european monthly etf market review...9 november 2015 european monthly etf market review page 4...

Deutsche Bank Markets Research

Europe

Synthetic Equity & Index Strategy

European Monthly ETF Market Review

Date

9 November 2015

Fixed Income Dominates ETF Flows

Data in this report is as of 30th October 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.

Authors

Anil Gademsetty, CFA

Strategist

(+44) 20 754-52198

[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 October 2015, global ETP assets stood at $2.9 trillion with

European ETP assets at $514bn (€465bn). European ETPs had another good

month with net inflows of +€6.4bn in October (+€1.8bn in the prev. month).

Fixed Income ETFs led the charge with notable inflows of +€3.5bn followed by

Equity ETFs (+€2.5bn) over the last month. Commodity ETPs listed in Europe

reversed previous month’s trend and recorded inflows of +€0.4bn during the

same period.

Global EM, Broad European equities and Energy ETFs benefitted from inflows, Short and Leverage ETFs experienced net outflows

Investors trading European-listed ETPs were net buyers of broad emerging

market focused ETFs. We observed net demand of +€0.9bn into emerging

market equities during October.

European equity exposure ETFs continued the positive run in October and

attracted investors from Europe and the US. Where European-listed ETFs were

concerned, we observed monthly inflows of +€0.5bn (+€20.6bn YTD inflows)

into European equities in Oct’15. US-listed ETFs providing exposure to

European equities registered monthly inflows of +$2.3bn bringing YTD total to

over +$32.4bn.

Investors remained bullish on the Energy sector and put +€0.1bn of new

money into Energy-sector ETFs during October (+€0.2bn inflows in Sep’15).

Short and Leverage Long focused ETFs lost momentum and experienced

outflows of -€0.4bn and -€0.2bn, respectively, over the same period.

European ETF flows dominated by Fixed Income ETFs

Fixed income ETF flows dominated overall European ETF flows in October

recording +€3.5bn inflows vs. the region’s overall inflows of +€6.4bn. Within

fixed income, investment grade led the flows, attracting +€2.9bn over the last

month (+€20.4bn YTD). High yield bonds reversed previous month’s trend and

recorded inflows of +€0.7bn in October (-€0.4bn in September & +€3.9bn

YTD).

European ETFs Turnover (%) increased into overall Cash Equity

Turnover into European ETFs has significantly increased since the start of

2015. ETFs turnover (%) vs. the overall Cash Equity market has increased to

9.1% from 7.6% in 2014.

9 November 2015



Table of Contents

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

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

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

................................................................................................................................18 Industry Growth Analysis ........................................................................................20

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

4. Product Review ......................................................... 29 New Products Launched in the Month ...................................................................29 Average TERs .........................................................................................................32

5. Provider Rankings ..................................................... 35 Global Provider Rankings ........................................................................................35 European Provider Rankings – General ...................................................................37 European Provider Rankings – by Asset Class ........................................................41 European Provider Analysis by Replication Method ...............................................44

6. Trading Perspective .................................................. 45 ETP Monthly Turnover Analysis by Asset Class, by Instrument..............................45 Asset Class Analysis ...............................................................................................45 Product Rankings ....................................................................................................50

7. European ETF Exchanges ............................................ 55

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

9 November 2015



European Investment Trends

Fixed Income and Equity ETFs collected healthy inflows, Commodity comes

into positive territory

European-listed ETPs brought in +€6.4bn inflows in October dominated by

fixed income ETFs receiving +€3.5bn inflows followed by Equity ETFs

(+€2.5bn). Commodity ETPs listed in Europe reversed the previous month’s

trend and recorded inflows of +€0.4bn over the last month. Year-to-date flows

for European-listed ETPs was at +€61.4bn as of the end of October.

US-domiciled ETPs recorded inflows of +$28bn (+$20bn in Sep’15) in October

taking YTD flows total to +$172bn. Most of the inflows were contributed by

equity ETFs registering +$16bn (+$11bn in Sep’15) followed by inflows of

+$11.5bn into fixed income ETFs. Commodity ETPs recovered from negative

flows in the previous month (-$0.4bn) to inflows of +$0.5bn in Oct’15.

Global EM, Broad European equities and Energy ETFs benefitted from inflows, Short and Leverage ETFs experienced net outflows

Investors trading European-listed ETPs were net buyers of broad emerging

market focused ETFs. We observed net demand of +€0.9bn into emerging

market equities during October. US-listed ETFs providing exposure to

emerging market equities also registered monthly inflows of +$2.1bn.

European equity exposure ETFs continued the positive run in October and

attracted investors in Europe and US. Where European-listed ETFs were

concerned, we observed monthly inflows of +€0.5bn (+€20.6bn YTD inflows)

into European equities in Oct’15. US-listed ETFs providing exposure to

European equities registered monthly inflows of +$2.3bn, bringing YTD total to

over +$32.4bn. European equities remained preferred over US equities in

October by investors.

Investors remained bullish on the Energy sector and put +€0.1bn of new

money into Energy-sector ETFs during October (+€0.2bn inflows in Sep’15).

Short and Leverage Long focused ETFs lost momentum and experienced

outflows of -€0.4bn and -€0.2bn, respectively, over the same period.

European ETF flows dominated by Fixed Income ETFs

Fixed income ETF flows dominated overall European ETF flows in October

recording +€3.5bn inflows vs. the region’s overall inflow of +€6.4bn. Within

fixed income, investment grades led the flows attracting +€2.9bn over the last

month (+€20.4bn YTD). High yield bonds reversed the previous month’s trend

and recorded inflows of +€0.7bn in October (-€0.4bn in September & +€3.9bn

YTD). Figure 1 illustrates the monthly trend of flows into fixed income ETFs

(breakdown into Investment Grade and High Yield bond ETFs during 2015).

9 November 2015



Figure 1: Monthly Flows into Fixed Income ETFs (Breakdown into IG and HY

Bonds during 2015)

(2,000)

(1,000)

-

1,000

2,000

3,000

4,000

5,000

6,000

FI

Mo

nth

ly F

low

s €

mn

Investment Grade High Yield

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

European ETFs Turnover (%) increased into overall Cash Equity

Turnover into European ETFs has significantly increased since the start of 2015

(YTD). ETFs turnover (%) vs. the overall Cash Equity market has been increased

to 9.1% from 7.6% in 2014.

Figure 2: ETF vs Cash Equity Turnover (%)

6.0%

6.5%

7.0%

7.5%

8.0%

8.5%

9.0%

9.5%

2011 2012 2013 2014 2015

ET

F v

s C

ash

Eq

uit

y (

%)

ETF (%) in total Cash Equity


Inflows into Crude Oil and Gold based ETPs

Commodity ETPs reversed the previous month’s trend and registered inflows of

+€393mn during October (-€256mn in September). This was majorly driven by

inflows into Crude oil ETPs (+€189mn) followed by inflows of +€139mn into

Gold-based ETPs. Crude oil ETPs are the most popular commodity ETPs in

2015 attracting +€1.6bn in YTD flows, primarily driven by low oil prices.

9 November 2015



ETF Comparatives: Mutual Funds, cash equity turnover

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

turnover2, decreased to 8.6% (from 8.7% in Sep’15) as of the end of

October 2015. The equivalent number for the US market also decreased to

25.1% over the same period (from 28.2% in Sep’15).

European ETFs comprised 3.4% of the continent’s mutual fund industry as

of August 2015. European domiciled ETFs registered inflows of +€9.7bn

through August 2015, while UCITS mutual funds registered outflows

totalling -€3bn in the same period, according to mutual fund industry data

published by the European Fund and Asset Management Association

(EFAMA).

US ETFs comprised 15.2% of the mutual fund industry as of the end of

Sep’15. US domiciled ETFs registered inflows of +$20.4bn in Sep’15, while

US mutual funds experienced outflows of -$34bn over the same period,

according to mutual fund industry data published by the Investment

Company Institute (ICI).

Product Launch Activity

ETP launch calendar in October: 12 new launches led by Fixed Income ETFs

The European ETP industry registered 12 new products launches during

October including 5 Fixed Income, 4 Equity and 3 Commodity ETPs.

Equity

During October, Wisdom Tree listed 2 new Equity ETFs on London Stock

Exchange tracking the performance of WisdomTree Emerging Asia Equity

Income Index (DEMA LN) and WisdomTree UK Equity Income Index

(WUKD LN)

Lyxor listed one new Equity ETF (LYX5 GY) on Deutsche Borse tracking the

performance of JP Morgan Equity Risk Premia Europe Multi Factor Long

Only (EUR) Index.

Van Eck Funds listed one Equity ETF (MOAT LN) on London Stock

Exchange tracking Morningstar Wide Moat Focus Index. Fixed Income

Comstage listed 4 new Fixed income ETFs on Deutsche Borse tracking the

performance of Commerzbank 10Y US-Treasury Future TR (E570 GY),

Commerzbank 10Y US-Treasury Future Short TR (E571 GY), Commerzbank

US-Treasury Bond Future Short TR (E572 GY) and Commerzbank US-

Treasury Bond Future Double Short TR (E573 GY).

Deutsche AWM Listed One new Fixed Income ETF (XDGU GY) on

Deutsche Borse tracking the performance of Barclays USD Liquid

Investment Grade Corporate Index.

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

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

reported by Bloomberg

9 November 2015



Commodity

Boost listed 2 Commodity ETCs during October providing 3x (3BRL IM) and

-3x (3BRS IM) exposure to NASDAQ Commodity Brent Crude Oil Index.

These ETCs were listed on the Borsa Italiana.

Comstage listed one new Commodity ETF (C099 GY) on Deutsche Borse

tracking the performance of Commerzbank ex-Agriculture Monthly EUR

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

figures 62 to 64.

Other regions’ cash flow summary

US: Equity continued the positive run, fixed income follows

US domiciled ETPs recorded inflows of +$28bn (+$20bn in Sep’15) in October

taking YTD flows total to +$172bn. Most of the inflows were contributed by

equity ETFs registering +$16bn (+$11bn in Sep’15) followed by inflows of

+$11.5bn into Fixed income ETFs. Commodity ETPs recovered from negative

flows in the previous month (-$0.4bn) to inflows of +$0.5bn in Oct’15.

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

activity:

Segments: Developed Markets (+$4.8bn), Sector (+$4.4bn), Emerging Markets

(+$2.8bn), Style (+$1.9bn) Size (+$1.8bn) and Thematic (-$0.7bn)

Sub-segments: Europe DM broad (+$2.3bn), EM Broad (+$2.1bn), Value

(+$1.8bn), DM Broad (+$1.6bn) and Leveraged (-$1.8bn).

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

Corporates (+$9.3bn) and Sovereign & Corporates (+$1.3bn) bond indices over

the last month. Among commodity ETPs, crude oil and gold based ETPs

registered inflows of +$0.3bn and +$0.2bn respectively during the month of

October.

Asia: Outflows from Asian ETPs driven by Japan and money market ETFs, partially offset by inflows into South Korea and China ETFs

Asia-Pacific ETPs experienced monthly outflows of -$1bn in October (+$12.2bn

in Sep’15) taking YTD total to +$41.1bn. With this, monthly flows average for

2015 stands at +$4.1bn. Equity and fixed income both recorded negative flows

over the last month.

Within equity, South Korea, China and Japan saw significant flow movement

last month. ETFs focusing on South Korea and China saw inflows of +$867mn

and +$831mn respectively while Japan focused ETFs saw outflows of -$1.2bn.

Beside these, leveraged long (-$1.1bn), short (+$399mn) and leveraged short

(+$211mn) saw major flow activity.

During Q3, fixed income ETFs gathered healthy inflows (+11.3bn), primarily

into China money market ETFs. However in October these ETFs experienced

redemptions worth of -$950mn. Flow activity with commodity ETPs remained

negligible over the last month.

9 November 2015



1. Investment Trends3

Cross-Asset Class ETPs

Figure 3: Cash flows by asset class – YTD

| ETPs | Europe |

Figure 4: Cash flows by asset class – Month

| ETPs | Europe |

-10,000

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

€m

illio

ns

Equity Commodity Fixed Income Others

-1,000

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

€m

illio

ns

Equity Commodity Fixed Income Others



Equity ETFs

Figure 5: Top 3 aggregate equity segments – YTD

| ETFs | Europe |

Figure 6: Top 3 aggregate equity segments – Month

| ETFs | Europe |

(5,000)

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

€m

illio

ns

Developed Markets Strategy Sector

(1,000)

(500)

-

500

1,000

1,500

2,000

2,500

€m

illio

ns

Developed Markets Emerging Markets Strategy



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

9 November 2015



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

-2,000

-1,000

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

€m

illio

ns

Japan Germany UK

-500

-400

-300

-200

-100

0

100

200

300

400

500

600

€m

illio

ns

Germany US Italy



Figure 9: Top 3 DM regions – YTD

| ETFs | Europe |

Figure 10: Top 3 DM regions – Month

| ETFs | Europe |

(5,000)

-

5,000

10,000

15,000

20,000

25,000

€m

illio

ns

Europe North America Asia Pacific

(200)

-

200

400

600

800

1,000

1,200

€m

illio

ns

Europe Global North America



Figure 11: Top 3 EM countries – YTD

| ETFs | Europe |

Figure 12: Top 3 EM countries – Month

| ETFs | Europe |

-3,000

-2,500

-2,000

-1,500

-1,000

-500

0

500

1,000

€m

illio

ns

China India Taiwan

-250

-200

-150

-100

-50

0

50

100

150

€m

illio

ns

Taiwan China Russia



9 November 2015



Figure 13: Top 3 EM regions – YTD

| ETFs | Europe |

Figure 14: Top 3 EM regions – Month

| ETFs | Europe |

(1,500)

(1,000)

(500)

-

500

1,000

€m

illio

ns

Asia Pacific Europe Global

(200)

-

200

400

600

800

1,000

€m

illio

ns

Global Asia Pacific Latin America



Figure 15: Top 3 sectors – YTD

| ETFs | Europe |

Figure 16: Top 3 sectors – Month

| ETFs | Europe |

(500)

-

500

1,000

1,500

2,000

2,500

€m

illio

ns

Financials Energy Telecommunication Services

(200)

(150)

(100)

(50)

-

50

100

150

200

250

300

€m

illio

ns

Energy Consumer Staples Consumer Discretionary



Figure 17: Top 3 strategy segments – YTD

| ETFs | Europe |

Figure 18: Top 3 strategy segments – Month

| ETFs | Europe |

(500)

-

500

1,000

1,500

2,000

2,500

3,000

€m

illio

ns

Quantitative Fundamental Short

(700)

(600)

(500)

(400)

(300)

(200)

(100)

-

100

200

300

€m

illio

ns

Short Leveraged Long Quantitative



9 November 2015



Fixed Income ETFs

Figure 19: Top 3 aggregate fixed income segments –

YTD | ETFs | Europe |

Figure 20: Top 3 aggregate fixed income segments –

Month | ETFs | Europe |

0

5,000

10,000

15,000

20,000

25,000

€m

illio

ns

Corporates Sovereign Overall

-1,000

-500

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

€m

illio

ns

Sovereign Corporates Overall



Commodity ETPs

Figure 21: Top 3 aggregate commodity segments –

YTD | ETPs | Europe |

Figure 22: Top 3 aggregate commodity segments –

Month | ETPs | Europe |

-1,500

-1,000

-500

0

500

1,000

1,500

2,000

2,500

3,000

€m

illio

ns

Energy Precious Metals Overall

-100

0

100

200

300

400

500

€m

illio

ns

Energy Overall Precious Metals



Figure 23: Top 5 commodity sub-segments – YTD

| ETPs | Europe |

Figure 24: Top 5 commodity sub-segments – Month

| ETPs | Europe |

-1,500

-1,000

-500

0

500

1,000

1,500

2,000

2,500

3,000

€m

illio

ns

Crude Oil Gold Commodity Overall Copper Energy Overall

-200

-100

0

100

200

300

400

500

600

€m

illio

ns

Crude Oil Commodity Overall Gold Copper Palladium



9 November 2015



2. Market Metrics

ETF Industry Asset Evolution

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

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

Asia Pacific ($) 34.8 39.9 42.8 48.4 60.8 53.4 65.7 85.6 91.3 136.0 169.0 202.2 249.8

Europe ($) 20.5 33.0 51.3 91.4 131.7 144.9 243.9 309.8 298.1 369.2 416.5 458.4 513.6

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 2,111.3

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 2,639.7 2,874.6

Europe (€) 16.3 24.3 43.3 69.3 90.1 104.2 170.0 230.9 229.6 280.1 302.2 378.9 464.9

Number of ETPs* 269 324 432 737 1,213 1,666 2,042 2,582 3,127 3,494 3,713 3,996 4,297

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

0

500

1,000

1,500

2,000

2,500

3,000

3,500

Num

ber

of

ETP

s

$ b

illion

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

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

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

ETCs - 0.7 1.3 2.0 5.2 7.4 17.6 26.8 28.7 35.8 21.7 20.7 19.8

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 53.8

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 2,562.2 2,800.9

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 2,639.7 2,874.6

Number of ETPs* 269 324 432 737 1,213 1,666 2,042 2,582 3,127 3,494 3,713 3,996 4,297

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

0

500

1,000

1,500

2,000

2,500

3,000

3,500

Num

ber

of

ETP

s

$ b

illion


9 November 2015



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

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

Asia Pacific ($) 34.8 39.9 42.8 48.4 60.3 53.1 65.1 84.9 90.7 135.2 168.6 201.8 249.4

Europe ($) 20.5 32.3 50.0 89.4 127.1 137.7 226.9 283.6 270.1 334.2 395.2 438.1 494.1

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 2,057.4

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 2,562.2 2,800.9

Europe (€) 16.3 23.8 42.2 67.8 86.9 99.1 158.2 211.4 208.1 253.5 286.8 362.0 447.3

Number of ETFs* 257 310 415 677 1,116 1,481 1,803 2,233 2,699 3,004 3,183 3,460 3,773

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

0

500

1,000

1,500

2,000

2,500

3,000

Num

ber

of

ETFs

$ b

illion


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

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

Other - - - - 96 168 1,078 1,995 1,549 1,620 861 1,410 1,496

Commodity - - 340 1,402 2,314 3,591 10,570 19,310 23,057 26,152 14,512 13,412 13,296

Fixed Income 801 2,034 4,002 9,370 13,743 29,857 35,915 42,538 43,725 54,193 60,444 86,151 111,66

Equity 15,532 21,815 37,907 57,029 70,776 65,473 110,59 147,53 139,72 171,52 210,35 261,07 320,81

Total 16,332 23,849 42,249 67,801 86,930 99,089 158,16 211,37 208,05 253,48 286,17 362,04 447,27

Number of ETFs* 100 114 163 267 419 614 819 1,053 1,215 1,311 1,350 1,417 1,473

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


9 November 2015



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

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

Livestock - - 1 21 63 49 67 59 40 17 19 14

Industrial Metals - - 4 44 99 413 828 734 1,063 713 777 496

Agriculture - - 58 799 507 1,553 1,825 1,356 1,093 895 826 844

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

Overall - - 1,103 1,444 981 3,531 5,580 4,439 4,846 3,779 3,580 3,877

Precious Metals 520 886 1,595 2,993 6,713 14,930 28,256 36,334 43,887 22,813 23,555 22,934

Total 520 936 2,914 5,475 8,712 22,395 38,612 44,417 52,475 29,614 29,835 30,584

Number of ETPs* 1 3 40 76 144 185 249 326 423 416 391 389

-

90

180

270

360

450

0

10,000

20,000

30,000

40,000

50,000

60,000

Num

ber

of

ETP

s

€m

illion


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

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

ETCs - 491 1,077 1,512 3,161 5,121 11,847 19,514 21,587 26,581 15,415 16,813 17,635

ETFs 16,332 23,849 42,249 67,801 86,930 99,089 158,16 211,37 208,05 253,48 286,83 362,04 447,27

Total 16,332 24,340 43,326 69,313 90,091 104,21 170,00 230,89 229,64 280,06 302,24 378,86 464,91

Number of ETPs 100 115 165 299 476 738 995 1,332 1,565 1,749 1,794 1,868 1,913

-

400

800

1,200

1,600

2,000

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

Num

ber

of

ETP

s

€m

illion


9 November 2015



ETFs vs. Cash Equities

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

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

ETFs v

s c

ash e

quitie

s

$ b

illion

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

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

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

0

100

200

300

400

500

600

700

800

900

ETFs v

s c

ash e

quitie

s

€billion

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

Source: Deutsche Bank , Bloomberg Finance LP, Reuters

9 November 2015



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

Region:

Statistic: ETFs Cash Equities1

ETFs vs CEs3 ETFs Cash Equities

2ETFs vs CEs

3 ETFs vs

CEsCEs ETFs

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Jul-15 63,279 702,931 9.0% 1,465,731 6,025,688 24.3% 2.7x 8.6x 23.2x

Aug-15 71,128 708,169 10.0% 1,971,994 6,731,171 29.3% 2.9x 9.5x 27.7x

Sep-15 58,466 674,930 8.7% 1,692,334 6,003,237 28.2% 3.3x 8.9x 28.9x

Oct-15 56,493 656,331 8.6% 1,561,540 6,230,426 25.1% 2.9x 9.5x 27.6x

Period 2,634,739 34,387,713 7.7% 76,567,710 296,842,611 25.8% 3.4x 8.7x 29.6x

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 642,912 7,092,671 9.1% 15,086,655 58,798,270 25.7% 2.8x 8.3x 23.5x

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

Europe (€ million) USA ($ million)

Turnover

US vs Europe comparatives

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

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

Source: Deutsche Bank , Bloomberg Finance LP, Reuters

9 November 2015



ETFs vs. Unlisted Mutual Funds

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

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

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

ETFs 217 222 201 208 228 222 242 254 268 256 271 287 299 326 344 363 439 429 424

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% 3.6% 3.6%

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% 3.4% 3.4%

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 31-Aug-2015 Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP

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

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 Jun-15 Jul-15 Aug-15

ETCs -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 0.00 -0.31 -0.51 0.43

ETFs 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 0.28 1.68 7.94 9.73

Mutual funds 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 51.10 18.10 38.80 -3.00

-10

0

10

20

30

40

50

60

70

80

90

Cash F

low

s (

€billion)

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

9 November 2015



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

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

ETVs 108 108 111 107 116 108 125 119 109 72 76 64 67 67 61 57 59 57 52

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 2,034 1,912

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% 15.6%

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% 15.0% 15.2%

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)

Source: Deutsche Bank, Bloomberg Finance LP, ICI

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

-60

-40

-20

0

20

40

60

80

Cash flo

ws (

$ b

illion)

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 Jun-15 Jul-15 Aug-15 Sep-15

ETVs -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 -0.56 -0.76 0.67 -0.42

ETFs 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 18.52 23.73 0.85 20.36

Mutual funds 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 2.96 5.27 -18.97 -39.13 -34.27

Source: Deutsche Bank, Bloomberg Finance LP, ICI

9 November 2015



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

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

0

100

200

300

400

500

600

700

800

900

-

50

100

150

200

250

300

350

400

450

500

Num

ber

of

ETFs

AU

M (

€billion)

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


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

technique | ETFs | Europe |

Physical Synthetic Physical Synthetic Physical Synthetic

AUM (€ million)

Equity 135,822 74,558 188,495 73,101 234,723 86,092

Fixed Income 45,672 14,773 67,114 19,062 85,694 25,975

Commodity 10,892 3,620 10,027 3,385 9,542 3,754

Others 352 1,175 344 1,065 453 1,043

Total 192,737 94,126 265,980 96,614 330,412 116,864

Equity 421 516 474 523 532 519

Fixed Income 165 161 179 164 195 154

Commodity 23 35 22 27 22 28

Others 9 20 9 20 9 14

Total 618 732 684 734 758 715

Equity 18,302 -3,209 22,993 3,072 2,293 185

Fixed Income 7,760 326 16,880 3,265 2,722 802

Commodity -4,360 -697 -1,577 160 -81 161

Others 62 -231 -34 -101 9 -17

Total 21,764 -3,810 38,263 6,398 4,943 1,130

ETFs (number of products)

Cash Flows (€ million)

Oct-152013 2014


9 November 2015



Figure 40: European ETF AUM by replication method

| ETFs | Europe |

Figure 41: European ETF flows by replication method

| ETFs | Europe |

€192,737

€265,980

€330,412

€94,126

€96,614

€116,864

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

2013

2014

Oct-15

Physical Synthetic

€21,764

€38,263

€44,781

€4,943

-€3,810

€6,398

€15,598

€1130

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

2013

2014

2015

Oct-15

Physical Synthetic



Figure 42: European ETFs product count by replication

method | ETFs | Europe |

Figure 43: European Equity ETFs AUM by replication

method | ETFs | Europe |

618

684

758

732

734

715

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

2013

2014

Oct-15

Physical Synthetic

€135,822

€188,495

€234,723

€74,558

€73,101

€86,092

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

2013

2014

Oct-15

Physical Synthetic



Figure 44: European Fixed Income ETFs AUM by

replication method | ETFs | Europe |

Figure 45: European Commodity ETFs AUM by

replication method | ETFs | Europe |

€45,672

€67,114

€85,694

€14,773

€19,062

€25,975

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

2013

2014

Oct-15

Physical Synthetic

€10,892

€10,027

€9,542

€3,620

€3,385

€3,754

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

2013

2014

Oct-15

Physical Synthetic



9 November 2015



Industry Growth Analysis

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

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

-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

)

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 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15

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

Fixed Income flows 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% 0.4% 0.4% 0.6% 0.6%

Equity flows 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% 1.4% 0.3% 0.8% 0.7%

Price growth 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% 0.0% -5.6% -3.4% 6.3%

Total growth 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% 1.8% -4.9% -2.1% 7.6%


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

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

-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%

Fixed Income flows 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% 0.3% 0.3% 0.5% 0.6%

Equity flows 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% 0.8% -0.2% 0.6% 0.8%

Price growth 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% 0.5% -5.6% -3.2% 6.3%

Total growth 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% 1.7% -5.5% -2.2% 7.7%


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

-8.0%

-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 -0.2% -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% -0.1% 0.0% 0.0% 0.0%

Fixed Income flows 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% 0.5% 0.5% 0.2% 0.9%

Equity flows 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% 1.4% 1.6% 0.4% 0.6%

Price growth 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% 1.3% -6.4% -2.9% 6.8%

Total growth 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% 3.2% -4.3% -2.4% 8.2%


9 November 2015



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

-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% 0.1% 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% 0.0% 0.1% -0.1% -0.1%

Commodity Flows -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% -2.7% 2.5% -0.7% 1.9%

Price growth 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% -7.7% 0.6% -2.3% 3.3%

Total growth 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% -10.4% 3.2% -3.1% 5.1%


9 November 2015



3. Cash Flow Analysis

Regional Cash Flow Analysis

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

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

ETFs

Equity 15,782 2,757 2,478 -154 18,384 10,817 1,622 1,445 7,483 19,923 111,797 40,400 35,978 27,612 179,809

Fixed income 11,533 3,948 3,524 -950 14,531 9,594 706 632 4,934 15,234 57,474 27,004 24,283 12,042 96,520

Commodity 12 90 80 48 150 7 -157 -140 -41 -191 404 95 98 1,312 1,811

Currency -92 0 0 10 -82 -17 0 0 16 -1 -129 -14 -13 127 -16

Multi Asset -28 6 6 -5 -27 -20 -8 -7 0 -28 298 133 121 -6 425

Alternative 14 -16 -14 22 21 -18 -10 -9 -159 -187 198 -99 -88 28 127

Total 27,221 6,785 6,074 -1,028 32,977 20,363 2,153 1,921 12,234 34,750 170,042 67,519 60,379 41,115 278,676

ETCs/ETVs

Commodity 500 349 313 0 850 -454 -131 -117 0 -585 1,411 1,405 1,167 -22 2,795

Currency -10 -15 -14 0 -25 -50 -22 -20 0 -73 20 -111 -99 0 -91

Alternative 292 0 0 0 292 83 0 0 0 83 671 0 0 0 671

Total 782 335 300 0 1,116 -421 -153 -137 0 -574 2,103 1,294 1,068 -22 3,375

ETPs

Equity 15,782 2,757 2,478 -154 18,384 10,817 1,622 1,445 7,483 19,923 111,797 40,400 35,978 27,612 179,809

Fixed income 11,533 3,948 3,524 -950 14,531 9,594 706 632 4,934 15,234 57,474 27,004 24,283 12,042 96,520

Commodity 513 439 393 48 1,000 -447 -288 -256 -41 -775 1,815 1,501 1,265 1,290 4,606

Currency -103 -15 -14 10 -107 -67 -22 -20 16 -74 -108 -125 -112 127 -107

Multi Asset -28 6 6 -5 -27 -20 -8 -7 0 -28 298 133 121 -6 425

Alternative 306 -16 -14 22 313 65 -10 -9 -159 -104 870 -99 -88 28 799

Total 28,003 7,120 6,373 -1,028 34,094 19,942 2,000 1,784 12,234 34,175 172,145 68,813 61,448 41,093 282,051

All figures in $ million except where otherwise stated

Oct-15 Sep-15 YTD


Asset Class Cash Flow Analysis

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

Equity Cash Flows

All figures in € million Beta Beta+Semi-

activeAlpha Total Beta Beta+

Semi-


Semi-

activeAlpha Total

Developed Markets 1,283 0 0 -2 1,281 1,303 0 0 -31 1,272 28,197 0 0 -246 27,950

Emerging Markets 823 0 0 -1 823 -229 0 0 0 -229 -1,810 0 0 -1 -1,811

Global Markets 300 0 0 0 300 -151 0 0 0 -151 -637 0 0 0 -637

Sector 81 0 0 0 81 -61 0 0 0 -61 2,658 0 0 0 2,658

Capitalization -16 0 0 0 -16 -175 0 0 0 -175 1,734 0 0 0 1,734

Strategy 199 -667 43 0 -425 400 178 -46 -51 480 1,843 906 376 -108 3,017

Style 220 0 0 0 220 165 0 0 0 165 2,029 0 0 0 2,029

Thematic 214 0 0 0 214 144 0 0 0 144 1,038 0 0 0 1,038

Total equities 3,106 -667 43 -3 2,478 1,396 178 -46 -83 1,445 35,052 906 376 -355 35,978

Oct-15 Sep-15 YTD


9 November 2015



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

Equity Cash Flows



Semi-


Semi-

activeAlpha Total

Sector 81 0 0 0 81 -61 0 0 0 -61 2,658 0 0 0 2,658

Consumer discretionary 93 0 0 0 93 -108 0 0 0 -108 174 0 0 0 174

Consumer staples -98 0 0 0 -98 -71 0 0 0 -71 54 0 0 0 54

Energy 121 0 0 0 121 210 0 0 0 210 310 0 0 0 310

Financials 60 0 0 0 60 189 0 0 0 189 1,751 0 0 0 1,751

Healthcare -86 0 0 0 -86 -146 0 0 0 -146 -99 0 0 0 -99

Industrials -50 0 0 0 -50 -40 0 0 0 -40 -8 0 0 0 -8

Information Technology 35 0 0 0 35 -11 0 0 0 -11 85 0 0 0 85

Materials -43 0 0 0 -43 -120 0 0 0 -120 145 0 0 0 145

Telecommunications 52 0 0 0 52 46 0 0 0 46 205 0 0 0 205

Utilities -4 0 0 0 -4 -10 0 0 0 -10 42 0 0 0 42

Capitalization -16 0 0 - -16 -175 0 0 0 -175 1,734 0 0 0 1,734

Large Cap 0 0 0 0 0 3 0 0 0 3 -42 0 0 0 -42

Mid Cap -26 0 0 0 -26 -80 0 0 0 -80 634 0 0 0 634

Small Cap 10 0 0 0 10 -98 0 0 0 -98 1,142 0 0 0 1,142

Strategy 199 -667 43 0 -425 400 178 -46 -51 480 1,843 906 376 -108 3,017

Fundamental -5 0 28 0 23 15 0 10 0 26 199 0 390 0 589

Leveraged Long 0 -241 0 0 -241 0 132 0 0 132 0 79 0 0 79

Leveraged Short 0 -25 0 0 -25 0 -18 0 0 -18 0 343 0 0 343

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

Quantitative 204 0 14 0 219 384 0 -56 -51 277 1,610 0 -14 -108 1,487

Short 0 -401 0 0 -401 0 64 0 0 64 34 484 0 0 518

Style 220 0 0 0 220 165 0 0 0 165 2,029 0 0 0 2,029

Dividend 90 0 0 0 90 3 0 0 0 3 1,675 0 0 0 1,675

Growth 6 0 0 0 6 19 0 0 0 19 115 0 0 0 115

Value 124 0 0 0 124 143 0 0 0 143 239 0 0 0 239

Thematic 214 0 0 0 214 144 0 0 0 144 1,038 0 0 0 1,038

Commodities 19 0 0 0 19 11 0 0 0 11 159 0 0 0 159

Faith 1 0 0 0 1 3 0 0 0 3 -28 0 0 0 28-

Other Theme 42 0 0 0 42 74 0 0 0 74 312 0 0 0 312

Sustainability 152 0 0 0 152 56 0 0 0 56 594 0 0 0 594

Total 699 -667 43 0 74 473 178 -46 -51 554 9,302 906 376 -108 10,476

Oct-15 Sep-15 YTD


9 November 2015



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

Equity Cash Flows



Semi-


Semi-

activeAlpha Total

Developed Markets

Europe 1,080 0 0 -2 1,078 2,234 0 0 -31 2,202 25,760 0 0 -246 25,514

Austria 63 0 0 0 63 5 0 0 0 5 35 0 0 0 35

Belgium 1 0 0 0 1 0 0 0 0 0 3 0 0 0 3

Finland 6 0 0 0 6 0 0 0 0 0 10 0 0 0 10

France 21 0 0 0 21 20 0 0 0 20 688 0 0 0 688

Germany 353 0 0 0 353 347 0 0 0 347 2,522 0 0 0 2,522

Greece 2 0 0 0 2 3 0 0 0 3 64 0 0 0 64

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

Italy 147 0 0 0 147 210 0 0 0 210 401 0 0 0 401

Netherlands -1 0 0 0 -1 23 0 0 0 23 127 0 0 0 127

Norway 4 0 0 0 4 0 0 0 0 0 -28 0 0 0 -28

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

Spain -102 0 0 0 -102 -65 0 0 0 -65 74 0 0 0 74

Sweden 12 0 0 0 12 -102 0 0 0 -102 -152 0 0 0 -152

Switzerland 115 0 0 0 115 -30 0 0 0 -30 315 0 0 0 315

UK -10 0 0 0 -10 205 0 0 0 205 842 0 0 0 842

Europe broad 469 0 0 -2 467 1,619 0 0 -31 1,587 20,835 0 0 -246 20,589

Americas -82 0 0 0 -82 89 0 0 0 89 -507 0 0 0 -507

US -161 0 0 0 -161 200 0 0 0 200 -90 0 0 0 -90

Canada 0 0 0 0 0 -4 0 0 0 -4 21 0 0 0 21

North America 79 0 0 0 79 -107 0 0 0 -107 -438 0 0 0 -438

Asia 121 0 0 0 121 -753 0 0 0 -753 3,019 0 0 0 3,019

Australia -6 0 0 0 -6 5 0 0 0 5 -324 0 0 0 -324

Hong Kong 2 0 0 0 2 0 0 0 0 0 139 0 0 0 139

Japan 119 0 0 0 119 -775 0 0 0 -775 3,309 0 0 0 3,309

Singapore 0 0 0 0 0 6 0 0 0 6 50 0 0 0 50

Asia Pacific broad 7 0 0 0 7 10 0 0 0 10 -154 0 0 0 -154

Global 164 0 0 0 164 -267 0 0 0 -267 -75 0 0 0 -75

Broad indices 164 0 0 0 164 -267 0 0 0 -267 -75 0 0 0 -75

DM Total 1,283 0 0 -2 1,281 1,303 0 0 -31 1,272 28,197 0 0 -246 27,950

YTDOct-15 Sep-15


9 November 2015



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

Equity Cash Flows



Semi-


Semi-

activeAlpha Total

Emerging Markets

BRIC 41 0 0 -1 40 -187 0 0 0 -187 -1,747 0 0 -1 -1,748

Brazil 16 0 0 0 16 11 0 0 0 11 -15 0 0 0 -15

Russia -72 0 0 -1 -72 -25 0 0 0 -25 -138 0 0 -1 -139

India -2 0 0 0 -2 -48 0 0 0 -48 465 0 0 0 465

China 98 0 0 0 98 -125 0 0 0 -125 -2,059 0 0 0 -2,059

Latin America 11 0 0 0 11 -25 0 0 0 -25 -56 0 0 0 -56

Chile 0 0 0 0 0 -6 0 0 0 -6 -3 0 0 0 -3

Mexico 0 0 0 0 0 -3 0 0 0 -3 -76 0 0 0 -76

LATAM broad 11 0 0 0 11 -17 0 0 0 -17 24 0 0 0 24

Asia -140 0 0 0 -140 -54 0 0 0 -54 145 0 0 0 145

Bangladesh 0 0 0 0 0 -1 0 0 0 -1 2 0 0 0 2

Indonesia 0 0 0 0 0 -7 0 0 0 -7 -14 0 0 0 -14

Malaysia 2 0 0 0 2 1 0 0 0 1 -20 0 0 0 -20

Pakistan -4 0 0 0 -4 -2 0 0 0 -2 -3 0 0 0 -3

Philippines 0 0 0 0 0 -2 0 0 0 -2 -22 0 0 0 -22

South Korea -8 0 0 0 -8 -48 0 0 0 -48 103 0 0 0 103

Taiwan -118 0 0 0 -118 11 0 0 0 11 -212 0 0 0 -212

Thailand 0 0 0 0 0 -6 0 0 0 -6 -26 0 0 0 -26

Vietnam 6 0 0 0 6 1 0 0 0 1 45 0 0 0 45

Asia Pacific broad -19 0 0 0 -19 -1 0 0 0 -1 292 0 0 0 292

EMEA -1 0 0 0 -1 -7 0 0 0 -7 -42 0 0 0 -42

Kuwait -1 0 0 0 -1 -1 0 0 0 -1 1 0 0 0 1

Poland -3 0 0 0 -3 3 0 0 0 3 33 0 0 0 33

South Africa 5 0 0 0 5 1 0 0 0 1 -1 0 0 0 -1

Turkey -8 0 0 0 -8 -5 0 0 0 -5 26 0 0 0 26

Europe broad 5 0 0 0 5 -6 0 0 0 -6 -149 0 0 0 -149

Middle East & Africa 3 0 0 0 3 1 0 0 0 1 47 0 0 0 47

Global Markets 912 0 0 0 912 44 0 0 0 44 -110 0 0 0 -110

Global 912 0 0 0 912 44 0 0 0 44 -110 0 0 0 -110

EM Total 823 0 0 -1 823 -229 0 0 0 -229 -1,810 0 0 -1 -1,811

Total (EM + DM) 2,107 0 0 -3 2,104 1,074 0 0 -31 1,043 26,387 0 0 -247 26,139

Oct-15 Sep-15 YTD


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

Fixed Income Cash Flows



Semi-


Semi-

activeAlpha Total

Overall 45 0 0 272 317 72 0 0 200 273 580 0 0 1,464 2,044

Corporates 1,453 0 0 4 1,457 -217 0 0 24 -194 11,211 0 0 171 11,382

Covered Bonds -135 0 0 -35 -170 57 0 0 -6 52 -316 0 0 -56 -372

Credit Exposure -2 -7 0 0 -10 -39 -8 0 0 -47 39 20 0 0 60

Sovereign 1,998 -11 0 -4 1,983 518 68 0 -1 585 9,560 535 0 -169 9,927

Money Market -53 0 0 0 -53 -38 0 0 0 -38 1,243 0 0 0 1,243

Total Fixed Income 3,305 -18 0 237 3,524 353 61 0 218 632 22,317 556 0 1,410 24,283

YTDOct-15 Sep-15


9 November 2015



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

Commodity Cash Flows



Semi-


Semi-

activeAlpha Total

Overall 141 -1 1 0 141 -74 0 2 0 -72 715 1 3 0 719

Overall 147 -1 1 0 147 -74 0 2 0 -72 732 1 3 0 736

Overall ex Energy -5 0 0 0 -5 0 0 0 0 0 -18 0 0 0 -18

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 20 -12 0 0 9 10 5 0 0 15 37 33 0 0 70

Overall 28 0 0 0 28 7 0 0 0 7 14 0 0 0 14

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

Coffee 0 1 0 0 2 2 4 0 0 7 32 33 0 0 65

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

Cotton -1 0 0 0 -2 -1 0 0 0 -1 -6 -4 0 0 -9

Grains 0 0 0 0 0 1 0 0 0 1 3 0 0 0 3

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

Soybean Oil 0 0 0 0 0 0 0 0 0 0 -1 -1 0 0 -2

Soybeans 0 0 0 0 -1 0 0 0 0 0 -8 -1 0 0 -8

Sugar -6 -8 0 0 -15 1 -2 0 0 -1 17 5 0 0 22

Wheat -2 -2 0 0 -4 -2 1 0 0 -1 -9 2 0 0 -7

Energy 154 74 0 0 228 23 0 0 0 23 1,293 487 0 0 1,780

Overall 9 0 0 0 10 34 0 0 0 34 97 1 0 0 98

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

Crude Oil 142 47 0 0 189 -8 -5 0 0 -13 1,172 413 0 0 1,585

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

Heating Oil -1 0 0 0 0 0 0 0 0 0 3 1 0 0 3

Natural Gas 4 26 0 0 31 -1 4 0 0 3 17 71 0 0 89

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 -25 -33 0 0 -58 23 5 0 0 27 -126 -39 0 0 -165

Overall -3 -1 0 0 -4 7 1 0 0 8 -34 -18 0 0 -52

Aluminium -8 1 0 0 -7 7 -1 0 0 6 19 1 0 0 20

Copper -13 -32 0 0 -45 7 4 0 0 11 -84 -36 0 0 -120

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

Nickel -1 -1 0 0 -2 0 1 0 0 2 -26 13 0 0 -12

Tin 0 0 0 0 0 0 -1 0 0 0 0 0 0 0 0

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

Precious Metals 93 -18 0 0 74 -247 -3 0 0 -250 -981 -155 0 0 -1,136

Overall 4 0 0 0 4 8 0 0 0 8 4 0 0 0 4

Gold 147 -8 0 0 139 -204 -1 0 0 -204 -882 -111 0 0 -993

Palladium -37 0 0 0 -38 -38 0 0 0 -38 -95 0 0 0 -95

Platinum -11 -1 0 0 -12 -16 0 0 0 -16 -86 2 0 0 -84

Rhodium 0 0 0 0 0 0 0 0 0 0 -4 0 0 0 -4

Silver -10 -9 0 0 -20 3 -3 0 0 0 81 -46 0 0 35

Livestock -1 0 0 0 -1 -1 0 0 0 -1 -3 0 0 0 -3

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

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

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

Total 383 9 1 0 393 -265 7 2 0 -256 936 326 3 0 1,265

Oct-15 Sep-15 YTD


9 November 2015



Product Rankings

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

ETF Name BBG Ticker Issuer Invest.

Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

iShares EURO Core STOXX 50 - B UCITS ETF Acc CSSX5E SW BlackRock Beta 462.0 46.6 1,169.5

UBS ETFs plc - MSCI Emerging Markets TRN Index SF USD-A EGUSAS SW UBS Beta 411.3 31.5 904.6

iShares STOXX 600 (DE) SXXPIEX GR BlackRock Beta 277.3 265.6 1,807.7

iShares MSCI Emerging Markets IMI UCITS ETF EMIM NA BlackRock Beta 271.4 105.7 728.4

db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR Deutsche AWM Beta 218.0 -91.1 1,831.3

iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 206.4 73.4 -582.2

Lyxor ETF S&P 500 LYPS GR Lyxor Beta 171.0 -15.0 365.7

Lyxor UCITS ETF MSCI Europe MEU FP Lyxor Beta 145.7 100.8 895.4

iShares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock Beta 135.8 4.3 1,330.1

UBS ETF (CH) - SMI (CHF) A-dis SMICHA SW UBS Beta 130.2 8.2 93.9 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

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


Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

iShares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 374.4 60.1 367.2

iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 341.5 -223.1 1,244.7

iShares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 323.0 52.8 1,441.1

PIMCO Euro Short Maturity Source UCITS ETF PJS1 GR Source Alpha 217.5 194.9 1,216.9

iShares Italy Government Bond UCITS ETF SITB LN BlackRock Beta 174.6 66.0 550.0

iShares Euro Government Bond UCITS ETF IEGA LN BlackRock Beta 173.8 -46.8 581.5

iShares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 173.1 17.6 1,488.9

iShares iBonds Sep 2018 USD Corporate UCITS ETF EI18 LN BlackRock Beta 168.7 0.0 218.7

iShares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta 149.0 -229.5 1,290.8

Amundi ETF US Treasury 7-10 UCITS ETF US7 FP Amundi Beta 134.9 -2.4 134.2 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

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

ETP Name BBG Ticker Issuer Invest.

Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

ETFS WTI Crude Oil CRUD LN ETF Securities Beta 120.2 -35.4 546.8

Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 87.6 22.1 308.2

iShares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR BlackRock Beta 70.5 0.4 256.3

Gold Bullion Securities GBS LN ETF Securities Beta 60.4 16.4 -384.7

ETFS Physical Gold PHAU LN ETF Securities Beta 41.0 -173.7 -612.2

Lyxor ETF Commodities CRB CRB FP Lyxor Beta 37.3 16.6 187.0

Source Physical Silver P-ETC SSLV LN Source Beta 33.5 0.5 35.8

LGIM Commodity Composite Source ETF LGCF LN Source Beta 33.2 4.3 83.3

ComStage CBK Commodity ex-Agriculture Monthly EUR Hedged UCITS ETF C099 GY ComStage Beta 25.3 0.0 25.3

Boost Natural Gas 3X Leverage Daily ETP 3NGL LN Boost Beta+ 22.6 4.5 54.1 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

9 November 2015



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


Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

iShares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta -290.6 264.0 886.7

UBS-ETF MSCI EMU EMUEUA GR UBS Beta -256.1 28.1 857.1

UBS ETF - MSCI EMU 100% hedged to USD UCITS ETF A-acc EUUSBH SW UBS Beta -209.2 75.3 1,105.8

iShares STOXX 600 Food & Beverage (DE) SX3PEX GR BlackRock Beta -175.9 2.9 20.7

Amundi ETF MSCI USA UCITS ETF CU2 FP Amundi Beta -174.7 -13.1 463.8

iShares MSCI Taiwan UCITS ETF ITWN LN BlackRock Beta -118.9 11.6 -133.8

db x-trackers S&P 500 Inverse Daily UCITS ETF DXS3 GY Deutsche AWM Beta+ -116.6 -36.5 -61.7

Lyxor ETF Leverage CAC 40 LVC FP Lyxor Beta+ -101.4 22.7 -32.3

UBS ETFs plc - MSCI USA TRN Index SF USD-A UIQM GR UBS Beta -96.2 3.6 -175.8

iShares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta -89.1 -180.3 -3,436.6 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

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


Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

Think iBoxx Government Bond Tracker TGBT NA ThinkCapital ETFs N.V. Beta -327.9 36.3 32.8

Think iBoxx Corporate Bond Tracker TCBT NA ThinkCapital ETFs N.V. Beta -155.8 37.3 40.2

iShares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta -145.2 -373.5 -622.2

Think iBoxx AAA-AA Government Bond Tracker TAT NA ThinkCapital ETFs N.V. Beta -107.9 25.5 -3.8

Lyxor ETF Euro Corporate Bond CRP FP Lyxor Beta -75.7 -41.8 0.4

Lyxor UCITS ETF Euro Cash CSH FP Lyxor Beta -68.4 -52.4 -50.7

SPDR Barclays 1-3 Year US Treasury Bond UCITS ETF SYBW GY State Street Beta -68.0 -21.9 -92.3

Lyxor UCITS ETF EuroMTS Covered Bond Aggregate ECB FP Lyxor Beta -63.7 0.0 -27.9

iShares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta -48.2 1.0 676.6

db x-trackers II Short iBoxx Euro Sovereigns Eurozone TR UCITS ETF XSGL GR Deutsche AWM Beta -43.7 0.4 37.3 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

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

ETP Name BBG Ticker Issuer Invest.

Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

ETFS Physical Palladium PHPD LN ETF Securities Beta -32.1 -26.0 -74.4

ETFS Daily Short Copper SCOP LN ETF Securities Beta+ -31.6 3.5 -42.2

ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta -27.0 -41.3 -152.8

db Physical Gold ETC XGLD LN Deutsche AWM Beta -20.1 0.0 -72.6

ZKB Silver ETF ZSIL SW Zuercher Kantonalbank Beta -17.6 -2.2 -92.4

ETFS Physical Silver PHAG LN ETF Securities Beta -16.2 5.9 98.5

ETFS Copper COPA LN ETF Securities Beta -13.4 6.8 -86.0

JB Physical Palladium-A USD JBPAUA SW Julius Baer Inv Beta -13.2 -0.6 3.3

UBS ETFs plc – CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW UBS Beta -11.4 -40.8 166.8

Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta -8.5 -27.3 -143.1 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

9 November 2015



4. Product Review

New Products Launched in the Month

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

Oct-15 Sep-15 End of 2014

Asset Class Nu.Mkt

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

ETFs

Equity 2,861 66.6% 2,834 27 66.4% 2,579 282 64.5%

Fixed income 692 16.1% 689 3 16.2% 664 28 16.6%

Commodity 110 2.6% 109 1 2.6% 107 3 2.7%

Currency 15 0.3% 15 - 0.4% 17 (2) 0.4%

Multi Asset 43 1.0% 44 (1) 1.0% 45 (2) 1.1%

Alternative 52 1.2% 53 (1) 1.2% 48 4 1.2%

Total 3,773 87.8% 3,744 29 87.8% 3,460 313 86.6%

ETC/Vs

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

Commodity 402 9.4% 400 2 9.4% 406 (4) 10.2%

Currency 118 2.7% 118 - 2.8% 126 (8) 3.2%

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

Total 524 12.2% 522 2 12.2% 536 (12) 13.4%

Total ETPs 4,297 100.0% 4,266 31 100.0% 3,996 301 100.0%

MoM Change YTD Change


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


Asset Class Nu.Mkt

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

ETFs

Equity 1,051 54.9% 1,049 2 0.1% 998 53 2.8%

Fixed income 349 18.2% 347 2 0.1% 341 8 0.4%

Commodity 50 2.6% 49 1 0.1% 49 1 0.1%

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

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

Alternative 15 0.8% 16 (1) -0.1% 20 (5) -0.3%

Total 1,473 77.0% 1,469 4 0.2% 1,417 56 3.0%

ETCs

Commodity 339 17.7% 337 2 0.1% 342 (3) -0.2%

Currency 101 5.3% 101 - 0.0% 109 (8) -0.4%

Total 440 23.0% 438 2 0.1% 451 (11) -0.6%

Total ETPs 1,913 100.0% 1,907 6 0.3% 1,868 45 2.4%

MoM Change YTD Change


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Figure 62: 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

8-Oct-15 WUKD LN WUKD.L WisdomTree WisdomTree UK Equity Income UCITS ETF Equity Beta Dividend DM WisdomTree UK Equity Income Index 1L 0.29% London SE

9-Oct-15 DEMA LN DEMA.L WisdomTree WisdomTree Emerging Asia Equity Income UCITS ETF Equity Beta Fundamental EM WisdomTree Emerging Asia Equity Income Index 1L 0.54% London SE

9-Oct-15 LYX5 GY LYX5.DE Lyxor Lyxor JP Morgan Multifactor Europe Index UCITS ETF -C- EUR Equity Beta Quantitative DM JP Morgan Equity Risk Premia Europe Multi Factor Long Only (EUR) Index 1L 0.40% Deutsche Borse

14-Oct-15 XDGU GY XDGU.DE Deutsche AWM db x-trackers Barclays USD Corporate Bond UCITS ETF (DR) Fixed Income Beta Overall DM Barclays USD Liquid Investment Grade Corporate Index 1L 0.20% Deutsche Borse

15-Oct-15 E570 GY E570.DE ComStage ComStage CBK 10Y US-Treasury Future TR UCITS ETF Fixed Income Beta Overall DM Commerzbank 10Y US-Treasury Future TR 1L 0.20% Deutsche Borse

15-Oct-15 E571 GY E571.DE ComStage ComStage CBK 10Y US-Treasury Future Short TR UCITS ETF Fixed Income Beta+ Overall DM Commerzbank 10Y US-Treasury Future Short TR 1S 0.20% Deutsche Borse

15-Oct-15 E572 GY E572.DE ComStage ComStage CBK U.S. Treasury Bond Future Short TR UCITS ETF Fixed Income Beta+ Overall DM Commerzbank US-Treasury Bond Future Short TR 1S 0.20% Deutsche Borse

15-Oct-15 E573 GY E573.DE ComStage ComStage CBK U.S. Treasury Bond Future Double Short TR UCITS ETF Fixed Income Beta+ Overall DM Commerzbank US-Treasury Bond Future Double Short TR 2S 0.20% Deutsche Borse

15-Oct-15 C099 GY C099.DE ComStage ComStage CBK Commodity ex-Agriculture Monthly EUR Hedged UCITS ETF Commodity Beta Overall DM Commerzbank ex-Agriculture Monthly EUR Hedged Index 1L 0.35% Deutsche Borse

28-Oct-15 MOAT LN MOAT.L Van Eck Funds Market Vectors Morningstar US Wide Moat UCITS ETF Equity Beta Other Theme DM Morningstar Wide Moat Focus 1L 0.49% London SE

Cross-Listings & share classes

1-Oct-15 EUMVD SW EUMVD.S Ossiam Ossiam ETF ISTOXX Europe Minimum Variance NR 1D Equity Semi Active Quantitative DM Ossiam Europe Minimum Variance Index NR 1L 0.65% Swiss SE

1-Oct-15 CBSUSE SW CBSUSE.S UBS UBS ETF - Barclays MSCI US Liquid Corporates Sustainable UCITS ETF hedged to EUR Fixed Income Beta Overall DM Baclays MSCI US Liquid Corporates Sustainable Hedged to EUR TR Index 1L 0.25% Swiss SE

2-Oct-15 IFSE SW IFSE.S BlackRock iShares FactorSelect MSCI Europe UCITS ETF Equity Beta Quantitative DM MSCI Europe Diversified Multi-Factor Index 1L 0.45% Swiss SE

2-Oct-15 EMUU SW EMUU.S BlackRock iShares MSCI EMU USD Hedged UCITS ETF Equity Beta Eurozone DM MSCI EMU USD Hdg Net 1L 0.38% Swiss SE

2-Oct-15 IFSW SW IFSW.S BlackRock iShares FactorSelect MSCI World UCITS ETF Equity Beta Quantitative DM MSCI World Diversified Multi-Factor Index 1L 0.50% Swiss SE

2-Oct-15 IFSU SW IFSU.S BlackRock iShares FactorSelect MSCI USA UCITS ETF Equity Beta Quantitative DM MSCI USA Diversified Multi-Factor Index 1L 0.35% Swiss SE

2-Oct-15 CBSUSH SW CBSUSH.S UBS UBS ETF - Barclays MSCI US Liquid Corporates Sustainable UCITS ETF hedged to GBP Fixed Income Beta Overall DM Baclays MSCI US Liquid Corporates Sustainable Hedged to GBP TR Index 1L 0.25% Swiss SE

5-Oct-15 IEGS LN IEGS.L BlackRock iShares Euro Government Bond 1-3yr UCITS ETF Fixed Income Beta Overall DM BarCap EU Govt 1 to 3 Year Bond 1L 0.20% London SE

5-Oct-15 ACUUKD SW ACUUKD.S UBS UBS ETF PLC - MSCI ACWI SF UCITS ETF Hedged To USD Equity Beta Global Overall MSCI ACWI - DM 100% Hedged To USD Index 1L 0.31% Swiss SE

5-Oct-15 ACEUKD SW ACEUKD.S UBS UBS ETF PLC - MSCI ACWI SF UCITS ETF Hedged To EUR Equity Beta Global Overall MSCI ACWI - DM 100% Hedged To EUR Index 1L 0.31% Swiss SE

5-Oct-15 ACGUKD SW ACGUKD.S UBS UBS ETF PLC - MSCI ACWI SF UCITS ETF Hedged To GBP Equity Beta Global Overall MSCI ACWI - DM 100% Hedged To GBP Index 1L 0.31% Swiss SE

6-Oct-15 CBSUST SW CBSUST.S UBS UBS ETF - Barclays MSCI US Liquid Corporates Sustainable UCITS ETF hedged to CHF Fixed Income Beta Overall DM Baclays MSCI US Liquid Corporates Sustainable Hedged to CHF TR Index 1L 0.25% Swiss SE

7-Oct-15 UQLTDF SW UQLTDF.S UBS UBS Irl ETF plc - Factor MSCI USA Quality UCITS ETF Equity Beta Quantitative DM MSCI USA Quality TR Index 1L 0.25% Swiss SE

7-Oct-15 UTSYDF SW UTSYDF.S UBS UBS Irl ETF plc - Factor MSCI USA Total Shareholder Yield UCITS ETF Equity Beta Quantitative DM MSCI USA Total Shareholder Yield TR Index 1L 0.25% Swiss SE

7-Oct-15 UPVLD SW UPVLD.S UBS UBS Irl ETF Plc - Factor MSCI USA Prime Value UCITS ETF Equity Beta Quantitative DM MSCI USA Prime Value TR Index 1L 0.25% Swiss SE

7-Oct-15 ULOVD SW ULOVD.S UBS UBS Irl ETF plc - Factor MSCI USA Low Volatility UCITS ETF Equity Beta Quantitative DM MSCI USA Select Dynamic 50% Risk Weighted TR Index 1L 0.25% Swiss SE

7-Oct-15 UQLTD SW UQLTD.S UBS UBS Irl ETF plc - Factor MSCI USA Quality UCITS ETF Equity Beta Quantitative DM MSCI USA Quality TR Index 1L 0.25% Swiss SE

7-Oct-15 EPVLD SW EPVLD.S UBS UBS ETF-Factor MSCI EMU Prime Value UCITS ETF Equity Beta Quantitative DM MSCI EMU Prime Value Index 1L 0.28% Swiss SE

7-Oct-15 EQLTDF SW EQLTDF.S UBS UBS ETF-Factor MSCI EMU Quality UCITS ETF Equity Beta Quantitative DM MSCI EMU Quality TR Index 1L 0.28% Swiss SE

7-Oct-15 UTSYD SW UTSYD.S UBS UBS Irl ETF plc - Factor MSCI USA Total Shareholder Yield UCITS ETF Equity Beta Quantitative DM MSCI USA Total Shareholder Yield TR Index 1L 0.25% Swiss SE

7-Oct-15 ELOVDF SW ELOVDF.S UBS UBS ETF-Factor MSCI EMU Low Volatility UCITS ETF Equity Beta Quantitative DM MSCI EMU Select Dynamic 50% Risk Weighted TR Index 1L 0.28% Swiss SE

7-Oct-15 EQLTD SW EQLTD.S UBS UBS ETF-Factor MSCI EMU Quality UCITS ETF Equity Beta Quantitative DM MSCI EMU Quality TR Index 1L 0.28% Swiss SE

7-Oct-15 ETSYDF SW ETSYDF.S UBS UBS ETF-Factor MSCI EMU Total Shareholder Yield UCITS ETF Equity Beta Quantitative DM MSCI EMU Total Shareholder Yield TR Index 1L 0.28% Swiss SE

7-Oct-15 ETSYD SW ETSYD.S UBS UBS ETF-Factor MSCI EMU Total Shareholder Yield UCITS ETF Equity Beta Quantitative DM MSCI EMU Total Shareholder Yield TR Index 1L 0.28% Swiss SE

7-Oct-15 UPVLDF SW UPVLDF.S UBS UBS Irl ETF Plc - Factor MSCI USA Prime Value UCITS ETF Equity Beta Quantitative DM MSCI USA Prime Value TR Index 1L 0.25% Swiss SE

7-Oct-15 ULOVDF SW ULOVDF.S UBS UBS Irl ETF plc - Factor MSCI USA Low Volatility UCITS ETF Equity Beta Quantitative DM MSCI USA Select Dynamic 50% Risk Weighted TR Index 1L 0.25% Swiss SE

7-Oct-15 ELOVD SW ELOVD.S UBS UBS ETF-Factor MSCI EMU Low Volatility UCITS ETF Equity Beta Quantitative DM MSCI EMU Select Dynamic 50% Risk Weighted TR Index 1L 0.28% Swiss SE

9-Oct-15 USIG IM USIG.MI Lyxor Lyxor USD Liquid Investment Grade Corporate Bonds UCITS C-USD Fixed Income Beta Overall DM Markit iBoxx USD Liquid Index 1L 0.15% Borsa Italiana

9-Oct-15 DEMP LN DEMP.L WisdomTree WisdomTree Emerging Asia Equity Income UCITS ETF Equity Beta Fundamental EM WisdomTree Emerging Asia Equity Income Index 1L 0.54% London SE

12-Oct-15 USPY GY USPY.DE ETF Securities ETFS ISE Cyber Security GO UCITS ETF Equity Beta Other Theme Overall ISE Cyber Security Index 1L 0.75% Deutsche Borse

13-Oct-15 TPXE FP TPXE.PA Amundi Amundi ETF Japan TOPIX UCITS ETF - EUR Equity Beta Developed non-Europe DM TOPIX 1L 0.48% Euronext Paris

13-Oct-15 TPXY FP TPXY.PA Amundi Amundi ETF Japan TOPIX UCITS ETF - JPY Equity Beta Developed non-Europe DM TOPIX 1L 0.48% Euronext Paris

13-Oct-15 TPHG FP TPHG.PA Amundi Amundi ETF Japan TOPIX UCITS ETF - Daily Hedged GBP Equity Beta Developed non-Europe DM TOPIX 1L 0.48% Euronext Paris

13-Oct-15 TPHU FP TPHU.PA Amundi Amundi ETF Japan TOPIX UCITS ETF - Daily Hedged USD Equity Beta Developed non-Europe DM TOPIX 1L 0.48% Euronext Paris Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

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Figure 63: 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


14-Oct-15 LYXV LN LYXV.L Lyxor Lyxor J.P. Morgan Europe Value Factor Index UCITS ETF Equity Beta Quantitative DM JP Morgan Europe Value Factor Long Only Index 1L 0.30% London SE

14-Oct-15 XIEE GY XIEE.DE Deutsche AWM db x-trackers MSCI Europe Index UCITS ETF (DR) Equity Beta Europe DM MSCI Europe 1L 0.30% Deutsche Borse

14-Oct-15 LYXQ LN LYXQ.L Lyxor Lyxor J.P. Morgan Europe Quality Factor Index UCITS ETF Equity Beta Quantitative DM JP Morgan Europe Quality Factor Long Only Index 1L 0.30% London SE

14-Oct-15 LYXM LN LYXM.L Lyxor Lyxor J.P. Morgan Europe Momentum Factor Index UCITS ETF Equity Beta Quantitative DM JP Morgan Europe Momentum Factor Long Only Index 1L 0.30% London SE

15-Oct-15 DEMA IM DEMA.MI WisdomTree WisdomTree Emerging Asia Equity Income UCITS ETF Equity Beta Fundamental EM WisdomTree Emerging Asia Equity Income Index 1L 0.54% Borsa Italiana

15-Oct-15 WTEA GY WTEA.DE WisdomTree WisdomTree Emerging Asia Equity Income UCITS ETF Equity Beta Dividend EM WisdomTree Emerging Asia Equity Income Index 1L 0.54% Deutsche Borse

15-Oct-15 LYXS LN LYXS.L Lyxor Lyxor J.P. Morgan Europe Low Size Factor Index UCITS ETF Equity Beta Quantitative DM JP Morgan Europe Low Size Factor Long Only Index 1L 0.30% London SE

15-Oct-15 LYXL LN LYXL.L Lyxor Lyxor J.P. Morgan Europe Low Beta Factor Index UCITS ETF Equity Beta Quantitative DM JP Morgan Europe Low Beta Factor Long Only Index 1L 0.30% London SE

16-Oct-15 XDGU LN XDGU.L Deutsche AWM db x-trackers Barclays USD Corporate Bond UCITS ETF (DR) Fixed Income Beta Overall DM Barclays USD Liquid Investment Grade Corporate Index 1L 0.20% London SE

27-Oct-15 C50U FP C50U.PA Amundi Amundi ETF Euro Stoxx 50 UCITS - USD Equity Beta Eurozone DM Euro STOXX 50 1L 0.15% Euronext Paris

28-Oct-15 LYX5 LN LYX5.L Lyxor Lyxor JP Morgan Multifactor Europe Index UCITS ETF -C- EUR Equity Beta Quantitative DM JP Morgan Equity Risk Premia Europe Multi Factor Long Only (EUR) Index 1L 0.40% London SE

29-Oct-15 MAGI SW MAGI.S State Street SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF Multi Asset Beta Moderate Overall Morningstar Global Multi-Asset Infrastructure Index 1L 0.40% Swiss SE

29-Oct-15 SXLY SW SXLY.S State Street SPDR S&P US Consumer Discretionary Select Sector UCITS ETF Equity Beta Other Sector DM S&P Consumer Discretionary Select Sector Index 1L 0.15% Swiss SE

29-Oct-15 SXLP SW SXLP.S State Street SPDR S&P US Consumer Staples Select Sector UCITS ETF Equity Beta Other Sector DM S&P Consumer Staples Select Sector Index 1L 0.15% Swiss SE

29-Oct-15 SXLE SW SXLE.S State Street SPDR S&P US Energy Select Sector UCITS ETF Equity Beta Other Sector DM S&P Energy Select Sector Index 1L 0.15% Swiss SE

29-Oct-15 SXLF SW SXLF.S State Street SPDR S&P US Financials Select Sector UCITS ETF Equity Beta Other Sector DM S&P Financials Select Sector Index 1L 0.15% Swiss SE

29-Oct-15 SXLV SW SXLV.S State Street SPDR S&P US Health Care Select Sector UCITS ETF Equity Beta Other Sector DM S&P Health Care Select Sector Index 1L 0.15% Swiss SE

29-Oct-15 SXLI SW SXLI.S State Street SPDR S&P US Industrials Select Sector UCITS ETF Equity Beta Other Sector DM S&P Industrial Select Sector Index 1L 0.15% Swiss SE

29-Oct-15 SXLB SW SXLB.S State Street SPDR S&P US Materials Select Sector UCITS ETF Equity Beta Other Sector DM S&P Materials Select Sector Index 1L 0.15% Swiss SE

29-Oct-15 SXLK SW SXLK.S State Street SPDR S&P US Technology Select Sector UCITS ETF Equity Beta Other Sector DM S&P Technology Select Sector Index 1L 0.15% Swiss SE

29-Oct-15 SXLU SW SXLU.S State Street SPDR S&P US Utilities Select Sector UCITS ETF Equity Beta Other Sector DM S&P Utilities Select Sector Index 1L 0.15% Swiss SE Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 64: 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


16-Oct-15 3BRL IM 3BRL.MI Boost Boost Brent Oil 3x Leverage Daily ETP Commodity Beta+ Crude Oil NASDAQ Commodity Brent Crude Oil Index 3L 0.99% Borsa Italiana

16-Oct-15 3BRS IM 3BRS.MI Boost Boost Brent Oil 3x Short Daily ETP Commodity Beta+ Crude Oil NASDAQ Commodity Brent Crude Oil Index 3S 0.99% Borsa Italiana Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

9 November 2015



Average TERs

Figure 65: ETF TERs using simple average | ETFs | Europe |

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

Equity Alpha 0.75% 2 1.48% 3 1.19% 5

Beta 0.39% 512 0.42% 439 0.40% 951

Beta+ 0.50% 2 0.51% 59 0.51% 61

Semi Active 0.54% 16 0.55% 18 0.54% 34

0.40% 532 0.44% 519 0.42% 1,051

Fixed Income Alpha 0.59% 8 0.41% 2 0.54% 10

Beta 0.24% 187 0.19% 133 0.22% 320

Beta+ NA NA 0.23% 19 0.23% 19

0.26% 195 0.20% 154 0.23% 349

Alternative Alpha NA NA 0.67% 4 0.67% 4

Beta 0.75% 2 0.70% 2 0.73% 4

Beta+ NA NA NA NA NA NA

Semi Active 0.30% 1 0.57% 6 0.54% 7

0.006 3 0.63% 12 0.63% 15

Commodity Beta 0.49% 22 0.49% 27 0.49% 49


Semi Active NA NA 0.45% 1 0.45% 1

0.49% 22 0.49% 28 0.49% 50

Currency Beta NA NA NA NA NA NA

NA NA NA NA NA NA

Multi Asset Beta NA 1 NA NA NA 1

Alpha 0.52% 5 0.73% 2 0.60% 7

0.52% 6 0.73% 2 0.60% 8

Total 0.37% 758 0.40% 715 0.38% 1,473

Physical Synthetic Total


9 November 2015



Figure 66: 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 0.79% 49 0.79% 49

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% 308 0.62% 339

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


9 November 2015



Figure 67: ETF TERs using AUM weighted average | ETFs | Europe |

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

Equity Alpha 0.75% 2 0.95% 3 0.76% 5

Beta 0.32% 512 0.34% 439 0.32% 951

Beta+ 0.50% 2 0.48% 59 0.48% 61

Semi Active 0.57% 16 0.54% 18 0.55% 34

0.32% 532 0.35% 519 0.33% 1,051

Fixed Income Alpha 0.36% 8 0.39% 2 0.36% 10

Beta 0.26% 187 0.18% 133 0.24% 320

Beta+ NA NA 0.22% 19 0.22% 19

0.26% 195 0.18% 154 0.24% 349

Alternative Alpha NA NA 0.85% 4 0.85% 4

Beta 0.75% 2 0.70% 2 0.73% 4


Semi Active 0.30% 1 0.65% 6 0.41% 7

0.70% 3 0.80% 12 0.76% 15

Commodity Beta 0.42% 22 0.43% 27 0.42% 49


Semi Active NA NA 0.45% 1 0.45% 1

0.42% 22 0.43% 28 0.42% 50

Currency Beta NA NA NA NA NA NA

NA NA NA - NA -

Multi Asset Beta 0.40% 1 NA NA 0.40% 1

Alpha 0.60% 5 0.72% 2 0.71% 7

0.60% 6 0.72% 2 0.71% 7

Total 0.31% 758 0.32% 715 0.31% 1,473

Synthetic TotalPhysical


Figure 68: 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% 49 0.98% 49

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 0.38% 51

Beta+ NA NA 0.97% 39 0.97% 39

Commodity 0.39% 31 0.53% 308 0.43% 339

Currency Currency Beta NA NA 0.39% 40 0.39% 40

Beta+ NA NA 0.91% 61 0.91% 61

Currency NA NA 0.75% 101 0.75% 101

TotalPhysical Synthetic


9 November 2015



5. Provider Rankings

Global Provider Rankings

Figure 69: 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 1,050,254 37.5% 975,205 38.1% 616 19,042 479,052 95,257

2 Vanguard 499,432 17.8% 443,404 17.3% 96 7,170 72,478 64,763

3 State Street 422,536 15.1% 453,738 17.7% 245 3,697 758,783 -27,267

4 PowerShares 94,396 3.4% 91,378 3.6% 151 2,060 89,165 586

5 Deutsche AWM 82,380 2.9% 58,319 2.3% 248 1,119 11,163 26,377

6 Nomura Asset Management 63,449 2.3% 43,106 1.7% 49 -1,313 36,505 16,155

7 WisdomTree 58,225 2.1% 39,297 1.5% 94 -177 15,664 19,628

8 Lyxor 52,945 1.9% 45,768 1.8% 232 258 12,728 8,731

9 First Trust 41,291 1.5% 33,266 1.3% 102 510 7,697 9,109

10 Charles Schwab 37,574 1.3% 26,922 1.1% 21 1,173 4,862 11,000

Total Top 10 2,402,481 85.8% 2,210,403 86.3% 1,854 33,539 1,488,099 224,339

Others 398,447 14.2% 351,844 13.7% 1,919 -562 246,275 54,336

Global Total 2,800,929 100.0% 2,562,246 100.0% 3,773 32,977 1,734,374 278,676 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 70: 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 25,416 34.5% 27,325 35.3% 1 193 14,647 -304

2 ETF Securities 14,594 19.8% 16,586 21.4% 319 128 2,498 -317

3 BlackRock 12,042 16.4% 12,494 16.1% 8 -22 3,456 216

4 PowerShares 5,476 7.4% 7,159 9.2% 11 -98 1,509 -795

5 United States Commodity Funds 4,088 5.6% 2,790 3.6% 11 329 10,900 1,985

6 ProShares 3,736 5.1% 3,282 4.2% 19 321 26,213 1,274

7 Source 2,151 2.9% 1,920 2.5% 4 148 518 375

8 Deutsche AWM 2,086 2.8% 2,192 2.8% 28 -27 117 229

9 Deutsche Borse Commodities GmbH 1,847 2.5% 1,902 2.5% 1 0 124 0

10 Guggenheim Investments 1,161 1.6% 935 1.2% 9 88 1,848 299

Total Top 10 72,597 98.6% 76,584 98.9% 411 1,061 61,831 2,962

Others 1,046 1.4% 880 1.1% 113 56 918 414

Global Total 73,643 100.0% 77,464 100.0% 524 1,116 62,749 3,375


9 November 2015



Figure 71: 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 1,062,296 37.0% 987,699 37.4% 624 19,020 482,508 95,473

2 Vanguard 499,432 17.4% 443,404 16.8% 96 7,170 72,478 64,763

3 State Street 447,952 15.6% 481,063 18.2% 246 3,890 773,430 -27,571

4 PowerShares 99,873 3.5% 98,537 3.7% 162 1,962 90,675 -209

5 Deutsche AWM 84,465 2.9% 60,511 2.3% 276 1,092 11,280 26,605

6 Nomura Asset Management 63,449 2.2% 43,106 1.6% 49 -1,313 36,505 16,155

7 WisdomTree 58,225 2.0% 39,297 1.5% 94 -177 15,664 19,628

8 Lyxor 52,945 1.8% 45,768 1.7% 232 258 12,728 8,731

9 First Trust 41,291 1.4% 33,266 1.3% 102 510 7,697 9,109

10 Charles Schwab 37,574 1.3% 26,922 1.0% 21 1,173 4,862 11,000

Total Top 10 2,447,501 85.1% 2,259,572 85.6% 1,902 33,586 1,507,828 223,685

Others 427,071 14.9% 380,138 14.4% 2,395 508 289,295 58,366

Global Total 2,874,572 100.0% 2,639,710 100.0% 4,297 34,094 1,797,123 282,051

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


9 November 2015



European Provider Rankings – General

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

All figures in € million except

products

Issuer Current

Month

End of

2014 Diff.

Current

Month

Prev.

Month YTD

Current

Month

Prev.

Month Diff.

Current

Month

End of

2014 Diff.

BlackRock 211,266 175,377 20% 4,333 700 23,605 24,315 23,407 4% 269 256 5%

Deutsche AWM 55,899 44,558 25% 550 43 8,484 5,181 6,116 -15% 215 246 -13%

Lyxor 47,929 37,823 27% 232 -63 7,802 11,332 11,642 -3% 232 215 8%

UBS 24,720 17,073 45% 156 539 6,446 1,730 1,560 11% 133 124 7%

Amundi 19,885 15,386 29% 347 151 3,253 5,395 4,877 11% 100 98 2%

Vanguard 17,126 12,538 37% 274 268 3,384 1,438 2,052 -30% 13 13 0%

Source 16,465 12,625 30% 149 317 2,966 1,326 1,396 -5% 78 76 3%

State Street 11,794 9,274 27% 160 -6 1,970 1,182 1,065 11% 75 60 25%

ComStage 7,487 5,391 39% 228 202 1,756 522 859 -39% 107 98 9%

Deka Investment GmbH 6,872 6,433 7% 357 -104 145 1,067 1,338 -20% 46 42 10%

Zuercher Kantonalbank 5,916 6,032 -2% -49 -43 -274 204 146 40% 4 4 0%

HSBC 5,085 5,363 -5% -19 -28 -658 381 632 -40% 28 28 0%

BNP Paribas 4,591 3,756 22% -23 -47 437 163 205 -20% 37 38 -3%

Xact Fonder AB 2,436 2,379 2% -21 -75 -68 1,349 1,979 -32% 10 10 0%

Julius Baer Inv 1,827 2,060 -11% -28 -81 -238 58 54 7% 4 8 -50%

PowerShares 1,796 1,465 23% -33 -18 110 164 172 -4% 21 19 11%

Ossiam 1,721 1,430 20% 2 -83 -80 59 113 -48% 9 7 29%

ThinkCapital ETFs N.V. 1,329 1,030 29% -576 123 252 84 99 -15% 11 11 0%

ETF Securities 715 456 57% 16 63 293 358 540 -34% 18 14 29%

BBVA Gestion SA SGIIC 522 434 20% -5 14 82 48 52 -9% 2 2 0%

Royal Bank of Scotland plc 383 379 1% 19 4 35 17 15 11% 12 12 0%

WisdomTree 244 13 1726% -12 33 240 37 50 -27% 12 6 100%

Nomura Asset Management 241 0 NA 4 0 244 7 7 -8% 3 0 NA

Fundlogic Global Solutions plc 175 104 69% 6 36 37 3 3 17% 2 1 100%

Seligson & Co Fund Man 174 144 21% 6 0 10 13 10 34% 1 1 0%

Raiffeisen Schweiz Genossenschaft 159 137 16% 0 0 20 3 3 3% 3 3 0%

DnB Kapitalforvaltning 108 112 -4% 0 0 -8 15 10 55% 1 1 0%

First Trust 106 53 100% 1 5 49 8 12 -38% 7 4 75%

SEB Investment Management AB 83 82 1% 0 -5 -2 5 13 -58% 3 3 0%

Van Eck Funds 77 0 NA 2 0 103 22 10 125% 3 0 NA

UniCredit Bank 54 0 NA 0 12 54 1 3 -53% 1 0 NA

Commerzbank AG 36 49 -27% -4 -37 -16 0 1 -54% 2 1 100%

FinEx Fund Plc 33 28 18% 0 0 -2 0 0 -30% 2 2 0%

Alpha Asset Management 13 16 -19% 0 0 0 0 0 518% 1 1 0%

Boost 5 1 510% 0 2 4 3 3 -12% 3 3 0%

NBG Asset Management MFMC 5 6 -18% 0 0 0 0 0 123% 2 2 0%

Alpcot Capital Management 0 0 -100% -1 0 -1 0 0 33% - 1 -100%

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

Landsbankinn 0 0 NA 0 0 0 0 1 -94% 1 1 0%

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

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

Total 447,276 362,049 24% 6,074 1,921 60,379 56,493 58,444 -3% 1473 1,417 4%

AUM Cash Flow Turnover Products

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

9 November 2015



Figure 73: 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 11,103 11,282 -2% 129 -161 -63 2,030 1,912 6% 298 306 -3%

Source 1,947 1,586 23% 132 8 332 460 206 123% 4 4 0%

Deutsche AWM 1,888 1,811 4% -24 12 200 104 103 1% 28 39 -28%

Deutsche Borse Commodities GmbH 1,672 1,572 6% 0 0 0 111 72 54% 1 1 0%

BlackRock 406 179 127% 12 1 230 44 22 99% 4 4 0%

Boost 263 42 520% 50 3 330 743 658 13% 30 21 43%

Royal Bank of Scotland plc 241 251 -4% 0 0 18 9 8 9% 6 7 -14%

Borse Stuttgart Securities GmbH 114 88 29% 0 1 21 4 3 28% 1 1 0%

Commerzbank AG 1 1 -12% 0 0 0 13 10 25% 68 68 0%

Total 17,635 16,813 5% 300 -137 1,068 3,516 2,994 17% 440 451 -2%

AUM Cash Flow Turnover Products


9 November 2015



Figure 74: 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 211,672 175,556 21% 4,346 701 23,835 24,359 23,430 4% 273 260 5%

Deutsche AWM 57,787 46,369 25% 527 54 8,684 5,285 6,218 -15% 243 285 -15%

Lyxor 47,929 37,823 27% 232 -63 7,802 11,332 11,642 -3% 232 215 8%

UBS 24,720 17,073 45% 156 539 6,446 1,730 1,560 11% 133 124 7%

Amundi 19,885 15,386 29% 347 151 3,253 5,395 4,877 11% 100 98 2%

Source 18,413 14,212 30% 282 325 3,298 1,786 1,602 12% 82 80 2%

Vanguard 17,126 12,538 37% 274 268 3,384 1,438 2,052 -30% 13 13 0%

ETF Securities 11,819 11,738 1% 145 -98 230 2,388 2,451 -3% 316 320 -1%

State Street 11,794 9,274 27% 160 -6 1,970 1,182 1,065 11% 75 60 25%

ComStage 7,487 5,391 39% 228 202 1,756 522 859 -39% 107 98 9%

Deka Investment GmbH 6,872 6,433 7% 357 -104 145 1,067 1,338 -20% 46 42 10%

Zuercher Kantonalbank 5,916 6,032 -2% -49 -43 -274 204 146 40% 4 4 0%

HSBC 5,085 5,363 -5% -19 -28 -658 381 632 -40% 28 28 0%

BNP Paribas 4,591 3,756 22% -23 -47 437 163 205 -20% 37 38 -3%

Xact Fonder AB 2,436 2,379 2% -21 -75 -68 1,349 1,979 -32% 10 10 0%

Julius Baer Inv 1,827 2,060 -11% -28 -81 -238 58 54 7% 4 8 -50%

PowerShares 1,796 1,465 23% -33 -18 110 164 172 -4% 21 19 11%

Ossiam 1,721 1,430 20% 2 -83 -80 59 113 -48% 9 7 29%

Deutsche Borse Commodities GmbH 1,672 1,572 6% 0 0 0 111 72 54% 1 1 0%

ThinkCapital ETFs N.V. 1,329 1,030 29% -576 123 252 84 99 -15% 11 11 0%

Royal Bank of Scotland plc 624 630 -1% 19 4 53 26 23 10% 18 19 -5%

BBVA Gestion SA SGIIC 522 434 20% -5 14 82 48 52 -9% 2 2 0%

Boost 268 43 520% 50 5 334 745 661 13% 33 24 38%

WisdomTree 244 13 1726% -12 33 240 37 50 -27% 12 6 100%

Nomura Asset Management 241 0 NA 4 0 244 7 7 -8% 3 0 NA

Fundlogic Global Solutions plc 175 104 69% 6 36 37 3 3 17% 2 1 100%

Seligson & Co Fund Man 174 144 21% 6 0 10 13 10 34% 1 1 0%

Raiffeisen Schweiz Genossenschaft 159 137 16% 0 0 20 3 3 3% 3 3 0%

Borse Stuttgart Securities GmbH 114 88 29% 0 1 21 4 3 28% 1 1 0%

DnB Kapitalforvaltning 108 112 -4% 0 0 -8 15 10 55% 1 1 0%

First Trust 106 53 100% 1 5 49 8 12 -38% 7 4 75%

SEB Investment Management AB 83 82 1% 0 -5 -2 5 13 -58% 3 3 0%

Van Eck Funds 77 0 NA 2 0 103 22 10 125% 3 0 NA

UniCredit Bank 54 0 NA 0 12 54 1 3 -53% 1 0 NA

Commerzbank AG 37 50 -26% -4 -37 -16 13 11 20% 70 69 1%

FinEx Fund Plc 33 28 18% 0 0 -2 0 0 -30% 2 2 0%

Alpha Asset Management 13 16 -19% 0 0 0 0 0 518% 1 1 0%

NBG Asset Management MFMC 5 6 -18% 0 0 0 0 0 123% 2 2 0%

Alpcot Capital Management 0 0 -100% -1 0 -1 0 0 33% 0 1 -100%

Swedbank Robur 0 19 -100% 0 0 -23 0 0 NA 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 0 147% 0 0 NA

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

Landsbankinn 0 0 NA 0 0 0 0 1 -94% 1 1 0%

Total 464,911 378,862 23% 6,373 1,784 61,448 60,009 61,438 -2% 1,913 1,868 2%

ProductsAUM Cash Flow Turnover


9 November 2015



Figure 75: European ETP Providers tier market share | ETPs | Europe |

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

Q4 14

Q1 15

Q2 15

Q3 15

Oct-15

Q4 14 Q1 15 Q2 15 Q3 15 Oct-15

Tier 1 68.6% 68.7% 68.3% 68.1% 68.3%

Tier 2 27.3% 27.2% 27.6% 27.7% 27.8%

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


9 November 2015



European Provider Rankings – by Asset Class

Figure 76: 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 142,722 66,879 1,342 323 211,266 47.2% 269 24,315 4,333 23,605

Deutsche AWM 41,110 13,509 351 928 55,899 12.5% 215 5,181 550 8,484

Lyxor 37,865 9,043 982 39 47,929 10.7% 232 11,332 232 7,802

UBS 21,326 1,757 1,547 90 24,720 5.5% 133 1,730 156 6,446

Amundi 14,940 4,926 19 0 19,885 4.4% 100 5,395 347 3,253

Vanguard 16,972 154 0 0 17,126 3.8% 13 1,438 274 3,384

Source 10,089 6,076 242 58 16,465 3.7% 78 1,326 149 2,966

State Street 8,224 3,527 0 43 11,794 2.6% 75 1,182 160 1,970

ComStage 4,867 2,361 260 0 7,487 1.7% 107 522 228 1,756

Deka Investment GmbH 4,569 2,303 0 0 6,872 1.5% 46 1,067 357 145

Zuercher Kantonalbank 0 0 5,916 0 5,916 1.3% 4 204 -49 -274

HSBC 5,085 0 0 0 5,085 1.1% 28 381 -19 -658

BNP Paribas 4,221 158 211 0 4,591 1.0% 37 163 -23 437

Xact Fonder AB 2,436 0 0 0 2,436 0.5% 10 1,349 -21 -68

Julius Baer Inv 0 0 1,827 0 1,827 0.4% 4 58 -28 -238

PowerShares 1,739 53 0 4 1,796 0.4% 21 164 -33 110

Ossiam 1,673 0 48 0 1,721 0.4% 9 59 2 -80

ThinkCapital ETFs N.V. 627 692 0 10 1,329 0.3% 11 84 -576 252

ETF Securities 400 122 193 0 715 0.2% 18 358 16 293

BBVA Gestion SA SGIIC 522 0 0 0 522 0.1% 2 48 -5 82

Royal Bank of Scotland plc 188 0 195 0 383 0.1% 12 17 19 35

WisdomTree 244 0 0 0 244 0.1% 12 37 -12 240

Nomura Asset Management 241 0 0 0 241 0.1% 3 7 4 244

Fundlogic Global Solutions plc 175 0 0 0 175 0.0% 2 3 6 37

Seligson & Co Fund Man 174 0 0 0 174 0.0% 1 13 6 10

Raiffeisen Schweiz Genossenschaft 0 0 159 0 159 0.0% 3 3 0 20

DnB Kapitalforvaltning 108 0 0 0 108 0.0% 1 15 0 -8

First Trust 106 0 0 0 106 0.0% 7 8 1 49

SEB Investment Management AB 83 0 0 0 83 0.0% 3 5 0 -2

Van Eck Funds 77 0 0 0 77 0.0% 3 22 2 103

UniCredit Bank 0 54 0 0 54 0.0% 1 1 0 54

Commerzbank AG 10 26 0 0 36 0.0% 2 0 -4 -16

FinEx Fund Plc 0 30 3 0 33 0.0% 2 0 0 -2

Alpha Asset Management 13 0 0 0 13 0.0% 1 0 0 0

Boost 5 0 0 0 5 0.0% 3 3 0 4

NBG Asset Management MFMC 5 0 0 0 5 0.0% 2 0 0 0

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

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 320,814 111,669 13,296 1,496 447,276 100.0% 1,473 56,493 6,074 60,379



9 November 2015



Figure 77: 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 10,764 339 11,103 63.0% 298 2,030 129 -63

Source 1,947 0 1,947 11.0% 4 460 132 332

Deutsche AWM 1,888 0 1,888 10.7% 28 104 -24 200

Deutsche Borse Commodities GmbH 1,672 0 1,672 9.5% 1 111 0 0

BlackRock 406 0 406 2.3% 4 44 12 230

Boost 256 7 263 1.5% 30 743 50 330

Royal Bank of Scotland plc 241 0 241 1.4% 6 9 0 18

Borse Stuttgart Securities GmbH 114 0 114 0.6% 1 4 0 21

Commerzbank AG 1 0 1 0.0% 68 13 0 0

Total 17,288 347 17,635 100.0% 440 3,516 300 1,068



9 November 2015



Figure 78: 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 142,722 66,879 1,748 323 211,672 45.5% 273 24,359 4,346 23,835

Deutsche AWM 41,110 13,509 2,239 928 57,787 12.4% 243 5,285 527 8,684

Lyxor 37,865 9,043 982 39 47,929 10.3% 232 11,332 232 7,802

UBS 21,326 1,757 1,547 90 24,720 5.3% 133 1,730 156 6,446

Amundi 14,940 4,926 19 0 19,885 4.3% 100 5,395 347 3,253

Source 10,089 6,076 2,190 58 18,413 4.0% 82 1,786 282 3,298

Vanguard 16,972 154 0 0 17,126 3.7% 13 1,438 274 3,384

ETF Securities 400 122 10,957 339 11,819 2.5% 316 2,388 145 230

State Street 8,224 3,527 0 43 11,794 2.5% 75 1,182 160 1,970

ComStage 4,867 2,361 260 0 7,487 1.6% 107 522 228 1,756

Deka Investment GmbH 4,569 2,303 0 0 6,872 1.5% 46 1,067 357 145

Zuercher Kantonalbank 0 0 5,916 0 5,916 1.3% 4 204 -49 -274

HSBC 5,085 0 0 0 5,085 1.1% 28 381 -19 -658

BNP Paribas 4,221 158 211 0 4,591 1.0% 37 163 -23 437

Xact Fonder AB 2,436 0 0 0 2,436 0.5% 10 1,349 -21 -68

Julius Baer Inv 0 0 1,827 0 1,827 0.4% 4 58 -28 -238

PowerShares 1,739 53 0 4 1,796 0.4% 21 164 -33 110

Ossiam 1,673 0 48 0 1,721 0.4% 9 59 2 -80

Deutsche Borse Commodities GmbH 0 0 1,672 0 1,672 0.4% 1 111 0 0

ThinkCapital ETFs N.V. 627 692 0 10 1,329 0.3% 11 84 -576 252

Royal Bank of Scotland plc 188 0 436 0 624 0.1% 18 26 19 53

BBVA Gestion SA SGIIC 522 0 0 0 522 0.1% 2 48 -5 82

Boost 5 0 256 7 268 0.1% 33 745 50 334

WisdomTree 244 0 0 0 244 0.1% 12 37 -12 240

Nomura Asset Management 241 0 0 0 241 0.1% 3 7 4 244

Fundlogic Global Solutions plc 175 0 0 0 175 0.0% 2 3 6 37

Seligson & Co Fund Man 174 0 0 0 174 0.0% 1 13 6 10

Raiffeisen Schweiz Genossenschaft 0 0 159 0 159 0.0% 3 3 0 20

Borse Stuttgart Securities GmbH 0 0 114 0 114 0.0% 1 4 0 21

DnB Kapitalforvaltning 108 0 0 0 108 0.0% 1 15 0 -8

First Trust 106 0 0 0 106 0.0% 7 8 1 49

SEB Investment Management AB 83 0 0 0 83 0.0% 3 5 0 -2

Van Eck Funds 77 0 0 0 77 0.0% 3 22 2 103

UniCredit Bank 0 54 0 0 54 0.0% 1 1 0 54

Commerzbank AG 10 26 1 0 37 0.0% 70 13 -4 -16

FinEx Fund Plc 0 30 3 0 33 0.0% 2 0 0 -2

Alpha Asset Management 13 0 0 0 13 0.0% 1 0 0 0

NBG Asset Management MFMC 5 0 0 0 5 0.0% 2 0 0 0

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

Swedbank Robur 0 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 320,814 111,669 30,584 1,843 464,911 100.0% 1,913 60,009 6,373 61,448



9 November 2015



European Provider Analysis by Replication Method

Figure 79: European ETF Providers list by replication | ETFs | Europe|

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

European Providers

BlackRock Physical 142,540 175 66,879 86 668 3 323 1 210,410 100% 265

Synthetic 182 3 - - 674 1 - - 856 0% 4

Deutsche AWM Physical 27,304 52 80 3 - - 28 2 27,412 49% 57

Synthetic 13,807 83 13,429 69 351 3 900 3 28,487 51% 158

Lyxor Physical 1,052 15 4,216 21 - - - - 5,268 11% 36

Synthetic 36,813 158 4,827 25 982 6 39 7 42,661 89% 196

UBS Physical 18,316 74 1,754 22 969 7 - - 21,039 85% 103

Synthetic 3,010 19 3 1 578 8 90 2 3,682 15% 30

Amundi Physical 1,057 7 - - - - - - 1,057 5% 7

Synthetic 13,883 67 4,926 25 19 1 - - 18,828 95% 93

Vanguard Physical 16,972 12 154 1 - - - - 17,126 100% 13

Source Physical 1,484 13 5,889 11 - - 44 1 7,417 45% 25

Synthetic 8,605 48 187 2 242 1 14 2 9,048 55% 53

State Street Physical 8,224 51 3,527 23 - - 43 1 11,794 100% 75

ComStage Physical 141 2 - - - - - - 141 2% 2

Synthetic 4,726 75 2,361 28 260 2 - - 7,347 98% 105

Deka Investment GmbH Physical 4,554 26 2,303 19 - - - - 6,857 100% 45

Synthetic 15 1 - - - - - - 15 0% 1

Zuercher Kantonalbank Physical - - - - 5,916 4 - - 5,916 100% 4

HSBC Physical 5,085 28 - - - - - - 5,085 100% 28

BNP Paribas Physical 2,016 17 - - - - - - 2,016 44% 17

Synthetic 2,205 18 158 1 211 1 - - 2,575 56% 20

Xact Fonder AB Physical 2,028 4 - - - - - - 2,028 83% 4

Synthetic 408 6 - - - - - - 408 17% 6

Julius Baer Inv Physical - - - - 1,827 4 - - 1,827 100% 4

PowerShares Physical 1,698 15 53 1 - - 4 1 1,755 98% 17

Synthetic 41 4 - - - - - - 41 2% 4

Ossiam Physical 54 1 - - - - - - 54 3% 1

Synthetic 1,619 7 - - 48 1 - - 1,667 97% 8

ThinkCapital ETFs N.V. Physical 627 5 692 3 - - 10 3 1,329 100% 11

ETF Securities Synthetic 316 10 - - 193 1 - - 509 100% 11

Physical 85 3 122 4 - - - - 207 100% 7

BBVA Gestion SA Physical 522 2 - - - - - - 522 100% 2

RBS plc Synthetic 188 9 - - 195 3 - - 383 100% 12

WisdomTree Physical 244 12 - - - - - - 244 100% 12

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

Fundlogic Global Solutions plc Synthetic 175 2 - - - - - - 175 100% 2

Seligson & Co Fund Mgmt. Physical 174 1 - - - - - - 174 100% 1

Raiffeisen Schweiz

Genossenschaft

Physical - - - - 159 3 - - 159 100% 3

DnB Kapitalforvaltning Physical 108 1 - - - - - - 108 100% 1

First Trust Physical 106 7 - - - - - - 106 100% 7

SEB Investment Management AB Synthetic 83 3 - - - - - - 83 100% 3

Van Eck Funds Physical 77 3 - - - - - - 77 100% 3

UniCredit Bank Synthetic - - 54 1 - - - - 54 100% 1

Commerzbank AG Synthetic 10 1 - - - - - - 10 100% 1

Physical - - 26 1 - - - - 26 100% 1

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

Synthetic - - 30 1 - - - - 30 90% 1

Alpha Asset Mgmt. Physical 13 1 - - - - - - 13 100% 1

Boost Synthetic 5 2 0 1 - - - - 5 100% 3

NBG Asset Mgmt. Physical 2 1 - - - - - - 2 49% 1

Synthetic 2 1 - - - - - - 2 51% 1

Landsbankinn Physical - 1 - - - - - - - NA 1

Nordea Investment Funds Synthetic - 2 - - - - - - - NA 2

Total 320,814 1,051 111,669 349 13,296 50 1,496 23 447,276 1,473

Total


Replication

Method Equity Fixed Income Commodity Other


9 November 2015



6. Trading Perspective

ETP Monthly Turnover Analysis by Asset Class, by Instrument

Figure 80: Turnover by asset class and instrument (€ million) | ETPs | Europe | YTD

Asset Class Beta Beta+Semi-


Semi-


Semi-

activeAlpha Total Total

ETFs

Equity 34,987 4,828 155 4 39,974 38,523 6,251 187 13 44,973 31,090 4,428 117 30 35,664 497,740

Fixed income 15,375 330 0 90 15,796 12,351 325 0 72 12,747 7,137 150 0 77 7,364 135,117

Commodity 628 0 0 0 628 623 0 2 0 625 796 0 1 0 797 7,787

Currency 0 0 0 0 - 0 0 0 0 - 1 0 0 0 1 7

Multi Asset 6 0 0 20 26 0 0 0 12 12 0 0 0 15 15 279

Alternative 43 0 4 22 69 49 0 9 28 86 47 0 12 71 131 1,100

Total 51,040 5,158 159 136 56,493 51,546 6,576 197 125 58,444 39,072 4,577 129 194 43,972 642,030

ETCs

Commodity 2,280 1,071 0 0 3,351 1,796 1,066 0 0 2,862 1,708 429 0 0 2,136 38,283

Currency 16 150 0 0 166 17 114 0 0 131 26 91 0 0 117 2,501

Total 2,295 1,221 0 0 3,516 1,813 1,180 0 0 2,994 1,734 520 0 0 2,254 40,784

Total ETPs 53,336 6,379 159 136 60,009 53,359 7,756 197 125 61,438 40,806 5,097 129 194 46,226 682,814

Oct-15 Sep-15 2014


Asset Class Analysis

Figure 81: European Equity ETF Turnover Summary (€ million) | ETFs | Europe | YTD

Equity Turnover Beta Beta+Semi-


Semi-


Semi-


Developed Markets 25,455 0 0 3 25,458 29,310 0 0 10 29,320 21,803 0 0 27 21,830 325,319

Emerging Markets 3,896 0 0 0 3,896 3,679 0 0 0 3,679 4,108 0 0 0 4,108 47,595

Global Markets 517 0 0 0 517 586 0 0 0 586 659 0 0 0 659 7,867

Sector 2,666 0 0 0 2,666 2,234 0 0 0 2,234 2,166 0 0 0 2,166 30,149

Capitalization 515 0 0 0 515 649 0 0 0 649 613 0 0 0 613 7,339

Strategy 385 4,828 155 1 5,368 338 6,251 187 3 6,778 299 4,428 117 3 4,846 59,086

Style 1,128 0 0 0 1,128 1,317 0 0 0 1,317 1,179 0 0 0 1,179 16,168

Thematic 426 0 0 0 426 411 0 0 0 411 263 0 0 0 263 4,216

Total Equities 34,987 4,828 155 4 39,974 38,523 6,251 187 13 44,973 31,090 4,428 117 30 35,664 497,740

Oct-15 Sep-15 2014


9 November 2015



Figure 81A: European Equity ETF Turnover Summary – A (€ million) | ETFs | Europe | YTD



Semi-


Semi-


Sector 2,666 0 0 0 2,666 2,234 0 0 0 2,234 2,166 0 0 0 2,166 30,149

Consumer discretionary 115 0 0 0 115 105 0 0 0 105 109 0 0 0 109 1720

Consumer staples 229 0 0 0 229 189 0 0 0 189 72 0 0 0 72 1503

Energy 333 0 0 0 333 190 0 0 0 190 238 0 0 0 238 3710

Financials 1141 0 0 0 1,141 958 0 0 0 958 984 0 0 0 984 13,502

Healthcare 331 0 0 0 331 248 0 0 0 248 133 0 0 0 133 2585

Industrials 78 0 0 0 78 125 0 0 0 125 144 0 0 0 144 1557

Information Technology 137 0 0 0 137 112 0 0 0 112 128 0 0 0 128 1676

Materials 142 0 0 0 142 136 0 0 0 136 215 0 0 0 215 1967

Telecommunications 91 0 0 0 91 90 0 0 0 90 65 0 0 0 65 965

Utilities 70 0 0 0 70 80 0 0 0 80 78 0 0 0 78 965

Capitalization 515 0 0 0 515 649 0 0 0 649 613 0 0 0 613 7,339

Large Cap 28 0 0 0 28 37 0 0 0 37 52 0 0 0 52 381

Mid Cap 184 0 0 0 184 320 0 0 0 320 173 0 0 0 173 2988

Small Cap 303 0 0 0 303 292 0 0 0 292 388 0 0 0 388 3,970

Strategy 385 4,828 155 1 5,368 338 6,251 187 3 6,778 299 4,428 117 3 4,846 59,086

Fundamental 27 0 60 0 87 19 0 49 0 68 143 0 56 0 199 1192

Leveraged Long 0 2,267 0 0 2,267 0 2,831 0 0 2,831 0 2,254 0 0 2,254 27,713

Leveraged Short 0 2,013 0 0 2,013 0 2,628 0 0 2,628 0 1,736 0 0 1,736 17,976

Options Strategy 0 0 0 0 - 0 0 0 0 - 0 0 0 0 - 0

Quantitative 357 0 95 1 453 318 0 138 3 458 155 0 61 3 219 5670

Short 0 548 0 0 548 1 792 0 0 793 0 437 0 0 437 6,535

Style 1,128 0 0 0 1,128 1,317 0 0 0 1,317 1,179 0 0 0 1,179 16,168

Dividend 1,034 0 0 0 1,034 1,166 0 0 0 1,166 1,079 0 0 0 1,079 14,595

Growth 22 0 0 0 22 68 0 0 0 68 23 0 0 0 23 747

Value 73 0 0 0 73 82 0 0 0 82 77 0 0 0 77 826

Thematic 426 0 0 0 426 411 0 0 0 411 263 0 0 0 263 4,216

Commodities 146 0 0 0 146 68 0 0 0 68 96 0 0 0 96 1261

Cyclical 0 0 0 0 - 0 0 0 0 - - 0 0 0 - 0

Faith 28 0 0 0 28 12 0 0 0 12 20 0 0 0 20 169

Other Theme 106 0 0 0 106 203 0 0 0 203 65 0 0 0 65 1194

Sustainability 145 0 0 0 145 128 0 0 0 128 83 0 0 0 83 1591

Total 5,120 4,828 155 1 10,103 4,948 6,251 187 3 11,389 4,520 4,428 117 3 9,067 116,958

Oct-15 Sep-15 2014


9 November 2015



Figure 81B: European Equity ETF Turnover Summary – B (€ million) | ETFs | Europe | YTD



Semi-


Semi-


Developed Markets

Europe 16,294 0 0 3 16,297 17,303 0 0 10 17,313 13,795 0 0 27 13,823 206,039

Austria 13 0 0 0 13 3 0 0 0 3 16 0 0 0 16 136

Belgium 1 0 0 0 1 2 0 0 0 2 2 0 0 0 2 41

Finland 13 0 0 0 13 10 0 0 0 10 9 0 0 0 9 110

France 511 0 0 0 511 412 0 0 0 412 342 0 0 0 342 5,644

Germany 3,537 0 0 0 3,537 3,968 0 0 0 3,968 3,368 0 0 0 3,368 48,432

Greece 25 0 0 0 25 38 0 0 0 38 70 0 0 0 70 675

Ireland 2 0 0 0 2 13 0 0 0 13 1 0 0 0 1 30

Italy 1,022 0 0 0 1,022 1,017 0 0 0 1,017 901 0 0 0 901 9,281

Netherlands 207 0 0 0 207 210 0 0 0 210 99 0 0 0 99 2,322

Norway 17 0 0 0 17 13 0 0 0 13 49 0 0 0 49 276

Portugal 12 0 0 0 12 9 0 0 0 9 27 0 0 0 27 215

Iceland 0 0 0 0 0 0 0 0 0 - 0 0 0 0 - 3

Spain 216 0 0 0 216 197 0 0 0 197 282 0 0 0 282 3,347

Sweden 211 0 0 0 211 243 0 0 0 243 308 0 0 0 308 3,076

Switzerland 788 0 0 0 788 840 0 0 0 840 824 0 0 0 824 13,001

UK 1,811 0 0 0 1,811 2,056 0 0 0 2,056 2,125 0 0 0 2,125 26,232

Europe broad 7,907 0 0 3 7,910 8,270 0 0 10 8,281 5,373 0 0 27 5,400 93,220

Americas 4,464 0 0 0 4,464 6,324 0 0 0 6,324 4,151 0 0 0 4,151 61,074

US 4,276 0 0 0 4,276 6,085 0 0 0 6,085 3,862 0 0 0 3,862 58,445

Canada 53 0 0 0 53 60 0 0 0 60 109 0 0 0 109 869

North America 134 0 0 0 134 179 0 0 0 179 180 0 0 0 180 1,760

Asia 2,741 0 0 0 2,741 3,368 0 0 0 3,368 2,218 0 0 0 2,218 33,043

Australia 24 0 0 0 24 37 0 0 0 37 89 0 0 0 89 662

Hong Kong 29 0 0 0 29 33 0 0 0 33 40 0 0 0 40 610

Japan 2,599 0 0 0 2,599 3,161 0 0 0 3,161 1,967 0 0 0 1,967 30,091

Singapore 1 0 0 0 1 5 0 0 0 5 1 0 0 0 1 29

Asia Pacific broad 87 0 0 0 87 132 0 0 0 132 120 0 0 0 120 1,651

Global 1,956 0 0 0 1,956 2,314 0 0 0 2,314 1,638 0 0 0 1,638 25,163

Broad indices 1,956 0 0 0 1,956 2,314 0 0 0 2,314 1,638 0 0 0 1,638 25,163

DM Total 25,455 0 0 3 25,458 29,309 0 0 10 29,319 21,802 0 0 27 21,830 325,319

Oct-15 Sep-15 2014


9 November 2015



Figure 81C: European Equity ETF Turnover Summary – C (€ million) | ETFs | Europe | YTD



Semi-


Semi-


Emerging Markets

BRIC 1,055 0 0 0 1,055 965 0 0 0 965 1,319 0 0 0 1,320 17,747

Brazil 131 0 0 0 131 141 0 0 0 141 273 0 0 0 273 1,683

Russia 267 0 0 0 267 154 0 0 0 154 318 0 0 0 318 2,350

India 183 0 0 0 183 203 0 0 0 203 220 0 0 0 220 3,698

China 474 0 0 0 474 468 0 0 0 468 509 0 0 0 509 10,017

Latin America 69 0 0 0 69 105 0 0 0 105 170 0 0 0 170 1,172

Chile 3 0 0 0 3 4 0 0 0 4 5 0 0 0 5 61

Mexico 21 0 0 0 21 34 0 0 0 34 54 0 0 0 54 324

LATAM broad 45 0 0 0 45 67 0 0 0 67 112 0 0 0 112 786

Asia 580 0 0 0 580 499 0 0 0 499 451 0 0 0 451 6,957

Bangladesh 1 0 0 0 1 1 0 0 0 1 1 0 0 0 1 11

Indonesia 25 0 0 0 25 14 0 0 0 14 35 0 0 0 35 366

Malaysia 22 0 0 0 22 19 0 0 0 19 23 0 0 0 23 227

Pakistan 2 0 0 0 2 2 0 0 0 2 2 0 0 0 2 26

Philippines 7 0 0 0 7 8 0 0 0 8 7 0 0 0 7 126

South Korea 180 0 0 0 180 122 0 0 0 122 149 0 0 0 149 1,807

Taiwan 79 0 0 0 79 54 0 0 0 54 62 0 0 0 62 1,089

Thailand 8 0 0 0 8 17 0 0 0 17 21 0 0 0 21 155

Vietnam 16 0 0 0 16 17 0 0 0 17 32 0 0 0 32 378

Asia Pacific broad 240 0 0 0 240 246 0 0 0 246 119 0 0 0 119 2,773

EMEA 187 0 0 0 187 192 0 0 0 192 334 0 0 0 334 2,324

Kuwait 2 0 0 0 2 2 0 0 0 2 2 0 0 0 2 14

Poland 6 0 0 0 6 9 0 0 0 9 13 0 0 0 13 114

South Africa 31 0 0 0 31 21 0 0 0 21 29 0 0 0 29 241

Turkey 55 0 0 0 55 91 0 0 0 91 163 0 0 0 163 1,007

Europe broad 83 0 0 0 83 63 0 0 0 63 114 0 0 0 114 826

Middle East & Africa 10 0 0 0 10 7 0 0 0 7 13 0 0 0 13 123

Global Markets 2,004 0 0 0 2,004 1,918 0 0 0 1,918 1,833 0 0 0 1,833 19,395

Global 2,004 0 0 0 2,004 1,918 0 0 0 1,918 1,833 0 0 0 1,833 19,395

EM Total 3,896 0 0 0 3,896 3,679 0 0 0 3,679 4,108 0 0 0 4,108 47,595

Total (EM + DM) 29,350 0 0 3 29,354 32,987 0 0 10 32,998 25,910 0 0 28 25,938 372,915

Oct-15 Sep-15 2014


Figure 82: European Fixed Income ETF Turnover (€ million) | ETFs | Europe | YTD

Fixed Income Turnover Beta Beta+Semi-


Semi-


Semi-


Overall 346 0 0 76 422 276 0 0 61 337 210 0 0 65 276 4,187

Corporates 5,653 0 0 10 5,663 4,498 0 0 7 4,505 2,496 0 0 1 2,496 47,818

Covered Bonds 818 0 0 3 821 174 0 0 3 177 113 0 0 5 118 2,110

Credit Exposure 11 8 0 0 19 15 12 0 0 27 14 9 0 0 24 324

Sovereign 8,066 323 0 1 8,389 6,851 312 0 1 7,164 4,054 140 0 7 4,201 74,693

Money Market 482 0 0 0 482 536 0 0 0 536 249 0 0 0 249 5,986

Total Fixed Income 15,375 330 0 90 15,796 12,351 325 0 72 12,747 7,137 150 0 77 7,364 135,117

Oct-15 Sep-15 2014


9 November 2015



Figure 83: European Commodity ETP Turnover summary (€ million) | ETPs | Europe | YTD

Commodity Turnover Beta Beta+Semi-


Semi-


Semi-


Overall 312 1 0 0 313 360 1 2 0 362 273 2 1 0 275 3,575

Overall 296 1 0 0 297 352 1 2 0 355 254 2 1 0 257 3340

Overall ex Energy 16 0 0 0 16 7 0 0 0 7 18 0 0 0 18 234

Overall Light Energy 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2

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

Agriculture 109 73 0 0 182 87 86 0 0 173 120 95 0 0 215 2,322

Overall 47 0 0 0 47 23 0 0 0 23 46 1 0 0 47 450

Cocoa 1 2 0 0 3 2 3 0 0 5 2 2 0 0 4 52

Coffee 10 31 0 0 40 13 30 0 0 43 18 38 0 0 57 548

Corn 5 3 0 0 8 7 4 0 0 11 10 6 0 0 16 133

Cotton 5 1 0 0 6 2 3 0 0 5 5 4 0 0 9 69

Grains 2 0 0 0 2 3 0 0 0 4 5 1 0 0 5 54

Softs 0 1 0 0 1 1 1 0 0 1 1 0 0 0 1 8

Soybean Oil 2 1 0 0 3 3 1 0 0 5 1 2 0 0 3 56

Soybeans 2 2 0 0 3 2 2 0 0 4 5 2 0 0 7 58

Sugar 17 15 0 0 32 10 13 0 0 23 8 10 0 0 18 260

Wheat 20 18 0 0 37 20 28 0 0 48 19 29 0 0 48 635

Energy 655 857 0 0 1,512 537 865 0 0 1,402 185 208 0 0 393 16,991

Overall 45 1 0 0 46 73 1 0 0 73 16 0 0 0 16 532

Carbon 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1

Crude Oil 579 653 0 0 1,232 419 731 0 0 1,150 147 59 0 0 206 13725

Gasoline 2 2 0 0 4 3 4 0 0 7 1 1 0 0 2 87

Heating Oil 1 2 0 0 3 1 1 0 0 1 1 0 0 0 1 37

Natural Gas 28 199 0 0 227 40 129 0 0 170 20 146 0 0 167 2609

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 105 52 0 0 157 97 30 0 0 127 140 23 0 0 163 1,809

Overall 24 1 0 0 25 44 1 0 0 45 29 4 0 0 33 435

Aluminium 18 5 0 0 23 18 2 0 0 21 31 2 0 0 33 262

Copper 54 38 0 0 92 22 20 0 0 41 50 11 0 0 61 770

Lead 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 7

Nickel 5 5 0 0 10 11 5 0 0 16 22 5 0 0 27 258

Tin 0 1 0 0 1 1 0 0 0 1 2 0 0 0 2 26

Zinc 2 2 0 0 5 1 2 0 0 3 5 1 0 0 6 52

Precious Metals 1,725 87 0 0 1,812 1,337 80 0 0 1,418 1,782 98 0 0 1,880 20,860

Overall 23 0 0 0 23 18 0 0 0 18 11 1 0 0 11 390

Gold 1453 32 0 0 1,485 1082 21 0 0 1,103 1412 35 0 0 1,447 17202

Palladium 64 0 0 0 64 55 0 0 0 55 90 0 0 0 90 525

Platinum 53 3 0 0 56 74 2 0 0 76 82 2 0 0 83 771

Rhodium 1 0 0 0 1 1 0 0 0 1 3 0 0 0 3 26

Silver 131 51 0 0 183 107 57 0 0 164 185 60 0 0 246 1945

Livestock 2 1 0 0 3 2 4 0 0 6 3 4 0 0 7 59

Overall 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 7

Cattle 0 0 0 0 0 0 0 0 0 0 1 1 0 0 2 11

Lean Hogs 2 1 0 0 3 1 4 0 0 5 2 2 0 0 4 41

Total 2,908 1,071 0 0 3,979 2,420 1,066 2 0 3,487 2,504 429 1 0 2,933 45,616

Oct-15 Sep-15 2014


9 November 2015



Product Rankings

Figure 84: Top 20 Equity ETFs by Turnover (€ million) | ETFs | Europe |


Strategy

Current

Month TO

Prev.

Month TO YTD TO

iShares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 1,337.2 1,415.3 17,917.5

Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 1,148.3 1,469.8 13,339.1

iShares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 976.2 813.5 9,080.5

iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 861.6 833.7 7,879.2

iShares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta 853.9 1,072.1 12,319.7

iShares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 839.7 970.4 10,980.1

iShares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta 749.4 794.6 9,207.1

Vanguard S&P 500 ETF VUSA LN Vanguard Beta 744.8 1,191.0 10,675.0

iShares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 733.5 739.5 5,796.1

db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR Deutsche AWM Beta 630.7 617.3 7,132.1

Lyxor UCITS ETF FTSE MIB ETFMIB IM Lyxor Beta 628.9 696.8 5,686.3

iShares STOXX 600 (DE) SXXPIEX GR BlackRock Beta 608.3 644.0 7,139.3

db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1D XESX GR Deutsche AWM Beta 597.8 775.8 6,282.9

iShares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta 583.4 882.2 10,492.3

Deka DAX UCITS ETF ETFDAX GR Deka Investment GmbH Beta 516.9 703.2 10,444.3

Lyxor ETF Leverage CAC 40 LVC FP Lyxor Beta+ 508.0 590.5 5,505.9

iShares MSCI World UCITS ETF (Inc) IWRD LN BlackRock Beta 494.3 574.3 8,977.6

Lyxor ETF Leveraged FTSE/MIB LEVMIB IM Lyxor Beta+ 479.3 501.9 6,989.2

iShares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock Beta 443.5 315.1 4,545.8

iShares MSCI Japan EUR Hedged UCITS ETF IJPE LN Blackrock Beta 436.2 599.9 5,632.3 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 85: 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 1,017.5 650.3 8,012.2

Lyxor UCITS ETF EuroMTS Covered Bond Aggregate ECB FP Lyxor Beta 742.0 3.0 790.4

iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta 723.2 486.3 7,169.8

iShares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 669.8 783.4 5,958.7

iShares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 641.9 135.0 2,147.7

iShares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta 489.8 459.4 6,112.7

Amundi ETF Euro Corporates UCITS ETF CC4 FP Amundi Beta 435.9 217.8 1,084.4

Amundi ETF Govt Bond EuroMTS Broad 10-15 UCITS ETF C10 FP Amundi Beta 382.3 367.6 1,232.2

iShares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 370.8 427.2 4,057.5

iShares UK Gilts UCITS ETF IGLT LN BlackRock Beta 335.3 202.6 3,082.2

Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G FP Amundi Beta 316.7 120.2 1,547.9

iShares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta 282.8 115.4 1,444.7

iShares $ TIPS UCITS ETF IDTP LN BlackRock Beta 268.2 100.7 1,389.9

Amundi ETF US Treasury 7-10 UCITS ETF US7 FP Amundi Beta 267.3 7.5 307.6

Amundi ETF Floating Rate Euro Corporate 1-3 UCITS ETF AFRN FP Amundi Beta 247.1 227.4 838.6

Lyxor UCITS ETF Euro Cash CSH FP Lyxor Beta 225.6 264.4 2,795.9

iShares $ Short Duration HY Corporate Bond UCITS ETF SDHY LN BlackRock Beta 190.6 24.0 553.1

Lyxor UCITS ETF MTS BTP 10Y Italy Government Bond (DR) MI10 FP Lyxor Beta 179.1 30.1 369.7

iShares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta 177.3 228.0 2,669.9

iShares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta 164.6 114.3 2,336.4


9 November 2015



Figure 86: 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 WTI Crude Oil CRUD LN ETF Securities Beta 443.3 271.5 4,017.6

Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 425.6 180.8 2,835.2

Boost Wti Oil 3X Leverage Daily ETP 3OIL LN Boost Beta+ 364.2 386.8 2,760.5

ETFS Physical Gold PHAU LN ETF Securities Beta 282.2 213.7 4,374.7

Gold Bullion Securities GBS LN ETF Securities Beta 232.9 298.4 3,237.1

ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta 155.2 108.0 2,009.4

Boost Wti Oil 3X Short Daily ETP 3OIS LN Boost Beta+ 146.6 102.4 1,044.7

Boost Natural Gas 3X Leverage Daily ETP 3NGL LN Boost Beta+ 116.7 74.5 909.3

XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta 110.7 72.1 1,239.6

ETFS Daily Leveraged Crude Oil LOIL LN ETF Securities Beta+ 98.5 123.7 1,965.2



ETFS Physical Silver PHAG LN ETF Securities Beta 73.3 55.2 688.8

Boost Natural Gas 3X Short Daily ETP 3NGS LN Boost Beta+ 55.7 31.3 553.9

ETFS Copper COPA LN ETF Securities Beta 53.6 20.9 570.5

Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta 48.2 44.8 605.3

ETFS Energy AIGE LN ETF Securities Beta 44.2 69.9 497.9

ETFS Agriculture AIGA LN ETF Securities Beta 41.8 19.7 376.7

db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AWM Beta 40.9 25.8 482.3

iShares Physical Gold ETC SGLN LN Blackrock Beta 40.8 18.7 540.2 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 87: Top 10 ETPs by Turnover (€ million) – Deutsche Borse | ETPs | Europe |

Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover

1 iShares Core DAX UCITS ETF DE DAXEX GR 1,320.33 1 db x-trackers II EONIA TR Index UCITS ETF XEON GR 79.96

2 iShares Euro STOXX 50 (DE) SX5EEX GR 975.02 2 db x-trackers II iBoxx Euro Sovereigns Eurozone UCITS ETF XGLE GR 58.53

3 db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR 619.62 3 iShares Markit iBoxx Euro High Yield EUNW GR 53.43

4 iShares STOXX 600 (DE) SXXPIEX GR 556.64 4 db x-trackers II iBoxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR 50.07

5 Deka DAX UCITS ETF ETFDAX GR 516.86 5 db x-trackers II iBoxx € Germany 7-10 TR Index UCITS ETF XG71 GY 47.31

6 iShares EURO STOXX 50 UCITS ETF (Inc) EUN2 GR 336.05 6 iShares Euro Corporate Bond Large Cap UCITS ETF IBCS GR 47.10

7 db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1D XESX GR 239.98 7 db X-trackers II IBoxx Sovereigns Eurozone Yield Plus 1-3 UCITS ETF XYP1 GY 35.58

8 iShares MDAX (DE) MDAXEX GR 223.33 8 iShares eb.rexx Government Germany 2.5-5.5 (DE) RXP2EX GR 33.65

9 db x-trackers ShortDAX UCITS ETF XSDX GR 173.19 9 Lyxor UCITS ETF Euro Cash LYXCSH GR 29.68

10 Deka EURO STOXX 50 UCITS ETF ETFSX5E GR 171.17 10 iShares Barclays Capital Emerging Market Local Govt Bond IUSP GY 28.21

Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover

1 XETRA-Gold XAUEUR 110.74 1 db x-trackers Portfolio TR Index UCITS ETF XQUI GR 8.73

2 iShares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR 80.22 2 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE GR 8.50

3 Source Physical Gold ETC (P-ETC) 8PSG GY 43.32 3 db x-trackers - db Hedge Fund Index UCITS ETF 1C EUR - Hedged XHFI GR 7.23

4 db Physical Gold Euro Hedged ETC XAD1 GR 29.38 4 iShares S&P Listed Private Equity Fund IQQL GR 2.04

5 Gold Bullion Securities GG9B GR 17.73 5 db-x trackers Portfolio Income UCITS ETF XS7W GR 1.95

6 db x-trackers DBLCI - OY Balanced UCITS ETF 1C EUR - Hedged XDBC GR 13.64 6 ETFS Short USD Long EUR XBJQ GR 1.34

7 ETFS Brent Oil OESA GR 10.21 7 SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF ZPRI GY 0.90

8 ETFS Physical Gold VZLD GR 8.95 8 ETFS Long USD Short EUR XBJP GR 0.64

9 ETFS WTI Crude Oil OD7F GR 8.92 9 ETFS 5X Long USD Short EUR 5CH5 GY 0.56

10 RICI Enhanced WTI Crude Oil TR Index ETC 9J6N GR 8.68 10 db x-trackers Stiftungs-UCITS ETF Stabilitat XSBT GR 0.50


9 November 2015



Figure 88: 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 838.76 1 iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN 898.91

2 Vanguard S&P 500 ETF VUSD LN 442.85 2 iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB LN 617.61

3 iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN 331.67 3 iShares $ High Yield Corporate Bond UCITS ETF IHYU LN 500.48

4 Vanguard FTSE 100 ETF VUKE LN 301.64 4 iShares Euro Corporate Bond UCITS ETF IEAC LN 366.36

5 iShares FTSE 250 UCITS ETF MIDD LN 282.26 5 iShares UK Gilts UCITS ETF IGLT LN 312.62

6 iShares Core MSCI World UCITS ETF (Acc) IWDA LN 237.09 6 iShares Emerging Markets Local Government Bond UCITS ETF SEML LN 312.15

7 iShares Core S&P 500 UCITS ETF CSPX LN 219.09 7 iShares $ Corporate Bond UCITS ETF LQDE LN 295.60

8 iShares MSCI Japan GBP Hedged UCITS ETF IJPH LN 209.49 8 iShares Emerging Markets Local Government Bond UCITS ETF IEML LN 252.91

9 Vanguard S&P 500 ETF VUSA LN 193.53 9 iShares Euro Corporate Bond 1-5yr UCITS ETF IE15 LN 249.20

10 iShares MSCI Emerging Markets UCITS ETF (Inc) IDEM LN 182.86 10 iShares $ TIPS UCITS ETF IDTP LN 222.81


1 Source Physical Gold ETC (P-ETC) SGLD LN 325.81 1 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE LN 17.62

2 ETFS WTI Crude Oil CRUD LN 311.26 2 ETFS 3x Short EUR Long USD SEU3 LN 7.54

3 Gold Bullion Securities GBS LN 178.98 3 iShares Listed Private Equity UCITS ETF IPRV LN 6.80

4 ETFS Physical Gold PHAU LN 149.31 4 db x-trackers - db Hedge Fund Index UCITS ETF 3C GBP - Hedged XHFG LN 5.82

5 ETFS Physical Gold GBP PHGP LN 68.71 5 SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF MAGI LN 4.91

6 ETFS Copper COPA LN 51.05 6 db x-trackers - db Hedge Fund Index UCITS ETF 2C USD - Hedged XHFD LN 3.66

7 ETFS Physical Silver PHAG LN 43.13 7 ETFS Short AUD Long USD SAUD LN 1.86

8 ETFS Energy AIGE LN 38.77 8 ETFS Short EUR Long USD SEUR LN 1.85

9 ETFS Agriculture AIGA LN 36.75 9 ETFS 3x Long EUR Short USD LEU3 LN 1.59

10 Boost Wti Oil 3X Leverage Daily ETP 3OIL LN 36.54 10 ETFS Short EUR Long USDGBP SEUP LN 1.44 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 89: Top 10 ETPs by Turnover (€ million) – Swiss SE | ETPs | Europe | Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover

1 iShares Core S&P 500 UCITS ETF CSSPX SW 274.80 1 iShares USD Government Bond 3-7 UCITS ETF CSBGU7 SW 66.00

2 iShares SMI CH CSSMI SW 212.22 2 iShares $ Treasury Bond 7-10yr UCITS ETF IBTM SW 64.94

3 iShares S&P 500 UCITS ETF (Inc) IUSA SW 164.14 3 iShares CHF Corporate Bond (CH) CHCORP SW 47.22

4 UBS ETF (CH) - SMI (CHF) A-dis SMICHA SW 124.99 4 iShares $ Corporate Bond UCITS ETF LQDE SW 30.05

5 UBS-ETF MSCI EMU EMUEUA SW 108.59 5 iShares Euro Corporate Bond Large Cap UCITS ETF IBCX SW 29.03

6 UBS ETF - MSCI EMU 100% hedged to USD UCITS ETF A-acc EUUSBH SW 88.33 6 iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB SW 21.06

7 iShares MSCI Japan CHF Hedged UCITS ETF IJPC SW 76.70 7 iShares $ Treasury Bond 1-3yr UCITS ETF IBTS SW 18.75

8 iShares SPI (CH) CHSPI SW 68.88 8 db x-trackers II Barclays Global Aggregate Bond UCITS ETF - 4C (CHF Hedged) XBAC SW 17.48

9 iShares MSCI Emerging Markets IMI UCITS ETF EIMI SW 66.86 9 iShares $ TIPS UCITS ETF ITPS SW 17.08

10 PowerShares EQQQ Nasdaq-100 UCITS ETF EQQQ SW 66.39 10 iShares USD Government Bond 7-10 UCITS ETF CSBGU0 SW 15.52


1 ZKB Gold ETF-H (EUR) ZGLDHE SW 44.24 1 db x-trackers - db Hedge Fund Index UCITS ETF 5C CHF - Hedged XHFC SW 1.56

2 ZKB Gold ETF ZGLD SW 35.73 2 J.P.Morgan Macro Hedge Dual Enchanced TR Source ETF MHDU SW 1.02

3 ZKB Gold ETF-A USD ZGLDUS SW 30.90 3 iShares Listed Private Equity UCITS ETF IPRV SW 0.93

4 ZKB Gold ETF-A EUR ZGLDEU SW 29.47 4 db x-trackers - db Hedge Fund Index UCITS ETF 2C USD - Hedged XHFD SW 0.30

5 Source Physical Gold ETC (P-ETC) SGLD SW 23.76 5 UBS ETFs plc - MAP Balanced 7 UCITS ETF SF (USD) A-acc M7USAS SW 0.10

6 Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW 20.65 6 UBS ETFs plc - HFRX Global Hedge Fund Index SF (USD) A-acc HFUSAS SW 0.08

7 ZKB Silver ETF ZSIL SW 19.75 7 UBS ETFs plc - HFRX Global Hedge Fund Index SF (EUR) A-acc HFCHAS SW 0.05

8 UBS ETF (CH) – Gold (USD) I-dis AUUSI SW 15.18 8 UBS ETFs plc - HFRX Global Hedge Fund Index SF (GBP) A-acc HFGBAS SW 0.04

9 ZKB Gold ETF-H (CHF) ZGLDHC SW 14.78 9 Nomura Voltage Mid-Term Source ETF VOLT SW 0.00

10 UBS ETFs plc – CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW 14.72 10 Lyxor ETF Privex LYPVX SW 0.00 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

9 November 2015



Figure 90: 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 951.66 1 Lyxor UCITS ETF EuroMTS Covered Bond Aggregate ECB FP 738.93

2 Lyxor ETF Leverage CAC 40 LVC FP 507.97 2 Amundi ETF Euro Corporates UCITS ETF CC4 FP 426.60

3 Lyxor ETF XBear CAC 40 BX4 FP 413.22 3 Amundi ETF Govt Bond EuroMTS Broad 10-15 UCITS ETF C10 FP 377.35

4 Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP 381.15 4 Amundi ETF US Treasury 7-10 UCITS ETF US7 FP 267.28

5 Amundi ETF Euro STOXX 50 UCITS ETF C50 FP 257.82 5 Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G FP 256.57

6 Lyxor UCITS ETF MSCI Europe MEU FP 206.92 6 Amundi ETF Floating Rate Euro Corporate 1-3 UCITS ETF AFRN FP 239.62

7 Lyxor ETF MSCI Emerging Markets - A LEM FP 198.44 7 Lyxor UCITS ETF MTS BTP 10Y Italy Government Bond (DR) MI10 FP 171.85

8 Amundi ETF MSCI EMU UCITS ETF CMU FP 177.11 8 AMUNDI ETF Floting Rate USD Corporate UCITS ETF AFLT FP 148.11

9 Lyxor ETF Leveraged Euro STOXX 50 LVE FP 154.70 9 Amundi ETF Government Bond EuroMTS Broad 5-7 UCITS ETF C53 FP 136.59

10 Amundi ETF Japan TOPIX UCITS ETF - Daily Hedged EUR TPXH FP 129.02 10 Amundi ETF Govt Bond Lowest Rated EuroMTS IG 1-3 UCITS ETF X13G FP 131.03


1 Lyxor ETF Commodities CRB CRB FP 33.68 1 Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVO FP 0.03

2 ETFS WTI Crude Oil CRUDP FP 8.38 2 Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVX FP 0.03

3 Gold Bullion Securities GBS FP 7.75 3 Lyxor ETF Privex PVX FP 0.03

4 Lyxor ETF Commodities CRB Non-Energy CRN FP 4.48 4 PowerShares Global Listed Private Equity UCITS ETF PSP FP 0.02

5 ETFS Brent 1mnth Oil OILBP FP 2.34

6 ETFS All Commodities AIGCP FP 2.17

7 Amundi ETF Commodities S&P GSCI Metals UCITS ETF CME FP 1.08

8 ETFS Natural Gas NGASP FP 0.87

9 ETFS Wheat WEATP FP 0.72

10 ETFS Precious Metals AIGPP FP 0.60 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 91: Top 10 ETPs by Turnover (€ million) – Borsa Italiana | ETPs | Europe | Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover

1 Lyxor UCITS ETF FTSE MIB ETFMIB IM 575.88 1 iShares Euro Government Bond 3-5yr UCITS ETF IBGX IM 82.91

2 Lyxor ETF Leveraged FTSE/MIB LEVMIB IM 479.25 2 db x-trackers II Fed Funds Effective Rate TR Index UCITS ETF XFFE IM 78.91

3 Lyxor ETF XBear FTSE/MIB XBRMIB IM 327.91 3 db x-trackers II iBoxx € Germany 7-10 TR Index UCITS ETF XG71 IM 50.35

4 iShares EURO STOXX 50 UCITS ETF (Inc) EUE IM 274.99 4 iShares Euro High Yield Corporate Bond UCITS ETF IHYG IM 49.90

5 iShares FTSE MIB UCITS ETF (Inc) IMIB IM 246.52 5 iShares Emerging Markets Local Government Bond UCITS ETF SEML IM 48.45

6 Lyxor UCITS ETF Euro STOXX 50 MSE IM 138.04 6 Lyxor UCITS ETF Euro Cash LEONIA IM 46.46

7 Lyxor UCITS ETF DAX (DR) DAXX IM 135.12 7 Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G IM 38.86

8 UBS-ETF MSCI EMU EMUEUA IM 116.56 8 iShares $ Treasury Bond 1-3yr UCITS ETF IBTS IM 37.78

9 iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM IM 110.83 9 iShares Euro Corporate Bond UCITS ETF IEAC IM 30.42

10 Lyxor ETF MSCI Emerging Markets - A EMKT IM 99.73 10 db X-trackers II IBoxx Sovereigns Eurozone Yield Plus 1-3 UCITS ETF XYP1 IM 27.57


1 Boost Wti Oil 3X Leverage Daily ETP 3OIL IM 316.42 1 ETFS 3X Long USD Short EUR EUS3 IM 55.56

2 Boost Wti Oil 3X Short Daily ETP 3OIS IM 118.88 2 ETFS 5X Long USD Short EUR EUS5 IM 29.08

3 ETFS WTI Crude Oil CRUD IM 114.70 3 ETFS 3X Short USD Long EUR USE3 IM 19.20

4 Boost Natural Gas 3X Leverage Daily ETP 3NGL IM 109.39 4 ETFS 5X Short USD Long EUR USE5 IM 8.19

5 ETFS Daily Leveraged Crude Oil LOIL IM 77.81 5 Boost Long USD Short EUR 5x Daily ETP 5USE IM 7.24

6 Boost Natural Gas 3x Short Daily 3NGS IM 51.45 6 db-x trackers Portfolio Income UCITS ETF XS7W IM 5.82

7 ETFS Physical Gold PHAU IM 44.64 7 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE IM 3.39

8 Gold Bullion Securities GBS IM 23.64 8 Lyxor ETF S&P 500 VIX Futures Enhanced Roll D-EUR LVO IM 2.27

9 Boost Silver 3X Leverage Daily ETP 3SIL IM 21.96 9 ETFS Long USD Short EUR EUUS IM 1.94

10 Lyxor ETF Commodities CRB CRB IM 20.35 10 Boost Short USD Long EUR 5x Daily ETP 5EUS IM 1.64 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

9 November 2015



Figure 92: Top 10 ETPs by Turnover (€ million) – Stockholmborsen & Euronext Amsterdam | ETPs | Europe | Stockholmborsen


1 XACT Bear 2 XABEAR2 SS 291.09 No Fixed Income ETFs

2 XACT Bull 2 XABULL2 SS 247.24

3 XACT OMXS30 XACTOMX SS 203.09

4 XACT Bear XACBEAR SS 91.29

5 XACT Bull XACBULL SS 65.31

6 XACT Nordic 30 XACTVINX SS 37.64

7 db x-trackers MSCI World Index UCITS ETF 1C XMWO SS 7.43

8 XACT OMXSB XACTSBX SS 4.36

9 SpotR OMXS30 SPOTROMX SS 3.26

10 db x-trackers S&P 500 UCITS ETF 1C XSPX SS 2.78

Euronext Amsterdam


1 iShares MSCI Europe UCITS ETF (Inc) IMEU NA 271.84 1 iShares Euro Corporate Bond UCITS ETF IEAC NA 65.50

2 iShares EURO STOXX 50 UCITS ETF (Inc) EUEA NA 149.97 2 iShares Euro Aggregate Bond UCITS ETF IEAG NA 54.73

3 iShares AEX UCITS ETF IAEX NA 146.46 3 iShares Euro Government Bond 1-3yr UCITS ETF IBGS NA 34.14

4 iShares MSCI Japan EUR Hedged UCITS ETF IJPE NA 118.37 4 iShares Euro Corporate Bond Large Cap UCITS ETF IBCX NA 27.13

5 iShares Core MSCI World UCITS ETF (Acc) IWDA NA 113.95 5 iShares Euro Inflation Linked Government Bond UCITS ETF IBCI NA 12.92

6 iShares MSCI World UCITS ETF (Inc) IWRD NA 103.10 6 iShares Euro Government Bond 15-30yr UCITS ETF IBGL NA 11.99

7 Vanguard S&P 500 ETF VUSA NA 102.86 7 iShares Euro Government Bond 7-10yr UCITS ETF IBGM NA 11.76

8 iShares MSCI Emerging Markets UCITS ETF (Inc) IEMM NA 94.88 8 iShares Euro Government Bond 3-5yr UCITS ETF IBGX NA 10.64

9 iShares S&P 500 UCITS ETF (Inc) IUSA NA 63.49 9 iShares $ Corporate Bond UCITS ETF LQDA NA 9.48

10 Think AEX Tracker TDT NA 43.25 10 iShares $ Treasury Bond 7-10yr UCITS ETF BTMA NA 9.07 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

9 November 2015



7. European ETF Exchanges

Figure 93: European on-exchange ETF trading ranking by exchange (€ million) | ETFs | Europe |

Summary Jun-15Market

Share %Jul-15

Market

Share %Aug-15

Market

Share %Sep-15

Market

Share %Oct-15

Market

Share %

Deutche Boerse

Deutsche Borse 18,540 27.6% 16,231 25.6% 17,074 24.3% 13,322 22.8% 12,502 22.1%

LSE

London SE 21,668 32.2% 21,210 33.5% 22,489 32.0% 19,046 32.6% 18,078 32.0%

Borsa Italiana 6,869 10.2% 7,015 11.1% 6,848 9.7% 6,058 10.4% 6,124 10.8%

28,537 42.5% 28,225 44.6% 29,337 41.8% 25,104 43.0% 24,202 42.8%

Euronext

Paris 10,070 15.0% 8,922 14.1% 12,555 17.9% 11,080 19.0% 11,489 20.3%

Amsterdam 2,569 3.8% 2,589 4.1% 2,472 3.5% 2,036 3.5% 2,009 3.6%

Lisbon 19 0.0% 13 0.0% 12 0.0% 7 0.0% 9 0.0%

Brussels 3 0.0% 7 0.0% 6 0.0% 2 0.0% 1 0.0%

12,662 18.8% 11,531 18.2% 15,045 21.4% 13,124 22.5% 13,508 23.9%

Swiss SE 5,395 8.0% 5,527 8.7% 6,562 9.3% 4,388 7.5% 4,443 7.9%

Stockholmborsen 1,048 1.6% 824 1.3% 1,300 1.8% 1,454 2.5% 967 1.7%

Oslo Bors 370 0.6% 264 0.4% 497 0.7% 575 1.0% 425 0.8%

BME 643 1.0% 673 1.1% 442 0.6% 456 0.8% 432 0.8%

Others 10 0.0% 5 0.0% 10 0.0% 20 0.0% 15 0.0%

Total 67,205 100.0% 63,281 100.0% 70,266 100.0% 58,444 100.0% 56,493 100.0%

* Borse Stuttgart ETFs turnover totalled €0.9bn for October 2015 as per the data provided by the exchange. This turnover is not included in any of the figures in this report. All the ETFs listed on Borse Stuttgart are cross with primarily listing on Deutsche Borse. We include ETF listings from each country’s major exchanges only in our analysis. Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

9 November 2015



Figure 94: European on-exchange ETC trading ranking by exchange (€ million) | ETCs | Europe |

Summary Jun-15Market

Share %Jul-15

Market

Share %Aug-15

Market

Share %Sep-15

Market

Share %Oct-15

Market

Share %

LSE

London SE 1,419 2.1% 2,381 3.8% 1,719 2.4% 1,410 2.4% 1,785 3.2%

Borsa Italiana 1,677 2.5% 1,682 2.7% 1,357 1.9% 1,257 2.2% 1,321 2.3%

3,096 4.6% 4,063 6.4% 3,076 4.4% 2,666 4.6% 3,106 5.5%

Deutche Boerse

Deutsche Borse 372 0.6% 425 0.7% 471 0.7% 270 0.5% 338 0.6%

Euronext

Amsterdam 13 0.0% 15 0.0% 14 0.0% 11 0.0% 16 0.0%

Brussels 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%

40 0.1% 61 0.1% 69 0.1% 39 0.1% 40 0.1%

Others 29 0.0% 27 0.0% 15 0.0% 18 0.0% 32 0.1%

Total 3,536 5.3% 4,577 7.2% 3,632 5.2% 2,994 5.1% 3,516 6.2%

* Borse Stuttgart ETCs turnover totalled €92mn for October 2015 as per the data provided by the exchange. This turnover is not included in any of the figures in this report. All the ETCs listed on Borse Stuttgart are cross with primarily listing on Deutsche Borse. We include ETC listings from each country’s major exchanges only in our analysis. Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

9 November 2015



Figure 95: 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 98,856.3 83,733.8 48,629.9 30,163.7 17,046.4 39,675.7 3,693.7 321,799.6 47.8%

Emerging Markets 8,735.3 16,450.2 9,604.4 5,640.5 1,842.6 5,227.8 83.3 47,584.0 7.1%

Global Markets 923.2 3,999.7 1,214.6 223.5 486.3 1,013.4 6.0 7,866.6 1.2%

Sector 11,448.2 7,486.8 7,555.5 2,027.5 636.2 971.8 7.7 30,133.6 4.5%

Capitalization 2,114.9 2,779.1 798.2 574.3 207.7 779.3 0.0 7,253.4 1.1%

Style 4,423.1 7,159.6 810.4 1,206.3 1,221.4 1,340.4 0.0 16,161.1 2.4%

Strategy 9,149.2 7,869.4 14,833.0 14,332.7 7.3 856.7 6,515.7 53,563.9 8.0%

Thematic 1,018.6 1,818.9 450.5 436.3 166.9 321.7 0.0 4,213.0 0.6%

Total 136,669 131,297 83,896 54,605 21,615 50,187 10,306 488,575.3 72.5%

Fixed Income

Overall 788.8 2,321.3 9.7 216.7 612.1 237.0 0.0 4,185.5 0.6%

Corporates 3,976.6 34,545.9 2,769.8 3,587.1 1,524.5 1,412.7 0.0 47,816.6 7.1%

Covered Bonds 1,000.0 132.2 747.0 113.7 101.1 15.8 0.0 2,109.8 0.3%

Credit Exposure 235.3 4.7 0.0 66.3 0.0 17.4 0.0 323.6 0.0%

Sovereign 12,412.2 38,651.6 10,028.4 8,591.8 1,770.5 3,205.2 0.0 74,659.7 11.1%

Money Market 1,496.5 1,722.9 1,132.2 1,552.1 0.0 79.7 0.0 5,983.4 0.9%

Total 19,909 77,378 14,687 14,128 4,008 4,968 - 135,078.6 20.1%

Commodity 0.0%

Overall 787.9 1,305.6 368.5 362.0 46.9 703.0 0.0 3,573.8 0.5%

Agriculture 219.0 977.4 13.4 1,091.5 0.7 20.2 0.0 2,322.2 0.3%

Energy 1,369.2 5,163.7 225.3 10,083.5 0.0 149.5 0.0 16,991.1 2.5%

Industrial Metals 127.2 1,378.2 21.9 274.1 0.1 7.4 0.0 1,808.9 0.3%

Precious Metals 2,778.7 11,376.6 137.5 2,291.2 176.2 4,490.6 0.0 21,250.8 3.2%

Livestock 8.1 31.2 0.0 19.6 0.0 0.0 0.0 58.8 0.0%

Total 5,290 20,233 767 14,122 224 5,371 - 46,005.7 6.8%

Other 0.0%

Alternative 257.0 512.0 32.7 85.2 59.9 153.3 0.0 1,100.0 0.2%

Currency 108.7 554.2 0.0 1,841.6 3.1 0.0 0.0 2,507.5 0.4%

Multi Asset 189.5 42.1 0.0 35.0 10.9 1.5 0.0 279.0 0.0%

Total 555 1,108 33 1,962 74 155 - 3,886.6 0.6%

Grand Total 162,424 230,017 99,383 84,816 25,921 60,680 10,306 673,546 100%

* Total turnover year to date (not daily average)

Total

Total Turnover (€ million)


9 November 2015



8. Assets

ETP Monthly AUM Analysis by Asset Class

Figure 96: AUM by asset class and instrument (€ million) | ETPs | Europe |

Asset Class Beta Beta+Semi-


Semi-


Semi-

activeAlpha Total

ETFs

Equity 312,406 4,496 3,737 175 320,814 283,673 5,165 3,398 165 292,401 254,157 3,613 2,831 475 261,076

Fixed income 105,009 1,738 0 4,922 111,669 100,133 1,772 0 4,660 106,565 81,498 1,245 0 3,408 86,151

Commodity 13,248 0 48 0 13,296 12,741 0 46 0 12,787 13,363 0 49 0 13,412

Currency 0 0 0 0 - 0 0 0 0 - 13 0 0 0 13

Multi Asset 43 0 0 379 422 42 0 0 357 399 0 0 0 300 300

Alternative 565 0 64 446 1,074 530 0 64 450 1,043 453 0 97 547 1,097

Total 431,271 6,233 3,849 5,922 447,276 397,118 6,937 3,508 5,631 413,194 349,483 4,859 2,977 4,731 362,049

ETCs

Commodity 16,529 759 0 0 17,288 15,681 743 0 0 16,424 15,780 643 0 0 16,423

Currency 110 236 0 0 347 112 242 0 0 354 144 246 0 0 390

Total 16,639 996 0 0 17,635 15,793 985 0 0 16,778 15,924 889 0 0 16,813

Total ETPs 447,910 7,229 3,849 5,922 464,911 412,911 7,922 3,508 5,631 429,972 365,407 5,748 2,977 4,731 378,862



Asset Class Analysis

Figure 97: European Equity ETF AUM summary (€ million) | ETFs | Europe |

Equity AUM Beta Beta+Semi-


Semi-


Semi-

activeAlpha Total

Developed Markets 232,750 0 0 139 232,889 211,417 0 0 131 211,548 184,580 0 0 341 184,922

Emerging Markets 23,072 0 0 0 23,072 20,688 0 0 1 20,688 25,192 0 0 0 25,192

Global Markets 4,817 0 0 0 4,817 4,130 0 0 0 4,130 5,244 0 0 0 5,244

Sector 19,686 0 0 0 19,686 18,264 0 0 0 18,264 15,443 0 0 0 15,443

Capitalization 6,804 0 0 0 6,804 6,353 0 0 0 6,353 4,485 0 0 0 4,485

Strategy 5,001 4,496 3,737 36 13,270 4,451 5,165 3,398 34 13,047 2,849 3,613 2,831 134 9,428

Style 16,370 0 0 0 16,370 14,987 0 0 0 14,987 13,549 0 0 0 13,549

Thematic 3,907 0 0 0 3,907 3,383 0 0 0 3,383 2,814 0 0 0 2,814

Total Equities 312,406 4,496 3,737 175 320,814 283,673 5,165 3,398 165 292,401 254,157 3,613 2,831 475 261,076



9 November 2015



Figure 97A: European Equity ETF AUM summary - A (€ million) | ETFs | Europe |



Semi-


Semi-

activeAlpha Total

Sector 19,686 0 0 0 19,686 18,264 0 0 0 18,264 15,443 0 0 0 15,443

Consumer discretionary 901 0 0 0 901 720 0 0 0 720 624 0 0 0 624

Consumer staples 999 0 0 0 999 1,018 0 0 0 1,018 790 0 0 0 790

Energy 1,397 0 0 0 1,397 1,144 0 0 0 1,144 1,102 0 0 0 1,102

Financials 10,564 0 0 0 10,564 9,891 0 0 0 9,891 7,996 0 0 0 7,996

Healthcare 2,041 0 0 0 2,041 2,004 0 0 0 2,004 1,855 0 0 0 1,855

Industrials 476 0 0 0 476 484 0 0 0 484 436 0 0 0 436

Information Technology 1,286 0 0 0 1,286 1,146 0 0 0 1,146 1,027 0 0 0 1,027

Materials 754 0 0 0 754 723 0 0 0 723 670 0 0 0 670

Telecommunications 758 0 0 0 758 650 0 0 0 650 478 0 0 0 478

Utilities 511 0 0 0 511 484 0 0 0 484 466 0 0 0 466

Capitalization 6,804 0 0 0 6,804 6,353 0 0 0 6,353 4,485 0 0 0 4,485

Large Cap 412 0 0 0 412 375 0 0 0 375 408 0 0 0 408

Mid Cap 2,328 0 0 0 2,328 2,195 0 0 0 2,195 1,497 0 0 0 1,497

Small Cap 4,065 0 0 0 4,065 3,783 0 0 0 3,783 2,579 0 0 0 2,579

Strategy 5,001 4,496 3,737 36 13,270 4,451 5,165 3,398 34 13,047 2,849 3,613 2,831 134 9,428

Fundamental 1,237 0 1,355 0 2,591 1,152 0 1,233 0 2,385 1,000 0 892 0 1,893

Leveraged Long 0 2,010 0 0 2,010 0 1,903 0 0 1,903 0 1,583 0 0 1,583

Leveraged Short 0 896 0 0 896 0 1,088 0 0 1,088 0 789 0 0 789

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

Quantitative 3,734 0 2,383 36 6,153 3,266 0 2,165 34 5,464 1,849 0 1,938 134 3,921

Short 30 1,590 0 0 1,620 33 2,173 0 0 2,206 0 1,241 0 0 1,241

Style 16,370 0 0 0 16,370 14,987 0 0 0 14,987 13,549 0 0 0 13,549

Dividend 14,810 0 0 0 14,810 13,678 0 0 0 13,678 12,456 0 0 0 12,456

Growth 291 0 0 0 291 258 0 0 0 258 158 0 0 0 158

Value 1,269 0 0 0 1,269 1,051 0 0 0 1,051 935 0 0 0 935

Thematic 3,907 0 0 0 3,907 3,383 0 0 0 3,383 2,814 0 0 0 2,814

Commodities 717 0 0 0 717 625 0 0 0 625 647 0 0 0 647

Cyclical 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Faith 189 0 0 0 189 172 0 0 0 172 201 0 0 0 201

Other Theme 981 0 0 0 981 876 0 0 0 876 682 0 0 0 682

Sustainability 2,019 0 0 0 2,019 1,710 0 0 0 1,710 1,285 0 0 0 1,285

Total 51,768 4,496 3,737 36 60,037 47,438 5,165 3,398 34 56,035 39,140 3,613 2,831 134 45,719



9 November 2015



Figure 97B: European Equity ETF AUM summary - B (€ million) | ETFs | Europe |



Semi-


Semi-

activeAlpha Total

Developed Markets

Europe 131,741 0 0 139 131,880 119,537 0 0 131 119,668 96,005 0 0 341 96,347

Austria 417 0 0 0 417 326 0 0 0 326 334 0 0 0 334

Belgium 42 0 0 0 42 38 0 0 0 38 35 0 0 0 35

Finland 174 0 0 0 174 151 0 0 0 151 144 0 0 0 144

France 5,004 0 0 0 5,004 4,529 0 0 0 4,529 3,756 0 0 0 3,756

Germany 20,734 0 0 0 20,734 18,165 0 0 0 18,165 16,129 0 0 0 16,129

Greece 229 0 0 0 229 206 0 0 0 206 211 0 0 0 211

Ireland 30 0 0 0 30 28 0 0 0 28 24 0 0 0 24

Italy 3,120 0 0 0 3,120 2,823 0 0 0 2,823 2,271 0 0 0 2,271

Netherlands 600 0 0 0 600 547 0 0 0 547 431 0 0 0 431

Norway 229 0 0 0 229 209 0 0 0 209 248 0 0 0 248

Portugal 88 0 0 0 88 81 0 0 0 81 58 0 0 0 58

Spain 1,863 0 0 0 1,863 1,812 0 0 0 1,812 1,792 0 0 0 1,792

Sweden 1,270 0 0 0 1,270 1,189 0 0 0 1,189 1,342 0 0 0 1,342

Switzerland 9,943 0 0 0 9,943 9,273 0 0 0 9,273 8,743 0 0 0 8,743

UK 13,781 0 0 0 13,781 12,790 0 0 0 12,790 12,023 0 0 0 12,023

Europe broad 74,216 0 0 139 74,355 67,369 0 0 131 67,500 48,465 0 0 341 48,806

Americas 60,525 0 0 0 60,525 55,348 0 0 0 55,348 54,952 0 0 0 54,952

US 57,288 0 0 0 57,288 52,427 0 0 0 52,427 51,463 0 0 0 51,463

Canada 846 0 0 0 846 805 0 0 0 805 907 0 0 0 907

North America 2,390 0 0 0 2,390 2,116 0 0 0 2,116 2,582 0 0 0 2,582

Asia 22,077 0 0 0 22,077 19,804 0 0 0 19,804 16,812 0 0 0 16,812

Australia 369 0 0 0 369 351 0 0 0 351 677 0 0 0 677

Hong Kong 284 0 0 0 284 257 0 0 0 257 149 0 0 0 149

Japan 19,978 0 0 0 19,978 17,866 0 0 0 17,866 14,404 0 0 0 14,404

Singapore 63 0 0 0 63 57 0 0 0 57 18 0 0 0 18

Asia Pacific broad 1,383 0 0 0 1,383 1,272 0 0 0 1,272 1,564 0 0 0 1,564

Global 18,408 0 0 0 18,408 16,729 0 0 0 16,729 16,812 0 0 0 16,812

Broad indices 18,408 0 0 0 18,408 16,729 0 0 0 16,729 16,812 0 0 0 16,812

DM Total 232,750 0 0 139 232,889 211,417 0 0 131 211,548 184,580 0 0 341 184,922



9 November 2015



Figure 97C: European Equity ETF AUM summary - C (€ million) | ETFs | Europe |



Semi-


Semi-

activeAlpha Total

Emerging Markets

BRIC 6,290 0 0 0 6,290 5,828 0 0 1 5,828 7,842 0 0 0 7,842

Brazil 532 0 0 0 532 487 0 0 0 487 793 0 0 0 793

Russia 742 0 0 0 742 759 0 0 1 760 769 0 0 0 770

India 2,065 0 0 0 2,065 2,016 0 0 0 2,016 1,588 0 0 0 1,588

China 2,951 0 0 0 2,951 2,566 0 0 0 2,566 4,693 0 0 0 4,693

Latin America 542 0 0 0 542 494 0 0 0 494 685 0 0 0 685

Chile 15 0 0 0 15 14 0 0 0 14 19 0 0 0 19

Mexico 135 0 0 0 135 125 0 0 0 125 206 0 0 0 206

LATAM broad 392 0 0 0 392 355 0 0 0 355 460 0 0 0 460

Asia 3,634 0 0 0 3,634 3,466 0 0 0 3,466 3,566 0 0 0 3,566

Bangladesh 20 0 0 0 20 21 0 0 0 21 18 0 0 0 18

Indonesia 104 0 0 0 104 89 0 0 0 89 141 0 0 0 141

Malaysia 44 0 0 0 44 40 0 0 0 40 73 0 0 0 73

Pakistan 22 0 0 0 22 24 0 0 0 24 24 0 0 0 24

Philippines 43 0 0 0 43 41 0 0 0 41 63 0 0 0 63

South Korea 899 0 0 0 899 809 0 0 0 809 813 0 0 0 813

Taiwan 616 0 0 0 616 694 0 0 0 694 842 0 0 0 842

Thailand 37 0 0 0 37 35 0 0 0 35 66 0 0 0 66

Vietnam 352 0 0 0 352 320 0 0 0 320 310 0 0 0 310

Asia Pacific broad 1,497 0 0 0 1,497 1,393 0 0 0 1,393 1,216 0 0 0 1,216

EMEA 1,005 0 0 0 1,005 945 0 0 0 945 1,138 0 0 0 1,138

Kuwait 12 0 0 0 12 13 0 0 0 13 13 0 0 0 13

Poland 65 0 0 0 65 69 0 0 0 69 39 0 0 0 39

South Africa 87 0 0 0 87 75 0 0 0 75 87 0 0 0 87

Turkey 368 0 0 0 368 332 0 0 0 332 415 0 0 0 415

Europe broad 332 0 0 0 332 320 0 0 0 320 471 0 0 0 471

Middle East & Africa 141 0 0 0 141 136 0 0 0 136 114 0 0 0 114

Global Markets 11,601 0 0 0 11,601 9,955 0 0 0 9,955 11,960 0 0 0 11,960

Global 11,601 0 0 0 11,601 9,955 0 0 0 9,955 11,960 0 0 0 11,960

EM Total 23,072 0 0 0 23,072 20,688 0 0 1 20,688 25,192 0 0 0 25,192

Total (EM + DM) 255,822 0 0 139 255,961 232,105 0 0 132 232,236 209,772 0 0 341 210,113



Figure 98: European Fixed Income ETF AUM summary (€ million) | ETFs | Europe |

Fixed Income AUM Beta Beta+Semi-


Semi-


Semi-

activeAlpha Total

Overall 3,875 0 0 4,336 8,211 3,779 0 0 4,043 7,822 3,219 0 0 2,763 5,983

Corporates 40,747 0 0 187 40,934 38,532 0 0 181 38,713 29,657 0 0 15 29,672

Covered Bonds 2,739 0 0 356 3,095 2,868 0 0 391 3,259 3,065 0 0 423 3,488

Credit Exposure 253 78 0 0 331 246 87 0 0 334 184 61 0 0 245

Sovereign 54,370 1,660 0 43 56,073 51,645 1,685 0 45 53,374 43,658 1,185 0 206 45,049

Money Market 3,025 0 0 0 3,025 3,063 0 0 0 3,063 1,714 0 0 0 1,714

Total Fixed Income 105,009 1,738 0 4,922 111,669 100,133 1,772 0 4,660 106,565 81,498 1,245 0 3,408 86,151



9 November 2015



Figure 99: European Commodity ETP AUM summary (€ million) | ETPs | Europe |

Commodity AUM Beta Beta+Semi-


Semi-


Semi-

activeAlpha Total

Overall 3,819 10 48 0 3,877 3,629 11 46 0 3,686 3,523 8 49 0 3,580

Overall 3594 10 48 0 3,652 3406 11 46 0 3,462 3270 8 49 0 3,327

Overall ex Energy 218 0 0 0 218 217 0 0 0 217 246 0 0 0 246

Overall Light Energy 7 0 0 0 7 7 0 0 0 7 8 0 0 0 8

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

Agriculture 736 109 0 0 844 698 114 0 0 811 737 88 0 0 826

Overall 466 4 0 0 470 430 4 0 0 433 480 4 0 0 484

Cocoa 11 3 0 0 14 11 3 0 0 14 9 4 0 0 13

Coffee 43 34 0 0 77 43 32 0 0 75 21 12 0 0 33

Corn 32 8 0 0 40 31 9 0 0 40 36 9 0 0 45

Cotton 29 4 0 0 32 29 4 0 0 32 31 6 0 0 37

Grains 38 1 0 0 39 38 1 0 0 39 37 1 0 0 38

Softs 4 1 0 0 5 4 1 0 0 5 5 0 0 0 6

Soybean Oil 3 2 0 0 4 2 2 0 0 4 4 2 0 0 6

Soybeans 8 2 0 0 10 8 3 0 0 11 16 3 0 0 18

Sugar 35 19 0 0 54 37 22 0 0 59 24 15 0 0 38

Wheat 66 33 0 0 99 66 34 0 0 100 75 32 0 0 107

Energy 1,969 450 0 0 2,419 1,779 388 0 0 2,167 916 163 0 0 1,078

Overall 185 1 0 0 187 179 1 0 0 180 132 0 0 0 132

Carbon 2 0 0 0 2 2 0 0 0 2 1 0 0 0 1

Crude Oil 1704 364 0 0 2,067 1515 302 0 0 1,817 708 84 0 0 793

Gasoline 9 2 0 0 11 9 2 0 0 11 5 1 0 0 6

Heating Oil 5 2 0 0 6 5 1 0 0 7 3 1 0 0 4

Natural Gas 64 81 0 0 146 68 82 0 0 150 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 445 50 0 0 496 480 86 0 0 566 682 95 0 0 777

Overall 187 2 0 0 189 191 3 0 0 194 267 18 0 0 285

Aluminium 82 5 0 0 87 96 4 0 0 100 85 5 0 0 91

Copper 81 27 0 0 108 94 60 0 0 154 174 58 0 0 233

Lead 1 1 0 0 2 1 1 0 0 2 1 1 0 0 2

Nickel 80 13 0 0 93 83 14 0 0 98 136 8 0 0 144

Tin 2 2 0 0 3 2 2 0 0 4 2 2 0 0 4

Zinc 12 1 0 0 14 13 1 0 0 14 17 2 0 0 18

Precious Metals 22,797 138 0 0 22,934 21,823 142 0 0 21,965 23,269 286 0 0 23,555

Overall 181 1 0 0 182 168 1 0 0 169 178 1 0 0 179

Gold 19050 54 0 0 19,104 18280 59 0 0 18,340 19347 156 0 0 19,503

Palladium 612 1 0 0 613 622 1 0 0 623 762 1 0 0 763

Platinum 781 6 0 0 786 722 6 0 0 727 973 5 0 0 978

Rhodium 67 0 0 0 67 68 0 0 0 68 107 0 0 0 107

Silver 2107 76 0 0 2,183 1964 75 0 0 2,038 1903 123 0 0 2,026

Livestock 11 3 0 0 14 12 4 0 0 16 15 3 0 0 19

Overall 6 0 0 0 6 6 0 0 0 6 9 0 0 0 10

Cattle 1 1 0 0 2 1 1 0 0 2 3 2 0 0 4

Lean Hogs 4 2 0 0 6 5 2 0 0 7 3 2 0 0 5

Total 29,777 759 48 0 30,584 28,422 743 46 0 29,211 29,143 643 49 0 29,835



9 November 2015



Product Rankings

Figure 100: 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 11,367.1 10,455.9 8,461.6

Vanguard S&P 500 ETF VUSA LN Vanguard Beta 11,215.1 10,117.7 8,301.8

iShares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 9,179.6 8,178.4 8,650.4

iShares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta 9,163.0 8,452.7 11,426.2

iShares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 8,158.5 7,457.9 5,193.6

Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 7,760.7 6,924.9 5,949.9

iShares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 6,524.5 6,187.9 5,153.8

iShares STOXX 600 (DE) SXXPIEX GR BlackRock Beta 5,859.2 5,159.0 3,681.6

iShares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock Beta 5,565.1 5,015.2 3,923.6

iShares MSCI World UCITS ETF (Inc) IWRD LN BlackRock Beta 5,563.1 5,063.3 6,516.2

db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1D XESX GR Deutsche AWM Beta 5,399.7 4,803.5 2,879.5

iShares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta 5,210.3 4,770.1 4,927.9

db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR Deutsche AWM Beta 5,062.2 4,303.3 2,972.9

iShares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 4,374.3 4,052.2 2,072.6

Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP Lyxor Beta 3,968.3 3,598.5 2,541.6

iShares MSCI Japan EUR Hedged UCITS ETF IJPE LN Blackrock Beta 3,573.3 3,242.1 3,566.5

iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 3,524.7 3,069.9 4,185.3

db x-trackers MSCI Europe Index UCITS ETF (DR) XMEU GR Deutsche AWM Beta 3,119.9 2,902.1 1,927.1

iShares Developed Markets Property Yield UCITS ETF IWDP LN BlackRock Beta 2,858.0 2,619.7 2,369.3

iShares SMI CH CSSMI SW BlackRock Beta 2,695.6 2,594.3 2,640.1 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 101: Top 20 Products by AUM – Fixed Income ETFs (€ million) | ETFs | Europe |

ETF Name BBG Ticker Issuer

Invest.

Strategy

Current Month

AUM

Prev. Month

AUM 2014 AUM

iShares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta 6,058.6 5,826.0 4,912.4

iShares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta 3,918.0 3,739.0 4,743.6

iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 3,757.5 3,320.8 2,653.4

iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta 3,465.8 3,329.4 3,066.2

iShares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 3,302.0 2,923.0 1,758.5

PIMCO Euro Short Maturity Source UCITS ETF PJS1 GR Source Alpha 2,827.5 2,607.5 1,612.1

iShares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 2,489.6 2,213.4 1,003.3

db x-trackers II iBoxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR Deutsche AWM Beta 2,271.3 2,117.9 1,730.0

iShares £ Corporate Bond UCITS ETF SLXX LN BlackRock Beta 1,991.3 1,905.3 1,612.8

iShares UK Gilts UCITS ETF IGLT LN BlackRock Beta 1,945.5 1,799.6 1,306.5

iShares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock Beta 1,905.0 1,859.9 1,641.1

iShares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 1,844.4 1,388.0 1,563.8

iShares Euro Corporate Bond ex-Financials UCITS ETF EEXF LN BlackRock Beta 1,843.4 1,788.3 2,084.6

iShares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta 1,833.8 1,961.9 2,260.1

iShares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta 1,797.6 1,833.5 1,133.0

iShares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta 1,733.9 1,690.6 1,088.3

iShares Euro Government Bond 3-5yr UCITS ETF IEGX LN BlackRock Beta 1,708.2 1,609.2 1,311.3

iShares Euro Government Bond UCITS ETF IEGA LN BlackRock Beta 1,630.7 1,441.9 1,036.5

db X-trackers II IBoxx Sovereigns Eurozone Yield Plus 1-3 UCITS ETF XYP1 GY Deutsche AWM Beta 1,479.1 1,380.7 980.9

Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G FP Amundi Beta 1,447.9 1,374.8 1,582.3 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

9 November 2015



Figure 102: 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 4,514.6 4,393.2 4,550.0

ETFS Physical Gold PHAU LN ETF Securities Beta 3,463.6 3,304.2 3,896.5

Gold Bullion Securities GBS LN ETF Securities Beta 2,395.0 2,253.7 2,684.6

Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 1,733.3 1,589.7 1,382.3

XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta 1,671.7 1,612.4 1,571.8

Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta 1,480.7 1,445.3 1,607.6

ZKB Silver ETF ZSIL SW Zuercher Kantonalbank Beta 1,022.4 962.3 1,033.1


ETFS WTI Crude Oil CRUD LN ETF Securities Beta 688.1 546.3 200.7


ETFS Physical Silver PHAG LN ETF Securities Beta 585.6 558.6 461.4

UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW UBS Beta 490.9 481.2 430.8

db Physical Gold ETC XGLD LN Deutsche AWM Beta 456.0 459.8 511.4

db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AWM Beta 445.2 434.8 446.0

UBS ETFs plc – CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW UBS Beta 422.5 429.7 312.8

iShares Physical Gold ETC SGLN LN Blackrock Beta 379.6 354.9 151.7

db Physical Gold ETC (EUR) XAD5 GR Deutsche AWM Beta 377.9 364.7 284.2

iShares Gold CHF Hedged CH CSGLDC SW BlackRock Beta 299.1 286.1 309.6

iShares Gold CH CSGOLD SW BlackRock Beta 296.7 290.4 670.2

db x-trackers DBLCI - OY Balanced UCITS ETF 1C EUR - Hedged XDBC GR Deutsche AWM Beta 291.2 288.3 517.6 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

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9. ETF Broker rankings

US ETP Broker Rankings

Figure 103: 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 (KCG) KCG HOLDINGS, INC. 182,341 17.66% 284,478 1,630,284 14.38% 2,354,136 (MLCO) MERRILL LYNCH 3,212 18.54% 49,232 37,386 21.82% 483,573

2 (MLCO) MERRILL LYNCH 172,844 16.74% 49,229 2,803,622 24.73% 483,552 (KCG) KCG HOLDINGS, INC. 2,929 16.91% 284,478 26,078 15.22% 2,354,169

3 (UBS) UBS INVESTMENT BANK 101,658 9.85% 41,568 989,496 8.73% 406,946 (UBS) UBS INVESTMENT BANK 1,697 9.79% 41,568 16,163 9.43% 406,949

4 (CSFB) CREDIT SUISSE 90,707 8.79% 21,667 939,778 8.29% 211,034 (CSFB) CREDIT SUISSE 1,492 8.61% 21,765 14,559 8.50% 211,899

5 (JPM) JP MORGAN 65,438 6.34% 8,618 493,943 4.36% 81,699 (CITI) CITIGROUP GLOBAL MARKE 988 5.70% 19,091 9,574 5.59% 190,033

6 (CITI) CITIGROUP GLOBAL MARKE 55,458 5.37% 19,091 573,834 5.06% 190,031 (DBAB) DEUTSCHE BANK SECURITI 960 5.54% 24,030 8,038 4.69% 204,769

7 (DBAB) DEUTSCHE BANK SECURITI 53,580 5.19% 24,030 447,472 3.95% 204,765 (JPM) JP MORGAN 953 5.50% 8,618 6,693 3.91% 81,700

8 (MSCO) MORGAN STANLEY 41,134 3.98% 15,246 375,852 3.32% 144,751 (GSHT) GOLDMAN, SACHS & CO. 754 4.35% 51,974 6,644 3.88% 666,318

9 (GSHT) GOLDMAN, SACHS & CO. 40,166 3.89% 51,974 370,840 3.27% 666,314 (MSCO) MORGAN STANLEY 619 3.57% 15,246 4,886 2.85% 144,753

10 (GSLT) GOLDMAN SACHS ELECTRON 31,152 3.02% 124,825 334,286 2.95% 1,373,331 (GSLT) GOLDMAN SACHS ELECTRON 411 2.37% 124,825 4,178 2.44% 1,373,339

11 (BCET) BARCLAYS CAPITAL INC. 22,777 2.21% 39,684 184,581 1.63% 327,475 (BCET) BARCLAYS CAPITAL INC. 377 2.18% 39,684 2,824 1.65% 327,475

12 (BCAP) BARCLAYS CAPITAL 21,368 2.07% 19,832 220,070 1.94% 175,173 (BNPP) BNP PARIBAS 358 2.07% 5,412 2,364 1.38% 59,925

13 (FCM) FIDELITY CAPITAL MARKET 17,018 1.65% 15,855 326,236 2.88% 417,200 (BCAP) BARCLAYS CAPITAL 357 2.06% 19,832 3,503 2.04% 175,175

14 (CVGX) CONVERGEX 16,753 1.62% 26,306 138,821 1.22% 235,977 (FCM) FIDELITY CAPITAL MARKET 280 1.62% 15,855 5,893 3.44% 417,200

15 (INCA) INSTINET 15,887 1.54% 7,633 193,649 1.71% 123,539 (CVGX) CONVERGEX 276 1.59% 26,306 2,328 1.36% 235,978

16 (JEFF) JEFFERIES & CO., INC. 15,515 1.50% 15,713 136,223 1.20% 133,529 (RBC) ROYAL BANK OF CANADA 210 1.21% 14,172 736 0.43% 117,192

17 (BNPP) BNP PARIBAS 11,651 1.13% 5,412 98,769 0.87% 59,925 (JEFF) JEFFERIES & CO., INC. 207 1.20% 15,713 1,754 1.02% 133,529

18 (RBC) ROYAL BANK OF CANADA 10,701 1.04% 14,172 41,848 0.37% 117,192 (INCA) INSTINET 173 1.00% 7,633 2,157 1.26% 123,544

19 (CANT) CANTOR FITZGERALD L.P. 9,184 0.89% 5,258 125,745 1.11% 75,374 (CANT) CANTOR FITZGERALD L.P. 164 0.95% 5,259 2,280 1.33% 75,381

20 (BTIG) BTIG LLC 4,271 0.41% 1,402 32,349 0.29% 13,327 (WBET) WALLACHBETH CAPITAL LL 78 0.45% 248 1,111 0.65% 3,223

Other 52,872 5.12% 113,074 879,157 7.75% 1,421,290 Other 829 4.79% 114,228 12,214 7.13% 1,431,479

Total 1,032,475 100.00% 905,067 11,336,856 100.00% 9,216,560 Total 17,326 100.00% 905,169 171,363 100.00% 9,217,603

Value Trade Summary Volume Trade Summary

Oct-15 YTD Oct-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 104: 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. 9,346 27.26% 25,492 84,453 21.81% 212,114 (KCG) KCG HOLDINGS, INC. 320 26.84% 25,492 2,798 21.10% 212,114

2 (UBS) UBS INVESTMENT BANK 5,499 16.04% 2,276 49,336 12.74% 23,089 (UBS) UBS INVESTMENT BANK 218 18.28% 2,276 1,767 13.33% 23,089

3 (CITI) CITIGROUP GLOBAL MARKE 4,195 12.23% 1,053 36,950 9.54% 10,673 (MLCO) MERRILL LYNCH 145 12.15% 2,175 2,538 19.13% 25,019

4 (MLCO) MERRILL LYNCH 4,085 11.91% 2,175 69,411 17.93% 25,019 (CITI) CITIGROUP GLOBAL MARKE 107 8.98% 1,053 1,243 9.38% 10,673

5 (CSFB) CREDIT SUISSE 2,621 7.65% 1,071 29,564 7.64% 10,674 (CSFB) CREDIT SUISSE 91 7.60% 1,072 993 7.49% 10,709

6 (BCET) BARCLAYS CAPITAL INC. 1,376 4.01% 3,515 8,041 2.08% 28,232 (BCET) BARCLAYS CAPITAL INC. 39 3.27% 3,515 275 2.07% 28,232

7 (DBAB) DEUTSCHE BANK SECURITI 943 2.75% 856 8,287 2.14% 7,979 (DBAB) DEUTSCHE BANK SECURITI 37 3.08% 856 259 1.96% 7,979

8 (JPM) JP MORGAN 801 2.33% 379 9,622 2.48% 4,150 (JPM) JP MORGAN 26 2.16% 379 282 2.12% 4,150

9 (GSHT) GOLDMAN, SACHS & CO. 707 2.06% 2,501 7,454 1.93% 29,234 (MSCO) MORGAN STANLEY 25 2.10% 741 263 1.98% 8,837

10 (GSLT) GOLDMAN SACHS ELECTRON 601 1.75% 7,353 10,446 2.70% 93,378 (GSHT) GOLDMAN, SACHS & CO. 23 1.90% 2,501 206 1.55% 29,234

11 (MSCO) MORGAN STANLEY 589 1.72% 741 6,803 1.76% 8,837 (FCM) FIDELITY CAPITAL MARKET 21 1.79% 1,270 818 6.17% 44,274

12 (FCM) FIDELITY CAPITAL MARKET 485 1.42% 1,270 19,780 5.11% 44,274 (RBC) ROYAL BANK OF CANADA 20 1.71% 366 76 0.57% 10,464

13 (CVGX) CONVERGEX 452 1.32% 1,256 4,909 1.27% 12,074 (GSLT) GOLDMAN SACHS ELECTRON 20 1.65% 7,353 293 2.21% 93,378

14 (INCA) INSTINET 425 1.24% 502 6,492 1.68% 7,506 (BCAP) BARCLAYS CAPITAL 17 1.41% 1,345 136 1.03% 9,669

15 (BCAP) BARCLAYS CAPITAL 411 1.20% 1,345 3,654 0.94% 9,669 (CVGX) CONVERGEX 13 1.06% 1,256 165 1.24% 12,074

16 (RBC) ROYAL BANK OF CANADA 354 1.03% 366 2,705 0.70% 10,464 (INCA) INSTINET 11 0.96% 502 191 1.44% 7,506

17 (ITGI) INVESTMENT TECHNOLOGY 171 0.50% 307 662 0.17% 5,458 (BNPP) BNP PARIBAS 7 0.56% 215 77 0.58% 3,942

18 (BNPP) BNP PARIBAS 168 0.49% 215 2,219 0.57% 3,942 (ITGI) INVESTMENT TECHNOLOGY 6 0.48% 307 17 0.13% 5,458

19 (CANT) CANTOR FITZGERALD L.P. 118 0.34% 192 1,365 0.35% 3,036 (BMOC) BMO CAPITAL MARKETS 6 0.48% 112 25 0.19% 1,283

20 (JEFF) JEFFERIES & CO., INC. 118 0.34% 475 1,572 0.41% 6,035 (CANT) CANTOR FITZGERALD L.P. 6 0.47% 192 57 0.43% 3,036

Other 820 2.39% 4,371 23,485 6.07% 59,778 Other 36 3.06% 4,734 784 5.91% 64,533

Total 34,288 100.00% 57,711 387,211 100.00% 615,615 Total 1,193 100.00% 57,712 13,263 100.00% 615,653




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 105: 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 9,473 12.22% 18,863 132,893 14.82% 204,466 (CBK) COMMERZBANK 235 11.01% 18,863 3,343 13.20% 206,065

2 (CITI) CITIGROUP GLOBAL MARKE 6,286 8.11% 3,035 61,219 6.83% 29,650 (SIS) SUSQUEHANNA INTERNATION 198 9.26% 2,987 2,309 9.12% 31,998

3 (FLOW) FLOW TRADERS 6,245 8.05% 3,983 65,250 7.28% 40,618 (FLOW) FLOW TRADERS 176 8.21% 4,209 1,895 7.48% 41,535

4 (SIS) SUSQUEHANNA INTERNATION 5,987 7.72% 2,983 75,032 8.37% 31,945 (CITI) CITIGROUP GLOBAL MARKE 138 6.45% 3,035 1,598 6.31% 29,660

5 (BNPP) BNP PARIBAS 4,721 6.09% 4,622 56,497 6.30% 45,900 (KCG) KCG HOLDINGS, INC. 116 5.41% 5,585 993 3.92% 51,617

6 (JPMH) JPMORGAN CHASE BANK, N 3,936 5.08% 2,533 41,489 4.63% 26,302 (CSFB) CREDIT SUISSE 93 4.35% 2,965 1,016 4.01% 30,714

7 (UNIC) UNICREDIT 3,535 4.56% 1,139 31,393 3.50% 10,126 (WINS) WINTERFLOOD SECURITIES 87 4.05% 5,895 873 3.45% 60,651

8 (DBK) DEUTSCHE BANK AG 3,175 4.09% 1,391 46,396 5.18% 15,141 (UNIC) UNICREDIT 86 4.04% 1,146 654 2.58% 10,148

9 (CSFB) CREDIT SUISSE 3,146 4.06% 2,912 38,752 4.32% 30,031 (JPMH) JPMORGAN CHASE BANK, N 86 4.02% 2,533 871 3.44% 26,328

10 (BCAP) BARCLAYS CAPITAL 2,973 3.83% 2,649 31,527 3.52% 24,963 (BNPP) BNP PARIBAS 85 3.99% 4,642 1,060 4.19% 46,090

11 (SGSA) SOCIETE GENERALE 2,939 3.79% 2,490 8,098 0.90% 6,340 (SGSA) SOCIETE GENERALE 75 3.49% 2,490 215 0.85% 6,340

12 (UBS) UBS INVESTMENT BANK 2,742 3.54% 406 30,426 3.39% 7,647 (UBS) UBS INVESTMENT BANK 72 3.37% 406 1,042 4.11% 7,649

13 (KCG) KCG HOLDINGS, INC. 2,673 3.45% 5,584 21,526 2.40% 51,614 (BCAP) BARCLAYS CAPITAL 70 3.27% 2,649 862 3.40% 24,976

14 (GSHT) GOLDMAN, SACHS & CO. 2,292 2.96% 5,789 25,726 2.87% 51,002 (MSCO) MORGAN STANLEY 61 2.87% 1,545 840 3.32% 18,122

15 (MSCO) MORGAN STANLEY 2,167 2.79% 1,545 30,352 3.39% 18,118 (DBK) DEUTSCHE BANK AG 58 2.70% 1,393 1,073 4.24% 15,155

16 (BFIN) BLUEFIN EUROPE LLP 1,964 2.53% 398 15,907 1.77% 2,236 (MLCE) BANK OF AMERICA MERRIL 58 2.69% 2,988 676 2.67% 26,504

17 (WINS) WINTERFLOOD SECURITIES 1,891 2.44% 5,877 19,666 2.19% 60,620 (MLCO) MERRILL LYNCH 41 1.91% 904 368 1.45% 6,986

18 (MLCO) MERRILL LYNCH 1,364 1.76% 904 12,647 1.41% 6,986 (KEPL) KEPLER CAPITAL MARKETS 39 1.81% 1,981 394 1.55% 25,208

19 (KEPL) KEPLER CAPITAL MARKETS 1,280 1.65% 1,981 11,220 1.25% 25,206 (GSHT) GOLDMAN, SACHS & CO. 37 1.75% 5,789 469 1.85% 51,008

20 (CANT) CANTOR FITZGERALD L.P. 1,032 1.33% 1,701 18,721 2.09% 20,395 (CANT) CANTOR FITZGERALD L.P. 32 1.50% 1,702 615 2.43% 20,410

Other 7,727 9.96% 29,084 121,746 13.58% 336,415 Other 296 13.84% 26,557 4,157 16.42% 312,560

Total 77,549 100.00% 99,869 896,483 100.00% 1,045,721 Total 2,139 100.00% 100,264 25,323 100.00% 1,049,724




Note: ETF broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded.

Eu

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ean

Mon

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ETF M

ark

et R

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9 N

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01

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Figure 106: 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 (CBK) COMMERZBANK 209 10.84% 690 1,862 7.29% 7,590 (CSFB) CREDIT SUISSE 91 21.81% 126 153 3.49% 1,478

2 (CITI) CITIGROUP GLOBAL MARKE 197 10.21% 302 1,779 6.96% 3,244 (WINS) WINTERFLOOD SECURITIES 86 20.61% 1,648 1,095 25.03% 17,251

3 (KCG) KCG HOLDINGS, INC. 185 9.57% 598 862 3.37% 4,442 (SIS) SUSQUEHANNA INTERNATION 31 7.36% 16 80 1.83% 162

4 (MSCO) MORGAN STANLEY 162 8.37% 194 2,450 9.59% 2,504 (CITI) CITIGROUP GLOBAL MARKE 28 6.75% 302 225 5.15% 3,245

5 (FLOW) FLOW TRADERS 161 8.33% 159 1,419 5.55% 1,722 (HSBC) HSBC GROUP PLC 17 4.09% 83 41 0.94% 1,530

6 (WINS) WINTERFLOOD SECURITIES 152 7.89% 1,648 1,842 7.21% 17,251 (UBS) UBS INVESTMENT BANK 16 3.83% 79 194 4.44% 1,156

7 (UBS) UBS INVESTMENT BANK 113 5.84% 79 1,131 4.43% 1,156 (FLOW) FLOW TRADERS 15 3.70% 167 117 2.68% 1,782

8 (MACQ) MACQUARIE SECURITIES 110 5.68% 78 1,810 7.08% 520 (KCG) KCG HOLDINGS, INC. 15 3.63% 598 98 2.24% 4,442

9 (HSBC) HSBC GROUP PLC 81 4.19% 83 785 3.07% 1,530 (KEPL) KEPLER CAPITAL MARKETS 15 3.48% 171 143 3.27% 2,402

10 (SGSA) SOCIETE GENERALE 71 3.66% 91 124 0.48% 182 (DBKE) DEUTSCHE BANK AG, AUTO 14 3.25% 247 313 7.15% 3,898

11 (CANT) CANTOR FITZGERALD L.P. 54 2.80% 300 884 3.46% 3,686 (MSCO) MORGAN STANLEY 12 2.89% 194 71 1.63% 2,504

12 (BFIN) BLUEFIN EUROPE LLP 51 2.64% 43 982 3.84% 511 (CANT) CANTOR FITZGERALD L.P. 11 2.67% 300 309 7.07% 3,686

13 (SIS) SUSQUEHANNA INTERNATION 38 1.99% 16 450 1.76% 161 (CBK) COMMERZBANK 9 2.18% 690 100 2.29% 7,611

14 (DBK) DEUTSCHE BANK AG 38 1.99% 41 1,468 5.74% 375 (BFIN) BLUEFIN EUROPE LLP 9 2.14% 43 216 4.94% 511

15 (CSFB) CREDIT SUISSE 36 1.88% 126 1,405 5.50% 1,468 (INCA) INSTINET 8 1.91% 85 147 3.37% 919

16 (MLCE) BANK OF AMERICA MERRIL 29 1.50% 419 387 1.51% 3,977 (MLCE) BANK OF AMERICA MERRIL 6 1.50% 419 165 3.77% 3,978

17 (BNPP) BNP PARIBAS 28 1.43% 22 640 2.50% 252 (MACQ) MACQUARIE SECURITIES 6 1.50% 78 172 3.93% 520

18 (INTM) INTERMONTE SIM SPA 26 1.37% 11 40 0.15% 18 (MED) MEDIOBANCA SPA 5 1.20% 904 62 1.41% 9,065

19 (MLCO) MERRILL LYNCH 22 1.16% 25 840 3.29% 304 (SGSA) SOCIETE GENERALE 4 0.92% 91 7 0.17% 182

20 (ITGE) ITG EUROPE 21 1.07% 3 113 0.44% 40 (CVGX) CONVERGEX 3 0.76% 287 47 1.07% 3,117

Other 147 7.60% 2,618 4,280 16.75% 30,343 Other 16 3.82% 1,028 618 14.12% 11,967

Total 1,932 100.00% 7,546 25,553 100.00% 81,276 Total 417 100.00% 7,556 4,374 100.00% 81,406




Note: ETC broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded.

9 November 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 107: ETP Coverage Universe Summary

Region Products US$ Mil. % Products US$ Mil. % Products US$ Mil. %

US 1,450 1,979,179 72.7% 1,380 1,922,462 70.6% 70 56,717 2.1%

Europe 1,869 459,225 16.9% 1,418 438,870 16.1% 451 20,355 0.7%

Asia Pacific 674 201,756 7.4% 659 201,354 7.4% 15 405 0.0%

RoW 454 81,059 3.0% 449 77,846 2.9% 5 3,213 0.1%

Global 4,447 2,721,220 100.0% 3,906 2,640,532 97.0% 541 80,691 3.0%

ETPs ETFs ETC/Vs


Exchange-Traded Funds (ETFs, 97%)

US (71%): Fund structures that issue shares that are traded on an exchange much the same way as equities. ETFs

indexed to equity and fixed income benchmarks are registered under the investment company act of 1940. Only physical

index replication techniques are permissible by this legislation while synthetic replication is not allowed.

Europe (16%): Fund structures that issue units or shares that are traded on an exchange much the same way as

equities. The vast majorities of European ETFs are UCITS III compliant and are primarily domiciled in Dublin and

Luxemburg. The Undertakings for Collective Investment in Transferable Securities (UCITS) are a set of European Union

directives that aim to allow collective investment schemes to operate freely throughout the EU on the basis of a single

authorization from one member state. Both physical and synthetic index replication is permissible by UCITS and funds

are allowed to track equity, fixed income as well as diversified commodity indices.

Asia (7%): Both European and US ETFs are cross sold into the Asian market.

Exchange-Traded Collateralized Instruments (3%)

Exchange-Traded Commodities (ETCs, 1%)

In Europe as UCITS III does not permit the creation of funds tracking non diversified commodity indices (for example

wheat or oil), exchange-traded products that track single commodity profiles are issued under the EU Prospectus

Directive in two structures that have become widely known as exchange-traded commodities (ETCs). ETCs can either

be physically backed or they can be issued through a bankruptcy remote special purpose vehicle (SPV). Both forms

utilize offshore domiciles, such as Jersey, and are classed as debt instruments. Physically-backed ETCs are fully backed

with securities that closely resemble the composition of a product’s benchmark index. SPV structures are collateralized

by assets which could bear no resemblance to those of their respective benchmark index and ensure replication of their

index return through a total return swap structure or by holding other derivative instruments such as futures. In the vast

majority of cases, both types of ETCs are fully collateralized with secure assets such as money market instruments,

government bonds and gold. For more information, please refer to our research report issued on March 11 2010 titled

‘The race for assets in the European Exchange-Traded Products Market”.

Exchange-traded vehicles (ETVs, 2%)

This terminology typically refers to grantor trusts that exist in the US market. These instruments track primarily

commodity benchmarks. They differ from ETFs in that they are registered under the Securities Act of 1933 and not the

investment Company Act of 1940, hence they are not classed as funds. Vehicles that replicate commodity benchmarks,

more often known as pools, and funds targeting alternative index returns are formed under the Commodities Exchange

Act and are listed under the 33 Securities Act, and report under 34 Corporate Act.

9 November 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 counter-clockwise from beta, the potential for return increases, together with the potential risk.

Figure 108: The Roadmap From Beta (β) to Alpha (α)

Beta Alpha

Beta Multiplied Beta Adjusted

Beta Alpha

BetaKey Characteristics:- Diversification rules apply- Long only exposure- Weighting based on market capitalization- Composition based on pre-determined rules- Representative of a pre-defined market segmentReturn profile: Match very closely index return profileRisk profile: Match very closely index risk profile

Semi-active:Key Characteristics:- Diversification rules might apply- Long only exposure- Weighting not based on market capitalization- Composition based on pre-determined rules- Representative of a market segment per seReturn profile: Aims to generate superior returnsRisk profile: Not consistent with a diversified index risk profile

Beta+ (leveraged, long/short)Key Characteristics:- Diversification rules apply- Long, short and/or leveraged exposure- Weighting based on market capitalization- Composition based on pre-determined rules- Representative of a pre-defined market segmentReturn profile: Aims to generate superior returnsRisk profile: Not consistent with a diversified index risk profile

AlphaKey Characteristics:- Diversification rules do not typically apply- Long, short and/or leveraged exposure- Weighting not based on market capitalization- Composition not based on pre-determined rules- Not Representative of a pre-defined market segmentReturn profile: Aims to generate positive returnsRisk profile: Dependent on investment decisions

Source: Deutsche Bank

The performance of beta products is measured against an index; a manager is most successful when they manage to

match the return of a product to its stated benchmark. The performance of alpha products, or rather the performance of

an alpha product’s manager, is measured by the risk adjusted return it generates. The highest the return and the lowest

the risk [typically measured by the standard deviation of a product’s returns] the more successful a product is deemed

to be.

There is however a whole host of products that fall between beta and alpha, we have sought to create a classification

system that classifies these products, taking into consideration a number of variables, ranging from diversification to

what constitutes a market segment.

9 November 2015



The authors of this report wish to acknowledge the contribution made by Vibhor

Mahalwala and Varun Sachdeva, employees of Evalueserve, a third party

provider to Deutsche Bank of offshore research support services.

9 November 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. Anil Gademsetty

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

40 %

56 %

5 %

49 % 40 %

41 %

0

50

100

150

200

250

300

350

400

Buy Hold Sell

European Universe

Companies Covered Cos. w/ Banking Relationship

http://gm.db.com/ger/disclosure/DisclosureDirectory.eqsr

9 November 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/

9 November 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

9 November 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.

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http://www.optionsclearing.com/about/publications/character-risks.jsp

9 November 2015



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Research

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