Total (EM + DM) 2,763 0 0 0 2,763 1,898 0 0 -53 1,846 13,390 0 0 -208 13,182

Jun-15 May-15 YTD


Figure 54: European Fixed Income ETF cash flows (€ million) | ETFs | Europe |

Fixed Income Cash Flows



Semi-


Semi-

activeAlpha Total

Overall -32 0 0 52 20 -323 0 0 79 -244 369 0 0 401 770

Corporates -472 0 0 0 -473 248 0 0 3 251 8,779 0 0 120 8,899

Covered Bonds -36 0 0 -3 -39 -17 0 0 -39 -57 -291 0 0 -4 -295

Credit Exposure -46 -1 0 0 -47 3 -4 0 0 0 56 70 0 0 126

Sovereign -971 -132 0 -3 -1,106 -1,168 216 0 -10 -963 4,839 447 0 -49 5,238

Money Market 530 0 0 0 530 199 0 0 0 199 757 0 0 0 757

Total Fixed Income -1,027 -133 0 46 -1,114 -1,058 212 0 32 -813 14,509 518 0 469 15,495

YTDJun-15 May-15


10 July 2015



Figure 55: European Commodity ETP cash flow summary (€ million) | ETPs | Europe |

Commodity Cash Flows



Semi-


Semi-

activeAlpha Total

Overall 128 2 2 0 132 137 0 17 0 154 697 -3 0 0 694

Overall 125 2 2 0 129 125 0 17 0 141 686 -3 0 0 683

Overall ex Energy 3 0 0 0 3 12 0 0 0 12 10 0 0 0 10

Overall Light Energy 0 0 0 0 0 0 0 0 0 0 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 9 -9 0 0 0 46 18 0 0 64 39 44 0 0 83

Overall 2 0 0 0 2 27 0 0 0 27 -36 0 0 0 -36

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

Coffee 0 -5 0 0 -5 9 16 0 0 25 23 28 0 0 51

Corn 0 -1 0 0 -1 2 1 0 0 3 -5 1 0 0 -4

Cotton -1 0 0 0 -1 -1 0 0 0 -1 -4 -3 0 0 -7

Grains 9 0 0 0 9 0 0 0 0 1 5 0 0 0 5

Softs 0 0 0 0 0 0 0 0 0 0 -1 0 0 0 -1

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

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

Sugar 7 4 0 0 11 3 6 0 0 8 52 15 0 0 67

Wheat -8 -7 0 0 -15 6 -4 0 0 1 6 3 0 0 9

Energy -55 3 0 0 -52 -145 -8 0 0 -152 800 175 0 0 974

Overall 9 0 0 0 9 47 0 0 0 47 96 0 0 0 96

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

Crude Oil -74 -6 0 0 -80 -181 22 0 0 -159 680 133 0 0 814

Gasoline -1 0 0 0 -1 2 0 0 0 2 4 1 0 0 5

Heating Oil 0 1 0 0 1 0 0 0 0 0 4 1 0 0 4

Natural Gas 10 9 0 0 18 -12 -30 0 0 -41 16 39 0 0 55

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 -57 -1 0 0 -59 83 -3 0 0 80 -33 -25 0 0 -58

Overall -40 0 0 0 -40 67 0 0 0 67 27 -19 0 0 9

Aluminium -4 1 0 0 -3 60 1 0 0 61 25 0 0 0 25

Copper -18 -2 0 0 -20 -43 -7 0 0 -50 -70 -18 0 0 -87

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

Nickel 3 -1 0 0 3 1 4 0 0 4 -16 9 0 0 -8

Tin 0 1 0 0 1 0 0 0 0 0 1 2 0 0 3

Zinc 1 0 0 0 1 -2 0 0 0 -2 1 0 0 0 1

Precious Metals -200 7 0 0 -193 78 -17 0 0 61 -2 -145 0 0 -148

Overall -3 0 0 0 -3 3 0 0 0 3 21 0 0 0 21

Gold -131 -10 0 0 -142 65 -12 0 0 53 -29 -109 0 0 -137

Palladium -6 0 0 0 -6 4 0 0 0 4 -60 0 0 0 -60

Platinum -44 1 0 0 -43 2 0 0 0 1 -53 2 0 0 -51

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

Silver -16 16 0 0 1 4 -5 0 0 -1 118 -39 0 0 80

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

Overall 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Cattle -1 -1 0 0 -1 -1 0 0 0 -1 -1 -1 0 0 -2

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

Total -177 0 2 0 -174 198 -10 17 0 205 1,502 44 0 0 1,546

Jun-15 May-15 YTD


10 July 2015



Product Rankings

Figure 56: 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 Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 484.3 692.4 -1,404.1

db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR Deutsche AWM Beta 406.9 262.3 1,257.1

db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1D XESX GR Deutsche AWM Beta 291.4 132.8 1,150.2

Vanguard FTSE 100 ETF VUKE LN Vanguard Beta 283.4 -201.0 -73.3

iShares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 282.1 -113.5 587.3

Amundi ETF MSCI Japan UCITS ETF CJ1 FP Amundi Beta 259.1 7.4 440.8

iShares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 254.9 338.0 1,373.0

Amundi ETF MSCI India UCITS ETF CI2 FP Amundi Beta 207.2 -8.9 216.1

Vanguard S&P 500 ETF VUSA LN Vanguard Beta 204.2 209.5 1,134.7

Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 190.5 418.3 635.4 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 57: Top 10 monthly Fixed Income ETF inflows (€ million) | ETFs | Europe |


Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

LYXOR UCITS ETF Smart Cash C-EUR SMART IM Lyxor Beta 507.4 0.0 507.4

iShares Euro Corporate Bond Interest Rate Hedged UCITS ETF IRCP LN BlackRock Beta 135.8 12.1 218.6

iShares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta 132.5 86.5 435.8

iShares UK Gilts UCITS ETF IGLT LN BlackRock Beta 126.4 42.4 345.7

iShares Euro Government Bond 3-5yr UCITS ETF IEGX LN BlackRock Beta 125.4 -33.1 188.9

ComStage ETF iBoxx Euro Liquid Sovereigns Diversified Overall TR CBOXESOV GR ComStage Beta 120.9 25.2 146.2

Amundi ETF Floating Rate Euro Corporate 1-3 UCITS ETF AFRN FP Amundi Beta 104.4 2.2 229.9

db x-trackers II iBoxx Euro Sovereigns Eurozone 1-3 TR Index UCITS ETF X13E GR Deutsche AWM Beta 104.2 -2.4 34.8

Lyxor UCITS ETF Euro Cash CSH FP Lyxor Beta 87.2 43.4 -74.3

iShares Euro Government Bond 1-3yr UCITS ETF IBGS LN BlackRock Beta 74.6 37.4 89.0 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 58: Top 10 monthly Commodity ETP inflows (€ million) | ETPs | Europe |

ETP Name BBG Ticker Issuer Invest.

Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

db Physical Gold ETC (EUR) XAD5 GR Deutsche AWM Beta 51.7 10.4 111.6

db x-trackers DBLCI - OY Balanced UCITS ETF 1C EUR - Hedged XDBC GR Deutsche AWM Beta 51.1 -75.5 -119.4

iShares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR BlackRock Beta 49.3 96.6 206.9

iShares Physical Gold ETC SGLN LN Blackrock Beta 27.7 42.5 193.7

UBS ETFs plc – CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW UBS Beta 16.8 29.7 184.5

Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 12.4 -134.6 175.5

EasyETF S&P GSCI Capped Commodity 35/20 GSCIEUR GR BNP Paribas Beta 9.8 13.2 36.0

db Physical Platinum ETC XPLA LN Deutsche AWM Beta 9.4 0.0 9.4

Lyxor ETF Commodities CRB CRB FP Lyxor Beta 9.3 7.6 148.6

Boost Silver 3X Leverage Daily ETP 3SIL LN Boost Beta+ 9.1 -1.0 10.7 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

10 July 2015



Figure 59: Top 10 monthly Equity ETF outflows (€ million) | ETFs | Europe |


Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

iShares MSCI AC Far East ex-Japan UCITS ETF IFFF LN BlackRock Beta -299.3 -46.5 -385.0

Deka EURO STOXX 50 UCITS ETF ETFSX5E GR Deka Investment GmbH Beta -202.1 0.0 -135.5

iShares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta -193.3 -412.3 -3,167.5

iShares MSCI Japan EUR Hedged UCITS ETF IJPE LN Blackrock Beta -191.9 9.5 30.7

Amundi ETF MSCI EMU UCITS ETF CMU FP Amundi Beta -174.7 149.9 325.7

iShares MSCI Pacific ex-Japan UCITS ETF (Inc) IPXJ LN BlackRock Beta -140.0 8.1 -56.8

db x-trackers CSI300 Index UCITS ETF 1C XCHA LN Deutsche AWM Beta -113.9 -24.8 -474.7

Lyxor UCITS ETF JPX-Nikkei 400 JPX4 FP Lyxor Beta -108.5 -164.6 252.2

db x-trackers Harvest CSI300 INDEX UCITS ETF (DR) 1D RQFI GY Deutsche AWM Beta -107.2 -50.2 -579.7

Source STOXX Europe 600 UCITS ETF SDJ600 GR Source Beta -94.0 272.7 295.8 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 60: Top 10 monthly Fixed Income ETF outflows (€ million) | ETFs | Europe |


Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

iShares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta -420.9 -355.8 1,162.3

iShares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta -351.9 -114.9 -642.1

Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G FP Amundi Beta -268.2 -56.5 -77.9

iShares Euro Corporate Bond ex-Financials UCITS ETF EEXF LN BlackRock Beta -207.1 -40.1 -83.5

iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta -164.9 -28.4 328.4

iShares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta -120.5 -140.3 419.9

iShares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock Beta -84.4 -120.1 86.3

db x-trackers II iBoxx Euro Sovereigns Eurozone 5-7 TR Index UCITS ETF X57E GR Deutsche AWM Beta -81.8 20.4 -76.0

ComStage ETF Commerzbank Bund-Future Short TR 5X62 GR ComStage Beta+ -74.2 80.9 227.0

iShares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta -73.8 205.0 1,261.1 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 61: 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 Beta -103.9 36.4 -449.8

Gold Bullion Securities GBS LN ETF Securities Beta -51.5 7.8 -19.1

Source Physical Platinum P-ETC SPPT LN Source Beta -41.0 0.0 -39.2

db Industrial Metals Booster Euro Hedged ETC XCTG GR Deutsche AWM Beta -28.0 31.7 -10.3

db WTI Crude Oil Booster USD Index XCT9 LN Deutsche AWM Beta -21.9 -21.8 14.4

db Physical Gold ETC XGLD LN Deutsche AWM Beta -20.5 0.0 6.5

ETFS WTI Crude Oil CRUD LN ETF Securities Beta -18.5 -61.3 270.3

db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AWM Beta -18.4 0.0 101.9

ETFS Copper COPA LN ETF Securities Beta -18.1 -43.1 -70.8

ComStage ETF Commerzbank Commodity EW Index TR CBCOMM GR ComStage Beta -13.3 18.0 120.3 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

10 July 2015



4. Product Review

New Products Launched in the Month

Figure 62: Number of ETPs by Asset Class | ETPs | Global |

Jun-15 May-15 End of 2014

Asset Class Nu.Mkt

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

ETFs

Equity 2,719 65.6% 2,672 47 65.2% 2,580 139 64.6%

Fixed income 687 16.6% 683 4 16.7% 664 23 16.6%

Commodity 107 2.6% 107 - 2.6% 106 1 2.7%

Currency 15 0.4% 15 - 0.4% 17 (2) 0.4%

Multi Asset 43 1.0% 41 2 1.0% 45 (2) 1.1%

Alternative 53 1.3% 50 3 1.2% 48 5 1.2%

Total 3,624 87.4% 3,568 56 87.1% 3,460 164 86.6%

ETC/Vs

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

Commodity 401 9.7% 400 1 9.8% 406 (5) 10.2%

Currency 118 2.8% 126 (8) 3.1% 126 (8) 3.2%

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

Total 523 12.6% 530 (7) 12.9% 536 (13) 13.4%

Total ETPs 4,147 100.0% 4,098 49 100.0% 3,996 151 100.0%

MoM Change YTD Change


Figure 63: Number of ETPs by Asset Class | ETPs | Europe |


Asset Class Nu.Mkt

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

ETFs

Equity 1,027 54.4% 1,015 12 0.6% 998 29 1.6%

Fixed income 349 18.5% 347 2 0.1% 341 8 0.4%

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

Currency - 0.0% 0 - 0.0% 1 (1) -0.1%

Multi Asset 9 0.5% 9 - 0.0% 8 1 0.1%

Alternative 17 0.9% 17 - 0.0% 20 (3) -0.2%

Total 1,451 76.8% 1,437 14 0.7% 1,417 34 1.8%

ETCs

Commodity 337 17.8% 337 - 0.0% 342 (5) -0.3%

Currency 101 5.3% 109 (8) -0.4% 109 (8) -0.4%

Total 438 23.2% 446 (8) -0.4% 451 (13) -0.7%

Total ETPs 1,889 100.0% 1,883 6 0.3% 1,868 21 1.1%

MoM Change YTD Change


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Figure 64: New ETF launches & cross listings | ETFs | Europe |

Launch/ cross

listing dateBBG Ticker

Reuters

CodeIssuer ETF Name Asset class

Invest.

StrategyFocus

Market

flagBenchmark

Long

/Short/

Leverage

TERExchange

Listed

New Launches

5-Jun-15 JPEX LN JPEX.L Source Source STOXX Japan Exporters UCITS ETF Equity Beta Developed non-Europe DM Stoxx Japan International Exposure NTR Index 1L 0.35% London SE

5-Jun-15 EMUC SW EMUC.S BlackRock iShares MSCI EMU CHF Hedged UCITS ETF Equity Beta Eurozone DM MSCI EMU 100% Hedged to CHF Index 1L 0.38% Swiss SE

5-Jun-15 EZXU LN EZXU.L Source Source STOXX Eurozone Exporters UCITS ETF USD Hedged Equity Beta Eurozone DM EURO STOXX International Exposure USD Hedged Index 1L 0.35% London SE

8-Jun-15 JEXE GY JEXE.DE Source Source STOXX Japan Exporters UCITS ETF EUR Hedged Equity Beta Developed non-Europe DM Stoxx Japan International Exposure NTR EUR Hedged Index 1L 0.35% Deutsche Borse

8-Jun-15 EZEX GY EZEX.DE Source Source STOXX Eurozone Exporters UCITS ETF Equity Beta Eurozone DM EURO STOXX International Exposure Index 1L 0.35% Deutsche Borse

9-Jun-15 SMART IM SMART.MI Lyxor LYXOR UCITS ETF Smart Cash C-EUR Fixed Income Beta Overall DM EuroMTS Eonia Investable 1L 0.05% Borsa Italiana

11-Jun-15 S2HGBD SW S2HGBD.S UBS UBS ETF - MSCI Switzerland 20/35 UCITS ETF hedged to GBP Equity Beta European Developed DM MSCI Switzerland 20/35 100% hedged to GBP 1L 0.30% Swiss SE

11-Jun-15 S2HSGA SW S2HSGA.S UBS UBS ETF - MSCI Switzerland 20/35 UCITS ETF hedged to SGD Equity Beta European Developed DM MSCI Switzerland 20/35 100% hedged to SGD 1L 0.30% Swiss SE

11-Jun-15 HKDU SW HKDU.S UBS UBS ETF MSCI Hong Kong UCITS ETF A-dis Equity Beta Developed non-Europe DM MSCI Hong Kong Index 1L 0.45% Swiss SE

11-Jun-15 SGPDU SW SGPDU.S UBS UBS ETF - MSCI Singapore UCITS ETF A-dis Equity Beta Developed non-Europe DM MSCI Singapore Index 1L 0.45% Swiss SE

16-Jun-15 MVAE FP MVAE.PA Lyxor Lyxor FTSE Europe Minimum Variance UCITS ETF Equity Beta Quantitative DM FTSE Developed Europe Min Var Index 1L 0.20% Euronext Paris

16-Jun-15 SPVX LN SPVX.L PowerShares PowerShares S&P 500 VEQTOR UCITS ETF Equity Beta Quantitative DM S&P 500 Dynamic VEQTOR Index 1L 0.39% London SE

17-Jun-15 MVMX LN MVMX.L Lyxor Lyxor FTSE Emerging Minimum Variance UCITS ETF Equity Beta Quantitative EM FTSE Emerging Min Var Index 1L 0.40% London SE

29-Jun-15 STHC SW STHC.S Source PIMCO Short-Term HY Corporate Bond Index Source UCITS ETF - CHF Hgd Acc Fixed Income Beta Overall DM BofA Merrill Lynch 0-5 Yr US HY Constrained index 1L 0.60% Swiss SE

Cross-Listings & share classes

1-Jun-15 JPHG FP JPHG.PA Amundi Amundi ETF JPX-Nikkei 400 UCITS ETF - Daily Hedged GBP Equity Beta Developed non-Europe DM JPX-nikkei 400 TR Index 1L 0.18% Euronext Paris

1-Jun-15 JPHE FP JPHE.PA Amundi Amundi ETF JPX-Nikkei 400 UCITS ETF - Daily Hedged EUR Equity Beta Developed non-Europe DM JPX-nikkei 400 TR Index 1L 0.18% Euronext Paris

3-Jun-15 CRPX LN CRPX.L Lyxor Lyxor ETF Euro Corporate Bond Fixed Income Beta Overall DM Markit iBoxx Euro Liquid Corporate Overall Index 1L 0.20% London SE

9-Jun-15 FEXD LN FEXD.L First Trust First Trust Large Cap Core AlphaDEX UCITS ETF Equity Beta Fundamental DM Defined Large Cap Core 1L 0.65% London SE

10-Jun-15 GDXJ SW GDXJ.S Van Eck Funds Market Vectors Junior Gold Miners UCITS ETF Equity Beta Commodities Overall Market Vectors Global Junior Gold Miners 1L 0.55% Swiss SE

10-Jun-15 GDX SW GDX.S Van Eck Funds Market Vectors Gold Miners UCITS ETF Equity Beta Commodities Overall NYSE Arca Gold Miners 1L 0.55% Swiss SE

10-Jun-15 CSH2 LN CSH2.L Lyxor LYXOR UCITS ETF Smart Cash C-GBP Fixed Income Beta Overall DM EuroMTS Eonia Investable 1L 0.13% London SE

11-Jun-15 S2HGBA SW S2HGBA.S UBS UBS ETF - MSCI Switzerland 20/35 UCITS ETF hedged to GBP Equity Beta European Developed DM MSCI Switzerland 20/35 100% hedged to GBP 1L 0.30% Swiss SE

11-Jun-15 UC93 LN UC93.L UBS UBS ETF - MSCI Switzerland 20/35 UCITS ETF hedged to GBP Equity Beta European Developed DM MSCI Switzerland 20/35 100% hedged to GBP 1L 0.30% London SE

11-Jun-15 UC94 LN UC94.L UBS UBS ETF - MSCI Switzerland 20/35 UCITS ETF hedged to GBP Equity Beta European Developed DM MSCI Switzerland 20/35 100% hedged to GBP 1L 0.30% London SE

15-Jun-15 XDNY LN XDNY.L Deutsche AWM db x-trackers JPX-Nikkei 400 UCITS ETF DR - 1C Equity Beta Developed non-Europe DM JPX-nikkei 400 TR Index 1L 0.20% London SE

15-Jun-15 SPVG LN SPVG.L PowerShares PowerShares S&P 500 VEQTOR UCITS ETF Equity Beta Quantitative DM S&P 500 Dynamic VEQTOR Index 1L 0.39% London SE

16-Jun-15 MVAM FP MVAM.PA Lyxor Lyxor FTSE Emerging Minimum Variance UCITS ETF Equity Beta Quantitative EM FTSE Emerging Min Var Index 1L 0.40% Euronext Paris

17-Jun-15 MVAM LN MVAM.L Lyxor Lyxor FTSE Emerging Minimum Variance UCITS ETF Equity Beta Quantitative EM FTSE Emerging Min Var Index 1L 0.40% London SE

17-Jun-15 MVAE LN MVAE.L Lyxor Lyxor FTSE Europe Minimum Variance UCITS ETF Equity Beta Quantitative DM FTSE Developed Europe Min Var Index 1L 0.20% London SE

17-Jun-15 MVEX LN MVEX.L Lyxor Lyxor FTSE Europe Minimum Variance UCITS ETF Equity Beta Quantitative DM FTSE Developed Europe Min Var Index 1L 0.20% London SE

19-Jun-15 SPVX IM SPVX.MI PowerShares PowerShares S&P 500 VEQTOR UCITS ETF Equity Beta Quantitative DM S&P 500 Dynamic VEQTOR Index 1L 0.39% Borsa Italiana

19-Jun-15 PSVX GY PSVX.DE PowerShares PowerShares S&P 500 VEQTOR UCITS ETF Equity Beta Quantitative DM S&P 500 Dynamic VEQTOR Index 1L 0.39% Deutsche Borse

22-Jun-15 HYBB IM HYBB.MI Lyxor Lyxor IBOXX EUR Liquid High Yield BB UCITS ETF Fixed Income Beta Overall DM Markit iBoxx EUR Corporates BB 1L 0.35% Borsa Italiana

26-Jun-15 EUXS SW EUXS.S BlackRock iShares MSCI Europe ex-UK GBP Hedged UCITS ETF Equity Beta Europe DM MSCI Europe ex-UK 100% Hedged to GBP Index 1L 0.40% Swiss SE

26-Jun-15 CNYA SW CNYA.S BlackRock iShares MSCI China A UCITS ETF Equity Beta Emerging Country EM MSCI China A International Index 1L 0.65% Swiss SE

26-Jun-15 NK4E SW NK4E.S BlackRock iShares JPX-Nikkei 400 EUR Hedged UCITS ETF Equity Beta Developed non-Europe DM JPX-nikkei 400 TR Index 1L 0.45% Swiss SE

29-Jun-15 LDCE SW LDCE.S Source PIMCO Low Duration Euro Corporate Bond Source UCITS ETF Fixed Income Alpha Overall Overall BofA Merrill Lynch 1-5 Yr Euro Corp. Bond Index 1L 0.39% Swiss SE

29-Jun-15 HDLV SW HDLV.S PowerShares PowerShares S&P 500 High Dividend Low Volatility UCITS ETF Equity Beta Quantitative DM S&P 500 Low Volatility High Dividend Index 1L 0.30% Swiss SE

30-Jun-15 FRNU GY FRNU.DE Amundi AMUNDI ETF Floting Rate USD Corporate UCITS ETF Fixed Income Beta Overall DM Markit iBoxx USD FRN Liquid Corporates 100 1L 0.18% Deutsche Borse Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Eu

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Figure 65: New ETC launches & cross listings | ETCs | Europe |

Launch/

cross listing

date

BBG

Ticker

Reuters

CodeIssuer ETC Name

Asset

class

Invest.

StrategyFocus Benchmark

Long

/Short/

Leverage

TERExchange

Listed

Cross-Listings & share classes

30-Jun-15 0LJC GY OLJC.DE Boost Boost WTI Oil ETC Commodity Beta Crude Oil NASDAQ Commodity Crude Oil ER 1L 0.25% Deutsche Borse

30-Jun-15 0LJD GY OLJD.DE Boost Boost Brent Oil ETC Commodity Beta Crude Oil NASDAQ Commodity Brent Crude Oil Index 1L 0.25% Deutsche Borse

30-Jun-15 0LJE GY OLJE.DE Boost Boost Gold ETC Commodity Beta Gold NASDAQ Commodity Gold ER 1L 0.25% Deutsche Borse

30-Jun-15 0LJF GY OLJF.DE Boost Boost Natural Gas ETC Commodity Beta Natural Gas NASDAQ Commodity Natural Gas ER 1L 0.25% Deutsche Borse Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

10 July 2015



Average TERs

Figure 66: 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% 476 0.42% 441 0.41% 917

Beta+ 0.50% 2 0.51% 65 0.51% 67

Semi Active 0.54% 16 0.55% 17 0.55% 33

0.41% 501 0.43% 526 0.42% 1,027

Fixed Income Alpha 0.59% 8 0.39% 2 0.55% 10

Beta 0.24% 182 0.19% 133 0.22% 315

Beta+ NA NA 0.25% 24 0.25% 24

0.26% 190 0.20% 159 0.23% 349

Alternative Alpha NA NA 0.73% 5 0.73% 5

Beta 0.75% 2 0.70% 2 0.73% 4

Beta+ NA NA NA NA NA NA

Semi Active 0.30% 1 0.60% 7 0.57% 8

0.006 3 0.69% 14 0.68% 17

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 Beta NA 1 NA NA NA 1

Alpha 0.60% 6 0.73% 2 0.64% 8

0.60% 7 0.73% 2 0.64% 9

Total 0.38% 723 0.40% 728 0.39% 1,451

Physical Synthetic Total


10 July 2015



Figure 67: ETC TERs using simple average | ETCs | Europe |

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

Commodity Agriculture Beta NA NA 0.51% 39 0.50% 39

Beta+ NA NA 0.91% 29 0.91% 29

Energy Beta NA NA 0.48% 52 0.46% 52

Beta+ NA NA 0.78% 47 0.78% 47

Industrial Metals Beta NA NA 0.49% 28 0.48% 28

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 0.45% 31 0.44% 20 0.43% 51

Beta+ NA NA 0.74% 39 0.74% 39

Commodity 0.45% 31 0.65% 306 0.62% 337

Currency Currency Beta NA NA 0.41% 40 0.41% 40

Beta+ NA NA 0.81% 61 0.81% 61

Currency NA NA 0.65% 101 0.65% 101

Physical Synthetic Total


10 July 2015



Figure 68: ETF TERs using AUM weighted average | ETFs | Europe |

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

Equity Alpha 0.71% 7 0.95% 3 0.75% 10

Beta 0.33% 476 0.36% 441 0.34% 917

Beta+ 0.54% 2 0.48% 65 0.48% 67

Semi Active 0.57% 16 0.55% 17 0.56% 33

0.33% 501 0.37% 526 0.34% 1,027

Fixed Income Alpha 0.37% 8 0.39% 2 0.37% 10

Beta 0.26% 182 0.18% 133 0.24% 315

Beta+ NA NA 0.23% 24 0.23% 24

0.27% 190 0.19% 159 0.25% 349

Alternative Alpha NA NA 0.85% 5 0.85% 5

Beta 0.75% 2 0.70% 2 0.73% 4


Semi Active 0.30% 1 0.69% 7 0.56% 8

0.72% 3 0.78% 14 0.76% 17

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 Beta 0.40% 1 NA NA 0.40% 1

Alpha 0.68% 6 0.72% 2 0.72% 8

0.68% 7 0.72% 2 0.72% 8

Total 0.32% 723 0.34% 728 0.33% 1,451

Synthetic TotalPhysical


Figure 69: 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% 39 0.53% 39

Beta+ NA NA 0.98% 29 0.98% 29

Energy Beta NA NA 0.52% 52 0.52% 52

Beta+ NA NA 0.98% 47 0.98% 47

Industrial Metals Beta NA NA 0.49% 28 0.49% 28

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% 31 0.37% 20 0.39% 51

Beta+ NA NA 0.97% 39 0.97% 39

Commodity 0.39% 31 0.53% 306 0.44% 337

Currency Currency Beta NA NA 0.39% 40 0.39% 40

Beta+ NA NA 0.91% 61 0.91% 61

Currency NA NA 0.76% 101 0.76% 101

TotalPhysical Synthetic


10 July 2015



5. Provider Rankings

Global Provider Rankings

Figure 70: 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 1,035,363 37.7% 975,205 38.1% 611 7,566 445,685 51,728

2 Vanguard 489,282 17.8% 443,404 17.3% 95 7,551 72,507 43,190

3 State Street 412,875 15.0% 453,738 17.7% 228 -2,719 716,135 -41,604

4 PowerShares 92,655 3.4% 91,378 3.6% 146 741 70,686 -247

5 Deutsche AWM 76,938 2.8% 58,319 2.3% 256 697 15,497 18,560

6 WisdomTree 61,530 2.2% 39,297 1.5% 85 1,248 18,990 20,316

7 Nomura Asset Management 56,596 2.1% 43,106 1.7% 46 2,490 32,976 7,299

8 Lyxor 52,606 1.9% 45,768 1.8% 222 503 14,663 6,299

9 First Trust 43,454 1.6% 33,266 1.3% 98 1,377 8,045 9,097

10 Charles Schwab 34,257 1.2% 26,922 1.1% 21 1,216 4,731 7,138

Total Top 10 2,355,555 85.8% 2,210,403 86.3% 1,808 20,670 1,399,914 121,776

Others 390,694 14.2% 352,041 13.7% 1,816 4,842 349,431 20,189

Global Total 2,746,249 100.0% 2,562,444 100.0% 3,624 25,512 1,749,345 141,966 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 71: 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 26,774 34.2% 27,325 35.3% 1 -162 12,550 309

2 ETF Securities 16,131 20.6% 16,586 21.4% 320 -319 2,931 88

3 BlackRock 12,723 16.3% 12,494 16.1% 8 194 2,886 501

4 PowerShares 6,670 8.5% 7,159 9.2% 11 -154 2,755 -349

5 United States Commodity Funds 3,805 4.9% 2,790 3.6% 11 -186 9,151 762

6 ProShares 3,623 4.6% 3,282 4.2% 19 -267 22,981 676

7 Deutsche AWM 2,414 3.1% 2,192 2.8% 28 -35 150 403

8 Source 1,981 2.5% 1,920 2.5% 4 -37 187 146

9 Deutsche Borse Commodities GmbH 1,896 2.4% 1,902 2.5% 1 0 121 0

10 Guggenheim Investments 1,175 1.5% 935 1.2% 9 20 2,841 274

Total Top 10 77,191 98.6% 76,584 98.9% 412 -945 56,551 2,810

Others 1,063 1.4% 880 1.1% 111 47 905 192

Global Total 78,255 100.0% 77,464 100.0% 523 -898 57,456 3,002


10 July 2015



Figure 72: 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 1,048,086 37.1% 987,699 37.4% 619 7,760 448,571 52,229

2 Vanguard 489,282 17.3% 443,404 16.8% 95 7,551 72,507 43,190

3 State Street 439,648 15.6% 481,063 18.2% 229 -2,881 728,684 -41,295

4 PowerShares 99,324 3.5% 98,537 3.7% 157 587 73,441 -596

5 Deutsche AWM 79,352 2.8% 60,511 2.3% 284 662 15,647 18,964

6 WisdomTree 61,530 2.2% 39,297 1.5% 85 1,248 18,990 20,316

7 Nomura Asset Management 56,596 2.0% 43,106 1.6% 46 2,490 32,976 7,299

8 Lyxor 52,606 1.9% 45,768 1.7% 222 503 14,663 6,299

9 First Trust 43,454 1.5% 33,266 1.3% 98 1,377 8,045 9,097

10 Charles Schwab 34,257 1.2% 26,922 1.0% 21 1,216 4,731 7,138

Total Top 10 2,404,136 85.1% 2,259,572 85.6% 1,856 20,513 1,418,254 122,641

Others 420,368 14.9% 380,336 14.4% 2,291 4,101 388,547 22,327

Global Total 2,824,503 100.0% 2,639,908 100.0% 4,147 24,614 1,806,801 144,968

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.


10 July 2015



European Provider Rankings – General

Figure 73: 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 202,897 175,377 16% 198 -424 12,650 29,005 25,686 13% 267 256 4%

Deutsche AWM 53,088 44,558 19% 40 44 4,565 6,952 5,779 20% 232 246 -6%

Lyxor 47,214 37,823 25% 444 661 5,630 13,060 10,131 29% 222 215 3%

UBS 23,177 17,073 36% 275 150 4,124 2,020 2,012 0% 125 124 1%

Amundi 18,370 15,386 19% 342 108 1,589 3,427 3,305 4% 101 98 3%

Vanguard 15,406 12,538 23% 609 136 1,663 2,121 1,766 20% 13 13 0%

Source 14,723 12,625 17% 530 405 1,032 1,888 1,527 24% 78 76 3%

State Street 11,886 9,274 28% 130 -670 1,909 1,555 1,188 31% 65 60 8%

ComStage 7,102 5,391 32% -84 209 1,295 850 717 18% 102 98 4%

Deka Investment GmbH 6,598 6,433 3% -404 -189 -166 2,638 2,054 28% 44 42 5%

Zuercher Kantonalbank 6,313 6,032 5% -17 -8 -41 193 162 19% 4 4 0%

HSBC 5,426 5,363 1% -107 -211 -506 650 682 -5% 28 28 0%

BNP Paribas 4,505 3,756 20% 21 -150 345 189 180 5% 38 38 0%

Xact Fonder AB 2,651 2,379 11% -94 -30 39 1,357 1,073 27% 10 10 0%

Julius Baer Inv 2,125 2,060 3% -19 14 -32 60 58 2% 8 8 0%

PowerShares 1,690 1,465 15% -3 20 58 140 124 13% 21 19 11%

Ossiam 1,662 1,574 6% -84 -35 -77 86 95 -10% 8 7 14%

ThinkCapital ETFs N.V. 996 1,030 -3% 5 4 -68 107 95 13% 11 11 0%

ETF Securities 636 456 39% -26 -14 172 576 464 24% 17 14 21%

BBVA Gestion SA SGIIC 544 434 26% 12 40 87 73 38 91% 2 2 0%

Royal Bank of Scotland plc 424 379 12% -5 11 22 16 20 -20% 12 12 0%

Nomura Asset Management 241 0 NA 101 89 234 105 18 480% 3 0 NA

WisdomTree 205 13 1434% 18 96 197 56 32 74% 10 6 67%

Seligson & Co Fund Man 166 144 15% 0 1 4 5 15 -64% 1 1 0%

Raiffeisen Schweiz Genossenschaft 165 137 20% 2 2 16 6 4 41% 3 3 0%

DnB Kapitalforvaltning 125 112 12% 0 0 -2 31 13 140% 1 1 0%

Fundlogic Global Solutions plc 116 104 12% 0 0 0 0 0 -23% 1 1 0%

First Trust 97 53 83% 11 5 38 13 9 42% 4 4 0%

SEB Investment Management AB 93 82 14% 0 1 3 4 16 -73% 3 3 0%

Van Eck Funds 88 0 NA 0 0 102 9 5 71% 2 0 NA

Commerzbank AG 66 49 36% 0 0 11 1 1 9% 2 1 100%

UniCredit Bank 41 0 NA 0 42 42 0 1 -76% 1 0 NA

FinEx Fund Plc 34 28 21% 0 0 0 0 1 -75% 2 2 0%

Alpha Asset Management 14 16 -10% 0 0 0 3 0 3617% 1 1 0%

NBG Asset Management MFMC 6 6 -5% 0 0 0 0 0 -98% 2 2 0%

Boost 2 1 135% 0 0 1 3 2 7% 3 3 0%

Alpcot Capital Management 1 0 849% 0 0 0 0 0 -18% 1 1 0%

Swedbank Robur 0 19 -100% 0 -23 -23 0 2 -100% 0 3 -100%

Landsbankinn 0 0 NA 0 0 0 0 0 533% 1 1 0%

Nordea Investment Funds 0 0 NA 0 0 0 0 0 29% 2 2 0%

NCB Stockbrokers 0 24 -100% 0 0 -29 0 0 NA 0 1 -100%

Total 428,893 362,193 18% 1,898 284 34,885 67,201 57,276 17% 1451 1,417 2%

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.

10 July 2015



Figure 74: 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 12,135 11,282 8% -284 52 143 2,384 2,466 -3% 298 306 -3%

Deutsche AWM 2,167 1,811 20% -32 42 360 133 163 -18% 28 39 -28%

Source 1,778 1,586 12% -33 -131 128 167 299 -44% 4 4 0%

Deutsche Borse Commodities GmbH 1,701 1,572 8% 0 0 0 108 88 22% 1 1 0%

BlackRock 376 179 111% 27 41 195 35 48 -28% 4 4 0%

Royal Bank of Scotland plc 286 251 14% 0 0 18 0 4 -90% 6 7 -14%

Boost 178 42 320% 12 -10 125 667 540 23% 28 21 33%

Borse Stuttgart Securities GmbH 111 88 26% 3 2 17 5 4 30% 1 1 0%

Commerzbank AG 1 1 -3% 0 0 0 8 17 -52% 68 68 0%

Total 18,735 16,813 11% -307 -3 985 3,507 3,630 -3% 438 451 -3%

AUM Cash Flow Turnover Products


10 July 2015



Figure 75: European ETP Providers (All) – Assets, Flows, Products, Turnover | ETPs | Europe |


Issuer Current

Month

End of

2014 Diff.

Current

Month

Prev.

Month YTD

Current

Month

Prev.

Month Diff.

Current

Month

End of

2014 Diff.

BlackRock 203,273 175,556 16% 226 -384 12,845 29,040 25,734 13% 271 260 4%

Deutsche AWM 55,255 46,369 19% 8 86 4,925 7,085 5,942 19% 260 285 -9%

Lyxor 47,214 37,823 25% 444 661 5,630 13,060 10,131 29% 222 215 3%

UBS 23,177 17,073 36% 275 150 4,124 2,020 2,012 0% 125 124 1%

Amundi 18,370 15,386 19% 342 108 1,589 3,427 3,305 4% 101 98 3%

Source 16,501 14,212 16% 497 275 1,160 2,055 1,825 13% 82 80 2%

Vanguard 15,406 12,538 23% 609 136 1,663 2,121 1,766 20% 13 13 0%

ETF Securities 12,771 11,738 9% -310 38 314 2,960 2,930 1% 315 320 -2%

State Street 11,886 9,274 28% 130 -670 1,909 1,555 1,188 31% 65 60 8%

ComStage 7,102 5,391 32% -84 209 1,295 850 717 18% 102 98 4%

Deka Investment GmbH 6,598 6,433 3% -404 -189 -166 2,638 2,054 28% 44 42 5%

Zuercher Kantonalbank 6,313 6,032 5% -17 -8 -41 193 162 19% 4 4 0%

HSBC 5,426 5,363 1% -107 -211 -506 650 682 -5% 28 28 0%

BNP Paribas 4,505 3,756 20% 21 -150 345 189 180 5% 38 38 0%

Xact Fonder AB 2,651 2,379 11% -94 -30 39 1,357 1,073 27% 10 10 0%

Julius Baer Inv 2,125 2,060 3% -19 14 -32 60 58 2% 8 8 0%

Deutsche Borse Commodities GmbH 1,701 1,572 8% 0 0 0 108 88 22% 1 1 0%

PowerShares 1,690 1,465 15% -3 20 58 140 124 13% 21 19 11%

Ossiam 1,662 1,574 6% -84 -35 -77 86 95 -10% 8 7 14%

ThinkCapital ETFs N.V. 996 1,030 -3% 5 4 -68 107 95 13% 11 11 0%

Royal Bank of Scotland plc 711 630 13% -5 11 40 16 24 -31% 18 19 -5%

BBVA Gestion SA SGIIC 544 434 26% 12 40 87 73 38 91% 2 2 0%

Nomura Asset Management 241 0 NA 101 89 234 105 18 480% 3 0 NA

WisdomTree 205 13 1434% 18 96 197 56 32 74% 10 6 67%

Boost 180 43 316% 12 -10 126 669 543 23% 31 24 29%

Seligson & Co Fund Man 166 144 15% 0 1 4 5 15 -64% 1 1 0%

Raiffeisen Schweiz Genossenschaft 165 137 20% 2 2 16 6 4 41% 3 3 0%

DnB Kapitalforvaltning 125 112 12% 0 0 -2 31 13 140% 1 1 0%

Fundlogic Global Solutions plc 116 104 12% 0 0 0 0 0 -23% 1 1 0%

Borse Stuttgart Securities GmbH 111 88 26% 3 2 17 5 4 30% 1 1 0%

First Trust 97 53 83% 11 5 38 13 9 42% 4 4 0%

SEB Investment Management AB 93 82 14% 0 1 3 4 16 -73% 3 3 0%

Van Eck Funds 88 0 NA 0 0 102 9 5 71% 2 0 NA

Commerzbank AG 68 50 35% 0 0 11 9 18 -50% 70 69 1%

UniCredit Bank 41 0 NA 0 42 42 0 1 -76% 1 0 NA

FinEx Fund Plc 34 28 21% 0 0 0 0 1 -75% 2 2 0%

Alpha Asset Management 14 16 -10% 0 0 0 3 0 3617% 1 1 0%

NBG Asset Management MFMC 6 6 -5% 0 0 0 0 0 -98% 2 2 0%

Alpcot Capital Management 1 0 849% 0 0 0 0 0 -18% 1 1 0%

Swedbank Robur 0 19 -100% 0 -23 -23 0 2 -100% 0 3 -100%

NCB Stockbrokers 0 24 -100% 0 0 -29 0 0 NA 0 1 -100%

PDR Services LLC 0 0 NA 0 0 0 0 0 327% 0 0 NA

Nordea Investment Funds 0 0 NA 0 0 0 0 0 29% 2 2 0%

Landsbankinn 0 0 NA 0 0 0 0 0 533% 1 1 0%

Total 447,628 379,006 18% 1,590 281 35,870 70,708 60,906 16% 1,889 1,868 1%

ProductsAUM Cash Flow Turnover


10 July 2015



Figure 76: European ETP Providers tier market share | ETPs | Europe |

60% 65% 70% 75% 80% 85% 90% 95% 100%

Q2 14

Q3 14

Q4 14

Q1 15

Jun-15

Q2 14 Q3 14 Q4 14 Q1 15 Jun-15

Tier 1 69.8% 68.9% 68.6% 68.7% 68.3%

Tier 2 24.9% 26.9% 27.3% 27.2% 27.6%

Tier 3 5.3% 4.2% 4.2% 4.0% 4.1%


10 July 2015



European Provider Rankings – by Asset Class

Figure 77: 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 139,023 62,073 1,439 362 202,897 47.3% 267 29,005 198 12,650

Deutsche AWM 39,611 12,012 497 968 53,088 12.4% 232 6,952 40 4,565

Lyxor 37,466 8,592 1,095 61 47,214 11.0% 222 13,060 444 5,630

UBS 19,867 1,415 1,790 104 23,177 5.4% 125 2,020 275 4,124

Amundi 14,434 3,917 20 0 18,370 4.3% 101 3,427 342 1,589

Vanguard 15,293 113 0 0 15,406 3.6% 13 2,121 609 1,663

Source 9,459 4,992 231 42 14,723 3.4% 78 1,888 530 1,032

State Street 7,873 3,969 0 44 11,886 2.8% 65 1,555 130 1,909

ComStage 4,496 2,268 337 0 7,102 1.7% 102 850 -84 1,295

Deka Investment GmbH 4,469 2,128 0 0 6,598 1.5% 44 2,638 -404 -166

Zuercher Kantonalbank 0 0 6,313 0 6,313 1.5% 4 193 -17 -41

HSBC 5,426 0 0 0 5,426 1.3% 28 650 -107 -506

BNP Paribas 4,076 147 282 0 4,505 1.1% 38 189 21 345

Xact Fonder AB 2,651 0 0 0 2,651 0.6% 10 1,357 -94 39

Julius Baer Inv 90 0 2,035 0 2,125 0.5% 8 60 -19 -32

PowerShares 1,602 82 0 5 1,690 0.4% 21 140 -3 58

Ossiam 1,613 0 50 0 1,662 0.4% 8 86 -84 -77

ThinkCapital ETFs N.V. 524 462 0 10 996 0.2% 11 107 5 -68

ETF Securities 418 96 110 13 636 0.1% 17 576 -26 172

BBVA Gestion SA SGIIC 544 0 0 0 544 0.1% 2 73 12 87

Royal Bank of Scotland plc 190 0 234 0 424 0.1% 12 16 -5 22

Nomura Asset Management 241 0 0 0 241 0.1% 3 105 101 234

WisdomTree 205 0 0 0 205 0.0% 10 56 18 197

Seligson & Co Fund Man 166 0 0 0 166 0.0% 1 5 0 4

Raiffeisen Schweiz Genossenschaft 0 0 165 0 165 0.0% 3 6 2 16

DnB Kapitalforvaltning 125 0 0 0 125 0.0% 1 31 0 -2

Fundlogic Global Solutions plc 116 0 0 0 116 0.0% 1 0 0 0

First Trust 97 0 0 0 97 0.0% 4 13 11 38

SEB Investment Management AB 93 0 0 0 93 0.0% 3 4 0 3

Van Eck Funds 88 0 0 0 88 0.0% 2 9 0 102

Commerzbank AG 52 14 0 0 66 0.0% 2 1 0 11

UniCredit Bank 0 41 0 0 41 0.0% 1 0 0 42

FinEx Fund Plc 0 31 3 0 34 0.0% 2 0 0 0

Alpha Asset Management 14 0 0 0 14 0.0% 1 3 0 0

NBG Asset Management MFMC 6 0 0 0 6 0.0% 2 0 0 0

Boost 2 0 0 0 2 0.0% 3 3 0 1

Alpcot Capital Management 1 0 0 0 1 0.0% 1 0 0 0

Swedbank Robur 0 0 0 0 0 0.0% - 0 0 -23

NCB Stockbrokers 0 0 0 0 0 0.0% 0 0 0 -29

Nordea Investment Funds 0 0 0 0 0 0.0% 2 0 0 0

Landsbankinn 0 0 0 0 0 0.0% 1 0 0 0

PDR Services LLC 0 0 0 0 0 0.0% 0 0 0 0

Total 310,333 102,352 14,600 1,607 428,893 100.0% 1,451 67,201 1,898 34,885



10 July 2015



Figure 78: 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 11,771 365 12,135 64.8% 298 2,384 -284 143

Deutsche AWM 2,167 0 2,167 11.6% 28 133 -32 360

Source 1,778 0 1,778 9.5% 4 167 -33 128

Deutsche Borse Commodities GmbH 1,701 0 1,701 9.1% 1 108 0 0

BlackRock 376 0 376 2.0% 4 35 27 195

Royal Bank of Scotland plc 286 0 286 1.5% 6 0 0 18

Boost 172 6 178 1.0% 28 667 12 125

Borse Stuttgart Securities GmbH 111 0 111 0.6% 1 5 3 17

Commerzbank AG 1 0 1 0.0% 68 8 0 0

Total 18,364 370 18,735 100.0% 438 3,507 -307 985



10 July 2015



Figure 79: 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 139,023 62,073 1,815 362 203,273 45.4% 271 29,040 226 12,845

Deutsche AWM 39,611 12,012 2,664 968 55,255 12.3% 260 7,085 8 4,925

Lyxor 37,466 8,592 1,095 61 47,214 10.5% 222 13,060 444 5,630

UBS 19,867 1,415 1,790 104 23,177 5.2% 125 2,020 275 4,124

Amundi 14,434 3,917 20 0 18,370 4.1% 101 3,427 342 1,589

Source 9,459 4,992 2,009 42 16,501 3.7% 82 2,055 497 1,160

Vanguard 15,293 113 0 0 15,406 3.4% 13 2,121 609 1,663

ETF Securities 418 96 11,880 377 12,771 2.9% 315 2,960 -310 314

State Street 7,873 3,969 0 44 11,886 2.7% 65 1,555 130 1,909

ComStage 4,496 2,268 337 0 7,102 1.6% 102 850 -84 1,295

Deka Investment GmbH 4,469 2,128 0 0 6,598 1.5% 44 2,638 -404 -166

Zuercher Kantonalbank 0 0 6,313 0 6,313 1.4% 4 193 -17 -41

HSBC 5,426 0 0 0 5,426 1.2% 28 650 -107 -506

BNP Paribas 4,076 147 282 0 4,505 1.0% 38 189 21 345

Xact Fonder AB 2,651 0 0 0 2,651 0.6% 10 1,357 -94 39

Julius Baer Inv 90 0 2,035 0 2,125 0.5% 8 60 -19 -32

Deutsche Borse Commodities GmbH 0 0 1,701 0 1,701 0.4% 1 108 0 0

PowerShares 1,602 82 0 5 1,690 0.4% 21 140 -3 58

Ossiam 1,613 0 50 0 1,662 0.4% 8 86 -84 -77

ThinkCapital ETFs N.V. 524 462 0 10 996 0.2% 11 107 5 -68

Royal Bank of Scotland plc 190 0 521 0 711 0.2% 18 16 -5 40

BBVA Gestion SA SGIIC 544 0 0 0 544 0.1% 2 73 12 87

Nomura Asset Management 241 0 0 0 241 0.1% 3 105 101 234

WisdomTree 205 0 0 0 205 0.0% 10 56 18 197

Boost 2 0 172 6 180 0.0% 31 669 12 126

Seligson & Co Fund Man 166 0 0 0 166 0.0% 1 5 0 4

Raiffeisen Schweiz Genossenschaft 0 0 165 0 165 0.0% 3 6 2 16

DnB Kapitalforvaltning 125 0 0 0 125 0.0% 1 31 0 -2

Fundlogic Global Solutions plc 116 0 0 0 116 0.0% 1 0 0 0

Borse Stuttgart Securities GmbH 0 0 111 0 111 0.0% 1 5 3 17

First Trust 97 0 0 0 97 0.0% 4 13 11 38

SEB Investment Management AB 93 0 0 0 93 0.0% 3 4 0 3

Van Eck Funds 88 0 0 0 88 0.0% 2 9 0 102

Commerzbank AG 52 14 1 0 68 0.0% 70 9 0 11

UniCredit Bank 0 41 0 0 41 0.0% 1 0 0 42

FinEx Fund Plc 0 31 3 0 34 0.0% 2 0 0 0

Alpha Asset Management 14 0 0 0 14 0.0% 1 3 0 0

NBG Asset Management MFMC 6 0 0 0 6 0.0% 2 0 0 0

Alpcot Capital Management 1 0 0 0 1 0.0% 1 0 0 0

Swedbank Robur 0 0 0 0 0 0.0% - 0 0 -23

NCB Stockbrokers 0 0 0 0 0 0.0% 0 0 0 -29

Nordea Investment Funds 0 0 0 0 0 0.0% 2 0 0 0

Landsbankinn 0 0 0 0 0 0.0% 1 0 0 0

PDR Services LLC 0 0 0 0 0 0.0% 0 0 0 0

Total 310,333 102,352 32,965 1,978 447,628 100.0% 1,889 70,708 1,590 35,870



10 July 2015



European Provider Analysis by Replication Method

Figure 80: European ETF Providers list by replication | ETFs | Europe|

AUM (€) ETFs AUM (€) ETFs AUM (€) ETFs AUM (€) ETFs AUM (€) AUM (%) ETFs

European Providers

BlackRock Physical 138,694 173 62,073 86 717 3 362 1 201,845 99% 263

Synthetic 330 3 - - 722 1 - - 1,052 1% 4

Deutsche AWM Physical 24,503 51 61 1 - - 27 3 24,592 46% 55

Synthetic 15,108 91 11,950 79 497 3 941 4 28,496 54% 177

Lyxor Physical 698 9 3,877 20 - - - - 4,576 10% 29

Synthetic 36,768 156 4,714 24 1,095 6 61 7 42,638 90% 193

UBS Physical 17,386 67 1,412 21 1,092 7 - - 19,891 86% 95

Synthetic 2,481 19 3 1 698 8 104 2 3,286 14% 30

Amundi Physical 948 6 - - - - - - 948 5% 6

Synthetic 13,486 69 3,917 25 20 1 - - 17,423 95% 95

Vanguard Physical 15,293 12 113 1 - - - - 15,406 100% 13

Source Physical 1,291 13 4,856 11 - - 22 1 6,169 42% 25

Synthetic 8,168 48 136 2 231 1 19 2 8,554 58% 53

State Street Physical 7,873 41 3,969 23 - - 44 1 11,886 100% 65

ComStage Physical 100 2 - - - - - - 100 1% 2

Synthetic 4,397 75 2,268 24 337 1 - - 7,002 99% 100

Deka Investment GmbH Physical 4,453 24 2,128 19 - - - - 6,581 100% 43

Synthetic 17 1 - - - - - - 17 0% 1

Zuercher Kantonalbank Physical - - - - 6,313 4 - - 6,313 100% 4

HSBC Physical 5,426 28 - - - - - - 5,426 100% 28

BNP Paribas Physical 2,006 17 - - - - - - 2,006 45% 17

Synthetic 2,070 19 147 1 282 1 - - 2,499 55% 21

Xact Fonder AB Physical 2,247 4 - - - - - - 2,247 85% 4

Synthetic 404 6 - - - - - - 404 15% 6

Julius Baer Inv Physical 90 4 - - 2,035 4 - - 2,125 100% 8

PowerShares Physical 1,563 15 82 1 - - 5 1 1,650 98% 17

Synthetic 40 4 - - - - - - 40 2% 4

Ossiam Physical 46 1 - - - - - - 46 3% 1

Synthetic 1,567 6 - - 50 1 - - 1,617 97% 7

ThinkCapital ETFs N.V. Physical 524 5 462 3 - - 10 3 996 100% 11

ETF Securities Synthetic 341 10 - - 110 1 13 1 463 100% 12

Physical 77 2 96 3 - - - - 173 100% 5

BBVA Gestion SA Physical 544 2 - - - - - - 544 100% 2

RBS plc Synthetic 190 9 - - 234 3 - - 424 100% 12

Nomura Asset Management Physical 241 3 - - - - - - 241 100% 3

WisdomTree Physical 205 10 - - - - - - 205 100% 10

Seligson & Co Fund Mgmt. Physical 166 1 - - - - - - 166 100% 1

Raiffeisen Schweiz

Genossenschaft

Physical - - - - 165 3 - - 165 100% 3

DnB Kapitalforvaltning Physical 125 1 - - - - - - 125 100% 1

Fundlogic Global Solutions plc Synthetic 116 1 - - - - - - 116 100% 1

First Trust Physical 97 4 - - - - - - 97 100% 4

SEB Investment Management AB Synthetic 93 3 - - - - - - 93 100% 3

Van Eck Funds Physical 88 2 - - - - - - 88 100% 2

Commerzbank AG Synthetic 52 1 - - - - - - 52 100% 1

Physical - - 14 1 - - - - 14 100% 1

UniCredit Bank Synthetic - - 41 1 - - - - 41 100% 1

FinEx Fund Plc Physical - - - - 3 1 - - 3 10% 1

Synthetic - - 31 1 - - - - 31 90% 1

Alpha Asset Mgmt. Physical 14 1 - - - - - - 14 100% 1

NBG Asset Mgmt. Physical 3 1 - - - - - - 3 48% 1

Synthetic 3 1 - - - - - - 3 52% 1

Boost Synthetic 2 2 0 1 - - - - 2 100% 3

Alpcot Capital Mgmt Physical 1 1 - - - - - - 1 100% 1

Landsbankinn Physical - 1 - - - - - - - NA 1

Nordea Investment Funds Synthetic - 2 - - - - - - - NA 2

Total 310,333 1,027 102,352 349 14,600 49 1,607 26 428,893 1,451

Total


Replication

Method Equity Fixed Income Commodity Other


10 July 2015



6. Trading Perspective

ETP Monthly Turnover Analysis by Asset Class, by Instrument

Figure 81: Turnover by asset class and instrument (€ million) | ETPs | Europe | YTD

Asset Class Beta Beta+Semi-


Semi-


Semi-

activeAlpha Total Total

ETFs

Equity 47,349 6,009 182 9 53,550 39,672 4,523 191 16 44,402 31,090 4,428 117 30 35,664 308,199

Fixed income 12,224 635 0 93 12,952 11,619 504 0 72 12,194 7,137 150 0 77 7,364 79,822

Commodity 573 0 3 0 576 536 0 3 0 538 796 0 1 0 797 4,622

Currency 0 0 0 0 - 0 0 0 0 - 1 0 0 0 1 7

Multi Asset 18 0 0 16 34 4 0 0 27 31 0 0 0 15 15 188

Alternative 29 0 7 52 88 43 0 12 56 111 47 0 12 71 131 704

Total 60,193 6,644 192 171 67,201 51,873 5,026 206 171 57,276 39,072 4,577 129 194 43,972 393,540

ETCs

Commodity 1,919 1,303 0 0 3,221 2,115 1,211 0 0 3,326 1,702 429 0 0 2,130 24,012

Currency 19 266 0 0 286 29 275 0 0 304 26 91 0 0 117 1,847

Total 1,938 1,569 0 0 3,507 2,144 1,486 0 0 3,630 1,728 520 0 0 2,248 25,859

Total ETPs 62,131 8,213 192 171 70,708 54,017 6,512 206 171 60,906 40,800 5,097 129 194 46,220 419,399

Jun-15 May-15 2014


Asset Class Analysis

Figure 82: European Equity ETF Turnover Summary (€ million) | ETFs | Europe | YTD

Equity Turnover Beta Beta+Semi-


Semi-


Semi-


Developed Markets 35,607 0 0 8 35,615 28,705 0 0 15 28,720 21,803 0 0 27 21,830 201,143

Emerging Markets 4,347 0 0 0 4,347 4,353 0 0 0 4,353 4,108 0 0 0 4,108 31,012

Global Markets 1,059 0 0 0 1,059 1,034 0 0 0 1,034 659 0 0 0 659 5,310

Sector 3,264 0 0 0 3,264 2,747 0 0 0 2,747 2,166 0 0 0 2,166 19,098

Capitalization 615 0 0 0 615 659 0 0 0 659 613 0 0 0 613 4,402

Strategy 548 6,009 182 1 6,740 364 4,523 191 1 5,079 299 4,428 117 3 4,846 33,822

Style 1,573 0 0 0 1,573 1,510 0 0 0 1,510 1,179 0 0 0 1,179 10,829

Thematic 336 0 0 0 336 300 0 0 0 300 263 0 0 0 263 2,583

Total Equities 47,349 6,009 182 9 53,550 39,672 4,523 191 16 44,402 31,090 4,428 117 30 35,664 308,199

Jun-15 May-15 2014


10 July 2015



Figure 82A: European Equity ETF Turnover Summary – A (€ million) | ETFs | Europe | YTD



Semi-


Semi-


Sector 3,264 0 0 0 3,264 2,747 0 0 0 2,747 2,166 0 0 0 2,166 19,098

Consumer discretionary 201 0 0 0 201 193 0 0 0 193 109 0 0 0 109 1196

Consumer staples 99 0 0 0 99 92 0 0 0 92 72 0 0 0 72 751

Energy 412 0 0 0 412 433 0 0 0 433 238 0 0 0 238 2659

Financials 1738 0 0 0 1,738 1269 0 0 0 1,269 984 0 0 0 984 8,668

Healthcare 219 0 0 0 219 211 0 0 0 211 133 0 0 0 133 1426

Industrials 143 0 0 0 143 151 0 0 0 151 144 0 0 0 144 1069

Information Technology 159 0 0 0 159 105 0 0 0 105 128 0 0 0 128 1070

Materials 135 0 0 0 135 136 0 0 0 136 215 0 0 0 215 1151

Telecommunications 89 0 0 0 89 75 0 0 0 75 65 0 0 0 65 516

Utilities 70 0 0 0 70 82 0 0 0 82 78 0 0 0 78 592

Capitalization 615 0 0 0 615 659 0 0 0 659 613 0 0 0 613 4,402

Large Cap 28 0 0 0 28 31 0 0 0 31 52 0 0 0 52 241

Mid Cap 240 0 0 0 240 261 0 0 0 261 173 0 0 0 173 1857

Small Cap 348 0 0 0 348 367 0 0 0 367 388 0 0 0 388 2,303

Strategy 548 6,009 182 1 6,740 364 4,523 191 1 5,079 299 4,428 117 3 4,846 33,822

Fundamental 16 0 91 0 107 13 0 79 0 92 143 0 56 0 199 772

Leveraged Long 0 3,146 0 0 3,146 0 2,554 0 0 2,554 0 2,254 0 0 2,254 16,505

Leveraged Short 0 2,020 0 0 2,020 0 1,389 0 0 1,389 0 1,736 0 0 1,736 9,232

Options Strategy 0 0 0 0 - 0 0 0 0 - 0 0 0 0 - 0

Quantitative 531 0 91 1 624 352 0 112 1 465 155 0 61 3 219 3615

Short 0 843 0 0 843 0 580 0 0 580 0 437 0 0 437 3,698

Style 1,573 0 0 0 1,573 1,510 0 0 0 1,510 1,179 0 0 0 1,179 10,829

Dividend 1,448 0 0 0 1,448 1,412 0 0 0 1,412 1,079 0 0 0 1,079 9,866

Growth 34 0 0 0 34 45 0 0 0 45 23 0 0 0 23 396

Value 91 0 0 0 91 54 0 0 0 54 77 0 0 0 77 567

Thematic 336 0 0 0 336 300 0 0 0 300 263 0 0 0 263 2,583

Commodities 71 0 0 0 71 107 0 0 0 107 96 0 0 0 96 775

Cyclical 0 0 0 0 - 0 0 0 0 - - 0 0 0 - 0

Faith 11 0 0 0 11 13 0 0 0 13 20 0 0 0 20 98

Other Theme 69 0 0 0 69 59 0 0 0 59 65 0 0 0 65 707

Sustainability 186 0 0 0 186 121 0 0 0 121 83 0 0 0 83 1003

Total 6,336 6,009 182 1 12,529 5,580 4,523 191 1 10,295 4,520 4,428 117 3 9,067 70,734

Jun-15 May-15 2014


10 July 2015



Figure 82B: European Equity ETF Turnover Summary – B (€ million) | ETFs | Europe | YTD



Semi-


Semi-


Developed Markets

Europe 24,557 0 0 8 24,564 18,205 0 0 15 18,220 13,795 0 0 27 13,823 127,823

Austria 11 0 0 0 11 16 0 0 0 16 16 0 0 0 16 104

Belgium 3 0 0 0 3 3 0 0 0 3 2 0 0 0 2 25

Finland 5 0 0 0 5 15 0 0 0 15 9 0 0 0 9 74

France 439 0 0 0 439 293 0 0 0 293 342 0 0 0 342 3,041

Germany 6,653 0 0 0 6,653 4,312 0 0 0 4,312 3,368 0 0 0 3,368 30,620

Greece 101 0 0 0 101 48 0 0 0 48 70 0 0 0 70 526

Ireland 1 0 0 0 1 3 0 0 0 3 1 0 0 0 1 10

Italy 945 0 0 0 945 786 0 0 0 786 901 0 0 0 901 5,349

Netherlands 269 0 0 0 269 169 0 0 0 169 99 0 0 0 99 1,323

Norway 75 0 0 0 75 19 0 0 0 19 49 0 0 0 49 181

Portugal 27 0 0 0 27 32 0 0 0 32 27 0 0 0 27 164

Iceland 0 0 0 0 0 0 0 0 0 - 0 0 0 0 - 1

Spain 409 0 0 0 409 335 0 0 0 335 282 0 0 0 282 2,304

Sweden 338 0 0 0 338 400 0 0 0 400 308 0 0 0 308 2,000

Switzerland 948 0 0 0 948 888 0 0 0 888 824 0 0 0 824 8,731

UK 3,069 0 0 0 3,069 3,015 0 0 0 3,015 2,125 0 0 0 2,125 17,315

Europe broad 11,262 0 0 8 11,270 7,872 0 0 15 7,887 5,373 0 0 27 5,400 56,057

Americas 5,169 0 0 0 5,169 4,911 0 0 0 4,911 4,151 0 0 0 4,151 37,319

US 4,981 0 0 0 4,981 4,712 0 0 0 4,712 3,862 0 0 0 3,862 35,682

Canada 81 0 0 0 81 56 0 0 0 56 109 0 0 0 109 554

North America 106 0 0 0 106 143 0 0 0 143 180 0 0 0 180 1,082

Asia 2,817 0 0 0 2,817 3,184 0 0 0 3,184 2,217 0 0 0 2,217 20,165

Australia 45 0 0 0 45 98 0 0 0 98 89 0 0 0 89 507

Hong Kong 43 0 0 0 43 67 0 0 0 67 40 0 0 0 40 420

Japan 2,531 0 0 0 2,531 2,787 0 0 0 2,787 1,966 0 0 0 1,966 18,097

Singapore 2 0 0 0 2 2 0 0 0 2 1 0 0 0 1 12

Asia Pacific broad 196 0 0 0 196 231 0 0 0 231 120 0 0 0 120 1,129

Global 3,065 0 0 0 3,065 2,406 0 0 0 2,406 1,638 0 0 0 1,638 15,837

Broad indices 3,065 0 0 0 3,065 2,406 0 0 0 2,406 1,638 0 0 0 1,638 15,837

DM Total 35,607 0 0 8 35,615 28,705 0 0 15 28,720 21,802 0 0 27 21,830 201,143

Jun-15 May-15 2014


10 July 2015



Figure 82C: European Equity ETF Turnover Summary – C (€ million) | ETFs | Europe | YTD



Semi-


Semi-


Emerging Markets

BRIC 1,964 0 0 0 1,964 1,534 0 0 0 1,534 1,319 0 0 0 1,320 12,761

Brazil 134 0 0 0 134 140 0 0 0 140 273 0 0 0 273 1,116

Russia 217 0 0 0 217 189 0 0 0 189 318 0 0 0 318 1,699

India 395 0 0 0 395 286 0 0 0 286 220 0 0 0 220 2,598

China 1,218 0 0 0 1,218 919 0 0 0 919 509 0 0 0 509 7,348

Latin America 67 0 0 0 67 112 0 0 0 112 170 0 0 0 170 783

Chile 3 0 0 0 3 2 0 0 0 2 5 0 0 0 5 38

Mexico 13 0 0 0 13 23 0 0 0 23 54 0 0 0 54 218

LATAM broad 50 0 0 0 50 87 0 0 0 87 112 0 0 0 112 527

Asia 707 0 0 0 707 720 0 0 0 720 451 0 0 0 451 4,511

Bangladesh 0 0 0 0 0 1 0 0 0 1 1 0 0 0 1 8

Indonesia 31 0 0 0 31 27 0 0 0 27 35 0 0 0 35 260

Malaysia 9 0 0 0 9 17 0 0 0 17 23 0 0 0 23 133

Pakistan 1 0 0 0 1 2 0 0 0 2 2 0 0 0 2 18

Philippines 9 0 0 0 9 6 0 0 0 6 7 0 0 0 7 86

South Korea 189 0 0 0 189 201 0 0 0 201 149 0 0 0 149 1,095

Taiwan 122 0 0 0 122 105 0 0 0 105 62 0 0 0 62 727

Thailand 6 0 0 0 6 19 0 0 0 19 21 0 0 0 21 107

Vietnam 86 0 0 0 86 26 0 0 0 26 32 0 0 0 32 250

Asia Pacific broad 254 0 0 0 254 314 0 0 0 314 119 0 0 0 119 1,827

EMEA 223 0 0 0 223 217 0 0 0 217 334 0 0 0 334 1,470

Kuwait 0 0 0 0 0 0 0 0 0 0 2 0 0 0 2 9

Poland 10 0 0 0 10 12 0 0 0 12 13 0 0 0 13 62

South Africa 26 0 0 0 26 21 0 0 0 21 29 0 0 0 29 148

Turkey 99 0 0 0 99 84 0 0 0 84 163 0 0 0 163 642

Europe broad 78 0 0 0 78 84 0 0 0 84 114 0 0 0 114 527

Middle East & Africa 8 0 0 0 8 16 0 0 0 16 13 0 0 0 13 81

Global Markets 1,385 0 0 0 1,385 1,771 0 0 0 1,771 1,833 0 0 0 1,833 11,487

Global 1,385 0 0 0 1,385 1,771 0 0 0 1,771 1,833 0 0 0 1,833 11,487

EM Total 4,347 0 0 0 4,347 4,353 0 0 0 4,353 4,108 0 0 0 4,108 31,012

Total (EM + DM) 39,954 0 0 8 39,962 33,059 0 0 15 33,073 25,910 0 0 28 25,938 232,155

Jun-15 May-15 2014


Figure 83: European Fixed Income ETF Turnover (€ million) | ETFs | Europe | YTD

Fixed Income Turnover Beta Beta+Semi-


Semi-


Semi-


Overall 311 0 0 79 390 374 0 0 58 432 210 0 0 65 276 2,744

Corporates 4,989 0 0 7 4,996 3,948 0 0 2 3,950 2,496 0 0 1 2,496 27,953

Covered Bonds 163 0 0 3 166 139 0 0 10 149 113 0 0 5 118 892

Credit Exposure 40 13 0 0 53 16 9 0 0 25 14 9 0 0 24 205

Sovereign 6,134 623 0 3 6,759 6,724 494 0 2 7,221 4,054 140 0 7 4,201 44,881

Money Market 588 0 0 0 588 417 0 0 0 417 249 0 0 0 249 3,148

Total Fixed Income 12,224 635 0 93 12,952 11,619 504 0 72 12,194 7,137 150 0 77 7,364 79,822

Jun-15 May-15 2014


10 July 2015



Figure 84: European Commodity ETP Turnover summary (€ million) | ETPs | Europe | YTD

Commodity Turnover Beta Beta+Semi-


Semi-


Semi-


Overall 269 3 3 0 275 256 0 3 0 259 273 2 1 0 275 1,779

Overall 242 3 3 0 248 235 0 3 0 238 254 2 1 0 257 1639

Overall ex Energy 27 0 0 0 27 20 0 0 0 20 18 0 0 0 18 139

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

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

Agriculture 161 171 0 0 331 158 163 0 0 321 120 95 0 0 215 1,364

Overall 39 1 0 0 40 70 2 0 0 72 46 1 0 0 47 231

Cocoa 2 3 0 0 5 2 2 0 0 4 2 2 0 0 4 28

Coffee 20 47 0 0 68 24 58 0 0 82 18 38 0 0 57 327

Corn 6 9 0 0 15 8 7 0 0 15 10 6 0 0 16 71

Cotton 6 4 0 0 10 2 3 0 0 5 5 4 0 0 9 42

Grains 20 0 0 0 20 2 1 0 0 3 5 1 0 0 5 36

Softs 1 0 0 0 1 0 0 0 0 0 1 0 0 0 1 4

Soybean Oil 4 6 0 0 10 5 7 0 0 13 1 2 0 0 3 40

Soybeans 3 3 0 0 6 3 4 0 0 7 5 2 0 0 7 31

Sugar 13 16 0 0 30 11 20 0 0 31 8 10 0 0 18 134

Wheat 46 81 0 0 127 31 59 0 0 90 19 29 0 0 48 420

Energy 498 1,000 0 0 1,498 700 913 0 0 1,612 185 208 0 0 393 10,913

Overall 34 0 0 0 34 75 0 0 0 75 16 0 0 0 16 336

Carbon 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1

Crude Oil 367 678 0 0 1,045 556 683 0 0 1,239 147 59 0 0 206 8840

Gasoline 5 6 0 0 11 7 4 0 0 11 1 1 0 0 2 57

Heating Oil 4 4 0 0 9 1 2 0 0 3 1 0 0 0 1 24

Natural Gas 88 311 0 0 400 60 224 0 0 284 20 146 0 0 167 1654

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 81 27 0 0 108 196 34 0 0 230 140 23 0 0 163 1,165

Overall 35 0 0 0 36 64 0 0 0 65 29 4 0 0 33 302

Aluminium 16 2 0 0 18 71 3 0 0 74 31 2 0 0 33 187

Copper 12 11 0 0 23 38 16 0 0 55 50 11 0 0 61 475

Lead 0 1 0 0 1 0 1 0 0 1 0 0 0 0 0 4

Nickel 14 9 0 0 23 16 12 0 0 28 22 5 0 0 27 154

Tin 1 4 0 0 5 0 0 0 0 1 2 0 0 0 2 16

Zinc 2 0 0 0 2 6 0 0 0 7 5 1 0 0 6 27

Precious Metals 1,481 100 0 0 1,581 1,340 99 0 0 1,439 1,776 98 0 0 1,874 13,072

Overall 23 0 0 0 24 32 0 0 0 32 11 1 0 0 11 308

Gold 1217 31 0 0 1,248 1105 43 0 0 1,147 1406 35 0 0 1,441 10771

Palladium 31 0 0 0 32 38 0 0 0 39 90 0 0 0 90 287

Platinum 76 3 0 0 79 38 3 0 0 41 82 2 0 0 83 442

Rhodium 3 0 0 0 3 4 0 0 0 4 3 0 0 0 3 12

Silver 130 65 0 0 196 123 54 0 0 177 185 60 0 0 246 1252

Livestock 2 2 0 0 4 1 2 0 0 3 3 4 0 0 7 34

Overall 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 3

Cattle 1 0 0 0 1 0 1 0 0 1 1 1 0 0 2 10

Lean Hogs 1 1 0 0 3 1 1 0 0 2 2 2 0 0 4 21

Total 2,492 1,303 3 0 3,798 2,651 1,211 3 0 3,865 2,498 429 1 0 2,927 28,327

Jun-15 May-15 2014


10 July 2015



Product Rankings

Figure 85: 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 2,398.1 1,655.2 11,401.5

Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 1,688.5 1,063.1 7,639.3

Deka DAX UCITS ETF ETFDAX GR Deka Investment GmbH Beta 1,521.6 1,043.5 7,060.8

iShares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 1,374.1 781.8 6,798.3

iShares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta 1,350.6 1,295.1 7,819.7

iShares MSCI World UCITS ETF (Inc) IWRD LN BlackRock Beta 1,344.8 828.4 6,091.7

iShares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 1,102.5 709.6 5,319.2

Vanguard S&P 500 ETF VUSA LN Vanguard Beta 1,087.4 747.7 6,366.7

db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR Deutsche AWM Beta 1,042.3 484.1 4,312.5

iShares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta 821.7 682.8 5,766.3

iShares STOXX 600 (DE) SXXPIEX GR BlackRock Beta 811.9 492.5 4,019.5

iShares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta 811.1 1,037.7 7,000.1

Lyxor ETF Leveraged FTSE/MIB LEVMIB IM Lyxor Beta+ 793.7 732.5 4,529.7

db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1D XESX GR Deutsche AWM Beta 731.0 398.5 3,382.5

Vanguard FTSE 100 ETF VUKE LN Vanguard Beta 698.4 741.0 3,164.0

Lyxor ETF Leverage CAC 40 LVC FP Lyxor Beta+ 686.4 453.6 3,114.9

Amundi ETF Euro STOXX 50 UCITS ETF C50 FP Amundi Beta 678.2 422.8 2,859.6

iShares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 670.2 668.3 3,150.1

iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 590.4 755.3 4,587.7

iShares MSCI Europe ex-UK UCITS ETF IEUX LN BlackRock Beta 574.4 132.0 1,583.1 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 86: 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

iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 1,020.0 509.1 4,914.8

iShares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta 835.3 830.6 4,116.3

iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta 679.9 633.6 4,355.1

iShares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 428.0 586.9 3,481.2

Lyxor UCITS ETF Euro Cash CSH FP Lyxor Beta 338.7 170.3 1,142.7

iShares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 319.9 342.4 2,587.9

iShares £ Corporate Bond UCITS ETF SLXX LN BlackRock Beta 318.3 186.6 1,584.7

iShares UK Gilts UCITS ETF IGLT LN BlackRock Beta 308.6 209.4 1,732.6

iShares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta 248.0 50.8 619.0

db x-trackers II iBoxx Euro Sovereigns Eurozone UCITS ETF XGLE GR Deutsche AWM Beta 245.6 82.2 699.2

iShares Euro Government Bond 3-5yr UCITS ETF IEGX LN BlackRock Beta 235.4 131.3 783.8

Lyxor ETF SGI Daily Double Short Bund ETF DSB FP Lyxor Beta+ 212.6 170.8 606.8

iShares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta 197.2 183.8 1,661.5

iShares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta 188.7 407.0 2,324.7

Lyxor ETF Euro Corporate Bond CRP FP Lyxor Beta 182.1 32.9 460.8

iShares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta 164.3 380.5 1,549.4

Lyxor ETF iBoxx € Liquid High Yield 30 Ex-Financial YIEL FP Lyxor Beta 157.3 57.6 338.6

iShares UK Gilts 0-5yr UCITS ETF IGLS LN BlackRock Beta 153.7 118.0 866.9

iShares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock Beta 149.1 185.5 1,127.0

Lyxor ETF Daily Double Short BTP BTPS FP Lyxor Beta+ 148.0 101.8 409.9


10 July 2015



Figure 87: Top 20 Commodity ETPs by Turnover (€ million) | ETPs | Europe |

ETP Name BBG Code Issuer Invest.

Strategy

Current

Month TO

Prev.

Month TO YTD TO

ETFS Physical Gold PHAU LN ETF Securities Beta 376.7 234.0 2,996.0

Boost Wti Oil 3X Leverage Daily ETP 3OIL LN Boost Beta+ 273.4 269.2 1,447.5

ETFS Daily Leveraged Crude Oil LOIL LN ETF Securities Beta+ 221.9 263.4 1,443.2

ETFS WTI Crude Oil CRUD LN ETF Securities Beta 195.8 294.8 2,615.3

Gold Bullion Securities GBS LN ETF Securities Beta 166.2 108.7 1,711.8

Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 158.3 263.2 1,497.8

ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta 147.6 132.3 1,343.0

Boost Natural Gas 3X Leverage Daily ETP 3NGL LN Boost Beta+ 143.0 97.9 507.3

XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta 107.8 88.5 781.8

Boost Wti Oil 3X Short Daily ETP 3OIS LN Boost Beta+ 102.6 80.1 465.8

Boost Natural Gas 3X Short Daily ETP 3NGS LN Boost Beta+ 84.4 43.8 327.9

ETFS Natural Gas NGAS LN ETF Securities Beta 78.1 52.9 258.0

ETFS Brent 1mnth Oil OILB LN ETF Securities Beta 72.3 103.9 807.6

ETFS Physical Silver PHAG LN ETF Securities Beta 65.2 45.9 460.5

ETFS Daily Leveraged Natural Gas LNGA LN ETF Securities Beta+ 54.9 57.2 316.9


ETFS Daily Short WTI Crude Oil SOIL LN ETF Securities Beta+ 47.6 31.9 518.8

Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta 46.6 37.6 420.7

db x-trackers DBLCI - OY Balanced UCITS ETF 1C EUR - Hedged XDBC GR Deutsche AWM Beta 46.4 40.9 186.0

ETFS All Commodities AIGC LN ETF Securities Beta 44.9 27.7 190.1 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 88: 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 2,361.86 1 Deka Deutsche Borse EUROGOV Germany 10+ UCITS ETF ETFGS10 GR 137.42

2 Deka DAX UCITS ETF ETFDAX GR 1,521.55 2 Deka Deutsche Borse EUROGOV Germany 5-10 UCITS ETF ETFGS51 GR 120.61

3 iShares Euro STOXX 50 (DE) SX5EEX GR 1,099.58 3 db x-trackers II iBoxx Euro Sovereigns Eurozone UCITS ETF XGLE GR 118.02

4 db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR 995.68 4 db x-trackers II EONIA TR Index UCITS ETF XEON GR 117.80

5 iShares STOXX 600 (DE) SXXPIEX GR 703.13 5 db x-trackers II iBoxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR 102.86

6 iShares EURO STOXX 50 UCITS ETF (Inc) EUN2 GR 474.75 6 UBS-ETF Markit iBoxx EUR Germany 5-10 A UEFN GY 62.37

7 iShares Euro STOXX Banks (DE) SX7EEX GR 446.59 7 iShares eb.rexx Jumbo Pfandbriefe (DE) R1JKEX GR 50.80

8 db x-trackers ShortDAX UCITS ETF XSDX GR 323.93 8 db x-trackers II EUR Liquid Corporate 100 Total Return Index UCITS ETF XBLC GR 47.29

9 Deka EURO STOXX 50 UCITS ETF ETFSX5E GR 321.68 9 iShares Markit iBoxx Euro High Yield EUNW GR 45.92

10 Deka DAX (ausschüttend) UCITS ETF ETFDAXK GR 318.40 10 iShares eb.rexx Government Germany 5.5-10.5 (DE) RXP5EX GR 44.52

Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover

1 XETRA-Gold XAUEUR 107.83 1 db x-trackers - db Hedge Fund Index UCITS ETF 1C EUR - Hedged XHFI GR 15.77

2 ETFS Physical Gold VZLD GR 23.54 2 db x-trackers Portfolio TR Index UCITS ETF XQUI GR 12.07

3 db Physical Gold Euro Hedged ETC XAD1 GR 19.74 3 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE GR 8.02

4 iShares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR 19.01 4 ETFS Short USD Long EUR XBJQ GR 3.93

5 ETFS WTI Crude Oil OD7F GR 17.24 5 ETFS 5X Long USD Short EUR 5CH5 GY 3.45

6 db x-trackers DBLCI - OY Balanced UCITS ETF 1C EUR - Hedged XDBC GR 16.87 6 ETFS 5X Short USD Long EUR 5CH6 GY 2.58

7 ETFS Brent Oil OESA GR 13.93 7 iShares S&P Listed Private Equity Fund IQQL GR 1.19

8 Gold Bullion Securities GG9B GR 13.32 8 ETFS Long USD Short EUR XBJP GR 1.11

9 db Physical Gold ETC (EUR) XAD5 GR 11.59 9 Portfolio Income UCITS ETF 1D XS7W GR 1.06

10 ETFS Physical Silver VZLC GR 10.76 10 UBS ETFs plc - HFRX Global Hedge Fund Index SF UIQC GR 0.83


10 July 2015



Figure 89: 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 1,320.61 1 iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN 915.15

2 Vanguard S&P 500 ETF VUSD LN 825.09 2 iShares Euro Corporate Bond UCITS ETF IEAC LN 627.79

3 Vanguard FTSE 100 ETF VUKE LN 698.41 3 iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB LN 535.60

4 iShares MSCI World UCITS ETF (Inc) IWRD LN 563.83 4 iShares $ High Yield Corporate Bond UCITS ETF IHYU LN 391.30

5 iShares MSCI Europe ex-UK UCITS ETF IEUX LN 542.73 5 iShares £ Corporate Bond UCITS ETF SLXX LN 318.04

6 iShares Core S&P 500 UCITS ETF CSPX LN 408.15 6 iShares UK Gilts UCITS ETF IGLT LN 300.51

7 SPDR FTSE UK All Share ETF FTAL LN 337.77 7 iShares $ Corporate Bond UCITS ETF LQDE LN 255.92

8 iShares S&P 500 UCITS ETF (Inc) IUSA LN 238.50 8 iShares Euro Corporate Bond 1-5yr UCITS ETF IE15 LN 204.07

9 iShares EURO STOXX 50 UCITS ETF (Inc) EUE LN 238.28 9 iShares UK Gilts 0-5yr UCITS ETF IGLS LN 153.71

10 Source S&P 500 UCITS ETF SPXS LN 220.74 10 Lyxor UCITS ETF Euro Cash CSHD LN 152.62


1 ETFS Physical Gold PHAU LN 292.97 1 SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF MAGI LN 11.00

2 Source Physical Gold ETC (P-ETC) SGLD LN 130.93 2 ETFS 3x Short EUR Long USD SEU3 LN 10.49

3 Gold Bullion Securities GBS LN 125.41 3 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE LN 8.24

4 ETFS WTI Crude Oil CRUD LN 66.81 4 J.P.Morgan Macro Hedge Dual Enchanced TR Source ETF MHDX LN 7.09

5 ETFS Daily Leveraged Crude Oil LOIL LN 59.85 5 SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF GIN LN 6.89

6 ETFS All Commodities AIGC LN 36.19 6 J.P.Morgan Macro Hedge Dual Enchanced TR Source ETF MHDU LN 5.87

7 ETFS Brent 1mnth Oil OILB LN 34.03 7 db x-trackers - db Hedge Fund Index UCITS ETF 3C GBP - Hedged XHFG LN 5.30

8 ETFS Physical Silver PHAG LN 33.47 8 iShares Listed Private Equity UCITS ETF IPRV LN 3.88

9 ETFS Physical Platinum PHPT LN 30.97 9 ETFS 3x Short JPY Long USD SJP3 LN 2.52

10 ETFS Daily Short Wheat SWEA LN 29.98 10 ETFS 3x Long GBP Short USD LGB3 LN 2.35 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 90: 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 377.63 1 iShares CHF Corporate Bond (CH) CHCORP SW 59.59

2 UBS-ETF MSCI EMU EMUEUA SW 176.10 2 iShares Swiss Domestic Government Bond 3-7 CH CSBGC7 SW 38.44

3 UBS ETF - MSCI EMU 100% hedged to USD UCITS ETF A-acc EUUSBH SW 164.98 3 iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB SW 33.92

4 iShares S&P 500 UCITS ETF (Inc) IUSA SW 160.61 4 iShares $ TIPS UCITS ETF ITPS SW 28.09

5 iShares MSCI World UCITS ETF (Inc) IWRD SW 153.44 5 iShares $ Treasury Bond 7-10yr UCITS ETF IBTM SW 26.53

6 iShares Core S&P 500 UCITS ETF CSSPX SW 142.38 6 iShares Swiss Domestic Government Bond 7+ CH CSBGC0 SW 18.31

7 iShares MSCI AC Far East ex-Japan UCITS ETF IFFF SW 141.57 7 iShares USD Government Bond 3-7 UCITS ETF CSBGU7 SW 18.23

8 iShares MSCI EMU UCITS ETF CSEMU SW 131.61 8 iShares $ Treasury Bond 1-3yr UCITS ETF IBTS SW 16.82

9 UBS ETF (CH) - SMI (CHF) A-dis SMICHA SW 124.69 9 iShares $ Corporate Bond UCITS ETF LQDE SW 16.76

10 iShares Developed Markets Property Yield UCITS ETF IWDP SW 117.87 10 Lyxor UCITS ETF EuroMTS All-Maturity IG (DR) LYMTX SW 11.78


1 ZKB Gold ETF ZGLD SW 50.46 1 J.P.Morgan Macro Hedge Dual Enchanced TR Source ETF MHDU SW 9.68

2 ZKB Gold ETF-A USD ZGLDUS SW 42.80 2 UBS ETFs plc - HFRX Global Hedge Fund Index SF (EUR) A-acc HFCHAS SW 1.99

3 ZKB Gold ETF-H (CHF) ZGLDHC SW 25.57 3 db x-trackers - db Hedge Fund Index UCITS ETF 5C CHF - Hedged XHFC SW 1.41

4 ZKB Gold ETF-A EUR ZGLDEU SW 22.47 4 iShares Listed Private Equity UCITS ETF IPRV SW 1.07

5 UBS ETF (CH) – Gold (USD) I-dis AUUSI SW 21.84 5 db x-trackers - db Hedge Fund Index UCITS ETF 2C USD - Hedged XHFD SW 0.36

6 Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW 17.94 6 UBS ETFs plc - MAP Balanced 7 UCITS ETF SF (USD) A-acc M7USAS SW 0.28

7 UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW 17.68 7 UBS ETFs plc - HFRX Global Hedge Fund Index SF (GBP) A-acc HFGBAS SW 0.19

8 Source Physical Gold ETC (P-ETC) SGLD SW 13.06 8 db x-trackers db Equity Strategies Hedge Fund Index UCITS ETF 5C CHF - Hedged XHFH SW 0.05

9 UBS ETFs plc - CMCI Composite SF EUR-A CCEUAS SW 12.95 9 db x-trackers - db Hedge Fund Index UCITS ETF 1C EUR - Hedged XHFI SW 0.04

10 ZKB Silver ETF ZSIL SW 12.84 10 UBS ETFs plc - HFRX Global Hedge Fund Index SF (USD) A-acc HFUSAS SW 0.02 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

10 July 2015



Figure 91: 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 1,411.40 1 Lyxor ETF SGI Daily Double Short Bund ETF DSB FP 133.00

2 Lyxor ETF Leverage CAC 40 LVC FP 686.38 2 Lyxor UCITS ETF Euro Cash CSH FP 95.52

3 Amundi ETF Euro STOXX 50 UCITS ETF C50 FP 516.34 3 Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G FP 83.88

4 Lyxor ETF XBear CAC 40 BX4 FP 399.41 4 Lyxor UCITS ETF EuroMTS 15+Y IG (DR) MTF FP 63.38

5 Lyxor UCITS ETF MSCI Europe MEU FP 375.35 5 Lyxor ETF Daily Leveraged Bund DLB FP 46.55

6 Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP 337.49 6 Lyxor ETF Daily Double Short BTP BTPS FP 45.52

7 Lyxor UCITS ETF DAX (DR) DAX FP 205.78 7 Lyxor UCITS ETF EuroMTS All-Maturity IG (DR) MTX FP 44.42

8 Lyxor UCITS ETF STOXX Europe 600 Banks BNK FP 201.69 8 Lyxor ETF Daily Leveraged BTP BTPL FP 39.74

9 Lyxor ETF Leveraged Euro STOXX 50 LVE FP 192.80 9 Amundi ETF Euro Corporates UCITS ETF CC4 FP 27.52

10 Lyxor ETF XBear Euro STOXX 50 BXX FP 178.14 10 Amundi ETF Floating Rate Euro Corporate 1-3 UCITS ETF AFRN FP 20.83


1 Lyxor ETF Commodities CRB Non-Energy CRN FP 19.08 1 Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVO FP 0.74

2 Lyxor ETF Commodities CRB CRB FP 16.84 2 Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVX FP 0.18

3 Gold Bullion Securities GBS FP 8.01 3 Lyxor ETF Privex PVX FP 0.17

4 ETFS WTI Crude Oil CRUDP FP 4.98 4 PowerShares Global Listed Private Equity UCITS ETF PSP FP 0.03

5 ETFS Brent 1mnth Oil OILBP FP 4.79 5 iShares Listed Private Equity UCITS ETF PRV FP -

6 ETFS WTI 2mth Oil OILWP FP 2.20

7 ETFS Gold BULLP FP 1.52

8 ETFS All Commodities AIGCP FP 1.18

9 ETFS Wheat WEATP FP 1.16

10 ETFS Agriculture AIGAP FP 1.02 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 92: 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 793.72 1 Lyxor ETF Daily Double Short BTP BTP2S IM 102.51

2 Lyxor UCITS ETF FTSE MIB ETFMIB IM 483.35 2 Lyxor ETF SGI Daily Double Short Bund ETF BUND2S IM 78.98

3 iShares EURO STOXX 50 UCITS ETF (Inc) EUE IM 410.67 3 iShares $ Treasury Bond 1-3yr UCITS ETF IBTS IM 66.39

4 Lyxor ETF XBear FTSE/MIB XBRMIB IM 340.61 4 Lyxor UCITS ETF Euro Cash LEONIA IM 57.67

5 Lyxor UCITS ETF Euro STOXX 50 MSE IM 214.16 5 iShares Euro High Yield Corporate Bond UCITS ETF IHYG IM 54.52

6 Lyxor UCITS ETF DAX (DR) DAXX IM 171.22 6 iShares Euro Corporate Bond UCITS ETF IEAC IM 52.29

7 iShares FTSE MIB UCITS ETF (Inc) IMIB IM 166.62 7 Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G IM 44.39

8 iShares STOXX 600 (DE) SXXPIEX IM 108.69 8 iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB IM 39.29

9 iShares S&P 500 UCITS ETF (Inc) IUSA IM 105.32 9 db x-trackers II Fed Funds Effective Rate TR Index UCITS ETF XFFE IM 37.66

10 iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM IM 99.78 10 iShares Emerging Markets Local Government Bond UCITS ETF SEML IM 32.49


1 Boost Wti Oil 3X Leverage Daily ETP 3OIL IM 260.85 1 ETFS 3X Long USD Short EUR EUS3 IM 91.88

2 ETFS Daily Leveraged Crude Oil LOIL IM 157.44 2 ETFS 5X Long USD Short EUR EUS5 IM 72.52

3 Boost Natural Gas 3X Leverage Daily ETP 3NGL IM 139.70 3 ETFS 3X Short USD Long EUR USE3 IM 25.07

4 ETFS WTI Crude Oil CRUD IM 106.75 4 ETFS 5X Short USD Long EUR USE5 IM 10.92

5 Boost Wti Oil 3X Short Daily ETP 3OIS IM 94.00 5 Boost Long USD Short EUR 5x Daily ETP 5USE IM 5.09

6 Boost Natural Gas 3x Short Daily 3NGS IM 80.19 6 Lyxor ETF S&P 500 VIX Futures Enhanced Roll D-EUR LVO IM 3.00

7 ETFS Natural Gas NGAS IM 64.59 7 ETFS 3X Short JPY Long EUR JPE3 IM 2.75

8 ETFS Daily Leveraged Natural Gas LNGA IM 46.14 8 ETFS 3X Long GBP Short EUR EGB3 IM 2.32

9 ETFS Daily Leveraged Wheat LWEA IM 36.20 9 ETFS 5X Long GBP Short EUR EGB5 IM 2.03

10 ETFS Daily Leveraged Coffee LCFE IM 35.36 10 ETFS Long USD Short EUR EUUS IM 1.71 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

10 July 2015



Figure 93: Top 10 ETPs by Turnover (€ million) – Stockholmborsen & Euronext Amsterdam | ETPs | Europe | Stockholmborsen


1 XACT OMXS30 XACTOMX SS 269.34 No Fixed Income ETFs

2 XACT Bull 2 XABULL2 SS 237.45

3 XACT Bear 2 XABEAR2 SS 231.06

4 XACT Bear XACBEAR SS 91.13

5 XACT Bull XACBULL SS 69.37

6 XACT OMXSB XACTSBX SS 66.66

7 XACT Nordic 30 XACTVINX SS 53.73

8 db x-trackers DAX® UCITS ETF (DR) 1C XDAX SS 4.14

9 db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1C XESC SS 3.62

10 db x-trackers MSCI Pacific ex-Japan INDEX UCITS ETF XPXJ SS 2.72

Euronext Amsterdam


1 iShares MSCI World UCITS ETF (Inc) IWRD NA 256.06 1 iShares Euro Corporate Bond UCITS ETF IEAC NA 101.13

2 iShares EURO STOXX 50 UCITS ETF (Inc) EUEA NA 248.61 2 iShares Euro Aggregate Bond UCITS ETF IEAG NA 65.77

3 iShares Core MSCI World UCITS ETF (Acc) IWDA NA 233.69 3 iShares Euro Inflation Linked Government Bond UCITS ETF IBCI NA 34.01

4 iShares MSCI Europe UCITS ETF (Inc) IMEU NA 214.04 4 iShares Euro Corporate Bond Large Cap UCITS ETF IBCX NA 32.48

5 iShares AEX UCITS ETF IAEX NA 159.63 5 iShares Euro Government Bond 3-5yr UCITS ETF IBGX NA 27.69

6 iShares MSCI Japan EUR Hedged UCITS ETF IJPE NA 93.44 6 iShares Euro Government Bond 15-30yr UCITS ETF IBGL NA 25.94

7 iShares S&P 500 UCITS ETF (Inc) IUSA NA 93.05 7 iShares Euro Government Bond 1-3yr UCITS ETF IBGS NA 21.05

8 Vanguard S&P 500 ETF VUSA NA 88.44 8 iShares Euro Government Bond 7-10yr UCITS ETF IBGM NA 17.91

9 iShares European Property Yield UCITS ETF IPRP NA 73.95 9 iShares $ Treasury Bond 1-3yr UCITS ETF IBTS NA 10.31

10 iShares MSCI Emerging Markets UCITS ETF (Inc) IEMM NA 69.07 10 iShares $ Corporate Bond UCITS ETF LQDA NA 7.82 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

10 July 2015



7. European ETF Exchanges

Figure 94: European on-exchange ETF trading ranking by exchange (€ million) | ETFs | Europe |

Summary Feb-15Market

Share %Mar-15

Market

Share %Apr-15

Market

Share %May-15

Market

Share %Jun-15

Market

Share %

Deutche Boerse

Deutsche Borse 14,524 25.0% 17,578 23.2% 15,055 22.9% 14,604 25.5% 18,539 27.6%

LSE

London SE 18,831 32.4% 27,176 35.9% 22,571 34.4% 18,747 32.7% 21,661 32.2%

Borsa Italiana 6,317 10.9% 8,615 11.4% 7,748 11.8% 6,560 11.5% 6,868 10.2%

25,147 43.2% 35,792 47.3% 30,318 46.2% 25,306 44.2% 28,530 42.5%

Euronext

Paris 8,179 14.1% 9,828 13.0% 9,780 14.9% 7,982 13.9% 10,070 15.0%

Amsterdam 2,363 4.1% 3,084 4.1% 2,659 4.1% 2,798 4.9% 2,569 3.8%

Lisbon 22 0.0% 21 0.0% 33 0.1% 21 0.0% 19 0.0%

Brussels 3 0.0% 6 0.0% 3 0.0% 3 0.0% 3 0.0%

10,567 18.2% 12,939 17.1% 12,475 19.0% 10,804 18.9% 12,662 18.8%

Swiss SE 6,217 10.7% 7,541 10.0% 5,945 9.1% 4,882 8.5% 5,399 8.0%

Stockholmborsen 943 1.6% 1,018 1.3% 954 1.5% 905 1.6% 1,048 1.6%

Oslo Bors 219 0.4% 292 0.4% 303 0.5% 229 0.4% 370 0.6%

BME 506 0.9% 529 0.7% 576 0.9% 530 0.9% 643 1.0%

Others 21 0.0% 10 0.0% 17 0.0% 16 0.0% 10 0.0%

Total 58,145 100.0% 75,698 100.0% 65,644 100.0% 57,276 100.0% 67,201 100.0%


Figure 95: European on-exchange ETC trading ranking by exchange (€ million) | ETCs | Europe |

Summary Feb-15Market

Share %Mar-15

Market

Share %Apr-15

Market

Share %May-15

Market

Share %Jun-15

Market

Share %

LSE

London SE 2,491 4.3% 2,322 3.1% 1,776 2.7% 1,538 2.7% 1,419 2.1%

Borsa Italiana 1,565 2.7% 1,893 2.5% 1,820 2.8% 1,684 2.9% 1,677 2.5%

4,056 7.0% 4,215 5.6% 3,596 5.5% 3,222 5.6% 3,096 4.6%

Deutche Boerse

Deutsche Borse 617 1.1% 493 0.7% 402 0.6% 342 0.6% 342 0.5%

Euronext

Amsterdam 18 0.0% 25 0.0% 22 0.0% 17 0.0% 13 0.0%

Brussels 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%

71 0.1% 75 0.1% 62 0.1% 50 0.1% 40 0.1%

Others 32 0.1% 13 0.0% 17 0.0% 17 0.0% 29 0.0%

Total 4,776 8.2% 4,796 6.3% 4,077 6.2% 3,630 6.3% 3,507 5.2%


10 July 2015



Figure 96: 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 60,919.0 51,851.4 29,044.1 17,915.7 10,743.4 25,825.8 2,472.2 198,771.5 48.0%

Emerging Markets 5,695.5 10,274.3 6,442.9 3,872.3 1,118.4 3,549.9 49.9 31,003.1 7.5%

Global Markets 593.6 2,721.3 795.7 164.8 275.3 755.8 3.4 5,309.9 1.3%

Sector 7,614.7 4,304.5 4,743.6 1,359.8 465.3 593.3 4.0 19,085.2 4.6%

Capitalization 1,199.9 1,767.1 420.2 329.4 139.4 502.0 0.0 4,357.9 1.1%

Style 2,974.9 4,661.6 563.2 891.3 883.2 851.1 0.0 10,825.2 2.6%

Strategy 5,446.9 4,790.7 8,514.9 8,405.5 3.9 562.5 3,233.3 30,957.9 7.5%

Thematic 602.1 1,130.5 279.9 312.0 95.1 161.2 0.0 2,580.8 0.6%

Total 85,047 81,501 50,804 33,251 13,724 32,802 5,763 302,891.5 73.2%

Fixed Income

Overall 451.8 1,551.5 8.2 135.5 420.9 174.0 0.0 2,741.9 0.7%

Corporates 2,509.1 20,818.5 438.6 2,307.8 1,062.0 814.9 0.0 27,951.0 6.8%

Covered Bonds 651.4 62.2 3.5 76.3 84.6 13.9 0.0 891.9 0.2%

Credit Exposure 151.6 2.1 0.0 38.4 0.0 12.9 0.0 205.0 0.0%

Sovereign 8,250.4 24,019.2 3,082.1 6,086.4 1,266.8 2,155.7 0.0 44,860.6 10.8%

Money Market 895.6 844.1 385.9 965.6 0.0 55.0 0.0 3,146.2 0.8%

Total 12,910 47,298 3,918 9,610 2,834 3,226 - 79,796.5 19.3%

Commodity 0.0%

Overall 439.4 486.6 180.3 214.5 30.7 426.0 0.0 1,777.6 0.4%

Agriculture 146.3 520.7 8.7 675.1 0.5 12.8 0.0 1,364.2 0.3%

Energy 1,009.3 3,366.8 142.8 6,276.8 0.0 117.3 0.0 10,912.9 2.6%

Industrial Metals 92.2 863.2 16.1 188.8 0.0 5.1 0.0 1,165.4 0.3%

Precious Metals 1,560.7 7,091.1 88.4 1,490.5 120.8 2,979.9 0.0 13,331.4 3.2%

Livestock 4.6 16.3 0.0 12.8 0.0 0.0 0.0 33.6 0.0%

Total 3,253 12,345 436 8,859 152 3,541 - 28,585.2 6.9%

Other 0.0%

Alternative 157.1 315.1 24.7 51.4 38.3 116.9 0.0 703.5 0.2%

Currency 86.4 404.9 0.0 1,360.6 2.0 0.0 0.0 1,853.9 0.4%

Multi Asset 127.5 27.9 0.0 23.2 7.7 1.2 0.0 187.5 0.0%

Total 371 748 25 1,435 48 118 - 2,744.9 0.7%

Grand Total 101,580 141,892 55,184 53,155 16,758 39,687 5,763 414,018 100%

* Total turnover year to date (not daily average)

Total

Total Turnover (€ million)


10 July 2015



8. Assets

ETP Monthly AUM Analysis by Asset Class

Figure 97: AUM by asset class and instrument (€ million) | ETPs | Europe |

Asset Class Beta Beta+Semi-


Semi-


Semi-

activeAlpha Total

ETFs

Equity 301,882 4,579 3,558 314 310,333 312,595 4,499 3,823 326 321,243 254,157 3,613 2,975 475 261,220

Fixed income 96,572 1,798 0 3,983 102,352 99,664 1,884 0 3,978 105,526 81,498 1,245 0 3,408 86,151

Commodity 14,551 0 50 0 14,600 14,892 0 49 0 14,941 13,363 0 49 0 13,412

Currency 0 0 0 0 - 0 0 0 0 - 13 0 0 0 13

Multi Asset 44 0 0 386 429 45 0 0 405 450 0 0 0 300 300

Alternative 655 0 68 455 1,178 620 0 67 430 1,117 453 0 97 547 1,097

Total 413,704 6,377 3,676 5,137 428,893 427,815 6,383 3,940 5,139 443,277 349,483 4,859 3,120 4,731 362,193

ETCs

Commodity 17,635 729 0 0 18,364 18,548 733 0 0 19,281 15,780 643 0 0 16,423

Currency 109 261 0 0 370 111 308 0 0 420 144 246 0 0 390

Total 17,744 991 0 0 18,735 18,659 1,041 0 0 19,701 15,924 889 0 0 16,813

Total ETPs 431,447 7,367 3,676 5,137 447,628 446,475 7,424 3,940 5,139 462,978 365,407 5,748 3,120 4,731 379,006



Asset Class Analysis

Figure 98: European Equity ETF AUM summary (€ million) | ETFs | Europe |

Equity AUM Beta Beta+Semi-


Semi-


Semi-

activeAlpha Total

Developed Markets 220,764 0 0 181 220,945 227,539 0 0 190 227,729 184,580 0 0 341 184,922

Emerging Markets 27,561 0 0 1 27,561 29,154 0 0 1 29,155 25,192 0 0 0 25,192

Global Markets 5,647 0 0 0 5,647 6,354 0 0 0 6,354 5,244 0 0 0 5,244

Sector 18,088 0 0 0 18,088 18,898 0 0 0 18,898 15,443 0 0 0 15,443

Capitalization 6,550 0 0 0 6,550 6,364 0 0 0 6,364 4,485 0 0 0 4,485

Strategy 4,300 4,579 3,558 131 12,569 4,376 4,499 3,823 136 12,834 2,849 3,613 2,975 134 9,571

Style 15,442 0 0 0 15,442 16,116 0 0 0 16,116 13,549 0 0 0 13,549

Thematic 3,530 0 0 0 3,530 3,793 0 0 0 3,793 2,814 0 0 0 2,814

Total Equities 301,882 4,579 3,558 314 310,333 312,595 4,499 3,823 326 321,243 254,157 3,613 2,975 475 261,220



10 July 2015



Figure 98A: European Equity ETF AUM summary - A (€ million) | ETFs | Europe |



Semi-


Semi-

activeAlpha Total

Sector 18,088 0 0 0 18,088 18,898 0 0 0 18,898 15,443 0 0 0 15,443

Consumer discretionary 969 0 0 0 969 978 0 0 0 978 624 0 0 0 624

Consumer staples 768 0 0 0 768 829 0 0 0 829 790 0 0 0 790

Energy 1,199 0 0 0 1,199 1,354 0 0 0 1,354 1,102 0 0 0 1,102

Financials 9,488 0 0 0 9,488 9,811 0 0 0 9,811 7,996 0 0 0 7,996

Healthcare 2,092 0 0 0 2,092 2,234 0 0 0 2,234 1,855 0 0 0 1,855

Industrials 570 0 0 0 570 617 0 0 0 617 436 0 0 0 436

Information Technology 1,112 0 0 0 1,112 1,133 0 0 0 1,133 1,027 0 0 0 1,027

Materials 796 0 0 0 796 835 0 0 0 835 670 0 0 0 670

Telecommunications 640 0 0 0 640 625 0 0 0 625 478 0 0 0 478

Utilities 455 0 0 0 455 482 0 0 0 482 466 0 0 0 466

Capitalization 6,550 0 0 0 6,550 6,364 0 0 0 6,364 4,485 0 0 0 4,485

Large Cap 404 0 0 0 404 434 0 0 0 434 408 0 0 0 408

Mid Cap 2,239 0 0 0 2,239 2,163 0 0 0 2,163 1,497 0 0 0 1,497

Small Cap 3,906 0 0 0 3,906 3,768 0 0 0 3,768 2,579 0 0 0 2,579

Strategy 4,300 4,579 3,558 131 12,569 4,376 4,499 3,823 136 12,834 2,849 3,613 2,975 134 9,571

Fundamental 1,399 0 1,255 0 2,653 1,449 0 1,317 0 2,766 1,000 0 892 0 1,893

Leveraged Long 0 1,783 0 0 1,783 0 1,697 0 0 1,697 0 1,583 0 0 1,583

Leveraged Short 0 1,042 0 0 1,042 0 1,067 0 0 1,067 0 789 0 0 789

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

Quantitative 2,868 0 2,304 131 5,304 2,895 0 2,506 136 5,537 1,849 0 2,082 134 4,065

Short 33 1,754 0 0 1,787 32 1,734 0 0 1,766 0 1,241 0 0 1,241

Style 15,442 0 0 0 15,442 16,116 0 0 0 16,116 13,549 0 0 0 13,549

Dividend 14,144 0 0 0 14,144 14,707 0 0 0 14,707 12,456 0 0 0 12,456

Growth 364 0 0 0 364 383 0 0 0 383 158 0 0 0 158

Value 933 0 0 0 933 1,027 0 0 0 1,027 935 0 0 0 935

Thematic 3,530 0 0 0 3,530 3,793 0 0 0 3,793 2,814 0 0 0 2,814

Commodities 733 0 0 0 733 818 0 0 0 818 647 0 0 0 647

Cyclical 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Faith 179 0 0 0 179 195 0 0 0 195 201 0 0 0 201

Other Theme 871 0 0 0 871 939 0 0 0 939 682 0 0 0 682

Sustainability 1,747 0 0 0 1,747 1,841 0 0 0 1,841 1,285 0 0 0 1,285

Total 47,911 4,579 3,558 131 56,180 49,548 4,499 3,823 136 58,005 39,140 3,613 2,975 134 45,863



10 July 2015



Figure 98B: European Equity ETF AUM summary - B (€ million) | ETFs | Europe |



Semi-


Semi-

activeAlpha Total

Developed Markets

Europe 121,615 0 0 181 121,796 124,348 0 0 190 124,538 96,005 0 0 341 96,347

Austria 348 0 0 0 348 368 0 0 0 368 334 0 0 0 334

Belgium 38 0 0 0 38 40 0 0 0 40 35 0 0 0 35

Finland 166 0 0 0 166 172 0 0 0 172 144 0 0 0 144

France 4,529 0 0 0 4,529 4,785 0 0 0 4,785 3,756 0 0 0 3,756

Germany 18,865 0 0 0 18,865 18,512 0 0 0 18,512 16,129 0 0 0 16,129

Greece 233 0 0 0 233 231 0 0 0 231 211 0 0 0 211

Ireland 28 0 0 0 28 29 0 0 0 29 24 0 0 0 24

Italy 2,731 0 0 0 2,731 2,832 0 0 0 2,832 2,271 0 0 0 2,271

Netherlands 472 0 0 0 472 445 0 0 0 445 431 0 0 0 431

Norway 252 0 0 0 252 306 0 0 0 306 248 0 0 0 248

Portugal 89 0 0 0 89 94 0 0 0 94 58 0 0 0 58

Spain 2,176 0 0 0 2,176 2,260 0 0 0 2,260 1,792 0 0 0 1,792

Sweden 1,473 0 0 0 1,473 1,607 0 0 0 1,607 1,342 0 0 0 1,342

Switzerland 9,641 0 0 0 9,641 9,999 0 0 0 9,999 8,743 0 0 0 8,743

UK 13,754 0 0 0 13,754 14,090 0 0 0 14,090 12,023 0 0 0 12,023

Europe broad 66,819 0 0 181 67,001 68,578 0 0 190 68,767 48,465 0 0 341 48,806

Americas 57,185 0 0 0 57,185 59,335 0 0 0 59,335 54,952 0 0 0 54,952

US 53,737 0 0 0 53,737 55,674 0 0 0 55,674 51,463 0 0 0 51,463

Canada 902 0 0 0 902 970 0 0 0 970 907 0 0 0 907

North America 2,545 0 0 0 2,545 2,691 0 0 0 2,691 2,582 0 0 0 2,582

Asia 23,017 0 0 0 23,017 24,074 0 0 0 24,074 16,812 0 0 0 16,812

Australia 422 0 0 0 422 443 0 0 0 443 677 0 0 0 677

Hong Kong 291 0 0 0 291 325 0 0 0 325 149 0 0 0 149

Japan 20,695 0 0 0 20,695 21,469 0 0 0 21,469 14,404 0 0 0 14,404

Singapore 22 0 0 0 22 25 0 0 0 25 18 0 0 0 18

Asia Pacific broad 1,586 0 0 0 1,586 1,812 0 0 0 1,812 1,564 0 0 0 1,564

Global 18,947 0 0 0 18,947 19,781 0 0 0 19,781 16,812 0 0 0 16,812

Broad indices 18,947 0 0 0 18,947 19,781 0 0 0 19,781 16,812 0 0 0 16,812

DM Total 220,764 0 0 181 220,945 227,539 0 0 190 227,729 184,580 0 0 341 184,922



10 July 2015



Figure 98C: European Equity ETF AUM summary - C (€ million) | ETFs | Europe |



Semi-


Semi-

activeAlpha Total

Emerging Markets

BRIC 8,347 0 0 1 8,347 8,974 0 0 1 8,975 7,842 0 0 0 7,842

Brazil 809 0 0 0 809 772 0 0 0 772 793 0 0 0 793

Russia 1,072 0 0 1 1,073 1,076 0 0 1 1,077 769 0 0 0 770

India 2,404 0 0 0 2,404 2,201 0 0 0 2,201 1,588 0 0 0 1,588

China 4,061 0 0 0 4,061 4,925 0 0 0 4,925 4,693 0 0 0 4,693

Latin America 629 0 0 0 629 681 0 0 0 681 685 0 0 0 685

Chile 20 0 0 0 20 25 0 0 0 25 19 0 0 0 19

Mexico 179 0 0 0 179 194 0 0 0 194 206 0 0 0 206

LATAM broad 430 0 0 0 430 463 0 0 0 463 460 0 0 0 460

Asia 4,683 0 0 0 4,683 4,819 0 0 0 4,819 3,566 0 0 0 3,566

Bangladesh 22 0 0 0 22 22 0 0 0 22 18 0 0 0 18

Indonesia 129 0 0 0 129 146 0 0 0 146 141 0 0 0 141

Malaysia 64 0 0 0 64 71 0 0 0 71 73 0 0 0 73

Pakistan 27 0 0 0 27 28 0 0 0 28 24 0 0 0 24

Philippines 63 0 0 0 63 80 0 0 0 80 63 0 0 0 63

South Korea 1,253 0 0 0 1,253 1,240 0 0 0 1,240 813 0 0 0 813

Taiwan 909 0 0 0 909 997 0 0 0 997 842 0 0 0 842

Thailand 66 0 0 0 66 70 0 0 0 70 66 0 0 0 66

Vietnam 323 0 0 0 323 305 0 0 0 305 310 0 0 0 310

Asia Pacific broad 1,828 0 0 0 1,828 1,861 0 0 0 1,861 1,216 0 0 0 1,216

EMEA 1,167 0 0 0 1,167 1,202 0 0 0 1,202 1,138 0 0 0 1,138

Kuwait 16 0 0 0 16 16 0 0 0 16 13 0 0 0 13

Poland 56 0 0 0 56 58 0 0 0 58 39 0 0 0 39

South Africa 98 0 0 0 98 96 0 0 0 96 87 0 0 0 87

Turkey 402 0 0 0 402 397 0 0 0 397 415 0 0 0 415

Europe broad 443 0 0 0 443 487 0 0 0 487 471 0 0 0 471

Middle East & Africa 152 0 0 0 152 147 0 0 0 147 114 0 0 0 114

Global Markets 12,736 0 0 0 12,736 13,478 0 0 0 13,478 11,960 0 0 0 11,960

Global 12,736 0 0 0 12,736 13,478 0 0 0 13,478 11,960 0 0 0 11,960

EM Total 27,561 0 0 1 27,561 29,154 0 0 1 29,155 25,192 0 0 0 25,192

Total (EM + DM) 248,325 0 0 182 248,507 256,693 0 0 191 256,883 209,772 0 0 341 210,113



Figure 99: European Fixed Income ETF AUM summary (€ million) | ETFs | Europe |

Fixed Income AUM Beta Beta+Semi-


Semi-


Semi-

activeAlpha Total

Overall 3,595 0 0 3,265 6,860 3,733 0 0 3,240 6,972 3,219 0 0 2,763 5,983

Corporates 38,378 0 0 136 38,513 39,706 0 0 138 39,844 29,657 0 0 15 29,672

Covered Bonds 2,745 0 0 409 3,154 2,817 0 0 421 3,238 3,065 0 0 423 3,488

Credit Exposure 270 132 0 0 402 320 132 0 0 452 184 61 0 0 245

Sovereign 49,051 1,666 0 173 50,890 51,072 1,752 0 180 53,004 43,658 1,185 0 206 45,049

Money Market 2,533 0 0 0 2,533 2,016 0 0 0 2,016 1,714 0 0 0 1,714

Total Fixed Income 96,572 1,798 0 3,983 102,352 99,664 1,884 0 3,978 105,526 81,498 1,245 0 3,408 86,151



10 July 2015



Figure 100: European Commodity ETP AUM summary (€ million) | ETPs | Europe |

Commodity AUM Beta Beta+Semi-


Semi-


Semi-

activeAlpha Total

Overall 4,385 5 50 0 4,440 4,266 4 49 0 4,319 3,523 8 49 0 3,580

Overall 4112 5 50 0 4,167 4000 4 49 0 4,053 3270 8 49 0 3,327

Overall ex Energy 265 0 0 0 265 258 0 0 0 258 246 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 821 134 0 0 954 743 119 0 0 861 737 88 0 0 826

Overall 471 5 0 0 476 434 4 0 0 438 480 4 0 0 484

Cocoa 12 4 0 0 15 11 3 0 0 14 9 4 0 0 13

Coffee 39 34 0 0 73 38 37 0 0 76 21 12 0 0 33

Corn 34 10 0 0 45 30 10 0 0 39 36 9 0 0 45

Cotton 33 5 0 0 38 33 5 0 0 38 31 6 0 0 37

Grains 47 1 0 0 48 32 1 0 0 33 37 1 0 0 38

Softs 4 0 0 0 5 5 0 0 0 5 5 0 0 0 6

Soybean Oil 4 2 0 0 6 5 2 0 0 7 4 2 0 0 6

Soybeans 16 3 0 0 19 14 3 0 0 17 16 3 0 0 18

Sugar 68 25 0 0 93 60 21 0 0 81 24 15 0 0 38

Wheat 93 45 0 0 138 81 33 0 0 114 75 32 0 0 107

Energy 1,941 363 0 0 2,304 2,068 368 0 0 2,436 916 163 0 0 1,078

Overall 238 1 0 0 239 234 1 0 0 234 132 0 0 0 132

Carbon 1 0 0 0 1 1 0 0 0 1 1 0 0 0 1

Crude Oil 1600 249 0 0 1,849 1744 274 0 0 2,019 708 84 0 0 793

Gasoline 11 3 0 0 14 12 3 0 0 15 5 1 0 0 6

Heating Oil 7 2 0 0 9 7 1 0 0 9 3 1 0 0 4

Natural Gas 83 109 0 0 192 70 89 0 0 159 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 610 71 0 0 681 710 75 0 0 786 682 95 0 0 777

Overall 274 2 0 0 276 335 2 0 0 336 267 18 0 0 285

Aluminium 102 5 0 0 107 111 4 0 0 116 85 5 0 0 91

Copper 108 46 0 0 154 134 48 0 0 182 174 58 0 0 233

Lead 1 1 0 0 2 1 1 0 0 3 1 1 0 0 2

Nickel 105 12 0 0 117 109 15 0 0 123 136 8 0 0 144

Tin 2 4 0 0 6 2 3 0 0 5 2 2 0 0 4

Zinc 18 1 0 0 19 19 2 0 0 21 17 2 0 0 18

Precious Metals 24,414 154 0 0 24,567 25,635 163 0 0 25,798 23,269 286 0 0 23,555

Overall 202 1 0 0 203 218 1 0 0 219 178 1 0 0 179

Gold 20441 59 0 0 20,500 21225 72 0 0 21,297 19347 156 0 0 19,503

Palladium 646 1 0 0 647 765 1 0 0 766 762 1 0 0 763

Platinum 886 6 0 0 892 977 6 0 0 982 973 5 0 0 978

Rhodium 77 0 0 0 77 101 0 0 0 101 107 0 0 0 107

Silver 2160 87 0 0 2,247 2349 83 0 0 2,432 1903 123 0 0 2,026

Livestock 15 3 0 0 18 17 4 0 0 21 15 3 0 0 19

Overall 9 0 0 0 9 9 0 0 0 10 9 0 0 0 10

Cattle 2 1 0 0 3 2 2 0 0 4 3 2 0 0 4

Lean Hogs 5 2 0 0 6 6 2 0 0 8 3 2 0 0 5

Total 32,186 729 50 0 32,965 33,440 733 49 0 34,222 29,143 643 49 0 29,835



10 July 2015



Product Rankings

Figure 101: 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 S&P 500 UCITS ETF CSSPX SW BlackRock Beta 10,420.2 10,770.9 8,461.6

Vanguard S&P 500 ETF VUSA LN Vanguard Beta 10,184.9 10,392.9 8,301.8

iShares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta 9,288.4 9,830.0 11,426.2

iShares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 8,485.9 8,356.2 8,650.4

Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 7,267.4 7,367.0 5,949.9

iShares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 7,118.4 7,184.6 5,193.6

iShares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 6,331.7 6,302.9 5,153.8

iShares MSCI World UCITS ETF (Inc) IWRD LN BlackRock Beta 6,054.9 6,266.3 6,516.2

iShares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta 4,924.9 5,185.0 4,927.9

iShares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock Beta 4,903.2 5,014.0 3,923.6

iShares STOXX 600 (DE) SXXPIEX GR BlackRock Beta 4,803.6 5,030.6 3,681.6

db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR Deutsche AWM Beta 4,537.7 4,318.5 2,972.9

db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1D XESX GR Deutsche AWM Beta 4,367.7 4,251.1 2,879.5

iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 4,258.5 4,499.9 4,185.3

iShares MSCI Japan EUR Hedged UCITS ETF IJPE LN Blackrock Beta 4,189.6 4,521.7 3,566.5

iShares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 3,830.8 3,841.8 2,072.6

Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP Lyxor Beta 3,495.0 3,706.1 2,541.6

iShares SMI CH CSSMI SW BlackRock Beta 2,932.3 3,096.9 2,640.1

db x-trackers MSCI Europe Index UCITS ETF (DR) XMEU GR Deutsche AWM Beta 2,655.3 2,689.0 1,927.1

iShares Developed Markets Property Yield UCITS ETF IWDP LN BlackRock Beta 2,653.3 2,675.0 2,369.3 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 102: 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 5,866.6 6,469.1 4,912.4

iShares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta 3,990.9 4,426.5 4,743.6

iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 3,892.5 4,032.4 2,653.4

iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta 3,598.7 3,911.6 3,066.2

iShares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 2,787.4 2,823.1 1,758.5

iShares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 2,289.8 2,447.3 1,003.3

db x-trackers II iBoxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR Deutsche AWM Beta 2,077.8 2,207.4 1,730.0

iShares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta 2,049.3 2,048.3 2,260.1

iShares £ Corporate Bond UCITS ETF SLXX LN BlackRock Beta 2,009.9 2,008.6 1,612.8

iShares Euro Corporate Bond ex-Financials UCITS ETF EEXF LN BlackRock Beta 1,927.2 2,199.5 2,084.6

PIMCO Euro Short Maturity Source UCITS ETF PJS1 GR Source Alpha 1,851.6 1,863.7 1,612.1

iShares UK Gilts UCITS ETF IGLT LN BlackRock Beta 1,747.5 1,625.1 1,306.5

iShares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock Beta 1,680.9 1,818.0 1,641.1

iShares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 1,572.5 1,721.2 1,563.8

iShares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta 1,550.5 1,728.4 1,088.3

iShares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta 1,549.6 1,434.7 1,133.0

iShares Euro Government Bond 3-5yr UCITS ETF IEGX LN BlackRock Beta 1,492.1 1,376.0 1,311.3

Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G FP Amundi Beta 1,468.0 1,774.0 1,582.3

iShares Euro Corporate Bond ex-Financials 1-5yr UCITS ETF EEX5 LN BlackRock Beta 1,298.9 1,345.2 1,300.1

iShares Euro Government Bond UCITS ETF IEGA LN BlackRock Beta 1,257.1 1,338.7 1,036.5 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

10 July 2015



Figure 103: 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 4,820.5 4,988.2 4,550.0

ETFS Physical Gold PHAU LN ETF Securities Beta 3,696.5 3,929.7 3,896.5

Gold Bullion Securities GBS LN ETF Securities Beta 2,818.8 2,968.7 2,684.6

XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta 1,701.3 1,749.0 1,571.8

Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta 1,643.5 1,701.6 1,607.6

Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 1,631.2 1,673.9 1,382.3

ZKB Silver ETF ZSIL SW Zuercher Kantonalbank Beta 1,083.1 1,175.7 1,033.1


iShares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR BlackRock Beta 722.4 672.1 488.2

ETFS Physical Silver PHAG LN ETF Securities Beta 606.2 659.7 461.4

UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW UBS Beta 573.2 588.3 430.8

db Physical Gold ETC XGLD LN Deutsche AWM Beta 546.7 586.9 511.4

ETFS WTI Crude Oil CRUD LN ETF Securities Beta 545.2 585.8 200.7

db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AWM Beta 527.1 555.3 446.0

UBS ETFs plc – CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW UBS Beta 515.9 499.9 312.8

db Physical Gold ETC (EUR) XAD5 GR Deutsche AWM Beta 410.3 370.8 284.2

db x-trackers DBLCI - OY Balanced UCITS ETF 1C EUR - Hedged XDBC GR Deutsche AWM Beta 397.0 338.4 517.6

iShares Physical Gold ETC SGLN LN Blackrock Beta 348.0 331.7 151.7

ComStage ETF Commerzbank Commodity EW Index TR CBCOMM GR ComStage Beta 337.0 371.4 220.5

iShares Gold CH CSGOLD SW BlackRock Beta 319.6 339.1 670.2 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

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9. ETF Broker rankings

US ETP Broker Rankings

Figure 104: 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 264,810 25.63% 47,510 1,732,601 26.69% 279,153 (MLCO) MERRILL LYNCH 3,148 21.54% 47,554 21,009 22.53% 279,212

2 (KCG) KCG HOLDINGS, INC. 134,037 12.97% 229,118 883,437 13.61% 1,220,625 (KCG) KCG HOLDINGS, INC. 2,176 14.89% 229,121 13,653 14.64% 1,220,656

3 (UBS) UBS INVESTMENT BANK 91,617 8.87% 41,629 562,991 8.67% 240,681 (UBS) UBS INVESTMENT BANK 1,414 9.68% 41,629 8,864 9.51% 240,684

4 (CSFB) CREDIT SUISSE 81,634 7.90% 22,344 562,192 8.66% 125,743 (CSFB) CREDIT SUISSE 1,239 8.48% 22,409 8,339 8.94% 126,240

5 (CITI) CITIGROUP GLOBAL MARKE 52,907 5.12% 18,885 332,067 5.12% 113,511 (CITI) CITIGROUP GLOBAL MARKE 802 5.49% 18,885 5,204 5.58% 113,513

6 (DBAB) DEUTSCHE BANK SECURITI 48,076 4.65% 19,911 232,873 3.59% 114,441 (DBAB) DEUTSCHE BANK SECURITI 718 4.92% 19,911 3,916 4.20% 114,442

7 (JPM) JP MORGAN 40,518 3.92% 7,235 234,470 3.61% 49,282 (FCM) FIDELITY CAPITAL MARKET 545 3.73% 41,826 3,390 3.63% 262,078

8 (MSCO) MORGAN STANLEY 33,330 3.23% 14,263 213,116 3.28% 86,997 (JPM) JP MORGAN 540 3.70% 7,235 2,975 3.19% 49,283

9 (GSHT) GOLDMAN, SACHS & CO. 33,112 3.20% 71,515 200,067 3.08% 437,234 (GSHT) GOLDMAN, SACHS & CO. 532 3.64% 71,515 3,534 3.79% 437,238

10 (LIME) LIME BROKERAGE LLC 32,333 3.13% 12,600 92,225 1.42% 85,155 (MSCO) MORGAN STANLEY 434 2.97% 14,263 2,703 2.90% 86,999

11 (GSLT) GOLDMAN SACHS ELECTRON 30,338 2.94% 142,084 202,525 3.12% 842,437 (LIME) LIME BROKERAGE LLC 387 2.65% 12,600 1,254 1.34% 85,164

12 (FCM) FIDELITY CAPITAL MARKET 30,113 2.91% 41,826 196,531 3.03% 262,078 (GSLT) GOLDMAN SACHS ELECTRON 372 2.55% 142,084 2,452 2.63% 842,445

13 (INCA) INSTINET 20,187 1.95% 13,220 106,176 1.64% 77,890 (BCAP) BARCLAYS CAPITAL 281 1.92% 15,016 2,061 2.21% 100,148

14 (BCAP) BARCLAYS CAPITAL 19,899 1.93% 15,015 131,004 2.02% 100,146 (CANT) CANTOR FITZGERALD L.P. 272 1.86% 9,042 1,466 1.57% 51,539

15 (BCET) BARCLAYS CAPITAL ELEC 18,193 1.76% 31,473 97,081 1.50% 179,006 (BCET) BARCLAYS CAPITAL ELEC 248 1.70% 31,473 1,456 1.56% 179,006

16 (JEFF) JEFFERIES & CO., INC. 17,601 1.70% 18,977 80,291 1.24% 75,183 (INCA) INSTINET 219 1.50% 13,220 1,210 1.30% 77,895

17 (CANT) CANTOR FITZGERALD L.P. 14,932 1.45% 9,041 81,406 1.25% 51,535 (CVGX) CONVERGEX 193 1.32% 23,089 1,113 1.19% 126,117

18 (CVGX) CONVERGEX 12,049 1.17% 23,089 74,044 1.14% 126,116 (JEFF) JEFFERIES & CO., INC. 190 1.30% 18,977 979 1.05% 75,183

19 (BNPP) BNP PARIBAS SECURITIES 7,797 0.75% 4,450 54,350 0.84% 39,616 (BNPP) BNP PARIBAS SECURITIES 161 1.10% 4,450 1,206 1.29% 39,616

20 (WBET) WALLACHBETH CAPITAL LL 4,438 0.43% 210 58,180 0.90% 2,421 (WBET) WALLACHBETH CAPITAL LL 71 0.48% 210 872 0.93% 2,421

Other 45,409 4.39% 137,953 363,171 5.60% 865,699 Other 672 4.60% 138,058 5,604 6.01% 865,844

Total 1,033,331 100.00% 922,348 6,490,802 100.00% 5,374,949 Total 14,612 100.00% 922,567 93,259 100.00% 5,375,723

Value Trade Summary Volume Trade Summary

Jun-15 YTD Jun-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 105: 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 (KCG) KCG HOLDINGS, INC. 6,897 22.21% 19,310 44,228 20.03% 113,363 (KCG) KCG HOLDINGS, INC. 189 21.99% 19,310 1,612 19.68% 113,363

2 (MLCO) MERRILL LYNCH 6,096 19.63% 2,320 43,840 19.85% 15,594 (MLCO) MERRILL LYNCH 159 18.48% 2,321 1,702 20.78% 15,595

3 (UBS) UBS INVESTMENT BANK 3,669 11.82% 2,303 27,374 12.40% 14,045 (UBS) UBS INVESTMENT BANK 105 12.24% 2,303 1,029 12.57% 14,045

4 (CITI) CITIGROUP GLOBAL MARKE 2,690 8.66% 1,045 20,345 9.21% 6,490 (CITI) CITIGROUP GLOBAL MARKE 79 9.14% 1,045 835 10.20% 6,490

5 (CSFB) CREDIT SUISSE 2,271 7.31% 1,109 18,417 8.34% 6,487 (CSFB) CREDIT SUISSE 60 7.00% 1,110 649 7.92% 6,502

6 (FCM) FIDELITY CAPITAL MARKET 1,454 4.68% 3,710 12,134 5.49% 29,724 (FCM) FIDELITY CAPITAL MARKET 46 5.31% 3,710 578 7.05% 29,724

7 (LIME) LIME BROKERAGE LLC 1,053 3.39% 639 2,964 1.34% 4,597 (LIME) LIME BROKERAGE LLC 28 3.23% 639 90 1.09% 4,597

8 (GSLT) GOLDMAN SACHS ELECTRON 993 3.20% 9,046 7,073 3.20% 61,490 (DBAB) DEUTSCHE BANK SECURITI 24 2.81% 853 146 1.78% 4,801

9 (JPM) JP MORGAN 921 2.97% 385 4,780 2.16% 2,602 (GSLT) GOLDMAN SACHS ELECTRON 23 2.65% 9,046 185 2.26% 61,490

10 (DBAB) DEUTSCHE BANK SECURITI 907 2.92% 853 4,992 2.26% 4,801 (BCET) BARCLAYS CAPITAL ELEC 22 2.54% 2,572 151 1.84% 16,222

11 (BCET) BARCLAYS CAPITAL ELEC 714 2.30% 2,572 3,640 1.65% 16,222 (JPM) JP MORGAN 20 2.32% 385 161 1.97% 2,602

12 (INCA) INSTINET 464 1.49% 560 3,350 1.52% 4,531 (GSHT) GOLDMAN, SACHS & CO. 16 1.85% 2,728 130 1.59% 19,803

13 (GSHT) GOLDMAN, SACHS & CO. 447 1.44% 2,728 4,494 2.03% 19,803 (MSCO) MORGAN STANLEY 14 1.58% 652 157 1.92% 5,732

14 (MSCO) MORGAN STANLEY 428 1.38% 652 4,416 2.00% 5,732 (INCA) INSTINET 11 1.31% 560 114 1.39% 4,531

15 (CVGX) CONVERGEX 276 0.89% 1,057 2,673 1.21% 6,275 (CVGX) CONVERGEX 9 1.10% 1,057 97 1.18% 6,275

16 (BCAP) BARCLAYS CAPITAL 245 0.79% 623 2,304 1.04% 5,952 (BCAP) BARCLAYS CAPITAL 7 0.80% 623 86 1.05% 5,952

17 (BNPP) BNP PARIBAS SECURITIES 194 0.62% 246 1,413 0.64% 2,991 (JEFF) JEFFERIES & CO., INC. 6 0.72% 721 45 0.55% 4,092

18 (RBC) ROYAL BANK OF CANADA 181 0.58% 1,338 1,856 0.84% 6,752 (CANT) CANTOR FITZGERALD L.P. 6 0.70% 269 36 0.44% 2,147

19 (JEFF) JEFFERIES & CO., INC. 152 0.49% 721 1,103 0.50% 4,092 (BNPP) BNP PARIBAS SECURITIES 6 0.68% 246 46 0.56% 2,991

20 (CANT) CANTOR FITZGERALD L.P. 151 0.49% 269 883 0.40% 2,147 (RBC) ROYAL BANK OF CANADA 4 0.47% 1,343 39 0.47% 6,757

Other 851 2.74% 3,803 8,569 3.88% 35,852 Other 26 3.07% 3,803 304 3.71% 35,855

Total 31,054 100.00% 55,289 220,849 100.00% 369,542 Total 861 100.00% 55,296 8,191 100.00% 369,566




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 106: 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 14,669 15.47% 21,390 81,717 14.81% 121,580 (CBK) COMMERZBANK 329 12.82% 21,393 2,016 13.25% 123,052

2 (SIS) SUSQUEHANNA INTERNATION 8,013 8.45% 3,148 45,636 8.27% 18,854 (SIS) SUSQUEHANNA INTERNATION 237 9.23% 3,149 1,354 8.90% 18,879

3 (FLOW) FLOW TRADERS 6,780 7.15% 4,032 38,841 7.04% 24,870 (FLOW) FLOW TRADERS 177 6.92% 4,103 1,051 6.91% 25,285

4 (CITI) CITIGROUP GLOBAL MARKE 6,552 6.91% 3,256 35,196 6.38% 17,382 (CITI) CITIGROUP GLOBAL MARKE 156 6.10% 3,256 880 5.79% 17,382

5 (BNPP) BNP PARIBAS SECURITIES 5,244 5.53% 4,325 34,801 6.31% 27,955 (KCG) KCG HOLDINGS, INC. 112 4.38% 5,908 506 3.33% 28,349

6 (JPMH) JPMORGAN CHASE BANK, N 5,103 5.38% 2,838 28,660 5.19% 16,387 (DBK) DEUTSCHE BANK AG 104 4.07% 1,409 761 5.01% 9,767

7 (DBK) DEUTSCHE BANK AG 4,286 4.52% 1,409 31,807 5.76% 9,758 (BCAP) BARCLAYS CAPITAL 103 4.02% 2,478 569 3.74% 14,926

8 (CSFB) CREDIT SUISSE 3,813 4.02% 2,954 21,326 3.86% 17,839 (SG) SG SECURITIES 102 3.98% 9,069 728 4.79% 67,797

9 (BCAP) BARCLAYS CAPITAL 3,729 3.93% 2,477 20,596 3.73% 14,917 (JPMH) JPMORGAN CHASE BANK, N 99 3.87% 2,838 612 4.02% 16,407

10 (SG) SG SECURITIES 3,707 3.91% 9,068 26,151 4.74% 67,777 (UBS) UBS INVESTMENT BANK 95 3.69% 1,173 686 4.51% 5,014

11 (UBS) UBS INVESTMENT BANK 3,490 3.68% 1,173 19,716 3.57% 5,014 (CSFB) CREDIT SUISSE 93 3.64% 3,033 501 3.30% 18,240

12 (MSCO) MORGAN STANLEY 3,346 3.53% 1,912 19,848 3.60% 11,500 (MLCE) BANK OF AMERICA MERRIL 92 3.60% 2,877 411 2.70% 15,183

13 (UNIC) UNICREDIT 2,854 3.01% 1,029 18,595 3.37% 6,071 (CANT) CANTOR FITZGERALD L.P. 89 3.49% 2,150 383 2.52% 12,647

14 (CANT) CANTOR FITZGERALD L.P. 2,768 2.92% 2,149 11,845 2.15% 12,638 (WINS) WINTERFLOOD SECURITIES 86 3.36% 6,288 518 3.40% 36,874

15 (GSHT) GOLDMAN, SACHS & CO. 2,464 2.60% 3,593 16,357 2.96% 33,499 (MSCO) MORGAN STANLEY 82 3.19% 1,912 527 3.46% 11,501

16 (KCG) KCG HOLDINGS, INC. 2,403 2.53% 5,905 10,892 1.97% 28,344 (BNPP) BNP PARIBAS SECURITIES 82 3.18% 4,339 639 4.20% 28,071

17 (WINS) WINTERFLOOD SECURITIES 1,927 2.03% 6,285 11,605 2.10% 36,867 (UNIC) UNICREDIT 59 2.29% 1,031 376 2.47% 6,081

18 (MLCE) BANK OF AMERICA MERRIL 1,688 1.78% 2,877 7,322 1.33% 15,183 (GSHT) GOLDMAN, SACHS & CO. 47 1.83% 3,593 299 1.96% 33,505

19 (BFIN) BLUEFIN EUROPE LLP 1,513 1.60% 207 9,677 1.75% 1,023 (KEPL) KEPLER CAPITAL MARKETS 40 1.55% 2,498 234 1.54% 16,607

20 (MLCO) MERRILL LYNCH 1,349 1.42% 787 7,256 1.32% 4,308 (MLCO) MERRILL LYNCH 39 1.53% 787 205 1.35% 4,308

Other 9,143 9.64% 25,939 53,957 9.78% 151,851 Other 339 13.23% 23,739 1,954 12.84% 136,473

Total 94,840 100.00% 106,753 551,802 100.00% 643,617 Total 2,564 100.00% 107,023 15,211 100.00% 646,348




Note: ETF broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded.

Eu

rop

ean

Mon

thly

ETF M

ark

et R

evie

w

10

Ju

ly 2

01

5

Pag

e 6

8

Deu

tsch

e B

an

k A

G/L

on

do

n

Figure 107: 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 316 18.19% 23 1,240 7.74% 257 (WINS) WINTERFLOOD SECURITIES 175 39.82% 1,681 725 24.99% 10,463

2 (WINS) WINTERFLOOD SECURITIES 163 9.39% 1,681 1,212 7.57% 10,463 (CANT) CANTOR FITZGERALD L.P. 54 12.21% 346 235 8.12% 2,216

3 (MSCO) MORGAN STANLEY 147 8.47% 229 1,338 8.35% 1,570 (UBS) UBS INVESTMENT BANK 34 7.79% 130 114 3.94% 699

4 (UBS) UBS INVESTMENT BANK 142 8.20% 130 707 4.41% 699 (MLCO) MERRILL LYNCH 34 7.79% 39 82 2.82% 211

5 (HSBC) HSBC GROUP PLC 106 6.14% 91 482 3.01% 1,114 (CITI) CITIGROUP GLOBAL MARKE 20 4.63% 299 137 4.71% 2,009

6 (CBK) COMMERZBANK 96 5.55% 795 916 5.72% 4,525 (MLCE) BANK OF AMERICA MERRIL 17 3.95% 413 128 4.43% 2,310

7 (FLOW) FLOW TRADERS 70 4.04% 140 803 5.01% 1,092 (KEPL) KEPLER CAPITAL MARKETS 15 3.49% 229 101 3.48% 1,608

8 (MACQ) MACQUARIE SECURITIES 69 3.97% 25 1,283 8.01% 256 (DBKE) DEUTSCHE BANK AG, AUTO 10 2.18% 293 278 9.58% 2,711

9 (MLCO) MERRILL LYNCH 62 3.59% 39 736 4.59% 211 (PEEL) PEEL HUNT LLP 8 1.73% 434 47 1.63% 2,467

10 (CITI) CITIGROUP GLOBAL MARKE 56 3.22% 299 967 6.04% 2,009 (CBK) COMMERZBANK 8 1.71% 795 49 1.71% 4,545

11 (ITGE) ITG EUROPE 50 2.91% 6 87 0.55% 24 (INCA) INSTINET 7 1.54% 90 119 4.10% 604

12 (CSFB) CREDIT SUISSE 50 2.88% 132 820 5.12% 957 (FLOW) FLOW TRADERS 6 1.47% 140 74 2.55% 1,116

13 (KCG) KCG HOLDINGS, INC. 50 2.86% 431 429 2.68% 2,306 (CSFB) CREDIT SUISSE 6 1.41% 133 41 1.42% 964

14 (BNPP) BNP PARIBAS SECURITIES 43 2.50% 30 418 2.61% 180 (MACQ) MACQUARIE SECURITIES 6 1.30% 25 134 4.61% 256

15 (BFIN) BLUEFIN EUROPE LLP 40 2.32% 46 616 3.84% 331 (BFIN) BLUEFIN EUROPE LLP 5 1.03% 46 110 3.80% 331

16 (CANT) CANTOR FITZGERALD L.P. 35 2.02% 346 413 2.58% 2,216 (BNPP) BNP PARIBAS SECURITIES 4 0.98% 30 21 0.74% 180

17 (PEEL) PEEL HUNT LLP 35 2.01% 434 261 1.63% 2,467 (DBK) DEUTSCHE BANK AG 4 0.93% 23 18 0.64% 257

18 (MLCE) BANK OF AMERICA MERRIL 31 1.80% 413 234 1.46% 2,309 (KCG) KCG HOLDINGS, INC. 4 0.90% 431 57 1.98% 2,306

19 (SG) SG SECURITIES 28 1.64% 56 832 5.20% 600 (MED) MEDIOBANCA SPA 4 0.81% 758 46 1.59% 5,547

20 (INCA) INSTINET 23 1.34% 90 210 1.31% 604 (EQUI) EQUITA SIM SPA 3 0.77% 127 75 2.58% 618

Other 121 7.00% 2,108 2,016 12.58% 15,987 Other 16 3.58% 1,089 307 10.60% 8,836

Total 1,735 100.00% 7,544 16,019 100.00% 50,177 Total 439 100.00% 7,551 2,900 100.00% 50,254




Note: ETC broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded.

10 July 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 108: 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.

10 July 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 109: 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.

10 July 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.

10 July 2015



Appendix 1

Important Disclosures

Additional information available upon request

*Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from local exchanges via Reuters, Bloomberg and other vendors . Other information is sourced from Deutsche Bank, subject companies, and other sources. For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of this research, please see the most recently published company report or visit our global disclosure look-up page on our website at http://gm.db.com/ger/disclosure/DisclosureDirectory.eqsr

Analyst Certification

The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s). In addition, the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in this report. 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 %

58 %

5 %45 %

38 %

42 %

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

10 July 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

Deutsche Bank equity research analysts sometimes have shorter-term trade ideas (known as SOLAR ideas) that are

consistent or inconsistent with Deutsche Bank's existing longer term ratings. These trade ideas can be found at the

SOLAR link at http://gm.db.com.

http://www.dbxus.com/

http://gm.db.com/

10 July 2015



Additional Information

The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively

"Deutsche Bank"). Though the information herein is believed to be reliable and has been obtained from public sources

believed to be reliable, Deutsche Bank makes no representation as to its accuracy or completeness.

Deutsche Bank may consider this report in deciding to trade as principal. It may also engage in transactions, for its own

account or with customers, in a manner inconsistent with the views taken in this research report. Others within

Deutsche Bank, including strategists, sales staff and other analysts, may take views that are inconsistent with those

taken in this research report. Deutsche Bank issues a variety of research products, including fundamental analysis,

equity-linked analysis, quantitative analysis and trade ideas. Recommendations contained in one type of communication

may differ from recommendations contained in others, whether as a result of differing time horizons, methodologies or

otherwise. Deutsche Bank and/or its affiliates may also be holding debt securities of the issuers it writes on.

Analysts are paid in part based on the profitability of Deutsche Bank AG and its affiliates, which includes investment

banking revenues.

Opinions, estimates and projections constitute the current judgment of the author as of the date of this report. They do

not necessarily reflect the opinions of Deutsche Bank and are subject to change without notice. Deutsche Bank has no

obligation to update, modify or amend this report or to otherwise notify a recipient thereof if any opinion, forecast or

estimate contained herein changes or subsequently becomes inaccurate. This report is provided for informational

purposes only. It is not an offer or a solicitation of an offer to buy or sell any financial instruments or to participate in any

particular trading strategy. Target prices are inherently imprecise and a product of the analyst’s judgment. The financial

instruments discussed in this report may not be suitable for all investors and investors must make their own informed

investment decisions. Prices and availability of financial instruments are subject to change without notice and

investment transactions can lead to losses as a result of price fluctuations and other factors. If a financial instrument is

denominated in a currency other than an investor's currency, a change in exchange rates may adversely affect the

investment. Past performance is not necessarily indicative of future results. Unless otherwise indicated, prices are

current as of the end of the previous trading session, and are sourced from local exchanges via Reuters, Bloomberg and

other vendors. Data is sourced from Deutsche Bank, subject companies, and in some cases, other parties.

Macroeconomic fluctuations often account for most of the risks associated with exposures to instruments that promise

to pay fixed or variable interest rates. For an investor who is long fixed rate instruments (thus receiving these cash

flows), increases in interest rates naturally lift the discount factors applied to the expected cash flows and thus cause a

loss. The longer the maturity of a certain cash flow and the higher the move in the discount factor, the higher will be the

loss. Upside surprises in inflation, fiscal funding needs, and FX depreciation rates are among the most common adverse

macroeconomic shocks to receivers. But counterparty exposure, issuer creditworthiness, client segmentation, regulation

(including changes in assets holding limits for different types of investors), changes in tax policies, currency

convertibility (which may constrain currency conversion, repatriation of profits and/or the liquidation of positions), and

settlement issues related to local clearing houses are also important risk factors to be considered. The sensitivity of fixed

income instruments to macroeconomic shocks may be mitigated by indexing the contracted cash flows to inflation, to

FX depreciation, or to specified interest rates – these are common in emerging markets. It is important to note that the

index fixings may -- by construction -- lag or mis-measure the actual move in the underlying variables they are intended

to track. The choice of the proper fixing (or metric) is particularly important in swaps markets, where floating coupon

rates (i.e., coupons indexed to a typically short-dated interest rate reference index) are exchanged for fixed coupons. It is

also important to acknowledge that funding in a currency that differs from the currency in which coupons are

denominated carries FX risk. Naturally, options on swaps (swaptions) also bear the risks typical to options in addition to

the risks related to rates movements.

Derivative transactions involve numerous risks including, among others, market, counterparty default and illiquidity risk.

The appropriateness or otherwise of these products for use by investors is dependent on the investors' own

circumstances including their tax position, their regulatory environment and the nature of their other assets and

liabilities, and as such, investors should take expert legal and financial advice before entering into any transaction similar

10 July 2015



to or inspired by the contents of this publication. The risk of loss in futures trading and options, foreign or domestic, can

be substantial. As a result of the high degree of leverage obtainable in futures and options trading, losses may be

incurred that are greater than the amount of funds initially deposited. Trading in options involves risk and is not suitable

for all investors. Prior to buying or selling an option investors must review the "Characteristics and Risks of Standardized

Options”, at http://www.optionsclearing.com/about/publications/character-risks.jsp. If you are unable to access the

website please contact your Deutsche Bank representative for a copy of this important document.

Participants in foreign exchange transactions may incur risks arising from several factors, including the following: ( i)

exchange rates can be volatile and are subject to large fluctuations; ( ii) the value of currencies may be affected by

numerous market factors, including world and national economic, political and regulatory events, events in equity and

debt markets and changes in interest rates; and (iii) currencies may be subject to devaluation or government imposed

exchange controls which could affect the value of the currency. Investors in securities such as ADRs, whose values are

affected by the currency of an underlying security, effectively assume currency risk.

Unless governing law provides otherwise, all transactions should be executed through the Deutsche Bank entity in the

investor's home jurisdiction.

United States: Approved and/or distributed by Deutsche Bank Securities Incorporated, a member of FINRA, NFA and

SIPC. Non-U.S. analysts may not be associated persons of Deutsche Bank Securities Incorporated and therefore may not

be subject to FINRA regulations concerning communications with subject company, public appearances and securities

held by the analysts.

Germany: Approved and/or distributed by Deutsche Bank AG, a joint stock corporation with limited liability incorporated

in the Federal Republic of Germany with its principal office in Frankfurt am Main. Deutsche Bank AG is authorized under

German Banking Law (competent authority: European Central Bank) and is subject to supervision by the European

Central Bank and by BaFin, Germany’s Federal Financial Supervisory Authority.

United Kingdom: Approved and/or distributed by Deutsche Bank AG acting through its London Branch at Winchester

House, 1 Great Winchester Street, London EC2N 2DB. Deutsche Bank AG in the United Kingdom is authorised by the

Prudential Regulation Authority and is subject to limited regulation by the Prudential Regulation Authority and Financial

Conduct Authority. Details about the extent of our authorisation and regulation are available on request.

Hong Kong: Distributed by Deutsche Bank AG, Hong Kong Branch.

Korea: Distributed by Deutsche Securities Korea Co.

South Africa: Deutsche Bank AG Johannesburg is incorporated in the Federal Republic of Germany (Branch Register

Number in South Africa: 1998/003298/10).

Singapore: by Deutsche Bank AG, Singapore Branch or Deutsche Securities Asia Limited, Singapore Branch (One Raffles

Quay #18-00 South Tower Singapore 048583, +65 6423 8001), which may be contacted in respect of any matters

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is not an accredited investor, expert investor or institutional investor (as defined in the applicable Singapore laws and

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instruments dealer by the Head of the Kanto Local Finance Bureau (Kinsho) No. 117. Member of associations: JSDA,

Type II Financial Instruments Firms Association, The Financial Futures Association of Japan, and Japan Investment

Advisers Association. Commissions and risks involved in stock transactions - for stock transactions, we charge stock

commissions and consumption tax by multiplying the transaction amount by the commission rate agreed with each

customer. Stock transactions can lead to losses as a result of share price fluctuations and other factors. Transactions in

foreign stocks can lead to additional losses stemming from foreign exchange fluctuations. We may also charge

commissions and fees for certain categories of investment advice, products and services. Recommended investment

strategies, products and services carry the risk of losses to principal and other losses as a result of changes in market

and/or economic trends, and/or fluctuations in market value. Before deciding on the purchase of financial products

and/or services, customers should carefully read the relevant disclosures, prospectuses and other documentation.

http://www.optionsclearing.com/about/publications/character-risks.jsp

10 July 2015



"Moody's", "Standard & Poor's", and "Fitch" mentioned in this report are not registered credit rating agencies in Japan

unless Japan or "Nippon" is specifically designated in the name of the entity. Reports on Japanese listed companies not

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Some of the foreign securities stated on this report are not disclosed according to the Financial Instruments and

Exchange Law of Japan.

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from time to time offer those securities for purchase or may have an interest to purchase such securities. Deutsche Bank

may engage in transactions in a manner inconsistent with the views discussed herein.

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Regulatory Authority. Deutsche Bank AG - QFC Branch may only undertake the financial services activities that fall

within the scope of its existing QFCRA license. Principal place of business in the QFC: Qatar Financial Centre, Tower,

West Bay, Level 5, PO Box 14928, Doha, Qatar. This information has been distributed by Deutsche Bank AG. Related

financial products or services are only available to Business Customers, as defined by the Qatar Financial Centre

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any appraisal or evaluation activity requiring a license in the Russian Federation.

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Capital Market Authority. Deutsche Securities Saudi Arabia may only undertake the financial services activities that fall

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District, P.O. Box 301809, Faisaliah Tower - 17th Floor, 11372 Riyadh, Saudi Arabia.

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distributed by Deutsche Bank AG. Related financial products or services are only available to Professional Clients, as

defined by the Dubai Financial Services Authority.

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refer to Australian specific research disclosures and related information at

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Australia and New Zealand: This research, and any access to it, is intended only for "wholesale clients" within the

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Copyright © 2015 Deutsche Bank AG

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David Folkerts-Landau Group Chief Economist

Member of the Group Executive Committee

Raj Hindocha Global Chief Operating Officer

Research

Marcel Cassard Global Head

FICC Research & Global Macro Economics

Steve Pollard Global Head

Equity Research

Michael Spencer Regional Head

Asia Pacific Research

Ralf Hoffmann Regional Head

Deutsche Bank Research, Germany

Andreas Neubauer Regional Head

Equity Research, Germany

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